PHILIP KING CHARITABLE TRUST Registered Charity No. 263992
REPORT AND AUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
5TH APRIL 2023
PHILIP KING CHARITABLE TRUST
INDEX
Page:
1 - 3 Report of the Trustees
4 Statement of Financial Activities
5 Balance Sheet
6 - 9 Notes to the Financial Statements
10 - 11 Auditors Report to the Trustees
PHILIP KING CHARITABLE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5TH APRIL 2023
The Trustees present their annual Report and the audited Financial Statements for the year ended 5th April 2023.
FORMATION, GOVERNING DOCUMENT AND PURPOSE
Philip King Charitable Trust is a registered charity (No. 263992) and is constituted by a Trust Deed dated 11th January 1972. The late Philip King bequeathed the residue of his estate to the Philip King Charitable Trust. The residue vested in the trust following the death in 2007 of Clare King, his wife.
As set out in the Trust Deed the trustees can apply the income and capital for such charitable activities as the trustees think fit. In so doing the trustees will consider the causes that the settlor, Philip King, may have chosen to support. The trustees also confirm that they refer to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the trust's aims and objectives and in planning future activities and setting grant making policy.
TRUSTEES
The Trustees at 5th April 2023 were:-
Louise Maddison Susie Fox Alison Meek Jeremy Tobias-Tarsh David Tarsh
Peter Sawford retired as a trustee with effect from 9 June 2022.
ADMINISTRATOR AND PRINCIPAL ADDRESS
Ian Maddison is the trust's Administrator. The principal address and address for correspondence is PO Box 1139, Elsworth, Cambridge, CB23 4WB.
BANKERS
Barclays, National Westminster and COIF.
AUDITORS
Brindley Millen Limited, 167 Turners Hill, Cheshunt, Herts, EN8 9BH.
INVESTMENT MANAGERS
Smith & Williamson McInroy & Wood
GRANT MAKING POLICY
The trust seeks initiatives and projects to support: the young, the old, the sick and the disadvantaged.
It favours medical research and Jewish organisations (but not at the exclusion of others). It also seeks to help smaller charitable organisations where a donation will make a real difference.
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PHILIP KING CHARITABLE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5TH APRIL 2023
REVIEW OF THE YEAR
The trust's work is entirely reliant on income and investment returns from its investments. Its net assets (including cash) decreased over the year from £14.3 million to £13.0 million. Most significantly there was a £0.6 million realised and unrealised loss on investments (as opposed to an £0.8m gain in the previous year) in addition to grant giving in excess of £750,000. Whilst the trustees have increased the overall level of grants over the past three years the trustees are mindful of market movements and economic turbulence arising from both a global and domestic perspective. In setting the trust's grant making policy the trustees take the longer term view and do not therefore limit grants to income generated in any given year but take a view as to what the fund might be able to sustain over the medium term.
The trust made 57 principal grants during the year totalling £752,000. The trust has also committed to future funding of projects subject to (where applicable) progress reports. The main grants are listed in note 3 to the accounts.
STRUCTURE GOVERNANCE AND MANAGEMENT
As set out above the trust was set up by Philip King in 1972 and since that time has made donations to a range of causes. Following the death of his wife, Clare King, the trustees have a substantial portfolio of assets at their disposal. The trust does not actively fundraise and seeks to continue the charitable work desired by the donor and his wife through the careful stewardship of its existing resources.
New trustees are appointed by the existing trustees. There is no set period of appointment set out in the trust deed, nor minimum or maximum number of trustees. All of the trustees give their time freely and no trustee remuneration was paid in the year. Details of trustees expenses are disclosed in the notes to the accounts. Trustees are required to disclose all relevant interests (particularly as regards grant applications and withdraw from decisions where a conflict of interest arises.
At the six monthly 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 day to day administration of grants and the processing of applications prior to consideration by the trustees is delegated to the charity's Administrator.
RISK MANAGEMENT
The trustees have considered the major risks to which the charity is exposed. In so doing the trustees periodically review the performance of the investment manager(s) with the assistance of investment consultants. The portfolio is currently run by two managers namely: Smith & Williamson and McInroy & Wood. The managers report quarterly in writing on the performance of the funds they manage and when required in person at trustees' meetings.
INVESTMENT POLICY AND PERFORMANCE
The trust's investment manager is instructed to invest to maximize the total return on the funds at their disposal within the constraints of a risk profile as discussed and agreed with the investment manager.
The charity is a long term investor and the trustees, on professional advice, take the view that a mixed portfolio of equities, bonds, cash and other investments, weighted according to the appetite for investment risk, remains appropriate.
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PHILIP KING CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5TH APRIL 2023 INVESTMEKf POLICY AND PERFORMANCE - Continued The total ffjlum on nvestffents ffAnaged by the investnEnt ffonag•. after fees. for 2022123 vras-3.ovo cory)ares wrth thg ThK)veffent on the MSCI PIMFA 8alanc80 NR GBP 8ak8n¢ed of 4.811A. PLANS FOR THE FLMJRE The INste8s continue to look for proi8cts and chaiTIS that the trust support. STATEMENT OF TRUSTEES RESPONSIBiunES Unrf(ed KgdOM Charity law requyes the trustegs to preparn Fman¢pl Ststeffenls for each financkgl year. ¥thich grve a true and fay view ol the stale of affaKs of the charrty as at the end of the fnancial year and of Ihe incoming resourres and Ihe appltstKJn of resources of the trust for that perntj. In pffjparing those Fiiancial Ststerrents, the Tnjslees are required to... 88b8¢t Surfab accounts.ng pol$ and then appty them wnsistenttr. observe the nthods and pthcipk$ •1 the Chaiities SORP. state eITher appIable UK accounthng standard5 have been folkivBd. subjèct to any nwlerial departures dis(sed and oxpL4ined Yt the financkn21 Statents.. make judgments and estwrBtes that are reasonable and pwdenl: and prepare the Finanaal Siatennts on the gong conrn basts unless il t5 nappprOte to presume that the twst wll continue. The Iwstees a reSpOnsb for keepKig proper accounting records disdose with reasonablg accurdcy at any tirre the fanCl po$rtn of the tnJst and to enab them to ensu that the FanCl Statements corww wth the Charities Act 1993, the Charrty (ArunIS and Reports) RegulalKins 2008 and the PfDvisrJns of the tnjsl d68d. They are also responst) for safeguawding the assets of the trust and hence for tskw)g reasonable steps for the prevenl*)n and detectn of fraud and other lrr8gularrt$. Approved and signe(l on behaff of the twstees D J TARSH Trustee 16 January 2024
PHILIP KING CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 5TH APRIL 2023
| STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 5TH APRIL 2023 |
|||
|---|---|---|---|
| Unrestricted | Unrestricted | ||
| Funds | Funds | ||
| 2023 | 2022 | ||
| Note | £ | £ | |
| INCOMING FROM | |||
| Incoming resources from generated funds | |||
| Investment income | 2 | 198,106 | 201,687 |
| ___ | ___ | ||
| Total income | 198,106 | 201,687 | |
| ___ | ___ | ||
| EXPENDITURE ON | |||
| Costs of generating funds | |||
| Investment management fees | 53,169 | 65,474 | |
| Other professional fees | - | - | |
| Charitable activities | |||
| Grants made | 3 | 751,998 | 746,500 |
| Governance costs | 4 | 22,378 | 21,063 |
| ___ | ___ | ||
| Total expenditure | 827,545 | 833,037 | |
| ___ | ___ | ||
| Net income / (expenditure) | (629,439) | (631,350) | |
| Other recognised gains and losses | |||
| Realised and unrealised gains and (losses) | |||
| on investment assets | (635,690) | 772,652 | |
| ___ | ___ | ||
| Net movement in funds | (1,265,129) | 141,302 | |
| Reconciliation of funds | |||
| Total funds brought forward | 14,275,613 | 14,134,311 | |
| ___ | ___ | ||
| FUNDS AT 5TH APRIL | 13,010,484 | 14,275,613 | |
| _ _ |
_ _ |
There were no other gains or losses other than those stated above.
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PHILIP KING CHARrrABLE TRUST BALANCE SHEET AS AT 5TH APRIL 2023 2023 2022 FIXED ASSETS Investsllenls 12.985.198 14.5.998 Totsl flx•d assets 12,98S. 198 14,205.998 CURRENT ASSETS Cash al bank Short lenn deposit5 43.363 137.888 43.363 137,668 LIABILITIES cfedrto. ArTr)unls fakng due one year 18.OT7 N•t ¢urr•rrt assets 25.286 69.615 Total a¥s•ts l•is current liabllltl•8 13,010.484 14,275,613 THE FUNDS OF THE CHARITY Unrestricted funds 13,010,484 14,275,613 Total funds 13.010.484 14,275,613 The Financwl Statements were approved by the tnJstees and $tr3ned on ther behalf on 16 January 2024 by: D J TARSH Trustee L R MADDISON Twstee
PHILIP KING CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2023
1. ACCOUNTING POLICIES
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The financial statements have been prepared under the historical cost convention. The particular accounting policies adopted are described below.
Going concern
There are no material uncertainties about the charity's ability to continue as a going concern and accordingly the accounts have been drawn up on a going concern basis.
Fund structure
The charity has a single expendable endowment fund.
Investment income
Interest and dividend income is included in the Statement of Financial Activities on an accruals basis.
Grants and commitments made
Grant commitments are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure.
Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and any condition attaching to the grant is outside of the control of the trust.
Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.
Commitments to provide funds that are dependent on the recipient undertaking certain obligations are recorded in the notes to the accounts as commitments until such time as they are paid.
Irrecoverable VAT
Irrecoverable VAT is charged against the category of resources expended for which it was incurred.
Realised 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 market value (purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (or purchase date if later). Realised and unrealised gains are not separated in the Statement of Financial Activities.
Governance costs and administrative expenditure
Resources expended on governance and administration are included in the Statement of Financial Activities on an accruals basis.
Fixed asset investments
Quoted investments are stated at market value as at the balance sheet date. Unquoted investments are periodically valued by the trustees. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
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PHILIP KING CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2023
ACCOUNTING POLICIES Continued
Cash at bank and in hand
Cash at bank and in hand includes cash, current bank deposits and deposit bank accounts with no withdrawal restrictions.
Creditors
Creditors are recognised where the charity has a present obligation resulting from a past event that will result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are recognised at there settlement date.
2. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Dividends - Quoted bonds and equities | 185,204 | 191,011 |
| Interest on gilts, cash deposits and cash funds | 12,902 | 10,676 |
| __ | __ | |
| 198,106 | 201,687 | |
| _ _ |
_ _ |
3. GRANTS MADE
| GRANTS MADE | GRANTS MADE | ||
|---|---|---|---|
| Grants made in the period comprise:- | **2023 ** | Committed | |
| Recipient | Purpose | £ | £ |
| Save a Child's Heart | Funding for training | 15,000 | - |
| Working Families | Helping under privileged with employment issue | 15,000 | - |
| Bloomsbury Football Assoc. | Funding towards a Community Engagement rol | 33,500 | 33,500 |
| East Anglian Hospice | Funding towards a nursing post | 20,000 | 20,000 |
| Peppo | Funding of on line educational support | 15,000 | 30,000 |
| Power to Inspire | Support for all inclusive sport initiatives | 20,000 | 19,000 |
| Arthouse Umlimited | Funding towards refurbishment of premises | 12,500 | - |
| Red Balloon Learner Centre | Specialist schools for bullied children | 50,000 | - |
| Humanity & Inclusion | Supporting the disabled in Palestine | 10,000 | - |
| Tzedek | Communications and fund raising post | 10,000 | - |
| Gabrieli Roar | Music courses for state educated school childre | 30,000 | 60,000 |
| Queen's Club Foundation | Tennis outreach programme | 5,880 | - |
| Arthur Rank Hospice | Befriending project | 19,700 | - |
| Support Send Kids | To fund the position of a part-time fundraiser | 12,500 | - |
| Shelter | Funding for Sheffield centre | 20,000 | - |
| Not Beyond Redemption | Legal support for women pirsoners | 20,000 | 40,000 |
| Sheffield Music Academy | Befriending Project for the over 25s | 25,000 | 33,000 |
| The Sick Children's Trust | Arts therapy centre based in Jerusalem | 19,000 | - |
| iHeart Principles | Engendering resilience in children | 25,000 | 35,000 |
| Gabriel Project Mumbai | Funding for healthcare and livelihood manager | 6,800 | 7,000 |
| The Garden Classroom | To fund executive team support | 7,500 | 15,000 |
| Birmingham Jewish Housing | Grant for facilities | 20,600 | - |
| Kuchinate | African refugee women’s collective in Tel Aviv | 10,000 | 10,000 |
| Soldiers Art Academy | Supporting the fundraising activity | 10,000 | 20,000 |
| Great Ormond Street | Funding for play therapy post | 33,000 | - |
| Holocaust Memorial Day TrusFunding for interfaith outreach role | 25,000 | 50,000 |
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PHILIP KING CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2023
GRANTS MADE Continued
| GRANTS MADE Continued | **2023 ** | Committed | |
| £ | £ | ||
| - | |||
| ALLMEP | Support for core costs | 25,000 | 25,000 |
| Well Being of Women | Funding for a project to treat ovarian cancer | 16,300 | - |
| Project Impact | Funding for two youth leaders | 25,000 | 25,000 |
| Rainbow Fund for South Afric | Educational programme for disadvantaged | 13,000 | - |
| Lifting Limits | Funding for position of head of education | 31,200 | - |
| The Anne Frank Trust | Youth Empowerment initiative | 20,000 | - |
| Forward Thinking | To fund the cost of an Arab speaker | 40,000 | 40,000 |
| Bright Futures UK | Funding for cross charity initiative | 23,000 | - |
| Addenbrookes | Family therapy project | 10,000 | 10,000 |
| Gambia School Support | Supporting schools in Gambia | 10,000 | 20,000 |
| __ | __ | ||
| 704,480 | 492,500 | ||
| Other smaller grants | 47,518 | - | |
| __ | __ | ||
| 751,998 | 492,500 | ||
| _ | _ | ||
| _ | _ | ||
| 4. GOVERNANCE COSTS | |||
| 2023 | 2022 | ||
| £ | £ | ||
| Audit fee | 2,424 | 2,352 | |
| Charity Administrator's costs | 19,929 | 18,711 | |
| Bank charges | 25 | 25 | |
| ___ | ___ | ||
| 22,378 | 21,088 | ||
| _ _ |
_ _ |
| The trustees received no remuneration in the period (2022 £Nil). The Charity Administrator is | The trustees received no remuneration in the period (2022 £Nil). The Charity Administrator is | The trustees received no remuneration in the period (2022 £Nil). The Charity Administrator is |
|---|---|---|
| Mr Ian Maddison who is married to a trustee of the charity. | ||
| 5. FIXED ASSET INVESTMENTS | ||
| 2023 | 2022 | |
| £ | £ | |
| Managed investment portfolio | 12,985,198 | 14,205,998 |
| ___ | ___ | |
| 12,985,198 | 14,205,998 | |
| __ | __ | |
| __ | __ | |
| Movement in managed investment portfolio | ||
| Market value brought forward at 6 April 2022 | 14,205,998 | 14,146,758 |
| Add: Investments purchased in the year | 3,335,051 | 2,614,558 |
| Investments sold in the year | ( 4,143,892) | ( 2,636,520) |
| Movement in cash | 227,347 | ( 688,262) |
| Add net profit / (loss) on revaluation | ( 639,306) | 769,464 |
| ___ | ___ | |
| Market value as at 5 April 2023 | 12,985,198 | 14,205,998 |
| _ _ |
_ _ |
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PHILIP KING CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2023
5. FIXED ASSET INVESTMENTS Continued
| 2023 | 2022 | |
|---|---|---|
| Investments in managed portfolio at market value | £ | £ |
| Equities | 10,379,217 | 11,971,002 |
| Fixed interest securities | 2,087,280 | 1,943,642 |
| Cash held within the investment portfolio | 518,701 | 291,354 |
| ___ | ___ | |
| Total | 12,985,198 | 14,205,998 |
| __ | __ | |
| __ | __ | |
| 6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
| 2023 | 2022 | |
| £ | £ | |
| Accruals | 18,077 | 18,053 |
| Grants | 0 | 50,000 |
| ___ | ___ | |
| 18,077 | 18,053 | |
| __ | __ | |
| __ | __ | |
| 7. ANALYSIS OF NET ASSETS |
| Unrestricted | ||
|---|---|---|
| **Funds ** | Total | |
| £ | £ | |
| Investments | 12,985,198 | 12,985,198 |
| Net current assets | 25,286 | 25,286 |
| ___ | ___ | |
| 13,010,484 | 13,010,484 | |
| _ _ |
_ _ |
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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF PHILIP KING CHARITABLE TRUST
Opinion
We have audited the financial statements of Philip King Charitable Trust (the 'charity') for the year ended 5 April 2023 which comprise the Statement of Financial Activities, the Balance Sheet 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 (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the charity's affairs as at 5 April 2023 and of its incoming resources and application of resources, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Charities Act 2011.
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 Auditors' 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 trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors 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 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.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
-
the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
-
sufficient accounting records have not been kept; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
we have not received all the information and explanations we require for our audit.
Page 10
REPORT OF THE IfTJEPEYDb'NT AlIDIT0 TO THK IRusfEES OF
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