COMPANY NO: 08600905 CHARITY NO: 1154547 THE MARGARET THATCHER SCHOLARSHIP TRUST (A company limited by guarantee) REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 THE MARGARET THATCHER SCHOLARSHIP TRUST CONTENTS FOR THE YEAR ENDED 31 JULY 2021 Page Legal and admlnislratlve details Report of the Dlrectors and Trustees Statement of Trustees, Responsibilities Independent audRor's report to the Tnjstees of The Margaret ThatcheT Scholarshlp Trust Statement of Financial Activil Balance Sheet 10 Notes to the Accounts 11-17 THE MARGARET THATCHER SCHOLARSHIP TRUST LEGAL AND ADMINISTRATIVE DETAILS DIRECTORS AND TRUSTEES Baron9¥5 Royall of 8lai5don Mrs Clara Freeman Professor ￿rnut Suerbaum Professor Stephen Weatherill Lord Sherboume of Didsbury Mr Andrew Parker REGISTERED OFFICE Somerville College Woodytock Road Oxford OX2 6HD BANKERS AND DEposrr HOLDERS Barclays Bank PIC Oxford OX13HB AUDITOR Crowe U.K. LLP Aquis House 49-51 Blagrave Street Reading Berks RG1 1PL SOLIC￿OR8 Penningtons LLP Apex Plaza Forbury Road Readir RG1 1AX CHARITY REGISTRATION NUMBER 1154547 COMPANY REGISTRATION NUMBER 0860￿15 Page 1 THE MARGARET THATCHER SCHOLARSHIP TRUST REPORT OF THE DIRECTORS AND TRUSTEES FOR THE YEAR ENDED 31 JULY 2021 The directors, who are also Trustee5 of the Charity, present the reprKt and flnan¢ial siatements for the year ended 31 July 2021. The fInar￿la1 statements comply with the Charities Act 2011. the Companles Act 2006, the Memorandum and Articles of Associats'on. and Accounting and Reportlng by Charities.. Statement of Recommended Practice ap￿Icable to charities preparing their accounts In accordance wth the Financral Reporting Standard applicable in the UK and Republlc of Ireland IFRS 1021 (effective 1 January 2015>. STRUCTURE. GOVERNANCE AND MANAGEMENT GOVERNING DOCUMENT The Margaret Thatcher Scholarship Trust was incorporated as a company Ilmited by guarantee (number: 08600￿5) on 8 July 2013 and is a charity registered wth the Charity Commission (number.. 1154547). The governing doGuments of the Gompany are ils Memorandum and Articles of Asso¢ialion, dated 1 July 2013. TRUSTEE RECRUITMENT AND APPOINTMEKr The Trustees a￿ made up of two internal Iruslees, Iwo extemal trustees and ex Offic￿ tnjslees. Current trustees of the Margaret Thatcher Scholarship Trust are.. External Iruslees Mr$ Clara Freeman OBE, Lord Sherbourne of Didsbury, Inlemal trustees Professor Almut Suerbaum. Professor Stephen Wealherill. Ex offtlo trustee8 Baroness Royall of Blaisdon, and Mr Andrew Parker. OBJECTS AND AtTIVITIES The charlly's objects are specifically restricte(I lo promoting and advancing education at the University of Oxford, and in partlcular at Somerville College. irKluding by providing financial support to outstanding students from all over tho wodd and by supportlng acaéemic posls and other initiatives which help to nurture the talents of these students. The focus remains on mentoring Ihesg Students arKI ensuring Ihat they are fully supported in ordeT to athieve their potential, while also providing thg Somerville Development Programme that all Somervillians can access. Fun(Iraisiw continues for both the endowment and spend4own scholarships. PUBLIC BENEF It is a duty of the charity's trustees lo report on the organisation's publ￿ benefit in the Trustees Annual Report. To meet this requirement, charities must be able to demonstrate that= therg is an idenirfiable benefit which has arisen by fulfilling the char￿$ aims-, the beneficiaries are the publlc. or a secuon of the public. Page 2 COMPANY NO.. 08600905 CHARITY NO.. 1154547 THE MARGARET THATCHER SCHOLARSHIP TRUST REPORT OF THE DIRECTORS AND TRUSTEES FOR THE YEAR ENDED 31 JULY2021 PUBLIC BENEFrr ¢ont. The trustees have Satisf￿ themselves Ihac in achieving the obje¢tiV85 described in this report, Thg Margaret Thatcher Scholarship Trust meets the public benefrt requirement. The Iruslees have given due gard to the Charity Commission's published guidance on the Public Benefit requiremenl under the Charities Act 2011 in coming to this conclusion. ACHIEVEMENTS AND PERFORMANCE Of the 14 Thatcher Scholars of 2019120, four graduated and the remaining ten scholars were joined by eight new Thatcher Scholars in m￿hae1Mas 2020. Of these, fwe are undertakiro Fx)slgraduale studies (3 DPhil and 2 Masters), and three are undergraduate5. There had originally been only two undergraduate awards to be made, bul on examination of the a￿oUnt5, the Trustees agreed that the perfomance of the endowment was such that il allowed for an extra undergraduate scholarship to be awarded. This scholarship was named the Sir John Vickers Thatcher SGholarship to mark Sir John's retirement as a Trustee. The Somervrlle Development Programme continued lo provide valuable training for students m?inly on- Ilne, although there were some face40-face seminars towards the end of the year, and some hybrid events whfith we will continue lo test in the coming year. There were 18 applications for Thatcher Development Awards of which 11 wgre approved. Grants rangeé from £71010 £2,000, with the mean grant being £1,269. The total funds awarded for Th*¢her Development Awards was £13.956. The figure is higher than in previous years as many of the projects from 2019120 were unable to go ahead in their original fom ov￿ng lo the pandemic, meaning many of the grants were unable to be taken up. Fnie new graduate Scholarships were awarded in the spring and summer of 2021 to start in Michaelma5 term 2021. One of our current Oxford Thatcher Scholars has changed from full-time to part-lime study and had been due to complete their studies al the end of the next academic year. They wll now COM￿ete in Trinty term 2024. FINANCIAL REVIEW The Trust has totsl incoming resources of £512k {2020: £489kl. Of this £108k12020.. £108k) came from donations and £398k (2020: £380kl from Investment income. Total expendf(ure was £519k (2020.. £430kl. The r￿1 surplus for the year was £1,798k {2020,- -£410kl, drlven entirely by a strong capital gain on investments placed with OUEM. At the year-end net assets totalled of £11,683k {2020- £9,884kl being unrestricted funds of £970k {2020: £826k) and endowment funds of £10,713k {2020.. £9,068kl. At the year end free reserves stood at £970k {2020= £826kl, being 22 months of unrestricted expendI￿re. These reseryes will be reduced over the next few years lo no more than 12 months, expend(ture as we fund an increased number of scholars. PLANS FOR THE FUTURE The Trust will continue to fundraise to build Ihe endowment of the Trust and to make awards lo selected $Ch￿ar$. The Somervi118 Development Programme has become a fundamental part of the offering that Somerville makes to its students and will continue lo give them the tools and skills that they need to fulfil their a¢adernic potential at College and lo go out into the wodd and make a positive impact. The number of scholars in 2020121 will rise from 17 to 24. Pago 3 COMPANY NO.. 08600905 CHARITY NO." 1154547 THE MARGARET THATCHER SCHOLARSHIP TRUST REPORT OF THE DIRECTORS AND TRUSTEES FOR THE YEAR ENDED 31 JULY 2021 GOING CONCERN Th8 Margaret Thatcher Scholarship Trust has considered its financial performance in the past year. the risks we face and our finan¢ial projections for the next twelve months and beyond. We are satisfied that we have adequate resour¢e$ to continue operating for the foreseeable future. and that we have the appropriate ¢onlrol$ in to manage any Material change in circumstances. We have Iherefore prepared our accounts on the basis that we are a going concern. The charity has cash resour¢es and has no requirement for external funding In excess of current facilib'gs. The Trustees have a hKdh expectalDn that the charity has adequate resources to continue in operation?1 exlslence for Ihe fO￿Seeable future. In making their assessment the Trustees have considered the impa on the txjsiness of Covid-19 includin9 the ability of the charty to continue lo operate within Somervi11g College. They contlnue lo believe the going concern basis of accounting appropriate in preparing the annual financlal statements. RESERVES POLICY At present the charity holds unrestricted funds. representing inc#)me received not yet expended for purp¢)ses given. Now that the core activities of the trust are established the Board of Trustees wll monllor t1￿ level of reserves appropriate to ils level of activity and associated risk. to ensure that sufficient funds are avallable to meet the objective5 of the Charty on an on-going bask8. Page 4 COMPANY NO.. 08600905 CHARITY NO.. 1154547 THE MARGARET THATCHER SCHOLARSHIP TRUST REPORT OF THE DIRECTORS AND TRUSTEES FOR ThE YEAR ENDED 31 JULY 2021 STATEMENT OF TRUSTEES. RESPONSIBILrriES The Tnjslees (wlb) are also the directors of Margaret Thatther Scholarshlp Trust for the wrp)ses of company18w) are responsible for preparing the Trustees. knnual Report and the financial gtalemenls in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards). Company law requires Ihe Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the finanual statements unless they are salisfth that they give a true and fair view of the stale of affairs of the charitable company and of the incoming resource5 and applicalKJn of reswrces, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to.. select suitab[8 accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP., make judgments and estimates that are reasonable and prudent,. state whether applicable UK a¢counling standards have teen followed, subject to any malerSal departures dis¢losed and explained in the financial stalements,- and pr8paTr the financial Statements on the going ¢oncem basis unless it is inapproprfale to presume that the Chariiable ¢ompany will ¢onlinue in business. The TNslee$ are responsible for keeping adequate a¢¢ounling records that are SLrfltclent lo show and eX￿aIn the Charitable companvs transaclions, disclose with reasonable accuracy at any tim8 the financial position of the charitable company and enable them to ensure that the financial statem8nls comply with the Companies Act 2006 and the provision$ of the ¢hariV$ ¢onslttulion. fhey are also rgsponsible for safeguarding the assets of the charity land the groupl and hence for taking reasonable Steps for th8 preventlon and detectlon of fraud and other Irregtslarltles. Small company provlslon8 This report has been prepared in accordance wilh the special provisions for small companies under Part 15 of the Companies Act 2CQ6 Statomont as to dls¢losur• of Snformatlon to audltors In so far as the trustees are aware.. there is no re￿vant audit information of which the charilat4e companls auditors are unaware. and the Iruslees have taken all steps that they ought to have laken to make themselves aware of any rdevant audit information and lo establish that the auditors are aware of that irrformation. This report was approved by the Board on 19th October 2021 and signed on ils behalf ArKlrew Parker Trustee Pag8 5 COMPANYNO.. 08600905 CHARITY NO.. 1154547 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE MARGARET THATCHER SCHOLARSHIP TRUST FOR THE YEAR ENDED 31 JULY 2021 Oplnlon We have audited the financial statements of The Margaret Thatcher Scholarship Trust Ilhe charitable company'l for the year ended 31 July 2021 which comprise Statement of Finan¢ial Activities. the Balance Sheel arnl notes lo the financial statements, including signrficanl accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, itKluding Financial Rewrting Standard 102 The Financial Rewrting Standard 8ppIKable in the UK and Republic of Ireland (Unrted Kingdom Generally Accepted A¢¢wntlng Practice). In our opinion thg finarKial stalgmgnls= give a true and faST vlew of the stste of the charitable companvs affalrs as at 31 July 2021 and of Ir￿me and expenditure, for the year then ended", have been propedy prepared In accorda￿e wlth United K1￿jd0M Generally Accepted Accounting Practice,. and have been prepared in accordance with the requ1￿mentS of the Companies Act 2006. Basis for opinion We conducted our audit in accordarte with Inlemational Standards on Auditing {UKI (ISAS IUK}l and 8pplicable18w. Our responsibilities under those standards are further dgscribed in the Auditor's reswnsibilities for the audit of the financial statement$ section of our report. We are independent of the charitable company in accordan￿ ￿th the ethical requirements Ihal are relevant lo our audit of the financkgl statements in the UK, including the FRC'S Ethical Standard, and we have fu￿illed our othgr ethical responsibilib'es in accordance with these requirements. We believe that the audit evidence wfj have obtained is sufficient and appropriate to provide a basis for our opinion. Ctsndusions r8lating to going concem In auditing the financial statements, we have concluded that the Irustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriale. Based work we have perfomied, v* have nol identified any material Ur￿rtainlles relatiro to events or Conditions that, individually or collectively, may cast signrfiGant doubt on Ihe charitable companls abilty lo Continue as a going ¢on¢em for a period of al least twelve months from when the financial $tatement$ are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to golno con¢ern are d8scribed In the relevant sections of this report. Other Inforniatk>n The trustees are responsible for the other information Contained within the annual report. Th& other information Comprises the inf0ma￿On induded in the annual report, other than the financial statements and our aLKlilor'$ report thereon. Our opinion on the financial statements does not cover the other informalion and, except lo the exlenl otherwise expll¢llly staled in our report, we do not express any form of assuran￿ ¢on¢lu$ion Ihereon. Our responsibility is lo read the other information and, in doing so, consider whether the other infomation is materially inconsistent wth the financial statements or our knowledge obtsined in the audit or olheTwise appears lo be materially misslaled. If we identify such material inconsistencies or apparent material misstatements, we are required lo determine whether this give5 rise to a material misslalement In the financial statements themselves. If, based on the work we have perfcwmed, we conclude Ihat there 1$ a materlal misstatement of Ihls other Informallon. V￿ a￿ required to reF)Ort that f8cI. We have nothing to rep)rt in this regard. Pag8 6 COMPANY NO.. 086(10905 CHARITYNO." 1154547 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE MARGARET THATCHER SCHOLARSHIP TRUST FOR THE YEAR ENDED 31 JULY 2021 Oplnions on other rnatters pre3Grfbed by the Companles Act 2006 In our oplnlon based on the work undertaken in th8 course of our audit the infomialion given in the trustees. reporL which Includes the directors, report prepared for the purposes of company law, for the financial year for which the financlal statements are prepared is consislenl wth the financial statements,. and the dire¢tors' report included wthin the trustees, report have been prepared in accordance ￿￿th applicable legal requirements. Matt•r8 on whlch wg are roqulrgd to report by exceptlon In light of Ihe kno%￿edge and understanding of the charitable company and thelr envtronmenl obtained in the course ol the auéll, we have not Idenlrfied materk*l misstatements in the dlreclors, report included within the tNslees' report. We have nothing to report in respect of the following matters in re18tlon to whlch the Companies Act 2C(16 requi￿$ us to report to you if, in our opinion.. lequate and proper accounting records have not been kept" or the fir￿nGla1 statements are not in agreement with the accounllng ￿COrdS and r8tums.' or certain disdosures of trustees. remuner8tk)n specrfied by law are rK)t made,. or we have not r￿e1Ved all the information and explanations we require for our audit- or the trustees were not entitled to prepare the financial slalements in a¢¢tydance with the Small companies regime and take advantage of the small companies. exemptions in preparlng the trustees, directors, report and from th8 requirement to prepare a strategic report. Rgsponsibilities of tru8tee8 As explained more fully in the tru$lees' ￿SponSibl11t1eS statement sel out on page 5, the trustees (who are also the dire¢tor$ of the charitable company for the purposes of company lawl are responsiblg for the preparation of the financial statements and for being satisfied that they give a true and fair view. for such Internal control as the trustees determine Is nec£ssary to enable the preparatlon of financial statements that are free from materlal mlsstslement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for asgessing the charitablg empan￿$ ability lo continue as a going concern, disclosing. as applicable. mallers related to going concern and using the going concern basis of accounting unless the trustees erther intend to liquidate the chartsble company or lo Cease operations, or have no realistlc alternative but to do so. AudIt0￿$ rgspon81bllltles for the audlt of the flnanclal statements Our objectives are lo obtaln reasonable assurance about whether the finanaal slalemenls as a whole are free from material mlsslatement, thether due lo fraud or error, and to issue an audilorfs rewrt that Includes our opinion. Reasonable assurance Is a hlgh level of assurance, bul is not a guarantee that an 8udil conducted in accordance wtth ISA5 (UK) wll always delect a material misstatement when il exists. Misststements can arise fiom fraud or error and are consldered material rf, individually or in the aggregale, they could reasonably be expected to influen¢e the e¢onomlc d&isKtrns of users taken on the basis of these financial ststements. Delai15 of the extent lo whlch the audll was ￿nsIdered capable of detecting Irregularities, including fraud and non-compliance wth laws and regulations are set out bdow. A fijrther descrfplkin of our responslbilllles for the a￿111 of the financial statemenis is kKaled on the Financial Reportlng Councll's website at: www.frc. kj ditorsres nsibilities. This de8criptKJn forms part of our audllor's rep)rt. Page 7 COMPANYNO.. 08600905 CHARITY NO.. 1154547 ## **INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE MARGARET THATCHER SCHOLARSHIP TRUST FOR THE YEAR ENDED 31 JULY 2021** ## **Extent to which the audit was considered capable of detecting irregularities, including fraud** Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, the Charities Act 2011, together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company's ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context for the charitable company's operations were Companies Act 2006 and relevant Taxation legislation. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the recognition of income and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals and agreement of investment income to relevant supporting documentation. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non­ compliance with laws and regulations {irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. ## **Use of our report** This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Alastair Lyon Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor ## **Reading** **25 November 2021** Page 8 _**CHARITY NO: 1154547**_ _**COMPANY NO: 08600905**_ THE MARGARET THATCHER SCHOLARSHIP TRUST STATEMENT OF FINANCIAL ACTIVITIES (Incorporating Income and Expenditure Account) FOR THE YEAR ENDED 31 JULY2021 Unrestricted Restricted Endowment Funds Fund$ Funds Note 2021 2020 INCOME AND ENDOWMENTS FROM: Donations Investment income Miscellaneous income 108,442 398,405 4.812 108,442 398,405 4,812 107,548 380.057 Total Incomlng resource8 511.659 511.659 488.995 EXPENDITURE ON: Charitable a¢tivilie5 519,226 519,226 429,580 Total expenditure 519,226 519,226 429,580 Net Incomel{exp¢ndlturn) before galns (7,567> (7,567) 59,415 N8t (lossygain on investments 150.940 1,654,987 1,805,927 1469,174) Net Incomo and nat movement In funds 143.373 1.654,987 1,798260 1409,759) RECONCILIATION OF FUNDS: FUND BALANCES AT 1 AUGUST 2020 826,142 9,058,278 9,884,420 10.294,179 FUND BALANCES AT 31 JULY 2021 969,515 10.713,265 11,682.780 9,884,420 All amount8 relate to continulng activities. The company has no gains or losses other than the results for the year. Page g COMPANY NO.. 08600905 CHARITY NO.. 1154547 THE MARGARET THATCHER SCHOLARSHIP TRUST BALANCE SHEET AT 31 JULY 2021 Note 2021 2020 FIXED ASSETS INestments 11,480.347 9,674,420 CURRENT ASSETS Debtors Cash 1,1S1,no 1,1S1,730 644,883 644,883 Creditors.. amounts falling due wrthin one year (949,297) (434,883) NEf CURRENT ASSETS 202.433 210,OLXI NEf ASSETS 11,682,780 9,884,420 FUNDS EThYowment FuThJs Restrlcled FurKIs Unrestrlcle(l Funds 10,713,265 9.058,278 969,515 826.142 TOTAL FUNDS 11.682.780 9,884,420 The financial slalemenl$ are prepared in a¢xordance with the special provisions of Part 15 of the Compan￿$ Act 2006 rel8llro to small companies aThJ in ￿OrdanCe with the Flnan¢lal Reporting Slandar(l (FRS102) {effeclive 01 January 2015) The diwlors a¢knO￿e￿ge Ihelr re8pon8ibilityfor complying with the requirements of the Act th respect lo acc£sunling rwd8 and for the preparation of acc(wrrts. Apwoved ue by the Board on 19th C¢tober 2021 arwj signed on ils behalf AThlrew Parker TTuslee Th• ntst￿ on pagm 11 to 17 fomi part of thue flnanclal stat•m•nts. Page 10 COMPANYNO.. 08600905 CHARITY NO.. 1154547 THE MARGARET THATCHER SCHOLARSHIP TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 STATUS Margaret Thalch8r Scholarship Trust, Somerwllg College, OXf￿d is a registered ¢harily (number.. 11545471 and qualifies for exemption from corporation and capital gains tax on its Gharitable activities. The company is limited by guarantee and has no share capital. The Memorandum of AssoGiation provides that all members are liable to Contribute a sum not exceeding £1 in the event of the company b8ing wound up while they are Mem1￿r$ or within one year of ceasing lo be members. Th8 charivs objects are specffically restricted to promoting and advancing education al the University of Oxford, and in particular at Somerville College, including by providing financial support lo outstanding student5 from all over the wortd and by SUPFthing academic posts and other inf(iative which Wp to nurture the talents of these student¥. ACCOUNTING POLICIES The principal accounting policies adopted in FYeparati¢Jn of the finanryal statements are as fc4lows.'- Bas1$ of a¢￿UntIng The financial statements have been prepared in accordance Accounting and Reporting by Gharilie5.' Statement of Recommended PraGliGe applicable to charf(ies preparlng Iheir accounts in accordance with Financial Reporting Standards applicable In the UK and Repl1￿￿ of Ireland IFRS102> effective 1 January 2015) - (Charity SORP (FRS10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102> and the Companies Act 2006. The financial statements are ￿epa￿d under the historical cost convention. modlfied to irKlude the revaluation of investments al market value. After making erKJuiries, the trustees have a wsonable expectation Ihal the charlty has adequate resources to continue its activlties for the foreseeable future. Accordlngly. they ¢ontinue lo adopt the golng concern basls In preparlng the financial statements as outlined In the Report of the Oirectors and Tnjslees on page 4. b) Accountlng Judgements and estlmatlon uncertalnty In preparlng finan¢lal statements il Is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financlal statements. The following judgements and estimates are considered by the Trustees lo have most $ignrficant effect on amounts recc¥Jnised in the financ￿1 statements. In the view of the Truslees, in applying the accounting wlicies adopled. nojudgemenls were required that have a significant effect on the amounts recognised in the flnanclal statements Page11 COMPANY NO." 08600905 CHARITY NO.. 1154547 THE MARGARET THATCHER SCHOLARSHIP TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Income r¢¢ognltlon All In￿Me is re())gnised once the Trusl has enlitlemenl to the income. the economic benefit is probaNe and the amount Can be reliably measured. Donalvjns and Grant Income: Donations and grants that do nol impose specific future ￿￿forMance-re1ated or other specrfic conditions a￿ recognised on the dale on vthich the charity has enlltlement to the resource, the amount can be ￿ liably measureé and the economic benefit to the Trust of the donation c¢ grant is probable. Donations and gran15 subject to performance-related (x)ndilion5 are reGognised as and when those Gondilions are mel. Donations and grants subject lo other specrfK conditions are reGognised as those condriions are met ￿ their fi1￿lIment is wholly within the wntrol of the Trust and it is probatAe that the 8pecrfied conditions will be mel. Investment income- Interest on bank balances is accounted on an accTu81 ba8lS Wlth Interest recognised in the period to which the interest relates. DNKlend income and slmllar dislribulions are recognised on the date the share interest become5 ex4ividend or vthen the right to the dividend can be established. d) Resources Expended and Basls of Allocatlon of Costs Expenditure is accounted for on an accruals basi5. A liability 8nd related &xpendilure is reGognised when a legal or construclrve obligats'on commits the Twst lo expendilure that wdl probably require settlement. the amount of wh￿h can be reliably measured or eslimaled. l ct￿$ are directly attribuialle to spwfic activities. Inv•stmonts Investments such as hedge funds and prlvate equity fur¥Js which have no readily Identifiable market value are inlllally measured at Ihelr costs and subsequently measured at their falr value al each reportlng date wlhout deduclbn of the estimated future selling costs. Falr value Is based on the most recent valuations available from their respecllve fund managers. Other financial Instruments Cash and cash equNalents". Cash and cash equivalents include cash at banks and In hand and short terni depJsits with a maturity dale of three months or less. Debtors and ¢reditors'. Debtors and ¢redktors receivable c* payable within one year of the reportlng date are carried al their at Iransa¢lion prti. Deblors and ¢redilors that are receNable or payable in more than one year and not 5ubje¢l lo a market rate of interest are measured al the present value of th8 expected future receipts or payment dlscounted al a market rale of interest. Page 12 COMPANY NO.. 086(10905 CHARITYNO.. 1154547 THE MARGARET THATCHER SCHOLARSHIP TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 ACCOUNTING POLICIES (CONTINUED) Fund accountlng General funds are unrestricted fLtnds whl¢h a￿ available for use al the di8¢￿tIon of the trustees In furtherance of Ihe general objectives of the Charity and ￿lch have not been designated for other purposes. ReSt￿ted fvnds are funds vknich a￿ lo be used in accordancè vAth Spec￿1¢ restrictions imposed by donors or wh￿h have been raised by the charity for particular purposes. The ¢osts of raising arKI administenng such funds are charged again51 the spectfi¢ fund. The aim and use of ea¢h re$lri¢led fijnd is set out in the notes lo the financial 9tat8ments. Permanent endovffl)enl funds arise where donors specrfy that the funds should be retained as captlal for Ihe permanent benefit of the Trust. Any income arising from the capital will be accounted for as unrestricted fund$ unless the donor has placed restri￿ed the use of that income, In whl¢h case il will be a¢¢c￿nted for as a restricted fund. Expendable endowment funds are similar to permanent endowment in that they have been given, or the Trust has determined based on the circumstances that they have been given, for the long term beneflt of the Trust. However, the Trustees may al their discretion d8lermin8 to spend all or part of the ¢apttal. INCOMING RESOURCES FROM GENERATED FUNDS 2021 2020 Donallons Investment Income Mlscellaneou8 Income 108,442 398,405 4812 107,548 380,057 TOTAL RESOURCES EXPENDED 2021 2020 Charitable activiti•s Scholarshlps Development ayrdrds Student ￿CesS Salartes Consultancy fees Mi5¢ellan8ous admin expen¥es 366,152 7,105 299.425 53,763 85,910 6,306 58,336 64,905 6,914 519,226 429,580 Page 13 COMPANYNO." 08600905 CHARITY NO.. 1154547 THE MARGARETTHATCHER SCHOLARSHIP TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 BOARD OF TRUSTEES The members of the Board recelved no remunerafjon dudng Ihe year (2020: £Nil) and no expenses were reimbursed to trustees during the year12020'. £Nil). INVESTMENTS 2021 2020 Valuation 81 start of year Now money invested {Deueaseyln¢msè in value Investrnents ,674420 10,143,594 1.805.927 1469,174) 11 0 347 9 674 420 CREDITORS 2021 2020 Amount owed to Somerville College Accruals 933,897 15,400 421.683 13.21Xl 434.883 FUNDS Movernenl in funds Incoming Resources Loss on Resources Expended Investments 2021 Balance 1 August 2020 Balanc• at 31 July 2021 Endowmentfund$ Restricted Funds Unrestricted funds 9.058.278 1,654,987 10,713,265 826,142 511.659 {519,226) 150,940 969,51S Total funds 9,884.420 511.659 (519,2261 1,805,927 11,682,780 Page 14 COMPANYNO.. 08600905 CHARITY NO.. 1154547 THE MARGARET THATCHER SCHOLARSHIP TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 FUNDS CONTINUED Movement in funds Incoming Resources R950urces Expended Balance 1 August Gain on Investments Balance at 31 July 2020 2019 2020 Endowment funds Restricted Funds Unrestricted funds 9,490,838 (432.560) 9,058,278 803.341 488.995 1429.580) 136.614) 826,142 Total fund8 10,294,179 488,995 429.580} 1469,1741 9,884,420 ANALYSIS OF NET ASSETS BETWEEN FUNDS 2021 Unr8Stncted Funds Restricted Endowment Funds Funds Total Investments Cash Creditors 767.082 1,151.730 1949.297) 10,713,265 11,480.347 1,151.730 {949,2971 969.515 10,713.265 11,682,780 2020 Unre$trl¢led Funds Restricted Endowment Funds Funds Total Investments Cash cr￿ltorS 616.142 644,883 (434,883) 9,058,278 9,674,420 644,883 (434,883) 826,142 9,058,278 9,684,420 Page15 COMPANY NO.. 08600905 CHARITY NO.. 1154547 THE MARGARET THATCHER SCHOLARSHIP TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 10. AUDITOR'S REMUNERATION The audilors. remuneration in re5P8cI of audit services to the company was £1,800 {2020'. £1,750) excluding VAT. 11. FINANCIAL INSTRUMENTS The finan¢ial ststemenls include the following in respecl of items held at fair value: 2021 2020 Financial assets measured at fair value through profil or loss 11,480,347 9,674,420 Flnancial assets measured at amortised cost Financial liabilities measured at amortised cost 1,151,730 949,297 644.883 434,883 12. RELATED PARTIES There have been no related party transactions in the reporting period that require disclosure. At the year end the Trust Qwgd Somerville College £933,89712020.' £421,683) 13. ULTIMATE CONTROLLING PAR The ultimate controlling paty is deemed to bg Somerville College and as Such The Margaret Thatcher Scholarship Trust financial 5talgrnents have been included within the consolidated financial statements of Somerville Collegg. How8vgr, despite the Charity working for the benefli of the College, il is controlled independently by the Trustse5 of the Charity. Copies of the Somervllle College consolidated financial statements be obtsin8d from the Charity commissioners. Pag& 16 COMPANYNO.. 08600905 CHARITYNO.. 1154547 THE MARGARET THATCHER SCHOLARSHIP TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 14. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITY Unrestricted Reslricled Endowment Funds Funds Funds Note 2020 INCOME AND ENDOWEMENTS FROM: Donations Investment income Miscellaneous income 107,548 380,057 1,390 107,548 380.057 1.390 Total InGornlng resources 488,995 488,966 EXPENDrruRE ON: Charitable aclwities 429,580 429,680 Total expendlture 429,580 429,580 Net Incomel(expendlturo1 before galns 59,415 59,415 Net {lossygaln on Investments (36.614) (432,560) {469,174) Net InGome and net movèmènt funds 22,801 {432,560) {409,759} RECONCILIATION OF FUNDS: FUND BALANCES AT 1 AUGUST 2019 803,341 9,490,838 10,294179 FUND BALANCES AT 31 JULY 2020 9,058 278 9 884 420 Pagg 17 COMPANY NO.. 08600905 CHARITY NO.. 1154547