Charity registration number: 1061857
The Philip Nicholas Charitable Trust
Annual Report and Financial Statements for the Year Ended 5 April 2025
VLA WESTCOTTS
The Philip Nicholas Charitable Trust
Contents (continued)
| Reference and Administrative Details | 1 |
|---|---|
| Trustees’ Report | 2 to3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| NotestotheFinancialStatements | 7to16 |
The Philip Nicholas Charitable Trust
Reference and Administrative Details
Trustees
Mrs E Butler Dr S Willis Mr J McCarthy
Charity Registration Number
1061857
Principal Office
Independent Examiner
5 Heron Gate Office Park Hankridge Road Taunton Somerset TA1 2LR Mr N Smy 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 2025.
Objectives and activities
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.
Financial review
Policy on reserves
Unspent reserves at 5 April 2025 were £765,248 and are considered adequate for the charity's objectives.
Structure, governance and management
Nature of governing 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.
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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 with 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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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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 JAAMIAS.. and signed on its behalf by: a . Dr S Willis Trustee
Page 3
The Philip Nicholas Charitable Trust
Independent Examiner's Report to the trustees of The Philip Nicholas Charitable Trust
| report to the trustees on my examination of the accounts of The Philip Nicholas Charitable Trust for the year ended 5 April 2025.
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 with the requirements of the Charities Act 2011 (‘the Act’).
| 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 | have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
| have completed my examination. | confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of The Philip Nicholas Charitable Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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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 requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination.
| 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.
Westcotts (SW) LLP Chartered Accountants Queens House New Street Honiton Devon EX14 1BJ
Date:.. 2c las.
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The Philip Nicholas Charitable Trust
Statement of Financial Activities for the Year Ended 5 April 2025
| Unrestricted | Endowment | Total | Total | |||
|---|---|---|---|---|---|---|
| funds | funds | 2025 | 2024 | |||
| Note | £ | £ | £ | £ | ||
| Incomeand endowments | from: | |||||
| Investment income | 2 | 41,442 | - | 41,442 | 41,193 | |
| Total income | 41,442 | - | 41,442 | 41,193 | ||
| Expenditure on: | ||||||
| Charitable activities | (49,137) | - | (49,137) | (117,983) | ||
| Total expenditure | 3 | (49,137) | - | (49,137) | (117,983) | |
| Gains/(losses) on | ||||||
| investment assets | 5,866 | - | 5,866 | 34,608 | ||
| . | Net expenditure | (1,829) | - | (1,829) | (42,182) | |
| Gross transfers between | ||||||
| funds | 500,000 | (500,000) | - | - | ||
| Netmovement infunds | 498,171 | (500,000) | (1,829) | (42,182) | ||
| Reconciliation offunds | ||||||
| Totalfunds brought forward | 267,077 | 500,000 | 767,077 | 809,259 | ||
| Totalfundscarriedforward | 13 | 765,248 | - | 765,248 | 767,077 |
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2024 is shown in note 13.
The notes on pages 7 to 16 form an integral part of these financial statements. Page 5
The Philip Nicholas Charitable Trust
(Registration number: 1061857) Balance Sheet as at 5 April 2025
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||||||||||
|---|---|---|---|---|---|---|---|---|
|2025|2024|
|Note|£|£|
|Fixed|assets|
|Investments|9|-|759,078|
|Current|assets|
|Debtors|10|-|200|
|Cash|at|bank|and|in|hand|11|767,126|9,545|
|767,126|9,745|
|Creditors: Amounts|falling due within|one year|12|(1,878)|(1,746)|
|Net|current|assets|765,248|7,999|
|Net|assets|765,248|767,077|
|Funds|of the|charity:|
|Endowment funds|-|500,000|
|Unrestricted|income funds|
|Unrestricted|funds|765,248|267,077|
|Total funds|13|765,248|767,077|
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The financial statements on pages 5 to 16 were approved by the trustees, and authorised for issue on
Zo\ala.S. and signed on their behalf by:
:me : mane ie - |
Trustee
----- End of picture text -----
The notes on pages 7 to 16 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 2025
1 Accounting 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 lreland (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 otherwise 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:
(a) 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.
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The Philip Nicholas Charitable Trust
Notes to the Financial Statements for the Year Ended 5 April 2025 (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 will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
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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.
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legacy income is recognised when receipt is probable and entitlement is established.
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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.
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income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted 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.
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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.
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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 activities.
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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.
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The Philip Nicholas Charitable Trust
Notes to the Financial Statements for the Year Ended 5 April 2025 (continued)
Governance costs
These include the costs attributable to the charity's compliance 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 extent 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
Classification
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
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The Philip Nicholas Charitable Trust
Notes to the Financial Statements for the Year Ended 5 April 2025 (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 at a market rate of interest for a similar debt instrument.
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 at amortised cost.
2 Investment income
.
| Unrestricted | ||
|---|---|---|
| funds | Total | |
| General | 2025 | |
| £ | £ | |
| Interest receivableand similar income; | ||
| Interest received | 5,550 | 5,550 |
| Income from listed investments | 35,892 | 35,892 |
| 41,442 | 41,442 | |
| Unrestricted | ||
| funds | Total | |
| General | 2024 | |
| £ | £ | |
| Interest receivable and similar income; | ||
| Interest received | 3,267 | 3,267 |
| Incomefrom listed investments | 37,926 | 37,926 |
| 41,193 | 41,193 |
Page 10
The Philip Nicholas Charitable Trust
Notes to the Financial Statements for the Year Ended 5 April 2025 (continued)
3 Expenditure on charitable activities
| Unrestricted | ||||
|---|---|---|---|---|
| funds | Total | |||
| General | 2025 | |||
| Note | £ | £ | ||
| Donations | 33,204 | 33,204 | ||
| Governance | costs | 4 | ___15,933, | 15,933 |
| 49,137 | 49,137 | |||
| Unrestricted | ||||
| funds | Total | |||
| General | 2024 | |||
| Note | £ | £ | ||
| Donations | 100,690 | 100,690 | ||
| Governance | costs | 4 | _17,293, | 17,293 |
| 117,983 | 117,983 | |||
| Donations |
| Unrestricted | ||
|---|---|---|
| funds | Total | |
| General | 2025 | |
| £ | £ | |
| Plymouth University | 30,000 | 30,000 |
| Museum of London Archaeology | 3,204 | 3,204 |
| 33,204 | 33,204 | |
| Unrestricted | ||
| funds | Total | |
| General | 2024 | |
| £ | £ | |
| University of Hull | 10,200 | 10,200 |
| Plymouth University | 50,000 | 50,000 |
| NHS | 13,490 | 13,490 |
| Museum of LondonArchaeology | 27,000 | 27,000 |
| 100,690, | _100,690 |
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The Philip Nicholas Charitable Trust
Notes to the Financial Statements for the Year Ended 5 April 2025 (continued)
4 Analysis of governance and support costs
Governance costs
| Unrestricted | ||
|---|---|---|
| funds | Total | |
| General | 2025 | |
| £ | £ | |
| Independent examinerfees | ||
| Examination of the financial statements | 626 | 626 |
| Accountancy fees | 1,252 | 1,252 |
| Legal fees | 5,206 | 5,206 |
| Othergovernance costs | 8,849 | 8,849 |
| 15,933 | 15,933 | |
| Unrestricted | ||
| funds | Total | |
| General | 2024 | |
| £ | £ | |
| Independent examinerfees | ||
| Examination of the financial statements | 564 | 564 |
| Accountancy fees | 1,182 | 1,182 |
| Legal fees | 10,445. | 10,445 |
| Othergovernancecosts | 5,102 | 5,102 |
| 17,293 | 17,293 | |
| 5 Net incoming/outgoing resources |
||
| Net outgoing resources fortheyear include: | ||
| 2025 | 2024 | |
| £ | £ | |
| Losses/(gains)oninvestmentassets | (5,866) | (34,608) |
6 Trustees remuneration and expenses
During the year the charity made the following transactions with trustees:
Dr S Willis
£144 (2024: ENil) of expenses were reimbursed to Dr S Willis during the year.
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
No trustees have received any other benefits from the charity during the year.
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The Philip Nicholas Charitable Trust
Notes to the Financial Statements for the Year Ended 5 April 2025 (continued)
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7 Independent examiner's remuneration
2025 2024
£ £
Examination of the financial statements 626 564
8 Taxation
The charity is a registered charity and is therefore exempt from taxation.
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9 Fixed asset investments
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2025 2024
£ £
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Page 13
The Philip Nicholas Charitable Trust
Notes to the Financial Statements for the Year Ended 5 April 2025 (continued)
Other investments
| Other investments | ||
|---|---|---|
| Listed | ||
| investments | Total | |
| £ | £ | |
| CostorValuation | ||
| At6 April2024 | 759,077 | 759,077 |
| Fairvalue movements | 5,866 | 5,866 |
| Additions | 17,146 | 17,146 |
| Disposals | (782,089) __(782,089) | |
| At5 April 2025 | aenn | |
| Net bookvalue | ||
| At 5April2025 | ‘nee | |
| At §April2024 | ___759,077 | 759,077 |
| 10 Debtors | ||
| 2025 | 2024 | |
| £ | £ | |
| Other debtors | - | 200 |
| 11 Cash and cash equivalents | ||
| 2025 | 2024 | |
| £ | £ | |
| Cash atbank | 767,126 | 9,545 |
| 12 Creditors: amounts fallingduewithin oneyear | ||
| 2025 | 2024 | |
| E | £ | |
| Accruals | 1,878 | 1,746 |
Page 14
;
The Philip Nicholas Charitable Trust
Notes to the Financial Statements for the Year Ended 5 April 2025 (continued)
13 Funds
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|||||||||
|---|---|---|---|---|---|---|---|
|Balance|Balance|
|at|6|Other|at|5|
|April|Incoming|Resources|recognised|April|
|2024|resources|expended|Transfers|gains/(losses)|2025|
|£|£|£|£|£|£|
|Unrestricted|funds|
|General|
|General|fund|267,077|41,442|(49,137)|500,000|5,866|765,248|
|Total|unrestricted|
|funds|267,077|41,442|(49,137)|_500,000|5,866|765,248|
|Endowment funds|
|Expendable|
|Expendable fund|500,000|-|-|(500,000)|-|-|
|Total|endowment|
|funds|500,000|-|-|(500,000)|-|-|
|Total funds|767,077|41,442|(49,137)|-|5,866|765,248|
|Balance|at|Other|Balance|at|
|6 April|Incoming|Resources|recognised|§|April|
|2023|resources|expended|gains/(losses)|2024|
|£|£|z|£|£|
|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|
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Page 15
The Philip Nicholas Charitable Trust
Notes to the Financial Statements for the Year Ended 5 April 2025 (continued)
14 Analysis of net assets between funds
| Unrestricted | Totalfunds | ||
|---|---|---|---|
| funds | at 5 April | ||
| General | 2025 | ||
| £ | £ | ||
| Current assets | 767,126 | 767,126 | |
| Current liabilities | (1,878) | (1,878) | |
| Total net assets | 765,248 | 765,248 | |
| Unrestricted | Endowment | Totalfunds | |
| funds | funds | at 5 April | |
| General £ |
Expendable £ |
2024 £ |
|
| Fixedasset investments | 259,078 | 500,000 | 759,078 |
| Current assets | 9,745 | . | 9,745 |
| Current liabilities | (1,746) | - | (1,746) |
| Totalnetassets | 267,077 | 500,000 | 767,077 |
15 Related party transactions
There were no related party transactions in the year.
Page 16