Charity registration number.. 1061857 The Philip Nicholas Charitable Trust Annual Report and Financial Statements for the Year Ended 5 April 2024 WESTCOTTS HAkR TERED ACCQUNTANTS & 8USINÉ5S ADVISERS
The Philip Nicholas Charitable Trust Contents (continued) Reference and Administrative Details Trustees, Report 2to3 Independent Examiner's Report statement of Financial Activities Balance Sheet Notes to the Financial Statements 7t015
The Philip Nicholas Charitable Trust Reference and Administrative Details Trustees Mrs E Butler Dr S Willis Mr J Mccarthy Charity Reglstratlon Number 1061857 Prlnclpal Office 5 Heron Gate Office Park Hankridge Road Taunton Somerset TA12LR Independent Examiner Mr M Marsh ACA Westcotts (SW) LLP Chartered Accountants Queens House New Street Honiton Devon EX14 1BJ Page 1
The Philip Nicholas Charitable Trust Trustees. Report The trustees present the annual report together with the financial statements of the charity for the year ended 5 April 2024. Objectlves and activitles Objects and aims The trust was set up with the funds given by Mrs Nicholas amounting to £500,000. The objective is to support maritime studies, particularly at Hull University, but also for other charitable purposes connected at sea. Public benefit The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. Achievements and performance During the year the trustees made donations of £10,200 to Hull University, £50,000 to Plymouth University, £13,490 to NHS-UK and £27,000 to Museum of London Archaeology. As in previous years, the majority of capital of the trust is invested in the stock market. Investment income and deposit interest amounted to £41,193. The value of the trust investments as at 5 April 2024 was £759,078. This value was down by £12,567 on the previous year. Financial review Policy on reseThes Unspent reserves at 5 April 2024 were £267,077 and are considered adequate for the charity's objectives. Structure, governance and management Nature ofgoverning document The trust is a charitable trust governed by a deed dated 28 October 1996. Organisational structure The rules for the appointment of trustees are set out in the trust document dated 28 May 2007 and the original trustees have full power to appoint new trustees as they deem appropriate. Major risks and management of those risks The trustees have assessed the major risks facing the charity and developed appropriate procedures to mitigate and control those risks. Page 2
The Philip Nicholas Charitable Trust Trustees, Report (continued) Statement of Trustees. Responsibilities The trustees are responsible for preparing the trustees, report and the financial statements in accordance wth the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources 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., obsetve 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 disclosed and explained in the financial statements; and 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 proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The trustees 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 trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. The annual report was approved by the trustees of the charity on behalf by.. 31.01.25 and signed on its Dr S Wlllis Trustee Page 3
The Philip Nicholas Charitable Trust Independent Examiner's Report to the trustees of The Philip Nicholas Charitable Trust I report to the trustees on my examination of the accounts of The Philip Nicholas Charitable Trust for the year ended 5 April 2024. Responsibilities and basis of report As the charity trustees of The Philip Nicholas Charitable Trust you are responsible for the preparation of the accounts in accordance wth the requirements of the Charities Act 2011 ('the Act,). I report in respect of my examination of the The Philip Nicholas Charitable Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145{5)(b) of the Act. Independent examiner's statement I have completed my examination. I confim that no material malters have come to my attention in connection with the examination giving me cause to believe thal in any material respect.. 1. accounting records were not kept in respect of The Philip Nicholas Charitable Trust as required by section 130 of the Act., or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements concerning the form and content of accounts set out in the Charities {Accounts and Reports) Regulations 2008 other than any reqLtrirement that the accounts give a 'true and fair view which is not a matter considered as parl of an independent examination. I have no concerns and have come across no other 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. Mr M Marsh ACA Westcotts (SW) LLP Chartered Accountants Queens House New Street Honiton Devon EX14 1BJ 18.02.25 Page 4
The Philip Nicholas Charitable Trust Statement of Financial Activities for the Year Ended 5 April 2024 Unrestricted Endowment funds funds Totsl 2024 Total 2023 Note Income and endowments from: Investment income 41,193 41,193 46,153 Total income 41,193 41,193 46,153 Expenditure on: Charitable activities 117,983 117,983 97,367 Total expenditure Gainsl(losses) on investment assets {117,983) (117,983) (97,367) 34,608 34,608 {162,210 Net expenditure (42,182 42,182 1213,424) Net movement in funds (42,182) (42,182) {213,424) Reconciliation of funds Total funds brought fOard Total funds carried forward 13 309,259 500,000 809,259 1,022,683 267,077 500,000 767,077 809,259 All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2023 is shown in note 13. The notes on pages 7 to 15 form an integral part of these financial statements. Page 5
The Philip Nicholas Charitable Trust (Registration number: 1061857) Balance Sheet as at 5 April 2024 2024 2023 Note Fixed assets Investments 759,078 771,645 Current assets Debtors Cash at bank and in hand 10 200 9,545 201 39,039 9,745 39,240 Creditors: Amounts falllng due within one year Net current assets 12 1,746 1,626 7,999 37,614 Net assets 767,077 809,259 Funds of the charlty: Endowment funds 500,000 500,000 Unrestricted Income funds Unrestricted funds 267,077 309,259 Total funds 13 767,077 809,259 The financial statements on pages 5 to 15 were approved by the trustees, and authorised for issue on 31.01.25 and sigyed on their behalf by: Dr S Willis Trustee The notes on pages 7 to 15 form an integral part of these financial statements. Page 6
The Philip Nicholas Charitable Trust Notes to the Financial Statements for the Year Ended 5 April 2024 1 Accountlng policies Statement of compliance The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. The financial statements are prepared in sterling, which is the functional currency of the entity. Basis of preparation The Philip Nicholas Charitable Trust meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless othewise stated in the relevant note(s) to these accounts. Exemption from preparing a cash flow statement The entity satisfies the criteria of being a qualifying entity as defined in FRS102. As such, advantage has been taken of the following exemptions available under paragraph 1.12 of FRS102'. la) No cash flow statement has been presented for the charity. (b) Disclosures in respect of financial instruments have not been presented. Going concern The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. Page 7
The Philip Nicholas Charitable Trust Notes to the Financial Statements for the Year Ended 5 April 2024 (continued) Judgements and key sources of estimation uncertainty The preparation of the financial statement required management to make judgements, estimates and assumptions that affect the amounts reported. These estimate and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Income and endowments All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction wll flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income.. income from donations or grants is recognised when there is evidence of the entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of seNices is recognised with the delivery of the contracted service. This is classified as unreslricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. dividends are recognised once the dividend has been declared and notification has been received of the dividend due. Expenditure Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates.. expenditure on raising funds includes the cost of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activilies. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. Page 8
The Philip Nicholas Charitable Trust Notes to the Financial Statements for the Year Ended 5 April 2024 (continued) Governance costs These include the costs attributable to the charity's Complian with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses. Taxation The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extenl that such income or gains are applied exclusively to charitable purposes. Fixed asset Investments Unlisted equity investments are initially recorded at costs, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measure at cost less impairment. Listed investments are measured at fair value with changed in fair value being recognised in income or expenditure. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Fund structure Unrestricted income funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes.. restricted income funds or endowment funds. Financial instruments Classificatlon A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Page g
The Philip Nicholas Charitable Trust Notes to the Financial Statements for the Year Ended 5 April 2024 (continued) Recognition and measurement Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted al a market rate of interest for a similar debt instrumenl. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured al amortised cost. 2 Investment income Unrestricted funds General Totsl 2024 Interest receivable and similar income., Interest received Income from listed investments 3,267 37,926 3,267 37.926 41,193 41,193 Unrestricted funds General Total 2023 Interest receivable and similar income., Interest received Income from listed investments 4,153 42,000 46,153 4,153 42,000 46,153 Page 10
The Philip Nicholas Charitable Trust Notes to the Financial Statements for the Year Ended 5 April 2024 (continued) 3 Expendlture on charitable activities UnrestrScted funds General Totsl 2024 Note Donations Governance costs 100,690 17,293 100,690 17,293 117,983 117,983 Unrestrlcted funds General Total 2023 Note Donations Governan costs 87,834 9,533 87,834 9,533 97,367 97,367 Donatlons Unrestricted funds General Total 2024 University of Hull Plymouth University NHS Museum of London Archaeology 10,200 50,000 13,490 27,000 10,200 50,000 13,490 27,000 100,690 100,690 Unrestricted funds General Total 2023 University of Hull Plymouth University Plymouth Horizons 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 87,834 Page11
The Philip Nicholas Charitable Trust Notes to the Financial Statements for the Year Ended 5 April 2024 (continued> 4 Analysis of governance and support costs Governance costs Unrestricted funds General Total 2024 Independent examiner fees Examination of the financial statements Accountancy fees Legal fees Other governance costs 564 1,182 10,445 5,102 564 1,182 10,445 5,102 17,293 17,293 Unrestricted funds General Total 2023 Independent examiner fees Examination of the financial statements Accountancy fees Legal fees Other governance costs 540 1,086 1,620 6,287 9,533 540 1,086 1,620 6,287 9,533 S Net incomingloutgoing resources Net outgoing resources for the year include: 2024 2023 Lossesl{gains) on investmenl assets 34,608 162,210 6 Trustees remuneratlon and expenses No trustees, nor any persons connected with them, have received any remuneration from the charily during the year. No trustees have received any reimbursed expenses or any other benefits from the charity during the year. 7 Independent examiner's remuneration 2024 2023 Examination of the financial statements 564 540 Page 12
The Philip Nicholas Charitable Trust Notes to the Financial Statements for the Year Ended 5 April 2024 (continued) 8 Taxation The charity is a reglstered charity and is therefore exempt from taxation. 9 Flxed asset investments 2024 2023 Other investments 759,078 771,645 Other Investments Listed investments Total Cost or Valuatlon At 6 April 2023 Fair value movements Additions Disposals 771,645 34,608 15,808 62,983 771,645 34,608 15,808 62,983 At 5 April 2024 759,078 759,078 Net book value At 5 April 2024 759,078 759,078 At 5 April 2023 771,645 771,645 10 Debtors 2024 2023 Other debtors 200 201 11 Cash and cash equivalents 2024 2023 Cash at bank 9,545 39,039 12 Creditors: amounts falllng due within one year 2024 2023 Accruals 1,746 1,626 Page 13
The Philip Nicholas Charitable Trust Notes to the Financial Statements for the Year Ended 5 April 2024 (continued) 13 Funds Balance at Other 6 April Incoming Resources recognlsed 2023 resources expended galnsl(losses) Balance at 5 Aprll 2024 Unrestricted funds General General fund 309,259 41,193 117,983 34,608 267,077 Total unrestricted funds 309,259 41,193 117,983 34,608 267,077 Endowment funds Expendable Expendable fund 500,000 500,000 Total endowment funds 500,000 500,000 Total funds 809,259 41,193 117,983) 34,608 767,077 Balance at Other 6 April Incoming Resources recognised 2022 resources expended gainsl(losses) Balance at 5 April 2023 Unrestricted funds General General fund 522,683 46,153 97,367 162,210 309,259 Total unrestricted funds 522,683 46,153 97,367 162,210 309,259 Endowment funds Expendable Expendable fund 500,000 500,000 Total endowment funds 500,000 500,000 Total funds 1,022,683 46,153 97,387 162,210 809,259 Page 14
The Philip Nicholas Charitable Trust Notes to the Financial Statements for the Year Ended 5 April 2024 (continued) 14 Analysis of net assets between funds Unrestricted funds General Endowment funds Expendable Total funds at 5 April 2024 Fixed asset investments Current assets Current liabilities 259,078 9,745 (1,746 500,000 759,078 9,745 (1,746 767,077 Total net assets 267,077 500,000 Unrestrlcted funds General Endowment funds Expendable Total funds at 5 April 2023 Fixed asset investments Current assets Current liabilities 271,845 39,240 1,626 500,000 771,645 39,240 1,626 Total net assets 309,259 500,000 809,259 15 Related party transactions There were no related party transactions in the year. Page 15