Page |
|
|---|---|
| ReferenceandAdministrativeInformation | 1 |
| Trustees'AnnualReport | 2-3 |
| IndependentExaminer'sReport | 4 |
| StatementofFinancialActivities | 5 |
| BalanceSheet | 6 |
| NotestotheAccounts: | |
| 1.AccountingPolicies | 7 |
| 2.RentalIncomeandExpenses | 8 |
| 3.QuotedInvestmentIncome | 9 |
| 4.GrantsPayable | 9 |
| 5.GovernanceCosts | 10 |
| 6.InvestmentProperties | 10 |
| 7.Cash | 11 |
| 8.Debtors | 11 |
| 9.Creditors:AmountsFallingDueWithinOneYear | 11 |
| 10.ScheduleofInvestments-QuitterCheviotAccount | 12-20 |
The Oldham Foundation Indopendènt Examinerf¥ Report Yoar Ended 5 Aprll 2024 I report on the accounts of The ljdham FWndaIi. Charity number 269263. for the year onded 5 April 2024. Respe¢tsve Responslbllltl¢s of the Trustee5 and Exalniner The charills trustees ale responsible l¢y the preparatIC of the aCCols. The truslo8S ¢s[der that Ihese accounts do not require an audil under Secti 144 of the Charitses Acl 2011. It is my Tesponsibdily to.. - examine the accounts under SOft 145 of Ihe Charities Act - to follow the predureS laid dc1 in the gweral dIre¢lic &Mven by the Charlty C(mmlssth (under section 145(SXb) of the Charities A¢ll and - to stale wh8ther particular matters have ccxne to my attent 8asls of Indynd•nt ExamIn$ Statemont My examination was carried Jt in 8ttordan¢e wth Ihe general diTt)S given by tho Charity Commission. An examinalion indudes 8 review of the accounting records kepl by the ¢harily and a comparison of the accounts presenled th those record5. 11 also indud8s a consideration of unusual items or disclosures in the accounts, and sed(iThJ emaat)n5 from the truste8s conceming any such matters. The prdreS undertaken do nol provKle all thè evidence that would be raquired in an audit. and consequently no (Pin1 is given as lo whether the cOunts rAgs8nt a Irua and faorf vlew. and the report is limited to those matters sel oul in the statement bd(w. Indendant Examlnefs Ststemant In Gonnaction wth my examination. no matter has come to my atten1K. 111 which gives m¢ reasonable cause lo believe that, in any materfal resrt. Ihe rw]uk8m8nts.' - to keep 8c¢¢xJnting redS in accordance vthh seclion 1x1 of the Charilies Act - to Pf8pare accounts which accor(I with the aCCjnting rdS and ctwnpty wilh Iho acoMting Tequiremants of the Charilitrs Act have not been met. or {2) lo vknich. in my opinion, altentlon sWd te dra*ffl Wb Ixder lo enable a kYop9r understanding of the accounts lo be reached Mark RoiNnson ICAEW Chartered Acc(wtanl TrulWI Near Stroud Gk)ucestershire GL69HD li 71AC Date
| Note | 2024 | 2023 | |
|---|---|---|---|
| £ | £ | ||
| UNRESTRICTEDFUNDS | |||
| Incomefund | |||
| Incomeandendowmentsfrom: | |||
| Rentalincome | 2 | 29,187 | 30,002 |
| Quotedinvestmentincome | 3 | 15,203 | 14,219 |
| 44,390 | 44,221 | ||
| Expenditureon: | |||
| Quotedinvestmentmanagementcosts | 6,095 | 6,059 | |
| Rentalexpenses | 2 | 4,439 | 11,273 |
| Grantspayable | 4 | 45,100 | 25,935 |
| Trustees'andhonorariumexpenses | 5 | 3,107 | 3,436 |
| Bankcharges | - | 40 | |
| Governancecosts | 5 | 30,519 | 24,682 |
| 89,260 | 71,425 | ||
| Netexpenditure | (44,870) | (27,204) | |
| Transferfromcapitalfunds | 44,870 | 27,204 | |
| Incomefundbalancebroughtforward | - | - | |
| Incomefundbalancecarriedforward | - | - | |
| Capitalfunds | |||
| Mainfund | |||
| Balancebroughtforward | 414,457 | 442,318 | |
| Bookcostadjustments | (181) | (657) | |
| Transfertoincomefund | (44,870) | (27,204) | |
| Balancecarriedforward | 369,406 | 414,457 | |
| Revaluationreserve | |||
| Balancebroughtforward | 777,031 | 829,176 | |
| Net(loss)/gainonquotedinvestments | 10 | 52,002 | (52,145) |
| Balancecarriedforward | 829,033 | 777,031 | |
| Totalcapitalfundsbalancecarriedforward | 1,198,439 | 1,191,488 | |
| Totalunrestrictedfundsbalancebroughtforward | 1,191,488 | 1,271,494 | |
| Netmovementinunrestrictedfunds | 6,951 | (80,006) | |
| Totalunrestrictedfundsbalancecarriedforward | 1,198,439 | 1,191,488 |
Note |
2024 |
2023 |
|
|---|---|---|---|
| £ | £ | ||
| Fixedassets | |||
| Investmentproperties | 6 | 620,000 | 620,000 |
| Investments-QuitterCheviotaccount | 10 | 562,025 | 535,977 |
| 1,182,025 | 1,155,977 | ||
| Currentassets | |||
| Cash | 7 | 39,090 | 42,709 |
| Debtors | 8 | 10,329 | 12,716 |
| 49,419 | 55,425 | ||
| Totalassets | 1,231,444 | 1,211,402 | |
| Creditors:amountsfallingduewithinoneyear | 9 | (33,005) | (19,914) |
| Netassets | 1,198,439 | 1,191,488 | |
| Representing: | |||
| Incomefund | - | - | |
| Capitalfunds: | |||
| Mainfund | 369,406 | 414,457 | |
| Revaluationreserve | 829,033 | 777,031 | |
| Totalfunds | 1,198,439 | 1,191,488 |
Page |
2024 |
2023 |
|
|---|---|---|---|
| £ | £ | ||
| 2, | RentalIncomeandExpenses |
||
| (a)Summary | |||
| Rentalandotherincome | |||
| 50%sharein1/1AQueen'sCircus,Cheltenham | 29,187 | 25,250 | |
| 70%sharein12MontpellierArcade,Cheltenham | - | 4,752 | |
| 5 | 29,187 | 30,002 | |
| Rentalexpenses | |||
| JohnRydemanagementfees | 2,059 | 4,144 | |
| Otherexpenses | 2,380 | 7,129 | |
| Dilapidations | - | - | |
| 5 | 4,439 | 11,273 | |
| Totalnetrentalincome | 24,748 | 18,729 | |
| (b)Analysisbyproperty | |||
| 50%sharein1/1AQueen'sCircus,Cheltenham | |||
| Income | |||
| Rentalincome | 25,441 | 25,250 | |
| Insuranceclaimsandinsurance/servicecontributions | |||
| received | 3,746 | - | |
| Lessrentalexpenses: | |||
| JohnRydemanagementfees | (2,059) | (2,968) | |
| Expenses/costs | (587) | (1,078) | |
| Netrentalincome | 26,541 | 21,204 | |
| 70%sharein12MontpellierArcade,Cheltenham | |||
| Rentalincome | - | 4,752 | |
| Lessrentalexpenses | |||
| JohnRydemanagementfees | - | (1,176) | |
| Expenses/costs | (1,793) | (6,051) | |
| Dilapidations | - | - | |
| Netrentalincome | (1,793) | (2,475) | |
| Totalnetrentalincome | 24,748 | 18,729 |
Page |
2024 |
2023 |
||
|---|---|---|---|---|
| £ | £ | |||
| 3. | QuotedInvestmentIncome | |||
| QuitterCheviotaccount | ||||
| UKinterest | 4,286 | 2,673 | ||
| UKdividends | 8,165 | 8,176 | ||
| Overseasinterest | 1,083 | 950 | ||
| Overseasdividends | 1,291 | 1,374 | ||
| ERIdividends | 180 | 4 | ||
| ERIinterest | 5 | 614 | ||
| Accruedinterest | 193 | 428 | ||
| 5 | 15,203 | 14,219 | ||
| 4. | GrantsPayable | |||
| CheltenhamFestivals | 24,600 | 13,000 | ||
| GlobalMakeSomeNoise | 6,000 | - | ||
| GlobalCharities | - | 3,000 | ||
| PirtonBuryTrust | 1,500 | - | ||
| RadioWinchcombe | 4,000 | - | ||
| StPeter'sChurchHolwell | 1,500 | - | ||
| Grantspayablesubtotal | 10 | 37,600 | 16,000 | |
| GrantstoOldhamPensioners | 7,500 | 9,935 | ||
| Totalgrantspayable | 5 | 45,100 | 25,935 |
Page |
2024 |
2023 |
||
|---|---|---|---|---|
| £ | £ | |||
| 5. | GovernanceCosts | |||
| Michelmoresfees | 26,985 | 22,110 | ||
| Independentexaminationfees | 450 | 450 | ||
| Accountancyfees | 3,084 | 2,122 | ||
| 5 | 30,519 | 24,682 |
| 50%sharein1/1AQueen'sCircus,Cheltenham | |||
|---|---|---|---|
| Investmentvaluebroughtforward | 357,500 | 357,500 | |
| Gainonrevaluation(note1(d)) | 5 | - | - |
| Fairvalueat5April | 357,500 | 357,500 | |
| 70%sharein12MontpellierArcade,Cheltenham | |||
| Investmentvaluebroughtforward | 262,500 | 262,500 | |
| Lossonrevaluation(note1(d)) | 5 | - | - |
| Fairvalueat5April | 262,500 | 262,500 | |
| Totalfairvalueat5April | 6 | 620,000 | 620,000 |
Page |
2024 |
2023 |
||
|---|---|---|---|---|
| £ | £ | |||
| 7. | Cash | |||
| Accountsasfollows: | ||||
| QuitterCheviotIncome | - | 28 | ||
| QuitterCheviotCapital | 15,046 | 19,923 | ||
| NatWest | 19,610 | 18,210 | ||
| MichelmoresClient | 2,559 | 2,673 | ||
| Rentaldeposit | 1,875 | 1,875 | ||
| JohnRyde-moniesretained | - | - | ||
| 6 | 39,090 | 42,709 | ||
| 8. | Debtors | |||
| Accruedinvestmentincome | 3,329 | 2,903 | ||
| Rentowedfromtenants | 7,000 | 9,813 | ||
| Dilapidationsowedfromtenants | - | - | ||
| 6 | 10,329 | 12,716 | ||
| 9. | Creditors:AmountsFallingDueWithinOneYear | |||
| Grantspayable | - | - | ||
| Rentaldepositheld | 1,875 | 1,875 | ||
| Deferredrentalincome | 5,477 | 5,477 | ||
| JohnRyde-moniesretained | - | 9,613 | ||
| JohnRydemanagementfees | 39 | 39 | ||
| Quittersfees | 1,568 | 1,540 | ||
| Michelmoresfees | - | - | ||
| Independentexaminationfees | 450 | 900 | ||
| FundsowedtotheOrlandoOldhamWillTrust | 23,596 | 470 | ||
| 6 | 33,005 | 19,914 |
| At6Aril2023 | At6Aril2023 | Ac | uisitions/Disosals | uisitions/Disosals | At5Aril2024 | At5Aril2024 | ||||
|---|---|---|---|---|---|---|---|---|---|---|
| Gains/ | ||||||||||
| Description | Nominal Holding |
Market Value£ |
Date | NominalAcquisition Holding s/ |
Disposals £ |
(Losses) £ |
Nominal Holding |
Market | Value£ | |
| Retained | ||||||||||
| AberforthSmallerCompa | - | - | 05/01/2024 08/01/2024 |
40 125 |
5451,703 |
(6) | 165 | -2,241 |
||
| AngloAmericanUSD0.54 | 154 | 4,020 | 23/05/2023 | (50) | - | (1,187) | (661) | 104 | 2,172 | |
| ArcTime:TrustII | 6,250 | 4,986 | - | - | (73) | 6,250 | 4,913 | |||
| AshteadGroup | 75 | 3,351 | 23/08/2023 | (54) | - | (2,910.60) | 757 | 21 | 1,197 | |
| AssuraPlcordGBP0.10 | 14,000 | 6,860 | 07/07/2023 10/07/2023 |
(7,759) (6,241) |
(3,451) (2,723) |
(686) | - | - | ||
| AstraZeneca | 115 | 13,333 | 08/01/2024 | (15) | - | (1,611) | (1,102) | 100 | 10,620 | |
| BaillieGifford | 10,760 | 14,580 | 26/10/2023 | (5,260) | - | (6,522) | (226) | 5,500 | 7,832 | |
| BarclaysPlcordGBP0.25 | 1400 | 2068 | 17/04/2023 | (1,400) | (2,154) | 86 | - | 0 | ||
| BlackrockContinental | 8,750 | 15,946 | 816 | 8,750 | 16,762 |
| At6Aril2023 | At6Aril2023 | Ac | uisitions/Disosals | uisitions/Disosals | Gains/ | At5Aril2024 | At5Aril2024 | |||
|---|---|---|---|---|---|---|---|---|---|---|
| Description | Nominal Holding |
Market Value£ |
Date | NominalAcquisition Holding s/ |
Disposals £ |
(Losses) £ |
Nominal Holding |
Market | Value£ | |
| Retained | ||||||||||
| BritishAmericanTobacco0 | 160 | 4,488 | (762) | 160 | 3,726 | |||||
| BaeSystemsOrdGBP0.02 | - | - | 05/09/2023 | 220 | 2,225 | 692 | 220 | 2,917 | ||
| BMOPropertyQDis | 1,150 | 9,830 | 10/07/2023 | (500) | (4,219) | 227 | 650 | 5,838 | ||
| BP | 785 | 4,190 | - | - | (217) | 785 | 3,973 | |||
| BTGroupOrdGBP0.05 | - | - | 21/04/2023 | 1,550 | 2,428 | (801) | 1,550 | 1627 | ||
| ChyrsalisInv | 3,370 | 1,897 | 829 | 3,370 | 2,726 | |||||
| CompassGroup | 185 | 3,746 | 25/10/2023 | (75) | (1,526) | 223 | 110 | 2,443 | ||
| DarkTracePLC | 715 | 1,711 | - | - | 1,446 | 715 | 3,157 | |||
| Diageo | 131 | 4,806 | - | - | (1,073) | 131 | 3,733 | |||
| Dodge&Cox | 455 | 12,667 | - | - | 2,594 | 455 | 15,261 |
| At6Aril2023 | At6Aril2023 | Ac | uisitions/Disosals | uisitions/Disosals | Gains/ | At5 | Aaril2024 | |||
|---|---|---|---|---|---|---|---|---|---|---|
| Description | Nominal Holding |
Market Value£ |
~ Date |
NominalAcquisition Holding s/ |
Disposals £ |
(Losses) £ |
Nominal Holding |
Market | Value£ | |
| Retained | ||||||||||
| Dowlais | - | - | 20/04/2024 22/05/2023 |
553 (553) |
583 | (792) | 209 | - - |
- - |
|
| EquityTrusteesFund | 13450 | 16059 | 25/07/2023 | (13,450)- |
- | (16,382)- |
323 |
- |
- |
|
| Experian | 90 | 2,413 | 639 | 90 | 3,052 | |||||
| FidantePartners | 117 | 11,378 | 17/11/2023 | (117) | - | (11,501) | 123 | - | - | |
| FidelityInvestmentsFunds | - | - | 08/12/2023 | 6,100 | 7,826 | 659 | 6,100 | 8,485 | ||
| FidelityInvestmentsFunds | - | 25/07/2023 | 8,325 | 14,702 | (102) | |||||
| 15/12/2023 | (8,325) | (14,600) | - | - | - | |||||
| FidelityInvestmentFundFic | - | - | 15/12/2023 | 14,129 | 14,600 | 1,422 | 14,129 | 16,022 | ||
| GSKPLC | 184 | 2,736 | - | 262 | 184 | 2,998 | ||||
| HaleonPLC | 880 | 2,998 | (130) | 880 | 2,868 |
| At6Aril2023 | At6Aril2023 | Ac | uisitions/Disosals | uisitions/Disosals | Gains/ | At5Aril2024 | At5Aril2024 | |||
|---|---|---|---|---|---|---|---|---|---|---|
| Description | Nominal Holding |
Market Value£ |
Date | NominalAcquisition Holding s/ |
Disposals £ |
(Losses) £ |
Nominal Holding |
Market | Value£ | |
| Retained | ||||||||||
| Halma | 100 | 2,155 | 115 | 100 | 2,270 | |||||
| HarvbourvestGlobal | 295 | 6,018 | 811 | 295 | 6,829 | |||||
| HendersonIAcc | 11,700 | 13,010 | 31/07/2024 26/10/2023 |
(2,200) | 151 164 |
(2,517) | 564 | 9,500 | 11,372 | |
| HGCapital | 1,645 | 5,585 | 2,270 | 1,645 | 7,855 | |||||
| HSBCHoldings | 480 | 2,660 | 19/04/2023 31/08/2023 21/02/2024 |
365 94 (259) |
2,090 553 |
(1,539) | 597 | 680 | 4,362 | |
| IntermediateCapital | 245 | 2,965 | 25/10/2023 11/01/2024 |
(75) (33) |
(975) (528) |
1,388 | 137 | 2,850 | ||
| IsharesS&P500 | 1,440 | 46,962 | - | 12,038 | 1,440 | 59,000 | ||||
| IMIord | 175 | 2,566 | - | - | 526 | 175 | 3,092 |
| At6Aril2023 | At6Aril2023 | Ac | uisitions/Disosals | uisitions/Disosals | Gains/ | At5Aril2024 | At5Aril2024 | |||
|---|---|---|---|---|---|---|---|---|---|---|
| Description | Nominal Holding |
Market Value£ |
Date | NominalAcquisition Holding s/ |
Disposals £ |
(Losses) £ |
Nominal Holding |
Market | Value£ | |
| Retained | ||||||||||
| JDSportsFashion | 1,325 | 2,213 | (540) | 1,325 | 1,673 | |||||
| JPMorganAmerican | 4,215 | 29,463 | - | - | 11,760 | 4,215 | 41,223 | |||
| JPMorganEmerging | 1,400 | 14,406 | 28/04/2023 | - | 135 | - | 495 | 1,400 | 15,036 | |
| Legal&General | 950 | 2,231 | 154 | 950 | 2,385 | |||||
| LondonStockExchange | 36 | 2,840 | 536 | 36 | 3,376 | |||||
| M&GOptimal | 33,750 | 30,483 | 1,195 | 33,750 | 31,678 | |||||
| M&GJapanSterlingPPDis | - | - | 26/10/2023 | 5,475 | 6,774 | 1,232 | 5475 | 8006 | ||
| MatthewsAsianEx-Japan | 770 | 9,271 | (770) | (7,808) | (1,463) | - | - | |||
| MelroseIndustriesPlcordC | 1,660 | 2,720 | 20/04/2023 | (1,660) | (2,554) | (166) | - | - | ||
| MelroseIndustriesPlcordC | - | - | 20/04/2023 | 553 | 1,970 | 1,756 | 553 | 3,726 |
| At6Aril2023 | At6Aril2023 | Ac | uisitions/Disosals | uisitions/Disosals | Gains/ | At5Aril2024 | At5Aril2024 | |||
|---|---|---|---|---|---|---|---|---|---|---|
| Description | Nominal Holding |
Market Value£ |
Date | NominalAcquisition Holding s/ |
Disposals £ |
(Losses) £ |
Nominal Holding |
Market | Value£ | |
| Retained | ||||||||||
| MLCapitalAsset | 116 | 12,434 | 27/10/2023 12/03/2024 |
(14) (102) |
(1,456) (11,153) |
175 | - | - | ||
| MercantileInvestments | - | - | 15/12/2023 | 3,025 | 6,579 | 137 | 3,025 | 6,716 | ||
| NationalGrid | 340 | 3,839 | 25/10/2023 | (340) | (3,279) | (560) | - | - | ||
| NatWestGroup | 1,440 | 3,777 | 11/09/2024 | (450) | - | (1,010) | (11) | 990 | 2,756 | |
| OcadoGroup | 125 | 633 | (158) | 125 | 475 | |||||
| PimcoDynamic | 900 | 11,574 | 45 | 900 | 11,619 | |||||
| PolarCapital | 900 | 11,547 | 09/01/2024 | (165) | (2,467) | 3,716 | 735 | 12,796 | ||
| Prudential | 275 | 3,033 | (1,060) | 275 | 1,973 | |||||
| Relx | 125 | 3,281 | 02/06/2023 11/07/2023 08/01/2024 |
16 36 (37) |
406 883 |
(1,154) | 1,229 | 140 | 4,645 |
| At6Aril2023 | At6Aril2023 | Ac | uisitions/Disosals | uisitions/Disosals | At5Aril2024 | At5Aril2024 | ||||
|---|---|---|---|---|---|---|---|---|---|---|
| Gains/ | ||||||||||
| Description | Nominal Holding |
Market Value£ |
Date | NominalAcquisition Holding s/ |
Disposals £ |
(Losses) £ |
Nominal Holding |
Market | Value£ | |
| Retained | ||||||||||
| Renishaw | 62 | 2,289 | 343 | 62 | 2,632 | |||||
| RioTinto | 140 | 7,396 | 08/01/2024 | (35) | (1,826) | (347) | 105 | 5,223 | ||
| ShellPlcBord | 510 | 12,051 | 25/10/2023 | (150) | - | (4,082) | 2,039 | 360 | 10,008 | |
| SchroderInvestment | 145 | 24,887 | 8,019 | 360 | 32,906 | |||||
| Segro | 225 | 1,702 | 02/06/2023 | 215 | 1,778 | - | 335 | 440 | 3,815 | |
| Smith(DS) | 700 | 2,153 | 717 | 700 | 2,870 | |||||
| StandardChartered | 445 | 2,737 | 25/10/2023 | (145) | - | (1,036) | 394 | 300 | 2,095 | |
| SSEPlcGBP0.50 | - | - | 25/10/2023 | 135 | 2,148 | (2) | 135 | 2,146 |
| At6Aril2023 | At6Aril2023 | Ac | uisitions/ | Disosals | Gains/ | At5Aril2024 | At5Aril2024 | |||
|---|---|---|---|---|---|---|---|---|---|---|
| Description | Nominal Holding |
Market Value£ |
Date | NominalAcquisition Holding s/ |
Disposals £ |
(Losses) £ |
Nominal Holding |
Market | Value£ | |
| Retained | ||||||||||
| TaylorWimpey | 2,650 | 3,006 | 25/10/2023 | (2,650) | (2,642) | (364) | - | - | ||
| TempletonEmerging | 8,600 | 12,745 | 516 | 8,600 | 13,261 | |||||
| Unilever | 125 | 5,361 | - | - | (565) | 125 | 4,796 | |||
| UKGilts0.125%31/01/24 | 14,900 | 14,461 | 25/10/2023 | (14,900) | - | (14,711) | 250 | - | - | |
| UKGilts4.5%07/12/2042 | - | - | 03/05/2023 03/08/2023 25/10/2023 |
13,300 9,900 2,300 |
14,136 9,699 2,165 |
(485) | 25,500 | 25515 | ||
| UKGilts4.75%7/12/30 | 11,500 | 12,617 | 13/07/2023 25/10/2023 |
15,800 1,700 |
16,117 1,737 |
(8) | 29,000 | 30,462 | ||
| UK5%SnrBds07/03/25 | 14,000 | 14,347 | 03/05/2023 25/10/2023 |
(14,000) 11,000~ |
- 11,034 |
(14,237) | ||||
| 08/01/2024 | (11,000) | - | (11,061) | (83) | - | - |
| At6Aril2023 | At6Aril2023 | Ac | uisitions/Disosals | uisitions/Disosals | Gains/ | At5Aril2024 | At5Aril2024 | |||
|---|---|---|---|---|---|---|---|---|---|---|
| Description | Nominal Holding |
Market Value£ |
Date | NominalAcquisition Holding s/ |
Disposals £ |
(Losses) £ |
Nominal Holding |
Market | Value£ | |
| Retained | ||||||||||
| Vanguard | 270. | 24,862 | 26/10/2023 | 100 | 8,807 - |
795 | 370 | 34,464 | ||
| VHGblSustainable | 10,561 | 10,477 | (3,380) | 10,561 | 7,097 | |||||
| VeritasFundsAsian | 11 | 8,858 | (509) | 11 | 8,349 | |||||
| Whitbreadord | 90 | 2,637 | 241 | 90 | 2,878 | |||||
| 3iGroup | 220 | 3,662 | 15/09/2023 | (105) | (2,177) | 1,747 | 115 | 3,232 | ||
| Grandtotals | 535,977 page6 |
131,938 | (157,892) | 52,002 page5 |
562,025 page6 |