**Charity number: 1132834**
## **THE PHILLIPPS CHARITABLE TRUST**
## **UNAUDITED**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023**
## **THE PHILLIPPS CHARITABLE TRUST**
## **CONTENTS**
||Page|
|---|---|
|**Reference and administrative details of the Charity, its Trustees and advisers**|1|
|**Trustees' report**|2 - 4|
|**Independent examiner's report**|5|
|**Statement of financial activities**|6|
|**Balance sheet**|7|
|**Notes to the financial statements**|8 - 12|
**THE PHILLIPPS CHARITABLE TRUST**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 OCTOBER 2023**
**Trustees** Dr A Phillipps Ms A Hopkins **Charity registered number** 1132834 **Principal office** Church Hill Farm Wells Road Burnham Overy Town Norfolk PE31 8HU **Accountants** Larking Gowen LLP Chartered Accountants 80 Grove Lane Holt Norfolk NR25 6ED
Page 1
**THE PHILLIPPS CHARITABLE TRUST**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 OCTOBER 2023**
The Trustees present their annual report together with the financial statements of the Charity for the year 1 November 2022 to 31 October 2023.
## **Objectives and activities**
## **a. Policies and objectives**
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
The objectives of the charity continue to be:
The prevention or relief of poverty in particular (but without limitation) by facilitating the provision of housing shelter, food, clothing, medical support and healthcare, education and schemes or programmes which encourage development or create employment opportunities and by the commission of research for public benefit and publication of the useful results thereof.
The advancement of human rights (as set out in the European Convention on Humans Rights) throughout the world by: relieving need among the victims of human rights abuse, commissioning research into human rights issues and publishing useful results thereof and raising awareness of human rights issues.
The promotion of equality and diversity for the public benefit by: advancing education and raising awareness in equality and diversity, commissioning research on equality and diversity issues and publishing the useful results thereof.
The advancement of environmental protection or improvement by promoting conservation sustainable development and regeneration and the prudent use of natural resources and commissioning research into all such fields and related fields of study and publishing the useful results thereof.
The charity supports a broad range of causes but focuses on projects that have a clear plan to become self funding, are community based and have clear and measurable objectives.
In the current year the charity made donations of £120,000 (2022: £110,000), full details can be found in note 6.
## **b. Method of appointment or election of trustees**
The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust Deed. The Trustees of The Phillipps Charitable Trust are elected at general meetings.
## **Achievements and performance**
## **a. Investment policy and performance**
The Trustees have the powers to administer and manager the assets of the trust. The Trustees have delegated management of the charity’s securities investment portfolio to UBS Investments, a firm of independent investment managers.
It is the Trustees’ objective to secure investment income towards the running costs and grants awarded whilst also achieving sufficient capital growth to provide for future donations.
Page 2
**THE PHILLIPPS CHARITABLE TRUST**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023**
## **Financial review**
## **a. Going concern**
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
## **b. Reserves policy**
The Trustees have reviewed the reserves held by the trust of £817,734 (2022: £582,816) and their sufficiency in satisfying their role. The Trustees endeavour to maintain such level of investments as necessary to fulfil the charity’s needs. The reserves are principally held in investments to generate income for future donations.
## **c. Review of the year**
Within the year the trust had income of £347,780 (2022: £3,516). Expenses for the year were £122,663, which included £120,000 donations and £2,663 charges. A net income before net gains on investments was made of £225,117 (2022: deficit of £113,265). After net gains on investments of £9,801 (2022: net losses £120,782) there was a net surplus of £234,918 (2022: £234,047).
## **Structure, governance and management**
## **a. Constitution**
The Phillipps Charitable Trust is a registered charity, number 1132834, and is constituted under a Trust deed dated 2 April 2008, which sets out its objectives, appointments of officers and other regulations together with a supplemental Deed dated 28 October 2009.
Page 3
THE PHILLIPPS CHARITABLE TRUST
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
statemont of Trustees. rpOnsibIlItIeS
The Trustees are responsible for preparing the Tnjstees. reFQrt aThJ the fin8nck81 statements in accordance with
applicable law and Untted lQngdcffl knrjunting Stsndards (Unitejj ng(Nn Generally Accepted Aeo)unling
Practice}.
The law applicable lo charities in England & Wales requires the Tnjstees to prepare finanaal statements for
each financial year which give a true and fair view of the state of affairs of the Charity and of its incoming
rUrCeS and appliolion of resources, including ils irne aTrJ expenditure, for that period. In preparing these
financial ststements, the Trustees are required to"
select suitable accounting policies and then akwty them nstenty',
observe the meth(NJs and prinaples of the Charities SORP IFRS 1021..
make judgments and accounb.ng esbmates that are reanable and prudent
state whether applicable UK Accounting Standards IFRS 1021 have folloEd, suty'ect to any
material departures digsosed and explained in the finanual statemerts.,
prepare the financial statements on the g(xng rern ba95 unless it is inappropriate to presume that the
Charity will ntinUe in business.
The Trustees are reswn&ble for keeping adequate accounting records that are sufticaent to show and explain
the Charity's transactions and disclose Mlh reaSonae accuraGy at any time the finanryal p"tIon of the Charity
aThJ enable them to en$ that the finanoal statements comply wlh the Charities Act 2011. the Charity
(Accounts and Reports) Regulations 2008 and the provisions of the Tfust deed. They are also respons1ble for
safeguarding the awls of the Charity and he for taking reasonable steps for the prevention and (leteclion
of fraud and other irregulanties.
Approved by order ol the members of the bcwd of Trustees and &gned on their beha by:
DrA Phillipps
ITw8tee}
Dat8..
zi
76)7+
Page 4
## **THE PHILLIPPS CHARITABLE TRUST**
## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 OCTOBER 2023**
## **Independent examiner's report to the Trustees of The Phillipps Charitable Trust ('the Charity')**
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 October 2023.
## **Responsibilities and basis of report**
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
2. the accounts do not accord with those records; or
3. 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.
Signed:
Christopher Yeates
Dated: 25/03/2024 FCA DChA
Larking Gowen LLP Chartered Accountants Holt
Page 5
**THE PHILLIPPS CHARITABLE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2023**
|**Note**
**Income from:**
Donations and legacies
3
Gift aid
Investments
4
**Total income**
**Expenditure on:**
Charitable activities:
Charitable donations
Investment charges
Bank charges
**Total expenditure**
**Net income/(expenditure) before net gains/(losses)**
**on investments**
Net gains/(losses) on investments
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2023**
**£**
**260,000**
**70,000**
**17,780**
**347,780**
**120,000**
**2,513**
**150**
**122,663**
**225,117**
**9,801**
**234,918**
**582,816**
**234,918**
**817,734**|**Total**
**funds**
**2023**
**£**
**260,000**
**70,000**
**17,780**
**347,780**
**120,000**
**2,513**
**150**
**122,663**
**225,117**
**9,801**
**234,918**
**582,816**
**234,918**
**817,734**|_Total_
_funds_
_2022_
_£_
_-_
_-_
_3,516_
_3,516_
_110,000_
_6,631_
_150_
_116,781_
_(113,265)_
_(120,782)_
_(234,047)_
_816,863_
_(234,047)_
_582,816_|
|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 8 to 12 form part of these financial statements.
Page 6
THE PHILLIPPS CHARITABLE TRUST
BALANCE SHEET
AS AT 31 OCTOBER 2023
2023
2022
Note
Flxed assets
Investments
634.062
564,630
634,062
564. 630
CurTont assets
Debtors
Cash al bank and in hand
70,000
113.672
18, 186
183.672
18, 186
Net Current assgts
183.672
18, 186
Total assets loss current liabilltles
817,734
582,816
Totsl net assets
817.734
582,816
Charlty funds
Restricted funds
Unr8Stricled funds
817,734
582.816
Tolal funds
817.734
582.816
The financial statements were approved and authorised for iswje by the Trustees and ggned on their behalf by..
Dr A Phillipps
Ms A Hopkins
Dal&.'
The notes on pages 8 to 12 fomi part of these financial ststemenls.
Page 7
**THE PHILLIPPS CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023**
## **1. General information**
The Phillipps Charitable Trust is a charitable trust registered in England and Wales (No 1132834).
The financial statements are presented in sterling which is the functional currency of the charitable trust and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
## **2. Accounting policies**
## **2.1 Basis of preparation of financial statements**
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Phillipps Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
## **2.2 Income**
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
## **2.3 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Page 8
**THE PHILLIPPS CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023**
## **2. Accounting policies (continued)**
## **2.3 Expenditure (continued)**
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
## **2.4 Investments**
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
## **2.5 Debtors**
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **2.6 Cash at bank and in hand**
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **2.7 Fund accounting**
General funds are unrestricted funds which 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.
Investment income, gains and losses are allocated to the appropriate fund.
## **3. Income from donations and legacies**
||**Unrestricted**|**Total**|_Total_|
|---|---|---|---|
||**funds**|**funds**|_funds_|
||**2023**|**2023**|_2022_|
||**£**|**£**|_£_|
|Donations|260,000|**260,000**|_-_|
Page 9
**THE PHILLIPPS CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023**
## **4. Investment income**
|**Unrestricted**
**funds**
**2023**
**£**
Income from listed investments
17,780
_Total 2022_
_3,516_|**Total**
**funds**
**2023**
**£**
**17,780**
_3,516_|_Total_
_funds_
_2022_
_£_
_3,516_|
|---|---|---|
||||
## **5. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits _(2022 - £NIL)_ .
During the year ended 31 October 2023, no Trustee expenses have been incurred _(2022 - £NIL)_ .
## **6. Donations**
|Shelter
Plan International UK
Cromer and District Foodbank
**7.**
**Fixed asset investments**
**Cost or valuation**
At 1 November 2022
Additions
Revaluations
At 31 October 2023|**Unrestricted**
**funds**
**2023**
**£**
50,000
50,000
20,000
120,000
**Listed**
**investments**
**£**
**374,630**
**-**
**9,431**
**384,061**||**Total**
**funds**
**2023**
**£**
**50,000**
**50,000**
**20,000**
**120,000**
**Cash on**
**deposit**
**£**
**-**
**250,000**
**-**
**250,000**|_Total_
_funds_
_2022_
_£_
_50,000_
_50,000_
_10,000_|
|---|---|---|---|---|
|||||_110,000_|
|||||**Total**
**£**
**374,630**
**250,000**
**9,431**|
|||||**634,061**|
Page 10
**THE PHILLIPPS CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023**
## **8. Debtors**
|**Due within one year**
Other debtors|**2023**
**£**
**70,000**
**70,000**|_2022_
_£_
_-_|
|---|---|---|
||||
|||_-_|
## **9. Statement of funds**
## **Statement of funds - current year**
|**Balance at 1**
**November**
**2022**
**£**
**Unrestricted funds**
General Funds - all funds
**582,816**
**Statement of funds - prior year**
_Balance at_
_1 November_
_2020_
_£_
**Unrestricted funds**
General Funds - all funds
_816,863_|**Income**
**£**
**Expenditure**
**£**
**347,780**
**(122,663)**
_Income_
_£_
_Expenditure_
_£_
_3,516_
_(116,781)_|**Gains/**
**(Losses)**
**£**
**9,801**
_Gains/_
_(Losses)_
_£_
_(120,782)_|**Balance at**
**31 October**
**2023**
**£**
**817,734**|
|---|---|---|---|
||||_Balance at_
_31 October_
_2022_
_£_
_582,816_|
Page 11
**THE PHILLIPPS CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023**
## **10. Analysis of net assets between funds**
## **Analysis of net assets between funds - current year**
|**Unrestricted**
**funds**
**2023**
**£**
Fixed asset investments
634,061
Current assets
183,673
**Total**
817,734|**Total**
**funds**
**2023**
**£**
**634,061**
**183,673**|
|---|---|
||**817,734**|
## **Analysis of net assets between funds - prior year**
|Fixed asset investments
Current assets
**Total**|_Unrestricted_
_funds_
_2022_
_£_
_564,630_
_18,186_
_582,816_|_Total_
_funds_
_2022_
_£_
_564,630_
_18,186_|
|---|---|---|
|||_582,816_|
## **11. Related party transactions**
The charity's accountancy fee of £1,080 (2022: £1,080) is paid by a Trustee on behalf of the charity. No reimbursement is requested. The amount is not recognised in the financial statements.
Page 12