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 2023 THE MARGARET THATCHER SCHOLARSHIP TRUST CONTENTS FOR THE YEAR ENDED 31 JULY 2023 Page Legal and administratNe details R8POrt of th8 Directors and Trustees Stalement of Trustees, Responsibilities Independent audrtor's report to the Trustees of The Margaret Thatcher Scholarship Twsl Statement of FInar￿la1 ActivilK8S Balance Sheet 10 Notes lo thè A(￿OUnts 11-17 THE MARGARET THATCHER SCHOLARSHIP TRUST LEGAL AND ADMINISTRATIVE DETAILS DIRECTORS AND TRUSTEES B8rone8s Royall of Blaisdon Mrs Clara Freeman Professor Almut Suerbaum Professor Stephen Weatherill Professor Daniel Anthony Lord Sherboume of Didsbury Mr Andrew Parker REGISTERED OFFICE Somerville College Woodstock Road Oxford OX2 6HD BANKERS AND DEPOS￿ HOLDERS Barclays Bank PIC Oxford OX13HB AUDITOR Crowe U.K. LLP Aquis House 49-51 Blagrave Street Reading Berks RG1 1 PL SOUCITORS Pennlngtons LLP Apex Plaza Forbury Road Reading RG11AX CHARITY REGISTRATION NUMBER 1154547 COMPANY REGISTRATION NUMBER 086009)5 Page 1 THE MARGARET THATCHER SCHOLARSHIP TRUST REPORT OF THE DIRECTORS AND TRUSTEES FOR THE YEAR ENDED 31 JULY 2023 The director8. who are also the Trustees of the Charty, present the report and flnancial statements for the year ended 31 July 2023. The financial statements compty wth the Charities Act 2011, the Companles Act 2006, the M8morandum and Articles of A3soGiation, and Accounting and Reporting by Charilies.- Statement of Recomm8nde Pract￿ appltcable to charities preparing their accounts in accordance with the Financlal Reportlng Standard applicable in thg UK and Republic of Ireland (FRS 1021 (effective 1 January 2015). STRUCTURE, GOVERNANCE AND MANAGEMEPlf GOVERNING DOCUMENT The Margaret Thatcher &holarship Trust was incorporated as a company limited by guarante8 {number: 08600905) on 8 July 2013 and is a charity registered with the Charity Commission (number-. 11545471. The governing d0￿Ments of the company are ils Memorandum and Artides of Association, dated 1 July 2013. TRUSTEE RECRUITMENT AND APPOINTMENT The Trustees are made up of three internal tnjstees, ￿ extemal trustees and two ex offiGiO tru5te8S. Current tnjslees of the Margaret Thatcher Scholarship Trust are.. External trustees Mrs Clara Freeman OBE, Lord Sherbourne of Didsbury, Internal trustees Professor Almut Suerbaum. Professor Stephen Weatherill, Professor Daniel Anthony, Ex officio trustees Baroness Royall of Blaisdon, and Mr Andrew Parker. OBJECTS AND ACTivrriES The charlty's oblecls a￿ Spe¢rf￿allY restricted to promoting and advancing education at the University of Oxford. a￿1 in partlcular at Somerville College, including by providing financi81 support lo oulslanding students from all over the wodd and by suppcrting academic posts and other inÉtiatives which help to nurture the talents of these sludents. The focus remalns on mentorlng these students and ensuring that they are fully supported in order to achieve their potenllal. whlle also provldlng the Somerville Development Programme that all Srjmervillians can access. Fu￿1raIsIng continues for both the endowment and spend-down scholarshlps. PUBLIC BENEFIT It18 a duty of ts ¢hariVs trustees to report on the organisalion's publlc benefit In the Trustees Annual R8port. To meel this requiremenl, charilEs must be able to demonstrate that.. there Is an identrfiable benefft which has arisen by fulfilling the charitys aims., the benefi¢iaries are the public, or a section of the publi¢. Page 2 COMPANYNO.. 08600905 CHARITY NO.. 1154547 THE MARGARET THATCHER SCHOLARSHIP TRUST REPORT OF THE DIRECTORS AND TRUSTEES FOR THE YEAR ENDED 31 JULY 2023 PUBLIC BENEFIT cont. The trustees have satisfied themselves that, in achieving the objedives described in this report, The Margaret Thatcher Scholarship Trust meets the public benefit requirement. The trustees have given (Fue regard lo the Charity Commission's published guidance on the Public Benefit requirement under the Charities Act 2011 in coming to this CAJnclusion. ACHIEVEMENTS AND PERFORMANCE In 2022.23 we wdcomed ten new Thatcher Scholars: five undergraduates (of wh￿h •wo are international sludenls), and five graduate students, of which 2 were on Masters course5 and three undertaking DPhil sludigs. We were abl8 lo match with the Clarendon scheme to leverage another scholarship in Physic5. This has proved beneficial to both scholarships schemes and we would seek to replicat8 this with all Divisions where possible. With the Thatcher S¢holars continuing their studies from previous years, this brought the total number of schdars in ¢ollege to 28. and the number of alumni to 19. The Somerville Development Programme was renamed the Skllls Hub and whlle benefitting all Somerville student5, continues lo be funded through the MTST. ing lo pffjssure on the endowment, we wll halt Development Awards from next year, This can be reviewed when more stability returns to the markets. In this last round, there were 16 applications and nine awards made ranging from £308.70 10 £1.500. A lolal of £9,856.70 was awarded.. one awardee was able lo return £230 of their award and so a total of £9,626.70 was expended. c￿er the lasl year, a new financial model was developed which has allowed us to look al the perform8n¢e of the endowment and the increase in University fees and stipends, thereby 811owing us to forecast the number of scholarships that can be sustained. As a result, we have reduced the number of endowed scholarshlps that we wtll offer for 2024125. whilst maintsining our donation agreements wth our primary donors. FINANCIAL REVIEW The Trust has total incoming resouTC6S of £643k (2022: £542k>. Of this £200k (2022.. £116k} came from donallons and £443k12022.. £426kl from investment income. Total expenditure w88 £726k (2022= £629kl, th investment in scholarships increasing by £67k113¥01. The net defidt befor& investment movement for the year was £{83k) (2022" £88kl, representing 8 planned increase in the number of scholarships. There was a capital loss on investments of £575k as the endowment struggled lo find sufficient growth to cover the amount drawn down lo fund scholarships. The number of scholarships awarded in future years will have lo be Irimmed until the endowment retums to sustainable level of underlying growth. Al the year-erKJ nel asse15 lotalled of £10.798k12022= £11.456k) being UnreStr￿ted funds of £22Tr (2022.. £31 Ok} and endowment funds of£10,572k (2022= £11,147k)- PLANS FOR THE FUTURE The Trust wll continue lo fundraise lo build the endowment of the Trust and to make awards lo selected scholars. The Somerville Development Programme has become a fundamental part of tho offering that SomeNllle makes lo ils students and wll continue lo give them the tools and skills that they need to fvifil Ihefir 2¢8dem* potential at college and to go out into the world a￿1 make a posilive impact. Page 3 COMPANY NO." 08600905 CHARITYNO.. 1154547 THE MARGARETTHATCHER SCHOLARSHIP TRUST REPORT OF THE DIRECTORS AND TRUSTEES FOR THE YEAR ENDED 31 JULY 2023 GOING CONCERN The Margaret Thatcher Schol8rship Trust has considered its financial performance in the past year, the risks we face and our financial projeclons for the next twelve months and beyond. We are satisfied thal we have adequate resources to continue operating for the foreseeable fvture, and that we have the 8ppropriale controls in placE to manage any material change in circumstances. We have therefore prepared our accounts on the basis that we are a going conL%rn. The charity has cash resources and has r)0 requirement for external funding in excess of current facilities. The Tru51ees have a high expect8tion that the GhaTity has sdequate resources lo continue in op8ralional existence for the foreseeable future. They continue lo believe the going corKem basis of ￿ountIng appropriate in preparing the annual finanaal statements. RESERVES POLICY At presgnl the charity holds Unrestrict￿ funds, repr85enling incom8 received not yet expended for the purposes gNen. that the core activities of the trust are establlshed the Board of Trustees ￿11 monitor Ihe level of reserves appropriate to its level of actNily and assoclated risk. lo ensure that suffiolent funds are available to meet the objectives of the Charity on an on-golng basis. Pag8 4 COMPANY NO.. 08600905 CHARITY NO.. 1154547 THE MARGARETTHATCHER SCHOLARSHIP TRUST REPORT OF THE DIRECTORS AND TRUSTEES FOR THE YEAR ENDED 31 JULY 2023 STATEMENT OF TRUSTEES. RESPONSIBILITIES The Trustees {who are also the directors of Margaret Thatcher Scholarship Trust for the purposes of company lawl are reswnsible for preparing the Trustees. Annual Report and the flnan¢lal Statements in accordance wrth applKable law and United Kingdom Generally Accepted Accountlng Practice (United Kingdom Accounting Standards). Company law requires the Trustees to prepare financial statements for exh financlal year. Under company law the Trustees must not approve the finan￿al statements unbss they are satisfied that they give a true and fair view of the stale of affairs of the charitable company and of the Incoming resources and application of resources, including the income and expenditu￿, of the charitable company for that period. In preparing these financial stalemenls. the Trustees are ￿qUired to.. select suitable ac¢cAJnting policies and then apply them consistently.. observe the methods and principles in the Charlties SORP,. make judgments and eslimales that are reasonable and [￿￿ent. slate whether applicable UK accounting standards have been followed, subject to any materlal departures disclosed and explained in the financial statements,. and prepare the Ilnanclal statements on the going concem basis unless it is inappropriate lo presume that the charitable company will contlnue In business. The Trustees are responsible for keeping adequate accounlng records lh* aTr Suffic￿nt to show and explair¢ the charitable company's Iransacllons, dlsclose with reasonable accuracy al any lime the financial position of the charitable company and enable them to ensure that the finarKial statements comply with the Companies Act 2006 and the provisions of the charlty's ¢on$titution. They are also responsible for safeguarding the assets of the charity land the groupl and hence for taking reasonable steps for the prevention and d8teclion of fraud and other irregularities. Small ¢ompany provlslons This ￿port has been prepared in accor(lance with the special provisions for small companles under Part 15 of the Companies Act 20 Statement as to dlsclosure of Informatlon to audltor8 In so far as Ihe trustees are aware". the￿ is no relevant audit information of which the charrtat4e company's auditors are unaware; and the trustees have taken all steps that they ought lo have taken to make themselves aware of any rd8vant audit information and to establish that the auditors are awa￿ of that information. This report w approved by the Board on 23rd October 2023 and sign8d on its beha Andrew Park Trustee Pag8 5 COMPANY NO.. 08600905 CHARITY NO.. 1154547 INDEPENDENT AUDITOR'S REPORTTO THE TRUSTEES OF THE MARGARET THATCHER SCHOLARSHIP TRUST FOR THE YEAR ENDED 31 JULY 2023 Oplnlon We have audited the financial statements of The Margaret Thatcher Scholarship Trust ('the charitable company'l for the year ended 31 July 2023 which comprise Statement of Financial Activities, the Balance Sheet and notes to the financial statements, induding signfficant accounting wlicies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, induding Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (Unrted Kingdom Generally Accepted Accounting Practice). In our oplnlon the finandal statements.. give a true and fair view of the slate of the charitable company's affairs a6 at 31 July 2023 and of its income and expenditure, for the year then ended. have been properly p￿pa￿d In accordance wllh Unlted Klngdom Generally Accepted A(xounling Practice. and have been prepared in accordance wrth the requirements of the Companies Act 2006. Ba818 for oplnlon We condLtcted our audlt In accordance with International Standards on Audlllng (UK) (ISAS IUKI) and applicable law. Our responsibilities under those 8tandards are further described In the Auditor's respK)n5ibllltieg for the audlt of the financial statements section of our rewrt. We are Independent of the charitable compary In accordance ￿th the ethical requirements that are relevant to our audit of the nancial statements In the UK. induding the FRC'S Elhical Standard. and we have fulfilled our other ethlcal reswnsibilities in accordance wf(h these requirements. We believe that the audit evidence we have obtained i8 suff￿lent and appropriate to provide a basis for our opinion. Concluslon$ relatlng to golng ¢on¢em In auditing the financial slalemenls, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the finanaal slalemenls is approprtate. Based on the work we have perfom)ed. we have not identified any material uncertalntieg relating to events or conditions that. individually or collectively, may cast significant doubl on the charitsble company's abllity to continue as a going concem for a peri¢yJ of at least ￿1ve months from when the financial stalemenis are authorised for issue. Our respJnsibilrtie$ and the responsibilities of the trustees with respect to going contan are described in the relevant sections of this rewt. Other inforniation The trustees are responsible for the other information contained within the annual rep￿t. The other Information comprises the information included in the annual report. other than the financial statements and our audhorfs repcrt Ihereon. Our opinion on the financial statements does not cover the other informatlon and. except to the exlenl otherwise explicilly staled In our report, we do not express any fom of assurance concluslon Ihereon. Our responslbllty Is to read the other Informallon and. In doing so. conslder whether the other Informatlon is materlally inconsistent with the flnanclal statements or our knowledge obtaineé In the audh or otherwise appears to be materially mlsstsled. If we Identfy such materlal Inconslslencies or apparent material misstatements, we are requlred to delermlne whether th￿ gfves rlse lo a material mlsstatemenl in the financh81 statements themselves. If. based on the work we have performed. we conclude that there Is a material misslalement of thls other Infomiab'on. we are requlred to report that fact. We have I￿thing to ￿port In this regard. Page 6 COMPANYNO.. 08600905 CHARITY NO.. 1154547 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE MARGARET THATCHER SCHOLARSHIP TRUST FOR THE YEAR ENDED 31 JULY 2023 Opinions on other matters prgscrlbed by tho Companle8 Act 2006 In our opinion based on the work undertaken In thè course of our audit the irrformation given in th8 Irustees, re[￿. whlch InclLKles the directors. report prepared for the wrposes of company law. for the financial year for which the financlal statements are pr8pared ts consislenl with the finarKial statements.. and the directors, report Included withln Ihe trustees, report have been prepared in accordan￿ with applicable legal requirements. Matters on whlch we are réqulrod to roport by •xception In light of the knowledge and understanding of the ch8rilable company and Iheir environment obtained in the course of the audit, we have not identified material misstatements in the directors, report included wllhin the trustees, rewrt. We have nothing lo report in respect of the followng m*lers in relation lo which the Companies Act 2006 requires us lo report lo you rf, in our opinion.. adequate arKI propgr accounllng records have not been kept,. or the financlal ststements are not In agreement with the a¢counliro records and returns,. or certaln dIsclosu￿$ of tru$tee$' remunerats'on specrfied by law are not made,. or we have not receNed all the information arKI explanations w8 require for our audlt., or the trustees were not entrtled lo prepa￿ the finanaal statements in accordance wllh the small companl8s regime and lake advantage of the small companies, exemptions in preparing the trustees. directors, reF(Srt and from the requirement to prepa￿ a strategic report. Responsibllltles of trust•e8 As explained more fully in the Iruslees, responsibilities Slatemenl sel out on p8ge 5, the trustees (who are also the direGtors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparalKJn of financial statements Ihat are free from material misslalement, whether due to fraud or error. In preparing the fin8ncial slatemenls. the trustees are responslble for assessing the charitable company's ability to continue as a goirvj COn￿rn, disclosing, as appllcable. matter8 related lo going concern and using the going Concern basis of accounting unless the tnjstees either intend to liquidate the charitable (x)mpany or lo cease operations, or have ￿ re81islic allernalNe bul to do 80. Audltorf8 re8pon81bllltle8 for the audlt of the tlnanclal statements Our oblecllves are lo oblain reasonable a$surance about whether the financial ststements as a whole a free from materfal mlsslatemenl. whelherdue to fraud or error, and to issue an auditor's report that Includes our opinSon. Reasonable assurance is a high level of assurance, but is not a guarantee that an audll conducted in accordance wlh ISAS (UK) w511 always detect a mater￿1 misslatemenl when 11 exlsts. Misstatements can arise from fraud or error are ¢0nslée￿d malerial rf, individually or in the aggreg81e, they could reasonably be expected to inffluence the econom￿ decisions of users tsken on the basls of these financial statements. Dela118 of the extent to whkh the audit was considered Gapable of detecting irregularitles, Indudlng fraud and norfrc£>mpllanc8 Wtth laws and regulalv)ns are set out below. A further descriptlon of our responsibilit￿5 for the audit of the Tinar￿181 statements Is located on the Flnanclal Ret)orting Coun¢ll's website at- www.frc.or .uklaudilorsies nsibililies. Thls descrlptlon fornis part of our audrtorfs report. Page 7 COhlPANYNO.. 08600905 CHARITY NO.. 1154547 ## **INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE MARGARET THATCHER SCHOLARSHIP TRUST FOR THE YEAR ENDED 31 JULY 2023** ## **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 21 December 2023** Page8 _**COMPANY NO: 08600905**_ _**CHARITY NO: 1154547**_ THE MARGARET THATCHER SCHOLARSHIP TRUST STATEMENT OF FINANCIAL ACTIVITIES (Incorporating Income and Expenditure Account) FOR THE YEAR ENDED 31 JULY 2023 Unrestricte Restricted Endowment Note Funds Funds Funds 2023 2022 INCOME AND ENDOWMENTS FROM: t>onatK*n$ Investment income Mi$¢ellaneous income 2fJ),129 442,505 200,129 442,505 116,151 425.662 Total incoming resources 642,634 541,773 EXPENDITURE ON: Charitable activltles 725,664 725,664 629,453 Total expendlture 725,664 725,664 629,453 Net (expendtturoy In¢omo before galns (83.030) {83,0301 (87,680) Net {lossygain on investments (575.078) (575,078) (138,605) Net {•xpendttureV Income and ngt movement In funds (83.030) {575,078) (658,108) (226,285) Transfer betsveen funds Net (ex￿ndIturev Income and net movement In funds {83,030) {575,078) (658,108) (226.285) RECONCILIATION OF FUNDS: FUND BALANCES AT 1 AUGUST 2022 309,835 11,146,660 11,456.495 11682,780 FUND BALANCES AT 31 JULY 2023 226,805 10571 582 10 798 387 11456495 All amounts relate to continuing activities. The company has no gains or losses other Ih8n the results for Ihe year. Page g COMPANYNO.. 08600905 CHARITY NO.. 1154547 THE MARGARET THATCHER SCHOLARSHIP TRUST BALANCE SHEET AT 31 JULY 2023 Note 2023 2022 FIXED ASSETS Investments 10,766,664 11.341,742 CURRENT ASSETS Debtors Cash 448,835 448,835 717,818 717,818 Creditors= amounts falling ¢Yue within one year (417.112} (603,065) NET CURREMT ASSETS 31,723 114,753 NET ASSETS 10,798.387 11,456,495 FUNDS EThlowmenl Funds Restricted Funds Unr89tricted Funds 10,571,582 11,146,660 226,805 309,835 TOTAL FUNDS 10.79B.387 11,456.495 The financial statements are prepared in accordance with the srwial provisions of Part 15 of the Companies Act 2006 relating lo small companies at￿ in a¢¢ordani% with the Financial Reporting Standard IFRS102) (effectlve 01 January 20151 The d1￿ctOrS aGkrK)wledge their reswn$ibility for Complying wth the requirements of the Act with respect lo accountlng records and for the preparatton of accounts. Approved and authorlsed for Issue by the Board on 23rd October 2023 and $kJned on Its behalf Andrew Parker Twstee The notes on pages 11 to 17 form part of Iho8e financial statomenls. Page10 COMPANYNO.. 08600905 CHARITY NO.. 1154547 THE MARGARET THATCHER SCHOLARSHIP TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 STATUS Margaret Thatcher Scholarship Trust, Somerville College, Oxford is 8 registered charty (number.. 1154547) and qualifies for exemption from corporation and capital gains tax on its charitable activittes. The company is limited by guarantee and has no share capital. The Memor8ndum of Association provides that all meM￿r5 are liable lo contribute 8 sum not exceeding £1 in the event of the company being wound up whif8 they are members or within one year of ceasing to be members. The charty's objects are specificalty restr￿ed to promoting and advancing education 81 the Universty of Oxford. and in particular at SomeNille College, including by providing financial support to outstanding students from 811 over the world and by supporting academic posts and other initiative which help lo nurture the t81ents of these students. ACCOUNTING POLICIES The pr1r￿1pal a￿oUntIng p￿￿leS adopted in preparation of the financial stat&ments are as follows.'- Basls of accountlng The financial statements have been prepared in accordance with Accounting and Reporting by charlUe5'. Statement of Recommended Practtce appllcable to charities preparing their accounts In accordance wlth Flnanclal Reportlng Standards applicable in the UK and Repu￿1¢ of Ireland {FRS102) effecllve 1 January 20151- {Charity SORP {FRS102}}. the Flnancial Reporting Standard appllcable In the UK and Republic of Irdand IFRS 102) and the Companles Act 2006. The financial stat9mgnts are prgpargd under the historical cost convgntlon, modlfled to includ9 th9 revaluation of investments at market value. After making enquiries, the trustees have a reasonable expectation that th8 charlty ha5 adequate resources lo continue its activities for the foreseeable future. Accordlngly, they continue to adopt the golng concem basls in preparing th8 financial stal8ments a5 Outlined in the Report of the Directors and Trustees on page 4. A¢¢ounting Judg•m8nts and •stlmatlon un¢•rtalnty In preparlng financial stslements it is necessary to make certain Judgements, estimates and assumptions that affect the amounts recognised in the financial statements. The following judgements and estimates are considered by the Truste8s to have most $ignrfi¢ant effect on amounts recognised in the financial statements. In the view of the Trustees, in applying the accounting pdicies adopted. no judgements were required that have a signrficanl effect on the amounts recognised in the financial slalements Page11 COMPANYNO.. 08600905 CHARITY NO.. 1154547 THE MARGARET THATCHER SCHOLARSHIP TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Income recognltlon Al income is [￿ognISed once the Trust has entitlemgnl kn the income, the economic benefrt is prOba￿e and the amount can be reliably measured. Donations and Grant Income.. Donations and grants that do not impose 5pecifiG future performance-r8lated or other specific condiiions are recognised on the date on which the charity has entSllemenl to the resource, the amounl (an be ￿liablY measure(l and the economic benefit to the Trust of the donation or granl is probable. Donations and grants subject lo performance-relaled Conditions are recognised as and when those conditions are mel. Donations and grants subject to other $pe¢ifi¢ ¢ondf(ions are reGognised as Ih05e conditions are mel or thelr fulnlmenl is wholly within the ¢ontrol of the Trust and il is probable that the specffied conditlons v4ill be mel. Investment income.. Interest on bank balances 1$ a¢¢ountod for on an accrual basis with interest recognised in the ￿riod to whi¢h the Inte￿$t relates. Dividend income and simllar dislribulions are recognised on the dale Ihe Share interest b8comes ex-dNidend or when ItrE right to the dividend Can be established. d) Resources Expended and Basls of Allocation of Costs Expendlture is accounted for on an a¢¢ruals bas￿. A liability and related expenditure is recognised when a legal or conslrucltve obligation commits the Trust to expenditure that will probably requlre setdement, the amount of which can be reliably measured or estimated. Al costs are dlrectly attrlbLrtable to 9pecrnc actlvilies. Inve8lments Inveslmenls such 88 hedge funds and pr￿ale equity funds which have no readily identifiable market value are initially measured al thelr costs and subsequently measured at their falr value 8t each reporting dale wiihoLrt deducllon of the estimated future selling costs. Fair value is based on the most recent valualions available from their respecllve fund managers. Other flnanclal Instruments Cash and cash equiv8lents'. Cash and cash equivalents include cash at banks and in hand and short term deposits With a malurily dai8 of three months or less. Debt¢rs and creditors: Debl+yS and creditors receivable or payable within one year of th8 foFQrting date are carried at their at transaction price. Debtors and creéilors thal are receivable or payable in more than one year and not subject lo a market rate of interest are measured at the prgs8nt value of th8 expected future recelpls or payment discounted al a market rale of interegt. Pag8 12 COMPANY NO.. 08600905 CHARITY NO.. 1154547 THE MARGARET THATCHER SCHOLARSHIP TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 ACCOUNTING POLICIES (CONTINUED) Fund a¢¢ountlng General funds are unrestricted fund5 which are available for use at the discretlon of the trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Restrithed fvnds are funds which are to be used in acwrdance ￿th specrfic restrlct(ons imposed by donors or which have been raised by the charity for particijlar purposes. The ¢0s1s of raising and administering such fvnds are charged against the specrfic fund. The alm and use of each restricted fund is Sel out in the notes to the financial statements. Permanent endomnenl fvnds arise where donors specrfy that the funds should be retained as Capital for the permanent benefit of the Trust. Any income ar¢sing from the capital Mll be awounled for as unrestricted funds unl8ss the donor has placed restricted the use of thal income. in which ¢ase it will be accounted for as a restric18d fund. Expendable endowment funds are similar to permanent endowment in that they have been given, or the Trust has delemiined bas8d on the circumstances that they have been given. forthe long term benefit of the Trust. However, the Trustees may at their discretion delermlne to spend all or part of the Caprtal. INCOMING RESOURCES FROM GENERATED FUNDS 2023 2022 Donatlons Investment Income 200,129 442,505 116.151 425.662 642,634 541,773 TOTAL RESOURCES EXPENDED 2023 2022 Charitable activitie5 Schdarships Development awards Student access Salaries Consultancy fees Miscellaneous admin expenses 588.451 10,487 521,071 2.758 71,826 43,675 11,225 65,831 32,350 7,443 725,664 629,453 Page 13 COMPANY NO.. 08600905 CHARITYNO.. 1154547 THE MARGARET THATCHER SCHOLARSHIP TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 BOARD OF TRUSTEES The members of lh& Board received no remuneration during the year {2022'. £Nill and no expenses were reimbursed lo trustees during the year {2022: £Nil). INVESTMEKrs 2023 2022 ValualSon at start of year New monèy Investsd IDecreasollln¢roaso In valuo of invosthwnl$ 11,341.742 11,480,347 1575,078) {138,6051 10 766,664 11,341,742 CREDrroRS 2023 2022 Amount owed to Somerville College Accruals 411,607 5,505 595,440 7.625 417,112 603.065 FUNDS Movement in fijnds Balance Incoming Resources Loss on 1 August Resources Expended Investments Transfer8 2022 2023 Balance at 31 July 2023 Endowment funds Restricted Funds Unrestricted funds 10.146.680 1575,078) 10,571,582 309,835 642,634 1725,664) 226,805 Total funds 11.456,495 642,634 1725,664) 1575,078) 10.798.387 Page 14 COMPANYNO.. 08600905 CHARITY NO.. 1154547 THE MARGARET THATCHER SCHOLARSHIP TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 FUNDS CONTINUED Movernent in funds Incoming Re5ourGe3 Loss on Resources Expended Investments Transfers 2022 Balance 1 August 2021 Balance at 31 July 2022 Endowment funds Restricted Fund8 Unrestricted fund8 10.713,265 {138,6051 572,000 10.146,660 969,51 S 541,773 {629,453) 1572.000) 309,835 Totsl funds 11,682.780 541,773 629.453) (138.6051 11,456,495 ANALYSIS OF NET ASSETS B￿WEEN FUNDS 2023 Unrestricted Funds Restricted Endowment Funds Funds Totsl Investments Cash Credltors 195.082 448,835 1417,1121 10.571,582 10,766,664 448,835 (417,112) 226,805 10,571,582 10,798,387 2022 Unrestricted Funds Restrthd Endowment Funds Funds Total Investments C8sh Credf(ors 195,082 717,818 1603,065) 11,146,660 11.341.742 717.818 (603,065) 309,835 11.146,660 11.456,495 Page 15 COMPANYNO.. 08600905 CHARITY NO.. 1154547 THE MARGARET THATCHER SCHOLARSHIP TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 10. AUDrroR'S REMUNERATION The auditors, remuneration in r8spect of audit services lo the company was £2,230 (2022: 2,025) exdudirvJ VAT. 11. FINANCIAL INSTRUMENTS The financ￿1 statements include th8 folk)wing in respect of it8ms held al fair value= 2023 2022 Financial assets measured al fair value through profit or loss 10,766.664 11.341,742 Financial assets measured al amortised c05t Financial liabilit￿ measured at amortised cost 448,835 417,112 717,818 &)3,065 12. RELATED PARTIES There have been no related paty tranyactions in the rgporting period that require disclosure. At the year end the Trust owed Somerville College £411,607 {2022= £595,440) 13. ULTIMATE CONTROLLING PARTY The ultimate controlling party is deemed to be Somerville College and as such The Margaret Thatcher Scholarship Trust financial statements have been included Y*ilhin Ihe consolidated financial statements of Somerville Colle9e. However, despite the Charity working for the benefit of the College, it is controlled independently by the Trustees of the Charity. Copies of the Somerville College consolidated financial statements can be obtained from the Charity Commissiongrs. Page 16 COMPANYNO.. 08600905 CHARITY NO.. 1154547 THE MARGARETTHATCHER SCHOLARSHIP TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 14. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITY unreStr￿ted Restricted Endowment Funds Funds Funds Note 2022 INCOME AND ENDOWMEiffs FROM: Donations Investment income Miscellaneous income 116.151 425,622 116,151 425,622 Total Incomlng rnsour¢•$ 541,773 541,n3 EXPENDrruRE ON: Charitable aclivSties 629,453 629,453 Total •xpèndilur• 629,453 629,453 Not laxpanditur811 income before gain8 (87.6801 (87,680 Nel {k)ssygain on Inveslmenls (138,605} (138,6051 Nét {èxponditurell in¢om• and not movornent in funds 187,6801 {138,605) (226,2851 Transfer behveen fvnds (572,000) 572,C#)) Net lexpondltur¢)l incomo and net movemont in funds (659,680) 433,395 (226.2851 RECONCILIATION OF FUNDS: FUND BALANCES AT 1 AUGUST 2021 969.515 10.713.265 11,682,780 FUND BALANCES AT 31 JULY 2022 309 835 11 P8ge17 COMPANYNO.. 08600905 CHARITY NO.. 1154547 Page 18 COMPANY NO.. 08600905 CHARITY NO.. 1154547