Charity number: 292126 THE PHILIP OPPENHEIMER FOUNDATION UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024
THE PHIUP OPPENHEIMER FOUNDATION CONTENTS Page Rgfergnce and admlnl8tratlve dètall8 of tho Charlty, bts Truste and advlsgra Tru#to8s' rnport Indewndent fjxamlnerfs report Stat•m¢nt of financlAI •ctfvltl•8 Balanco •he•t Notsy to the flnan¢lJl Statements 8-15
THE PHILIP OPPENHEIMER FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED S APRIL 2024 The Philip Oppenheimer Foundation was sel up by SIT P J Oppenheimer for charrtable purposes by means of a Deed of Settlement dated 11 June 1985. Trustees Anthony Emesl Qppenheimer Anloinette Maria Oppenheimer Sophie Clare LussKdr Charfty reglstered number 292126 Prlnclpal offlco Flat 3 7 Netherton Grove London SW10 9TQ Accountants J8me5 Cowpgr Kreslon Chartered Accountants 2 Communications Road Greenham Business Park Greenham Newbury Ben(snire RG19&AB Banko Coutts & Co 440 Strand London WC2R OQS Sollcltors Macfarlanes LLP 20 CurEit¢y Stré*t London EC4A 1LT
THE PHILIP OPPENHEIMER FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 5 APRIL 2024 The Trustees present their annu81 report together with the financial 5talemenls of the Charty for the year ended 5 Apnl 2024. Obl•etlv•s and aetlvltl•s a. Pollcles and obJectlve8 The Settlement Deed gives the Trustees the power to apply both the income and caprtal lo such legally charitable purposes in the United Kingdom or oulside the United Kingdom as the Trustees shall in their absolute dsscielion from tiiiie lo tiine Iliii)k fil. The Truateeb are fequ¢sted to give ¢onaideration to The Nstional Socigty for the Prevention of Cruelty lo Children. the Jockey Club Charilable Trust, the Benlinck Benevolent Fund, the Rendlesham Benevolent Fund and the Beresford Tfu$l,' this Tequesl in no way limits the P(wr$ conferred on the Trustees. In setting objective5 and planning for aclwilies, the Trustees have given due consideration to general guidance publishe(J by the Chaiity Coniniission ielat¢n9 to publiG bentsfit, including the guidgn¢c 'PubliG bènerrt.. running charity IP821'. Achlevements and pgrformanco . Maln achlevements of the Charlty This year the Trustees have made grants t¢lalling £51,000 lo tsyelve charitable organisations12023.' eight grants lotalling £29,600). These have benefitted the public in a variety of way3. from supporbng medul research lo supporting animal welfare projects. Flnanclal revlew . Summary Tho attached financial statemerts show the current ststg of the finances of the Foundation. Durinj th•. ypAr tha charity received donations of £nil12023.' £80.0001. Investment incomè for the year amounted to £30.73312023.. £27.5721. Grants pledged durin9 the year amounted to £51.000 (2(r23.. E29,6001 a5 detailed in rsote 7. b. Golng con¢ern Aft¢r making appropriote enquiries, tho Trustee6 hovè a r¢a60nable expectatÈon thol th¢ Charity hA3 adequete 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 stslemenls. Further details regarding the adoption of the going concern basis can b8 found in the aOUntIng policios. G. Roserves pollcy 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 eonsider all funds to be Unrestrict and that grants from the capital fund would be made rf a specffic need arose. d. Invostments pollcy The Truste8s intend lo re-irwest the cash ¥th Couits & Co. The investment poly is to have a balanc&J portfol to achieve a balanced retum from income and capital wlth moderate exposure to risk. Pag8 2
THE PHIUP OPPENHEIMER FOUNDATION TRUSTEES. REPORT ICONTINUEO) FOR THE YEAR ENDED S APRIL 2024 e. R15k manageTnEnt pollGy Tho Trustees have reviewed the risks faced by the Foundation 8nd have implemented systems to mrtvJale these r45ks. In particular, the Trustees consider that the major risk is Ihe value of the Investments and the level of investment income. To mrtigale this the Trustees 8re using the 8ervice8 of a leading investment adviser, Coutts &Co. Structurg. govemance And managemgnt a. Constltutlon The Philip Oppenheimer Foundation is 8 regi51er8d charbty. numb8r 292126, and 18 wnslrtuted under a Trust b. Methods of appolntm*nt or PltIon of Trusto The management of the Charity is the responsibilty of the Tru5tee8 who are elecied and ewjted undef the temis of th¢ Trust de¥TJ. c. Organlsatlonal structuro •nd dgclslon4n•klng pollcl•8 The Trustees meet regulady on an infomal basis and have a fornal meeting annualty. Material decision5 and policies, and the approval of the Iruslees report and annual atUnts are made Dy ali Trustees. Page 3
THE PHILIP OPPENHEIMER FOUNDATION TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED S APRIL 2024 Statemgnt of Trustoe$' responsibilltles The Trustees are responsible for Preparing the Trustees. report and the financial slalemenls in accordance wrth applicable law and United Kingdom Accounting Standards IUn((ed Kingdom Genoralty Accepted Accounting Pr8¢tice). The law applicable to charities in England & Wales requires the Trustees to prepare fin8nckg1 statements for each financial which give a Irua and fair view of the slate of 8ffairs of the Charity and of its incorning resources and opplicalion of resources, including ils income and expendilure. for that period. In preparing Ihese finaneial ¥tstements, th¢ Trustees ale rwuired Itl. select suitable accounting polieies and then apply them consislenlly, observe the metliod5 and princlples of the Ch8ri1iè$ SORP IFRS 1021., make judgments and accounting estimates Ih818re reasonable and prudent., stste whether applicable UK Accounting SlandBrds IFRS 1021 h#v8 bèèn followed. subjÈtt lo any rnAteri41 departures disclosed and explained in the financial $tslemenls', prepare the financial statements on the going concern basis unless it is inappropriate lo presume that the Charity will Gonlinue in bu5ine55. The Trustees 8re rgsponsible for keeping adequate accounting records that are 8uificient lo shuw and explain the Charitys Iransaclions and disckise with reasonable accuracy at any lime the financial position of the Charty 8nd enable them lo ensure that the financial slalemenls comply wjth the Charities Act 2011, the Charty (Accounts and Reports) Regul8tions 2008 and tho provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and henee for taking reasonable steps for the prevention and detection of fraud and other irregularrties. Ap byo r of thè members of th* ho8rd of Trustè@s snd signed on their bohalF by- mest Opponheimer oinotto Marla Oppe èlmer Date.. ISIDI les Dale.. Clare Lussler Dat•: If- 6L- Pagg 4
THE PHIUP OPPENHEIMER FOUNDATION INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2024 Ind8p8ndent Examlnorfs Report to th8 Trustees of The Phlllp Oppenhelmer Foundation I'the Charlty'l I r8POrt lo the charty Tnjslees on my examination of the aceounts of the Charity for Ihe year ended S April 2024. Responsibilities and Basi8 of Report As the Tru8te8s of th• Charity gre rA&ponsible lor tha preparatKJn of the accounts in accordance with the requirements of the Chari(ies Act 2011 Ilhe 2011 Act'l. I roprtrt in respect of my ÈxBminalKJn of the Charitrfs a¢coun18 Carried out under Section 145 of the 2011 Aet and in carrying out my examination I have lollowed the applicable Directions given by the Charty Commission under s&tion 145(Sllbl of the 2011 Act. Independgnt Examln•rfs Stat•m•nl Your attention 18 drawn lo the fact that the Charty has prepared thè accounts in accordance with Accounling and Reporting by Charities.. Statement of Recommended Practice applicable io charrtles preparing IliEir account5 ¢n accordance with the Financial Reporting Standard applicable in the UK and RepubliG of Ireland IFRS 1021 in preference to the Accounting and Reporting by Chari1185.' S18temenl of R0mmended Practice issued on 1 April 2005 which is referred lo in the extanl regulations but has been wlhdrawn. l understand that this has been done in order for the accounts lo provide a true and lair view in accordance wrth the Gener81ty Accepted Aecosjnting Practice effecb"v8 for reporting periods beginning on or after 1 January 2015. I have completed my examination. l eonlim Ihal no matters have come to my attention in connection wrth the examinatson giving me ¢ause to belteve Ihat in any material respect.. accounting r8¢oTd$ were not kept in respect of the Charity as requifed by 8tIOn 130 of the 2011 Act., or the accounts do not accord wrth those re¢ords', or the accounts do not comply wlh the appIable requirements con¢eming the fonn and content of accounts set out in the Charities (Accounts and Reports) ReJulalions 2008 other than any requirement that the a¢eounls give a 'lrue and lairf view which is not a matter eonstraered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attenlion should be drawn in this report in order to enablè 8 propor urtderstonding of the accounts to be reached. This report is made solety to the Chartys Trust8es, as a body. in accordance with Part 4 of tha Charities (Accounts and Reports) Regulalions 2008. My work has been undertaken so that I mryht State to the Chantys Truslees those matters l am required lo state to them in an IndeFendent examinerfs reFQrt and for rvJ other purpose. To the fullest extent pennitted by law. I do not accept or assurne responsibility lo anyone other than the Charty and the Charitys Trustees as a body, for my woth or for thi5 report. Signed: Dated.. 1510112025 Fiona Hawkins MS¢ FCA Chartered Accountsnts 2 Communications Road Greenham Business Park Greènham Nthvbury Berkshire RG19 6AB Page S
THE PHILIP OPPENHEIMER FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED SAPRIL 2024 Endowment Unrestrl¢t8d funds funds 2024 2024 Total funds 2024 Tol81 funds 2023 Noto Income and gndowmgnts from: Don8lions and legacies Investments 80.C(Q 27.572 30,733 30.733 Totsl Income and endowments 30,733 30.733 107,572 Expenditure on: Investment management costs Charitable activities 6,446 6,456 35,372 57,431 57A31 Total oxpendlturn 67.431 63,877 41,828 Net lexpendltureifineomo before not galnsl{lossesl on investments Net gainsl{lossesl on investments 16,4461 135.327 {26.6981 (33.1441 135.327 65, T44 (62,513) Not movement lft funds 128,881 126.6981 102,183 3,231 R•eonclll•tloA of funds: Total funds brought forward Net movement in funds 1,173,993 128,881 124.171 126.698) 1.298.164 102.183 1,294,933 3,231 Total funds Carri forward 1.302,874 97.473 1,4.347 1,298. 164 The SL*menl of Financial Activities includes all gains and losses rec(>ani5ed in tha year. The notes on pages 8 to 1 S forn part of these financial stalements. Page 6
THE PHIUP OPPENHEIMER FOUNDATION BALANCE SHEET AS AT 5APRIL 2024 2024 2023 Not• Flxed assets Investmanls 10 1,320.854 1, 189,470 1,320.854 1. 189,470 Current assets Debtors Cash at bank and in hand 29 85.404 242 113,852 85.433 114,094 Creditors.. amounts falling due wthin one 16.9401 Net Current assets 79,493 108,694 Total net assots 1,400.347 1,298. 164 Charlty fundg Enthnent fund8 Unreslrict&J funds 13 13 1.302.874 97.473 1. 173,993 124. 171 Total funds 1,400,347 1,298, 164 Thefi I stslemenls knere approved and aulhorised for issue by the Trustees and signed on their behalf by: ony Emest Oppenhèimor oln•tte Marla Op nhèlmer Date.. So Dale.. I f-¢) i -ts)Ir The n¢)tes on pages 810 15 fomi part of Ih8se financial Statements. le Clare Lussler Page 7
THE PHILIP OPPENHEIMER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Gn•rnl Informat5on The Philip Oppenheimer Foundation is 8 fegislered charity in England and Wales. The address of rts registered office is Flat 3, 7 Nelherton Grove, London, SW10 9TQ. Accountlng policlos 2.1 Ba81a of proparatlon of flnonclal 8t#tements The finanei81 slalemenls have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Ch8ritiè$.. Statèmènt of Rèeommendod Practre applicablo to chariti@g preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeelNe 1 J8nu8ry 20191, the Financial Reporting Standard applicable in the UK and Republt ol Ireland IFRS 1021 and the Charities Acl 2011. The financial statements have been prepafed to give a 'lrue and fairf view and have departed from the Charities (Accounts and Report51 Regulations 2008 only lo the extent roquired to prowde a 'tw& and fair, view. This departure has involved following the Chanlies SORP IFRS 1021 published in Oct¢)ber 2019 rather than the Accounting and Reporting by Charrties.. Statement of 0MMended Pra¢ticè effectivo from 1 April 2005 which has since been withdrn. The Philip Oppenheimer Foundation meets the definition of a public benefrt entty under FRS 102. Asset5 and li8bili(ies are initialty recognised 8t historical cost or transacts'on walue unless olheN4ise stsled in the relevant accounting policy. 2.2 Income l income is recognised once the Charity has entitlement lo the income, it is probable that the income will be received and the amount of income receivable can be measured relobty. Income tax recoverable in relaticfi to investment incLJme is reccgntsed at the time the investmenl intsjme is receivable. 2.3 EXndItU Expendrture is reccJnised once there is a legal or eonslructive Obligatic lo transfer eeonomic nerrt to a third paty, it is probable that a transfer of economK benefrts wll be required in settlement and the amount of the obligation can be measured reliably. Expendtture on raising funda inGludes all expendilure ill1[¥ by the ChaTty io false fun(Js for rts harrtable purposes and include8 costs of all fundraising actimlies events and non-charitsble trading. Expenditure charitable activitie6 is incurred on directty uThJertaking the xlNities which further the Charitys obj'ectives, as w811 a5 any assccialed support co$l$. Grants payable are charg&J in Ihe year when the offer is rnade excepl in those cases where the offer is conditional. such gfants being recognised as expenditure when the eonditions attaching are fulfilled. Grants off6red subjeLI lo conditions which have not been met at the year end are notefj as a ommttmerrt, bul nol xcrued a5 expendlture. l expenditure is inclusive of irrecoverable VAT. Page 8
THE PHILIP OPPENHEIMER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 Accounting policies (continuedl 2.4 Int•rnst rnc•lvabl• Interest on funds held on deposil is included when receivable and the amount can be measured reliably by the Ch8rty, this normally upon nolificalion of Ihe inleresl paid or payable by Ihe instilutson with whom the funds are dep05iled. 2.5 Inveslments Fixed assèt inveslments are a fomi of financial instrument and are initialty recognised at theif trydn5action cost and subsequently measured al fair value al the Balance sheet dale, unless the valuè cannot be measured reliably In whieh case il is measured al cost less impairment. Inveslmenl gains and 1088e8, whother realised or unreali4¥cd, ar¢ ¢¢)mbincd and presented as 'GainsllLotsses} on investmenls, in the Statement of financial aclivrties. 2.6 Debtors Trade and other debtor5 are fecognised al the settlement amount after any trade discount oflered. Prepaymenl¥ art at th¢ prepaid net of any Irade discuunts due. 2.7 Cash al bank and In hand Cash at bank and in hand includes cash and 8hort-lem hyhly liquid investments with a short matunty of three months or less from the date of acquisrtion or opening of the deFQSrt or simikr account. 2.8 Llabllit105 •nd provlslonG "abl1"eS are reccsnis8d when there is an obligation at the Balance sheet date as a resu of a past event. it is probable Ihal a iransfer of economic benefit wll be requi in settlement. and the amount of the settlement can be eslimaled reliably. 2.9 Fund accountlng General funds are Lbnrestricted lunds which are available for use at the disUetic of the Trustees in furtherance of the general objectives of the Charity and 1¢h have not been designated for other purpo8e8. The capilal endlwnnent fund is an expendable endo4vment vthich retwned as eaprtal and invested or spant al the trustees, di8cretion. Tha IntMe arising from the expendab endowm(nt is unrestricted. Investrnent income. gains arKI loues are allocated lo the approprk4ta fund. Incom• from dontlon• and 1oaaclaA Unrestrlct8d funds 2024 T¢)tal funds 2024 Total funds 2023 Donations Tot812023 Page 9
THE PHIUP OPPENHEIMER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 Invostment Income Unrestrleted funds 2024 Total funds 2024 Tolal funds 2023 Income from listed investments Interest income 30.13S 598 30,135 698 26, 878 694 30.733 30,733 27,572 Tot812023 2T,572 27,572 Analy$l# of •xp•ndltur• on eh•rltablo actlvltlo8 Summary by fund type Unrestrfcted funds 2024 Total 2024 Total 2023 Dirncl costs 57,431 57,431 35,372 Tot812023 35,372 35,372 Analysls of expendlturn by #¢tlvltl¢8 Grant fundlng ol aetlvltl 2024 Support costs 2024 Total funds 2024 Total funds 2023 Dire¢t Costs 51,1)00 6,431 57,431 35.372 Total 2023 29,6( 4772 35.372 Page 10
THE PHILIP OPPENHEIMER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 AnalyBls of expondlture by actlvltles Icontlnued) Analy818 of support cost8 Total Total Actlvlll¥$ 2024 furids rtJi?ds 2024 2023 Accountancy Independent examination Administration expenses 4,500 1.440 491 4,500 4.2LK) 1.2C(I 372 491 6,431 6,431 5, T72 Tot812023 5, 772 5,772 Analy8ls of grants 2024 2023 Bibury vh Wln$ton & Bamsley PCC The BnCh The Brain Tumour Charty BRS Education Lld Children Ahead Ltd Clctk Tcr*ver Foundation Coppa Feel Crackeriacks Childrons Trust Diabetes UK Holy Rcdcemer Church Institute for Cancer Vaccines and Immunotherapy James. Place The Racehorse Sancturary The Racing Centre stsrtight Children's Fwndation St Joseph's cathol Church Stow on the Wokl RFC Ltd Target Ovartan Cancer Thames Valley AlrAmbulance wwr Weuands 3,OlXI 4.000 5.000 3.000 5.000 10,OIXI 6.000 5.000 (5.CLiI) 01.OlXI 29,6 P8ge11
THE PHILIP OPPENHEIMER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 Independent examlnerfs remuneratlon The independent examinerfs remuneration amounts lo an independent examiner fee of £1,440 12023 - £1.2CiII. Trugtees. remuneratlon and exponsos During the year, no Trustees received any remuneration or other benefrts (2023- £NIL). During the year ended S April 2024, no Trustee expenses have been incurred (2023- £NIL). 10. Flxed asset Investments Llsted Investments Cost or valuatlon At 6 April 2023 Addrtions Disposals Revaluations 1.189,470 874,167 1641,8811 99.098 At 5 April 2024 1,320.854 N•t book valuo At 5 April 2024 1,320,854 At 5 Apnl 2023 1. 189.470 The historul cost of the listed investments al 5 April 2024 wa5 £1,186,67812023.' £1,154,392). 11. Debtors 2024 2023 Due wtthln one year Diwdends and interest receivable 242 Page 12
THE PHILIP OPPENHEIMER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 6 APRIL 2024 12. Credltorn: Arnounts falllng dug wlihln on• yéar 2024 2023 Accruals 5.940 5,4LKI 13. Statement of funds Statement of funds- current year Balance at 6 Aprll 2023 Galnsl BalanGe at 5 (Losses) April 2024 Income Expendlture Unrestricted fund$ Unrestricted Income Fund 124,171 30.733 (57.4311 97,473 Endowmentfunds Capital Endowment Fund 1.173.993 16,4461 135.327 1,302.874 Total of funds 1.298,164 30,733 163.8TII 135.327 1.400,347 Statoment of funds- prlor year Ba18ncè 81 1 Apnl 2022 GainFJ Balance al (Losses) 5 April 2023 Income Expenditure Unrestrlcted funds Unrestricted Inccrfne Fund 51.971 107,572 (35,372) 124, 171 Endowment funds CapitAI FndDwment Fund 1.242962 (6.458J (62.513) 1 17.9_gQ3 Total of funds 1.294.933 107,572 (41,828) f62.513J 1.298, 164 PAOè 13
THE PHILIP OPPENHEIMÉR FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 14. Summary offunds Summary offundg- current year Balance at 6 Aprll 2023 Galnsl Balance at 6 (Losses) April 2024 Income Expendlture General funds Endowment funds 124.171 1.173,993 30.733 167,4311 16,4461 97.473 1,302.874 135,327 1.298,164 30,733 163.8771 135,327 1.400.347 Summary offunds- prforyear Gain 8alance al fLossesJ 5 Apnl 2023 1 Apnl 2022 Income Expenditure General funds Endovrnenl funds 51.Q71 1,242,962 107.572 (35.372J (6.456) 124, 171 1, 173, 993 (62,513) 1,294.933 107,572 (41,828J (62,513) 7,298, 164 15. Analysls of n•t assets between funds Analysls of net assets tw68n funds - current perlod Endowment Unrestrlcted funds funds 2024 2024 Total funds 2024 Fixed a&set invesknents Current assets Creditors due within one year 1,302,074 17,900 85,433 (5.9401 1.320.eS4 85,433 15.940) Total 1.302,874 97.473 1,400.347 Pag8 14
THE PHILIP OPPENHEIMER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 15. Analysls of n8t assgts between funds Icontlnuèdl Analysls of not as88ts between funds - prlor perlod Endowmenl Un$t11C1ed funds funds 2023 2023 Tot81 funds 2023 Fixed asset investments Current assets Creditors due wrthin one year 7, 173,993 15,477 114,094 (5,4CQ) q, 189,470 114.094 (5.4C(I) Total 1, 7T3.993 124,717 7,298, 764 16. Rolated party tran$actlon8 The Charity has not entered into any related party transaction dtjring Ihe year, nor are there any outstanding balance5 ¢)wng befvn related parties and the Charity al S April 2024. Paoe 15