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
Ma￿1a1 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 eXIst￿ng 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.
Rese￿e5 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, reSpOn￿bIl￿tieS 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 se￿10Th 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 examIne￿S 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 a￿et5
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