Charlty numbgr: 1013844 THE MR & MRS PHILIP RACKHAM CHARITABLE TRUST UNAUDITED TRUSTEES. REPORT AND FINANCIALSTATEMENTS FOR THE YEAR ENDED 1 NOVEMBER 2023
THE MR & MRS PHILIP RACKHAM CHAR ABLE TRUST CONTENTS Page Roferen¢¢ and admlnlstrallve detalls of the Charlty, Its Truste86 and advisor5 Trustees. report Independent examinges rgport Statemont of flnanclal activities Balance shoot Notes lo the financial $tst¢rnents 7-15
THE MR & MRS PHIUP RACKHAAI CHARABLE TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARI, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 1 NOVEMBER 2023 Trustees Charles William Legh Baatt Jonathan Tobias De Vwy Rush John Stuart Jones Charlty rggistgrgd numbor 1013844 Prlnclpal offico Kingfisher House 1 Gilders Way Norwich NR3 1UB Accountants Larking Gowen LLP Chart8red Accountants 1st Floor. Prospect House Rouen Road Norwich NR1 1RE Bankers Bardays Bank PLC Red Lion Street Norwich NR13QH Sollcltors Birketts LLP Kingfisher House 1 Gilders Way Norvrich NR31UB stockbrokers Barratt & CcKike Opie Street Norwich NR13DW Page 1
THE MR & MRS PHIUP RACKHAM CHAR ThABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 1 NOVEMBER 2023 The Trustees present their annual reFKfft togelher the finanoal statements of the Char5ty for the 2 November 2022 to 1 November 2023. Objectlves and actlvltleg a. Constltutlon, Objects and Actlvltles for the publlc benefft The Mr & Mrs Philip Rad(ham Charitsble Tnt is 8 registered charity. number 1013844. and is constituted under a Trust deed dated 5 August 1992. The trustees shall hold the capital and income of the trust fund uwn trust, to apply the income and all or part of the capital for charitable purposes and to make donath)ns lo charitable institutions as the trustoes considgr appropriate. Particular preference 19 to be gNen to those institutions a$slated with the supwrt and religf of asthma suffereTS, asthma researth. the Samarilans and other Norfolk and Suffolk charities. Grants amounting to £38,000 (2022: £138,5rA)) were made durlng the al to charilable InstilLrtw)ns, as detailed in note 4 to the finanual statements. Financial revlew a. Flnanclal posltlon and resgrves policy It Is the policy of the charity to maintain approximately 1-2 ygaTS of inLX)ming resources in an unrestricted fund to pmvida sufficient funds to respond lo emergency applications for grdnts which may arisB from time to time. without needing to draw on the charivs capilal. At 1 November 2023 this fund amounted to £31.798 (2022: £35.226). which is below the targel of 1-2 years of incoming resources. The endowment fund represents tha original caFMlal of the charity wthich has been invested to maintain SLrfficignt incoming resources lo cover charitable expendtture. At 1 November 2023, the endowment fund amounted to £1,628,263 (2022= £1,595,586). The endowment fund is not a pemianent 9ndowment. The Trust's goveming instrument provides that the capital of the trust fund may be utilised as though it Were income. Henc& the chariws total funds of £1.660.061 (2022: £1,630.812) are reserves free to apply within the objects of the charity al the trustees, discretion. structure. governance and management a. Organisational structure and declslon4naklng policies The management of the Charity is the reSnsibIlIty of the Trustees who are elected and co-opted under the terms of the Trust deed. New trustees may be appointed by a resolution of the trustees. The Trustees meet Iwice gach year. Every matter shall be determined by Ihe majority of voles of the trustees present and voting on the question. In case of equaltty of voles the Chairman of the meeting shall have a casting vote whether he has or has not voted previousty on the same question bul no trustee in any other circumstances shall give more than one vole. Page 2
THE MR & MRS PHILIP RACKHAM CHARrrABLE TRUST TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 1 NOVEMBER 2023 Statement of Trustses, rgsponsibilities The Trustees are rgsponsible for preparing the Trustees. report and the financial statements in accordance with applicablg law and United lQngdom Accounting Stsndards (unit lfjngdom Generally Accepted Accounting Pradice). The law applicable to charities in England & Wales r4uires thè Trustees to prepare financial statements for each financial which give a true and fair view of the slate of affairs of the Charity and of its incoming resources and application of resources. includin9 its income and 8XP8ndituro, for that peri¢)J. In preparing these financial statements, the Trustees are required lo= select suitable accountiThJ pjlicies and then appty them Ixnsistendy. obseN8 the methods and princFples of the Charibes SORP (FRS 102).. make judgments and accounting estimates that are reasonable and prudent. state whether applicable UK Accounting Slandards {FRS 1021 have been followed, subi8cI to any material departures disclosed and explained in the financial slatents., prepare the financial statements on the g(Nng concem basis unless it is inappropriate to presume that the Charity wll continue in busin8SS. The Trustegs arg rgsponsible for keeping adequate accounting reo)rds that are sufficient to show and explain thg Charitys transactions and disclose with reasonable ac(#Jracy at any time the financial position of the Charity and 9nable them lo ensure that the financial statements cy)mpty ¥th the Charities Acl 2011. the Charity (Accounts and R8ports) Regulations 2008 and the provigions of the Trust deed. They ar8 also responsible for safeguarding the assets of the Charity arKI h8nce for taking r8asonable steps for the prev&ntion and detection of fraud and other irregularities. Approved by order of the mgmbers of the board of Trustees and 8wJned on their behalf by: Charles Wllllam Legh Barratt Date: i.5.102 Page 3
THE MR & MRS PHIUP RACKHAM CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 1 NOVEMBER 2023 Ind9pgndtsnt examlnerfs report to the Tntstees of The Mr & Mrs Phlllp Rackham Charilable Trust {Iho Charty.) I report to the charity Trustees on my examination of the a(tounts of the Charity for the ygar ended 1 Novembgr 2023. Responsibilitigs and basls of report As the Trustees of the Charity you are resnSIe for Ihe preparation of the accounts in acwrdance with the requirements of the Charities Act 2011 Cthe 2011 AGY>. I report in respect of my examination of the Charitys accounts carried out under s8clion 145 of the 2011 Act and in caryng out my examination I have follow&J the applKable Directions gwen by tha Charity Commission under section 14515){b) of the 2011 Act. Indep•ndent examlneffs statement Your attention is drawn to the fact that the Charity has prepared the a(oUnt$ in accordance with Accounting and Reporting by Chartiies.. Statement of Recommended Pracbce applicabl8 to charities preparirvj their accounts in accordan with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 in preference lo the A(xounling and Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is referred lo in the extant regulatnS but has been wilhdrawn. l understand that this has been done in order for the accounts to provide a tnje and fair view in accordance with the Generally Accepted Accounb'ng Prdctice effective for lertIrj periods Winning on or after 1 January 2015. I have completed my examination. I confirm that no matters have wme to my attention In cx)nrsection with th8 examination giving me cause to believe that in any material respect accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act., or the accounts do not accord with those reeords.. or the accounts do not comply wtlh the applKable requirements conMIng the form and conlenl of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accoijnls give a Nrue and fai¢ view which is not a matter considered as part of an independenl examination. I have no concems and have come across no other matters in connection with the examination to which attention should be drawn in this report in order lo enable a proper understanding of the accounts lo be reached. Signed.. Giles Kerkham FCA DChA Dated: 8. (K Larklng Gowen LLP Chartered Accountants 1st Floor, Prospect House Rouen Road Norwich NR1 IRE Page 4
THE hlR & MRS PHIUP RACKHAM CHARABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 1 NOVEMBER 2023 Endowment Unrestricled funds fund$ 2023 2023 Total nds 2023 Total funds 2022 Nots Incomè and gndowmgnts from: Investments 43.312 43,312 47.540 Total In¢orne and endovfflwnts 43,312 43,312 47,540 Expgnditure on: Charitable activities 46.856 4656 146,586 Tolal expendfture 46.856 46.856 146.586 Nel gainslllosses) on investments 32.677 13 32,690 (118.764) Net movorngnt in fund5 32,6n (3,5311 29,146 (217,810) Reconciliation of funds: Total funds brought forward Net movamonl in funds 1.595.586 32,677 35226 (3,531) 1.630.812 29,146 1,848.622 (217,810) Total funds carried forward 1,628.263 31.695 1.659,958 1,630.812 The Statement of financial activitses includes all gains and losses recognised in the year. The notes on pages 7 to 15 fomi part of these financial statements. Page 5
THE MR & MRS PHIUP RACKHAM CHARffABLE TRUST BALANCE SHEET AS AT 1 NOVEMBER 2023 2023 2022 Note Flxed assets Investments 1,605,545 1.571,618 1,605,545 1,571,618 Current assets Investments Cash at bank and in hand 28.773 30,789 30.667 33.506 64,173 Creditors: amounts falling due within one year (S,049) (4.979) Net currgnt assgts 54,513 59.194 Total net assets 1.660.058 1,630,812 Charlty funds Endowment funds Unrestricted funds 1,628,263 31.795 1,595.586 35,226 Total funds 1,660.058 1.630.812 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. Charles William Lggh Barratt Dale.. S.iaL4 The notes on pages 7 10 15 form part of these financial statements. Page 6
THE MR & MRS PHIUP RACKHAM CHARABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR ThE YEAR ENDED 1 NOVEMBER 2023 Accountln9 pollcles 1.1 Basis of preparatlon of flnanclal statements The financial stslements have been prepared in aCCor(lan with the Charities SORP (FRS 102) - Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to Gharities praparing their accounts in accordance wilh the Finanaal Rew)rting Standard applicable in the UK and Republic of Ireland IFRS 102}, the Financk31 Reporbng Slandard appIlble in the UK and Republic of Ireland IFRS 1021 and the Charibes Act 2011. The financial statement5 have been prepared to gNe a Irue and fairf wew and have departed from the Charities {Accounts arKI Reports) Regulations 2008 onty to the gxtent required to provid8 a 'lrue and faiff view. This departure has involved following the Charities SORP IFRS 102) published on 16 July 2014 rather than the Accounts"ng and ReportiNJ by Charths: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. Thè Mr & Mrs Philip Rackham Charitable Trust meets Ihe definitK)n of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cx)st or transaction value unless OtheIse stated in the relevant Counting FM)Iicy. 1.2 Incomg All incom8 is recognised once the Charity has entitlement to th8 income, It is probable that the income will be received and Ihe amount of income receIvab can be measured reliably. 1.3 Exponditure ExpgTKliture is rewnised once Ihere is a legal or constructive obligation to transfer economic benefit lo a third party. it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligatn can be measured reliably. Expenditure is classified by activity. Expendi10 on charitable activities is incurred on directy undertaking the activities which further the Charitrfs objectives, as well as any associated support eosts. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject lo conditions which have not been mel at the year end are noted as a commitrnent. but not accwed as expenditure. 1 A Interest rgcglvablg Interest on funds held on dgPOSIt is induded when receivable and the amount can be measured reliably by the Charity; this is normally upon notificatK)n of the interest paid or payable by th8 institution with whom the funds are deposited. 1.5 Investments Fixod asset investments are a fomi of financial instrumenl and are initially recognised al their Iransaclion cost and subsequenlly measured at fair value al th8 Balance sheet dale. unless the value cannot be measured reliabty in which case it is measured al cost less impaim)ent. Investment gains and losses, whether realised or unrealised. are combined and presented as 'GainsllLossesl on investments. in the Statement of financial activities. Page 7
THE MR & MRS PHIUP RACKHAM CHARrrABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 1 NOVEMBER 2023 Accountlng pollcles Icontlnued) 1.6 Cash at bank and In hand Cash at bank and in hand indudes cash and short-temi highly liquid investments with a short maturity oflhree months or less from the date of aUlsin or opgniThJ of ts d6posit or similar account. 1.7 Llabllltles and provlslons LiabilitBs aro rgnISed when there is an obligatM)n at the BaLqnce sheBt date as a result of a past event, it is probable that a transfer of e)noMiC benefit will be rgquired in settlement. and the amount of the setU8m8nt can be estimat1 reliabty. Liabilities are recognised at the amount that the Charity antipatS it will pay lo settle the debt or the amount il has received as advanced payTnenls for the g¢xJds or services it musl provKJe. 1.8 Flnanclal Instruments The Chatity onty has financial assets and financial liabilities of a kind that qualify as basic financial instnjments. Basic ffinanual instruments are initially recognised at transaction value and subs9qU8nlly measured at their settlement value wtth the exception of bank loans which are subsgqUgnUy measured at amortised cost using the effective interest method. 1.9 Fund accounting General funds are unreslricled funds which are available for use al the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been dgsignatad for other purposes. The endowment fund is an expendable endowmenl fund representing the original capital provided by the settlor, which has been invested in stock and shares. Income received is then Iransferrgd to th8 general lund. Investment income. gains and losses are allocated to the appropriate fvnd. Page 8
THE MR & MRS PHILIP RACKHAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 1 NOVEMBER 2023 Investmont Income Unrestrlcted funds 2023 Total funds 2023 Investment income Bank interest 43.073 239 43.073 239 43.312 43,312 Unrestrict8d funds 2022 Total funds 2022 Investment income Bank intergst 47.531 47,531 47,540 47,540 Page 9
THE MR & MRS PHIUP RACKHAM cHARALE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 1 NOVEMBER 2023 Analysls of oxpendlture by actlvlt50s Grant funding of Govemance activities costs 2023 2023 Total funds 2023 Charitable aGtivitigs Gosts 38.lY)O 8,856 46,856 Grnnt funding ol Govemance activthes costs 2022 2022 Total funds 2022 Ch8ritabla actNitie$ costs 138,5 8,086 146.586 Analy$l$ of support costs Total funds 2023 Total funds 2022 Accountancy & EXaMinatn Legal & Professional 2.580 6.276 2.136 5,950 8.856 8.086 Page 10
THE MR & MRS PHILIP RACKHAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 1 NOVEMBER 2023 Grants payable 2023 2022 Asthma R81ief Asthma and Lung UK Aylsham & District Care Trust BEFA BREAK BUILD Cancer Campaign in Suffolk Connects & Co EACH East Anglian Air Ambulanc8 Eating Matters Headway H88r for Norfolk Hebron Trust 1,500 51)0 500 500 500 500 500 500 500 500 500 500 500 1,000 500 500 1,000 soo 500 500 Macmillan Cancer Support Marie Curie Monkey Workshops CIC NARA - The Breathing Charity Norfolk C1zenS Adwc8 Norfolk Community Foundation - Norfolk Heart Trust Norfolk Community Foundation - Nourishing Norfolk FurKI Norfolk Family Carers Prisrylla Ba(JM Hospice Appeal RABI RNAA Samaritans - NoThMeh Schoolreaders Shine (East Norfolk) st Edmunds Society Stepping Stones The Addington Fund The Assist Trust The County Trugt The Excelsior Trust 500 1,000 500 s,000 500 500 1.000 1.OlX) 500 1,000 500 15,000 500 15,000 1,000 too.000 1,000 500 1,000 500 500 500 500 500 500 500 The Matthew Project The Nancy Oldfield Trust The Prince's Trust soo 500 500 500 Page 11
ThE MR & MRS PHILIP RACKHAM CHARrrABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 1 NOVEMBER 2023 Grants payable (conllnugd) The YANA Project Thomag8 Hall IndeperKl8nt Living UEA Wellspring Famity Centre With Wood Monkey Wymondham Youth Bus 1,000 1.000 1.000 500 500 500 5,000 500 38,000 I38, Fixed asset investments Li$tgd Investments Cost or valuatton At 2 November 2022 Additions Disposals Revaluations 1,571,618 239.412 (238,1751 32,690 At 1 November 2023 1.605,545 Net book value At 1 November 2023 1,605,545 At l November 2022 1,571,618 The historical cost of fixed asset investments at 1 Novomber 2023 was £1,121,701 {2022'. £1,093,902). Page 12
THE MR & MRS PHIUP RACKHAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 1 NOVEMBER 2023 Credltors: Amounts falllng due wlthln ong yoar 2023 2022 Accountan¢y and EXaMinatn F88S Legal and Prof8ssKfynal Fees 2,580 2,469 2.376 2,603 5.049 4.979 Flnanclal instruments 2023 2022 Finan¢ial assats Finanual assets measured at fair value through Inwme and expenditure 1,605.545 1,571,618 Financial assets measured at fair value through incom8 and eXnd[lUre comprise listed inv9slmentg. Page 13
THE MR & MRS PHIUP RACKHAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 1 NOVEMBER 2023 statsment of funds statsment of fvnds - current year Balance at 2 November 2022 Balance at 1 Gaingl Novombor ILosse$} 2023 Income Expendire Unrestricted funds Ggneral Funds 35,226 43,412 {46.8561 13 31,795 Endowment funds Endowmonl Funds 1,595,586 32.677 1,628,263 Total of funds 1,630,812 43A12 146.856) 32,690 1,660.058 Statement of funds - prior year Balance al 1 Novembei 2021 Balance 81 Gainw l Novemb81 (Losses) 2022 Incom8 Expenditu Unrestrlcted fvnds General Funds 136,939 47.540 (146.586) (2.667) 35,226 Endowment funds Endowment Funds 1,711,683 (116.097) 7,595,586 Total of funds 1,848,622 47.540 (146.586) (118.764) 1,630,812 Page 14
THE MR & MRS PHIUP RACKHAM CHARrrABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 1 NOVEMBER 2023 Analysls of ngt ass8ts tweeTh funds Anatysls of net assgts b•t¥rnen funds - ¢urrnnt year Endowment Unreslrfctèd funds funds 2023 2023 Total funds 2023 Fixed asset investments Current assBts Creditors due within one year 1,604,295 23.968 1,250 35.594 {5,049} 1,605,545 59,562 (5.0491 Total 1.628.263 31.795 1.660,058 Analysis of net assets belw8en funds . prior y8ar Endowment Unrestricted fvnds funds 2022 2022 Total funds 2022 Fixed asset inveslments 1.571,618 23,968 1.571,618 64.173 (4,979) Current assets Creditors due wthin one year 40.205 (4,979) Total 1.595.586 35.226 1,630.812 10. Rolatgd party transactions During the current and previous year. no trustee received rernuneralM)n or reimbursement of exn$69. None of the trustees entered into any transan, contract or other arraTrJemenl with Ihe charity, other than those indicated below. The firm of Birketts prowded legal services during the year on normal commercial lermg at a cost lo the charity of £5.681 {2022: £5.3541. Of this sum, £2.470 was outstanding at the year end (2022.. £2.6031. JS Jones is a partner at Birketts. The firm of Barratt & Cooke. of vthich C W L Barratt is a Mn*xecutive director. provided stockbroker services. During the year thay receNed and retained commissions and management fees amounting to £5,672 (2022= £7.938). Page 15