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2025-08-31-accounts

THE ORMEROD TRUST FUND Registered Charity No. 1058980

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

0

THE ORMEROD TRUST FUND

YEAR ENDED 31[ST] AUGUST 2025

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 1058980.

Trustees

The Trustees as at the date of this report are set out below:

Mr A Marshall (Chairman) Mr M J Entwistle Mr G Fowler Mr D Bowen

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. Mr M J Entwistle and Mr G Fowler resigned on 21[st] May 2026.

Charity Address Farraday House Bridge Road Bury BL9 0HG Bankers Barclays Bank Plc 1 Central Street The Rock Bury BL9 0JN Auditor Horsfield & Smith Chartered Accountants & Registered Auditor Tower House 269 Walmersley Road Bury BL9 6NX Investment Advisers James Sharp & Co The Exchange 5 Bank Street Bury BL9 0DN Legal Advisers Womble Bond Dickinson (UK) LLP St Ann’s Wharf 112 Quayside Newcastle upon Tyne NE1 3DX

1

THE ORMEROD TRUST FUND

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31[ST] AUGUST 2025

The Trustees have pleasure in presenting their Annual Report and Financial Statements for the year ended 31[st] August 2025.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Organisation

The Secretary of the Fund in the year under review was Mrs Kendra Ward. The Fund’s registered address is Farraday House, Bridge Road, Bury, BL9 0HG.

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 established by the Trustees on an annual basis. Grants are made on the basis of financial need and academic merit. The Secretary consults the Principal with regard to the latter.

Risk management

The Trustees examine the areas of the Fund’s operations and consider the major risks faced. These risks consist entirely of whether or not the Fund’s resources are sufficient to cover projected bursaries. Given the current level of cash and projected dividend income the risk is minimal. Furthermore, the Trustees are guided by investment advisers 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 25 who are about to attend, or have attended for not less than 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 assistance to pupils at Bury Grammar School, primarily those in the 6[th] form, whose parents’ financial circumstances warrant assistance so that their sons can complete their education.

ACHIEVEMENTS AND PERFORMANCE

Review of Activities

The Trustees have continued to administer the investments of the Fund, and award bursaries in accordance with the constitution. There has been an increase in total resources in the year of £34,066 (2024 increase: £61,188), driven in the main by the dividend income on investment assets in the year.

2

THE ORMEROD TRUST FUND

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31[ST] AUGUST 2025 (continued)

Grants

The Trustees have continued their grant making activities during the year. In the past, grants have been issued that primarily assist pupils in the 6[th] form at Bury Grammar School with some assistance provided to boys who have been at the School for more than two years in lower years. In 24/25 a further 3 bursaries were awarded in year 12 and 2 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 individual parents in respect of their children who are pupils at the School are means tested.

FINANCIAL REVIEW AND RESULTS FOR THE YEAR

Investments

During the year units were disposed of from Edinburgh investments plc, Sequoia, Invesco bond plus ltd, JP Morgan and SSE. Acquisitions were made in JP morgan, Schroder Oriental, Vaneck and M&G securities.

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 Trustees’ reserves policy is to ensure that there are sufficient Funds in place to meet their confirmed 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 adopted a total return approach, thereby making more Funds available for grants. The Trustees are able to access part of the unapplied total return on investments including capital growth, but will bear in mind both the present and future 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 10% of the unapplied total return 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 is used, is not required. The Trustees conclude that in all the circumstances, such external advice is unnecessary.

Further details in connection with the total return are as set out in the financial statements.

3

THE ORMEROD TRUST FUND

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31[ST] AUGUST 2025 (continued)

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Charity'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 Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the 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:

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 and the Charity (Accounts and Reports) Regulations 2008. The Trustees 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.

………………………………………………..…………

Name:

Dated ………………………………………………….

4

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF

THE ORMEROD TRUST FUND

YEAR ENDED 31[ST] AUGUST 2025

Opinion

We have audited the financial statements of The Ormerod Trust Fund (the 'charity') for the year ended 31 August 2025, which comprise the Statement of Financial Activities, Balance Sheet, Cashflow Statement 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 United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 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 original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements 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 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.

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 course of 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

5

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF

THE ORMEROD TRUST FUND

YEAR ENDED 31[ST] AUGUST 2025

Opinion on other matters prescribed by the Charities Act 2011

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.

We have nothing to report in respect of the following matters where we are required to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities (set out on page 4), the trustees are responsible for the preparation of the financial statements and for being satisfied that they 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 responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was considered capable of detecting irregularities, including fraud

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.

We considered the nature of the Trust and its control environment. We also enquired of management their policies and procedures relating to fraud and compliance with laws and regulations and their own identification and assessment of the risks of irregularities.

6

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF

THE ORMEROD TRUST FUND

YEAR ENDED 31[ST] AUGUST 2025

We obtained an understanding of the legal and regulatory frameworks that the Trust operates in, and identified the key laws and regulations that:

The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

We discussed among the audit engagement team regarding the opportunities and incentives that may exist 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 required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting 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 risks identified included the following:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the trustees, as a body, in accordance section 145 of the Charities Act 2011 and regulations 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 permitted by law, we do not accept or assume responsibility 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 formed.

...................................... R A Denner ACA (Senior Statutory Auditor) For and on behalf of Horsfield & Smith, Statutory Auditor

Tower House 269 Walmersley Road Bury Lancashire BL9 6NX

Date:.............................

7

THE ORMEROD TRUST FUND

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31[ST] AUGUST 2025

2025
Note
Endowment
Restricted
£
£
INCOMING RESOURCES
Generated Funds
UK Dividends
36,877
-
Interest on securities
1,725
-
Interest on bank deposits
345
-
__
_
Net Incoming Resources available
for Charitable Application
38,947
-


CHARITABLE EXPENDITURE
Grants
-
31,535
Governance
8
-
9,676


Total Resources Expended
-
41,211


Transfer between Funds
Applied Total Return
5
(38,947)
-
38,947
-


NET OUTGOING RESOURCES
-
(2,264)
Unrealised gains/(losses) on
investment assets
9,716
-
Realised gains/(losses)
26,614
-


NET MOVEMENT IN FUNDS
36,330
(2,264)
Fund Balance at 1 Sept 2024
672,588
99,420
_
____
FUND BALANCE AT
31 AUGUST 2025
708,918
97,156
 2024
Total Endowment
Restricted
£
£
£
36,877
34,057
-
1.725
-
-
345
2,609
-
__
_

38,947
36,666
-



31,535
-
33,816
9,676
-
9,762



41,211
-
43,578



-
-
(36,666)
-
36,666
-



(2,264)
-
(6,912)
9,716
67,316
-
26,614
784
-



34,066
68,100
(6,912)
772,008
604,488
106,332
_
_
____
806,074

672,588
99,420		 Total
£
34,057
-
2,609
__
36.666
_
33,816
9,762

43,578

-
-

(6,912)
67,316
784

61,188
710,820
____
772,008

The notes on pages 11 to 15 form part of these financial statements.

8

THE ORMEROD TRUST FUND

BALANCE SHEET

AS AT 31[ST] AUGUST 2025

Note
Fixed Asset Investments
3
Current Assets
Bank Business Premium Account
9
Nominee Cash Account
Less: Current Liabilities
Creditors
10
Audit Fees
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
Endowment Funds
4
Restricted Funds
4		 2025
£
828,386
-
3,888
_
3,888
_
25,000
1,200
_
26,200
_
(22,312)
_
806,074
_
708,918
97,156
_
806,074
 2024
£
763,565
-
9,739
_
9,739
_
-
1,296
_
1,296
_
8,443
_
772,008
_
672,588
99,420
_
772,008

The notes on pages 11 to 15 form part of these financial statements.

We approve the foregoing Balance Sheet dated 31[st] August 2025 and attached notes.

Dated: - ………

9

THE ORMEROD TRUST FUND

CASH FLOW STATEMENT

FOR THE YEAR ENDED 31[ST] AUGUST 2025

2025 2024
£ £
NET CASH OUTFLOW FROM OPERATING ACTIVITIES (16,307) (43,464)
RETURNS ON INVESTMENTS
Income from investments 38,602 34,057
Interest Received (inc. VAT Reclaimed) 345 2,609
Proceeds from sale of Investments 89,626 19,246
Proceeds from capital re-organisations 74 1,190
_ _
128,647 57,102
FINANCIAL INVESTMENT
Purchase of Investments 118,191 18,709
_ _
NET CASH (OUTFLOW) (5,851) (5,072)
_ _
RECONCILIATION OF NET OUTGOING RESOURCES
TO NET CASH FLOW FROM OPERATIONS
Net Outgoing Resources (2,264) (6,912)
Investment Income (38,947) (36,666)
Increase/(Decrease) in Creditors 24.904 114
_ _
NET CASH OUTFLOW FROM OPERATIONS (16,307) (43,464)
_ _
ANALYSIS OF CHANGES IN NET CASH RESOURCES
1stSept 2024 Movement 31st Aug 2025
£ £ £
Cash at Bank and in hand 9,739 (5,851) 3,888
_ __ _

10

THE ORMEROD TRUST FUND

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31[ST] AUGUST 2025

1. ACCOUNTING POLICIES

Basis of preparation

The financial statements are prepared under the historical cost convention, and in accordance with the Statement of Recommended Practice FRS102, Accounting and Reporting by Charities, other applicable Accounting Standards and the Charities Act.

Incoming resources

Investment income has been credited to income when receivable.

Resources expended

Expenditure has been accounted for on the accruals basis. All costs are allocated directly to the appropriate heading. There is no apportionment.

2. ENDOWMENT AND RESTRICTED FUNDS

Endowment Funds compose the original endowment of Benjamin Ormerod, taking account of changes in investment policy and the growth of these investments. In accordance with the new scheme and the total return order, part of the growth in value of investments 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.

Restricted Funds comprise the accumulated income less expenditure of the Fund plus any sums utilised by way of the total return order. Both endowment Funds and restricted Funds may only be used for the purposes of the charity.

3. FIXED ASSET INVESTMENTS

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 losses.

The investments are defined as follows:


Brought forward 1stSept 2024
Sales
Purchases
Unrealised gains/(losses)		 2025

Equities
Total
£
£
763,565
763,565
(63,086)
(63,086)
118,191
118,191
9,716
9,716
_
_
828,386
828,386

 2024
Equities
Total
£
£
697,191
697,191
(19,651)
(19,651)
18,709
18,709
67,316
67,316
_
_
763,565
763,565

The original cost of the above investments, which are UK based, was £716,449 (2024: £661,344).

11

THE ORMEROD TRUST FUND

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31[ST] AUGUST 2025 (continued)

4. RECONCILIATION OF FUNDS

2025
Endowment
Restricted
£
£
At 1stSeptember 2024
674,588
99,420
Movement in resources
36,330
(2,264)
_
_
As at 31stAugust 2025
708,918
97,156

 2024
Total Endowment
Restricted
£
£
£
772,008
604,488
106,332
34,066
68,100
(6,912)
_
_
_
806,074
672,588
99,420
 Total
£
710,820
61,188
_
772,008

5. TOTAL RETURN

Value of permanent endowment at 31st August 2024
Value of permanent endowment at 1stSeptember 1995
Unapplied total return held on trust for application as income
1stSeptember 2024
Increase/(Decrease) in value of permanent endowment in the
year
Balance of unapplied total return
Applied from total return 2025
Balance of unapplied total return held on trust for application
as income 31stAugust 2025		 £
672,588
416,796
_
255,792
36,330
_
292,122
-
_
292,122

The Trustees had resolved that up to 10% or £30,000 (whichever is the lower) of the balance of unapplied total return may be applied as income in the year to 31[st ] August 2025, of which £nil was applied.

6. TAXATION

The Fund is a registered Charity and as such is not subject to taxation.

7. GENERAL

The Fund is administered 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

THE ORMEROD TRUST FUND

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31[ST] AUGUST 2025 (continued)

8. EXPENDITURE
Administration of the charity includes:-
Auditors’ Remuneration
Professional fees re purchase and sale of shares
Other
9. SHORT TERM INVESTMENTS (UK)
Business Premium Account
Nominee Account
10. CREDITORS
Amounts owing to Bury Grammar Schools
Accruals & Deferred Income		 2025
£
1,044
8,832
-
_
9,676
_
2025
£
-
3,888
_
3,888
_
2025
£
25,000
1,200
_____
26,200
 __
 2024
£
1,410
8,352
-
_
9,762

2024
£
-
9,739
__
9,739
_
2024
£
-
1,296
___
1,296


__
11. ANALYSIS OF NET ASSETS
Fixed Asset Current Assets Liabilities 2025 Total
Investments
£ £ £ £
Endowment 828,386 (119,468) - 708,918
Restricted -
 123,356 (26,200)
 97,156
_ _ ______ _
828,386 3,888 (26,200) 806,074
_ _ ______ _

13

THE ORMEROD TRUST FUND

YEAR ENDED 31[ST] AUGUST 2025

The following pages do not form part of the financial statements:-

Page No

15 Income from Investments

14

THE ORMEROD TRUST FUND

YEAR TO 31[ST] AUGUST 2025

INCOME FROM INVESTMENTS

EQUITY INVESTMENTS
Artemis Fund

Blackrock Sust American Inc

CQS New City High Yield

Edinburgh

Glaxosmithkline (GSK PLC)

Henderson High Income

Henderson Intl Income Trust

Invesco Bond Income

JP Morgan ETFS (Ireland) ICAV Global Equity

JP Morgan European Growth

JP Morgan Global & Income PLC ORD

London Metric Property

Merchants

Murray Income Trust

Murray International Ord 0.05

Schroder Oriental Income

Sequoia Economic Infrast

SSE

The Renewables Infrastructure

Vanguard Funds

Vaneck Etfs N.V.
 2025
1,370
1,806
3,157
1,221
930
2,514
1,950
2,284
1,347
1,920
3,420
996
2,044
1,097
1,785
1,400
3,412
612
1,872
1,707
33
______
36,877		 2024
351
1,240
3,350
1,360
885
2,456
1,920
2,645
-
1,740
2,766
846
1,995
1,176
1,740
1,180
3,729
1,215
1,813
1,650
-
______
34,057

15