Charity Commlsslon Reference Number: 1163314 The Dame Kathleen Ollerenshaw Charitable Trust Annual Report and Financial Statements For the Year Ended 5 April 2024
The Dame Kathleen Ollerenshaw Charitable Trust F5nantial Statements For the Year Ended 5 Aprll 2024 Contents Pages Reference and administrative information Report of the Trustees Independent Examlnerf5 Report 2to4 Statement of Financlal Actlvitles Balance Sheet Notesto the Financlal Statements 8t012
The Dame Kathleen Ollerenshaw Charitable Trus1 Reference and Administrativè Dètalls Trustees NCPBird Sir M J Taylor, FRS J T Smlth Independent Examiner Helen BinTrs FCA Beever and struthers Suite 9b The Beehive Llons Drive Shadsworth Bu51ness Park 8lackburn BBI 2Q5 Investm*nt Managers Raymond James Investment Services One Chowley Oak Tattenhall Chester CH3 9EX Banker5 National Westminster Bank PIC 19 Market Street Manchester MIIWR Charlty Number 1163314 Page 11
The Dame Kathleen Ollerenshaw Charitable Trust Trustees Report For the Year 5 April 2024 Report of the Trustees for the year ended 5 Aprll 20Z4 The trustees present their annual report and flnanclal statements for the year ended 5 Apr412024. The Trustees Durlng the yearthe followlng Served as Tru5tees- NCPBlrd Sir M l Taylor, FRS J T Smlth Objectives and actlvlth$ forthe public benefit The object of the Charlty Is the provislon of funding for a profe55ional Chalr or Fellowship Grant or post for research or the teachlng in th'e field of mathematlcs, together wlth othey award5 for the advancement of rnathematical scholarship and excellence. iiie Trustees confirm that they have referred to the guldance contalned in the Charlty Commlssltsn's general guidance on public benefit when revlewln8 the Trust's alms and oblectlves in the planning of future grants and owards. Grant Making pollcy Th'e Trust has e5tabli5hed Its grant rnakirig pollcy to achieve its objects for the public benefit. The Trusts aim is to award grants for visiting.professors In the fleld of mathematlcs and also for advattclmg mathematical scholarshlps and awards for excellence. DurlnE theyeargrants of £31,29012023.' £31,939) were made oreommltted to Manchester UDlversity. Achievementsi performance and future plans The Trustees are ploased with the a¢hievements of the.TTUS1 and aim to cairy on providing grant5 Uslng the surplus income reported. Invèstment Pollcv The Trust has no strlct inve5tinent policy In plate, Instruction has been glven to th'è Investmènt managers Raymond James as to the rlsk balance, discretlonary management and in the Immedlate term the trust Intend to use the Income. a£e | 2
The Dame Kathleen Ollerenshaw Charitable Trust Trustees Report For the Year 5 April 2024 Ma1a1 review The Trust's total Intoming resources durlng the period were £71.94312023.' £75.2331. Total outgoing Tesources for the perlod were £56,76412023.. £59.2001 the largei portion related to the making of grants. The excess of income over expenditure was £15.179 Ilncome oveT expendlture for 2023 was £16.0331. At the peiiod end the Trust's total reserves were £2,237,37712023.. £2.179.2281 all reserves are unrestritted. Structurei governaN• and management The Trust is a registeied charlty, numbei 1163314 and is constttuted under the Wlll of Dame Kathleen Mary Ollerenshaw who died on 10 August 2014. Dame Kathleen bequeathed the resldue of her Estate to the Trust- the le8acy is a lasting tribute to her and her 5peclal interest In the fleld of mathematics. The Trust does not actlvely fundraise and seeks to continue the charitable WOTk desired by the donor through the careful stewardship of its existing resources. New Trustees are appolnted by the eXIstng Trustees. The Trust Deed provides for a maximum of nine Trustees. During the year, the Trustees awarded 8rants of £31,29012023.. £31.9391 to advance Thathematical rÈgcarch at iln¢vÈrelty ol M3nche&tgr. All Trustees give of thelr time Iree5y and no trustee remuneration or expenses were paid duflng the year. In accordance with the Trusvs pollcy, Trustees are required to wSthdraw from decisions where a conflict ol Interest arlses. Risk management The Trustees have considered the malor risks to whkh the Charity is exposed and have implemented piocedures to manage such risks. The Trustees consider variability of Investment return5 on the legacy funds to constitute the major Ilnan¢ia1 risk. The mtsvement in acttvity in WDrld stock markets has demonstrated this risk. Resee5 Policy We considerthatthe demand for giant5wiII continue Indefinitely. We conslderthe fund at £2,237,377 12023., £2,179,228) beingthe amount not earmarked for a speciflc purpose, lo be satlsfa¢tory. We do not propose to raise more funds. Page13
The Dame Kathleen Ollerenshaw charitable Trust Trustees Rèport For the Year 5 April 2024 Trustees, reSpOnbIltieS forthe Ilnan¢lal statements The trustee5 ale responsible for preparing the Report of the Trustees and the flnancial statements In accordance with appllcable law and Unlted Kingdom Accounting Standards Iunited Klngdom Generally Accepted Accountlhg Practicel. The law appllcable to charities In England and Wales requires the trustees to prepare financial statements for each financial year, which glve a true and fair view of the state of affair5 of the charity and of the incoming resources and application of ¥esotsrces of the charity for that period. In preparlng these financial statements. the trustees are required to.. Select suitable accounting policies and then apply them consSstentlv.' observe the methods and prlnclples In the Char¢tles SORP., make ludgements and estimates that are reasonable and prudent- state whether applicable accountlng Standards have been followed,. and prepare the financlal slatements on the 8oln8 concern t>asis unless it is inappropriate to presume that the charity will continue in operatlon. The trustees are responsible for keeping proper accountln8 records that disclose with reasonable accuracy at any tlme the financial posltlon tsf the Trust and enable them to ensure that the financial statements comply iiilth applrcable law. They are also responslble for safeguarding the assets of the charity and hence for taking rÈisonable Steps for the prevention and detection of fraud and other irregularitle5. Approved by the trustees on ... and 51gned on their behalf by.. NCP Page14
The Dame Kathleen Ollerenshaw Charltsble Trust Independent ExamSnèrfs Report For the Year 5 April 2024 Independent Examiners Report to thè Trustees of The Dame Kathleen olleren$haw Charitsble Trust I report to the tru5tee5 on my examlnatlon of the accounts of The Dame Kathleen Ollerenshaw Charitable Trust for the year ended 5 Aprll 2024. Responsibilities and basis ol report As the charity trustees of the Trust you are responsible for the preparatlon of the accounts. The trustees consider that an audit In not requlred for this year under se10Th 144121 of the Charltles Act 2011 (the 2CIII Aetl ani5 that an Independent examination Is needed, I report in respectof my examinatlon of the Trusvs account5 carrled out under section 145 of the 2011 Act and in carrying out my examination I have followed 311 the applicable Direction5 given by the Charlty Commission under sectson 14515llbl of the Act and to state whether particulai matters have come to my attentlon. Basls of independent examinerfs report My examination wa5 carrled out in accordance with the general Directlohs given by the Charity Cornmisslon. An examinatlon includes a review of the accountlng records kept by the Trust nd a comparlson of the accounts pie5ented with those records. It also includes consideratlon of any unusual itemsor disclosures In the accounts and seekÈng explanatlons from you asTrustees concerning ny such matters. The procedures undertaken do not provlde all the evldence that would be requi¥ed in an audlt and consequently no opinion is given as to whether the accounts present a 'true and fair vlew and the report is lÈmited tu those matters set out in the next statement. Independent examIneS stat•ment I have completed my examination. I confirm that no mèterial matters have come to my attention In connection wlth the examination glving me cause to believe that In any materlal respect.. accounting records were not kept in respectof the Trust as requiied by sectlon 130 of the Act.. or the accounts do not accord with those records. or the accounts do ntst comply w5th the applicable requiren7ent5 concerning the form and conteftt of accounts set out in the Charities IAccounts and Reports) Regulation5 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered a5 part of an independent examination. I have no concerns and have come across no other matters in connectlon with the examlnation to whtch ?ttEntlon should be drawn In this report Én order to enable a proper understanding of the accounts to be reached. Helen BiFFnS FCA K.f .fi.-- Beever and Struthers Suite gb. The Beehive. Lion5 Drive Shad5worth Business Park Blackburn, BBI 2QS Dated.. 2 Decernber 2024 Page15
The Dame Kathleen Ollerenshaw Charltable Trust Stalement of Financial Activitles For thè Yèar Ended 5 April 2024 Unre$trlrted Funds 2024 2023 Notes Income Income from Investments Total Intomlng Resources 71.943 71,943 75.233 75.233 Expenditure Ralsing Funds Charitable A¢tlvltles 122.3941 134.3701 156.7641 123,6971 135,5031 159.2001 Total resour¢e$ exp•nded Net incoming/lout8olng} resources for the year 15.179 16.Q33 Other recognlsed gains and lo$se$ Realised and unr.eallsed Ilossesl]gains on investment assets 42,970 1213,2201 Net movement In fund$ 58,149 1197,1871 Reconcillatlon of funds Total funds brousht forward 2,179,22tS 2,376,41 Total funds carried lorward 2.237.377 2,179,228 The notes on bages 8 to 12 tDrm avb IntE$ial Ea.rt Df these accounts Pagel S
The Dame Kathleen Ollerenshaw Charitable Trust Balance sheet As at 5 April 2024 Motes 2024 2023 Fimed assets Investments 2.187.476 2,066.033 Current aet5 Raymond James income account Cash at bank 5.828 4,059 131560 135,619 53,IDI Llabllltles Credltors: Amovnts falling due within one year 424 Net current a5S•IS 113 195 Total assets less ¢uYrent 2,237.377 2,179,228 Net assets 2,237.377 2,179,228 Funds General unrestricted income fund Total Funds 2,237,377 2,179,228 2.237.377 2.179.228 Approved by the Trustee5 On .. nd slgned on their behalf by.. NCP The notes on pa8es 8 to 12 foTm an integral part of these accounts Page17
The Dame Kathleen Ollerenshaw Charltable Trust Notes to the Finanrial Statements For the Year ended 5 April 2024 Accountlng PolÉFtes Statement of compliance The financial Statements have been PTepared In accordance wlth the Accounting and Reporting by Charlties.. Statement of Recommended Practice applicable to ¢harsties preparing thetr accounts In accordance wlth Flnancial Reporting Standard applicable in the UK and Republlc of lyeland IFRS 1021 leffective l January 20191- Icharities SQRP IFRS 10211, the Flnancial Reporting Standard applicable in the UK and RepublSc of. IreEand IFRS 1021 and the Charities Act 2011. Basis of preparatlon The Dame Kathleen Ollerenshaw CharitableTru5t meets the definition of a public benefit entlty nder FRS 102. Assets and liabilities ore Inltl4lly recognSsed at hlstorlcal Cost or transaction value unless otherw15e stated in the relevant accounting policy notes. Incoming resources Iniiestment income is accounted for in the period in which the charity Is entitled to recelpt and the amount can be measured wlth ieasonable certainty. Other. Income is accounted for on an accruals b'asls as far as it is prudent to do so. IA Resources expended and Srrtcoverable VAT Llabiiitles are recognlsed as resDurces expended as soon as therg is a legal or conslructlve obligation comMittin8 th@ TrLlSt tothe @xpÈiidltUTQ. All •xp•nditur 1% aectsunt4d foTQn an aGcru#ls ba51s and has been classlfied under headings that aEgreg?te all costs related to that category.. All expenditure Is.dir¢ctly allocated io the relevant categories and no apportlonments are consldered etessary. Irrecoverable VAt is Chargèd agalrist the category of resources expended for whlch it wa5 incLtrrred. Ralslng funds ThE.costs of raising fund5 con&lst ot Investment tiianagement.fee5. Charitabl actlvhtlés- Grahts payable Grants payable are pawnents and Commitmeklts thade to thlrd pattles In the furthetahce of the charitablè objectlves of the ttdst. Grant comirtilthents are recognised when a constfuctlve obligation arises that results in payment belrt¥ u_riav.oidabk. irt aCCDrdance wlth thè Ch4rltles SORP. ètrants arè therefoke accounted tor onte the otfer has beÈn made In wrltln8. age 18
The Dame Kathleen Ollerenshaw Ch4ritable Trust Notes to the Financlal Statements For the Year ended 5 Aprll 2024 Charttable activities- Other support costs Other support costs comprise all costs involvFng the public accountability of the Tiust and its compliance with statutory regulation and constitutlonal good practice. These are analysed in detail in note 4 to the financial statements. TaxatÉon The chailty Is exempt from tax on income and gains falling whthin chapter 3 of Part 11 of the Corporarion Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these ale applied to 5ts charitable objects. Flxed Asset Investments Investment5 are a form of bas1¢ flnancial instrument and are Inltlally recognised at thelr transactlon value and subsequently measured at their falr value a5 at the balance sheet date uslng the c1051ng quoted market price. The Statement of Financlal Activltles includes the net gains and losses arisÈng on revaluation and disposals throughout the year. The Irust does not acqulre put options, derlvatives or other Complex flnanclal Instruments. The main form of flnancial ri5kfaced by the charity Ssthat ofvolatillly in equlty market5 and Investment markets due to wider economlc conditions. the attitude of Investors to investment rlsk, and changes In sentlment concerning equities and within particular sectors or sub sector5. ill Reallsed 8aans and losses All gains and losses are raken to the Statement of Financlal Activitles as they arise. Realised gains and10s5es on investments are lCUlated as the difference between sales piocEeds and their opening carrying value or thelr purchase value if acquired subsequent to the first day of the financlal year. Unieallsed gains and losses are calculated 35 the dlfference between the falr value at the year end and theii carrylng value. Reallsed and unrealised Investment galns and losses are comblned in the Statement of Flnancial Activitles. 1.10 Funds structure Unrestri¢ted fund5 Unrestricted funds represent investment income and other Income generaied for the objects of the trust without fuTther specific purposes and are available as general funds. De51gnated funds Deslgnated funds are unrestricted funds earmarked by the trustees for particular purposes. Page 19
The Dame Kathleen Ollerenshaw Charitable Trust Notes to the Financial Statements For the Year ended 5 April 2024 Investment Income 2024 2023 Income from UK Ilsted Investments (before deduction of fees) 71.943 75,233 71,943 75.233 Ralslng Fund5 2024 2023 Management FÈÈS Investment rnanagers and custodian'sfees 22,394 23,697 22,394 23,697 Investec charge fees to underlylng Investment funds agreed wlth the tNstees. Charltable A¢tlvhlès Analy515 of other support co$ts 2024 2023 Accountanty fees Legal fee5 3.080 3,024 '540 3,080 Fee5 to Beever and Stluthers Accountants represent accountsn¢y fee5 of £2.40012023.. £2,400) and Independent examination lees of £68012023: E6241 payable for the perlod. Analysls of Grahts payable 2024 2023 an¢hesier Unlversity 31,290 ai,939 31,290 34.370 31,939 35.503 Total Cost of Charltable Attlvlties a8el io
The Dame Kathleen Ollerenshaw Charitable Trust Notes to the FSnantlal statements For the Year ended 5 April 2024 Fl¥ed asset investments 2024 2023 Openlng Market Value AddÉtions at cost Disposa15 at carryln8value Reallsed11055llgaln Unreallsed Ilossllgain 2.024,124 557,856 1610,0341 27,848 15.026 1,849,210 1.210,347 1822,2131 134,2641 1178,9561 Market value at 5 Aprbl 2.014.820 2,024,124 Historic cost at 5 Aprll 1,988,418 2,012,759 The market value of investments Is made up as follows.. UK investment5 listed on a recognised stock exchange Non-UK Invest[entS listed on recognlsed stock exchanges Cash 1,683,754 331.066 172,656 2.187.476 1,760,390 263,734 41,909 2,066,033 The Investments consist of equltles. unit trusts, open-Ended Investment companies and IiKed interest Investments. The fLillowing Investments held at 5 April 2024 represent more than 5Yo of the portfolio.. 2024 2023 Findlay Park Fund5 American Sterllng 162,346 Crediturs: Amounts falllng due within one year 2024 2023 Accruals Manchester Unlverslty 3.200 3,114 19.310 3,200 22,424 Related party transactions There have been no related party transactions In the year. Page l li
The Dame Kafhleen Ollerensbaw Charitable Trust Notes to the Flnintial Statements For the Year ended 5 April 2024 Trustee remuneration and expenses No trustees, nor any pe¥son connected with them, have recelved any remuneration from the charity during the year. No trustees have received any othei benefSts from the charity durlng the year. No expenses have been paid to the trustees i¥b the yeai. age | 12