COMPANY NO: 08600905 CHARITY NO: 1154547
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THE MARGARET THATCHER SCHOLARSHIP TRUST (A company limited by guarantee)
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
THE MARGARET THATCHER SCHOLARSHIP TRUST CONTENTS FOR THE YEAR ENDED 31 JULY 2024
| Page | |
|---|---|
| Legaland administrative details | 1 |
| Report ofthe Directors and Trustees | 2-4 |
| StatementofTrustees’ Responsibilities | 5 |
| IndependentAuditor's ReporttotheTrustees ofTheMargaretThatcher Scholarship Trust | 6 |
| Statement of Financial Activities | 9 |
| Balance Sheet | 10 |
| NotestotheAccounts | 14-17 |
THE MARGARET THATCHER SCHOLARSHIP TRUST LEGAL AND ADMINISTRATIVE DETAILS
DIRECTORS AND TRUSTEES
Baroness Royall of Blaisdon Mrs Clara Freeman Professor Almut Suerbaum Professor Stephen Weatherill Professor Danief Anthony Lord Sherbourne of Didsbury Mr Andrew Parker
REGISTERED OFFICE
Somerville College Woodstock Road Oxford OX2 6HD
BANKERS AND DEPOSIT HOLDERS
Barclays Bank Plc Oxford ©OX1 3HB
AUDITOR
Crowe U.K. LLP R+ Building 2 Blagrave Street Reading Berks RG1 1AZ
SOLICITORS
Penningtens LLP Apex Plaza Forbury Road Reading RG1 1AX
CHARITY REGISTRATION NUMBER
1154547
COMPANY REGISTRATION NUMBER
68600905
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THE MARGARET THATCHER SCHOLARSHIP TRUST REPORT OF THE DIRECTORS AND TRUSTEES FOR THE YEAR ENDED 31 JULY 2024
The directors, who are also the Trustees of the Charity, present the report and financial statements for the year ended 31 July 2024.
The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memeorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015).
STRUCTURE, GOVERNANCE AND MANAGEMENT
GOVERNING DOCUMENT
The Margaret Thatcher Scholarship Trust was incorporated as a company limited by guarantee (number: 08600905) on 8 July 2013 and is a charity registered with the Charity Commission (number: 1154547}, The governing documents of the company are its Memorandum and Articles of Association, dated 1 July 2013.
TRUSTEE RECRUITMENT AND APPOINTMENT
The Trustees are made up of three internal trustees, two external trustees and two 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 Almut Suerbaum, Professor Stephen Weatherill, Professor Daniel Anthony,
Ex officio trustees Baroness Royall of Blaisdon, and Mr Andrew Parker.
OBJECTS AND ACTIVITIES
The charity's objects are specifically restricted to prometing and advancing education at the University of Oxford, and in particular at Somerville College, including by providing financial support to outstanding students from all over the world and by supporting academic posts and other initiatives which help to nurture the talents of these students.
The focus remains on mentoring these students and ensuring that they are fully supported in order to achieve their potential, while also providing the Somerville Development Programme that all Somervillians can access.
Fundraising continues for both the endowment and spend-down scholarships.
PUBLIC BENEFIT
lt is a duty of the charity’s trustees to report on the organisation's public benefit in the Trustees Annual Report. To meet this requirement, charities must be able to demonstrate that:
« there is an identifiable benefit which has arisen by fulfilling the charity's aims; * the beneficiaries are the public, or a section of the public.
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COMPANY NO: 08600905
CHARITY NO: 1154547
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THE MARGARET THATCHER SCHOLARSHIP TRUST REPORT OF THE DIRECTORS AND TRUSTEES FOR THE YEAR ENDED 31 JULY 2024
PUBLIC BENEFIT cont,
The trustees have satisfied themselves that, in achieving the objectives described in this report, The Margaret Thatcher Scholarship Trust meets the public benefit requirement. The trustees have given due regard to the Charity Commission's published guidance on the Public Benefit requirement under the Charities Act 2011 in coming to this conclusion.
ACHIEVEMENTS AND PERFORMANCE
In 2023/24 we welcomed seven new Thatcher Scholars: three undergraduates (of which one is an internationa) student) and four postgraduates. The number is reduced from the previous year as we seek to cut our cloth according to ovr means.
We had some extraordinary successes arnong our Thatcher Scholars, with one winning the Dyson Sustainability Award, and another winning the 2 de Paravicini Prize and gaining the eighth highest First Class Degree in Classics across the whole University.
The Skills Hub continues to provide invaluable training and support for all Somervillian students and for the first time this year formed part of the freshers’ week programme for our incoming undergraduates. We will monitor the effect of this on performance over the coming years.
During the course of the year, we have raised a further £100,000 per annum for the next six years to support undergraduate scholarships. This will fund eight further undergraduate scholars starting in 2024/25.
FINANCIAL REVIEW
The Trust has total incoming resources of £690k (2023: £643k). Of this £234k (2023: £200k} came from donations and £456k (2023: £443k) from investment income. Total expenditure was £737k (2023: £726k), with investment in scholarships increasing by £17k (3%).
The net deficit before investment movement for the year was £48k (2023: £83k deficit), representing a planned increase in the number of scholarships. There was a capital gain on investments of £493k. The number of scholarships awarded in future years will have to be trimmed until the endowment returns to a sustainable level of underlying growth.
At the year-end net assets totalled of £11,244k (2023: £10,798k) being unrestricted funds of £189k (2023: £227k) and endowment funds of £11,054k (2023: £10,572k).
PLANS FOR THE FUTURE
The Trust will continue to fundraise to build the endowment of the Trust and to make awards to selected scholars. The Somerville Development Programme has become a fundamental part of the offering that Somerville makes to its students and will continue to give them the tools and skills that they need to fulfit their academic potential at college and to go out into the world and make a positive impact.
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COMPANY NO: 08600905
CHARITY NO: 1154547
THE MARGARET THATCHER SCHOLARSHIP TRUST REPORT OF THE DIRECTORS AND TRUSTEES FOR THE YEAR ENDED 31 JULY 2024
GOING CONCERN
The Margaret Thatcher Scholarship Trust has considered its financial performance in the past year, the risks we face and our financial projections for the next twelve months and beyond. We are satisfied that we have adequate resources to continue operating for the foreseeable future, and that we have the appropriate controls in place to manage any material change in circumstances. We have therefore prepared our accounts on the basis that we are a going concern.
The charity has cash resources and has no requirement for external funding In excess of current facilities. The Trustees have a high expectation that the charity has adequate resources to continue in operational existence for the foreseeable fuiure. They continue to believe the going concem basis of accounting appropriate in preparing the annual financial statements.
RESERVES POLICY
At present the charity holds unrestricted funds, representing income received not yet expended for the purposes given.
Now that the core activities of the trust are established the Board of Trustees will monitor the level of reserves appropriate to its level of activity and associated risk, to ensure that sufficient funds are available to meat the objectives of the Charity on an on-going basis.
The Board regularly reviews its reserves and compares this to published guidance on best practice for small charities. Whereas the guidance recommends charities hold reserves sufficient to deliver at least 12 months of operations, the Trust currently has reserves of £189k and an annual operating deficit of £37k.
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COMPANY NO: 08600905
CHARITY NO: 1154547
THE MARGARET THATCHER SCHOLARSHIP TRUST REPORT OF THE DIRECTORS AND TRUSTEES FOR THE YEAR ENDED 31 JULY 2024
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The Trustees (who are also the directors 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 Accounting Standards).
Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and 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 to:
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e select suitable accounting policies and then apply them consistently; e observe the methods and principles in the Charities SORP;
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® make judgments and estimates that are reasonable and prudent; « state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions, disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006 and the provisions of the charity's constitution. They are also responsible for safeguarding the assets of the charity [and the group] and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Small company provisions
This report has been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006
Statement as to disclosure of information to auditors In so far as the trustees are aware:
- « there is no relevant audit information of which the charitable company’s auditors are unaware; and e the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
This report was approved by the Board on 4" December 2024 and signed on its behalf
Andrew Parker Trustee
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COMPANY NO: 08600905
CHARITY NO: 1154547
INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE MARGARET THATCHER SCHOLARSHIP TRUST FOR THE YEAR ENDED 31 JULY 2024
Opinion
We have audited the financial statements of The Margaret Thatcher Scholarship Trust (‘the charitable company’) for the year ended 31 July 2024 which comprise Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice}.
In our opinion the financial statements:
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give a true and fair view of the state of the charitable company’s affairs as at 31 July 2024 and of its income and expenditure, for the year then ended;
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e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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e have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)} and applicable law. Our responsibilities under these standards are further described in the Auditor's responsibilities for the audit of the financial statements section of cur 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 fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtalned is sufficient and appropriate to provide a basis for our opinion.
Conclusions refating to going concern
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate,
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, In doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. lf we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other inforrnation, we are required to report that fact.
We have nothing to report in this regard.
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COMPANY NO: 08600905
CHARITY NO: 1154547
INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE MARGARET THATCHER SCHOLARSHIP TRUST FOR THE YEAR ENDED 31 JULY 2024
ee;
Opinions on other matters prescribed by the Companies Act 2006
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In our opinion based on the work undertaken in the course of our audit
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e the information given in the trustees’ report, which includes the directors’ report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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e the directors’ report included within the trustees’ report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In light of the knowledge and understanding of the charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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e adequate and proper accounting records have not been kept; or
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e the financial statements are not in agreement with the accounting records and returns; or
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e certain disclosures of trustees' remuneration specified by law are not made; or
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e we have not received all the information and explanations we require for our audit; or
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e the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the trustees’ directors’ report and from the requirement to prepare a strategic report.
Responsibilities of trustees
As explained more fully in the trustees’ responsibilities statement set out on page 5, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about 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 our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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COMPANY NO: 08600905
CHARITY NO: 1154547
INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE MARGARET THATCHER SCHOLARSHIP TRUST FOR THE YEAR ENDED 31 JULY 2024
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 Charitles 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 noncompliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less Rkely 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 invoive 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 noncompliance 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 [3 Dece—tber 20%}
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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 2024
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Unrestricted Restricted Endowment
Note Funds Funds Funds 2024 2023
£ £ £ £ E
INCOME AND
ENDOWMENTS FROM:
Donations 3 234,426 - - 234,426 200,129
Investment income 3 455,244 - - 455,244 442,505
Miscellaneous income - - - . -
Total incoming resources 689,670 - - 689,670 642,634
EXPENDITURE ON:
Charitable activities 4 737,387 - - 737,387 725,664
Total expenditure 737,387 - - 737,387 725,664
Net (expenditure)! income
before gains {47,717} “ - (47,717) (83,030)
Net gain/{loss) on 6 10,356 - 482,697 493,053 (575,078)
investments
Net income/ (expenditure) (37,361) - 482,697 445,336 (658,108)
and net movement in
funds
Transfer between funds - - - - -
Net (expenditure)! income (37,361) - 482,697 445,336 (658,108)
and net movement in
funds
RECONCILIATION OF
FUNDS:
FUND BALANCES AT 226,805 - 10,571,582 10,798,387 11,456,495
1 AUGUST 2023
FUND BALANCES AT 189,444 - 11,054,279 11,243,723 10,798,387
31 JULY 2024 —
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All amounts relate to continuing activities. The company has no gains or losses other than the results for the year.
The notes on pages 11 to 17 form part of these financial statements.
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CHARITY NO: 1154547
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COMPANY NO: 08600905
THE MARGARET THATCHER SCHOLARSHIP TRUST BALANCE SHEET AT 31 JULY 2024
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Note 2024 2023
£ £
FIXED ASSETS
Investments 6 11,259,717 10,766,664
CURRENT ASSETS
Debtors . -
Cash 576,879 448,835
576,879 448,835
Creditors: amounts falling due within one year 7 (592,873) (417,112)
NET CURRENT (LIABILITIES/ASSETS (15,994) 31,723
NET ASSETS 11,243,723 10,798,387
FUNDS 8
Endowment Funds 11,054,279 10,571,582
Restricted Funds - -
Unrestricted Funds 189,444 226,805
TOTAL FUNDS 11,243,723 10,798,387
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The financial statements are prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and in accordance with the Financial Reporting Standard (FRS102) (effective 01 January 2015)
The directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts.
ApprovedNVand authorised for jssue by' the Board on 4" December 2024 and signed cn its behalf.
Andrew Parker Trustee
The notes on pages 11 to 17 form part of these financial statements.
Page 10
COMPANY NO: 08600905
CHARITY NO: 1154547
THE MARGARET THATCHER SCHOLARSHIP TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
- STATUS
Margaret Thatcher Scholarship Trust, Somerville College, Oxford is a registered charity (number: 1154547) and qualifies for exemption from corporation and capital gains tax on its charitable activities.
The company is limited by guarantee and has no share capital. The Memorandum of Association provides that all members are liable to contribute a sum not exceeding £1 in the event of the company being wound up while they are members or within one year of ceasing to be members.
The charity's objects are specifically restricted to promoting and advancing education at the University of Oxford, and in particular at Somerville College, including by providing financial support to outstanding students from ail over the workd and by supporting academic posts and other initiative which help to nurture the talents of these students.
- ACCOUNTING POLICIES
The principal accounting policies adopied in preparation of the financial statements are as fotlows:-
a) Basis of accounting
The financial statements have been prepared in accordance with Accounting and Reparting by charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS102) effective 1 January 2015) - (Charity SORP (FRS102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006,
The financial statements are prepared under the historical cost convention, modified to include the revaluation of investments at market value.
After making enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue its activities for the foreseeable future. Accordingly, they continue to adopt the going concem basis in preparing the financial statements as outlined in the Report of the Directors and Trustees on page 4,
b) Accounting judgements and estimation uncertainty
In preparing financial statements 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 Trustees to have most significant effect on amounis recognised in the financial statements.
In the view of the Trustees, in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements
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COMPANY NO: 08600905
CHARITY NO: 1154547
THE MARGARET THATCHER SCHOLARSHIP TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
c) Income recognition
All income is recognised once the Trust has entitlement to the income, the economic benefit is probable and the amount can be reliably measured.
Donations and Grant Income:
Donations and grants that do not impose specific future performance-related or other specific conditions are recognised on the date on which the charity has entitlement to the resource, the amount can be reliably measured and the economic benefit to the Trust of the donation or grant is probable. Donations and grants subject to performance-related conditions are recognised as and when those conditions are met. Donations and grants subjeci to other specific conditions are recognised as those conditions are met or their fulfilment is wholly within the control of the Trust and it is probable that the specified conditions will be met.
Investment income:
Interest on bank balances Is accounted for on an accrual basis with interast recognised in the period to which the interest relates. Dividend income and similar distributions are recognised on the date the share interest becomes ex-dividend or when the right to the dividend can be established.
d) Resources Expended and Basis of Allocation of Costs
Expenditure is accounted for on an accruals basis. A liability and related expenditure is recognised when a legal or constructive obligation commits the Trust to expenditure that will probably require setttement, the amount of which can be reliably measured or estimated.
All costs are directly attributable to specific activities.
e) = Investments
Investments such as hedge funds and private equity funds which have ne readily identifiable market value are initially measured at their costs and subsequently measured at their fair value at each reporting date without deduction of the estimated future selling costs.
Fair value is based on the most recent valuations available from their respective fund managers.
f Other financial Instruments
Cash and cash equivalents:
Cash and cash equivalents include cash at banks and in hand and short term deposits with a maturity date of three months or less.
Debtors and creditors:
Debtors and creditors receivable or payable within one year of the reporting 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 at the present value of the expected future receipts or payment discounted at a market rate of interest.
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COMPANY NO: 08600905
CHARITY NO: 1154547
THE MARGARET THATCHER SCHOLARSHIP TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
2. ACCOUNTING POLICIES (CONTINUED)
g) Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Permanent endowment funds arise where donors specify that the funds should be retained as capital for the permanent benefit of the Trust. Any income arising from the capital will be accounted for as unrestricted funds unless the donor has placed restricted the use of that income, in which case It will be accounted 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 benefit of the Trust. However, the Trustees may at their discretion determine to spend all or part of the capital.
3. INCOMING RESOURCES FROM GENERATED FUNDS
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Donations | 234,426 | 200,129 |
| Investmentincome | 455,244 | 442,505 |
| 689.670 | 642.634 |
4. TOTAL RESOURCES EXPENDED
| 2024 | 2023 | |
|---|---|---|
| Charitable activities | £ | £ |
| Scholarships | 604,629 | 588,451 |
| Development awards | 1,710 | 10,487 |
| Salaries | 73,634 | 71,826 |
| Consultancyfees | 40,436 | 43,675 |
| Miscellaneous admin expenses | 16,978 | 41,225 |
| 737,387 | 725,664 |
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COMPANY NO: 08600905
CHARITY NO: 1154547
THE MARGARET THATCHER SCHOLARSHIP TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
5. BOARD OF TRUSTEES
The members of the Board received no remuneration during the year (2023: ENil} and no expenses were reimbursed to trustees during the year (2023: £Nil).
6. INVESTMENTS
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2024 2023
£ £
Valuation at start of year 10,766,664 11,341,472
New money invested - -
Increase/(Decrease} in value of investments 493,053 (575,078)
41,259,717 _10,766,664
7. CREDITORS
2024 2023
£ £
Amount owed to Somerville College 587,323 411,607
Accruals 5,550 5,505
592,873 417,112
FUNDS
Movement in funds
2024 Balance Incoming Resources Gain on Balance at
1 August Resources Expended Investments Transfers 31 July
2023 2024
£ £ £ £ £ £
Endowment 10,571,582 - - 482,697 - 11,054,279
funds
Restricted Funds - - - - - -
Unrestricted 226,805 689,670 (737,387) 10,356 . 189,444
funds
Total funds 10,798,387 689,670 (737,387) 493,053 - 11,243,723
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8. FUNDS
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COMPANY NO: 08600905
CHARITY NO: 1154547
THE MARGARET THATCHER SCHOLARSHIP TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
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|---|---|---|---|---|---|---|---|
|8.|FUNDS|CONTINUED|
|Movement|in|funds|
|2023|Balance|Incoming|Resources|Loss on|Balance|at|
|1|August|Resources|Expended|Investments|Transfers|31|July|
|2022|2023|
|£|£|£|£|£|£|
|Endowment|10,146,666|-|-|(575,078)|-|10,571,582|
|funds|
|Restricted|Funds|-|-|-|-|-|-|
|Unrestricted|309,835|642,634|(725,664)|-|-|226,805|
|funds|
|Total funds|11,456,495|642,634|(725,664)|(575,078)|-|10,798,387|
----- End of picture text -----
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----- Start of picture text -----
||||||
|---|---|---|---|---|
|9.|ANALYSIS OF|NET ASSETS|BETWEEN|FUNDS|
|2024|Unrestricted|Restricted|Endowment|Total|
|Funds|Funds|Funds|
|£|£|£|£|
|Investments|205,438|-|11,054,279|11,259,717|
|Cash|576,879|-|-|576,879|
|Creditors|(592,873)|-|-|(592,873)|
|189,444|-|11,054,279|11,243,723|
|2023|Unrestricted|Restricted|Endowment|Total|
|Funds|Funds|Funds|
|£|£|£|£|
|Investments|195,082|=|10,571,582|10,766,664|
|Cash|448,835|-|-|443,835|
|Creditors|{417,112}|-|-|(417,112)|
|226,805|-|10,571,582|10,798,387|
----- End of picture text -----
Page 15
COMPANY NO: 08600905
CHARITY NO: 1154547
THE MARGARET THATCHER SCHOLARSHIP TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
10. AUDITOR'S REMUNERATION
The auditor's remuneration in respect of audit services to the company was £2,450 (2023; £2,230) excluding VAT.
11. FINANCIAL INSTRUMENTS
The financial statements include the following in respect of items held at fair value:
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|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|2024|2023|
|£|£|
|Financial|assets|measured|at|fair value|through|profit or|loss|11,259,717|10,766,664|
|Financial|assets measured|at amortised|cost|576,879|448,835|
|Financial|liabilities|measured|at amortised|cost|592,873|417,412|
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12. RELATED PARTIES
At the year end the Trust owed Somerville College £587,323 (2023: £411,607). The movement in the year represents the intercompany position between the two group entities. No income or expenditure was incurred between the parties, but certain transactions were carried out by Somerville College on behalf of the Trust and remain outstanding for recharge at year end.
There were no other related party transactions in the reporting period that require disclosure.
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 within the consolidated financial statements of Somerville College. However, despite the Charity working for the benefit of the College, itis controlled independentty by the Trustees of the Charity. Copies of the Somerville College consolidated financial statements can be obtained 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 2024
| 14, COMPARATIVE STATEMENT OF |
14, COMPARATIVE STATEMENT OF |
FINANCIAL ACTIVITY | FINANCIAL ACTIVITY | ||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | |||
| Note | Funds | Funds | Funds | 2023 | |
| £ | £ | £ | £ | ||
| INCOMEAND | |||||
| ENDOWMENTS FROM: | |||||
| Donations Investmentincome |
3 3 |
200,129 442,505 |
- - |
- - |
200,129 442,505 |
| Miscellaneous income | - | - | - | - | |
| Total incoming resources | 642,634 | = | - | 642,634 | |
| EXPENDITURE ON: | |||||
| Charitable activities | 4 | 725,664 | - | - | 725,664 |
| Totalexpenditure | 725,664 | - | - | 725,664 | |
| Net (expenditure)/income | |||||
| beforegains | (83,030) | - | - | (83,030) | |
| Net {loss}/gain on investments | 6 | - | - | (575,078) | (575,078) |
| Net(expenditure)! income | (83,030) | - | (575,078) | {658,108) | |
| and netmovement in funds | |||||
| Transferbetween funds | - | . | - | . | |
| Net(expenditure)! income | (83,030) | - | (575,078) | (658,108) | |
| and netmovement in funds | |||||
| RECONCILIATION OF | |||||
| FUNDS: | |||||
| FUNDBALANCESAT | 309,835 | - | 11,146,660 | 11,456,495 | |
| 1 AUGUST 2022 | |||||
| FUNDBALANCESAT 31JULY2023 |
226,805 | - | 10,571,582 | 10,798,387 |
Page 17
COMPANY NO: 08600905
CHARITY NO: 1154547