Charity Commission Reference Number: 1163314
The Dame Kathleen Ollerenshaw Charitable Trust Annual Report and Financial Statements For the Year Ended 5 April 2022
The Dame Kathleen Ollerenshaw Charitable Trust
## Financial Statements
## For the Year Ended 5 April 2022
|Contents|Pages|
|---|---|
|Reference and administrative information|1|
|Report of the Trustees|2 to 4|
|Independent Examiner’s Report|5|
|Statement of Financial Activities|6|
|Balance Sheet|7|
|Notes to the Financial Statements|8 to 12|
The Dame Kathleen Ollerenshaw Charitable Trust
## Reference and Administrative Details
|Trustees|Sir John Timpson, CBE|
|---|---|
||N C P Bird|
||Sir Martin Taylor, FRS|
|Independent Examiner|Mark Bradley FCA|
||Beever and Struthers|
||Suite 9b|
||The Beehive Lions Drive|
||Shadsworth Business Park|
||Blackburn|
||BB1 2QS|
|Investment Managers|Raymond James Investment Services|
||One Chowley Oak|
||Tattenhall|
||Chester|
||CH3 9EX|
|Bankers|National Westminster Bank Plc|
||19 Market Street|
||Manchester|
||M1 1WR|
|Charity Number|1163314|
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The Dame Kathleen Ollerenshaw Charitable Trust
## Trustees Report
## For the Year 5 April 2022
## Report of the Trustees for the year ended 5 April 2022
The trustees present their annual report and financial statements for the year ended 5 April 2022.
## The Trustees
During the year the following served as Trustees;
Sir John Timpson, CBE N C P Bird Sir Martin Taylor, FRS
The principal office of the Charity is The Lodge, Alderley Road, Wilmslow, Cheshire, SK9 1RA.
## Objectives and activities for the public benefit
The object of the Charity is the provision of funding for a professional Chair or Fellowship Grant or post for research or the teaching in the field of mathematics, together with other awards for the advancement of mathematical scholarship and excellence.
The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives in the planning of future grants and awards.
## Grant Making policy
The Trust has established its grant making policy to achieve its objects for the public benefit. The Trusts aim is to award grants for visiting professors in the field of mathematics and also for advancing mathematical scholarships and awards for excellence.
During the year grants of £100,996 (2021: £37,843) were made or committed to Manchester University and £500 was paid to The Karuna Trust.
## Achievements, performance and future plans
The Trustees are pleased with the achievements of the Trust and aim to carry on providing grants using the surplus income reported.
## Investment Policy
The Trust has no strict investment policy in place, instruction has been given to the investment managers Raymond James (previously Investec) as to the risk balance, discretionary management and in the immediate term the trust intend to use the income.
Page | 2
The Dame Kathleen Ollerenshaw Charitable Trust
## Trustees Report
## For the Year 5 April 2022
## Financial review
The Trust's total incoming resources during the period were £43,364 (2021: £45,753).
Total outgoing resources for the period were £126,325 (2021: £57,859) the larger portion related to the making of grants. The excess of expenditure over income was £82,961 (expenditure over income for 2021 was £12,106).
At the period end the Trust's total reserves were £2,376,415 (2021: £2,435,704) all reserves are unrestricted.
## Structure, governance and management
The Trust is a registered charity, number 1163314 and is constituted under the Will of Dame Kathleen Mary Ollerenshaw who died on 10 August 2014. Dame Kathleen bequeathed the residue of her Estate to the Trust - the legacy is a lasting tribute to her and her special interest in the field of mathematics. The Trust does not actively fundraise and seeks to continue the charitable work desired by the donor through the careful stewardship of its existing resources.
New Trustees are appointed by the existing Trustees. The Trust Deed provides for a maximum of nine Trustees.
During the year, the Trustees awarded grants of £100,996 to advance mathematical research at University of Manchester. They also awarded a small grant of £500 to The Karuna Trust.
All Trustees give of their time freely and no trustee remuneration or expenses were paid during the year. In accordance with the Trust’s policy, Trustees are required to withdraw from decisions where a conflict of interest arises.
## Risk management
The Trustees have considered the major risks to which the Charity is exposed and have implemented procedures to manage such risks.
The Trustees consider variability of investment returns on the legacy funds to constitute the major financial risk. The movement in activity in world stock markets has demonstrated this risk.
## Trustees’ responsibilities for the financial statements
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
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The Dame Kathleen Ollerenshaw Charitable Trust
## Trustees Report
## For the Year 5 April 2022
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with applicable law. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the trustees on 11 October 2022 and signed on their behalf by:
## Sir John Timpson CBE
Page | 4
The Dame Kathleen Ollerenshaw Charitable Trust
## Independent Examiner’s Report
## For the Year 5 April 2022
## Independent Examiners Report to the Trustees of The Dame Kathleen Ollerenshaw Charitable Trust
I report to the trustees on my examination of the accounts of The Dame Kathleen Ollerenshaw Charitable Trust for the year ended 5 April 2022.
## Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts. The trustees consider that an audit in not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed,
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act and to state whether particular matters have come to my attention.
## Basis of independent examiner’s report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the Trust nd a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the next statement.
## Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Mark Bradley FCA Beever and Struthers Suite 9b, The Beehive, Lions Drive Shadsworth Business Park Blackburn, BB1 2QS Dated: 11 October 2022
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The Dame Kathleen Ollerenshaw Charitable Trust
## Statement of Financial Activities
## For the Year Ended 5 April 2022
|Notes
Income
Income from Investments
2
Total Incoming Resources
Expenditure
Raising Funds
3
Charitable Activities
4
Total resources expended
Net incoming/(outgoing) resources for the year
Other recognised gains and losses
Realised and unrealised gains/(losses) on investment assets
5
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward|Unrestricted Funds
2022
2021
£
£
43,364
45,753|
|---|---|
||43,364
45,753|
||(21,799)
(17,106)
(104,526)
(40,753)|
||(126,325)
(57,859)|
||(82,961)
(12,106)
23,672
509,019|
||(59,289)
496,913
2,435,704
1,937,791|
||2,376,415
2,435,704|
The notes on pages 8 to 11 form an integral part of these accounts
Page | 6
The Dame Kathleen Ollerenshaw Charitable Trust
## Balance Sheet
## As at 5 April 2022
|Notes
Fixed assets
Investments
5
Current assets
Investec income account
Raymond James income account
Cash at bank
Liabilities
Creditors: Amounts falling due
within one year
6
Net current assets
Total assets less current
liabilities
Liabilities
Creditors: Amounts falling due
after one year
7
Net assets
Funds
General unrestricted income
fund
Total Funds|2022
£
£
2,302,950
-
3,142
111,973
115,115
(22,340)
92,775
2,395,725
(19,310)
2,376,415
2,376,415
2,376,415|2021
2,298,032
15,307
-
127,118
142,425
(4,753)
137,672
2,435,704
-
2,435,704
2,435,704
2,435,704|2021
2,298,032
15,307
-
127,118
142,425
(4,753)
137,672
2,435,704
-
2,435,704
2,435,704
2,435,704|
|---|---|---|---|
||||2,435,704|
||||2,435,704|
||||2,435,704|
Approved by the Trustees on 11 October 2022 and signed on their behalf by:
Sir John Timpson CBE
The notes on pages 8 to 11 form an integral part of these accounts
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The Dame Kathleen Ollerenshaw Charitable Trust
## Notes to the Financial Statements
## For the Year ended 5 April 2022
## 1. Accounting Policies
## 1.1 Statement of compliance
The financial statements have been prepared in accordance with the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
## 1.2 Basis of preparation
The Dame Kathleen Ollerenshaw Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
## 1.3 Incoming resources
Investment income is accounted for in the period in which the charity is entitled to receipt and the amount can be measured with reasonable certainty. Other income is accounted for on an accruals basis as far as it is prudent to do so.
## 1.4 Resources expended and irrecoverable VAT
Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the Trust to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to that category.
All expenditure is directly allocated to the relevant categories and no apportionments are considered necessary.
Irrecoverable VAT is charged against the category of resources expended for which it was incurred.
## 1.5 Raising funds
The costs of raising funds consist of investment management fees.
## 1.6 Charitable activities – Grants payable
Grants payable are payments and commitments made to third parties in the furtherance of the charitable objectives of the trust. Grant commitments are recognised when a constructive obligation arises that results in payment being unavoidable. In accordance with the Charities SORP, grants are therefore accounted for once the offer has been made in writing.
Page | 8
The Dame Kathleen Ollerenshaw Charitable Trust
Notes to the Financial Statements
## For the Year ended 5 April 2022
## 1.7 Charitable activities – Other support costs
Other support costs comprise all costs involving the public accountability of the Trust and its compliance with statutory regulation and constitutional good practice. These are analysed in detail in note 4 to the financial statements.
## 1.8 Taxation
As a registered charity, the Trust is generally exempt from Income Tax and Capital Gains Tax, but not from VAT.
## 1.9 Fixed Asset Investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year.
The trust does not acquire put options, derivatives or other complex financial instruments.
The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.
## (1) Realised gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
## 1.10 Funds structure
## Unrestricted funds
Unrestricted funds represent investment income and other income generated for the objects of the trust without further specific purposes and are available as general funds.
## Designated funds
Designated funds are unrestricted funds earmarked by the trustees for particular purposes.
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The Dame Kathleen Ollerenshaw Charitable Trust
## Notes to the Financial Statements
## For the Year ended 5 April 2022
|2.
Investment income
2022
£
Income from UK listed investments (before deduction of fees)
43,364
43,364
3.
Raising Funds
2022
Management Fees
£
Investment managers and custodian’s fees
21,799
21,799
Investec charge fees to underlying investment funds agreed with the trustees.|2021
£
45,753|
|---|---|
||45,753|
||2021
£
17,106|
||17,106|
|||
|4.
Charitable Activities|||
|---|---|---|
|Analysis of other support costs|2022|2021|
||£|£|
|Accountancy fees|3,030|2,910|
||3,030|2,910|
|Fees to Beever and Struthers Accountants represent accountancy fees of £2,370 (2021:||£2,310) and|
|independent examination fees of £660 (2021: £600) payable for the period.|||
|Analysis of Grants payable|2022|2021|
||£|£|
|Manchester University|100,996|37,843|
|The Karuna Trust|500|-|
||101,496|37,843|
Page | 10
The Dame Kathleen Ollerenshaw Charitable Trust
## Notes to the Financial Statements
## For the Year ended 5 April 2022
## 5. Fixed asset investments
|Opening Market Value
Additions at cost
Disposals at carrying value
Realised gain
Unrealised (loss)/gain
Market value at 5 April
Historic cost at 5 April
The market value of investments is made up as follows:
UK investments listed on a recognised stock exchange
Non-UK investments listed on recognised stock exchanges
Cash|2022
£
2,260,824
738,579
(1,173,864)
194,423
(170,752)
1,849,210
1,658,891
1,353,449
495,761
453,740
2,302,950|2021
£
1,743,963
377,873
(370,031)
85,701
423,318|
|---|---|---|
|||2,260,824|
|||1,899,753|
|||1,334,665
926,159
37,208|
|||2,298,032|
The investments consist of equities, unit trusts, open-ended investment companies and fixed interest investments. The following investments held at 5 April 2022 represent more than 5% of the portfolio:
|Schroder International Selection Fund Asian
Findlay Park Funds American Sterling
6.
Creditors: Amounts falling due within one year
Accruals
Manchester University
7.
Creditors: Amounts falling due within one year
Manchester University|2022
100,976
104,242
2022
£
3.030
19,310
22,340
2022
£
19,310
19,310|2021
-
-
2021
£
4,753
-|
|---|---|---|
|||4,753|
|||2021
£
-|
|||-|
Page | 11
The Dame Kathleen Ollerenshaw Charitable Trust
## Notes to the Financial Statements
## For the Year ended 5 April 2022
## 8. Related party transactions
There have been no related party transactions in the year.
## 9. Trustee remuneration and expenses
No trustees, nor any person connected with them, have received any remuneration from the charity during the year.
No trustees have received any other benefits from the charity during the year.
No expenses have been paid to the trustees in the year.
Page | 12