## 

## 

||`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 aCCo￿ls. 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 S￿Oft 145 of Ihe Charities Act
- to follow the pr￿edureS 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 diT￿t￿)￿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 em￿a￿at￿)n5 from the truste8s conceming any such
matters. The pr￿d￿reS 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.
Inde￿ndant 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 re￿dS in accordance vthh seclion 1x1 of the Charilies Act
- to Pf8pare accounts which accor(I with the aCC￿jnting r￿dS 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,|<br>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<br>Holding|Market<br>Value£|Date|NominalAcquisition<br>Holding<br>s/||Disposals<br>£|(Losses)<br>£|Nominal<br>Holding|Market|Value£|
||||||Retained||||||
|AberforthSmallerCompa|-|-|05/01/2024<br>08/01/2024|40<br>125|`545`<br>1,703||(6)|165||`-`<br>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<br>10/07/2023|(7,759)<br>(6,241)||(3,451)<br>(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<br>Holding|Market<br>Value£|Date|NominalAcquisition<br>Holding<br>s/||Disposals<br>£|(Losses)<br>£|Nominal<br>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<br>Holding|Market<br>Value£|~<br>Date|NominalAcquisition<br>Holding<br>s/||Disposals<br>£|(Losses)<br>£|Nominal<br>Holding|Market|Value£|
||||||Retained||||||
|Dowlais|-|-|20/04/2024<br>22/05/2023|553<br>(553)|583|(792)|209|-<br>-||-<br>-|
|EquityTrusteesFund|13450|16059|25/07/2023|(13,450)<br>`-`|-|(16,382)<br>`-`|`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<br>Holding|Market<br>Value£|Date|NominalAcquisition<br>Holding<br>s/||Disposals<br>£|(Losses)<br>£|Nominal<br>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<br>26/10/2023|(2,200)|151<br>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<br>31/08/2023<br>21/02/2024|365<br>94<br>(259)|2,090<br>553|(1,539)|597|680||4,362|
|IntermediateCapital|245|2,965|25/10/2023<br>11/01/2024|(75)<br>(33)||(975)<br>(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<br>Holding|Market<br>Value£|Date|NominalAcquisition<br>Holding<br>s/||Disposals<br>£|(Losses)<br>£|Nominal<br>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<br>Holding|Market<br>Value£|Date|NominalAcquisition<br>Holding<br>s/||Disposals<br>£|(Losses)<br>£|Nominal<br>Holding|Market|Value£|
||||||Retained||||||
|MLCapitalAsset|116|12,434|27/10/2023<br>12/03/2024|(14)<br>(102)||(1,456)<br>(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<br>11/07/2023<br>08/01/2024|16<br>36<br>(37)|406<br>883|(1,154)|1,229|140||4,645|





## 

||At6Aril2023|At6Aril2023|Ac|uisitions/Disosals|uisitions/Disosals|||At5Aril2024|At5Aril2024||
|---|---|---|---|---|---|---|---|---|---|---|
||||||||Gains/||||
|Description|Nominal<br>Holding|Market<br>Value£|Date|NominalAcquisition<br>Holding<br>s/||Disposals<br>£|(Losses)<br>£|Nominal<br>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<br>Holding|Market<br>Value£|Date|NominalAcquisition<br>Holding<br>s/||Disposals<br>£|(Losses)<br>£|Nominal<br>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<br>03/08/2023<br>25/10/2023|13,300<br>9,900<br>2,300|14,136<br>9,699<br>2,165||(485)|25,500||25515|
|UKGilts4.75%7/12/30|11,500|12,617|13/07/2023<br>25/10/2023|15,800<br>1,700|16,117<br>1,737||(8)|29,000||30,462|
|UK5%SnrBds07/03/25|14,000|14,347|03/05/2023<br>25/10/2023|(14,000)<br>11,000~|-<br>11,034|(14,237)|||||
||||08/01/2024|(11,000)|-|(11,061)|(83)|-||-|





## 

## 

||At6Aril2023|At6Aril2023|Ac|uisitions/Disosals|uisitions/Disosals||Gains/|At5Aril2024|At5Aril2024||
|---|---|---|---|---|---|---|---|---|---|---|
|Description|Nominal<br>Holding|Market<br>Value£|Date|NominalAcquisition<br>Holding<br>s/||Disposals<br>£|(Losses)<br>£|Nominal<br>Holding|Market|Value£|
||||||Retained||||||
|Vanguard|270.|24,862|26/10/2023|100|8,807<br>-||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<br>page6|||131,938|(157,892)|52,002<br>page5||562,025<br>page6||