THE ODIN CHARITABLE TRUST REPORT AND ACCOUNTS 5TH APRIL 2022 PA YNE HICKS BEACH LLP Solicitors 10 New Square Lincoln's Inn London WC2A 3QG
THE ODIN CHARITABLE TRUST CONTENTS Administrative information about the charity, its trustees and advisars Trustees. report 9-12 Independent auditor's report 13 Statement of financial activities 14 Balance she¢l 15- 18 Principal accounting policies 19-22 Note8 to the accounts endix 23 Grants payable
THE ODIN CHARITABLE TRUST Pa ADMINISTRATIVE INFORMATION ABOUT THE CHARITY ITS TRUSTEES AND ADVISERS TRUSTEES Mrs. D.L. Kelly Mrs. P.C. Cherry Payne Hieks Beach Trust Corporation Limited PRINCIPALADDRESS 10 New Square Lincoln's Inn London, WC2A 3QG Tel 020 7485 4300 CHARITY REGISTRATION NUMBER 1027521 AUDIT Buzzacott LLP 130 Wood Street London EC2V6DL INVESTMENT MANAGERS Evelyn Partners 45 Gresham Street London EC2R 6AY BANKERS CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4TA SOLICITORSAND ADMINISTRATORS Payne Hicks Beach LLP 10 New Square Lincoln's Inn London WC2A 3QG
Pa THE ODIN CHARITABLE TRUST TRUSTEES, REPOR T- 5 APRIL 2022 The Trustees present their stalulory report together with tha 8ecounts of the Odin Charitable Trust for the year ended 5 April 2022. Thg accounts have been prepared in accordance with the accounting policies sel out on pages 15 10 18 01 the allached a¢counts and comply with th& Charity's trust deed, applicable laws, accounting standards (United Kingdom Generally Accepted A¢¢ounting Praclicel, and Accounting and Reporting by Charities.. Statement of Recommended Pracli¢e applicable to charities preparing their accounts in accordance with the Financial Reporting Standard appli¢abl& in the United Kingdom and Republi¢ of Ireland IFRS 1021. 5goond edition (October 20191. GOVERNANCE, STRUCTURE AND MANAGEMENT Governance The Odin Charitable Trust is governed by 8 trust deed dated 5th October 1993. Thè charity is reglstered under the Charities Act 2011, Charity Registration Number 1027521. The names of the trustees who served during the year are set out as part of the administrative information on page 101 this Annual Report and Accounts. Brief biographical details aro given below.. Mrs. P.C. Cherry Mrs. Cherry was appDinled a Iruslee (>n 6 December 2004. Mrs. D.L. Kelly Mrs. Kelly was appointed a Iruslee on 6 December 2004. Payn& Hlcks Beach Trust Corporation Limited Payne Hi¢ks 86ach Trust Corporation Limited was appointed a Trustee on 13th September 2019. On agreeing lo their appointment, the Trustees ale Ihtsroughly briefed by their co-Truslees on the history of the Tru81, the day-to-day management, the responsibilities of the Trustees, the current objectives and futuré plans. Trustees. respon$lbllltles statement Thé trustees are responsible lor preparing the Iruslees, report and accounts In accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. Charity law in England and Walès requires Ihe Iruslees lo prepare accounts for fyach financial year which give a true and fair view of thè state ol affairs of the charity al the year end and ol ils income and expenditure during that year. In preparing accounts, givino a true and fair view the Trusleos are required to.. Select $ullable accounting policies and then apply them con$l$lenlly', Observe the methods and principles of Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable to Charities preparing their accounts in accordance with th& Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021. Make judgemfjnts and eslimales that are reasonable and prudent,,
Pa THE ODIN CHARITABLE TRUST TRUSTEES, REPOR T. S APRIL 2022 GOVERNANCE, STRUCTURE AND MANAGEMENT Icontlnuèd Trust&e$' respon$lbllltlg$ $ts1om¥nt Icontlnuodl St81e whether applicable United Kingdom Accounting Standards have been followed. subject lo any material departures disclosed and explained in the accounts., and Prepare the accounts on the going concern basis unless il is inappropriat& to presume that the charity will continue lo operate. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable Ihern lo ensure that the a¢counls ¢tsrnply wilh the Charilles Act 2011, applicable Charily (Accounts and Reports) Regulations and the provisions c)f the trust deed, They are also responsible for safeguarding the assets ol the charity and hence lor taking reasonable steps foi the prevention and detection of fraud and other irregularities. structure and managemgnt rgPQrting The trustees are ultimately responsible for the policies. activities and assets of the charity. They meet twice a year to review the developments with regard lo the charity. its grant giving activities and make any important decisions. When necessary. the Trustees seek advice and support from the charity's professional adviser$ in¢luding investment managers. solicitors and accountants. The day lo day management of the charity's aclivilies, and the implementation of policies, is delegated to the Private Client Department of Payne Hicks Be8¢h. 11 admlnisters payments and keeps the books and records of the charity. as appropriate,. il administers payments and keeps the books and records of the ¢harity. At their meetings the Trustees review the investment performance, and the investment rnanagers attend the meetings lo update the trustees in detail on the portfolio. The trustees review the proposals for grants lo be made and approve such grants as appropri81e. Rlsk managem&nt In line with the requirement for charity Iru51ees lo undertake a rlsk 888essmenl exercise. In addition to the risks associated with Covid-19 (see belowl, the Trustees have identified three main areas where risks may occur.. - Governance Operational Financial Govarnanca looks on the continuity of Trusteeship, the skills and background of the Trustee8 and the policies of regular meetings of the Trustees lo review Ihelr aims and aclivllies. Operational looks at the risk inherent in the delegation of statutory and legal requirements of the charity, its management and secretarial functions and delegation of certain of thosè fLJnctions. and ils grant giving activities. Financial risks include those inherent in delegation of investment management and custody to an independent inveslrnenl manager, the financial record keeping of the charity, ils investment policy. audit and review procedures.
Pa THE OOIN CHARITABLE TRUST TRUSTEES. REPOR T- 5 APRIL 2022 GOVERNANCE, STRUCTURE AND MANAGEMENT (Continued) RiBk managgment IContinu&dl Having assessed the major risks lo which the ¢harily is Èxposed. in particular those relating lo Ils Investments and its finances, the Trustees believe th81 by ensuring controls exist ovar key financial 5ysl&ms incorporating the systems and controls implemented by Payne Hicks, Beach, and by delegating the investment management function lo investment managers, subject lo regular monitoring, including periodi¢ reviews of performance against benchmarks. they have es18blish6d effective systems lo mitigate those risks. In reaching this ¢on¢lusion, Ihg Trustee8 have consldered the impact on the charity of the Covid-19 pandemic. The keys risks faced by the chaiity, as identified by the truste&s, ar6 d&scribed below together with the principal ways in which they are miligaled. The charity's Principal asset comprises listed inveslmenls, the value of which is dependent on movements in UK and world stock markets. The investments are managed by reputable investment rnanagers who adhere lo a policy agreed by the Trustees. The Trustees meet on a year with the investment managers and the manag&¢s pèrformance and that of the portfolio are monitored. The investment slrategy is assessed regularly lo ensure il remains appropriate lo the charity's needs- both now and in the future. The charity carries out ils objectives by providing grants lo inslilulions that are also UK ragistered charities. whose objects comply with the chaiily's criteria. There is a risk that a grant providad by the eharily may not reach the intended recipient andlor may be used for purposes not ¢onsistant with the charity's objects. Whilst the Iruslees are mindful of their own obligation lo ensure that thè charity benefits the public generally, they take some assurance from the fact that re¢ipients of granis are themselves regulated to ensure that they operate for the public benefit. The risk assessment is kept under regular review and is fully reassessed annually. ACTIVITIES. SPECIFIC OBJECTIVES AND RELEVANT POLICIES Actlvltl•s and spaclflc oblectlves The Trustees operate a grant giving policy, provlding funds for such Charitable object or institution as the Trustees think fil. In addition lo supporting a wide range of charitsbla organisations. thè Trusleè8 have resolved to give preference lo charities which further the arts., piovide care for people who are disabled and disadvantaged., supporting hospices, the homeless. prisonerfs families, refugees. gypsies and 'tribal groups and furthering research into false memories and dyslexia. All appeals should be by letter or e-mail containing the following.. Aims and objectives of the Charity Nature of appeal Total larg61 if for a specilic project Registered ChaTily Number
Pa THE ODIN CHARITABLE TRUST TRUSTEES, REPOR T. S APRIL 2022 ACTIVITIES, SPECIFIC OBJECTIVES AND RELEVANT POLICIES Icontlnuedl ActivitieB and specific objectives (Continued) Any other relevanl factors Emai15 should be accompanied by a sel of the charitable organisalion's latest report and full accounts and should be addressed to.. odincharilabletrusl mail.com No applications from individuals are considered. The Trustees, aim is lo distribute a minimum amount of £220,000 per annum, 8llhough this only acts as a guide since additional payments made lo appropriate causes. Objectlves and activltles for the publlc benef It The Trustees ¢onfirm that they have referred to the guidance contained in the Charity Commlssion's guldance on publlc benefit when reviewing the Trust's alms and obje¢tives and in planning future activities and selling the grant making policy for the year. The charity Carries out these objectives by providing grants to institutions that are also UK regis16red eharitiè$, whose objects ¢tsmply with the charity's crilèrla. Whilst the trusl8è8 arè mindful of their own obligation lo ensure that the charity benefits the public generally, they lake some assurance from the fact that recipients of grants are themselves regulated lo ensure that they operate for the public benefit. Potential recipients of grants are identified by the Trusleè5 individually in areas where il i¥ perceived that public benefit will be achieved. The opportunity lo benefit is not reslricled in any way except that grants are restricted to bodies registered in the UK. not least to facilitate the Trustees being able lo follow up on the eff icacy Of thts grants made. In 811 other respects grants are not limited in any way except that the recipien15 should have a charitable need. The trustees therefore consider that the Trust's activities are for the benefit of the public generally. Ktry management The trustees comprise the key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day to day basis. All trLJslees give of their time fretrly and no Iruslee received any remuneration in the year. Details of Iiuslees. expense8 and remuneration and any related party transactions are disclosed in note 5 to the accounts. As noted above, the day or day management of the charily's activities, and the implementation of policies. is delegated lo the Private C lienl Department ol Payne Hicks Bea¢h LLP.
Pa THE ODIN CHARITABLE TRUST TRUSTEES, REPOR T. 5 APRIL 2022 ACTIVITIES. SPECIFIC OBJECTIVES AND RELEVANT POLICIES Icontinuèdl Investment Pollcy Tho charity has a portfolio of Investments with a market valuè as al 5 April 2022 of £10,266,345. 12021- £8,766,546). Them are no reslriclions on the charity's power lo invest. The investment strategy is 8gr8gd betweèn the Trustees and th& investment managers, and is regularly reviewed. This is the subject of a policy statement which has been completed by the Trustees and forms an integral part ofthe agreemènt with the investment manager to provide investment management services. The more signifiGanl principles in the statement are.. Capital and income growth which over the long term will endeavour to maintain the real value of the assets. To provide a benchmark for performance, the absolkjlo return based on RPI plus 3% over 5 yèars. The investment manager is invited lo attend each formal meeting of the Truslofjs lo provide a report on the performance of the portfolio. comparison against the benchmark and general market issues. ACTIVITIES AND PERFORMANCE Rèvlaw of activitie Total investment in¢omè, received in the year amounts to £223,801 12021 £196,786), which equates lo a yield of 2.180h (based on the rnarkel valuation of the investment assets al the year endl. The Trustees awardèd grants tolalling £167,000 during the year in accordance with the ch8rily's grant giving policy sel out above. A detailed list of all grants made in the year are shown in Ihtr Appendix on page 23. The Trustees maintain a list of Charllable organisalions which the charbty regularly $upport8 and this is reviewed prior to each m$ellng. The Iruslees feèl that their objectives have been adequately met this year. However. the Trustees are aware that there are external factors, which could affect the achievements of their objectives as a significant part of the charity's assets are made up of investments and ¢ash, the result ol which are dependent on thè gan6ral performance of the UK and overseas stock markets. As noted above undei risk management, in order to minimisa this risk, the Trustees hav¢ sel prudent investment policies and place reliance on the investment managers appoinl¢d lo monitor and advise on the necessary investment change8 and suitable asset allocation, Inv98tmgnt pèrformanca During the yoar the charity's investment assets achieved an income yield of 2.18% Ibased on the valuation of investments at the year endl and a capital increase of 17.11 Qkn. The investment managers continued to invest in accordance with the Trustees, investment policy.
THE ODIN CHARITABLE TRUST TRUSTEES. REPOR T- 5 APRIL 2022 ACTIVITIES AND PERFORMANCE (Continued) Invèstmènt p&rformane• Icontlnuèdl In view of the current volatility in financial markets, the trustees are satisfied with the performan¢e of the investments and are satisfied that their investment objectives will be mel over the medium term. FINANCIAL REVIEW Rg¥ults for the year A summary of the yeavs results can be fr)und on page 13 ofthis report and accounts. During the year ended 5 April 2022, 10181 income amounted lo £223,80512021 £627,067), being income arising from the charity's investments and cash deposits. The Trustees awarded grants lo inslilulions lolalllng £167.00012021 £375.0001. After accounting for grant admini$lration cost$ of £21,711 12021 £15,913), the governance costs of £9,000 12021 £3,504), and illveslmenl management cos15 of £62.44512021 £53,895), this brought lolal expenditure lo £260,15612021 £448,312). There were investment gains during the year of £e95,657 and a currency gain of £1,224. lolal £696,881 12021 gains £2,138,290 and currency loss of £15,518 total £2,122,772). This results in a nel income or a net increase in funds during the year of £660,530.12021 net increase in funds of £2.301,527}. Reserves policy and financial position Resètrvés polley The Unréslrictod Fund$ represènt the funds received by the Charity on the ¢r88tion of the charity adjusted for nel movements since that dale. The Trustees have the power lo meet adminislralive expenses from this fund and rnay apply the income of the fund towards the general purposes of the charity. The charity is operated 88 8 gTanl giving charity, 8nd the Truglees. ptsli¢y Is lo administer the investment assets on a lolal return basis and seek lo distribute £220.000 in each financial year Isubjecl to regular review). Flnan¢iT•lposition The balance sheet shows lolal funds of£11,035,931. The unrestricted fund comprises amounts whl¢h are ultimately free reserves bul which are held by the Trustees for investment so as lo ensuie the continued generation ol income in future periods, thereby helping to safeguard the long term existence of the charity and the achievement of its objectives. The size of the unreslricled fund sustains and supports the levels of donations which the Trustees wish to maintain and enhance over lime. The Trustees consider free reserves lo be adequate but not excessive in the light of the charity's r6servts$ policy set out above.
THE ODIN CHARITABLE TRUST TRUSTEES, REPORT- 5 APRIL 2022 FINANCIAL REVIEW IContinu9dl Future plans The Iruslees do nol anticipate any significant changes to the charity or its activities over the next two lo flve yoafs. It is their intention to meet the following objectives.. To ensure the inveslrnenl performance a¢hieves thg ¢rltsrfa sel by Iham so that there are sufficient funds to meet their grant giving aclivilies. To Continue lo make grants at a similar, if not, higher level. Signed on behalf of the Iwstees.. rusloe Trustee Trustee 21 November Approved by the Trustees on.. .2023
Pa THE ODIN CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT- 5 APRIL 2022 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ODIN CHARITABLE TRUST OPINION We have audited the accounts of The Odin Charitable Trust Ithe'charily'l for the year ended 5 April 2022 which comprise the slalemenl ol financial aolivilies, the balance sheet, the principal accounting policies and the llotes to the accounts. The finanaal reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Fln8ncial Reporting Standard 102'The Flnancial Reporting Standard applicable in the UK and Republic of Ireland, Iuniled Kingdom Generally Accepted Accounting Practi1. In our opinion. the accounts: gnre a true and lair view of the stale of the charity's affairg as at 5 April 2022 and of ils incorne and expenditure for the year then ended., have been properly prepared in accordan with United Kingdom Generally Accepted Accounting PraCtI- and have been prepared in accordance with the requiremen18 of the Charities Act 2011. BASIS FOR OPINION We conducted our audit in accordance with International Standards on Auditing Iulg IISAS IUKI} and 8pplicable law. Our responsibilities under Ihosfy standard5 srè further described in the auditor's rèsponsibilities for the audit ol the accounts section of our report. We are independent ol the charity in accordance with the elhical requirernenls that are relevant lo our audit ol the accounts in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in aGcordanGe 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 Ihe accounts, we have concluded that the Iruslees. use of the going concern ba&$ of accounting In the preparalitsn ol the accounls Is appropriate. Based on the work we have performed, we have not identified any rnalerial uncertainties Relating lo events or condition5 that. individually or collectively, may east significant doubt on the charity's ability to continue as a going conrn for a period of at least twelve months from when the accounts are aulhorised for issue, Our responsibilities and the responsibilities of the Iruslees with resptrct lo going ¢oncem are described in the relevant sections of this reptsrt. OTHER INFORMATION The Iruslees are re8ponsitAe foi the other information. The olher Information comprises the infomation included in the annual report and accounts, other than the accounts and our audilorfs report Ihereon. Our opinion on Ihe accounts does not eover the other information and we do not expres$ 8ny form of 8ssuranee conclusion Ihereon.
Pa e10 THE ODIN CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT. 5 APRIL 2022 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ODIN CHARITABLE TRUST OTHER INFORMATION Icontlnuedl In connection with our audit of the accounts. our responsibility is lo lead the other inloimation and, in doing so, consider whether the olh9r information is materially inconsistent with the accounts or our knowledg9 obtained in the audit or olh8rwise appears lo be materially misstated. If we identify such material incon8islencies or apparent rnalerial mi5Stalemenls, we are iequlred to deterrnine whelh8r there is a material rni88talomenl in Ihe accounts or a material misslalemenl of the other infoirnalion. If, based on the work we have performed, we conclude that Iharè is a material mi58laloffienl ol this other information, we are required lo report that fact. We hav8 nothing to report in this regard. MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION We have nothing to report in respect of Ihe following tnallers in relation to which the Charities Acl 2011 requires us to report to you if, in our opinion.. the information given in the Iruslees. report Is Inconsistent in any mal81ial respect with the accounts.. or sufficient accounting records have not been kept., or the accounts are not in agreement with the accounting records and reluins.. or we have not received all the information and explanations we require for our auLlil. RESPONSIBILITIES OF TRUSTEES As explained more fully in the Iruslee8' respongibilities statement, the Iruslees are responsible lor the preparation of th8 aeeounts and lor being satisfied that they give a true and fair view, and for such intèrnal control as the Iruslees dolertnine is necessary to enable the preparation of accounts that are free frorn maleiial misstatement. whether due lo fraud or error. In preparing the acwunt5, the trustees are responsible for aSseSsn9 Ihe charity's abilily to continue as a going concern, dis¢10sing, as applicable. matters related lo going conoein and using the going collcern basis of accounting unless the Irusle&s either intend to liquidate the charily or to cease operations, 01 hav8 no realistic alternalive bul to do so. AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE ACCOUNTS Our objectives are to obtain reasonable assurance about whether the aceounts as a whole are free from material misslalemenl, wholher due to fraud or error. and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level ol 8s8uiance. but is not a guarantee that an audit conducted in accordance with ISAS IUKI will a5ways detect a material misslalemenl when il exist5. Misstalemenls can arise from fraud or erfor and are QOn8idered material if, individually or in the aggregate, they could reasonably be expected to Influen the economic deoisions of users taken on the basis of these accounts. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. to delecl rnaterial mlsstatemenls in respect of iiregulgrilie5, including fraud. The extent lo which our prOdureS
Pa e 11 THE ODIN CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT- 5 APRIL 2022 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ODIN CHARITABLE TRUST are capable ol delecling irregularities, including fraud is detailed below. AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE ACCOUNTS (Continued) Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, w88 88 follows.. We ensured that the engagement l&am ¢oll&ctively had the appropriate eompetence, capabilities and skills to identify or recognise non-corllpliance with applicable laws and regulations., We obtained an understanding of the legal and regulatory fraIeworkS that are applicable lo the eharitab1e company and determined that the most significant frameworks which are directly relevant lo specific assertions in the financial Statements are those that relate lo the reporting framewoik (Slalement of Reeommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with thg Fin8n¢i31 Reporting Slandaid applicable in the United Kingdom and Republic of Ireland IFRS 102) nd the Charities Act 20111., and The identified law8 and r@gulalion8 were communlcated within the audit team regularly and the team remained alert to inslanTrs ol non-compliance throughout the audit. We as8e888d tho susceptibility of the ¢h8rity'5 financial statements to material misstatement. including obtaining an understanding of how fraud might occur, by.. Making enquiries of Ihts charity's adminlslralors as lo thelr knowledge of actual. suspected and alleged fraud., and Considering the internal ¢onlrol8 in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk ol fraud through management bias and override of controls, we.. Performed analytical procedures lo identify any unusu81 or unexpected rtrl8lionships', Assessed whether judgements and assumptions rnade in delemiining the accounting eslimales were indicative of potential bias., and Perlorffled substantive testing on grant expenditure lo gain assurance the expenditure was in line with the awards approved by Iruslees. In response lo the risk of irregularities and non-compliance wlth18ws and regulatlons, we designed procedures which induded. but were not limited to.. Agreeing finandal statement dlsclosures to underlying supporting documentation., R&8ding Ihts minutes tsf meetings of those chaiged with governance.. and Enquiring of the charity's adminislralor8 as lo actual and potential liligalion and claims. As a result of our proceduros we did not identify any key audit mallers relating lo irregularities.
e12 THE ODIN CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT- 5 APRIL 2022 INDEPENDENT AUDITOR'S REPORTTO THE TRUSTEES OF THE ODIN CHARITABLE TRUST AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE ACCOUNTS Icontinugdl Thero are inherent limitations in our audit procedures described above. The more removgd that laws and r8gulations are from financial transaclions, the less lik81y it is that we would b8COtn8 aware of non-complian. Auditing slandaid5 8150 limit the audit procedures required to identify non-compliance with laws and regulations to enquiry ol the directors and other management and the inspection of regulatory and legal coire8pondenc8. il any. Material misslalements that ali88 due to fraud can be harder lo delocl than those that arise from giror as they may involve deliberale concealment or collusion. A further description of our responsibilities for the audit ol the accounts is loca16d on the Financial Roporting Council'8 wobsile at .Irc.Org.uk1audl1orr85ponSIb1Il1Ies. This description forms part of our auditor's report. USE OF OUR REPORT This report is rnade solely lo the charity's trustees. as a body, in accordance with section 145 of the Charilios Act 2011 and with iegulations made under section 154 of that Act. Our audit work has been undert8k6n so that we rnighl slate lo the charity's trustees those rnallers we are required lo state to them in an auditor'5 report and lor no other purpose, To th8 fullest 8xt8nt permitted by law, we do not accept or assume responsibility to anyone other than the eharily and the charity's trustees as a body, for our audit work, for this report. or for the opinions we have formed. ?zoca Buzzacotl LLP Statutory Auditor 130 Wood Street London EC2V 6DL Date.. 29 November 2023 Buzzacoll LLP Is ellgible to act as an auditor in 18rms of S8etion 1212 of th6 Companies Act 2006.
Pa e13 THE ODIN CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED S APRIL 2022 Total 2021 Total 2022 Notes INCOME FROM.. Invoslmenl income Interest receivabl8 Legacy received from Guri Scollord's Eslale 196,786 281 430,000 223,801 627,067 TOTAL INCOME 223,80S EXPENDITURE ON.. R8i5ing funds Inve51menl management costs 53,895 62.445 Charitable activities Promoting and enhancing Charitable work 394,417 197.711 448.312 TOTAL EXPENDITURE 260.1 $8 NET INCOME BEFORE INVESTMENT GAINSIILOSSESI 178.755 136,3511 Investment gains.. Realised/Unrealised 2,138,290 695,657 Currency 98ins'. Unrealised 115,5181 1.224 NET INCOME AND NET MOVEMENTS IN FUNDS 2.301,527 660.530 RECONCILIATION OF FUNDS Totsl funds brought forward al 6 April 2021 8,073,874 10,375,401 Total funds carried forward al 5 April 2022 10,375.401 11.035,931
Pa e14 THE ODIN CHARITABLE TRUST BALANCE SHEET AS AT 5 APRIL 2022 2021 Notes 2022 FIXED ASSETS Investments 8,766.546 Listed Investments 10,286,345 CURRENT ASSETS 437.252 1,323,144 Oeblors Cash al bank and in hand 6,389 796,573 1,760,396 Tota1 current assets 802,962 LIA81LITIES'. Creditors.. Amounts falling due within one year {151,5411 {33,3761 1.608,855 NET CURRENT ASSETS 769.586 10,375,401 NET ASSETS 11,035.931 THE FUNDS OF THE CHARITY Unroslricled Income Funds General Fund 10,375.401 11,035,931 Approved by the Iruslees.. Trustee Trustee Trustee Datè of Approval.. 21 November 2023
Pa e15 THE ODIN CHARITABLE TRUST THE PRINCIPAL ACCOUNTING POLICIES- 5 APRIL 2022 The prindp81 a¢¢ounling policies adopted, judgomonls and key SOLJfc6s of estimation uncertainty in the preparation of the accounts are laid out below. Basis of preparatlon These accounts have been prepared for the year lo 5 April 2022 with compar8livg information presented in respect to the year to 5 April 2021. The accounts have been prepared under the historical cost convention with items r¢¢ognlsed at cost or Ir8nsaclion value unless othe1$& stated in the relevant accounting policies below or the notes ol these accounts. The a¢¢ovnls have been prepared In accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing thelr a¢¢ounls in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland Icharilies SORP FRS 1021 second edition issued in October 2019, the Fin8n¢ial Reporting Standard applicabl& in the UK and Republic of Ireland IFRS 102) and the Charities Act2011. The charity con81I1utes 8 public btsnefit entity as defined by FRS 102. The 8eeounts arè près6nl6d in sterling and rounded to the nearest pound. Raconclllatlon wlth prevlous Generally Accepted Accountlng Practlce In preparing the accDunts, the trustees have considered whether in applying the accounting policies required by FRS 102 and Ihtr Charities SORP FRS 102 3 restatement of comparative items was needed. Critical accounting estimates and areas of judgemont Preparation of the accounts require8 the tiusl¢ts8 lo make significant judgements and estimates. The Items it) the 8ccoun18 where thèse judgements and @stimates have been made indude.. Judging whether a multi-year pledge should be accrued in full in the year of pledge or over the term of the inslalmenls. eslimaling future income and expgndilurè flows for tha purpose of assessing goin9 concern (see below). Assessment of going conc ern The Iruslees h3v& 8sstsssed wh$lhor the use of the going Concern assumption is appropriate in preparing these accounts. The Iruslees have made this assessment in respect lo a period of al least one year from the date of approval of these accounts. The Iruslees of the charity have concluded that there are no material uncertainties related lo eveiits or ¢()ndilions that may Cast significant doubt on the ability of the charity to continue as a going concern. The Iruslees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due and have no concerns regarding the charity's ability to
Pa e16 THE ODIN CHARITABLE TRUST THE PRINCIPALACCOUNTING POLICIES- 5 APRIL 2022 Assessment of golng concern Icontlnuedl continue as a going con¢&m. The most 8ignlficant areas of judgement that affect items in the accDunl are detailed above, With regard lo the llexl accounting period. the year ending 5th April 2023, the most significant areas that affect the carrying value of the assets held by the charity are tho level of investment return and the performance of the investment rnaikels Isee the investment policy and the risk managèment sections of the trustees. report for more informalionl. In¢omo recognition Income is recognised in the period in which the charity has enlillemenl to the income, the amount of in¢ome can be measured reliably and it is probable that the income will b8 received. In¢ome comprises investment income from investments and interest from deposits. Donations are re¢ognised when the charity has confirmation of both Ihg amount and sellSement date and includ¢ Gift Aid lax ro¢laims. Dividends are recognisod once the dividend has been declared and nolilicalion has been received ol the dividend due. Intere51 on funds held on deposit is included when receivable and the amount can be measured reliably by tho charity., this is normally upon notification of the inleiesl paid or payable by the bank. Expenditure racognition Liabililles are recogni8ed as &xpendilure as soon as there is a legal or conslruclive obligation oommitting the charity to make a payment lo a third party, it is probable that a transfer of economic benefits will be required in settlemant and the amount of the obligations can be measured reliably. All exponditure is accounted for on an accruals basis. Expenditure comprlsès direct costs and support costs. All expenses, including support costs, are allocated or apportioned to tho appli¢able expenditure headings. The cla88ific8tion beeen the activi11$8 is as follows.. lal Expenditure on raising funds includes all expenditure asso¢laléd with raising funds lor the ¢harily. This includ95 the fees paid lo the Investment manager in connection with the managemènt of the charity's listed investments. Ibl Expènditure on charitablè activities includes all costs associated with furthering the chaiitable purposes of the ¢harily thrtsugh the provision of ils charitable activities. Such costs include charitsble grants payable in promoting and enhancing charitable work Carried out by other charitable organisalions, and relal8d support costs including the cost of administering the aclivilitrs of the charity and govemance costs. Grants payable are includèd in the statement of financial 8clivllles when approved and when the intended recipient has either receivèd th& funds or been informed of the derysion lo make th donats'on and has satisfied all related conditions. Grants approved bul not paid al the end of the linanaal year are accrued for. Grants where the beneficiary has not b&8n informed or has lo meet certain conditions before the grant is released are not accrued for bul are noted a
Pa e17 THE ODIN CHARITABLE TRUST THE PRINCIPALACCOUNTING POLICIES- S APRIL 2022 Expenditure recognltlon {Continuedl financial commitments in the note to the accounts All expenditure is slated inclusive of irrecoverable VAT. Allocation of support and governancg costs Support costs represent Indir&¢l charitable expendlttjre. In order to carry out the primary purposes of the charity il is necessary lo provide sUPPOrt In the form of adminislrauon $8rvlce$. Allocation of support and governance COBts Icontlnuedl Governance costs eomprfse the costs Involving the publlc accountsbility of the charity (including audit costsl and costs in respect of its compliance with regulation and good pradice. Support costs and governance costs are apportioned directly lo the one charitable aclivily. Fixed asset investments Fixed asset investments are included on the balance sheet at their market value al the end of the financial period. Realised and unrealised gains {or losses) are credited lor debiledl. lo the statement of financial activities in the year in which they arise. Listed investments are a form of basic financial instrument and are initially recognised al their transaction value and subsequently measured al their fair value as at the balance she81 date using the dosing quoted market price. The charity does not acquire pul options, derivatives or other complex financial instruments. As noted above the main form of financial risk faced by the charity 18 that a volallllly In equlty markets and investment markets due lo wider economic conditions, the allilude of investors lo investment iisk, and change8 in sentiment concerning equities and within parti¢ular sectors or sub sectors. Realised gains lor losses} on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value is acquired subsequent lo the first day of the financial year. Unrealised g8ins and losses are ¢8lculaled as the dillerènce betweèn the fair value at th& year end and their carrying value at that dale. Realised and unrealised investment gains lor Ios5esl are credlted lor debltedl lo the 8tslèmenl of financial aciivities in the year in which they arise. Debtors Debtors are recogni5ed 81 their settlement amount, less any provision for non-re¢over8bllity, They have been discounted lo the present value of the future cash receipt where such discounting is material.
Pa e18 THE ODIN CHARITABLE TRUST THE PRINCIPAL ACCOUNTING POLICIES- S APRIL 2022 Cash in bank and in hand Cash at bank and in hand represents such accounts and instruments that are availabla on demand or have a malurily of I&s5 than three months from th& dale of acquisition. Cr8dltors and provi$lons Creditors and provisions are recognised whèn there is an obligation at the balance sheet dale as a result of a past event, il is probable that a transfer ol e¢onomic benefit will be required in settlernenl, and tha amount of the settlement can be eslirnaled reliably. Credilors and provisions are recognised 81 th& amount the chaiily antirypates it will pay lo sellle the d$bl. They have been discounted lo the pi858nt value of the futur8 cash payment where such di$¢ounting is material. Fund accounting The general fund represents funds available for th8 g6neral charitable purposos of the charity which may be applied 81 the discretion of the Irusteas. Cash flow The accounts do not include a cash flow slalement because the charily18 exempt from the requirement lo prepare $ueh a statement under the Charities SORP IFRS 1021,
Pa e19 THE ODIN CHARITABLE TRUST NOTES TO YHE ACCOUNTS- 5 APRIL 2022 1 INVESTMENT INCOME Investment Income arises from the following inveslmenls., 2021 2022 97.458 UK Equilles UK Unil Trusts Dlvidends UK Fixed Interest UK Unil Trust Interest Property Income Distributions Prior Year Income Adjustment Overseas Equities Interest 80,257 16,242 9,135 243 6,286 1,915 15,305 9.784 74,239 101.617 8,1( 109.723 1,786 223.801 2 DONATIONS 2021 2022 430,000 Legacy reeelved from Gurl Seotford's Estate 3 PROMOTING AND ENHANCING CHARITABLE WORK 2021 2022 375,000 15,913 3.504 Grants payable lo instilullons Grant administration costs Governance costs (note 41 167,000 21,711 9.000 394,417 197,711 A dètalled list of the grants payable to institutions is given in the appendix to these accounts.
Pa 820 E ODIN CHARITABLE TRUST NOTES TO THE ACCOUNTS. S APRIL 2022 3 PROMOTING AND ENHANCING CHARITABLE WORK Icontlnuedl A reconciliation of the grants payable and grant commitments figures shown in these accounts s as follows.. 2021 2022 Grant comrnilments at 6 April 2021 Grants agreed during the year 125,000 167,000 375,000 375,000 1250,0(K)I Grants payable Grants paid during the year 292,000 1292.0001 t25,OCK) Grant commitments at 5 April 2022 4 GOVERNANCE COSTS 2021 2022 3,504 Statutory audit fee g,000 S STAFF COSTS, TRUSTEES, REMUNERATION, AND RELATED PARTY TRANSACTIONS The Charity employed no staff during th6 year12021- Nono). No trustees received any remuneralion in respect of their seNices during the year {2021- £nill. Payne Hicks Be&ch conducted the day to day administration of the Charlty during the year. The total lees charged for the year (excludng VAT and disbursements) were £18,012.42. 12021 £15,914). Al 5 April 2022 (excluding VAT and disbursemenlsl, a balance of £1,927.45. was owed lo Payne Hick Beach in relation to these setvices12021- £7,435.50). No Trustee was rgimbursed for expenditur8 incurred in the performance ol their duties during the year12021 £nill. The key management personnel of the charity in charge of directing and controlling the charity ornprises the trustees. The total rgmuneration linduding taxablè benefits but excluding employerfs pension contributions) of the key management personnel foi th9 year was £nil12021 £nill. There were no other transactions with related parties during the pèriod of report12021- none).
Pa e21 THE ODIN CHARITABLE TRUST NOTES TO THE ACCOUNTS- S APRIL 2022 6 TAXATION The Odin Charitable TriJs118 8 regi$ler8d eharity and therefore is not liable lo income lax or corporation tax on income or gains derived from its charitable activities as they fall within the exempb'ons available lo registered Gharilie5. 7 INVESTMENTS 2021 2022 LISTED INVESTMENTS Movements in listed investments during the year wèrè as follows.. 7,224,938 Market value al 6 Aprll 2021 8.766.546 282,285 Additions al cost 5,533,536 1594,3811 Disposals proceeds 14.729.394) 1.853,724 Nel realisedlunrealised gainslllogsesl in year 695,657 8,766,546 Market v8lue at 5 April 2022 10,266.345 7,062,075 Cost of listed investments 5 April 2022 8,497,002 All investments were dealt in on a recognised stock exchange.. 2021 2022 Listed investments held al 5 April 2022 comprise the following Investments all listed on a UK stock exchange.. 1,055.003 UK Fixed Interest 590.543 Property Funds 2,669.395 Overseas Equities 2,740,989 UK Equities and unit trusts 1,710.618 Hedge Funds 974,009 616.807 4,034.215 2,681.883 1,959.431 8,766,546 10,266,345 Al 5 April 2022 there were no Ilsled investments Considered of material value.
Pa e22 THE ODIN CHARITABLE TRUST NOTES TO THE ACCOUNTS- 5 APRIL 2022 DEBTORS 2021 2022 430,000 The Estate of Guil S¢ollord 2,252 Accrued Interest 5,000 Refund of grant Dividend Dua 5.000 1,389 437,252 6,389 9 CASH AT BANK AND IN HAND 2021 2022 37,248 CAF Bank Ltd. 1.285,525 Evelyn Partners Investment Managemgnl Ltd. 371 Payne Hicks Beach 275 796,298 1,323.144 796,573 10 CREDITORS 2021 2022 AMOUNTS FALLING DUE WITHIN ONE YEAR 8,922 Grant administration costs Slatulory audit fee 2018- 2020 2021 2022 2,313 balance 3,001 3,504 9,000 3,504 15,505 15,558 14,115 Invèstment management fees 125,000 Grants 151,541 33,376
e23 THE ODIN CHARITABLE TRUST APPENDIX GRANTS PAYABLE- 5APRIL 2022 Amount In$tltutlon$ DEC Ukraine Dorothy House Trussell Trust Children's Hospice SW Developing Health & Independence {DHII Fareshare Julian House Refuge Shelter Crisis UK Alice House Hospice Independent Age Jamie's Farm One25 Soulhend Carers 50.000 20.000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 5,000 8,000 5,000 5,000 3,000 1,000 167,000 Total grants and donations agreed to be made lo in5titulions during 2021 amounted lo 375,000