## 



## 

||`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|12-18|





## 

## 

## 

## 

## 

## 

## 

## 



## 

## 

## 

## 



## 

## 

## 





Tho Oldham Foundation
Independent Examlne¢s Report
Year Ended 5 Aprll 2025
I report on the accounts of The Oklham Foundation, charity number 269263. for the year ended S April
2025.
Respecllve Responsibilities of the Trustees and Examiner
The charity's trustees are responsible lor the preparab.on of the accounts. The tru51ees consider that these
accounts do not require an audit under section 144 of the Charities Act 2011.
It is my responsibiltty lo..
- examine the accounts under section 145 of ihe Charities Act
- to follow the procedures laid down in the general directions given by the Chanty Commission (under
section 145{5){b} of Ihe Charilies Act) and
- to slate whether particular matters have corne to my attenlion
Basls of Independent Examinerfs Statement
examination was carried out in accordance with the general directions given by Ihe Charity
Commis0￿10n. An examination includes a review of the accounting records kept by the charlty and a
comparison of the accounts presented with those records. It also includes a consideration of unusual rtems
or disclosures in the accounts. and seeking eXF￿anationS from the trustees conceming any such matters.
The procedures undertaken do not provide all the evKlence that would be required in an audrt. and
consequently no opinion is given as to whether the accounts present a 'true and fail view, and the report is
limited to those matters set out in the slalement beltyv.
Independent Examinerfs Statsment
In connection with my examination, no matter has come to my attention..
(11 which gives me ￿aSonable cause to believe thal. in any material resFeCt, the requirements:
- to keep accounting records in accordance wrth SeCt￿n 130 of the Charities Act
- lo prepare accounts which accord y￿th the accounling records and compty with thè accounting
requirements of the Charities Act have not been met, or
(2) to vthich, in my opinion, attention should be drawn in order to enable a proper understanding of
the accounts to be reached
Mark Robinson
ICAEW Chartered Accountant
TrulbNell
Near Stroud
Gloucestershire
GL6 9HD

## 

||`Note`|`2025`|`2024`|
|---|---|---|---|
|||£|£|
|UNRESTRICTEDFUNDS||||
|Incomefund||||
|Incomeandendowmentsfrom:||||
|Rentalincome|2|26,770|29,187|
|Quotedinvestmentincome|3|18,064|15,203|
|||44,834|44,390|
|Expenditureon:||||
|Quotedinvestmentmanagementcosts||2,086|6,095|
|Rentalexpenses|2|5,560|4,439|
|Grantspayable|4|45,500|45,100|
|Trustees'andhonorariumexpenses|5|5,144|3,107|
|Bankcharges||-|-|
|Governancecosts|5|48,254|30,519|
|||106,544|89,260|
|Netexpenditure||(61,710)|(44,870)|
|Transferfromcapitalfunds||61,710|44,870|
|Incomefundbalancebroughtforward||-|-|
|Incomefundbalancecarriedforward||-|-|
|Capitalfunds||||
|Mainfund||||
|Balancebroughtforward||369,406|414,457|
|Bookcostadjustments||(843)|(181)|
|Transfertoincomefund||(61,710)|(44,870)|
|Unrestrictedfundamalgamation||480,873||
|Balancecarriedforward||787,726|369,406|
|Revaluationreserve||||
|Balancebroughtforward||829,033|777,031|
|Net(loss)/gainonquotedinvestments||(17,505)|52,002|
|Adjustedbrokeraccrual-unrealised||(3,328)|-|
|Realisedlossonsale12MontpellierArcade,Cheltenham||(9,380)|-|
|Unrealisedgainon1/1aQueensCircus|1d|5,000|-|
|Unrestrictedfundamalgamation||(480,873)|-|
|Balancecarriedforward||322,947|829,033|
|Totalcapitalfundsbalancecarriedforward||1,110,673|1,198,439|
|Totalunrestrictedfundsbalancebroughtforward||1,198,439|1,191,488|
|Netmovementinunrestrictedfunds||(87,766)|6,951|
|Totalunrestrictedfundsbalancecarriedforward||1,110,673|1,198,439|





## 

||Note|2025|2024|
|---|---|---|---|
|||£|£|
|Fixedassets||||
|Investmentproperty|6|362,500|620,000|
|QuitterCheviotGlobalIncomeandGrowthFundforCharities|10|706,450|562,025|
|639,900Units||||
|Currentassets||||
|Cash|7|32,903|39,090|
|Debtors|8|20,486|10,329|
|||53,389|49,419|
|Totalassets||1,122,339|1,231,444|
|Creditors:amountsfallingduewithinoneyear|9|(11,666)|(33,005)|
|Netassets||1,110,673|1,198,439|
|Representing:||||
|Incomefund||||
|Capitalfunds:||||
|Mainfund||787,726|369,406|
|Revaluationreserve||322.947|829.033|
|Totalfunds||~,~~u,bis|'I,'lyt3,4~y|







## 

## 

## 

## 

## 

## 

## 



## 

## 

|estotheAccounts(Continued)<br>rEnded5April2025|||
|---|---|---|
|`Page`|`2025`|`2024`|
||£|£|
|RentalIncomeandExpenses|||
|(a)Summary|||
|Rentalandotherincome|||
|50%sharein1/1AQueen'sCircus,Cheltenham|26,770|29,187|
|70%sharein12MontpellierArcade,Cheltenham|-|-|
|5|26,770|29,187|
|Rentalexpenses|||
|JohnRydemanagementfees|1,894|2,059|
|Otherexpenses|3,666|2,380|
|5|5,560|4,439|
|Totalnetrentalincome|`21,210`|`24,748`|
|(b)Analysisbyproperty|||
|50%sharein1/1AQueen'sCircus,Cheltenham|||
|Income|||
|Rentalincome|25,250|25,441|
|Insuranceclaimsandinsurance/servicecontributions|||
|received|1,520|3,746|
|Lessrentalexpenses:|||
|JohnRydemanagementfees|(1,894)|(2,059)|
|Expenses/costs|(1,520)|(587)|
|Netrentalincome|||
|70%sharein12MontpellierArcade,Cheltenham|||
|Rentalincome|||
|Lessrentalexpenses|||
|JohnRydemanagementfees|||
|Expenses/costs|(2,146)|(1,793)|
|Netrentalincome|(2,146)|(1,793)|
|Totalnetrentalincome|21,210|24,748|



## 



## 

|||`Page`|`2025`|`2024`|
|---|---|---|---|---|
||||£|£|
|3.|QuotedInvestmentIncome||||
||QuitterCheviotaccount||||
||UKinterest||2,398|4,286|
||UKdividends||14,671|8,165|
||Overseasinterest||334|1,083|
||Overseasdividends||34|1,291|
||ERIdividends||603|180|
||ERIinterest||3|5|
||Accruedincomescheme||21|193|
|||5|18,064|15,203|
|4,|GrantsPayable||||
||CheltenhamFestivals||25,500|24,600|
||GlobalMakeSomeNoise||-|6,000|
||GlobalCharities||6,000|-|
||PirtonBuryTrust||-|1,500|
||RadioWinchcombe||4,000|4,000|
||StPeter'sChurchHolwell||-|1,500|
||GlosHistoryTrust||1,500|-|
||SueRyder||2,500|-|
||Grantspayablesubtotal|10|39,500|37,600|
||GrantstoOldhamPensioners||6,000|7,500|
||Totalgrantspayable|5|45,500|45,100|





||`Page`|`2025`|`2024`|
|---|---|---|---|
|||£|£|
|GovernanceCosts||||
|Michelmoresfees||44,160|26,985|
|Independentexaminationfees||500|450|
|Accountancyfees||3,594|3,084|
||5|48,254|30,519|



## 

## 

|50%sharein1/1AQueen'sCircus,Cheltenham||||
|---|---|---|---|
|Investmentvaluebroughtforward||357,500|357,500|
|Gainonrevaluation(note1(d))|5|5,000|-|
|Fairvalueat5April||362,500|357,500|
|70%sharein12MontpellierArcade,Cheltenham||||
|Investmentvaluebroughtforward||-|262,500|
|Lossonrevaluation(note1(d))|5|-|-|
|Fairvalueat5April||-|262,500|
|Totalfairvalueat5April|6|362,500|620,000|





## 

|||`Page`|`2025`|`2024`|
|---|---|---|---|---|
||||£|£|
|7,|Cash||||
||Accountsasfollows:||||
||QuitterCheviotIncome||109|-|
||QuilterCheviotCapital||695|15,046|
||NatWest||24,919|19,610|
||MichelmoresClient||5,305|2,559|
||Rentaldeposit||1,875|1,875|
||JohnRyde-moniesretained||-|-|
|||6|32,903|39,090|
|8.|Debtors||||
||Accruedinvestmentincome||-|3,329|
||Rentowedfromtenants||7,000|7,000|
||DuefromOrlandoOldhamWillTrust||13,485|-|
|||6|20,485|10,329|
|9.|Creditors:AmountsFallingDueWithinOneYear||||
||Grantspayable||-|-|
||Rentaldepositheld||1,875|1,875|
||Deferredrentalincome||5,477|5,477|
||JohnRydemanagementfees||39|39|
||Quittersfees||1,075|1,568|
||Michelmoresfees||2,700|-|
||Independentexaminationfees||500|450|
||FundsowedtotheOrlandoOldhamWillTrust||-|23,596|
|||6|11,666|33,005|





## 

## 

||At6Aril2024|At6Aril2024|Acquisitions/Disosals|Acquisitions/Disosals|Acquisitions/Disosals||Gains/|At5Aril2025|At5Aril2025||
|---|---|---|---|---|---|---|---|---|---|---|
|Description|Nominal<br>Holding|Market<br>Value£|Date|NominalAcquisition<br>Holding<br>s/||Disposals<br>£|(Losses)<br>£|Nominal<br>Holding|Market|Value£|
||||||Retained||||||
|AberforthSmallerCompaniesTry|165|2,241|03/06/2024|(165)||(2,548)|307|-||-|
|AngloAmericanUSD0.54945|104|2,172|03/06/2024|(104)||(2,579)|407|-||-|
|ArcTime:TrustII|6,250|4,913|04/06/2024|(6,250)||(5,058)|145|-||-|
|AshteadGroup|21|1,197|03/06/2024|(21)||(1,211.53)|15|-||-|
|AssuraPlcordGBP0.10|||||||||||
|AstraZeneca|100|10,620|03/06/2024|(100)||(12,153)|1,533|-||-|
|BaillieGifford|5,500|7,832|04/06/2024|(5,500)||(7,838)|6|-||-|
|BarclaysPlcordGBP0.25|||22/04/2024|1,250<br>(1,250)|2,278|(2,668)|390|-||-<br>-|
|BlackrockContinental|8,750|16,762|<br>03/06/2024|(8,750)||(16,999)|237|-||-|





## 

## 

||At6Aril2024|At6Aril2024|Ac|uisitions/Disosals|uisitions/Disosals||Gains/|At5Aril2025|At5Aril2025||
|---|---|---|---|---|---|---|---|---|---|---|
|Description|Nominal<br>Holding|Market<br>Value£|Date|NominalAcquisition<br>Holding<br>s/||Disposals<br>£|(Losses)<br>£|Nominal<br>Holding|Market|Value£|
||||||Retained||||||
|BritishAmericanTobaccoordGBPC|160|3,726|03/06/2024|(160)||(3,897)|171|-||-|
|BaeSystemsOrdGBP0.025|220|2,917|03/06/2024|(220)||(3,086)|169|-||-|
|BMOPropertyQDis|650|5,838||(650)||(6,185)|347|-||-|
|BP|785|3,973|03/06/2024|(785)||(3,851)|(123)|-||-|
|BTGroupOrdGBP0.05|1,500|1,627|03/06/2024|(1,500)||(2,057)|430|-||-|
|ChyrsalisInv|3,370|2,726|03/06/2024|(3,370)||(2,717)|(9)|-||-|
|CompassGroup|110|2,443|03/06/2024|(110)||(2,398)|(45)|-||-|
|DarkTracePLC|715|3,157|03/06/2024|(715)||(4,205)|1,048|-||-|
|Diageo|131|3,733|03/06/2024|(131)||(3,455)|(278)|-||-|
|Dodge&Cox|455|15,261|04/06/2024|(455)||(15,124)|(137)|-||-|
|Experian|90|3,052|03/06/2024|(90)||(3,251)|199|-||-|
|FidantePartners|1|-||(1)||(111)|111|-||-|





## 

## 

||At6Aril2024|At6Aril2024|Ac|uisitions/Disosals|uisitions/Disosals||Gains/|At5Aril2025|At5Aril2025||
|---|---|---|---|---|---|---|---|---|---|---|
|Description|Nominal<br>Holding|Market<br>Value£|Date|NominalAcquisition<br>Holding<br>s/||Disposals<br>£|(Losses)<br>£|Nominal<br>Holding|Market|Value£|
||||||Retained||||||
|FidelityInvestmentsFundsFidelity|6,100<br>-|8,485|30/04/2024<br>03/06/2024|(6,100)|34|(8,241)|(278)|-||-<br>-|
|FidelityInvestmentFundFidelityEui|14,129|16,022|03/06/2024|(14,129)||(16,262)|240|-||-|
|GSKPLC|184|2,998|03/06/2024|(184)||(2,950)|(48)|-||-|
|HaleonPLC|880|2,868|08/05/2024|(880)||(2,907)|39|-||-|
|Halma|100|2,270|03/06/2024|(100)||(2,245)|(25)|-||-|
|HarvbourvestGlobal|295|6,829|03/06/2024|(295)||(7,024)|195|-||-|
|HendersonIAcc|9,500|11,372|03/06/2024|(9,500)||(11,514)|142|-||-|
|HGCapital|1,645|7,855|03/06/2024|(1,645)||(7,923)|68|-||-|
|HSBCHoldings|680|4,362|03/06/2024|(680)||(4,737)|375|-||-|
|IntermediateCapital|137|2,850|03/06/2024|(137)||(3,120)|270|-||-|
|IsharesS&P500|1,440|59,000|03/06/2024|(1,440)||(59,732)|732|-||-|
|IMIord|175|3,092|03/06/2024|(175)||(3,291)|199|-||-|





## 

## 

||At6Aril2024|At6Aril2024|Ac|uisitions/Disosals|uisitions/Disosals||Gains/|At5Aril2025|At5Aril2025|
|---|---|---|---|---|---|---|---|---|---|
|Description|Nominal<br>Holding|Market<br>Value£|Date|NominalAcquisition<br>Holding<br>s/||Disposals<br>£|(Losses)<br>£|Nominal<br>Holding|MarketValue£|
||||||Retained|||||
|JDSportsFashion|1,325|1,673|03/06/2024|(1,325)||(1,819)|`146`|||
|JPMorganAmerican|4,215|41,223|03/06/2024|(4,215)||(40,160)|(1,063)|||
|JPMorganEmerging|1,400|15,036|09/07/2024<br>03/06/2024|(1,400)||`144`<br>(15,022)|(158)|||
|Legal&General|950|2,385||(950)||(2,399)|`14`|||
|`LondonStockExchange`|36|3,376|03/06/2024|(36)||(3,298)|~~$)|||
|M&GOptimal|33,750|31,678|03/06/2024|(33,750)||(50)<br>(31,496)|(132)|||
|M&GJapanSterlingPPDis|5,475|8,006|30/04/2024<br>30/06/2024|(5,475)||(7,824)|(182)|||
|MelroseIndustriesPlcordGBP0.22|553|3,726|03/06/2024|(553)||(3,393)|(333)|||
|MercantileInvestments|3,025|6,716|03/06/2024|(3,025)||(7,451)|`735`|||
|NatWestGroup|990|2,756|22/04/2024|(990)||(2,769)|`13`|||
|OcadoGroup|125|475|03/06/2024|(125)||(477)|2|||





## 

## 

||At6Aril2024|At6Aril2024|Ac|uisitions/Disosals|uisitions/Disosals||Gains/|At5Aril2025|At5Aril2025||
|---|---|---|---|---|---|---|---|---|---|---|
|Description|Nominal<br>Holding|Market<br>Value£|Date|NominalAcquisition<br>Holding<br>s/||Disposals<br>£|(Losses)<br>£|Nominal<br>Holding|Market|Value£|
||||||Retained||||||
|PimcoDynamic|900|11,619|03/06/2024|(900)||(11,673)|54|-||-|
|PolarCapital|735|12,796|04/06/2024<br>30/06/2024|(735)||(13,068)|272|-||-|
|Prudential|275|1,973|03/06/2024|(275)||(2,090)|117|-|||
|QuitterInvestorsLimited|||03/06/2024<br>12/06/2024|500,000<br>9,300|572,000<br>10,621||||||
||||30/08/2024|||(1,365)|||||
||||14/01/2025|128,875|149,495||||||
||||15/01/2025<br>28/02/2025|1,725|2,004|(420)|(25,885)|639,900|706,450||
|Relx|140|4,645|03/06/2024|(140)||(4,797)|152|-||-|
|Renishaw|62|2,632|03/06/2024|(62)||(2,510)|(122)|-||-|
|RioTinto|105|5,223|03/06/2024|(105)||(5,726)|503|-||-|
|ShellPlcBord|360|10,008|03/06/2024|(360)||(10,222)|214|-||-|
|SchroderInvestment|145|32,906|03/06/2024|(145)||(33,095)|189|-||-|





## 

## 

||At6Aril2024|At6Aril2024|Ac|uisitions/Disosals|uisitions/Disosals||Gains/|At5Aril2025|At5Aril2025||
|---|---|---|---|---|---|---|---|---|---|---|
|Description|Nominal<br>Holding|Market<br>Value£|Date|NominalAcquisition<br>Holding<br>s/||Disposals<br>£|(Losses)<br>£|Nominal<br>Holding|Market|Value£|
||||||Retained||||||
|Segro|440|3,815|03/06/2024|(440)||(4,016)|201|-||-|
|Smith(DS)|700|2,870|03/06/2024|(700)||(2,698)|(172)|-||-|
|StandardChartered|300|2,095|03/06/2024|(300)||(2,348)|253|-||-|
|SSEPlcGBP0.50|135|2,146|03/06/2024|(135)||(2,388)|242|-||-|
|TempletonEmerging|8,600|13,261|03/06/2024|(8,600)||(13,433)|172|-||-|
|Unilever|125|4,796|03/06/2024|(125)||(5,384)|588|-||-|
|UKGilts4.5%07/12/2042|25,500|25,515|03/06/2024|(25,500)||(25,064)|(451)|-||-|
|UKGilts4.75%7/12/30|29,000|30,462|03/06/2024|(29,000)||(30,026)|(436)|-||-|
|Vanguard|370|34,464|03/06/2024|(370)||(34,407)|(57)|-||-|
|VHGblSustainable|10,561|7,097|03/06/2024|(10,561)||(8,174)|1,077|-||-|
|VeritasFundsAsian|11|8,349|03/06/2024|(11)||(8,251)|(98)|-||-|
|Whitbreadord|90|2,878|03/06/2024|(90)||(2,672)|(206)|-||-|





##