2022-12-31-accounts

THE PHILIP RECKITT EDUCATIONAL TRUST FUND

FINANCIAL STATEMENTS

FOR THE YEAR FROM 1 JANUARY 2022 TO 31 DECEMBER 2022

Prepared by

Rollits LLP

THE PHILIP RECKITT EDUCATIONAL TRUST FUND

CONTENTS

	Page
Trustees' Annual Report	1 - 6
Independent Examiner's Report	7
Statement of Financial Activities	8
Balance Sheet	9
Notes to the Accounts	10 - 17

THE PHILIP RECKITT EDUCATIONAL TRUST FUND

CHARITY NUMBER: 529777

TRUSTEES' ANNUAL REPORT

FOR THE YEAR FROM 1 JANUARY 2022 TO 31 DECEMBER 2022

Introduction

The trustees present their report and the accounts of the charity for the year ended 31 December 2022. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" in preparing their report and the annual financial statements of the charity.

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts 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 published in October 2019.

Objectives and activities

Objects

The original trust objects set by the Trust Deed in 1944, were subsequently amended by a Deed of Variation in 1949 and an Order of the High Court of Justice (Chancery Division) in 1970, and now read as follows:

"After the payment out of income of all proper costs and expenses of or incidental to the management of the trust, the trustees shall hold the trust fund and the income thereof in trust as to both capital and income for the education or assisting in the education of any persons for the time being resident in the geographical area of the East Riding of the county of York (including the City and County of Kingston Upon Hull) or in the geographical County of Norfolk (including the City and County of Norwich) in the languages, business methods social services and customs of any country or countries in any part of the world or in any other subject or subjects of study. Without prejudice to the generality of the above, the trustees are in particular empowered to extend or supply the income of the trust fund and, if they think fit, any portion or portions of the whole of the capital thereof in arranging and providing facilities for and paying or contributing towards the cost of travel, residence and attendances at conferences, lectures and educational courses (whether such conferences, lectures and educational courses take place abroad or in the United Kingdom) for such persons as aforesaid or in any of such ways or in any other manner whatsoever conducive towards the educational objects aforesaid."

Activities

The primary activity of the charity is the provision of monetary grants to individuals and groups of individuals, towards the costs of travel to attend educational events, activities, conferences, lectures and courses. The charity does not make use of volunteer labour, nor involve itself in the provision of such conferences, lectures and courses. The charity derives the whole of its funding from the income and gains generated from the investment of its trust fund.

During the year net grant commitments amounted in total to £35,045 to 261 individuals (2021: £6,500 to 51 individuals), to attend events in the UK and abroad. The number and total value of grants awarded has largely recovered to the levels prevailing prior to the imposition of Covid-19 travel restrictions and lock-down measures in early 2020 due largely to the successful roll out of vaccination programmes across many countries. The trustees expect similar levels of grant applications to continue in 2023 and beyond.

Public benefit

The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's activities and objectives and in establishing the charity's grant making policy. The trustees are satisfied that the charity's purposes are for the public benefit and the charity's grant making policy is aimed towards fulfilling the public benefit requirements.

Grantmaking policy

The trustees ensure that any criteria applied by them to determine the eligibility of grant recipients and to ensure compliance with the charity's objects and the public benefit, are reasonable, justifiable and proportionate.

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THE PHILIP RECKITT EDUCATIONAL TRUST FUND

CHARITY NUMBER: 529777

TRUSTEES' ANNUAL REPORT FOR THE YEAR FROM 1 JANUARY 2022 TO 31 DECEMBER 2022

With all grant applications received from individuals, it is part of the charity's grant making procedure to ensure that the purposes to which the grants are utilised are:

• charitable at law, and

• fulfil the public benefit requirements, and

• any benefit received by individuals are purely incidental to the charitable purpose of the grant.

Achievements and performance

Achievements

Education is a very large area of activity which caters to the needs of the whole population to varying degrees. This provides a large and continuous stream of potential grant applicants that would deplete the resources of the charity over time if it attempted to provide grants that covered the full amount of the applicants travel and attendance costs.

The trustees want the charity to continue to grow and provide funding support to applicants well into the future. Therefore the charity concentrates its efforts towards providing a steady source of reasonably sized grant contributions towards the travel costs for as wide a number of applicants as possible.

The trustees currently budget each year's grant expenditure at their annual general meetings based on their estimate of the charity's projected net income plus a contribution from retained funds. However, the final amounts actually spent will fluctuate from year to year, depending on the level of grant applications received.

Applications received on behalf of groups of individuals (such as a schools, colleges, scout groups, etc.) are checked to ensure only those indiviuals within the group that meet the charity's grant criteria are awarded a grant. Applications from groups and multiple individuals to attend the same event are monitored, and the amount of grant awarded to each individual may be scaled back to avoid spending too much of the annual grant budget on a single event.

Analysis of the charity's grant commitments can be seen in note 6 of these financial statements.

Investment performance

The performance of SPRET's portfolio, its benchmark index and the FTSE 100 over the 1 and 3 year periods to 31 December 2022 were as follows:-

December 2022 were as follows:-
Total return performance Charity's portfolio Benchmark Index FTSE 100	1 Year -7.1% -4.5% 4.7%	3 Years*
		0.4% 1.3% 3.1%

• Average annual return over the 3 year period.

The performance of the portfolio over the year to 31 December 2022 has been impacted by a number of events that have significantly affected financial markets and left very few safe places to hide from the turmoil.

• Russia's invasion of Ukraine in February 2022 has been a major shock to markets and economies around the world. It has caused disruption to supplies of oil, gas, fertiliser and agricultural commodities such as wheat and sunflower oil. These disruptions have increased market volatility and led to sharp rises in energy and commodity prices and a surge in consumer inflation in many countries across the globe.

• The impact of the Covid-19 pandemic on economies and markets around the world continued to abate over the year as many countries extended the roll out their vaccination programmes to protect significant proportions of their populations from the worst effects of the virus. Unfortunately China's continuing adherence to its 'No-Covid' policy of enforced lock downs, home detentions and travel restrictions have held back its own economic recovery and hindered the recovery of many other countries around the world.

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THE PHILIP RECKITT EDUCATIONAL TRUST FUND

CHARITY NUMBER: 529777

TRUSTEES' ANNUAL REPORT FOR THE YEAR FROM 1 JANUARY 2022 TO 31 DECEMBER 2022

• The UK/EU brexit deal continued to cause arguements about the adverse effects on UK trade with the EU, and in particular the creation of a trade border between Northern Ireland and the rest of the UK resulting from the Northern Ireland Protocol which led to the suspension of the Stormont Assembly.

• Uk markets also had to contend with the added uncertainty in the year created by political events, with party-gate leading to Boris Johnson's resignation as prime minister, followed shortly after by his successor Liz Truss also resigning due to Kwasi Kwarteng's disasterous 'mini budget', before finally a semblance of stability was restored when Rishi Sunak became prime minister.

• Central banks have responded to the surge in inflation by significantly increasing interest rates which have in turn constrained asset prices.

• Turning to the performance of the charity's portfolio itself, underweight sectors such as oil & gas, mining, banking and armaments performed well over the past year, whilst overweight sectors such as UK bonds and technology lost significant ground.

• The fund manager's emphasis on investing in 'quality' companies did not prevent these companies also suffering deratings to their share prices despite minimal impacts to their day to day operations.

• The diversification provided to the portfolio by it's significant investment trust holdings also adversely affected its performance over the year as the increased market uncertainty and volatility led to a widening of investment trust discounts.

• The overall value of the portfolio over the year has been less volatile than the markets generally which the fund manager attributes to their focus on more stable and resilient businesses.

• Despite the market upheavals of the past year the investment manager believes the portfolio's emphasis on 'quality' companies and investment trusts remains a good base for diversification and capital and income growth over the longer term. The majority of the companies in the portfolio continue to report steady growth in sales, earnings and dividends.

• The performance of the portfolio has fallen short of the benchmark for two years running and this has dragged the three year average below the benchmark also. The annualised performance of the portfolio over five years currently remains ahead of the benchmark at 12.8% against 12.3%.

Financial review

Financial summary

Below is a summary of the charity's financial results for the year and its financial position at the year end based on the Statement of Financial Activities and Balance Sheet:-

• Total income for the year reduced by 14% to £30,955 (2021: £35,980);

• Total expenditure for the year increased by 103% to £57,411 (2021: £28,245);

• Total expenditure for the year represented 185% of total income (2021: 79% of total income);

• After adding in net losses of £100,536 from investments (2021: net gains of £92,578) the resulting net expenditure for the year amounted to £126,992 (2021: net income of £100,313);

• The market value of the investment portfolio at the year end amounted to £1,011,792 (2021: £1,121,732) which represents a decrease of 10% on the previous year end;

• The total net assets of the charity at the year end amounted to £1,051,455 (2021: £1,178,447) which represents a decrease of 11% on the previous year end.

Reserves policy

The trustees do not consider that the charity requires a formal reserve fund as a contingency against unexpected revenue declines in future periods because:-

• the risk of material longer term revenue declines from a diversified actively managed securities portfolio is considered to be small;

• the trustees agree new grant budgets each year after reviewing past income performance and their expectations for the year ahead, and

• the one-off nature of the grants paid each year mean the trustees are able to tailor their grant approvals to the grant budgets they have agreed.

Going Concern

There are no material uncertainties about the charity's ability to continue as a going concern.

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THE PHILIP RECKITT EDUCATIONAL TRUST FUND

CHARITY NUMBER: 529777

TRUSTEES' ANNUAL REPORT

FOR THE YEAR FROM 1 JANUARY 2022 TO 31 DECEMBER 2022

Investment policy

The trustees have agreed the following investment terms, objectives and policies with the investment manager:-

• The portfolio is managed under a full discretionary service;

• The portfolio is managed on a medium/high risk basis with the aim of protecting and enhancing the value of the portfolio by generating returns in excess of inflation, whilst also aiming for a balanced return between income and capital growth;

• The bulk of the portfolio will be invested in UK and overseas equities with investment in specialist areas being directed through investment trusts and unit trusts;

• Equity investments will be directed towards key longer term growth areas.

• The trustees have considered whether to impose any restrictions into the charity's investment policy based on social, environmental or ethical factors, but have decided against this, thus giving the investment manager free reign to take these issues into consideration in their strategy for the portfolio as events unfold going forward.

• The investment strategy is reviewed with the investment manager on a regular basis.

Risk management systems and procedures

The trustees have reviewed the major areas of risk to which the charity is exposed and established procedures and systems to manage those risks.

Structure, governance and management

Type of governing document

The charity was originally created by a Trust Deed dated 22 November 1944, with subsequent amendments by a Deed of Variation dated 21 July 1949 and an Order of the High Court of Justice (Chancery Division) dated 20 April 1970.

How the charity is constituted

The charity is constituted as a Trust

The trustees are incorporated as a body corporate named The Incorporated Trustees of the Sir Philip Reckitt Educational Trust.

Trustee selection methods

The Vice Chancellors of the Universities of Hull and East Anglia have the power to appoint one trustee each. The power for all other trustee appointments is vested in the current trustees.

The existing trustees and the Vice Chancellors select new trustees from people known to them that they consider to have suitable knowledge and expertise. The trustees are appointed for indefinite terms, usually upon the retirement of existing trustees.

Policies and procedures for the induction and training of trustees

New trustees are provided with a copy of the Charity Commission publication CC3 "The essential trustee: what you need to know, what you need to do" which provides guidance on what is involved in being a charity trustee.

Organisational structure

The charity has no employees of its own. J Pickering (a self employed contractor) and Rollits LLP (a firm of solicitors) provide secretarial support for the Norfolk and East Riding of Yorkshire regions respectively. Their secretarial duties include performing initial checks on grant applications received before forwarding them to the trustees for decision.

In addition to the above Rollits also provides administration, investment support, legal and accounting services to the charity, including the preparation of these financial statements.

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THE PHILIP RECKITT EDUCATIONAL TRUST FUND

CHARITY NUMBER: 529777

TRUSTEES' ANNUAL REPORT FOR THE YEAR FROM 1 JANUARY 2022 TO 31 DECEMBER 2022

None of the trustees receive any remuneration for acting as trustees of the charity.

Related party relationships

John Lane is a member of Rollits LLP. Rollits fees for the services it provides to the charity are separately identified in the notes to the accounts.

Reference and administrative details

Charity name: The Philip Reckitt Educational Trust Fund Other names the charity uses: Sir Philip Reckitt Educational Trust SPRET Registered charity number: 529777 Charity's principal address: Citadel House 58 High Street Hull HU1 1QE

Names of the charity trustees who manage the charity

Trustee Name Office (if any) Dates acted if not for whole year Philip Holt Chair Vincent Lachowycz Martin Needler Retired 11 July 2022 John Lane Glynis Witham Robert Walpole Jeremy Allison Jane Warwick Appointed 11 July 2022

As detailed under trustee selection methods above, Robert Walpole and Jane Warwick are the currently appointed trustees of the Vice Chancellors of the Universities of East Anglia and Hull respectively. At the June 2022 annual general meeting Vincent Lachowycz gave notice of his intention to retire as a trustee at the annual general meeting in June 2023.

Names and addresses of advisers

The charity's principal advisors are: Investment manager

Rathbone Investment Management Ltd, George House, 50 George Square, Glasgow, G2 1EH. Bankers HSBC, 3-4 Jameson Street, Hull, HU1 3JX. Lloyds Bank, Surrey Street, Norwich, Norfolk, NR1 3NF. Independent examiner

Patrick Scargill, Sowerby Chartered Accountants, Beckside Court, Annie Reed Road, Beverley, HU17 0LF. Solicitor

Rollits LLP, Citadel House, 58 High Street, Hull, HU1 1QE.

Future Developments

The trustees are satisfied that the current activity of providing monetary grants to assist individuals to attend educational events, activities, conferences, lectures and courses that meet the objects of the charity is both a suitable and cost effective method of achieving the charity's objectives. The trustees expect the charity to continue with its current method of operation for the foreseeable future. However the trustees will keep under review alternative methods for applicants to apply for grants and their subsequent processing to ensure that the procedure is user friendly, efficient and cost effective.

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THE PHILIP RECKITT EDUCATIONAL TRUST FUND

CHARITY NUMBER: 529777

TRUSTEES' ANNUAL REPORT

FOR THE YEAR FROM 1 JANUARY 2022 TO 31 DECEMBER 2022

Declaration

The trustees declare that they have approved the trustees' report above.

Signed on behalf of the charity's trustees by:

Philip Holt Chair 7 June 2023

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THE PHILIP RECKITT EDUCATIONAL TRUST FUND

INDEPENDENT EXAMINER'S REPORT

ON THE ACCOUNTS FOR THE YEAR FROM 1 JANUARY 2022 TO 31 DECEMBER 2022

Report to the trustees of The Philip Reckitt Educational Trust Fund (charity number: 529777) on my examination of the accounts of the charity for the year from 1 January 2022 to 31 December 2022 set out on pages 8 to 17.

Responsibilities and basis of report

As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ("the Act").

I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which give me cause to believe that in any material respect:

• the accounting records were not kept in accordance with section 130 of the Act; or

• the accounts did not accord with those records; or

• the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts & 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.

Patrick Scargill FCCA Chartered Certified Accountant

Sowerby Chartered Accountants, Beckside Court, Annie Reed Road, Beverley, HU17 0LF 7 June 2023

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THE PHILIP RECKITT EDUCATIONAL TRUST FUND

CHARITY NUMBER: 529777

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR FROM 1 JANUARY 2022 TO 31 DECEMBER 2022

Income Investments Total Expenditure Raising funds Charitable activities Total Net income before investment gains/(losses) Net gains/(losses) on investments Net income/(expenditure) Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward	Note 3 4 5 10 19		Unrestricted funds	Unrestricted funds	Unrestricted funds
				2021 £ 35,980	2021
				35,980
				10,119 18,126
				28,245
				7,735 92,578
				100,313
				100,313
				1,078,134
				1,178,447

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THE PHILIP RECKITT EDUCATIONAL TRUST FUND

BALANCE SHEET

AS AT 31 DECEMBER 2022

Fixed assets Investments Total fixed assets Current assets Debtors Cash at bank and in hand Total current assets Creditors: amounts falling due within one year Net current assets Total assets less current liabilities Total net assets Funds of the charity Unrestricted funds Total funds Signed by one trustee on behalf of all the trustees: Philip Holt 7 June 2023	Note 11 14 15 16 19	Unrestricted funds 2022 2021 £ £ 1,011,792 1,121,732 1,011,792 1,121,732 363 150 48,026 64,881 48,389 65,031 8,726 8,316 39,663 56,715 1,051,455 1,178,447 1,051,455 1,178,447 1,051,455 1,178,447 1,051,455 1,178,447	Unrestricted funds	Unrestricted funds	Unrestricted funds
				2021 £ 1,121,732	2021
				1,121,732
				150 64,881
				65,031
				8,316
				56,715
				1,178,447
				1,178,447
				1,178,447
				1,178,447

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THE PHILIP RECKITT EDUCATIONAL TRUST FUND

NOTES TO THE ACCOUNTS

FOR THE YEAR FROM 1 JANUARY 2022 TO 31 DECEMBER 2022

1. General information and basis of preparation

• These financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £1.

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

The significant accounting policies applied in the preparation of the accounts are set out in note 2 below. These policies have been consistently applied to all years presented unless otherwise stated. No changes have been made to accounting estimates and no material prior year errors have been identified in the reporting period.

1.1 Basis of accounting

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.

The accounts have been prepared in accordance with:

• the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019

• and with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102)

• and with the Charities Act 2011.

• and with UK Generally Accepted Accounting Practice.

The accounts have been prepared to give a 'true and fair' view and 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 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) issued in October 2019.

1.2 Going concern

The average annual results of the charity over the past 5 years are as follows:-

		£
-	Average annual income	35,198
-	Average annual grant and grant support expenditure	(28,419)
-	Average annual fundraising and governance expenditure	(14,659)
-	Average net expenditure before investment gains and losses	(7,880)
-	Average annual investment losses	(3,700)
-	Average annual net deficit per annum	(11,580)

These figures when taken in conjunction with the net assets of the charity and the trustees' procedure of reviewing investment performance annually and then setting annual grant budgets gives the trustees confidence that the charity will continue as a going concern for the foreseeable future.

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THE PHILIP RECKITT EDUCATIONAL TRUST FUND

NOTES TO THE ACCOUNTS

FOR THE YEAR FROM 1 JANUARY 2022 TO 31 DECEMBER 2022

2. Accounting policies

2.1 Income

Recognition of income

These are included in the Statement of Financial Activities (SoFA) when:

• the charity becomes entitled to the income;

• it is more likely than not that the charity will receive the income; and

• the monetary value can be measured with sufficient reliability.

Offsetting

There has been no offsetting of assets and liabilities, or income and expenses, unless required or permitted by the FRS 102 SORP or FRS 102.

Income from interest and dividends

These are included in the accounts when receipt is probable and the amount receivable can be measured reliably. Income received with recoverable tax credits attached are reported gross in the SoFA and any unrecovered tax at the year end is included in debtors. The accrued interest included in the sale and purchase of treasury stocks and corporate bonds is included in investment income in the SoFA on the date of the sale or purchase.

Investment gains and losses

This includes any realised or unrealised gains or losses on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.

2.2 Expenditure & liabilities

Liability recognition

Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.

Allocation of support costs to different areas of expenditure

Where possible all costs are allocated to the particular area of expenditure to which they relate. If any costs relate to several areas of expenditure then they are split and allocated to the relevant areas of expenditure on an appropriate basis.

Governance and support costs

Governance costs, which comprise all costs involving public accountability of the charity and its compliance with regulation and good practice (including costs relating to the annual general meeting), are treated as an indirect charitable activity support cost in the accounts.

Grant commitments

The charity does not provide grants for services that are subject to performance conditions by the recipient. All grant commitments made by the charity are recognised in the SoFA when the commitment is made. If the recipient fails to attend the educational event for which the grant was awarded the grant award becomes void and repayable, unless the trustees agree that the recipient can use the grant for an alternative similar event. Grant refunds received back by the charity are offset against the grant expenditure shown in the SoFA.

Creditors

These liabilities are measured at settlement amounts less any trade discounts.

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THE PHILIP RECKITT EDUCATIONAL TRUST FUND

NOTES TO THE ACCOUNTS FOR THE YEAR FROM 1 JANUARY 2022 TO 31 DECEMBER 2022

2. Accounting policies

(Continued)

2.3 Assets

Investments

Fixed asset investments in quoted shares, traded bonds and similar investments are initially valued at cost and subsequently at fair value (their market value) at the year end. The valuation of treasury stocks and corporate bonds exclude the value of accrued interest. Fixed asset investments also include capital type cash balances held for investment or reinvestment by the investment manager.

Debtors

Debtors are measured on initial recognition at settlement amount after any trade discounts or amounts advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received.

3. Income from investments Income from listed investments Interest from cash balances 4. Expenditure on raising funds Investment manager's fees Rollits investment support fees	2022 £ 30,936 19 30,955 2022 £ 9,187 525 9,712	2021 £ 35,980 -	2021
		35,980
		2021 £ 9,735 384	2021
		10,119

Rathbones charges an all inclusive portfolio management fee on a quarterly basis.

Rollits' investment support fees relate to separately identifiable work undertaken to deal with compliance and regulatory matters relating to the management of the portfolio.

5. Expenditure on charitable activities Hull and East Riding of Yorkshire grants Norwich and Norfolk grants Total grant commitments Grantmaking support costs Governance costs	2022 £ 10,360 24,685 35,045 3,652 9,002 47,699	2021 £ (50) 6,550	2021
		6,500 3,468 8,158
		18,126

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THE PHILIP RECKITT EDUCATIONAL TRUST FUND

NOTES TO THE ACCOUNTS FOR THE YEAR FROM 1 JANUARY 2022 TO 31 DECEMBER 2022

(Continued)

The cancellation and postponement of many educational events since the start of the Covid-19 pandemic in early 2020 eased significantly during 2022 as many governments around the world made significant progress in extending the protection offered against the virus by their vaccination programmes to a greater share of their populations. This has allowed many countries to significantly ease the lockdowns and travel restrictions imposed in previous years.

The Hull and Norwich branches both witnessed a recovery in grant applications in 2022 to more normal levels similar to that which prevailed prior to 2020 before the Covid-19 pandemic struck.

6.	Analysis of grant commitments Charitable purpose for which grants made Advancement of education Total number of grants awarded	Grants to institutions £ - - -	Grants to individuals £ 35,045 35,045 261	Total 2022 £ 35,045 35,045 261	Total 2021 £ 6,500	Total 2021
					6,500
					51

All grants are made to individuals and groups of individuals. Grants paid generally represent contributions towards the costs of travel to attend educational activities, events, conferences, lectures and courses, held in the UK or overseas, that are consistent with the objects of the charity.

7.

Grantmaking support costs Rollits grantmaking support fees Norfolk administrator's fees Norfolk administrator's costs Website costs Information Commissioner's Office annual registration fee	2022 £ 1,295 1,600 542 180 35 3,652	2021 £ 1,236 1,600 417 180 35	2021
		3,468

Grantmaking support costs represent expenses that are directly attributable to the processing and review of grant applications, including:-

• reviewing and maintaining the grantmaking policy, application form and website of the charity.

• correspondence with trustees relating to the review and approval of grant applications.

• fielding queries from potential grant applicants as to whether or not they could submit a grant application.

• checking applications received to ensure they comply with the grantmaking policy.

• arranging payment of grant awards to successful applicants.

• chasing successful grant applicants for repayment of their grant awards where their event was subsequently cancelled.

• receiving reports from successful applicants after the completion of the events they attended and preparing a summary grants report for review by the trustees at the annual general meeting.

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THE PHILIP RECKITT EDUCATIONAL TRUST FUND

NOTES TO THE ACCOUNTS

FOR THE YEAR FROM 1 JANUARY 2022 TO 31 DECEMBER 2022

8. Governance costs Trustees expenses Independent examiner's fee Rollits accounting fees Rollits legal and agm fees Bank interest and charges	2022 £ 530 1,116 4,032 3,256 68 9,002	2021 £ - 1,080 3,840 3,228 10	2021
		8,158

Governance costs include all expenditures not directly attributable to the fundraising and grantmaking activities of the charity, such as:-

• providing advice on legal and regulatory matters.

• expenses relating to arranging and attending trustees' meetings.

• maintaining the accounting records of the charity, preparing income tax reclaims, preparing the annual accounts and having them independently examined.

• maintaining the charity's details on the Charity Commission website and completing the annual return.

Governance costs are treated as an indirect cost of the charitable activity of the charity.

9. Fees for examination of the accounts Independent examiner's fees for reporting on the accounts 10. Gains and losses on investments Gains and (losses) realised during the year Gains and (losses) on revaluation at the year end Total investment gains and (losses) per the SoFA 11. Fixed asset investments: movements summary Cash & cash equivalents £ Market value at beginning of year 11,445 Add: additions to investments during the year - Less: investment disposals at carrying value - Add/(deduct): movement due to changes in listed inv'ts 3,341 Add/(deduct): transfers in/(out) in the year (9,435) Add/(deduct): net gain/(loss) on revaluation - Market value at end of year 5,351	Listed investments £ 1,110,287 67,664 (73,412) - - (98,098) 1,006,441

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THE PHILIP RECKITT EDUCATIONAL TRUST FUND

NOTES TO THE ACCOUNTS

FOR THE YEAR FROM 1 JANUARY 2022 TO 31 DECEMBER 2022

Historic cost analysis of investments held at the year end: Listed investments Cash held for reinvestment 12. Fixed asset investments: valuation analysis Cash or cash equivalents Listed investments Total	797,497 5,351 802,848 Fair value at year end 2022 £ 5,351 1,006,441 1,011,792	(Continued) 799,301 11,445 810,746 Fair value at year end	(Continued) 799,301 11,445 810,746 Fair value at year end
			2021 £ 11,445 1,110,287
			1,121,732

All investments held by the charity are revalued to their market value (fair value) at each year end. No investments are held at cost less impairment.

13. 14. **15. **	Fixed asset investments: material holdings Holdings >5% of total listed investments at 31 December 2022 Murray International Trust Plc Securities Trust of Scotland Plc Current assets: debtors Amounts falling due within one year Other debtors:- Dividends due Rathbone income account Current assets: cash at bank and in hand HSBC community account Lloyds current account

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THE PHILIP RECKITT EDUCATIONAL TRUST FUND

NOTES TO THE ACCOUNTS

FOR THE YEAR FROM 1 JANUARY 2022 TO 31 DECEMBER 2022

16. Creditors and accruals Other creditors:- Grant commitments Independent examiner's fee Rollits' fees Investment manager's fees Accruals and deferred income Total	Amounts falling due within one year 2022 2021 £ £ - 650 2,196 1,080 4,248 4,056 2,277 2,525 5 5 8,726 8,316	Amounts falling due after one year 2022 2021 £ £ - - - - - - - - - - - -	Amounts falling due after one year 2022 2021 £ £ - - - - - - - - - - - -	Amounts falling due after one year 2022 2021 £ £ - - - - - - - - - - - -	Amounts falling due after one year 2022 2021 £ £ - - - - - - - - - - - -	Amounts falling due after one year 2022 2021 £ £ - - - - - - - - - - - -
			after one year 2022 2021 £ £ - - - - - - - - - - - -	after one year
						2021
						£ - - - - -
						-

17. Contingent liabilities and contingent assets

The charity did not have any contingent liabilities or any contingent assets at the reporting date.

18. Fair value of assets and liabilities

Exposure to liquidity risk

The liquidity risk exposure of the charity not being able to meet short term financial demands is mitigated by Rollits preparing monthly bank reconciliations for the charity's main bank account and reviewing the value and timing of any pending liabilities.

Exposure to credit risk

The main debtors of the charity are recoverable income tax deducted at source from investment income and the investment income cash account balance held by the investment manager. The risk of loss arising from H M Revenue & Customs (HMRC) failing to repay the reclaimed income tax is considered minimal as HMRC is backed by the UK Government. The risk of loss arising from the investment manager failing to pay over the income generated by the investment portfolio is considered low as the investment manager is a regulated institution and the income is paid monthly to the charity's bank account.

Exposure to market risk

Investments represent the majority of the charity's net assets. The risk of a financial loss arising from an investment due to changes in the market are mitigated by the active management of the investment portfolio by a professional investment manager and the diversification of the investment portfolio based on an investment policy approved by the trustees.

Changes in fair values of debtors, creditors & investments due to credit risk

There have been no changes in the fair values of basic financial instruments (debtors, creditors and investments) attributable to changes in credit risk.

19.	Funds of the charity Unrestricted funds Revaluation reserve Other undesignated funds Total free funds	2022 £ 208,944 842,511 1,051,455	2021 £ 310,986 867,461	2021
			1,178,447

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THE PHILIP RECKITT EDUCATIONAL TRUST FUND

NOTES TO THE ACCOUNTS FOR THE YEAR FROM 1 JANUARY 2022 TO 31 DECEMBER 2022

(Continued)

The charity does not hold any endowment funds or restricted income funds. The charity's unrestricted funds do not include any designated funds and so the total unrestricted funds represents the free funds of the charity at the year end.

20. Trustee remuneration & benefits

None of the trustees have been paid any remuneration or received any other benefits from an employment with the charity or a related entity.

Trustees' expenses Type of expenses Travel Subsistence Accommodation Number of trustees reimbursed or had expenses paid by the charity	2022 £ 66 232 232 530 3	2021 £ - - -
		-
		-

21. Trustees' expenses

The easing in 2022 of lockdowns and travel restrictions has allowed the trustees to attend meetings in person again. Remote access using Zoom has also been used to enable trustees to join meetings where they are not able to attend in person.

22. Transactions with related parties

Name of trustee or related party Rollits LLP	Relationship to charity See below	Description of the transactions Rollits services	2022 Balance at Amount year end £ £ 9,108 4,248 9,108 4,248	2021 Balance at Amount year end £ £ 8,688 4,056 8,688 4,056	2021 Balance at Amount year end £ £ 8,688 4,056 8,688 4,056	2021 Balance at Amount year end £ £ 8,688 4,056 8,688 4,056
						£ 4,056
						4,056

John Lane is a member of Rollits LLP which provides grant support, investment support and governance (secretarial, administration, legal and accounting) services to the charity. The payment for these charges is authorised by the trust deed. Rollits' charges for these services are detailed in notes 4, 7 and 8.

Rollits usually invoices the charity on a quarterly basis, shortly after the end of each calendar quarter, for the services it has provided. The invoices are payable on delivery and the charity settles them by cash payments after they have been authorised in accordance with the procedure agreed by the trustees.

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