Trustees' Annual Report for the period
Period start date Period end date Day Month Year Day Month Year From 01 April 2020 To 31 March 2021
Section A Reference and administration details
Charity name The Reginald M Phillips Charitable Foundation
Other names charity is known by Registered charity number (if any) 245232
Charity's principal address Trustee Department 1[st] Floor, Trinity Quay 1 Avon Street, Bristol Postcode BS2 0PT
Names of the charity trustees who manage the charity
| 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 |
Trustee name | Office (if any) | Dates acted if not for whole **year ** |
Name of person (or body) entitled to appoint trustee (ifany) |
|---|---|---|---|---|
| Coutts & Co | To 05 July2021 | |||
| Ludlow Trust Compan Limited |
From 05 July 2021 | |||
| Names of the trustees for the charity, if any, (for example, any custodian trustees) | ||||
| Name | Dates acted if not for whole year | |||
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March 2012
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Names and addresses of advisers (Optional information)
| Names and addresses of advisers (Optional information) | Names and addresses of advisers (Optional information) | Names and addresses of advisers (Optional information) |
|---|---|---|
| Type of adviser Name Address |
||
| Investment Managers | Coutts & Co | 440 The Strand, London, WC2R 0QS |
| Bankers | Coutts & Co | 440 The Strand, London, WC2R 0QS |
| Solicitors | TLT LLP | One Redcliffe Street, Bristol, BS1 6TP |
| Independent Examiners | Geoffrey Frost | Blue Spire Limited, Cawley Priory, South Pallant, Chichester, West Sussex, PO19 1SY |
Name of chief executive or names of senior staff members (Optional information)
Section B Structure, governance and management
Description of the charity’s trusts
Type of governing document
Trust deed dated 29 March 1965
- (eg. trust deed, constitution)
How the charity is constituted
Trust
- (eg. trust, association, company)
Trustees are appointed by the trustee from time to time. Trustee selection methods
- (eg. appointed by, elected by)
Additional governance issues (Optional information)
You may choose to include additional information, where relevant, about:
-
policies and procedures adopted for the induction and training of trustees;
-
the charity’s organisational structure and any wider network with which the charity works;
-
relationship with any related parties;
-
trustees’ consideration of major risks and the system and procedures to manage them.
Section C Objectives and activities
The objects of the charity are:
Summary of the objects of the charity set out in its governing document
For the benefit of such one or more charities or charitable purposes as the settlor may by any deed or deeds revocable or irrecoverable appoint and subject to and in default of any such appointment as the trustees may (with the written consent of the settlor during his lifetime and after his death at their discretion) by any deed or deeds revocable or irrevocable appoint.
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In furtherance of the charity’s objects for the public benefit the trustees provides grants. In determining the charity’s activities the trustees have had regard to the Charity Commission’s guidance on public benefit.
Summary of the main activities undertaken for the public benefit in relation to these objects (include within this section the statutory declaration that trustees have had regard to the guidance issued by the Charity Commission on public benefit)
Additional details of objectives and activities (Optional information)
You may choose to include further statements, where relevant, about:
-
policy on grantmaking;
-
policy programme related investment;
-
contribution made by volunteers.
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Section D Achievements and performance
Summary of the main During the year under review the charity made 16 grant payments to achievements of the charity University of Sussex totalling £510,354 as disclosed in the notes. during the year
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Section E Financial review
Brief statement of the
charity’s policy on reserves
At the end of the reporting period the charity had free reserves amounting to £616,162 (2020: £916,254).
In addition to the free reserves the charity has bank balances of £66,930 (2020: £261,207) and investment assets of £4,138,625 within the expendable endowment fund.
The Trustees pursue a policy of maintaining a free reserve available to be spent in the furtherance of the charity’s objectives, as well as covering future needs, opportunities, contingencies and risks.
Details of any funds materially
in deficit
Further financial review details (Optional information)
You may choose to include additional information, where relevant about:
-
the charity’s principal sources of funds (including any fundraising);
-
how expenditure has supported the key objectives of the charity;
-
investment policy and objectives including any ethical investment policy adopted.
Section F Other optional information
Section G Declaration
The trustees declare that they have approved the trustees’ report above.
Signed on behalf of the charity’s trustees
Signature(s)
Full name(s)[Chris Thurlow ] On behalf of Ludlow Trust Company Limited Position (eg Secretary, Chair, etc)
Date 01 February 2022
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| Charity Name | No (if any) | ||
|---|---|---|---|
| The Reginald M Phillips Charitable Foundation 245232 |
|||
| Receipts andpayments accounts | CC16a | ||
| For the period from Period start date 01 April 2020 |
To Period end date 31 March 2021 |
Section A Receipts and payments Unrestricted funds to the nearest £ A1 Receipts
| A1 Receipts | Unrestricted funds to the nearest £ - - 91,638 - 118,624 - - - 210,262 - - - 210,262 510,354 - 2,100 - - - - - - 512,454 - - - 512,454 (302,192) 2,100 916,254 616,162 |
Restricted funds to the nearest £ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - |
Endowment funds to the nearest £ - - - - - - - - - 3,019,878 - 3,019,878 3,019,878 - 11,769 - - - - - - - 11,769 3,200,286 - 3,200,286 3,212,055 (192,177) (2,100) 261,207 66,930 |
Total funds to the nearest £ - - 91,638 - 118,624 - - - 210,262 3,019,878 - 3,019,878 3,230,140 510,354 11,769 2,100 - - - - - - 524,223 3,200,286 - 3,200,286 3,724,509 (494,369) |
Total funds to the nearest £ - - 91,638 - 118,624 - - - 210,262 3,019,878 - 3,019,878 3,230,140 510,354 11,769 2,100 - - - - - - 524,223 3,200,286 - 3,200,286 3,724,509 (494,369) |
Last year to the nearest £ |
|---|---|---|---|---|---|---|
| Donations | - | - | ||||
| Gift aid | - | - | ||||
| Investment income | 91,638 | 83,801 | ||||
| Income from bank interest | - | 5,088 | ||||
| Rental income | 118,624 | 239,764 | ||||
| - | - | |||||
| - | - | |||||
| - | - | |||||
| Sub total(Gross income for AR) |
210,262 | 328,653 | ||||
| A2 Asset and investment sales, (see table). |
||||||
| Sale of investments | - | 1,851,532 | ||||
| - | - | |||||
| Sub total | - | 1,851,532 | ||||
| Total receipts A3 Payments |
||||||
| 2,180,185 | ||||||
| Grants awarded | 510,354 | 562,966 | ||||
| Inv mgmt and admin | - | 9,614 | ||||
| Audit fees | 2,100 | 1,680 | ||||
| - | - | |||||
| - | - | |||||
| - | - | |||||
| - | - | |||||
| - | - | |||||
| - | - | |||||
| **Sub total ** | 512,454 | 574,260 | ||||
| A4 Asset and investment purchases, (see table) |
||||||
| Investmentpurchases | - | 1,680,305 | ||||
| - | ||||||
| **Sub total ** | - | 1,680,305 | ||||
| Total payments Net of receipts/(payments) A5 Transfers between funds A6 Cash funds last year end **Cash funds this year end ** |
||||||
| 2,254,565 | ||||||
| (302,192) | - | (192,177) | (494,369) | (74,380) | ||
| 2,100 | - | (2,100) | - | - | ||
| 916,254 | - | 261,207 | 1,177,461 | 1,251,841 | ||
| 616,162 | - | 66,930 | 683,092 | 1,177,461 |
CCXX R6 accounts (SS)
6
Section B Statement of assets and liabilities at the end of the period
| Categories Signed by one or two trustees on behalf of all the trustees B1 Cash funds B2 Other monetary assets B3 Investment assets B4 Assets retained for the charity’s own use B5 Liabilities |
(agree balances with receipts and payments account(s)) Capital account Income account 2 Reserve account 2 Total cash funds Income account Reserve account 90 day notice Details Details Investments Details Details Inv mgmt and admin Independent examination Signature |
Unrestricted funds Restricted funds to nearest £ to nearest £ - - 616,162 - - - - - - - - - 616,162 - OK OK Unrestricted funds Restricted funds to nearest £ to nearest £ - - - - - - - - - - - - Fund to which asset belongs Cost (optional) Endowment - - - - - Fund to which asset belongs Cost (optional) - - - - - - - Fund to which liability relates Amount due (optional) Endowment 2,494 Unrestricted 780 - - - Print Name Chris Thurlow On behalf of Ludlow Trust Company Limited |
Endowment funds to nearest £ 26,878 - 40,052 - - - 66,930 OK Endowment funds to nearest £ - - - - - - Current value (optional) 4,138,625 - - - - Current value (optional) - - - - - - - When due (optional) Date of approval 01 February 2022 |
|---|---|---|---|
| Chris Thurlow On behalf of Ludlow Trust Company Limited |
01 February |
CCXX R7 accounts (SS)
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Section C Notes to the Accounts
| C2 Grants to institutions C3 Related party transactions C1 Nature and purpose of funds (may be stated on analysis of funds worksheets) |
Unrestricted income funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charityand which have not been designated for otherpurposes. Expendable endowment funds are those which are required to be invested to produce income but which may be transferred to unrestricted funds at the discretion of the trustees in order that they may be expended in furtherance of the charity's objectives. |
Unrestricted income funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charityand which have not been designated for otherpurposes. Expendable endowment funds are those which are required to be invested to produce income but which may be transferred to unrestricted funds at the discretion of the trustees in order that they may be expended in furtherance of the charity's objectives. |
|---|---|---|
| Recipient - 1 payment unless annotated University of Sussex 12 monthly payments of grant to 2027 University of Sussex Annual payment under grant to 2023 University of Sussex University of Sussex University of Sussex |
£ 110,000 218,983 58,182 108,189 15,000 |
|
| 510,354 | ||
| No trustee received any remuneration nor reimbursed any expenses in the year under review. During the year under review Coutts & Co, a trustee of the charity, were paid fees for the provision of administration and investment management services amounting to £11,769 (2020: £9,614) as authorised under clause 22 of the trust deed. |
CCXX R8 accounts (SS)
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Independent Examiner's Report to the Trustees of The Reginald M Phillips Charitable Foundation
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2021 as set out on pages 6 to 8.
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 2. the accounts do not accord with those records.
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.
01 February 2022
Geoffrey Frost BSc(Hons) FCA Date Blue Spire Limited Cawley Priory South Pallant Chichester West Sussex PO19 1SY
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