Charity registratlon number: 1061857 The Philip Nicholas Charitable Trust Unaudited Financial Statements 5 April 2023 The Philip Nicholas Charitable Trust Financlal Statements Year ended 5 April 2023 Page Trustees, annual report Independent examiner's report to the trustees Statement of financial activities Statement ol financial position Notes to the financial statements The Philip Nicholas Charitable Trust Trustees, Annual Report Year ended 5 Aprll 2023 The Iruslees present their report and the unaudited financial statements ol the charity for the year ended 5 April 2023. Reference and administratlve details Registered charity name The Philip Nicholas Charitable Trust Charity registratlon number 1061857 PrSn¢lpal office 104 High Street Sidmouth Devon EX10 8EF The trustees Mrs E 8uller Dr S Willis Mr J Mccarthy Mrs J M Creeke Independent examiner Mr M Marsh ACA Weslcolls ISWI LLP Chartered Accountants Queens House New Street Honilon Devon EX14 1&J stru￿ure1 governance and managernent The trust is a charitable trust governed by a deed dated 28 October 1996. The rules for the appointment of Iruslees are sel out in the trust document dated 28 May 2007 and the original trustees have lull power lo appoint new trustees as they deem appropriate. Objectives and actlvllles The trust was set up with the funds given by Mrs Nicholas amounting lo £500,000. The objective is to SUPtX)rt maritime studies, particularly al Hull University, bul also for olher charitable pu¥poses connected at sea. The Philip Nicholas Charltable Trust Trustees, Annual Report (¢oniinu8dJ Year ended 5 Aprll 2023 Achiovernents and performancè During the year the trustees made donations of £30,200 to Hull University, £30,000 to Plymouth University, £5,000 lo Horizons ol Plyn)oulh, £18,300 to NHS, £3,333 to Shipwreck Survivors and £1,000 lo Navy Records Society. As in previous years, the majority of capital ol the trust is invested in the stock market. Investment income and deposit interest amounted lo £46,153. The value ol the trust investments as al 5 April 2023 was £771,645. This value was down by £188,953 on the previous year. Public benelit In planning our activities for the year, we kept in mind the charity commission guidance on public benefit. Financial review Reserves policy Unspent reserves al 5 April 2023 were £309,259 and are considered adequate lor the charity's objectives. Risk management The Iruslees have assessed the major risks lacing the ¢harily and developed appropriate procedures lo miligale and control those risks. The trustees. annual report was approved on ..S..i..J.coK(Ih...... and signed on behalf ol the board ol trustees by: Dr S Willis Trustee The Philip Nicholas Charitable Trust Independent Examiner's Report to Ihe Trustees of The Philip Nicholas Charltable Trust Year ended 5 Aprll 2023 I report lo the trustees on my examination ol the financial slalemenls ol The Philip Nicholas Charitable Trust (Yhe charily'l lor Ihe year ended 5 April 2023. Responsibilities and basls of report As the Iruslees ol the charity you are responsible for the preparation ol the financlal statements in accordance with the requirements ol the Charities Act 2011 I'lhe Act'l. I report in respect ol my examination ol the charrty's financial slalemenls carried oul under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable DiTeclions given by the Charity Commission under section 14515llbl of the Act. Independont examlner's statement I have completed my examination. I confirm that no material matters have come to my allenlion in connection with the examination giving me cause lo believe that in any material respect.. a¢￿uritIng records were not kept in respect of the charity as requiied by section 130 of the Act., or the financial slalements do not a(￿Ord with those records., or the finan¢ial statements do not comply with the applicable requirements conceming the foim and content ol accounts sel out in the Charities (Accounts and Reportsl Regulations 2008 other than any requirement that the accounts give a 'lrue and fair, view which is not a maller considered as part ol an independent examination. I have no concerns and have come across no other matters in connection with the examination lo which attention should be drawn in this report in order lo enable a proper understanding of the accounts to be reached. Mr M Marsh ACA Independent Examiner West¢ott5 ISWI LLP Chartered Accountants Queens House New Street Honiton Devon EX14 1BJ Dated: 2Feb24 The Philip Nicholas Charitable Trust Statement of Flnanclal Activities Year ended 5 April 2023 2023 Unreslricled Endowmenl funds funds Total funds Total funds 2022 Note Income and endowments Investment income 46.153 46.153 46,694 Total income 46,153 46,153 46,694 Expenditure Expenditure on charitable activities Total expenditure 197,3671 197,3671 197,367) 197,3671 167,9371 167,9371 Nel Ilossesllgains on investments 1162,210) 1162,2101 29,690 Net {expenditure)lincome and net movement in funds 1213,4241 1213,4241 8,447 Reconclllation of funds Total funds brought forward Total funds carried forward 522.683 500,000 500,000 1,022,683 1,014,236 309.259 809,259 1,022,683 The slalement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 6 10 11 fomi part of thèse flnanclal siatements. The Philip Nicholas Charitable Trust Statement of Flnanclal Posilion 5 April 2023 2023 2022 Note Flxed assets Investments 11 771,645 960.598 Current assets Debtors Cash al bank and in hand 12 201 39.039 436 63,203 39,240 63,639 Credltors: amounts falling due wlthln one year Nel current assets 13 11,6261 37,614 809.259 11.5541 62,085 Total assets less current liabilities 1,022,683 Net assets 809,259 1.022.683 Funds of the charity Endowment funds Unreslricled funds 500,000 309.259 500,000 522,683 1,022,683 Total ¢harlty funds 14 809,259 These financial slalements were approved by the trN)ard ol Iruslees and authorised for issue on .￿..j￿￿aé., and are signed on behalf ol the board by.. Dr S Willis Trustee The notes on pages 6 to 11 fomi part of thgse flnanclal ststoment$. The Philip Nicholas Charitable Trust Notes to the Flnancial Slalements Year ended 5 April 2023 General Information The charity is a public benefit enlily and a registered charity in England and Wales and is unincorporated. The address ol the principal office is 104 High Sireel, Sidmoulh. Devon, EX10 8EF. Statement of compliance These financial slalemenls have been prepared in compliance with FRS 102, The Financial Fleporting Standard applicable in the UK and the Republic of Ireland., the Statement ol Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Rerxjrting Standard applicable in the UK and Republic ol Ireland IFI4S 1021 (Charities SORP IFRS 10211 and the Charities Act 2011. Accountlng pollcles Basis of preparation The financial statements have been prepared on the historical cost basis. as modified by the revaluation of certain financial assets and liabilities and investment properties measured at lair value through income or expendituie. The linancial slalemer7ts are prepared in sterling, which is the functional currency of the entity. Going concern There are no material uncertainties about the charity's ability to continue. Dl$closure exemptions The entity salislies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.1201 FRS 102.. lal No cash flow statement has been presented lor Ihe charity. Ibl Disclosures in respect ol financial instruments have not been piesenled. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management lo make judgement5, eslimales and assumptions that allecl the amokjnts reported. These eslimales and judgements are continually reviewed and are based on experience and other factors, including expectations ol future events that are believed lo be reasonable under the circumstances. The Philip Nicholas Charilable Trust Noies to the Financlal siatements (¢Olllinu•dJ Year ended 5 April 2023 A¢¢ounting policies (contlnuedj Fund accounting Unrestricted funds are available lor use al the discretion of the Iruslees to further any of the charity's purposes. Designated funds are unreslricled funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected lo reslriclions on their expenditure declared by the donor or through the terms ol an appeal, and fall into one of two sub-clas5es.' restricted income funds or endowment funds. Incoming resources All incoming resources are included in the slalemenl ol financial activities when enlitlemenl has passed lo the charity; il is probable that the economic benefits associated with the transaction will flow lo the charity and the amount can be reliably measured. The following specific policies are applied lo particular categories of in¢ome'. income from donations or grants is recognised when there is evidence of entitlement lo the gift, receipt is piobable and ils amounl ¢an be measured reliably. legacy income is recognised when receipt is probable and enlillemenl is established. income from donated goods is measured al the lair value ol the goods unless this is impractical lo rneasure reliably, in which case the value is derived from the cost lo the donor or the eslimaled resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included lor the contribution of general volunleers. income from oonlracts lor the supply ol services is Tecognised with Ihe delivery ol the contracted service. This is classified as unreslTiCted funds unless there is a contractual requirement lor it to be spent on a particular purpose and returned il unspent, in which case il may be regarded as restricted. The Philip Nicholas Charitable Trust Notes to Ihe Financial Statements f¢onUnued) Year ended 5 April 2023 Accounting policies (contlnued? Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be lully recovered, and is classified under headings of the state￿ent ol financial activities lo which il relates.. expenditure on raising funds includes the costs of all fundraising activities, events. non-charilable trading activities. and the sale of donated goods. expenditure on charrtable activities includes all costs incurfed by a charity in undertaking activities that further ils charitable aim5 lor the benefit ol its beneli¢iaries, including those support costs and costs relating lo the governance ol the charity apportioned to charitable aciivilies. other expenditure includes all expenditure that is neither related lo raising funds lor the charity nor part ol ils expendiluTe on charitable aclivilies. All costs are allocated to expenditure categories reflecting the use ol the resource. Direct costs allribulable lo a single activity are allocated directly to that aclivily. Shared costs are apportioned between the activities they contribute lo on a reasonable, justifiable and consistent basis. Investments Unlisted equity investments are initially recorded al cost, and subsequently measured al lair value. 11 lair value cannot be reliably measured, assets are measured al cost less impairment. Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure. Finan¢lal Instrumonts A financial asset or a financial liability is recognised only when the enlily becomes a party lo the contractual provisions of the insirumenl. Basic financial instruments are initially recognised al the amount receivable or payable including any related transaction costs, unless the arrangement conslilules a financing transaction, where is recognised at the present value ol the luluie payments discounted al a market rale ol interest lor a similar debi instrument. Current assets and current liabilities are subsequently measured al the cash or other consideration expected lo be paid or received and not discounted. Debt inslTumenls are subsequently measured at amortised cost. The Phillp Nicholas Charilable Trust Noles to the Financial Statements fcontlnu8d) Year ended 5 April 2023 Investment income Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Income from listed investments Interest received 42,000 4,153 46,153 42,000 4,153 46,153 40,420 6,274 46,694 40,420 6,274 46,694 Expendllure on charltable activities Unrestricted Tolal Funds Unrestricted Total Funds Funds 2023 Funds 2022 Donations Governance costs 87,834 9,533 97,367 87,834 9,533 60,200 7,737 67,937 60,200 7,737 97,367 67,937 Donations Unrestricted Total Funds Unreslricled Total Funds Funds 2023 Funds 2022 University ol Hull Plymouth University Horizons Plymouth NHS Navy Records Society Shipwreck Survivors 30,200 30,000 5,000 18,300 1,000 3,334 87,834 30,200 30,000 5,000 18,300 1,000 3,334 30,200 30,000 30,200 30,000 87,834 60,200 60,200 Analysis of governance costs Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Accountancy lees Professional lees Adminislralive costs 1,626 1,620 6,287 1,626 1,620 6,287 9,533 1,554 1,554 6,183 6,183 9,533 7,737 7,737 Net {losses)Igains on investments Unreslricled Total Funds Unreslricled Total Funds Funds 2023 Funds 2022 Gainslllossesl on other investment assets 1162,2101 1162,2101 29,690 29,690 The Philip Nicholas Charitable Trust Noies to the Financlal Statements fcontlnuedl Year ended 5 Aprll 2023 Independent examination fees 2023 2022 Fees payable lo the independent examiner for- Independent examination of the financial statements 3,114 3,042 10. Trustee remuneratlon and Oxpenses No employees were employed during the current year or preceding year. The aijminislration of the charity is undertaken by Every's solicitors. No remuneration has been paid lo the Iruslees in either the current or the preceding year. No Iravelling expenses were paid lo the trustees in either the Current or preceding year. 11. Investments Listed Investments Cost or valuation Al 6 April 2022 Additions Disposals Fair value movements 960,598 52.032 178.7751 1162,2101 771,645 At 5 April 2023 Carrying amount At 5 April 2023 At 5 April 2022 771,645 960.598 The above carrying amounts are recognised as follows- Listed Investments At 5 April 2023 Held al lair value Held al historical cost less impairments 771.645 578.827 At 5 April 2022 Held al lair value Held al historical cost less impairments 960,598 624,128 12. Debtors 2023 2022 Other debtors 201 436 10 The Philip Nicholas Charitable Trust Notes to Ihe Financial Slalements (eontlnu¢dJ Year ended 5 Aprll 2023 13. Creditors: amounts falling due within one year 2023 2022 Accruals and delerred income 1,626 1,554 14. Analysls of charitable funds Unre$lrl¢led funds At 6 April 2022 Gains and At losses 5 April 2023 2023 Income Expenditure General funds 522,683 46,153 197,3671 1162,2101 309,259 At 6 April 2021 Gains and Al losses 5 April 2022 2022 Income Expenditure General funds 514.236 46,694 167,9371 29,690 522,683 Endowment funds Al 6 April 2022 Gains and At losses 5 April 2023 2023 Income Expenditure Endowment Fund 500,000 500,000 At 6 April 2021 Gains and Al losses 5 April 2022 2022 Income Expenditure Endowment Fund 500,000 500,000 15. Analysis of net assets between funds Unrestricted Endowment Total Funds Funds Funds 2023 2023 Investments Current assets Creditors less than 1 year Net assets 271,645 39,240 11,6261 309,259 500,000 771,645 39,240 11,6261 809,259 500,000 Unrestricted Endowment Total Funds Funds Funds 2022 2022 Investments Current assets Creditors less than 1 year Nel assets 460,598 63,639 {1,5541 522,683 500,000 960,598 63.639 11,5541 1,022,683 500,000 11