Charlty Nglstrallon number 1059847 THE NICHOLAS JOHN TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
THE NICHOLAS JOHN TRUST LEGAL AND ADMINISTRATIVE INFORMATION Ms J Mufphy Mrm E Wsbjder Prol N E C[k Ms C F L8slie MIS E J Martineau Ms A M ADepaul CrIty numbpr{England and Walo81 1059847 Rggl$t•f•d offlco 213 lffley Road Oxford Unlted Klngdom OX4 1EN Indtpendeni exarniner Critchleys Audit LLP Beaver House 23-38 Hythe Bridg¢ Slrcet Oxford OX12EP 88nk•rs Uoyds 121124 Hl9h Street Dorking Surrey RH4 1BB
THE NICHOLAS JOHN TRUST CONTENTS Page Trustees. report Inéependenl OKaminoVs rewrt stat¢rnonl of flnanclal aClIeS 8818n sheet Notes lo the fin8nclal Btatements
THE NICHOLAS JOHN TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 The Trustee6 present their report and finandal statèrnents forthe yéar anded 31 Drnber2022. The fjnanc101 staternent8 have been prepared in accordance the accountlng poncies Set out in note I to the finanaal stat8ntS and compty with the Charity'3 gDveinlng document. the Charftles Acl2011 gnd 'Aceountkng and Reporting by Chaiities.. Staternent of Recommended Pr8elice applrAble to charibes preparing their account5 cordance with the Financial Reporting Slandard appllcable in Ihe UK and Republic of Ireland IFRS 1021" leffed 1 January 20191. ObJ•ctlvo¥ and a¢tlvltlo11 The rnain obl8¢tlve of the Trust Is the promotlon and ?ncouragernent of operatic art and In particular the fundlng of scholarsklps lo students p¥eparing for 8 G8reer as a singer, director or dramaturg. It athieves Ihits through grant making. The Trustees conffiwm that they have complled th the duty h 5ectivn 17151 Of the Charltie8 Aci 2011 to have due regard to Ihe public benefil guidanr publl&hed by Ihe Charity ConNrI55i0n when reviewlno the TruGfs alms and obleclbtss and In p18nng lulura cllville8 and Eettlng the 9rB Tht making forthe year. The Twstees have pald due regard to guidance Issued by thg Charty CoMrSSIOn In de¢idln9 that 8cUvlh'8s tho Charity $hould urMlert8k?. Achievements and perfomwnce The Trust has establlshed its grHnt maknng potlcy to achleve its oblecls for the PLknlic b8nefil. Grants weiè made In line wilh this pcliGy during the year ¥s set oul In note 6 to the accounts. Th8 Trn3t 15 in the proce85 i>f wlndlng up its activitrs, wh(ch is expecled to be complete by th8 end of 2024. Thereforè. during 2022 8 numberof investments were granted to other partle5 as pt of Ihe wlnd up prace88. Flnanclal vIeW The Trustees are aware of th81r duty to appty Income funds ol the charty withkn a reasonable time of their receipt and DI Ih? need to NStify (0e r¢8erves. Investment Incorne reduced to £26,01812021.. £34.4701 ond the cosl of charrtabte Increas to £1.157.582 12021.. £113,840), du8 to a slgnrficant numbor grants made in thls year. At 31 Decernber 2022, the level of total reseNes was £380.B2012021'. £1,550.6721. The Truslee$' poly is to appty incDme and capital within Iheir powers to meet anticipalad charitable expenditure. The charity Sold th• majotty of rfs investments during the ¥r. The Trustees held the asset$ of the trust In accudance with their powers durffjg the yèar. Tha Trustees have ab501ute dlsuetlon to'lnvesl the fvnds of the Twust., no restrlcllons are on these power5. The Trusl¢es' policy for the seleGUon of Inve5trnents for the charity is to Seek ttj prothjce maxlmum overall returns (whether c4)Ital or incorn21. They are ¥Mlliny to attepl a modprate degree of risk within the portfolio. It Is th8 polcy ol Ihe Charity Ihat unre8trkted funds wNch have not been deslgnatèd for a specific use should be tnalntalned al a level equivalent to betsveen three and &ix month's expenditwe. The Truslees consider that re56rves al this level wlll ensure that, in the &venl of s 5ignlfjcant drop in funding, they wll be awe to contlnue the Charty5 current a£tivib8s whle conslderatlon 18 glven to way5 In ¥thlch addilknnal fvnds may be ruised. This level of fesEf¥ES ha8 bEEn malntalned throu9hout the year. The Trustees have asse$sed the major rtsk8 10 1¢ Ihe Chaitty 18 exposed, and are satisfied that 8yStems are In plaee tc mitigate exposure to the majgr risks.
THE NICHOLAS JOHN TRUST TRIJSTfES' REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Structurei govern•nEe and management The Nichola$ John Trust was established under 8 Tru#t dEed on 13 NovambeT 1988. New TftJst&es ore appolnled èltherlo fill a casual vacancy or by way of addition to the Board. P8rtr¢ulg1 emph8515 is pkced upon the appointrnent of Trust&85 th knDwledge and èXpQrfen relevantto the Trust's charitable actwilies. en new Trustees are appolnled they are glven an introduction to the work ol Ihe Trust and provlded wth the infonNation they need to fulfil their rolés. whlc Includes infumal)n about the role of the Trustees and theiF reSprsibilitieS under the Charthe5 Acts 2011. AdminlstrHllon of Ihe TnJ9t is card out by the Tw8tee8, who make al deasiDns rdaJn9 to the acti1185 of the Trust. The Trustees meet at least once a year. The Trustees who Served durkng Ihe ye8rand up to the date ol $ignWre tsf tho financial slaternents wer¢.. Ms J Murphy MrMEwsiud Prol N E Cronk M6 C F L¢slte Mrs E J Martbnaau Ms AM A Dep8ull8 Future plan# Th8 Trustoes have decid4d to wlnd up th• activittes of th8 Trust and di6tribute it6 86set6 to benefjciarie8 pem?itted by 1tg objLbclive3, ldUd1nll some of the OrganisaOnS it ha5 5upporied in the past. The TrusleB5 intend that thL% should be achieved no later Ihan 31 Oecember2024. These finatKial slat8ment5 have b88n prepare¢J on a br88k-up ba515, bècause the tharity Is not re85Dnabty expected to corEtinue to operate for a period of 8t 128St 12 M1th5 frorn the dale of approval af Ihe financial $tatsm8ntS. Th¢ Trutst6os' report wa6 approvad ty Ihe Bosrd ofTrus1e. Ms J Murphy Trustee
THE NICHOLAS JOHN TRUST CRITCHLEYS INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE NICHOLAS JOHN TRUST I report to th& Trusle88 on my ex8mlnation ol the statements of The Nicholas John Trust (the Charity) for the y8ar ended 31 December 2021 ReBponglbilitie8 and basls of mport As the Trustees of the Charity you are responslble fof the preparation olth• financial statt5 in accordan¢x wjth the requlrornents of Ihe CharilesAcl 2011 Ilhe 2011 Acti. I report in SPect of ry examaon of the CharftV8 In8n¢ial $t8tements ¢arried out undef Section 145 af the 2011 Act. In carrying out my examiftatlon I have follcvwed Bll the applicable Directlons gl¥en by the Charity ComNssion under section 14515llbl of the 2011 A Indopendont oxamlnorfg statement I have completed my examlnatlan. I confirm that no matters have come to my thntion in neT0 with the examination giving tne Gause to believe that any material respect.. artiwjnling records were not kept Ir¢ respect of the Charity as requifed by sectlon 130 of the 2011 Act,. or the financlal slalement8 do not accord wlth thosé rèeords., or the ffnanual stalernents do not Comp knilh the applicable rÉquffent5 concernlng the form and content ol accounts set otjt in the Charit195 IAGcounts and R&portsl Regulations 2008 otherthan any requirement that the glve 8 true anrl falr view whith Is not a mattèr Conside as part of an ind¢pgndent examfnation. I have ne concerns and have come a0$$ no other matters in connection wth the exarninalion lo which attention should be drawn In this re rt in order lo enable a proper undersianding ofthe fln8nclal Statements to be reached. Gary Pready FC Ciitchleyts Audit LLP BeAver House 2>38 Hyth8 Brldge Stre•t Oxford OX12EP D8led.'
THE NICHOLAS JOHN TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR TrfE YEAR ENDED 31 DECEMBER 2022 Unrpstrleted Unrp5tAtted lunds fund 2022 2021 Not Ineomg fro Inv8stsnents 28.018 34.47Q Ralsing fui)d8 9,980 12,165 Charitable activities 1,157,582 113.940 Totsl èxptrn(lltuM 1,t87,5e2 126,105 Nel gaInO¥se5) on InveStnts 10 PB,3081 54,808 Net movement In funds 11.169,852) I,827> Fund balanceÉ at 1 January 2ry22 1,550,672 1.587,499 Fund balonc8s at 31 Dpcember 202Z 380,82D 1,550.872 The gtatsnient of financtal advltles includes gakns and losses rety)wi¥ed In the [. Al Income and exppndtture d8rfve from aLtIeS are in Ihe kYOtes8 of belng d5continued.
THE NICHOLAS JOHN TRUST BALANCE SHEET AS AT31 DECEMBER 2022 2022 2021 Note8 Flxed assets Investments 12 1,536,774 Current a55018 Inve51fflents Gash at bank and h hand 674 385,740 19,283 386,414 19,263 dStors'. amounts lalllng due vlthlTh one year 13 15.5941 16.3651 Nel current assets 3BO.820 13,898 Total 2s¥e*s less current llabll1es 380,820 1,550.672 Incorne funds Unrestricted funds 380.920 1.5so.872 38Q.820 1,550.872 The financial statetnents were approved by the TWust$ on... Ms J Murphy Trustee
THE NICHOLAS JOHN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEAIBÈR 2022 Aceountln9 pollcle6 Charity infomiat¥on The Nicholas John Trust Is a public bent entty a5 deffned by FRS 102. Ifs registgred office 1$ 213 lffley Road, Oxfo. Unite¢ Kingdn. OX4 1 EN. 1.1 Accountlng convention The fthBn¢ial 8talemenls have been rffep8red in accordance with the Charty's Twst Deed, the Charllies Act 2011, FRS 102 "The Flnanaal Reporting Stand3ré appIatrAe in the UK and Republic of Ireland" CFRS 1021 and the Charitles SORP 'AccounUng and Reporting by Charilles.. S18tement ol Recommended Pr8Ctice appIC8b to charflles pr8P81ing their accounts in accxjrdance bwth the Flnanci61 RÈporting Standard applicab in the UK and Republic of Ireland IFRS 1021. lelfecdve 1 January 20191. The CharÈty Is a Publlc BeTrefit Entty as d8fined by FRS 102. The Charity ha5 taken a¢Jvsntage of the prow5i0ns in the SORP for tharlties not ID prèp8re a 81atsment of Cash Flows. The flnanci81 statements have departed from the Charities (Accounts and Reports) Regulations 2008 onty to the ¢xtent requlred to provlde a true and faiT view. Thi8 departure has Involved folh)wlng the Slat?menl of Recommended Practlce for charitl8s applying FRS 102 rather than th8 version of the Statement of RerA)mmend¢d Piacticè which Is referred to the Regulalons buiwhlch has $ln¢e been withdrawn. The tlnanclal slaternents 8re prepaTed In sierling, lch Is the fundional CrrencY ol the Charity. Munetsry amounts in these financial ststements are r¢unded to the nearest£. Thé fflnanaal statements have been prepared wder the h18tDric c05t convention. The princi)al auu11n9 pold•s adopted a sel oul below. 1.2 Golng concem The&e fjnancial staternents are prepared on a break-up basls. The TIu5tee$ do not have a reasonable expectation that the Gharlty wlll contlnue in operatlonal existence for the lore8eeab18 future due to it being waund up by Decernber 2024. The mÉjorty of the inveslrnents hwe be•n Gold and donated. The 5rnall amount of iThvestments remalnkng Br? M5ted as current assets. 1.3 Charftabl• fund8 UDre$trICted funds 8rè avallable fDT Use Zt th¢ di5crnti¢)n of the Trustèès kn furlherance of charftsble ¢*iectives. 1.4 Incom? Income Is recognlsed when the Gharity is ltsg81ty entitled to it after any perfmance condltions have been met, the amounts can be measuréd rellabty, and is probable that heome will be rec8iV8d. Leg10$ For legades. entmlement Is the earlier of Ihe charty being no11fl8d of a Impendin9 di%lfibulion or the legaGy being rec•ivèd. At Ihls prAnt incotne is recognised. (kn occasion IEgyEies will b¢ notified to the ¢harlty oW¢r it l¥ not Posslble to measure the amount expected lo be dl8tributEd. On these 0881anS, the legaGy treated as a GonUngenl asset ané disclosed. Investment Incomo Investrntnt Income Is eamed Ihiough hokling assets for InvestsHent purposes Swh as Shares. It Indudes dividends and Interest. It15 included when the amunt can be me8sured renably. Intere51 rncome Is recognised Using the effecllve interest rn•thDd 8nd dlvldend income is recognlsed a5 the tharily'5 T]hI to reCe paymBnt s establlshed.
THE NICHOLAS JOHN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Accounn9 pgllebeB Iconlinuedl Expenljlture Exp8ndlture Is recognised once there 1$ a legal or tonslructlve oblluation to tr8ntsfer economlc bènofft to third party, rt 18 probable Ihat 0 tian5fer of eC0MiC beneffts 11 be Tequired In settlement, and the amount of the oblgation can be measured reliatty. Cost ol ralslng funds Thi5 cludeS all expendilure incurred by the charity to rwse ful$ for tts chanlable wrposes. Expendlture on charltable activities These aTe costs incurred on the charlable acu11$. incjudlfftg support costs and wsts relatlng to the govemance of the chty apportloned to eharitaèle 8cU¥ltiès. Gvants Grants payable to thlrd partl•s are Wihln Ihè thoril3ble oblertives. uncondthonal grants are offerBd. thls Is Hccrued a8 soon a8 the recipient 15 notified ¢1 the giant, as this gNes rise to a reasonable expectatlon that the recipient will reCve th8 grants. VQhero grants a condttional Iplallllg to FgrfDrmance Ihen the grant 15 onty accrued when any unfulfiN8¢ wndltlons Dvtslde ot the Gontrol of the charity. 1.6 Flxed agSFt Inve¥tmei Fixed 8sset Investsnents artr Inlllalty rfteasured 8t Irgn$8ction priGe excluding Iransad#?n Costs, and ar subsequentSy mea5uTed at far value at each rarthU date. Changes in fair value are reco9ni8ed In net incomellexpenditur81 forth& year. TTrnsactfjon costs are expen8ed as incurred. 1,7 Cash and Cash oquivalents C8sh and ea5 equNalents include cash In hand, deposlts held at call with banks. other short-t8rm 114uid nveSInnts wllh original rnalUritl65 of three rnonths or kn58, and baNc overdrafts. 3ank ¢)verdTaft5 aTe shown Wil. borr()n0$ In current liabillUes. 1.8 Fln#nclal Instruments The ChaTIty has elected to apply ihe p510n5 01 SèdDn 11 'Baslc Flnancial Instruments, and SeLon 12 'other Flnandal Instrurnent8 Issue6, of FRS 102 to all of financ1 Instrumert5. Flnanclal instruments are reo)gnlsed kn the Chartys balance sheet when Ihe Charlty becoffles party to the ntractual prov15ion¥ of the kn8lrument. Financial a$set5 and Iiabiliti'e5 are off8e( wtth the net amount5 presented In the finan slalements. whon there Is a legally enforGeable rKJhtto set olf the Tecagni5ed amounts and there Is an Intenthon to Sett on a net ba818 orto realise the a55et an¢J 5etUe the liablity simuttaneousty. Baslc Ilnanchl a$¥els Basic financkql assets, whic Indude debtors and cA5h and b&nk balan9, Bre Inil8lty rneasur•d at tran$adon p¢0 including tr8n88Ction costs 8nd ore subsequentty carried bt atTr)rtised c05t Uslng the effeclNE interest method unless the arrangem8nt constilul8s a financing Iransaction. where the trdnsa¢tlon 16 measured at the pre6ent value of the luture recelpts dlscounled at 8 rnartet rats of Interesl. Finandal assets dasslfled aj receivable wIlh one year are not amorts5e¢J.
THE NICHOLAS JOHN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Accounting pollcle5 ICvntlnu•d) Bask financlalllabllltles Basic finanaal liabilities, Inckjdlng creditor$ And bank loans aro Inttlalty recognised at tsnsacllon prfce unlèss the arrar¥3ement constilutes a financing Iran$acllon, where Ihe debl Instrurnenl18 measured Bt the presont walug of Ihe future payments dlscounted 8t a markal fate of interest Financial l¢abllltles dassified as payable vAlhin one year 8re not amortised. Trade creditors are Dbligations lo pay for goods or services Ilial have been acquire(S Sn the Ordinary course ol operntions from suppliers. Arnounts payable are classlfied a$ current Ilabililles rf payment is due thIn ono ye8r or less. If not. Ih•y a pSentsd as norKurrent labilllle8. Tr8de creditor5 are recognlsed Inlti8lly at tran&action prlce and 5ubsÈquently measured at amortised CDSI using the effective interest rnethod. Dem.cognltion of li•Janelal Ilabllhl¢s Financlal liabilties are derecognised the Ch$ ¢onlraclual )18((03 expire gr are dlstharged or eancelled. Crltlcal •¢counting estirnate8 and Judgemen¢9 In tlie appllcation of thè Charity's a¢counting poliaB5, tha TwstÈes arè required to make ludgemenl8, estimates and assumptions about the canyfjng amount o188S8ts and llabll1eS that ar¢ not r8adlly apparÉnt from other sources. The estimates and assauated assumptions are base(J on hislori(xl experien gnd olher factus that are con51dEr8d to be relevant. AGtual rp5uts Inay diff¢r frorn these eslimale$. The eslimates and undertying assumptions are revlewed lin an ongoing basls. Revlslon3 to accountiny ¢sllhtst&s are iecognlsed In p8rtod in which the estimats& is revk8ed where the revision affects only that period, or In the pgriod of Ihe revision and future perfods wtriere the revlslon aff8Cts both CUent and fulur8 periods. The are no signiflcant accowting estim81es in the current finèncial period. Inve8frnents Untricted Unrestrirxed fund funds 2022 2021 Dlvidends Inte$t 22,876 3.142 34,47D 26.018 34.470 Ral8iny funds Unr88trlcted Unrestrf¢ted lund$ funds 2022 2021 Investment man8uèm8nt 9,980 12,165 9,980 12,165
THE NICHOLAS JOHN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Charltable 8ctlvlti Total 2021 2022 Grallt fundlrtg of aCtitIes (see note 81 1,154.411 111,500 Sharo of support costs (see note 71 Share of governance ¢osts15ee note 7) 136 3,035 2,376 1,157,582 113.94 Grants p2y8ble Totrl 2022 Tot81 2021 NalTonal Opera Slud#) oane Square Choral Sociely London Song Festiv Oxfor(S LiedEr Fesllval Morley College Carice Slngers ENO HaTewood ArtiBls Progranwn• Scherzo Ensemble BSrmingham Oper? Pushkin House Trust Waterperry Oper8 F88tival Shlpton Song FestNal 1.097,291 2,200 3.000 10.000 11,320 60,0 1,100 2,000 10,000 5,150 3,000 20.000 5,000 3.500 1.750 10.000 10.tNJo 10.OOD 800 1,154,411 111,500
THE NICHOLAS JOHN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Support ¢osts Support Govem8n¢o ¢osts Osts 2022 Support Oovernance eost• osts 2021 01hertr 136 136 Independent Exanlnee fre8 3,035 3.036 2,376 2,378 3,035 3,171 2,378 2,440 Amtysed belw8en Charitable actlvlt185 136 3,035 3.171 2.376 2,440 TrustM8 None Df the Trustees lor any persons eonnected with Ih8rn1 recewed any Temuneratw)n or ben8ffits trom the Charity during thp year, Expenses ware resmbwsed lo oneTr? amunting to £12012021.. £29 to on¢ Trusteel. Employees 2022 Number 2021 Numtser Toial Therewere no 8rnplt)yeeswho$e anrnjal ver1*elat1Dn was nre1hTr £60,00D. 10 N¢1 qalnslllossesl on In¥e6tments Unrostrl¢ted Unve3tri¢tsd lunds lund¥ 2022 202 Revaluation of inveStntS (28,3081 54.B08 11 Taxat14)n The charity 15 exompt from lax on Income and galns f41ing within ¥ection 505 of Ihe T¥xE5 Aei 1988 or 8ection 252 olthe Taxatlonof Chargeable Gakn6Ad 1992 to the ext•nt thaith86e are aWiod to Ils thxrilBblg obieGts. 10-
THE NICHOLAS JOHN TRUST NOTES TO THE FINANCIAL 8TATEMEKfs ICONTINUEO) FOR THE YEAR ENDED 31 DECEMBER 2022 12 Fixed a5681 Inv0Stm•nts Llgted Inv(mentS Cost orvaluation Al 1 January 2022 Addi0¥ Valuatlon changes Cash movements Transfers Disposal$ 1,536,774 172.769 128,3081 138,055 ($98,513) 1645,9931 31 Decener 2022 674 Carrylng amount At 31 December 2022 874 At 310ocember 2021 1,536.774 13 CredltOf4.' amounts fatling due wlthln one year 2022 Armjals And deferred thcome 5,594 5.365 14 Rel¥tBd party transa¢tlons There were llD diSGIo$ab related paty transactlons during Ihe year (2Q21- non81.