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 cu￿ent 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 bUrS￿leS 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-lC6￿398.g4Ob-To3C005deS87 THE ORMEROD TRUST FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 (coiirinued) STATEMENT OF TRUSTEES, RESPONSIBILITIES The ch￿lty,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 i￿egUl￿1ties. 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