CHAIUTY OF ROBERT PHILLIPS ANNUAL REPORT AND FINANCIAL STATEMENIS FORIHE YEAR ENDED 31 MARCH 2024 Charity gistration number 1063312
Contents Legal and Adtnini5trative Details 2to4 Independent Examiners Report Statement of Financiaj Activities Statement of Financial Position Notes to the Accounts 8t012
CHAIUTY OF ROBERT PHtLLIPS LEGAL AND ADMINISTRATIVE DETAILS Charity Registrdtion number- 1063312 The Charity is governed by a Scheme from the Charity Commissioners for England and Wales sealed on 23rd April 1991. Charity Trnstees for the year ended 31 March 2024 are as follows: . Trustees appointed by Elmbridge Borough Council.. - Trustees appointed by Surrey County Council:. Bany Ch¢yne Christine Cross M¢lvyn Mills (Chair 12106123 onwards) Margaret Hicks Rachael Lake (Chair until 12106123) Tony Samuels (resigned 06106123) Ashley Tilling (appointed 12109123) The principal address forthe Charity is as follows: Clerk to the Trustees Charity of Robert Phillips clo Surrey County Council Woodhatch Place I I Cockshot Hill Reigate Surrey RH2 8EF The address of otherrelevant organisations are as follows:. Moya T>¢herleigh Oliver Sawyers Clerk to the Tnjstees Treasurer to the Charity clo SUeY County Council clo Finance Woodhatch Place Surrey County Council I I Cockshot Hill Woodhatch Place Reigate L I Cockshot Hill Surrey RH2 8EF SUeY RH2 8EF Specifi¢ re$tri¢tions to the operation of the Charity are as follows: . Thecharity isspecificallyrestricfrd in itsoperationtothe geowphic areaofthe Ancient PiSh ofWalton-on"Thames and the neighbourhood thereof. The Trustees shall not apply income or propety of the Chwity directly in the relief of rates, taxes or other publi fidS but may apply income or propety in supplementing relief or assistance provided out of public funds.
CHARITY OF ROBERT PHtLLIPS TRUSTEES, REPORT The Board of Trustees present theirreport for the year ended 31 March 2024. The members of the Board, together with their appointlng body. are listed in the attached note on legal and adminlstrative details. Trustees are appointed foT atenn of fouryears. The Annual Meeting is usually held in June. Objects, Organisation and Activities The Charity is established to allocate wts in respect of.. - (a) the provision of land and buildings to be settled upon tnist for use for the pu)yose of a public library or public museum or any similar charitable purpose, or the maintenance of any such institution. andjor (b) the promotion of education in the appreciation of music, drama and th¢ fme arts. When the Charity became aclive in 1992 the Truste¢s agreed that in the early years they would disburse the income but not the capital of the Trust and they th¢r¢fore tend to favour category Ib). The Scheme governing the administration of the Charity specifies that the Trust is for the benefit of the inhabitants of Walton-on-Thames and the neighbourhood thereof. For the purposes of clarity, the Trnstees nomially interpret this as the geographical area of the Ancient Parish of Walton-on-Thames (Walion, Hersham and part of Oatlands), which was in existence during Robert Phillips, lifetime. The Charity is organised as a selection panel that considergrant applications on a quarterly basis. In order to assist with the deterniination of applications, the Trustees have established some policies, one of which governs the allocation of fijnding in respect of the purchase of musical instruments and requires that benefjciarieshave attained the Royal Schools of Music Grade VE qualification as confitTration ofmusical ability and commilment. Such grnnts are allocated subject to a condition requiring notification in the event of the instruinenl no longer beiiig required within a period of five years from the date of the grant in order that other beneficiaries may be offered the opportunity to have an instrument. Each school within the Charity's geographical area is welcome to submit an application for a scholarship grant per academic year to provide musiclperforniing arts lessons for its most deserving pupil(s) residing in the Ancient Parish (see later- Music and Arts Education Grant Scheme. With regard to applications for fvnding in respect of educational courses of more than one year, the Trustees do not want to make ongoing fmancial commitments and, accordingly, if applicants seek funding for such courses, it will be necessary for separate applications to be made in respect of each year of the course at the appropriate time. ApplTcations are consldered on their individual merits and grants are dependent upon satisfaGtory ref¢r¢nc¢s and evidence that applicants have successfully progressed to the next stsge of their course. In the event of the Trustees being minded to offer funding to a school or other organisation where only some of its pupi151memb¢rs r¢side in the Ancient Parish, proportional funding is allocated to reflect the percentage of eligible pupilslmembers. To ensure that the best use is made ofcharitable fvnds, a standard time limit applies to all grants tha( if unclaimed after one year from allocation, will expire unless special arrangements have been agreed previously with the Trustees. Statement of Public Benefit The Trustees of The Charity of Robert Phillips have paid due regard to the guidance on public benefrt produced by the Charity Commission and are confident that the work ofthe Trustmeet5 all the criteria for public benefit.
CHARITY OF ROBERT PHtLLIPS TRUSTEES, REPORT (continued) Review of Progress and Aehievements Grants There were fomlal paid dwing the year totalling £35,026, as well as £11,800 of provided under the Music and Arts Education Grant Scheme. totsl £46,826 was paid out in grants. There were 9 forn1 gThnt applications considered by the Trnstee8 at their meetings during the financial year. Unfortunately, 3 of the 9 applications received did not meet the criteiia of the Charity's scheme. usic and Arts Education rant Scheme During the fmancial year, seven local schools took advantage of the Music and Arts Education Grant Scheme. The total expendituR for 2023124 was £11,800. The Annual allocation to each school that qualified underthe Music and Arts Education Grant Scheme was revised in June 2023. Therefore, the allocations are as follows: tnfant Schools Junior Schools Prlmary Sehools: Key Stage I - Key Stage 2 Secondary Schoob: - Heathside Sch] Weybridge - Heathside School Walton on Thames - Walton Leigh School - Three Rivers Academy £600 per annum £1,000 per annum £600 per annum £1,000 per annum £2,000 per annum (until 2026 when it will cease funding) £2,IX)O per annum (until 2026 when it will inc&e to £3,000) £2,000 per annum £3,000 per annum Flnanees The attached financial ststsments show the current state of finances, which the Board consider to be sound. The accounts comply with current statutory requirements and with therequirements ofthe Charity's 8overning document. Investmen1$ Blackrock Investment Management (UK) Limite4 33 King William Street, London, EC4R 9AS continued as fi]nd managers for the Charity with holdings in the BlackRock Charities Growth and Income Fund This nd aims to deliver long-tern] capital growth and a sustainable income distribution. The Capital value of the Thsthas changed from £2,874.672 to £2,974,139 over th¢ ytar, The Independent Examiner Romit Basu ofDSK Partners LLP Chartered Accountants DS House 306 High Street Croydon CRO ING
CHARITY OF ROBERT PHtLLIPS 11 TRUSTEES? REPORT (continued) Thanks The Trustees wish to thank the following officers who have assistsd them throughout the year 2023124: Representing the Clerk to the Trustees: MOyalrIe1g Representyng the Charity Treasurer: Thomas Dunkley aud Verity Royle- Finance (Corp)rate), SUeY County Council. Thetr advice d hard have be¢n much appreciated. 09109124 Date Mr Melvyn Mil hair on behalf of the Board of Thtee$
CHARITY OF ROBERT PHtLLIPS INDEPEIWENT EXAMINER'S REPORT TO THE TRUSTEES OF CHARITY OF ROBERT PHILLtps Inde endeiit exainiiierfs ort to the trustees of Chari of Robert Philli I report to thc charity trustees on my examination of the accounts of the charity for the year ended 31 March 2024. Res onsibilities and b&gis ot re ort As ihe charity's trustees of the Company (and also its directors for the purposes of company law) you are reswnsible forthepreparation ofthe accounts in accordance with the requirements ofthe Companies Act 2006 ('the 2006 ACV). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of your ¢harity'S accounts as carried out under section 145 of the Charities Act 201 J ('the 201 l A¢t'). In carrying out my exgmination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 ACL endent examineffs re ort T have completed my examination. I confirn) that no matter5 have come to my attention in connection with the examination giving me cause to believe: accounting records were not kept in respect of Charity of Robert Phillips as required by section 386 of the 2006 Act. or the accounts do not accord with those records. or the accounts do not comply with the accounting requirements of section 396 ofthe 2006 Act 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. or the accoun15 have not been prepared in accordance with the methods and prlnciples of the Statement of Recommended Practice for a¢Unting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). 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. Romit Basu FCA Instithte of Chartered Accountants in England and Wales DSK Partners LLP D S House 306 High Street Croydon CRO ING Date: 0910912024
CHARITY OF ROBERT PHtLLIPS STATEMENf OF FllYANCIAL AcrivrriES FOR THE YEAR EIYDED 31 MARCH 2024 Unrestricted fund Endowment fund Tolal funds Totsl fimds Noles Income from: Dohations jnvesiment income Total income 30 96216 30 96,216 46 389 81,305 Expenditure on: Charitable activities Governance and support costs Totsl expenditure 46,826 3,182 46,826 3,182 21,569 2,955 Other recognlsed gains and losses: Unrealised gainl(loss) on investsnent Net nnpJ(¢xid1lu)f0r theyear 53,229 53,229 53,229 99,467 (243.596) (18A426) 46238 Reconciliation of tknnds Total funds brought forward Total funds carried forward io&ii io&ii 510,385 556,623 2,364,287 2,417,5JO 2,874,672 2,974,139 3,061,098 2,874,672
CHARITY OF ROBERT PHILLIPS STATEMENf OF FINANCIAL POSITION AS AT 31 MARCH 2024 2023n4 2022123 Notes Assets Investments 2,417.516 2,364287 Current assets Debtors Cash at bank 79,541 478,223 37,561 473,844 Current liabllltles Cr¢ditors (L,141) (1,020) Net assets 2,974,139 2,874,672 Funds of the charlty: Endowment fund Unrestricted fjjnd io 2,417,516 556,623 2,364.287 510,385 2,974,139 1871672 For the financial year ended 31 March 2024, the company wa5 entitled to exemption under section 477 of the Companies Act 2006 relating to Small companies. No members have required the company to obtain an audit of its accounts forthe year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of the accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies, i'egime. Approved the Boa of Trustee5 and signed on its behalf by: Mr Melvyn air Date: 09109124
CFIARITY OF ROBERT PHILLIPS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Aeeounting polieies The principal accounting policies are sun)msed below. The accounting policies have been applied consistently throughout the year and in the preceding year. Basis of preparntlon The financial statements of the charitsble company> which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'A¢counting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effectiv¢ l January 2019)., Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The fanCIal ststements have b¢en prepared under the historical cost convention. The financial statements are prepared in Sterling which is the nCtIOnal currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £. Going coneern At the time of appmving the financTal statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable ture. Thus, the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. Jneome Income is reColSed when the Charity has entitlement to the income, the 8mounts can be measured reliably? and it is probable that the income will be received. Donations are recognised on receipt. Investh]ent income comprises dividends received by the charity. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. Expenditure All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. Expendittire on charitable activities comprises nts paid. Grants are recognised in the accounts on payment. Expendire on governance and support costs comprises ¢osts attributable to the charity's compliance with constitutional and statrjtory requirements, as w¢ll as costs incurred by the charity in the delivery of its activities and rVic¢S for its beneficiaries. Taxation The charity's activities fall within the exemptions afforded by the provisions of the Cotporation T&x Act 2010 and the Income Tax Act 2007. Accordingly, there is no t&xation charge in these accounts. Fixed asset inve5trnents Fixed asset investments are included at market value at the balance sheet date. Realised gain and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cosL and are charged or credited to the Statement of Financial Activities in the period of disposal.
CHARITY OF ROBERT PHtLLIPS 11 NOTES TO THE FINANCIAL STATEME1s FOR THE YEAR EIYDED 31 MARCH 2024 (contiDued) Unrealised gains and losses represent the movement in market values during the year and are credited or charge to the Statement of Financial Activities based on the market value at the year end. Cash and eash equlvaleDts Cash and cash equivalents comprise cash on hand and call deposits, and other short-tern] highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Trustee's remuneration, benefits and expensos There were no trustees, rernuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. There were no trustees, expenses paid for the year ended 31 Mar¢h 2024 nor for the year ended 31 Marrh 2023. Investment Ineome 2023124 2022123 Income from dividends 80,646 15.570 96,216 74,017 7288 81,305 Income from interest Charltable aetlvltles 2023n4 2022123 Grant funding of activities 46,826 21,569 A breakdown of the grants paid during the year are as follows: 2023124 2022123 AshleyCoE Primary SchTr)I Bell Fami Primary School Clev¢s Academy TNst Elmbridge Community Link Grovelands Primary &hool Heathside School, Walton on Thames Heathside SchooL Weybridge Oatlands Infant Sch(M)I 1,600 13,650 2,200 1,000 3,163 1,600 1,000 2,000 600 600
CHARITY OF ROBERT PHILLIPS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (continued) Joanne Richards 2,370 1,000 5,781 Promenade Choirs Riverhouse Bam Arts Centre St Mary's and St John's Youth Fellowship The Parochial Church of St PeteT 625 The Walton and Weybridge Amateur 0[ratiC Society Treble Clef Choir 1,000 Walton Film Festival 10,000 600 Whitely Homes Trust 46,826 21,569 At the balan¢e sheet date there wer¢ no wts approved to be paid in future accounting periods. Governance and support eosts 2023124 2022123 Indepettdent examination fee Clerk fees 1,140 1,825 217 1,020 1,245 244 IT expens¢s Other expenses 3,182 2,955 Flxed asset Investments 2023r24 2022ll3 Cost or valuation Market value at l April 2023 Net unrealised gains/(losses) Market value at 31 March 2024 2,364,287 53229 2,417,516 2,607,883 (243,596) 2,364,287 Original c05t 765,433 765,433 io
CHARITY OF ROBERT PHILLIPS NOTES TO THE FINANCLIL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 {CODtinued) Debtors 2023124 2022n3 Accrued iticome 79,541 37,561 The charity receives quarterly dividend distributions from an investment fimd. A portion of these dividends are being held by the investsnent fLd whilst the charity approv¢s relevant signatories. This is being rectifled in the current fmancial year. Cash At bank 2023r24 2022123 Nationwide accounts 252,892 225,330 478,223 248,1(K) 225,744 473,844 Balance held in Surrey County Council (SCC) SCC administer the banking function the charity. Payments ft)r grants and other costs are made directly from an SCC bank account. Creditors 2023r24 2022123 Accrued expenses 1,141 1,020 Accrued expen5¢5 represent the wst of the Independent Examiner's Report. 10. Endowment fund Unrealised gglnl(loss) on investments Bal8nee at l April 2023 Ineome Expenditure 31 Mareh 2024 Endowment fund 2,364287 53,229 2,417,516
CHARITY OF ROBERT PlllLLIPS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (eoDtiDued) Unrealised g8inl(loss) on iDvestments Balance gt l April 2022 Balance At 31 Mareh 2023 Ineome Expenditure Endowment fund 2,607,883 (243,596) 2,364,287 All of the clear income andlor the fimds of the Charity can be applied under the tern]s of the trust dee therefore all of the funds of the Charity are considered to be unrestricted, it has been analysed between capiial and revenue funds to enable a clear understanding of the operation of the Charity. The endowment fimd is invested by our Fund Managers, BlackRock Investment Management (UK) Limited. For the year, the fund wa5 invested into one Charity Authorised Investment Fun the BlackRock Charities Growth and Inwme Fund. 11. Unrestricted fund Balanee at l April 2023 Balance at 31 March 2024 Income Expendlture Unrestricted fund 510,385 96,246 (50,008) 556,623 Balanee at l Aprll 2022 Balance at 31 Mah 2023 Income Expenditure Unrestricted fund 453,215 81ffi94 (24,524) 510.385 The unrestricted fund is held as cash and used to fund the graJ)t giving activities of the Thist. At 31 March 2024, £252,892 of the fund was invested in two separate fixed tern) bonds with Nationwide Intemational Limited. The remainder is held by SUeY County Council for administrative purposes, interest is paid to the Trust on the daily balances. 12