Charity registration number 1106190 THE LEONARD AND SUZANNE PHILLIPS FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 THE LEONARD AND SUZANNE PHILLIPS FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr L Phillips Mrs S Phillips Charity number 11061 Principal address The Mill Henley Road Medmenham Marlow Buckinghamshire SL7 2EY Independent Examiner H Patel FCCA Gerald Edelman 73 Cornhill London EC3V 3QQ Bankers National Westminster 1 Princas Strèat London EC3R 8PA THE LEONARD AND SUZANNE PHILLIPS FOUNDATION CONTENTS Page Trustees report Statement of Trustees responsibilities Independent examingr's report ststemgnl of finan¢ial a¢livilies Balance sheet Notes lo the accounts 7-11 THE LEONARD AND SUZANNE PHILLIPS FOUNDATION TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their annual report and accounts for the year ended 31 December 2023. The accounts have been prepared in accordance with the accounting poli¢ies set out in note 1 to the a￿oUnt$ and comply with the charity's governing documenl, the Charities Act 2011 and 'Accounting and Reporting by Charities.. Statement of Recommended Practi￿ applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffects've October 20191" Objectives and activities The Trust seeks lo support projects and causes which will improve and enrich all parts of society for the public benefit. The main focus of the Trustees in recent years has been the ￿nservatIon, protection and preservation of woodlands, farmland 8nd other mr81a￿a$ of beauty in their natural stsle. Aso the promotion of natural 8nd indigenous species of plants, trees and wildlife in their natural habitst. Other than its ecological and environmentsl aims the charty will consider the support of other causes in the reas of animals, health and overseas aid. It is the policy of the Trustees to support individual charities working in these areas on a single donation basis. Applications are welcomed from other charitable institutions for grants with no geographical or other specific limitations applied. The merits of each application are Considered, and if required, further research carried out prior to a grant being made. The Trustees meet regularly on an informal basis to consider such applications. The TrLJStees confirm that, in their opinion, they have complied with their duty lo have due regard to guidance issued by the Charity Commission in deciding whal activities the charity should undertake and in exercise of their powers as detailed in the trust deed and under charity law. Al Trustees give of their time freely and no trustees remuneration or other benefits were paid in the year under review. Achievements and performance The Foundation continues to manage its woodlands and farmland in an appropriate and environmentally responsible way for the future and to inspire people to both enjoy and value the natural world. The Trust wishes to manage its land in a way that maintains both its wildlife and landscape value and its productivity to provide now and in the future relevant ecological, economic and social benefits. These management costs are funded by the Trustees. In the year under review grants were made in support of animal conservation lo the Durrell Wildlife Conservation Trust In the sum of £50,000.This trust works around the wodd In the conservation and protection of endangered animals and eGosyslems, Financial review The nel income lor the year amounted lo £10,56712022- £150,701}. Total Income was £63,01612022- £161,250> which included donations from the family interests of the Trustees of £62,50612022- £161,250) Expenditure in the year was £52,44912022- £14,096) and included £2,119 regarding administration costs and £50,330 regarding grants payable. There is no fixed reserves policy as the trustees are committed to providing funding for the charity as and when required. Edit THE LE014ARD AND SUZANNE PHILLIPS FOUNDATION IRUSTEES REPORT ICONTrNUÉDI FOR THEYEAR ENDED31 DECEMBFR2023 tyjry L Pkn1￿ 5SPh￿l rr4 ILP D•t*d 230tt¢bErX24 THE LEONARD AND SUZANNE PHILLIPS FOUNDATION STATEMENT OF TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees are responsible for preparing the Tnjstees Report and the accounts in accordance with applicable law and United Kingdom Accounts'ng Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable lo charities in England and Wales requires the Trustees to prepare accounts for each financial year which give a true and fair view of the stsle of affairs of the charity and of the incoming resources and application of resources of the charity for that year. In preparing these accounts. the Trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent., slate whether applicable accounting stsndards have been followed, subject lo any material departures disclosed and explained in the a¢counts,' and prepare the accounts on the going ¢oncem basis unless it is inappropriate to presume that the Charity will continue in operation. The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any lime the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They 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 itregul8ri1ies. THE LEONARD AND SUZANNE PHILLIPS FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE LEONARD AND SUZANNE PHILLIPS FOUNDATION I rewrt lo Ihe Truste05 on ry e￿ar￿Trat￿n st*efflents d The &Jt¥rth Ph#Jp$ Fth1ndai￿n lthg thAntylforI￿ 8rthY 31 0￿4th2(￿3. R*•poD•￿Illt*l ty•slA ol r•wt wrth the fewr¢rMrt5 olulo cr￿1￿￿￿1 20111tr* 2011 I rwrt In rospeGI of rny of chanty'l Slatomon￿ r¥Jt séfthon 145 01 th• 2011 Art In ¢&TrwrwJ my exarn1na1￿n I hay8 al tho 8rrf*at40 &rv¢tw$ by th• ¢haDty CommbS5bJTh s¢¢kn 1495Mb1￿1￿J 2011 *4 Independonl •xAmlne¢s Alal•m•nt Your alttntKNI IS ￿T￿Tr Its lad thai ¢iw* Iw sla1•me￿ In a￿ddl￿e wrth Repornr¥J by Chant*s the Rnanti81 Re￿rnn9 Standard applica￿kn in ts UX ATh1 Re￿ of {FIqS 1021 rycler0￿? to thè and R¢wrkniig by Ghanbos s￿te￿wI DI R8(lMTh￿rthJ 2005 %•*ich L% i￿¢11￿d lo in tho xt8ni r¢gula￿¢¥￿ bjl l 4ndors￿￿ Ihal IIN8 h•s bwn +ythr Iw frnwl 518i•rwts to fair ylew I JanLKgry2015. I hBve my 8xanynthn. I thal nD ￿￿t￿lS hA￿ lo ry •M•nllM Ni com0ct￿ wth tho 0xarn4na￿n 91¥7ty rr*¢wtotdieve in any rnhlen￿ rw¢ct'. AC￿nts￿ reco￿$ ¥yorn kepi re5pedc4tr*cthnly asffjqvired bys¢cthDTr IX)•1th• 2011 Act. or $tèiwn•rls do wth Ihe opF&at4e Ihe fLWm and ￿nl￿rtt fjxarnina￿n. l Dave no C42¢xeffls h8W ¢tyrn othor In wth the vmwrffjaboii lo which att•ntsDn Wuhj b• tha¥¥n irtth* rwmt 1Th0￿10•nAtIty • the fiWK4•l5ts1or￿nts l/,kn /?A( H P&id FCCA G¢rW Eddman 73 Ct)fnh LonthTr EUV 31 THE LEONARD AND SUZANNE PHILLIPS FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Notes Income from: Donations Other income 62.506 510 12,500 Total income 63,016 12,500 Ex enditure on.. Charitable activities Support costs 50,330 2,119 12,540 1,556 Totsl expenditure 52,449 14,096 Nèt Ineome for th• year Net movement in funds 10,567 11,5961 Fund balan￿S at 1 January 2023 2,117,009 2,118,605 Fund balancos at 31 Dècambar 2023 2,127,576 2,117,009 THE LEONARD AND SUZANNE PHILLIPS FOUNDATION BALANCE SHEET AS AT31 DECEMBER 2023 2023 2022 Flxed A>wts Tangsble assets 2,MS,864 2.115.884 Cvfreni ••Mts D•blor$ Cash al bank ttnd In hand 10 12.500 4.612 4,250 19S 17,112 CrLtdltor•: amtsunt• Iolllng due wlthln y¢•r 4,445 11 (S,4￿) 13.3001 Net eurrnht i•••ts 11.712 T¢>t411M￿kn l•u curr•nt Il•btitti 2,177.570 2.117.009 Incorn fund• UnFgstrl¢led fvnas 2, 127.576 2,117,1 2,127.578 2,117,009 The ac¢otsnts w4r• ap ved by lh• T￿￿tag$ 0 23 Odob•r 2ff24 Mr L Phi11ty5 Trurt•• THE LEONARD AND SUZANNE PHILLIPS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policias Charity infomiation The Leonard and Suzanne Phillips Foundation is an unincorporated foundation. 1.1 Accounting convention The accounts have been prepa￿￿ in accordance with the charity's goveming document, the Charities Act 2011 and 'Accounting and Reporting by Charities.. Statement of Recommendtrd Pradice applicable to harities prep8ring their 8ccounts in 8ccordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021" las amended for accounting periods ¢ommen¢ing from 1 January 20191. The charity is a Publi¢ Benefit Entity as defined by FRS 102. The financial statemènts have departed from thè Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charilies applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The financial statements are prepared in sterling, which is the ftJn¢tional ¢urren¢y of the ¢harty- Monetary amoLJnts in these financial statements are rounded to the nearest £. The financial ststements have been prepared under the historical Cost convention, Imodified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair valuel. The principal accounting policies adopted are set out below. 1.2 Golng ¢on¢ern At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources lo continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charltablè funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives. 1.4 Incoming resources Income is re¢ognised when the ¢harity is legally entitled to it after any perfomian¢¢ conditions have been met, the amounts can be measured reliably, and il is probable that income will be re￿ived. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless Performan￿ conditions require deferral of the amount. Income lax recoverable in relation lo donations received under Gift Aid or deed5 of covenant is recognised at the lime of the donation. THE LEONARD AND SUZANNE PHILLIPS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (Continued) 1.5 Resources expended Liabilities 8re recognised as expenditure as soon as there is a legal or Constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Any irrecoverable VAT is charged against the expenditure heading to which it relates. The cost of charitable activities is represented by grants made to institutions plus any costs attributable to Maintenan￿ of woodland interests owned by the charity. Also included are support costs. SupFK)rt costs include governance costs relating lo ￿NstItutIOnal and statutory requirements. 1.6 Tanglbl& flxed a$s&ts Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Tangible fixed assets represent freehold land held for charity use and are included al cost. No depreciation 15 provided. The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activiti'es. 1.7 Impairment of fixed assets At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffèred an impairmenl loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss lif anyl. 1.8 Cash and cash equivalents Cash and cash equivalents inclLJde cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.9 Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party lo the ¢ontraclu81 provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Baslc flnanclal assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest rllelhod unless the arrangement constitutes a financing Iransaclion, where the transaction is measured al the present value of the future receipts discounted at a market rale of interest. Financial assets ¢l¥ssified as receivable within one year are not arnortisgd. THE LEONARD AND SUZANNE PHILLIPS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (Continued) Basic financial liabilities Basi¢ finan¢ial liabilities, including Creditors and bank loans are initially recognised al transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present valLJe of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried al amortised cost, using the effective interest rate method. Trade creditors are obligations lo pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-currenl liabilities. Trade creditors are recognised ini118lly 81 transaction price and subsequently measured al amorbsed Cost using the effective interest method. Dere¢ognition of financial liabilities Financial liabilities are derecognised when the charity's conlractual obligations expire or are discharged or cancelled. 1.10 Taxation As a registered charity the Society is exempt from laxalion on its activities which fall within the scope of section 505111 of the Taxes Act 1988 and section 256 of the Taxation of Chargeable Gains Act 1992. Critical accounting estimates and judgements In the application of the charity's accounting policies, the Trustees are reqLJired to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underfying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in whiGh the estimate is revised where the revision affeGts only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Donations and legacies 2023 2022 Donations and gifts 62,506 161,250 These donations were made by the family interests of the Trustees. THE LEONARD AND SUZANNE PHILLIPS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Other incomo Unrestricted Unrestrictèd funds funds 2023 2022 Other income 510 Charitable activitiès 2023 2022 Grant funding of adivities Isee note 61 Share of support ¢osts 50,330 2,119 12,540 1,556 52,449 14,096 Grants payablè 2023 2022 Grants to institutions: Support for Ukraine Durrell Wildlifel Conservation Trust other 10,000 50,000 330 2,540 50,330 12,540 Trustees None of the Trustees lor any persons connected with them) received any remuneration or were reimbursed any expenses during the year. No expenses were refunded to the Trustees in the year under review. Employees The average monthly number of employees during the year was.. 2023 Number 2022 Number Total 10- THE LEONARD AND SUZANNE PHILLIPS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Tangiblè fixèd assèts Land and bulldlngs Cost Al 1 January 2023 2,115,864 Al 31 December 2023 2,115,864 Carrying amount Al 31 December 2023 2,115,864 At 31 December 2022 2,115,864 The tsngible fixed assets are held for the purposes of the charity and are registered in the names of the Trustees. 10 Debtors 2023 2022 Amounts falllng due wlthln ona yoar.. Other debtors 12,500 4,250 11 Crèditors: amounts falling duè within onè year 2023 2022 Accruals and deferred income 5,400 3,300 12 R¢latsd party tran$a¢tion$ There were no disclosable related party trans8Ctions during the ye8r12022 - none) othtrr than donations m8d& by the Trustees. 13 APB Ethi¢al Stsndard rel¥vant ¢ir¢umstsnces In common wtth many entities of our size we use our independent examiners to assist with the preparation of the 8ccounts.