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2023-03-31-accounts

THE REGINALD M PHILLIPS CHARITABLE FOUNDATION

Trustees’ Report

and Financial Statements

for the year ended 31 March 2023

Registered Charity Number 245232

THE REGINALD M PHILLIPS CHARITABLE FOUNDATION

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

INDEX

Charity information 1
Trustee’s report 2
Independent auditors’ report 4
Statement of financial activities 7
Balance sheet 8
Statement of cash flows 9
Accounting policies 10
Notes to the financial statements 12

THE REGINALD M PHILLIPS CHARITABLE FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

CHARITY INFORMATION

Trustee

Ludlow Trust Company Limited

Principal office

Ludlow Trust Company Limited Tower Wharf Cheese Lane Bristol BS2 0JJ

Registered charity number

245232

Independent Auditors

Blue Spire Limited Cawley Priory South Pallant Chichester West Sussex PO19 1SY

Investment Managers

NatWest Bank Plc Wealth Management 440 Strand London WC2R 0QS

Bankers

NatWest Bank Plc Trinity Quay 2 Avon Street Bristol BS2 0PT

Page 1

THE REGINALD M PHILLIPS CHARITABLE FOUNDATION

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

TRUSTEE’S REPORT

The trustee has pleasure in presenting their annual report for the purposes of the Charities Act 2011, together with the accounts for the year ended 31 March 2023. The trustee has adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.

STRUCTURE GOVERNANCE AND MANAGEMENT

The Reginald M Phillips Charitable Foundation is a registered charity constituted under a trust deed dated 29 March 1965, and registered as a charity 8 November 1965.

The trust is controlled by the trustee. The power to appoint and remove trustees rests with the trustee.

On agreeing to become a trustee of the charity, the new trustees are thoroughly briefed by the existing co-trustees on the history of the trust, the day-to-day management, responsibilities of the trustees, the current objectives and future plans.

The trustees have assessed the major risks to which the charity is exposed. The trustees believe that by ensuring controls exist over key financial systems incorporating NatWest Bank’s and Ludlow Trust Company Limited’s systems and controls they have established effective systems to mitigate those risks.

OBJECTIVES AND ACTIVITIES

The charity’s objects are:

“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.”

In pursuance of its objects, the charity’s income is applied in making grants to the University of Sussex and other charitable organisations which are themselves for the benefit of the public. The trustee believes by making such grants the charity fulfils its obligation to deliver public benefit.

In determining how the charity should pursue its objects, the trustee has had regard to the Charity Commission's guidance on public benefit.

ACHIEVEMENTS, PERFORMANCE AND FINANCIAL REVIEW

Total income for the year amounted to £254,890 (2022: £239,295) and comprised income arising on the charity’s investments and assets of £250,761 (2022: £233,896) and transfers from endowment of £4,079 (2022: £5,399).

Charitable expenditure in the year comprised grants to University of Sussex, property management and governance costs, totalling £48,777 (2022: £1,236,690).

Given the availability of the expendable endowment fund the trustee does not consider it necessary to maintain significant free reserves and recognises deficits on reserves may arise from time to time due to the timing of transfers from the endowment fund. As at 31 March 2023 total funds were £11,829,449 (2022: £11,907,509) including endowment funds of £12,366,618 (2022: £12,667,516) and free reserves a deficit of £537,169 (2022 deficit: £760,007). The trustee is content with the available expendable endowment and projected income the charity has sufficient funds to meet its liabilities as they fall due for payment.

During the year under review the charity remained invested in a managed portfolio, held an investment property and cash balance from which dividend, rental and interest income was obtained.. The trustee is content with the performance of investments in the year under review.

PLANS FOR FUTURE PERIODS

The trustee intends to continue the charity’s grant-making activity into subsequent financial years in furtherance of the charity’s objects.

Page 2

THE REGINALD M PHILLIPS CHARITABLE FOUNDATION

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

TRUSTEE’S REPORT

STATEMENT OF TRUSTEE’S RESPONSIBILITIES

The trustee is responsible for preparing the Trustee’s Report and the financial statements 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 trustee 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 for that period. In preparing these financial statements, the trustee is required to:

The trustee is responsible for keeping proper accounting records that 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.

APPOINTMENT OF AN INDEPENDENT AUDITOR

The charity exceded the audit threshold in the year under review and Blue Spire Limited have been appointed as auditors to the charity. Blue Spire Limited have expressed their willingness to continue as auditors to the charity.

Approved by the trustee and signed on their behalf.

Chris Thurlow on behalf of Ludlow Trust Company Limited Trustee

Date 02 February 2024

Page 3

THE REGINALD M PHILLIPS CHARITABLE FOUNDATION

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

INDEPENDENT AUDITOR’S REPORT

Independent Auditor’s Report to the Trustee of The Reginald M Phillips Charitable Foundation

Opinion

We have audited the financial statements of The Reginald M Phillips Foundation (the ‘charity’) for the period ended 31 March 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Other matter

The financial statements of the charity for the year ended 31 March 2022 were not audited and were prepared on a receipts and payments basis. Our audit work included an assessment of the opening balances included in the financial statements for the year under review together with the opening balances of the comparative year along with the adjusted income, expenditure and gains and losses for that year. We have been able to conclude there are no material misstatements in the opening balances of the year under review and offer no opinion on the income, expenditure gains and losses of the comparative year.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustee’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustee with respect to going concern are described in the relevant sections of this report.

Other information

The trustee is responsible for the other information. The other information comprises the information included in the trustee’s report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 4

THE REGINALD M PHILLIPS CHARITABLE FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

INDEPENDENT AUDITOR’S REPORT

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustee

As explained more fully in the trustee’s responsibilities statement set out on page 3, the trustee is responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the trustee determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustee is responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustee either intends to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Based on our understanding of the charity, we identified that the principal laws and regulations that directly affect the financial statements to be and the Charities Act, and Trustee Act. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

As an investment funded grantmaker there is a limitation to exposure to laws and regulations and where the likelihood of non-compliance is low. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the trustee and inspection of regulatory and legal correspondence if any.

Audit procedures performed by the engagement team included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

Page 5

THE REGINALD M PHILLIPS CHARITABLE FOUNDATION

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

INDEPENDENT AUDITOR’S REPORT

Use of our report

This report is made solely to the charity’s trustee, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustee those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustee as a body, for our audit work, for this report, or for the opinions we have formed.

Blue Spire Limited, Statutory Auditor Date 02 February 2024

Cawley Priory South Pallant Chichester West Sussex PO19 1SY

Blue Spire Limited is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

Page 6

THE REGINALD M PHILLIPS CHARITABLE FOUNDATION

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

STATEMENT OF FINANCIAL ACTIVITIES

Note
INCOME AND ENDOWMENTS FROM:
Investments
1
Total
EXPENDITURE ON:
Charitable activities
2
Total
Net gains/(losses) on investments
5
Gains/(losses) on investment property
6
Net income/(expenditure)
Transfers between funds
11
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
11
Total funds carried forward
11		 Unrestricted
Funds
£
250,761
250,761
32,002
32,002
-
-
218,759
4,079
222,838
(760,007)
(537,169)		 Endowment
Funds
£
-
-
16,775
16,775
(280,044)
-
(296,819)
(4,079)
(300,898)
12,667,516
12,366,618		 2023
Total
Funds
£
250,761
250,761
48,777
48,777
(280,044)
-
(78,060)
-
(78,060)
11,907,509
11,829,449		 2022
Total
Funds
£
233,896
233,896
1,236,690
1,236,690
85,795
-
(916,999)
-
(916,999)
12,824,508
11,907,509

None of the charity’s other activities were acquired or discontinued during the above financial year.

The charity has no recognised gains or losses other than those dealt with in the statement of financial activities.

Page 7

THE REGINALD M PHILLIPS CHARITABLE FOUNDATION

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

BALANCE SHEET AS AT 31 MARCH 2023

Note
FIXED ASSETS
Investments
5
Investment property
6
CURRENT ASSETS
Debtors - accrued rent income
Cash at hand and in bank
Total current assets
CURRENT LIABILITIES
Creditors: amounts falling due within one year
7
Net current assets/(liabilities)
Total assets less current liabilities
Creditors: amounts falling due after more than one year
8
Net assets/(liabilities)
THE FUNDS OF THE CHARITY
Capital (expendable endowment)
11
Income
11
Total charity funds		 £
£
3,914,172
8,400,000
12,314,172
-
779,788
779,788
431,458
348,330
12,662,502
(833,053)
11,829,449
12,366,618
(537,169)
11,829,449
2023		 £
£
4,159,353
8,400,000
12,559,353
137,513
735,152
872,665
572,449
300,216
12,859,569
(952,060)
11,907,509
12,667,516
(760,007)
11,907,509
2022		 £
£
4,159,353
8,400,000
12,559,353
137,513
735,152
872,665
572,449
300,216
12,859,569
(952,060)
11,907,509
12,667,516
(760,007)
11,907,509
2022
12,559,353
300,216
12,859,569
(952,060)
11,907,509
12,667,516
(760,007)
11,907,509

The notes on pages 12 to 16 form part of these accounts.

These financial statements were approved by the board and signed on their behalf

Chris Thurlow on behalf of Ludlow Trust Company Limited Trustee

02 February 2024 Date

Page 8

THE REGINALD M PHILLIPS CHARITABLE FOUNDATION

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

STATEMENT OF CASH FLOWS

£
£
Net cash flow from operating activities (see below)
(171,262)
Cash flow from investing activities
Purchase of investments
(2,682,485)
Proceeds from sales of investments
2,647,622
Investment income
250,761
Net cash flow from investing activities
215,898
Net increase/(decrease) in cash and cash equivalents
44,636
Cash and cash equivalents at 1 April 2022
735,152
Cash and cash equivalents at 31 March 2023
779,788
Cash and cash equivalents consist of:
Cash at bank and in hand
779,788
Cash and cash equivalents at 31 March 2023
779,788
Reconciliation of net income to net cash flow from operating activities
£
£
Net income for the period
(78,060)
Adjusted for:
Investment income
(250,761)
(Gains)/losses on investments
280,044
(Increase)/decrease in debtors
137,513
Increase/(decrease) in creditors
(259,998)
(93,202)
(171,262)
2023
2023		 £
£
(246,903)
(1,672,834)
1,737,901
233,896
298,963
52,060
683,092
735,152
735,152
735,152
£
£
(916,999)
(233,896)
(85,795)
(75,148)
1,064,935
670,096
(246,903)
2022
2022		 £
£
(246,903)
(1,672,834)
1,737,901
233,896
298,963
52,060
683,092
735,152
735,152
735,152
£
£
(916,999)
(233,896)
(85,795)
(75,148)
1,064,935
670,096
(246,903)
2022
2022
670,096
(246,903)

Page 9

THE REGINALD M PHILLIPS CHARITABLE FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

ACCOUNTING POLICIES

General information, scope and basis of the financial statements

The Reginal M Phillips Charitable Foundation is a registered unincorporated charity, established under a trust deed, in England and Wales. The address of the principal office is given in the charity information of these financial statements and the nature of the charity’s operations and principal activities are detailed in the trustees' report.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity 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.

Incoming resources

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

Investment income is earned through holding assets for investment purposes such as shares. It includes dividends, interest and rental income. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity’s right to receive payment is established. The rental income is recognised on a net receivable basis from the returns prepared by the leaseholder.

Resources expended

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following expenditure

● Raising funds; these include investment management fees charged by the charity's investment managers

● Charitable activities; these include grants to third parties and the costs of administering the charity inclusive of governance costs

Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.

Support and governance costs are those that assist the work of the charity but do not directly represent charitable activities. They are incurred directly in support of expenditure on the objects of the charity. Governance costs are those incurred in the governance of the charity and primarily associated with the constitution and statutory requirements.

VAT

The charity is not registered for VAT and is unable to recover VAT incurred. On this basis costs are recorded inclusive of VAT within the SOFA.

Taxation

The Charity is an exempt Charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in sections 521 to 536 Income Tax Act 2007 (ITA 2007), as such no income tax is payable on the Charity's activities.

Page 10

THE REGINALD M PHILLIPS CHARITABLE FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

ACCOUNTING POLICIES

Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Where investments are denominated in currencies other than Sterling, transactions are translated at the rate prevailing at the date of the transaction and year end values are calculated using the exchange rate prevailing at the year end.

Investment property

Investment property is recognised at fair value using a market yield method with reference to expected returns on similar retail unit assets. Changes in the fair value of the investment property is recognised in ‘net gains / (losses) on investments’ in the SoFA.

Debtors receivable and creditors payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. No adjustment is made for assets or liabilities receivable or payable in more than one year on the basis any adjustment will be immaterial. Any losses arising from impairment are recognised in expenditure.

Cash and cash equivalents

Cash and cash equivalents includes cash at bank and in hand and cash balances within the investment portfolio available for investment transaction purposes.

Fund accounting

Unrestricted income funds 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.

Capital (endowment) funds comprise the original gifts introduced by the the settlor trustees and associated gift aid, together with the accumulated realised and unrealised surpluses arising on investments acquired with those gifts, less any donations made out of capital. The capital funds are expendable at the discretion of the trustees. Investment management charges and legal advice relating to the fund are charged against the fund. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income.

Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

Page 11

THE REGINALD M PHILLIPS CHARITABLE FOUNDATION

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

NOTES TO THE FINANCIAL STATEMENTS

1. Investment income

Investment income
Interest received
Net rents receivable		 Unrestricted
Funds
£
74,293
2,944
173,524
250,761		 Endowment
Funds
£
-
-
-
-		 2023
Total
Funds
£
74,293
2,944
173,524
250,761		 Unrestricted
Funds
£
60,602
94
173,200
233,896		 Endowment
Funds
£
-
-
-
-		 2022
Total
Funds
£
60,602
94
173,200
233,896

2. Charitable activities

Grants to University of Sussex
Research fund
Governance costs:
Auditor's remuneration
Legal fees
NatWest management fees
Ludlow administrative fees
Support RM Phillips Chair in
Experimental Medicine		 Unrestricted
Funds
£
15,000
15,000
2,100
5,182
-
9,720
32,002
-		 Endowment
Funds
£
-
-
-
16,775
-
16,775
-		 2023
Total
Funds
£
15,000
15,000
2,100
5,182
16,775
9,720
48,777
-		 Unrestricted
Funds
£
15,000
1,205,075
780
-
-
14,895
1,220,750
1,190,075		 Endowment
Funds
£
-
-
-
-
15,940
-
15,940
-		 2022
Total
Funds
£
15,000
1,190,075
1,205,075
780
-
15,940
14,895
1,236,690

3. Related party transactions and employment costs

Fees payable to Ludlow Trust Company Limited, which is a trustee of the charity, for administrative fees are authorised under section 22 of the trust deed and shown within note 2 to these financial statements. At the balance sheet date £9,450 (2022: £10,185) was accrued in respect of these fees.

The charity has no employees, all administration being carried out by the trustees.

Other than the fees noted above, no remuneration was paid to nor expenses paid to or on behalf of any trustee during the year under review or the comparative year.

4. Auditor's remuneration and Examiner's fees

Auditor's remuneration - audit
Examiner's fees - Examination		 Unrestricted
Funds
£
2,100
-
2,100		 Endowment
Funds
£
-
-
-		 2023
Total
Funds
£
2,100
-
2,100		 Unrestricted
Funds
£
-
780
780		 Endowment
Funds
£
-
-
-		 2022
Total
Funds
£
-
780
780

Page 12

THE REGINALD M PHILLIPS CHARITABLE FOUNDATION

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

NOTES TO THE FINANCIAL STATEMENTS

5. Investments
Market value brought forward
Cost of investments purchased
Disposals at proceeds
Net gain/(loss) on investments
Market value carried forward
Gains/(losses) on investments:
Unrealised/realised gains/(losses) on investments
Analysis of investment holdings:
Listed investments
6. Investment property
Market value brought forward
Revaluations
Market value carried forward
7. Creditors: amounts due in less than one year
Accrued grants
Accrued NatWest management fees
Accrued Ludlow administrative fees
Accrued independent examiner's fees
Accrued auditor's fees
Deferred rental income
8. Creditors: amounts due in more than one year
Accrued grants		 2023
£
4,159,353
2,682,485
(2,647,622)
(280,044)
3,914,172
2023
£
(280,044)
(280,044)
2023
£
3,914,172
3,914,172
2023
£
8,400,000
-
8,400,000
2023
£
337,991
4,195
9,450
-
2,100
77,722
431,458
2023
£
833,053
833,053		 2022
£
4,138,625
1,672,834
(1,737,901)
85,795
4,159,353
2022
£
85,795
85,795
2022
£
4,159,353
4,159,353
2022
£
8,400,000
-
8,400,000
2022
£
556,974
4,510
10,185
780
-
-
572,449
2022
£
952,060
952,060

Page 13

THE REGINALD M PHILLIPS CHARITABLE FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

NOTES TO THE FINANCIAL STATEMENTS

9. Future grant commitments

At the balance sheet date the charity had annual grant commitments of £15,000 to the University of Sussex for a research fund. The payment of future instalments is subject to receipt of ongoing reports on and the trustees satisfaction of the use of the funds. As such no liability for this commitments is recognised in these accounts.

10. Analysis of net assets between funds

10. Analysis of net assets between funds
Investments
Investment property
Current assets
Current liabilities
Non-current liabilities		 Unrestricted
Funds
£
-
-
723,146
(427,263)
(833,053)
(537,170)		 Endowment
Funds
£
3,914,172
8,400,000
56,641
(4,195)
-
12,366,618		 2023
Total
Funds
£
3,914,172
8,400,000
779,787
(431,458)
(833,053)
11,829,448		 2022
Total
Funds
£
4,159,353
8,400,000
872,665
(572,449)
(952,060)
11,907,509

11. Net movement in funds

Endowment funds
Unrestricted funds		 Total funds
brought
forward
£
12,667,516
(760,007)
11,907,509		 Total
incoming
resources
£
-
250,761
250,761		 Total
resources
expended
£
(16,775)
(32,002)
(48,777)		 Gains/
(losses) on
investments
£
(280,044)
-
(280,044)		 Transfers
between
funds
£
(4,079)
4,079
-		 Total funds
carried
forward
£
12,366,618
(537,169)
11,829,449

Page 14

THE REGINALD M PHILLIPS CHARITABLE FOUNDATION

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

NOTES TO THE FINANCIAL STATEMENTS

12. Financial instruments

The carrying amounts of the Charity's financial instruments are as follows:

12. Financial instruments
The carrying amounts of the Charity's financial instruments are as follows:
2023 2022
Total Total
Funds Funds
£ £
Financial assets
Measured at fair value through net income/(expenditure):
Fixed asset investments 3,914,172 4,159,353
Investment property 8,400,000 8,400,000
12,314,172 12,559,353
The income, expense, net gains and net losses attributable to the Charity's financial instruments are summarised as follows:
2023 2022
Total Total
Funds Funds
£ £
Income and expense
Financial assets measured at fair value through net income/(expenditure)
Income from listed investments 74,293 60,602
Income from investment property 173,524 173,200
Investment and other management fees (16,775) (15,940)
231,042 217,862
Net gains and losses (including changes In fair value)
Financial assets measured at fair value through net income/(expenditure)
Unrealised/realised gains/(losses) on investments (280,044) 85,795
Gains/(losses) on investment property - -
(280,044) 85,795

Fixed asset investments are held at fair value with valuations obtained by reference to market prices from the appropriate stock exchange, bid prices and last traded prices where applicable.

Page 15

THE REGINALD M PHILLIPS CHARITABLE FOUNDATION

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

NOTES TO THE FINANCIAL STATEMENTS

13. Comparatives of statement of financial activities

Note
INCOME AND ENDOWMENTS FROM:
Investments
1
Total
EXPENDITURE ON:
Charitable activities
2
Total
Net gains/(losses) on investments
5
Gains/(losses) on investment property
6
Net income/(expenditure)
Transfers between funds
11
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
11
Total funds carried forward
11		 Unrestricted
Funds
£
233,896
233,896
1,220,750
1,220,750
-
-
(986,854)
5,399
(981,455)
221,448
(760,007)		 Endowment
Funds
£
-
-
15,940
15,940
85,795
69,855
(5,399)
64,456
12,603,060
12,667,516		 2022
Total
Funds
£
233,896
233,896
1,236,690
1,236,690
85,795
-
(916,999)
-
(916,999)
12,824,508
11,907,509

Page 16