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2022-04-05-accounts

Charity registration number 260378

THE PHILLIPS AND RUBENS CHARITABLE TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2022

THE PHILLIPS AND RUBENS CHARITABLE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr M Paisner
Mr G Phillips
Mr P Phillips
Mrs C L Mishon
Charity number 260378
Auditor Grunberg & Co Ltd
5 Technology Park
Colindeep Lane
Colindale
London
United Kingdom
NW9 6BX

THE PHILLIPS AND RUBENS CHARITABLE TRUST

CONTENTS

Page
Trustees' report 1 - 4
Independent auditor's report 5 - 7
Statement of financial activities 8
Statement of financial position 9
Notes to the financial statements 10 - 19

THE PHILLIPS AND RUBENS CHARITABLE TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 5 APRIL 2022

The Trustees present their annual report and financial statements for the year ended 5 April 2022.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's governing document, the Charities Act 2011 and "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

The objects of the trust are to apply the trust funds for the benefit of such charitable purposes, charitable institutions and charitable foundations as the trustees may from time to time determine. The trustees confirm that they have referred to the guidance contained in The Charity Commission general guidance on public benefit when reviewing the trust's aims and objectives, in planning for the future and in setting the grant making policy for the year.

As a matter of general policy, the aim of the trustees is to continue their policy of distributing income for the benefit of a range of charities, and to retain capital.

The trustees receive applications for donations from a wide variety of charitable institutions including those engaged in medical and ancillary services (including medical research), education, helping the disabled and old aged, relieving poverty, providing sheltered accommodation, developing the arts etc. The trustees consider all requests which they receive and make such donations as they feel appropriate.

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.

Achievements and performance

In the period the trustees made donations of £357,850 (2021: £281,043) to a wide variety of charities.

Financial review

The trust's main sources of income are investments and rental income that generated £494,203 (2021: £426,559) of income. The trust made donations in the period of £357,850 (2021: £281,043). The unrestricted funds amounting to £13,926,430 (2021: £13,194,261) at the period end are to be used towards the respective objectives as detailed above.

There are no restrictions on the trust's power to invest and funds can be invested in any type of investment at the discretion of the trustees, in accordance with the Trust Deed and the Trustees Act 2000. In consultation with their independent financial advisors, the trustees are pursuing a balanced growth strategy taking account of income requirements; the risk profile and the investment managers' views of the markets in the short, medium and longer term.

It is the policy of the trust to match investment income with resources expended. This policy provides sufficient funds to cover donations, management and administration costs. As the return on investments is measured by growth in the underlying investments, the trustees may need to draw down on investments in the future to meet charitable and overhead expenditure as required.

At 5 April 2022, the trust held investments totalling £13,690,281 (2021: £12,975,408). Investments are held for capital growth and for return to provide income to make charitable donations.

The net expenditure for raising funds in the year amounted to £50,940 (2021: £44,335) which is directly attributable to fund management costs.

As at 5 April 2022 the Trustees obtained a third party appraisal of the value of the property portfolio of £1,550,000. As a result, the valuation of the properties in the accounts has been reduced by £88,543. The Trustees do not believe this makes a significant difference to the long term future of the trust or its planned activities.

The charity does not maintain a policy for holding reserves, this is to ensure grants made are within available resources and adequately funded by the income generated from the investment and does not require any additional reserves.

THE PHILLIPS AND RUBENS CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2022

The trust aims to achieve a reasonable capital growth in light of market conditions. The investment advisors are instructed to invest in a portfolio which will maximize total return with a medium to low risk policy.

The current investment strategy has taken place based upon advice from Conrad Montford who continue in their role as independent investment consultants. The trustees continue to monitor the performance of their investment portfolios and advisors.

The trustees examine the major risks that the trust faces every financial year and have developed systems to monitor and control these risks to mitigate any impact they may have on the trust in the future.

Plans for future periods

The future plans of the trust are determined to a large extent by the return on its investments. The trust aims to increase the level of future donations within the constraints of its financial resources.

Structure, governance and management

The trust was established as the Ruth & Michael Phillips Charitable Trust by a trust deed dated 16 December 1969 as an unincorporated trust exclusively for charitable purposes, 'charitable' meaning charitable according to English Law. The trust is registered with the Charity Commission, registration number 260376. On 31 March 2005, the trust merged with the J.B. Rubens Charitable Foundation (established in 1959 by the late John Rubens) by way of the latter donating all of its funds to the trust. To recognise the merger of the two charities, the new name was established as The Phillips and Rubens Charitable Trust.

The Trustees who served during the year and up to the date of signature of the financial statements were: Mr M Paisner

Mrs R Phillips (Deceased 31 January 2022) Mr G Phillips Mr P Phillips Mrs C L Mishon

The power of appointing new trustees is vested in the Settlers. Recruitment of new trustees takes into account the board's strengths and any potential skill gaps. Any trustee may resign in writing and may be removed by unanimous resolution of the other trustees. The current trustees are responsible for the induction of any new trustees which involves awareness of trustee's responsibilities, the governing instrument, administration procedures and the history of the trust. New trustees are appointed by deed.

The trust's day to day activities are co-ordinated by the trustees. Consideration and authorisation of charitable donations are the sole responsibility of the trustees.

The trustees have systems in place to identify any conflicts of interest that may occur. When a conflict of interest arises, the relevant trustee or trustees agree to withdraw from any discussion or decision.

Related parties

The Phillips and Rubens Charitable Trust is connected through common trustees to The Phillips Family Charitable Trust. The trusts have similar objectives and on many occasions work together to advance their mutual aims and objectives.

Details of other material transactions with related parties are shown in the notes to the financial statements.

THE PHILLIPS AND RUBENS CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2022

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 260378

Principal address

67-69 George Street London W1U 8LT

The trustees who held office during the period were: Ruth Phillips Martin D. Paisner Paul Phillips Gary Phillips Carolyn Mishon

Auditors

Grunberg & Co Limited Chartered Accountants & Statutory Auditors 5 Technology Park Colindeep Lane Colindale London NW9 6BX

Solicitors

Bryan Cave Leighton Paisner Adelaide House London Bridge London EC4R 9HA

Investment Consultants

Conrad Montford Hillingdon Maudlin Lane Steyning West Sussex BN44 3PR

THE PHILLIPS AND RUBENS CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2022

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 Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustees 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 year.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping sufficient 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.

The Trustees' report was approved by the Board of Trustees.

Mr P Phillips

Trustee

21 December 2022

THE PHILLIPS AND RUBENS CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF THE PHILLIPS AND RUBENS CHARITABLE TRUST

Opinion

We have audited the financial statements of The Phillips and Rubens Charitable Trust (the ‘Charity’) for the year ended 5 April 2022 which comprise the statement of financial activities, the statement of financial position and notes to the financial statements, including 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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' 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 Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

THE PHILLIPS AND RUBENS CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF THE PHILLIPS AND RUBENS CHARITABLE TRUST

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 Trustees

As explained more fully in the statement of Trustees' responsibilities, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine 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 Trustees are 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 Trustees either intend 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 the Act and relevant regulations made or having effect thereunder.

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.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

Audit procedures performed included the reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; discussions with the directors' on their own assessment of the risks that irregularities may occur either as a result of fraud or error, their assessment of compliance with laws and regulations and whether they were aware of any instances of non-compliance, including any potential litigation or claims; performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; inspection of relevant legal correspondence and board minutes; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

THE PHILLIPS AND RUBENS CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF THE PHILLIPS AND RUBENS CHARITABLE TRUST

As a result of our assessment, it is considered that there are no laws and regulations for which non-compliance may be fundamental to the operating aspects of the business. However, laws and regulations considered to have a direct effect on the financial statements included the UK Companies Act, Employment Laws, Tax and Pensions legislation and Health & Safety legislation.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. There is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters

Your attention is drawn to the fact that the charity has prepared financial statements 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)" (as amended) 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 now been withdrawn.

This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.

Use of our report

This report is made solely to the charity’s trustees, 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 trustees 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 trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Gedalia Waldman BA FCA (Senior Statutory Auditor) for and on behalf of Grunberg & Co Ltd 21 December 2022 Chartered Accountants Statutory Auditor 5 Technology Park Colindeep Lane Colindale London United Kingdom NW9 6BX

Grunberg & Co Ltd is eligible for appointment as auditor of the Charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

THE PHILLIPS AND RUBENS CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 5 APRIL 2022

Unrestricted Unrestricted
funds funds
2022 2021
Notes £ £
Income from:
Investments 2 494,203 426,559
Expenditure on:
Raising funds 3 50,941 44,335
Charitable activities 4 454,905 380,949
Total expenditure 505,846 425,284
Net gains/(losses) on investments 9 736,125 2,166,615
Net incoming resources 724,482 2,167,890
Other recognised gains and losses
Other gains or losses 10 7,687 -
Net movement in funds 732,169 2,167,890
Fund balances at 6 April 2021 13,194,261 11,026,371
Fund balances at 5 April 2022 13,926,430 13,194,261

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

THE PHILLIPS AND RUBENS CHARITABLE TRUST

STATEMENT OF FINANCIAL POSITION

AS AT 5 APRIL 2022

Notes
Fixed assets
Tangible assets
11
Investment properties
12
Investments
13
Current assets
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within one
year
16
Net current assets
Total assets less current liabilities
Income funds
Unrestricted funds - general		 2022
£
125,189
165,608
290,797
(57,452)		 £
2,804
1,550,000
12,140,281
13,693,085
233,345
13,926,430
13,926,430
13,926,430		 2021
£
115,765
152,991
268,756
(54,324)		 £
4,421
1,638,543
11,336,865
12,979,829
214,432
13,194,261
13,194,261
13,194,261

The financial statements were approved by the Trustees on 21 December 2022

Mr P Phillips Trustee

THE PHILLIPS AND RUBENS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2022

1 Accounting policies

Charity information

The Phillips and Rubens Charitable Trust is an unincorporated trust. Its principal place of business is 67-69 George Street, London, W1U 8LT.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Charity's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 Charity is a Public Benefit Entity as defined by FRS 102.

The Charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The trust constitutes a public benefit entity as defined by FRS 102.

The financial statements 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 Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

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

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

1.4 Income

Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Donations are recognised when the trust's right to income is met and the amount receivable can be determined.

Investment income is recognised when receivable and the amount can be measured reliably. This is normally when the investment managers are notified of the interest receivable by the banks or dividends are declared and notification has been received of the dividend due.

THE PHILLIPS AND RUBENS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2022

1 Accounting policies

(Continued)

1.5 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 are allocated on the portion of the asset’s use.

Governance costs are those incurred in connection with the administration of the charity and compliance with constitutional and statutory requirements.

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.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings over the period of the lease Fixtures and fittings 25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

THE PHILLIPS AND RUBENS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2022

1 Accounting policies

(Continued)

1.8 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

Quoted investment are subsequently measured at fair value at the balance sheet date using the closing quoted market price.

Cash or cash equivalents are measured at the cash balance in sterling, using the spot exchange rate at the balance sheet date.

The fair value of foreign investments is translated into Sterling at the rate of exchange ruling at the year end. Any realised or unrealised gains or losses on investments are taken to the statement of financial activities. The main form of financial risk faced by the trust is that of the volatility of the markets due to wider economic conditions, the attitude of investors to investment risk and changes in sentiment concerning equities within particular sectors and sub-sectors.

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10 Financial instruments

The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

THE PHILLIPS AND RUBENS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2022

1 Accounting policies

(Continued)

Derecognition of financial liabilities

Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.

1.11 Taxation

The charity is exempt from tax on its charitable activities.

1.12 Operating leases

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.

2 Investments

Unrestricted Unrestricted
funds funds
general general
2022 2021
£ £
Rental income 161,631 139,962
Income from listed investments 332,572 286,597
494,203 426,559

3 Raising funds

Unrestricted Unrestricted
funds funds
general general
2022 2021
£ £
Investment management 50,941 44,335
50,941 44,335

THE PHILLIPS AND RUBENS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2022

4 Charitable activities

Grant funding of activities (see note 5)
Share of support costs (see note 6)
Share of governance costs (see note 6)
Grants payable
Grants to institutions:
Other		 2022
£
357,850
53,180
43,875
454,905
2022
£
357,850		 2021
£
281,044
49,262
50,643
380,949
2021
£
281,044

5 Grants payable

THE PHILLIPS AND RUBENS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2022

6 Support costs

Support costs
Governance
costs
£
£
Operating lease charges
39,385
-
Bank charges
445
-
Repairs and renewals
232
-
Sundries
10,253
-
Travel and subsistence
46
-
Depreciation of tangible
fixed assets
2,819
-
Auditors' remuneration
-
14,175
Bookkeeping services
-
11,700
Consultancy
-
18,000
53,180
43,875
Analysed between
Charitable activities
53,180
43,875		 2022 Support costs
Governance
costs
£
£
£
39,385
33,722
-
445
320
-
232
143
-
10,253
9,279
-
46
3,279
-
2,819
2,519
-
14,175
-
15,214
11,700
-
17,429
18,000
-
18,000
97,055
49,262
50,643
97,055
49,262
50,643		 2021
£
33,722
320
143
9,279
3,279
2,519
15,214
17,429
18,000
99,905
99,905

Governance costs includes payments to the auditors of £14,175 (2021- £15,214) for audit fees.

7 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year.

8 Employees

The average monthly number of employees during the year was:

2022 2021
Number Number
Total - -

There were no employees whose annual remuneration was more than £60,000.

THE PHILLIPS AND RUBENS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2022

9 Net gains/(losses) on investments

Unrestricted Unrestricted
funds funds
general general
2022 2021
£ £
Revaluation of investments 736,498 2,092,010
Gain/(loss) on sale of investments 88,170 74,605
Revaluation of investment properties (88,543) -
736,125 2,166,615
Other gains or losses
Unrestricted Total
funds
general
2022 2021
£ £
Foreign exchange gains (7,687) -

10 Other gains or losses

11 Tangible fixed assets

Leasehold land
and buildings
Fixtures and
fittings
£
£
Cost
At 6 April 2021
16,488
14,292
Additions
-
1,202
At 5 April 2022
16,488
15,494
Depreciation and impairment
At 6 April 2021
14,266
12,093
Depreciation charged in the year
1,649
1,170
At 5 April 2022
15,915
13,263
Carrying amount
At 5 April 2022
573
2,231
At 5 April 2021
2,222
2,199		 Total
£
30,780
1,202
31,982
26,359
2,819
29,178
2,804
4,421

THE PHILLIPS AND RUBENS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2022

12 Investment property
2022
£
Fair value
At 6 April 2021 1,638,543
Net gains or losses through fair value adjustments (88,543)
At 5 April 2022 1,550,000
2022 2021
£ £
Freehold 1,550,000 1,638,543
Long leasehold - -
Short leasehold - -
13 Fixed asset investments
Listed investments
£
Cost or valuation
At 6 April 2021 11,336,865
Additions 1,078,968
Valuation changes 736,498
Disposals (1,012,050)
At 5 April 2022 12,140,281
Carrying amount
At 05 April 2022 12,140,281
At 05 April 2021 11,336,865
Included within listed investments is cash totalling £376,897 (2021: £392,375) held by the Charity's investment
managers. It is included here as it utilised for investment purposes.
14 Financial instruments 2022 2021
£ £
Carrying amount of financial assets
Instruments measured at fair value through profit or loss 12,140,281 11,336,865

THE PHILLIPS AND RUBENS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2022

15 Debtors

Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income		 2022
£
62,425
36,732
26,032
125,189		 2021
£
33,633
36,732
45,400
115,765

16 Creditors: amounts falling due within one year

Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income		 2022
£
7,942
2,061
14,500
32,949
57,452		 2021
£
5,556
7,137
14,500
27,131
54,324

17 Operating lease commitments

Lessee

At the reporting end date the Charity had outstanding commitments for future minimum lease payments under noncancellable operating leases, which fall due as follows:

Within one year
Between two and five years		 2022
£
18,027
-
18,027		 2021
£
35,000
18,027
53,027

Lessor

At the reporting end date the Charity had contracted with tenants for the following minimum lease payments:

Within one year
Between two and five years		 2022
£
73,000
173,707
246,707		 2021
£
93,441
249,083
342,524

THE PHILLIPS AND RUBENS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2022

17 Operating lease commitments

(Continued)

18 Related party transactions

At the balance sheet date an amount of £36,732 (2021: £36,732) which is interest free and repayable on demand was owed to The Phillips and Rubens Charitable Trust by Berkeley Square properties Ltd, a Company in which Paul Phillips is a Director.

During the period under review, the charity had transactions with the following related parties:

The charity received a rent recharge from Berkeley Square Properties Ltd totalling £17,500 (2020: £13,462). Berkeley Square Properties Ltd has a common director with the charity.

The charity paid a grant to The Phillips Family Charitable Trust totalling £100,000 (2020: £100,000). The Phillips Family Charitable Trust has common trustees with the charity.