THE ODIN CHARITABLE TRUST REPORT AND ACCOUNTS 5TH APRIL 2021 PA YNE HICKS BEACH Solicitors 10 New Square Lincoln'8 Inn London WC2A 3QG PAC01M.XLSf2021 THE ODIN CHARITABLE TRUST CONTENTS Re Administrative information about charity. ils trustees and advisers Tru51ees' report 9-12 Independent audilorfs report Accounts 13 Slalemenl ol financAal aoliviligs 14 Balance sheet 15-18 Princlpal accounting policies 19-22 Notes to thè a¢eounls 8ndix 23 Grants payable THE ODIN CHARITABLE TRUST Pa -HARITY ITS TRUSTEES AND ADVISERS ADMINISTRATIVE INFORMATION ABOUT THE- TRUSTEES Mrs. D.L. Kelly Mrs, P.C. Cherry Payne Hlcks 8each Trust Corporation Limited PRINCIPAL ADDRESS 10 New Squgre Lincoln's Inn London, WC2A 3QG Tel ,' 02074654300 CHARITY REGISTRATION NUMBER 1027521 AUDITOR Buzzacott LLP 130 Wood Slieel London EC2V 6DL INVESTMENT MANAGERS Smith & Williamson Investment Management Llmiled 25 Moorgate London EC2R 6AY BANKERS CAF Bank Limited 25 lQngs Hill Avenue King$ Hill West Malling Kent ME19 4JQ SOLICITORS AND ADMINISTRATORS Payne Hicks eeach 10 New Square Lincoln'$ Inn London WC2A 3QG THE ODIN CHARITABLE TRUST Pa TRUSTEES. REPORT- 5TH APRIL 2021 The Trustees present their statutory report together with the accounts of the Odin Charitable Trust for the year ended 5th April 2021, The accounts have been prepared in accordance with the accounllng policies sel out on page8 15 10 18 of the 8ltached ac¢tsunl8 Srid comply with the Charity's Irusl deed, applicsble laws, accounting standards Iuniled Kingdom Generally Accepted Accounting Practicel, and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic ol Ireland IFRS 1021, second edltion (October 2019). GOVERNANCE, STRUCTURE AND MANAGEMENT Govemancè The Odin Charitable Trust is governed by 3 trust d6ed dated 5th October 1993. The Charity is registèred undèr thtr Charities Act 2011, Charity Registialioll Number 1027521. The names of the trustees who served during the year are set out as part of the administrative information on page 1 of thls Annual Report and A¢counls. Brief biographical dolails are given below.. Mrs. P.C. Chgrry Mrs. Cherry was appointed a Iruslee on 6th December 2004. Mrs. D.L. Kelly MTS, Kelly was appointed a trustee on 6th December 2004. Payn& Hlek8 Bèach Tru¥t Corporatlon Limltgd Payne Hick8 Be8ch Trust Corporation Limited was appointed a Trustee on 13th September 2019. On agreeing to their appointment, th¢ Trustees are thoroughly briefed by their w-Truslees on the history of the Trust, the day-lo-day management, the responsibilities of the Trustees, the eUfr¢iil Obl￿tiveS and fillure plan8. Tru5tees' reBponsSbllitie5 Statement The Iru5t¢es are responsibl8 for preparing the Iru81ees' report and accounts in accordance with applicable law and United Kingdom Accounting Standards {Uniled Kingdom Generally Accepted Accounting Pradicel. Charity law in England and Wales requires the trustees to prepare accounts lur eaeh financial year which give a true and fair view of Ihe stale of affairs of the charily at the year end and of ils Income and expenditure durlng that year. It) preparing accounts. giving a Ime and falr vlew the Truslges are required lo.. Seled suitable a¢¢ounling pollcles and then apply them ￿nSIStenI1y', Observe the methods alld principles of Accounting and Reporting by Charities.. Slalemenl of Recommended Practice appli¢ablÈ lo ¢hgrltiès prÈp8ring Iheii accounts in aecordance wittTr the Fin#n¢Éal Reporting Slandaré applicablè in thè United Kingdom and Rèpublic of Ireland IFRS 1021 Make judgements and eslimales that are re8son8ble ond prudent., THE ODIN CHARITABLE TRUST Pa TRUSTEES, REPORT- 5TH APRIL 2021 GOVERNANCE, STRUCTURE AND MANAGEMENT {Contlnuodl Trustees. responslbllltles statement Icontlnuedl Stale whether applicable United Kingdom AccoL5nling Standards have been followed, subject lo any material departures dis¢lo$éd and èxplained in the accounts., and Prepare the accounts on the golng concern basis unless il is inappropriate lo presume that the charity will continue lo operate. The Trustees are responsible for keeping proper accounting records which di$closÈ with reasonable accura¢y al any time the financial position of the charity and which enable them to ensure that the a¢eounts comply with the Charities Act 2011. applicable Charity (Aeeounts and Reports) Regulations and the provisions of the trust deed. They are also responsible for saleguarding the assets of the charity and henGe for taking reasonable steps for the prevèntion snd detection of fraud and other irregu18rities. Structure and management roportlng The trustees are ultimately re8ponsible for the policies. aclivilies and assats of the charity. They meet ￿lce a ye8r lo review the developments with regaid lo the eha¥ity, ils grant giving activities and make any important decisiL)ns. When ne¢Ègsary, the Trustees Seek advice and support Irom the charity's professional 8dvi8ers including investment manager$, 801icitor8 and accountants. The day lo day managèment of the charity's aclivilies, and the implementation of policies, is delegated lo the Private Client Department of Payne Hicks 8each. 11 administers payments and keeps the br>oks and iecords of the charity. as appropriate.. it administers paymèntg and keeps the books and Tecords of the charily. At their meetings thè Trustees review the investment perfoimance, and the investment managers attend the méetings lo update the Iruslees in detail on the portfolio. The Iruslees review the proposals for grants to be made and approve 8uch grants as appropriate. Rlsk management In line with the requirement for chaTity trustees lo undertake a risk assessment exercise. In addition lo IhÈ risks associated with Covid-19 Isee btrtowl. the Trustees havè Idèntified three maln 8re88 where risks may occur.. Governance Opèrational Financial Governance took8 on the Continuity of Trusteeship. the skills and background of the Tru8tee$ and the policies of regular meetings of the Trustees to revlew Ihelr aims and activities. Operational looks al the Tl8k inherent in the delegation of slatulory and legal requirèments of the charity, its management and gecretarial function8 and dele9ation of certain of those functions. and ils grant giving 8¢tivities. Financial risks inclLJde those inherent in delegation of investment management and cuslody to an independent inveslm&nt manager, the financial record keeping of the charity, ils investment policy. audit and revlew procedures. THE ODIN CHARITABLE TRUST TRUSTEES, REPORT - 5TH APRIL 2021 GOVERNANCE, STRUCTURE AND MANAGEMENT Icontlnuodl Rl$k managem&nt Icontlnuod) Having assessed the major risks lo which the charity is exposed, paTlicular those relating lo ils investments and 118 finances, the Truslees believe thal by ensuring conliols exist over key fin8nci818yStems in¢orpor81ing the systems and controls implemented by Payne Hicks. Beach, and by delegating the Investment managomenl function to Invèslmenl managers, subject lo regular monitoring, including periodi¢ reviews of performance against benchmarks, they have established effective systems lo miligale those risks. Ir) reachin9 this conclusion, the Trustees have considered the impact on the charity of the Covid-19 pandemic. Thè kèys risks f8c6d by thè charity. 28 identified by the trustees. are described below together with the principal ways in whSch Ihsy are mitigatéd. The charily's principal asset comprises listed investments. the value of which is d8pendenl on movements In UK and world stock markets. The investments are managed by reputable Investment managers who sdhere lo a pollcy ag￿ed by tho Trustees. The Trustees meet once a year with the investment managers and the man8ger's p&rformance and that of the portfolio are monitored. The investment strategy is assessed regulally to ensure il remains appropriate to the charity's needs- both now and in the luture. Tho Charity Carries out 118 objectiv¢s by providing grants lo institutions that are also UK registered ch8ri14e8, whose objects comply wlh the charity's criteria. There 1$ a risk that a grant provided by the ch8rily m8y not re8¢h the Intended rocipSenl andlor m8y be US￿ lor purposes not consisienl with the charity'$ objects. Whilst the trustees are mindful of their own obligation lo ensure that the charity benefits the public generally, they take some assurance from the fact that recipients of grants are Iliemselves regulated lo ensure that they operate for the public ben&tit. The ri8k assessment is kept under regular review and 18 fully reassessed annually. ACTIVITIES, SPECIFIG OBJECTIVESAND RELEVANT POLICIES Actlvltles and speclfic oblect5ves The Trustees operate a granl giving policy. providing fvnds for such charitable object or instslution as the Trustees think Itt. In addition lo supporting a wide range ol chafilable oiganisalions, the Truste¢$ have resolved to give preference lo charities which further tlie arts., provide care for people who aro disabled and dis8dvanlaged- supporting hospioes, the homeless. prisoner's families, refugees, gypsies and'lribal 9￿Up$.; and lurthering resèarch into fals& m8mories and dyslexia. All appeals should be by letter or &mail containing the following: Aims and objectives of the chailty N8ture of 8pp&al Total target if for a specific project Regislore¢J Charity Number THE ODIN CHARITABLE TRUST Pa TRUSTEES, REPORT- 5TH APRIL 2021 ACTIVITIES. SPECIFIC OBJECTIVES AND RELEVANT POLICIES {Contlnuedl Activltles and $p&¢lfl¢ obloctives {Continued) Any othèr ￿Trevant factors Lellers should be accompanied by a sel of the charitable organisaliori's lalesl report and full accounts and shoubd be addressed lo-. The Odin Charitable Trust POBOX 1898 Bradford on Avc)n Wiltshire BA15 1YS No applicatsons from indivlduals are consldered. The Trustees. aim is to distribute a minimum amount 01 £220,000 per annum. allhough this only acts as a guide since additional payments made lo appropriate causes. Oblectlves and actlvitles for th? public beneflt The Trustees confirm that they have referred lo the guidance contained in the Charity Commission's guidance on public benefit when reviewing the Trust'￿• aims and objectives and in planning future aolivities and sptting Ihg grant making policy for the year. The charity carrie8 out these objectives by providing 9ran15 10 institutson8 that are also UK registered charities, whose objects comply with the charity's criteria. Vvhilst the trustees are mlndftjl of their own obligation to ensure th81 the chaTily bonefits the publi¢ generally. they lake some assuranae from the f8¢t that recipien18 01 grants are themselve8 regulated lo en3uTe that they opeiale for the public benelil. Polenlial recipients of grants arg identified by the Trustees individually in areas whère it is perceived that publlc benefit will b$ achleved. The opporturtily lo benefit is ntsl reslricled in any way except that grants are reslricled lo bcsdies registered in the UK, not least lo lacilitale the Trustees being able lo follow up on the efficacy of the granls made. In all other respects grants are not limited in any way except that the recipients should have a charitable need. The Iru8tees therefore considèr that the Trusyy acliville8 are for Ihe benef51 of the public generally. Key managèment The Iruslee8 ¢ompr18e the key management personnel of the charlly Sn charge of ¢Jlrecting and controlling, running and oper81ing the charity on a day lo d8y basts. All Irusteos give ol their 'me freely and no trustee received any rernuneralion in the year. Dplails of Iru$lees' expensés and remuneratlon and any related party trsnsaetions kre disclosed in note 5 fo the aooounls. As noted above, the day or day management of Ihe charty's activities, and the implemenlalion of policie3, is delegated to the Private Client Department of Payne Hl¢ks Bèach. THE ODIN CHARITABLE TRUST Pa TRUSTEES, REPORT- 5TH APRIL2C121 ACTIVITIES, SPECIFIC OBJECTIVES AND RELEVANT POLICIES Icontlnuedl Invéstment PolSGy The charity has a portfolio ol investmenfs with a market value as al 5th April 2021. of £8,766,546 12020 - £7,224,938). There are no restrictions on the charity'8 power to invesL The investment strategy is agreed between the Trustees and the investment man2gers, and is regu18rly reviewed. This18 the 8ubjeBt of a policy statement which has been completed by the Trustees and forms an inleg¥al part of the agreement with the Investment manager to provtde investment management services. The more significant principles In the statement are.. Capital and income growth which over the long term will endeavour to maintain tho real value ol the assets. To provide a bÈnchmark for performyn¢è, Ihe absolute return based on RPI plus 3% over S years. The investment manager is invited to attend each formal meeting of the TrLsslees to provide a teport on the performance of the portfolio, wmparison against Ihtr bènchmark and general market issue5. ACTIVITIES AND PERFORMANCE Rèview of actlvitlQ8 Total invesltnenl Income, received In th? year amounts lo £196.786 12020- £279,154). which equates lo a yield of 2.24Qkn Ibased on the market valuation ol the investment assets at the year èndl. The Trustees awarded grants lolalling £375,000 during thé year in accoidan¢e with the tharily's grant giwing poll¢y set out above. A detailed list of all grants made in the year are shown In the Appendix on page 23. The TnJ$tees maintain a list of charitable organisalions which the chafity regularly supports and this 18 reviewed prior to ea¢h meeting. The trtjstees feel that their objectives have been adequately mel this year. However. the Trustees are aware that ther& are external factors, which covld affeol the achievemenls of Ihelr objectives as a signilieant part of the chaFity's assets are made up of investments and cash, the r6suIt of which are dependent on the general perforraance of the UK and overseas stock m8rk&ts. As noted above under risk mana9ement, in ordèr lo minimise this ri8k, the Trustees have sel prudenl invethlment policies and p5ace ieliance on thè investment managers appointèd to monitor and #dvisè on Ihe necessary investment ¢han9es and suitable asset allocation. Thes& actions have been particularly relevant oiven the im pact of Covié-19. Investment performoncg During the year thfj ¢harily's inveslm&nt assets athieved an income yield of 2.24% {based on the valuation of investments al the ye8r end) and a capital increase of 25.66%. The investment managers ¢¢nlinued lo invest In accordance wilh the Trustees, invèstment policy. THE ODIN CHARITABLE TRUST Pa TRUSTEES, REPORT - STH APRIL 2021 ACTIVITIES AND PERFORMANCE Icontlnuedl Investment p•rformanc& Iconlinuedl In view of the current volalilily in financial markets, the Iruslees are satisfied wllh the performance ol the inve8lm¢nls and are satisfied that thei¥ inveslment objectives will be met over the medium term. FINANCIAL REVIEW Results for the year A summary DI the ye#f8 results Can be found on page 13 of this report and accounts. During thè yesr endèd 5th April 2021, total income amounted lo £627,067 (2020- f.470,0771, being income arising from the Charity's investments and cash deposits of £197.067 and a legacy from Guri Scollord estate of £430,000. Thp Tru81ees awarded grants to institutions tolalling £q75.000 {2020- £31,000). After accountlng lor grant adminislralion costs of £15,91312020- £19,481), the governance costs of £3,504 12D20- £3,504), and investment management costs of £53,895 {2020 - £54,878>, this brought loial expenditure tts £448,31212020 £108,863). There were investment gains durlng the ye8r of £2,138,290 and a currenoy loss of £15.518. total £2.122,77212020 total losses- £1.567,335}. Thls results In a net income or a nel Inuease In fund8 ¢Juring the y￿r of £2.301,527 {2020 nel decrease in funds of £1,206,121). Rèservb$ pollcy and flnanclal posltlon Resenies pollcy The Unreslricled Funds lepr￿ent the fund5 receivgd by the charÉty on the creation Of the charity adjusted for net movements Sin￿ that d8le, The Tru31oes have th¢ power to meet administrative expenses from this fund and may apply the income ol the fund towards the general purposes of the charity. The charity is operated as a grant glving ¢h8rtiy, and the Trustees, PDl¢cy is lo administer the investment assets on a total retum basi$ and yeek lo dislribLJtè £220,000 in each finan¢ial year lsubjed lo regular reviewl. Financialposition The balance sheet show5 totsl fund$ of £10,375,401. The unrestricted fund comprises amountg which are ultimately free reserves bul which are hekl by the TFU51ees for investment so as to ensure the continued generation of income in future Periods, Iheweby helping lo safeguard the long tèrm existénce of the charity and the achievement of ils objectives. The slze of the unre$lricled fund susl8in$ and supports the levels of donations which the Tru8tee8 wish lo maintain and enhance oveT lime. The Trustee8 consider frèe reserves lo be adequate bul not excessivp in the light of the charity's reserves policy set out abovè. THE ODIN CHARITABLE TRUST Pa TRUSTEES. REPORT - 5TH APRIL 9021 FINANCIAL REVIEW (Continued) Future plans The Iruslees do not anticipate any significant changes lo the charity or its activities over the next lo five ye8FS. 11 is their intention lo meet the following objectives.. To ensure the investment performance achieves the criteria sel by them so that there are suffi¢ienl funds lo meet their grant giving 8¢livilio$. To continue to make grants 81 a similar, if not, higher level. In response lo the Covid-19 outbreak, the charity is proactively reviewing grant making activities lo ensure continued support to beneficiaries. The Trustees have reviewed the risks that Covid-19 poses lo the eharity and concluded that the charity Is In 8 slrong financial and operational position and can continue lo support beneficiaries now and for the forestseable lulure. Signed on behalf of the Iruslees.. Twstèe Trustee Approved by the Trusle&s on.. ￿￿- ..202L THE ODIN CHARITABLE TRUST Pa INDEPENDENT AUDITOR'S REPORT- 5TPI APRIL 2021 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ODIN CHARITABLE TRUST OPINION Vve h8ve audited the accoun18 of The Odin Charitable Trusl (the 'charity'l for the year et)ded 5th April 2021 which comprise the statement of financial activities, the balance sheet, the principal accounting policies and the noles lo the accounts. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Repotting Standard 102 'The Financial Reporting Standard applicable in the UK and Rèpublic of Ireland. (United Kingdom Generally Aocepled Accgunling Praclicel. In our opinion, the accounl5', give a true and fair view of the slate of the charity's affalrs as at 5th April 2021 and of ¢ts income and expendituie foi. the year then Ènded., have been properly prepared in a¢cord8ncè with United Kingdom Generally Accepted Accounling Practice., and have been prepa￿￿ in accordance with the requirements of the Charities Act 2011. BASIS FOR OPINION We conducted our audit in accordance with International Standards on Auditing IUKI (ISA8 IUKII and applicable law. OUT ie8pongibilities under those standards are further described In thè auditor's responsibilities for the audit of the accounts se¢tion of our report. We are ind8pendenl of the charity in a¢¢ordanoe with the ethical requireTllonls that are relevant lo our audit of the accounts in the UK, including the fRC's Ethic¥l Standard, and we h8ve fLJlfilled our other ethical responsibilities in accordance with these requirements. We beliavè that the audit evidence we havg obtained is sufficient and appropriate lo provide 8 basis lor ur opinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing the apcounls, we have concluded that the trustees, use of the golng concern basis of accounting in tlie preparation of the 8eeounts is appropriate. Ba$¢d on the work we have pèrformed. we have not identified any material un¢ertainlies Relating lo events or conditions Ihal, iiidividually o¥ r,olleclivety, may oasl significant doubl on the charlty's ability lo contlAUè as a 90ing concern for a p&ri¢d o( at least twelve mgnths from when the accounts are 8Uthorised for issue. Our respoftsibili1Ses an(f the responsibilities of thè trustees with respect to going concern ale described in the relevant sections of this report. OTHER INFORWIATION The trustees are rèsponsible for the other infom)alion. The other informali¢n compiises the infarmalion included in the annual report and account5, othèr than the accounts and our auditor's report thereon. Our opinion on the #c¢ounts does not cover the other information and we do not express any form of a88LJr8nce conclusion Ihereon. THE ODIN CHARITABLE TRUST Pa e10 INDEPENDENT AUDITOR'S REPORT- 5TH APRIL 2021 OTHER INFORMATION Icontinuodl In connection with our audit of the accounts. our responsibility Is to read the other information and. in doing so, conside¥ whether the olhef inforillation És materially inconsistent with the accounts or our knowledge obtained in the audit or otherwise appears to be materially misslaled. 11 we identify such rn8lerlal inconsistencies or apparent malerlal misstatements. we are ¥equired lo determine whether there is a mdterial misslatemenl in the accounts or a material misslalemenl ol the other information. If. based on the work we have performed, we conclude that there is a material misstatement ol this other information, we are required lo report that fact. We have nothing to report in this regard. MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION W& have nothing to report in respect of the following mattels in relation to which the Charities Act 2011 requires us to report to you if. in our opinÈon". the inform8tion given in the trustees, report is inconsistent in any material resp¢cl with the acoounts.. or sufficient ae¢ounllng records h8vè not been kept,. or ihe accounts 8ro not in agreement wlh the accounting records and returns.. or we have not received all the inform8tl(>n and explanations we requift for our audit. RESPONS181LITIES OF TRUSTEES As explained more fully in the trusl¢es' responsibiilties statement, the Iru8tee$ ar& responsiblg lor the preparation of the accounts and for being satisfied that they give 8 true and fair view, and for such internal conlrol as the trustees determine is necessary to ènable the preparation of accounis that are free from material misslalemÈnt, whether due to fraud or error. In preparing the accounts, the trustees are responsible lor assessing the charity's abllity lo continue as a going concern, disclosing. as applicablè, matters related to going concern and using the going CDncern basis of accc*unling unless th6 trustees either intend lo liquidate the charity or to ¢ea$e operations, or havè no realistic alternative bul lo do 80. AUDITOR'S RESPONSIBIUTIES FOR THE AUDIT OF THE ACCOUNTS Our objectives are to obtain ¥easonable assurance about whether the accounts as a whole are free from rrialerial misslalemenl, whether duè lo fraud or error, and lo issue an audil0rf8 report that includes our opinion. Reasonable a8$urance is a high level of assurance, bul Is not a guarantee that an aud51 conducted in accordance with ISAS IUKI will alway3 dete￿ a material mis$tal8mènl when it Éxists. Misstatements can arise frotll fraud or error and are eonsider6d material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of user8 taken on the basis of Ihese account5. Irregularities. including fiaud, are intslanees of non-compliance with laws and regulations. We design procedures in Ilne with f)ur responsibilities, ouuinèd above. to detect material m58slalemenls in respect of irregularities. including frgud. The extent to which our procedures are capable of delecling irregularities, Including fraud Is éelailed below. THE ODIN CHARITA8LE TRU8T Pa INDEPENDENT AUOITOR'S REPORT- 5TH APRIL 2021 AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE ACCOUNTS (Continued) Our approach lo identifying and assessing the risks c>f material misstalemenl in respect of irregularities, induding fraud and non-compliance with laws and regulations, was 88 ftsllows.. Wg ensured that the engagement team eollecltvely had the appropriate competence, Lapabililies and skills to id&ntily or recognise non-compliark¢e wllh applicable laws and regulations., We obtained an understanding of the legal and regulatory frameworks that are applicable lo the ¢harllable company and determined that the most significant frameworks which aTe diredly relevant lo specific assertlDns in the financial stslements are those that relate l(> the reporting framework Islalemenl of Recommended Practice.. A¢¢ounting and Reporting by Charilies preparing their accDun15 in accordance with the Financial Rèporting Standard applicable in the United Kingdom and Republic ol Ireland IFRS 102) and the Charities Act 20111.. and The identified laws and regulations were communicated within the 8udil team regularSy and the leam remained alert lo instances of non-compliance throughout the audit. We assessed the 8V3cepllbilily of the cha¥ity's financial statements lo material misslalemenl, including obtsining an underslaftding of how fraud m¢ght occur, by.. Making enquirles of the charity's admlnislrators as lo their knowledge of actual. suspected and alleged fraud,, and Considering the inlernal controls In place to mitigate risks ol fraud and non-compliance with laws and regulations. To address the risk of fraud Ihr¢ugh management bSas and override of controls, we.. Performed analytl¢al procedures to identify any unusual or unexpected relationships., As5e$sed whetherjudgemen15 and 8ssumptions made in determining IhÈ accounting estimates were indicative of potential bias.. and Perfomied substantive le$ling on grant expenditure lo gain assuran￿ the expendiluie was in line with the awards approved by trustees. In response lo the risk ol Iriegularilies and non-complian¢& with laws and regulaltons. we designed procedures whtch inclu¢Jed. but were not limited to.. Agreeing flnanclal slatement disclosuies lo underlying supporting documentation. Read1ng the minutes of meeting8 of those charged with governance., and Enquirin9 of the charity's administrat￿$ as lo aclLial and pcjtential litigation and claim$. As a result of our Procedure$ we did not identify any key audit matlers relating lo irregularities. THE ODIN CHARITABLE TRUST Pa e12 INDEPENDENT AUDITOR'S REPORT- 5TH APRIL 2021 AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE ACCOUNTS Icontlnuedl Thei'e are inheienl limitations in our audit procedures described above. The more removed thal18ws and regulations are from financial transactions, the less likely il Is that we would become aware of non-compliance Auditing standards also limit the aLJdit procedures required lo identify non-compliance with 18w$ and regLtlations lo enquiiy ol thè directors and other management and the inspection of regulatory and legal correspondÈnce, if any. Material misstatements that arlse due to fraud can be hard8r to detect than those that arise from error as they may Involve deliberate concealment or collusion. A further description of our ￿SpOnsIbl11￿eS for the audil of the accounts is locatsd on Ihe Financial Reporting Council's website al www.fre.org.uklaudilorsresponsibililie8. This Ltescriplion forms part of our auditOT'S report. USE OF OUR REPORT This report is made solely lo the charity's trustees, as a body, in accordance wllh sectson 145 of the Charities Act 2011 and with regulations made under section 154 of that Act. Our audit work has beei) undertaken so that we might stale lo the chaiity's trustees those matters we are required lo stale to them in an auditor's report and foT no other purpose. To the fullest exlenl permitted by law, we do not accept or assume re8pon$ibility to anyone other than the charity and the charlty's Iru8t$es as a body. for our audit work, f¢r this report, or lor the opinions we have formèd, 14 March 2022 Buzzacott LLP Slalulory Auditor 130 Wood Street London EC2V 6DL Buz28cott LLP is eligiblè tcs act a8 an audEtor in terms of Settlion 1212 of the Companies Act 2006. THE ODIN CHARITABLE TRUST Pa e13 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YE ENDED 5TH APRIL2021 Total 2020 Notes 2021 INCOME FROM.. Investment income Inleresl receivable Legacy (Tax supplement> (Loan forgiven) 279,154 1,304 196.786 281 430.000 87 189,532 470.077 TOTAL INCOME 627.067 EXPENDITURE ON.. Raising funds Investment m8nagèm8nt costs 54,878 53,895 Charitable 3ctiviti8s Promoting and enh8ncing cliaritable work 53,985 394,417 108,863 TOTAL EXPENDITURE 448,312 NET INCOME BEFORE INVESTMENTS GAINSIILOSSESI 361,214 178,755 Invèslment gains Ilossesl.. Reali8Èd Unrealised 84,418 11,651,753) 284,566 1,853.724 Currency108se3-. Unreali8ed {15,5181 ET INCOhnE IEXPENDITUREI AND NET MOVEMENT IN FUNDS 11.206,1211 2.301.527 RECONCILIATION OF FUNDS Total funds brclughl forward al 6th April 2C)20 9.279.995 8,073,874 Totsl funds carried forward at 5th April 2021 8,J73,874 10,375,401 All recognised gain3 and losses are included In the above statement ol financial activities. All of thè charity's aclivilie8 derived from continuing operations du¥ing thè above financial yèar. THE ODIN CHARITABLE TRUST e14 BALANCE SHEET- 5TH APRIL 2021 2020 Notes 2021 FIXED ASSETS Inveslmenls 7,224,938 Listed Investments 8.766,546 CURRENT ASSETS 7,265 878,154 Debtors Cash at bank and in hand 437,252 1,323.144 885,419 Total cuirenl assets LIABILITIES.. Creditors.. Amounts falling due within one year 1.760,396 136,4831 10 1151,5411 NCT CURRENT ASSETS 1.608.855 8,073.874 NET ASSETS 10.37S.401 THE FUNDS OF THE CHARIT Unreslricled Income Fund8 Gener81 Fund 8,073.874 10,375.401 Approvod by the Iruslees.. Trustee Trustee Dalè ol Approval.. THE ODIN CHARITABLE TRUST Pa e15 THE PRINCIPAL ACCOUNTING POLICIES- 5TH APRIL 2021 The principal accounting policies 8dopted, judgements and key 8our¢ès of estimation uncertainty in the preparation ol the accounts are laid out below. 88sls of prèparation These accounts have been prepared for the year lo 5th April 2021 wilh comparative information prèsented in respect lo the year to 5th ApTiI 2020. The accounts have been prepared under the historical cost convention with item8 reGo9nised al sl Dr transaction value unless otherwisè Stated in the relevant accounting policies below or the notès ol these accounls. The a￿OlJAI8 have beèn prepared in accordance with Aecounting and Reporting by Charits'es.. statement ol Recommended Practice applicable ID charities preparing their a¢coLJnts in accordance with the Financ4al Reporting Standard applicable in the United Kingdom and Republic of Iieland Icharilieg SORP FRS 102} second edstion issued in October 2019, the Financial Reporting Standard applicable in the UK and RepLJblic of Ireland IFRS 1021 and Ihp. CharÈts'e5 Act2011. The Charity conststLbtes a public benefrt entty as defined by FRS 102. The accounts are presented in slerfing and rounded lo the neare$t pound. Critical aceountlng estimates at)d areas of judgement The ftÈll Impact following the emergence of the global coronavitus pandemic is still UnknO￿Tr, 11 is therefore not currently possible to evaluate 811 the polential implicallons for the charity's aclivilie8, beneficiaries and the wider economy. Eslimgles u$¢d in the accounts are subject lo a grealer degree ol uncertainly and volalilily. As sel out in these a¢coLJnling policies under'going con¢ern Ihe tru8tees have considered Ihfr impact ol the pandemic on the charity and have Concluded that although there may be some negative consequences, Il is appiopriate for the charity to conlinue lo prepare Ils accounts on the going concern basis. PTeparation of th8 8ecotJnts requires the trustees to mak¢ significant judgèments ancl estimates. The items in the ac¢ounlg where these judgements and e81imales have been made Include.. estimating the liability for mulli-yèar grant Commitments. estimating future income and expèndilure flows for the purpose of assessing goln9 ¢C*neÈrn (see below). Assessmgnt of going concern The Iruslees havè assessed whether the use of th¢ going concern assumption is appropriate In preparing these a¢ctsunts. The trustees have made this assessment in respect to a perlod of al least one year Ir¢M thè date of approval of these a¢wunts. The trustees of the charity have concluded that there are no material L¢ncertainlies related to events or conditions that may cast signllicant doubt on the ability of the charity lo ¢ontinue as a going concern. The trustees are of the opinion that the charily will havè sufficient re80urces lo me¢t ils liabilities as they fall duè and therefore despilg the global uncertainty in relation lo Covid-19, IherB are no concerns regarding the charity's ability to continue as a going concern. The most significant areas ot judgement that aflect items In the acctsunl are detailed abovtr, With règard lo the next accounting pertod, the year ending 5th April 2022, the most significant areas that affect the carrying value of the assets held by the charity are the level ol investmènl THE ODIN CHARITABLE TRUST e16 THE PRINCIPAL ACCOUNTING POLICIES- 5TH APRIL 2021 Aysessmènt of golng conc &rn IContSnuedl rèturn and the performance ol the investment markets (see the inv8slmènt policy and the ri8k mana9ement sections ol the trustees. report for more informalionl, Income recognition In¢ome 1$ re¢ognlse¢J in the period in which the chaiity hs8 entitlement lo the income, the amount of income can be m&a$urÈd reliabty and it is probable that the In¢om¢ will be received. Income comwisos inv¢slment Income from inve8lmÈnls and interest from dep0811s. Donations are recognised when the charity has confirm8tion of both the amount and Illemenl dale and includè Gift Aid tax reclaims. Dividends are recognised once the dividend ha$ been declared and nolifica:ion has bee received ol thè dividend due. Interest on funds held on deposit 1$ Included when receivakAe and the amount can be me&sure¢J reliably by the charity.. this is normally upon notification ol the interest paid or payable by the bank. ExpenditUTtr recognltlon Ll3biliti&s are recognised as expendbture as Soon as there is a legal or ¢onstruclive obligation commilling the oharity 19 make a payment to a third party, it is probable that a Iran8fer of economic benefits will be rèqLJired in s@tllement and the amount of the obligations can be measured reliably. All expendilure is 8ccounled for on an accruals basis. Expènditure comprises direct Ctssts and support costs. All expenses. Including support cos15, are allocated or apportioned lo the applicable èxpènditure headings. The classification between the activities is as follows.. lal EKpendilure on raising funds includes #ll expenditure associated with raising ftjnds fo¥ the charity. Thls includ?$ the fees paid to the investmènt manager in connection with the management of the chaity'$ IlglÈd Snvestmenls. Ibl Expendilvre on charitable activities include8 211 costs associated with furthering the charitable PUTP05es of the Charity through the provision of Ils Charitable aclivilies, Su¢h costs include charitable grants payable in prornoling and enhancing Eharilable work ¢arried out by other charitable organisalions, and related support rtssts induding the cost ol adminisloring Ihg activities ol the charity and govemance costs. Grants paYa￿e are included in the statement ol financial acllvilès whon approved and when the intended recipient has either received the funds or been informed of the decision lu make the donation and has $81isfied all related condttions. Grants approved but not p8sd at the end of the financial year are accrued for. Grants where the beneficiary has ntsl been informed or has lo meet ¢&rtain conditions before the grant is Ipleased are not 3¢etuèd lor bLtrI are noted financial commitments in the note to the atwunl8 All expenditure is slated inclu8nre of irr&cov@rable VAT. Allocatlon of support and governance casts Support costs represent indireBt Charitable expenditur¢. In orc(èr lo carry Out Ihe primary purposes of the charity il is necessary to prowdé support in the form of administration services. THE ODIN CHARITABLE TRUST Pa e17 THE PRINCIPAL ACCOUNTIN￿￿ POLICIES. STH APRIL 2021 Allocatlon of sup port and governance costs (Continuadl Governance costs comprise the costs involving the public accountsbilily of the charty (including audit costs) and costs in respect of 11$ compliance with regulation and g()od praciice. Support costs and governance ¢osl$ alé apportioned directly lo the one charitable activity. Fixgd asset investments Fixed assèt investments are included on the balance sheet at Iheir market valuo al the end of the financlal period. Realised and unrealisecl gain8 lor108sesl are credited lor debilèd}, to th8 sl8temenl of financial aclivities in the year in which they arise. Listed investments are a form of bas[¢ financial instrumpnt and are inltially recognise¢J al their transaction value and subsequently measured at their fair value a8 al thè balance sheet dale uslng the dosln9 quoled mart(el price. The charity does not acquire put options, d¢rivalves or other complex fin8ncÈal instruments. A8 notèd above the main form of financial risk faced by the ¢hariiy is that a volalilily equlty markets and inveslrnenl markets dije to wider economic conditions, tho attitude ol investors to inwestment risk, and ohanges in 5enlimenl conctsrning equities and within particular sectors OT sub sector8. Realised gains lor losses) on investment as¥elg ère calculated as the difference bebNeen disposal pioceeds and their opening carrying value or IheEr purchase value is a¢quired 8ub8equent lo the first day of the financial year. Unreallsed gains 8nd losses are calculated as Ihe difference belween th8 fair valuè at the year end and their carrytng value at Ihal dalè. Realised and unrealised investment gains (or losses) are credited lor dèbitsdl to the statement of financial activities in the year in which thèy arists. Debtors Debtor5 are r¢¢ognised at their settlement Jmount, less any provision for non-recoverability. They have beèn digcounted to ihe present value of the future cash reoeipl where such discounting is material. Cash Sn bank and In hand Cash 81 bank and in hand represents such accounts and instruments that are available on demand or have a malurlty of less Ihan three menlhg from the date of acquisition. Credltors and provlslon$ Crèditorg and provisions are recognised when Ih¢re is an obligation at the balance sheet dale as a rgsult of 8 pa51 event, il is probable that a transfer of economic benefit will b? required in settlement, and the amount of the settlement can be e51imaled ￿lIablY. Creditors 8nd provisions are recognised al the amount the charity anticipates il wlll pay lo settle the debt. They have been discounted to the present valuo ofthe future cash paymènt where such discounting is maleri81. Fund accountlng The general funtl represents funds available for th& gèneral charitable purpgses of the charity which may be applièd al the discretion of the trustees. THE ODIN CHARITABLE TRUST Pa e18 THE PRINCIPAL ACCOUNTING POLICIES- 5TH APRIL 2021 Cash flow The accounts do not include a ¢a8h flow stslement becaustt the charity is exempl from the requirement lo prepare such a statement undèr the Charities SORP IFRS 1021. THE ODIN CHARITABLE TRUST Pa e19 NOTES TO THE ACCOUNTS- 5TH APRIL 2021 1 INVESTMENT INCOME Investment Income arise8 from Ihe followtng ii)vestments'. 2020 2021 95,802 UK Equities 16,783 UK Unil Trusts 22.95Q UK Flxed Inlerest 13,405 Property Income Dlslrtbulions Overseas Equities Interest 97,458 15.305 9.784 114,923 15,291 74,239 74,239 279,154 196,786 2 DONATIONS 2020 2021 Legacy received from Gurl S¢otford's Estate 430,000 3 PROMOTING AND ENHANCING CHARITABLEWORK 2020 2021 31.000 Grants payable to institutions 19.481 Grant administration cosls 3,504 Governance cos1$ Inole 41 375.000 15.913 3,504 53.985 394,417 A detailed list of the grants payable lo institulioiis 18 given in the appendix to these accounts. THE ODIN CHARITABLE TRUST e20 NOTES TO THE ACCOUNTS- 5TH APRIL 2021 3 PROMOTING AND ENHANCING CHARITABLE WORK IContSnuèdl A r&concilialion of the grants payable and granl commitments figures shown in these 8¢eounts is as follows.. 2020 2021 214,000 Grant commitments at 6th April 2021 31,000 Grants agreed during the year 375.000 245,000 Grants payablo 1245,000} Grants paid during the ye8r 375,000 1250,000) Grant commilrnenlg 815th April 2021 125,000 4 GOVERNANCE COSTS 2020 2021 3,504 Statutory audlt fee 3,504 5 STAFF COSTS. TRUSTEES. REMUNERATION, AND RELATED PARTY TRANSACTIONS The Charity etllployed no staff during the year12020- None). ND Iruslees received any remuneralioii in respect ol their servi¢ès during the year12020 - £nill. PaynÈ Hicks Bèach conducted the day lo day adminislralion of the Charity during the year. The total fees chargèd for th& year lexcludin9 VAT and disbursements) were £13,169 {2020- £15.9141. Nts Trusletr wag reimbursed for expenditure incurred In the pèrformance ol their duties during the year12020 - £nill. The key management personnèl of tho charity in Charge of directing and controlling the charity comprises the Iruslees. The lolal rernuneralion lin¢ludSng taxable benefit8 bul excludin9 employevs pension contribuh'on81 of the key management personnel for the year was £nil12020- £nil}. There were no other transaetiong with related parties durlng the period of report12020- nLinel. THE ODIN CHARITABLE TRUST NOTES TO THE ACCOUNTS- 5TH APRIL 2021 6 TAXATION The Odin Charitable Trust is a regigtÈred charty and Iheielore Is not liable lo Income lax OT Drpoialion lax on income or gains derived from ils charitable activities as they fall within the exernptions available lo registered charities. 7 INVESTMENTS 2020 2021 LISTED INVESTMENTS Movements in listed Investments during the year wer@ as follows,. 8,998,707 Market value al 6th April 2020 1,736,409 Additions al cost 7,224.938 282,265 DispcTrsals at book valu¢ 11,858.4251 Iproc¢eds.' £878,947,. gains £284,566) 11,651,753) Nel unrealise¢J gain8111038esl in year 1594,3811 1,853,724 7,224,938 Market value at 5th April 2021 8,766.546 7,372.931 Cost of listed investments 51h April 2021 7,062,075 All investments were dÈall in on a recognised stock exchaYg&', 2020 2021 Listed investments held al 5th April 2021 ¢ompris& the following investments all lisleping Hèalth & Indèp8ndén¢e IDH5} DorL¥thy House Hospice Care Fareshare Food For Lrfe Wales Independent Ag& Julian House RÈlugè Shèlter Tangled Feet Limited The Trussell Trust 10,000 20,000 10,000 20,000 90,000 20,000 5,000 5,000 50,000 50,000 50,000 5,000 *fO,000 375,000 Tot81 grants and donations agreed lo be made to institutions during 2020 amounted to 31.000