E-Si9n ID.. 33a9e9db-l&%e439&940b-f03c005de587 THE ORMEROD TRUST FUND Registered Charity No. 1058980 ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
E-sign ID.. 33a9e9db-1 G6e-4396-940b-f03c005de587 THE ORMEROD TRUST FUND YEAR ENDED 31 AUGUST 2024 REFERENCE AND ADMINISTRATIVE INFORMATION Constitution The Scheme was originally set up by the Secretary foi Education and Science under section 18 of the Charities Act th 1960 and sealeil on 30 January 1974. I'he 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 1058980. Trustees The Trustees as at the date of this report are set out below: Mr A Mdrshall (Chaiman) Mr M J Entwistle Mr G Fowler Mr D Bowcn Truslee% .4erve under the new gcheme tor a period ot between three and tive yedr%. Mi M J Entwi.stle. a Tru%tee, i,$ 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 BL9 OHG Bankers Barclays Bank PIC I Central Street The Rock Bury BL9 OJN Auditor Hnrsfield & Smith Chartered Accountant.q & Rcgistcred Auditor Tower House ?69 Walmersley Road Bury BL9 6NX Investment Advisers James Sharp & Co The Exchange -5 Bank Sireet Bury BL9 ODN Legal Advisers Womble Bond Dickin.son (UK) LLP St Ann's Wharf 112 Quayside Newcastle upon Tyne NEI 3DX
E-sign ID. 33a9e9db-1(fje439&940b-f03c005de587 THE ORMEROD TRUST FUND REPORT OF THE TRUSTEES ST FOR THE YEAR ENDED 31 AUGUST 2024 The Trustees have pleasure in presenting their Annual Report and Financial Statements for the year ended 31°, August 2024. STRUCTURE, GOVERNANCE AND MANAGEMENT Organisation The Secretary of the Fund in the year under review was Mr Rick Berry. The Fund's regisiered address is Farraday House. Bridge Road, Bury, BL9 OHG. Mr Rick Berry resigned his post at BGS on 31" December 2024. Mrs Kendra Ward was appointed BGS company secretary on I ' January 2025 and her position as Secretary of the fund will be ratified at the AGM. The Secretary and the Principal of Bury Grammar School attend all meetings of the Trustees. The Secretary administers the Fund on a day-to-day basis, within parameters esiablished by the Trustees on an annual basis. Grants are made on the basis of financial need and academic merit. The Secretary consulis the Principal with regard to the latter. Risk management The Trustees examine the area5 of the Fund, s operations and consider the major risks faced. These risks consist entirely ot whether or not the Fund's resources are sufficient to cover projected bursaries. Given the cuent level ot. ash projected dividend income the risk is minimal. Furthermore, the Trustees are guided by investment adviseTS as to the likely income and capital gain to be realised by investments. OBJECT, OBJECTIVES AND PRINCIPAL ACTIVITIES Objects The principal objects of the Fund are the awards of scholarships, bursaries or grants to boys and young men who are aged under ?5 who are about to attend, or have attended for not less Ihan two years, Bury Grammar School Boys. Fundraising & Charitable Activities The Charity does not engage in fundraising activities. During the year the Fund has met its charitable objectives by providing financial abSlStance to pupil,% 411 Bury Grammar School, Primarily those in the 6, forn], whose parents, financial circumsiaThces warrant assistance bo that their sons Lan complete their cducation. ACHIEVEMENfs AND PERFORMANCE Review of Activities The Trustees have continued to administer the investments of the Fund, and award bursaries in accordance with the conslilution. There ha% been an increa%e in total re.%ouTce% in the year ot £61,188 {2023 increase.. £10.377), driven in the main by unrealised gains.
E-sign ID.. 33a98gdb-1c6è-4396-940b-f03c005de587 THE ORMEROD TRUST FUND REPORT OF THE TRUSTEES ST FOR THE YEAR ENDED 31 AUGUST 2024 fconlinuedl Grants The Trustees have continued their grant making aclivities during the year. In the past. grants have been issued that primarily a%sist pupils Kn the 6, fonn at Bury Grammar School with some assistance provided to boy.s who have been at the School for more than two years Én lower years. In 23124 a further 2 bUrSleS were awarded in year 12 and 6 moved from year 12 into year 13. The bursary awarded to a year 7 pupil in September 2022 is still in place. All Ormerod bursary grants given to individudl Pdrents in respect of their children who dre pupils Élt the School are means tested. FINANCIAL REVIEW AND RESULTS FOR THE YEAR Investments During the year a third of the units in SSE plc were disposed of along with a number of unit5 for CQG New City High Yield. Acquksitions were made in Blackrock Sust American and Artemis. Investments are kept under review by a sub-committee of the Chairman. the Secretary and Mr Entwistle who have delegated powers to change the portfolio. All holdings are held through a nominee company operated by the Charity's investment advisers. James Sharp & Co. Reserves The Trnstees, reserves policy is to ensure that there are sufficient Funds in place to meet their confirn]ed commitments. The Trustees are confident that there are adequate reserves to meet all bursary grant commitments. FUTURE PLANS & TOTAL RETURN Since 2012 the Trustees have &doptcd a total return approach, Ihereby making more Funds available for grants. The Trustees are able to access part of the unapplied total return on investments including capital growth. bul will beaT in mind both the present and fuLure needs of beneficiaries of the Trust. At their meeting in May 2021, the Trustees agreed that for the forthcoming years, the sum utilised, if required. should be logo of the unapplied tolal reiurn or £30,000 whichever was the lower. Under the Scheme. the Trustees have, in making these decisions under clause 18.1. concluded that given the level of expertise in investment and financial matters amongst the Trustees, seeking further advice about the way in which the power to make the total return order i* u.sed. 1% not required. The Tru8tee% conclude that in all the cTrcum%tance.%. %uch externiil iidvice i.% unnece%%ary. Further details in connection with the total return are as set out in the financial statements.
E-sign ID.. 33a9egdb-lC6398.g4Ob-To3C005deS87 THE ORMEROD TRUST FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 (coiirinued) STATEMENT OF TRUSTEES, RESPONSIBILITIES The chlty,S Trustees are responsible for preparing the Trustees Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepled Accounting Practice). The law applicable to charities in Engldnd dnd Wale5 Tequires the Trustees tv prepare financial slatements for each financial year which give a true fair view of the state of affairs of the Charity and of the incoming resources and applicdlion of resources of the Chiwily for that period. In preparing these financial statements, the Trustees are required to: select suitable accounting policies and then apply them con51Stently; observe the methods and principles in the Charities SORP. make judgemenls and estimates that are reasonable and prudeni; state whether applicable accountiiig staiidiwds have been followed, subject to any material departures disclosed and explained in the financial statements- prepare the financial statements on the going concern basis unless it As inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping proper accounting records thac disclose with reasonable accuracy at ¢iny time the financial position of the Charity and enable them to ensure that the financial statements coniply with the Charities Act 2011 and the Charity (ALcounts and Reports) Regulations 2008. The Trustees are also responsible for %alegiuarding the as%et.% ot the ¢haTity and hence tOT taking rea%onable step5 tor the prevenlion and deleciioTh ot traud and other iegUl1ties. A Marshall Name: 2210512025 Dated
E-sign ID.. 338909db-1 ¢6e4396-940b-f03¢005de587 INDEPENDEiYf AUDITORS, REPORT TO THE TRUSTEES OF THE ORMEROD TRUST FUND ST YEAR ENDED 31 AUGUST 2024 Opinion We have audited the financial statements of The Ornierod Trust Fund (tlie 'charity') for the Ye ended 31 August 2024, which comprise the Statement of Financial Activities. Balance Sheet, Cashflow Statement and Note.% to the Financial Statements. including a summary of significant accounting policieb. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standar(l applicable in the UK and Republic ol Ireland, and applicable law (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true dnd fair view of the state of the charity's affairs as at 31 August 2024 and of its incoming resources and application of resources. including its income Lind expenditure. for the year then ended- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and hitve 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) IISAS (UK)) and applicable law. Our responsibilitie5 under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethicdl requirements that are relevant to our audit of Ihe financial statements in the UK, including the FRC'S Ethical Standard. and we have fultilled our othei ethical respon%ibilitie% in accordance with these requirement%. We believe that the audit eviderAce we have obtained is sufficienl and appropriate to provide a basis for our opinion. Conelusions relating to going concern In auditing the financial statements, we have concluded that the tnistees use of the going concern bd8i8 of <iccounting in the preparation of the financial statements is appropriate. Based on the work we have perforn]ed, 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 tor a period of at least twelve months trom when Ihe original findncial statement,s wcrc auihori.%ed tor i%suc. Our responsibilities and tlie responsibililieb of thc trustees with rebpect to gioing concern are described in the relcvant seciiuns vf this report. Other information The other information compri.ses the information included in the diiiiual report, other than the financial Statement8 and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does Thot cover the other information and. except to the exlent othenvise explicitly stated in our report. we dn nnt express any form of assurance conclusion therenn. Our responsibility 1.8 to read the other infnimation and, in doing so. consider whether the other inforJnatiDn is materially inconsi%tcnt with the tinancial %tatemenl.4 or our knowledge obt<iined in thc cour4e ot. the audit. or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatemenls. we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perfom]ed, we conclude that there is a material misstatement of this other infomiation, we are required to report that fact. We have nothing ti) report in this regard.
E-sign ID.. 33a989db-1c68-4396-940b.f03c005de587 IIYDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE ORMEROD TRUST FUND ST YEAR ENDED 31 AUGUST 2024 Opinion on other matters prescribed by the Charities Act 2011 In our opinion, based on the wnrk undertaken in the course ot the audit.. the information given in the I'rustees, Report for the financial year for which the financial statements are prepared is consistent with the financiiil statements. the Trustees, Repvrt has been preped in accordance with applicable legal requirements. Matters on which we are required to report by exeeption In the light of our knowlcdgc and undcr%t¢Lnding of the ch¢irity diid it8 environment obtdined in the course ot the audit, we have not Édentified material misstatements in the Trustees, Report. We have nothing tu report in respect of the following matters where we are required to report to you if, in our opinion: adequate accounting records have n()I beell kept, OT returns adequate for our audit have not been received from branches not visited by u.s- or the financial statements are not in agreement with the accounting records and returns. or certdlll dlsclosures of trustees TemuneTdtion specified by Idw not made. or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Silltemenl of Trustees, Respollsibilities (set out on page 4}, the trustees are responsible fur the preparaiiun of rhe financial statements and tor being satisfied that they give a true and fair view, and for such internal control as the trusiees determine is necesbary to enable the preparation of financial statemen15 that free from material misstatement. whether due to fraud or erroi. ITh preparing the financial statements, the trustees are responsible for assessing the charity'b ability to continue as a going concern. disclosiThg, as applicable, matters related to going concern and using the going concern basis of accounting unless the tThstees either iiitend to liquidate the charity ur tu cease opeTations, or have no realistic alternative bur to du so. Auditor responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statenients 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 assurancc ib a high level of assurance, but Ib not a guarlee that an audit conducted in accordance with ISAS (UK) will always detect a material missiatemeni when it exisis. Misstatements can arise from fraud or error and are considered material if, individually or in the dggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Extent to which the audit was considered capable of detecting irregularities, including fraud Irregularities. including traud. are illstances of non-compliance wilh laws Tegulalions. We design procedures in line with our responsibilities, outlined ¢ibove, to detect material misstatements in respect of irregularilies. including fraud. The exient to which our Procedures are capable of detecting iTregularitie5, including fraud is detailed below. We considered the nature of the Trust and its control environment. We also enquired ot managemeni their policies and procedures Telating to fraud and compliance with laws dnd regulations and their own identification and a.%%es8meni ot the risks ot irregularities.
E-sign ID.. 33a9e9db-1c6e-4396-940b-f03G005dè587 INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE ORMEROD TRUST FUND ST YEAR ENDED 31 AUGUST 2024 We obtained an understanding of the legal and regulatory frameworks Ihat tlie Trust operates in, and identified the key laws d reguldtlolls th<ll'. had a direct effect on the Lletennination of material amounts and disclosuTes in the financial statements. These included Charities Act. and do not have a direct effect on the financial statements but compliance with which may be fundamental to tlie Trust's ability tn nperate or tn av()id a material penalty. The engagement partner en.sured thai the engagcment leam collectively had ihe appropriate competence, capabiliti&% and skills to identify or recognise non-compliance with applicable laws and regulations; We discussed am(?ng the audit engagement team regarding the opportunities and incentives that may exibt within the organisation for fraud and how and where fraud might occur in the financial statements. In common with all audits under ISAS (UK). we are also requireLI to perform specific procedures to respond tu the Tisk uf management ()verride. In addressing the risk of fraud through management nverride of contrnls, we tested the apprupriateness of journal entries and other adjustments-, assessed whether the judgements made in making accvunting estimates are indicative of a potential bias= and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business. In addition to the above. our procedures to respond to the risk.% identified included the following.. reviewing fmaneial stalement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements. perforniing analytical procedures to identify any unusual or unexp¢cted relationships that may indicate risks of material misstatement due to t'raud; and enquiring of management concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations. A further description of our iesponsibilities for the audit nf the financial statements is located on the Financial Reporting Council'.$ website at www.frc.org.uklauditor%re%pon.sibilitie,s. Thi% description foms part ot our auditor'.$ report. Use of our report This report Ib made solely to the trustees. as a body, in accordance section 145 of the Charities Act 2011 and regulation8 made under section 154 of that Act. 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 auditor's report and for no other purpose. To the fullest extent pern)itted by law. we do not accept or assume Tesponsibility to anyone other than the Trust and its trustees as a body, for our audit work. for this report. or for the opinions we have fonned. P G Nicol (Senior Statutory Auditnr) For and on behalt of Horstield & Smith, Statutory Auditor Tower House 269 Walmersley Road Bury Lancashire BL9 6NX
E-sign ID.. 33a9e9db-1c6e-4396-940b-f03¢OOSde587 THE ORMEROD TRUST FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31Sf AUGUST 2024 2024 Restricted 2023 RestriLted Note Endowment Total Endowment Total INCOMING RESOURCES Generated Funds UK Dividends VAT Reclaim Refund Interest on bank deposits 34,057 34,057 35,096 35,096 2.609 2.609 Net Incorning Resources available for Charitable Application 36,666 36,666 35,096 35,096 CHARITABLE EXPENDITURE Grants 33,816 33,816 22,953 22,953 Governance 9,762 9.762 1,782 1,782 Total Resources Expended 43,578 43.578 24,735 24,735 Transfer between Funds (36,666) 36.666 (35,096) 35.096 Applied Total Return NET OUTGOING RESOURCES (6.912) (6,912) 10.361 10.361 Unrealised gain(lOSses) on investnient assets Realised gs](loSses) 67,316 67,316 16 16 784 784 NET MOVEMENT IN FUNDS 68,100 (6,912) 61,188 16 10,361 10,377 Fund Balance at I Sept 2023 604,488 106,332 710,820 604,472 95.971 700,443 UND BALANCE AT 31 AUGUST 2024 672,588 99,420 772,008 604,488 106,332 710,820 The noteb on pages I I to 15 form part nf these financial statementb.
E-sign ID.. 33a9e9db-1c6e-4396-940b-f03c005de587 THE ORMEROD TRUST FUND BALANCE SHEET AS AT 31. AUGUST 2024 Note 2024 2023 Fixed Asset Investments 763,.56.5 697,191 Current Assets Bank Business Premium Account Nominee Cash Accounl 9,739 14.811 9,739 14,811 Less: Current Liabilities Creditors Audit Fees io 1,296 1,182 1,296 1.182 NET CURRENT ASSETS 8,443 13.629 TOTAL ASSETS LESS CURRENT LIABILITtES 772,008 710,820 Endowment Funds Restricted Funds 672,588 99,420 604,488 106,332 772,008 710,820 The notes on pages I I to l.5 fonn part nf these financial statements. We approve the foregoing Balance Sheet dated 31" August 2024 and attached notes. Dated.. -
E-sign ID_. 33a989db-1c6è-4396-940b-f03c005de587 THE ORMEROD TRUST FUND CASH FLOW STATEMENT FOR THE YEAR ENDED 31- AUGUST 2024 2024 2023 NET CASH OUTFLOW FROM OPERATING ACTIVITIES (43,464) (24.735) RETURNS ON INVESTMENTS Inc()me frum investments Interest Received (inc. V AT Reclaimed) Proceeds from sale of Investments Proceeds from capital re-organisations 34,057 ?,609 19,246 1.190 35,096 332,091 57,102 367,187 FINANCIAL INVESTMENT Purchase of Invebtments 18,709 331,849 NET CASH {OUTFLOW} (5.072} 10,603 RECONCILIATION OF NET OUTGOING RESOURCES TO NET CASH FLOW FROM OPERATIONS Net Outgoing Resources Investment Income Increasel(Decrease) in Creditors (6.912) (36,666) 114 10,361 (35.096) NET CASH OUTFLOW FROM OPEII4TIONS (43,464) (24,735) ANALYSIS OF CHANGES IN NET CASH RESOURCES 10 Sept 2023 Movement 31" Aug 2024 Cash ai Bank aiid in hand 14,811 (5,072) 9,739 10
E-sign ID.. 3389e9db-1 c6e4396-940b-f03cOOSde587 THE ORMEROD TRUST FUND NOTES TO THE FINANCIAL STATEMENTS ST FOR THE YEAR ENDED 31 AUGUST 2024 I. ACCOUNTING POLICIES Basis of preparation The finanLial statements are prepared under the historical cost convention, and in accordance with the Statement of Recommeiided Practice FRS IU2, Acc()uiiting dnd Reporting by Chiirities, other applic(Ible Accounting Standards and the Charities Aci. Incoming resources Investmeni income has been credited t(1 income when receivable. Resources expended Expenditure has been accounted for on the accruals basis. All costs are allocated directly tn the apprDpriate heading. There is no apportionment. 2. ENDOWMENf AND RESTRICTED FUNDS EThdowment Funds compose the original endowment of Benjamin Omerod. taking account of changes in investment policy and the growth of these investments. In accoidance with the new scheme and the total return order, part of the growth in value of inveslments from a specific date can be applied as income. Any Funds thereby utilised from the Total Return Order are transferred from the endowed Fund to the restricted Fund. Re.gtricted Funds comprise the iiccumulated income less expenditure of the Fund plus dny sum8 utilised by Wdy Ot the total return urder. Both endowment Funds and restricted Funds may only be used fur the purposes of the charity. 3. FIXED ASSET INVESTMENrs Investments are required, under the Statement of Recommended Practice. to be shown at market value at the balance sheet date. Movements in market value are recognised as unrealised gains and l()sses. The investments are defined as follows.. 2024 Equities Total Equities Total Brought forward I" Sept 2023 Sales Purchases Unrealised gainsl(losses) 697,191 697.191 (19.651) {19.651) 18,709 18,709 67,316 67,316 697.417 697.417 (332,091) (332,091) 331.849 331.849 16 16 763,565 763,565 697,191 697,191 The original cost of the above investments, which are UK based, was £661.344 (2023: £662.287).
E-Sign10.. 33a9e9db-1¢604396-940b-f03¢005de587 THE ORMEROD TRUST FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 (conliiiuedj 4. RECONCILIATION OF FUNDS ?024 Restricted ?023 Restricted Endowment Total Endowment Total At I" September ?023 Movement in resources 604,488 68,100 106,332 (6,912) 710.820 61,188 604.47? 16 95,971 10.361 700,443 10.377 As at 31 ' August 2024 672,588 99,420 772,008 604,488 106,332 710,820 5. TOTAL RETURN Value of permanent endowment at 3 Ibl Augu%1 2023 Value of permanent endowment at l., September 1995 604,488 416,796 Unapplied total return held on Irust for application as income l. September 20?3 187,692 Increasel(Decredse} in value of pernianeni endowment in the year 68.100 Balance of unapplied total return Applied trom total return 2024 255.792 Balance of unapplied total return held on trust tor application as income 31" August 2024 255,792 The Trustees had resolved that up to IOG/c or £30,000 (whichever is the lower) of the balance of unapplied total return may be applied as income in the year to 31 August 2024. of whicli £nil was iipplied. 6. TAXATION The Fund ib a registered Charity and ats such is not subject to taxation. 7. GENERAL The Fund is adminisiered by staff employed by The Bury Grammar Schools Trustee Ltd. No charge is made to the Fund for these services. There are no costs for generating Funds. 12
E-sign ID.. 33a9e9dtTr1c6e-4396-940b-f03c005de587 THE ORMEROD TRUST FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2024 (conliiiiied) 8. EXPENDITURE 20?4 9023 Administration of the charity includes:_ Auditors" Remuneration Professional fees re purchase and sale of shares Other 1,410 8,352 1,182 600 9,762 1,782 9. SHORT TERM INVESTMENTS (UK) 2024 ?023 Business PremAum Account Nominee Account 9.739 14,811 9,739 14,811 10. CREDITORS 2024 2023 Amounts owing to Bury Grammar Schools Accrnals & Deferred Income 1,296 1,182 1,296 1,182 11. ANALYSIS OF NET ASSETS Fixed Asset Current A&sets Investments Liabilities 2024 Total Endowment Restricted 763,565 (90,977) 100.716 672,588 99.420 (1 ?96) 763,565 9,739 (1,182) 772,008 13
E-sign ID.. 33a9e9db-1c6e-4396-940b-f03c005d8587 THE ORMEROD TRUST FUND ST YEAR ENDED 31 AUGUST 2024 The following pages do noi fom part of the financial statements".- Page No 15 Income from Investments 14
E-sign ID.. 33a9e9db-1c6e4396-940b-f03c005de587 THE ORMEROD TRUST FUND YEAR TO 31ST AUGUST 2024 INCOME FROM INVESTMENTS EQUITY INVESTMENTS Artemis Fund 2024 2023 351 Blackrock Sust American Inc 1,240 BP p.l.c. City Merchants- Invesco Bond Income Plus City ot London Invcstment Trust CQS New City High Yield Edinburgh Glaxosmithkline (GSK PLC) Henderson High Income Henderson Intl Income Trust 1,468 2.645 963 3.350 4,041 1.360 2.620 885 1,294 2.456 2,409 1,920 HaleoD PLC Ord 67 Inveseo Bond Income 2.645 JP Morgan European Growth JP Morgan Global & Incume PLC ORD Lloyds TSB London Metric Property Merchants 1.740 2,766 3,785 846 1,995 Murray Income Trust Murray International Ord 0.05 Royal Dutch Shell Schroder Oriental Income 1.176 1,026 1,740 1.180 Scottish Inv Sequoia Economic Infrast SSE 3.729 3.645 1,215 1,338 The Renewables Infrastructure 1.813 United Utilities 1,229 Vanguard Funds Vodafone 1.650 1.252 WitaTh Investment 34,057 35,096 15