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 MU￿hY
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
Tn￿t90$. Rgport
FOT the yearended 31 D8¢ember 2020
Structure, Govarnan¢• and Mana9ernent
The Nicholas John Trust was established under a T￿￿ deed on 13 November 1996.
NewT￿￿te88 are appointed either to flll 8 casual vacancy or by way of addibon to lh8 Board. Partlcular
8rnph8￿ is placed upon the appointment 01Tn￿eeS with knowlwjge and experience relevantto the Trusfs
charitable activiti8s. When new Trustees are appolnted ttr￿Y are glven an Introduction to th8 WOTk ¢ifth& Trust
and provided wlth the Infornia￿On thgy need to fulfil thelr roles. which includes infomiatlon about the role of the
Tru$te8s aTrJ their r6$[￿sib￿ltl0s underthe Chwitias Aci8 201,1.
AdmlnL8tratlon of th6Trust is caffied out by the Trustees. who make all decisions relating to the actsvittes of the
Trust. The Trustees meet at least once a year.
Objectives and A¢llvttlos
The main objectlve of the Trustlg the promoli¢)n and encouragement of op8ratlc art and In partlcuk2r the fundlng
ol scholarshlps to students preparing fora career as a slng8r. dtrector or drnmaturg. It aGhl8ves this through
grant making.
The Trustees confirm that they have complied wth the duty In sectlon 17(5) ofthe Charllles A¢1 2011 to have
.due fegard to the publ1¢ benefit guldanco publlshed by the Charfty CDmmission when reviewing the Tn￿r8 alm8
and obiectN8s and in planning fubjre acuvI￿8$ 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 eXpendI￿re. 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 r8￿m$ 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 0￿r4 and to keep under ￿eW new Inikntives.

The Nlcholas John TTUSt
Trustee5' Report fcontlnuad)
For the year ended 31 De￿rnber 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 acco￿tIlg ￿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 a￿uraCY 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 ExamIne￿6 Report to The Tn￿88 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(m￿l11e 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 Ur￿er 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 a￿Unts (*) 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)nnaC￿On 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.
K*h8rin8 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 EM￿lIU￿A￿￿￿￿￿
Fortho y8ar ended 31 D¢¢ember2020
Fund
2020
2019
36.737
737
44447
Totsl Ine•rnv
a6.737
*737
Exp•ndltyre on:
Rai*nglunds
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 br￿f[￿VArd at 1 knuary2020
1.897.846
IWT,84fj
1.6W824
Thg stat￿ntOf￿nancI￿ aclvlti¢$ Inrjudes dl gains and kwes recogn19￿ rn th8 yèBr.
JI Income and eXpe￿[ure derfves from conDnuiryJ actlvlie9.

Th* Nlcholas J•hn Th￿t
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:
i￿￿estrIc￿ futwls
io
1A87Ag9
1M97.846
Totsl luftd&
ThB ruta￿al 5tstements were aPp￿￿d byth8 t￿le￿I ond authorisedfor 5ssug on.
siW on lh*r1￿ 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 C￿l￿nty, &wtTPA￿e nDledl. judggments and
k¢y¥ou¥￿$ ofesfjmatlon U￿rtaInty, 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¢CL￿WIth
Acc￿n￿ng and Reporting by charits￿: Statementof RecommÉnd8d Prarjicts appli(zble to charits•s pr•paTing Ihelr ac￿unIS
aceLYd8neewlh the Finanoal Re￿11￿￿ Standord appl￿ble In the United Kuwom and R8publlc of Iretond IFRS 102). Ch8rflt8s
2011 oftd UK G8n8fdItyA￿p1ed Practi¢B a5 it applie5 frDrn 1 January2Q19.
fthvaluè. The fin8n￿l 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 A￿￿￿tieS 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 ch*bwng 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 poSsIb￿l0 Ihe amow
eype¢t￿ to be dtstrlbuled. On these c*t4sitin$. th8 lagacylstreated as a co[￿ngenta$SetaTrJ dL8cknsed.
Invéstmént 5nEom•
IrNeslm@ni Inc(rng Is eamed throwjh t￿l￿g assets for invosbngnt wrpos88 such as 6hare$. It indud8s d￿deR￿S and intwesL 11 i
Indudaj th8 amount can b8 mea5wed reliably. Inigrg$t i￿Orne Is re¢trJnr6ed uslny the effer*ve 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 recrNw￿sad where Ilwe is a legal orwistructiveobfigatm to make Ps￿ents tothlrd parties. it k8 prOb3bletl￿t
th9 8ettlementtpllJ ba wuir•J th8 arn￿Mt 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
Tr￿se ca¥ts Incurred on th8 rthritaNo aLkn. including $upport¢O8ts and Msts rèlattnqto Ih8 9ovortwTh orth8 chorfty
8ppwtioned lo dwllablB acbvilte5.
Irr8covw*A8 VAT ￿ d]arg&l as an èxp8w againsttho acll?rityforwl*h 9xpw￿ltUr¥ ar￿0.
Grants p3yatrJe tothlftl parOB5 9￿With¢￿ the ¢harIta￿e0bJoCtI￿. Uncc￿dIbOnd granls Off￿8¢ Ihl&15 aC¢n￿ as
the recIp￿nI i8 notiffied of the grart a51Pus givos riso to a reascThble expectation that the rela￿e[rtWill recew8 the grants. Where grants
are eontt1lion￿ Mlating to I￿r(￿n￿ then the grant 1$ onlyaccnRd W￿rt èny unfulfiued r￿ndIt￿ 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 r*e and ￿ceNable orpaYa￿e￿lh1n oneyear 8re recorded atknnsKlon prf￿. t￿885
•ri%ng from imwnnontsro r¢ccwi¥ed in ¢xpendityrg.
Inveslmonls
Inv88tm8nts are recryn188d In11PaUy8tfalrvalu&whkh is nDrnWJyfh&transar*¢M prfc8 transacllon costs. ￿L￿qUEn￿. they
are measured at falr¥atuè with d￿ng#S recogntsèd in'nat gairts I110s88sI on Fn￿SIMo￿ts. in the SOFA If the shares 8rÈ putrfktytratsj
orthdrfakvalue can otheNAse be measured rellaNy. Olher Investmènts are m#asured aicost lèss imp8lrn￿l.
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 $GI￿JUle 6 FinarKeAct 2010 arKI IlteTefor8 it rn8￿ the deffin￿on ofa chori￿8 wpany for UK¢orp￿1Qn laK pur￿se&
Fund AEGothillM9
Unrestrithd lunds are awdlabltrfor use Btthe di5L¥etion afihB tn￿lee5 kn fUrtr￿ry ofthe 0blfjcD￿ ofthg tharity and whith
have not deslgnaled forolher purKK)ses.

The Nl¢lth John Tn￿1
Notssto the finandal Btatements
F¢r Ihgyearended 31 Iyecember 2020
2 Jn¢omefrom inv•stmonl•
2019
[m￿d￿ndS
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
RttIp￿nts 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 T￿￿te¢s. and knymaDagomenl porsonnol wemunarallon and expensos
The I￿￿tee3 nelther rocthd nor ajy Temuneration durho the year (2019.. £M)
Expen￿ were re1mbur￿l to one Tntstee amountir•J'lo£4012019'. £199 to Ttustwl.
8 Fl¥•d asg•t In¥ostments
LFstsd
Valuation
As at 1 January21J20
Addilions
DIspJ￿LE
R¢valuallon
AS at31 Do￿nber2￿0
1.561,917
387,394
1378R50)
AD
1.544.561
I￿61.917
367.394
1378.3511)
1A44561
Catyng amour
As al 31 Decernber2020
A8 at 31 DeceM￿r 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 b*n¢es at 31 December2020 ara represented by.
Unr¢s¢rlthd
lunds
fund$
Inv¢stsnents
Current ass
Current118bilhfes
Total not a580ts
1.544￿1
48.058
(5.1201
1.544561
14120)
12