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← John Moores Painting Prize Trust

2025-04-05-accounts

Charity registration number 511073 (England and Wales)

JOHN MOORES PAINTING PRIZE TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

JOHN MOORES PAINTING PRIZE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr B Moores
Mr M Ainscough
Mr L Biggs OBE
Professor LingMin
Mr J S Cruz
Lord J Grantchester
Mr M Power
Ms N Moores
Ms S Pickstone
Mr R Laing (Appointed 25 July 2025)
Charity number 511073
Independent examiner Mitchell Charlesworth
Suites C,D,E, & F
14th Floor The Plaza
100 Old Hall Street
Liverpool
L3 9QJ
Bankers CAF Bank
25 Kings Hill Avenue
Kings Hill
West Malling
Kent
ME19 4JQ
Solicitors Brabners LLP
Horton House
Exchange Flags
Liverpool
Merseyside
L2 3YL
Investment advisors Trinity Bridge
Wigmore Yard
42 Wigmore Street
London
W1U 2RY

JOHN MOORES PAINTING PRIZE TRUST

CONTENTS

Page
Trustees' report 1 - 4
Statement of trustees' responsibilities 5
Independent examiner's report 6
Statement of financial activities 7 - 8
Balance sheet 9
Notes to the accounts 10 - 18

JOHN MOORES PAINTING PRIZE TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 5 APRIL 2025

The trustees present their report and accounts for the year ended 5 April 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Trust Deed, the Charities Act 2011 and "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 accounts 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 Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

Objectives and activities

The main activities undertaken by the Trust - as set up by the late Sir John Moores CBE - to carry out its aims for public benefit are "the advancement of the public education in art by sponsoring, promoting or in any other manner assisting in the promotion of an exhibition or exhibitions of contemporary painting or other visual art as frequently as and at such times as the trustees shall decide and in particular (but without in any way limiting the generality of the foregoing) in meeting the cost incurred in or arising in relation to the promotion of such exhibition or exhibitions including the cost of prizes and awards granted in relation to the exhibition."

In pursuit of this object, the trustees have held the exhibition John Moores Painting Prize (JMPPT) every two years in collaboration with the Walker Art Gallery in Liverpool. This gallery is part of the National Museums Liverpool (NML). The John Moores Painting Prize is open to painters living and working in the UK. The John Moores Painting Prize was first established in 1957 by Sir John Moores to bring the best of contemporary art to Liverpool. The partnership between the Moores Family and the Walker Art Gallery, National Museums Liverpool has endured for sixty years, in the support of the exhibition.

In addition, in 2010, the Trustees launched the John Moores Painting Prize in China, to support young and emerging painters in China.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance

The Trust met with NML twice during this period on 21st October 2024 and 6th March 2025.

Meetings between NML and the Trust began only once the budgets for JMPP 2025 were allocated and confirmed by NML. The first meeting was held in October 2024. There were two meetings with NML in this period, and in addition there were a series of emergency Trust only meetings, 5 across this period, which were not officially minuted but supported by Notes.

The first half of this accounting period was marked by a series of emergency meetings with key partner for the UK Prize, Walker Art Gallery, National Museums Liverpool. The Trust subsequently made a unique gesture to NML in this accounting period, making available an additional contribution of £25,000 from their investment fund, and holding an additional £10,000 - £15,000 as a contingency, to enable JMPP 2025 to proceed, following some concerns expressed over the project budgets and staff resources. This offer is seen by the Trust as a response to an emergency for this year and not as an ongoing solution for future Prizes. The longer-term solutions will need to be focused on cost-savings to the delivery of the exhibition by NML and future fundraising initiatives by the Trust and NML.

Museums and galleries nationally are facing challenges, and it seems unlikely that the situation will improve any time soon. John Moores Painting Prize is based on an open submission competition model with selection from actual works in the final stages. Both are considered defining values of the Prize and part of its USP. The model is undeniably demanding on the host venue’s budgets, staff time and resources and may not be sustainable in this form in the future.

JOHN MOORES PAINTING PRIZE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

John Moores Painting Prize China 2024

The China exhibition launched at Jiushi Art Museum at nos.18 and 27 on The Bund, Shanghai from early March – end of May 2025. This marked 15 years since the very first JMPP China opened on the Bund in 2010, an extraordinary achievement. The exhibition then toured to Tag Art Museum in Qingdao.

The panel of judges invited by the Trust were Wang Tiande, Yang Fudong, Sophie Von Hellermann, Rachel Howard and Simon Groom. The UK judges were all able to travel to Shanghai, with costs met by the Trust, for the final stage of selection held in the gallery spaces on 22/23 February. This is the first time all the judges have been able to meet in Shanghai, since the pandemic. The last few editions of the Prize have been blighted by the team of judges not being together with the works in Shanghai for the discussions around the Prize winners, due to restrictions on travel during the pandemic. In both 2022 and 2020 the judges consequently felt unable to award a First Prize.

The submission attracted 2,075 entries from 34 provinces across China, from which were selected the 94 paintings featured in the exhibition. There were 6 Prize winners, with this year marking the introduction of a new Prize for Ink Painting. The 6 Prize winners will take up the month-long residency programme in Liverpool with the Trust’s partner Liverpool Art School, John Moores University, in August 2025. They are First Prize winner Liu Zequn; Ink Prize winner Wang Shuzhong; and runners-up Xu Hanzhuo, Lin Zhaole, Li Liqin and Sun Yuan.

John Moores Painting Prize 2025

John Moores Painting Prize 2025 is scheduled at Walker Art Gallery 6 September 2025 – 1st March 2026. The judges are confirmed as Michael Simpson, Louise Giovanelli, Zhang Enli, Gemma Rolls-Bentley and Dr Zoe Whitley. The Call for Entries active through February and March 2024 has attracted 3,069 submissions.

Walker Art Gallery is proposing some changes to the usual selection process, in an attempt to make savings and cut back on the level of resourcing. Much more emphasis will be placed on the digital stages of selection and fewer works selected for the final judging stage and awarding of the Prize winners. This should make significant savings to the heft of the transport costs and the warehousing requirements for the actual works. There is a shared concern, expressed by both Walker Art Gallery and the Trust, of the need to preserve the integrities of the judging process and the quality of the works selected, despite an extended digital selection model – and the consequent need to ensure a significant material selection at the final stage. The 2025/26 exhibition will therefore be a testing-ground for possible new approaches in the future.

Financial review

Supporting The John Moores Painting Prize and China exhibition cost £81,324 (2024: £51,444), whilst governance costs were £4,500 (2024: £4,436) bringing the total expenditure for the year, as shown in the Statement of Financial Activities, to £85,824 (2024: £55,880).

Total income amounted to £31,134.

After accounting for net losses on investments of £26,157 (2024: gains of £50,760) the overall net assets of the Trust decreased from £1,224,584 in 2024 to £1,143,737 as at 5 April 2025.

Unrestricted funds have decreased in the year by £387 resulting in negative unrestricted funds carried forward of £14,704. Although the fund is in deficit at the year end the trustees have discretionary power to convert part or all of the Expendable Endowment Fund into income and apply such funds for the purposes of the Trust. Income surpluses in unrestricted funds in years when no exhibition is held (or where costs have been accrued in the previous year) are carried forward to fund exhibitions in subsequent years.

Restricted reserves has a value of £10,000 at the year end and relate to funding the Lady Granchester prize.

The expendable endowment fund decreased in value during the year by £80,460, with a value at the year end of £1,148,441. It is anticipated that the income stream from this fund will be utilised to cover the cost of exhibitions, transfers from the investments will be done as necessary, with any shortfall in income to be covered out of future donations received (unless otherwise designated) and the Expendable Endowment Fund itself.

The present level of funds can broadly fund the current scale of operations.

JOHN MOORES PAINTING PRIZE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

The Trust is constituted under a trust deed and is a registered charity, number 511073.

John Moores Painting Prize Trust was founded in 1981 for the purpose of supporting the John Moores Painting Prize and to be responsible for the management of the Trust fund for such purpose. Following the death of Sir John Moores in 1993, members of his family were invited to make donations to strengthen the Trust Fund and to continue the patronage of the Prize.

The Trust changed their name from The John Moores Liverpool Exhibition Trust by special resolution on 2 October 2020 to John Moores Painting Prize Trust.

The trustees who served during the year and since the year end are set out below. They meet at regular intervals to manage the affairs of the Trust.

Mrs J Vazquez (Resigned 25 July 2025) Mr B Moores Mr M Ainscough Mr L Biggs OBE Professor LingMin Mr J S Cruz Lord J Grantchester Mr M Power Ms N Moores Ms S Pickstone Mr R Laing (Appointed 25 July 2025)

The key role of the current Trustees is to:

Trustees are appointed by the Board of Trustees and are found from the contacts and networks of existing trustees. The board looks for individuals with skills and experience which are of value to the trust.

Trustees and the appointment of new trustees are from family members and previous donors and art professionals from our partner organisations.

The partners LJMU and Double Pool Shanghai are represented on the Trust as members. The Trust’s meetings are attended by key staff from Walker Art Gallery. The Trust hold regular meetings throughout the year and attend additional meetings with LJMU and Walker Art Gallery as required. Trustee Lewis Biggs travels regularly to China, as a founding Director of Double Pool and as Chair of the China judging panel.

The Trustees appointed a freelance contractor to manage their interests with the partner organisations and to perform the administrative duties for the Trust, as arise through the exhibition in China and the UK.

JOHN MOORES PAINTING PRIZE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

The trustees' report was approved by the Board of Trustees.

Mr B Moores Trustee Dated: 3 February 2026

JOHN MOORES PAINTING PRIZE TRUST

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 5 APRIL 2025

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 and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping sufficient accounting records that 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.

JOHN MOORES PAINTING PRIZE TRUST

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF JOHN MOORES PAINTING PRIZE TRUST

I report to the trustees on my examination of the financial statements of John Moores Painting Prize Trust (the charity) for the year ended 5 April 2025.

This report is made solely to the charity's trustees, as a body, in accordance with Section 145 of the Charities Act 2011. My examination 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 examination, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance

with the requirements of the Charities Act 2011.

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all 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 financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements 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 now been withdrawn. I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.

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:

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 financial statements to be reached.

Tony Stanley ACA

Mitchell Charlesworth Suites C,D,E, & F 14th Floor The Plaza 100 Old Hall Street Liverpool L3 9QJ

Dated: 4 February 2026

JOHN MOORES PAINTING PRIZE TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025

Current financial year

Unrestricted **Restricted ** **Restricted ** Endowment Total Total
funds funds funds
2025 2025 2025 2025 2024
Notes £ £ £ £ £
Income from:
Donations 3 - - - - 12,500
Investments 4 31,134 - - 31,134 33,140
Other income 5 39,587 - (39,587) - -
Total income 70,721 - (39,587) 31,134 45,640
Expenditure on:
Raising funds 6 - - 14,716 14,716 14,391
Charitable activities 7 71,108 - - 71,108 41,489
Total expenditure 71,108 - 14,716 85,824 55,880
Net (losses)/gains on investments 11 - - (26,157) (26,157) 50,760
Net movement in funds (387) - (80,460) (80,847) 40,520
Fund balances at 6 April 2024 (14,317) 10,000 1,228,901 1,224,584 1,184,064
Fund balances at 5 April 2025 (14,704) 10,000 1,148,441 1,143,737 1,224,584

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

JOHN MOORES PAINTING PRIZE TRUST

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

Prior financial year

Unrestricted **Restricted ** **Restricted ** Endowment Total
funds funds funds
2024 2024 2024 2024
Notes £ £ £ £
Income from:
Donations 3 - 12,500 - 12,500
Investments 4 33,140 - - 33,140
Other income 5 28,884 - (28,884) -
Total income 62,024 12,500 (28,884) 45,640
Expenditure on:
Raising funds 6 - - 14,391 14,391
Charitable activities 7 38,989 2,500 - 41,489
Total expenditure 38,989 2,500 14,391 55,880
Net gains/(losses) on investments 11 - - 50,760 50,760
Net movement in funds 23,035 10,000 7,485 40,520
Fund balances at 6 April 2023 (37,352) - 1,221,416 1,184,064
Fund balances at 5 April 2024 (14,317) 10,000 1,228,901 1,224,584

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

JOHN MOORES PAINTING PRIZE TRUST

BALANCE SHEET

AS AT 5 APRIL 2025

2025 2024
Notes £ £ £ £
Fixed assets
Investments 12 1,148,441 1,228,901
Current assets
Debtors 14 542 564
Cash at bank and in hand 4,168 3,411
4,710 3,975
Creditors: amounts falling due within 15
one year (9,414) (8,292)
Net current liabilities (4,704) (4,317)
Total assets less current liabilities 1,143,737 1,224,584
The funds of the charity
Endowment funds 16 1,148,441 1,228,901
Restricted income funds 17 10,000 10,000
Unrestricted funds (14,704) (14,317)
1,143,737 1,224,584

The financial statements were approved by the trustees on 3 February 2026

Mr B Moores Trustee

JOHN MOORES PAINTING PRIZE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

1 Accounting policies

Charity information

The John Moores Liverpool Exhibition Trust is a charity established by a trust deed on 4 February 1981. The principal address can be found on the Legal and Administrative information page.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's Trust Deed, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 charity is a Public Benefit Entity as defined by FRS 102.

The financial statements 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 Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The accounts have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The Charity has taken advantage of the provisions in the SORP for Charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

1.2 Going concern

At the time of approving the accounts the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the Trustees continue to adopt the ‘going concern’ basis of accounting in preparing the accounts.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

The endowment fund is expendable. Monies are invested by the trustees into shareholdings. The expendable endowment fund increases or decreases in line with the investment valuation. The fund is matched by the investments that are held and transfers are made to maintain this.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid is recognised at the time of the donation.

JOHN MOORES PAINTING PRIZE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

1 Accounting policies

(Continued)

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Investment income is accounted for on an accruals basis, and includes income tax recoverable.

1.5 Expenditure

Expenditure is recognised as soon as there is a legal or constructive obligation committing the Trust to the expenditure. It includes irrecoverable VAT.

Whenever possible each item of expenditure recognised is allocated to charitable activities or governance costs according to its purpose. If this is not possible the cost is apportioned on a reasonable and justifiable basis.

1.6 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.7 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

1.8 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

JOHN MOORES PAINTING PRIZE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

1 Accounting policies

(Continued)

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.9 Taxation

The charity benefits from various exemptions from taxation afforded by tax legislation and is not liable to corporation tax on income or gains falling within those exemptions. Recovery is made of tax deducted from income and from receipts under Gift Aid.

The charity is not able to recover Value Added Tax. Expenditure is recorded in the accounts inclusive of VAT.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

There are no critical accounting estimates or judgments made in preparing these financial statements.

3 Donations

Unrestricted Restricted
funds funds
2025 2024
£ £
Donations and gifts - 12,500

4 Income from investments

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Income from listed investments 29,554 31,300
Interest receivable 1,580 1,840
31,134 33,140

JOHN MOORES PAINTING PRIZE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

5 Other income

**Unrestricted ** **Unrestricted ** Endowment Endowment Total Total
funds funds 2025 2024
£ £ £ £
Other income 39,587 (39,587) - -
39,587 (39,587) - -
For the year ended 5 April 2024 28,884 (28,884) -

Transfers are made to and from this fund as required in order to match the endowment fund balance to the level of investments held.

6 Raising funds

Endowment Endowment
funds funds
2025 2024
£ £
Investment management 14,716 14,391
14,716 14,391

7 Charitable activities

John Moores Painting Prize Exhibitions

2025 2024
£ £
Consultancy 13,992 13,993
Awards 40,000 5,000
China painting exhibition 12,078 12,229
Website & IT costs 468 468
Other costs 70 5,363
66,608 37,053
Share of governance costs (see note 8) 4,500 4,436
71,108 41,489
Analysis by fund
Unrestricted funds 71,108 38,989
Restricted funds - 2,500

JOHN MOORES PAINTING PRIZE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

8 Support costs

Support costs
Support
Governance		 2025Support costs Governance 2024
costs costs costs
£ £ £ £ £ £
Independent examination
fees - 1,145 1,145 - 1,090 1,090
Accountancy - 3,355 3,355 - 3,131 3,131
Meeting costs - - - - 215 215
- 4,500 4,500 - 4,436 4,436
Analysed between
Charitable activities - 4,500 4,500 - 4,436 4,436

All costs have been recharged to the John Moores Painting Prize Exhibitions activity.

9 Trustees

None of the trustees (or any persons connected with them) received any remuneration during the year (2024: none). During the year 2 trustees were reimbursed total expenses of £679 (2024: 2 trustees reimbursed £3,254)

10 Employees

There were no employees during the year (2024: none).

11 Net gains/(losses) on investments

Endowment Endowment Endowment
funds funds
2025 2024
£ £
Revaluation of investments (18,853) 50,893
Gain/(loss) on sale of investments (7,304) (133)
(26,157) 50,760

JOHN MOORES PAINTING PRIZE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

12 Fixed asset investments

Listed Cash in Total
investments portfolio
£ £
Cost or valuation
At 6 April 2024 1,227,717 1,184 1,228,901
Additions 21,218 - 21,218
Valuation changes (18,853) - (18,853)
Movement on cash accounts - 14,605 14,605
Disposals (97,429) - (97,429)
At 5 April 2025 1,132,653 15,789 1,148,442
Carrying amount
At 05 April 2025 1,132,653 15,789 1,148,442
At 05 April 2024 1,227,717 1,184 1,228,901
13 Financial instruments 2025 2024
£ £
Carrying amount of financial assets
Debt instruments measured at amortised cost 20,499 5,159
Equity instruments measured at fair value 1,132,652 1,227,717
Carrying amount of financial liabilities
Measured at amortised cost 9,414 8,292
14 Debtors
2025 2024
Amounts falling due within one year: £ £
Other debtors 542 564
15 Creditors: amounts falling due within one year
2025 2024
£ £
Accruals and deferred income 9,414 8,292

JOHN MOORES PAINTING PRIZE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

17 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 6 April Income Expenditure Expenditure At 5 April
2024 2025
£ £ £ £
Lady Grantchester prize fund 10,000 - - 10,000
10,000 - - 10,000
Previous year: At 6 April Income Expenditure At 5 April
2023 2024
£ £ £ £
Lady Grantchester prize fund - 12,500 (2,500) 10,000

The above fund has been created from a donation from Lord C J Grantchester and is to be used to fund awards of the Lady Grantchester Prize competition.

18 Analysis of net assets between funds

Unrestricted Unrestricted Restricted Restricted Endowment Endowment Total
funds funds funds
2025 2025 2025 2025
£ £ £ £
At 5 April 2025:
Investments - - 1,148,441 1,148,441
Current assets/(liabilities) (14,704) 10,000 - (4,704)
(14,704) 10,000 1,148,441 1,143,737
Unrestricted Restricted Endowment Total
funds funds funds
2024 2024 2024 2024
£ £ £ £
At 5 April 2024:
Investments - - 1,228,901 1,228,901
Current assets/(liabilities) (14,317) 10,000 - (4,317)
(14,317) 10,000 1,228,901 1,224,584

The negative unrestricted fund has arisen due to previous transfers made between the unrestricted fund and the endowment fund to ensure the closing endowment fund balance is equal to the value of investments held. Although the unrestricted balance is negative at the year end, the trustees do have the discretionary power to convert all or part of the expendable endowment fund into income and apply such funds for the purposes of the trust.

JOHN MOORES PAINTING PRIZE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

19 Related party transactions

During the prior year, Lord C.J. Grantchester, a trustee, donated £12,500 (including gift aid) to the charity. There have been no donations in 2025.

Other than reimbursed expenses disclosed in note 9, there are no other related party transactions.

No guarantees have been given or received.

The trustees are also the key management of the charity.