2022-12-31-accounts

REGISTERED CHARITY NUMBER: 278844

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

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 2022

	Page
Reference and Administratve Details	1
Report of the Trustees	2 to 3
Independent Examiner's Report	4
Statement of Financial Actvites	5
Balance Sheet	6 to 7
Notes to the Financial Statements	8 to 14

THE OPPENHEIM-JOHN DOWNES MEMORIAL TRUST

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2022

TRUSTEES	Antony Giles Gostwick
	Jonathan Lane O.B.E.
	Mary-Alice Stack
	Alexandra Sarkis
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 2022

The trustees present their report with the financial statements of the charity for the year ended 31 December 2022. 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 2022 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.

ACHIEVEMENT AND PERFORMANCE

a. Achievements and performance

103 grants of £62,331 (2021: 69 of £40,862) were made to individuals following the Trust's December 2022 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 £36,554 (2021: £37,873). Income for the year in the form of donations amounted to £31,250 (2021: £Nil); this including Gift Aid claimed of £6,250.

b. Charitable Expenditure

The 2022 Grants were £62,331 (2021: £40,862 - less £2,150 grants unclaimed by beneficiaries reversed in the year). Support costs were £6,915 (2021: £7,065). Total charitable expenditure is therefore £69,246 (2021: £45,777).

c. Other Expenditure

Expenditure relating to the management and administration of the Charity's investment portfolio amount to £1,703 (2021: £11,528), approximately 0.15% of the value of the total funds held at 31 December 2022.

d. Investment Policy

The appointed investment advisors are Charles Stanley & Company Investment Management. 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.

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THE OPPENHEIM-JOHN DOWNES MEMORIAL TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

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 £53,471 is considered reasonable (2021: £58,906).

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. There were no changes of Trustee during the year.

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.

Approved by order of the board of trustees on 7 October 2023 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 2022.

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:

1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or

2. the accounts do not accord with those records; or

3. 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

UHY Calvert Smith Chartered Accountants Heritage House Murton Way Osbaldwick York North Yorkshire YO19 5UW

Date: 9 October 2023

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THE OPPENHEIM-JOHN DOWNES MEMORIAL TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022

Notes INCOME AND ENDOWMENTS FROM Donatons and legacies 2 Investment income 3 Total EXPENDITURE ON Raising funds Charitable actvites 4 Support Costs Grants Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD	Unrestricted funds £ 31,250 36,554 67,804 - 6,915 62,331 69,246 (3,993) (5,435) 58,906 53,471	Endowment fund £ - - - 1,703 - - 1,703 (88,206) (89,909) 1,197,747 1,107,838	2022 Total funds £ 31,250 36,554 67,804 1,703 6,915 62,311 70,949 (92,199) (95,344) 1,256,653 1,161,309	2021 Total funds £ - 37,873 37,873 11,528 7,065 38,712 57,305 109,131 89,699 1,166,954 1,256,653

The notes form part of these financial statements

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THE OPPENHEIM-JOHN DOWNES MEMORIAL TRUST

BALANCE SHEET 31 DECEMBER 2022

Notes FIXED ASSETS Investments 10 CURRENT ASSETS Debtors 11 Cash at bank CREDITORS Amounts falling due within one year 12 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS	Unrestricted funds £ 46,121 6,334 4,915 11,249 (3,899) 7,350 53,471 53,471	Endowment fund £ 1,107,087 - 751 751 - 751 1,107,838 1,107,838	2022 Total funds £ 1,153,208 6,334 5,666 12,000 (3,899) 8,101 1,161,309 1,161,309	2021 Total funds £ 1,255,463 - 4,984 4,984 (3,794) 1,190 1,256,653 1,256,653

The notes form part of these financial statements

continued...

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THE OPPENHEIM-JOHN DOWNES MEMORIAL TRUST

BALANCE SHEET - continued 31 DECEMBER 2022

FUNDS 13 Unrestricted funds Endowment funds TOTAL FUNDS	53,471 1,107,838 1,161,309	58,906 1,197,747 1,256,653

The financial statements were approved by the Board of Trustees and authorised for issue on 7 October 2023 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 2022

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 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 Endowment fund can be used in accordance with the objects of the Trust and is included in the Unrestricted Fund. Any capital gains or losses arising on the investments held in the 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 2022

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.

Financial instruments

As noted above, the charity's investments are included at fair value. All other financial instruments are stated at amortised cost.

2. DONATIONS AND LEGACIES

3.

Donatons Gif aid INVESTMENT INCOME Investment Income Bank interest	2022 £ 25,000 6,250 31,250 2022 £ 36,518 36 36,554	2021 £ - -
		-
		2021 £ 37,873 -
		37,873

4. ADMINISTRATION AND SUPPORT COSTS

Investment management charges Independent examinaton fees Bank charges Grant administrator's fees Grant administrator's expenses Sofware costs	Costs of generatng funds £ 1,703 - - - - - 1,703	Charitable actvites (support costs) £ - 2,070 128 4,000 297 420 6,915	2022 £ 1,703 2,070 128 4,000 297 420 8,618	2021 £ 11,528 1,925 133 3,867 636 504
				18,593

continued...

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THE OPPENHEIM-JOHN DOWNES MEMORIAL TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

5. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.

6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM Investment income EXPENDITURE ON Raising funds Charitable actvites Support Costs Grants Total Net gains on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD	Unrestricted funds £ 37,873 - 7,065 38,712 45,777 7,169 (735) 59,641 58,906	Endowment fund £ - 11,528 - - 11,528 101,962 90,434 1,107,313 1,197,747	Total funds £ 37,873 11,528 7,065 38,712 57,305 109,131 89,699 1,166,954 1,256,653

continued...

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THE OPPENHEIM-JOHN DOWNES MEMORIAL TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

7. GRANTS

Visual Arts - sculpture, paintng and/or printmaking Creatve Writng - poets, novelists, libretsts and creatve writers of any other kind Music and Performing Arts - musicians, composers, conductors, actors, dancers Crafs - including ceramics, glass, textles, conservaton, architecture and cultural heritage Design - fashion, product design, innovaton Film and Digital Media - including photography and other media Grants paid previously not claimed	2022 £ 18,936 2,813 32,226 2,200 1,300 4,856 - 62,331	2021 £ 13,832 3,873 17,883 4,040 - 1,234 (2,150) 38,712

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 £2,070 (2021: £1,925).

9. STAFF COSTS

There were no individuals employed by the charity during the current or prior year.

10. FIXED ASSET INVESTMENTS

MARKET VALUE At 1 January 2022 Disposals Gains/(losses) on investments At 31 December 2022 NET BOOK VALUE At 31 December 2022 At 31 December 2021	Listed investments £ 1,255,463 (10,056) (92,199) 1,153,208 1,153,208 1,255,463

Included in the fixed asset investment portfolio is a balance of £697,089 held in non-UK investments.

continued...

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THE OPPENHEIM-JOHN DOWNES MEMORIAL TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

10. FIXED ASSET INVESTMENTS - continued

Material Investments

Investments which are valued at more than 5% of the value of the portfolio are:

JP Morgan Global Growth Bankers Investment Trust HG Capital Trust Fidelity European Trust AVI Global Trust Law Debenture Corporaton Mid Wynd Internatonal Investment Trust Murray Internatonal Trust North American Income Trust Rufer Investment Cost or valuaton at 31 December 2022 is represented by: Valuaton in 2022 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Gif Aid receivable Prepayments	31 December 2022 £ 67,308 - - 63,900 61,425 63,993 58,905 65,966 60,496 62,200 504,193 2022 £ 6,250 84 6,334	31 December 2021 £ 73,628 63,960 63,075 68,100 70,330 66,317 70,950 - - - 476,360 Listed investments £ 1,153,208 2021 £ - - -	31 December 2021 £ 73,628 63,960 63,075 68,100 70,330 66,317 70,950 - - - 476,360 Listed investments £ 1,153,208 2021 £ - - -

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

continued...

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THE OPPENHEIM-JOHN DOWNES MEMORIAL TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Other creditors 13. 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 67,804 Endowment funds Endowment funds - TOTAL FUNDS 67,804 Comparatves for movement in funds Unrestricted funds General fund Endowment funds Endowment funds TOTAL FUNDS	At 1.1.22 £ 58,906 1,197,747 1,256,653 Resources expended £ (69,246) (1,703) (70,949) At 1.1.21 £ 59,641 1,107,313 1,166,954	2022 £ 3,899 Net movement in funds £ (5,435) (89,909) (95,344) Gains and losses £ (3,993) (88,206) (92,199) Net movement in funds £ (735) 90,434 89,699	2021 £ 3,794 At 31.12.22 £ 53,471 1,107,838 1,161,309 Movement in funds £ (5,435) (89,909) (95,344) At 31.12.21 £ 58,906 1,197,747 1,256,653

continued...

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THE OPPENHEIM-JOHN DOWNES MEMORIAL TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

13. 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 £ 37,873 - 37,873	Resources expended £ (45,777) (11,528) (57,305)	Gains and Movement losses in funds £ £ 7,169 (735) 101,962 90,434 109,131 89,699

Analysis of net assets between funds:

Fixed asset investment Current assets Creditors due within one year	Unrestricted funds 2022 £ 46,121 11,249 (3,899) 53,471	Endowment funds 2022 £ 1,107,087 751 - 1,107,838	Total funds 2022 £ 1,153,208 12,000 (3,899) 1,161,309	Total funds 2021 £ 1,255,463 4,984 (3,794) 1,166,954

14. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 December 2022.

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