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
C￿rIty 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
121￿124 Hl9h Street
Dorking
Surrey
RH4 1BB

THE NICHOLAS JOHN TRUST
CONTENTS
Page
Trustees. report
Inéependenl OKaminoVs rewrt
stat¢rnonl of flnanclal aC￿lIeS
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 D￿rnber2022.
The fjnanc101 staternent8 have been prepared in accordance the accountlng poncies Set out in note I to the
finanaal stat8￿ntS 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 p18nn*g lulura *cllville8 and Eettlng the 9rB Tht making forthe year.
The Twstees have pald due regard to guidance Issued by thg Charty CoMr￿SSIOn In de¢idln9 that 8cUvlh'8s tho
Charity $hould urMlert8k?.
Achievements and perfomwnce
The Trust has establlshed its grHnt maknng potlcy to achleve its oblecls for the PLknlic b8nefil. Grants weiè made In
line wilh this pcliGy during the year ¥s set oul In note 6 to the accounts.
Th8 Trn3t 15 in the proce85 i>f wlndlng up its activitrs, wh(ch is expecled to be complete by th8 end of 2024.
Thereforè. during 2022 8 numberof investments were granted to other partle5 as p*t of Ihe wlnd up prace88.
Flnanclal ￿vIeW
The Trustees are aware of th81r duty to appty Income funds ol the charty withkn a reasonable time of their receipt
and DI Ih? need to NStify ￿(0￿￿e r¢8erves. Investment Incorne reduced to £26,01812021.. £34.4701 ond the cosl
of charrtabte Increas￿ to £1.157.582 12021.. £113,840), du8 to a slgnrficant numbor grants made in thls
year. At 31 Decernber 2022, the level of total reseNes was £380.B2012021'. £1,550.6721. The Truslee$' pol*y 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
reSpr￿sibilitieS under the Charthe5 Acts 2011.
AdminlstrHllon of Ihe TnJ9t is car￿d out by the Tw8tee8, who make al deasiDns rdaJn9 to the acti￿1185 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, l￿dUd1nll some of the Organisa￿OnS 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 M￿1th5 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 stat￿t5 in accordan¢x wjth
the requlrornents of Ihe CharilesAcl 2011 Ilhe 2011 Acti.
I report in ￿SPect of ry exam￿a￿on 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 ￿n￿e￿T0￿ 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 rÉquffe￿￿nt5 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 a￿0$$ 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 gaIn￿￿O¥se5) on InveSt￿nts
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 aL￿￿tIeS 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 llabll1￿es
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 ben￿t entty a5 deffned by FRS 102. Ifs registgred office 1$ 213 lffley
Road, Oxfo￿. Unite¢ Kingd￿n. 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 appI￿atrAe 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 $ln¢e been withdrawn.
The tlnanclal slaternents 8re prepaTed In sierling, ￿lch Is the fundional C￿rrencY ol the Charity. Munetsry
amounts in these financial ststements are r¢unded to the nearest£.
Thé fflnanaal statements have been prepared wder the h18tDric￿ c05t convention. The princi)al au￿u￿11n9
pold•s adopted a￿ sel oul below.
1.2 Golng concem
The&e fjnancial staternents are prepared on a break-up basls. The TIu5tee$ 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￿$trICted funds 8rè avallable fDT Use Zt th¢ di5crnti¢)n of the Trustèès kn furlherance of charftsble
¢*iectives.
1.4 Incom?
Income Is recognlsed when the Gharity is ltsg81ty entitled to it after any perfmance condltions have been
met, the amounts can be measuréd rellabty, and ￿ is probable that heome will be rec8iV8d.
Leg￿10$
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 0￿881anS, 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 reC￿e paymBnt
s establlshed.

THE NICHOLAS JOHN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
Accoun￿n9 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 eC0￿MiC beneffts ￿11 be Tequired In settlement, and the amount of
the oblgation can be measured reliat*ty.
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 acu￿11￿$. incjudlfftg support costs and wsts relatlng to the
govemance of the ch￿ty 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 reC￿ve 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$8ction priGe excluding Iransad#?n Costs, and ar
subsequentSy mea5uTed at far value at each r￿arthU date. Changes in fair value are reco9ni8ed In net
incomellexpenditur81 forth& year. TTrnsactfjon costs are expen8ed as incurred.
1,7 Cash and Cash oquivalents
C8sh and ea5* equNalents include cash In hand, deposlts held at call with banks. other short-t8rm 114uid
nveSIn￿nts wllh original rnalUritl65 of three rnonths or kn58, and baNc overdrafts. 3ank ¢)verdTaft5 aTe shown
Wil￿.￿ borr()￿n0$ In current liabillUes.
1.8 Fln#nclal Instruments
The ChaTIty has elected to apply ihe p￿￿510n5 01 SèdDn 11 'Baslc Flnancial Instruments, and SeL*on 12
'other Flnandal Instrurnent8 Issue6, of FRS 102 to all of financ￿1 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 balan￿9, 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￿ p￿Sentsd 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 ￿)1￿8((0￿3 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 llabll1￿eS 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$.
The eslimates and undertying assumptions are revlewed lin an ongoing basls. Revlslon3 to accountiny
¢sllhtst&s are iecognlsed In p8rtod in which the estimats& is revk8ed where the revision affects only that
period, or In the pgriod of Ihe revision and future perfods wtriere the revlslon aff8Cts both CU￿ent and fulur8
periods. The￿ are no signiflcant accowting estim81es in the current finèncial period.
Inve8frnents
Un￿￿tricted Unrestrirxed
fund
funds
2022
2021
Dlvidends
Inte￿$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 aCti￿tIes (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
01her￿￿tr
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 ver￿1*elat1Dn was n￿re1h￿Tr £60,00D.
10 N¢1 qalnslllossesl on In¥e6tments
Unrostrl¢ted Unve3tri¢tsd
lunds
lund¥
2022
202
Revaluation of inveSt￿￿ntS
(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
Addi￿0￿¥
Valuatlon changes
Cash movements
Transfers
Disposal$
1,536,774
172.769
128,3081
138,055
($98,513)
1645,9931
31 Decen￿er 2022
674
Carrylng amount
At 31 December 2022
874
At 310ocember 2021
1,536.774
13 CredltOf4.' amounts fatling due wlthln one year
2022
Armjals And deferred thcome
5,594
5.365
14 Rel¥tBd party transa¢tlons
There were llD diSGIo$ab￿ related paty transactlons during Ihe year (2Q21- non81.