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 fO￿ard
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