Charlty number: 1050734 THE WILLIAM & EDITH OLDHAM CHARITABLE TRUST UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE WILLIAM & EDITH OLDHAM CHARITABLE TRUST CONTENTS Page Reference and administrative detalls of the Charity, its Trustees and advisers Trustees. report 2-12 Independent examlnerfs report 13 Statement of financlal actlvities 14 Balance sheet 15 Notes to the financlal statements 16-26
THE WILLIAM & EDITH OLDHAM CHARITABLE TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARif(, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Date of Trust Deed 12 October 1995 Twstees Paul Oldham. Chairman and Settlor (appointed 21 October 1995, deceased 7 January 2024) Judy Moore {appointed 16 June 20131 Steven Songhursl, Chairman (appointed 16 June 2013) Peter Coulling (appointed 14 September 2021) Deborah Goacher (appointed 28 FebDJary 2023) Robert Earl (appointed 28 February 20231 Elrzabeth Earl (appointed 11 October 2023) Charlty reglstered number 1050734 Reglstered address 2 Pembury Gardens Maidstone Kent ME16 8AR crk Neil Harris Independent Examlner Duncan Cochrane-Dyet Bsc BFP FCA MHA Victoria Court 17-21 Ashford Road Maidstone Kent ME14 5DA Bankers National Westminster Bank plc 3 High Slreet Maidstone Kent ME14 1XU Page 1
THE WILLIAM & EDITH OLDHAM CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their Annual Report together the unaudited Financial Statements for the year 1 January 2023 to 31 Dember 2023. The Trustees confirm that the Annual Report and Financial Statements of the Trust comply wilh the Guent statutory requirements, the requirements of the Trusvs governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporknng Standard applicable in the UK and Republic of Ir81and IFRS102). Objectives and actlvitles a. Policies and objectives The Trust's objectives as set out in its govering document are as follows: {1) The promotion of education in the Maidstone area generalty and in particular the provision of financial assistance towards the maintenance and development of the followng Schools and the creation of scholarships or bursaries or prr2es and financial assistance generally to be awarded to individual students attending the said Schools:. (a) Maidstone Grammar Schts)I for Girls. Buckland Road. Maidstone {b) Maidstone Grammar School. Barton Road. Maidstone (c) The Astor of Hever School. Oakwood Park, Maidstone (d) Westborough Junior School. Tonbrty Road, Maidstone. (2> The provision of financial assistance towards the maintenance and development of Wadham College, Oxford and the creation of scholarships or bursaries or prizes and financial assistsnce generally to be awarded to individual studenls attending the said Wadham College. Oxford. {3) The community and Ir)dividual Inhabitants of the Parishes of Baming and Teston and particularly for the public benefit of'.- (a) The poorer Inhabrtants of the said Patlshe5 (b) Any residents within the said Parishes aspiring to a university education or training for emptoyment (c) The provision of new and maintenance of estIng community and religious facilities in the said Parishes including libraries, schools. village halls. sports and leisure facilities and medical centres. (dl The founding and support of local organisations which exist for Charitable purposes. (4) The promotion and development of the study of the archaeology and history of the Historic County of Kent and of places and people wthin the Historic County of Kent. (5) The acquisition, conservation. research and study for the public benefit of fumilure, pictures, books, rnuniments. amiour. porcelain. objets d'art and other chattels or items of local or national historic. arttstic, scientific interest associated wtlh or displayed in the Maidstone Museum and Art Gallery and such other museums in the Historic County of Kent. (6) The preservalion, protection and improvement for the public benefit of historic buildings. churches, and graveyards in Ihe Historic County of Kent and in particular the Parish Church and graveyard of St. Margarets, Barming. In setting objectives and planning for activiknes. the Trustees have gtven due consideration to general guidan published by the Chartty Comrnission relating to public benefit. induding the guÈdance 'Publi¢ benefil.. running a charity (PB2)'. Page 2
THE WILLIAM & EDITH OLDHAM CHARITABLE TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Objecllves and actlvities (continued) b. Strategies for achlevlng objectives and grant making policy The Trust believes that posittve action should be tsken to fulfil the aims of the Trust's objectlves. This action must be achieved within the conslraints of each individual objective and developed to be achioved within the resources available to the Trust whilst not creating an unachievable hope or aspiration for both individuals and groups. In 2023 the Trust adapted its strategy going foTward and developed on the basis above. This strategy is set out below: Action Strategy Objective 1 To continue to promote the availability of grant money wthin the named schools and to consider expandlng into other schools, which have been identified by the Trust. At this stage no action will be tsken to developing a scholarship and bursary scheme as current available funds are not suffiaent for such a scheme though individual requests wll be considered. Actions 1. Write to 8114 named Schools each year reminding them that they can put in applications for grant funding- preferably write earty in the school year. 2. Identify other Schools in Maidstone area Trustees to wne fotward wth ideas for discussion and have agreed Baming CP SChTr as the first of those Schools identified. 3. Write to identified Schools from 2. Objectlve 2 To continue to promote the availability of grant funding to the College but diredy to those areas needing funding rather than through the central grant organisation. At this stage no action will be tsken to developing a scholarship and bursary scheme as Current available funds are not suffiuent for such a scheme though individual requests wrll be considered. Actions 1. This could be the most difficult to achieve without using the College's Central Grant organisation but could ask the existing grant applicant to promote the Trust with his colleagues. This has already been aclioned. Objectlve 3 To ntinue to promote the availability of grant funding within the Parishes of Baming and Teston with the particular emphasis of identifying the groups within (c) and (d) and seek from them applicats'ons for grant funding. Acllons 1. Create a list of e$ting community and religious facilities in the 2 Parishes starting with those that have already received a grant and others Ihat meet the rJiteria set out in the objective. Page 3
THE WILLIAM & EDITH OLDHAM CHARITABLE TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Objectives and activities (continued) 2. Get Trustees, using their local knowledge, to come forward with furthèr tojies and facilities and then pull together a definitive list. though the list shoukl be reviewed on a regular basis. 3. Write to any newly identified organisation wtthln the new list of communty and religious facilities Introducing the Trust and their eligibility to ap[Y for funds. Objective 4 To continue to promote the availability of grant funding to those individuals and groups undertaking work in this ffield including approaching specific individuals and groups lo put in bids for grant funding. This relied on the Chairman's extenstve knowledge and awareness wthin this field but can be helped by bringing together an established list of individuals and groups thal have already received a grant and are continuing to work wthin this aa. Actlons 1. Draw up a list of all individuals and groups that Ihe Trust has already supported 2. Seek from the Trustees the names of any other individuals and groups that have previousty not been awarded a grant and which would be eligible. 3. Research to find whether there any other individuals and groups that have previously not been awarded a grant and which would be eligible. 4. Once a list has been compiled, write to them introduang the Twst and that they would be eligible to apply for funds. Objectlve 5 To continue to promote the availability of grant funding for these projects across all of the eligible museums within the Historic County of Kent and to seek applicalions from them. Actions 1. Draw up a list of all eligible Museums and agree this with the Trustees 2. Write to the Museums indicating to them that they can apply for grant funding and to make applications for funds. Objectlve To conlinue to promote the availabilty of grant funding to seek to achieve the aim of this objective particularfy within the Parishes of Barming and Teston and with the Maidslone area as well. The Trust would also welcome applications for funding from across the vthole of the Historic County of Kent whilst promoting the availability of funding within the defined area. Actions 1. Draw up a set of criteria for thase historic buildings, churches and graverdrds that could be eligible for making an application for grant. These rJiteria to be agreed by Trustees. 2. Start applwng the agreed crÉteria within the 2 Parishes within a defined and agreed expansion area. Write to these places to seek an application for grant. Gradually expand the area of application as resources permit. Page 4
THE WILLIAM & EDJTH OLDHAM CHARrrABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Objectives and activities (continued) General Actions 1. Each successful grant applicant will be expected lo ¢omply with the Trust's policy on full publlc iecognition for the Trust in its promotion of their project where the Trust has given financial support. 2 That Ihe applicant in making their grant application be encouraged to submit a bid that meets all of their aspirations for the project that they have put forward for fijnding and not be limited by what they think Ihey can get. 3. That the Trust make its existence kno and ils availability for funding projects that fall within Ihe Trust's objectives through relevant newsletterTJoumals such as those produced through the Kent Archaeological Society, Kent Museums Group, Friends of Kent Churches and locally distributed newsletters and joumals such as the Baming News. 4. That going foThvard dl successful applicants be asked to make the èxistence of the Trust known to other peoplelorganisations who could have projects that would be relevant to the objectives of the Trust. c. Activlttes undertaken to achieve objecllves in 2023 During the year. the Tnjstees have distributed income to beneficiaries in accordance with the Trust Deed. £132.590 was reiVed in investment income during the year (2022: £130,914) and £128.808 was recognised as expenditure by way of grants payable (2022: £35.324). d. Volunteors The charity dS not use volunteers. . Main activlties undertaken to further the Charity's purposes for the publlc benefit and grants made in the past year The Trustees make granls to deserving causes which meet the criteria laid down in the Trust Deed. The Trustees assess grant applications against the diverse objects of the Charity and the public benefrt test. They take the initiative on needs and worthwhile projects. identifwng persons or organisations to undertake the work and invite applications for grants. Value for money and opportunity for altemative funding are considered. As stated above, the Trustees are seeking to distribute the annual income from investmenls by making grants to deserving causes whith meet the criteria laid down in the Trust Deed. The Trust made various grants in 2023 and these are detailed below in the "Review of actNities" section. Achievements and perfonnance . Review of acllvilies Grants Awarded In Previous Years Completed and Paid in 2023 The Smallpiece Trust - Provlsion of a Second STEM Enrichment Day at Holmesdale School, Snodland (awarded 9 February 2022) Grant of £1,300 made to fund a second STEM Enrichmenl Day on 28 September. Grant paid on 2 May 2023. Page 5
THE WILLIAM & EDITH OLDHAM CHARITABLE TRUST TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Achievements and performance (continued) Dr Phllp, Kent Archaeolo9ical Rescue Unlt - Grant for Ihe Publication of the Meopham Archaeologlcal Report (Awarded 18 August 2022) Grant of £1,034 made to Dr Philp for the publication of his report. Grant paid on 6 February 2023. Teston Willage Hall Management Committee Grant for the prov15ion of a combination of projector, screen and speakers etc., for Installation at the Willage Hall {Awarded 12 October 2022) Grant of £4.500 made towards the cost of installation of the aUdIVIsual equipment at Teston Village Hall. Grant paid on 6 February 2023. Boughton Malherbg Hoard - Grant towards Conservation Work. Research and Publication of the Bronze Age Hoard (Declslon 6 October 2019; further payment awarded 16 June 2021) Grant of £25,000. which has subsequently been increased to £26.200 to take into account an increase in the ost for the performance artwork by Lunatraktors from £2.800 to £4.000. Project was completed and final payThent of grant made on 10 March 2023. The scheme undertook conservation work to the Boughton Malhert)e Bronze Age hoard with the work having been undertaken by Dana Goodbum-Brown. Dr Sophie Adams. the Project lead, undertook the research and publication which induded a small musical and Msual arlwork produced by Lunatraklors. HollinglM)ume Late Bronze Age Hoard - Grant towards Conservation Work and Publication {De¢ision 6 O¢tober 2021: awarded 7 October 2021) Grant of £3,300 for the project led by Dr Sophie Adams on conservation vlork undertaken by Dana Goodburn- Brown and leading to the publication of the work on the Hollingboume Late Bronze Age Hoard. Project was completed and final payment of grant made on 10 March 2023. Holmesdale School. Snodland Provssion of an outslde area Amphitheatre (Decision 30 September 2020: awarded 28 June 2021) Holmesdale School was identified as a recipient of a grant as William Oldham had been a teacher at the School, and a grant of up to £60,000 for the school was agreed to provide an outside Amphitheat. The Amphilheatre has now been completed and was opened by the Chairman of the Trust. The final payment for the project was made on 8 February 2023. Maldstone Grammar School for Girls - Second World War Visitor Centre Project and Careers (Declslon made in October by Trustees and to be confim)ed at next meeting; awarded 23 October 2021) Grant of £17,500 given for the World War 2 Visitor Centre Project at the Maidstone Grammar School for Gids. The payment for this project vms made on 17 May 2023. Maldstone Borough Councll- Maldstone Museum New Ar¢haeologlcal Gallery Grant of £100.000 offered to Maidstone Borough Council to help fund a new Archaeological Gallery at Maidslone Museum. Grant subject to the Maidslone Museum Foundation raising match funding. Maidstone Borough Council accepled the grant and the Maidstone Museum Foundation have provided the match funding of £100,000. The projed is progressin9 and is expected to be completed by the end of May 2024. Payment of the £100,000 grant was made in three tranches on 30 Augu512023, 1 September 2023 and 4 September 2023. Page 6
THE WILLIAM & EDITH OLDHAM CHARITABLE TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Achlevements and perfomiance {continued) New Grants Awarded in 2023 (whether pald in 2023 or at a later date) Wadham College, Oxford - Modorn Archiving and Presenfatlon of Ar¢hive Material - Phase 2 (Awarded 18 January 2023) Grant of £10,480.80 for Phase 2 of the ArchivFng Material project at Wadham College. Payment made on 6 February 2023. National Trust - Community Research Excavation at Smallhylhe (Awarded 25 January 2023) Grant of £6.000 for the community research excavation undertaken at Sma[1hhe by the National Trust. Payment made on 29 March 2023. Westborough Prlmary School- Revamp of School Llbrary (Awarded 17 February 2023) Grant of £9,691 for revamp of School library at Westborough Primary Schcx)l. Payment made on 2 June 2023. Canterbury Archaeological So¢ioty- Hlstorical Atlas of Kent (Awarded 20 February 2023) Grant of £4,000 towards the cost of the Historical Atlas of Kent bn9 developed by the Canlerbury Archaeological Society. Payment made on 8 March 2023. Communlty Safety EdUtIon - Flnancial Llteracy Course for New Learnlng Academy and Cornwallls Academy {Avfiirded 25 January 2023) Grant of £2,200 for the provision of a financaal literary course at the New Line Learning and Comwallis Academies. Panant made on 28 June 2023. Soclèty for Prote¢tlon of Anclent Bulldlngs Archaeologl¢al Excavatlon and related Educatlonal Aclivllles at the Old House Project located in Sandllng {Awarded 20 June 2023) Grant of £5,IK)O for the archaeological excavation and retated educational activities al the Old House project in Sandling. Payment made on 28 June 2023. Westborough Primary School- Revamp of School Llbrary Additional Books (Awarded 27 June 2023) Grant of £1,000 for additional books at the new library at Westborough Primary School. Payment made on 5 July 2023. Maidston• Grarnmar School- Audlo Vlsual Wall part of 475 Celebration (Awarded 24 October 2023) Grant of £50.000 agreed in principle to fijnd an audi¢>VFsual wall at Maidstone Grammar School. No payment made yet. Friends of Teston Church- Teston Church - Survey of Church Hatchments {Awarded 9 November 20231 Grant of £1,686 for the survey of the Hatchments at Teston Church to assess for ConservatK)n works. Payment made on 14 November 2023. Wadham College, Oxford - Pictures and Globe Restoratlon (Awarded 28 November 20231 Grant of £42.130 for various picture and globe slOratiOn works at Wadham College. First payment of £9.770 rnade on 10 April 2024. Page 7
THE WILLIAM & EDITH OLDHAM CHARABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Achievements and performance (continued) Grants Awarded Prior to 2023 and stlll in progress Rachel M Koopmans and Leonie Seliger- The Kent Miraclè Window Project (Awarded 9 November 2022) Grant of £25100 agreed towards the cost of the project at Canterbury Cathedral. Project has not commenced but grant will be paid when project commences. b. Fundraising activities and income generation The Trust does not undertake any fundraising activities Itself. nor does any other person on behaw of the Trust. Neither the Trust rr any olher person acting on behalf of the Trust was subject to any volunlary scheme or voluntary standard for regulating fundrai&ng. As such, there were no failures to comply with any such scheme and the Trust did not receive any complaints during the year in lation to fundraising activities. . Investment pollcy and perfomiance In accordance with the Trust Deed, Ihe Trustees have the wwer to invest as they see fft and have adopted the following Investment Policy on 11 Odober 2023. Requirements of the Charity The income from the investment holdings meets the management expenses of the Charity and provides grants to promote the objects of the Charity. A sustsinable income and protection from infiatson of purchasing power are required to ensure prosperity. The Charity was founded in mernory of William and Edith Oldham with the intention that the Trust should still be flourishing in a 100 years. time. Thus, a reasonable immediate income with long term growth of capilal and income are imw)rtant objectives. Whilst Trustees have the power to realise capital, the Setuor tkqs requested that only the Incomo received is distributed as grants and that the capital remains invested. Hlstory The share portfolio was established by donation of holdings. usually annually. from the personal portfolio of the Settlor. These were long tem holdings wth emphasis on sound companies and prospects. Turnover was minimal as transaction costs can hamper investment retums. This portfolio placed more emphasis on capital growth than immediate income. Costs were small as the Settlor provided management and adrninistrative seryices without charge. In 2022 it was decided to move to a fom of management less dependant on the Setuor, leading to a decision to move the assets into suitable funds suitsble for Charities. The Trust apwnted Stockbroker Redmayne Benlley to realise the direct investments over a peri¢)d of time. These proceeds will be invested in selected Funds. Management costs in these funds can be significant but are levied by the Funds befo the income is distribuled. Asset Allocatlon To meet the requirements of the Charity. investments should be real assets namely equities {sharesl. property and securFties linked to price indices. Index linked securities are. currently. too highly valued to offer a real rate of retum and so have not been considered further at present. The capital portfolio should be invested on the proportions 75180 % equities and 20125% property related. Income awaiting as grants will be held in an interest pawng deposit account or money market Fund to produce Income. Given the mode of operation of the Charity there can be delay between Trustee agreement of grants and the actual payThent. Page 8
THE WILUAM & EDITH OLDHAM CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Achievements and perfomian¢e (Continued) Equtty Holdlngs Given the income arKI inflation protection objectives of the Charty. Newton Growth and Income Fund and CCLA (specifioally COIF Charities Global Equity Income Fund) have been selected for investment. Both funds are specialist funds for Charities. Newton is managed by the Bank of New York Mellon, whilst CCLA stands for Churches, Charities and Local Aulhorities and is the largest independent manager of Charity funds. Property No property is directly owned due to risk and management issues. Holdings will be in diverstfied funds catering for Charities and are ¢urrenUy Hemies Property Unit Trust {formedy part of managemenl of British Telephone Pension Fund). CCLA Ispeofically COIF Charities Property Fund) and Kentstone Properties {an unquoted local company investing in commercial and residenlial properties). The company is an unusual holding for a Charity (formerly known as the MaFdstone Cottage Improvement Company) but produces a good income and was transferred from the Seltior. Diversification The funds constitute a diversified portfolTro with a wde gety3raphic. industry. stock and management spread, somewhat reducing the risk to income and longer-temi capital growth. Rlsk Liquidity Given only income is distributed for grants. no forced sale of shares should be necessary. In the event, the only holdings with liquidity issues are Kentstone Properties (unquoted) and the Property Funds which may require an extended notice of redemption. Markets The long-temi objectives of the Charity means falls in market values can be accepted whilst diversification of assets gives some protection. Equty holdings can be volatile short term bul should preserve purchasing power long temi. Fixed interest (bonds) may be less volatile but are more vulnerable to inflation. Foreign Currenclos The Charity has no direct overseas holdings, but the Funds have major exposure to overseas companias and currencies. These give access to companies and economies with better growth prospects than in the UK, as well as reflecting the view that, long tem). sterling depreciation likely. In the meantime. however, any short-tem upward movement by sterling could reduce income and capital values. Managernent Delegation of investment management involves the risk of poor perfOrnan. but only well*slablished charity orientated funds have been selected. The perfomance of the funds and events at the management companies need to be monitored. Costs Effective investment management can be very expensive. but cost should be among the selection criteria for the Funds. Page 9
THE WILLIAM & EDrfH OLDHAM CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Achievements and perfomiance (continued) Holdings To meet the above objectives, holdings of the Charity shall be held in Ihe Newton Growth and Income Fund, CCLA Equity Fund {COIF Charities Global Equity Income Fund}, Hermes Propety Unit Trust, CCLA Property Fund (COIF Charities Propety Fund). Kentstone PrOrtIeS and CCLA Depostt Account (COIF Charities Deposlt Fund). Review This statement of policy and practice should be reviewed at each Annual Meeting of the Trustees. Further investments have been made and gains of £389.622 (2022 losses of £1,788,903) were made on the investment Portfolio in the year. Investmenl income of £134.855 (2022 £130,914) was received in the year. Flnancial review . Golng con¢em After making appropriate enquiries, the Trustees have a reasonable expectation thal the Charity has adequate resources to continue in operath)nal existence for the foreseeable future. For this reason, they continue to adopt the going concem basis in prepartng the financial statements. Futher details regarding the adoption of the going concem basis can be found in the accounting policies. The TTUStees wll continue lo monitor and rf necessary reduce future grdnt commitments to ensure adequate cash reserves are maintained. b. Reserves policy The Trust accumulated income to be used in the future for the public benefft in accordance wÈth the Trust Deed until October 2016 vthen the pennitted accumulation period ended. The Trustees are now seeking to distribute the annual income from investments. At the year end the totsl reseryes of the Trust amounted to £6.191,94812022 - £5,737,034) of which £5,826,049 {2022 £5.587.145) relates to investments intended to be retained for inwme producing purposes rather than for distribution. There are no restricted or designated reseNes held by Ihe Trust. . Prln¢lpal risks and uncertainties The principal risks and uncertainties relate to movements in the market value of the Investments held by the Trust and the levels of income derived from the investment portfolio. which could result in decreases in the value of assets held ar)d levels of income as well as increases. The trustees therefore review the invesknents held on a regular basis bul have also adopted its recent invesknent policy seeking to transfer funds from shares to investment funds. d. Prlnclpal fundlng The principal funding sources during the year were further donations of inveslments, which will increase income levels and therefore fvnds available for distribution to benefiaaries. and the investment income itself which has been, or will be, distributed to beneficiaries. Page 10
THE WILLIAM & EDITH OLDHAM CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Struclure. governance and management a. Constitutlon The William & Edith Oldham Charitable Trust is a registered charity, number 1050734, and is constituted under a Trust Deed dated 12 October 1995. The Trust Deed sets out the structure of the Trust and how it is conslituled and its arrangements for operation. b. Methods of appolntment or electlon of Trustees The power of appointing new trustees of the Charity is vested in the exists'ng Trustees of the charity. Organlsallonal structure and declslon4naklng policies The Trust is an unlncorporated charity. The management of the Trust is the responsibility of the Trustees who are elected and co-opted under the tems of the Trust deed. The Trust has agreed that the total number of Trustees shall at no time eXd seven. The Trust wll meet four times a year. d. Poli¢les adopted for the induction and tralnlng of Trustees New Trustees a given a copy of the Trust Deed and the last yearfs accounts and recewe a briefing from the Chairman and the Clerk. as appropriate. . Financial rlsk managemerrt The Trustees have assessed the major risks to vthich the Tnjst is exposed. in partic#Jlar those related to the operations and finances of the charty, and are satisfied that systems and procedures are In place to mitigate exposure to the major risks. Plans for future perl¢xls The Trustees plan to continue to grow the investment portfolio in order lo increase the income available for distribution to the beneficiaries. In 2023 the Trust started to look at how its investrnent portfolio operates and has started the process of transferring funds from shares to Charity Investment Funds. This process was completed in July 2024. Page 11
THE WILLIAM & EDITH OLDHAM CHARITABLE TRUST
TRUSTEES" REPORT ICONTINUEO)
FOR THE YEAR ENDED 31 OECENIBER 2023
statement ot Truslees. responslbilities
Tht,. TiuslLae- Jre responsi. lof rALpariixJ iii(.. Tluslt..e I1)011 iiryl Ilv_= fiii
THE WILLIAM & EDITH OLDHAM CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Independent examiner's report lo the Twstees of The William & Edllh Oldham Charltable Trust {'the Charlty'} I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2023. Responsibilities and basls of report As the Trustees of the Charity you are reswnsible for the preparation of the accounts in accordance wth the requirements of the Charities Act 2011 (Ihe 2011 ACV). I report in respect of my examination of the Charitys accounts carried out under sectton 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(bl of the 2011 Act. Independent examine$ statement I have completed my examination. I confimi thal no matters have come to my attention in connection wtth the examination giving me cause to believe that in any material respect". accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act., or the accounts do not accord those records: or the accounts do not comply wtth the applicable requirements conceming the form and content of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a Irue and fairf wew whith is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with tha examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. This report is made solely to the Charitys Trustees. as a body, in accordance with Part 4 of the Charities {Accounts and Reports} Regulations 2008. My Vrk has been undertaken so that I might state to the Charitys Trustees Ihose matters l am required to slate to them in an Independent examiner's report and for no other purpose. To the fullest extent pennitted by law. I do not accept or assume responsibility lo anyone other than the Charity and the Charivs Trustees as a tfv)dy. for my work or for this rert. Duncan Co¢hrantrDyet Bsc BFP FCA Independent Examlner for and on behalf of MHA Maidslone United Kingdom Date: 09 October 2024 Page 13
THE WILLIAM & EDITH OLDHAM CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestrlcted lunds 2023 Total funds 2023 Total fvnds 2022 Note Income from: Donations and legactes Investments 79,532 134,855 79,532 134,855 T6,to 130.914 Total Income 214,387 214.387 206.914 Expenditure on.. Charitable adivilies 149.095 149.095 50,164 Total expenditure 149.095 149.095 50,164 Net incom¢ before net gainsl{losses) on investments Net gainsl(losses) on investments 65,292 389,622 65,292 389,622 156, 750 (1.788,093) Net movement In funds 454.914 454,914 (1,631.343) Reconciliation of funds.. Total funds brought forward Nel movement in funds 5,737,034 454.914 5,737,034 454.914 7.368,377 (1.631.343) Total funds carrled forward 6,191,948 6.191.948 5.737.034 The Ststement of financial activilies indudes all gains and losses recognised in the year. The notes on pages 16 to 26 form part of these financial statements. Page 14
THE WILLIAM & EDITH OLDIIAM CHARITABLE TRUST BALANCE SHEET AS AT 31 DECEMBER 2023 Z023 2iJ22 Nolo Fixed assels 5,826.049 5.)81.1.15 5.826.049
.581, 145 Currenl assels D..blry' CJ$h banl .)nd iii liand 12 5.708 482,872 488.580 351.116 Clf-.drto. amrjunts fall9 diic- Isilh:n ot 13 1122.681) (?ct.4i?7? Ncl curronl assets 365.899 149 1)li9 Totsl nel assets 6.191.948 5.731.03J Chailty funds tjnro:. lyic1{l luiKIs 15 6.191,048 5. 73r.OJ.I Tolal lunds 6.191.948 5. T37.034 Tlw finAnciiil ariempn:" weil. rIVe aUthtsed foi Issue by tlie Tiiistees a¥yl s¥Jned on Ihcii behal,, by Slev Ison Ufsl Judy Mooie The nolc" on p.Iric?r 16 Itj nl i)tsrl ol Ihi'.)i. liri.Inci.g1 *1.)!c'mi>rils
THE WILLIAM & EDITH OLDHAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 General information The William and Edith Oldham charitste Trust is an unincorporated charity regulated by the Charity Commission in England and Wale5 and governed by the Trust Deed dated 12 October 1995. The registered address is given on page 2 of these firncIal statements. The nalure of the Trust's operations and principal activities are the making of grants to deserving USe$ which meet the criteria laid down in the Trust Deed from the investment income arising. The financial slatements are presented in sterfing which is the functional currency of the charity and rounded to the nearest pound. The significant accounting policies applied in the preparation of these financial statements are sel out below. These policies have been consistently applied to all years presented unless otherwise stated. Accounllng poll¢les 2.1 Basls of preparation of financlal statements The financial staternents have been prepared in accordance with Accounting and Reporting by Charities-. Ststement 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) (effective 1 January 2015) - (Charities SORP FRS 102}, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011 and applicatAe regulations. The financial statements have been prepared to give a Irue and fairf view 8nd have departed from the Charities (Accounts and Reports) Regulations 2008 only to the exlenl required to provide a 'true and fail view. This departure has invofved following the Charities SORP (FRS 1021 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective from 1 April 2005 which has Since been wthdrawn. The William & Edith Oldham Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otherwise staled in the relevant accounting policy. 2.2 Going concern The financial stalements have been prepared on a going concern basis. There are no material UnrtaIntieS related to events or conditions which could cast doubt on the Chartvs ability lo continue as a going concem. The Trustees have considered relevant information. induding the annual budget. forecast future cash flows and the impact of subsequent events in making their assessment. The Tnjstees w¢ll continue to monitor and rf necessary reduce future grant commitments to ensure adequate cash reserves are maintained. Page 16
THE WILLIAM & EDrfH OLDHAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 AGcounting policles (contlnued) 2.3 Income All income is reccgnised once the Charity has entilement to the income, it is probable that the income will be received and the amount of incorne receivable can be measured relk?bly. The recognstion of income from legacies is dependent on estsblishing entitlement the probability of receipt and Ihe ability to estimate with sufFiaent accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left lo them (through knowledge of the existen of a valid will and the death of the benefactor) and the execulor is salisfied that the propety in question Mll not be required lo salisfy claims in the eslate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable. which will generally be Ihe expected cash amount to be distributed to the Charity, can be reliably measured. Income tax recoverable in relation to donations received under Grft Aid or deeds of covenant is recognised at the time of the donation. Income tax recoverable in relation to invesknent income is recognised at the time the investment income is receivable. Other income is reco3nised in the period in which tt is receNabl8 and to the extent the goods have been provided or on completion of the service. 2.4 Expendlture Expenditure is recognised once there is a legal or constnjctive obligation to transfer economic benefit to a third party. it is probable that a transfer of economic benefits will be required in settlemènt and the amount of the obligation can be measured reliably. Expenditure is classified by activity- The costs of each activity are made up of the totsl of direct costs and shared costs, in¢luding support costs involved in undertaking each actNty. Direct costs attributable to a single activity are allocated directly to that adivity. Shad costs which ntribUte to more than one activity and support cosls which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent. arNI depreciation tharges allocated on the portion of the asset's use. Govemance costs are those incurred in connection with administration of the chartty and compliance with constitutional and statutory requirements. Charitable activities and Govemance costs are costs incurred on the charitys educational operations, including support costs and costs relating to the govemance of the charity appJrtioned to charitable activities. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional. such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a mmitsnent, bul not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. Page 17
THE WILUAM & EDITH OLDHAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounttng pollcles (contlnued) 2.5 Interest receivable Interest on fijnds held on deposit is included when ceIvable and the amount can be measured reliably by the charity. this is normally upon notification of the interest paid or payable by the Bank. 2.6 Investments Fixed asset investments are a fomi of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date. unless the value annot be measured reliably in which case it is measured al cost less impairment. Investment gains and losses. whether realised or unrealised. are combined and presented as 'GnS/(LOsSeSI on investments, in the Statement of financial aclivities. 2.7 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepatd net of any trade discounts due. 2.8 Cash at bank and in hand Cash at bank and in hand includes cash and short4em highly liquid Investments with a short maturity of three months or less from the date of acquisition or opening of the det)OStt or slmilar account. 2.9 LlabllStles and provisions Liabilities are recognised vthen there is an obligation at the Balance sheet date as a result of a past event. it is probable that a transfer of economic benefft will be required in settlement. and the amount of the setuement can be estimated reliably. Liabiltties are recognised at the amount that the Charity anlicipates it 11 pay to settle the debt or the amount it has received as advanced panents for the gotsjs or services it musl provide. Provisions are measured at the best estimate of the amounts required to settle the obllgation. Where the effect of the time value of money is material. the provision is based on the present value of those amounts, discounted at the pre-tsx discount rate thal refleds the risks specific to Ihe liability. The unwinding of the discount is recognised in the Statement of finanaal acb'vities as a finance cost. 2.10 Flnanclal Instruments The Charity onty has finanual assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequenuy measured at their settlement value viith the exception of bank loans which are subsequently measured at amortised cost using the effective inlerest method. 2.11 Fund accountlng General fijnds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for oth&r purposes. Page 18
THE WILLIAM & EDITH OLDHAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Income from donations and legacies Unrestricted funds 2023 Total funds 2023 Total fvnds 2022 Donations 79.532 79,532 76.000 Total 2022 76,000 76,000 Inveslment Income Unrestrl¢ted funds 2023 Total funds 2023 Total funds 2022 Investment income - dividends Investment income - bank interest 132,590 2,265 132,590 2,265 130,914 Total 2023 134,855 134,855 130,914 Total 2022 130,914 130,914 Page 19
THE WILLIAM & EDITH OLDHAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysis of grants Grants to Grants to Instltutions Individua15 2023 2023 Total fvnds 2023 Tolal funds 2022 Grants 128,808 128.808 35.324 Total 2022 34,820 35.324 2023 2022 Grants to Instltutions Westborough Primary School (for revamp of scht)ol library) WestboroLtgh Primary School (for purchase of new bwks) New Line Leaming Academy and C¢)mwallis Academy (for Finance LFteracy Course) Holmesdale School, Snodland (for proviston of outSKle amphTrtheatre) Holmesdale Sch¢)ol, Snodland (for 2021 STEM Enrichment Day) Holmesdale School, Snodland (for 2022 STEM Enrichment Day) Maidstone Grammar Sthool (for AV Wall part of 475 Celebration) Wadham College Oxford (for modem archiving and preservation of archive material - phase 2) Wadham College Oxford (for picture and globe restoration) Teston Village Hall (for projector. screen. speakers.etc) Teston Church (for survey of church hatchments) Boughton Malherbe Late Bronze Age Hoard (for exhibition) Kent Archaeological Trust {for historical atlas of Kent) The Ecdes Monograph (re book launch) Kent Archaeological Rescue Unit (for publication of the Meopham Archaeological Report) National Trust (for communty research excavation at Smallhythe) The Soaety for the Protection of Anuent Buildings (for Boxley Abbey and Old House Project) Cantetbury Cathedral (for The K8nt Mirade WirKJow Project) 9,691 1,000 2,200 (3,6191 (2.tWO) 1.300 50,000 10,480 42.130 4.500 1,686 240 4,000 (114) 1.034 6,000 5,000 5,000 25,100 128,808 34,820 Page 20
THE WILLIAM & EDITH OLDHAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2023 2023 2022 Grants by type The promotion of educab.on in the Maidstone area generally The provision of financial assistance towards the maintenance and development of Wadham College. Oxford The community and individual inhabitants of the Parishes of Baming arKI Teston The promotion and development of the study of the archaeology and history of the Historic County of Kent and of places and people within the County The preservation. protection and improvement for the public benefit of historic buildings. churches and graveyar(Is in the Historic County of Kenl 59.272 (700) 52,610 1,686 4.500 15,240 1,424 30.100 128.808 35.324 Analysis of expenditure on Charitable activities Surnrnary by fund type Unrestricted funds 2023 Total 2023 Total 2022 Charitable activtfies 149.095 149.095 50, 164 Total 2022 50,164 50,164 Analysis of expendlture by actlvllles Grant funding of activities Support costs 2023 Total funds 2023 Total fvnds 2022 2023 Charitable activities 128.808 20.287 149,095 50.164 Total 2022 35,324 14,840 50,164 Page 21
THE WILLIAM & EDITH OLDHAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysis of expenditure by activities (continued) Analysis of support costs Total funds 2023 Total fvnds 2022 Activities 2023 Website costs Govemance costs 43 317 20.244 20,244 14,523 Total 2023 20.287 20,287 14,840 Tot812022 14,840 14.840 Governance ¢osts 2023 2022 Independent examinerfs fees Clerk'5 fees 7.054 11,372 1.818 5,820 8.668 Legal and professional fees Room hire 35 20,244 14,523 Independent examinees remuneration 2023 2022 Fees payablè to the Chariws independent examiner l auditors in respect of: The preparation of charits annual accounts and annual retum Independent examination Taxation Complian services All other services not induded above 3.138 1.416 504 762 1,524 540 1,642 Page 22
THE WILUAM & EDITH OLDHAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 10. Trustees, rernuneration and expenses During the year. no Trustees received any remuneration or other benefits (2022- £NIL). During the year ended 31 December 2023. no Trustee expenses have been incurred (2022 - £NIL). 11. Fixed asset Investments Listed Unlisted investments investments Total Cost or valualion At 1 January 2023 Additions Disposals Revaluations 5,125,121 832.532 (983,250) 351,120 462,024 5.587,145 832,532 (983,250) 389,622 38.502 At 31 De¢ernr 2023 5,325,523 500,526 5,826,049 Net book value At 31 December 2023 5.325,523 500.526 5,826,049 At 31 December 2022 5, 125,121 462.024 5,587.145 All the fixed asset investments are held in the UK. The historical cost of lisled inveslments is £3.784.217 {2022 £3.624,592) and of unlisted investments is £490.026 (2022 £490,026). 12. Debtors 2023 2022 Due within one year Prepayments and accrued income Tax recoverable 5,282 426 5,535 241 5,708 5,776 Page 23
THE WILLIAM & EDITH OLDHAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 13. Creditors: Amounts falling due within one year 2023 2022 Accruals and deferred income Grants accrued - institutional 5,452 117,229 4,554 197.273 122,681 201,827 14. Flnanclal Instruments 2023 2022 Flnanclal assets Financiai assets measured at tair value through inccKne and expenditure 5,826,049 5,587,145 Financial assets measured at fair value through income and expenditure comprise listed investments of £5,325,523 (2022.. £5.125.121) and unlisted investrnents of £500.526 (2022.. £462.024). Page 24
THE WILLIAM & EDITH OLDHAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 15. Statement ot funds Statement of funds - currenl year Balance at 31 Gainsl December (Losses) 2023 Balance at 1 January 2023 Income Expendilure unre$tried funds General Funds - all funds S.737,034 214,387 (149,095) 389.622 6,191,948 statement of funds - prior year Balance at 31 December 2022 Balance al 1 January 2022 Gain (Losses) Income Expenditu Unrestricted funds General Funds- all funds 7.368.377 206.914 (50. 764) (1, 788.093) 5. 737.034 16. Analysis of net assets between funds Analysis of net assets between funds - current year Unrestricted funds 2023 Total funds 2023 Fixed asset investments Current assets Creditors due within one year 5,826,049 5,826,049 488,580 488.580 (122,681) (122,681) Total 6,191.948 6,191,948 Page 25
THE MLLIAM & EDITH OLDHAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 16. Analysis of net assets between funds {continued) Analysis of net assets between funds - prior year Unrestricted funds 2022 Total fvnds 2022 Ftxed asset investments Current assets Creditors due within one year 5.587, 145 5,587, 145 357.716 351.716 (201.827) (201,827) Totsl 5, 737,034 5, 737.034 17. Relatsd party transactlons The Trust recerved £79.532 (2022: £76.000) by way of donations from P E Oldham, Settlor and Trustee of the Trust. There were no other related paty transactions. Page 26