The Phatsalla Charitable Trust Charlty number: 1120402 Report and Flnanclal Statements for the year ended 31st March 2023 Wenn Townsend Chartered Accountants Oxford The Pharsalia Charitable Trust Contents Page Legal and Adminislralr*8 Information Report of the Trustees Report of the Independent Examiner Slalemenl of Financial Activities Balance Sheet Sialemenl of Cash Flows Notes forming part of the Financial Slalemenls 9-13 The PhaTsalia Charitable Trust Legal and Adrninistrative Information Registered charity number. 11204 Created: Tnjst deed dated 24th April 2007 Trust8e& N S Black¥vell NPPRools T D Sainsbury Correspondence addr The Ham Icklelon Road Wanlage OX12 9JA Indep8ndentexaminBr. A C Rodzynski FCA Wenn Townsend 30 Sl Gile8 Oxford OX1 3 Solicito￿. Fr8eths LLP 570Q Oxford Business Park South Oxford OX4 2FiW Bankets: Handelsbankèn Suite F. Windrush Court Abingdon Oxon OX14 1SY The Phatsalla Charitable Trust Report of ihe Trustees for the year ended 31st March 2023 The Trustees present their annual report and the financial slalemenls for the year ended 31 sl March 2023. The Trustees have adopted the provisions of "Accounting and Reporting by Charrties". Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland LFRS 102) effective 1 sl Jartuary 2019 in preparing the annual report and financial statements of the Trust. SlruLluie, governance and mantgement The Trust was established by a Declaration of Trust dated 24th 4ril 2107 and was registergd with the Charity Commission. charity registration number 1120402. The Trustees vtho seNed during the year and since the year end were'.- N S Blackv¥ell NPPRools T D Sainsbury All decisions affgcling the management of the Trust and its assets aro taken by the Trustees, who meet on a regular basis. The Trust's quoted equity In￿$1Ment portfolio is actively managed by Aberdeen Standard Asset Management. The power of appointing new TrusleBS Is vested in th8 Trustees. In the event of the appointment of a ngw Trustee, appropriate guidance Mllll be given to enable ltriem to undertake their role. Trustees, iesponsibilities staternent The Trustees are respon8ibla for preparing the Trustees, Report and the financial statements in accordance th applicable and United Kingdom Accounting Standards (United Kingdom Gengrally Accepl8d Accounting Practice). The law applicable lo charities in England & Wales requires the Trustees lo prepare financial statements for each financial year hthich grrfe a true and fair view of the slate of affairs of the charrty and of the incoming resources and application of resources of the charity for that period. In preparing these financial stalemenls, the Trustees are Yequired to.. $8lecl suitable accounting policies and thgn apply them consisl8nlly". obseNe the methods and principles In the Chanlie8 SORP., make judgements and estimates that are reasonable and prudent,. stale whether applicable accounting sland&rds have been follrywed. subject lo any material departures disclosed and explained in the financial gtalemenls", prepare the financial slalemenls on the going concem basis unless il is inappropriate to presume that the charity will continue in operation. The Trustees are respon81ble for keeping accounting records that disclose with reasonable accuracy at any time Ihg financial position of Ihg charity and enable them to gnsure that the financial slalemenls comply with the Charities Act 2011. the Charity (NLcounls and Reports) Regulations 2008 and trust deed. They are also responsible for safeguardin9 the assets of the charity and henc8 for taking reasonable steps for the pre￿ntion and detection of fraud and other irregularities. The Phatsalla Charitable Trust Report of the Trustees (continued) for the year ended 31st March 2023 Risk facto The Trustees hawe eKamined risks which the Trust could face and confirm Ihal systems have been established to enable steps lo be taken lo lessen these risks. The Trustees consider the major risk lo the charity lo be a significant decrease the value of its i￿eStments. The Trustees do not commit funds until they are available. The Trustees do not make muttFyear commitments and only make donations DY grants from in¥eslmenl income arising during each lax year and any investment income from the prior year that has been carried fomiard. Objectives and activities The Trustees hold the income and such part of the capital as they determine for such charitable putposes as they shall in their absolute discretion decide. Such charitable object shall include.. the relief of sickness-. such other purposes, in any part of the wortd being excluspiely charitable according lo the laws of England and Wales as the Trustees may from lime lo lime deleymine. The Trustees have power to accumulate the income of the Char(Éy for a period of t¥V8nly one y8ar$ from the dale of the Selllemenl Deed. Achièvements and perfoimance The grants awarded during the year are detailed in note 3 10 the accounts. These have been made in line wth the objectives, and with due regard lo the guidance issued by the Charity Corr)mission on public benèlrt. Financial reyiew of the year The financial activities are summarised on page 6 of the accounts. During the year the Trustees received iwestmenl income of £71 .093 Q022. £64.546) and made charrtable grants of £126.100 P022. £72.0001 Vthen taking Into account support costs of £26,238 P022". £263591, the charity made a loss before losses o inwestmenls of £102,￿1 P022. gain of £8,848). The investment portfolio showed an unrealised loss of £76,570 al 31 sl March 2023 P022. gain of £117,446). Aberdeen Standard carried out a risk revithv of the portfolio in mid-year 3J20 and adju£ted and redistributed the Trust's assets. In February 2023. LGT Wealth Management reached an agreement with Aberdeen Standard lo acquire ils discretionary fiJnd management business and this transaction completed post the balance sheet date in September 2023. The Phatsalla Charitable Trust Report of the Trustees (continued) fDr the year ended 31st March 2023 Rese￿eS poliLy The Trustees have reviewed the reseNes of the Trust and have forecast levels of unreslricled funds Ihal will provid8 thè TnJ$t with Iinancial flexibility and provide a cushion against $hortfalls of income. 8ither plann8d or unanticipated. The level of unreslricled funds al 31 sl March 2023 M*as £1 ,454,923 of which £88,945 Q022'. £107,982) is considered free roseThes, which the Trustees consider s&tisfaclory to meet annual donations to charities. The Trustees havg agreed that for the timo being all donations r8Cer￿d by the Trustees should be treated as an accretion to the capital. Plans for futufe peflods and Investment pollcy The Trustees will continue lo make grants within the remit of the Charity's objeclrrfes. and wrth regard lo the Charrty Commission guidance on public benefit. During the year the T￿j*toeS contir)ued in their è$tablighed reviow procegg and st4ted objectr¢eg. The Tr4Jslees do not intend to embark upon any fundraising and il is anlicipaled that they will continue lo be funded only out of donations from N S Blackwell which currently fom the TryJsl's capital and reSe￿e$, Against this background of anlicipaled applications of funds, the Trustees are working ￿71￿ their investment advisors on an ongoing basis and conlinu2lly monitor the investment policy. The Trustees are satisfied with the performance of the Trust's irNeslmenls. The Trustees harfe wde powers of investment. This report was approved by the Board on..lfith.J.aililAfy... 2024 and signed on its behalf by Mr N S Blackwpll Trustee The Phatsalla Charitable Trust Independent Examine[¥ Report to the Tiuslees of The Phatsalia Chaiitable Tiusl I report to the charity trustees on my examination of the accounts of th8 charity for the year ended 31 st March 2023 M*Fich are sel out on pages 6 to13. Responsihllltles and bas1$ of report AS the charity's Injstees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities 2J11 (the ALt ). I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515)(bl of the Act. Independent examiner's statement I have completed my examination. I confirm that no material mallers have come to my allenlion in connection th the examination giving me cause to believe that in any material respect". accounting r8CDrds were not kept in respect of the charity as required by section 130 of the Act.. or the accounts do not accord with those records". or the accounts do not comply with the applicable reguirements concerning the form and conlenl of accounts set out in Ihg Charitlgs (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a Inje and fair biew. which is not a matter considered as part of an independent examination. I harfe no concems and h￿e come across no other mallers in connection with the examination lo which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Andrew R zynski FCA Wenn Townsend Chartered Accountants 30 St Giles Oxford OX13LE Dato: 16th January....... 2024 The Pharsalia Charliable Trust Sialemenl of Financial Activities foi Iheyeai ended31st Maich 2023 Unrestricted Income 2023 2022 Income Donations Income from investments Gift aid 50,000 64,546 12,500 71.093 Total income 71.093 127,046 Expendilure Expenditure on raising funds IrreC￿erable rental debts 5.318 16,128 5.647 Expenditure on charitable aclivrties Support costs 1￿.700 26.238 72,QJO 26,359 152.338 98.359 Total expenditure 173.7B4 104D06 Nel expenditure before nel gain￿{loSSeS) on Investments (102gJ11 23,040 N8t gains/{losse$} on Ir￿98tm8nl8 (76.5701 117.446 Net M0￿ment in funds 1179511 140.486 Fund balances brought fon¥ard at 1 sl April 2022 1,634.184 1 ,493,698 Fund balances carried fonvard at 31 sl March 2J23 1,454.923 1 .634,184 The notes on pages 9 to 13 form an integral part of these financial statements The Pharsalia Charliable Trust Balance Sheet as at 31st March 2023 Notes 2023 2022 Fixed assets IrNestmenl property In￿StMentS 96,300 1 ,269,678 13).375 1,4t6.827 1 ,365,978 1,5￿.202 Current assets Cash at bank Debtors 92.608 95,728 16,128 cTedito￿. amounlg falling due within one year .6631 (30741 Net cutrenl assets E8,945 107,982 Mel assets 1 .454 923 1,634.184 UniesttiLled funds 1 ,454,923 1,634.184 16th January. 2023 and The financial slatpmenls were approved and authori$ed for issue by tho Trustees on......... signed on their behaw by.. ieir N S Blackwall Trustee The notes on payes9 to 13 form an int8yral part of these financial*atements The Pharsalia Charliable Trust Statement of Cash Flo foi Iheyeai ended31st Maich 2023 2023 Net cash flow from operating actiyities 1101,118) 10.844 Cash flow from ittvesting activities Payments lo acquire investments Interest receried Receipts from sale of irr¥estmenls Dividends receiv8d (32.6771 115 92256 38,304 (382 ￿2) 410.892 33.000 97,998 61 .630 Net increaselldecrease) in cash and cash equivalents (3.1201 72.474 Cash attd cash equivalents at 1st April 2022 95,728 23.254 Cash and cash equivalents at 31st ljlarch 2023 92.608 .728 Cash at bank and in hand 92,608 %.728 Cash and cash equivalents at 31st lJ1arch 2023 92,608 %,728 The Pharsalia Charliable Trust Notes lo ihe Accounts foi the yeai ended 31st Maich 2023 Accounling policies lal Basis of preparatlon ThE financial slalemenls have been prepared under the historical cost convention, wfth the exception of investments which are included al market value. The financial statements have been prepared in accordance ￿1th the Slalemenl of Recommended Practice (SORP). Accounlit)g and Reporting by Charities. preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and R8public of Ireland" effgclive 1 sl January 2019 and the Financial Reporting Standard applicablfr in the United Kingdom and Republic of Ireland (FRS 1021, the Charities NLt 2J11. The charity conslilutes a public bgnefrt 8ntrty as dgfined by FRS 102. Rems are r8CO9nised al cost or transaction value unless othetwise slated in the related note to the accounts. The Trustees consider that there are no material uncertainties about the Trust's ability lo continue as a going concern. Ibl Fund accounting Unrestricted funds are available for use al the discretion of the Trustees in furtherance of the general objectr¢e8 of the charity and which have not been designated for other purposes. Restricted funds are to b8 u88d for specific purpo$8g as specified by the donor. Icl Income recognition All income is Included in the SOFA when the charity is legally entitled lo the income, the amount c8n be quantified with reasonable accuracy and il is probable that the income will be receNed. Income from in¥e8tmenls Is credited in the period in which rt is receNable. Idl Expènditure recognition All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs r81aled lo the ca18gory. Liabilities are recognised as expenditure as soon as there is a legal or conslruclive obligation committing the tharity lo that expenditure, rt Is probable that settlement will be required and the amount of the obligation can be measured reliably. lel Investment property The leasehold property is held al open market value al dale of acquisition. less the accum4Jlaled amortisalion. vthich is charged on a straight line b&si8 mr the 10 year lease period. ifj Investments Quoted Investment£ are stated at mid-market value al the balance sheet date. Unquoted inveslmenlg are valued al book cost al the balance sheet dale. However. the Trustees consider the market value to exceed the book cost The SOFA includes the net gains and lossps arising on rpv81u8tions and dispos8ls throughout the year. Igl IfrecoverableVAT Irreco￿rab1e VAT is charged against the expenditure heading for thich il was incurred. Ihl Costs of faising funds The cost of raising funds consists of investment management costs. The Pharsalia Charliable Trust Notes to the Accounts foi the yeai ended 31st Maich 2023 Continued Accounling policies Icontinued) Reallsed galfts and losses All gains and loss8s are taken lo Ihg SOFA as they arise. Reali$8d gains and losses on in¥eslmenls are calculated as the difference betlveen sales proceeds and their opening carrying value or their purchase value rf acquired subsequent lo the Iirsl day of the fihancial year. Unyealigecl gains and losses are c3Ic4Jlated as the dTrf9rence bgtW88n the fair value al the year end and their carrying value. Realised and unrealised gains and losses are combined in the Statement of Financial ActNilies. Investment income 123 2022 DI￿ldendS and interest recerrfed from equity shares Rental incom8 (net of expenses) 38,419 32.674 33,OOJ 31 ,546 71,093 64,546 Charilable expenditure During the year the Trustees approved grants payable lo the following organisalions in furtherance of the Charity's obje¢tries'.- 2023 2022 ACT (Oxford) Adapt Age UK Art at the Old Fire Slalion Aspire (Oxford) Big ISSUE Foundaliot? Bridewell Gardens British Legion British Ukranian Aid Bromsgrove Day Centre Buckgvision Camp Horizon Cavell Nurses Trust Child Brain Injury Trust Crisis at Christmas DEC Turkey & Syria Earthquake DEC Ukraine Appeal Dragon School Scholarship and Bursary Dream Holiday Dressabilily Earth Trust Edge Housing Chsrrty Gel Set Girls Guideposts Trust Happy Days Hearin9 Dogs for the Deaf Helen and Douglas House 15,000 79] 75] 750 1 ,QJO 2,CiJo 43.5CO 23,7 -10. The Phatsalla Charitable Trusl Moles to the Accounts foi the year ended 31st March2023'" Continued Charilable Bxpendilufe Icontinuedl 2023 21122 blf 43.500 23,79J Henry Lifelines Macmillan Cancer Maggies Cancer Charity Maymessy Médecins Sans Fronlières Mobility Trust My Lrfe My Choice Multiple Sclerosis Trust National Rheumatoid Arthritis Society One eiohly Oxford Association for the Blind Oxford Community EmergEncy Oxford Food Hub Oxford Hospital Charity Oxford Samaritans Oxfordshire Youth PDSA for Oxfordshire Prior's Court Proslale Cancer UK Oueen Elizabeth Foundation for the Disabled Oue8t for Le8rning React Read for Good Riverside Counselling SeNice Rotary Club of Machynnleih Royal Marsden Charity Royal National College for the Blind Salvation Army Seeing Dogs Alliance Seesaw Shine Sobell House Si Lukès Nursing Home Siarlighl Childrens Foundation Style Acre Th&mes Valley Air Ambulance The Abingdon Bridge Charity The Gatehouse Thg Porch Day Centre Thomley Unicom Trust Viva Children Together Wanlage Coun8elling Setvice Wanlage Silver Brand Wheatley Windmill Pres8Nation Yellow Submarine 1PJO 2,OJO 750 25,000 10,ot(J 9]0 1 ,QJO 750 2,QJO 12,otiJ 1 ,OJO 25.000 750 1too 750 1 ,tiJO 126,100 72,tn) -11_ The Pharsalia Charitable Trusl Notes to the Accounts for the year ended 31￿ March 2023 Continued Support costs 2023 2022 These include go¥ernance costs of.. Accountancy fees Ind8P8ndenl examiner's fees Bank charges Amortisalion of le&gehold investment 570 1 ,704 10 24,075 1 ,770 33 24,075 26,238 26,359 Related patytransactions The Trustees neither received any emoluments or reimbursed expenses during the year P022'. £Nill. The Trustees donated a total of £0 P022. £50.0001 to the charity during th8 year. Investment property Leasehold it)vestmgnl property Cost or valuatlon Al 1 st April 2022 and 31 sl March 2023 240,750 Amortisation Al I sl April 2022 Charge for the year 12J.375 P4.075) Al 31 st March 2023 96.300 Valuation al 31 sl March 2023 .300 Valuation al 31 sl March 2J22 12J.375 The leasehold in￿stment property is held al fair value al 31 sl March 2023 as estimated by the Trustees. The historic cost of the investment property al 31st March 2023 was £240,750 P022. £240.750). Amortisalion is charged at 100/0 per annum on a straighl-line basis ove¥ the 10 year lease period. -12_ The Phatsalla Charitable Trusl Notes to the Accounts forlheyeaienthd 31st lJlarth2023 Continued Fixed assel investments 2023 2022 Mi(kmarket value as al 1 st Npril 2J22 Acquisitions Disposal proceeds Realised gainslllosses) Unrealis8d gainsl(Ioss8s) 1.405,827 32,677 (92,2561 (E,0581 (E8,5121 1 ,313,521 382,262 (410.893) 189,029 (68,092) Market value at 31 st March 2023 1 .269,678 1 ,405,827 Historical cost at 31 st March 2023 752,278 791,378 credito￿ amounts falling duewithin one year 2023 2022 Independent examiner's fees accrued Bookkeeper tosls accrued Investment brokers fees accrued 1 .980 360 1 .323 1,￿4 1 ,420 3.663 3,874 Reeoncilialion of nel expenditUFe to net cash flow from opetaling activities 2023 2022 Nel income for the year Dibidends received Interest receivable Amortisalion LoS￿(GaIns) on investments Invpstmpnts dr8wdown OncreasellDecrease in debtors (Decreaselllncrease in credrtors 1179,261) 83041 140,4 t33,OCO) 24,075 76,570 24,075 120,937 P41 .873) 16,128 P111 219 Nel cash flow from operating actriilies 1101,118) 10,844 -13_