MERCURY PHOENIX TRUST Trustees, Report and Unaudited Financial Statements for the year ended 31 March 2025 Registered Charity Number l 013768 MERCURY PHOENIX TRUST UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 INDEX Page Charlty Information Trustees, report Independent examiner's report statement of financial actlvSties Balance sheet Statement of Cash Flows Accountlng pollcles Notes to the financial statements 11 MERCURY PHOENIX TRUST UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 CHARITY INFORMATION Trustees M Austin (resigned 30 January 2025) H J Beach BHMay R M Taylor Princlpal office Mercury Phoenix Trust 2nd Floor 88190 Baker Street London W1U 6TQ Registered charity number 1013768 Independent examiner Katie Wilson FCA Blue Spire Limitad Cawley Priory South Pallant Chichester West Sussex P019 1SY Banker Coutts & Co 440 Strand London WC2R OQS Page 1 MERCURY PHOENIX TRUST UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 TRUSTEES, REPORT The Iruslees have pleasure in presenting their annual report for the purposes of the Charities Act 2011, together with the accounts for the year ended 31 March 2025. The Iruslees have adopted the provisions of the Statement of Recommended Practice {SORP) "Accounting and Reporting by Charilles" IFRS 102) in preparlng the annual report and financial statements of the charity. STRUCTURE GOVERNANCE AND MANAGEMENT The Mercury Phoeiiix Trust is a registered charity consliluled under a trust deed dated 29 July 1992, and registered as a ch8rily 18 August 1992. The power to appoinl and remove Trustees is vested in the Trustees and exercised by deed. A Trustee may retire by notice in writing. The number of Trustees shall be nol less than three nor more than four and in the event of their number falling below three, such addition81 Trustees or Trustee shall forthwith be appointed as shall be necessary to make their number up lo a maxlmum of four. The Trustees are responsible lor authorising grant payments, for ensuring all grants ar8 made in pui'suance of the objectives of the Trust and for ensuring the objectives of the Trust are mel The Trus18es are responsible for identifying and reviewing the major risks to which the Trust is exposed and confirm that, as far as is possible given Ihe nature of the gi'ant payments and locations lo which they are made, arrangements have been established to miligale those rlsks. Key management personnel remuneration The Trustees consider the board of Trustees and the self-employed adminislralor as comprising the key management personnel of the charity in charge of directlng and controlling the charity and running and operating the charity on a day lo day basis. The Iruslees give of Iheir time freely and no trustee remuneration or expenses w8re paid in the year 12024.. £nil) wilh Ihe 2dministralor's rate being sel al an amount for comparable roles within similar organisalions. OBJECTIVES AND ACTIVITIES The charity's objects are: l) To relieve Ihe poverty, sickness and distress of people with Acquired Immune Deficiency Syndrome {AIDS) and Human Immuno-Defici8ncy Virus (HIV) 11) To advance the education of the public in general in the above conditions, their transmission, Irealmenl and consequences 1111 The pi'ovision, support and maintenance of research into the causes and cure of and hospice seNices and other facilities for the Irealment of aiid alleviation of the suffering of persons with the above conditions IV) The conduct and supporl of research into the causes and cure of the above conditions, together with olher medical condi1Sons related lolassocialed with or otherwise alliedllinked to AIDS andlor HIV In pursuance of its objects, the charity's income is applied in the awarding of grants which are considered to be in accordance with the Trusl's objectives. The Trust has eslablished ils granl making policy to achieve these slated objectives for the public benefit. The Charity's grant making pollcy can be found on the website al .mercu hoenixtrusl.or Isilel rants. The trustees confirm Ihal they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's objectives in planning ils future activities and agreeing ils grant making for the year. ACHIEVEMENTS AND PERFORMANCE During the year, donations of £813.382 (2024.. £939,191) were made to charities and similar bodies whose objectives promote awareness of, and the fight against, AIDS. There was a deficit for the year of £374,672 12024 deficit.. £532,924). The Trustees are pleased with the TrLlSt's performance during the year and believe its conslstent awarding of grants to entities and bodies which are seeking lo help relieve poverty, sickness and distress of people with AIDS and HIV demonstrates a public benefit. Page 2 MERCURY PHOENIX TRUST UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 TRUSTEES, REPORT The Trustees m88sure the performance of the Trust by assessing the value and nature of grants awarded during the financial year. The Trustees consider the value and nature of grants awarded this year lo be appropriate and Consistent wilh the objectives of the Trust. FINANCIAL REVIEW The Trustees aim to mainlaln a level of reseNes at least equlvalent lo approximat81y 3-4 years, worth of grant payments in order to allow the Trust to continue In existence for the foreseeable futur8 in the event that no further income is received. The Trustees regard this as being in the best long-lerm interests of the current and future beneficiaries. ReseNes as at Ihe year-end total £1,858,996 {2024'. £2,233,668). The Trustees are salisfied that the Gharity's assets are availab18 and adequate lo fulfil ils obligations in relation lo those funds. Ris1( man8gement The Trustees have assessed the financial risk managernent objectives and policies of the Trust. The exposure of the Trust lo price risk, credit risk, liquidity risk, and cash flow is considered not material for Ihe assessment of the assets, liabilities, financial position and surplus of the Trust. Investment policy and performance Given the short-lerm nature of the Trust's grant-making aclivilies, the Trustees have decided lo invest immedlately any surplus funds in UK-based deposit accounts wllh a reputable bank. The deposit accounts offer security and ease of access to funds, together wilh a market-based interest rate. PLANS FOR FUTURE PERIODS The Trustees aim to achleve the Trust's long-lerm objectives of assisling in the relief of poverty, sickness and distress of people with AIDS and HIV through the continued awarding grants to worthy recipients but this is subject to continued receipts of donations. STATEMENT OF TRUSTEES, RESPONSIBILITIES The trust8es are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom'Accounting Standards {Uniled l