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

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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,,

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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.

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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

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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.

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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

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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 Practi￿1.
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 con￿rn 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.

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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 aSseSs￿n9 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 prO￿dureS

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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 fraI￿eworkS 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.

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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.uk1audl1or￿r85ponSIb1Il1Ies. 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.

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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

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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 othe￿1$& stated in the relevant accounting policies below or the
notes ol these accounts.
The a¢¢ovnls have been prepared In accordance with Accounting and Reporting by Charities..
Statement of Recommended Practice applicable lo charities preparing thelr a¢¢ounls in
accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic
of Ireland Icharilies SORP FRS 1021 second edition issued in October 2019, the Fin8n¢ial
Reporting Standard applicabl& in the UK and Republic of Ireland IFRS 102) and the Charities
Act2011.
The charity con81I1utes 8 public btsnefit entity as defined by FRS 102.
The 8eeounts arè près6nl6d in sterling and rounded to the nearest pound.
Raconclllatlon wlth prevlous Generally Accepted Accountlng Practlce
In preparing the accDunts, the trustees have considered whether in applying the accounting
policies required by FRS 102 and Ihtr Charities SORP FRS 102 3 restatement of comparative
items was needed.
Critical accounting estimates and areas of judgemont
Preparation of the accounts require8 the tiusl¢ts8 lo make significant judgements and estimates.
The Items it) the 8ccoun18 where thèse judgements and @stimates have been made indude..
Judging whether a multi-year pledge should be accrued in full in the year of pledge or
over the term of the inslalmenls.
eslimaling future income and expgndilurè flows for tha purpose of assessing goin9
concern (see below).
Assessment of going conc ern
The Iruslees h3v& 8sstsssed wh$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 be￿een 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.

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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 (exclud￿ng 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