The Pharsalia Charitable Trust Charity number: 1120402 Report and Financial Statements for the year ended 31st March 2025 Wenn Townsend Chartered Accountants Oxford
The Pharsalia Charitable Trust Contents Page Legal and Administrative Infomiation Report of the Trustees Report ofthe Independent Examiner Statement of Financial Activities Balance Sheet Statement of Cash Flows Notes forming part of the Financial Statements 9-14
The Pharsalia Charitable Trust Legal and Administrative Inforniation Registered charity number. 1120402 Created: Trust deed dated 24th April 2007 Trustees: N S Blackwell NPPRoots T D Sainsbury Correspondence address: The Ham Ickleton Road Wantage OX12 9JA Independent examiner: A C Rodzynski FCA Wenn Townsend 30 St Giles Oxford OX13LE Solicitors: Freeths LLP 5700 Oxford Business Park South Oxford OX4 2RW Bankers: Handelsbanken Suite F, Windrush Court Abingdon Oxon OX14 1SY
The Pharsalia Charitable Trust Report of the Trustees for the year ended 31st March 2025 The Trustees present their annual report and the financial statements for the year ended 31st March 2025. The Trustees have adopted the provisions of "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordan 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, govemance 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 NPPRoots 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 activety managed by LGT Wealth Management. The power of appointing new Trustees is vested in the Trustees. In the event of the appointment of a new Trustee, appropriate guidance wll be given to enable them to undertake their role. Trustees, responsibilities statement The Trustees are responsible for preparing the Trustees. Report and the financial ststements 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 forthat 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 ofthe charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charty (Accounts and Reports) Regulations 2008 and trust deed. They are also responsible for safeguarding the assets of the charity and hen for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Pharsalia Charitable Trust Report of the Trustees (continued) for the year ended 31st March 2025 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 fonNard. 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 discreb-on decide. Such charitable object shall include= the relief of sickness- such other purposes, in any part of the wodd 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 enty 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 £64,266 (2024= £71,147) and made charitable grants of £69,250 (2024.. £69,350). When taking into account support costs of £26,335 (2024.. £26,585), the charity made a loss before gains on investments of £37,762 (2024.. loss of £30.025). The investment portfolio showed an unrealised gain of £43.915 at 31st March 2025 (2024.. £36,330).
The Pharsalia Charitable Trust Report of the Trustees (continued) for the year ended 31st March 2025 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 2025 was £1,480,766 of which £40,259 {2024'. £42,666) 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 llth1n 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 perfomiance of the Trust's investments. The Trustees have wide powers of investment. This report was approved by the Board on ........................... 2026 and signed on its behalf by Mr N S Blackwell Trustee
The Pharsalia Charitable Trust Independent Examine¢s Report to the Trustees of The Pharsalia Charitable Trust I report to the charty trustees on my examination of the accounts of the charity for the year ended 31st March 2025 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 accordan 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 bythe 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 wth those records., or the accounts do not comply 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 fairview vthich is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connectionwrth 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: . 2026
The Pharsalia Charitable Trust ststement of Financial Activities for the year ended 31st March 2025 Unrestricted Income 2025 2024 Income Donations Income from investments Gift aid 64,266 71,147 Totsl income 64,266 71,147 Expenditure Expenditure on raising funds Irrecoverable rental debts Expenditure on charrtable activities Support costs 6,443 5,237 69,250 26,335 69,350 26,585 95,585 95,935 Total expenditure 102,028 101.172 Net expenditure before net gainsl(lossesl on Investments (37,762) (30,025) Net gainsl(losses) on investments 47,414 46,216 Net movement in funds 9,652 16,191 Fund balances brought forward at 1st April 2024 1,471,114 1,454,923 Fund balances carried foNrd at 31 st March 2025 1,480,766 1,471,114 The notes on pages 9 to 14 forni an integral part of these financial statements
The Pharsalia Charitable Trust Balance Sheet as at 31st March 2025 Notes 2025 2024 Quoted assets or financial assets Investment property Investments 48,150 1,392,357 72,225 1,356,223 1,440,507 1,428,448 Current assets Cash at bank 43,431 46,089 Creditors= amounts falling due within one year {3,172) (3,423) Net current assets 40,259 42,666 Net assets 1,480,766 1,471,114 Unrestricted funds 1.480.766 1,471.114 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 14 fomi an integral part of these financial statements
The Pharsalia Charitable Trust ststement of Cash Flows for the year ended 31st March 2025 Note 2025 2024 Net cash flow from operating activities (53,912) (46,015) Cash flow from investing activities Payments to acquire investments Interest received Receipts from sale of investments Dividends received (107,671) 462 118,950 39,513 (115,000) 643 74,671 39.182 51,254 (504) Net increas81(decrease) in cash and cash equivalents (2,6581 (46,519) Cash and cash equivalents at 1st April 2024 46,089 92,608 Cash and cash equivalents at 31st March 2025 43,431 46,089 Cash at bank and in hand 43,431 46,089 Cash and cash equivalents at 31st March 2025 43,431 46,089
The Pharsalia Charitable Trust Notes to the Accounts for the year ended 31st March 2025 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 practi {SORP), 'Accounting and Reporting by Charities, preparing their accounts in accordance 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 benefft 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 concem. (b) Fund accounting Unrestricted fvnds 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 wth 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. (fj Investments Quoted investments are ststed 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. (gl 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.
The Pharsalia Charitable Trust Notes to the Accounts for the year ended 31st March 2025 Continued Accounting policies (continued} 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 betsveen 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 beeen 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. Investment income 2025 2024 Dividends and interest received from equity shares Rental income (net of expenses) 39,974 24.292 39,825 31,322 64,266 71,147 Charitable expenditure During the year the Trustees approved grants payable to the following organisations in furtherance of the Charity's objectives'.- 2025 2024 ACT (Oxford) Adapt Age UK Asthma relief All Saints Church Cuddesdon Aspire (Oxford) Be Free Young Carers Blackbird Leys Adventure Playground Brain Research British Legion British Ukranian Aid Crohns and Colitis UK Crisis at Christmas Cyclists Fighting Cancer Dressability Earth Trust Edge Housing Charity Fight Against Blindness Future Trees Getting Heard Go Kids Go Gurkha Welfare Great Western Railway Didcot Centre Handicapped Children Action Group Heart Research Helen & Douglas House Henry Homeless Oxfordshire 750 750 15,000 750 250 750 750 750 1,000 1.000 1,000 1,000 750 1,000 500 500 1,000 1,000 750 1,000 (750) 750 1,000 1,000 500 1,000 1,000 750 2,000 1,000 7,750 30,750 -10-
The Pharsalia Charitable Trust Notes to the Accounts for the year ended 31st March 2025 Charitable expenditure (continued) 2025 2024 blf Homestart Hotline Meals Inspire Let's Play Project The Listening Centre Living Paintings M&N Taylor Ukraine Appeal Macmillan Cancer Marie Curie Foundation MS Society My Life My Choice My Vision Oxford Myeloma National Rheumatoid Arthritis Society On&80 Oxford Churches Debt Centre Oxford Community Emergency Oxford Fire Station Arts Centre Oxford Food Hub Oxford Hospital Charity Oxford Hub Oxford Radcliffe Hospital Charity Oxford University Development The Porch Prostate Cancer UK Queen Elizabeth Foundation for the Disabled Read for Good Raw potential Reducing the Risk of Domestic Abuse Restore Oxford Riverside Counselling Service Royal Marsden Charity Royal National Orthopaedic Hospital Charity Salvation Army Sebastian Action Trust Sobell House Swindon Therapy Centre St Edmund hall appeal St Luke's hospital phas 11 Tandem Starlight The Story Museum Oxford Thomley Tommys Charity Toms Trust Turn 2 Us Vale & Download Museum, Wantage Yellow Submarine 7,750 750 1,500 1,000 30,750 500 1,000 750 1,000 750 750 1,000 1,000 1,000 750 1,000 1,000 (500) 750 750 1,000 850 1,000 3,000 3,000 28,000 1,000 7,000 10,000 1,000 750 500 750 750 500 750 750 1,000 1,000 1,000 1,000 750 1,000 1,000 750 5,000 5,000 750 500 750 750 1,000 1.000 750 1,000 750 69,250 69,350 -11-
The Pharsalia Charitable Trust Notes to the Accounts for the year ended 31st March 2025 Support costs 2025 2024 These include governance costs of- Accountancy fees Independent examiner's fees Bank charges Amortisation of leasehold investment 360 2,100 50 24,075 2,190 70 24,075 26,335 26,585 Related party transactions The Trustees neither received any emoluments or reimbursed expenses during the year {2024.' £Nil). The Trustees donated a total of £Nil (2024= £Nil) to the charity during the year. Investment property Leasehold investment property Cost or valuation At 1 st April 2024 240,750 Amortisation At 1 st April 2024 Charge for the year 168,525 24,075 At 31st March 2025 192,600 Valuation at 31st March 2025 48,150 Valuation at 31st March 2024 72.225 The leasehold investment propety is held at fair value at 31st March 2025 as estimated by the Trustees. The historic cost of the investment property at 31st March 2025 was £240,750 (2024.. £240,750). Amortisation is charged at 10°A per annum on a straight-line basis over the 10 year lease period. -12-
The Pharsalia Charitable Trust Notes to the Accounts for the year ended 31st March 2025 Fixed asset investments 2025 2024 Mid-market value as at 1 st April 2024 Acquisitions Disposal proceeds Realised gainsl{losses) Unrealised gainsl(losses) 1.356,223 107,671 (118,9511 3,499 43,915 1.269,678 115,000 {74,671) 9,886 36,330 Market value at 31st March 2025 1,392,357 1,356,223 Historical cost at 31 st March 2025 966,399 753,278 Creditors: amounts falling due within one year 2025 2024 Independent examiner's fees accrued Bookkeeper costs accrued Investment brokers fees accrued 1,830 360 982 1,740 360 1,323 3,172 3,423 -13-
The Pharsalia Charitable Trust Notes to the Accounts for the year ended 31sl March 2025 Reconciliation of net expenditure to net cash flow from operating activities 2025 2024 Net income for the year Dividends received Interest receivable Amortisation Lossl{Gains) on investments {Increase}IDecrease in debtors {Decrease)Ilncrease in creditors 9,652 (39,5121 (462) 24,075 (47,414) 16,191 {39,182) (643) 24,075 {46,216) {251) (240) Net cash flow from operating activities {53,912) {46,015) -14-