{"id":1195,"date":"2020-10-01T07:47:19","date_gmt":"2020-10-01T07:47:19","guid":{"rendered":"https:\/\/www.glos.ac.uk\/information\/?post_type=ht_kb&p=1195"},"modified":"2021-02-09T11:35:29","modified_gmt":"2021-02-09T11:35:29","slug":"financial-statements-the-janet-trotter-trust-2016-2017","status":"publish","type":"ht_kb","link":"https:\/\/www.glos.ac.uk\/information\/knowledge-base\/financial-statements-the-janet-trotter-trust-2016-2017\/","title":{"rendered":"Financial Statements The Janet Trotter Trust 2016-2017"},"content":{"rendered":"\n

Financial statements for the year ended July 2017<\/h2>\n\n\n\n

Contents<\/h2>\n\n\n\n
  1. Trustees, Officers and Advisors<\/li>
  2. Report of the Trustees<\/li>
  3. Independent Auditors’ Report to the Trustees of the Janet Trotter Trust<\/li>
  4. Statement of Principal Accounting Policies<\/li>
  5. Statement of Financial Activities<\/li>
  6. Balance Sheet<\/li>
  7. Notes to the Financial Statements<\/li><\/ol>\n\n\n\n

    1. Trustees, Officers and Advisors<\/h2>\n\n\n\n

    Principal Address and Registered Office<\/strong>
    The Park Campus
    The Park
    CHELTENHAM
    Gloucestershire
    GL50 2RH<\/p>\n\n\n\n

    Trustees<\/strong>
    E Beard
    S Dove
    Prof D James C Mills
    A Dawson
    F C Stallard (Chair)<\/p>\n\n\n\n

    Solicitors<\/strong>
    Harrison Clark Rickerbys
    Ellenborough House Wellington Street
    CHELTENHAM
    Gloucestershire
    GL50 IYD<\/p>\n\n\n\n

    Registered Auditors<\/strong>
    Grant Thornton UK LLP
    3140 Rowan Place
    John Smith Drive
    Oxford Business Park South
    OXFORD
    OX4 2WB<\/p>\n\n\n\n

    Bankers<\/strong>
    Royal Bank of Scotland plc
    PO Box 9
    31 The Promenade
    CHELTENHAM
    Gloucestershire
    GL50 lLH<\/p>\n\n\n\n

    Investment Advisers<\/strong>
    Quilter Cheviot Asset Management
    90 Long Acre
    LONDON WC2E
    9RA<\/p>\n\n\n\n

    2. Report of the Trustees<\/h2>\n\n\n\n

    The Trustees have pleasure in presenting their report and accounts for the year ended 31 July 2017.<\/p>\n\n\n\n

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

    Objects<\/h3>\n\n\n\n

    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.<\/p>\n\n\n\n

    Trustees<\/h3>\n\n\n\n

    The body of Trustees consists of at least four people, including a majority of University of Gloucestershire nominated Trustees.<\/p>\n\n\n\n

    The Chair of the board is appointed by the Vice Chancellor of the University of Gloucestershire from the University nominated Trustees.<\/p>\n\n\n\n

    Powers of Investment, Policy and Performance<\/h3>\n\n\n\n

    In accordance with the Trust Deed, the Trustees have unlimited powers of investment subject to law and the conditions imposed by donors.<\/p>\n\n\n\n

    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 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 \u00a313,119 (2016: \u00a314,186).<\/p>\n\n\n\n

    Review of Development and Activities<\/h3>\n\n\n\n

    During the year the Trust generated net incoming resources of \u00a329,976 (2016: \u00a32,591).<\/p>\n\n\n\n

    The net assets of the  Trust  have  increased  during the year to \u00a3520,130  (2016:  \u00a3438,441)  resulting  from a \u00a351,713 increase in the market value of the trust’s investments combined with the net incoming resources of \u00a329,976.<\/p>\n\n\n\n

    The Trustees met three times in the financial year under report, in November 2016 and January and May 2017. 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.<\/p>\n\n\n\n

    In summary. \u00a38,372 was granted to nine successful applicants during the year compared to \u00a315,528 given to nine applicants in the financial year 2015-2016.<\/p>\n\n\n\n

    Plan for Future Periods<\/h3>\n\n\n\n

    The Trustees intend to continue to distribute bursaries and other grants to eligible applicants in line with the charity’s objects.<\/p>\n\n\n\n

    Reserves<\/h3>\n\n\n\n

    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.<\/p>\n\n\n\n

    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.<\/p>\n\n\n\n

    Investments<\/h3>\n\n\n\n

    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.<\/p>\n\n\n\n

    The portfolio performance is reported to the Trustees on a regular  basis.  During 2016-2017 the portfolio gave an annual return of 11.3%. At the balance sheet date, the portfolio consisted  of a combination  of equities  and  fixed interest bonds; approximately 24% of the asset allocation is held in fixed interest and cash,  35% in UK equities 13% in alternative investments and the remaining 28% held overseas, providing a good spread of risk.<\/p>\n\n\n\n

    Investments disposed of throughout the year resulted in a profit of \u00a310,913 (2016: Nil).<\/p>\n\n\n\n

    Trustees<\/h3>\n\n\n\n

    The Trustees of the Charity are listed below:<\/p>\n\n\n\n

    E Beard
    S Dove
    Prof. D James
    S Harvey (resigned 31 August 2016)
    S Ollin (resigned 3l August 2016)
    C Mills (appointed 1 September 2016)
    A Dawson (appointed 1 September 2016)
    F C Stallard (Chair)<\/p>\n\n\n\n

    Risk Management<\/h3>\n\n\n\n

    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.<\/p>\n\n\n\n

    Trustees’ Responsibilities Statement<\/h3>\n\n\n\n

    The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations.<\/p>\n\n\n\n

    The Charities Act 2011 requires the Trustees to prepare financial statements for each financial year. The Trustees have 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.<\/p>\n\n\n\n

    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.<\/p>\n\n\n\n

    In preparing these financial statements, the Trustees are required to:<\/p>\n\n\n\n