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← Odin Charitable Trust

2025-04-05-accounts

THE ODIN CHARITABLE TRUST

REPORT AND ACCOUNTS

5 APRIL 2025

PAYNE HICKS BEACH LLP Solicitors 10 New Square Lincoln's Inn London WC2A 3QG

THE ODIN CHARITABLE TRUST

CONTENTS

Reports

1 Administrative information about the charity, its trustees and advisers

Accounts

14 Statement of financial activities

Appendix

24 Grants payable

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THE ODIN CHARITABLE TRUST

Page 1

ADMINISTRATIVE INFORMATION ABOUT THE CHARITY, ITS TRUSTEES AND ADVISERS

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TRUSTEES : Mrs. D.L. Kelly
Mrs. P.C. Cherry
Payne Hicks Beach Trust Corporation Limited
PRINCIPAL ADDRESS : 10 New Square
Lincoln's Inn
London, WC2A 3QG
CHARITY REGISTRATION NUMBER : 1027521
AUDITOR : Bright Grahame Murray
Emperor's Gate
3rd Floor, 114a Cromwell Road
Kensington
London
SW7 4AG
INVESTMENTMANAGERS Evelyn Partners
45 Gresham Street
London EC2R6AY
BANKERS : CAF Bank Limited
25Kings HillAvenue
Kings Hill
West Malling
Kent ME19 4TA
SOLICITORS AND ADMINISTRATORS : Payne Hicks Beach LLP
10 New Square
Lincoln's Inn
LondonWC2A3QG

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THE ODIN CHARITABLE TRUST

TRUSTEES’ REPORT - 5 APRIL 2025

The Trustees present their statutory report together with the accounts of the Odin Charitable Trust for the year ended 5 April 2025.

The accounts have been prepared in accordance with the accounting policies set out on pages 16 to 19 of the attached accounts and comply with the Charity's trust deed, applicable laws, accounting standards (United Kingdom Generally Accepted Accounting Practice), and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), second edition (October 2019).

GOVERNANCE, STRUCTURE AND MANAGEMENT

Governance

The Odin Charitable Trust is an unincorporated charity, governed by a trust deed dated 7th October 1993. The charity is registered 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 1 of this Annual Report and Accounts. Brief biographical details are given below:

Mrs. P.C. Cherry

Mrs. Cherry was appointed a trustee on 6 December 2004.

Mrs. D.L. Kelly

Mrs. Kelly was appointed a trustee on 6 December 2004.

Payne Hicks Beach Trust Corporation Limited

Payne Hicks Beach Trust Corporation Limited was appointed a Trustee on 13th September 2019. A full list of the company's directors are available from its registered office.

On agreeing to their appointment, the Trustees are thoroughly briefed by their co-Trustees on the history of the Trust, the day-to-day management, the responsibilities of the Trustees, the current objectives and future plans.

Trustees' responsibilities statement

The trustees are responsible for preparing the trustees' report and accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted.Accounting Practice).

Charity law in England and Wales requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity at the year end and of its income and expenditure during that year. In preparing accounts, giving a true and fair view the Trustees are required to:

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THE ODIN CHARITABLE TRUST

TRUSTEES' REPORT - 5 APRIL 2025

GOVERNANCE, STRUCTURE AND MANAGEMENT (Continued)

Trustees' responsibilities statement (Continued)

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 them to ensure that the accounts comply with the Charities Act 2011, applicable Charity (Accounts and Reports) Regulations and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Structure and management reporting

The trustees are ultimately responsible for the policies, activities and assets of the charity. They meet at least once a year to review the developments with regard to the charity, its grant giving activities and make any important decisions. When necessary, the Trustees seek advice and support from the charity's professional advisers including investment managers, solicitors and accountants. The day to day management of the charity's activities, and the implementation of policies, is delegated to the Private Client Department of Payne Hicks Beach. It administers payments and keeps the books and records of the charity as appropriate; it administers payments and keeps the books and records of the charity.

| At their meetings the Trustees review the investment performance, and the investment | managers provide a detailed report at each meeting for the Trustees to review. The Trustees | review the proposals for grants to be made and approve such grants as appropriate. | Risk management | Inline with the requirement for charity trustees to undertake a risk assessment exercise. | Trustees have identified three main areas where risks may occur: | - Governance | - Operational | - Financial Governance looks on the continuity of Trusteeship, Trusteeship, the skills and background of the the Trustees | and the policies of regular meetings regular meetings meetings of the Trustees the Trustees Trustees to review their aims aims and activities.

Governance looks on the continuity of Trusteeship, Trusteeship, the skills and background of the the Trustees and the policies of regular meetings regular meetings meetings of the Trustees the Trustees Trustees to review their aims aims and activities.

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THE ODIN CHARITABLE TRUST

TRUSTEES' REPORT - 5 APRIL 2025

GOVERNANCE, STRUCTURE AND MANAGEMENT (Continued)

Risk management (Continued)

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 those functions, and its grant giving activities.

Financial risks include those inherent in delegation of investment management and custody to an independent investment manager, the financial record keeping of the charity, its investment policy, audit and review procedures. Having assessed the major risks to which the charity is exposed, in particular those relating to its investments and its finances, the Trustees believe that by ensuring controls exist over key financial systems incorporating the systems and controls implemented by Payne Hicks Beach, and by delegating the investment management function to investment managers, subject to regular monitoring, including periodic reviews of performance against benchmarks, they have established effective systems to mitigate those risks.

The keys risks faced by the charity, as identified by the trustees, are described below together with the principal ways in which they are mitigated.

The charity's principal asset comprises listed investments, the value of which is dependent on movements in UK and world stock markets. The investments are managed by reputabie investment managers who adhere to a policy agreed by the Trustees. The Trustees meet once a year and review the investment managers performance and make sure the portfolio is monitored. The investment strategy is assessed regularly to ensure it remains appropriate to the charity's needs - both now and in the future.

The charity carries out its objectives by providing grants to institutions that are also UK registered charities, whose objectives comply with the charity's criteria. There is a risk that a grant provided by the charity may not reach the intended recipient and/or may be used for purposes not consistent with the charity's objectives. Whilst the trustees are mindful of their own obligation to ensure that the charity benefits the public generally, they take some assurance from the fact that recipients of grants 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

Activities-and-specific-objectives

The Trustees operate a grant giving policy, providing funds for such charitable object or institution as the Trustees think fit.

In addition to supporting a wide range of charitable organisations, the Trustees have resolved to give preference to charities which further the arts; provide care for people who are disabled and disadvantaged; supporting hospices, the homeless, prisoner's families, refugees, gypsies and ‘tribal groups'; and furthering research into false memories and dyslexia.

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THE ODIN CHARITABLE TRUST

TRUSTEES' REPORT - 5 APRIL 2025

ACTIVITIES, SPECIFIC OBJECTIVES AND RELEVANT POLICIES (Continued)

Activities and specific objectives (Continued)

All appeals should be by letter or e-mail containing the following:

Emails should be accompanied by a set of the charitable organisation's latest report and full accounts and should be addressed to:

odincharitabletrust@qmail.com

No applications from individuals are considered.

The Trustees’ aim is to distribute a minimum amount of £240,000 per annum, although this only acts as a guide since additional payments can be made to appropriate causes.

Objectives and activities for the public benefit

The Trustees confirm that they have referred to the guidance contained in the Charity Commission's guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities and setting the grant making policy for the year.

The charity carries out these objectives by providing grants to institutions that are also UK registered charities, whose objects comply with the charity's criteria. Whilst the trustees are mindful of their own obligation to ensure that the charity benefits the public generally, they take some assurance from the fact that recipients of grants are themselves regulated to ensure that they operate for the public benefit.

Potential recipients of grants are identified by the Trustees individually in areas where it is perceived that public benefit will be achieved. The opportunity to benefit is not restricted in any way except that grants are restricted to bodies registered in the UK, not least to facilitate the Trustees being able to follow up on the efficacy of the grants made. In all other respects grants are not limited in any way except that the recipients should have a charitable need.

The trustees therefore consider that the Trust's activities are for the benefit of the public generally.

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THE ODIN CHARITABLE TRUST

TRUSTEES' REPORT - 5 APRIL 2025

ACTIVITIES, SPECIFIC OBJECTIVES AND RELEVANT POLICIES (Continued)

Key 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 trustees give of their time freely and no trustee received any remuneration in the year. Details of trustees’ expenses and remuneration and any related party transactions are disclosed in note 4 to the accounts. As noted above, the day or day management of the charity's activities, and the implementation of policies, is delegated to the Private Client Department of Payne Hicks Beach LLP.

Investment Policy

The charity has a portfolio of investments with a market value as at 5 April 2025 of £10,094,127. (2024 - £10,718,416).

There are no restrictions on the charity's power to invest. The investment strategy is agreed between the Trustees and the 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 of the agreement with the investment manager to provide investment management services.

The more significant principles in the statement are:

The investment manager provides a report on the performance of the portfolio, with a comparison against the benchmark and general market issues.

ACTIVITIES AND PERFORMANCE

Review of activities

Total investment income, received in the year amounts to £304,240 (2024 - £257,108), which equates to a yield of 3.01% (based on the market valuation of the investment assets at the year end). The Trustees awarded grants totalling £255,000 during the year in accordance with the charity's grant giving policy set out above. A detailed list of all grants made in the year are shown in the Appendix on page 24.

The Trustees maintain a list of charitable organisations which the charity regularly supports and this is reviewed prior to each meeting.

The trustees feel that their objectives have been adequately met this year.

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THE ODIN CHARITABLE TRUST

TRUSTEES' REPORT - 5 APRIL 2025

ACTIVITIES AND PERFORMANCE (Continued)

Review of activities (Continued)

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 cash, the result of which are dependent on the general performance of the UK and overseas stock markets. As noted above under risk management, in order to minimise this risk, the Trustees have set prudent investment policies and place reliance on the investment managers appointed to monitor and advise on the necessary investment changes and suitable asset allocation.

Investment performance

During the year the charity's investment assets achieved an income yield of 3.01% (based on the valuation of investments at the year end) and a capital decrease of 5.82%. The investment managers continued to invest in accordance with the Trustees’ investment policy.

In view of the current volatility in financial markets, the trustees are satisfied with the performance of the investments and are satisfied that their investment objectives will be met over the medium term.

FINANCIAL REVIEW

Results for the year

A summary of the year's results can be found on page 14 of this report and accounts.

During the year ended 5 April 2025, total income amounted to £312,893 (2024 - £264,820), being income arising from the charity's investments and cash deposits.

The Trustees awarded grants to institutions totalling £255,000 (2024 - £226,000). After accounting for grant administration costs of £21,257 (2024 - £23,079), the governance costs of £6,091 (2024 - £2,495), and investment management costs of £66,132 (2024 - £61,973), this brought total expenditure to £348,480 (2024 - £313,544).

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There were investment losses during the year of £316,370 and a currency loss of £2,544, total £318,914 (2024 gains £647,464 and currency gain of £1,708 total £649,172).

This results in a net decrease in funds during the year of £354,501 (2024 net increase in funds of £600,448).

Reserves policy and financial position

Reserves policy

The Unrestricted Funds represent the funds received by the charity on the creation of the charity adjusted for net movements since that date. The Trustees have the power to meet administrative expenses from this fund and may apply the income of the fund towards the general purposes of the charity.

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THE ODIN CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT - 5 APRIL 2025

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ODIN CHARITABLE TRUST

OPINION

We have audited the accounts of The Odin Charitable Trust (the 'charity’) for the year ended 5 April 2025 which comprise the statement of financial activities, the balance sheet, the principal accounting policies and the notes to the accounts. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of lreland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the accounts:

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the accounts, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the accounts is appropriate.

Based on the work we have performed, we have not identified any material uncertainties Relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the accounts are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

OTHER INFORMATION

The trustees are responsible for the other information. The other information comprises the information included in the annual report and accounts, other than the accounts and our auditor's report thereon. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon.

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THE ODIN CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT - 5 APRIL 2025

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ODIN CHARITABLE TRUST OTHER INFORMATION (Continued) In connection with our audit of the accounts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the accounts or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.

In preparing the accounts, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE ACCOUNTS

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a | material misstatement when it exists. Misstatements can arise from fraud or error and are | considered material if, individually or in the aggregate, they could reasonably be expected to | influence the economic decisions of users taken on the basis of these accounts. |

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THE ODIN CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT - 5 APRIL 2025

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ODIN CHARITABLE TRUST AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE ACCOUNTS (Continued) Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

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THE ODIN CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT - 5 APRIL 2025

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ODIN CHARITABLE TRUST AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE ACCOUNTS (Continued)

As a result of our procedures we did not identify any key audit matters relating to irregularities.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

OTHER MATTERS

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

This has been done in order for the financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice.

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Bright Grahame Murray

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THE ODIN CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 5 APRIL 2025

Total Total
2024 Notes 2025
£ £
INCOME FROM:
257,108 Investment income 1 304,240
7,712 Interest receivable 5,554
- Swiss tax reclaim 3,099
264,820 TOTAL INCOME 312,893
EXPENDITURE ON:
Raising funds
61,973 Investment management costs 66,132
Charitable activities
Promoting and enhancing
251,574 charitable work 2 282,348
313,544 TOTAL EXPENDITURE 348,480
NET INCOME/(DEFICIT) BEFORE
(48,724) INVESTMENT GAINS/(LOSSES) (35,587)
investment gains/(losses):
647 464 Realised/Unrealised 6 (316,370)
Currency gains/(losses):
1,708 Unrealised (2,544)
NET INCOME/(DEFICIT) AND NET
600,448 MOVEMENTS IN FUNDS (354,501)
RECONCILIATION OF FUNDS
Total funds brought forward
10,534,182 at 6 April 2024 41,134,630
Total funds carried forward
11,134,630 at5April2025 10,780,129

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THE ODIN CHARITABLE TRUST

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BALANCE SHEET AS AT 5 APRIL 2025

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2024 Notes 2025
£ E £ £
FIXED ASSETS
investments
10,718,416 Listed Investments 6 10,094,127
CURRENT ASSETS
7,714 Debtors 7 7,425
472,157 Cash at bank and in hand 8 703,025
479,871 Total current assets 710,450
LIABILITIES:
Creditors: Amounts falling due
(63,657) within one year 9 (24,448)
416,214 NET CURRENT ASSETS 686,002
———— ————__
11,134,630 NET ASSETS 10,780,129
THE FUNDS OF THE CHARITY
Unrestricted Income Funds
11,134,630 General Fund 10,780,129
Approved by the trustees:
LE 7 FERE KCL
rustee beof aoPHET on [CL] pohedf- Trustee
Trustee
Date of APProval: oo... ccc ceeerteereretteereereress 2026
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THE ODIN CHARITABLE TRUST

THE PRINCIPAL ACCOUNTING POLICIES - 5 APRIL 2025

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Charity Information

The Odin Charitable Trust is an unincorporated charity, governed by Trust Deed, registered in England and Wales. The principal address of the charity is 10 New Square, Lincoln's Inn, London, WC2A 3QG.

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are laid out below.

Basis of preparation

These accounts have been prepared for the year to 5 April 2025 with comparative information presented in respect to the year to 5 April 2024.

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes of these accounts.

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The accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Repubiic of Ireland (Charities SORP FRS 102) second edition issued in October 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2017.

The charity constitutes a public benefit entity as defined by FRS 102.

The accounts are presented in sterling and rounded to the nearest pound.

Reconciliation with previous Generally Accepted Accounting Practice

In preparing the accounts, the trustees have considered whether in applying the accounting items was needed. policies required by FRS 102 and the Charities SORP FRS 102 a restatement of comparative

Critical accounting estimates and areas of judgement

Preparation of the accounts requires the trustees to make significant judgements and estimates.

The items in the accounts where these judgements and estimates have been made include:

Assessment of going concern

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The trustees have made this assessment in respect to a period of at least one year from the date of approval of these accounts.

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THE ODIN CHARITABLE TRUST

THE PRINCIPAL ACCOUNTING POLICIES - 5 APRIL 2025

Assessment of going concern (Continued)

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The trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees 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 continue as a going concern. The most significant areas of judgement that affect items in the account are detailed above. With regard to the next accounting period, the year ending 5th April 2026, the most significant areas that affect the carrying value of the assets held by the charity are the level of investment return and the performance of the investment markets (see the investment policy and the risk management sections of the trustees' report for more information).

Income recognition

Income is recognised in the period in which the charity has entitlement to the income, the amount of income can be measured reliably and it is probable that the income will be received.

Income comprises investment income from investments and interest from deposits.

Donations are recognised when the charity has confirmation of both the amount and settlement date and include Gift Aid tax reclaims.

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normaily upon notification of the interest paid or payable by the bank.

Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligations can be measured reliably.

Ail expenditure is accounted for on an accruals basis. Expenditure comprises direct costs and support costs. All expenses, including support costs, are allocated or apportioned to the applicable expenditure headings. The classification between the activities is as follows:

.

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THE PRINCIPAL ACCOUNTING POLICIES - 5 APRIL 2025

THE ODIN CHARITABLE TRUST

Expenditure recognition (Continued)

Grants payable are included in the statement of financial activities when approved and when the intended recipient has either received the funds or been informed of the decision to make the donation and has satisfied all related conditions. Grants approved but not paid at the end of the financial year are accrued for. Grants where the beneficiary has not been informed or has to meet certain conditions before the grant is released are not accrued for but are noted as financial commitments in the note to the accounts.

All expenditure is stated inclusive of irrecoverable VAT.

Allocation of support and governance costs

Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the charity it is necessary to provide support in the form of administration services.

Allocation of support and governance costs (Continued)

Governance costs comprise the costs involving the public accountability of the charity (including audit costs) and costs in respect of its compliance with regulation and good practice.

Support costs and governance costs are apportioned directly to the one charitable activity.

Fixed asset investments

Fixed asset investments are included on the balance sheet at their market value at the end of the financial period. Realised and unrealised gains (or losses) are credited (or debited), to 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 at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price.

The charity does not acquire put options, derivatives or other complex financial instruments.

As noted above the main form of financial risk faced by the charity is that a volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

Realised gains (or losses) on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value is acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value at that date. Realised and unrealised investment gains (or losses) are credited (or debited) to the statement of financial activities in the year in which they arise.

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THE ODIN CHARITABLE TRUST

THE PRINCIPAL ACCOUNTING POLICIES - 5 APRIL 2025

Debtors

Debtors are recognised at their settlement amount, less any provision for non-recoverability. They have been discounted to the present value of the future cash receipt where such discounting is material.

Cash in bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition.

Creditors and provisions

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.

Fund accounting

The general fund represents funds available for the general charitable purposes of the charity which may be applied at the discretion of the trustees.

Cash flow

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| The accounts do not include a cash flow statement because the charity is exempt from the | requirement to prepare such a statement under the Charities SORP (FRS 102). | | : | |

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THE ODIN CHARITABLE TRUST

NOTES TO THE ACCOUNTS - 5 APRIL 2025

4. INVESTMENT INCOME

Investment Income arises from the following investments:

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2024 2025
£ £
48,898 UK Equities 40,146
28,058 UK Unit Trusts Dividends 37,746
16,899 UK Fixed Interest 41,664
5,158 UK Unit Trust Interest 2,275
6,273 Property Income Distributions -
Overseas
137,291 Equities 166,494
13,324 Interest 14,430
1,207 Excess income 1,485
182,409
257,108 304,240
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2 PROMOTING AND ENHANCING CHARITABLE WORK
2024 2025
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|226,000 Grants payable to institutions 255,000
23,079 Grant administration costs 21,257
2,495 Governance costs (note 3) 6,091
(3) CAF Cheque Credit -
251,571 282,348
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A detailed list of the grants payable to institutions is given in the appendix to these accounts.

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THE ODIN CHARITABLE TRUST

NOTES TO THE ACCOUNTS - 5 APRIL 2025

2 PROMOTING AND ENHANCING CHARITABLE WORK (Continued)

A reconciliation of the grants payable and grant commitments figures shown in these accounts

is as follows:
2024 2025
££ ££ ££
-
Grant commitments at 6 April 2024
40,000
226,000 Grants agreed during the year 255,000
226,000 Grants payable 295,000
(186,000) Grants paid during the year (295,000)
40,000 Grant commitments at 5 April 2025 -
3 GOVERNANCE COSTS
2024 2025
£ £
5,400 Statutory audit fee 5,700
96 Prior year Statutory fee under provision 391
(3,001) Clear statutory audit fees 2018 -2020 balance -
2,495 6,091

4 STAFF COSTS, TRUSTEES’ REMUNERATION, AND RELATED PARTY TRANSACTIONS

The Charity employed no staff during the year (2024 - None).

No trustees received any remuneration in respect of their services during the year (2024 - Enil).

Payne Hicks Beach conducted the day to day administration of the Charity during the year. The total fees charged for the year (including VAT and disbursements) were £21,169 (2024 - £22,990). At 5 April 2025 (including VAT and disbursements), a balance of £2,158 was owed to Payne Hicks Beach in relation to these services (2024 - £2,589).

No Trustee was reimbursed for expenditure incurred in the performance of their duties during the year (2024 - £nil).

The key management personnel of the charity in charge of directing and controlling the charity comprises the trustees.

The total remuneration (including taxable benefits but excluding employer's pension contributions) of the key management personnel for the year was £nil (2024 - Enil).

There were no other transactions with related parties during the period of report (2024 - none).

Page 22

THE ODIN CHARITABLE TRUST

NOTES TO THE ACCOUNTS - 5 APRIL 2025

5 TAXATION

The Odin Charitable Trust is a registered charity and therefore is not liable to income tax or corporation tax on income or gains derived from its charitable activities as they fall within the exemptions available to registered charities.

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |6|INVESTMENTS| |2024|2025| |£|£| |LISTED|INVESTMENTS| |Movements|in|listed|investments|during|the|year were|as|follows:| |10,082,647|Market|value|at 6|April|2024|10,718,416| |1,610,808|Additions|at|cost|1,770,903| |(1,622,503)|Disposals|proceeds|(2,078,822)| |647,464|Net|realised/unrealised|gains/(losses)|in|year|(316,370)| |10,718,416|Market value|at 5|April|2025|10,094,127| |8,975,764|Cost of listed|investments|5 April 2025|8,552,960| |Ali|investments|were|dealt|in|on|a|recognised|stock|exchange:| |2024|2025| ||£| |Listed|investments|held|at|5|April|2025|comprise|the| ||| |following|investments|all|listed|on|a|UK|stock|exchange:| |4;422,833--UK|Fixed-Interest|1,907,669|.| |480,252|Property|Funds|531,745| |4,910,010|Overseas|Equities|4,582,974| |2,333,507|UK|Equities|and|unit|trusts|1,540,778| |4,571,814|Alternatives|1,530,961| |10,718,416|40,094,127| |At 5 April 2025 there were no|listed|investments|considered|of material|value.|

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Page 23

THE ODIN CHARITABLE TRUST

NOTES TO THE ACCOUNTS - 5 APRIL 2025

7 DEBTORS
2024 2025
£ £
3,208 Accrued Interest 7,425
4,506 Dividend Due -
7,714 7,425
8 CASH AT BANK AND IN HAND
2024 2025
£ £
62,771 CAF Bank Ltd. 21,951
409,386 Evelyn Partners Investment Management Ltd. 681,074
472,157 703,025
9 CREDITORS
2024 2025
£ £
AMOUNTS FALLING DUE WITHIN ONE YEAR
Accruals for grants payable
40,000 Dorothy House -
Trade creditors
15,668 Investment management fees 46,590
2,589 Grant administration costs 2,158
Statutory audit fee
5,400 2024 -
- 2025 5,700
5,700
63,657 24,448

Page 24

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THE ODIN CHARITABLE TRUST

APPENDIX

GRANTS PAYABLE - 5 APRIL 2025

Amount
Institutions £
Dorothy House 70,000
Fareshare 15,000
Trussell Trust 15,000
Julian House 30,000
Shelter
Developing Health & Independence (DH)		 10,000
30,000
Designability
Dressability
Tangled Feet		 10,000
10,000
5,000
Hearts and Minds 10,000
Asylum Welcome 10,000
One25 10,000
Crisis 10,000
Refuge 40,000
Unseen UK 10,000
255,000
Totalgrantsanddonationsagreedtobemadetoinstitutionsduring2024amountedto 226,000

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