Manchester Academy Trust Registered Charity No. 1060791 Harris Manchester College Oxford, Mansfield Road, Oxford OX1 3TD
Trustees’ Report for the year to 31° July 2023
Trustees: Prof. Jane Shaw (Chair), Dr David Wykes (Secretary), Christopher Whitehouse (Treasurer), Rev. Dr Claire MacDonald, Rev. Peter Hewis, Alan Ruston Bankers: CAF Bank Ltd, 25 Kings Hill Avenue, Kings Hill, West Malling, Kent ME19 4JQ Independent Examiner: Mrs Kashmira Patel, 15 Eastfield Close, Oxford OX3 7SH
The objects of the Trust, which is constituted under a deed dated 1°* December 1996, are to support Manchester Academy and Harris Manchester College in the University of Oxford for the following purposes (1) To advance the Christian religion in its simplest and most intelligible form, in particular through the education and training of ministers and lay leaders and research into Unitarianism and Dissent and (2) To support the college chapel.
The Trust carries out these objects by making grants towards ministerial training, student tuition fees, Harris Manchester College library, travel bursaries and other educational activities, the upkeep of the Harris Manchester College chapel and the funding of an organ scholarship. The trustees have reference to the Charity Commission’s guidance on public benefit.
The Trust Deed stipulates that there should be between four and six trustees, and does not require term limits — though this is currently under review. New trustees are appointed by the existing trustees. No trustee is remunerated.
Although the Trust receives donations from time to time, its reserves are its primary source of income. These are typically invested in common investment funds, financial securities having historically provided better returns than cash held on deposit.
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During 2022/23, there were no applications for ministerial training grants or student tuition fees. However, in addition to providing funding for an organ scholarship and a travel bursary, the Trust made grants towards a photographic exhibition, “The women who made (Harris) Manchester College Oxford” and the institution of an annual public lecture, significantly reducing the operating surplus.
A £125,000 donation arising out of the closure of the Thornton Fund significantly expanded the Trust’s asset base. Against a backdrop of rising interest rates, these funds have been placed on deposit until such time as the risks associated with investing in financial markets have abated.
Signed on behalf of the trustees by Christopher John Charles Whitehouse, Treasurer
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MANCHESTER ACADEMY TRUST registered Charity 1060791 Statement of financial activity for the year to 31% July 2023
Receipts and payments
:
| 2023 | General | OSF | ESP | JBB | Total | 2022 |
|---|---|---|---|---|---|---|
| (unrestricted) | ||||||
| Receipts (£) | ||||||
| Donations | 131050 | 0 | 0 | 0 | 131050 | 6497 |
| Dividends (1) | 5541 | 1541 | 677 | 544 | 8303 | 7842 |
| Interest (1) | 1618 | 337 | 0 | 0 | 1955 | 104 |
| SUB-TOTAL | 138209 | 1878 | 677 | 544 | 141308 | 14443 |
| (1) includes COIF | ||||||
| Payments (£) | ||||||
| Grants | 4000 | 1500 | 0 | 500 | 6000 | 1654 |
| Bank charges | 64 | 60 | 0 | 0 | 124 | 193 |
| Administration | 28 | 0 | 0) | 0 | 28 | 0 |
| SUB-TOTAL | 4092 | 1560 | 0 | 500 | 6152 | 1847 |
| SURPLUS | 134117 | 318 | 677 | Ga | 135156 | 12596 |
| Assets and Liabilities | ||||||
| Current Assets (£) | ||||||
| CAF current account | 14453 | 3328 | 0 | 0 | 17781 | 52597 |
| COIF Deposit Fund | 197896 | 11858 | 0 | 0 | 209754 | 39781 |
| TOTAL CURRENT | 212349 | 15186 | 0 | 0 | 227535 | 92379 |
| Fixed Assets (£) | ||||||
| M&G Charifund | 49821 | 14911 | 11589 | 9321 | 85643 | 90168 |
| COIF Investment Fund | 91685 | 23363 | 0 | 0 | 115049 | 117367 |
| TOTAL FIXED | 141506 | 38274 | 11589 | 9321 | 200692 | 207535 |
| TOTAL ASSETS | 353855 | 53460 | 11589 | 9321 | 428227 | 299913 |
| Costs (£) | ||||||
| M&G Charifund | 40400 | 11500 | 11586 | 10000 | ||
| COIFInvestmentFund | 45500 | 10500 |
OSF: Organ Scholarship Fund; ESP: Eric Shirvell Price Travel Bursary; JBB: Jane Barraclough Bursary
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Gon : : Christopher Whitehouse, Treasurer, dated 2 Ohad. Zo?
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eS rail Kashmira Patel (B.Com AAT), yn? nA Ss
Independent Examiner, dated__< N OV. QOASB.
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