THE ORMEROD TRUST FUND Regislered Cliai'iiy No. 1058980 ANNUAL REPORT AND FINANCIAL STAI"EMENTS FOR THE YEIAR ENDED31 AUGUST 2022 ## **THE ORMEROD TRUST FUND** **YEAR ENDED 31[ST ] AUGUST 2022** ## **REFERENCE AND ADMINISTRATIVE INFORMATION** ## **Constitution** The Scheme was originally set up by the Secretary for Education and Science under section 18 of the Charities Act 1960 and sealed on 30 **[th ]** January 1974. The Scheme was amended in April 2012 to bring certain aspects of governance up to date and to widen powers in relation to access to funds for bursaries. The Scheme was renamed "The Ormerod Trust Fund". The registered charity number is I 058980. ## **Trustees** The Trustees as at the date of this report are set out below: Mr A Marshall (Chainnan) + + Mr M J Entwistle Mr G Fowler * MrDBowen + A Trustee appointed by the Governors of Bury Grammar Schools + * A co-optative Trustee Nominated and co-optative Trustees serve under the new scheme for a period of between three and five years. Mr M J Entwistle, a Trustee, is a partner in James Sharp & Co, the Fund's investment advisers. Because Trustees have a connection with the School little induction is required, save for aspects of charity accounting and law. **Charity Address** Farraday House Bridge Road Bury BL90HG **Bankers** Barclays Bank Pie I Central Street The Rock Bury BL9 OJN **Auditor** Horsfield & Smith Chartered Accountants & Registered Auditor Tower House 269 Walmersley Road Bury BL96NX **Investment Advisers** James Sharp & Co LLP The Exchange 5 Bank Street Bury BL9 0DN **Legal Advisers** Womble Bond Dickinson (UK) LLP St Ann's Wharf 112 Quayside Newcastle upon Tyne NEI 3DX THE ORMEROD TRUST FUND REPORT OF THE TRusfEES FOR THE YEAR ENDED 31- AUCUST 2022 The Trusiees have pleasure in presentingT theirAnnuol Report and Financial Stutements fordie yearended 31. August 2022. STRUCTURE, GOVERNANCE AND MANACEMENT OrgaThi$ation The Secretary of the in the year under revieiv iyas Mrs Jane Steven5. The Fund's iegistered address 15 Fa￿adaY House, Bridge Road, Bury. BL9 OHG. The Se¢ret4ry and lh¢ Vi¢¢ Principal of Bury Grammar School attend all rneelings of tlie TTU51ees. The Secrewry Administers the Fund on aday-l￿daY basis. within pardmelers established by ihe Trustees ort an annual basis. Grants ar¢ made on the basis of financial need and academic merit. The Secreiary Consults lh¢ Vice Principal vith regard to the14tt¢T. Rlsk maDagemtnt The Trustees examine ihe areas of the Fund's operations and consider the major risks faced. These risks consist eniirely ofivhether or not the Fund's resources are sufficient to cov¢r projected bursaries. Given the current level of cash and projected dividend incom¢ the iisL is minimal. Furthern10￿. the Trustees are guided by investment advisers Js lo Ilie likely I￿oi￿C and capital gain lo be realised by invesimenls. OWECT. OBJECTIVES AND PIUNCIPAL AcTIV￿lEs ObJe¢ts The priiiciplll objects oftlie Fund are the aivards ofscholwships, bursaries or grants to boys and young men who are aged under25 WIMI are abrHJl lo attend, or have attended for not less tlian two year5. Bury Grdin]Mar School Boys. Fundrai5ith2 & Cb8rltable Aethpltles The Charity does noi engage in fundraising activilies. During tlie year ilie Fund has ils ¢haTiiablt obje¢tives by providing financial assistance to pupils At Bury Grammar School. primarily ihose in the 6 forni. whose parents. financial ¢itCLiinstances M'arrant assistance so tl)at their son5 can compl¢l¢ their ¢du¢aiion. ACHIEVEMENTS AND PERFORMATrICE RN'ieM' ofActivities Tlie Trusiees have continued to administer the investments of the Fund. and awurd bursari¢s in accordantt wilh the on5tiliiiion. There has been a decrease in total resources in the year of £30.143 {2021 in¢r¢ase.' £121,456). driven in ille niaii? by ihe unrealised losses on investmenl assets in the year. THE ORMEROD TRUST Fuf4D REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2022 f¢opiiiiJi￿dj Grants Th¢ Trustees have Continued their grant making a¢tivitie5 duTing the year. In the past, granls l)ave been issued thai primarily assisl pupils in the @h forni at Bury Graminar Scliool with some assistance provided to boys who have been al the School for niore than h¥0 years in lower years. However, to aid bursary support in tl)e year groups ¢hal are mosi in need, in 2017 the Trust agreed to fund Iwo holf bursaTies for boys who entered the School at Year 7 and Ivlio in 21122 are nmv in Year I l. Additionally, the fund agreed to supporf 40Yo of th¢ fe¢s for a boy entering the hool in Year 7 in September 2022 and to support 7 boys in Year 12 in 22123. All Ormerod bursary grants giv¢n to individual paren15 in respect of their children who are pupi15 at tl)e School are Mea￿ tested. FINAIYCIAL REVIEW AND RESULTS FOR THE YEAR lllvestments Duringihe yearihere iverc no acquisiti0115 or disp05ats of shares the fvnd received small b￿efItS from GSK plc's demerg¢r of lis Consillner Healthcare business to fom) Haleon pl¢ and from the combinolion of The Scottish Inv¢slment Tr￿*t ivith JP Morgan Global Growth & Income. Investment5 are kept under revieiv by a sub-committee of the Chairn]an. Ihe Secretary and Mr Enlwistle ivho have delegated poivers to change ihe portfolio. All holdings are held ihrough a nominee company opernied by ihe Charity's investmeiii adviser& James Sharp & Co. Reseryes 11)e Trustees, reserves policy is lo ¢nsure that there are sufficient Funds in plac¢ to meet theiT confinned commitments. Tlie Tn￿lee5 are confident that iheT¢ are adequate reserves to meet all bursary grant commitnients. FUTURE PLANS & TOTAL RETURN Since 201? Ihe Trustees l)avc adopted a lolal return approach. Ihereby making more Funds availabl¢ foT grdnts. The Trnsi¢es are able to Access part of tlie unapplied total return on investments including capital growih, bul will beor in mind bolh ilie present and future n¢eds of benefi¢iari¢s of ilK TTUSI. At iheir nieeting in May 2021, the Trustees agreed that for ihe forthcoming year5, the sum ulili5ed, if required, should be IOO/b of the unapplied total return or £30,000 ivhichever was the lower. Under the Scheme, the Truslees have, in making ihese decisions under clause 18.1. concluded ihal given the level of expertise in investment and financial matters amongst ihe Tn￿lee$. seektng furtlier advA¢¢ aboui ihe way in ivhi¢h the power io make the total retum order is used, is not required. The Trustees conclude Iliat in all the circumstances, such extemal advice is U¥￿eCesSary. Further de￿11$ in ¢onnection with the total return are as set out in t1￿ financial statements. THE ORMEROD TRusf FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 3157 AUGUST 2022 {c￿lI11￿￿e￿} STATEMENT OF TRUSTEES, RESPONSIBILITIES The Char51y'S Trustees are responsible for preparing the TTUStees Annwdl Report and the financial statements in aecordance with applicable laiv and United Kingdom Accounting Standards {United Kingdoni Generally Accepted A¢¢ounting Pra¢tice}. The law applicable to chariti¢s in England and Wales requires th¢ Trustees lo prepare financial stat¢ments for each financial year which give tt true and fair view of ihe stale of affairs of the Charity and of (he incoming resourte5 and applicalion of resource5 of the Charity for that period. In preparing ihe5e financial staiements. Ihe Trustees are required 10: 5elecf Suitable a¢¢ounling poli¢ies and ihen apply ihem ¢onsislen¢ly: obserY¢ the methods and principles in the Charities SORP,. make judgements and estimaies ihai are Teasonable and prudent, state whether applicable accounting ￿andardS have been followed. subj¢¢l to any mal¢rio1 deportures disc105ed and explained in the financial statements. prepare the financial Statements on ihe £oinE eon¢¢rn basis unless il is inappropriale to prtsume thai ihe ¢haTity Ivill eontinue in operation. The Truskes are responsible for keeping propel accounting records ihal dis¢lose ivith reasonable aecura¢y ai ony tinie the financial position of the charity and enable them to ensure that the financial 5lalements comply ivith the Charities Act 2011 and the Charity (Account5 and Reports} Regulations 2008. Th¢ Trustees ar¢ also responsible for safeguarding the o5s¢1s of Ilie charity and hence for taking re&sonable steps for the prevention and detection of fraud and other irregularili¢s. Dat¢d {o.losJ..t3................................ INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE ORMEROD TRusf Fuf4D YEAR ENDED 31%T AUCUST 2022 Opiiiioll We have audited ille financial siateniei)Is of The Ornierod Trust Fund (the 'cl)ariiy') for the year ended 31 Augtsgi 2022, Ivhicli comprise the Siatemenl of Financial Activities, Balancc Sliecl, Caslifloiv Sialemcnl and Notes lo the Fiiiaiicial Staren)eiils, iiicludino a swminary of sigiiificaiil accounlii)g policie5. The fiiiaiicial reporting frameivork thai hos b¢cn applied in Iheir pr¢paralion is United Kingdom Accounting Standards, coinprisiiiL ChaTilics SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic ol Ireland, and applicablc laiv (Uniled KI￿gdOM Generally Accepted Accounting Pracli¢e). In our opinion the finantilll st2teuients'. give a iTue and fair vieiv of tlie slale of the cliaril) s affairs as ui 31 Augu￿ 2022 and of it5 incoming r¢50urce5 and applicaiion of resources, including its incoine and expendilure, for the year ihen ended. have bcen pi(TrpeTly prcpared in accordancc ivitli United Kingdoii) G¢n¢rally Ac¢¢pi¢d Ac¢ounling Practice,. ond have been pr¢pared in accvrdunce iviih the requiTem¢nt$ ofihc Chariiies Acl 2011. Basis for opinion We conducled our audil in acroTdJnce iviih In1¢n]￿lon￿] Stondards on Auditing (UK) IISAS (UK)) and Applicoble laiv. Our responsibilities under tliose 51andard5 are furth¢r dEscribtd in the &udiior responsibilitie5 for ihe audit of the financial statements seclion of our report. Mle are independent of ihc el)arily in accordance iyiih ilie cthÉcal requirements that are relevant to ouraudil of ihe financial slalements in the UK. including ilie FRC'5 Etliical Siandard. and li'e have fulfilled our oiher eihicol responsibilities in accOrd￿lce wilh these requircnienls. We believe iliat ihe audit evidence we have obiained is sufficient and appropriate to provide a ba515 for our opinion. Conclusions reliting to going concern In auditing the fjnancial statemen15, Ive have concluded ihai th¢ Irwle¢5 USE ofih¢ going COll¢¢Tn b8515 Of 8c¢ouniing in ihe preparation of the financial statemenls 15 appropriate. Based on the iyork 14'e have perfornied, we huve nol idcnlified any malcrial uncertainties ￿latiNg 10 ¢vents or condition5 Ihul individually or eolleciively. niay casi significant doubi on the ¢liaTiI) s abilily lo continuc as a going concern for a period of at least livelve months from iylien ihe original fiuancial slalemcnts were authorised for issue. ourTeSpo￿lbIj1tieS and ihe responsibililies of ihe ITuslees i%'ith respeet lo goinE eonccrn are described in the rel¢vont ions of thi5 report. Olber infoTrnatioo The oiher informalion ¢ompri5¢5 th¢ information inclitded in ihe annual report, oiher ihan tlic financial ￿alementS and our audilor'5 report ihercon. The tru5t¢¢s are r¢5ponsible for Ihe oiher infornialion contained ivithin ilie annual report. Our opinion on ilie financial stalemcnls does nol cover ihc oiher informaiion and. except to the extcni oiheniise e.Npliciily staled in our reporl. Ive do Iiol express any fiTrrni of assuraT)¢¢ con¢lu5ion lh¢￿0￿. Our responsibility is 10 read the other informalion and. in doinbi so. coiisider ivlicilicr I1￿ otlier inforinalion 15 m￿en￿lI), in¢onsiMeni iviih tlie financial slaieinenis orour Lnoiylcdge obiained in ¢lic course of ilic audil. or odierwise appears to be malerially misslaled. If we identif), such malcrial ineonsisiencies or appaient matcrial missiaieinents. 11¢ are required io delemiine whetherthis gives rise to a malerial IMis51atcn?¢nt in ili¢ finurjcial Sialcnicii15 tlieu15clves. If. based on the work li'e have perfornied, 11¢ conclude that ihere is a material misslaicment of this other infomiaiion, ve are reqiiired to report thai facl. Ve have noiliing to report in ihis regard. INDEPENDENT AUDITORS, REPORT TO TJIE TRUSTEES OF THE ORMEROD TRUST fi UND YEARENDED 31- AUGUST2022 Opinion on othcr matter5 pres¢ribed b), the CliJriti¢s Act 20J I In our opinion. based 01) the ii'ork iiiidert1c ken in Ilic coiirse of the audit: the inlonnation given iii the Tru5tecs' Report for the financial year for which the financial statements ar¢ prepared is ronsisleni iviih tlie finaiicial slalen)ents.' and the Trustees, Report lias beeii prepared in accordaiice iviih applicable leftal requirements. Matters oll ivhich li't are required to report bv cxception In ihe light of oiir Lnoivledge and uiider51anding of the charii), and its environment obtained in the course of the audit. i%'e liave noi identified malerial mi5Stat¢mcnls in ilic Truslee5' Repon. We have nothing io report in respeci ofihe folloiving mailers 14,hcre we are required to reporl to you if. in our opinion: adequale accounting iecords l)avc noi beei) kept, or relurns adequate for our audit have not been receii'ed from branches nol visiied by us: or the fiollncial sthiements are noi in agreemeni iyith ihe accouniing records and retums. or certain disc105urcs of tru51ecs retnuncralior] specified by la%Y tkre not madc. or we have noi received all tlie infonnalioii and eiplanaiion5 Ive require for our audit. Responsibilities of Iru5t¢e5 As explained niore fully in tlie Sialenicni of Trusiees, Responsibililie5 (sel oui on page 4). Ihe irusiees are responsible for ihe prepardlion of thc financial sialenicnis cnd for being saiisficd ihat ihey give a Irue and fair view,, and for such internal conlry)l Ls ihe truslees detern)inc is necessary lo enable ilie preparaiion of financial statement5 that are free froTn material iiiisstatemenl, iyhether due lo frJud or error. In pr¢parir]g Ihe fiiiancial statenients. Ilie Iruslce5 are re5poI)sible for assessing ilie charity's abilit), to ¢oniinue as a going conc¢rn. distlosiiig, as applicable. nialleTS related lo g7oing concern a￿1 using thc going concern basis of accounting unless ilie Iru51ees either intend io Iiqliidale rhe chariiy or to c£￿e operations, or have no realistic liernalive bui to do so. A￿ditOr responsibilitie5 for the ¥udil of tbe fingDcial slal¢mellls Our objective5 arc lo obtain reasoiiablc a5suraiice al)oul wlieiher Ihe financial siat¢menls as a iYhol¢ are frtt from muierial misstatement, Ivheiher duc io fraiid or error, ttnd lo is$u¢ an auditor's reporl that includes our opinion. Rexsortable assurance is a hi￿} Icvel ofassunnce. bui is noi a 8iJaranlee Ihal audil conducled in accordance wilh ISA5 (UK) Ivill always detect a niatericil niissialein¢nl whcn it exis15. Missialements can arise from fraud orerror and are considered mai¢ri&l if. individuolly or in the aggregnte, Iliey could rcasoiiably b¢ expected to influ¢nc¢ the e¢ononiic decisions of users iak-en on the b￿15 of Ihesc fiiioncial siateinenis. Exlcnl to which Ihe aii¢Jll was cunsidcred c:Ip4blc of dcl¢ctiN¥ iTrcgular•tics, inrluding frnlld Irr¢gularitics. iiicliidiiig Iruud, ur¢ in￿anCeS of noii-conipliance iviih laivs and regulations. We design procedures in line ii'ith our re5poiisibililies, ouilincd above, lo delccl Inaterial misstalciii¢nts in respeci of irrcgulariiie4 including frnud. Tlie ¢xien( lo ivliicli our procedures are cupoblc of dclccling irr¢gulurili¢s. including fraud is detailed beloiy. We considered Ili¢ D#itsre of the Tr(￿t aiid ils coi)Irol cnvironmeni. We also Cnquircd of n)anagement their policies and procediires re141in& io fraud and compliance ivitli laiv5 and rcgulalions and ih¢ir oiim identification and a55e55menl ofthe risks of irrebFularilies. INDEPENDENf AUDITORS, REPORT TO THE TRUSTEES OF THE ORMEROD TRUST FUND YEAR ENDED 31ST AUGUST 2022 We oblaioed an understanding of ihe legal and regulatory frarneivorks that the Trnsl oper8tes in, and identified the k¢y1oivs and regulations thal.. had a dire¢t effecl on the delem)inaiion ofniaterial aniounts and disclosures in ih¢ finan¢ial stsiem¢nts. These Included Charities Aci, and do noi have a dir￿1 effe￿ on ihe finaneial slalements but complikU)ce with whlch may be fundamental to ihe Trust's abilkty to operdte OT to avoid a material penalty. The engagenienl partner ensured that tlie engagement team collectively had the appropriate compet¢n¢¢. capabilities and skills to identify or recognise non-¢omplian¢e wilh applicable laws and regulations. We discuss¢d among the audit engagenienc learn regarding the opportuniiies and incentives that may ¢xisl within the organisation for frnud l￿d how and iylieie fraud rnighl oc¢ur in the financial statements. In conimon iyith All audits under ISAS (UK), Ive are a150 required io perforn) specific procedures to respond to the risk of management ov¢ryÉde. In addr¢ssing the risk of fraud through management override of control8 we tested the ¥ppropriatene55 of journal entries and other adj1￿mentS. assessed w,heiher ihe judgements made in making accounting eslimales are indicative of a pol¢niial bi￿. and ¢valuated the busine55 rational¢ of aDy significant transaclions that are unusual or outside the nornial course ofbusiness. Iii addition to the abiTrve. our procrdures to respond to the risks idenlified in¢luded the following: revieiving finan¢ial sralement disclosures by testing to supporting docwn¢ntafion lo assess compliance with provisions of relevant laws ond regulaiions described a8 having a direct ¢ffe¢t on the financial statements. perforn]ing analytical procedures to identify any unusual or unexpected relalionships that may indicate risks of malerial misstatemeni due lo fraud- and enquiring of manggemenl Conceming actual and potential litigation and elain)s. and instances of non-conipliance with laws aTJd r¢gulations. A further descriplion of our responsibilities for the audit of the fin￿¢1￿1 51at¢m¢nls is Iwated on the Financial R¢pcirting Coun¢il's website at ivww.frc.org.uk/auditorsresponsibilities. Thi5 de5¢riplion fom)s part of our auditorfs report. Use ocour report Thi5 report is made solely to ihe I￿￿tee5. as a body, in accordance seclion 145 of ihe Charili¢s A¢1 2011 and regulaiions made under s¢c¢iOJJ 154 of that Act. Our audil ivork lias be¢n undertaken so thal we miglit State lo th¢ ¢harity'5 ITUSt¢e$ those n)atters ive are wiuired io slate to tl?em in an auditor's ￿pOrt and for no other pwpose. To the fullest extent perniitted b). laiy, Ive do not accepl or &8sume responsibilily to anyone other than tlie Trust and ils trustees as a body. for our audit IvorL for ihis report, or for the opinion5 ive have fomed. J Siaples { enior Statutory Audilor) For and on behalf of HO￿field & Smith, S18tutory Audiior Toiver House 269 Walmetsl¢y Road Bury Lancashire BL9 6NX D*e:.. j.6....Miy .216 Transfer betsveen Funds {33.61)) (30.475) 30.475 Applied Total Return (1.900) 1,900 NET OUTGOING RESOURCES (1.900) 36 (1,864) (6,227) (6.227> Unrealised gainsl(1055es) on iiii'esin)eni assels Realised gainsl(105ses) (28,?79) (28.?79) 175.738 4.817 180.5>5 (48,055) (4.817) (52.8721 NET NIOVEMENT ￿ FUNDS 130,179) 36 (30,143) 127,683 (6.227) 121.456 Fund Balancc al I Sept 2021 634,651 95,935 730,586 506,968 102,162 609.130 FUND BALANCE AT 31 AUGUST 2022 604,472 95.971 700,443 634,651 95,935 730.586 The noies on page$ 12 10 14 form part of iliese fii)ancial staienienls. THE ORMEROD TRU￿ FUND BALANCE SHEET AS AT 315r AUGUST 2022 Nolc 2022 2021 Fixed Asset Investmenls 697,417 725.696 CurrcDt A55et5 Nominee Cash Account 4,208 5.988 4.208 5.988 Less: CuTrent Liabilltles Creditors 10 1,182 1,098 1.182 1,098 NET CURRENT ASSETS 3.026 4.890 TOTAL ASSETS LESS CURRENT LIABILITIES 741D,443 730586 Endoii'meni Funds R¢51ricted Funds 604,472 95.971 634.651 7110.443 730586 The notes on pages 12 10 14 fom) pan of thcsc finw)cial siatemenls. THE ORIIIEROD TRUST FUND TRUSTEES, AGREEMENr YEAR ENDED 31ST AUCUST 2022 We approve the foregoing Balaiice Sheci datcd 31" Augusl ?029 and attached notes. Daled:_iknl.osl 13 io THE ORMEROD TRUST FUND CASH FLOW STATEMENT FOR THE YEAR EP4DED 31- AUCUST 2022 2022 2021 NET CASH OUTFLOW FROM OPERATING ACTIVITIES {35,393) (37,486) RETURNS ON INVESTI¥IENTS Income from investments Inierest Received (inc. VAT Reclaim Rcfund) Sale of Inveslnients 31,289 70.848 33.613 102,137 FINANCIAL INVESTMENT Purchase ollnve51Tnen15 70.533 NET CASH (OUTFLOW) (1,780) 15.882) RECONCILIATION OF f4ET oufGOJNG RESOURCES TO NET CASH FLOW FROM OPERATIof4S Net Inconiingl(Oulgoing) Resour¢es Ini'estmeni Infjoine In¢reL5¢￿Deere&se) in Creditors (1,864) {33.613) 84 (59,099) 21.583 30 NET CASH OUTFLOW FROM OPERATIONS (35J93) (37,486) AF4ALYSIS OF CHANGES IN NET CASH RESOURCES I" Sepl 2021 Movemejt JJ" Aug 2022 Cash ot B%￿L and in Iiand 5,988 (1,780) 4,208 THE ORftrlEROD TRUST FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31sf AUGUST 2022 I. ACCOUNTING POLICIES Bssis ofpreparalio The financial statemenls are prepared ui)dcr Ihc hisiorical cosi coiii'ei11ion. and in accordance with the Statement of Rccoinmended Praciicc fRSI 02, Accouniing aiid Reporiinb) by Cliarities. otl)er applicabl¢ Accounting Standard5 and the Chariiies Act. Incoming resource5 Inve5thient incoinc h&8 been ¢redii¢d lo iii¢oni¢ iihen re¢¢ivable. Resourees eipended Expenditure has been accounled for on ihe accruals basis. All cos15 arc allo¢aied directly io the appiopriate heading. The is no apportionment. 2. ENDOWMEP4T AND RESTRICTED FUNDS Endoi%'meni Funds eompose tlie original endoivnicnl of BenjaJ)iin Omicrod, laking account of ¢h4nges in investmeni poli¢y Jnd Ihe grO1￿h of thesc investincnls. In accordance iviili tl)e iiciy scheiiic and ihe tolal rewrn order. part of the gromth in value of investmenls from a specific dalc cali bc applied as in¢oin¢. An). Funds fhereby ulili5¢d from lh¢ Toial Rciun) Order are iransferred from the endoiv¢d Fund io ihe restricted Fund. Restricted Funds ¢ompris¢ lh¢ accumulaled income less expendilure of ihe Fund plus any sums utilised by way ofthe iotai reium order. Both endoivnicni Funds and reslricted Funds 11)ay onl), be used for ille purpose5 of the charity. 3. FIXED ASSET INVESTMENTS Inveslnieiils are required. UlKlcr the Slai¢iiient ofReeommended Praclice. to be shoivn ai marK'el value at lh¢ balance sheet dute. Movemeiil$ 11) market value are recognised as unrealised gains and losses. The investments are defined as folloivs.. ?022 2021 Equilies Eqiiilies Tolal Tothl Broughi forward I. S¢pl ?021 Sale5 Purchu5es Unrealised Ilosses) Igaiiis 725,696 725.696 598.328 598.328 (123,720) (123,720) 70.533 70,533 180,556 180,556 (28,279) (28.279) 697,4J7 697,417 72S.696 725,696 Tlie original cost of Ihe above ii)vestnienls. Ivhich aTe UK based. i%'as £525.i37 (2021: £i25.537). THE ORMEROD TRUST FUND NOTES TO THE FINANCIAL STATEMEI NTS FOR THE YEAR ENDED 31sf AUGUST 2022 (COllflllllLp¢IJ 4. RECONCILIATION OF FUNDS 202? Resiricied 2021 R¢siricied Endoivmeni Tolal Endoivmeni Toial Ai I, Sepiember 20?1 Movement in resources 634,651 (30. 5 79) 95.935 36 730.586 130.143) 506,968 127.683 102,16? (6.227) 609,130 121.456 As at 3 i>t Augusi ?022 604.472 95.971 700.443 634.651 95.935 730,586 5. TOTAL RETURN Value of pem)anenl endoisTheni at 31" Auausl 2021 Value of pernianent end0i¥4Ment ￿ isl Sepieniber 1995 634,651 416,796 Unapplied iotsl rnurn held on Injsi for applicalion a5 incom¢ September 2021 217,855 Decrease in value of pennanenl endoiynienl in the year (28,279) Balance of vnapplicd iolal relum Applied from t￿81 reium 2022 189.576 (1.900) Balance of unapplied total relum held on lrnst for applicaiion Js income 31. Augugt ry022 187,670 The TTusiees had resolved ihat up to IOO/o or £30.000 Iwliicl)cvcr is tlic loivcr) of thc iinappli¢d lotal return at I September 2021 niay be applicd as in¢oiii¢ in ili¢ year lo 31"AuL¥usi 2022. DLlrin&> 2022 £1.900 has becii applied. 6. TAXATION The f*und 1$ a regislered Charity and as siicli is iiol subject lo taxation. 7. GENERAL Tlie Fund is adn)inisiered by staff en)ployed by nie Bury Grammar Scliools Truslec Lid. No cl)arge is made to Ehe Fund ror these services. Ther¢ no ¢osis for g¢ii¢raiinE fund5. THE ORMEROD TRUST FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31sf AUGUST 2022 (cij,,,,,,,.., EXPEf4DITURE 2022 2021 Administration ofihe cliarily includes:. Auditors" Remunerdlion Professional fees 1.182 450 1.098 450 1,632 1.548 9. SHORT TERJI INVESTMENfs (UK) 2022 2021 Nomine¢ Account 4,208 5,988 4208 5,988 IIJ. CREDITORS 2022 2021 Accruhls & DEferred Incoinc 1.182 1.098 1,181 1,098 11. ANALYSIS OF NET ASSETS Fixed As$el Currenl Assels Inve51mellts Liabilities 2022 Totsl Endoiwiieni Resiricied 697,417 (92.945) 97,153 604.472 95,971 (1,182) 697,417 4208 (1,182) 700,443 THE ORMEROD TRUST FUND YEAR ENDED JIST AUGUST 2022 The following pages do riot forn) pari ofihe financial 51a¢eiMcnts:_ Page No 16 Income from Ini'estn)ents THE ORMEROD TRUST FUND YEAR TO 31. AUGUST2022 INCOME FROM INVESTMETrirs 2022 2021 EQUITY INVESTMENTS BP plc 1.160 1.081 Inves¢0 Bond Inconie Plus Lid (City Mcrcli3iit5) 2.530 1.945 Ciiy of London Investm¢nt Trust 307 CQS Neiv City High Yield 4.Q3? 4,023 Edinburgh 2.480 2,865 GI&xosmiil)kline (GSK) 2,100 2.240 Henderson High Incom¢ ?.362 1,782 LIDyds TSB 133 Merclian15 3.008 2.992 Murrny Inconie TTUSI 983 Royal Dulcl) Sl)cll 2,171 Scollisl) Inv 2.750 2.574 Sequoia Econoniic Infrast 4.?38 2.543 SSE .231 1.206 Uniled U(ililies 1.175 1.167 Vodafonc 1.208 1.251 Witan Iiiveslii)ent 3,102 3,009 33,613 31.289