Ethel James Trust Fund
ort and Financial Statements.
Year Ended 5 A ril 2025
Charit No: 527190

Ethel James Trust Fund
Contents
Pa
Legal and Administrative Informatlon
R9POrt of the Trustees
Indopendont Examiner's RgPQrt
Statgm8nt of Flnanclal Activities
Balance Sheot
Not85 formlng part of the financlal stalements
7-10

Ethel James Trust Fund
Roforonce and Admlnlstratlvo Informatlon
Trustees
CA Holdon
PJ Tayfor
N Barn6S
Princi
al offic
Riverslde Hous9
Kings Roach Business Park
Yew Street
Stockport
SK4 2HD
Invfyslmenl Mana
9rs
Arnold Slansby & Co Limited
3rd Floor
Fabri
30 Queen Street
Manchesler
M2 5JJ
Inde
endenl Examiner
Xeinadin
Riv6rsid8 Hous
Kings Roach Business Park
Yew Street
Slockporl
SK4 214D
Bankers
The Royal Bank of Scolland
Drummond Houso
1 Radheughs Avenue
Edinburgh
EH129JN
Solicitors
Cooper Sons Hariley and William5
25 Mark&l Strèèt
Chapèl èn la Frith
High Peak
Derbyshire
SK23 OHS

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2025
Ethel James Trust Fund
Tho Iruslees Pfosenl their annual r8POrt snd Ind8P8nd8nlly examined acccunls for the year ended 5 Aprll 2025
Thg Iru51ees hav? adDpled the provislon5 of the statement of Fecommended praclEce ISORPI
"Charllie5 SORP IFRS1021 IseGond edilion-OGIDbBI 20191. And a150 Gonsdered with 4
of the Charlty A¢t 2011 to have due ￿gard lo guldance by th8 Charity CommI￿lOn In¢ludlng publ1¢
benefil g￿ldance."
T ustee5
01 th8 Trus188s named on pag& 2 CA Hokl8n, PJ Taybr. and N Barnes have served during th8 year and lo th8
date of the report.
olntm8nt of trustees
Thpre are no restrictions on Ihe appoinlmenl of new tiustees and the current tsuslees look from
lim8 to liffl8 to introduce new tIUs1895 a5 they $6e as appropilato.
és
There ale no restrictions a5 to InveBtmanl ptrwers and Iruslees 8ngage Arnold Stansby & Co Limited
lo admlnl$lÈr Ihe inveslm&nls. Inv8slm&nts purchasedlsold are dlscussed between Ihe Irustaes arxl
nold Slansby & Co Limited.
Constitutron and ob-e¢ts
The Charlty was set up by declarallon of trust on 25 Iklober 1973 and its aims ar8 advancement of education
ol Ihe publlc, granllng assislance lo pr8senl or past memb6rs of Ihe Normanlon School ITr neces8ltous
clrcum51ances ITr thg PIOV15ion of scholarships, prize ?xhibilions or awdrds, and givtng a5S151aThc8 lo exisling
hwitablg iB51ilutlQn5 a5SOGlgtBd with Normanlon SGhool.
Two of the aims of th8 Tiusl r8la18 directly lo Normafilon School, .i.e. granting of assisiance
lo presenl or past m8rnbeis of Mortn2tiloTr School in nec8ssilous circumslanc88. and givlng assisl&nce
to exi51ing charitable in81ilulions associated with NormanEon School.
Norffjanlon School closed in 1998 and Ihe Ihen forffl£r pupils assoBialion subsegiEBnlly ceasBd ils aGlkvIIi£s.
The trustees. und$r$landiny is that subsequ9nl lo those events no new formally ¢onsllluled form¢r pupils
assotlatlon has b88n &slabllsh8d. Th6 chailly r8malns op8n lo appllcallons from pasl members ol Normanton
School In n8cessllous cireumstanc85 subjecl io the charitys oblecls and Ils normal procedures
for applieallons.
Th8 Irusle88 revi8w all applications for awards or grants on the bask5 of the objeclives of the chaiity
and ils normal operating pr¢)codures and Ireal each application on ¢ls individuat merits.
8¢
Tho trusl has conllnued lo act In the public benefit by gill funding lo local charitable organisalions
whos8 objectives are in line with those of the Trust, i.e. suppoillllg a¢liville$ whkh meet Iha 50¢ial. educational,
and cultural needs ofyoung people. The Irustegs ¢onllnue lo kÈ&p their policiès and procèdurès undèr revlew.
The Iruslees are aware thal wlth 9eTrerally variable interest rHle5. 11 tnay be dilf￿￿11 lo rely on the generation of
5uffiGienl funds lo fund ils a¢livilio$ and meet 3im5. A¢rordlngly Inve$lments are made in deeffled sale coiporale
sÉtUfiti88 paying int6r8sl at rates which arg16ss likely lo be subj8cI lo fr8quenl fluclualions.
Flnanolal R vlew
Reseryes
Thp charity rèlalned nel incomlng resourcès of t43,407 whlch log8lh8r wllh re￿a￿allOn gain 01 £12.418
have18d lo lolal unr8slrlcled funds of £872,791 b8lng carried forward.
The trustee5 have a policy Ihat IhB r85erves of the chafity be kepl al a sufficienl level tD generate enough
inc0rn8 lo Gover proposed charitable donations.
P. J. Tayl
Date

Ethel Jarnes Trust Fund
Inda
endent examiner's re
ort lo the Trustees of Ethel James Trust Fund
I report lo Ihg tiusiees on my examinallon of th6 accounls of Ethel James Trust Fund for the year ended 5
April 2025 whlch are set out on pages 1 10 10.
Responsibililies and basls of report
As the charlly Iruslees ol Ihe Trust you are ¥esponsible for Ihe prepafallon of the accounts in accoTdance with
lh& r8quiremenis of Ihg Charilies Act 20111'lhe Acl'l.
I report in respect of my examinalion of th8 Trusl8e's accounls cairi8d out undgl SB¢tion 14S of the 2011 Act
and in carrying out my examinalion I havg followed all the applicable Direction5 given by the Charsly
Commission und8r section 14515llbl ol the 2011 Charil(es Act.
Independenl examiners stalemenl
I hav8 compl816d my examination. I confirm Ihal no malsrial mallers hav8 come lo my all8fblion in conn9clion
with the examlnalion giving me cause lo bBlieve that in any material ie5pecl'.
111 accounting rècords W6f8 not kept In respecl of the Trust as required by section 130 01 th8 Acl- or
121 the accounls do not accord with those records,. or
131 the accounls do not comply with ihe applicable requiremgnls concerning lh8 form and contènt ol
CCOLtnts set out Sn the Charities (Accounts and Reports) Regulations 2008 olh8r than any r8qulrement thal
the accounts give a 'true and fair vigw, which is not 8 fflat18f considèrad as part ol an indèpand6nt
examinalion.
I have no con¢orns and havè come across no other mallers in connection with the examinalion lo which
allenlion should b& drawn in thls Teporl in order lo enablg a PToper und8rstgnding of thè accounis to b&
reached.
g LeAkL-D¥¥
Simon Lgilch-Devlin
Chaitered Accountanl
ICAEW
XeSnadin
R5verside House,
Kings Reach Buslnèss Park.
Yew Slreel,
Slockporl.
SK4 2HD
29/oi/zoiC

Ethel James Trust Fund
Statemè
tof
Inanclal
es For The
èar Ended 5
rll 2025
Unfeslricl8d
Funds
0ti10412025
UnF851ric18
Fund5
0510412024
InGomln
R8SOUYCOS
Notes
Inv8slffl8nl lftcotn8
47.549
43,219
Total In¢ome Reseiv¢
41.549
43.219
Rasource Ex
8ndhluro
Costs ot GDnèraflng Funds
Investment Manauemènt Costs
160
harltablo A¢tivitloS
Gov0rnan¢e Costs
othar Resour¢es Expended
6,OOQ
2,382
3,000
2,358
Total R&soa¢rces Expendèd
8.547
5,368
Not Incomlng Rosources
Before Investment Galns
39,002
37,851
oth¢r R•¢tsgni$$d Gain$lLo$$
ILo$$llProfit On Sale of Invostmenls
4,406
14.096
Nel Incomlng Res8rves
43,408
23.755
ILossllGalns on Revaluatlon of Inv05tmonts
12,418
17,904
Net Movemèrtt tsl Fund5
55,826
5,851
Tolal Funds Brought Fo￿ard
816,965
811,115
Tolal Funds Carrled FotV4ard
72,791
816,965

The Eth81 James Trust Fund
Balanc8 Sheet As At S A rll 2025
Unre$lrl¢led
Funds
0510412025
Unreslrl¢led
Funds
051041202
Flxed A6$0ts
Inveslfflents
630.519
609,662
c￿rrent Assets
Cash in bank alld in hand
244,654
244,654
209,661
209,661
Creditors
Amounts falllng due withln
one year
2.382
2,358
Nèt Current Assets
242,272
207,303
Nèt Assets
872,791
816,985
Funds of th• Charlty
Unr8slri¢ted Incom8 funds
Tolal Charily Funds
872,791
872,791
816,965
816,965
proved b Ihe Trusteos on .
and slgned on thelr behalf
LL.
P.J.Ta
o¥
CA Holden
Re
isleied Gharit No 521190

Et
James Trust Fund
NolBs to the Accovnts
1 Ba5Is of P
The financial slalomonls ha¥8 boen prepared in aGcordance wlh Ihg charfl￿S trust dgFd, Ihe Charilips Acl
2011. FRS 102"Thg Financial Repoiling Standard appllc8ble Sn Ihe UK and R8publlc ul Iieland. r'FRS
102.1 Ihg Charilig5 SORP'Accounling and Reporflng by CharlI￿s.. Slatomeniof Rg¢ommended
Pf8cll¢& appll¢abl8 lo charilies pr*par￿¥ Iheir acc¢x)nrs in accordanta y41￿ the Flnan¢lal Reporiing
Slandard applScablg in Ihe VK and Republ￿ of Ireland IFRS 1021. leffÈcllve 1 January 20191. The charily
ts a Publi¢ 8tnelil Entity as defined by FRS 102.
Thtr ¢harityhas taken thgnig98 dlh8 provislon8 in th8 SORP forcharilies rtol kn FHBpare a SiaiemBnl of
Cash FIov4S.
The linan£tal slal8mBn15 have d&par￿d Ifom Ihg Ch¥fAies (Accoullls and Reports) RegulallcrfTrs 2008 only
lo the exleDt required lo provlde a Iwe 8nd fairvitrw. T￿5 depatiure ha5 Involved following the SialeThBnl of
Recommen(tgd Pia¢lic8 lor ¢harJiios appI￿rY FRS 102 rather IhaTh the ver4on ollhfr Slat•tngnlor
Recommenrf&d PFaciice which 15 referred to ￿ Ihe Regulalk)ns butvthl¢h has Since been wilhdrown.
Th& IlnaThElal slalEmen15 awe prepared In sIerf￿g whlch18 the tun¢ts'onal Gurvencyol the charity lrtonelary
amounis in Ihese fi￿￿¢4￿1 sl8leinonls ara rounded lo Ihtr neaTesl £.
The financial slalem$nts have bggn piepared und£rlhD hlsloiical cost convenllon. unle$$ olhen¥i59 Stated
In the re16vanta¢counliny policy notes. Tmg piincip81 accounling policlos adopitd arb SÈI out below.
2 A¢Gountln
R080urco¥
In¥oslmèAI In¢ome-This Is In￿uded when re¢8iv0bl8 and a d9￿ctIOn rnade lor Inlergst
chargB on purchaseof Miveslmenls.
nvvslment Galns a￿d Losses o
ol Inveslingnls
This include5 anygains or105s8$ or¢ th& salB of inveslmentS.
t Galn¥ and Lo3ses on Ho
nt8
Thls intludes and gains or losses restAling from rovalulng Inveslmonls lo m8rkel value
al ihe end ol the year.
Ex
end
abl
LiabillUe5 are recognl$ed a¥ soon as ￿&re Is a le9al consiru¢iivÈ S￿4gaIKjn commlillng thB CharNy
lo payout rBsourcs$.
QGO
veinanc& Cos
Incl￿*8 the ¢081 of ihb pwparabon of slalul(xyaccovnts.
rma
ond511ons
Thgsè are only rècognisttd in tha accounls when a commSlm$nl ha$ boen madB and IhBte aro
no condiiions lo be mel relaling lo Ihe granlwhlch remalns IM the control olthe Charily.
Inv•sim&nls gIIOl8d on a réthgllised slock gxcbange ar& va1usd al maikelvalug al IhB w énd.
Oihoi Invoslm&rsls a$se(s aw included al Ihe Iru51e&s' best &sllmal& of the markgl Valu
asslsted by the InVBslffl￿t tnanager.

Eth81 James Trust Fund
otes
cco
t8
co
ue
3 Ana
slsof
ncomln
Re50UfCOS
0510412025
05m412024
Investment Incomo
Preference Shares
Bond anES OividBnd Income
Bank Interest
5.411
39.(K)7
3.131
47.549
4,523
36,162
2.534
43,219
4 Analy858 or Resourcas Expendllure
Inveslmeat Management Cost
Inveslmonl Managomonl le
16D
Charltablo ActlvSt105
Donations
6,000
3.000
Govornart¢o Cost
Indepencfenl ExaminerlAudil Fees
2.382
2.358
2.358
Bank Charggs
5 Trustees Remuneratlon and Exponses
There was no IfUStee5 remuneralion12024'. nil) noi have there b£en any ieitnbursed
xpensos12024.' nill.
This reflatls the policy adopted by the Truste8& to take no remun8ralion or exp8nse8.
6 Inv8Stm8nt A558ts
Flxed A550t lThYostment
Market V8lue as at 0610412024
Acqulsllions al Cosl
Di5posa15 al Market Value
N81 Gain on lh8 portfolio
MovÈmenl on Current Account
609.664
142,645
1142,6901
16,823
4,076
Markol Value as at 0510412025
630,519
Net Proceeds ol Inveslrn&nl Disposal
142,690
Markel Value of Inveslrnenls Dispossl
138.284
Not Pfofit
4,406

Ethel Jamès Trust Fu
Notes to thè Account8
contlnued
¢rfjdltors and AcGruals
05
0412025
05104
024
A¢¢ruals and Def8rr8d Income
2.382
2.358
9 Tran$aeflons wllh Relaled PaTIio$
TherB weie no Iransaclions with relaled parlies during year.
10