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 2025 THE MARGARET THATCHER SCHOLARSHIP TRUST CONTENTS FOR THE YEAR ENDED 31 JULY 2025 Page Legal and administrative details Report of the Directors and Trustees Statement of Tnjstees, Responsibilities Independent Audilorfs Report to the Trustees of The Margaret Thatchfjr Scholarship Trust Statement of Financial Activities Balance Sheet 10 Notes to the Accounts THE MARGARET THATCHER SCHOLARSHIP TRUST LEGAL AND ADMINISTRATIVE DEfAILS DIRECTORS AND TRVSTEES Baroness Royall of Blaisdon Ms Catherine Royle Mrs Clara Freeman Professor Almut Suerfoaum Professor Stephen Weatherill Professor Daniel Anthony Professor Dan Ciubotaru Lord Sherboume of Didsbury Mr Andrew Parker (Resigned September 2025} (Appointed October 2025) IResi9ned March 2025) IN)pointed March 20251 REGISTERED OFFICE SomeNi1￿ College Woodstock Road Oxford OX2 6HD BANKERS AND DEPOSIT HOLDERS Barclays Bank PIC Oxford OX13HB AUDITOR Crowe U.K. LLP R+ Building 2 Blagrave Street Reading Berks RG1 1AZ 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 2025 The diroctors, who ar9 also the Trustees of the Charity, pres8nl the report and finanGial statements for thg year gndgd 31 July 2025. The financial statements comply wth thg Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities- Statement of Recommended Practicg applicable to charities prepartng their a￿ount$ in a￿ordance with Ihg Finanaal Reporbng Standard applicable in the UK and Republic of Ireland {FRS 1021 leffeclive 1 January 20191. STRUCTURE, GOVERNANCE AND MANAGEMENT GOVERNING DOCUMENT The Margaret Thatcher Scholarship Trusl was incorporalgd a$ a company limited by guarantee (number: 086009051 on 8 July 2013 and is a charity registered with the Charty Commission Inumb8r.' 11545471. The governing docum9nls ot the company are its hAemorandum and Arb'cles of Association, datod 1 July 2013. TRUSTEE RECRUITMENT AND APPOINTMENT The Trustees are made up of three int8mal truste85, ext&mal trustees and gx officio truste8s. Curr8nt trustees of the Margargt Thatcher Stholarship Trust ar8= Exlefnal tru5tee5 Mrs Clara Freeman OBE. Lord Sherboume of Oid5bury, 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 ¢harity's objects are spe¢ifi¢ally restrlcted lo promotlng and advancing education at the Universlty of Oxford, and in particular at some￿1118 College, Including by proviéing financial support lo outstanding students from all over the world ané by Supportlng academlc posts and other initlalive$ which help to nurture the talents of these students. The focus remains on mentorSng these students and eTrSU￿ng that they are fully supported In order lo athieve thelr potenllal. whlle also provlding the Somervllle Development Programme that all Somervillians can access. Fundraising continues for both the endowment and spend4own scholarships. PUBLIC BENEFIT 11 is a duty of the chariiys Iruslees to ￿p)Ort on the organisation's public benefil in the Trustees Annual Report. To meet thi8 requirement, charities must be able lo demonstrate that.. there is an identifiable benefit which has arisen by fulfilling the charity's aims-, the beneficiaries are the public, or a sectior) of the public. Page 2 COMPANYNO.. 08600905 CHARITY NO.. 1154547 THE MARGARET THATCHER SCHOLARSHIP TRUST REPORT OF THE DIRECTORS AND TRUSTEES FOR THE YEAR ENDED 31 JULY 2025 PUBLIC BENEFIT conL The trustees have satisfied themselves that, in achieving the obj8Ctives 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 guidan* on the Public Benefrt requiremenl under the Charities Act 2011 in ¢oming to this wnGlusion. ACHIEVEMENTS AND PERFORMANCE In 2024.25 we welcomed ten new Thatcher SGholars'. Six undergraduate lone overseas) and four poslgraduates. The in¢rea$e was as a re$ull of being able to award three UK undergraduate scholarships from the Mich8el Bishop Foundatlon increased donation that was reported last year. Thls was the last year In whlch we aw8rd8d a Lee Kuan Yew - Thatcher Scholarshlp. the fourth from the agreement that was signed In 2019. 11 has been a very productlve partnership vAth ST Telemedia and the quality of the scholars has been exceptional. Ming Song Oh, the scholar that graduated at the end of the year won the Law Faculty's Prize for Company Law. We will ¢ontlnue to explore ways In whiGh we can continue to partner with STT in Ihe future. Following the success of the Skills Hub $es$ions in Fre$hers Week. this was ￿ffined and continued in this year, as well as providing 11$ offerings lo all Students over the ¢ourse of the terms. FINANCIAL REVIEW The Trust has total incoming resources of £858k12024.. £690k}- Of this £389k12024.. £234kl came from donations and £469k {2024.. £456kl from inv8slment income. Total expenditur8 was £818k12024: £737k). with investment in scholarships increasing by £86k (14%). The net inwmg bgforg investrn8nt movement for th8 ygar was £40k12024: £48k deficf(), rgpresenting a planned increase in th¢ numb8r of sGholarship5. Thfjrg was a capital gain on investments of £759k. At the year4nd net ass8ts totslled of £12,043k12024: £11,244k} being unrestricted fund5 of £243k (2024-. £189k> and endowment funds of £11,800k {2024 £11,054k). PLANS FOR THE FUTURE The Trust will continue to fundraise to build the endowment of the Tnjsl and lo make awards to selected scholars. The Sornerville Development Programme rebrsnded to become the Skills Hub, and has been very successful in helping all Somervillian students with trainlng and support in academic. personal and career ski11g. It will become part of the College offering and from next year will be funded and manged by the Academic Office. 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 2025 GOING CONCERN The Margaret Th?t¢her Scholarship Trust has considered its financial performance in the past year. the risks we face and our financial projections for the next tWe￿e 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 lo manage any material change in circumstsnces. We have th8refore prepared our accounts on the basis that we are a going concem. The charity has cash resources and has no requirement for exlemal fundlng In ex¢ess of ¢urenl facilities. The Trustees have 8 high expectation that the charity has adequate resoureeg to continue in operational exislence for the foreseeable future. They continue to belleve the golng ¢on¢em basis of accounting appropriate in preparing the annual financial statements. RESERVES POLICY At pres8nl Iha charty holds unr8Stri¢ted fvnds, representing income received nol yet expondgd for the purposes given. Now that the core activities of the Irust are established the Board of Trustees will monitor the level of reserves appropriate to its level of activty and associated risk. to ensu￿ that sufficient funds are available lo meet the objectives of the Charity on an on-going basis. The Board regularly reviews its reserves and compares Ihls to publlshed guidance on best practice for small charili8s. Whereas the guidance recommends charfties hokl reserves sufficient to deliver al least 12 months of operations, the Trust currenly has reserves of £243k and an annual operating surplus on unrestricted fvnds of 53k. Page 4 COMPANYNO.. 08600905 CHARITY NO.. 1154547 THE MARGARET THATCHER SCHOLARSHIP TRUST REPORT OF THE DIRECTORS AND TRUSTEES FOR THE YEAR ENDED 31 JULY 2025 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 Ihe Trustees. Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted AccoLfnling Practice (United Kingdom Accounting Slandardsl. Company law requires the Trustees lo prepare flnancial statements for each financlal year. Under company law the Trusteeg must not approve the financial ststements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the Incomlng resourees and appllcallon of resources, including the Income and expenditure. of the charttable company for that period. In preparing Ihese financial statements. the Trustees are required to.. Select suitabla accounting pdici05 and thon apply Ihom conslSt8rrtly- observe Ihe mgthods and principlgs in thg Chariti95 SORP- make judgments and estimates that are reasonable and prudenl- slate whether applicable UK accounting standards have been followed. subject to any materfal departures disclosed and explained in the financial statements; and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charitable company will continue in business. The Trustees are responsible for keeping adequate accounting records trat are sufficient to show and explain the charitable company's transactions, disclose wth reasonable accuracy al any time the financial position of the charf(able company and enable them to ensure that the financial slatements comply with the Companies Act 2006 and Ihe provisions of the charity's constitution. They are also responsible for safeguardlng the assets of Ihe charity land the groupl and hence for taklng reasonable steps for the preventlon and detectlon of fraud and other Irregularities. Small company provlslons Thls report has been prepared in accordance with the special provisions for small companies under Part 15 of the Companies kl 2006 Statomont as to dlsclosuro of inf0m￿tIon to audltors In so far as the trustees #re aware.. there is no relevsnl audit information of which the charitable company's Auditors Bre un#ware- and the trustees hav8 taken all steps that they ought to have tsken to make themselves aware of any relevant audit information and to estsblish that the auditors are aware of that information. Thls report was approved by the Board on 3 .Ix and slgned on Its behalf. Andrew Parker Tru8188 Page 5 COMPANY NO.. 08600905 CHARITY NO.. 115454T INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE MARGARET THATCHER SCHOLARSHIP TRUST FOR THE YEAR ENDED 31 JULY 2025 Opinion We have audlted the financlal statements of The Margaret Thatcher S¢holarship Trust ('the charitable company'l for the year ended 31 July 2025 whi¢h comprise Statement of Financial Activities. the Balance Sheet and notes to the financial slatemenls, includlng s19nrf￿8nI accounting policies. The financial reporting framework that has been applied In thelr preparatlon is applkable law and United Kingdom Accountlng Standards. Including Flnancial Reportlng Standard 102 The Financial Reporting Standard applicable in the UK and RepLFblic of Ireland (United Kingdom Generally Accepted Accounting PraC￿ce}. In our opinion the financi81 statements.. give a true and fair view of the stale of the charitable company's affairs as at 31 July 2025 and of its incomg and oxpenditurg, for the year then &nded- have been property prepared In accordance Unlted Klngdom Generally Accgpled Accounting Practice., and hav8 been prepared In accordance with the requirements of the Companies Act 2006. Basi8 for opln5on We Conducted our audit in accordance with International Standards on Auditing (UK) IISAS IUK)) and applicable law. Our responsibilities under those standards are further descrlbed In the Auditor's responsibilities for the audit of the finan￿al ststements section of our report. We are Independent of the charitable company in accordance with the ethical requirements that are relevant lo our auéil of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fU￿illed our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclus5ons relatlng to golng concern In auditing the financial slatemenls, we have COr￿luded that the trustees, use of the going conGem basis of accounting in the preparation of the financlal statements is approprlale. Based on Ihe work we have perfonned, we have not idenlified any material uncertainties relating to events or conditions that, individualty or cdle¢tively, may cast significant doubl on the charitable company's ability to continue as a going concern for a period of atlgasl twelve months from when the financial statements are authorised for issue. Our responsibilitie5 and the responsibiliiies of the trustees wtth respect to going concem are described In the Televanl seclions of Ihis report. Other Infonnatlon The trustees are responslble for the other information contained within the annual report. The other Information comprfses the Infomatlon in¢Fuded in the annual ￿pOrt, other than the financial statements and our auditor's report thereon. Our opinion on the flnanclal statements does not cover the other informatlon and. except lo the extent otherwise expliThlly stated in our report. we do not express any fomi of assuranc8 concluslon thereon. Our responglblllty i% lo read the olher infornabon and. in doing so. consider whether the other inform8tlon 1$ m8terfally Inconsistent wlth the financial statements or our knowledge obtained in the audit or othenvise appears to be malerfally misstated. If we identify such material inconsistencies or apparent materi81 mlsstal8ments, we are required lo detemiine whether this gives rise to a material misstatement in the financlal statements themselves. If, based on Ihe work we hav8 performe(J, we conclude Ihat Ihere is a materlal misslalement of thls othar infom)ation, we are requlred io report Ihat fact. We have nothing to report in Ihis regard. Page 6 COMPANY NO.. 08600905 CHARITYNO." 1154547 INDEPENDENT AUDITOR'S REPORT TOTHE TRUSTEES OF THE MARGARET THATCHER SCHOLARSHIP TRUST FOR THE YEAR ENDED 31 JULY 2025 Oplnlons on oth•r matt•r$ pro$¢rfb•d by tho Companl•g A¢t 2006 In our opinion based on the worf( undertaken in the course of our audit the inforrnatK)n given in the trustees. report, which includes the directors, report prepared for the purposes of company law, for the financial ygar for whith the financial ststemenls ar8 prepared is consislenl wtth the financial stslements- and the dire¢tors' report Included wlthln Ihe trustees, report have been p￿pared In 8Gcordan¢e with applic8bie legal requirements. Matters on whl¢h we are requlr¢d to report by ¢x¢eptlon In light of the knowledge and understanding of the charitable company and theSr envlronment obtalned In the cours8 of the audrt, we have not Identified material mls8tatemenl8 In the dlrector8' report Induded within th8 trustees, report. We hav8 nothing to report in r8spect ofthe following matter8 In rela￿On to ￿lch the Companles Act 2006 requires us lo report to you If. In our opinlon: adequate and proper accounting records have not been kept: or the financial slatements are nol in agrnemenl with the accounting reGords and relums; or certain disdosures of trust88s' r8mun8ralion specified by law are not made,. or we have not recelved all the Infomiallon and explanatlons we require for our audlt. or thg trustées were not entitled to prepare tho financial statements in a￿ordanCe Ythh the small ¢omp8nies regime artd tske advantage of the sm811 Compan￿9. exemptions in preparing the truslegs, dlreclors, report and frcm the requirement to prepare a strategic report. Re¥ponsibiliti•s of trustaas As explaingd more fully in the Irusto8s' responsibililies stat8mont set out on page 5, the twstees is from the events and transactlon6 reflected Sn th8 financial statements, the less likely the inherentty limited procedures required by audltlng standards would identify It. In addition, as with any audit, there remained a higher risk of non-delectlon of Irregularllles. as these may involve Collus￿￿, for98ry, intent￿n81 omissions, misrepresentations, or the ovethde of Internal ¢ontrol$. We are not responsible for preventing non-complianc8 and cannot be expected to deteot non-¢ompli8n¢e th 811 laws and r8gulatlon8. Use of our rèport Thts ￿port 1$ made 601&ly lo the charitable ¢ompany'$ members, as a body, in accordance with Chapter 3 of Part 16 of the CompanSe$ Act 2006. Our audit work has been undertaken so that W8 might state to Ihe ¢harltsble company's members Ihose matters we ar& required to stsle to thom in an auditor's report and for no other purpose. To Ihe fullest extenl permlltsd by law, we do not accept or assume responsibility lo anyona other than the Cha￿table ¢ompany and the ¢harftsble company's members as a body, for our audll work. for thls raport. or for the oplnlon8 we have formed. Alastair Lyon Senior Statutory Auditor For and on behalf of Crowe U.K. LLP ststutory Auditor Reading Pag8 8 COMPANY NO." 0861￿905 CHARITY NO.. 1154547 THE MARGARET THATCHER SCHOLARSHIP TRUST STATEMENT OF FINANCIAL ACTIVITIES (Incorporating Income and Expenditure Account) FOR THE YEAR ENDED 31 JULY 2025 Unrnstrietèd Funds Rèstrict Funds EndowTnent Funds Note 2025 2024 INCOME AND ENDOWMENTS FROM: Donallons Investment income Miscellaneous Ineome 389.389 468,533 389,389 468,533 234,426 455,244 Total In¢omlng M$our¢es 857,922 857,922 689,670 EXPENDITURE ON: Charflable aCt*￿tIeS 817,621 817,621 737,387 Total exp¢ndlture 817,621 817.621 737,387 Net Incomel{expendlture) before galns 40,301 40.301 {47.717) Nel gain on investments 12,787 746,149 758,936 493.053 Net incomg and net movement In funds 53.088 746.149 799.237 445,336 Transfer between funds Net InGomel{expenditurel and net movement in fund$ 53,088 746,149 799,237 445,336 RECONCILIATION OF FUNDS: FUND BALANCES AT 1 AUGUST 2024 189.444 11,054,279 11.243.723 10,798,387 FUND BALANCES AT 31 JULY 2025 242,532 11.800.428 12.042.960 11,243,723 Atl amounts r8lat8 to (￿ntInuing activities. The company ha$ no gains or losses other than the results for Ihe year. Tho notes on pages 11 to 17 forni part of those financial Statsmonts. Page 9 COMPANYNO.. 08600905 CHARITY NO.. 1154547 THE MARGARET THATCHER SCHOLARSHIP TRUST BALANCE SHEET AT 31 JULY 2025 Note 2025 2024 FIXED ASSETS Investments 12,018,653 11,259,717 CURRENT ASSETS Debtors Cash 29,632 220 29,852 576,879 576,879 Credrtors: amounts falling due wRhln one year {5,5451 {592,873) NET CURRENT ASs￿s I {LIABIUTIESI 24,307 {15,994 NEf ASSETS 12.042.960 11.243,723 FUNDS Endowment Funds Reslrlcted Funds Unrestricted Funds 11,800,428 11.054,279 242,532 189,444 TOTAL FUNDS 12.042,960 11,243.723 The financi818talements are prepared in ac¢ord8nce with the special provisions of Part 15 of tho Companies Act 2006 relatlng lo small compani8$ and In a¢¢ordan¢e wilh the Financial Reporting Standard IFRS1021 leffeclive 01 January 2019) The directors a¢knowledge their responsibility for complying with Ihe requirements of the Act with respect to a¢¢ountlng records and for the preparation of accounls. Approved and authorlsed for Issue by the Board on 3 . 1 L Wovfand signed on ils behalf. Andrew Parker Tnjslee The notes on pages 11 to 17 fomi part of Ihese finan¢lal statements. Page 10 COMPANYNO.. 08600905 CHARITY NO.. 1154547 THE MARGARET THATCHER SCHOLARSHIP TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 STATUS Margaret Thatcher Schols￿hlp Trust. Somerville College. Oxford is a rggistergd charity {number. 1154547} and qualtfies for exemption from corporab'on arKI Gapital gains lax on its charitable activities. The company is limited by guarantee and has no share capital. Thfj Memorandum of ASsocial￿n provides that 811 members are liable lo 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 b8 members. The charity's objects are speclfically restricted to promting and advancing education at the University of Oxford. and in particular at Somèrville coll￿#, including by providing financial support lo outstanding students from all over the world and by supporting academic posts and other initiative which help to nurture the talents of these students. ACCOUNTING POLICIES The principal accounting pollcies adopted In preparation of the financial ststements are as follow$:_ Basls of a¢¢ounllng The finanGial ststements have been prepared in aGcordance with Accounting and Reportlng by charilies.. Statement of Recommended Pr8Cti(* applicable to charities preparing fheir accounts in accordance wth Financi81 Reporting Standards applicable in the UK and Republic of Ireland (FRS10218ffeclive 1 January 2015) - (Charity SORP IFRS102}), the Financial Reporting Standard applbcable in the UK and Republ￿ of Ireland {FRS 1021 and the Companies Acl 2006. The flnancial statements are prepared under the hlstori¢al cost conyention, modified to Indude the revaluallon of Investments at market value. After maklng enqulrles, the trustees have a reasonable expeclation Ihal the charity has adequate resources to conUnu8 its aCtiVit￿S for the foreseeable future. Accordingly, they continue lo adopl the going concem basis In preparlng the financial slalemenis as outlined in th& Report of the Directors and Trustees on page 4. b) Accountlng judgements and estlmatlon uncertalnty In preparing financial stslemenls It is necessary to make certain judgements. estimates and assumptions that affect the amounts recognised in the financial slalements. The following judggmgnls and estimal8s ar8 considered by the Trustees to have most slgnlficant effad on amounts recognised in th9 financial statements. In the view of the Trustees, in applying the accounting policies adopted. noludgemenls were required that have a significant efle¢l on Ihe amounts recognised in the financial statements Pag8 11 COMPANY NO." 08600905 CHARITYNO.. 1154547 THE MARGARETTHATCHER SCHOLARSHIP TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 In¢omg ro¢ognition AJI in¢ome is re¢ognised On￿ the Trust has enlillemenl to the In￿rne. the economic benefit is probable and the amount ean be reliably measu￿d. Donations and Grant Incom8'. Donations and grants that do not impose specific future performance-relaled or other specific conditions aro recognised on the date on which the charity has entitlement lo 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 lo perfomiance-related conditions are recognised as and when thos& conditions mot. Donations and grants subject to other specific conditions are r8¢ognised as those conditions are met or their fulfilment is wholty within the control of th8 Trust and il is probab19 that tho spec[r￿1 conditions will be mel. Investment in¢ome'. Interest on bank balances Is a¢¢ounted for on an acerual basis with interest recognised in the period to which the interest relates. DNidend income and similar distribution5 arè recognised on the dale the share interest becomes ex-dividend or when the right to the dividend can be established. d} Resources Expended and Basi$ of Allo¢ation of Costs Expenditure is accounted for orb an accruals basis. A liability and related expenditure is recognised when a legal or constructive obligation commits the Trust to expenditure that will probabty require settlement, the amounl of which can be reliably measured or estimated. Atl costs are direclty attributable tr) specific activities. Inv•stments Investments such as hedge fund5 and private equity funds which have no readlly Identifiable market value are initially measured at their costs and subsequently measured at their fair value al each reporting date without deduction of the estimated future selling costs. Fair value is based on the most recent valuations availabEe from their respective fund managers. Othor finan¢ial Inslrumonts Cash and cash equivalents= Cash and ￿$b equivalents inGlude Gash al banks and in hand and short term deposlls wlth a maturity dats of throe month$ orlgss. Debtors and creditors: Debtors and creditors receivable or payable within one year of the reporting dale are carri9d al their al transaction price. Debtors and creditors that are receivable or payable in more than one year and not subject to a market rale of interest are measured at the present value of the exp8cled fvrture rec8ipts or payment discountgd al a market rate of interest. Page 12 COMPANYNO." 08600905 CHARITY NO.. 1154547 THE MARGARET THATCHER SCHOLARSHIP TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 ACCOUNTING POLICIES {CONTINUEDI Fund accountlng General ftjnds are unrestricted fijnds which are available for use at the dlscretion of the trustees in furtherance of the general obj8Ctiv85 of the charity and whkh have not been designated for other purpos8S. Restrfcted funds are funds whkh are to be used in accordance wlth specmc restrlclion8 Imposed by donors or whlch have been raised by the charlty for parUcular purposes. The costs of ralslng and admlnlstering such funds are charged agalnst Ihe specific fund. The aim and use of each restrlcted fund Ss set out In the notes to the flnancial statements. Pemianent endowment fvjnds 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 wlll 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 lo pemianenl endowment in Ihal they have been given, or the Trust has determined based on the circumstances that they have been given, for the long lemi benefit of the Trust. However. the Trustees may atthelr dlscrellon determine to spend all 01 part of the capital. INCOMING RESOURCES FROM GENERATED FUNDS 2025 2024 Donations Investment income 389,389 468.533 234.426 455.244 857,922 689,670 TOTAL RESOURCES EXPENDED 2025 2024 Charitable aGtivitie$ Scholarships Development awards Salaries 690.959 604,629 1,710 73.634 40,436 16,978 78.394 39.852 8.416 Consultancy fees Miscellaneous admin expenses 817.621 737,387 Page 13 COMPANY NO.. 08600905 CHARITY NO.. 1154547 THE MARGARET THATCHER SCHOLARSHIP TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 BOARD OF TRUSTEES The members of the Board received no remuneratlon during the year {2024: £Nil) and no expenses were reimbvrsed to trustees durfng the year12024.' £NIII- INVESTMENTS 2025 2024 Valuation at start of year New money Invested Increase In value of investments 11.259,717 10,766,664 758.936 493,053 12,018,653 11,259.717 DEBTORS 2025 2024 Amount owed by Somerville Collggg 29,632 29.632 CREDrroRS 2025 2024 Arnounl owed lo Somerville College Accruals 587,323 5,550 592,873 Page 14 COMPANY NO.. 0861)0905 CHARITY NO.. 1154547 THE MARGARET THATCHER SCHOLARSHIP TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 FUNDS Movement in funds Balance Incoming Resources Gain on 1 August Resources Expended Investments Transfers 2024 2025 Balancg at 31 July 2025 Endowment fijnds Restricted Funds Unreslrictod funds 11,054,279 746,149 11,800.428 189,444 857,922 1817,6211 12,787 242.532 Total funds 11.243,723 857.922 1817.6211 758,936 12.042.960 Movement in fuNIs Incoming Resouices Loss on Resources Expended Investments 2024 Balance 1 August 2023 Balance at 31 July 2024 Transfers Endowment funds Restricted Funds Unreslricled funds 10,571,582 482.697 11,054,279 226,805 689,670 1737,3871 10,356 189,444 Totsl funds 10,798,387 689,670 1737,3871 493,053 11.243,723 10. ANALYSIS OF NET ASSETS BEfwEEN FUNDS 2025 Unrestricted Funds Reslricled Endowment Funds Funds Total Investments Cash & Debtors Creditors 218,225 29,852 15,545} 11,800,428 12,018.653 29.852 {5.5451 242,532 11,800,428 12.042.960 Page 15 COMPANY NO.. 08600905 CHARITY NO." 1154547 THE MARGARET THATCHER SCHOLARSHIP TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 10. ANALYSIS OF NET ASSETS BETWEEN FUNDS CONTINUED 2024 Unrestricted Funds Restricted Endowment Funds Funds Total Investments Cash Creditors 205,438 576,879 {592,873) 11,054,279 11.259,717 576.879 1592.873) 189,444 11,054,279 11,243,723 11. AUDrroR'S REMUNERATION The audilorfs remuneration in respect of audit services to the company was £2,62012024'. £2,450) excluding VAT. 12. FINANCIAL INSTRUMENTS The financial statements include the following in respect of items held al fair valug.. 2025 2024 Financial assets mgasurgd at fair valug through profil or Ios5 12.018.653 11.259,717 Financial assets measured at amortised cost Financial liabiliti85 measured at amortised cost 29.852 5,545 579,879 592,873 13. RELATED PARTIES At the year 8nd Somerville College owed the Trust £29,63212024: The Trusl owed Somerville College £587,323). The movement in the year represents the inter¢ompany position between the two group entities. No income or expenditure was incU￿ed between the parties, bul certain transactions were carried out by Somerville College on behalf of th8 Trust and remain outstanding for recharge al year end. There were no other related party transactions in the reporting period that require disdosure. 14. ULTIMATE CONTROLLING PARTY Th8 ults'male controlling party is deemed to be Somerville College and as Such The Margaret Thatcher Scholarship Trust finanaal stat8m8nts have been included wthin the consolidated financial statements of Somerville College. However, despite the Charity working for the benefit of the College, it is controlled independently by the Trustees of the Charity. Copi85 of the Somerville Coll8ge consolidated financial slalemenls can be obtained from the Charity Commissioners. P89&16 COMPANYNO." 08600905 CHARITY NO.. 1154547 THE MARGAREf THATCHER SCHOLARSHIP TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 15. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITY Unrestrictgd Restriclgd Endowment Funds Funds Funds Not8 2024 INCOME AND ENDOWMENTS FROM: Donations Inv&stment income Miscellaneous income 234.426 455,244 234.426 455,244 Total Incomlng resour￿# 689,670 689,670 EXPENDITURE ON: Charitable activilies 737,387 737.387 Total expendlture 737,387 737,387 Net (expendituro}l in¢om• befor¢ gains {47.7171 (47,717) N81 gainlllossl on investments 10.356 482.697 493,053 Net incomel (expenditure) and net movement in funds (37.3611 482.697 445.336 Transfer be￿veen ￿ndS Net Incomel (expondlture) and net mov•ment In fvnd$ (37,3611 482,697 445.336 RECONCILIATION OF FUNDS: FUND BALANCES AT 1 AUGUST 2023 226,805 10,571,582 10.798,387 FUND BALANCES AT 31 JULY 2024 189.444 11,054,279 11243 723 Page 17 COMPANY NO.. 08600905 CHARITY NO.. 1154547