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2023-04-05-accounts

REGISTERED COMPANY NUMBER: 1189984 (England and Wales) REGISTERED CHARITY NUMBER: 1189984

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31st March 2023

for

THE PHILIP & CONNIE PHILLIPS FOUNDATION

THE PHILIP & CONNIE PHILLIPS FOUNDATION

Contents of the Financial Statements for the year ended 31st March 2023

Page
Report of the Trustees 1 to 5
Independent Examiner's Report 6
Statement of Financial Activities 7
Balance Sheet 8
Notes to the Financial Statements 9 to 14
Detailed Statement of Financial Activities 15

THE PHILIP & CONNIE PHILLIPS FOUNDATION

Report of the Trustees for the year ended 31st March 2023

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st March 2023. 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 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and activities for the public benefit

The purposes of the Foundation are to further the charitable intentions set out in the wills of Philip and Connie Phillips, who were both long term residents of Kent. The Foundation makes grants to support charities in the county who demonstrate their impact on the health and wellbeing of their local community, with an emphasis on supporting elderly people who are isolated and vulnerable, and combating the effects of deprivation, such as food poverty and homelessness.

The trustees confirm that they have referred to the Charity Commission's guidance on public benefit when reviewing the Trust's aims and objectives, in planning future activities, and setting the grant making policy for the year. The Trust furthers its charitable purposes for the public benefit through its grant-making policy, which focuses on the aforementioned areas.

Grant making policy

The Foundation has established its grant making policy to achieve its objects for the public benefit. It aims to improve the lives of those in Kent who are impacted by poverty, loneliness and vulnerability, with a focus on the county's elderly population. The policy is reviewed annually to ensure that it reflects the charity's objects and thereby advances public benefit.

The Foundation invites applications from charities for grants via its website. Eligibility is restricted to include only charities operating in the county whose objects are aligned with those of the Foundation.

ACHIEVEMENT AND PERFORMANCE

Monitoring performance

Successful applicants are required to complete monitoring information which is reviewed by Trustees. This ensures that the funds awarded were used appropriately and strictly for the purposes requested in the grant applications.

The performance of the investment portfolio is reviewed regularly by the board of Trustees, members of which hold the relevant qualifications and experience to do so meaningfully.

Page 1

THE PHILIP & CONNIE PHILLIPS FOUNDATION

Report of the Trustees for the year ended 31st March 2023

ACHIEVEMENT AND PERFORMANCE - continued

Grants data

Three grant-making rounds were held in the period: April, July and November 2022. A total of 38 grants were awarded to charities in the Kent and Medway areas, with grants spend of £265,720 (average size of grant £6,992). The charts below give some data on the 38 grants awarded in the period, including the main issues being addressed and the main beneficiary groups.

1. Combating loneliness and isolation - 21.1%

2. The effects of exclusion and poverty - 18.4%

3. Homelessness and insecure housing - 18.4%

4. The impact of mental health problems - 18.4%

5. Long term health conditions - 7.9%

6. Physical or sexual abuse - 5.3%

7. The impact of long term disabilities - 2.6%

8. Other (not specified) - 7.9%

General population - 31.6% Elderly people - 26.3% Families - 15.8% Children (0-16) - 7.9% Young people (16-25) - 7.9% Adult men - 7.9% Adult women - 2.6%

Page 2

THE PHILIP & CONNIE PHILLIPS FOUNDATION

Report of the Trustees for the year ended 31st March 2023

ACHIEVEMENT AND PERFORMANCE - continued Data from Monitoring Forms

Successful applicants are required to complete monitoring information which is reviewed by Trustees. Of the 38 organisations awarded funds in this period, 31 have so far responded.

The chart below shows where the funded work took place.

The chart below shows the grading of monitoring forms, against the work plan set out in the original application.

Of a total of 31 monitoring reports submitted at the time of writing:

24 grantees met expectations.

6 grantees exceeded expectations.

1 grantee partially met expectations

Page 3

THE PHILIP & CONNIE PHILLIPS FOUNDATION

Report of the Trustees for the year ended 31st March 2023

FINANCIAL REVIEW

The Foundation's work is reliant on its investment returns and its investment capital on which it may draw down. The invested funds are managed by Rathbones.

As with the previous year, investment performance reflected the uncertain economic and political background, along with persistent high inflation across the leading world economies. The portfolio performed in line with expectations, bearing in mind the difficulties faced. The Trustees were again happy with the manner in which the charity's funds had been managed and are optimistic in relation to performance in the long term.

During the year dividends of £28,076 (2022: £30,391) were received. At the period end the net assets of the charity totalled £1,942,670 (2022: £2,330,635), with investments held valued at £1,911,496 (2022: £2,159,177).

Investment policy and performance

The Foundation's investment advisors are instructed to invest to maximise the total return on funds placed with them within the constraints of a medium to low risk investment portfolio. The investment brief is broadly defined but the ethical criteria prohibit investment in companies that manufacture armaments, alcohol or tobacco.

The trustees have established a policy for a complete withdrawal of funds over a ten-year period. The policy aims to optimise returns on investment during this period so as to maximise its grant expenditure. The high levels of stock market volatility and the continuing uncertainty regarding world economic prospects makes the performance of investments difficult to predict.

Risk management

The principal risks faced by the Foundation lie in the performance of investments and operational risks from ineffective grant making and the capacity of the Foundation to make effective grants. This risk has been intensified by the lasting impact of COVID-19, the threat of recession and global events that have caused continued uncertainty, potentially resulting in a loss to investment value and a reduced investment income. This risk is mitigated by retaining expert investment managers and having a diversified investment portfolio.

The operational risk from ineffective grant awards is managed by retaining trustees of appropriate experience and ensuring that strict procedures are followed throughout the grant application and award procedure. Grants made are subject to a monitoring process to ensure that they have been used for the express purpose that they were applied for.

Reserves policy

The trustees aim to maintain its liquid funds at a level which equates to approximately twelve months of unrestricted charitable expenditure. The trustees consider that this level will provide sufficient funds to respond to applications for grants and ensure that support and governance costs are covered.

The trustees maintains its reserves so as to meet its overall objective of expending its funds over a ten year period.

Plans for the future

The charity will continue to award and monitor grants according to its grant cycle, while work will continue to promote the charity to ensure that those with aligning objects are aware of its existence.

Page 4

THE PHILIP & CONNIE PHILLIPS FOUNDATION

Report of the Trustees

for the year ended 31st March 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Foundation is a charitable incorporated organisation, registered on 17 June 2020. It was established by an initial gift in the wills of Connie and Philip Phillips, who resided in Kent before they died. The Foundation does not actively fundraise and seeks to continue its charitable work through the careful stewardship of these resources.

The Charity Governing document allows the trustees to meet and conduct meetings virtually. At the quarterly trustees' meetings, the trustees agree the broad strategy and areas of activity for the Trust, including consideration of grant making, investment, reserves and risk management policies and performance.

The trustees consider the board of trustees as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day to day basis. All trustees give of their time freely and no trustee remuneration was paid in the year.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

1189984 (England and Wales)

Registered Charity number

1189984

Registered office

Suffolk House George Street Croydon Surrey CR0 0YN

Trustees

D J Wilkes P du Casse J Austin L Brown J Davies

Approved by order of the board of trustees on ............................................. and signed on its behalf by: 29 January 2024

........................................................................ L Brown - Trustee

Page 5

Independent Examiner's Report to the Trustees of The Philip & Connie Phillips Foundation

Independent examiner's report to the trustees of The Philip & Connie Phillips Foundation ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st March 2023.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement

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:

  1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act 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; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

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.

Stephen John Monger, ACA Chartered Accountant 10 St Edith’s Road Kemsing Kent

Date: 29 January 2024

Page 6

THE PHILIP & CONNIE PHILLIPS FOUNDATION

Statement of Financial Activities for the year ended 31st March 2023

Notes
INCOME AND ENDOWMENTS FROM
Investment income
2
EXPENDITURE ON
Raising funds
3
Charitable activities
Grants paid in the year
Other
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 31.3.23
Unrestricted
fund
£
31,583
13,733
265,720
25,010
304,463
(115,085)
(387,965)
2,330,635
1,942,670		 31.3.22
Total
funds
£
30,640
15,622
211,531
29,303
256,456
127,348
(98,468)
2,429,103
2,330,635

The notes form part of these financial statements

Page 7

THE PHILIP & CONNIE PHILLIPS FOUNDATION

Balance Sheet 31st March 2023

Notes
FIXED ASSETS
Investments
6
CURRENT ASSETS
Cash at bank
CREDITORS
Amounts falling due within one year
7
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS
8
Unrestricted funds
TOTAL FUNDS		 31.3.23
Unrestricted
fund
£
1,911,496
44,776
(13,602)
31,174
1,942,670
1,942,670
1,942,670
1,942,670		 31.3.22
Total
funds
£
2,159,177
183,308
(11,850)
171,458
2,330,635
2,330,635
2,330,635
2,330,635

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2023 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 29 January 2024

.............................................

L Brown - Trustee

The notes form part of these financial statements

Page 8

THE PHILIP & CONNIE PHILLIPS FOUNDATION

Notes to the Financial Statements for the year ended 31st March 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

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 a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Realised and unrealised gains and losses

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening carrying value (purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and opening carrying value (or purchase date if later).

Fixed asset investments

Investments are stated at market value as at the balance sheet date. The statement of financial activities includes the net gains and losses arising on revaluation and disposal throughout the year.

continued...

Page 9

THE PHILIP & CONNIE PHILLIPS FOUNDATION

Notes to the Financial Statements - continued for the year ended 31st March 2023

2.
INVESTMENT INCOME
Dividends received
Deposit account interest
3.
RAISING FUNDS
Investment management costs
Portfolio management
4.
GRANTS PAYABLE
Grants paid in the year
The total grants paid to institutions during the period was as follows:
Ashford and Tenterden Umbrella
Ashford Volunteer Centre
BeChange (Aylesham)
Boughton-under-Bean Village Hall
The Canterbury District C.A.B.
Canterbury Food Bank
Canterbury Housing Advice Centre
Child's Vision Charity (Maidstone)
The Cottage Community (Fawkham)
CTiW Haven Project (Whitstable)
Dover Outreach Centre
East Kent Rape Crisis Centre
Edenbridge and Westerham Citizens' Advice
Emmaus Dover
Faversham Swimming Pools
Gravesham Sanctuary
Home-Start Dover District
Horsebridge Arts and Community Centre
Kent Coast Volunteering
Kent Multiple Sclerosis Therapy Centre
Kent Refugee Action Network
Learn and Thrive (Gillingham)
The Medway Street Angels
New Leaf Support Ltd (Sittingbourne)
Rewrite Your Story Limited (Maidstone)
Riverside Church (Whitstable)
Romney Marsh Community Hub
Romney Resource 2000 Ltd
Second Chance Medway
Sevenoaks Larder		 31.3.23
£
28,076
3,507
31,583
31.3.23
£
13,733
31.3.23
£
265,720
£
5,000
6,000
2,500
2,500
7.500
2,500
8,625
5,000
7,400
8,000
9,998
7,000
7,500
7,200
4,862
10,000
6,864
8,908
9,965
5,000
8,455
5,000
7,500
7,500
5,000
3,000
7,000
7,409
10,000
5,000		 31.3.22
£
30,391
249
30,640
31.3.22
£
15,622
31.3.22
£
211,531
£
-
7,500
-
2,500
-
-
-
-
-
-
-
-
-
-
-
-
-
-
5,000
5,000
-
-
-
-
-
-
-
-
10,000
-

continued...

Page 10

THE PHILIP & CONNIE PHILLIPS FOUNDATION

Notes to the Financial Statements - continued for the year ended 31st March 2023

4. GRANTS PAYABLE - continued

South Kent Mind
Swale Community and Voluntary Services
Take Off (Canterbury)
The Princess Project (Maidstone)
Together Kent
Walk Tall Fund (Swanscombe)
West Faversham Community Association
Whitstable Umbrella Community Centre
21 Together (Maidstone)
Age UK Sevenoaks & Tonbridge
Broadstairs Town Team
Canterbury and Herne Bay Volunteer Centre Ltd
Caring Hands in the Community (Chatham)
Caring Altogether on Romney Marsh
Catching Lives (Canterbury)
Dover Smart Project
Fairways Accommodation Support Trust (Chatham)
Food Friends UK (Whistable)
Friends for Families (Sevenoaks)
GAP Thanet
Headway Kent
Hi Kent
Making a Difference to Maidstone
Medway African & Carribbean Association
Medway Asthma Self-Help (MASH)
Medway Volunteer Centre
Moving Memory (Faversham)
Romney Marsh Day Centre
Sheppey Matters
Swale Action
Thanet Community Development Trust
The East Malling Centre
Time for the Homeless (Rochester)		 9,870
6,000
10,000
10,000
7,500
9,360
6,500
8,304
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
265,720		 -
5,000
-
-
-
-
-
7,500
10,000
5,000
5,000
5,000
9,500
5,000
8,493
9,600
7,500
5,000
10,000
4,200
5,000
8,500
5,000
5,000
5,000
5,000
4,870
5,000
9,143
10,000
10,000
8,475
3,750
211,531

continued...

Page 11

THE PHILIP & CONNIE PHILLIPS FOUNDATION

Notes to the Financial Statements - continued for the year ended 31st March 2023

5. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31st March 2023 nor for the year ended 31st March 2022.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31st March 2023 nor for the year ended 31st March 2022.

6. FIXED ASSET INVESTMENTS

Shares
Other		 31.3.23
£
1,723,935
187,561
1,911,496		 31.3.22
£
1,945,422
213,755
2,159,177

Additional information as follows:

MARKET VALUE
At 1st April 2022
Additions at cost
Disposals at carrying value
Net gain on revaluation
At 31st March 2023
NET BOOK VALUE
At 31st March 2023
At 31st March 2022
There were no investment assets outside the UK.
Investments are comprised of:
Fixed interest securities
Equities
Alternatives
Cash		 31.03.23
£
245,299
1,145,793
332,841
187,563
1,911,496		 Listed
investments
£
1,945,422
212,871
(333,780)
(100,578)
1,723,935
1,723,935
1,945,422
31.03.22
£
292,122
1,208,171
445,129
213,755
2,159,177

continued...

Page 12

THE PHILIP & CONNIE PHILLIPS FOUNDATION

Notes to the Financial Statements - continued for the year ended 31st March 2023

6. FIXED ASSET INVESTMENTS - continued

Investments (neither listed nor unlisted) were as follows:

Cash
7.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Accruals and deferred income
8.
MOVEMENT IN FUNDS
Unrestricted funds
General fund
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
31,583
TOTAL FUNDS
31,583
Comparatives for movement in funds
Unrestricted funds
General fund
TOTAL FUNDS		 At 1.4.22
£
2,330,635
2,330,635
Resources
expended
£
(304,463)
(304,463)
At 1.4.21
£
2,429,103
2,429,103		 31.3.23
£
187,561
31.3.23
£
13,602
Net
movement
in funds
£
(387,965)
(387,965)
Gains and
losses
£
(115,085)
(115,085)
Net
movement
in funds
£
(98,468)
(98,468)		 31.3.22
£
213,755
31.3.22
£
11,850
At
31.3.23
£
1,942,670
1,942,670
Movement
in funds
£
(387,965)
(387,965)
At
31.3.22
£
2,330,635
2,330,635

continued...

Page 13

THE PHILIP & CONNIE PHILLIPS FOUNDATION

Notes to the Financial Statements - continued for the year ended 31st March 2023

8. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
30,640
30,640		 Resources
expended
£
(256,456)
(256,456)		 Gains and
Movement
losses
in funds
£
£
127,348
(98,468)
127,348
(98,468)

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 At 1.4.21
£
2,429,103
2,429,103		 Net
movement
in funds
£
(486,433)
(486,433)		 At
31.3.23
£
1,942,670
1,942,670

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
62,223
62,223		 Resources
expended
£
(560,919)
(560,919)		 Gains and
Movement
losses
in funds
£
£
12,263
(486,433)
12,263
(486,433)

9. RELATED PARTY DISCLOSURES

During the year, the charity incurred expenses of £1,560 (2022: £1,260) from Simpson Wreford and Partners, an accountancy firm which P du Casse jointly controls with others. These expenses were wholly in relation to statutory accounting services.

Page 14

THE PHILIP & CONNIE PHILLIPS FOUNDATION

Detailed Statement of Financial Activities
for the year ended 31st March 2023
31.3.23 31.3.22
£ £
INCOME AND ENDOWMENTS
Investment income
Dividends received 28,076 30,391
Deposit account interest 3,507 249
31,583 30,640
Total incoming resources 31,583 30,640
EXPENDITURE
Investment management costs
Portfolio management 13,733 15,622
Charitable activities
Grants to institutions 265,720 211,531
Support costs
Finance
Bank charges 39 -
Information technology
Grant application portal 1,080 2,350
Other
Grants management and assessment 22,331 25,693
Governance costs
Accountancy fees 1,560 1,260
Total resources expended 304,463 256,456
Net expenditure before gains and losses (272,880) (225,816)
Realised recognised gains and losses
Realised and unrealised gains/ (losses) on fixed
asset investments (115,085) 127,348
Net expenditure (387,965) (98,468)

This page does not form part of the statutory financial statements

Page 15