Charity No: 517177
THE TRAPNELL FUND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 AUGUST 2023

THE TRAPNELL FUND
CONTENTS
Page
FUND DETAILS
TRUSTEES, ANNUAL REPORT
REPORT OF THE INDEPENDENT AuD￿oR TOTHETrUSTEES
STATEMENT OF FINANCIAL ACTIVITIES
BALANCE SHEET
NOTES TO THE ACCOUNTS
io
SCHEDULE OF INVESTMENTS
15

THE TRAPNELL FUND
FUND DETAILS
Trustees
N Ward
M Craven
M Shadbolt
A N Stephenson
Mrs H Trapnell
J Whitlock
(Chairman)
Seuetsry
8 E Clark
M Walmsley
(resigned 31 August 20231
(appointed l April 20231
Address
R05sall School
Fleetwood
FY7 8JW
Audltor
MHA Moore and Smalley
Chartered Ateountants
Richard House
Winckley Square
Preston
PR13HP
Investment advlsers
Cazenove Fund Management Limited
12 Moor8ate
London
EC2R 6DA
Charlty number
517177
Page I

THE TRAPNELL FUND
TRUSTEES'ANNUALREPORT
FOR THE YEAR ENDED 31 AUGUST 2023
The Trustees present their annual report and financial ststements for the year ended 31 August 2023. The
financial statements have been prepared in accordance with the accounting policies set out in notes to the
accounts and comply with the chariws 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 IFRS 1021 published in
October 2019.
Strurturei govemance and management
Goveming document
The trust was founded on 30 November 1985 by a gift from R L Trapnell and is governed under the terms of a
Charitable Trust Deed.
Govemlng body
The trustee5 who have served during the year are set out on page l. The trustee5 meet as required and, in
any event, at least once a year.
Re¢rultment and appolntment of trustees
New trustees are appointed by the existing trustees as and when vacancies arise and having regard to the
skills and expertise of the individuals.
Indurtlon and tralnln8 of trustees
New trustees are Biven a copy of the governing document and briefed on the responsibility of charity trustees.
Organisational management
The trustees determine the trust'5 vision, values. strategy and policies. Day to day management is exercised
by the Chairman and Secretary.
Rlsk rnanagement
Other than investment risk, which is dealt with below, the major risk is that the cost of scholarship exceeds
available income. The risk is managed by the trustees when considering the appointment of new scholars.
Objective5, activitie5 and public benefit
Charitable objertives
The objectives of the Trust are..
To support or promote the advancement of education by the provision of bursaries and scholarships
at Rossall School and by the provision of grants and scholarships to persons leaving Rossall School
for full-time education at any university, college, school or other educational establishment.
To support or promote the purposes of the Rossall School Endowment Fund.
To support or profflote such charitable purp05e5 a5 the trustees may in their ab501ute discretion
determine after taking into account the settler's wish that if Rossall School ceased to operate or if it
is nationalised or if any other reason the payment of school fees becomes unnecessary the trustees
Page 2

THE TRAPNELL FUND
TRUSTEES, ANNUAL REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
shall transfer the Trust Fund equally between the National Trust, Kings College Cambridge and the
Woodland Trust.
The trustees may, within a period of 21 year5 from the creation of the Trust, atcumulate the whole or any
part of the income and shall hold such accumulation as an accretion to the capital of the Trust Fund.
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.
Grant-maklng pollcy
Scholarships are awarded by the trustees on the basis of recommendations by the Head of Rossall School.
Financial review and results for the year
During the year the fund paid school fees of £68,278. Net unrestrided income funds have increased by
£68,393.
Reserves poIIcy
In accordance with the wishes of the settlor. the endowment funds are maintained at le35t in line with
inflation so that there is sufficient income to pay the full fees and extras of the scholars. Scholarships are
awarded by the trustee5 on the advice of the Head of Rossall School.
The accumulated unrestricted income at 31 August 2023 represents the equivalent of five to six terms, full
boarding fee5 for 3 pupil5.
Investment strateyi 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 confer5
regularly with Cazenove and reports directly to the School's Council at its meetings during the year.
The Trapnell Fund's investments. under the management of Cazenove Capital. are invested in the Multi-
Asset 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 valuation5 now look more attractive and
increased exposure is likely over the coming months. with real assets such 35 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.
Page 3

THE TRAPNELL FUND
TRUSTEES, ANNUAL REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
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 IFRS 1021,.
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 accountin8 records that disclose with reasonable accuracy at any
time the financial p051tion of the charity and enable them to ensure that the financial statements comply
with the Charities Att 2011, the Charity (Accounts Reportsl Regulations 2008 and 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 irre8ularities.
In so far as the trustees are aware..
there is no relevant audit information of which the charit￿$ 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.
Approved by the trustee on 27 November 2023 and signed on their behalf bv-
?w
N Ward - Trustee
Page 4

THE TRAPNELL FUND
REPORT OF THE INDEPENDENT AuD￿0ft TOTHETRUSTEES
Opinion
We have audited the financial statements of the Trapnell Fund for the year ended 31 August 2023 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
Iunited Kingdom Generally Accepted Accounting Practicel-
In our opinion the financial statements-
give a true and fair view of the state of the charivs affairs as at 31 August 2023 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.
8asls for oplnlon
We conducted our audit in accordance with International Standards on Auditing IUKI IISA5 IUKII 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 audlt evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.
Concluslons relatin8 to 80in8 tontern
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 concernfor 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 Boing concern are described in
the relevarbt 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 avditorfs 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.
Page 5

THE TRAPNELL FUND
REPORTOFTHE INDEPENDENT AUDITOR TOTHE TRUSTEES ICONTINUEDJ
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 appear5 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 IActounts
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
tru5tee5' report,. or
the charity has not kept adequate accountin8 records; or
the financial statements are not in agreement with the accounting records and returns,. or
we have not received all the infomiation and explanations we require for our audit.
ResponslbllStles 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 Boing 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 realistit alternative but to do so.
Auditorfs responsibilities for the audit of the financial staternents
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 as5urante is a high level of assurance, but 15 not a guarantee that an audit
conducted in accordante with ISAS IUKI 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.
Page 6

THE TRAPNELL FUND
REPORTOFTHE INDEPENDENT AUDITOR TOTHE TRUSTEES ICONTINUEDJ
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
irregLJlarities, 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 rnanagement override of control5.
Because of the field in which the client operates we identified that compliance with the Charities Act is the
area most likely to have a material impact on the financial statements.
Because of the inherent limitations of an audit, there 15 a risk that we will not detect all irregularities,
including those leading to è material misstatement in the financial statements or non-compliance with
regulation. This risk increèses 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 15 located on the
Financial Reportin8 Council's website at: www.frc.or8.uVauditorsresponsibilities. Thi5 destription forms
part of our auditor's report.
Use of our report
This report is made solely to the charitvs trustees, as a body, in accordance with Part 4 of the Charities
IAccounts 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 chariws trustees as a body. for our audit work. for this report, or for the opinions
we have formed.
MHA
MHA Moore and Smalley
Chartered Accountants & Statutory Audltor
Richard House
Winckley Square
Preston
PRI 3HP
Date..
2811112023
MHA Moore and Srnalley 15 eligible to act a5 an audwtor in term5 of section 1212 of the Companies Act 2006.
Page 7

THE TRAPNELL FUND
STATEMENT OF FINANCIAL ACtIVlTIES
FOR THE YEAR ENDED 31 AUGUST 2023
Unrestrirted
income
fund
Endowmentfunds
Funding
Capital
attount
Account
Notes
Total
2023
Total
2022
Incorne from
Investments:
Dividends
Interest on stockbrokerfs
account
Interest on loan to School
136,268
6,365
136,268
6,365
113,989
685
744
744
5,605
Total income
143,377
143,377
120,279
Expendlture on
Charitable activities
74.984
74.984
105,357
Total expendlture
74.984
74.984
105,357
Net Income / lexpendlture)
before other retognised gains
and losses
68,393
68,393
14,922
Gains / Ilosse51 on quoted
investments
1197,4001 1197,41XII 1122,1271
Net Income I lexpendlture)
68,393
1197,4001 1129,0071 1107,2051
Other reco8nlsed 8alns and
losses
Loan indexation
6,707
6,707
67,564
Net movement in funds
68,393
(190,6931 1122,3001 139,6411
Funds brought forward
163,005
1,400,000
2,088,234
3,651,239 3,690,880
Funds carrled forward
231,398
1,400.000
1,897,541
3,528,939 3,651,239
The fund has no acquired or discontinued activities and all reeognised gains and losses are shown above.
The comparative statement of financial artivities can be found in note 10 to the accounts.
Page 8

THE TRAPNELL FUND
BALANCE SHEEr
AS AT 31 AUGUST 2023
2023
2022
Note
Fixed assets
Quoted investments
Other investments
3,061,342
208,744
2,988,216
208,744
3,270,086
3,196,960
Current assets
Debtors
Cash held by stock broker
6,315
253,454
23,930
431,244
259,769
455,174
Current Ilabllltles
Creditor5
(916)
18951
Net current asset5
258,853
454,279
Net assets
3,528.939
3,651,239
Funds
Endowment- Funding account
Endowment- Capital account
Unrestricted income
1,400,000
1,897,541
231.398
1,400,000
2,088,234
163,005
3.528,939
3,651,239
The accounts were approved by the Trustees on 27 November 2023
N Ward - Trustee
Page 9

THE TRAPNELL FUND
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2023
Accounting Policies
Basls of preparatlon
The accounts (financial statements) have been prepared in accordance with Accounting and Reporting
by Charities.. Statement of Recommended Practice applitable 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 IFRS 1021, the Charities Act 2011 and UK Generally Accepted Accounting Practice.
The financial statements have been prepared to Bive a 'true and fairf view and have departed from the
Charities IAccounts 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 applitable to tharities 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 l April 2005 which has since been withdrawn.
The charity constitutes a public benefrt 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 notelsl 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.
Golng 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 tontern. The Trustees make this assessment in respect of a period of
at least one year from the date of authorisation for issue of the fir)ancial 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 charitrfs 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.
Page 10

THE TRAPNELL FUND
NOTESTOTHE ACCOUNTS ICONTINUEDI
FOR THE YEAR ENDED 31AUGUST2023
Accounting policies (continued)
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.
Unreali5ed 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 tan be measured reliably. All income was unrestricted in the current
and previous year.
Expendlture
Expenditure 15 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. All expenditure was unrestricted in the current and previous year.
Analysls of expendlture on Charltsble Artl¥ltles
2023
2022
Educational Purposes of Rossall School
Due to R055all School (see note 81
Governance costs Ihonorarium - Secretary)
Investment Management Fees
68.278
750
5,956
99.474
375
5,508
74,984
105,357
Page 11

THE TRAPNELL FUND
NOTESTOTHE ACCOUNTS ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2023
Quoted investments
2023
2022
Market value at I September 2022
Additions during the year
Disposals during the year
Realised and unrealised investment11055es1 / gain5
Market value at 31 August 2023
2,988.216 2,826.045
303.220
311,510
132,6941
127,2121
197,400
122,127
2,988,216
3,061,342
Cost at 31 August 2023
3,049,501
2,788,615
Other Investments- Loan5 to Rossall School
2023
2022
Balance b/fwd
Advance in year
Repayment in year
Indexation
208,744
611,659
16,7071 1470,4791
6,707
67,564
Balance c/hvd
208,744
208,744
The capital sum is index linked and was repayable over ten years with the final repayment in 2021.
This was then extended such that the final repayment is now due in 2024. The loan 15 unsecured and
bears interest on the indexed capital sum at a rate of l%12022.. 1%).
Debtors
2023
2022
Amounts due from Rossall School
Amounts due from the jackson Fund
4,515
1,800
6,315
22,130
1,800
23.930
Page 12

THE TRAPNELL FUND
NOTESTOTHE ACCOUNTS ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUS[ 2023
Creditors- amounts falling due within one year
2023
2022
Amounts due to Rossall School
Accru315
916
916
895
895
Analysis of net assets by fund- current year
Unrestrirted
Income
Endowment funds
Funding
Capital
Total
Quoted investments
Other investments
Oebtor5
Cash held by stockbroker
Creditors
1,163,801
208,744
1,897,541
3,061,342
208,744
6,315
253,454
19161
6.315
225,999
19161
27,455
231,398
1,400,0(X)
1,897,541
3,528,939
Analysls of net assets by fund- prevlous year
Unrestricted
Income
Endowment fund5
Fundlng
Capltal
Total
Quoted investments
Other investments
Debtors
Cash held by stockbroker
Creditors
899,982
208,744
2,088,234
2,988,216
208,744
23,930
431,244
18951
23,930
139.970
18951
291,274
163,005
1,400.000
2,088,234
3,651,239
Grants, awards and prize5
2023
2022
Grants, awards and prizes included in charitable activities comprised:
Scholarships, grants etc net of parents. contributions
68.278
99,474
The above educational awards were made to three pupils at Rossall School12022.. four)
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.
Page 13

THE TRAPNELL FUND
NOTESTOTHE ACCOUNTS ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2023
io
Statement of finantial actl¥itles- prevlous year
Unrestricted
Income
fund
Endowmentfunds
Fundlng
Capltal
account
Account
Notes
Total
2022
Total
2021
Income from
Investment5:
Dividends
Interest on stockbrokerfs
account
Interest on loan to School
113,989
685
113,989
685
106,189
5.605
5.605
7,644
Total income
120,279
120,279
113,842
Expendlture on
Charitable activitie5
105,357
105,357
104,374
Total expendlture
105,357
105.357
104,374
Net income / lexpenditure)
before other reco8nlsed 8alns
and1055es
14,922
14,922
9,468
Gains I Ilossesl on quoted
investments
1122,1271 1122,1271
274,186
Net Income I lexpendlture)
14.922
(122.1271 1107.2051
283,654
Other recogni5ed gains and
losses
Loan indexation
67,564
67,564
18,761
Net movement in funds
14,922
154,563)
139,641)
302,415
Funds brought forward
148,083
1,41X),000
2,142,797
3,690,880 3,388,465
Funds carried forward
163.005
1.4th).1
2.088.234
3,651.239 3,690,880
Page 14

THE TRAPNELL FUND
SCHEDULE OF INVESTMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
Market
value at
31 August
2023
Cost at
31 August
2023
Units held
Quoted investments
5,669,151.00 Schroder Charity Multi-Asset Fund
3 061.342 3 049.501
3,061,342
3,049,501
Page 15