Docusign Envelope ID: 60A08CB8-D5E8-4193-A3B4-91639DD12558
Charity No: 517177
THE TRAPNELL FUND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 AUGUST 2024
Docusign Envelope ID: 60A08CB8-D5E8-4193-A3B4-91639DD12558
THE TRAPNELL FUND
CONTENTS
| Page | |
|---|---|
| FUND DETAILS | 1 |
| TRUSTEES' ANNUAL REPORT | 2 |
| REPORT OF THE INDEPENDENT AUDITOR TO THE TRUSTEES | 5 |
| STATEMENT OF FINANCIAL ACTIVITIES | 8 |
| BALANCE SHEET | 9 |
| NOTES TO THE ACCOUNTS | 10 |
| SCHEDULE OF INVESTMENTS | 15 |
Docusign Envelope ID: 60A08CB8-D5E8-4193-A3B4-91639DD12558
THE TRAPNELL FUND
FUND DETAILS
| Trustees | B A Doshi (Chair) - appointed November 2023 |
|---|---|
| N Ward (Chair) - resigned November 2023 | |
| M Craven | |
| M Shadbolt | |
| A N Stephenson | |
| Mrs H Trapnell | |
| J Whitlock | |
| 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 Limited |
| 12 Moorgate | |
| London | |
| EC2R 6DA | |
| Charity number | 517177 |
Page 1
Docusign Envelope ID: 60A08CB8-D5E8-4193-A3B4-91639DD12558
THE TRAPNELL 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 30 November 1985 by a gift from R L Trapnell and is governed under the terms of a Charitable Trust Deed.
Governing body
The trustees who have served during the year are set out on page 1. The trustees meet as required and, in any event, at least once a year.
Recruitment and appointment 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.
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 Secretary.
Risk management
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.
Objectives, activities and public benefit
Charitable objectives
The objectives of the Trust are:
-
1 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.
-
2 To support or promote the purposes of the Rossall School Endowment Fund.
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3 To support or promote such charitable purposes as the trustees may in their absolute 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
Docusign Envelope ID: 60A08CB8-D5E8-4193-A3B4-91639DD12558
THE TRAPNELL FUND
TRUSTEES' ANNUAL REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
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 years from the creation of the Trust, accumulate 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-making policy
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 £50,231. Net unrestricted income funds have increased by £97,527.
Reserves policy
In accordance with the wishes of the settlor, the endowment funds are maintained at least 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 trustees on the advice of the Head of Rossall School.
The accumulated unrestricted income at 31 August 2024 represents the equivalent of five to six terms’ full boarding fees for 3 pupils.
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 Trapnell 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.
Page 3
Docusign Envelope ID: 60A08CB8-D5E8-4193-A3B4-91639DD12558
THE TRAPNELL 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 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 30, 2024
Approved by the trustee on ……………………………………………. and signed on their behalf by:
…………………………………………..
B A Doshi - Trustee
Page 4
Docusign Envelope ID: 60A08CB8-D5E8-4193-A3B4-91639DD12558
THE TRAPNELL FUND
REPORT OF THE INDEPENDENT AUDITOR TO THE TRUSTEES
Opinion
We have audited the financial statements of the Trapnell 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
Page 5
Docusign Envelope ID: 60A08CB8-D5E8-4193-A3B4-91639DD12558
THE TRAPNELL FUND
REPORT OF THE INDEPENDENT AUDITOR TO THE TRUSTEES (CONTINUED)
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.
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.
Page 6
Docusign Envelope ID: 60A08CB8-D5E8-4193-A3B4-91639DD12558
THE TRAPNELL 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
January 6, 2025 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).
Page 7
Docusign Envelope ID: 60A08CB8-D5E8-4193-A3B4-91639DD12558
THE TRAPNELL FUND
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 AUGUST 2024
| Unrestricted | Endowment funds | Endowment funds | ||||
|---|---|---|---|---|---|---|
| Notes | income | Funding | Capital | Total | Total | |
| fund | account | Account | 2024 | 2023 | ||
| £ | £ | £ | £ | £ | ||
| Income from | ||||||
| Investments: | ||||||
| Dividends | 135,879 | - | - | 135,879 | 136,268 | |
| Interest on stockbroker’s | 16,349 | - | - | 16,349 | 6,365 | |
| account | ||||||
| Interest on loan to School | 2,087 | - | - | 2,087 | 744 | |
| Total income | 154,315 | - | - | 154,315 | 143,377 | |
| Expenditure on | ||||||
| Charitable activities | 2 | 56,788 | - | - | 56,788 | 74,984 |
| Total expenditure | 56,788 | - | - | 56,788 | 74,984 | |
| Net income / (expenditure) | 97,527 | - | - | 97,527 | 68,393 | |
| before other recognised gains | ||||||
| and losses | ||||||
| Gains / (losses) on quoted | - | - | 213,737 | 213,737 | (197,400) | |
| investments | ||||||
| Net income / (expenditure) | 97,527 | - | 213,737 | 311,264 | (129,007) | |
| Other recognised gains and | ||||||
| losses | ||||||
| Loan indexation | - | - | 7,291 | 7,291 | 6,707 | |
| Net movement in funds | 97,527 | - | 221,028 | 318,555 | (122,300) | |
| Funds brought forward | 231,398 | 1,400,000 | 1,897,541 | 3,528,939 | 3,651,239 | |
| Funds carried forward | 328,925 | 1,400,000 | 2,118,569 | 3,847,494 | 3,528,939 |
The fund has 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.
Page 8
Docusign Envelope ID: 60A08CB8-D5E8-4193-A3B4-91639DD12558
THE TRAPNELL FUND
BALANCE SHEET
AS AT 31 AUGUST 2024
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| Fixed assets | |||||
| Quoted investments | 3 | 3,213,958 | 3,061,342 | ||
| Other investments | 4 | 208,744 | 208,744 | ||
| 3,422,702 | 3,270,086 | ||||
| Current assets | |||||
| Debtors | 5 | 6,843 | 6,315 | ||
| Cash held by stock broker | 418,865 | 253,454 | |||
| 425,708 | 259,769 | ||||
| Current liabilities | |||||
| Creditors | 6 | (916) | (916) | ||
| Net current assets | 424,792 | 258,853 | |||
| Net assets | 7 | 3,847,494 | 3,528,939 | ||
| Funds | |||||
| Endowment – Funding account | 1,400,000 | 1,400,000 | |||
| Endowment – Capital account | 2,118,569 | 1,897,541 | |||
| Unrestricted income | 328,925 | 231,398 | |||
| 3,847,494 | 3,528,939 |
December 30, 2024
The accounts were approved by the Trustees on …………………………………..
………………………………………………. B A Doshi - Trustee
Page 9
Docusign Envelope ID: 60A08CB8-D5E8-4193-A3B4-91639DD12558
THE TRAPNELL 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.
Page 10
Docusign Envelope ID: 60A08CB8-D5E8-4193-A3B4-91639DD12558
THE TRAPNELL FUND
NOTES TO THE ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1 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. 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. All income was unrestricted in the current and previous year.
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. All expenditure was unrestricted in the current and previous year.
- 2 Analysis of expenditure on Charitable Activities
| Educational Purposes of Rossall School Due to Rossall School (see note 8) Governance costs (honorarium - Secretary) Investment Management Fees |
2024 2023 £ £ 50,231 68,278 375 750 6,182 5,956 |
|---|---|
| 56,788 74,984 |
Page 11
Docusign Envelope ID: 60A08CB8-D5E8-4193-A3B4-91639DD12558
THE TRAPNELL 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 Other investments - Loans to Rossall School Balance b/fwd Advance in year Repayment in year Indexation Balance c/fwd |
2024 2023 £ £ 3,061,342 2,988,216 - 303,220 (61,121) (32,694) 213,737 (197,400) |
|
|---|---|---|
| 3,213,958 3,061,342 |
||
| 2,989,494 3,049,501 |
||
| 2024 2023 £ £ 208,744 208,744 - - (7,291) (6,707) 7,291 6,707 |
||
| 208,744 208,744 |
4 Other investments - Loans to Rossall School
The capital sum is index linked and was repayable over ten years with the final repayment in 2021, this was then extended to 2024. In November 2024 the final payment was further extended such that the final repayment is now due in 2026. The loan is unsecured and bears interest on the indexed capital sum at a rate of 1% (2023: 1%).
5 Debtors
| Amounts due from Rossall School Amounts due from the Jackson Fund |
2024 2023 £ £ 5,043 4,515 1,800 1,800 |
|---|---|
| 6,843 6,315 |
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Docusign Envelope ID: 60A08CB8-D5E8-4193-A3B4-91639DD12558
THE TRAPNELL FUND
NOTES TO THE ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 6 Creditors – amounts falling due within one year
| Amounts due to Rossall School Accruals |
2024 2023 £ £ - - 916 916 |
|---|---|
| 916 916 |
7 Analysis of net assets by fund – current year
| Quoted investments Other investments Debtors Cash held by stockbroker Creditors |
Unrestricted Endowment funds Income Funding Capital Total £ £ £ £ - 1,095,389 2,118,569 3,213,958 - 208,744 - 208,744 6,843 - - 6,843 322,998 95,867 - 418,865 (916) - - (916) |
|---|---|
| 328,925 1,400,000 2,118,569 3,847,494 |
Analysis of net assets by fund – previous year
| Quoted investments Other investments Debtors Cash held by stockbroker Creditors |
Unrestricted Endowment funds Income Funding Capital Total £ £ £ £ - 1,163,801 1,897,541 3,061,342 - 208,744 - 208,744 6,315 - - 6,315 225,999 27,455 - 253,454 (916) - - (916) |
|---|---|
| 231,398 1,400,000 1,897,541 3,528,939 |
8 Grants, awards and prizes
| Grants, awards and prizes | ||
|---|---|---|
| 2024 | 2023 | |
| Grants, awards and prizes included in charitable activities comprised: | £ | £ |
| Scholarships, grants etc net of parents' contributions | 50,231 | 68,278 |
The above educational awards were made to two pupils at Rossall School (2023: three)
9 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.
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Docusign Envelope ID: 60A08CB8-D5E8-4193-A3B4-91639DD12558
THE TRAPNELL FUND
NOTES TO THE ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
10 Statement of financial activities – previous year
| Unrestricted | Endowment funds | Endowment funds | ||||
|---|---|---|---|---|---|---|
| Notes | income | Funding | Capital | Total | Total | |
| fund | account | Account | 2023 | 2022 | ||
| £ | £ | £ | £ | £ | ||
| Income from | ||||||
| Investments: | ||||||
| Dividends | 136,268 | - | - | 136,268 | 113,989 | |
| Interest on stockbroker’s | 6,365 | - | - | 6,365 | 685 | |
| account | ||||||
| Interest on loan to School | 744 | - | - | 744 | 5,605 | |
| Total income | 143,377 | - | - | 143,377 | 120,279 | |
| Expenditure on | ||||||
| Charitable activities | 2 | 74,984 | - | - | 74,984 | 105,357 |
| Total expenditure | 74,984 | - | - | 74,984 | 105,357 | |
| Net income / (expenditure) | 68,393 | - | - | 68,393 | 14,922 | |
| before other recognised gains | ||||||
| and losses | ||||||
| Gains / (losses) on quoted | - | - | (197,400) | (197,400) | (122,127) | |
| investments | ||||||
| Net income / (expenditure) | 68,393 | - | (197,400) | (129,007) | (107,205) | |
| Other recognised gains and | ||||||
| losses | ||||||
| Loan indexation | - | - | 6,707 | 6,707 | 67,564 | |
| Net movement in funds | 68,393 | - | (190,693) | (122,300) | (39,641) | |
| Funds brought forward | 163,005 | 1,400,000 | 2,088,234 | 3,651,239 | 3,690,880 | |
| Funds carried forward | 231,398 | 1,400,000 | 1,897,541 | 3,528,939 | 3,651,239 |
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Docusign Envelope ID: 60A08CB8-D5E8-4193-A3B4-91639DD12558
THE TRAPNELL FUND
SCHEDULE OF INVESTMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
| Units held Quoted investments 5,557,596.00 Schroder Charity Multi-Asset Fund |
Market value at Cost at 31 August 31 August 2024 2024 £ £ 3,213,958 2,989,494 |
|---|---|
| 3,213,958 2,989,494 |
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