| Thetrustees presenttheirr | eportandfinancial | statements for theyearended5 | 49ri12022. |
|---|---|---|---|
| TheNorton Foundation | |||
| CHARITY REGISTRATIONNUMBER | 702638 | ||
| PRINCIPALOFFICE | TheNorton Foundation | ||
| Carleton House | |||
| 266-268StratfordRd | |||
| Shirley | |||
| Solihull | |||
| B9O3AD | |||
| TRUSTEES | AlanBailey - Chairman | ||
| Michael R. Bailey - ViceChair | |||
| R.H.GrahamSuggett | |||
| Mrs Sarah Henderson | (resigned 21st October2021) | ||
| MissWendyCarrington | (resigned 21st October 2021) | ||
| MrsJaneGaynor | |||
| RichardG.D.Hurley | (resigned 21st October2021) | ||
| BrianW.Lewis | |||
| RichardC.Perkins | (resignedgthNovember2021) | ||
| WilliamPusey | |||
| Mrs Louise Sewell | |||
| Ms Mashkura Begum | (resigned 6th January2022| | ||
| Bill Jaspal | (appointed 20th January2Q221 | ||
| AUDITORS | ThomasandYoungLtd | ||
| CharteredAccountants | |||
| Carleton House | |||
| 266-268StratfordRoad | |||
| Shirley | |||
| Solihull | |||
| B9O3AD | |||
| BANKERS | CAF Bank Ltd | ||
| 25KingsHillAvenue | |||
| ME194JQ | |||
| INVESTMENTMANAGERS | Barclayslnvestment Solutions | Limited | |
| One Snowhill | |||
| Snow HillQueensway | |||
| Birmingham | |||
| 846GN | |||
| Website | |||
| www.nortonfoundation.orgisthe address of theTrust's Website | |||
| Thefollowingofficialscanbe contactedbyemail: Chairman chairman@nortonfoundation.org |
|||
| Correspondentcorrespondent@nortonfoundation-org |
| Principal risksanduncertainti | es Response |
|---|---|
| lnternal | |
| False accounting | .Detailedwritten policy on financial systems |
| .Quartedyreview of financial performance against agreed budget | |
| .Extemalstatutory audit | |
| Misappropriation of income | .Almostall incomeiscollected by investmenl advisors andconlrolledbythem |
| .lnsjgnificantand rare refunds of grants returnedbycheque payable to Norton | |
| .Assurancereports onintemalcontrolsof custodians of our investments | |
| lnflated expenditure | .Detailedwritten policy on Iinancial systemswhichincludes requirement for all |
| payments to have 2 signatories including at least1trustee. | |
| .lnvestmentmanagers fees are taken from funds heldbythem and amounts are | |
| reviewed to ensure compliance with agreement | |
| Misappropriation o, assets- | |
| lnvestments | .Assurancereporls onintemalcontrolsofcuslodians of our investments |
| Cash at bank | .Monthlybank reconciliations |
| a | |
| Lossinvalueolinvestments | .Externalinvestment managers have discretion to manageourlunds.However, the |
| risk remains that extemal economic andpoliticalinfluences cannot always be | |
| foreseen and therefore mitiqated | |
| Fraudulent grant applications | .Capital andproject grants are reviewedbythe board of trustees |
| .Grantsto individuals arepaidto sponsors who are charged with the responsibility | |
| to ensure that grants areconectyused | |
| .Trusteesvisit grantees or sponsors from time to time |
| STATEMENTOFFINANCIAL ACTIVITIESfor | thoyearended5Ap | til2022 | |||
|---|---|---|---|---|---|
| Unrestricted | Permanent | 2022 | 2021 | ||
| Funds | |||||
| Notes | General | Endowment | Total | Total | |
| € | € | E | |||
| INCOME FROM | |||||
| Donation | |||||
| lnveslmentinqome | |||||
| Funds held bylnvestmentManagers | 3 | 149,247 | 149,247 | 157,859 | |
| Bank interest | 2 | 2 | 2 | ||
| Totallncome | 149,249 | 149,249157,861 | |||
| EXPENDITURE ON | |||||
| RaisingFunds | 36,284 | 36,284 | 32,'t59 | ||
| Charitable activities | 4 | 392,449 | 392,449 | 49,2U | |
| Governancecosts | 4 | 6,473 | 6,473 | 5,538 | |
| Total Expenditure | 398,922 | 36,284 | 435,206 | 86,981 |
|
| Netgainson lnvestment assets | 368,338 | 368,338 | 1,22A,536 | ||
| NET INCOME/(EXPENDITURE) | (398,922) | 481,303 | 82,381 | 1,299,4'16 | |
| Transfers | 398,922 | (398,922) | |||
| NET MOVEMENT IN FUNDS | 82,381 | 82,381 | 't,299,4'16 | ||
| TOTALFUNDSbroughtforward | 5,952,186 | 5,952,186 | 4,652,770 | ||
| TOTALFUNDScarried forward | 6,034,567 | 6,034,567 | 5,952,'186 |
| 2022 | 2021 | ||
|---|---|---|---|
| Notes | E | € | |
| FIXEDASSETS | |||
| lnvestments | 6 | 5,845,976 | 5,794,101 |
| CURRENTASSETS | |||
| Cash awaitinginvestment Bank and cash |
7 | 146,812 47,179 193,991 |
126,386 35,365 161,751 |
| LIABILITIES:Amountsfallingduewithinoneyear | I | 5,400 | 3,666 |
| NET CURRENTASSETS(LIABILlTIES) | 188,591 | 158,085 |
|
| NETASSETS | 6,034,567 | 5,952,186 | |
| FUNOS | |||
| PermanentEndowment | 6,034,5675,952,186 |
| 2022 | 202',1 | ||
|---|---|---|---|
| e | e | ||
| lncome | from investments lisledonarecognisedstock exchange | 149,247 | 157.859 |
| lnterest | oncashheld aspartoIthe investmentportfolio | 2 | 2 |
| 149,249 | 157,861 |
| CHARITABLE ACTIVITIES and GOVERNANCE COSTS | ||||||
|---|---|---|---|---|---|---|
| 2022 | 2022 | 2021 | ||||
| e | € | € | ||||
| Grantsto individuals | 20,978 | 18,430 | ||||
| Grantsto individuals-discretionary | '10,750 | 19,200 | ||||
| Grantsto institutions | 120,946 | |||||
| Capital grants | 225,000 | |||||
| 377,674 | 37,630 | |||||
| Support costs | ||||||
| Correspondents remuneration | 13,728 | 11,047 | ||||
| Telephone, postageandstationery | 301 | 398 | ||||
| Bankcharges | 136 | 74 | ||||
| Travelling expenses | z',t8 | |||||
| DataProtectionfee | 35 | 35 | ||||
| Meetingexpenses | 359 | |||||
| Printing leafletandWebsite redesign | U | 100 | ||||
| 14 775 | I1,654 | |||||
| 392.M9 | 49,2U | |||||
| Governance costs | ||||||
| Correspondent's remuneration | 2,423 | 1,949 | ||||
| Telephone, postageandstationery | 53 | 71 | ||||
| Travelling expenses | 38 | |||||
| Meetingexpenses | 359 | |||||
| Auditors' remuneration | 3,600 | 6,473 | 3,518 5,538 |
|||
| During the yeargrants to individualshave been made asfollows: | ||||||
| 2022 | 2022 | 2021 | 2021 | |||
| Total | Total | |||||
| Purpose | Number | funount | Number | Amount | ||
| € | e | |||||
| Clothing | 9 | 1,690 | 15 | 2,000 | ||
| Education andtraining | 't5 | 3,213 | 30 | 6,095 | ||
| Household | 95 | 15,835 | 54 | 10,035 | ||
| Holidaysandactivities | 2 ru |
240 | 1 | 300 |
| Purpose | ||
|---|---|---|
| Educational programmes | 19 | 68,784 |
| EquipmenUbuildings | 2 | 20,000 |
| Soclal activity | 30 9 |
32 toz 120 946 |
includepaymentsof €1,000or mo |
re to thefollow |
ing: | |
|---|---|---|---|
| BEFestivalClC | f2,7U | Redthread YouthLimiled | 15,000 |
| Big Brum Theatre in Educatjon | f3,000 | SandwellAsianOevelopmentAssoc | €3,000 |
| Birmingham Centre for ArtsTherapies | €5,000 | Sandwell YouthinAction | f5,000 |
| Birmingham Royal Ballet | €3,000 | Seeds oI Hope Asylum and Retugee | |
| Building 4 Hope | €5,000 | Support Ltd | €1,500 |
| Ecobirmingham | €5.000 | Shirley S€a Cadets | €5,000 |
| Family Connection Association | 82,500 | Spon4LifeUK | 85,000 |
| Gospel OakCommuni9Fo.um | f3,000 | Stage2YouthThealreCompany | €1,000 |
| Happy Days Childrens Charity | e3,000 | Sudden Productions | €2,500 |
| lnsight CCSS | €5,000 | The Bryntail Cottage Chanty | €15,000 |
| Kids | f3,800 | TheLiving PaintjngsTrust | E't,950 |
| LibertyJamboree | t2,500 | TheOuh/vardBoundTrust | t2,912 |
| Martineau Gardens | t2,000 | TransitionsUK | e5,000 |
| OrchestmottheSwan | €2,500 | Universal Church of JesusChrist | €5,000 |
| Peacemakeas | f5,000 | Young MindsMalter | f5,000 |
| Young PeopleFi6t | e5,000 |
| INVESTMENTS | ||
|---|---|---|
| 2022t | 2021 € |
|
| lnvestments listed on a recognised Stock Exchange | ||
| Carrying value (market value) at sthApil202'l | 5,794,101 | 4,604,739 |
| Add: Purchases duringyear | 942,651 | 2,340,386 |
| Less: Disposals during theyearat carrying value | -1,210,004 | -1,947,230 |
| Add: Net gain on revaluation | 319,228 | 796,206 |
| Carrying value (market value) atslhAptil2022 | 5,845,976 | 5,794,101 |
| CASHAWAITING INVESTMENT | ||
|---|---|---|
| 2022 | 2021 | |
| E | ||
| Cash in the hands of thelnvestmentManagers | 146.812 146,412 |
126386 126,386 |
| Accruals | 5,400 | 3,666 |
|---|---|---|
| 5,400 | 3,666 |
| SUMMARYOFPERMANENT ENDOWMENTFUND | ||||
|---|---|---|---|---|
| Unapplied | ||||
| Endowment | TotalRetum | Total | ||
| 2022 | 2022 | 2022 | 2021 | |
| Aggregatevalue of the assets since theoutsetoftotalretum | f€ | € | € | |
| Valueat'lApril'1991 | 1,813,010 | 1,813,0'10 | 1,813.010 | |
| Addilionalendowedcapital1Apnl1992 | 246,620 | - | 246.620 | 246,620 |
| Gain in value | 3,892,556 | 3,892,556 | 2,593,140 | |
| Valueat5April202l | Total2,059,6303,892,556 | 5.95 186 |
4 652,770 | |
| Movements in theyearended5Apil2022 | ||||
| Gain(Loss) in value | 368,338 | 368,338 | 1,228,536 | |
| Netlnvestment incomereceivable | 145,249 | 149,249 | 157,861 | |
| lnvestment managementcosts chargedagainstpermanent endov'rment | -36,284 | -36,2U | -32,159 | |
| Total | 481,303 | 48'1,303 | 1,3U,238 | |
| Net unapplied totalretumallocatedtoincome for the yearended5April 2022 | 398,922 | -398,522 | -54,822 | |
| Net movementtorthe year ended5April2022 | 82.3B182.381 | 1.299,416 | ||
| Value at5April2022 | ||||
| Permanentendowment | 2,059,630 | 2,059,630 | 2,059,630 | |
| Unapplied totalretum | 3.974.937 | 3.974.937 | 3,892,556 | |
| Total2,059,6303,974,937 | 6,034,567 | 5,952,186 |
| PRIORYEAR COMPARATIVE OF FINANC | IAL STATEME | NT ACTIVITIES | NT ACTIVITIES | |
|---|---|---|---|---|
| UnrestrictedPermanent | 2021 | |||
| Funds | ||||
| Notes | GeneralEndowment | Total | ||
| €€ | e | |||
| INCOMEFROM | ||||
| lnvestment income | ||||
| Funds held bylnvestmentManagers | 3 | 157859 | 157859 | |
| Bankinterest | 2 | 2 | ||
| Totallncome | 157,86'l | 157,861 | ||
| EXPENDITURE ON | ||||
| Raising Funds Charitableactivities |
4 | 49,2U | 32,159 | 32,159 49,284 |
| Governancecosts | 4 | 5,538 | 5,538 | |
| Total Expenditure | 54,822 | 32,'159 |
86 981 | |
| Netgains on investment assets | 't,228,536 | 1,228,536 | ||
| NET (EXPENDITUREY INCOME | (54,822) | 1,354,238 | 1,299,416 | |
| Transfers | 54,822 | (54,822| | ||
| NETMOVEMENTIN FUNDS | 1,299,416 | 1,299,416 | ||
| TOTALFUNDSbrought forward | 4,652,770 | 4,652,770 | ||
| TOTALFUNDScarriedforward | 10 | 5,952,186 | 5,952,186 |