THE NORTON FOUNDATION
REPORT and FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2024
THE NORTON FOUNDATION REPORT OF THE TRUSTEES for the year ended 5 April 2024
The trustees present their report and financial statements for the year ended 5 April 2024.
| The Norton Foundation | ||||
|---|---|---|---|---|
| CHARITY | REGISTRATION | NUMBER | 702638 | |
| PRINCIPAL OFFICE | The Norton Foundation | |||
| Carleton House | ||||
| 266-268 Stratford Rd | ||||
| Shirley | ||||
| Solihull | ||||
| B90 3AD | ||||
| TRUSTEES | Alan Bailey - Chairman | |||
| Michael Bailey -Vice Chair | ||||
| R.H.Graham Suggett | (Deceased 7th November 23) | |||
| Jane Gaynor | ||||
| Brian W. Lewis | (Resigned 19th October 23) | |||
| William Pusey | ||||
| Louise Sewell | ||||
| Bill Jaspal | ||||
| Louisa Hayward | ||||
| Mak Sharma | (Resigned 18th April 24) | |||
| Raj Dassaur | (Appointed 18th April 24) | |||
| AUDITORS | Thomas and Young Ltd | |||
| Chartered Accountants | ||||
| Carleton House | ||||
| 266-268 Stratford Road | ||||
| Shirley | ||||
| Solihull | ||||
| B90 3AD | ||||
| BANKERS | CAF Bank Ltd | |||
| 25 Kings HillAvenue | ||||
| ME19 4JQ | ||||
| INVESTMENT MANAGERS | Barclays Investment Solutions | Limited | ||
| One Snowhill | ||||
| Snow Hill Queensway | ||||
| Birmingham | ||||
| B4 6GN | ||||
| Web site | ||||
| www.nortonfoundation.org is the address ofthe Trust's Website. | ||||
| The following officials can be contacted by email: | ||||
| Chairman | chairman@nortonfoundation.org | |||
| Correspondent | correspondent@nortonfoundation.org |
2
THE NORTON FOUNDATION REPORT OF THE TRUSTEES for the year ended 5 April 2024 (continued)
The Trustees present their report and financial statements for the year ended 5 April 2024.
The Trustees who served during the year and up to the date of this report are set out on page 2.
Structure, Governance and Management
Nature of Governing document
The Trust was created on 18 January 1990 by a Declaration of Trust.
The Objects of the Trust are to help children and young persons under the age of twenty five years who are in need of care or rehabilitation or aid of any kind, particularly as a result of delinquency, deprivation, maltreatment or neglect or who are in danger of lapsing or relapsing into delinquency. The area of benefit is the United Kingdom and in particular the Birmingham and Coventry areas and the County of Warwickshire. The trustees have had due regard to the guidance published by the Charity Commission on public benefit.
The Trust is registered with the Charity Commission, registration number 702638. The Trust has been accepted as a charity by the Inland Revenue and as such its income and capital gains are exempt from taxation.
Trustee induction and training
Under the terms of the Trust Deed, the Trustees have the power to appoint new Trustees and in doing so shall have regard to "the need to choose a person who through residence, occupation, or employment or who is otherwise personally or professionally qualified by his ability in, and practical experience of, the pursuit of the said objects or of trust management". New Trustees are provided with information of the Trust's objectives and policies at the time of appointment which can only be amended at future Trustees’ meetings for which all Trustees are provided with agenda, appropriate papers and subsequently approved minutes.
Organisational structure
Grants to individuals are partly awarded by way of block discretionary grants to sponsors and partly at the discretion of the Correspondent. Sponsors are awarded block grants with the responsibility of awarding grants to individuals. It is considered that this process enhances the effectiveness of our awards to young persons in that prompt assistance is given at the time of need. This, together with the Correspondent's ability to award individual grants, minimises the amount of Trustee time involved in administration.
Full Trustee meetings are normally held four times a year and in addition to receiving detailed reports of all grants to individuals, whether via sponsors' discretionary block grants or made directly by the Correspondent, the Trustees will also consider, at each meeting, grants to be awarded to organisations for projects. Details of the amounts granted for each type of grant are shown in note 4 to the financial statements. The Trustees also plan to continue awarding grants for capital projects. A Sub-committee of Trustees, comprising Mr A. Bailey as Chairman, Mr M. Bailey, Mrs Sewell and Mr Suggett, has been formed to consider applications and recommend the award of the capital grants.
A number of resignations of trustees have been received in recent years, largely due to ill health or advancing years. The trustees are actively looking for new people to join the charity, with some success. The aim is to return to a board of around ten trustees, with a wide range of skills and experience, and covering all of the geographical areas in which the charity operates.
3
THE NORTON FOUNDATION
REPORT OF THE TRUSTEES for the year ended 5 April 2024 (continued)
Organisational structure (continued)
The Trustees have appointed a small number of Trustees as an Investment Sub-committee. This Sub-committee has been given the responsibility for advising the Trustees on all aspects of investment policy and monitoring the work of the Investment Managers appointed by the Trustees. It has been given the power to give instructions to the Investment Managers within the Trustees’ overall investment policy. It is the current policy of this Sub-committee to meet when necessary but at least twice each year. It is required to report its activities to the full body of Trustees. The present members of this Sub-committee are Mr A. Bailey, Mr M. Bailey, and Mr Jaspal.
The day to day administration of the Trust is carried out by Mark McLean, director of Thomas & Young Limited who was appointed as Correspondent and Administrator on 21st October 2021.
The Correspondent may be contacted at Carleton House, 266-268 Stratford Rd, Shirley, B90 3AD.
Risk Management
The Trustees have overall responsibility for the system of internal control, which includes ensuring that there are reasonable procedures in place for the prevention and detection of major risks, including fraud and other irregularities.
All such procedures are designed to mitigate (not eliminate) risks and to provide reasonable (not absolute) assurance against material errors or loss.
As a small charity with limited resources and personnel, it is impractical to institute a robust system of internal control. The charity has no employees and has employed the firm of Chartered Accountants to act as Trust Correspondent. The only others involved in running the charity are the Trustees themselves.
Polices and procedures have been developed to cover matters such as, financial systems, investment management, awarding of grants, conflict of interest and other matters. These are regularly reviewed. In addition there is an annual budgeting process against which actual performance is monitored throughout the year at regular Trustees’ meetings.
Principal risks and uncertainties
Response
| Internal | |
|---|---|
| False accounting | *Quarterly review of financial performance against agreed budget |
| eExternal statutory audit | |
| Misappropriation of income | *Almost all income is collected by investment advisors and controlled bythem |
| eInsignificant and rare refunds of grants returned by direct payment | |
| «Assurance reports on internal controls of custodians of our investments | |
| Inflated expenditure | *Detailed written policy on financial systemswhich includes requirementfor all |
| payments to have 2 signatories including at least 1 trustee | |
| «Investment managers fees are taken from funds held by them and amounts are | |
| reviewed to ensure compliance with agreement | |
| Misappropriation of assets - | |
| Investments | eAssurance reports on internal controls of custodians ofour investments |
| Cash at bank | eMonthly bank reconciliations |
| xterna | |
| Loss in value of investments | *External investment managers have discretion tomanage ourfunds. However, the |
| risk remains that external economic and political influences cannot always be | |
| foreseen and therefore mitigated | |
| Fraudulent grant applications | ¢Capital and project grants are reviewed by the board of trustees |
| *Grants to individuals are paid to sponsors who are charged with the responsibility | |
| to ensure that grants are correctly used | |
| ¢Trusteesvisitgranteesorsponsorsfromtimetotime |
4
THE NORTON FOUNDATION
REPORT OF THE TRUSTEES for the year ended 5 April 2024 (continued) Objectives and Activities
It is the aim of the Trustees, both presently and in the future, to maximise the amount available for spending, consistent with the wish to maintain the real value of the permanent endowment of the Trust, in order to grant as much as possible, as quickly as practicable, to individuals the Trust was formed to help, either directly or indirectly through other institutions. In furtherance of this objective, the Trustees have, with effect from 6 April 2014, adopted the total return approach to investment in accordance with The Trusts (Capital and Income) Act 2013.
The total return basis of investment allows the Trust to consider providing more funds for spending each year based not only on the level of income earned but also taking into account the increased value of investments arising from both realised and unrealised gains. In making yearly assessments of the level of funds to be spent, the Trustees will have due regard to maintaining the real value of the original endowed funds. This is important to ensure even-handedness between current and future beneficiaries. The value of the investment fund (permanent endowment) has been valued at 1 April 1991, the date upon which the majority of the funds were received. A smaller amount of additional funds was received in 1992. All investment gains, both realised and unrealised, since receipt of these endowed funds have been allocated to unapplied total return. The total return on our investments for the year ended 5 April 2024 resulted in a gain of £337,987 and the Trustees have allocated £105,206 to the income fund for spending. Reserves to meet future expenditure are not required as future yearly expenditure will be financed from unapplied total return. Future allocations to income will be carefully considered and balanced with the requirement to maintain the real value of our endowment and to maintain a fund of such proportion as will continue to provide the opportunity to produce satisfactory future returns.
It is the policy of the Trustees to determine how much of the unapplied total return of the Trust shall be made available for grants for the ensuing financial year. The amount available for grants is reviewed regularly throughout the year.
Once the amounts available are determined, grants are made up to these limits provided sufficient applications are received to justify the opinion that the Trust's support is appropriate. Where available funds are at any time insufficient, the Trustee's review the current year's budget at each meeting and make appropriate changes to allocations available for the different types of grants.
The Trustees have decided that, whilst the Trust Deed gives them the power to assist needy young people in the United Kingdom, at present grants will normally be restricted to the benefit of young people living within the Birmingham and Coventry areas and the County of Warwickshire.
Public Benefit
The Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the aims and objectives of the Trust and in planning any future activities.
Achievements and performance
The income and expenditure is reflected in the Statement of Financial Activities on page 9.
The net increase in funds of £365,580 compares with a decrease in 2023 of £699,092.
The Trustees consider that the management and other expenses are being controlled at an acceptable level.
The effect of adopting a total return basis of accounting to provide funds for grants and expenses for the year ended 5th April 2024 can be seen in note 10 to the accounts. The unapplied total return at 5th April 2024 amounted to £3,641,425 which has increased by £365,580.
The trustees are of the opinion that all their objectives for the year have been met and they see no reason to alter their stated objectives for future years, subject to a reduction in inflation and improved market conditions, in order to address the deficit in the unapplied total return .The trustees consider that their grant giving policy continues to have significant impact for beneficiaries.
Economic outlook
The most significant indirect effect of Covid-19, in the period since April 2020 was the significant fall in value in our investments. This had a significant impact on the charity's ability to make grants at the time. However, with careful management of the charity's investments, this fall in value was completely reversed, restoring a healthy margin between the indexed value based on RPI, and the actual market value. This margin determines the charity's ability to make grants. The same issue presented itself in 22/23 due to the Ukraine conflict and uncertain economic outlook, together with high inflation in the UK. The trustees implemented a mortorium on project grants early in the year. This is being kept under review on a quarterly basis, and grant payments will be tailored according to available funds. It is anticipated that all grants will be able to resumedn 24/25.
THE NORTON FOUNDATION
REPORT OF THE TRUSTEES for the year ended 5 April 2024 (continued)
Investment Policy
The Trust Deed imposes no restrictions on the investment powers of the Trustees.
The Trustees have approved an investment policy that requires the production of an adequate total return.
As can be seen in note 10 to the accounts, our investments showed a reduction in total return for the year ended 5th April 2024 compared with the return in the previous year due to inflation and worldwide market conditions. At the reporting date, there is negative unapplied total return of £279,858 and the trustees have implemented a plan to resolve this over a reasonable period of time. This plan is based on falling inflation and improved market conditions, both of which are widely predicted for the coming year, and have happened in 23/24.
Reserves policy
It is the Trust's policy not to maintain any unrestricted reserves as ongoing funds are available from the endowment under the total return policy adopted. Any unspent portion of the grant budget is carried forward if unspent at the year end.
Trustees’ responsibilities statement
The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:
(a) select suitable accounting policies and then apply them consistently;
(b) observe the methods and principles in the Charities SORP;
(c) make judgements and estimates that are reasonable and prudent;
- (d) state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
(e) prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts Reports) Regulations 2019 and the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information to the auditors
We, the trustees of the charity who held office at the date of approval of these Financial Statements each confirm, so far as we are aware, that:
e there is no relevant audit information of which the charity's auditors are unaware; and
@ we have taken all the steps that we ought to have taken as trustees in order to make ourselves aware of any relevant audit information and to establish that the charity's auditors are aware of that information.
Auditors
----- Start of picture text -----
Thomas and Young Ltd has expressed their willingness to continue in office and will be proposed for re-appointment
Aat BAILEYthe Annual Ge VanChu\KeUN ly\
Chairman Date 17th October 202:
----- End of picture text -----
6
INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE NORTON FOUNDATION
Opinion
We have audited the financial statements of The Norton Foundation for the year ended 5 April 2024 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
This report is made solely to the charity's trustees, as a body in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2019. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for this report, or for the opinions we have formed.
In our opinion the financial statements:
-
e give a true and fair view of the state of the charity's affairs as at 5 April 2024, and of its incoming resources and application of resources, for the year then ended;
-
e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
@ have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of the other information, we are required to report that fact.
We have nothing to report in this regard.
INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE NORTON FOUNDATION
Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2019 require us to report to you if, in our opinion:
e
the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or
- e sufficient accounting records have not been kept; or e the financial statements are not in agreement with the accounting records; or @ we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the trustees' responsibilities statement set out on page 6, the trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
We have been appointed as auditors under section 145 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Councils website at: www. frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Irregularities, including fraud, are instances of non-compliance with laws and regulations.
We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. Our audit approach included the following elements:
-
Assessment of the susceptibility of the charity's financial statements to material misstatement, including how fraud might occur.
-
Assessment of the laws and regulations identified as being of significance in the context of the charity.
-
We obtained an understanding of the charity's policies and procedures on compliance with laws and regulations, including documentation of any instances of non-compliance.
» We ensured that our audit personnel have the experience and knowledge to identify or recognise non-compliance with laws and regulations.
Taking into account all of these points, our procedures are appropriate to detect material misstatements in respect of irregularities, including fraud.
Michael Edwin Vousden FCA
----- Start of picture text -----
Date \ is Octebewr Lore
----- End of picture text -----
Thomas and Young Ltd
Chartered Accountants
Statutory Auditors Carleton House 266-268 Stratford Road Shirley Solihull, B90 3AD
Thomas and Young is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
8
THE NORTON FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES _ for the year ended 5 April 2024
| Unrestricted | Permanent | 2024 | 2023 | ||
|---|---|---|---|---|---|
| Funds | |||||
| Notes | General | Endowment | Total | Total | |
| £ | £ | £ | £ | ||
| INCOME FROM | |||||
| Donation | - | - | - | - | |
| Investment income | |||||
| Funds held by Investment Managers | 3 | - | 164,982 | 164,982 | 159,144 |
| Bank interest | . | 128 | 128 | 55 | |
| Total Income | - | 165,110 | 165,110 | 159,199 | |
| EXPENDITURE ON | |||||
| Raising Funds | - | 32,311 | 32,311 | 33,633 | |
| Charitable activities | 4 | 98,538 | - | 98,538 | 432,445 |
| Governance costs | = | 6,668 | - | 6,668 | 6,842 |
| Total Expenditure | 105,206 | 32,311 | 137,517 | 472,920 | |
| Netgains on investment assets | - | 337,987 | 337,987 - | 385,371 | |
| NET INCOME/(EXPENDITURE) | (105,206) | 470,786 | 365,580 - | 699,092 | |
| Transfers | 105,206 | (105,206) | - | - | |
| NETMOVEMENT IN FUNDS | . | 365,580 | 365,580 - | 699,092 | |
| TOTAL FUNDS broughtforward | - | 5,335,475 | 5,335,475 | 6,034,567 | |
| TOTALFUNDScarriedforward | - | 5,701,055 | 5,701,055 | 5,335,475 |
All activities are the result of continuing activities.
9
THE NORTON FOUNDATION BALANCE SHEET
5 APRIL 2024
----- Start of picture text -----
2024 2023
Notes £ £
FIXED ASSETS
Investments 6 5,562,811 5,355,039
CURRENT ASSETS
Cash awaiting investment 7 115,775 118,889
Bank and cash 29,494 19,252
145,269 138,141
LIABILITIES: Amounts falling due within one year 8 7,025 157,705
NET CURRENT ASSETS/(LIABILITIES)
138,244 -19,564
NET ASSETS 5,701,055 5,335,475
FUNDS
Permanent Endowment 5,701,055 5,335,475
ApprovedA. BAILEYby the Tr son 17 ctoberCAN 2044 VWand signed on )their behalf:
) TRUSTEES
M. BAILEY Mr. Be . )
----- End of picture text -----
10
THE NORTON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS
5 APRIL 2024
1. ACCOUNTING POLICIES
a. Basis of accounting
The financial statements are prepared using the historical cost basis of accounting modified to include the revaluation of investments to market value.
The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16th July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
The trust constitutes a public benefit entity as defined by FRS 102.
The Trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern. The most significant area of uncertainty that affects the carry value of assets held by the Trust is the level of future investment return and the performance of investment markets.
The financial statements are presented in sterling which is the functional currency of the charity.
b. Income
All income is recognised once the Trust has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income from investments, including any relevant taxation recoverable, is credited to income in the year in which it is receivable.
c. Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Trust to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Investment Manager's management fees are charged in the year in which they become due. All other expenses are charged when the liability is incurred.
Where it is necessary to apportion expenditure between cost categories the apportionment is based, wherever possible, upon estimates supplied by the providers of the goods or services. Where this is not possible the Trustees use their own estimates. In either case the apportionment is carried out on a reasonable, justifiable and consistent basis.
d. Investments
Investments are stated at middle market prices at the financial year end.
Profits or losses arising on the revaluation or disposal of investments are added to or deducted from the Permanent Endowment of the Trust.
2. CHARITABLE STATUS
The Trust is a registered charity, in England & Wales, and is exempt from Income, Corporation and Capital Gains Tax.
3. INCOME FROM FUNDS HELD BY INVESTMENT MANAGERS
| 2024 | 2023 | ||
|---|---|---|---|
| “a | £ | ||
| Income | from investments listed on a recognised stock exchange | 164,982 | 159,144 |
| Interest | on cash held as part ofthe investment portfolio | 128 | 55 |
| 165,110 | 159,199 |
11
THE NORTON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS 5 APRIL 2024 (continued)
4. CHARITABLE ACTIVITIES and GOVERNANCE COSTS
| CHARITABLE ACTIVITIES and GOVERNANCE COSTS | ||||
|---|---|---|---|---|
| 2024 | 2024 | 2023 | ||
| £ | £: | £ | ||
| Grants to individuals | 24,065 | 24,183 | ||
| Grants to individuals - discretionary | 1,300 | 7,800 | ||
| Grants to institutions | 29;115 | 131,447 | ||
| Capital grants | 0 | 250,000 | ||
| 80,480 | 413,430 | |||
| Support costs | ||||
| Correspondent's remuneration | 17,544 | 18,360 | ||
| Telephone, postage and stationery | 0 | 0 | ||
| Bank charges | 88 | 100 | ||
| Travelling expenses | 0 | 0 | ||
| Data Protection fee | 35 | 35 | ||
| Meeting expenses | 152 | 182 | ||
| Website costs | 60 | 144 | ||
| Sundries | 180 | 194 | ||
| 18,059 | 19,015 | |||
| 98,539 | 432,445 | |||
| Governance costs | ||||
| Correspondent's remuneration | 3,096 | 3,240 | ||
| Telephone, postage and stationery | 0 | 0 | ||
| Travelling expenses | 0 | 0 | ||
| Meeting expenses | 151 | 182 | ||
| Auditors’ remuneration | 3,420 | 3,420 | ||
| 6,667 | 6,842 | |||
| During the year grants to individuals have been made as follows: | ||||
| 2024 | 2024 | 2023 | 2023 | |
| Total | Total | |||
| Purpose | Number | Amount | Number | Amount |
| £ | = | |||
| Clothing | 10 | 975 | 9 | 1,235 |
| Education and training | 10 | 1,125 | 3 | 650 |
| Household | 121 | 21,665 | 93 | 21,948 |
| Activities | 4 | 300 | 2 | 350 |
| 145 | 24,065 | 100 | 24,183 | |
| Grants made to institutions have been made as follows: | ||||
| Purpose | ||||
| Equipment/buildings | 1 | 22,115 | 3 | 12,194 |
| Social activity and educational programmes | 11 | 33,000 | 35 | 119,253 |
| 12 | 55,115 | 38 | 131,447 |
In addition to the above grants awarded directly, block discretionary grants totalling £1,300 (2023 £7,800) were awarded to 2 (2023 3) sponsors who were responsible, at their discretion, to award grants to individuals in accordance with the foundation's general policy.
12
THE NORTON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS5 April 2024 (continued)
4. CHARITABLE EXPENDITURE (continued)
Block discretionary grants awarded during the year ended 5 April 2024 include payments to the following:
Citizens Advice South Warwickshire
Citizens Advice Bedworth, Rugby & Nuneaton
£800 £500
Grants awarded to organisations during the year ended 5 April 2024 include payments of £1,000 or more to the following:
| Escape Community Arts | £22,115 |
|---|---|
| Warks Young Carers | £7,500 |
| Cannon Street Memorial | £5,000 |
| Birmingham Settlement | £3,000 |
| 126th B/Ham Scouts | £3,000 |
| Armonico Consort | £3,000 |
| KIDS | £2,500 |
| Sudden Productions | £2,500 |
| The Living Paintings Trust | £2,500 |
| Whizz Kidz | £2,000 |
| Stage 2 | £1,000 |
| BirminghamBoysandGirls | £1,000 |
5. REMUNERATION AND RELATED PARTIES
The Trust has no employees.
None of the Trustees receives remuneration or any other benefit from the Trust.
Trustees received reimbursement of expenses in connection with the activities of the charity totalling £180.
6. INVESTMENTS
| INVESTMENTS | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Investments listed on a recognised Stock Exchange | ||
| Carrying value (market value) at 6th April | 5,355,039 | 5,845,976 |
| Add: Purchases during year | 2,008,803 | 843,261 |
| Less: Disposals during the year at carrying value | (2,139,018) | (1,036,297) |
| Add: Net gain/(loss) on revaluation | 337,987 | (297,901) |
| Carryingvalue(marketvalue)at5thApril | 5,562,811 | 5,355,039 |
13
THE NORTON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS 5 APRIL 2024 (continued)
7. CASH AWAITING INVESTMENT
| 2024 | 2023 | |||||||
|---|---|---|---|---|---|---|---|---|
| £ | £ | |||||||
| Cash | in | the | hands | ofthe | Investment | Managers | 115,775 | 118,889 |
| 115,775 | 118,889 |
8. LIABILITIES : AMOUNTS FALLING DUE WITHIN ONE YEAR Accruals
| 7,025 | 157,705 |
|---|---|
| 7,025 | 157,705 |
Accruals includes capital grants of £0 (2023 £150,000) and individual grants of £1,985 (2023 £2,305) approved before the reporting date but paid afterwards.
9. TOTAL RETURN TRANSFERS BETWEEN FUNDS
The Trustees have approved the adoption a total return approach to the management of its investment portfolio in accordance with "The Charities (Total Return) Regulations 2013".On 6th April 2014 the Trust adopted this approach and selected 1 April 1991 as the reference date from which the funds have been analysed between the Endowment and the Unapplied Total Return.
Under this approach, the Trust is permitted to release funds from the Unapplied Total Return to income (unrestricted funds) for spending. This task is essentially to exercise its statutory duty to be even-handed as between present and future beneficiaries, to maintain the balance of the unapplied total return at such a level that it will remain positive in order to maintain the real value of the original investment. The real value of the original investment at 5th April 2024 using the Retail Price Index as the measure of inflation was £5,980,913.
10. SUMMARY OF PERMANENT ENDOWMENT FUND
| Unapplied | ||||||
|---|---|---|---|---|---|---|
| Endowment | Total Return | Total | ||||
| 2024 | 2024 | 2024 | 2023 | |||
| Aggregate value ofthe assets since the outset of total return | £ | x | £ | £ | ||
| Value at1 April 1991 | 1,813,010 | - | 1,813,010 | 1,813,010 | ||
| Additional endowed capital 1 April 1992 | 246,620 | . | 246,620 | 246,620 | ||
| Gain in value | - | 3,275,845 | 3,275,845 | 3,974,937 | ||
| Value at6 April 2023 / 6 | April 2022 | Total | 2,059,630 | 3,275,845 | 5,335,475 | 6,034,567 |
| Movements in the year ended 5 April 2023 | ||||||
| Gain(Loss) in value | 337 987 | 337,987 | (385,371) | |||
| Net Investment income receivable | 165,110 | 165,110 | 159,199 | |||
| Investmentmanagement | costs charged against permanent endowment | (32,311) | (32,311) | (33,633) | ||
| Total | - | 470,786 | 470,786 | (259,805) | ||
| Net unapplied total return | allocated to income forthe year ended 5 April 2024 | - | (105,206) | (105,206) | (439,287) | |
| Netmovementforthe year | - | 365,580 | 365,580 | (699,092) | ||
| Value at 5 April 2024/3 | ||||||
| Permanent endowment | 2,059,630 | 2,059,630 | 2,059,630 | |||
| Unapplied total return | 3,641,425 | 3,641,425 | 3,275,845 | |||
| Total | 2,059,630 | 3,641,425 | 5,701,055 | 5,335,475 |
The aggregate value of the unapplied total return continues to form part of the permanent endowment fund and does not constitute a separate fund for accounting purposes.
14
THE NORTON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS5 April 2024 (continued)
11. PRIOR YEAR COMPARATIVE OF FINANCIAL STATEMENT ACTIVITIES
| Unrestricted | Permanent | Permanent | 2023 | ||
|---|---|---|---|---|---|
| Funds | |||||
| Notes | General | Endowment | Total | ||
| £ | £ | £ | |||
| INCOME FROM | |||||
| Investment income | |||||
| Funds held by Investment Managers | 3 | - | 159,144 | 159,144 | |
| Bank interest | - | 55 | 55 | ||
| Total Income | - | 159,199 | 159,199 | ||
| EXPENDITURE ON | |||||
| Raising Funds | - | 33,633 | 33,633 | ||
| Charitable activities | 4 | 432,445 | - | 432,445 | |
| Governance costs | 4 | 6,842 | - | 6,842 | |
| Total Expenditure | 439,287 | 33,633 | 472,920 | ||
| Net gains on investment assets | - | - | 385,371 | (385,371) | |
| NET(EXPENDITURE)/ INCOME | (439,287) | (259,805) | (699,092) | ||
| Transfers | 439,287 | (439,287) | - | ||
| NETMOVEMENT IN FUNDS | - | (699,092) | (699,092) | ||
| TOTAL FUNDS brought forward | - | 6,034,567 | 6,034,567 | ||
| TOTAL FUNDS carried forward | 10 | - | 5,335,475 | 5,335,475 | |
| Allactivitiesaretheresultofcontinuingactivities. |
12. POST BALANCE SHEET EVENTS
There are no post balance sheet events to report.