Charity number: 292126
THE PHILIP OPPENHEIMER FOUNDATION
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2021
THE PHILIP OPPENHEIMER FOUNDATION
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 16 |
THE PHILIP OPPENHEIMER FOUNDATION
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2021
The Philip Oppenheimer Foundation was set up by Sir P J Oppenheimer for charitable purposes by means of a Deed of Settlement dated 11 June 1985.
| Trustees | Anthony Ernest Oppenheimer |
|---|---|
| Antoinette Maria Oppenheimer | |
| Sophie Clare Lussier | |
| Charity registered number 292126 Principal office Flat 3 7 Netherton Grove London SW10 9TQ Accountants James Cowper Kreston Reading Bridge House George Street Reading RG1 8LS Bankers Coutts & Co 440 Strand London WC2R 0QS Solicitors Macfarlanes LLP 20 Cursitor Street London EC4A 1LT |
Page 1
THE PHILIP OPPENHEIMER FOUNDATION
TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2021
The Trustees present their annual report together with the financial statements of the Charity for the year ended 5 April 2021.
Objectives and activities
a. Policies and objectives
The Settlement Deed gives the Trustees the power to apply both the income and capital to such legally charitable purposes in the United Kingdom or outside the United Kingdom as the Trustees shall in their absolute discretion from time to time think fit. The Trustees are requested to give consideration to The National Society for the Prevention of Cruelty to Children, the Jockey Club Charitable Trust, the Bentinck Benevolent Fund, the Rendlesham Benevolent Fund and the Beresford Trust; this request in no way limits the powers conferred on the Trustees.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
Achievements and performance
a. Main achievements of the Charity
This year the Trustees have made grants totalling £102,500 to twelve charitable organisations (2020: eighteen grants totalling £117,980). These have benefitted the public in a variety of ways, from supporting medical research to supporting animal welfare projects.
Financial review
a. Summary
The attached financial statements show the current state of the finances of the Foundation.
Investment income for the year amounted to £17,102 (2020: £25,527). Grants pledged during the year amounted to £102,500 (2020: £117,980) as detailed in note 7.
There value of the investments at the year-end have recovered from the significant drop which was as a result of the Covid-19 pandemic. The Trustees continue to monitor the value of its investments closely.
b. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
c. Reserves policy
The Trustees wish to retain sufficient reserves to continue the level of grant making made in recent years whilst also considering some larger projects. The Trustees consider all funds to be unrestricted and that grants from the capital fund would be made if a specific need arose.
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THE PHILIP OPPENHEIMER FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021
d. Investments policy
The Trustees intend to re-invest the cash with Coutts & Co. The investment policy is to have a balanced portfolio to achieve a balanced return from income and capital with moderate exposure to risk.
e. Risk management policy
The Trustees have reviewed the risks faced by the Foundation and have implemented systems to mitigate these risks. In particular, the Trustees consider that the major risk is the value of the investments and the level of investment income. To mitigate this the Trustee are using the services of a leading investment adviser, Coutts & Co.
Structure, governance and management
a. Constitution
The Philip Oppenheimer Foundation is a registered charity, number 292126, and is constituted under a Trust deed.
b. Methods of appointment or election of Trustees
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
c. Organisational structure and decision-making policies
The Trustees meet regularly on an informal basis and have a formal meeting annually.
Material decisions and policies, and the approval of the trustees report and annual accounts are made by all Trustees.
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THE PHILIP OPPENHEIMER FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021
Statement of Trustees' responsibilities
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Anthony Ernest Oppenheimer
Antoinette Maria Oppenheimer
Sophie Clare Lussier
Date: 13 January 2022
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THE PHILIP OPPENHEIMER FOUNDATION
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2021
Independent Examiner's Report to the Trustees of The Philip Oppenheimer Foundation ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 5 April 2021.
Responsibilities and Basis of Report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's Statement
Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no 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 Charity as required by section 130 of the 2011 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.
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Signed:
Dated: 20 January 2022
Ian Miles FCA ICAEW
James Cowper Kreston Reading Bridge House George Street, Reading RG1 8LS
Page 5
THE PHILIP OPPENHEIMER FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2021
| Note Income and endowments from: Donations and legacies 3 Investments 4 Total income and endowments Expenditure on: Investment management costs Charitable activities 5 Total expenditure Net expenditure before net gains/(losses) on investments Net gains/(losses) on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Endowment funds 2021 £ - - - 5,931 - 5,931 (5,931) 273,590 267,659 921,891 267,659 1,189,550 |
Unrestricted funds 2021 £ 15,000 17,102 32,102 - 108,157 108,157 (76,055) - (76,055) 135,636 (76,055) 59,581 |
Total funds 2021 £ 15,000 17,102 32,102 5,931 108,157 114,088 (81,986) 273,590 191,604 1,057,526 191,604 1,249,131 |
Total funds 2020 £ - 25,527 25,527 5,992 123,637 129,629 (104,102) (149,856) (253,958) 1,311,484 (253,958) 1,057,526 |
|---|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 8 to 16 form part of these financial statements.
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THE PHILIP OPPENHEIMER FOUNDATION
BALANCE SHEET AS AT 5 APRIL 2021
| Note Fixed assets Investments 10 Current assets Debtors 11 Cash at bank and in hand Creditors: amounts falling due within one year 12 Net current assets Total net assets Charity funds Endowment funds 13 Unrestricted funds 13 Total funds |
- 65,839 65,839 (15,192) |
2021 £ 1,198,484 1,198,484 50,647 1,249,131 1,189,550 59,581 1,249,131 |
314 137,584 137,898 (10,176) |
2020 £ 929,805 |
|---|---|---|---|---|
| 929,805 127,722 |
||||
| 1,057,527 | ||||
| 921,891 135,636 |
||||
| 1,057,527 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Anthony Ernest Oppenheimer
Antoinette Maria Oppenheimer
Sophie Clare Lussier
Date: 13 January 2022
The notes on pages 8 to 16 form part of these financial statements.
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THE PHILIP OPPENHEIMER FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
1. General information
The Philip Oppenheimer Foundation is a registered charity in England and Wales. The address of its registered office is Flat 3, 7 Netherton Grove, London, SW10 9TQ.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Philip Oppenheimer Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
2.3 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.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching 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.
All expenditure is inclusive of irrecoverable VAT.
2.4 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 institution with whom the funds are deposited.
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THE PHILIP OPPENHEIMER FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
2. Accounting policies (continued)
2.5 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 the 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 presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
2.6 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.7 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.8 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
2.9 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
The capital endowment fund is an expendable endowment which can be retained as capital and invested or spent at the trustees' discretion. The income arising from the expendable endowment is unrestricted.
Investment income, gains and losses are allocated to the appropriate fund.
3. Income from donations and legacies
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2021 | 2021 | 2020 | |
| £ | £ | £ | |
| Donations | 15,000 | 15,000 | - |
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THE PHILIP OPPENHEIMER FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
4. Investment income
| Unrestricted funds 2021 £ Income from listed investments 17,020 Interest income 82 17,102 Total 2020 25,527 |
Total funds 2021 £ 17,020 82 17,102 25,527 |
Total funds 2020 £ 25,346 181 |
|---|---|---|
| 25,527 | ||
5. Analysis of expenditure on charitable activities
Summary by fund type
| Unrestricted funds 2021 £ Direct costs 108,157 Total 2020 123,637 |
Total funds 2021 £ 108,157 123,637 |
Total funds 2020 £ 123,637 |
|---|---|---|
6. Analysis of expenditure by activities
| Direct costs Total 2020 |
Grant funding of activities 2021 £ 102,500 117,980 |
Support costs 2021 £ 5,657 5,657 |
Total funds 2021 £ 108,157 123,637 |
Total funds 2020 £ 123,637 |
|---|---|---|---|---|
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THE PHILIP OPPENHEIMER FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
6. Analysis of expenditure by activities (continued)
Analysis of support costs
| Accountancy Independent examination Administration expenses Total 2020 |
Activities 2021 £ 4,020 1,140 497 5,657 5,657 |
Total funds 2021 £ 4,020 1,140 497 5,657 5,657 |
Total funds 2020 £ 4,020 1,140 497 |
|---|---|---|---|
| 5,657 | |||
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THE PHILIP OPPENHEIMER FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
7. Analysis of grants
| Asthma Relief Blood Cancer UK Bowel Cancer UK Ebony Horse Club Friends of The Elderly Friends of the Newmarket Day Centre The Horse Trust Injured Jockeys Fund The Racehorse Sancturary Racing Welfare Support Dogs Target Ovarian Cancer Age Concern Newbury District Animal Health Trust Auditory Verbal Breast Cancer Care Crackerjacks Children's Trust Hampshire Medical Fund Institute of Cancer Research Living Paintings National Garden Scheme Parkinson's UK Police Community Clubs of Great Britain Prince's Foundation Scottish Racing and Help for Heroes Royal British Legions Industries Royal Marsden Cancer Charity Splash Stroke Association Thames Valley Air Ambulance Treloar Trust |
2021 £ 10,000 10,000 5,000 2,500 10,000 2,000 5,000 8,000 5,000 25,000 10,000 10,000 - - - - - - - - - - - - - - - - - - 102,500 |
2020 £ - - - - - - - - - - - - 5,000 5,000 4,000 2,000 1,500 25,000 10,000 3,000 1,000 5,000 2,400 30,000 5,000 5,000 2,080 5,000 5,000 2,000 |
|---|---|---|
| 117,980 |
8. Independent examiner's remuneration
The independent examiner's remuneration amounts to an independent examiner fee of £1,140 ( 2020 - £1,140 ).
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THE PHILIP OPPENHEIMER FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
| 9. | Trustees' remuneration and expenses | ||
|---|---|---|---|
| During the year, no Trustees received any remuneration or other benefits_(2020 - £NIL)_. | |||
| During the year ended 5 April 2021, no Trustee expenses have been incurred_(2020 - £NIL)_. | |||
| 10. | Fixed asset investments | ||
| Listed | |||
| investments | |||
| £ | |||
| Cost or valuation | |||
| At 6 April 2020 | 929,805 | ||
| Additions | 864,341 | ||
| Disposals | (821,293) | ||
| Revaluations | 225,631 | ||
| At 5 April 2021 | 1,198,484 | ||
| Net book value | |||
| At 5 April 2021 | 1,198,484 | ||
| At 5 April 2020 | 929,805 | ||
| The historical cost of the listed investments at 5 April 2021 was £1,059,869 (2020:£1,016,820). |
11. Debtors
| Due within one year Other debtors |
2021 £ - - |
2020 £ 314 314 |
|---|---|---|
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THE PHILIP OPPENHEIMER FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
12. Creditors: Amounts falling due within one year
| Other creditors Accruals |
2021 £ 10,032 5,160 15,192 |
2020 £ - 10,176 |
|---|---|---|
| 10,176 |
13. Statement of funds
Statement of funds - current year
| Balance at 6 | Gains/ | Balance at 5 | |||
|---|---|---|---|---|---|
| April 2020 | Income | Expenditure | (Losses) | April 2021 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| Unrestricted Income Fund | 135,636 | 32,102 | (108,157) | - | 59,581 |
| Endowment funds | |||||
| Capital Endowment Fund | 921,891 | - | (5,931) | 273,590 | 1,189,550 |
| Total of funds | 1,057,527 | 32,102 | (114,088) | 273,590 | 1,249,131 |
| Statement of funds - prior | year | ||||
| Balance at | Gains/ | Balance at | |||
| 1 April 2019 | Income | Expenditure | (Losses) | 5 April 2020 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| Unrestricted Income Fund | 233,746 | 25,527 | (123,637) | - | 135,636 |
| Endowment funds | |||||
| Capital Endowment Fund | 1,077,738 | - | (5,991) | (149,856) | 921,891 |
| Total of funds | 1,311,484 | 25,527 | (129,628) | (149,856) | 1,057,527 |
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THE PHILIP OPPENHEIMER FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
14. Summary of funds
Summary of funds - current year
| General funds Endowment funds |
Balance at 6 April 2020 £ 135,636 921,891 1,057,527 |
Income £ 32,102 - 32,102 |
Expenditure £ (108,157) (5,931) (114,088) |
Gains/ (Losses) £ - 273,590 273,590 |
Balance at 5 April 2021 £ 59,581 1,189,550 |
|---|---|---|---|---|---|
| 1,249,131 |
Summary of funds - prior year
| General funds Endowment funds |
Balance at 1 April 2019 £ 233,746 1,077,738 1,311,484 |
Income £ 25,527 - 25,527 |
Expenditure £ (123,637) (5,991) (129,628) |
Gains/ (Losses) £ - (149,856) (149,856) |
Balance at 5 April 2020 £ 135,636 921,891 |
|---|---|---|---|---|---|
| 1,057,527 |
15. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Fixed asset investments Current assets Creditors due within one year Total |
Endowment funds 2021 Unrestricted funds 2021 £ £ 1,189,550 8,934 - 65,839 - (15,192) 1,189,550 59,581 |
Total funds 2021 £ 1,198,484 65,839 (15,192) |
|---|---|---|
| 1,249,131 |
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THE PHILIP OPPENHEIMER FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
15. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior year
| Fixed asset investments Current assets Creditors due within one year Total |
Endowment funds 2020 £ 921,891 - - 921,891 |
Unrestricted funds 2020 £ 7,914 137,898 (10,176) 135,636 |
Total funds 2020 £ 929,805 137,898 (10,176) 1,057,527 |
|---|---|---|---|
16. Related party transactions
The Charity has not entered into any related party transaction during the year.
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