Charity Commlsslon Reference Number: 1163314 The Dame Kathleen Ollerenshaw Charitable Trust Annual Report and Financial Statements For the Year Ended 5 April 2025
The Dame Kathleen Ollerenshaw Charitable Trust Financial Statements For the Year Ended 5 April 2025 Contents Pages Rcfcrcncc and administrative information Report of the Trustees 2to4 Independent Examinerfs Report Statement of Financial Activities Balance Sheet Notes to the Flnanclal Statements 8t012
The Dame Kathleen Ollerenshaw Charltable Trust Reference and Admlnlstratlve Detalls Trustees NCPBird Sir M J Taylor. FRS JTSmith Independent Examlner Helen Binns FCA Beever and StrLtthers The Beehive Lions Drive Shad5WOrth Business Park Blackburn BBI 2QS Investment Managers Raymond James Investment Services One Chowley Oak Tattenha Chester CH3 9EX Bankers National Westminster Bank PIC 19 Market Street Manchester MI IWR CharityNumber 1163314 PaEell
The Dame Kathleen Ollerenshaw Charitable Trust Trustees Report For the Year 5 April 2025 Report of the Trustees for the yearended 5April 2025 The trustees present their annual report and financial statements for the year ended 5 April 2025. The Trustees During the year the following served as Trustees; NCPBird Sir M J Taylor. FRS J T Smith ObJe¢tlves and actlvltles forthe publlc benefit The object of the Charlty Is the provision of f unding for a professional Chalr or Fellowship Grant or post for research or the teaching in the field of mathematics, together wtth other awards for the advancement of mathematical scholarship and eXllence. The Trustees confirm that they have referred to the guidance contained In the Charity Commission's general guidance on public benefitwhen reviewingthe Trust'saims 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 grantsfor visiting professors inthe field of mathematics and also for advancing mathematical scholarships and awards for excellen. Duringthe yeargrants of£60,2O) {2024: £31,2) were made orcommitted to Manchesteruniversity. Achlevements* performnce 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 strlct investment policy in place, instruction has been given to the investment managers Raymond James as to the risk balance, discretionary management and in the immediate term the trust intend to use the income. Page12
The Dame Kathleen Ollerenshaw Charitable Trust Trustees Report For the Year 5 Aprll 2025 Financial review The Trust's total incoming resoUrS during the period were £81,76912024.' £71,943). Total outgoing resources for the period were £88,46412024: £56,764) the larger portion related to the making of grants. The excess of expenditure over income was £6,695 (income over expenditure for 2024 was £15.1791. At the period end the Trust's total reserves were £2,IfA),138 12024: £2,237,377) all reserves a unrestricted. Structure, governan and management The Trust is a registered charity, number 1163314 and is constituted underthe Will of Dame Kathleen Mary Ollerenshaw whodied on IOAugust2014. Dame Kathleen bequeathed the residue of her Estate to the Trust- the legacy is a lasting tribute to her and her special interestin the field of mathemati The Trust does r)ot actlvely fundraise and seeks to continue the charitable workdesired by the donor through the careful stewardship of its existing resources. NewTrusteesare appointed bythe existingTrustees.The Trust Deed providesfora maximum of nine Trustees. During the year, the Trustees awarded grants of £fLI,2¢xI12024: £31,2} to advan mathematical research at University of Manchester. All Trustee5 give of thelrtlme freely and no trustee remuneration or expenses were paid during the year. In accordance with theTrust's policy. Trustees are required towithdraw from decisions where a conflict of interest arises. Rlskmanagement The Trustees have considered the majorrisks to which thp_ Charity is exposed and have implemented procedures to manage such risks. The Trustees considervariability of investment returns on the legacy funds to constitute the major f inancial rlsk. The movement in activity in world stock markets has demonstrated this risk. Reserves Pollcy We considerthatthe demandforgrantswillcontinue indefinitely. We conslderthe fund at£2,160,138 12024: £2,237,377) beingthe amount notearmarked fora specific purpose. to be satisfactory. We do not propose to raise more funds. Page | 3
The Dame Kathleen Ollerenshaw Charltable Trust Trustees Report For the Year 5 Aprll 2025 Trustees, responsibilities forthe financlal ststements The trustees are responsible for preparing the Reportof the Trustees and the financial statements in accordance with applicable law and United Kingdom Accountingstandardslunited KingdomGenera Accepted Accounting Practice). The law applicable to charities in England and Wales requires the trustees to prepare financial statements foreach 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 reSoL¢rS of the charity forthat period. In preparing these financial statements, the trustees are required to- select suitable accounting policies and then apply them consistently: obseTve 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 tnjstees are responsible for keeping proper accountlng records that disclose with reasonaE4e accuracy at any time the financial positK)n of the Trust and enable them to ensure that the financol statements complywith applicable law. Theyare also responsible for safeguardingthe assetsof the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the trustees on . and signed on their behalf bv: NCP Page | 4.
The Dame Kathleen Ollerenshaw Charitable Trust Independent Examlner's Report For the Year 5 April 2025 IndependentExaminers Reportto the Trusteesof The Dame Kathleen OllerenshawCharltableTrust I report to the trustees on my examination of the accounts of The Dame Kathleen Ollerenshaw Charitable Trust for the year ended 5 April 2025. Responslbllities and basls of report As the chaiity trustees of the Trust you are responsible for the preparation of the accounts. The trusteesconsider that an audit in not required for this yearunder section 144121 of the Charities Act 2011 Ithe 2011 Act) and that an independent examination is needed, I report in respectof my examination of the Trust's accountscarried out undersection 145of the 2011 Act and in carrying Out my examination I have. followpd all thg applicable Dirertions given by the Charity Commission undersertion 14515llb) of the Act and to state whetherparticular matters have come to my attention. Basls of Independentexamlnerfs report My examination was carried out in accordance with the general Dirertions given by the Charity Commission. An examination indudes a review of the accounting records kept by the Trust and a comparlson of the accounts presented with those records. It also includes consideration of any unusual itemsordisdosures in the accounts and seeking explanations fromyou as Trustees concernn)g any such matters. The produreS undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whetherthe accounts presenta'true and fair view, and the report is limited to those matters set out in the next statement. Independent examlnerfs sL*ement 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.. accountingrecordswere not kept in respectof the Trustas required bysection 130 of the Act,. or 2. the accounts do not accord with those records- or the accounts do not comply with the applicable requirements concerning thc form arKI content of accounts set out in the Charities (Accounts and Reports) Regulations 2(Th other than any requirement that the accounts give a true and fair view which is not a m atter considered as part of an independent examination. I have no concerns and have come across no other matters in connectlon 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. Helen Binns FCA Beever and Struthers The Beehive, Lions Drive 5hadsworth Buslness Park Blackburn, BBI 2QS Dated- Page | 5
The Dame Kathleen Ollerenshaw Charltable Trust Statement of nanCIal Activities For the Year Ended 5 April 2025 Unrestrltted Funds 2025 2024 Notes Income Income from Investments Other Income 77,599 4,169 8L769 71,943 Totsl Incomlng Resources 71,943 Expendlture Raising Funds Charitable Artivities Totsl resources expended 123,7061 164,7591 188,4641 122,3941 134,3701 156,7641 Net incominglloutgoingl resources forthe year 16,6951 15,179 Other recognlsed galns and losses Realised and unrealised Ilossesl/gains on investment assets 170,5441 42,970 Net nwement In funds 177,2391 58,149 Reconciliation of funds Total funds brought fonmard 2,237,377 2,179,228 Totsl funds carried forward 2.160.138 2,237,377 The n"Otés'Dn pages 8t0 12.form an integral part of these"-atiounts Page 16
The Dame Kathleen Ollerenshaw Charitable Trust Balance Sheet As at 5 Aprll 2025 Notes 2025 2024 Flxed assets Investments 2,(3,667 2,187,476 Current assets Raymond James Income account Cash at bank Debtors 8,033 58,878 5,828 47,273 71,080 53,101 Uabllltles Creditors: Amounts falling due within one year Net current assets Total assets less current Ilablllties 2,160,138 2,237.377 Net assets 2,160,138 2.237,377 Funds General unrestrlcted Income fund Total Funds 2,IfA),138 2,237,377 2 160,138 2 237 377 Approved by the Trustees on . d sned on their behalf bv.. NCP The notes on pages 8t0 12 form an integral part of these accounts Page 17
The Dame Kathleen Ollerenshaw Charitable Trust Notes to the Flnanclal Statements For the Year ended 5 April 2025 Accountlng Pollcies ststement of compllance The f inancial statements have been prepared in accordance with the Accounting and Reporting by Charities: Statement of Recommended P1acti applicable to charities preparing their accounts in accordance with Financial Reportingstandard applicable in the UK and Republic of Ireland IFRS 1021 leffective ljanuary 20191- ICharitiesSORP IFRS 10211, the Financial Reportingstandard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Att 2011. L2 Basls of preparatlon The Dame Kathleen Ollerenshaw Charitable Trust rneet5 the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwlse stated in the relevant accounting policy notes. 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. Resources expended and Irrecoverable VAT Liabilities are recognised as resourcesexpended as soon as there is a legal or construttive obligation commlttingthe Trust to the expenditure.Allexpenditure isaccounted foron an accruals basis and has been classified under headings that aggregate all costs related to that (ategory. All expenditure is directly allocated tothe relevantcategories and no apportionmentsare conSided necessary. Irrecoverable VAT is charged against the category of resour5 expended for which it was Incurred. Ralslngfunds The costs of raising funds consist of investment management fees. Charltsble actlvltles- Grants payable Grants payable are payments and commitments made to third parties in the furtherance of the charitable objertives of the trust. Grant commitments are recognisedwhen a construrtive obligation arises that results in payment being unavoidable. In accordance wlth the Charitles SORP. grants are therefore accounted for once the offer has been made in writing. Page18
The Dame Kathleen Ollerenshaw Charitable Trust Notes to the Financial Statements For the Year ended 5 April 2025 L7 Charltable actlvltles- Other support costs Other support costs comprlse all costs involving the public accountsbility of the Trust and its Compliance with statutory regulation and constitutional good practtce. These are analysed in detail in note 4 to the financial statements. Taxation The charity is exempt from tax on income and gains falling Within Chapter 3 of Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. Flxed 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 5tatementof FinancialActivities includesthe netEains 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 fad bythe charity is that of volatility in equity markets and investment marketsdue to widereconomic conditions, the attitude of investorsto investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors. 11) RealisÈd gains and lossès All gains and losse5 are taken to the Statement of Flnancial Artlvlties as they arlse. Realised gains and10sses on investments are calculated as the differen between sale5 proceeds and their openingcarrying value or their purchase value if acquired subsequentto the f ir5tday of the financial year. Unreali5ed gains and kfysse5 are calculated as the difference between the falr value at the year end and their carrying value. Realised and unrealised investment gahs and losses are combined in the Statement of Financial Activities. 1.10 Funds strurture Unrestrirted 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. Deslgnated funds Designated funds are unrestrirted funds earmarked by the trustees for particular purposes. Page19
The Dame Kathleen Ollerenshaw Charitable Trust Notes to the Flnanclal Statements For the Year ended 5 April 2025 Investment income 2024 Income from UK listed investments (before deduction of fees) 77,599 71,943 77,599 71,943 Other Income 2025 2024 HMRC refund 4,169 Raising Funds 2025 2024 Management Fees Investment managers and custodian's fee5 23,7C6 22,394 Investec charge fees to underlying investment funds agreed wlth the trustees. Charftable Artlvltles Analysls of other support costs Accountancy fees Legal fees 4,559 4.559 3,080 Fees to Beever and Struthers Accountants represent accountancy fees of £2,52012024: £2,4QK)l and independent examination fees of £78712024.. £6801 payable for the period. Also includes additional fees of £1,302 in relation to extra workcarried out during the perlod to reclaim income tax deducted at source on investments. Page | 10
The Dame Kathleen Ollerenshaw Charitable Trust Notes to the Flnanclal Statements For the Year ended 5 Aprll 2025 Analysis of Grants payable 2024 Manchester Universitv 60,2(X) 31,2 60,2C 64,759 31,2 34,370 Total Cost of Charitable Activities Fixed asset investments 2025 Opening Market Value Additions at Cost Disposals at carrying value Realised Ilossl/gain Unrealised IlossllEain 2.014,820 899,658 1918,2801 13,805 184,3491 2,024,124 557,856 1610,0341 27.848 15,026 Market value at 5 April 1.925.654 2,014,820 Historic cost at 5 April 1,9??.AqO 1,988,418 The market value of Investments Is made up as follows.. UK investments listed on a recognised stock exchange Non-UK investments listed on recognlsed stock exthanges Cash 1,173,710 751,944 168,013 2.093,667 1,683,754 331,066 172,656 2,187,476 The Investmentsconslst of equities, unittrusts, open-endedinvestmentcompanies and fi)ced interest investments. The following investments held at5 April 2025 represent morethan 5¥oof the portfolso.. Findlay Park Funds American Sterling Schroder International Sel Asian GBP Total 153,907 114,(K)5 267,912 162,346 162,346 Page | 11
The Dame Kathleen Ollerenshaw Charitable Trust Notes to the Financial Statements For the Year ended 5 April 2025 Debtors 2025 Refund due from HMRC 4,169 4,169 Creditors: Amounts falllng due wlthln one year 2025 2024 Accruals 4,609 3,2 3.2(X) Related party transactions There have been no related party transartions in the year. Trustee remuneration and Èxpensès No trustees, norany person connected withthem, have received anyremuneration from the charity during the year. No trustees have received any other benefit5 f rom the charity during the year. No expenses have been paid to the trustees in the year. Page | 12
Charity Commlsslon Reference Number: 1163314 The Dame Kathleen Ollerenshaw Charitable Trust Annual Report and Financial Statements For the Year Ended 5 April 2025
The Dame Kathleen Ollerenshaw Charitable Trust Financial Statements For the Year Ended 5 Aprll 2025 Contents Pages Reference and administrative information Report of the Trustees 2to4 Independent Examinerfs Report Statement of Financial Activities Balan Sheet Notes to the Financial Statements 8t012
The Dame Kathleen Ollerenshaw Charitable Trust Reference and Admlnlstrative Detalls Twstees NCPBird Sir M J Taylor, FRS J Tsmith IndependentExamlneY Helen Binns FCA Beever and Struthers The Beehive Lions Drive Shadsworth Business Park Blackburn BBI 2QS Investment Managers Raymond James InvestmentSeN1$ One Chowley Oak Tattenhall Chester CH3 9EX Bankers National Westminster Bank PIC 19 Market Street Manchester MI IWR Charfty Number 1163314 Page | I
The Dame Kathleen Ollerenshaw Charitable Trust Trustees Report For the Year 5 April 2025 Report of the Trustees forthe year ended 5 April 2025 The trustees present their annual report and f inancial statements for the year ended 5 April 2025. The Trustees During the year the following served as Trustees,. NCPBird Sir M J Taylor, FRS J T Smith Objectlves 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 f ield of mathematics, together with other awards for the advancement of mathematical scholarship and excellen. The Trusteesconflrm that they have referred to the gUIdan contained in the Charlty Commlssion's general guidance on public benefitwhen reviewing the Trust's aims and objectives in the planning of future grants and awards. Grant Maklng pollcv The Trust has established its grant making policy to achseve its objects for the public benefit. The Trusts aim is to award grants for visiting professors in the fleld of mathematics and also for advancing mathematical scholarships and awards for excellence. Duringthe yeargrants of £60,21J)12024.' £31,290) were made orcommitted to Manchester University. 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 Pollcy The Trust has no strict investment policy in place, instruction has been given to the investment managers Raymond lame5 as to the risk balance, discretionary management and in the immediate term the trust intend to use the income. Page12'
The Dame Kathleen Ollerenshaw Charltable Trust Trustees Report For the Year 5 Aprll 2025 Financial review The Trust's total incoming reSoUrS during the period were £81,769 {2024: £71,943). Total outgoing resources for the period were £88,46412024: £56,764) the larger portlon related to the making of grants. The excess of expenditure over income was £6,695 lincome gver expendi for 2024 was £15,179). At the period end the Trust's total reserves were £2,IFJ),138 12024: £2,237,377) all reserves a unrestricted. Structure, governan and management The Trust is a registered charity, number1163314 and is constituted underthe Will of Dame Kathleen Maryollerenshaw who died on IOAugu5t 2014. Dame Kathleen bequeathed the residue of her Estate to the Trust- the legacy is a lasting tribute to her and her special interestin the f ield of mathematics. The Trust does not actwely fundraise and seeksto corstinue the charitable work desired by the donor through the careful stewardship of its existing resources. NewTrusteesare appointed bythe existingTrustees.TheTrust Deed provides fora maximum of nine Trustees. Durlng the year, the Trustees awarded grants of £60,2CI)12024: £31,290) to advance mathematical research at University of Manchester. All Trustees give of their time freely and no trustee remuneration or expenses were pald during the year. In accordance with the Trust's pollcy, Trusteesare required towithdraw from decisions where a confltct of interest arises. Rlsk management Thc Trustees have considered the majorrisks to which the Charlty is exposed and have implemented procedures to manage such risks. The Trustees conslder variability of investment retums on the legacy funds to constitute the malc financial risk. The movement in activity in world stock markets has demonstrated this flsk. Resebves Pollcy We considerthatthe demand forgrantswill continue indefinitely. We considerthe fund at£2,160,138 12024.. £2.237,3771 beingthe amount notearmarked fora specific purpose, to be satisfactory. We do not propose to raise more funds. Page13
The Dame Kathleen Ollerenshaw Charitable Trust Trustees Report For the Year 5 April 2025 Trustees, responslblllties forthe financÈal ststements The trustees are responsible forpreparing the Report of the Trustees and the financial statements n accordance with applicable law and United Kingdom Accountingstandardslunited KingdomGeneral Accepted Accounting Practicel. The law applicable to charities in England and Wales requires the trustees to prepare financial statements foreach financial year, which give a true and fair view of the state of affairs of the charity and of the incoming resources and application o* resources of the charityforthat period. In preparing these financial statements, the trustees are required to: selert Sultable accounting policies and then apply them consistentlv,. observe the methods and principles in the Charities SORP,. make judgement5 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 charlty wlll continue In operatlon. The trustees are responsible for keeping proper accounting records that disclose with reasonab accuracy at any time the f inancial position of the Trust and enable them to ensure that the financk?I statements complywith applicable law. Theyare also responsible for safeguardingthe 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... 4p15nd signed on their behalf by: NCP Page 1-4
The Dame Kathleen Ollerenshaw Charitable Trust Independent Examlner's Report For the Year 5 Aprll 2025 Independent ExamlnersReportto the Trusteesof The Dame Kathleen Ollerenshawcharitsble 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 2025. 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 144121 of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed, I report in respectof myexamination of the Trust's accounts carried out under5ection 145of the 2011 Act and in carrying OLIt my examination I have followpd all thè applicable Directions given by the Charity Commission undersertion 14515llbl of the Act and to state whetherparticular matters have come to my attention. Basisof Independentexamlnerfs 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 and a comparison of the ac¢ounts presented with those records. It also includes consideration of any unusual items ordisclosures in the accounts and seeknngexplanations fromyou as Trustees concerning any such matters. The procedures undertaken do notprovide all the evidence thatwould be required in an audit and consequently no opinion is given as to whetherthe accounts presenta 'true and fair view, and the report is limited to those matters set out in the next statement. Indèpendent examinerfs 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: attounting recordswere not kept in respectof the Trustas 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 concernin8 the form arKI content of accounts set out in the Charities (Accounts and Reportsl Regulation5 2(X)8 other than any requirement that the accounts give a true and falr view which is not a m atter considered as part of an independent examination. I have no concerns and have come across no other matters in connectlon wlth the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Helen Binns FCA Beever and Struthers The Beehive, Lions Drive Shadsworth Business Park Blackburn, BBI 2QS Dated.. Page15
The Dame Kathleen Ollerenshaw Charltable Trust Statement of Flnancial Activities For the Year Ended 5 Aprll 2025 Unrestrirted Funds 2025 Notes Income Income f rom Investments Other Income Total Incoming Resources 77,599 4,169 81.769 71,943 71,943 Expendlture Raising Funds Charitable Activities Totsl resources expended 123,7061 164,7591 188,4641 122,3941 134,3701 156,7641 Net incomingl(outgoing} resourcesfor the year 16,6951 15,179 Other reco8nised gains and losses Realised and unrealised Ilossesl/gainson investment assets 170,5441 42,970 Net movement In funds 177,2391 58,149 Reconcillatlon of funds Total funds brought fOard 2,237,377 2,179,228 Totsl funds carried forward 2,160,138 2,237,377 The norès.on pages 8to'12"form an intègralpart ofthe5faccounts Page16
The Dame Kathleen Ollerenshaw Charltable Trust Balance Sheet As at 5 April 2025 Notes 2025 Fixed assets Investments 2,093,667 2,187,476 Current assets Raymond James income account Cash at bank Debtors 8,033 58,878 5,828 47,273 71,080 53,101 Llabllltles Creditors: Amounts falling due within one year Net current assets Total assets less current Ilabilltles 2,160,138 2,237,377 Net assets 2,160,138 2.237,377 Funds General unrestrlcted Income fund Total Funds 2,160,138 2,237,377 2 160 138 2 237 377 Approved by the Trustees on .. and signed on their behalf by- NCPBlrd The notes on pages 8 to 12 form an integral part of these accounts Pagel 7
The Dame Kathleen Ollerenshaw Charitable Trust Notes to the Flnancial Statements For the Year ended 5 April 2025 Accountlng Pollcles Ststement of compliance Ll The financial statements have been prepared in accordance with the Accounting and Reporting bv Charitie5- Stdtervienl vf Rewrniwierided Pr¢lLllie ÈlppIiLdble lo ilidrities preparing iheii aLLourits in accordance with Financial Reportingstandard applicable in the UK and Republic of Ireland IFRS 1021 leffective ljanuary 20191- (Charities SORP IFRS 10211, the Financial Reportingstandard applicable in the UK and Republic of Ireknd IFRS 1021 and the Charities Act 2011. Basis of preparation The Dame Kathleen Ollerenshawcharltable Trust meetsthe definition of a public benefitentity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. 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. Resources expended and iNecoverable VAT Liabilities are recognised as reSoUrS expended assoon as there is a legal or constructive obligation committing the Trust tothe expenditure.All expenditure Is accounted foron an accruals basis and has been classified under heading5 that aBBre8ate Illl iosts ielated to that category. All expenditure isdirectly allocated tothe relevant categoriesand no apportlonments are consldered necessary. Irrecoverable VAT is tharged against the category of resources expended for which it was incurred. Raising funds The costs of raising funds consist of investment management fees. Charltable activitles- Gyants payable Grants payable are payment5 and commitments made to third parties in the furtherance of the charitable objectivesof the trust. Grantcommitmentsare 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 wrtiing. Page 18
The Dame Kathleen Ollerenshaw Charltable Trust Notes to the Flnanclal Statements For the Year ended 5 April 2025 Charttsble artlvltles- Other support costs other 5UPPOrt Costs comprise all costs involving the publrc accountability of the Trust and Its compliance with statutory regulation and constitutional good practice. These are analysed in detail in note 4 to the firTranclal statements. Taxation The charity is exempt from tax on income and gains falling within Chapter 3 of Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. Flxed 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 marketprice. The Statementof Financial Activities includesthe netgains 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 bythe charity is thatof volatility in equity markets and investment marketsdue to widereconomic conditions. the attitude of investors to investment risk, and changes in sentiment Conrning equities and within partlcular sectors or sub sectors. (11 Reallsed gains and losses All gains and losses are taken to the Statement of Flnanclal Activtties as they arise. Realised gains and losseson investments are calculated as the difference between 5ale5 proceeds and their openingcarrying value ortheir purchase value if acquired subsequenttothe firstday of the financial year. Unrealised gains and10sses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gails and losses are combined in the Statement of Financial Activities. LIO Fundsstrurture Unrestrlcted funds Unrestricted funds represent investmentincome and other income generated for the objects of the trust without further specrfic purposes and are available as general funds. Deslgnated funds Designated funds are unrestricted funds earmarked by the trustees for particular purposes. Page 19
The Dame Kathleen Ollerenshaw CharStable Trust Notes to the Flnanclal Statements For the Year ended 5 April 2025 Investment Income 2025 Income f rom UK listed investments (before deduction of fees) 77,599 71,943 77,599 71,943 Other Income 2025 HMRC refund 4,169 RaiSillB Funds 2025 2024 Management Fees Investment managers and custodian's fees 23,706 22,394 Investec charge fees to undertylng Investment f unds agreed wlth the trustees. Charltsble Activlties Analysis of othersupport costs 2025 Accountancy fees Legal fees 4,559 4.559 Fees to Beever and Struthers Accountants represent accountancy fees of £2,52012024: £2,4CN)l and independentexamlnation feesof £78712024.. £6801 payable for the period. Also includes additional fees of £1.302 in relation to extra work carried out durlng the period to reclaim income tax deducted at source on investments. Page 110
The Dame Kathleen Ollerenshaw Charitable Trust Notes to the Flnanclal Statements For the Year ended 5 Aprll 2025 Analysis (rf Grants payable 2025 Manchester Unfversity 60,2C 31,290 60,2(X) 64,759 31,2 34,370 Total Cost of Charitable Attivities Flxed asset investments 2024 Opening Market Value Additions at cost Disposals at carrying value Realised Ilossl/gain Unrealtsed Ilossllgain 2.014,820 899,658 1918,2801 13,805 184,3491 2,024,124 557,856 1610,0341 27,848 15,026 Market value at 5April 1,925,654 2,014,820 HSstoric cost at 5 April 1,922,890 1,988,418 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 1,173.710 751,944 168,013 2.093.667 1,683,754 331,066 172,656 2.187,476 The investments consist of equities, unittrusts. open-endedinvestmentcompanles andfixed interest investments.The following investments held at 5 Aprll 2025 representmore than 5% of the portfolio.. 2025 2024 Findlay Park Funds American Sterling Schroder International Sel Asian GBP Total 153,907 114,CQ5 267,912 162.346 162,346 Page 111
The Dame Kathleen Ollerenshaw Charitable Trust Note5 to the Flnanclal Statements For the Year ended 5 April 2025 Debtors 2025 2024 Refund due from HMRC 4,169 4,169 Creditors: Amounts falling due wlthln one year 2025 2024 Accruals 3,2(X) 3.2(Ml Related party transartlons There have been no related party transadions in the year. io. Twustee remunerntion and expenses No trustees, norany person connected with them, have received any remLbneration from the charity during the year. No trustees have reiVed any other benefits from the charity during the year. No expenses have been paid to the trustees in the year. Page | 12