COMPANY NO: 08600905 CHARITY NO: 1154547 THE MARGAREf THATCHER SCHOLARSHIP TRUST (A company limited by guarantee) REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 THE MARGARET THATCHER SCHOLARSHIP TRUST CONTENTS FOR THE YEAR ENDED 31 JULY2022 Pag8 Legal and administrative detalls Report of the Directors and Trustees Stalemenl of Trustees. Responsibilities Independent auditorfs report to the Truste85 of The Margaret Thatcher Scholarship Trust Statement of Financial ActNities Balance Sheet 10 Notes lo Accounts 11-17 THE MARGARET THATCHER SCHOLARSHIP TRUST LEGAL AND ADMINISTRATIVE DETAILS DIRECTORS AND TRUSTEES Baroness Royall of Blaisdon Mrs Clara Freeman Professor Almul Suerbaum Professor Stephen Wealherill Lord Sh8rbourne of Didsbury Mr Andrew Parker REGISTERED OFFICE Somerville College Woodstock Road Oxford OX2 6HD BANKERS AND DEposrr HOLDERS Barclays Bank PIC Oxford OX13HB AUDrroR Crowe U.K. LLP Aquis House 49-51 Blagrave Street Reading Berks RG11 PL SOLICITORS Penningtons LLP Apex Plaza Forbury Road Reading RG1 1AX CHARITY REGISTRATION NUMBER 1154547 COMPANY REGISTRATION NUMBER 08600905 Page 1 THE MARGARET THATCHER SCHOLARSHIP TRUST REPORT OF THE DIRECTORS AND TRUSTEES FOR THE YEAR ENDED 31 JULY 2022 The diredor3, who are also thg Trusteey of the Charity, present the report and financial statements for the year ended 31 July 2022. The fina￿la1 statements cornply with the Charities Act 2011, the Companies Art 2006, the Memor8ndum and Articles of Association, and Accounting and Reporting by Charities.. Slatement of Rgcommended Practice applicable to charitlg5 preparing their accounts in accordance with the Financial Reporting Standard applicablg in the UK and Republic of Ireland IFRS 102) leffectrve 1 January 2015)- STRUCTURE, GOVERNANCE AND MANAGEMEKr GOVERNING DOCUMENT The Margaret Thatcher S¢holar3hip Trust was incorporated as a company limited by guarantee {number.' 086009051 on 8 July 2013 and is a charity registered wth the Charity Commission (number.. 11545471. The governing documgn15 of th8 ￿MPanY are its Memorandum and Art￿leS of Asyociation, dated 1 July 2013. TRUSTEE RECRUITMENT AND APPOINTMENT The Trustees are made up of kn internal trustees. two external trustees and Iwo ex officio trustees. Current trustees of the Margaret Thatcher Scholarship Trust are: External trustees Mrs Clara Freeman OBE. Lord Sherbourne of Didsbury, Internal trustees Professor Amul Suerbaum, Professor Stephen Weatherill, Ex offjcio Iruslees Baroness Royall of Blaisdon, and Mr Andrew Parker. OBJECTS AND ACTIVITIES The char6ty's objects are S￿flCaIfy restricted to promoting arKI advancing educatlon al the University of Oxford, and In partlcular al Somervllle College, induding by prov￿1￿9 financial supp(￿1 lo outstanding students from all over the world and by supporting ac2demic posts and other initiatives which help lo nurture the tslenls of these Students. The focus remains on mentoring these students and ensuring that they are fully supported in order lo aGhieve their potential. while also providing the Somerville Development Programme that all SomeNllllans can access. Fundraising ¢ontinue$ for both the eThJowment aThJ spend-down scholarships. PUBLIC BENEFIT It is a duty of the charity's Iruslees to report on the organisation's public ben8fft in the Trustees Annual Re￿. To meet this requirement, charities must b8 able lo demonslrale that- there Is an klentiflable benefit which has arisen by fulfilling the charlty's alms,. the ben8flclarles are the wbllc, or a Sectlon of the public. Page 2 COMPANY NO.. 08600905 CHARITYNO.. 1154547 THE MARGARETTHATCHER SCHOLARSHIP TRUST REPORT OF THE DIRECTORS AND TRUSTEES FOR THE YEAR ENDED 31 JULY 2022 PUBLIC BENEFIT cont. The trustees have Satisf￿ themselves that, in achieving the obiectives de￿rib￿￿ in thi¥ report. The Margaret Thatcher Scholarship Trust meets the public benefit requirement. The Iruslges have gNen due regard lo the Charity CommisS￿n'S published guidance on the Fljblic Bengfit requiremenl under the Charities Act 2011 in coming lo this conclusion. ACHIEVEMENTS AND PERFORMANCE In 2021.22 we welcomgd nine Thalcher Scholars.. four doing undergraduate studies, 2 on Masters course$ and three undertaking DPhil studies. Wrth the remaining Thatcher Scholars from previous years, this brought the tolal number of scholars in College to 25, and th& number of alumni to 12. One of the unnamed undergraduate scholarships was named for Ann and Giles Currie, whose six figure gift enabled the eslablishmenl of the Margaret Thatcher Scholarship Trust. The Trustees approved the reinve51ment into the endowment of £572,000 from the reserv8S to endow a further undergraduate scholarship in perpetuity. The Somerville Development Programme C£sntinued lo provide valuable training for students and was 8Ne to return to in-person sessions. although the leamings from the previous year enabled the continualK*n of hyt*id events. There were 13 appllcatlons for Thatch￿ Development Awards ofwhlch 8 were approved. Grants ranged from £450 10 £2,000. wlth the mean grant being £1.472. The total funds awarded for Thatcher Development Awards was £11.775. although the final total was £10,475 as one project was unable to go ahead and so thelr grant of £1,300 was relumed. Two oversea8 undergraduate scholarships we awarded In Hllary term 2022 for 2022 entry and six new graduate 8chdarships of ￿lch two DPhils a P8rtn8rlng wsih the Clarendon Scholarshlps Sn a new partnershlp. There are a fijrther ￿ DPhils and tsvo Master8 scholars. FINANCIAL REVIEW The Trust has lolal Irwmlng resLMJrce$ of £542k (2021.. £512k). Of th18 £116k {2021.' £108k) came from donations and £426k12021: £398kl from Investment Income. Totsl expendlture was £629k12021.. £519k). th Investment in scholarships Incr8aslng by £155k {420hl. The slgnmcanl in¢rease in the cost of Scholarships is as a result of.. 8 nUM￿r of costs anllcipaled to come In 2020.21 that fell into 2021.22 (the fees for one undergraduate and Ihe awarding of a postponed undergraduate scholarship),. a new overseas undergraduate sch)larship beirKJ awarded and that scholar started In 2021.. and the impact of an extra scholarship being awarded in 2020.21. The net deficit before investment movement for the year was £{88)k (2021.. £1.798kl. repr&8entlrKJ a lanned increase in the number of 5cMarships. There was a mod8sI capilal1088 on Inve8tments of £139k. In the year £572k was transferred from free reserves lo the endowment to endow a further undergraduate scholarshlp in perpetLJty. Al the year4nd nel assets lolalled of £11.456k (2021: £11,683k) being unrestricted funds of £310k (2021- £970k) and erKlowment funds of £11,147k (2021.. £10.713k}. PLANS FOR THE FUTURE The Trust wlll conllnue to fundralse to buSld the endowment of the Trust and lo make awards lo s&le¢led scholars. The Somerville Development Programme has become a fundamental part of the offering that Somerville makes to ils students and will continue to give them the tools and skills that they need to fulfil thelr academK potential at College and to go out into Ihg wortd and make a poslllve impact. Page 3 COMPANY NO.. 08600905 CHARITY NO.. 1154547 THE MARGARET THATCHER SCHOLARSHIP TRUST REPORT OF THE DIRECTORS AND TRUSTEES FOR THE YEAR ENDED 31 JULY 2022 GOING CONCERN The Margaret Thatcher Scmarship Tnjst has consldered Its financi81 performance In the past year, the risks we face and our financial projections for the next twelve months and L￿yon￿. We are satisfied that have adequate resources to continue opwating for the foreseeable future. and that we have the appropriate controls in place to m8n8ge 8ny material ¢hange in cirrumstsnGes. We have therefore prepared our accounts on the basis that we are a going ctincem. The charity has cash resources and has no requirement for external funding in excgss of current facilities. The Trustees have a high expectation Ih8t the charity has adequate resour¢es to continue in operational existence the foreseeable future. In making their assessment the Trustees have considered the impa¢t on the business of Covid-19 including the ability of the charity to continue to operate within Somerville College. They continue to believe the goirvJ concem basis of accounting appropriate in preparing Ihe annual financial statements. RESERVES POLICY At present the charty holds unrestrlcted funds, rep￿Senting Income re￿iVed not yet expended for the purposes given. Now th8t the core aclivities of the trust are eslabli$hed the Board of Trustees will monitor the level of reserves appropriate to its level of activty and ass¢xlaled risk. to ensure that sufficient funds are available to meet the objectt¥es of the Charity on an on-golng basls. Page 4 COAIPANY NO.. 08600905 CHARITY NO.. 1154547 THE MARGARET THATCHER SCHOLARSHIP TRUST REPORT OF THE DIRECTORS AND TRUSTEES FOR THE YEAR ENDED 31 JULY 2022 STATEMENT OF TRUSTEES. RESPONSIBIL￿lEs The Trustees (who are also the director5 of Margaret Thatcher Scholarship Trust for the purposes of company law> are responsible for preparing the Trustees. Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accountiro Slandardsl. Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees musl not approve the financial statements unless they are satisfied th81 they giv8 a true and fair view of the slate of affairs of the charitable company ané of the incoming resources and application of resources, including the income and expenditure. of the charitable company for that period. In preparing these financial statements, the Trustees are required lo.. select sutiable accounting policies and then apply them ts)nsisIen￿y. observe the methods and principles in the Charities SORP., make judgments and estimates that are reasonable arKI pru(Jent', state whether applicable UK accounting standards have been followed, sul"e¢t to any malerial departures disclosed and explained In the financial statements., and p￿pa￿ the financial statements on the golng concern basis unless rt is inappropriate to presume that the charltable company will continue In business. The Trustees are responsible for keeping adequate accountlng records that are sufflclenl to show and explaln the charltable company's transactions. dlsclose wlth reasonable accuracy at any tlme the financial posltlon of the charllable company and enable them to ensure that the finan¢lal statements ¢omply with the compan￿ Act 2006 and the provisions of the charity's consthutlon. They are also responsible for safeguarding the assets of the charity land the groupl and hence for taklng reasonable steps for the prevenllon and detectlon of fraud and other irregularilles. Small company provlslons This report has been prepared in acoordanrk with the special provisions for small companies under Part 15 of the Companies Act 2006 Statomonl as lo dlsclosure of Inf0M￿tIOn to audltors In so far as the trustees are aware.. there is no relevant audtt infomialron of which the charitable company's auditors are unaware,. and the trustees have taken all steps that they ought lo have taken lo make Ihemsdves aware of any rdevant audit information and to establish that the audrtors are aware of that information. This report was approved by the Board on 19th October 2022 and signed on its behalf Andrew Parker Truslee Page 5 COMPANY NO.. 086IXW15 CHARITY NO.. 1154547 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE MARGARETTHATCHER SCHOLARSHIP TRUST FOR THE YEAR ENDED 31 JULY 2022 Oplnlon We have auéhed the flnanual statements of The Margaret Thatcher Scholarshlp Trust I'the charitable company'} for the year ended 31 July 2022 which comprise Statement of Finar￿[al Activities, the Balance Sheet and notes to the flnancial statements, including significant acc￿ntIng r)olicies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, includlng Financial Reporting Standard 102 Tl* Financial Reporting Standard applicable In the UK and Republr of lTrland {Uniled Kingdom Generalty Accepted Accounting Practice). In our opinion the financial slatemenls: giv8 a true and fair view of th8 3talg of the charitable company's affairs as at 31 July 2022 and of its irbwme and expenditure, for the year then endgd., have been properly prepared in aCcOrda￿e wlth United KlThJdom Generalty Accepted Accounllng Practice., and have been prepared In acc(*dance w6th the requlrements of Ihe Compan188 Act 2006. Basls for oplnion We conducted our audit in accordance with International Standards on Auditing {UKI (ISAS IUKII and applicabl8 law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial slalements section ol our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fu￿111ed our other ethical responsibilities in accordanco with these requirements. We believe that the audit evidence we have obtained is suffi￿onI and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concern In auditing the financial slalements, we have conduded that the tru51ees' U58 of the golng concern basis of accounting in the preparation of tho financial statemgnls is appropriale. Based on the work we have performed, we have not identified any material uncertainties relating to events or condlllons that, indNldually or collectlvely, may cast slgnlncant doubt on the charSlable companys ability to continue as a going concern for a perlod of al least tsv81ve months from when the financial stslemenls are aulhorfsed for Issue. Our responsibilities and the reswnslbilitles of Ihe trustees wlth re$￿t to golng concern a￿ described in the relevant sections of this report. Other Infonnallon The Irustees are res￿nsIble for the other infomialion contained within the 8nnual report. Tho olher Information comprises the infomiation induded in the annual reF¥)rt. other than the financial statements and our auditor'5 report Ihereon. Our opinion on the financial statements does not cover the other information and, except to th8 extent otherwise explicitly staled in our report, we do nol express any fom) of assurance condusion thereon. Our responsibility is to read the other infornialion and. In doing so. consider whether the other Informallon Is materially inconsislenl with the financial slalemenls ￿ our kno￿edge obtained in the audll or otherwise appears to b8 materially misstated. If we identfy such material inconsistencies ￿ apparent malerial misstalemenls, we are required to determine whether this gives rise lo a material mi88lalem8nt In the flnancial statements themselves. If, based on the work we have perfomied, we conclude that there Is a material misstatement of this other infomialion, we are required to report that f￿. We have nothing to r&wrt in this regard. Page 6 COMPANY NO.. 08600905 CHARITY hlo." 115454T INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE MARGARET THATCHER SCHOLARSHIP TRUST FOR THE YEAR ENDED 31 JULY 2022 Oplnlons on othor mattor8 prascrlb•d by th• Companles Act 2006 In our opinion based on thg work undertak8n in the course of our audit the information gfven In the truslees, Trport, which I￿ude$ the dlrectors. report prepared the purposes of company law. for the finan￿81 year for whlch the fInar￿la1 statements are prepared Is consistent with the financial stalements.. and the directors, report included within the t￿￿tee5, report have been prepared in accordan￿ with applicable legal requirement5. Matter8 on whlch we are requlred to report by exceptlon In light of the knowledge and understanding of the charftable company and thelr envlronmenl obtalned In the course of the audit, we have not idenllfied material mlsslatemenls in the dlrectors. report Included wlthln the trustees. report. We have nothlng lo report In ￿spect of the followlrKJ matters In relatlon to whlch the Companles Act 2LNJ6 requires us to report to you ff, In our opinlon.. adequate and rffoper a¢¢ounting re¢ords have nol been kept,. or the financial 51atemenls are not in agreement with the aC￿unting records and returns- or certain di8closure8 of trustees. remuneration specffj￿d by law are not made; or we have not receNed all the irrformation and explanationy we require for our audit., or the trustees were not entilled to prepare the financial statements in accordanc8 with the small companies regime and take advantage of the small companies, exemptions in preparing the trustees, directors, report and from the requirement lo prepa￿ a strategic report. Responslbllltles of trustees As explained more fully In the trustees, responslbllhles statement sel out on page S, the truslees Iwho are also the dlre¢tors of the ¢hartsble company for the purposes of company law) are responsible for the preparatlon of the financial statements and for being satisfied that they give a true and fair vlew. and for such Internal control as the trustees delemine is necessary to enable the preparation of financlal statements thal are free from material misstatement, whether due to fraud or error. In preparing the financial slatements, the trustees a￿ ￿sPonsIble for a$$essing the Charitable company's ability lo continue as a going concern, disdosing, as appll¢able, matters related lo going concem and using the golng CIJn￿rn basls of accountlng unless the trusleeg etther intend lo liquldale the charitable company or to cease operatlons. or have no reallstlc alternative but lo do so. Audltorfs r•sponsibilitio8 for the audit of th• finan¢ial sts1om•nts Our objectives are to obtain reasonable assuran￿ a￿Lrt whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes ¢)ur opinion. Reasonable assurance is a high level of assurance, lyjt is not a guarantee that an audit conducted in accordance wth ISAS (UK) wll always detect a material misstatement ￿en it exists. Misstalemenls can arise from fraud or error and are considered material rf, indivKlually or in the aggregate, they could reasonably be expected to influence the economlc decisions of users taken on the basis of these financi81 statements. Details of the exlenl to which the audit was considered capable of detecting irregularities, induding fraud and non-compliance with laws and regulations are $81 out below. A further descriplbn of our responsibilities fc* the audit of the financk81 statements is located on thg Financial Reporting Councll's webslte at.. ww.frc.or .uklauditorsres sibilities. This de5c￿pI10n fom# part of our auditorfs report. 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 2022** ## **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 Date: 22 November 2022** Page8 _**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 JULY 2022 Unreslricled Restricted Endowment Funds Funds Funds Note 2022 2021 INCOME AND ENDOWMENTS FROM.. Donations Investment income Miscellaneous in¢ome 116,151 425,622 116,151 425,622 108,442 398,405 4,812 Total Incornln9 rosources 541,773 541,773 511,659 EXPENDITURE ON: Charitable actwities 629.453 629,453 519,226 Total expendituro 629.453 629,453 519,226 Not lexpenditvroy income bofore gains 187.680) 187,6801 (7,567) Net Iloss)Igain on investments {138.605) 1138,605) 1,805.927 Not (exp•nditur•y incom• and nét mov•m•nt in funds (87,6801 1138,6051 1226,2851 1,798,360 Transfer between funds (572,000) 572,000 Net (expondlturey Incomg and not movement in funds (659,6801 433,395 (226,285) 1,798,360 RECONCILIATION OF FUNDS: FUND BALANCES AT 1 AUGUST 2021 969,515 10,713,265 11.882,780 9,884,420 FUND BALANCES AT 31 JULY 2022 309,835 11,146,660 11,466,495 11,682,780 All amounts relate to continuing activities. The cnmpany has no gains or I￿se$ other Ihan the results for the year. Page 9 COMPANY NO.. 08600905 CHARITY NO.. 1154547 THE MARGARET THATCHER SCHOLARSHIP TRUST BALANCE SHEET AT 31 JULY 2022 Note 2022 2021 FIXED ASSETS Investments 11,341,742 11,480,347 CURRENT ASSETS Debtors Cash 717.818 1,151,730 717,818 1.151.730 Credttors- amounts falling due within one year {803,065) 1949,297) NEf CURRENT ASSETS 114,753 202,433 NEf ASSErs 11,456,495 11,682,780 FUNDS Endowment Funds Restrictsé Funds Unrestricted Funds 11.146.660 10.713.265 309,835 9,515 TOTAL FUNDS 11.456.495 11,682,780 The financlal sLqtements are prepared In accordance wlth th& s￿[81 wovisions of Part 15 of the Companles Act 21J)6 relallng to small companles and In a￿OrdanCe wmh the Flnanclal Reportlng Standard (FRS102} (effecbve 01 January 2015) The directors acknowledge Ihgir responsibilty for ￿mPlyIng with the requirernents of thg Act wlth respect to accounting records and for the preparation of accounts. Approved and authorised for issue by the Board on 1 9th October 2022 and slgned on its behalF Andrew Parker Trustee Tho not89 on pag08 1110 17 forni part of tho80 finan¢ial statem•nts. Page 10 COMPANYNO.. 08600905 CHARITY NO.. 1154547 THE MARGARET THATCHER SCHOLARSHIP TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 STATUS Marga￿1 Thal¢her Scholarship Trust. Somervllle College, Oxford is a registered charlty (number.. 11545471 and qualifie5 for exemption from Corporatlon and capital gains tax on Its charllable activilies. The company Is Ilmiled by guaranlee and has no share capital. The Memorandum of Assoclatbn provides that all members are Ilable to contrlbute a sum r￿1 exceeding £1 in the event of the ompany being wound up while they are members or wf(hin one year of ceasing to be members. The ¢harity'$ objects are spe¢ifi¢ally ￿$trIcted to promoting and advanclng edu¢alion al the University of Oxford, and in particular at Somervllle College, induding by provldlng fln2n¢ial support to outstandlng students from all over the worfd and by supporting academic posts and other Inltlatlve which help to nurture the tslenl$ of these students. ACCOUNTING POLICIES The prfncipal accounting policies adopted in prepar8tion of the financial statements are ag follows:_ Basls of aceountlng The financlal sL2tements have been prepared in accordance with Accounting and Reportlng by charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standards applicable the UK and Republic of Ireland {FRS1021 effective 1 January 20151- (Charity SORP {FRS102)). the Financial Reporting Stand8rd applicable in the UK and Republic of Ireland {FRS 102) and the Companies Act 21)06. The fin8ncial statements ar8 prepared under the historical cost convention, mc#Jified lo include the revaluation of investments al market value. After makiro enquiries. the trustees have a ￿asonable expectation that the charty h8S adequate resources to continu8 its activities for the fo￿Seeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial $latements as outline(I in the Report of the Directors and TTuslees on pagg 4. b) Accountlng Judgements and estlmation uncortainly In preparing financial statemeTrts il is necessary to make certain judggmgrits. estimates and assumptions that affgct the amounts recognised in the ffinanci81 statements. The following judgement5 and es1imalg5 are ¢onsiéereé by the Trustees to have most significant eff￿1 on amounts recognised in Ihe financial Statements. In thg view of thg TTUSteg¥, in applying the accounting policies adopted, no judggments were required that have a signrficanl effect on the amounts recognised in the financial ststements Page11 COMPANY NO.. 08600905 CHARITYNO.. 1154547 THE MARGARETTHATCHER SCHOLARSHIP TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 Income recognltlon Al income 15 recognised once the Trust ha5 entillernent to the income, the econom￿ benefit is probable and the amount can be reliably measured. Donations and Grant Income: Donations and grants that do not impos8 specific future perfomiance-related or other spgafi conditions are recognised on the dale on whKh the charity has entitlement to the resource, the amount can be reliably measured and th8 economic benefit to the Trust of the donation or grant is probabl8. Donations and grants subject to performance-related conditions are recognised as and when those conditions are mel. Donations and grants subject to other specrfic conditions are recognised as those conditions are mel or their fulfilment Is wholly within the control of the Trust and il is probable that the s￿CIfIed conditions will be mel. Investment income.. Inte￿$t on bank balances is accounted for on an accrual basis with interest recognised in the period to which the interest relates. Dividend income and similar distributions are re￿gniSed on the date the share interest becomes ex-dividend or vthen the right to the dividend can be established. dl Règour¢•s Exp•nd•d and Bas1$ of Alloeatlon of Costs Expendlture is accounted for on an accruals basis. A liability and related expenditure is recognlsed when a legal or conslrucllve obligatlon commits the Trust lo expenditure that will probably reqvire settlement, the amount of which can be reliably measured or estimated. AII c051s are directly attrlbulable to specffic activitles. Investments Investments such as hedge funds and Fxivale equity funds wh￿h have no readily identtfiable markel value are initially measured at their costs 2nd subsequently measured at their fair value at each reporting date wilhoul deduction of the estimated future 5elllng costs. Fair value is based on the most recent valuations available from thelr respectwe fund managers. Qthw flnan¢lal In8trum?nts Cash and cash equivalents: Cash and cash equivalents in¢lude cash al banks and in hand and short terrn deposits with a maturity date of three months or less. Debtors and creditors: Debtors and creditors receivable or payable within one year of the rekK)rting date are carried at their at transaction price. Debtors and creditors that are receivable or payable in more than one year and not subject to a market rate of interest are measured al the present value of the expoctgd fulurg receipts or payment dtscounted at a markel rate of interest. Page 12 GOMPANY NO.. 08600905 CHARITY NO.. 1154547 THE MARGARETTHATCHER SCHOLARSHIP TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 ACCOUNTING POLICIES (CONTINUED) Fund accounting General funds are unrestricted funds wh￿h arg available for use at the discretion of the trustees in furth8ranc8 of the general objective5 of thg charty and which have not been designated for other purposes. Restricted funds are fvnds which are to be used in accordance with Spectr￿ restrictions imposed by donors or which have been raised by the charty for particular purposes. The costs of raising and administering such funds are tharged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial slal&ments. Pemianenl endowment funds arise vknere dOn￿S specfy that the funds should be retained as capital for the permanent benefit of the Trust. Any income arising from the capital wlll ba accounted for as unrestr￿ted funds unless the dOr￿r has placed restricted the use of that income. in which casa il will be accounted for as a restricted fund. Expendable endowment funds are similar lo permanent endowment in that have been glven, or the Trust has determined based on the circ#Jmstances that they have been glven, for the long term benefrt of the Trust. However, the Trustees may al their discretion delermln8 to spend all or part of the capital. INCOMING RESOURCES FROM GENERATED FUNDS 2022 2021 Donatlons Invéstm•nt Incom• MSscellaneous income 116,151 425,622 108,442 398,405 4.812 TOTAL RESOURCES EXPENDED 2022 2021 Charltable actlvltles Scholarshlps Development awards Student access Salaries 521.071 2,758 366,152 7,105 65.831 32,350 7,443 53,753 85,910 Consultancy feeg MisGellaneous admin expenses 629,453 519.226 Page 13 COMPANY NO." 08600905 CHARITY NO.. 1154547 THE MARGARET THATCHER SCHOLARSHIP TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 BOARD OF TRUSTEES The members of the Board recewed rernuneration during the year (2020.. £NII) and no expenses were reimbursed to trustees during the year (2020= £Nill. INVESTMENTS 2022 2021 Valuation al start of year New money Investfftl {Decreaseylncrease in value of inv8slmenl$ 11,480.347 9,674,420 1138,605 1,805,927 11341,742 11,480 347 CREDITORS 2022 2021 Amount owed to Somerville College Accruals 595,440 7,625 933,897 15,400 603 065 949,297 FUNDS Movement in funds Balance Incoming Resources Loss on 1 August Resources Expended Investments Transfers 2021 2022 Balance at 31 July 2022 Endowment funds Restricted Funds Unrestricted funds 10.713,265 1138.605) 572.000 10,146,660 969.515 541,TT3 (629,453) 1572,000) 309,835 Total fund$ 11,682,780 541,773 1629.453) 1138.6051 11,456.495 Page 14 COMPANYNO." 08600905 CHARITY NO." 1154547 THE MARGARET THATCHER SCHOLARSHIP TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 FUNDS CONTINUED Movement in funds Incoming Resources Resources Expended Balanc8 1 August Gain on Investments Balance at 31 July 2021 2020 2021 Endowmentfunds Restricted Funds Unrestricted funds 9,058,278 1,654,987 10.713.265 826,142 511.659 1519,226} 150.940 969,516 Total fund$ 9,884,420 511,659 1519.226) 1.805,927 11,682,780 ANALYSIS OF NET ASSETS BETWEEN FUNDS 21)22 Un￿StrICted Funds Reslricled Endowment Funés Fur￿$ Total Investments Cash C￿dItorS 195,082 717,818 1603,065) 11,146,660 11.341.742 717,818 (603,065) 309,835 11,146,660 11,456,495 2021 Unreslricled Funds Rgstrtcted Endowmerrt FurKIs Funds Total Investments Cash Credrtors 767,082 1.151.730 (949.2971 10,713,265 11,480,347 1,151,730 1949,297) 969,515 10,713,265 11,682,780 Page15 COMPANY NO.. 08600905 CHARITY NO.. q154547 THE MARGARET THATCHER SCHOLARSHIP TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 10. AUDrroR'S REMUNERATION The auditors. remuneration in respect of auéit Servi￿S to the companywas £2,025 (2021: £1,800) excluding VAT. 11. FINANCIAL INSTRUMENTS The financial stslements include the f(41owing in respect of ilems hekl 8t fair value: 2022 2021 Financial assets measured at fair value through profit or loss 11,341,742 11,480,347 Financlal assets measured at 8mortBed ¢osl Financlal Ilabllille8 measured at amortised cost 717,818 1,151,730 603,065 949.297 12. RELATED PARTIES The￿ have been no related paty transactions in the reporting period that require disclosure. Al the year end the Trust owed Somerville College £595,440 {2021'. £933,897) 13. ULTIMATE CONTROLLING PARTY The ulllmate wntrolling party is deemed lo be Some￿Ille College and as such The Margaret Thatcher Scholarship Trust finan￿al statements have been included within the consolidated financial statoments of Sornerville College. However, despite the Charity working for the benefit of Ihe College. it is controlled independenuy by the Trustees of the Charity. Copies of the Somerville College consolidated financial statements Can be obtsined from the Charity Commissioners. Page 16 COMPANY NO.. 08600905 CHARITY NO.. 1154547 THE MARGARET THATCHER SCHOLARSHIP TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 14. COMPARATIVE STATEMENT OF FINANCIAL ACTNITY Unrestr￿ted Restrlcted Endowment Funds Funds Funds Note 2021 INCOME AND ENDOWEMENTS FROM: Donatlons Investment income Mlscellaneous Income 108.442 398.405 4.812 108,442 398,405 4,812 Total Incomlng resourc08 511,659 511,659 EXPENDITURE ON: Charitable activities 519,226 519,226 Total •xpendlture 519.226 519,226 Not1oxpondi¢uro11 in¢omo b￿or• gains 17,5671 {7,5671 Nel gainl {lossl on Investments 150,940 1,654.987 1,805,927 Net Income and not movement In funds 143,373 1,654,987 1,798,360 RECONCILIATION OF FUNDS: FUND BALANCES AT 1 AUGUST 2020 826,142 9,058.278 9,884,420 FUND BALANCES AT 31 JULY 2021 969.515 10.713.265 11682,780 Page 17 GOMPANY NO.. 08600905 CHARITYNO.. 1154547