2024-08-31-accounts

Docusign Envelope ID: 14576C6F-4C6E-4799-9CF9-115814A34714

Charity No: 1207003 (previously 526685)

THE JACKSON SCHOLARSHIP AND BURSARY FUND (previously The Rossall School Endowment Fund)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 AUGUST 2024

Docusign Envelope ID: 14576C6F-4C6E-4799-9CF9-115814A34714

THE JACKSON SCHOLARSHIP AND BURSARY FUND

CONTENTS

	Page
FUND DETAILS	1
TRUSTEES' ANNUAL REPORT	2
REPORT OF THE INDEPENDENT AUDITOR TO THE TRUSTEES	6
STATEMENT OF FINANCIAL ACTIVITIES	9
BALANCE SHEET	10
NOTES TO THE ACCOUNTS	11
SCHEDULE OF INVESTMENTS	17

Docusign Envelope ID: 14576C6F-4C6E-4799-9CF9-115814A34714

THE JACKSON SCHOLARSHIP AND BURSARY FUND

FUND DETAILS

Trustees	P K Hardern	(Chairman)
	A N Stephenson
	S Boyd
	N E R Walker – resigned February 2024
	N Ward – resigned November 2023
	J Whitlock
	J Quartermain	(Headmaster of Rossall School)
Secretary	M Walmsley
Address	Rossall School
	Fleetwood
	FY7 8JW
Auditor	MHA
	Chartered Accountants
	Richard House
	Winckley Square
	Preston
	PR1 3HP
Investment Advisers	Cazenove Fund Management Ltd
	12 Moorgate
	London
	EC2R 6DA
Charity No	1207003 (previously 526685)

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Docusign Envelope ID: 14576C6F-4C6E-4799-9CF9-115814A34714

THE JACKSON SCHOLARSHIP AND BURSARY FUND

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 31 AUGUST 2024

The trustees present their annual report and financial statements for the year ended 31 August 2024. The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s trust deed, the Charities Act 2011, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) published in October 2019.

Structure, governance and management

Governing document

The Trust was founded on 16 December 1948. The trust was formerly a registered charity, number 526685. The trustees, honorary secretary, address and names and addresses of other relevant organisations and persons are on page 1. The Trust was previously registered at the Charity Commission as a linked charity of Rossall School, charity number 526685. The trustees applied to the Charity Commission to remove this link and on 10 October 2023, the Trust was removed from the Register. On 13 February 2024, the Trust has registered as a separate charity, number 1207003.

Governing body

The trustees who have served during the year are set out on page 1. The trustees meet at least once a year and the fund is managed on a day to day basis by the Chairman and Honorary Secretary.

Recruitment and appointment of trustees

The power of appointing trustees is vested in the Rossallian Club.

Induction and training of trustees

New trustees are given a copy of the governing document and briefed on the responsibility of charity trustees.

Organisational management

The trustees determine the trust’s vision, values, strategy and policies. Day to day management is exercised by the Chairman and Honorary Secretary.

Risk management

The general objective of the fund is preservation and growth of capital and income. Within this context a spread of investments is made. In this way, it is hoped to achieve the necessary balance to ensure the objectives of the fund are achieved.

The major risk for the Jackson Scholarship Fund is that the cost of scholarships exceeds available income. The risk is managed by the trustees when considering the appointment of new scholars.

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Docusign Envelope ID: 14576C6F-4C6E-4799-9CF9-115814A34714

THE JACKSON SCHOLARSHIP AND BURSARY FUND

TRUSTEES' ANNUAL REPORT (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

Objectives, activities and public benefit

Charitable objectives

The objectives of the Trust are:

• 1 To hold monies, the income from which is to be applied towards the educational purposes in connection with the Corporation of Rossall School as the council thinks fit.

• 2 In an emergency the capital may be applied for an object prescribed by a resolution of the Rossallian Club provided this is within the said purpose of the fund. The trustees may accumulate any income not immediately required for the purposes of the fund and may subsequently apply such accumulation as if they were income.

• 3 If the trustees resolve that it is likely that the funds subject to the trusts will be invested by Act of Parliament in any person or corporation other than the trustees may revoke all or any of the trusts and declare such new or other charitable trusts as the trustees may prescribe.

Public benefit

The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives, and in planning future activities and setting up the grant making policy for the year.

Scholarships

Scholarships are awarded by the trustees on the basis of recommendations by the Head of Rossall School.

During the year the fund made payments to the school in respect of school fees of £85,105. £77,637 was funded by the Scholarship Fund and parents contributed the balance of £7,468.

Financial review and results for the year

The net gain for the year before other recognised gains and losses was £29,780 (2023: £11,886).

Reserves policy

All income arising on the Jackson Scholarship Fund is applied to fund scholarships at Rossall School. Scholarships are awarded by the trustees on the basis of advice of the Head of Rossall School and taking into account the available income reserves.

The trustees distribute all other income to Rossall School and do not retain any other income reserves.

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Docusign Envelope ID: 14576C6F-4C6E-4799-9CF9-115814A34714

THE JACKSON SCHOLARSHIP AND BURSARY FUND

TRUSTEES' ANNUAL REPORT (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

Investment strategy and performance

The objective of the fund is preservation and growth of capital and achievement of income. Within this context, a spread of investments is made. In this way, it is hoped to achieve the necessary balance to ensure the objectives of the fund are achieved.

The School Trust Funds are held under management by Cazenove Capital Investment Ltd with whom the School’s Investment Committee meets during the year. The Investment Committee’s chairman also confers regularly with Cazenove and reports directly to the School’s Council at its meetings during the year.

The Endowment Fund’s investments, under the management of Cazenove Capital, are invested in the MultiAsset Fund which is designed for charities looking for real capital growth over the long-term while paying 4% per annual distribution.

The Managers consider that Central Banks remain more focused on tackling inflation than supporting growth and the risk of recession remains elevated. They see corporate earnings start to decline in the remainder of the year. Given this environment, Cazenove are happy to remain underweight in equities, with a clear preference for higher-quality companies. Government bond valuations now look more attractive and increased exposure is likely over the coming months, with real assets such as property, renewable energy and infrastructure having an important role as diversifiers. Safe-haven investments such as gold and the US dollar provide some protection in this challenging environment.

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Docusign Envelope ID: 14576C6F-4C6E-4799-9CF9-115814A34714

THE JACKSON SCHOLARSHIP AND BURSARY FUND

TRUSTEES' ANNUAL REPORT (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

Trustees’ responsibilities for the accounts

The trustees are responsible for preparing the Trustees’ 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 & 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 2019 (FRS 102);

• make judgments 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 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, the Charity (Accounts Reports) Regulations 2008 and the provisions of the trust deed. They 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.

In so far as the trustees are aware:

• there is no relevant audit information of which the charity’s auditor is unaware; and

• the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

December 11, 2024

Approved by the Trustees on ……………………………………. and signed on their behalf by

…………………………………………..

P K Hardern - Trustee

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Docusign Envelope ID: 14576C6F-4C6E-4799-9CF9-115814A34714

THE JACKSON SCHOLARSHIP AND BURSARY FUND

REPORT OF THE INDEPENDENT AUDITOR TO THE TRUSTEES

Opinion

We have audited the financial statements of The Rossall School Jackson Scholarship and Bursary Fund for the year ended 31 August 2024 which comprise the Statement of Financial Activities, the Balance Sheet and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (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 2024 and of its incoming resources and application of resources, 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’s 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 financial statements are 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 trustees’ 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.

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Docusign Envelope ID: 14576C6F-4C6E-4799-9CF9-115814A34714

THE JACKSON SCHOLARSHIP AND BURSARY FUND

REPORT OF THE INDEPENDENT AUDITOR TO THE TRUSTEES (CONTINUED)

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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

• the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or

• the charity has not kept adequate accounting records; or

• the financial statements are not in agreement with the accounting records and returns; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of financial statements which 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’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

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.

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Docusign Envelope ID: 14576C6F-4C6E-4799-9CF9-115814A34714

THE JACKSON SCHOLARSHIP AND BURSARY FUND

REPORT OF THE INDEPENDENT AUDITOR TO THE TRUSTEES (CONTINUED)

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below:

• Enquiries with management and those charged with governance about any known or suspected instances of non-compliance with laws and regulations;

• Enquiries with management and those charged with governance about any known or suspected instances of fraud; and

• Examination of journal entries and other adjustments to test for appropriateness and identify any instances of management override of controls.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

MHA Chartered Accountants & Statutory Auditor

Richard House Winckley Square Preston PR1 3HP December 11, 2024 Date : ……………………………..

MHA is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313).

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Docusign Envelope ID: 14576C6F-4C6E-4799-9CF9-115814A34714

THE JACKSON SCHOLARSHIP AND BURSARY FUND

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 AUGUST 2024

		Unrestricted		Jackson	Jackson
		income	Endowment	Income	Endowment	Total	Total
		fund	Fund	Fund	Fund	2024	2023
Income from:		£	£	£	£	£	£
Investments:
Dividends		113	-	26,244	-	26,357	26,693
Interest on stockbroker’s		6	-	3,227	-	3,233	1,105
account
Rent receivable		23,715	-	79,515	-	103,230	103,230
		23,834	-	108,986	-	132,820	131,028
Charitable Activities:
Contributions from parents		-	-	7,468	-	7,468	8,963
Total income		23,834	-	116,454	-	140,288	139,991
Expenditure on:
Charitable activities	2	23,834	-	86,674	-	110,508	128,105
Total expenditure		23,834	-	86,674	-	110,508	128,105
Net income /(expenditure)		-	-	29,780	-	29,780	11,886
before other recognised
gains and losses
Gains / (losses) on quoted investments		-	177	-	41,290	41,467	(38,822)
Net income / (expenditure)		-	177	29,780	41,290	71,247	(26,936)
Other recognised gains
and losses
Gain on revaluation of		-		-			-
investment property
Net movement in funds		-	177	29,780	41,290	71,247	(26,936)
Funds brought forward		-	435,471	208,209	1,880,183	2,523,863	2,550,799
Funds carried forward		-	435,648	237,989	1,921,473	2,595,110	2,523,863

The fund had no acquired or discontinued activities and all recognised gains and losses are shown above.

The comparative statement of financial activities can be found in note 10 to the accounts.

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Docusign Envelope ID: 14576C6F-4C6E-4799-9CF9-115814A34714

THE JACKSON SCHOLARSHIP AND BURSARY FUND

BALANCE SHEET

AS AT 31 AUGUST 2024

Note Fixed assets Quoted investments 3 Investment properties 4 Current assets Debtors 5 Cash held by stock broker Creditors– amounts falling due within one year 6 Net current assets Net assets 7 Funds Unrestricted income Endowment Jackson Income Fund Jackson Endowment Fund	£ 309 88,749	2024 £ 623,606 1,885,150	£ 309 47,394	2023 £ 593,628 1,885,150
		2,595,110		2,523,863
		- 435,648 237,989 1,921,473		- 435,471 208,209 1,880,183
		2,595,110		2,523,863

December 11, 2024

The accounts were approved by the Trustees on ………………………………….

………………………………………………. P K Hardern - Trustee

Page 10

Docusign Envelope ID: 14576C6F-4C6E-4799-9CF9-115814A34714

THE JACKSON SCHOLARSHIP AND BURSARY FUND

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2024

1 Accounting policies

Basis of preparation

The accounts (financial statements) have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The charity constitutes a public benefit entity as defined by FRS 102.

The financial statements are prepared on a going concern basis under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts, and are prepared in sterling which is the functional currency of the charity.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Going concern

The Trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements. The Trustees consider forecasted income and expenditure and are satisfied that the level of reserves is sufficient for the charity to be able to continue as a going concern. The Trustees have concluded that the charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the charity’s ability to continue as a going concern. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

Funds structure

Details of the funds can be found within the Trustees’ Annual Report.

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THE JACKSON SCHOLARSHIP AND BURSARY FUND

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

1 Accounting policies (continued)

Land and buildings

The land and buildings are classified as investment properties. They are measured using the fair value model and stated at fair value at each reporting date.

Investments

Investments are initially recognised at their transaction value and subsequently measured at their market value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

Income

All incoming resources are included in the SOFA once the Trust has entitlement to the income, there is sufficient certainty or receipt and so it is probable that the income will be received, and the amount of income receivable can be measured reliably.

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. Expenditure has been classified under headings that aggregate all costs related to the category.

2 Analysis of expenditure on Charitable Activities

Educational Purposes of Rossall School Due to Rossall School Governance costs (honorarium - Secretary) Investment Management Fees	2024 2023 £ £ 108,938 126,201 375 750 1,195 1,154
	110,508 128,105

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Docusign Envelope ID: 14576C6F-4C6E-4799-9CF9-115814A34714

THE JACKSON SCHOLARSHIP AND BURSARY FUND

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

3 Quoted investments Market value at 1 September 2023 Additions during the year Disposals during the year Realised and unrealised investment (losses)/ gains Market value at 31 August 2024 Cost at 31 August 2024 4 Investment properties – Land and Buildings at Rossall School Valuation At 1 September 2023 Increase in valuation At 31 August 2024	2024 2023 £ £ 593,628 629,790 - 15,701 (11,489) (13,041) 41,467 (38,822)
	623,606 593,628
	573,231 584,380
	2024 2023 £ £ 1,885,150 1,885,150 - -
	1,885,150 1,885,150

The Trustees of the Fund, together with the Trustees of the Rossall Centenary Fund, own land and buildings which are leased to the Corporation of Rossall School. These were valued by Duxburys Bushells Benstead LLP, Chartered Surveyors on 31 August 2022. The Trustees assess the value of the properties annually and are satisfied that the value of the properties has not changed materially since the last formal revaluation. The properties are formally revalued at least once every five years. The next revaluation is due to take place in November 2027.

The three Funds hold the land and buildings jointly in proportion to their contribution to the total investment. These proportions are:

Centenary Fund Endowment Fund Jackson Scholarship Fund	% 63.0 8.5 28.5 100.0	2024 2023 £ £ 3,209,850 3,209,850 433,075 433,075 1,452,075 1,452,075
		5,095,000 5,095,000

During the year ended 31 August 2011, the Trustees of the Funds sold all the properties previously held for a total consideration of £3,302,000 and acquired other properties from the School for a total consideration of £3,301,000. A new twenty year lease was granted to the Corporation of Rossall School at an annual rental of £235,000, subject to quinquennial rental revaluations. With effect from November 2020, the rent was increased to £279,000.

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THE JACKSON SCHOLARSHIP AND BURSARY FUND

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

5	Debtors
					2024	2023
					£	£
	Amount due from Rossall School				-	-
	Amount due from Rossall School – Consolidated Fund A				309	309
					309	309
6	Creditors– amounts falling due within one year
					2024	2023
					£	£
	Amounts due to the Trapnell	Fund			1,800	1,800
	Amounts due to Rossall School				727	642
	Accruals and deferred income				177	176
					2,704	2,618
7	Analysis of net assets by fund
		Unrestricted		Jackson	Jackson
		income	Endowment	Income	Endowment
		fund	Fund	Fund	Fund	Total
		£	£	£	£	£
	Quoted investments	-	2,656	151,552	469,398	623,606
	Land and buildings at	-	433,075	-	1,452,075	1,885,150
	Rossall School
	Debtors	-	309	-	-	309
	Cash at stockbroker	-	248	88,501	-	88,749
	Current liabilities	-	(640)	(2,064)	-	(2,704)
		-	435,648	237,989	1,921,473	2,595,110

In an emergency the capital of the Endowment Fund may be applied for an object prescribed by a resolution of the Rossallian Club provided this is within the purpose of the Fund.

Analysis of net assets by fund – previous year

Quoted investments Land and buildings at Rossall School Debtors Cash at stockbroker Current liabilities	Unrestricted income fund Endowment Fund Jackson Income Fund Jackson Endowment Fund Total £ £ £ £ £ - 2,544 162,976 428,108 593,628 - 433,075 - 1,452,075 1,885,150 - 309 - - 309 - 184 47,210 - 47,394 - (641) (1,977) - (2,618)
	- 435,471 208,209 1,880,183 2,523,863

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Docusign Envelope ID: 14576C6F-4C6E-4799-9CF9-115814A34714

THE JACKSON SCHOLARSHIP AND BURSARY FUND

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

8 Trustees

The trustees give their time voluntarily and they receive no remuneration, benefits or expenses from the fund. All audit and accountancy fees are paid by the Corporation of Rossall School.

9	Grants, awards and prizes
		2024	2023
	Grants, awards and prizes included in charitable activities comprised:	£	£
	Scholarships, grants etc. net of parents' contributions	77,637	93,405

The above educational awards were made to four pupils at Rossall School (2023: six)

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THE JACKSON SCHOLARSHIP AND BURSARY FUND

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

10 Statement of financial activities – previous year

		Unrestricted		Jackson	Jackson
		income	Endowment	Income	Endowment	Total	Total
		fund	Fund	Fund	Fund	2023	2022
Income from:		£	£	£	£	£	£
Investments:
Dividends		114	-	26,579	-	26,693	24,731
Interest on stockbroker’s		4	-	1,101	-	1,105	106
account
Rent receivable		23,715	-	79,515	-	103,230	103,230
		23,833	-	107,195	-	131,028	128,067
Charitable Activities:
Contributions from parents		-	-	8,963	-	8,963	7,284
Total income		23,833	-	116,158	-	139,991	135,351
Expenditure on:
Charitable activities	2	23,833	-	104,272	-	128,105	104,101
Total expenditure		23,833	-	104,272	-	128,105	104,101
Net income /(expenditure)		-	-	11,886	-	11,886	31,250
before other recognised
gains and losses
Gains / (losses) on quoted investments		-	(168)	-	(38,654)	(38,822)	(27,774)
Net income / (expenditure)		-	(168)	11,886	(38,654)	(26,936)	3,476
Other recognised gains
and losses
Gain on revaluation of		-	-	-	-	-	217,560
investment property
Net movement in funds		-	(168)	11,886	(38,654)	(26,936)	221,036
Funds brought forward		-	435,639	196,323	1,918,837	2,550,799	2,329,763
Funds carried forward		-	435,471	208,209	1,880,183	2,523,863	2,550,799

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Docusign Envelope ID: 14576C6F-4C6E-4799-9CF9-115814A34714

THE JACKSON SCHOLARSHIP AND BURSARY FUND

SCHEDULE OF INVESTMENTS

AS AT 31 AUGUST 2024

Units held Quoted investments Endowment Fund 1,078,342 Schroder Charity Multi-Asset Fund	Market value at Cost at 31 August 31 August 2024 2024 £ £ 623,606 573,231
	623,606 573,231

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