Registered Charity No. 1057019 THE PHILLIPS CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 5th APRIL 2024 JERVIS & PARTNERS CHARTERED ACCOUNTANTS REGISTERED AUDITORS THE PHILLIPS CHARITABLE TRUST FINANCIAL TATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Page 1 Index to the financial statements PAGE Legal and admln18tratlve detall8 Report of tho Tru8tO08 Independent examlner'8 report Prlnclpal accountlng poll¢108 Statoment of flnanclal actlvltles Balance Sho¢t 10 Note8 to the flnanclal Statements THE PHILLIPS CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED Page 2 APRIL 2024 Legal and administrative details Charlty regl8tratlon number: 1057019 Prlnclpal addre88'. 66 Reedway Spinney Hill Northampton NN3 6BT Tru8tees: M J Percival (Chairman) MJFord Mrs A M Marrum P R Saunderson Mrs P P Schanschieff (Died 5 May 2024) D J Lett (Appointed 3 July 2023) Clerk to the Tru8tee8'. Glll Evans 66 Reedway Spinney Hill Northampton NN3 6BT Banker6: Lloyds Bank plc NORTHAMPTON Sollcltor8: HCR Solicitors Lancaster House Nunn Mills Road NORTHAMPTON NN15GE Stockbrokers.. RBC Brewin Dolphin London Independent Examlner: Jervis & Partners Chartered Accountants 1351137 Wellingborough Road Rushden Northants NNIO 9TE THE PHILLIPS CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2 Page 3 24 Report of the Trustees The Trustees present their report together with financial statements for the year ended 5 Aprll 2024. This report is prepared in accordance with the Scheme approved by the Charity Commissioners and the recommendation of the Statement of Recommended Practice "Accounting and Reporting by Charities" {FRS 102) and complies with applicable law. Structure, governance and management The Phillips Charitable Trust {"the Trust") is established for charitsble purposes and is governed by a Trust Deed dated 2 November 1995 as amended by a Deed of Variation and Appointment dated 21 June 1996. Tru8iee8 The present membership of the Board is set out on page 2. The original Trustees were appointed by the Founder, Mrs Phillips. Followlng her death, further Trustees can only be appointed by the current Trustees for the time being, Rlsk a88e88ment The Trustees have assessed the major risks to which the Charity is exposed. They have invested in a low to moderate risk and diversified Investment portfolio and also take steps to limit the potential risks to the Charity's investment properties. ObJectlv•8 and actlvltle8 In accordance with its Trust Deed, the Trust's princip81 objective is to hold funds and income thereon for the benefit of the charitable institutions or purposes, at the Trustees, discretion. Following the death of Mrs Phillips on 25 February 1997, capital assets in the sum of £1,525,766 were appointed to the Trust. The Trustees, role is to hold the Trust funds upon trust and to apply the capital and income thereon for the benefit of charitable institutions and purposes. Grant pollcy Appllcations for grants are sent to the Trustees for consideration. They conslder whether they think 8 grant would be of merit and, if so, if the application will be granted and the value. Grants are made to registered charities and certain individuals. Meetlng8 Three Trustee meetings were held during the year. Achlevement and Performance The Trustees made a further grant of £10,000 to SportsAid Eastern, an organisation committed to helping young people to further their career in a wide range of sporting actlvities. The Trustees prefer applicants to be based in Northamptonshire. The Trustees find it gratifying that several recipients send in information about the development oftheir career. Since these grants began in 2006, 8 total of £179,500 has been awarded. The Trustees also made a grant of £50,000 to the Cynthia Spencer Hospice. This was to enable a 'garden room, to be constructed in memory of one of our former colleagues and Trustee, Simon Schanschieff. Following the end of the Trust's financial year the Trustees have to report the sad death of Mrs Pip Schanschieff, one of the Trustees, on 5 May 2024. Further grants totalling £54,200 were also made to twenty-one other charities. THE PHILLIPS CHARITABLE TRUST Page 4 FINANCIAL TATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Inve8tmont pollcy The Trustees policy is to ensure that a reasonable level and balance of income and capital growth is maintained each year from Ilsted investments. During the year, the return on listed investments was 2.0SO/o12023_ 2.190￿). The Charity has also invested in property for its long term investment potential and rental income. Flnanclal Rovl8w The Trustees have maintained the Charity's policy in applying funds for the benefit of charitabl8 institutions in accordance with its objects. The net {outgoing}incoming resources for the year amounted to (£71,209)12023 £10,136). In addition, there were realised losses of £14,836 (2023 £18,726) on the dispos81 of investment assets and unrealised galns of £259,32712023 - losses £196,522) on the revaluation of investment assets, Overall, there was a increase in restricted funds of £173,282 (2023 - decrease £205,122). Flnanclal The Trustees receive regular reports on the investments from their advisors, Brewin Dolphin, and meet the advisor in that firm on an as needed basis. The Trustees are satisfied on the advlce recelved that the investments have held up well as to both income and capital growth. A new lease for the property 2 Burystead Place, Welllngborough, was agreed and completed slnce last reported. It 18 noted that a rent payment for a period prior to the year end was not received until the new financial year had started As8Ot8 The assets are held in pursu8nce of the Charity's objectives. The net assets of restricted funds amounted to £2,885,385 at S April 2024 (2023 £2,712,103) R88erv08 poIIcy All of the funds of the Charity are restricted and therefore there are no 'free' reseNes. However, the Trustees have the power to pay management and administration expenses though do not consider it necessary to allocate reserves for future expenditure of this nature as it is unlikely to reach a level to affect the Charity's resources and activities. Publlc beneflt The trustees believe that the work undertaken during the year continued to maintain the overall objectives of the Trust. Work started during the year to explore and develop possible appropriate avenues of support which will maintain the objectives of the Trust and be in accordance with the known hopes of the original donor. ststement of Tru8tees' respon8lbllltle8 The Trustees are responsible for preparing the Trustees. Report and the financial ststements in accordance with applicable law and regulations. The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year. Under that law, the Trustees have elected to prepare financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable THE PHILLIPS CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Page 5 lawl. The Trustees must not approve the financial statements unless they are satisfied that they give a true and fairview ofthe state of affairs of the Charity and of the incoming resources and 8pplication of resources, including the income and expenditure, of the Charity for that period. In preparing these financial statements. the Trustees are required to'.- select suitable accounting policies and then apply them consistently observe the methods and principles In the Charities SORP make judgements and estimates that are reasonable and prudent state whether applicable accounting standards have been followed, subject to any material departures dlsclosed and explained In the financlal statements Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financi81 statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provlsions 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. ON BEHALF OF THE TRUSTEES M J Percival Trustee Date.. 8 September 2024 THE PHILLIPS CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 Page 6 Independent Examiner's Report to the Trustees of The Phillips Charitable Trust We report on the accounts of The Phillips Charitable Trust for the year ended 5 April 2024 which comprise the principal accounting policies, the ststement of financial activities, the balance sheet and notes 1 to 10, Re8pon8lbllltle8 and ba818 of report As the Charity's Trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111'the Act,). We report in respect of our examination of the charity's accounts carried out under section 145 of the Act and in carrying out our ex8mination we have followed 811 the applic8ble Directions given by the Charity Commission under section 145{5)Ib) of the 2011 Act. Independent Examln•r'8 8tatement We have completed ourexamination. We confirm that no material matters have come to our attention in connection with the examination giving us cause to believe that In any materi81 respect.. accountin9 record8 were not kept in respect of the charity as required by section 13 of the Act,. or the accounts do not accord with those records., or the accounts do not comply with the applicable requirements concerning the form and content of accounts set out In the Charlties (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an independent 8xamination, We have no concerns and have come across no matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. U88 of our Report This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our independent examination work has been undertaken so that we might state to the Charity's Trustees those matters we are required state to them in an independent examiners report and for no other purpose. To the fullest extreme permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as 8 body, for our independent examination work for this report or for the opinions we have formed. JeNis & Partners Chartered Accountants 1351137 Wellingborough Road Rushden Northants NN10 9TE ￿T>￿0￿bec lo¥+ THE PHILLIPS CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Page 7 Significant Accounting Policies General Information The Phillips Charitable Trust is a registered Charity in the United Kingdom. The address of the Charity's office is given in the legal and administrative information on page 2. The nature of the Charity's operations and principal activities are 9iven in The Report of the Trustees on page 3 and 5. The Charity constitutes a public benefit entity as defined by FRSI02. Ba818 of preparatlon The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practlce appllcable to Charlties preparlng their accounts In accordance wlth the Financial Reporting Standards (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as 8ppli&d from January 2015. They have been prepared under the historical cost convention except that investments are valued at market value which Is deemed to be thelr fair value (See below). The principal accounting policies of the Charity have remained unchanged from the previous year and are set out below. Income Recognltlon Inve8tment Income Investrnent income is recognised when receivable and when the Charity is legally entitled. Expendlture Recognltlon Liabilities are recognised as expenditure as soon 88 there is a legal or constructive obligation committing the Charity to that expenditure, it is probable that settlement will be requlred and the amount and obligation can be measured reliably. Expendlture Is recognised on an accruals basi8 and allocated to the headings below. Expenditure, which is charged on an accruals basis, is allocated behveen',- raising funds which consists of investment management fees and expenditure on investment properties; charitable activities which represent the grants made., Other costs which compromise the compliance and statutory costs incurred by the Charity such as independent examiners fees and legal advice, Grants payable Grants payable are payments to institutions in the furtherance of the charitable objectives of the Trust and are accounted for as they fall due. Fund accountlng Restricted funds are to be used for specified purposes laid down by the donor. Expenditure for those purposes is charged to the fund, together with a fair allocation of overheads and support costs. THE PHILLIPS CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Page 8 Flxed A88et Inv08tments Traded securities are valued at the mid-point quotation in the Stock Exchange Daily List, which is deemed to be their fair value. Other investments are included at Trustees, best estimate of fair value. In accordance with the Statement of Recommended Practice "Accounting and Reporting by Charities IFRS 102), properties that are held for long term investrnent are included in the balance sheet at their open market values which is deemed to be the fair value. The surpluses or deficits on revaluation of such properties are transferred to the Restricted fund. Depreciation is not provided in respect of freehold investment properties. This policy represents a departure from statutory accounting principles, which require depreciation to be provided on all fixed assets. The Trustees consider that this policy is necessary in order that the financial statements may give a true and fair view, because current values and changes in current values are of prime importance rather than the calculation of systematic annual description, Depreciation or amortiS8tlon is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified. N6t gains and losses arlsing on revaluations and dlsposals during the year are Included as part of the net income In the statement of financial activities. THE PHILLIPS CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Page 9 Statement of financial activities Note Rastrlcted Fund8 2024 Restrlcted Fund8 2023 Income Investrn&nt income Other income 63,478 65,739 Total Income 63,478 65,739 Expendlture Raising funds Charitable activities Other 17,818 114,200 2,869 18,182 35,000 2,421 Total expendlture 134,687 55,603 Net galn811088e81 on Investments... Revaluation of investment property Investment assets - Realised (losses) gains Unrealised (losses) gains (14,836) 259,327 (18,7261 (196,522) 244,491 (215,248) Net movement In fund8 (205,112) 173,282 Reconclllatlon of fund8'.- Fund balance brought forward at 6 Aprll 2023 2,712,103 2,917,215 Fund balance carrled forward at 5 Aprll 2024 2,885,385 2,712,103 All income and expendilure derive from continuing activities. The accompanylng ac¢ountlng pollcS08 and notes foryn &n Integral part ol those flnanclal statements. THE PHILLIPS CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Page 10 Balance sheet Note 2024 2023 Flxed asset8 Investment properties Investments 165,000 2,655,369 165,000 2,442,471 Total flxed asset8 2,820,369 2,607,471 Current a88ets Debtors 165 1,000 Cash at bank and in hand 73,101 105.084 Total current a880ts 73,266 106,084 Llabllltle8 Credltor8: amount8 lalllng due wlthln one yaar (8,250) (1,4521 Net current a88ets 65,016 104,632 Total a8get8 1888 current Ilabllltle8 2,885,385 2,712,103 The fund8 of the Charlty Restricted income funds 2,885,385 2,712,103 The financial statements were approved by the Board of Trustees on 8 September 2024 A M Marrum Trustee M J Percival Trustee Tho accompanylng aGcountlng pollclfr$ and noto$ fom) an Intogral part of the88 flnanclal statements. THE PHILLIPS CHARITABLE TRUST 11 FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 202 Page il Notes to the financial statements Investment Income 2024 2023 Dividends from listed investments Bank deposit interest Income from propety (rents) 54,389 839 8,250 53,463 276 12,000 63,478 65,739 other income'.- Dilapidations contribution Expendlturo Charltablo actlvltlos The Charity undertook no direct charitable activities, but made the following charitable donations to institutions in furtherance of its charitable activities. 2024 Name of reclplent Exelsior Trust Cynthia Spencer Welcome to our future SportsAid Eastern Badger Trust Encompass Asthma Relief Cal Protection Disabled Sailors Association Northampton Hope Centre Suffolk Building Preservation Trust The Fishermans Mission Daventry Contact Animals in Need The Seafarers Charity Serve Exmoor Pony Centre Sea Palling Independent Lifeboat Medical Oetection Dogs RNLI Launch Appeal Impact Now Tallships Youth Trust Make Them Smile Lennox Childrens Cancer Fund Many Tears Animal Rescue Nene Valley Care Trust Nene Valley Christian Family Refuge Ulverston Inshore Rescue Northgate School Academy Trust Remus Memorial Horse Sanctuary Naval Children's Charity National Forest Charity 2023 2,500 50,000 1,000 12,000 10,000 2,000 2,000 2,000 1,000 3,500 7,500 2,500 2,000 1,000 500 2,000 3,000 1,000 3,500 1,000 3,000 3,000 2.000 1,000 1,500 1,000 1,500 2,500 3,000 3,QOO 2,000 5,700 5,000 3,000 THE PHILLIPS CHARITABLE TRUST TH 12 FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Page Association of Dog and Cal Homes Disabled Sailors Association 2,000 3,500 114,200 35,000 2024 2023 Ralslng fund8 Propety expenses Investment management fees Investment property valuation fee 1,579 16,039 2,961 15,221 17,618 18,182 Other c08t8 Independent Examination fee8 Clerk to the Trustees fees and administrative costs 1,500 1,369 1,452 969 2,869 2,421 Payment8 to Tru8te08 and connected per80n8 No Trustee or person with a family or business connectlon with a Trustee received remuneration or expenses in the year directly from the Charity. Inve8tment propertle8 Valuation and net book amount at 6 April 2023 Revaluation in year 165,000 Valuation and net book amount at 5 April 2024 165,000 The investment property is located in the UK and was professionally valued at open market value as at 5 April 2021 by Messrs Underwoods, Chartered Surveyors, and this value has been incorporated in the financi81 statements. The basis of the valuation used was open market value which is deemed to be the fair value. The Trustees consider this to be the current market value of the property. THE PHILLIPS CHARITABLE TRUST 13 FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2024 Page Investment propertl88 (contlnued) The investment property comprises'.- 2024 2023 2, Burystead Place, Wellingborough 165,000 165,000 If the investment property had not been revalued, it would have been included on the historical cost basis at the following amounts'.- 2024 2023 Cost and net book amount 87,000 87,000 Flxod a888t Inv08tment8 Ll8ted Investment8 Valuation and net book amount At 6 April 2023 Additions In year Disposals in year Unrealised gains in year 2,442,471 780,176 1826,605) 259,327 At 5 April 2024 2,855,369 Listed investments are stated at their mid-market value as at the balance sheet date which 18 their fair valu&. If Ilsted Investments had not been revalued, they would have been included on the historical cost basis at the following amounts:. 2024 2023 Cost and net book amount 2,173,988 2,334,250 THE PHILLIPS CHARITABLE TRUST Page 14 FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2024 Debtor8 2024 2023 Accrued income and prepayments 165 1,000 Credltorn falllng due wlthln one year 2024 2023 Accruals - professional fees and Income In advance 8,250 1,452 Re8trlct8d Income funds At 6 Aprll Incomlng 2023 resou￿•8 At 6 Aprll 2024 Reall8ed Unrea118ed Galn8(1088} galn811088) Expondlture Accumulated capital fund 2,732,174 {14,836) 259,327 2,976,665 Accumulated revenue fund (20,071) 63,478 (134,681) (91,280) 2,712,103 63,478 (134,687> {14.838) 259,327 2,885,386 The fund was established on 2 November 1995 by Mrs D G Phillips for the purpose of benefiting charltable institutions or the furtherance of charitable purposes. Following the death of Mrs Phillips on 25 February 1997, the whole of the residue of her Estate in the sum of £1,525,766 passed to the Trust. The fund is represented by investments and short term deposits. Capltal commltments There were no capital commitments at 5 April 2024 or 5 April 2023. 10 Contlngent Ilabllltle8 There were no contingent liabilities at 5 April 2024 or 5 April 2023. 11 FSnanclal commltment8 The Trustees have 8greed to pay a further grant of £7,500 for the Northampton Hope Centre on provision of a refurbishment progress report.