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← The Norton Foundation

2025-04-05-accounts

THE NORTON FOUNDATION REPORT and FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2025

THE NORTON FOUNDATION

REPORT OF THE TRUSTEES for the year ended 5 April 2025

The trustees present their report and financial statements for the year ended 5 April 2025. 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 R. Bailey - Vice Chair Jane Gaynor William Pusey Louise Sewell Bill Jaspal | Louisa Hayward Raj Dassaur (Appointed 18th April 24) Dave Sternberg (Appointed 17th April 25) AUDITORS Thomas and Young Ltd Chartered Accountants Carleton House 266-268 Siratford Road Shirley Solihull B90 3AD BANKERS CAF Bank Ltd 25 Kings Hill Avenue ME19 4JQ INVESTMENT MANAGERS Barclays Investment Solutions Limited One Snowhill Snow Hill Queensway Birmingham B4 6GN Web site www.nortonfoundation.org is the address of the Trust's Website. The following officials can be contacted by email: Chairman chairman@nortonfoundation.org Correspondent correspondent@nortonfoundation.org

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THE NORTON FOUNDATION

REPORT OF THE TRUSTEES for the year ended 5 April 2025 (continued)

The Trustees present their report and financial statements for the year ended 5 April 2025.

The Trustees who served during the year and up to the date of this report are set out on page 1.

Structure, Governance and Management

Nature of Governing document

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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.

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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 ail 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. Batley, 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

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 eQuarterly review of financial performance against agreed budget | eExterna! statutory audit Misappropriation of income eAlmost all income is collected by investment advisors and controlled by them eInsignificant and rare refunds of grants returned by direct payment «Assurance reports on internal controts of custodians of our investments Inflated expenditure «Detailed written policy on financial systems which includes requirement for all payments to have 2 signatories including at least 1 trustee eInvestment 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 of our investments Cash at bank eMonthly bank reconciliations External Loss in value of investments «External investment managers have discretion to manage our funds. 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 eGrants to individuals are paid to sponsors who are charged with the responsibility to ensure that grants are correctly used «Trustees visit grantees or sponsors from time to time

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THE NORTON FOUNDATION

REPORT OF THE TRUSTEES for the year ended 5 April 2025 (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 2025 resulted in a loss of £226,090 and the Trustees have allocated £83,108 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

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The income and expenditure is reflected in the Statement of Financial Activities on page 9.

The net decrease in funds of £190,789 compares with an increase in 2024 of £365,580.

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 2025 can be seen in note 10 to the accounts. The unapplied total return at 5th April 2025 amounted to £3,450,636 which has decreased by £190,789.

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 effects of rising inflation, stock market turmoil and economic and political uncertainty has had a significant impact on the charity's ability to make grants during the year. The trustees implemented a temporary moratorium on project grants during the previous year and this was reviewed on a quarterly basis. The moratorium was lifted in April 2025, and therefore there ts only one project grant made in the year, which had been committed to prior to the moratorium. With careful management of the charity's investments, this fall in value will be reversed, restoring a healthy margin between the indexed value based on RPI, and the actual market value. It is anticipated that all grants will be able to continue, albeit on a reduced level, during 25/26.

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THE NORTON FOUNDATION

REPORT OF THE TRUSTEES for the year ended 5 April 2025 (continued)

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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 2025 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 £662,724 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 to some extent in 24/25.

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;

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

Auditors

Thomas and Young Ltd has expressed their willingness to continue in office and will be proposed for re-appointment at the Annual General Meeting. - | A BAILEY pda Chairman Date 23rd October 2025 | 6

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE NORTON FOUNDATION

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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:

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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.

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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 @ 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 5, 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 ts 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:

Shirley Solihull, B90 3AD

Thomas and Young is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

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THE NORTON FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES _ for the year ended 5 April 2025

Unrestricted Permanent 2025 2024
Funds
Notes General Endowment Total Total
£ £ £ £
INCOME FROM
Donation - - - -
Investment income
Funds held by Investment Managers 3 - 152,486 152,486 164,982
Bank interest - 138 138 128
Total Income - 152,624 152,624 165,110
EXPENDITURE ON
Raising Funds - 34,215 34,215 32,311
Charitable activities 4 76,834 - —- 16,834 98 538
Governance costs 4 6,274 - 6,274 6,668
Total Expenditure 83,108 34,215 417,323 137,517
Net gain/loss on investmentassets - (226,090) (226,090) 337,987
NETINCOME/(EXPENDITURE) (83,108) (107,681) (190,789) 365,580
Transfers 83,108 (83,108) - -
NETMOVEMENT IN FUNDS - (190,789) (190,789) 365,580
TOTAL FUNDS broughtforward - 5,701,055 5,701,055 5335,475
TOTALFUNDScarriedforward - 5,510,266 5510,266 5701,055

All activities are the result of continuing activities.

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THE NORTON FOUNDATION BALANCE SHEET 5 APRIL 2025

2025 2025 2024
Notes F. £.
FIXED ASSETS
Investments 6 5,426,366 5,962,811
CURRENT ASSETS
Cash awaiting investment 7 61,760 115,775
Accrued interest 5 641 Q
Bank and cash 22,994 29,494
90,395 145,269
LIABILITIES: Amounts falling duewithin oneyear 8 6,495 7,025
NET CURRENTASSETS/(LIABILITIES)
83,900 138,244
NETASSETS 5,510,266 5,701,055
FUNDS
PermanentEndowment 5 510,266 5,701,055

A.BAILEY FULL Wi Approved by“Ry. on October 2025 and signed on their behalf: . } TRUSTEES M.BAILEY MQ CUSh, _

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THE NORTON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS 5 APRIL 2025

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.

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

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2025 2024
£ £
Income from investments listed on a recognised stock exchange 152,486 164,982
Interest on cash held as part of the investment portfolio 138 128
152,624 165,110
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THE NORTON FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS 5 APRIL 2025 (continued)

  1. CHARITABLE ACTIVITIES and GOVERNANCE COSTS

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||||||| |---|---|---|---|---| |||2025|2025|2024| |||£|F.|£| |Grants to individuals||22,633||24,065| |Grants to individuals - discretionary||7,100||1,300| |Grants to institutions||32,000||95,115| |Capital grants||0||0| ||||61,733|80,480| |support costs||||| |Correspondent's remuneration||14,687||17,544| |Telephone, postage and stationery||0||0| |Bank charges||88||88| |Travelling expenses||0||0| |Data Protection fee||35||35| |Meeting expenses||142||152| |Website and computer costs||149||60| |Sundries||0||180| ||||15,101|18,059| ||||16,834|98 539| |Governance costs||||| |Correspondent's remuneration||2,092||3,096| |Telephone, postage and stationery||0||0| |Travelling expenses||0||0| |Meeting expenses||142||151| |Auditors’ remuneration||3,540||3,420| ||||6,274|6,667| |During the year grants to individuals have been made as follows:||||| ||2025|2025|2024|2024| |||Total||Total| |Purpose|Number|Amount|Number|Amount| |||£||£| |Clothing|19|1,650|10|975| |Education and training|18|1,913|10|1,125| |Household|135|19,020|121|21,665| |Activities|1|50|4|300| ||173.|22,633|145|24,065| |Grants made to institutions have been made as follows:||||| |Purpose||||| |Equipment/buildings|1|32,000|1|22,115| |Social activity and educational programmes|0|0|11|33,000| ||1|32,000|12|55,115|

In addition to the above grants awarded directly, block discretionary grants totalling £7,100 (2024 £1,300) were awarded to 3 (2024 2) sponsors who were responsible, at their discretion, to award grants to individuals in accordance with the foundation's general policy. ,

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THE NORTON FOUNDATION

Block discretionary grants awarded during the year ended 5 April 2025 include payments to the following:

Citizens Advice South Warwickshire £600 Citizens Advice Bedworth, Rugby & Nuneaton £500 st Basils £6,000

Grants awarded to organisations during the year ended 5 April 2025 include payments of £1,000 or more to the following:

Pitch 2 Progress £32,000

  1. REMUNERATION AND RELATED PARTIES

The Trust has no employees.

6. INVESTMENTS

INVESTMENTS
2025 2024
£ £
Investments listed on a recognised Stock Exchange
Carrying value (market value) at 6th April 5,562,811 9,355,039
Add: Purchases during year 902,304 2,008,803
Less: Disposals during theyear at carrying value (767,674) (2,139,018)
Add: Net gain/(loss) on revaluation (271,075) 337,987
Carryingvalue(marketvalue)at5thApril 5,426,366 5,562,811

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THE NORTON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS 5 APRIL 2025 (continued) 7. CASH AWAITING INVESTMENT

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2025 2024
F £
Cash in the hands of the Investment Managers 61,760 115,775
61,760 115,775
8. LIABILITIES : AMOUNTS FALLING DUE WITHIN ONE YEAR
Accruals 6,495 7,025
6,495 7,025
Accruals includes capital grants of £0 (2024 £0) and individual grants of £1,455 (2024 £1,985) approved before the reporting date
but paid afterwards.
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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 2025 using the Retail Price Index as the measure of inflation was £6,172,990.

10. SUMMARY OF PERMANENT ENDOWMENT FUND

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Unapplied
Endowment Total Return Total
2024 2024 2024 2023
Aggregate value of the assets since the outset of total return £ £ £ E
Value at 1 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 - 3,641,425 3,641,425 3,275,845
Value at 6 April 2024/6 April 2023 Total 2,059,630 3,641,425 5,701,055 5,335,475
Movements in the year ended 5 April 2025 2025 2025 2025 2024
£ £ £ £
Gain(Loss) in value (226,090) (226,090) 337,987
Net Investment income receivable 152,624 152,624 165,110
Investment management costs charged against permanent endowment (34,215) (34,215) (32,311)
Total - (107,681) (107,681) 470,786
Net unapplied total return allocated to income for the year ended 5 April 2025 - (83,108) (83,108) (105,206)
Net movement for the year - (190,789) (190,789) 365,580
Value at 5 April 2025 / 4
Permanent endowment oe 2,059,630 2,059,630 2,059,630
Unapplied total return Se 3,450,636 3,450,636 3,641,425
Total 2,059,630 3,450,636 5,510,266 5,701,055
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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.

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THE NORTON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS5 April 2025 (continued) 11. PRIOR YEAR COMPARATIVE OF FINANCIAL STATEMENT ACTIVITIES

Unrestricted Unrestricted Permanent 2024
Funds :
Notes General Endowment Total
£ £ £
INCOME FROM
Investment income
Funds held by Investment Managers 3 - 164,982 164,982
Bank interest - 128 128
Total Income - 165,110 165,110
EXPENDITURE ON
Raising Funds - 32,311 32,311
Charitable activities 4 98,538 - 98 538
Governance costs 4 6,668 - 6,668
Total Expenditure 105,206 32,311 137,517
Net gains on investment assets - 337,987 337,987
NET(EXPENDITURE)INCOME (105,206) 470,786 365,580
Transfers 105,206 (105,206) -
NET MOVEMENT IN FUNDS - 365,580
TOTAL FUNDS broughtforward - 5,335,475 5,335,475
TOTALFUNDScarriedforward 10 - 5,701,055 5,701,055

All activities are the result of continuing activities.

12. POST BALANCE SHEET EVENTS

There are no post balance sheet events to report.

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