THE PHILIP KING HOMES
Registered Charity: 267458
ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDING 31st MAY 2025
Correspondence address: Westacre, Well Hill Lane Orpington Kent. BR6 7QJ Professional advisors: Land agents: Savills, Oxford Solicitors: SE Solicitors, Banbury Bank: HSBC Investment Managers: EdenTree Investment Management Ltd Y Tree Ltd Contents: Page Report of the Trustees 1 - 3 Independent Examiner’s Report 4 Accounts 5 - 11
THE PHILIP KING HOMES Registered Charity No: 267458
REPORT OF THE TRUSTEES FOR THE YEAR ENDING 31ST MAY 2025
The Philip King Homes was set up in 1974 by Mrs. Alice Maud King, known as Susie King. The object of the Trust is "To provide refuge or residential or holiday accommodation for persons in need or distress or elderly gentlefolk suffering financial hardship who require a period of rest or convalescence".
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Trust’s governing document is its Constitution, dated 19th March 1974. The management of the Trust is vested in its Trustees. The Trust has no employees.
Trustees who served during the year were: Mrs Anne Ireland (Chairman) Ms Margot Green Mr Steve McCann The Rev'd Bill Warren (retired 1st November 2024)
New Trustees may be appointed by unanimous vote of existing Trustees.
Reverend Bill Warren had indicated his wish to retire as a Trustee, as he was retiring from his work and moving to another part of the country in April 2024. The other Trustees were extremely grateful to him for agreeing to stay on until completion of the sale of the Oxfordshire land, which avoided otherwise potentially time-consuming administrative changes in legal documentation connected with the sale.
We thank Bill for all his service as a Trustee over many years and wish him and his wife a very happy retirement.
OBJECTIVES AND ACTIVITIES
Provision of housing for tenants:
The Trust owns properties in Croydon, which are rented to tenants selected by the Trustees. The Trust owns long leases and a share of freehold in common with other leaseholders of each respective block of flats. Rents are subsidised and are charged at the discretion of the Trustees. In view of the pressures of the continuing high cost of living on tenants’ restricted incomes, the Trustees have again decided to leave rents unchanged. The Trust funds all service charges, repairs and maintenance and redecoration for their tenants. The selection of tenants is entirely at the discretion of the Trustees. Tenancies are long-term, and the Trustees would only expect them to end when tenants either become unable to cope with independent living, wish to move out of the area, or on death.
The Trust now owns only 2 properties - a flat in a communal block in South Croydon, and a ground floor maisonette in East Croydon. Last year trustees resolved not to seek new tenants and purchase new flats given the anticipated sale of the Trust’s land in Oxfordshire.
Both tenanted properties were due EICR checks during the year, and these highlighted the need for some minor remedial work. The maisonette had additional work done in landscaping the small front garden and in repairing the kitchen floor.
The trustees are grateful for the help of their new local management agents, Marriott Vernon Estate Agents, in organising these repairs efficiently.
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ACHIEVEMENTS AND PERFORMANCE
Sale of land in Kidlington, Oxfordshire
As reported in previous years, the Trust owned approximately 68 acres of agricultural land in Kidlington, Oxfordshire. After many years of negotiations, led by the Trust’s professional advisors, full planning permission for the development of 350 houses was finally obtained in October 2024. A draft contract of sale had previously been negotiated and signed in July 2024 with Vistry Homes Limited, and after final adjustments following the receipt of full planning permission, the land was sold to Vistry on 1st November 2024 for the gross sum of £37.4m. After deduction of professional fees and the 12.5% share contracted with the land promoters, Barwood Development, the net proceeds of sale accruing to the Trust was £31,348,40 3 .
The sales contract provides for payment by Vistry to the Trust over 4 years. An initial £7.35m was paid on completion on 1st November, with the balance of £2m making up the first instalment paid on 10th January 2025. A further 25% will be paid on each of 1st November 2025, 2026 and 2027. The Trust retains a legal charge over the land, with proportions being released on receipt of each payment instalment. The Trust also retains a legal overage charge, under which it will receive additional payments if Vistry obtain additional planning permission in the future to build more than the 350 houses specified in the contract of sale.
The Trustees are extremely grateful for the enormous amount of expert advice provided by their professional advisors. Savills have acted for the Trust as its land agents since the 1970s. Charles Campion of Savills has been the Trust’s advisor since the late 1980s, and it has been immensely helpful to have such continuity. Whilst in the early years his professional expertise was confined to managing the land for use by tenant farmers, his advice in identifying potential partners to work with to obtain planning permission for development was invaluable. The appointment of Barwood Development Ltd in 2017 to act as the Trust’s land promoters proved an excellent choice, and their work, under the direction of Sam Dorrian, resulted in the eventual receipt of the desired planning permission from Cherwell District Council. It would be too voluminous to list all the difficulties and delays faced and overcome by Savills, Barwood and the Trust’s solicitors, Spratt Endicott. The Trustees acknowledge the amount of work that they all undertook and are delighted to be able to congratulate and thank them all for a successful outcome.
Financial Summary
During the year the Trust made a surplus of £225,724 (2024: £34,387). Income was £243,275, arising from £225,215 income earned on investments, and £18,060 from flat rentals. The increase in investment income arose from the investment of the first instalment of the sale proceeds of the Oxfordshire land.
Expenditure totalled £17,551 (2024: £39,545), being £9,075 paid in services charges and on routine maintenance of the Trust’s flats (2024: £5,995) and £8,476 (2024: £33,500) on other costs, £5,719 of this relating to investment management advice fees. In 2024 other costs included necessary pre-sale expenditure and professional fees in connection with the land, and selling costs connected with the sale of two of the Trust’s flats.
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INVESTMENTS
The net proceeds of the first 25% receipt for the sale of the Kidlington land, after settling all professional fees due, totalled £6.8m, of which, with the Trustees’ agreement, £4.8m was paid on completion in November 2024, and £2m paid in January 2025.
As reported last year, the Trustees resolved to open investment accounts with both Edentree Investment Management Ltd and Y-Tree Limited. An initial £20,000 had been invested in Edentree just prior to the 2024 year-end. An equivalent initial £20,000 was invested with Y- Tree in October 2024. The net proceeds from the first 25% were invested in each investment account after receipt of the first year’s instalment in November and January.
The Trust retains accumulated income on deposit, until such time that the Trustees have resolved to what purpose the underlying assets will be put.
FUTURE PLANS
The Trustees are actively researching ideas on how best to use the very significant funds they now have available. Given the amount of money involved they will take as much time as necessary to be sure that it will be put to the best use in accordance with the Trust’s charitable objects. It is highly unlikely that the Trust will become in itself an operational charity, employing an executive team. Instead, Trustees will be looking at potential charity partners in the sector or charities as suitable recipients of grant funding.
RESERVES
The Trustees retain funds surplus to current operating costs of maintaining its flats as reserves, pending decisions over their future use.
Signed:
Date: 11th September 2025
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THE PHILIP KING HOMES Registered Charity No: 267458
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE PHILIP KING HOMES
I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ending 31st May 2025.
Responsibilities and basis of report
As the charity trustees, you are responsible for the preparation of the accounts in accordance with the Charities Act 2011 (“the Act”).
I report in respect of my examination of the Trust’s accounts carried out under Section 145 of the 2011 Act, and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that, in any material respect,
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the accounting records were not kept in accordance with section 130 of the Act; or
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the accounts did not accord with the accounting records; or
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the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Louise Hallsworth, FCA
Affinia Chartered Accountants Lynwood House, Crofton Road Orpington Kent BR6 8QE
Dated: 12 September 2025
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THE PHILIP KING HOMES - REGISTERED CHARITY No. 267458 ACCOUNTS FOR THE YEAR ENDED 31st MAY 2025
STATEMENT OF FINANCIAL ACTIVITIES
UNRESTRICTED FUNDS
| 2024 18,810 55,122 73,932 5,995 33,550 39,545 34,387 20,000 54,387 29,000,000 - 29,054,387 |
Notes 2 3 5 INCOME: Charitable activities Investments EXPENDITURE: Charitable activities Other Net income before investment gains Investment gains Realised gains on sale of investmentproperty Net income Unrealised gains on revaluation of Tangible fixed assets 4 Investments 6 Net movement in funds |
2025 18,060 225,215 |
2025 243,275 17,551 |
|---|---|---|---|
| 9,075 8,476 |
|||
| 96,500 40,974 |
|||
| 225,724 1,348,403 |
|||
| 1,574,127 137,474 |
|||
| 1,711,601 |
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THE PHILIP KING HOMES - REGISTERED CHARITY No. 267458 ACCOUNTS FOR THE YEAR ENDED 31st MAY 2025
BALANCE SHEET
UNRESTRICTED FUNDS
| 2024 Notes Fixed Assets: 483,500 Tangible fixed assets 4 30,000,000 Investment land 5 30,483,500 Current Assets: 7 Deferred sale proceeds of land falling due - within one year 20,000 Investments 1,299,220 Cash at bank 8,450 Debtors 1,327,670 Total current assets: Creditors - amounts falling due within one year: 8 - Promotion payment on sale of land (2,576) Other creditors (2,576) 1,325,094 Net current assets: Long-term Debtors: 9 Deferred sale proceeds of land falling due - after more than one year 31,808,594 Net assets less current liabilities: Creditors - amounts falling due after more than one year: 10 Deferred promotion payments on sale of - land 31,808,594 Net assets: FUNDS 31,808,594 Unrestricted funds |
2025 2025 580,000 - |
2025 2025 580,000 - |
|---|---|---|
| 580,000 9,350,000 7,028,335 1,366,317 4,969 17,749,621 (1,168,750) (3,176) (1,171,926) 16,577,695 18,700,000 35,857,695 2,337,500 33,520,195 33,520,195 |
||
| 16,577,695 | ||
| 18,700,000 35,857,695 2,337,500 |
||
| 33,520,195 | ||
| 33,520,195 |
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THE PHILIP KING HOMES - REGISTERED CHARITY No. 267458 ACCOUNTS FOR THE YEAR ENDING 31st MAY 2025
NOTES TO THE ACCOUNTS
1. ACCOUNTING POLICIES
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(a) The accounts are prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (Charities SORP (FRS102) on an accruals basis. As the income for the year is below £500,000, full disclosure under FRS102 is not required.
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(b) The Philip King Homes meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
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(c) 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.
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(d) 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.
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(e) Fixed asset investments are initially measured at cost and revalued annually at the year end.
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(f) Key judgements and estimations The Trustees review the valuation of properties annually. Investments are valued at market value at the Balance Sheet date.
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(g) Basic financial instruments
The Trust holds basic financial assets and liabilities. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Basic financial assets, which include debtors and bank balances, are initially measured at transaction price including transaction costs. Basic financial liabilities, including creditors and deferred income are initially recognised at transaction price. 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 .
- (h) Investments
The Trustees review their investments policy at intervals during the year, taking account of anticipated significant movements of funds.
Monies surplus to current operating needs are invested both in deposit accounts at HSBC and the CCLA Charities Deposit Fund and in investment accounts with EdenTree Investment Management Ltd and Y-Tree Limited.
- (i) All funds are unrestricted and available for use at the discretion of the Trustees.
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THE PHILIP KING HOMES - REGISTERED CHARITY No. 267458 ACCOUNTS FOR THE YEAR ENDED 31st MAY 2025
NOTES TO THE ACCOUNTS (continued)
| 2. 3. |
INCOME Charitable activities Flat rental income Investment income CCLA Deposit Fund Y-Tree Ltd Blackrock Fund Y- Tree Ltd Cash Deposit Edentree Investment Management Ltd HSBC Deposit Account Spratt Endicott Client Deposit Account Income from Oxfordshire land Other EXPENDITURE Charitable activities Flat service charges Flat repairs and maintenance Letting agent fees Other Investment management fees Independent examination fee Oxfordshire land insurance pre-sale Oxfordshire land professional fees Oxfordshire land electrical connection fee Professional fees re sale of flats Bank charges Trustee expenses |
2025 18,060 57,011 95,408 13,729 54,877 1,929 2,257 - 3 225,215 2025 1,979 5,865 1,231 9,075 5,719 2,400 236 - - - 60 61 8,476 |
2024 18,810 |
|---|---|---|---|
| 48,579 - - - 1,263 - 5,280 - |
|||
| 55,122 | |||
| 2024 1,998 1,867 2,130 |
|||
| 5,995 | |||
| - 1,800 - 6,411 10,017 15,262 60 - |
|||
| 33,550 |
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THE PHILIP KING HOMES - REGISTERED CHARITY No. 267458 ACCOUNTS FOR THE YEAR ENDED 31st MAY 2025
NOTES TO THE ACCOUNTS (continued)
| 4. 5. 6. |
TANGIBLE FIXED ASSETS Long leasehold flats rented to charity tenants: Valuation at 1st June 2024 Unrealised gain on revaluation Valuation at 31st May 2025 Both flats were revalued at the year-end date. FIXED ASSET INVESTMENTS Land at Kidlington, Oxfordshire: Valuation at 1st June 2024 Sale proceeds Less costs of sale Net sale proceeds Realised gain on sale of investment land Fixed Assets Investments at 31st May 2025 INVESTMENTS Market value at 1st June2024 Additions Withdrawals Unrealised gains on revaluation Market value at 31st May2025 |
8 | Coverdale Gardens 253,500 61,500 315,000 |
15 Fairhaven Court 230,000 35,000 265,000 37,400,000 (6,051,597) 2025 20,000 13,938,295 (6,970,934) 40,974 7,028,355 |
Total 483,500 96,500 |
|||
|---|---|---|---|---|---|---|---|---|
| 580,000 | ||||||||
| 30,000,000 31,348,403 1,348,403 Nil |
||||||||
| 2024 - 20,000 - - |
||||||||
| 20,000 | ||||||||
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THE PHILIP KING HOMES - REGISTERED CHARITY No. 267458 ACCOUNTS FOR THE YEAR ENDED 31st MAY 2025
NOTES TO THE ACCOUNTS (continued)
| 7. 8. |
CURRENT ASSETS 2025 Deferred instalment receivable from Vistry Homes due1stNovember 2025 9,350,000 Investments: Edentree Short Dated Bond Fund B Income Shares 3,505,852 Y-Tree Management Ltd: Y-Tree Ltd GBP Cash Account 83,418 Blackrock Institutional Cash Series Sterling Liquidity Premier Income Fund 3,439,066 7,028,335 Cash: CCLA Charities Deposit Fund 1,253,283 HSBC Deposit Account 110,692 HSBC Current Account 2,342 1,366,317 Debtors: CCLA May 25 interest due 4,469 Retention on sale of flat in 2024 500 Other debtors - 4,969 Total current assets: 17,749,621 CREDITORS-AMOUNTS FALLING DUE WITHIN ONE YEAR: 2025 1,168,750 2,400 Promotion share payable to Barwood Development Ltd on1stNov 2025 (see note 10) Independent examination fee Other creditors 776 1,171,926 |
2024 | |
|---|---|---|---|
| - | |||
| 20,000 - - |
|||
| 20,000 | |||
| 1,195,586 95,263 8,371 |
|||
| 1,299,220 | |||
| 5,154 500 2,796 |
|||
| 8,450 | |||
| 1,327,670 | |||
| 2024 - 1,800 776 |
2024 | ||
| Promotion share payable to Barwood Development Ltd on1stNov 2025 (see note 10) Independent examination fee Other creditors |
|||
| 2,576 |
9. LONG TERM DEBTORS
The Trust completed the sale of its Oxfordshire land to Vistry Homes Ltd on 1st November 2024 for a total of £37.4m Under the terms of the contract, Vistry will pay the Trust in 4 equal instalments of £9.35m each. The first instalment was split into £7.35m, received on completion, and £2m received on 10th January 2025.
The remaining instalments are payable on the anniversaries of completion in November 2025, 2026 and 2027.
Long term debtors represent the 2026 and 2027 deferred instalments, totalling £18.7m
The Trust holds a legal charge over the proportion of the land equating to the unpaid instalments.
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THE PHILIP KING HOMES - REGISTERED CHARITY No. 267458 ACCOUNTS FOR THE YEAR ENDED 31st MAY 2025
NOTES TO THE ACCOUNTS (continued)
10. CREDITORS - AMOUNTS FALLING DUE AFTER ONE YEAR:
| CREDITORS - AMOUNTS FALLING DUE AFTER ONE YEAR: | |
|---|---|
| Barwood Development Ltd Promotion fee due1stNovember 2026 Promotion fee due 1st November 2027 Total creditors falling due after one year: |
2025 1,168,750 1,168,750 |
| 2,337,500 |
The contract with Barwood Development Ltd for promoting the sale of the Trust's land in Oxfordshire was based on a fee of 12.5% of the net sales proceeds, after deduction of their costs and legal and land agent fees. The fee is payable in instalments on the same date as the Vistry instalments are received.
| Gross sales proceeds Barwood cost recovery Land agent fees @ 1.8% Legal fees Net sales proceeds: Barwood Ltd promotion share @12.5% of NSP: Paid on completion Due1stNovember 2025 Due1stNovember 2026 Due1stNovember 2027 |
37,400,000 (804,918) (673,200) (95,135) |
|---|---|
| 35,826,747 | |
| 4,478,343 | |
| 972,093 1,168,750 1,168,750 1,168,750 |
|
| 4,478,343 |
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