REGISTERED CHARITY NUMBER: 278844
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
FOR
THE OPPENHEIM-JOHN DOWNES MEMORIAL TRUST
UHY Calvert Smith Chartered Accountants Heritage House Murton Way Osbaldwick York North Yorkshire YO19 5UW
THE OPPENHEIM-JOHN DOWNES MEMORIAL TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Report of the Trustees | 2 to 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 to 8 |
| Notes to the Financial Statements | 9 to 15 |
THE OPPENHEIM-JOHN DOWNES MEMORIAL TRUST
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2020
TRUSTEES Antony Giles Gostwick Jonathan Lane O.B.E. Mary-Alice Stack John Newbegin (resigned 30/11/2020) Alexandra Sarkis (appointed 30/11/2020) PRINCIPAL ADDRESS 25 Melrosegate Heworth York North Yorkshire YO31 0RL REGISTERED CHARITY NUMBER 278844
INDEPENDENT EXAMINER UHY Calvert Smith Chartered Accountants Heritage House Murton Way Osbaldwick York North Yorkshire YO19 5UW SOLICITORS BDB Pitmans LLP 50 Broadway London SW1H 0BL FINANCIAL ADVISERS Charles Stanley & Co Ltd 55 Bishopsgate London EC2N 3AS
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THE OPPENHEIM-JOHN DOWNES MEMORIAL TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020
The trustees present their report with the financial statements of the charity for the year ended 31 December 2020. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
a. Objectives and Activities
The Trust was registered as a charity in 1979 to establish and maintain a scheme of awards to deserving artists of any kind, who by reason of their poverty, are unable effectively to pursue their vocation as such artists. Beneficiaries must be over 30 years of age and British citizens born within Great Britain, Northern Ireland, Channel Islands or The Isle of Man. The trustees have applied the Trust Fund and the income derived from it accordingly.
In general terms, the trustees consider applications for grants according to an annual cycle, applications being required before a closing date in October each year and decided at their annual meeting in December.
b. Selecting applicants and making awards
All applications to the Trust for 2020 were divided into six classifications: Visual arts, Creative writing, Music and performing arts, Crafts, Design and Film and digital media. One or another of the trustees screens each classification. Care is taken to ensure that all applications meet the qualification requirements contained in the governing document. The trustees make the final decision on awards at their annual meeting. The grants administrator monitors applications on behalf of the trustees and pays the grants after the meeting from the CAF bank account.
c. Public benefit Statement
The trustees have had regard to the Charity Commission's guidance on public benefit. The charity's aims are far reaching and for the public benefit. By making grants to individuals in accordance with this charity's aims the trustees are confident that their public benefit duty is fulfilled. The trustees also consider that there is no detriment, harm or private benefit that arises from carrying out the charity's aims.
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THE OPPENHEIM-JOHN DOWNES MEMORIAL TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020
ACHIEVEMENT AND PERFORMANCE
a. Achievements and performance
71 grants of £34,234 (2019: 55 of £33,781) were made to individuals following the Trust's December 2020 meeting. The Trust Funds were held in investments and cash. Income for the year in the form of dividends, royalties and interest payments amounted to £37,432 (2019: £43,373). Income for the year in the form of donations amounted to £1,120 (2019: £Nil).
b. Charitable Expenditure
The 2020 Grants were £34,234 (2019: £33,781). Support costs were £6,289 (2019: £5,571). Total charitable expenditure is therefore £40,523 (2019: £39,352).
c. Other Expenditure
Expenditure relating to the management, administration and governance of the Trust, amount to £8,943 (2019: £7,839), approximately 0.76% of the value of the total funds held at 31 December 2020.
d. Investment Policy
The appointed investment advisors are Charles Stanley & Company Investment Management. The performance of the funds is continually monitored by Charles Stanley & Company. The original Trust instrument imposed on the trustees very narrow powers of investment, however these powers have been significantly affected by the Trustee Act 2000. The trustees' policy, contained in a separate document aims for the preservation of the real value of the Trust Fund but with balance between income and capital growth.
FINANCIAL REVIEW
a. Reserves policy and Going concern
The trustees normally aim to spend the income from investments in any one year. In some years the applications have not justified expenditures to this level and the relevant surplus has been carried forward to the next period. The focus of investment policy has been adjusted to maintain a satisfactory balance between income and capital growth and the Trustees will, if appropriate, draw on reserves of accumulated income to meet demand in the current year. In present circumstances the current unrestricted reserves level of £59,641 is considered reasonable (2019: £61,552).
As anticipated the impact of Covid-19 took two forms: reduced investment income as a consequence of dividend cuts, and increased demand for financial support from artists and these effects are expected to continue in the current year. The Trust's financial reserves will assist in maintaining a degree of consistency in the levels of grant aid between one year and the next."
STRUCTURE, GOVERNANCE AND MANAGEMENT
a. Governing document
The Oppenheim-John Downes Memorial Trust is a registered charity governed by the terms of the Will dated 5 October 1969 of Geraldine Elsie Downes as amended by a Charity Commission Scheme dated 22nd August 2008.
b. Method of appointment or election of Trustees
Trustees are appointed by deed. By a deed dated 30 November 2020 John Newbegin retired and Alexandra Sarkis was appointed as a trustee in his place.
c. Trustees Induction and Training
New trustees are briefed on their legal obligations under charity law, the Charity Commission guidance on the public benefit, informed of the contents of the Will, decision-making processes, the business plan and recent financial performance of the charity. Before taking on the role they meet key advisors and other trustees. Trustees are encouraged to attend appropriate external training events where these facilitate the undertaking of their role.
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THE OPPENHEIM-JOHN DOWNES MEMORIAL TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020
Approved by order of the board of trustees on 30 September 2021 and signed on its behalf by:
Antony Giles Gostwick - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE OPPENHEIM-JOHN DOWNES MEMORIAL TRUST
Independent examiner's report to the trustees of The Oppenheim-John Downes Memorial Trust
I report to the charity trustees on my examination of the accounts of The Oppenheim-John Downes Memorial Trust (the Trust) for the year ended 31 December 2020.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Harry Howley ICAEW UHY Calvert Smith Chartered Accountants Heritage House Murton Way Osbaldwick York North Yorkshire YO19 5UW
Date: 14 October 2021
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THE OPPENHEIM-JOHN DOWNES MEMORIAL TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Investment income 3 Total EXPENDITURE ON Raising funds Charitable activities 4 Support Costs Grants Total Net gains on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds £ 1,120 37,432 38,552 - 6,229 34,234 40,463 - (1,911) 61,552 59,641 |
Endowment fund £ - - - 8,943 60 - 9,003 6,594 (2,409) 1,109,722 1,107,313 |
2020 Total funds £ 1,120 37,432 38,552 8,943 6,289 34,234 49,466 6,594 (4,320) 1,171,274 1,166,954 |
2019 Total funds £ - 43,373 |
|---|---|---|---|---|
| 43,373 7,839 5,571 33,781 |
||||
| 47,191 124,762 |
||||
| 120,944 1,050,330 |
||||
| 1,171,274 |
The notes form part of these financial statements
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THE OPPENHEIM-JOHN DOWNES MEMORIAL TRUST
BALANCE SHEET 31 DECEMBER 2020
| Notes FIXED ASSETS Investments 9 CURRENT ASSETS Cash at bank CREDITORS Amounts falling due within one year 10 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS |
Unrestricted funds £ 53,001 8,475 (1,835) 6,640 59,641 59,641 |
Endowment fund £ 1,107,313 - - - 1,107,313 1,107,313 |
2020 Total funds £ 1,160,314 8,475 (1,835) 6,640 1,166,954 1,166,954 |
2019 Total funds £ 1,153,720 19,334 (1,780) 17,554 1,171,274 1,171,274 |
|---|---|---|---|---|
The notes form part of these financial statements
continued...
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THE OPPENHEIM-JOHN DOWNES MEMORIAL TRUST
BALANCE SHEET - continued 31 DECEMBER 2020
| FUNDS 11 Unrestricted funds Endowment funds TOTAL FUNDS |
59,641 1,107,313 1,166,954 |
61,552 1,109,722 1,171,274 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 30 September 2021 and were signed on its behalf by:
Antony Giles Gostwick - Trustee
Jonathan Lane O.B.E. - Trustee
Mary-Alice Stack - Trustee
Alexandra Sarkis - Trustee
The notes form part of these financial statements
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THE OPPENHEIM-JOHN DOWNES MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Income from donations is recognised when receivable.
Royalties are recognised when receivable in accordance with the substance of the relevant agreement.
Dividends are recognised when the shareholder's right to receive payment is established, although at the year end if the dividend is due but not received (i.e. it is ex-dividend) it is not included in these accounts, it will be shown in the subsequent year when received.
Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs, involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.
Support costs are those costs incurred directly in support of expenditure on the objects of the charity.
Fund-raising costs are those costs incurred in seeking voluntary contributions, trading activities and the management of investments.
Grants payable are charged in the year when the trustees have made a decision to pay a grant and it has been communicated to the recipient. Where the offer is conditional, such grants are recognised as expenditure when the conditions attached are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds are those funds which the trustees are free to use in accordance with the charitable objectives. The Expendable Endowment Fund represents those assets which are held for the longer term of the Trust, in accordance with the terms of the Trust deed. Income arising on the Expendable Endowment Fund can be used in accordance with the objects of the Trust and is included in the Unrestricted Fund. As an Expendable Endowment, capital can also be spent in certain circumstances in fulfilment of the Trust's objectives. Any capital gains or losses arising on the investments held in the Expendable Endowment Fund form part of the fund.
continued...
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THE OPPENHEIM-JOHN DOWNES MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
1. ACCOUNTING POLICIES - continued
Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the balance sheet date, unless fair value cannot be measured reliably, in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading 'net gains on investments' in the Statement of Financial Activities. Fair value is determined on the basis of the portfolio valuation of the investment, provided by Charles Stanley.
Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.
2. DONATIONS AND LEGACIES
| DONATIONS AND LEGACIES | |||
|---|---|---|---|
| 2020 | 2019 | ||
| £ | £ | ||
| Donations | 1,120 | - |
A donation was received in the year from Coventry University for £1,120, to the purpose of providing funding to artists through the vehicle of the trust.
3. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 2020 | 2019 | |
| £ | £ | |
| Investment Income | 37,432 | 43,373 |
4. ADMINISTRATION AND SUPPORT COSTS
| Investment management charges Independent examination fees Bank charges Grant administrator's fees Grant administrator's expenses Professional fees |
Costs of generating funds £ 8,943 - - - - - 8,943 |
Charitable activities (support costs) £ - 1,835 60 3,200 624 570 6,289 |
2020 £ 8,943 1,835 60 3,200 624 570 15,232 |
2019 £ 7,839 1,784 60 3,200 527 - |
|---|---|---|---|---|
| 13,410 |
continued...
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THE OPPENHEIM-JOHN DOWNES MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2020 nor for the year ended 31 December 2019.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2020 nor for the year ended 31 December 2019.
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Investment income EXPENDITURE ON Raising funds Charitable activities Support Costs Grants Total Net gains on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds £ 43,373 - 5,511 33,781 39,292 - 4,081 57,471 61,552 |
Endowment fund £ - 7,839 60 - 7,899 124,762 116,863 992,859 1,109,722 |
Total funds £ 43,373 7,839 5,571 33,781 |
|---|---|---|---|
| 47,191 124,762 |
|||
| 120,944 1,050,330 |
|||
| 1,171,274 |
continued...
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THE OPPENHEIM-JOHN DOWNES MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
7. GRANTS
| Visual Arts - sculpture, painting and/or printmaking Creative Writing - poets, novelists, librettists and creative writers of any other kind Music and Performing Arts - musicians, composers, conductors, actors, dancers Crafts - including ceramics, glass, textiles, conservation, architecture and cultural heritage Design - fashion, product design, innovation Film and Digital Media - including photography and other media |
2020 £ 4,234 500 18,950 1,550 1,000 8,000 34,234 |
2019 £ 7,895 5,580 11,953 1,095 1,250 6,008 33,781 |
|---|---|---|
All grants paid in the year were to individual beneficiaries.
8. INDEPENDENT EXAMINER'S REMUNERATION
The independent examiner's remuneration amounts to an independent examination fee of £1,835 (2019: £1,780).
9. FIXED ASSET INVESTMENTS
| MARKET VALUE At 1 January 2020 Gains/(losses) on investments At 31 December 2020 NET BOOK VALUE At 31 December 2020 At 31 December 2019 |
Listed investments £ 1,153,720 6,594 1,160,314 1,160,314 1,153,720 |
|---|---|
Included in fixed asset investment is a balance of £76,658 held outside the UK.
Material Investments
Investments which are valued at more than 5% of the value of the portfolio are:
| Baillie Gifford JP Morgan Rio Tinto |
31 December 2020 £ 66,240 61,067 65,640 192,947 |
31 December 2019 £ - - - - |
|---|---|---|
continued...
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THE OPPENHEIM-JOHN DOWNES MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
| 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 11. MOVEMENT IN FUNDS Unrestricted funds General fund Endowment funds Endowment funds TOTAL FUNDS Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 38,552 Endowment funds Endowment funds - TOTAL FUNDS 38,552 Comparatives for movement in funds Unrestricted funds General fund Endowment funds Endowment funds TOTAL FUNDS |
At 1/1/20 £ 61,552 1,109,722 1,171,274 Resources expended £ (40,463) (9,003) (49,466) At 1/1/19 £ 57,471 992,859 1,050,330 |
2020 £ 1,835 Net movement in funds £ (1,911) (2,409) (4,320) Gains and losses £ - 6,594 6,594 Net movement in funds £ 4,081 116,863 120,944 |
2019 £ 1,780 At 31/12/20 £ 59,641 1,107,313 1,166,954 Movement in funds £ (1,911) (2,409) (4,320) At 31/12/19 £ 61,552 1,109,722 1,171,274 |
|---|---|---|---|
continued...
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THE OPPENHEIM-JOHN DOWNES MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
11. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Endowment funds Endowment funds TOTAL FUNDS |
Incoming resources £ 43,373 - 43,373 |
Resources expended £ (39,292) (7,899) (47,191) |
Gains and Movement losses in funds £ £ - 4,081 124,762 116,863 124,762 120,944 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Endowment funds Endowment funds TOTAL FUNDS |
At 1/1/19 £ 57,471 992,859 1,050,330 |
Net movement in funds £ 2,170 114,454 116,624 |
At 31/12/20 £ 59,641 1,107,313 1,166,954 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 81,925 | (79,755) | - | 2,170 |
| Endowment funds | ||||
| Endowment funds | - | (16,902) | 131,356 | 114,454 |
| TOTAL FUNDS | 81,925 | (96,657) | 131,356 | 116,624 |
continued...
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THE OPPENHEIM-JOHN DOWNES MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
11. MOVEMENT IN FUNDS - continued
Analysis of net assets between funds:
| Fixed asset investment Current assets Creditors due within one year |
Unrestricted funds 2020 £ 53,001 8,475 (1,835) 59,641 |
Endowment funds 2020 £ 1,107,313 - - 1,107,313 |
Total funds 2020 £ 1,160,314 8,475 (1,835) 1,166,954 |
Total funds 2019 £ 1,153,720 19,334 (1,780) 1,171,274 |
|---|---|---|---|---|
12. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2020.
13. FINANCIAL INSTRUMENTS
| Carrying amount of financial assets Measured at fair value through net income / expenditure |
2020 £ 1,160,314 |
2019 £ 1,153,720 |
|---|---|---|
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