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The Janet Trotter Trust Financial Statements 2018-2019

Last updated: 18 March 2021

Annual Rep​ort for the Year Ended 31 July 2019 ​

Trustees, Officers and Advisors for the Year Ended 31 July 2019

Principal Address and Registered Office
The Park Campus
The Park
GL50 2RH

E Beard
S Dove
Prof D James
C Mills
A Dawson
F C Stallard (Chair)

Harrison Clark Rickerbys 
Ellenborough House
Wellington Street
GL50 1YD

Registered Auditors
Grant Thornton UK LLP
Seacourt Tower

Royal Bank of Scotland plc
PO Box 9
31 The Promenade
GL50 1LH

Investment Advisers
Quilter Cheviot Asset Management
90 Long Acre

Trustees’ Report for the Year Ended 31 July 2019 ​

The Trustees have pleasure in presenting their report and accounts for the year ended 31 July 2019.

The Janet Trotter Trust is a charitable trust constituted by deed and registered under the Charities Act 2006 (Charity registration number 1038551). 


The objects of the Charity are the advancement of education of the public and in particular (but not so as to limit the generality of the foregoing) the provision of scholarships, exhibitions, bursaries or benefits to enable individuals to pursue their education at the University of Gloucestershire or at such other college or university as the Trustees may from time to time decide. 


The body of Trustees consists of at least four people, including a majority of University of Gloucestershire nominated Trustees.

The Chair of the board is appointed by the Vice Chancellor of the University of Gloucestershire from the University nominated Trustees.

Powers of Investment, Policy and Performance

In accordance with the Trust Deed, the Trustees have unlimited powers of investment subject to law and the conditions imposed by donors.

The Trustees have continued to maintain the strategy of creating a substantial capital fund through investing in bank deposits and a share portfolio, independently managed by Quilter Cheviot Asset Management. The Trustees are only using the investment income earned to help students with beneficial academic projects or severe hardship. Wide publicity of the facility has continued, with the assistance of the University of Gloucestershire Students’ Union. The investment income earned in the year was £14,609 (2018: £13,921).

Review of Development and Activities

During the year the Trust generated net incoming resources of £6,604 (2018: £7,612).

The net assets of the Trust have increased during the year to £545,336 (2018: £534,328) resulting primarily from £18,205 profits made on the sale of investments.

The Trustees met three times during the financial year under report, in November 2018 and January and May 2019.  The Board considered applications, in the context of other bursary and access funds available, to ensure, as far as possible, equitable treatment for those seeking assistance.

In summary £21,987 was awarded to nineteen successful applicants during the year compared to £18,706 given to sixteen applicants in the financial year 2017-2018. 

Plan for Future Periods

The Trustees intend to continue to distribute bursaries and other grants to eligible applicants in line with the Charity’s objects.


The Charity’s policy on restricted funds is to separately record donations, grants and other sources of fundraising where restrictions are imposed that are narrower than the Charity’s overall objectives.

The Trustees have established a policy whereby the unrestricted funds not committed or designated for specific purposes (“the free reserves”) held by the Charity should be maintained at a level which generates income from investments sufficient to cover grants and expenditure. The relatively high level of grants awarded in the current year reflects the fact that, for some years, income has exceeded grants and expenditure and therefore excess income from previous years was available to be utilised.


The Charity manages its investment portfolio through Quilter Cheviot Investment Management.  Its investment objectives are to obtain a balance of capital growth and income; an ethical investment policy has also been adopted.

The portfolio performance is reported to the Trustees on a regular basis.  During 2018-2019 the portfolio gave an annual return of 2.87%. At the balance sheet date, the portfolio consisted of a combination of equities and fixed interest bonds; approximately 21% of the asset allocation is held in fixed interest and cash, 38% in UK equities 8% in alternative investments and the remaining 33% held overseas, providing a good spread of risk.

Investments disposed of throughout the year resulted in a profit of £18,205 (2018: £1,285).


The Trustees of the Charity are listed below:

E Beard
S Dove
Prof. D James
C Mills
A Dawson
F C Stallard (Chair)                                            

Risk Management

In the light of the Corporate Governance Guidance contained within the Charities Statement of Recommended Practice 2015, the Trustees have continued to review the major strategic business and operational risks to which the Charity has been exposed.  Systems have been established to mitigate these risks and procedures are being implemented to minimise any potential impact on the Charity should any of these risks materialise.

Trustees’ Responsibilities Statement

The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations.

The Charities Act 2011 requires the Trustees to prepare financial statements for each financial year.  The Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.

The Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, including the income and expenditure, of the Charity for that period. 

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and 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 and Reports) Regulations 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.


A resolution to reappoint Grant Thornton UK LLP as auditors to the trust will be proposed at the annual general meeting.

By Order of the Trustees

Camille Stallard signature

F C Stallard
12 November 2019

Independent auditor’s report to the trustees of The Janet Trotter Trust


We have audited the financial statements of The Janet Trotter Trust (the ‘charity’) for the year ended 31 July 2019, which comprise The Statement of Financial Activities, Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is 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:

Basis for opinion

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. 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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The trustees are responsible for the 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. 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. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 where the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of trustees for the financial statements

As explained more fully in the Trustees’ Responsibilities Statement, the trustees are responsible for the preparation of the 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

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.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: 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 Section 154 of the Charities Act 2011. 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 its trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Grant Thornton signature

Grant Thornton UK LLP
Statutory Auditor, Chartered Accountants

Grant Thornton UK LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

Statement of Principal Accounting Policies for the Year Ended 31 July 2019

  1. General

The following accounting policies have been applied consistently to items, which are considered material in relation to the financial statements.

  1. Basis of Preparation & Assessment of Going Concern

The financial statements have been prepared in accordance with the historical cost convention and in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (FRS102) and applicable Accounting and Financial Reporting Standards.

The Trustees consider that there are no material uncertainties about the Trust’s ability to continue as  a going concern.

  1. Income Recognition

​Income received that is earmarked either by the donor or by the terms of appeal for particular projects will be shown under Restricted Funds. All income from legacies, gifts, donations, and grants is credited to the Statement of Financial Activities when it is recognised that the charity has entitlement to the funds, when any performance conditions attached to the item have been met, it is probable that the income will be received and the amount can reliably be measured.

  1. Charitable and Other Expenditure

Expenditure incurred by the Trust is allocated between Direct Charitable Expenditure and Other Expenditure. Direct Charitable Expenditure comprises all expenditure relating to the objectives of the Trust. Other Expenditure is analysed between expenditure on the management and administration of the Trust and expenditure on management of the investment portfolio.

  1. Fixed Asset Investments         

Investments are initially recognised at their transaction value and subsequently measured at their fair 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.

  1. Financial Instruments

Basic Financial instruments are measured at amortised cost. The company has no other financial instruments. Cash and cash equivalents include cash at banks and short term deposits with an original maturity of three months or less, deposits are repayable on demand.

  1. Cash Flow

The Charity qualifies as a small Charity under the terms of the Charities Act 2011. As a consequence, it is exempt from the requirement to publish a cash flow statement.

  1. Reserves

Reserves are maintained at a level which generates income from investments sufficient to cover grants and direct expenditure.


Statement of Financial Activities for the Year Ended 31 July 2019

Restricted Funds 2019 (£)Restricted Funds 2018 (£)
Income and Endowments from:   
  Investments1            14,60913,921
Total      14,609    13,921
Expenditure on:   
  Charitable activities




Total (26,210)(22,818)
Net gains on investments 18,2051,285
Net Income and Net Movement in Funds 6,604(7,612)
for the Year   

Other Recognised (Losses) / Gains
 (Loss) / Gain on revaluation of investment assets 4,40421,810

Net Movement in Funds



Reconciliation of Funds

  Total funds brought forward










Total funds carried forward8545,336534,328

All results in 2019 are attributable to continuing activities.

The Charity has no recognised gains or losses other than surpluses and deficits above and therefore no separate statement of total recognised gains or losses has been presented.

There is no difference between the net incoming resources for the year stated above and their historical equivalents.

Balance Sheet as at 31 July 2019

2019 (£)2018 (£)
Fixed assets   
Current assets   
  Cash at bank and in hand627,43832,799
Creditors: amounts falling due within one year7(8,600)(5,729)
Net current assets 19,77027,906
TOTAL NET ASSETS 545,336534,328
  Restricted funds8545,336534,328
TOTAL FUNDS 545,336534,328

The Financial Statements on pages  10 to 13 were approved by the Trustees on 12 November 2019 and signed on its behalf by:

Camille Stallard signature

F C Stallard (Trustee)

Notes to the Financial Statements for the Year Ended 31 July 2019

Restricted Funds 2019 (£)Restricted Funds 2018 (£)
1 Investment Income  
  National Westminster bank interest4813
  Central Board of Finance of Church of England deposit interest178
  Interest on investments1,6431,891
2 Governance and administrative costs  
   Audit fees600600
3 Investment management costs  
  Portfolio management costs3,6233,512
4 Investments  
  As at 1 August465,720467,722
  Acquisitions at cost   97,1281,432
  Accrued interest     –88
  Revaluation                     24,39923,407
  As at 31 July502,680465,720
  Cash held by QUILTER CHEVIOT22,88640,702
 Total Investments


5 Debtors  
   Dividends receivable932836
6 Cash at bank and in hand    
  Royal Bank of Scotland Current Account 1,114 614
  Central Board of Finance of the Church of England                     2,498 2,481
  Royal Bank of Scotland Reserve Account 23,826 29,704
  27,438 32,799
7 Creditors: amounts falling due within one year    
  Agreed Awards


  8,600 5,729
8 Restricted fundsBalance Movementin ResourcesMovement inBalance
 1 August 2018IncomingOutgoingRevaluation31 July

 The Janet Trotter Trust Fund534,32832,814(26,210)4,404545,336

 9 Related Party Transactions

Financial Reporting Standard 102 (FRS102) ‘Related party disclosures’ requires the disclosure of material transactions between the Charity and any related parties.

For the financial year ending 31 July 2019 all expenditure on charitable activities related to bursaries made to students of the University of Gloucestershire, in accordance with the statement of principal activities of the Charity as set out in the Report of the Trustees.

10 Ultimate Parent Company

The Trustees regard the University of Gloucestershire as the ultimate holding company by virtue of its controlling interest in the board of Trustees of the Charity. Copies of the parent’s consolidated financial statements may be obtained from the Company Secretary, University of Gloucestershire, The Park Campus, The Park, Cheltenham, Gloucestershire GL50 2RH.

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