Chavlty numbor." 292126 THE PHILIP OPPENHEIMER FOUNDATION UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
THE PHIUP OPPENHEIMER FOUNDATION CONTENTS Page Referenc• and admlnlslrativfr dgtalls ol the Charlty. Its TnMte88 and •dvl80rs Trusto8s' report Indopendent examlnerfs report Statemont of fknJn¢ial actlvltlos Balanu sheat Notos to lh• Ilnanclal statoments 8-16
THE PHIUP OPPENHEIMER FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRIJSTEES ANO ADVISERS FOR THE YEAR ENDED S APRIL 2023 The Philip Oppenheimer Fndatn was sel up by Sir P J Oppenheimer for charf(&sle purposes by means of a Deed of Settlemént dated 11 June 1985. Anthony Ernest Oppenheimer Antoinette Maria Oppenheimef Soph* Clare Lu5sier Charfty regi8ter•d nUmr 292126 PrIncI1 offlce Flat 3 7 Nelherton Gro London SW10 9TQ Accounlants Janes Cowp8r Kr8Ston Reading Biidge House George Street Reading RG18LS Bankers Coutls & Co 440 Strand London WC2R OQS Solicltor8 Macfat1anes LLP 20 Cursitor Street London EC4A 1LT Pago 1
THE PHILIP OPPENHEIMER FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED S APRIL 2023 The Trustees present their annual reF¥)rt iogeth8r with the financial ststements of the Charty for thè r 8nde¢J S April 2023. Oblectlves and aetlvltles a. Pollcles and objoctlveg The Settbmant Deed gives the Trustee5 the pmr lo appty b¢th the InMe and capital to such ally charitable purposes in the Unbted Kingdom or outside the Unit9(l Kingdom as the Trustees shall in their absolute discretion from time lo time think frt. The Trustees are requested lo giv8 considerath)n lo The National Sc(iety for the Prev8ntion of Cruelty lo Children. the Jockey Club Charrtable Trust. tha Bentinck Benevolent Fund, the Rendlesham Bèr)evolent Funtj and the Bere5ford Trust.. this request in no way limrts the powers Conferred on the Tiuslees. In setting objactiS and planning for aclivilies. the Trustees have gNen due consideration to general guKlance published by the Charity Commission relating to Publ benefi, including the guidance 'Public benefit.. running ¢harity IPB21'. Achlwgm¢nt8 and porforniance . Maln a¢hievèments of the Charfty This year th8 TnJstees have made grants totalling £29,600 to eighl charitable organisalions {2022'. seventeen gr8nls tolalthng £132,044). These have benefitl•J the public in a vanety ol ways. frcm supporting diCal research lo supporting animal welfare projects. FID•n¢i•l rnvl •. Summary Thé attached financial statements show the current stale ol th8 finances of the Foundation. Investment income for the yw amounted lo £27.57212022'. £22,003). Grants pledged during the year amounted to £29,60012022.. £132,044) as detailed in mte 7. b. Golng conc•m After making appropriate enquiries. the Truslees have a reasonabl& expectation that the Charity has equate resources to continue in operational existence for the foreseeable future. For this raason. they eclInUe lo adopt th8 going concern basis in preparing the financkgl statements. Further details regardirg the adoption of the going concern basis can be found in the accounting polis. c. Reser•es poIIGy The Trustees wish to ratain sufficient Se¢S lo continue the lèv61 of grant makirvJ made in recent years whilst a150 considefing some larger projects. The Trustees consider all funds to be unreslricled and that grants from the capikl fund would be made if a specffic need arose. d. Inv¢8lmonts polky The Trustees intend lo re-invest the cash with Coutls & Co. The invesknenl poli¢y is to have a balanc&J portlolio lo achieve a balanced return from income and capital with mod&rate exposure lo r. Page 2
THE PHILIP OPPENHEIMER FOUNDATION TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENOEO 6 APRIL 2023 e. Rlsk managem•nt policy The Trustees have rwewed the rr&k$ faced by the Foundalh)n an¢J have wnplemanled systems to mitigate these risks. In parti¢ular. the Trustees conshder that the major risk is the value of the investments and the level of investment income. To mrtigate this the Truslee are using the services of a leading investment adviser. Coutts & Co. Structuro, govèmanee and management a. ConstStutlon Th• Phllip Oppenheimer Foundation is a registèred charity. number 292126. and is conslituled uNJer a Trust b. M•thods of appointment or election of Trustees The management of thé Charity is the reSwnsl1ilY of the Truste8s who are elected and co-opted under Ihe temis of the Trust deed. c. Organls•iional structure and declslon-maklng polkles The Trnslees meel regularly on an informal ba515 and hav8 a formal m•éb'ng annualty. Malerol decisi¢)ns and poltCi85. and the approval of the trustees report and annual accounls are made by all rruslees. Page 3
THE PHILIP OPPENHEIMER FOUNOATION TRUSTEES, REPORT {CONTINUEDI F¢)R THE YEAR ENDED 5 APRIL 2023 statgmgnt of Tntsleos. responsibilities Tho Truste8s are responsib for preparing th8 Trustees, report and the financial Statemt8 in aCcOrdCe with applicable law United Kingdom Account9 Standards {Unrt•d KiNJdom Generally Accepted Accounting PrnctK8). Th8 law applicable lo charitie5 in England & Wales requires the Trustees to prepare financial slalemerbts for each fmanck41 which giv8 a true and fail Mew of the slate of affairs of the Charity and of its incoming resources and application of resources, including its iicome and 8XP8ndilure. for that perv)d. In préparing these financial statements, the Trustees are r8quired lo.. select Suitab accountrng policies and then apply them consi3tenlty' observe the melhcés and princip of the Charities SORP IFRS 102}', make judgments and accountiw e5timale$ that are reasonable and PTudent", stalg whether applicable UK Accounting Standard5 IFRS 102) have b&en followed. subj1 to any material departures disclosed and explained in the financial statements,. prepare the financial slalemenl$ on the going concem basis untess tt Is Inappropriate to presum that the Chafty continue in busines5. The Trusle8s are responsible for keeping adequate accountin9 fecords that are sUfflent lo show and explain the Charitys transactn# and disclose wth feasonable accuracy at any lime the financial position of the Charity and enable thèm to ensure that the linancTr4 statements comply wth th8 ChaIrt& Act 2011, the CharQy {Accounls and Report$l Regulations 2008 and the provisions of Trust deed. They are also responsible for safeguarding the assets of the Charty and hence for lakiro reasonable steps for the pfevenlion and detection of fraLxI and other irregukrrties. App order of Ihe members of the tK>ard of Tru*8e$ and signed on their behaff by.. Anlhony Ernest Opp•nhelm•r Dale.. 3- 11- ntolnott¢ Marla Oppe Soph Dat•. Y-tt-LoL3. Clare Lussier Page 4
THE PHIUP OPPENHEIMER FOUNDATION INDEPENDefrir EXAMINER'S REPORT FOR THE YEAR ENDED S APRIL 2023 Indendant Examlnrfs Report to the Truste88 of Th• Phlllp Oppenheimer Foundatlon (Ih• harlty'l I r8POrt to the chanty Trustees on my eXaMinatn of nts ofthe Charity for the year ended 5 April 2023. RponsIbiliti•8 and Basls of Roport As the Trustees of the Charrty you are responsibk fry the preparati( cl thè accounts in accordanGe wilh the requirements of the Charities A¢t 2011 {'Ihe 2011 Acl'}. I repcKt in mpect of my examination of the charit$ accoun1$ carried out under section 145 of the 2011 A¢1 and in carrj out my examination I hav8 followed the applicable De)n$ given by the Charty Commission under section 14515llbl of the 2011 Act. Indopendgnt Examlner's Slatement Your attantion is drawn to the ft that Ihe Chanty has prepafed the accounts in accordance with Accounting and Reporting by Charities.. Statement of Recommèndwj Pfaclice applKable to charrties preparing their accounts in a¢¢ordance with thé Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in pr8f8rence to the Accounting and Repth'ng by Charit1&5'. Statement of Recommendèd Practice issued on 1 April 2005 which is referred to in the exiant regulations bul has b88n %Mthdrawn. l understand that this has been dong in order for the accounts to provide a true and fair eW in aeeordanee with the Generally Accepted A¢¢ounling Practice eff8clive for reportin9 periods beginning on or after 1 Janu 2015. I havè eomplet&J my examknion. l eonflmi no matt8rs have to èttentF)n in Conn11¢n with the exwninalion gimng me cause lo tlieve that in any materk41 respect.. accounting records were not kept in respect of the Charty as wuired by section 130 of the 2011 Act., or the accounts do not atcord wrth those records. or the a¢¢ounls do not comply wlh applicable requirements concerniThJ the lorm and conlenl of counls $91 out in the Charities (Accounts and Reports) Regulat$ 2008 other than any requirement that the accounts give a 'true and fairf view which 1$ ncl a matter consKlered as part of an ind8pondgnt examination. I hav¥ no Jonoarn• and ho¥• wmg no olh•r matt4r4 in eonn•ction with lh& &x2min2tion to which altention should be drawn In this report in order to enable a proper understandin9 of the account$ lo be reached. This report 1$ made solely to th8 Charitvs Trustees, as a body. in accordance with Part 4 of the Charrties IAccounls and Reports) Regulations 2008. My work has been underten so thal I mwJhl stsle lo the Charitvs Tru$18es those matters l am requifed to state lo them in an Independent examinefs report and for no other PUIPOSO. To th• ful¥1 eXtt p8m)itted by lv. I do not accept or assume responstjilty to anyone other than the Charity and the Chariivs Trustees as a btsjy. for my work or for this report. Signed: Dated: 17 November 2023 Darren O'connor 8C8 (Honsl FCCA ACA {Senior Stslulory Auditc*) James C(Y•vper Kr8slon Audit Chartered Accountants RoadiTrJ Bridge House George Street Reading RG18LB Page 5
THE PHIUP OPPENHEIMER FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 6 APRIL 2023 Endowment Unrestrl¢t¢d funds lunds 2023 2023 Total fund$ 2023 Total lunds 2022 Income and endowments Irom: Donations and legacies Investments 80.000 27.572 108,325 22,003 27.572 Total Incom? and èndowments 107.672 107,572 t30,328 Expendlture on: Inve$lmenl maneMent costs Choritable actswli8s 6,456 6.649 137.938 35,372 35.372 Totsl ¢xpendlture 6.466 35,372 41,828 144,587 N•t lexpendlturnllln¢ome before net Ilossesvgalns on invostrnents Net Ilossesllgains on inve51menls 16.4561 162.513 72.200 65,744 162,5131 (14,2591 60.061 Nat movèment In lunds 168.%9) 72,2 3,231 45,802 Roconclllatlon ol funds: Total funds br¢)ughl forward Net movement in funds 1,242,962 168.9691 51.971 72,200 1,294,933 3,231 1.249, 131 45.W2 Total funds ¢arrl•d lorward 1.173,993 124.171 1.298,164 1,294,933 The Statement of Financial Actiwlies includes all 9airts and losses recognis•d in the year. The notes on pages 8 to 16 form part (rf thes8 financial Statements. Page 6
THE PHILIP OPPENHEIMER FOUNDATION BALANCE SHEET AS AT S APRIL 2023 2023 2022 Note Fixed assots Investments 10 1,189,470 1.253.959 1.189,470 1.253.959 Current o$56ts D8blors Cash at bank and in hand 11 242 113.852 301 46,073 114,094 46.374 Cred*ors.' amounts falh'ng due within e ygar 12 15,4001 15,4CQ) Net curr•nl a5Sgts 108.694 40,974 Total net assots 1,298.164 1.294.933 Charlty funds End¢wment fund$ Unreslri¢ted lund$ 13 13 1,173,993 124.171 1.242,962 5t.971 Total fund8 1,298,164 7,294,933 financial statement$ were approvod and aulhorised for issue by the Trustees and signed on their behalf by.. Ant Ernest Oppenhelm&r ntolDette Marla Oppen Imer Oale.. R-11- Z•zg Dale: Clare Lu$sl Dale.. 3+li- £oZ3. The notes on pages 810 18 fomi part of these financial statements. Page 7
THE PHILIP OPPENHEIMER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2023 General Inforniation The Philip Oppenheimor FourKlalion is 8 registered charity in England and Wale$. The address of it5 rggislered office is Flat 3. 7 Netherton Grove. London, SWI0 9TQ. Accountlng policias 2.1 Basls ol pr•paration of financial statements The financBI statements have been prepar1 in xcordance with the Charitiès SORP IFRS 1021 A¢eounting and Reporting by Charities". Ststement of Recommended Practice applicable lo charrties preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 {effectiv& 1 January 20191, the Financial Rewling StsTrJaid applicable in the UK and Republic of Ir&I)d {FRS 1021 and the Charrties Act 2011. The fi.nancial statements have been prepared lo gNe a 'true and fairf VI and have departed from the Charities (Accounls a1 Reports) Regulations 2(8 only 10 the extent required lo provide a 'lrue and fail view. This departur8 has invofved follcming the Charrties SORP IFRS 1021 published in October 2019 rather than the Accounting and Reporting by Charitie5'. Slalement of Recommonded Prxtice eff1b¥e from 1 April 2c5 which has since bèen wlhdrewn. The Philip Oppenheimer Foundation meets the définition of a Publ benefit ertrty under FRS 102. Assets and liabilities aré in1b.al recc•Jnise(l at historical cost u transad*)n value unles8 Othwise staled in the r&18vanl accounting yJlicy. 2.2 Income All in¢om• is recognised once Ihe Chairty has enlillemenl lo the income, il is probable that the income will be received and the amount ol income receivable bè measured relbly. Iorne lax recoverable in reMion to Investment income 15 1$ed at time the investment income is receivable. 2.3 Expendlture Expenditure is recoJni$ed once there is a legal or constructive obligation to transfer econcfnic tenefii lo a third party, it is probable tha a transfer of econom benefits wbll be rgquired in settlement and the amount of the obltyatKffl can be measured reliabty. Expendrture on raising funds includes all expenditure incurred by the Charty lo raise funds for its charitable puiposes and includes ¢osts of all fundraising aGtiwties events and n-tharItab trading. Éxpenditure on charitable activiiies is incurièd on direclty undertaking the actNlies vthich further the Charrtvs objectives, as well as any associated sw)port eosls. Grants payable a ¢harged in the year whan the offer is made except in those cases where the 1)ffer is eondilional, such grants being recognised as expenditure when the ¢ondrtions attaching ar8 fulfilled. Grants offered Subject lo condrtions whiGh have not been met at lh6 year end are noted as a ¢ommrtment, bul nol accrued as expandilure. All oxpendilure ig inclusive of Ir0Ver?bI¢ VAT. 2.4 Intsresl rethabl• Interest on funds haky on deposit 1$ induded when recervablg and the amount can be measured reliably by the Charity., this 6 normally upon nolificalion of the interest paKI OT payable by the instilut¢on vth whom the funds are deposited. Page 8
THE PHILIP OPPENHEIMER FOUNOATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 AcGountlng policiès Iconllnuedl 2.5 Investments Fixed ass&t 41vestrnents are a form of financkgl instrument and aré inilialty recognised at their tran$tI¢)n cost and subsequenlty measured at fair valuo at the Balan¢s S8t data. unloss the value cannot be measured reliably in which case it is measured at cosl less impairm8nt. Investrnenl gains and losses, bthether reali$ed or unrealised, are c(xnbined and presented as 'GainsllLo$sesl on inveslmenls, in the Statement of financial actilIeS. 2.6 Debtors Trade and other debtors are recognised al the settl8menl amount after any trade discount offered. PrepayTnenls are valued at the amount prepahl n81 of any trade discounts due. 2,7 Cash at bank and In hand Ca8h at bank and in hand IldeS ca$h and $1s)rt4em hyhty liquid nvestments with a short malurity of three months or less from th6 dale of acquisition or opening of the dekX)sit or swnikr aeeounl. 2.8 Liabllltles and provlslons Liabilities are recognised when there is an obligation at the Bala sheet date as a rosull of 8 past event. 11 1$ probabla that a transfer of éeonomic b8nefrt will b8 r8quired in settlement. and the amnI of the settlement can be estimated reliabty. 2.9 Fund •ccountlng GeFwal lund$ aro Unrestred fund4 vknieh arè availablo for use al the discrets'on of the Twstees in furtherance of the general o*'eclives of the Charty and which have not been desgnated for other Pufposes. The capilal endowment fund is an expendable endcmmenl which can be retained as capital and invgsled or spent at the trustees, discrelK)n. The inwme arising from the exndable endovhmenl 15 Investmonl income. gains and losses arfr alhxated to the appropriate fund. InGome from donatlons and l•gaci•s Unrestrlctod funds 2023 Totsl funds 2023 Total funds 2022 Donations a0.01 108,325 Tot812022 104325 108,325 Page 9
THE PHILIP OPPENHEIMER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 6 APRIL 2023 InVlmont Incom• Unroslrfcted funds 2023 Total funds 2023 Tot81 funds 2022 IrKome from h'sled investmenls Interest income 26.878 694 26,878 21.963 27.5n 27.572 22,003 Tal 2022 22.003 22,003 Analysls of expend+tur• on charltable activities Summary by fund type Unrestrfctod funds 2023 Total 2023 Total 2022 Direct Costs 35.372 35,372 137,938 Tofal 2tr22 137.938 13T,938 Analys18 of expendlture by actlyltles Grant funding of actlvltie5 X)23 Support costs Total funds 2023 Total funds 2022 2023 Direct Costs 29,600 5.772 35.372 137,938 Total 2022 132.044 137,938 Page 10
TrIE PMILIP OPPENHEIMER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2023 Analy818 of expendttur¢ by aetlvltles l¢ontInu> Analysls ofsupport C08ts Total nd$ 2023 Tot81 fvnds 2022 ActlvTtie8 2023 A¢countancy Independenl examinatp)n Adminislralion expgnses 4.200 1.200 372 4.200 1,21)0 372 4,2 1,200 494 5.772 5,772 4894 Tot812022 5,894 5.894 Page 11
THE PHILIP OPPENHEIMER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 Analysls of grants 2023 2022 Brib'sh Red Cro88 BRS Edu¢ation Ltd Children Ahead Ltd CILKk Tower Foundation Coppa Feel Friends of the Newmarket Day Centre Hoty Redeemer Church The Horsg Trust HoLJS8 of Voltaire In51itule for CarKer Vacci$ and Immunotherapy The King'$ Royal House Welfare FUTh Thg King'$ Royal Hussars The Mix Munyawana CcmseNan¢y C¢serVation Prostate Cancer UK The Rehol88 Sancturary Senlebale Tha Sick Childrens Tfust Spinal Injuries AssociatKin Sl Mary and the Holy Host of Heaven Church Slarlighl Children's Foundation Tusk Trust Ltd World Horse Welfare Wetland$ s,000 6,000 8.000 500 5.000 10.(0 5.000 10.1IXI 10,LK 14,044 4000 10.0 100 10,000 15,000 Is,000) 29.600 132.044 Ind•p•nd8nt examln* remunerallon The ind8pendenl ex•ninerfs remuneralicn amount$ lo an independgnl examiner fee of £1.20012022 - £1, 140). Trusts•$' rornuneration and expenses During th& year. no Truste8$ received any remungration ¢r other berfits (2022- £NIL). During the yèar ended S Apn'l 2023, no Trusleo •xp•nseg have been inCUrd (2022- £NIL). P12
THE PHIUP OPPENHEIMER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 6 APRIL 2023 10. Flxed assrf Investments Llsted Invgstment8 Cost or valuatlon At 6 April 2022 Additions Disposals RevaluatnS 1,253,9S9 822,629 1785,8041 1101,3141 At 5 Aprl 2023 1,189,470 N•t bool( value At S April 2023 1,189.470 At 5Apnl 2022 1.253,959 The histor1 rmt of the listed investrnents at 5 April 2023 was £1.154,39212022.. £1,117,567). 11. Debtor6 2023 2022 Due wFthln one year Dwidends receivable 242 301 242 301 Page13
THE PHIUP OPPENHEIMER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2023 12. Croditofs: Amounts falling du• within one year 2023 2022 Accrua15 sjoo &4th9 13. Statèmènt of funds Ststemant of funds - cuffènt year Balance at 6 AprS12022 Galnsl Balance at S ILoss•sl Aprll 2023 Incomo exp8nditur• Unrestrkted funds Unr8Stn"cted Income Fund 51,971 107,572 135.372} 124,171 Endowment funds Capital Endwmenl Fund 1.242.962 {6.4561 (62,5131 1,173,993 Tolal of funds 1.294,933 107,S72 141.8281 (62.5131 1.298.164 Ststem•nt of fund$- prfor year Balar8 81 l Apnl 202t Gain 8818nce al (Losses) 5 Aprll 202Z Income Expenditure Unregtrlcted funds Unrestricted Ineome Fund 59,581 730,328 (13T,938) 51,971 Endowment fvnds Capital Endowment Fund 1, 189,550 f6,649) 60,061 1.242,962 Total of fund8 1.249, 131 130,328 (144.587) 60,061 1,294,933 Page 14
THE PHILIP OPPENHEIMER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2023 14. Summary offunds Summary of funds- current year Balanc• at 6 April 2022 Gainsl Balance al 5 (Loswil Aprfl 2023 Income Expenditurn General funds EndrAwnI fvnds 51,971 1.242.962 107.572 135,3721 16h561 124,171 {62.6131 1.173.993 1,294.933 107.572 (41.828) 162.513} 1.298.164 SUMM of funds - prfor yeor 8alafW 81 l April 2021 Ggin Bal8 BI (Losses) 5 Apnl 2022 Income Expen(htu Genera lunds End¢)wment funds 59.581 1, 789.550 730.328 {137.938) (6.649J 51.971 7.242, 962 60.061 1,249, 131 130,328 {744,587) 60,061 1.294,933 15. Anatysls of net as¥ots btheert fund8 Analysis of net assets be1wn fund¥ - current year Endowmnt Unr•slricled funds lund$ 2023 2023 Totsl funds 2023 Fixed asset imiestments Current a$¥ets Creditors due wrthin one year 1,173.993 15,477 114.094 (5,4(K)I 1,189,470 114,094 {5.400 Total 1.173,993 124,171 1,298.164 Page15
THE PHILIP OPPENHEIMER FOUNOATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 15. Analysls of not •ss•ts btheen funds (continued) An•ly$i8 of net assets between furKlg - prlor ygar Endowment Unrpsliycled funds funds 2022 2022 rot ftinds 2022 Fixed 888el inve81menls Current assets Creditors due within one year 1,242,962 10,99T 46.374 (44CQ) 1,253.959 46,374 (5.4¢XI) T¢knl 1.242,962 51,971 1,294,933 16. Roljted party tran8aclk)ns The Chanty has not entered into any related pty trans&iion during the year, nor affj there any outstanding balances owng between related parties and the Charity at 5 April 2023. Page 16