## 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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards 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 is inappropriate to presume that the charity will continue in operation.
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:
- give a true and fair view of the state of the charity's affairs as at 31 August 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have 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) (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:
- the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Trustees' Report has been prepared in accordance with applicable legal requirements.
## **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:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees remuneration specified by law are 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 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:
- had a direct effect on the determination of material amounts and disclosures 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 the Trust’s ability to operate or to avoid a material penalty.
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:
- reviewing financial statement 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;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; 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 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