Charfty numbef: 1050734 THE WILLIAM AND EDITH OLDHAM CHARITABLE TRUST UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
THE WILLIAM AND EDITH OLDHAM CHARITABLE TRUST CONTENTS Page Referenc• and administrative detalls of the Charlty, Its Trusttts •nd advisers Trustees. report 2-10 Indepandent •xamlnerf8 rnport 11 Statoment of fln*nc5al acllvltl•8 12 Balance $ho•t 13 Notes to thg Ilnanclal statem•nts 14-24
THE WILLIAM AND EDITH OLDHAM CHARITABLE TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARrrY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2022 Dale ol TfU51 Deed 12 Ociober 1995 Tru$t•es Paul Oldham, Chairman and Settlor (appointed 21 October 19951 Michael Ocock lappoinled 21 October 1995, deceased 14 Febiuary 20221 Judy Moore lappo¢nted 16 June 20131 Steven Songhursl lappoinled 16 June 20131 Petei Co(blling lappoinled 14 September 20211 Two Ivrther trustees were app)tnted on 28 February 2023.. Deborah Goather and Robert Earf Charlty r•glst•red number 1050734 Reglstfyred addroS• 2 Pembury Gardens Matdslone Kent ME168AR Cl•rk Neil Hariis Independent Examln•r Duncan Crthrane-Dyel Bsc BFP FCA MHA Wl011a Court 17-21 Ashlord Road Mamlslone Kent ME14 5DA Bank•rn National Westrninster Bank pl 3 High Street Maidstone Kenl ME14 1XU Page 1
THE WILLIAM AND EDITH OLDHAM CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEP41BER 2022 The TrLtslees present their Annual Report together with the unaudited Financial Slalements for the year 1 January 2022 to 31 December 2022. The Tnjstees confirni that the Annual Report and Financial Statements of the Tfusl comply with the current slalulory requirements, the tequirements of the Trust's governing thumenl and the provisions ol the Statement of Recommended Practice ISORPI, applicable to charities preparing their 8ccounls in accordance with the Financol Re[lng Standard applicabk in the UK and Republic ol Iretand IFRS1021. ObJ•ctlv•s and actlvftles a. Pollcles and objectiv•s The Trusfs objectives as set out in rts govering dc¢umenl are as folbvts.. 111 The promotion of education in the Maidstone area generalty and in particular the provision of financial assistance towards the maiftlenance and development ol the followng Schools and the creation of hOlarshIpS or bursaries or prizes and financial assistance generally to be awarded to individual studen15 attending the said Schools'.- (al Maidstong Grammar School for Girls, 8uckland Road, MatsJstone {bl Maidslone Grammar School. Barton Road, MaKlslone lel The Astor of Hever School, Oakwood Park, Maidsl¢)ne Idl Weslborough Junior School, Tonbndge Ro>Y. MaStOne. 121 The provision of financial assistsnce tchvards the maintenartce and developmeftl of Wadham College, Oxftsrd and the creation ol scholarships oi burs8ries or prizes and finala1 4ssi$lan¢e generalty to be awarded to ndividual students attending the said Watlham College. Oxford. 131 The MmUnty and individual inhabitsnts of the Parishes of Barming and Teston and p8culartY for thè publi¢ benefit of'.- {•) The poorer inhabitants of the said Parishes Ibl Any resentS within the said Parishes aspiring lo a university edUcatn or training for employment Icl The proviSn ol new and maintenance of existing MMunity and relffjious faolibes in the Parishe$ including libraries, schools, village halls. sports and kisure facilities and medical eenlres. Idl The founding and support of kxal organisations whth exist for Charitats purposes. 141 The promotion and development ol the study of the èrchaeolojy and history of the Hi$lorK County of Kent and ol places and people the Histor County of Kent. 151 The acquis0, conservation, Tesearch and study for the publtc benefit of furniture, pictures, books, munirnenls. armour, porcelain, objels d'art and other chattels or rtems of local oi national hislor¢c, artistic. scients'fic interest 8ss0ciated or displayed in the MaStOne Museum and Art Gallery and such other museums in the Historic County of Kent. 161 The preservation, protection and improvement for the publK benefit of historic buildings, churches, and graveyards in the Historic County of Kent and in particular the Parish Churth and graveyard ol Sl Margarets, 8arrning. In se.ng objectives planning for activities. the Trustees have given due consideration to general guidance publtshed by the Charity Commission relab.ng to pU1C benefiL including the guidance 'PUbl benefit. running a chanty IPB21' Page 2
THE WILLIAM AND EDITH OLDHAM CHARITABLE TRUST TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2022 ObJectlves and activlties {contlnuod) b. Strat•gies lor achieving objeclivK and grant maklng polky The Trust believes that going forward through 2023 and into 2024 positive actson should be taken lo fulfil the aims of the Trust's obj'ectives. This act musl be achieved within the constraints of each individual objectsve and developed to be achieved wthin the resources available lo the Trust whilst not creating an unachievable h¢)pe or aspirat for tth indNiduals and groups. In May 2023 the Trust adapted its slraiegy gryng forward and devefv)ped on the basts above. This strategy is sel out below". Acllon Strat•gy ObJectlv• 1 To continue lo promote the 8vailability of giant money wthin Ihe named scht>)Is and to o)nsKler expanding Into other schools, which have entIfied by Ihe Trust Al this stage no aclK)n wll be taken lo developing a scholarship and bursary scheme as current available funds are not sufficient for such a scheme though individual requests 11 be eonsidered. Actlons 1. Write lo all 4 named Schools each year mIndIng them that they can put in applications for grant funding- prelerably write early in the school year. 2. Identify other Schoo15 in Maidstone area Trustees to me fonvard wth eaS for discussion and have agreed Barmin9 CP Sch¢)ol as the first of those schools entrfd. 3. Write to thntilied sch¢5 ffom 2. Objectlve 2 To continue to promote the availability of 9ranl funding to the Colkge but diredty lo those areas noeding funding rather than through tt)e central grant organisalKIn. Al this siage no action MII be taken to devek>ping a schOL4h1P and bursary scheme as current available funds are not sufficient for such a Scheme though indivKlual requests will considered. Actlo 1. This could be the most drfficutt to athieve wrthout using the College's Central Granl organisation bul Could ask the existing grant applicant lo promote the Tnjsl wlh hi5 ColgUeS. This ha5 already been actned. Objectlve 3 To eonlinue to promote the availability of grant funding Imthin the Parishes of Barming and Teslon wth the particular emphasis of identi.g the gTOUP5 Within Ic) and Idl and seek from them applicatsons for grant funding Actions l. Create a list ol existing communty and 1lOuS facilities in the 2 Panshes slarb.ng wrth IhL)se that have already received a grant and others lh meet the teria set out in the oW"ve. Page 3
THE WILLIAM AND EDH OLDHAM CHARITABLE TRUST TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2022 Objectives and a¢tlvttl•s l¢ontInu) 2. Gel Trustees. using their kal knowledge, lo c)me forvrdrd with further bodies and facilitses and then pull together a definibve list, though the list should be eWed on a regular basis. 3. Wiile to any ne entified organisation within the new list ol community and religtous facilities Introducing the Trust and their eligibility to appty for funds. Oblectlvo 4 To continue to promote Ihe availability ol grant funding lo th¢tse indNidual$ and group5 undertaking work in this field includin9 apprwhing specific Indivuals and groups to pul in bhds for grant funding. This relies on the Chairman's extensive knowledge and awareness wthin th¢s rId but can be helped by bringing tO9elher an established list of indivhluals and groups that have alfe&Jy received a grant and a continuing lo work within this area. Actlons 1. Draw up a list of all individuals and groups that the Trusl has already supported 2. Seek from the Chairman and the Trustees the names of any other indwbduals and groups that have previously not been awarded a grant and which would be elNJible. 3. Researeh to find whether Ihere any other individuals and grc4Jps Ihal have previously not teen awarded grant and whieh would be eligible. 4. Once a list has been compiled. write to them introdueing Ihe Tru51 and that they woukl be eligible lo apply for fvnds. ObJ•¢tlv• S To continue to Pfomote the 8vaifability of grant funding for these projects xross all of the eligible museums within Ihe HislorK County of Kent and to seek applKations from them. Actlons 1. Draw up a list of all el¥ible Museums and agree this the Trustees 2. Write lo the Museums indicab.ng to them that they can apply for grant ndIng and to make applications for fvnds. Objectlve 6 To continue to promote the availabilty of gianl funding to seek to achwe the aim of this objective particularly within the Parishes of Barming and Teslon arsd with the Mahlstone area as well. The Trust woukl also welcome applications for funding from across the whole of the HistorK County of Kent whilst promth'ng the availability ol funding wilhin the define<l area. Actions 1. Draw up a sel of crrtefia for those historic buildings. churches and graveyards that could bg eloible for making an application for grant. These Criter to be agreed ty Tnjslees. 2. Start app19 the agreed teria thin the 2 Parishes thin a defined and agreed expans*Jn are?. Write to these places to seek an applicatson for grant Gradually expand the area of application as resources permit. Page 4
THE WILLIAM AND EDITH OLDHAM CHARITABLE TRUST TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2022 Oblectives and activlil&s l¢ontlnu•dl General Actions 1. Each successlul gr8nl applicant wll be expected to c(ympty wth the Trust's Fdicy on fijll public fecognilion lor the Tfu$I in its promOtn of their prwecl where the Trust has gNen financk41 support. 2 That the apPIan1 in making their grant aption be encouraged to subrnil a bid that meets all of their aspiratKJns for the projeci Ihal they have pul foThvard for funding and not be limited by what they think they can 9el. 3. That the Trust make its existen knovm and ils availability for funding projects that fall within the Trust's objects'ves through relevant newsletterljournals s[h as those prcxluced through the Kent Archaeological Society, Kent M(tseums Group, Fnends ol Kent Churches and locally distributed newsletters and journals such as the Barming News. 4. That going forward all successful applicanls Èe asked to make the existence of the Trust known lo other peoplelorganisalH)ns who could have proiects that would be relevant lo the objectives of the Trust. ¢. Acllvltl•s undgrtaken to achlev• obl¢ctlv•s In 2022 During the year, the Trustees have distributed income to beneficries in accordance with the Trust Deed. £130,914 was received in investment income during the ye8r12021.' £132.8071 and £35,324 was iecognised as expenditure by way of grants payable12021.' £205.9001. d. Volunteers The charity does not use volunteers. e. Maln actlvltSes undertaken lo lurther the ChaAty'$ purposes for the publlc benoflt and grants mad• In the past year The Trustees make grants lo desemng causes which meet the criteria laid down in the Trust Deed. The Trustees assess grant applications against the ¢Yiverse objects of the Charity and the public benefit lesl. They take the iniliab've on needs and worthwhile projects. Klenlifying persons or organisations to undertake the work 8nd invite applulhjns for grants. Value for money and opportunity for altematNe funding afft considered. As slated above, the Trustees are seeking to disth'bute the annual InMe from investments by making grants lo deserving causes which meet the criteria laid down in the Tnjsl Deed. During Ihe year, the Trust made various grants and these are detailed below in the"Review of activities" sect. Achlevements and perforniancg a. R•vlgw of actlvttles Grants Awarded in Previous Years Comploted and Pald In 2022 Dr Nl¢k Stoodl•y. Archaeologist~ The Eccles Monograph- Book Romano Brltlsh Vllla and Anglo Saxon C8m•tgrylawarded l December 20211 A grant of £1,500 agceed for "open access -public benefit f¢y the published book °The Eccles Monograph.. grant of £400 was also made in iespecl of the framing of historic pKtu¥es of Ae51¢{d Priory. Both these Page S
THE WILLfAM AND EDITH OLDHAM CHARITABLE TRUST TRUSTEES. REPORT ICONTINUED} FOR THE YEAR ENDED 31 OECEMBER 2022 A¢hlov•mnts and perfonnance Icontlnued) amounts were paid in 2021. AdOnalty. a further grant of £3,250 given for the Book launch in Ayleslord in April 2022. Event held al a cost £3,135 86 which wa5 within the agreed budget. Grant paid on 9 June 2022 Maidstone Grammar School for Glrls- Apprentlceshlp Falrs {Awarded 23 October 20211 Grant of £2.500 towards a Careers and apprenticeship fair Vthh Vds held on 4 November. Grant paid S December 2022. Now Grants Award In 2022 (whether paid in 2022 or at a lator datg) Dennls Astrldg• and Dawn Pag• - Grant towards publScatlon of the book I£The Mlghly Pen" by Dawn Page A grant of £504 agreed towards the pUblicatn ol the 'The Mtrahty Pen. in the bcal area. Grant aged early April and paid on 15 July 2022. Th• Smallpl¢¢• Trust - Provl8lon of • Sècond STEM Enrlchment Day al Holmesdale School, Snodland (awarded g F•bruary 20221 Grant of £1300 made to fund a second STEM Enrhment Day on 28 September. Grant pala on 2 May 2023. So¢l•ty lor Prote¢tlon of An¢l•nt Bu51d5ngs Grnnt towards Archaeloglcal Excavatlon and rolatod Educallon81 Aetlvltle8 at Boxl•y Abb•y and Old House Project located In Snd15ng IAward•d 9 Jun 2022 Grant of £5,000 made for this pfoiect and paid on 15 June 2022. Dr Phllp* Kent Archaeologl¢o1 R•$cue Untt - Grnnt for the Publlcatlon of the Meopham Archa•ologlcal Report (Awardod 18 Augu$t 20221 Grant of £1,034 made to Dr Philp for the PUblabon of his reFQrt. Grant paid on 6 Febwary 2023. Tè$ton Vlllag• Hall Management Commlttee Grant for the provlslon of a comblnatlon of prol•¢tor, screen and speakers et¢., for installation at the Willage Hall (Awarded 12 October 20221 Grant 01 £4.500 made towards the cost of instslla1n of the audio visual equipment al Teslon Viltage Hall. Grant paid on 6 February 2023. Rachel M Koopmans and Leonie Seliger- The Kent Miracle Window ProJKt (Awardèd 9 November 20221 Gfant of £25,1W agree<l towards the o)sl of the project al Canterbury Cathedral. Projeel has not commeneed bul grant will be paid when project commences. Grants Awarded Prior to 2022 and sttll In progrnss Boughton Malherbe Hoard - Grant towards Conservation Work, Research and Publication of the Bronze Ag& Hoar(l {Declsion 6 O¢tober 2019- further payment awarded 16 June 20211 Grant of £25,000. whi¢h has subsequenljy been in¢reased to £26.200 to take into account 8n Increase in the cost for the perfomiance athKsrk by Lunatrakls from £2.800 10 £4.000. The £4.000 was paid in 2022. Project was completed and final payment of grant made on 10 March 2023. The scheme undertcK)k conservatron %bt)rk to the Boughton Malherbe Bronze Age hoard wtth the Work having Page 6
THE WILLIAM AND EDrrH OLDHAM CHARITABLE TRUST TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2022 Achlevements and perfomian¢o (Continu) been un¢Jertaken by Dana Goodburn-Brovm. Dr Sophie Adams. the Project lead. undertty)k the research and publication which Ineluded a srnall muscal and visual athork produced by Lunatraklors. Holllngbourn• Lat• Bronze Age Hoard - Grant towards Consorvation Work and PublicatSon IDocl$lon 6 October 2021; award•d 7 0¢tOr 20211 Grant of £3,300 for the proiect led by Di Soph Adams on f1)nservatn undertaken by Dana Goodbum- Brown and leading io the publication ol the %rk on the Hollingt)ume Lale Bronze Age Hoard. Project wa5 completed and final payment of grant made on 10 Maich 2023. Holmosdale School. Snodland Provlslon of an outsldo aro4 Amphltheatro IDKl$lon 30 S•pt•mb•r 2020.. awarded 28 June 20211 Holmesdale School was Klenlified as a recipient of a grant as WillM Oklham had been a teacher al the School, and a grant ol up to £60,000 lor the school was agreed lo provK1e an outsKle Amphilhealre. The Amphilhealre has n¢)w been cornpleted and was opened by the Chaim)an of the Trust. £16,914.C6 was paid in 2022. The final payment lor the project was made on 8 February 2023. Ma5dston• Grammar School for Glrls - Second World War Vlslior C•ntr• Project and Caro•rs ID•¢l$lon rnade In Octobor by Tru8t•o8 and to b• conflrm•d at n•xt fflO•tlng: awarded 23 Octobor 20211 Grant of £17500 given for the Wortd War 2 Visitor Centre Project al the MaKlslone Grammei School for Girts. The payment for this project was made on 17 May 2023. Mald8ton• Borough Coun¢ll- Maldstone Museum New Archa•ologlI Gllory Grant of £100,000 offered to Maidstone Borough Council to help fvnd a new Archaeologi1 Gallery al maStOne Museum. Grant subject lo the Mamlslone Museum Foundation raising match funding. Maidslone Borough Council accepted the grant and the Maidslone Museum Foundalh)n have provided the maich lunding ol £100,000. The project is prog$$1n9 and is expected to be completed by the end of May 2024. Payrnenl of the £100.000 grant has been made in 2023. b. Fundralslng a¢tFvltl•s and Income generatlon The Trust does not undertake any lundiaigng *ivilies itself. nor does any other person on behalf of the Trust. Nellher the Trust nof any other person aclj'ng on behalf of the Trust was subject lo any voluntsry scheme or voluntary standard for regulating fundraising. As such, there were no failurgs lo Mpty with any such scheme and the Trust did not recewe any complaints during the year in relation to fiJndraising activiti'gs. ¢. Investment polky and p•rfomian In accordance with the Trust Deed, the Tnjstees have the power lo inve51 as they see fil. Further investments have been made and losses of £1.788.093 12021 gains of £747,513) were made on the investment Portfolio in the year. Investment income of £130,91412021 £132,807) was receNed in the year. Page 7
THE VIILLIAM AND EDITH OLDHAM CHARITABLE TRUST TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Achievements and rfOlance Icontinuedl Financlal revlew a. Golng ¢on¢•rn After making appropriate enquiries. the Tfustees have a reasonable expe¢talion that the Charty has adequate fesources to continue in operatsonal existence for the foSeeable future. For this rèason, they continue to adopt the going concern bas15 in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found In the accounling poliries. The Trustees will continue to monitor and rf rbeossary reduce fubjre grant ¢ommilmenl$ lo ensure adequate ash reserves are mainlaine<l. b. RorIeS pollcy The Trust accumulated income lo be used in the futu for the public benefit in aecordance with the Trust Deed until October 2016 when the permitted accumulation peft ended. The Trustees are now Seeking to distribute the annual income from investrnenls. Al the year end the total reserves of the Trust amounted to £5.737,03412021- £7,368,3771 of which £5,587,145 12021 £7,299.2381 relates to tnvestmenls Intended to be retaIr for income producing Purposes rather than for dislribulien. There are no restn'ded or designated reserves held by the TrusL ¢. Prlnelpal rl8k• •nd uncertalntl•• The principal rlsks and uncertainties relate lo movements in the markel value of the investments held by the Trust and the levels of income derived from the investment portfolio, vthtch could result in decrease$ in the value of assets held and levels of income as well as increases. The trustees theretore rèview the investments held on a regular basis. d. Prln¢lpal fundlng The principal fur1ng sources during the year re Ivrther donations of inveslmenls, vl)ich wll increase income levels and therefore lunds available lor distribution to benefi¢iaries. and the investment income itself which has been, or wll be. dislNbLrted to beneficiaries. Structure. governanco and manaq•m•nl •. ConstltutSon The William arNI Edrth Oldham Charilable Trusl a lStered Charity. number 1050734, and is consliluled under a Trust Deed dated 12 October 1995. The Trust Deed sets out the strUCre of the Trust and how il is consliluled and ils arrangements for ¢yratson. b. Methods of appolntment or 910n of Twstees The power of appointsng new trustees of the Charity is vested in the existing Truslees of the charity. Page 8
THE WILLIAM AND EDITH OLDHAM CHARITABLE TRUST TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 310ECEMBER 2022 Structure govornan¢o and management Icontinuedl c. Organisational stru¢lure and d•cl$lonrymaking poli¢•e6 The Trust Is an uninCoOraIed charity. The management of the Trusl is the responsibility of the Trustees who are elected and co-opted under the terms of the Twsl deed. During 2022 the Trust agreed that the total number ol Trustees shall al no b'me exceed seven. meets.ngs of the Trust are held al least once a year wilh other meebngs held on an ad basis. d. Pollcles adopted for the induction and trainlng of Tru$t¢ New Trustees aro given a copy of the Trust Deed and the last yearfs accounts and reeeive 8 briefing frorn the Chairman and the Clerk, as appropriate •, Flnanclal rl8k managtrm•nt The Trustees have assessed the major risks lo which the Tnjsl is exposed, in particular those related lo the operations ènd finonces ol the charity, and are sats'sfied that systems and procedures are in place lo miligale exposure lo the major risks. Plans tor future p8rlod• The Trustees plan to conttrnue lo grrAY the Invesimenl portfol in order to increase the Income availab for distribution lo the beneficiaries. In 2023 the Trust stsrted to look al how rts Investment portfolio operates and has stsrted the proctss of transferring lunds from shares to Charity Investment Funds. Statem•nt of Tru$l••¥' Mponslbllrtles The Trustees are reSPsIble lor preparing the Trustees. ret and the financial statements in ?ordanCe with appli¢able law and Uniied Kingdom Accounkn"ng Standards {Unrted lQngd¢)m Generally Accepted Accounting Pra¢li¢el. The law applicable lo charities in EngLand & Wales requires the Tnjstees lo pr8pare financial statements for each financial which give a true and fair view of the state of affairs ol the Char+ty and of ils incoming resoue$ and application of resources, including ils income and expendsture. for that period. In preparing these financial statements. the Twslees a lequi lo." Sele suitable accounting policies and Ihen appty them consistent, observe the methods and principles of Ihe Charib'es SORP IFRS 1021". make judgements and accounting eskn'mates that ale reasonable and prudent.. state whether applicable UK Accounting Stsndards IFRS 1021 have been followed. subject lo any material departures disclosed and explained in the financial $tatemenls', prepare the financial statements on the going concem basis unless it is inappropriate lo wesume that the Charity will contsnue in business. The Trustees ale responsib for keeping adequate accounting records th are sUff1ent to show and explain the Chanty's tranSactnS and disclose reasonable accuracy at any tsme the financial position ol the Charity and enable them lo ensure that the financial statements comply wrth the Charities Act 2011. the Charity (Accounts and Reports) Regulations 2008 and the wovisions of the Trust deed They are also responsible for safeguarding the assets of the Charity and hence for tsking asonable steps for the prevention and detection of fra( and other irregularities. Page 9
ThE YdlLLfpJ•l MD Èomi OLDHAM CHARITABLE TRUST TRUSTÉES. REPORT IC014YINUEOI FOR THE YEAR ENDEO 31 0EceM8ER 2022 Approved byordorof Iho m¢Nnbor8 oflho of TnrJlo05 orKJ on bohoif by.. P E Oldham Chulrm8n ol thè Tru81 0&io. I l o&L 2023 P89ts 10
THE IfiIILLIAM AND EDITH OLDHAM CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 Independent examinerfs report to the Trustees of The Wllllam and Edlth Oldham Charltablo Tru$t {'the Charity'l I report lo the charity Trustees on my examination of the aCcnts of Ihe Charity for the year ended 31 December 2022. RponSIbIlItIeS and bas1$ ol rnport As the Trustees of the Chaiity you are sponsible for the preparation of the accounts in accordance wllh the requirements ol the Charilies Act 2011 1.the 2011 ACYI. I report in respect ol my examinabon of the Charivs accounts carried oul under section 145 of the 2011 Act and in Carng out my examination I have followed the applicable Direcb"ons gNen by the Charity Commissign under section 14515llbl of the 2011 ACL Ind•pendent •xaminerfs statemtnt I have comple18d my examination I confim that tKJ matters have come to my attention In connection with the examination giving me cause to telieve that in any material Spect." a¢untsng records were not kept in $et ol the Charity as required by Sectson 130 of the 2011 A<. or the accounts do not accord with those rewds.. or the accounts do not comply wlh the appltsble requirements ¢oneerning the form and corst¢nl of a¢¢ounls sel out in the Charities IAccounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'lwe and fairf view whKh is not a matter considered as part of an independènt examinabon. I hovè no concerns and have come across no other matters Fn connectson wlh the examinabon to whith attentn should be drawn in this report in order to enable a proper understsnding of the accounts lo be reached. This report is made solely to the Charity's TTustees, as a body, in attordance Part 4 of the Charities (Accounts and Reports) Regulatn$ 2008. My work has treen undertaken so that I might stale lo the Charity's Tru51ees those rnatters l am required to $tate lo them in an Indendent examinef s port and for no other purpose. To the fullest extent permitte(I by law, I do not acc6pt or assume responsits'lity to anyone other than the Charity and the Charivs Trustees as a body, lor my work or for this report. Duncan Cochran•-Dyo1 BS¢ BFP FCA Independent Examln•r for and on behalf ol MHA Maidslone United Kingdom Oats: 13 October 2023 Page11
THE WILLIAM AND EDITH OLDHAM CHARITABLE TRUST STATEMENT OF FINANCIAL ACTMTIES FOR THE YEAR ENDED 31 DECEMBER 2022 Unrestricted funds 2022 Total funds 2022 Total fvnds 2021 Note Income Ifom: DonaiK)ns and le9$ Inve$lments 76.000 130,914 76.000 130,914 105.025 132,807 Total Incom• 206.914 206.914 237,832 ExndItUre on: Charitable activities SO.164 50.164 212.099 Total Oxpgndlture 50,164 50,164 212,099 Net 5ncome b•fot• net IIM$•sVga5n$ on Investments Nel Ilossesygains on invesbnents 156.750 156.750 11.788.093) {1.788.0931 25, 733 747,513 Not movem•nt Sn funds 11,631.3431 11.631.343> 773,246 R•conclllatlon of lund•: Total lunds brought for*rard Net movement In lunds 7.368.377 7,368.377 11,631,343) 11,631,343) 6,595, 131 773,246 Total lunds carrled forward 5,737.034 5.737.034 7,368,377 The Statement of finanaal activities indudes all gains and losses rectsanised in the year. The notes on pages 14 10 24 form part of these finala1 $tslements. Page 12
THE WILLIAM ANO EOtrH OLDHAM CHARITABLE TRUST BALANCE SHEEr AS AT 31 OECEklBÈR 2022 2022 2021 Noi• Flx•d •••qts In¥o8trynts 5,567,145 1,299.238 5,587.145 7.299.238 Cury•nt ••Mts Dobtors C•$h 91 bank •nd h h8nd 12 5.776 345,940 4.707 262.575 351.711 267.282 Crn¢llM.' onK•unl$ lolllro duo %ln or 13 P01.IZ71 (198. 143J P4•t ¢urr•nt ••••¢• 149,•89 e9.139 Tot*1 n•t ••••t• S.7J7,034 7,368,377 Ch•rtty tund• Unrostrtdod Iwds 15 5,737,034 7,)6Q3ri Total fund• 5.737.034 7,388,377 Tho Ihandal 8tst¢montB worts•pwovod and 8ulhty1d lor by tho TnJstoo$ ¥1 #Illd on 01r boho11 by.. •yl Oldham Sto¥•n Songhur¥t Date. I l 0&,tr Tho on pty•s 14 10 24 fomi ol Ihem •tot•iwls. P•ao 13
THE WILLIAM AND EDITH OLDHAM CHARrrABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 General Infornutlon The William and Edith Ofdham Chaiitsble Trvsl is an unincorporated charity regulated by the Charity Commission in England and Wales and govemed by the Trust Deed dated 12 October 1995. The registered address is given on page 2 of these financial stslements. The nature of the Tru5fs operats'on$ and principal activities are the ma.ng of grants lo deserying causes which meet the Cr((er laid down in the Trust Deed from the Investmenl income arigng. The financial stslements are presented in slerfing which Is the functional currency of the charity and r¢)unded lo the nearest pound. The signrfKant a¢counling w)licies applied In the preparation of these financkgl stslements are sel out below. These polries have been consislentty appljed lo all years presented unsS othenv¢se staled. Accountlng pollcl•s 2.1 Ba81s of pr•paratlon of ftnancSal statsmtnts The financial statements have been prepared in accordance wth Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their aceounis in accordance with the Financial Reporting Slandafd applicable in the UK and Republic of Ireland IFRS 1021 leffectsve 1 January 20151- (CharitS SORP FRS 1021. the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 and the Charili¢$ Act 2011 and applicable re9ulalions. The financial statements have been prepared to gwe a Yrue and fairf and have departed from the Charrties (Accounts and Reports) Regulaljons 2008 only to thg extent required lo provide a 'lNe and lair, view. This departu has involved follow¢'ng the Charits'es SORP IFRS 1021 rather than the Accounts'ng and Reporb'ng by Charities.. Staiemenl of Reeommended Practice effective frorn 1 April 2005 which has Sir tseen withdrawn. The WillM and Edith Oldham Charrtable Trust meets the definrtion of a public bengfil ents'ty under FRS 102. Assets and liabilibes ale inib.ally reccgnised at historical $t or Iransactron value unless othemse stale(l in the relevant accounts.ng polw. 2.2 Golng ¢onc•rn The financial statements have been prepared on a going concem basis. There are no material uncertainb'es lated lo events or CondinS which CIld cast doubt on the Charitys abilty lo continue as a going concefn. Thè Trustees have considered relevant infomialion, including the annual budget, forecast future cash flows and the impact ol subsequenl events in making Iheir assessment. The Trustees wll continue lo monitor and rf necessary reduce future grant commitments lo ensure adequate cash reserves are maintsined. Page 14
THE WILLIAM AND EDITH OLDHAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 ACCOUnng pollcies (continued) 2.3 Income Al income is recognised once the Charity has entthmenl to the in¢x•me, rt 15 probable that the income will be receNed and the amount of income receNab can be measuod reliably. The fecognilion of income from legactes is deFendenl on establishing entrtlemenl, the wobabilty of receipt and the ability to esbmate with sufficient aUraCY the amount receivable. Evidence of enlilemenl to a legacy exists when the Charity has Sufficient eVen that a gift has been left lo them Ilhrough knowledge of the existence of a valid will and the death ol the benelactorl and the execLttor is satisfied that the property in quesb.on wll not be required lo satisfy claims in the estate. Receipt of a legacy musl b& rec(yJnised when Il is probable that il will be received ar)d the fair value of the amount receivable, which will geneialty be the expected cash amunt to be distributed lo the Charity. can be reliably measured. Income tax leVerable In relatn to donations receiveil under Gift Ai(1 or deeds of covenant 58 recognised at the bme ol donatson. Income lax leVerable in relation lo investment income is recognised al the lime the investment Income is receivable. Other income is iecc¥3nised in the perK*J in which il is receivabb and to the extent the goods have been provtded or on completion of the seNtt. 2.4 Exp•ndltuM Expenditure is rec¢yJnised once there is a legal or constructive oblwalion lo transfer enOmiC benefil lo a third paty. il is probable that a liansler of econom benefits will be required in settlement and the amount of the obligation Can measured reliably. Expenditure is dassified by activity. The costs of eaeh actsvity are made up ol the total of direct costs and shad costs. including SUPPC•rt costs involved in undertakin9 each activity. Direct $1$ attributable lo a single activity a allocated directly to that aclwity. Shared costs whKh coniribute lo more than one activity an(1 support ¢osls which afe not attributab lo a single activsty a apportioned befvleen those activib'es on a basis consislenl with the use of resources Central staff costs are allrtated on the basis of lime spent, and depreciab'on charges allccated on the pOrtn of the asset's use. Govemance costs are those incurred in connection ¥th administratK)n of the charty and compliance ih conslilulion81 and statutory requirements. Charitable activities and Govemance costs are costs incurred on the charty's educational operations. including support costs and costs lating lo the govemance of the charity apportioned lo charitable activities. Grants payable are charged in the year when the ofler is made except in those cases where the offer is conditional, such grants being recognised as expendrture when the condits'ons attaching are fuilled. Grants offered subject lo conditions whh have not been mel al the year end are noted as a mmilmenl. but rt accrued as expendrture. All expenditure is indusive of iffecoverabk VAT. Page15
THE WILLIAM AND EDITH OLDHAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEP41BER 2022 Accounting policies {continu•d) 2.5 Intor¢$t rn¢olvable Interest ¢)n funds heky on dep)sil is induded receNable and the arnounl can be measured reliabty by the tharity., this ts normalty up)n notification of the interest paN1 or payable by the Bank. 2.6 Investments Fixed asset Investments are a lomi of financial instrumenl and ar8 In.?Ity recognised al their transaction cost and subsequenlty measured at fair value at the Balance sheet date, unless the value cannol measured reliably in whth case rt is measured al cost less impairment. Investment gains and losses. whethei realised or unrealised, are comtiined and presented as 'GainsllLossesl on investmenl$' in the Statement of financ1 activiiies. 2.7 D¢btorn Trade and other debtors are reeojnised at the settlement amount after any trade discount offered. Prepayments are valued 81 the amount prepa nel ol any trade dL8cLJunts due. 2.8 Cash at bank and In h•nd Cash al bank and in hand indudes cash and short-term hghly liquid investments with a short mafvrity of three months or less from the dale of acquisiti'on or opening of the deposit or similar account. 2.9 LlabllSl5•9 and provlslons LiabilitS are recognised when there is an obligalKJn at the Balance sheet date as a resull of a past vent. il is probab that 8 transfer of eeonomic benefit will be required in 5etUemenl, and the amount of the settlement can esbmaied reliabty. Liabilities are rewnised at the amount that the Chatity antiopates il will pay lo setue the debt or the amount il has recelved as advanced payments for the g¢>)ds or serv$ il musl provKIo. Provisions afe measured 81 the best estsmate of the amounts required lo settle the obligation. Where the effect of Ihe lime value of money is malenal, the provision is based on the present value of those amounts, discounted al the pre-tax di$Unt rale Ih8t reflects the risks specific lo the liability. The unwinding of the discount 15 rewnised in the Ststemenl of financial activit*s as a finance cost. 2.10 Flnanclal Instruments The Chanty onty has financial assets 8nd financial liats.lrt5 of a kind that qualify as basic financial instruments. Basic financial inslruments are initially recognised al transath.on value and subsequently measured al their seitlemenl value with the exception of bank k)ans which a subsequently measured al amortiseil cost using the effective inleresl method. 2.11 Fund accounting General furHls are unrestrKted fund5 Wt)Kh are available for use al the discretstsn ol the Trustees i furthefance of the general objectives of the Chafity and which have not been designated for other purposes. Page 16
THE WILLIAfvI AND EDITH OLDHAM CHARFTABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OECEMBER 2022 Income from donations and legacies Unrestricted funds 2022 Total funds 2022 Total funds 2021 Donalons 76,000 76,000 105,025 Total 2021 105,025 105,025 Invostm•nt In¢om• Vnrestrlcted lunds 2022 Total fund8 2022 Total funds 2021 Investment income- dividends 130.914 130.914 132,807 To1812021 132,807 132,807 Page 17
THE WILLIAM AND EDITH OLDHAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMEP4TS FOR THE YEAR ENDED 31 DECEMBER 2022 Analysis of grants Grants to Grants to Institutions Individuals 2022 2022 Totsl funds 2022 Total funds 2021 Grants 34.820 504 35,324 2QS,900 Total 2021 205,9th) 205,900 2022 2021 Grants to InJtltutlon8 Holmesdale Sch¢, Snc¥Jland {lor Outside Amphrthealrel Maidslone Grammar School lor Girfs Ifof WW2 Visitor Centrel Maidslone Grammar Sehotsl for Girls (for Careers and Apprentice Fairl Holmesdale School, Snodland (for 2021 STEM Enrichment Day) Holmesdale Scho, Snodland (for 2022 STEM Enfichmenl Dayl Wadham College. Oxford (for archiving arKI pre$eNation of archive material Phase 11 Teston Village Hall Ilor new flooring) Teslon Village Hall Ifor projector, screen, speakers.etc) Ayleslord and Eccles Project (for framing ol historical ptureS of Awesford Piioryl Romano British Villa and Anglo Saxon Cemetery Maidslone Borough Council Ifor new ar¢haeobgKal gallery al MaKl$l¢)ne Museum) The Eccles Monograph Ire book laurth) Kent Archaeological Rescue Unit {f wtlicalion of the Meopham Archaeological Report) Rochester Cathedral Trust (for resloralion of the Bishop'$ Gale) The Society for the protect of Ancient Buiklings (for Bothy Atjbey and Old House Project) Canterbury Cathedial (for The Kent Mirack Window Projecti 60,000 17,500 12.0001 1,300 10,000 6, 750 4,500 1,500 100,000 3,2• {1141 1.034 5,000 25.100 34,820 205,900 Page 18
THE WILLIAM AND EDH OLDHAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 DECEMBER 2022 2022 2021 Grants by type The promotion of education in the Majdstone area general The provision of financ1 assistance towards the maintenance and development of Wadham Colbge. Oxfwd The communrty and indivKlual inhobitsnts of the Parishes of Barming and Teslon The promotion and development of the study of the archaeology and history of the Hisioric County of Kent and of places and people wlhin the County The preservation, protection and improvement for the publie benefit ol historic buildin9s, chuiches and graveyards in the Historic County of Kent 17001 82,000 10.000 6, 750 1.424 105, 150 30,100 2,000 35,324 205,900 Analysls of expendlturt on ¢harltable ctlvltl Summary by fund ty Unrèstrlcled funds 2022 Total 2022 Tot81 2021 Charitable activities 50,164 50.161 212,099 Total 2021 212,099 212,099 Anatysls of •xp•ndltur• ty a¢tlvlll•s Grant fundlng of a¢tivitie$ 2022 Support costs 2022 Total funds 2022 Tot&1 funds 2021 Charitable activitses 35.324 14,840 50,164 212,099 Total 2021 205.9C(I 6.199 212,099 Page 19
THE WILLIAM AND EDITH OLDHAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Analysis of expenditure by act1viS Icontlnued} An•lys18 01 support costs Total fund5 2022 Total funds 2021 Activities 2022 Adrninislralive charge Website costs Governance costs 25 317 14,523 317 14,523 6.174 Total 2022 14.840 14.840 6.199 Total 2021 6. 199 6. 199 Gov•rnn¢• costs 2022 2021 Independent examlnerfs fees Clerk's fees Room hire 5.820 8.668 35 5,094 1,080 14,523 6,174 Ind8p8ndent •xamlnerfs rvmun•ratlon 2022 2021 Fees payable lo the Chariws indeF*ndenl ex8miner l auditors in respect of.. The preparan of Charity's annual nts and annual luM Independent examinatKJn Taxation Complian servi3 AJI other services not included above 3,138 1,416 504 3,108 1,284 462 762 240 Page 20
THE WILLIAM AND EDITH OLDHAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 10. Trustees. remunerntlon and exynses During the year, rK> Twslees recewed any remuneratw or other knefits (2021- £NILJ. During the year ended 31 December 2022. no Trustee expenses have been incurred f2021 . £NIL). 11. Flx•d a$s•t Investments Llslgd Unlisted Investment8 Investments Total Cost or valuatlon At 1 JanL5ary 2022 AddrtK*ns Revaluatsons 6,837,214 76.000 (1.788.093) 462,024 7,299,238 76.000 (1.788.093) At 31 December 2022 5,125,121 462,024 5,587,145 Net book value At 31 Docembef 2022 S,q25,121 462,024 5,587,145 Al 31 December 2021 6,837,214 462,024 7,299,238 All the fixed a5sel investments are hekj in the UK. The historical cost of listed investments is £3,624,S92 {2021 £3.S48,S921 and of unlisted ¢nveslments Is £490,02612021 £490,026). 12. Debtors 2022 2021 Due wlthln one yoar Prepayments and aecrued income Tax recovefable 5.535 241 4,086 621 5,776 4, 707 Page21
THE WILLIAM AND EDfTH OLDPIAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 13. Credltorn: Amounts falling due wfthln one year 2022 2021 Accnjals and deferred income Grants accwed - inslilubonal 4.554 197.273 4. 140 194,003 201,827 198, 143 14. Flnan¢lal In$lrum•nts 2022 2021 Flnanclal a$$•t$ Financial assets measured al fair value ihroLwh income and expenditure 6,$87,145 7,299,238 Flnancial assets Measu 81 fair value through income and expenditure comprise listed investments ol £5,125,12112021'. £6,837.214) and unlted investments of £462.02412021: £462,024). Page 22
THE WILLIAM AND EDITH OLDHAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 15. Statoment of funds Siatement of tund$ - ¢urront y•af Balan¢• at 31 Gainsl Decgmb•r {Lossosl 2022 Balance at 1 January 2022 Income Expenditure Unregtr5cted funds General Fund5 . all funds 7,368,377 206,914 150,1641 {1,788,0931 6.737,034 Stat•ment of fundB- prlor year Balanc8 81 31 Decemb&i 2021 Balance 81 l January 2021 Gain (Lossfjs) In6w7e Expendrfu Unro8tr5¢tgd funds Gener81 Funds- all funds 6,595, 131 237.832 (212.099) 747.513 7,368,3T7 16. Anatysls of net a8s•ts beiwe•n fund8 Analys of net btheen funds- curr•nt year Unrestrictèd fund8 2022 Total funds 2022 Flxed asset investments Current assets Creditors due wlhin one year 5,587.145 5,587,14S 351.716 351.716 1201,827> 1201.8271 Total 5,737,034 5,737,034 Page 23
THE WILLIAM AND EDITH OLDHAPI CHARrrABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 16. Analysls of net assets between funds (continued) AnalysLs of net a$s¢ts betw••n lund$- prfor year Unreslncl8d futS 2021 Total fvnds 2021 Fixed asset investments Currenl assets Credrtors due within one year 7,299,238 7.299,238 267,282 267,282 (198,143) (198, 143) Total 7,368,377 7,368,377 17. R•lated party tran8a¢¢lon• The Trust received £76,(NJO12021.' £105,025) by way of donabons trom P E Oklham, Settbr and Trustee of the Trust. There We no other related party transadions. Page 24