Charity Registi'atioii No. 1003221 PHILIPSON DITCHLING TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
PHILIPSON DITCHLING TRUST LEI GAL AND ADMINISTRATIVE INFORMATION Truste&s Mr R V Maxwell-Giimbleton Mr M R Searle Mi. J Atkinson Cliarity number 1003221 Priiicipal addi'ess clo R V Maxivell-ciunibleton Esq Maxwell-Guiiiblelon & Co I West Sct'eet Lewes East Sussex BN7 2N£ Indepenilent eiaminei. Maxwell-Guinbleton & Co I West Street Lewes East Sussex BN7 2NZ BAnliers Lloyds Bank PIC 36-38 Cliui'ch Road Bui'gess Hill West Sussex RH15 9AH Investinent advisors Quiltei. Cheviot Senatoi. House 85 Queen Victoria Street London EC4V 4AB
PHILIPSON DITCHLING TRUST CONTE4 NI'S PAge Ti'ustees, repoil Independent exaininer's report Sialen)ent of fiii8n¢ial activities Balance sheet Notes to (he accounts 6-l3
PHILIPSON DITCHLINC TRUST TRUSTEES, REPOIIT FOR THE YEI AR ENDED S APRIL 2024 Tlie Ti'iislees presenl their report for tlie year ended 5 April 2024. Tlie accoui)ts have been prepared in a¢wrdatEce will) the accountin(F policies set OLIt in note I to Ihe aceouiits and comply willi the Cliai'ity's Declai'ation of Ti-usi. Ilie Charitics Act 2011 and 'Accouiitiiig and Repoi'ting by Cl)arilics.' Slat¢i))eiit of Recoininended Practice applicalioii 10 cliai'ities preparing t5ieii' accouiils in a¢eordance ivitli the biiiancial Repoi'ting Standai'd applicable ii) tlic UK and Republic of Ireland (I.-RS 102)" {as aiiiended foi- a¢coLinting periods con)mei)cing froin l JanLsary 2016). Objectives aiid activities Tlie Trustees Are required lo apply the income of tlie Cliarity in or towards the provision of sporting facilities for th¢ yoiing peoplc of the village of Ditchling or such charitable objectives within the village of Ditchliiig as the Parisli Coiincil slidll siiggesl and ilie triisÉees in Iheir absolute discretion shall decide. When I'eviewing tlie ainis and objectives of the Cliarity ai)d planfting its activities Ihe Trustees havc due I'egard to the Cliai'ity Coinmission's piiblic benefit gLiidance. Achlevements aiid perforinaiice Tlie Ti'usiees have allocated incoiiie fui)ds during the year 10 Ditcliling Pavilioii CILib foi. tlie coiitinued refui'bisliinenl of tlie toilet block and also for coiislriicling a slotige and secui'ity ai'ea, for a 'lrim trail" piDject foi. Dii¢l)ling Pi'imary Scliool, lo Dilchlin. Sti'eal and Wcsliiiesion PCC for sporting a¢iivilies cari'ied out by Ilieii. youth worker foi. the beiiefil of school childirn and to Dileliling Cricket Club towards the cost of a new i'ollei-. inaneial i'eview The finaiicial result5 for tl)¢ year ended 5 AprAI 2024 are shown in 1¢ attacl)ed financial statements. The slateiiieiit of finaiicial activities on page 4 shows that tlie total incoming resouites foi. the yeai. aiiiounted to £30.846, excliiding gains oi. losses on the revaluation or disposal of tlie Chai-ity's inveslineiits. Aftei. expeiises and expenditure iii accordance willi tiie teriiis of the Trusl, Ihe net expcildilui'e was £18,375 Tlie Trustees I'egail tl)e finaiicial position at 5 April 2024 as satisfactory aiid consider Ilillt sufficieiil r¢Se¢S are l)eld to ensiire tlie continuance of the Trust. Tl)e I'isks associated will) Ilie Cl).1¢y,S activities are reviewed iiiforn)ally by tlie Triislees, and planned for, and prolecled agaiiisl, by the policies maiiitaiiied for tlie running of tlie Cliarity aiid its iiivestinei)ts. The Triistees iiitend to continue lo apply the income of the Cliarity in or lowai'ds the provision of spoi1ing facilities foi. tlie young i)eople of Ilie village of Ditcliling or sucl) cliarilable objects ivitliin Llie villaoe of Diteliling as the Pai'isli Couiicil shall suggcst, aiid will n)aii)18LI) the investnients Ls a nieans of conlinuiiig tl)e Charity's objeclives. Diiring tlie year, the TritteS undertook a periodic review of the Charity's appointed investment man&geis. Aftcr a full teiiderints pi'ocess, the 'fi'iistces decided to cl)anoe it5 appointed investiiient maiiager5 froiii Breivin Dolpliin to Quiltei. Cheviot. The decision of the Tiustees was based priinarily on the opportunity to pool iiivestmei)ts aiid thereby i'ediice Inanagenient fees provided by the Quilser Cheviot Cjlobal Income and Growtli FLind.
PHILIPSON DITCHLING TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 5 APRIL 2024 Safeguarding The Trustees have due regard to tl)eir obligations to ensure that the Trust's beneficiaries and others connected with ils activities al'e protected from harm. Since the Trust has no activities olhei. than the making of grants to cliai-ities and otliei. organisations, it does noi have direct contact witli individual beneficiaries. Hoiyever, tlie Ti'u5tees do, iii any event, lake reasonable steps to Satisfy themselves that Ihose organisalions receiving grants have appi'opriate safeguarding and oiliei. I'elevant procedures ofdieir own. Structui'e* govei'nAnce and mAnagement Tlie Cliarity derives from the ivill of Ilie late Antl)ony Tllirlwdll Pliilipson and lias been operated in acwrdance with the Declai'alioii of Trust dated l July 1990, which eslablished the chai'ilable foundalion known as tlie Pliilipsoii Dilchling Trust, which is registered with the Charity Commission under the reference 1003221. Tlie Trustees who served during the year were., Mr R V Maxwell-Guinblelon Ir M R Searle Ii. J R Castle Mi. J Atkinsoii (SIgned 9th August 2023) (appointed 9th August 2023) Tlle Triislees bring varying fields of expertise from their own business and professional experience ai)d act in decision-making and poliGy issues, as VKII as having overall responsibility for the conlinuation and furthei'ance of the objects of the Charity. Tlie Ti'uslees, I'epoit was appi'oved by Ilie Board of Trustees. Mr R V Maxwell-Gumbleton Trustee Dated: J)Ut
PHILIPSON DITCHLING TRUST
INDFPENDENT EXAMINERS REPORT
I'O THE TRUSTEES OF PIULIPSON DITCHLING TRUST
We report on the aecouiits uf the Cl)arity for the year ended 5 April 2024. which are sei Out on pages 4 to 13.
Respective r¢sponsil)ilities of ti'ustees 9nd eianiiner
The ClikLrity's triislees 1¢ rc I'¢sponsible for the preparaiion of ilie aLcounls. The Charily's tn15tccs cuiisidei. (hat ali au
PHILIPSON DITCHLING TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED S APRIL 2024 Unre5ti-iete4J Endoivment Total Total fund5 funds 2024 2023 Notes Incolne aiid endowmeiits from". Investincnts 30,846 30,846 26,078 Total iiicomt 30.846 30.846 26,078 Ex enditui'e on: Raising fiinds 6.649 Cliai'it&ble activities 47.810 47,810 31,554 Tot81 resoui'ces expendeil 49,221 49,221 38,203 Net gains (losses) on investinents 88,436 88,436 {60,960) Nct movement li) fun (18.375) 88,436 70.061 {73,085) Fuiids balances at 6 April 2023 50,223 1,052,472 ,102,695 1,175,780 Fuiid bAlanLes It 5 April 2024 31.848 1,140,908 1,172.756 1,102,695 I"lie statcnient of financial activities incliides all gains and losses recognised in the year. All incoine and expeiidilure derive froni continuing activities.
PHILIPSON DITCHLING TRUST BALANCE SHEET AS AT 5 APRIL 2024 2024 2023 Notes Flxed assets Investments 950.376 847,265 950.376 847,265 Cui'rent Assets Dcbiors Casli at bank and in hand 13 5,647 219,937 2.414 256,046 225,584 258,460 Ci'editors: Rmouiits fAlling due witliin one ye4r 14 (3.204) (3,030) Net current assets 222,380 255,430 1,172,756 ,102,695 CApital funds Ei)dowinei)t funds - general Iiiconie funds Uni'estricled funds 15 1.140,908 1,052,472 31,848 50,223 1.172,756 1,102,()95 The accounts were approved by the Trustees on...... 21.. li. R V Maxwell-Guiiibleton Mr M R Searle Trustee Ti'ustee
PHILIPSON DITCHLING TRUST NOTES TO THE FINANCIAL STATEMENT (CONTINUED) FOR THE YEAR EI NDED 5 APRIL 2U24 Accouiitin&¥ policies Chhl'il)t inl'oi'iii#tioN Philipsaii Di¢cl)liiig Trust is an uniiicorporated eliarity Tesislered witli tlic Charily Comn)ission under tlie ietei'cnce 1003221. Aeeouiitiiig convcntinn Iliese accouiits Iwve beeii pirpaie(l in a¢cOydlce iviih Aeeoiiiilillg ld Reporting by Cliarilies.. SIRtenienl ot R¢¢ortimendeil Pra¢li¢e appliLable io ehatilies preparing di¢ir account in accordance witli the Finai)cial Repol'ting Stsndard applicable in tlic UK ynd Repiiblic of Ireland IFRS 102) (e(feclive l Jaiiuai'y 201)) Icliat'ities SORP <FRS102) and. Tlie clritIeS Aei 2011. 'El)e Cliirity is o Public Beiiclii Eiitily #s deliiicd b), FRS 102. 'rhe chariry has taken adv8Jita¥¢ of the provisions in SORP for charitses applying FII8102 Upda1¢ Bulleliii I nol lo Prepa a Sialement of Cash flows. Th¢ a¢¢ounts are pi'cpar¢d in sterliiig, wliich is Ilie fiinctional ¢iirr¢ii¢y of (lie Cliw'ity. Munelai'y anwLints iii ics¢ linaneial slateinenls are rounded io the I)¢.¢$1 £. CJf)ing cviicciy) Ai Ilie liine of appraviii8 tlie accoiiiiis, Ilie trus(ees hav¢ a r¢asoiiablc expectaliot) 11121 Ilie Cliai'ily li&$ Shdcqiiate I'isoiiices lo coi?IribulC in opei.81ioiial ¢xist¢n¥e lor Ilie loreseeable fuiure. 'fiius Ihe iivsi¢¢s coiiliiiue to adopl Ilie goii)gr coiicei'n t515 vf a¢eoiiritiiig iii pyeparing the accounts. CliaritAble funds Uiii'¢siri¢led liiiids are available for Iise ai the dis¢relion of Ilie irusiees in of tlheii. cl)ai'iiabl¢ objectives unless the funds hai'¢ been dcsigtiad (or othei. purp()ses. Restricted funds are subi¢a to specilic condilions donors as how tliey inay be used. lknc purpose and iis of (lie 1¢51riLled lllnds set out in ille no*S ofihe attoiinls. Eiidoivineni funds 8J¢ subject to specific Conditions by doTh)rs that ihe capital Iniist be niainlained by tl)e Lliarity. ITltoming i%'sourtes Iiicoiiie i5 recogiiised wlien ili¢ Cliarily is legally eiiiiiled (o it afler any pcrforniance conditionb have been iiief, tlie Jinounts can be iiieasured relisLbly, aiid il is prabablc tlial iiicome will bc re¢£ived.
PHILIPSON DITCHLING TIIUST NOTES TO THE FKNAIYCIAL STATEMENT (CONTINUED) FOR THE YEAR LI NDED 5 APRIL 2024 Accounting polieies (Continued) Rc8OUI'tes exi)tn(l¢d All ttipendiiure is &ccoiiti(cd for 01) an accruals and lias been clASsif under heAding4 tl)al ax%re2gitc all Costs relalcd to tlie category. l.xpenditure is Itcogniied wl)ere l£re is a leg21 or construclivc obligation to Inake pYMents 10 Iliii'd ptrtics, li is pmb2ble ilial the scttl¢iiiet)I will bc required &)d the amount ol"tl)e obligalion can be nieasured reliably. All expciidiluK iiicludiiig supporl Costs and goiteniÈii¢e costs aTC allocaled or apporliOI)ed tu the applicllble expendiliire Iieading& as noied below. Supporl cogls are t]I05¢ Iliai assisl tlie ivork ol-the charity biii do iioi diircily Tepreseiit cliai'iiable actiwities ai)d iiicliidc ul)J¢e cosls and goverrtanLe LosLs. They are inciwrcd dirtctly lil SllPtM)rl (Il'expeiidilurc oil Ili¢ objecis of Ihe Cliai'ily . Wliei'e suppoit ¢0515 ¢annol be dir¢cilv atti'ibuted 10 parlÈciiloi' h¢adiiig5 tliey hcivc bc¢J) allocated on basis consislciil with tlic se ol"Ilie resources. Gov¢iiiance costs coinproinise all COSLS involviiig il)e publi¢ accountabiliiy of Ilie Cliari()r and its con)pliance with r¢gu12tions and 8ood practice. These ¢osls includ¢ cosls related iu iiidependent e.xatniriatioii and legal fccs. Wliere they cannot be dir¢¢il)i alLribulcd to particular Iieadin8s Iliey Iiave beeii allocated 011 a basis c(>iisisteiil Ivitli the 119¢ of th¢ Yesoiii'ces. li j.xed 8Aset investments riycd assel inveslinei)Is are iiiilially measui'ed ai irnnsaaion price excliidiiig tran¢tiOn ¢osts. and are subsequently Incaslircd al fatr value 81 each reporiing date. Changes iii fair ijalue are re¢o8nised in i)ei iiicoinellexpet]diture) (oi. tlie year. Trai)sa¢tioii costs e¥peiidcd iiicurred. CAJli aiiil CA511 equivnlents Cayh oi)d cash eqiiiv*lenlS Iiiclude casli in hand, dcposits held nt call with banks, aiid otli¢i' short-tei'ni liqui(I iiivesti))ertts Iviih Ofigiiial maiui'itics of ihree E)iOliths or less. ri iiiAneial insfi'uments Ttie Cl)arLty has clccf¢d to apply tlie proiiisions of. Section I I 'Basic fiiiaiicial Iiislrunients, aiid Seetioii 12 'Otlicr Financial Instrun)eniS Issues, ol'FRS 102 10 all of lis linancial insirui))ents. FinAncial inslTI]Eiients are rccognised in tlie Cliariry's balance sheet ivhcn th¢ Charity becoine$ paiiy lo Ilie coiilraclual i)I'ovisions ol-ilie ii)siruineiii. FiiiaTLcial Asse15 aild liabilities ar¢ oftsel, Iviih tlie iiel amoullts 1)resetilcd iii the linancial slAtei)ieiils. Ivheii 15iei'e is legally enforceable right io otTthe reco8iii5cd am(Juiits and whcii t11¢ 1$ ali iiiteiition to seltle oil a net basis or to I'ealise the asset aiid scltle Ilie lial)ility simulian¢oiisly.
PHILIPSON DITCHLING TRUST NOTES TO THE FINANCIAL STATEMENT (CONTINUED) FOR THEI YEAR ENDED 5 APRIL 2024 -4¢countiiig policTCS IContinued} IIA5i¢ finaiiei%l 2.%sets Basic fii)aniial assets, ivh7eh include debiors and casl) wid baith balances. arc inilially ineasured al IroFlS&Ctioi) pric¢ ineludiiig Iydiisatlioii cosis and are subsequeiitly carried al amoiiised cus( usii)g Ilie ef]eclive iiileresl n)etli(vJ iinless ilie un'angeineiil Cortslittites a finan¢in8 IransaLlioi), i¥l)ere Ilie tran5actjoti j5 nas1)I.ed at ¢lie pi'esent valiie of the fuiui'c rcccipls discoiinled ai a ma¥ket rale ol- si. fIn1Cl11 l ass¢ls cl&ssitied Is IE¢eivablc wiihiii onc Jpcar 'e noi aii)01lised. Dei'teo£nition ol. fin411tlg1 assets Fiiillncial asscls llre derecognis¢d ()nlY wlieii ihe conlia¢ui21 rights io (h¢ cash Ilows fiDni tlic a55¢1 expiie or uit s¢ltled, or ivhcn the Charity translers the financial asset thiid substantially all th¢ risks and i'ewards ol'oi¥iiership to anoiher ei11ity, or if soine xignificw]l i"isks' oiid rewards of Uibmersliip air rel8ined bui conlrol ol. Ili¢ a55el has been trferred to anotlicr p#r(y that is able 10 sell ilK &ssets iii ili Clllirety lo ui)Irlat¢d ¢liird Pty. Dsjsic fiiiaiicial li&bililie4 including ¢redilors and bank loans Rre initially ii'cogiiised at Iran5&Ctiuii i>i'ice uiiless th¢ attangemenl cons¢iiules a fiiianeing i¥ansactioii. wh¢r¢ ¢lie d¢bt in8trunient is In¢8surcd al t] i)reIlt value of tlie future payiiienls dIOUnted ai a mw'ket ixle ot- iiiteresl. Financial liabilities elassified as payoble iviiliin one year are Iiot amorti%d. Debt inslrunicnts are subsequenil>' carj'ied Al IinM)riised cosi, usiii8 the etTeclive lillest Inetliod. DerecogiJilion Dr rinancixl li*hilities Finslncial liabililies derecognised iYh¢n Ilie Cliarity's conlrneniAI obligalions expire or are discliarge(l oi. cancelled. Critic81 #ceountiiig estilllAies aiid jiidg¢Th¢Nt$ lji the Application of the Charily's accoujitiiig policies, the irnslees are Irquired lo Inake judgen)enL8, Cstimales aiid assiiiiipti0115 about the c8riyiiig ariioilllt ol'asse(s and liabililies t]ial are Iioi readily appBreiit IroiTI Otlier soiirces. Th¢ cstimates and a550cialed assuimptions arc base(l 01) liisloi'ieal experience Itiid other la¢tois ihal aiE considered io b¢ r¢levanl. ALtuMI iEsiilis 11)ay dilleT from these esliiiiat¢s. lTh¢ ttbliniales aiid iindcrlying AlinptI017S are revieurd on oiigoiiig basis. Revisioiis lo accouiitijig ¥Slii)iatcs ale recugniscd in (lie period in which tlie estiiiiaie is reyised Miliere Elie JEV15iun aifecls oiil)r iliat period, or li) tlie pci'iod vftlie rcvisioti fuliire period5 itheJE tlie Yevision ailccls boili cuiyeiil aiid future pcriocls.
PHILIPSON DITCHLING TRUST NOTEI S TO THE FIIYANCIAL STATEMENT (CONTINUED) FIOR THE YEAR ENDED 5 APRIL 2024 Investments 2024 2023 Incoii)e fron) listed investnieiitS Iiitei'esl I'eccivable 23,112 7,734 30,846 21.788 4,290 26,078 R*islng funds 2024 2023 Iiiveslnient Inanagement cosls 1,411 6,(149 6,649
PHILIIJSON DITCHLING TRUST NOTEI S I'O THE FINANCIAL STATEMENT (CONTINUEI D) FOII THE YEAR FNDED S APRIL 2024 ChAritable activities 2024 20?3 Granls lo Ditclilln Pavili Works io ii)ale and feinale Wcs 4.772 16,440 Stora8c wid security 7.072 Grnnts to Ditchlin C iLket C Roller for ¢ricket pitch i 0.000 (iioiindsiiiun 51ied n0VationS 10,606 Gr&i) o Dilchlin are Prima GrtLnt for playground equipinent 21,28 Grllt)Is to Paroclii i Loiii)¢il of DilLlilin .1 eat and Wcs Conli'ibiilion toiipards sports aclivitie5 690 i D'tclil. F oiball Cl b Neiv Bo2lposÉs and iieis 1,658 43,814 28.704 Shar¢ ofsupwrt costs {see nole 6) liare ofgovernaiitt costs (s¢¢ notc 6) 2,322 1.674 1,260 1.590 47.810 31,554 AnAIysi5 by fund LJiir¢slrieled fuiids 47,810 47,810 Fior thi. ye%r eiidcil 5.4pi-il 2023 Uiiiestri¢lcd fiuids 31,-554 31,554 -io-
PHILIPSON DITCHLING TRUST NOTES TO THF. FINANCIAL STATEMENT (CONTINUED) FOR THE YEAR ENDEI D 5 APRIL 2024 Suppoi't costs Support COSt5 Governance 2024 2023 costs Ac¢oiintanLy and leg&1 tees 2.322 2.322 Indepeiident exaiiiinalion lees 1,674 1,674 1,674 3,996 5,590 2.850 2,322 Analysed bclween Charitabl¢ activities 2,322 1.674 3.996 2.850 I'j'ustees None of tlie Trtistees (or any persons connected witli them) received any reiniineration oi. benefits fi'oin Ihe Cliarity duriiig tlie yeai.. mployees There wei'e i)0 eniployces during thc yeai.. Net GAiiisI (losses) oll iiivestm¢ii¢s 2024 2023 Rcvaluation of investmcnts Gaiiisl(10&s) 011 sale of inveslinents {141.098) 229,534 88,436 (103,234) 42,274 (60,960) io TAxMtion Tlie Tiiist is a I'egistered eharity with ilie Chaiity Coinmission and is exempt from United Icingdon) taxatioi). Tl)e TrLlSt is not registei-ed for VAT and irrewverable input VAT 15 included ivitli tlie relevant expense. -li-
PHILIPSON DITCHLING TRUST NOTES TO THE FINANCIAL STATEMEN'f (CONTINUED) FOR TIIE YEAR ENDED 5 APRIL 2024 Fixed asset investn)eiits I,isted liivestments Cost oi. valuAIioii At 6 April ?013 Additions Valiialioi) chaiiges Disposals 847,265 869.455 88,436 (854.78UI At 5 April 2024 950,376 CAri'yiJig ainoviit Ai 5 April 20?4 950,376 At 5 April 2023 847,265 'ixed As8¢1 investments I'evalued Tlie listed investmeiils l)ave been included at Iheir Inarkel value at th¢ ba14n¢e sheet date as provided by tlie investinei)I managers, Quilter Chevioi Global Income and Gi'owih Fund. The historical cost value of the listcd investi))enls is £846,328 (2023 - £602.118). 12 Fin#nclg1 liisti'unitnts 2024 2023 Cai'i'yiiig niiiouiit or riiiaiicial Assets Debt instriimenls iiieasured al amortised cost Fquity insti'uments measiired at cost less impaii-ment 950.376 847.265 CAriyiDg amount of fii)Aiicial liabilities Measured al amoi'lised cost 3,204 3.030 -12-
PHILIP,SON DITCFILING TRUST NOTfi S TO THE FINANCIAL.STATEMENT (CONTINUEI D) FOR THE YEAR ENDED S APRIL 2024 13 Debtors 2024 2023 Aniounts falliiig diie ivitliiii one year: Pi'epaynienis ai)d acci'ued income 5,647 5,647 2,414 2,414 14 Creditors: aliiounts f%lling due withiii one year 2024 2023 Accruals and deferred income 3,204 3.204 3.030 3,030 15 Eiidoiviiient funds The endownenl ndS I'epreseiit Iliose a5se15 Ivhicli iiiust be lield permanently by Ilie Cl)arily. Incoine arisin8 on tlie endoiwi)eiit fiind5 can be used in accordance with tlie objects or Il)e Charity and is incliided as unresli'i¢ted in¢ome, Any capital gaiiis or losses ai'isin8 on the inveslmeiits foi'ni pai'l of tl)e fiind Movement in fiii)ds Resources Investinents expeiided At liieoming resoui'ces Balance at 6 Api'il 2023 gAinsAosses 5 Api'il 2024 Periiianeiit endoivnicnts Endownient fi]nds 1,052,472 ,052,472 88,436 88.43C> 1,140,908 1,140,908 16 Analysis of iiet a$sets betiveen funds Unrestricted Jidoivment Fuiids TotAI Fun(Is Fuiid balaiices al 5 April 2024 are represented by.. Iiivestit)ents Ciiri'ent asset{liabilit1csj 950.376 190,53? 1,140,908 9SO,376 222,380 1,172.756 11.848 31.848 -13-