Charity number.. 1132834 THE PHILLIPPS CHARITABLE TRUST UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 THE PHILLIPPS CHARITABLE TRUST CONTENTS Page Reference and administrative details of the Charity, its Trustees and advisers Trustees. report Independent examinerfs report Statement of financial activlties Balance sheet Notes to the financial statements 8-13 THE PHILLIPPS CHARITABLE TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 OCTOBER 2024 Trustses DrA Phillipps Ms A Hopkins Charfty registered number 1132834 Prlnclpal office Church Hill Farm Wells Road Burnham Overy Town Norfolk PE318HU Accountsnts 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 2024 The Trustees present their annual report together with the financial statements of the Charity for the year ended 31 October 2024. Objectives and activities a. Policies and objectives In setting objectives and planning for activities, the Trustees have given due consideration to general guidan 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 limitstion} 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 las 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 reSoUr￿S 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 £619,150 {2023'. £120,000), 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 perfonnance 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 2024 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 pollcy The Trustees have reviewed the reserves held by the trust of £548, 003 {2023-. £817,734) 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. Revlew of the year Within the year the trust had income of £346,352 (2023.. £347,780). Expenses for the year were £622,111, ich included £619,150 donations and £2,601 charges. A net deficit before net gains on investments was made of £275,399 (2023.. gain of £225,117). After net gains on investments of £5,668 {2023. net gains £9,801) there was a net deficit of £269,731 (2023. surplus £234,918). stru¢ture• governance and management a. Constitutlon The Phillipps Charitable Trust is a registered charity, number 1132834, and is constituted under a Trust deed dated 2 April 2008, ￿lch sets out its objectives, appointments of officers and other regulations together wth supplemental Deed dated 28 October 2009. Page 3 THE PHILLIPPS CHARITABLE TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Statement of Trustees, responsibilities 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 A¢￿pted Accounting Practice). The Saw applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the stste of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, 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 of the Charities SORP IFRS 102)., make judgments and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards (FRS 1021 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 business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and 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 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 irregularities. Approved by order e members of the board of Trustees and signed on their behalf by.. Dr A Phllllpp8 (Trustee) Date.. Page 4 **THE PHILLIPPS CHARITABLE TRUST** ## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 OCTOBER 2024** ## **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 2024. ## **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** Since the Charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of (enter body here), which is one of the listed bodies. 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: Signed: Dated: `20 May 2025` Christopher Yeates FCA DChA Larking Gowen LLP Chartered Accountants, Holt Page 5 THE PHILLIPPS CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2024 Unrestricted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legacies Gift aid Investments 295,253 25,000 26,099 295,253 25,000 26,099 260, 000 70, 000 17,780 Total incomo 346,352 346,352 347, 780 Expendlture on: Charitable activities.. Charitable donations Investment charges Bank charges 619,150 2,351 250 619,150 2,351 250 120, 000 2,513 150 Total expendlture 621,751 621,751 122, 663 Net lexpenditurelllncome before net galn8 on investments Net gains on investments (275,399) 5,668 (275,399) 5,668 225,117 9,801 Net movement In fund8 1269,731) 1269,731) 234,918 Reconclllatlon of funds: Total funds brought forward Net movement in funds 817,734 1269,731) 817,734 (269,731) 582,816 234,918 Total funds carrled forward 548,003 548,003 817,734 The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 8 to 13 form part of these financial statements. Page 6 THE PHILLIPPS CHARITABLE TRUST BALANCE SHEET AS AT 31 OCTOBER 2024 2024 2023 Note Fixed assets Investments 383,809 634, 062 383,809 634, 062 Current assets Debtors Cash at bank and in hand 70, 000 113,672 164,194 164,194 183,672 Net current assets 164,194 183, 672 Total assets le88 current Ilabllltlas 548,003 817,734 Total net assets 548,003 817, 734 Charlty funds Restricted funds Unrestricted funds 548,003 817,734 Total funds 548,003 817,734 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. Dr A Phillipps Ms A Hopkins The notes on pages 8 to 13 form part of these financial statements. Page 7 THE PHILLIPPS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 General Information The Phillipps Charitable Trust is a charitable trust registered in England and Wa16s (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 othewse stated. Accounting pollcle8 2.1 Ba818 of preparation of flnanclal 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 chariti88 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 1021 and the Charities Act 2011. The financial statements have been prepared to give a 'true and fairf 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 IFRS 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 wthdrawn. The Phlllipps 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 othewse 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 wll 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 re￿1Vable. 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 be￿een 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 2024 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'Gainsl{Losses} on investments, in the Statement of f inancial 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-tem highly liquid investments wth 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. Income from donations and legacies Unrestricted funds 2024 Total funds 2024 Total funds 2023 Donations 295,253 295,253 260, 000 Page 9 THE PHILLIPPS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 Investment Income Unrestrlcted funds 2024 Total funds 2024 Total funds 2023 Income from listed investments 26,099 26,099 17,780 Total 2023 17,780 17,780 Tru8te•s' romuneratlon and expenses During the year, no Trustees received any remuneration or other benefits (2023- £NIL), During the year ended 31 October 2024, no Trustee expenses have been incurred (2023 - £NIL). Donatlons Unrestrlcted funds 2024 Total funds 2024 Total funds 2023 Shelter Plan International UK Cromer and District Foodbank Downing College Homerton College 100,000 60,000 25,000 374,731 59,419 100,000 60,000 25,000 374,731 59,419 50, 000 50, 000 20, 000 619,150 619,150 120, 000 Page10 THE PHILLIPPS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 Flxed asset investments Listed Investments Cost or valuation At 1 November 2023 Disposals Revaluations 634,062 (245,759) 14,494 At 31 October 2024 383,809 Debtor8 2024 2023 Due wlthln one year Other debtors 70, 000 70, 000 Page11 THE PHILLIPPS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEIVIENTS FOR THE YEAR ENDED 31 OCTOBER 2024 Statement of funds Statement of funds - current year Balance at 1 November 2023 Balance at Gainsl 31 October (Losses) 2024 Income Expenditure Unrestrlcted funds General Funds- all funds 817,734 346,352 1621,751) 5,668 548,003 ststement of funds - prior year Balance at l November 2022 Balance at Gains/ 31 October (Losses) 2023 Income Expenditure Unrestricted funds General Funds- all funds 582,816 347, 780 (122, 663) 9,801 817,734 Page 12 THE PHILLIPPS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 10. Analysis of net assets between funds Analysis of net assets between funds - current period Unrestricted funds 2024 Total funds 2024 Fixed asset investments Current assets 383,809 164,194 383,809 164,194 Totsl 548,003 548,003 Analy81s of net assets between funds - prior perlod Unrestrict8cJ funds 2023 Total funds 2023 Fixed asset investments Current assets 634, 061 183, 673 634, 061 183, 673 Total 817,734 817,734 11. Relatod party transaction8 The charity's accountancy fee of £1,29612023.' £1,080) is paid by a Trustee on behalf of the charity. No reimbursement is requested. The amount is not recognised in the financial ststements. Page 13