OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

← Philip Breeze Will Trust

2025-04-05-accounts

1

THE PHILIP BREEZE CHARITY

REPORT AND FINANCIAL STATEMENTS

For the year ended 5 April 2025

Page 1 Index Page 2 Reference and Administrative Information Page 3 Provisions of Will and Codicil Pages 4 to 6 Trustee's Report Page 7 to 9 Independent Auditor's Report Page 10 Consolidated Statement of Financial Activities Page 11 Consolidated Balance Sheet Page 12 Consolidated Cash Flow Statement Pages 13 to 16 Notes to the Financial Statements

The following pages do not form part of the Financial Statements Pages 17 & 18 Detailed Investment Transactions

2

THE PHILIP BREEZE CHARITY

REFERENCE AND ADMINISTRATIVE INFORMATION

Registered Charity No. 1055260

Dyers Hill House Dyers Hill Charlbury Chipping Norton OX7 3QD

TRUSTEES

John Alistair Clemence CBE TD FCA (to 21.3.25) Breeze Trustees Limited (from 13.3.25)

BANKERS

The Royal Bank of Scotland plc 1 Fleet Street London EC4Y 1BD

INVESTMENT MANAGERS

RBC Brewin Dolphin Ltd 12 Smithfield Street London EC1A 9LA

SOLICITORS

Bates Wells LLP 10 Queen Street Place London EC4R 1BE

INDEPENDENT AUDITOR

Perrys Audit Limited Chartered Accountants Churchdown Chambers Bordyke Tonbridge Kent TN9 1NR

3

THE PHILIP BREEZE CHARITY Provisions of the Will and Codicil dated 15 December 1992 of Philip Anthony Breeze (died 18 February 1993) (The Will)

After the payment of funeral, testamentary expenses and legacies the Residuary Estate is held on the following Trusts:-

Doris Ellis-Breeze may reside at 3/4 Fosseway Terrace, Stow Road, Bourton-on-the-Water during her lifetime rent free but subject to payment by her of all rates, taxes and costs of keeping the property in reasonable repair. Doris Ellis-Breeze died on 8 December 2008.The property reverted to the Residuary Estate and was sold on 8 April 2009. The net proceeds were £170,871.

During the Discretionary Period (which expression shall mean the period starting with the date of death of Philip Anthony Breeze and ending upon the death of the last survivor of Marcelle Breeze-Lamb and Doris Ellis-Breeze) to pay or apply the income of the Residuary Estate as follows:-

Upon the expiry of the Discretionary Period the Trustees shall hold the Residuary Estate as to both capital and income including accumulated income upon trust for such of the charities listed below as shall be in existence at the expiry of the Discretionary Period and if more than one then in equal shares absolutely.

Beneficiary Charities (as named in the Will if different) Charity No.
The Royal National Institute of Blind People (London Association for the Blind) 226227
Blue Cross (Blue Cross Animals Hospital) 224392
The Brooke Hospital for Animals 1085760
Great Ormond Street Hospital Children's Charity (1852)
(The Hospital for Sick Children) 1160024-115
Greenpeace Environmental Trust 284934
Guide Dogs for the Blind Association 209617
The Multiple Sclerosis Society of Great Britain and Northern Ireland
1139257-1
Action for Children (National Children's Home) 1097940
National Society for the Prevention of Cruelty to Children 216401
Oxfam 202918
Redwings Horse Sanctuary (Red Wing Horse Sanctuary)
1068911
The Royal British Legion 219279
Royal Society for the Prevention of Cruelty to Animals 219099
Salvation Army 214779
The Save the Children Fund (Save the Children)
213890
The United Kingdom Committee for UNICEF 1072612
Woodgreen Pets Charity (Wood Green Animal Shelter)
298348

4

THE PHILIP BREEZE CHARITY

TRUSTEE'S REPORT

The Trustee presents the Report and Financial Statements for the year ended 5 April 2025.

Reference and Administration Information

Details are shown on page 2.

1. Objectives

Details of the provisions of the Will of Philip Breeze are shown on page 3. The Trustee has continued to administer the Charity in accordance with the provisions of the Will.

2. Change in Trustees

On 13 March 2025 the then Trustee, John Clemence, appointed Breeze Trustees Limited as a trustee. On 21 March 2025 John Clemence died.

3. Activities

Subsequent to the death of John Simon Gold in 2023, who had been managing the affairs of Radix Properties Limited and the charity since the death of Philip Breeze in 1993, the sole trustee, John Alistair Clemence, sought advice on the winding up of the subsidiary, Radix Properties Limited and on bringing an early resolution to the trust with the agreement of all beneficiaries.

In accordance with the advice, agreement was reached with the minority shareholders of Radix Properties Limited to acquire their minority holdings to permit a liquidation of the company which was in the interests of all shareholders.

Following the acquisition of the minority shares, agents were instructed to market the properties of Radix Properties Limited. During the year five of the remaining ten properties were sold for a total of £2,000,000 against previous year end valuations of £1,825,000 and others were under offer at the year end.

Alongside the liquidation of the properties the trustee determined that, in view of a likely distribution of trust assets, investments should be sold and proceeds placed in a highly rated liquidity fund. In October the portfolio was sold and proceeds invested in a Sterling liquidity fund.

4. Achievements and Performance

Note 12 gives details of the income distributions that have been made to the charitable beneficiaries during the year.

5

THE PHILIP BREEZE CHARITY

TRUSTEE's REPORT (Continued)

5. Financial Results

The Financial Statements on pages 10 to 16 give details of the income and expenditure for the year and the assets and liabilities at 5 April 2025.

The results are summarised as follows:-

Income received
Raising Funds
Investment Managers' fees
Charitable Activities
Management and administration
Distributions to Charities
Total Charitable Activities
Total expenditure
Net Gains/ (Losses) on Investments
Net Surplus/(Deficit)		 2025
£
2,174,801
10,916
183,034
240,500
423,534
434,450
1,740,351
65,594
£1,805,945		 2024
£
662,557
10,846
154,684
210,000
364,684
375,530
287,027
16,512
£303,539

6. Risk Management

The major risks to which the Charity is exposed, as identified by the Trustee, have been reviewed and systems are in place to manage those risks.

7. Reserves Policy

The Trustee regards the original capital plus re-invested gains and surpluses as expendable endowment to be retained during the lifetime of the annuitant. The annual income is used to pay the annuity, cover management and administration costs and make income distributions to the charitable beneficiaries.

8. Plans for the Future

The trustee intends to conclude the winding up of the subsidiary in an orderly fashion and to make a proposal to all beneficiaries for the settlement of the annuity entitlement and an early distribution of the balance of liquid assets to the charitable beneficiaries, alongside the winding up of the subsidiary.

In the meantime, and should the proposal not be unanimously accepted, the trustee will continue to manage the trust in accordance with its terms.

6

THE PHILIP BREEZE CHARITY

TRUSTEE'S REPORT (Continued)

9. Constitution, Structure, Governance and Management

Governing Document

The governing document of the Charity is the Will dated 15 December 1992.

Appointment of Trustees.

When a need arises the power of appointing new Trustees vests with the Trustees at that time.

10. Public Benefit

In meeting the objectives the Trustee has given careful consideration to the Charity Commission's general guidance on public benefit and judge that all donations made meet this guidance.

11. Payments to Beneficiaries

Note 12 gives details of the income distributions that have been made to the charitable beneficiaries during the year. From time to time the Trustee has exercised discretion to make grants to individual charities as listed in the Will. Each year a substantial sum is distributed split equally between all the listed charities. The Trustee will consider the level of future distributions to the charities when the Financial Statements are approved.

12. Statement of Trustee's Responsibilities

Charity Law requires Trustees to prepare Financial Statements for each financial year which give a true and fair view of the Charity's financial activities during the year and of its financial position at the end of the year. In preparing those Financial Statements, Trustees are required to:

Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and which enable them to ensure that the Financial Statements comply with the Charities Act 2011. 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. The Trustee confirms that there is no information relevant to the audit of which the auditors are unaware and that the Trustee has taken the necessary steps to ensure they are aware of all relevant audit information and made sure the auditors are aware of it.

James Clemence on behalf of Breeze Trustees Limited

Date

7

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF THE PHILIP BREEZE CHARITY

Opinion

We have audited the financial statements of The Philip Breeze Charity (the parent charity) and its subsidiary (the group) for the year ended 5th April 2025 which comprise the Consolidated Statement of Financial Activities, the Group and Parent Charity Balance Sheets, the Consolidated Cash Flow Statement and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustee with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

8

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF THE PHILIP BREEZE CHARITY

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of the trustee for the financial statements

As explained more fully in the Trustee's Responsibility Statement set out on page 6, the trustee is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustee determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustee is responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustee either intends to liquidate the charity or to cease operations, or has no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory framework applicable to the group and parent charity through discussion with the charity's trustee.

The charity is complying with the legal and regulatory framework by engaging professional advisers. The laws and regulations we have identified as being of significance in the context of the group and parent charity are the Charities Act and Companies Act and financial reporting legislation.

Our assessment of the susceptibility of the charity’s financial statements to material misstatement is that the susceptibility is low.

Fraud may occur due to the misappropriation of funds.

The engagement partner considers that the engagement team collectively have the appropriate competence and capabilities to identify or recognize non-compliance with laws and regulations due to their experience and training. No matters of non-compliance with laws and regulations or fraud were communicated to the engagement team. We obtained an understanding of the charity’s current activities through discussion with the charity's trustee.

9

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF THE PHILIP BREEZE CHARITY

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. Use of our report

This report is made solely to the charity’s trustee (as a body) in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustee those matters we are required to state to it in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustee (as a body) for our audit work, for this report, or for the opinions we have formed.

Stephen Hale, Senior Statutory Auditor Dated: For and on behalf of Perrys Audit Limited Churchdown Chambers Bordyke Tonbridge Kent TN9 1NR

10

THE PHILIP BREEZE CHARITY

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 5 APRIL 2025

Note
General Fund
Income from:
Investments
(2)
Other trading activities
Gain/(loss) on sale of properties
Total Income
Expenditure on:
Raising Funds
(3)
Charitable Activities
(3)
Total Expenditure
Net Surplus / (Deficit)
Net Gains on Investments
(4)
Net Surplus / (Deficit)
Transfer between Funds
Net income/(expenditure)
Funds brought forward at 6 April 2024
Non-controlling interest purchased
gain/ (loss) on fair value
of investment properties
Funds carried forward at 5 April 2025		 Group
Capital
2025
£		 Group
Capital
2024
£
-
-
-
(5,423)
(77,342)
(82,765)
(82,765)
16,512
(66,253)
369,792
303,539
5,181,877
(400,000)
£5,085,416		 Group
Income
2025
£
88,095
164,110
1,922,596
2,174,801
(5,458)
(367,016)
(372,474)
1,802,328
-
1,802,328
(1,802,328)
-
-
-		 Group
Income
2024
£
76,270
210,236
376,051
662,557
(5,423)
(287,342)
(292,765)
369,792
-
369,792
(369,792)
-
-
-		 Group
Total
2025
£		 Group
Total
2024
£
-
-
-
-
88,095
164,110
1,922,596
2,174,801		 76,270
210,236
376,051
662,557
(5,458)
(56,516)
(61,974)
(61,974)
65,594
3,621		 (10,915)
(423,532)
(434,447)
1,740,354
65,594
1,805,948		 (10,846)
(364,684)
(375,530)
287,027
16,512
303,539
1,802,328 - -
1,805,948 1,805,948 303,539
5,085,416
(607,989)
(1,825,000)		 5,085,416
(607,989)
(1,825,000)		 5,181,877
(400,000)
£4,458,375 £4,458,375 £5,085,416

The notes on pages 13 to 16 form part of the Financial Statements.

11

THE PHILIP BREEZE CHARITY

CONSOLIDATED BALANCE SHEET

AT 5 APRIL 2025

Group Charity Group Charity
2025 2025 2024 2024
Note £ £ £ £
Fixed assets
Tangible assets
Investment properties (5) 1,305,000 - 3,130,000 -
Investments
Quoted Investments (6) 1,564,979 1,564,979 1,606,048 1,606,048
Unquoted Investment (7) - 2,084,994 - -
2,405,642
1,564,979 3,649,973 1,606,048 4,011,690
Fixed assets 2,869,979 3,649,973 4,736,048 4,011,690
Current assets
Balances at Bank and
Investment Managers (8) 1,702,029 725,827 814,405 495,029
Debtors (9) 13,706 - 9,457 -
Current assets 1,715,735 725,827 823,862 495,029
Creditors (10) 127,339 6,820 474,494 22,713
Net Current Assets 1,588,396 719,007 349,368 472,316
Net Assets 4,458,375 4,368,980 5,085,416 4,484,006
Represented by :-
Unrestricted funds 2,373,381 4,368,980 2,078,364 4,484,006
Restricted funds - subsidiary 2,084,994 - 2,405,642 -
Funds of the charity 4,458,375 4,368,980 4,484,006 4,484,006
Non-controlling interest - - 601,410 -
Total funds (11) 4,458,375 4,368,980 5,085,416
—————=		 4,484,006
—————_=__—
ny

The notes on pages 13 to 16 form part of the Financial Statements.

James Clemence on behalf of Breeze Trustees Limited

Dated:

12

THE PHILIP BREEZE CHARITY

CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 5 APRIL 2025

Cash flows from operating activities:
Net cash provided by/(used in) operating activities
Cash flows from investing activities:
Purchase of non-controlling interest
Dividends, interest and rents from investments
Proceeds from sale of investments
Purchase of investments
Proceeds from sale of investment properties
Net cash provided by/(used in) investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents brought forward
Cash and cash equivalents brought forward		 2025
£
(523,755)
(905,195)
252,205
1,671,624
(1,564,960)
1,957,724
1,411,398
887,643
814,405
1,702,048		 2024
£
(394,412)
286,506
194,482
(168,871)
432,842
744,959
350,547
463,858
814,405

13

THE PHILIP BREEZE CHARITY

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

1 ACCOUNTING POLICIES

(a) Basis of Accounting

The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

The Trustee considers that there are no material uncertainties about the Trust’s ability to continue as a going concern.

The consolidated financial statements incorporate the financial statements of the charity and its subsidiary Radix Properties Ltd. Control is achieved where the Group has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Accounting policies consistent with those of the parent charity are used and all intra-group transactions, balances, income and expenses are eliminated in full on consolidation. The subsidiary consolidated into these financial statements have produced their financial statements to 30th June 2025. Details of the subsidiary:

Name: Radix Properties Ltd

Registered office: Churchdown Chambers, Bordyke, Tonbridge, Kent, TN9 1NR Principal activity: Investment property business

Class of shares: Ordinary Holding: 100%

(b) Income

All donations and other forms of voluntary income are accounted for when receivable.

(c) Expenditure

Expenditure is included in the financial statements on an accruals basis.

(d) Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

(e) Quoted Investments

Quoted investments have been valued at market value at the Balance Sheet date. Unrealised and realised investment gains and losses are shown net in the Statement of Financial Activities. Realised gains and losses are calculated by reference to the original cost and the sale proceeds.

(f) Unquoted Investment

The Unquoted Investment is stated at the Trustee's estimate of its value at 5 April 2025.

(g) Realised gains and losses

All gains and losses are taken to the Statements of Financial Activities (SOFA) as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their original cost. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the SOFA.

INCOME FROM INVESTMENTS
Dividends
Interest
Income from Investments		 Total
2025
£
74,795
13,300
£88,095		 Total
2024
£
63,500
12,770
£76,270

2. INCOME FROM INVESTMENTS

14

THE PHILIP BREEZE CHARITY

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

3. EXPENDITURE ON:
Note
Capital
Capital
2025
2024
£
£
Raising Funds
Investment Management Fees
5,458
5,423
Charitable Activities
Distributions to Charities
(10)
-
-
Salaries
-
-
Legal and professional fees
28,327
15,308
Accountancy costs
6,251
5,254
Bank charges
67
69
Annuity
-
-
Property outgoings
-
-
Office expenses
-
-
Sundry expenses
-
-
Corporation tax
-
-
Dividends
-
-
34,645
20,631
Total Charitable Activities
£34,645
£20,631
4. RECONCILIATION OF GAINS ON INVESTMENTS
Unrealised Losses on Quoted Investments
Realised Gains on Quoted Investments
Net gains on investments
5 INVESTMENT PROPERTIES
Cost or valuation brought forward
Disposals in the year
Cost or valuation carried forward
6 QUOTED INVESTMENTS
Market Value brought forward
Cost of investments acquired
Proceeds from disposal of investments
Realised Gains during the year
Movement in Unrealised Losses during the year
Market Value carried forward		 Capital
2024
£		 Income
2025
£
5,458
240,500
-
28,327
6,251
67
12,500
28,772
2,400
72
70,000
148,389
£388,889
Group
2025
£
3,130,000
(1,825,000)
1,305,000
Group
2025
£
1,606,048
1,564,960
3,171,008
(1,671,624)
1,499,384
383,458
(317,863)
£1,564,979		 Income
2024
£
5,423
210,000
23,470
15,308
5,254
69
12,500
17,318
2,400
270
(28,534)
86,000
134,055
£344,055
Charity
2025
£
-
-
-
Charity
2025
£
1,606,048
1,564,960
3,171,008
(1,671,624)
1,499,384
383,458
(317,863)
£1,564,979		 Total
2025
£
10,916
240,500
-
56,654
12,502
134
12,500
28,772
2,400
72
70,000
183,034
£423,534
2025
£
(317,863)
383,458
£65,594
Group
2024
£
3,530,000
(400,000)
3,130,000
Group
2024
£
1,615,147
168,871
1,784,018
(194,482)
1,589,536
60,408
(43,896)
£1,606,048		 Total
2024
£
5,423
-
-
15,308
5,254
69
-
-
-
-
-
-
20,631
£20,631		 10,846
210,000
23,470
30,616
10,508
138
12,500
17,318
2,400
270
(28,534)
86,000
154,686
£364,686
2024
£
(43,896)
60,408
£16,512
Charity
2024
£
-
-
-
Charity
2024
£
1,615,147
168,871
1,784,018
(194,482)
1,589,536
60,408
(43,896)
£1,606,048

15

THE PHILIP BREEZE CHARITY

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

7. UNQUOTED INVESTMENT
Radix Properties Ltd
8,000 Class B £1 Ordinary shares
Value at 6 April 2024
Additions in the year (2,000 Ordinary shares)
Unrealised (loss) on revaluation
Value at 6 April 2025
Dividend income for the year
Grant income for the year
8. BALANCES AT BANK
Bank Accounts
Investment Managers-Capital Account
Investment Managers-Deposit
9. DEBTORS
Trade debtors
10. CREDITORS
Accountancy and Audit Fees
Income Tax
Corporation tax
Deferred tax
Other accruals
11. ANALYSIS OF FUND MOVEMENTS
Balance at 6 April 2024
Income
Expenditure
Gains
Non-controlling interest purchased
Gain/ (loss) on fair value of investment properties
Balance at 5 April 2025		 Group
2025
£
2,405,642
905,195
(1,225,843)
£2,084,994
£74,795
£1,260,000
Group
2025
£
1,687,088
3,425
11,516
£1,702,029
Group
2025
£
13,706
Group
2025
£
9,120
2,500
-
108,147
7,572
£127,339		 Charity
2025
£		 Group
2024
£
2,645,909
-
(240,267)
£2,405,642
£64,000
£360,000
Group
2024
£
780,938
33,467
-
£814,405
Group
2024
£
9,457
Group
2024
£
4,818
2,500
28,757
370,225
68,194
£474,494		 Charity
2024
£
2,405,642
905,195
(1,225,843)
£2,084,994
£74,795
£1,260,000		 2,645,909
-
(240,267)
£2,405,642
£64,000
£360,000
Charity
2025
£		 Charity
2024
£
710,886
3,425
11,516
£725,827		 461,562
33,467
-
£495,029
Charity
2025
£
-
Charity
2024
£
-
Charity
2025
£		 Charity
2024
£
4,320
2,500
-
-
4,320
£11,140		 -
2,500
-
-
20,213
£22,713
Charity Charity
2025 2024
£ £
5,085,416 5,181,877
2,174,801 662,557
(434,447) (375,530)
65,594 16,512
(607,989) -
(1,825,000) (400,000)
£4,458,375 £5,085,416

16

THE PHILIP BREEZE CHARITY

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

12. DISTRIBUTIONS TO CHARITIES
Discretionary payments:
Blue Cross
The Brooke Hospital for Animals
Oxfam
The Multiple Sclerosis Society
The Save the Children Fund
UNICEF
Annual distribution to 17 Charities (see page 3)
Brought forward accrual		 Charity
2025
£
5,000
-
12,000

-
7,000
22,500
204,000
(10,000)
£240,500		 Charity
2024
£
-
5,000
-
5,000
10,000
20,000
170,000
-
£210,000

13. RELATED PARTY TRANSACTIONS

John Simon Gold was a Consultant at Sebastians. This firm provided legal and administrative services for the Charity amounting to nil (2024 - £1,890).

John Alistair Clemence was a director of Secretarial Services Ltd which provided accountancy services to the Charity until 21st March 2025 amounting to £9,625 (2024 - £5,650).

No Trustee received any remuneration from the Charity (2024 - Nil) and no expenses were reimbursed in the year (2024 - Nil).

John Alistair Clemence was the sole director of Radix Properties Ltd from John Gold's death on 17 October 2023 until the appointment of Secretarial Services Limited as a director on 04 August 2024, and remained a director until his death on 21 March 2025.

The Charity owns 100% (2024 80%) of the shares of Radix Properties Ltd.

John Alistair Clemence received remuneration from the company of £13,650 (2024 - £4,400). and John Simon Gold received remuneration from the company of Nil (2024 £17,490)

14. RECONCILIATION OF NET INCOME/EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES

FROM OPERATING ACTIVITIES
2025
Net income/(expenditure) per the Statement of Financial Activities
1,805,948
Adjustments for:
(Gains)/losses on investments
(65,576)
Dividends, interest and rents from investments
(252,205)
Loss/(profit) on the sale of fixed assets
(1,922,596)
(Increase)/decrease in debtors
(4,249)
Increase/(decrease) in creditors
(85,077)
Net cash provided by/(used in) operating activities
(523,755)		 2024
303,539
(16,512)
(286,506)
(376,051)
(9,457)
(9,425)
(394,412)

17

THE PHILIP BREEZE CHARITY

DETAILED INVESTMENT TRANSACTIONS

FOR THE YEAR ENDED 5 APRIL 2025

Holdings
at 6.4.24
Nominal
Bonds/Fixed Interest
Invesco Fund Managers
Perpetual Corp.Bd Shs(OEIC)
-
FDDO Man
ICVC Man GLG Corporate Bond
45,625
Janus Henderson
Fixed monthly ince GQ GBP Dis
50,000
Land Securities Capital Markets plc
5.391% Notes 27/02/2026
-
M& G Corporate Bond Fund
Class A (OEIC) units
Corp bond I Sterling inc shares
109,341
Twenty four income fund
1p Ordinary shares
21,959
Equities
Alliance Trust plc
2.5p Ordinary shares
9,800
APAX Global
Ordinary NPV
7,000
Aviva Investors US Equity Income Fund
Class 1 shares
43,026
Baillie Gifford UK Ltd
25p Ordinary shares
-
BNY Mellon Fund
Income Fund
25,202
Black Rock Rund
Income Fund, D units
16,250
City of London Investment Trust plc
25p Ordinary shares
12,000
Diverse Income Trust PLC
0.1p Ordinary shares
44,000
Dunedin Enterprise Investment Trust plc
25p Ordinary shares
-
Edinburgh Investment Trust plc
25p Ordinary shares
10,950
Franklin Templeton
Income Fund
32,419
Gore Street Energy Storage Fund
10p Ordinary shares
40,000
Henderson High Income Trust plc
5p Ordinary shares
20,000
Blackrock ICS Sterling Liquidity fund
JPMorgan Asset Management Ltd
Emerging Markets Investment Trust
25p Ordinary shares
48,125
JPMorgan Asset Management Ltd
US equity inc K Sterling inc shares
69,500
Carried forward		 Purchases Cost
Profit
Holdings
Sales (Proceeds)
(loss)
at 5.4.25
Cost
Nominal
on sale
Nominal
£
£
£

-
-
-
-
-
39,002
(45,625)
(46,700)
7,698
-
25,500
(50,000)
(23,972)
(1,528)
-

-
-
-
-
-
38,765
(109,341)
(38,457)
(308)
-
24,999
(21,959)
(23,310)
(1,689)
-
128,266
(132,439)
4,173
33,514
(9,800)
(119,079)
85,565
-
11,958
(7,000)
(9,865)
(2,093)
-
66,588
(43,026)
(95,873)
29,285
-

-
-
-
-
-
30,000
(25,202)
(30,429)
429
-
30,326
(16,250)
(30,754)
428
-
31,755
(12,000)
(51,999)
20,244
-
50,568
(44,000)
(39,629)
(10,940)
-

-
-
-
-
-
52,434
(10,950)
(81,255)
28,821
-
35,000
(32,419)
(33,436)
(1,564)
-
44,665
(40,000)
(22,299)
(22,366)
-
34,007
(20,000)
(32,329)
(1,678)
-
1,564,960
1,564,979
28,280
(48,125)
(53,398)
25,118
-
56,166
(69,500)
(116,247)
60,081
-
505,261
(716,591)
211,330		 Market
Value
Income
Income
Cost
2025
2025
2024
£
£
£
£

-
-
-
-

-
-
2,026.08
2,250

-
-
793.01
1,044

-
-
-
1,402

-
-
1,370.16
1,754

-
-
1,308.76
2,297
-
-
5,498.01
8,746

-
-
1,297.52
2,470

-
-
385.00
794

-
-
1,867
2,433

-
-
-
972

-
-
916.08
1,132

-
-
943.38
1,213

-
-
1,260.00
2,424

-
-
1,430.00
1,804

-
-
-
159

-
-
1,511.10
2,935

-
-
1,245.76
1,611

-
-
1,800.00
3,000

-
-
1,585.00
2,070
1,564,960
1,564,979
33,957.85
-

-
-
288.75
794

-
-
1,746.30
2,122
1,564,960
1,564,979
50,233.74
25,931

18

THE PHILIP BREEZE CHARITY

DETAILED INVESTMENT TRANSACTIONS FOR THE YEAR ENDED 5 APRIL 2025

Brought forward
Keystone Investment Trust plc
50p Ordinary shares
Law Debenture Corp plc
5p Ordinary shares
Link Fund Solutions Ltd
Income Fund
Mercantile Investment Trust plc
2.5p Ordinary shares
Merchants Trust plc
25p Ordinary shares
Murray Income Trust plc
25p Ordinary shares
Murray International Trust plc
25p Ordinary shares
Ninty One Fund Manager
Diversified Income shares
Polar Capital Funds
Income fund
Residential secure income PLC
10p Ordinary shares
Ruffer Investment Company
Red Ptg Pref 0.1p shares
Samarang Asset Management
Halley Sivac Asian Prosperity
A Inc Shares
Scottish American Investment
Company plc
25p Ordinary shares
SSGA SPDR
European Aristocrats Fund
T. Bailey Fund Services
Evenlode Income C units
Witan Investment Trust plc
25p Ordinary shares
Grand Totals		 Holdings
at 6.4.24
Nominal
15,000
7,000
40,750
27,250
6,900
1,650
42,500
87,750
4,550
33,500
14,250
200
11,500
1,975
16,500
-		 Purchases Cost
Profit
Holdings
Sales (Proceeds)
(loss)
at 5.4.25
Cost
Nominal
on sale
Nominal
£
£
£
505,261
-
(716,591)
211,330
32,576
(15,000)
(34,329)
1,753
-
28,364
(7,000)
(62,314)
33,950
-
56,813
(40,750)
(55,938)
(875)
-
23,250
(27,250)
(64,160)
40,910
-
34,894
(6,900)
(39,875)
4,981
-
10,118
(1,650)
(13,876)
3,758
-
59,764
(42,500)
(108,354)
48,590
-
88,238
(87,750)
(80,298)
(7,940)
-
39,378
(4,550)
(32,012)
(7,366)
-
32,220
(33,500)
(19,543)
(12,677)
-
40,153
(14,250)
(39,362)
(791)
-
38,256
(200)
(53,490)
15,234
-
24,925
(11,500)
(58,974)
34,049
-
110,083
(1,975)
(117,105)
7,022
-
35,607
(16,500)
(42,964)
7,357
-

-
-
-
-
-
1,159,900
(1,539,185)
379,284
1,288,166
(1,671,624)
383,458
Purchases
£1,564,960		 Market
Value
Income
Income
Cost
2025
2025
2024
£
£
£
£
1,564,960
1,564,979
50,233.74
25,931

-
-
-
68

-
-
1,758.75
2,214

-
-
1,668.79
2,631

-
-
1,716.75
2,030

-
-
986.70
1,953

-
-
321.75
660

-
-
3,952.50
4,760

-
-
2,633.29
3,319

-
-
1,475.58
2,009

-
-
690.10
1,554

-
-
441.75
520

-
-
-
2,352

-
-
1,242.00
1,607

-
-
1,205.65
893

-
-
969.58
1,165

-
-
-
1,087
1,564,960
1,564,979
69,296.93
54,754
1,564,960
1,564,979
74,794.94
63,500