THE NICHOLAS JOHN TRUST UNAUDITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 REGISTERED CHARITY NUMBER: 1059847
The Nlcholas John Trust Contents For the year ended 31 December 2020 Page Legal and administraknve informatton Trustees, Rèwt deperujent Examnerfs R8POrt Statement of Flnanclal Actsvities Balance Sheet Not8s to the Accounts 12
The Nlcholas John Thist Reference and admlnlstrallve Inforniat5on For th• year ended 310e¢omber 2020 REGISTERED CHARITY NO. 1059847 TrUSTEES: Ms J F MUhY Mr M E W Studer Prof N E Cronk Ms C F Leslle MpJ E J Martineau Ms A M A Depauli$ GOVERNING DOCUMEPtr: Trust Deed dated 13 November 1996 REGk%TERED ADDRESS: 213 W Road Oxford OX4 1EN INDEPENDENT EXAMINER&' Crftchleys Audit LLP Beaver House 23- 38 Hythe Bridge Stregt Oxford OX12EP BANKERS." 120-124 High Streot Dothing Surrey RH4 1BB
The Nlcholas John Tvust Tnt90$. Rgport FOT the yearended 31 D8¢ember 2020 Structure, Govarnan¢• and Mana9ernent The Nicholas John Trust was established under a T deed on 13 November 1996. NewTte88 are appointed either to flll 8 casual vacancy or by way of addibon to lh8 Board. Partlcular 8rnph8 is placed upon the appointment 01TneeS with knowlwjge and experience relevantto the Trusfs charitable activiti8s. When new Trustees are appolnted ttrY are glven an Introduction to th8 WOTk ¢ifth& Trust and provided wlth the InforniaOn thgy need to fulfil thelr roles. which includes infomiatlon about the role of the Tru$te8s aTrJ their r6$[sibltl0s underthe Chwitias Aci8 201,1. AdmlnL8tratlon of th6Trust is caffied out by the Trustees. who make all decisions relating to the actsvittes of the Trust. The Trustees meet at least once a year. Objectives and A¢llvttlos The main objectlve of the Trustlg the promoli¢)n and encouragement of op8ratlc art and In partlcuk2r the fundlng ol scholarshlps to students preparing fora career as a slng8r. dtrector or drnmaturg. It aGhl8ves this through grant making. The Trustees confirm that they have complied wth the duty In sectlon 17(5) ofthe Charllles A¢1 2011 to have .due fegard to the publ1¢ benefit guldanco publlshed by the Charfty CDmmission when reviewing the Tnr8 alm8 and obiectN8s and in planning fubjre acuvI8$ and setting Ihe grant maklng poltcyforthe year. Achl8vement and Perfornianc• The Trust has estabmshed Its grant maklng poltcyto achi Its objects for the public beneflL Grats were made In Iwie wilh this polw during the yoaras Set out in note 4 to the accoun1& Flnanclal Rgvlew The Trustees arè awara of thelr dutyto apply Incorne funds of tha charity wlihin a reasonable tlme of Ihetr recelpt and of the need to justlfy any Income reseNes. Investment income reduced to £36,737 (2019: £4&447) and the c4)st of ch8rilablg activities increased to £128.909 (2019: £101.460). due to grants rnade. At 31 December 2020. th& J&vel of total reserv8s was £1.587.499 (2019: £1.697.846). The Trustees, poticy to apply lTrYJmè and e2piIAI within thgir p(WJAr& to mg.ot snticipated tharitable eXpendIre. The eh2rity h westrnents to generate income. Th8 valu8 of in¥esknents was broadly siablo in the year. showing a r8ductiDn in value of £6.41YJ (0.40A). The Truslees held the as¥ets of th8 trust in accordance wlh thek powers during tho yaar. The Trustees have absolute discretion to invest th8 funds of the Tru8¢ no restrictions are plaGed on these powers. Tha Trustee5' policyfor the 5elecllon of investments forthe charrty Is to seek to produce maxlmum OV8TaU r8m$ Iwlthr capital or SnLX)m81. They ara willlng to accept a moderate degre& of risk within the portfofKS. Futwe plans The Trust intends to continue 118 lonytanding support ofThe Nationat Opera Studio. th8 Oxford U8dgr FgsUv81 arKJ Engltsh Natlonal 0r4 and to keep under eW new Inikntives.
The Nlcholas John TTUSt Trustee5' Report fcontlnuad) For the year ended 31 Dernber 2020 Trustees. rosponslbllltles in relallon lo the accounts Law applicable to charities in England and Wales requir8s the trustees to Prepare accounts foreach fin8nctal year ich give a true and fair view of the ¢hariVs financlal acbvities during the period and of lis financi81 posilion at thè end of the period. In preparing those accounts. the trustees are r8quired to: seleci suitable accotIlg Ncl8$ and then apply them con5i5tenlJy. make judgements and estimates that arE reasonable and pwdenL 8tate wheth8r applicable accounting standards and statements of recommended prdctice have been followed subject to any departure5 disclosed and explaln8d In the accounts,. and prepare the accounts on the going concem basis unless it 15 inappropriale to presume that Ihe charity will continue in business. Th8 trustees are responslble for kgeping accounting records which di5c105e wth reasonable auraCY al any Ume th8 financial positlon of the charity and enable them to ensure that the accounts comply with the Charitles Act 2011. They are also responsible for safeguard5ng th& assets of the charity and heNx for taking reasonable Steps for the prevention and d8tscttDn offraud and olher ltregularities. provad tythe Trustees on .. .......... ............ .. 2021 and slgned on their behalfb J F Murphy Trustee
Independont ExamIne6 Report to The Tn88 of th• Nlchol•s John Tn For the yearended 31 Decornber 2020 I report to the trustees on my examlnation ofth8 a(Unts of thg Nlcholas John Tntst (thè T,rust) frjr thè year ended 31 December%120. whlch are set out on pages 6 to 12. Responsilthittes andbasis olrwrt As the tharity trustees of the TNst ar8 raSp(ml11e forthe preparatlon of ts accounts Fn a(xordanG8 wrlh. tho requrements of Ih6 Chaiili8s Act 2011(Ihe ACVI. I report In respe¢t of my exarninatlon ofthe Twstse's accounts carried out under sedion 145 of the 2011 Act and in tsrying out my examinolion I have followed all the appl[Cab Olreclioris gIV by the Charity Commlsslon Urer Section 145(5)(b) of the 2011 ACL I have ojrnpieted my examlnatton. I confirm that no material matters have (arne to my attentron.ln ¢onnedlon lth the examlnation glvlTr3 ma use to.belleve that in any material resp¢GL' (1) acwuntlng records were not kept In r8SP8Ct of th8 Trust As requlred by seraron 130 of the A¢ or {2) the aUnts () not accord vAth those records; or (3) the accounts do not ojmply wllh ts appltcablo requTrm8nts concerrHng the forni and Intant of accounts Set out in Ihe Charitios (Accounts and Reports) Regulation5 2008 other Ihan 8ny requirement that the aoxlunts give a'tw8 and fairvie which is not a matter conslderad as part ofan'indep8ndent examinatiorL I have no con¢em$ arKI hav8 rne across no other matters li 0)nnaCOn wilh th8 minatIon lo whith attentron sknuld be drawn In tl¥s report In order to anable a proper understandng of the aKounts to be .reached. Kh8rin8 Wlkes FCA Ciitchleys Audit LLP Beaver House 23- 38 Hythe Bridge Street Oxford OX12EP 19 October 2021
Tho Nlcho]4s John Trn5t Stat8ment of FlTrancial Ilndudlng Incom• and EMlIUA Fortho y8ar ended 31 D¢¢ember2020 Fund 2020 2019 36.737 737 44447 Totsl Ine•rnv a6.737 737 Exp•ndltyre on: Rainglunds Choritsblo 11,775 128,gl 11.T15 11923 101.460 140.684 140.684 113,383 Net Uossesygalrts on Invsstments {6,4(Q} (110.34n (110.3471 31m2 R8contlJlallon ulFunds Funds brf[VArd at 1 knuary2020 1.897.846 IWT,84fj 1.6W824 Thg statntOfnancI aclvlti¢$ Inrjudes dl gains and kwes recogn19 rn th8 yèBr. JI Income and eXpe[ure derfves from conDnuiryJ actlvlie9.
Th Nlcholas J•hn Tht Balan¢e sheet As at31 December2020 2019 2019 In¥esknents IM5B1 IA61J17 ¢tswr•ftt 2889ts Cash at bankalld In hand 141.1 UabllSll•s Credit. Arnounts falling duewmhln one year 9 Total n•t ass•ls 1.097 FuTrd8: iestrIc futwls io 1A87Ag9 1M97.846 Totsl luftd& ThB rutaal 5tstements were aPpd byth8 tleI ond authorisedfor 5ssug on. siW on lhr1 by. 13J..f4 and are Ms J F Murphy TnJst8e Tha rth8 numbered 1 to 12 form part of thes8financW slalernent*
Tho NlcholasJohn Twst Note5 to Ihe ftjwidal 5tat•ments Fortheygv ended 31 DecembeT2K40 A8ummary ofthe wfncrpsl accountlThJ pofkles alopted (whkh hèva bggn •ppJted Clnty, &wtTPAe nDledl. judggments and k¢y¥ou¥$ ofesfjmatlon UrtaInty, 15 S8tout b8bw. Genernl hfomiatlon and bas18 of Preparallon The charity con5tnute5 ? public benÈfit enbty as defined by FRS 102. Thg financlal siatamants have b8en rxepar&d in a¢CLWIth Accnng and Reporting by charits: Statementof RecommÉnd8d Prarjicts appli(zble to charits•s pr•paTing Ihelr acunIS aceLYd8neewlh the Finanoal Re11 Standord applble In the United Kuwom and R8publlc of Iretond IFRS 102). Ch8rflt8s 2011 oftd UK G8n8fdItyAp1ed Practi¢B a5 it applie5 frDrn 1 January2Q19. fthvaluè. The fin8nl s18tements are prepared in skrfin9 whlch bthè function ojwrenw ofthe chwlty. Golllg Con¢em Th& financ191 statsmerts have been prepared on a concem ba815 as Ihelrusle8s bejieve Ihat no matwi81 uncwtalTrUes exlsi. Th8 trustee5 have ¢onwdered the level hdd 8nd the expeded level of IrKoThe and expendibJr8 ftK 12 mDnlhs authotsing theso statgments. In¢oMe All in¢uMlng r8scxJrc8s ¥re knduded In Ihe Statemert of AtieS IWAI th0 diarity i¥ legal enlNled to thB IrKYTh after anyp8rfornMnce ¢ondltions havè bègn met the amowit can be rneasured r¢TrabtYand It ts probab th8lth8 irKxNn&wi11 ts recei¥Ed. Forlegacles. entivernent the ewlkirof thè chbwng oran hwdtng dislribulton Orthe legacy ketr¥ recelved. At thls lli rncoTne L4 recognlwj. On cttaslon lÉg8aeswUI be noylted to thE charty how6vor it b )t poSsIbl0 Ihe amow eype¢t to be dtstrlbuled. On these ct4sitin$. th8 lagacylstreated as a co[ngenta$SetaTrJ dL8cknsed. Invéstmént 5nEom• IrNeslm@ni Inc(rng Is eamed throwjh tlg assets for invosbngnt wrpos88 such as 6hare$. It indud8s ddeRS and intwesL 11 i Indudaj th8 amount can b8 mea5wed reliably. Inigrg$t iOrne Is re¢trJnr6ed uslny the efferve inteTe8t mothod and dividend inccw is recojnlsefl as lh• ¢h8riVs rfthl to r8cei% p3wnent ts eslsNishad. Expondttuffe All expendithre tsacrmnted foron an accruals basi4 and h85 been classified underheathgs that aggregate all eosts rèlatsd trj Ihe category. Eyndtsjre is recrNwsad where Ilwe is a legal orwistructiveobfigatm to make Psents tothlrd parties. it k8 prOb3bletlt th9 8ettlementtpllJ ba wuir•J th8 arnMt ofthg (IAigalkn can ke m¢awred r•lfjatty. li is eat8wyW underthofoJlowlNJ h&Ing$.. ¢05ts of r¥t8lng Thls IrKludesall IrKutt8d byth8 ¢harfty to 18isè fundsfor b ¢harltable purpo8es. Exp•ndiiurè on charltsble aclivM(ts Trse ca¥ts Incurred on th8 rthritaNo aLkn. including $upport¢O8ts and Msts rèlattnqto Ih8 9ovortwTh orth8 chorfty 8ppwtioned lo dwllablB acbvilte5. Irr8covwA8 VAT d]arg&l as an èxp8w againsttho acll?rityforwlh 9xpwltUr¥ ar0. Grants p3yatrJe tothlftl parOB5 9With¢ the ¢harItae0bJoCtI. UnccdIbOnd granls Off8¢ Ihl&15 aC¢n as the recIpnI i8 notiffied of the grart a51Pus givos riso to a reascThble expectation that the relae[rtWill recew8 the grants. Where grants are eontt1lion Mlating to Ir(n then the grant 1$ onlyaccnRd Wrt èny unfulfiued rndIt arE outside of Ihg control oftho
Th8 Nlcholès Joh Trust Notes to thp finanGlal Statements Forthe year ended 31 D8cembw2tr20 18taipmart of Acwunting Pollclg5 (wrtlwed) Debtors And Mdit$ will) nDstat irtterest re and ceNable orpaYaelh1n oneyear 8re recorded atknnsKlon prf. t885 •ri%ng from imwnnontsro r¢ccwi¥ed in ¢xpendityrg. Inveslmonls Inv88tm8nts are recryn188d In11PaUy8tfalrvalu&whkh is nDrnWJyfh&transar¢M prfc8 transacllon costs. LqUEn. they are measured at falr¥atuè with dng#S recogntsèd in'nat gairts I110s88sI on FnSIMots. in the SOFA If the shares 8rÈ putrfktytratsj orthdrfakvalue can otheNAse be measured rellaNy. Olher Investmènts are m#asured aicost lèss imp8lrnl. Taxatlon Th8 thrity an exBmpt Gharitywdhrn lh8 m8aning ofschedu18 3 of th8 Charilfes Act2011 and 18 cortsldered to pass the tests sot in PaRgrdph I $GIJUle 6 FinarKeAct 2010 arKI IlteTefor8 it rn8 the deffinon ofa chori8 wpany for UK¢orp1Qn laK purse& Fund AEGothillM9 Unrestrithd lunds are awdlabltrfor use Btthe di5L¥etion afihB tnlee5 kn fUrtrry ofthe 0blfjcD ofthg tharity and whith have not deslgnaled forolher purKK)ses.
The Nl¢lth John Tn1 Notssto the finandal Btatements F¢r Ihgyearended 31 Iyecember 2020 2 Jn¢omefrom inv•stmonl• 2019 [mdndS 36,146 Th8 Inv8slmeTrt £36.73712019: £45,447) al ofvthlch Unréstrt In bolh 2019 and 2020. 3 Ralslng funds Total 2019 11.T15 11.715 11.923 11.923 E>P8nd[ra on ratslng fvnd$ £11.775 (201&' E71S23) all olwhhth WAS unr6strh*d in b¢)th 2019 and 2020. Sup Total 2019 128.909 128,909 101A60 101160 12470D 1209 Suppprt Cogts comprlse Total 2019 2020 2.1eo 121 Expendituro Im charttablg o¢tknbes was £128,90912019: £101A801 all of was uwe8tricted In 2019 and 3Y20. io
Th• NIthDla& John TNst Notes lo flnanclal sL*m•Thts Fortsyear•ndod 31 Oecembor1020 Total 2019 Indgpgndert eyamlnots romuneraULin 1080 6 Analys15 of gr4nts RttIpnts ofgrdnts tD'institukn& Tt)tsl 2020 Total 2019 Nalfonal Opeft Sludlo Thg Afayèmy ofAndent Mu¥1 Sloane Squara Choral SoEtety London Song Feslbval Oxford Liajer Festhal ENO Yley Colieg8 Caricesknuers 1D5.000 3.500 1.100 2,1100 11.OlXI 70.000 1.100 2.QOQ 10.000 10.000 8.000 3,000 7 Tte¢s. and knymaDagomenl porsonnol wemunarallon and expensos The Itee3 nelther rocthd nor ajy Temuneration durho the year (2019.. £M) Expen were re1mburl to one Tntstee amountir•J'lo£4012019'. £199 to Ttustwl. 8 Fl¥•d asg•t In¥ostments LFstsd Valuation As at 1 January21J20 Addilions DIspJLE R¢valuallon AS at31 Donber20 1.561,917 387,394 1378R50) AD 1.544.561 I61.917 367.394 1378.3511) 1A44561 Catyng amour As al 31 Decernber2020 A8 at 31 DeceMr 2019 1561.917 1A61917 li
Tho Nl¢holas John Trust Not•9 to thèfinan¢l•l s&it•m P¢xthe.yFar end¢d 31 D¢c•mbgr 2020 9 Cff•dJ1o. 8mounts due wlthln on• ar 2019 5,120 5.120 4096 5,096 fo Funds Balaneè at 1 January 2020 Balane• al Gth4 los90s 31 D•¢ombor Ineome Ewndltsm and tran8fws Unr•8trfGt•d fur 1.697 3Q737 {140,884) (6.400) IA87A99 Totsl funds 1A97,846 36.737 140.684 {6,400 1,567rt99 11 IB Ot net assots botwaon fvnd Fund bn¢es at 31 December2020 ara represented by. Unr¢s¢rlthd lunds fund$ Inv¢stsnents Current ass Current118bilhfes Total not a580ts 1.5441 48.058 (5.1201 1.544561 14120) 12