Charlty number: 1013844 THE MR & MRS PHILIP RACKHAM CHARITABLE TRUST UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 1 NOVEMBER 2024
THE MR & MRS PHILIP RACKHAM CHARITABLE TRUST CONTENTS Page Roference and admlnlstrative d8tall8 of the Charlty, Ils Trustees and advlsers Trustees, report Ind8p8nd8nl axamlner's report Statement of flnanclal actlvllles Balance Sheet Not08 to Ihe flnanclal statements 7-15
THE MR & MRS PHILIP RACKHAM CHARITABLE TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 1 NOVEMBER 2024 Truslees Charles William Legh Barratt Johnathan Tobias Deveci Rush John Stuart Jones Charlty r8glstered number 1013844 Prlnclpal offlce Kingfisher House 1 Gilders Way Norwich NR3 1UB Accountants Larking Gowen LLP Chartered Accountants 1st Floor, Prospect House Rouen Road Norwich NR11RE Banker8 Barclays Bank PLC Red Lion Street Norwich NR13QH Sollcltors Birk8tts LLP Kingfish8r House 1 Gilders Way Norwich NR3 1UB Stockbrokers Barratt & Cooke 5-6 Opie Street Norwich NR13DW Page 1
THE MR & MRS PHILIP RACKHAM CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 1 NOVEMBER 2024 The Trustees present thair annual report together with the financial statements of th8 Charity for th8 2 Novemb8r 2023 to 1 November 2024. Objectives and activitles a. Constltutlon, Objects and Activities for tho publlc beneflt The Mr & Mrs Philip Rackham Charitable Trust is a regist8red charlty. 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 upon trust, lo apply the income and all or part of Ihe capital for charitable purposes arsd to make donations to charitable institutions as the trustees consider appropriate. Particular preference is to b8 given to those institutions associatad with the support and relief of asthma sufferers, asthma research, the Samaritans and other Norfolk and Suffolk charities. Grants amounting to £28,220 (2023.. £38,000) were made during the year to charilable institutions, as detailed in note 4 to the financial statements. Flnanclal revlew a. Flnanclal posltlon and reserve8 poIIcy 11 Is the policy of the charily to maintain approxlmately 1-2 years of incoming resources in an unrestricted fund to provide sufficient funds to respond to emergency applications for grants which may arise from time lo time, without needing to draw on the charitls capital. At 1 November 2024 this fund amounted to £39,440 (2023: £31,795), which is below the target of 1-2 years of incoming resources. The endowm8nl fund represents the original capital of tha charfty whlch has bean Invesled to malntaln sufficiant Incoming resourc8S to cover charitable expenditure. At 1 November 2024, the endowment fund amounted to £1.737,279 (2023.. £1,628,263}. The endowment fund is not a permanenl endowment. The Trust's governing instrument provides that the capital of the trust fund may be utilised as though il were income. Hence the charity's total funds of £1,776,719 (2023: £1,660,058) are r8S8rves free to apply wlthln the objects of the charity al the trustees, discretion. Structure, governance and managament a. Organlsatlonal structure and decision-making policies The management of the Charity is the responsibility of the Trustees who are elected and co-optad under the terms of the Trusl deed. New trustees may be appointed by a resolution of the trustees. Th8 Trustees meet twice each year. Every malter shall be determined by the majority of voles of the Iruslees present and voting on the question. In case of equality of votes the Chairman of the meeting shall have a casling vote whether he has or has not voted previously on the same question but no trustee in any other circumstances shall give more than one vote. Page 2
THE MR & MRS PHILIP RACKHAM CHARITABLE TRUST TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 1 NOVEMBER 2024 Statement of Tru$te8s' responslbllltles Th8 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 & Wales requires the Trust88S to prepare financial statem8nts for each flnancial which give a true and fair view of the stale of affalrs of th8 Charity and of its incoming resources and application of resources, including its Income and expenditure, for that period. In preparing these financlal statements, the Trustees are required to: select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP (FRS 102); make judgments and accounting estimales that are reasonable and prudent., state wheth8r applicable UK Accountlng Slandards {FRS 1021 have been followed, subject to any malerlal departures dis¢los8d and 8xplained in the financial statements., prepare th8 financial stalements on th8 going concern basis unless it is inappropriate to presum8 that th8 Charily will continue in business. The Trustees are responsible for keeplng adequate accounting r8cords that are sufficient to show and &xplaln the CharItS transactions and disclose with reasonable accuracy al any time the financial position of the Charlty and enable them lo ensure that th8 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. Approved by order of the members of th8 board of Trustees and signed on their behalf by.. Charles Willlam Legh Barratt Dat@.'ii.S IC Page 3
THE MR & MRS PHILIP RACKHAM CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 1 NOVEMBER 2024 Independent examlnèr's report to the Trustees of The Mr & Mrs Phlllp Rackham Charltable Trust ('the Charity.) I report to the charity Trustees on my 8xamination of th8 accounts of th8 Charity for th8 y8ar 8nd8d 1 November 2024. Responslbllltlos and basls of report As th8 Truslees of the Charily you are responsibl8 for the preparation of the accounts in accordance with the r8quir8ments of the Charltles Act 2011 ('tha 2011 Act,). I report in respect of my examination of Ihe Charitys accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(51(b) of the 2011 Act. Independent examlnerf8 Stalement Your attention is drawn to the fact that the Charity has prepared Ihe accounts in accordance with Accounting and Reporting by Charities: Slatement of Recommended Practice applicable to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) in pr8ference 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 been withdrawn. I have completed my examlnation. I confirm that no matters have com8 to my attention in connection with the examination giving me cause to believe that in any material respect: accounlSng records were not kept in respect of the Charity as required by section 130 of the 2011 Act,. or the accounts do not accord wilh those records; or the accounts do not comply with the applicable requirements concerning the form and content of accounts Sel out in the Charities (Accounts and Reports) Rggulalions 2008 olh8r than any requirement that the accounts give a 'tru8 and fair, view which is not a matter considgred as part of an independent examination. I have no concerns and have come acros5 no other matters in connection with the examination to which attention should be drawn in Ihis report in order lo enable a proper understanding of the accounts to be reached. Signed.. Gi18s Kerkham FCA DChA Dated.. 14 ).27 Larking Gowen LLP Chartered Accountanls 1s1 Floor, Prospect House Rouen Road Nornich NR11RE Page 4
THE MR & MRS PHILIP RACKHAM CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 1 NOVEMBER 2024 Endowment Unrestrlcted funds funds 2024 2024 Total funds 2024 Total funds 2023 Note Income and endowments from: Investments 45,729 45,729 43,412 Total Income and endowmonts 45,729 45,729 43,412 Expendlture on: Charitabl8 aclivities 38,287 38.287 46,856 Total 6xpondlture 38,287 38,287 46,856 Nel gains on investments 109,016 203 109,219 32, 690 Net movomant In funds 109,016 7,645 116,661 29,246 Reconclllatlon of funds: Total funds brought forward Net movement in funds 1,628,263 109,016 31,795 7.645 1,660,058 116,661 1,630,812 29,246 Total funds carrled foThvard 1,737,279 39,440 1,776,719 1,660,058 The Stat8m8nt of financial actlv5tles Sncludes all gains and losses recognlsed In the year. The notes on pages 7 to 15 form part of these financial statements. Page 5
THE MR & MRS PHILIP RACKHAM CHARITABLE TRUST BALANCE SHEET AS AT 1 NOVEMBER 2024 2024 2023 Note Flxed assets Investments 1.718,237 1, 605.545 1,718,237 1, 605,545 Current assets Cash at brokers 24,472 39,770 28, 773 30, 789 Cash at bank and in hand 64,242 59,562 Creditors.. amounts falling due within one year (5,760) (5.049) Net current a$8ets 58,482 54,513 Total net assots 1,776,719 1,660,058 Charlty funds Endowment funds Unrestricted funds 1,737,279 39,440 1, 628.263 31,795 Total funds 1,776,719 1,660,058 The financial statements were approved and aulhorised for issue by the Trustees and signed on their behalf by.. Charles William Le Date.. IS. 7.2< The notas on pages 7 to 15 form part of these financial stalements. Page 6
THE MR & MRS PHILIP RACKHAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 1 NOVEMBER 2024 Accounting policles 1.1 Bas18 of preparation of financial statements The financial statements have been prepared in accordance wlth the Charities SORP (FRS 102) Accounting and Reporting by Charities.. Slatemant of Recommended Practice applicable to charilies pr8paring their accounts In accordance wlth th8 Financial Reportlng Standard applicable in the UK and Republic of Ireland IFRS 102}, the Financial Reportlng Standard applicable In the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The Mr & Mrs Philip Rackham Charitable Trust m88ts th8 definltlon of a public benefit entlty under FRS 102. Assets and liabilities are Initially recognised al historical cost or transactlon value unless otheMSse stat8d in the relevant accounting policy. 1.2 Income All income Is recognised onc8 th8 Charity has entltlement to the income, It Is probab18 that the Income will be received and the amount of income recelvable can be measured reliably. 1.3 Expendlture Expenditure is recognised once there Is a legal or constructive obligation to transfer economlc benefil to a third party, it is probable that a transfer of economic benefits will be raquired in settlement and the amount of th8 obligation can be measured reliably. Expenditure Is classlfied by activity. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives. as well as any associated support costs. Grants payable are charged in the year wh8n the offer is made exc8Pt in those cases where th8 offer Is conditional, such grants belng recognised as 8xpendilure when the conditions altaching ar8 fulfilled. Grants offered subject to conditions which have not been met at th8 year end are noted as a commitment, but not accrued as expenditure. 1.4 Interest recelvable Interest on funds held on deposit is included when recelvabl8 and the amount can b8 measured roliably by the Charity., this Is normally upon nolification of th8 interest paid or payabl8 by the institution with whom the fund5 are dgPOSited. 1.5 Investments Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cosl and subsequenlly measured al fair value at the Balance sheet dalo, unless the value cannot be measured reliably in which case il is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'GainsllLosses) on investmenls, in the Statement of financial activities. 1.6 Cash al bank and In hand Cash al bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from Ihe date of acquisition or opening of the deposit or similar account. Page 7
THE MR & MRS PHILIP RACKHAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 1 NOVEMBER 2024 Accountlng policies (continued) 1.7 Liabilities and provlslons Liabilities are recognised when there Is an obligation al the Balance sheel date as a result of a past event, it is probable that a transfer of economic benefit will be required in settl8ment, and th8 amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has r8ceived as advanced payments for the goods or servic88 it must provide. 1.8 Flnanclal In81rument8 The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial inslruments. Basic financial instruments are initially recognised al transaction value and subsequently measured at their settlement value with th8 exception of bank loans which are subsequently measured at amortised cost using th8 effectiv8 int8r8St m8thod, 1.9 Fund accounllng General funds are unreslricled funds which are evailable for use al the discretion of the Trustees In furtherance of the gen8ral objactives of the Charity and which have not been designated for other purpos8S. The endowment fund is an expendable endowment fund representing the original capital provided by the settlor, which has been invested in stock and shares. Income received is then transferred lo the general fund. Inveslment Income, gains and losses ar8 allocat8d to th8 appropriate fund. Page 8
THE MR & MRS PHILIP RACKHAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 1 NOVEMBER 2024 Inveslment Income Unrostrlcted funds 2024 Total funds 2024 Investment income Bank interest 44.969 760 44,969 760 45,729 45,729 Unr8Strlcted funds 2023 Total funds 2023 Inveslmenl income Bank interest 43,173 239 43,173 239 43,412 43,412 Page 9
THE MR & MRS PHILIP RACKHAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 1 NOVEMBER 2024 Analysis of expenditure by actlvltles Grant fundlng of Governance a¢tlvltlès costs 2024 2024 Total funds 2024 Charitable activities costs 28.220 10,067 38,287 Grant funding ol Governance activitl8S costs 2023 2023 Total funds 2023 Charitable activities costs 38, 000 8,856 46, 856 Analys18 of Support costs Total funds 2024 Total funds 2023 Accountancy & Examination Legal & Professional 2,706 7,361 2,580 6,276 10,067 8,856 Page 10
THE MR & MRS PHILIP RACKHAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 1 NOVEMBER 2024 Grants payable 2024 2023 33rd Norwich Scouts Age Concern North Norfolk Asthma R81i8f Asthma and Lung UK Aylsham & Dlstrlct Care Trust Barnham PCC 1,000 500 500 500 500 500 500 5,000 500 BEFA BREAK 500 500 500 BUILD Caring Together {Norfolk Young Car8rs Forum) Connects & Co Dawns Naw Horlzon EACH East Anglian Air Ambulance Eating Matters Headway Norfolk & Waveney Hear for Norfolk Heritage House Macmillan Cancer Support Monkey Workshops CIC Musical Keys Nansa NAK4- The Brealhing Charity New-u 500 500 500 500 500 1,000 1,000 500 1,000 500 500 500 500 500 500 500 5,000 500 500 500 500 Norfolk Citizens Advice Norfolk Community Foundation - Norfolk Heart Trust Norfolk Community Foundation - Nourishing Norfolk Fund Norfolk FYFC North Norfolk Communily Tran5POrt Open Road West Norfolk Priscilla Bacon H05pice RNAA 500 1,000 1,000 1,220 500 500 15,000 1,000 1,000 1,000 1,000 500 500 500 1,000 Schoolreaders Shine (East Norfolk) stepping Stones The Addinglon Fund The Benjamin Foundation 500 Page11
THE MR & MRS PHILIP RACKHAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 1 NOVEMBER 2024 Grants payable (contlnued) The Charles Burrell Centre The Country Trust The Excelsior Trust The Gloucester 1682 Charitable Trust The Hamlet Charity The Matthew Project The Nancy Oldfiold Trust The Norfolk Hospice Tapping House The Prince's Trust The YANA Project Thornage Hall Independent Living Time Norfolk UEA We115prlng Family Centre Y8SU 1,000 1,000 500 500 1,000 500 500 500 500 500 1,000 1,000 1.000 500 1,000 500 500 28,220 38, 000 Flx8d asset Inveslments Llsted Investments Cost or valuation Al 2 November 2023 Additions 1,605,545 230,992 (227,5191 109,219 Disposals Revaluations At 1 November 2024 1,718,237 Net book valua At 1 November 2024 1,718,237 At 1 November 2023 1,605,545 The historical cost of fixed asset investments at 1 November 2024 wa5 £1,199,979 (2023: £1,121,701). Page 12
THE MR & MRS PHILIP RACKHAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 1 NOVEMBER 2024 Creditors: Amounts falllng duo wlthln on8 year 2024 2023 Accountancy and Examination Fees Legal and Professional Fees 2,706 3,054 2.580 2.469 5,760 5,049 Flnanclal Instruments 2024 2023 Flnanclal assets Flnanclal assets measured at falr value through income and expenditure 1,718,237 1,605,545 Financial assets measured at fair valu8 through income and expenditure comprise listed investmants. Page 13
THE MR & MRS PHILIP RACKHAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 1 NOVEMBER 2024 Statement of funds statement of funds - current year Balance at 2 November 2023 Balance at 1 Galnsl November (Losses) 2024 Income Expenditure Unr8strlcted funds General Funds 31,795 45,729 (38,287) 203 39,440 Endowment funds Endowment Funds 1,628,263 109,016 1,737,279 Total of funds 1,660,058 45,729 (38,287) 109,219 1,776,719 Statement of funds - prlor year Balanc8 al 1 Nov8mb8r 2022 Bal8nc8 at Gainsl l November (Losses) 2023 Incom8 Expendlture Unreslrlcted funds General Funds 35,226 43,412 (46,856) 13 31,795 Endowment funds Endowment Funds 1,595, 586 32,677 1.628,263 Total of funds 1,630,812 43,412 (46,856) 32,690 1,660, 058 Page 14
THE MR & MRS PHILIP RACKHAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 1 NOVEMBER 2024 Analysis of nel assets between funds Analysis of net assets between funds - current perlod Endowment Unrestrlcted funds funds 2024 2024 Total funds 2024 Fixad asset investment5 Current assets Creditors due within one year 1,713.311 23,968 4,926 40,274 (5,760) 1,718,237 64,242 (5,760> Total 1,737,279 39,440 1,776,719 Analysls of nat assets between funds - prlor perlod Endowment Unrestricted funds funds 2023 2023 Total funds 2023 Flxed asset investments Current assets Creditors due within one year 1, 604,295 23,968 1,250 35,594 (5, 049) 1, 605,545 59, 562 (5,049) Total 1,628,263 31,795 1,660,058 10. Related party transactlons During the current and previous year, no trust88 received remuneration or relmbursem6nt of expenses. None of the trusteas 8nt8red into any transaction, contract or oth8r arrangement with the charity, other than those Indicaled below. The firm of Birketts provided legal services during the year on normal commercial terms at a cost lo the charity of £6,20012023.. £5,681). Of this sum, £3,054 wa5 Outstanding at the year end (2023- £2,470)- JS Jonos is a partner at Birketts. The firm of Barratt & Cooke, of whlch C W L Barratt is a non-executive director, provided stockbroker services. During the year they received and retained commissions and management fees amounting to £5,503 (2023.. £5,672). Page15