The Pharsalia Charitable Trust
Charity number: 1120402
Report and Financial Statements
for the year ended
31st March 2024
Wenn Townsend
Chartered Accountants
Oxford
The Pharsalia Charitable Trust
Contents
| Page | |
|---|---|
| Legal and Administrative Information | 1 |
| Report of the Trustees | 2 - 4 |
| Report of the Independent Examiner | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Statement of Cash Flows | 8 |
| Notes forming part of the Financial Statements | 9 - 13 |
The Pharsalia Charitable Trust
Legal and Administrative Information
| Registered charity number: | 1120402 |
|---|---|
| Created: | Trust deed dated 24th April 2007 |
| Trustees: | N S Blackwell |
| N P P Roots | |
| T D Sainsbury | |
| Correspondence address: | The Ham |
| Ickleton Road | |
| Wantage | |
| OX12 9JA | |
| Independent examiner: | A C Rodzynski FCA |
| Wenn Townsend | |
| 30 St Giles | |
| Oxford | |
| OX1 3LE | |
| Solicitors: | Freeths LLP |
| 5700 Oxford Business Park South | |
| Oxford | |
| OX4 2RW | |
| Bankers: | Handelsbanken |
| Suite F, Windrush Court | |
| Abingdon | |
| Oxon | |
| OX14 1SY |
-1-
The Pharsalia Charitable Trust
Report of the Trustees for the year ended 31st March 2024
The Trustees present their annual report and the financial statements for the year ended 31st March 2024. The Trustees have adopted the provisions of “Accounting 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)” effective 1st January 2019 in preparing the annual report and financial statements of the Trust.
Structure, governance and management
The Trust was established by a Declaration of Trust dated 24th April 2007 and was registered with the Charity Commission, charity registration number 1120402.
The Trustees who served during the year and since the year end were:-
N S Blackwell N P P Roots T D Sainsbury
All decisions affecting the management of the Trust and its assets are taken by the Trustees, who meet on a regular basis. The Trust’s quoted equity investment portfolio is actively managed by Aberdeen Standard Asset Management.
The power of appointing new Trustees is vested in the Trustees. In the event of the appointment of a new Trustee, appropriate guidance will be given to enable them to undertake their role.
Trustees’ responsibilities statement
The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales 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;
-
observe 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;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping 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 Charity (Accounts and Reports) Regulations 2008 and 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 irregularities.
-2-
The Pharsalia Charitable Trust
Report of the Trustees (continued) for the year ended 31st March 2024
Risk factors
The Trustees have examined risks which the Trust could face and confirm that systems have been established to enable steps to be taken to lessen these risks. The Trustees consider the major risk to the charity to be a significant decrease in the value of its investments.
The Trustees do not commit funds until they are available. The Trustees do not make multi-year commitments and only make donations or grants from investment income arising during each tax year and any investment income from the prior year that has been carried forward.
Objectives and activities
The Trustees hold the income and such part of the capital as they determine for such charitable purposes as they shall in their absolute discretion decide.
Such charitable object shall include:
- i) the relief of sickness;
ii) such other purposes, in any part of the world being exclusively charitable according to the laws of England and Wales as the Trustees may from time to time determine.
The Trustees have power to accumulate the income of the Charity for a period of twenty one years from the date of the Settlement Deed.
Achievements and performance
The grants awarded during the year are detailed in note 3 to the accounts. These have been made in line with the objectives, and with due regard to the guidance issued by the Charity Commission on public benefit.
Financial review of the year
The financial activities are summarised on page 6 of the accounts. During the year the Trustees received investment income of £71,147 (2023: £71,093) and made charitable grants of £69,350 (2023: £126,100). When taking into account support costs of £26,585 (2023: £26,238), the charity made a loss before gains on investments of £30,025 (2023: loss of £102,901).
The investment portfolio showed an unrealised gain of £36,330 at 31st March 2024 (2023: loss of £68,512).
-3-
The Pharsalia Charitable Trust
Report of the Trustees (continued) for the year ended 31st March 2024
Reserves policy
The Trustees have reviewed the reserves of the Trust and have forecast levels of unrestricted funds that will provide the Trust with financial flexibility and provide a cushion against shortfalls of income, either planned or unanticipated. The level of unrestricted funds at 31st March 2024 was £1,471,114 of which £42,666 (2023: £88,945) is considered free reserves, which the Trustees consider satisfactory to meet annual donations to charities.
The Trustees have agreed that for the time being all donations received by the Trustees should be treated as an accretion to the capital.
Plans for future periods and investment policy
The Trustees will continue to make grants within the remit of the Charity’s objectives, and with regard to the Charity Commission guidance on public benefit.
During the year the Trustees continued in their established review process and stated objectives.
The Trustees do not intend to embark upon any fundraising and it is anticipated that they will continue to be funded only out of donations from N S Blackwell which currently form the Trust’s capital and reserves.
Against this background of anticipated applications of funds, the Trustees are working with their investment advisors on an ongoing basis and continually monitor the investment policy.
The Trustees are satisfied with the performance of the Trust’s investments.
The Trustees have wide powers of investment.
This report was approved by the Board on ……………………… 2025 and signed on its behalf by
……………………………
Mr N S Blackwell Trustee
-4-
The Pharsalia Charitable Trust
Independent Examiner's Report to the Trustees of The Pharsalia Charitable Trust
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31st March 2024 which are set out on pages 6 to 13.
Responsibilities and basis of report
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
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 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I 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:
-
accounting records 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 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.
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.
……………………………
Andrew Rodzynski FCA
Wenn Townsend Chartered Accountants 30 St Giles Oxford OX1 3LE
Date: ………………………… 2025
-5-
The Pharsalia Charitable Trust
Statement of Financial Activities for the year ended 31st March 2024
| Unrestricted Income | Unrestricted Income | ||
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| Income | |||
| Donations | - | - | |
| Income from investments | 2 | 71,147 | 71,093 |
| Gift aid | - | - | |
| ─────── | ─────── | ||
| Total income | 71,147 | 71,093 | |
| ─────── | ─────── | ||
| Expenditure | |||
| Expenditure on raising funds | 5,237 | 5,318 | |
| Irrecoverable rental debts | - | 16,128 | |
| Expenditure on charitable activities | 3 | 69,350 | 126,100 |
| Support costs | 4 | 26,585 | 26,238 |
| ─────── | ─────── | ||
| 95,935 | 152,338 | ||
| ─────── | ─────── | ||
| Total expenditure | 101,172 | 173,784 | |
| ─────── | ─────── | ||
| Net expenditure before net gains/(losses) on | |||
| Investments | (30,025) | (102,901) | |
| Net gains/(losses) on investments | 7 | 46,216 | (76,570) |
| ─────── | ─────── | ||
| Net movement in funds | 16,191 | (179,261) | |
| Fund balances brought forward at 1st April 2023 | 1,454,923 | 1,634,184 | |
| ─────── | ─────── | ||
| Fund balances carried forward at 31st March 2024 | 1,471,114 | 1,454,923 | |
| ═══════ | ═══════ |
The notes on pages 9 to 13 form an integral part of these financial statements
-6-
The Pharsalia Charitable Trust
Balance Sheet as at 31st March 2024
| Notes | 2024 | 2023 | |||
|---|---|---|---|---|---|
| £ | £ | £ | £ |
||
| Quoted assets or financial assets | |||||
| Investment property | 6 | 72,225 | 96,300 | ||
| Investments | 7 | 1,356,223 | 1,269,678 | ||
| ─────── | ─────── | ||||
| 1,428,448 | 1,365,978 | ||||
| Current assets | |||||
| Cash at bank | 46,089 | 92,608 | |||
| Debtors | |||||
| Creditors: amounts falling due | |||||
| within one year | 8 | (3,423) | (3,663) | ||
| ─────── | ─────── | ||||
| Net current assets | 42,666 | 88,945 | |||
| ─────── | ─────── | ||||
| Net assets | 1,471,114 | 1,454,923 | |||
| ═══════ | ═══════ | ||||
| Unrestricted funds | 1,471,114 | 1,454,923 | |||
| ═══════ | ═══════ |
The financial statements were approved and authorised for issue by the Trustees on…………………….. 2025 and signed on their behalf by:
…………………………………..
Mr N S Blackwell Trustee
The notes on pages 9 to 13 form an integral part of these financial statements
-7-
The Pharsalia Charitable Trust
Statement of Cash Flows for the year ended 31st March 2024
| Note | 2024 | 2023 | |
|---|---|---|---|
| £ | £ | ||
| Net cash flow from operating activities | 9 | (46,015) | (101,188) |
| Cash flow from investing activities | |||
| Payments to acquire investments | (115,000) | (32,677) | |
| Interest received | 643 | 115 | |
| Receipts from sale of investments | 74,671 | 92,256 | |
| Dividends received | 39,182 | 38,304 | |
| ─────── | ─────── | ||
| (504) | 97,998 | ||
| ─────── | ─────── | ||
| Net increase/(decrease) in cash and cash | (46,519) | (3,120) | |
| equivalents | |||
| Cash and cash equivalents at 1st April 2023 | 92,608 | 95,728 | |
| ─────── | ─────── | ||
| Cash and cash equivalents at 31st March 2024 | 46,089 | 92,608 | |
| ═══════ | ═══════ | ||
| Cash at bank and in hand | 46,089 | 92,608 | |
| ─────── | ─────── | ||
| Cash and cash equivalents at 31st March 2024 | 46,089 | 92,608 | |
| ═══════ | ═══════ |
-8-
The Pharsalia Charitable Trust
Notes to the Accounts
for the year ended 31st March 2024
1 Accounting policies
(a) Basis of preparation
The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value. The financial statements have been prepared in accordance with the Statement of Recommended Practice (SORP), “Accounting and Reporting by Charities, preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland” effective 1st January 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011.
The charity constitutes a public benefit entity as defined by FRS 102. Items are recognised at cost or transaction value unless otherwise stated in the related note to the accounts.
The Trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern.
(b) Fund accounting
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Restricted funds are to be used for specific purposes as specified by the donor.
(c) Income recognition
All income is included in the SOFA when the charity is legally entitled to the income, the amount can be quantified with reasonable accuracy and it is probable that the income will be received. Income from investments is credited in the period in which it is receivable.
(d) Expenditure recognition
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Liabilities are 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.
(e) Investment property
The leasehold property is held at open market value at date of acquisition, less the accumulated amortisation, which is charged on a straight line basis over the 10 year lease period.
(f) Investments
Quoted investments are stated at mid-market value at the balance sheet date. Unquoted investments are valued at book cost at the balance sheet date. However, the Trustees consider the market value to exceed the book cost. The SOFA includes the net gains and losses arising on revaluations and disposals throughout the year.
(g) Irrecoverable VAT
Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
(h) Costs of raising funds
The cost of raising funds consists of investment management costs.
-9-
The Pharsalia Charitable Trust
Notes to the Accounts for the year ended 31st March 2024
…………………. Continued
1 Accounting policies (continued)
(i) Realised gains and losses
All gains and losses are taken to the SOFA as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised gains and losses are combined in the Statement of Financial Activities.
2. Investment income
| Investment income | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Dividends and interest received from equity shares | 39,825 | 38,419 |
| Rental income (net of expenses) | 31,322 | 32,674 |
| ─────── | ─────── | |
| 71,147 | 71,093 | |
| ═══════ | ═══════ |
3. Charitable expenditure
During the year the Trustees approved grants payable to the following organisations in furtherance of the Charity’s objectives:-
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| ACT (Oxford) | 750 | 1,000 |
| Adapt | 750 | - |
| Age UK | 15,000 | 15,000 |
| Asthma relief | 750 | - |
| Arts at the Old Fire Station | - | 2,000 |
| Aspire (Oxford) | 750 | 1,000 |
| Be Free Young Carers | 750 | - |
| Big Issue Foundation | - | 1,000 |
| Blackbird Leys Adventure Playground | 750 | - |
| British Legion | 1,000 | 1,000 |
| British Ukranian Aid | 1,000 | 3,000 |
| Bromsgrove Day Centre | - | 750 |
| BucksVision | - | 1,000 |
| Camp Horizon | - | 750 |
| Child Brain Injury Trust | - | 1,000 |
| Crohns and Colitis UK | 750 | - |
| Crisis at Christmas | 1,000 | 1,000 |
| DEC Turkey & Syria Earthquake | - | 1,000 |
| DEC Ukraine Appeal | - | 2,000 |
| Dragon School Scholarship and Bursary | - | 2,000 |
| Dream Holiday | - | 2,000 |
| Dressability | 500 | - |
| Earth Trust | 1,000 | - |
| Edge Housing Charity | 1,000 | 1,000 |
| ─────── | ─────── | ─────── |
| c/f | 25,750 | 36,500 |
-10-
The Pharsalia Charitable Trust
Notes to the Accounts
for the year ended 31st March 2024
…………………. Continued
3. Charitable expenditure (continued)
| Charitable expenditure (continued) | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| b/f | 25,750 | 36,500 |
| Fight Against Blindness | 750 | - |
| Go Kids Go | 750 | - |
| Guideposts Trust | - | 5,000 |
| Gurkha Welfare | 1,000 | - |
| Great Western Railway Didcot Centre | 1,000 | - |
| Handicapped Children Action Group | 500 | - |
| Hearing Dogs for the Deaf | - | 1,000 |
| Helen & Douglas House | 1,000 | 1,000 |
| Henry | - | 1,000 |
| Let's Play Project | 500 | - |
| M&N Taylor Ukraine Appeal | 1,000 | - |
| Macmillan Cancer | 750 | 1,000 |
| Maggies Cancer Charity | - | 1,000 |
| Médecins sans frontières | - | 2,000 |
| Marie Curie Foundation | 750 | - |
| My Life My Choice | 750 | 1,000 |
| Multiple Sclerosis Trust | - | 1,500 |
| National Rheumatoid Arthritis Society | (500) | 1,000 |
| One-80 | 750 | - |
| Oxford Churches Debt Centre | 750 | - |
| Oxford Community Emergency | 1,000 | 3,000 |
| Oxford Fire Station Arts Centre | 850 | - |
| Oxford Food Hub | 1,000 | 3,000 |
| Oxford Hospital Charity | - | 25,000 |
| Oxford Samaritans | - | 1,000 |
| Oxford University Development | 10,000 | - |
| PDSA for Oxfordshire | - | 1,000 |
| The Porch | 1,000 | |
| Prostate Cancer UK | 750 | 1,000 |
| Queen Elizabeth Foundation for the Disabled | 500 | 1,500 |
| Quest for Learning | - | 1,000 |
| React | - | 2,000 |
| Read for Good | - | 1,000 |
| Raw potential | 750 | - |
| Reducing the Risk of Domestic Abuse | 500 | - |
| Restore Oxford | 750 | - |
| Riverside Counselling Service | - | 1,000 |
| Royal Marsden Charity | 1,000 | 1,000 |
| Royal National College for the Blind | - | 1,000 |
| Salvation Army | 1,000 | 2,000 |
| Seeing Dogs Alliance | - | 1,000 |
| Sebastian Action Trust | 750 | - |
| Shine | - | 1,000 |
| Sobell House | 1,000 | 1,000 |
| St Edmund hall appeal | 5,000 | - |
| St Luke's hospital phas 11 | 5,000 | - |
| Starlight | 500 | - |
| Tandem | 750 | - |
| ─────── | ─────── | ─────── |
| c/f | 67,600 | 99,500 |
-11-
The Pharsalia Charitable Trust
Notes to the Accounts
for the year ended 31st March 2024
…………………. Continued
3. Charitable expenditure (continued)
| 3. | Charitable expenditure (continued) | ||
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| b/f | 67,600 | 99,500 | |
| The Abingdon Bridge Charity | - | 25,000 | |
| Thomley Worminghall | 750 | - | |
| Tommy’s Charity | 1,000 | - | |
| Unicorn Trust | - | 600 | |
| Wantage Counselling Service | - | 1,000 | |
| ─────── | ─────── | ||
| 69,350 | 126,100 | ||
| ═══════ | ═══════ | ||
| 4. | Support costs | ||
| 2024 | 2023 | ||
| £ | £ | ||
| These include governance costs of: | |||
| Accountancy fees | 360 | 360 | |
| Independent examiner’s fees | 2,100 | 1,770 | |
| Bank charges | 50 | 33 | |
| Amortisation of leasehold investment | 24,075 | 24,075 | |
| ─────── | ─────── | ||
| 26,585 | 26,238 | ||
| ═══════ | ═══════ |
5. Related party transactions
The Trustees neither received any emoluments or reimbursed expenses during the year (2023: £Nil). The Trustees donated a total of £0 (2023: £50,000) to the charity during the year.
-11-
The Pharsalia Charitable Trust
Notes to the Accounts for the year ended 31st March 2024
6. Investment property
| 6. Investment property |
|
|---|---|
| Leasehold | |
| investment | |
| property | |
| £ | |
| Cost or valuation | |
| At 1st April 2023 | 240,750 |
| Amortisation | |
| At 1st April 2023 | 144,450 |
| Charge for the year | 24,075 |
| ─────── | |
| At 31st March 2024 | 168,525 |
| ─────── | |
| Valuation at 31st March 2024 | 72,225 |
| ═══════ | |
| Valuation at 31st March 2023 | 96,300 |
| ═══════ |
The leasehold investment property is held at fair value at 31st March 2024 as estimated by the Trustees. The historic cost of the investment property at 31st March 2024 was £240,750 (2023: £240,750). Amortisation is charged at 10% per annum on a straight-line basis over the 10 year lease period.
7. Fixed asset investments
| Fixed asset investments | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Mid-market value as at 1st April 2023 | 1,269,678 | 1,405,827 |
| Acquisitions | 115,000 | 32,677 |
| Disposal proceeds | (74,671) | (92,256) |
| Realised gains/(losses) | 9,886 | (8,058) |
| Unrealised gains/(losses) | 36,330 | (68,512) |
| ─────── | ─────── | |
| Market value at 31st March 2024 | 1,356,223 | 1,269,678 |
| ═══════ | ═══════ | |
| Historical cost at 31st March 2024 | 753,278 | 791,378 |
| ═══════ | ═══════ |
-12-
The Pharsalia Charitable Trust
Notes to the Accounts
for the year ended 31st March 2024
8. Creditors: amounts falling due within one year
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Independent examiner’s fees accrued | 1,740 | 1,980 | |
| Bookkeeper costs accrued | 360 | 360 | |
| Investment brokers fees accrued | 1,323 | 1,323 | |
| ─────── | ─────── | ||
| 3,423 | 3,663 | ||
| ═══════ | ═══════ | ||
| 9. | Reconciliation of net expenditure to net cash flow from operating activities | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Net income for the year | 16,191 | (179,261) | |
| Dividends received | (39,182) | (38,304) | |
| Interest receivable | (643) | (115) | |
| Amortisation | 24,075 | 24,075 | |
| Loss/(Gains) on investments | (46,216) | 76,570 | |
| (Increase)/Decrease in debtors | - | 16,128 | |
| (Decrease)/Increase in creditors | (240) | (211) | |
| ─────── | ─────── | ||
| Net cash flow from operating activities | (46,015) | (101,118) | |
| ═══════ | ═══════ |
-13-