THE PHILIP RECKITT EDUCATIONAL TRUST FUND FINANCIAL STATEMENTS FOR THE YEAR FROM 1 JANUARY 2024 TO 31 DECEMBER 2024 Prepared by Wilkin Chapman Rollits
THE PHILIP RECKITh EDUCATIONAL TRUST FUND CONTENTS Page Trustees. Annual Report Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Accounts 10-17
THE PHILIP RECKITh EDUCATIONAL TRUST FUND CHARITY NUMBER: 529777 TRUSTEES. ANNUAL REPORT FOR THE YEAR FROM 1 JANUARY 2024 TO 31 DECEMBER 2024 Introduction The trustees present their report and the accounts of the charity for the year ended 31 December 2024. 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 accordan with the accounting policies set out in the notes to the accounts and comply with the charity's goveming 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 Justi (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 tnjstees shall hold the tnjst fund and the income thereof in trust as to both Gapital and income for the eduGation 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 YO (including the City and County of Kingston Upon Hull) or in the geographical County of Norfolk (including the City and County of Nolch) in the languages, business methods social seNices 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 Ihe investment of its trust fund. During the year net grant commitments amounted in total to £43,526 to 278 individuals (2023.. £38,790 to 185 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 2025 and beyond. Public benefit The trustees confirm that they have refeed to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charivs 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 detemiine the eligibility of grant recipients and to ensure compliance with the charity's objects and the public benefit, are reasonable, justifiable and proportionate.
THE PHILIP RECKITh EDUCATIONAL TRUST FUND CHARITY NUMBER: 529777 TRUSTEES. ANNUAL REPORT FOR THE YEAR FROM 1 JANUARY 2024 TO 31 DECEMBER 2024 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 reiVed by individuals are purely incidental to the charitable purpose of the grant. Achievements and perfonnance 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 yearfs 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, scoul 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 2024 were as follows:_ 1 Year 3 Years ' Total return erfomiance Charity's portfolio Benchmark Index FTSE 100 5.7% 6.9% Average annual retum over the 3 year period. The US equity market drove gains led by the technology giants 'The Magnificent Seven" Over the 12 month period, the S&P 500 gained 28 % in comparison to a relatively more modest 11 % returned from the FTSE 100. The US equity market gains were through a combination of eamings growth of approximately 140/0 and an uplift in equity market valuations. It should be noted that the majority of the earnings growth came from the leading technology giants. Outside of these seven companies, the broader S&P 500 achieved earnings growth of roughly 30/0. In the UK the new labour govemment delivered its first October budget which proved to be unpopular with businesses and households.with the hardest hit sectors being retail and hospitality. Elsewhere geopolitical tensions remained a key theme across the year. With the tragic event in the Middle East and the ongoing Russianlukraine war an ever-present factor.
THE PHILIP RECKITh EDUCATIONAL TRUST FUND CHARITY NUMBER: 529777 TRUSTEES. ANNUAL REPORT FOR THE YEAR FROM 1 JANUARY 2024 TO 31 DECEMBER 2024 Over the course of the year, the strongest perfomiing investments in the portfolio were within the technology sector through the US giants ofAlphabet and Amazon and the technology trust Polar Capital Technology. The return performed 5.8 % over the 12 months to December 2024. This is calculated on a total retum basis after all charges. The retum was slightly behind the long tem) CPI +4 /0 target over the 12 month period. The Magnificent Seven technology giants has driven the index comparator the 'Rathbones benchmark 5,. Financial review Financial summary Below is a summary of the charitvs financial results for the year and its financial position at the year end based on the Statement of Financial Activities and Balan Sheet= Total income for the year reduced by-% to £33,877 (2023.. £33.898)', Totsl expenditure for the year increased by 9 % to £65,413 (2023: £60,127). Total income for the year fInand 52 % of total expenditure (2023- 56°/o of total expenditure),. Total expendilure for the year represented 193 /0 of total income (2023- 177 % of total income)., After adding in net gains of £35,035 from investments (2023- net gains of £30,969) the resulting net income for the year amounted to £3,499 (2023: net income of £4,740)., The market value of the investment portfolio at the year end amounted to £1,010,148 (2023.. £1,014,399) which represents a decrease of 0.42 /0 on the previous year end; The total net assets of the charity al the year end amounted to £1,059,694 {2023: £1,056,195) which represents an increase of 0.33 % on the previous year end. Reserves policy The trustees do not consider that the charity requires a fomial reserve fund as a contingency against unexpected revenue declines in future periods because:_ the risk of material longer temi 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 performan 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 UnrtaIntieS about the charity's ability to continue as a going concem.
THE PHILIP RECKITh EDUCATIONAL TRUST FUND CHARITY NUMBER: 529777 TRUSTEES. ANNUAL REPORT FOR THE YEAR FROM 1 JANUARY 2024 TO 31 DECEMBER 2024 Investment policy The trustees have agreed the following investment tems. objectives and policies with the investment manager:_ The portfolio is managed under a fvjll discretionary servi. The portfolio is managed on a mediumlhigh risk basis with the aim of protecting and enhancing the value of the portfolio by generating returns in eX$S of inflation. whilst also aiming for a balanced return beeen 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 temi 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 ihey 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 guidan 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 Wilkin Chapman LLP (a firm of solicitors) provide secretarial support for the Norfolk and East Riding of Yorkshire regions respectively. Their secretarial duties include perfomiing initial checks on grant applications received before forwarding them to the trustees for decision. In addition to the above Wilkin Chapman Rollits also provides administration, investment support, legal and accounting services to the charity. including the preparation of these financial statements.
THE PHILIP RECKITh EDUCATIONAL TRUST FUND CHARITY NUMBER: 529777 TRUSTEES. ANNUAL REPORT FOR THE YEAR FROM 1 JANUARY 2024 TO 31 DECEMBER 2024 None of the trustees receive any remuneration for acting as trustees of the charity. Related party relationships Following the year end, with effect from 1st April 2025 Rollits LLP merged with Wilkin Chapman LLP with the trading name Wilkin Chapman Rollits. John Lane is a member of Wilkin Chapman LLP. Wilkin Chapman Rollts involS for the services it provides to the charity. these are separately identified in Ihe 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 529777 Citadel House 58 High Street Hull HU1 1QE Registered charity number- Charity's principal address- Names of the charity trustees who manage the charity Trustee Name Office ifan Philip Holt Chair John Lane Glynis Witham Robert Walpole Jeremy Allison Jane WaNick Terence Jones Dates acted if not for whole ear As detailed under trustee selection methods above. Robert Walpole and Jane Warwick are the currently appointed trustees of the VI Chancellors of the Universities of East Anglia and Hull respectively. Names and addresses of advisers The charity's principal advisors are= Investment mana er Rathbone Investment Management Ltd. George House. 50 George Square, Glasgow, G2 1 EH. Bankers HSBC, 34 Jameson Street, Hull, HU13JX. Lloyds Bank, Surrey Street, Norwich. Norfolk. NR13NF. Inde endent examiner Patrick Scargill, Sowerby Chartered Accountants. Beckside Court. Annie Reed Road. Beverley. HU17 OLF. Solicitor Wilkin Chapman Rollits, Citadel House, 58 High Street, Hull. HU11QE. 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 charf(y 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.
THE PHILIP RECKITh EDUCATIONAL TRUST FUND CHARITY NUMBER: 529777 TRUSTEES. ANNUAL REPORT FOR THE YEAR FROM 1 JANUARY 2024 TO 31 DECEMBER 2024 Declaration The trustees declare that they have approved the trustees. report above. Signed on behalf of the charitys trustees by: Philip Holt Chair 15April 2025
THE PHILIP RECKITh EDUCATIONAL TRUST FUND INDEPENDENT EXAMINER'S REPORT ON THE ACCOUNTS FOR THE YEAR FROM 1 JANUARY 2024 TO 31 DECEMBER 2024 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 2024 to 31 December 2024 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 accordan 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 confim 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 concems and have come across no other matters in connection with the examination lo which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Patrick Scargill FCCAACA Sowerby Chartered Accountants, Beckside Court, Annie Reed Road, Beverley, HU17 OLF 5 June 2024
THE PHILIP RECKITh EDUCATIONAL TRUST FUND CHARITY NUMBER: 529777 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR FROM 1 JANUARY 2024 TO 31 DECEMBER 2024 Unrestricted funds Income Investments 33,877 33.898 Total 33,877 33,898 Expenditure Raising funds Charitable activities 9,401 56,012 9.185 50,942 Total 65,413 60.127 Net income before investment gainsl(losses) Net gainsl(losses) on investments (31,536) (26,229) 35,035 30.969 10 Net incomel{expenditure) 3,499 4.740 Net movement in funds 3,499 4,740 Reconciliation of funds: Total funds brought forward 1,056,195 1,051,455 Total funds carried fonNard 19 1,059,694 1,056,195
THE PHILIP RECKITh EDUCATIONAL TRUST FUND BALANCE SHEET AS AT 31 DECEMBER 2024 Unrestricted funds Fixed assets Investments 11 1.010,148 1,014,399 Total fixed assets 1.010,148 1,014,399 Current assets Debtors Cash at bank and in hand 14 15 677 64,483 444 48,539 Total current assets 65,160 48,983 Creditors: amounts falling due within one year 16 15,614 7.187 Net current assets 49,546 41,796 Total assets less current liabilities 1.059,694 1,056,195 Total net assets 1.059,694 1,056,195 Funds of the charity Unrestricted funds 19 1.059,694 1,056.195 Total funds 1.059,694 1,056,195 Signed by one tnistee on behalf of all the trustees." Philip Hott 15 Apnl 2025
THE PHILIP RECKITh EDUCATIONAL TRUST FUND NOTES TO THE ACCOUNTS FOR THE YEAR FROM 1 JANUARY 2024 TO 31 DECEMBER 2024 General inforniation and basis of preparation These financial statements are presented in steding 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 slated. 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 Siatement 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 wilh the Financial Reporting Standard applicable in ihe United Kingdom and Republic of Ireland (FRS 102) and with the Charities Act 2011. and with UK Generally Accepted Accounting Practi. The accounts have been prepared to give a 'true and faiv 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 Average annual grant and grant support expenditure Average annual fundraising and g0Veman expenditure 33,412 (30,570) (16,720) Average net expenditure before investment gains and losses Average annual investment losses (13,878) (388) Average annual net deficit per annum (14,266) 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 concem for the foreseeable future. 10-
THE PHILIP RECKITh EDUCATIONAL TRUST FUND NOTES TO THE ACCOUNTS FOR THE YEAR FROM 1 JANUARY 2024 TO 31 DECEMBER 2024 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 InteSt and dividends These are included in the accounts when reIpt is probable and the amounl 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 practi (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 perfonnance 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 refijnds 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. 11
THE PHILIP RECKITh EDUCATIONAL TRUST FUND NOTES TO THE ACCOUNTS FOR THE YEAR FROM 1 JANUARY 2024 TO 31 DECEMBER 2024 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. Income from investments 2024 2023 Income from listed investments Interest from cash balances 33,655 222 33,633 265 33,877 33,898 Expenditure on raising funds 2024 2023 Investment manager's fees Wilkin Chapman Rollits investment support fees 9,233 168 9,027 158 9,401 9,185 Rathbones charges an all inclusive porttolio management fee on a quarterly basis. Wilkin Chapman Rollits. investment support fees relate to separately identifiable work undertaken to deal with compliance and regulatory matters relating to the management of the portfolio. Expenditure on charitable activities Hull and East Riding of Yorkshire grants Norwich and Norfolk grants 11,570 31,956 6,570 32,221 Total grant commitments Grantmaking support costs Governance costs 43,526 3,928 8,558 38,791 3,983 8,168 56,012 50,942 12-
THE PHILIP RECKITh EDUCATIONAL TRUST FUND NOTES TO THE ACCOUNTS FOR THE YEAR FROM 1 JANUARY 2024 TO 31 DECEMBER 2024 (Continued) Analysis of grant commitments Grants to Grants to Total 2024 Total 2023 institutions individuals Charitable ose for which Advancement of education ur rants made 43,526 43,526 38,791 43.526 43,526 38,791 Total number of grants awarded 278 278 185 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. Grantmaking support costs 2024 2023 Wilkin Chapman Rollits grantmaking support fees Norfolk administratorfs fees Norfolk administratorfs costs Website costs Information Commissionerfs Office annual registration fee 1,591 1,858 264 180 35 1,425 1,769 574 180 35 3,928 3,983 Grantmaking support costs represent expenses that are directly attributable to the proSSIng and review of grant applications, including=" reviewing and maintaining the grantmaking policy, application fomi 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. 13-
THE PHILIP RECKITh EDUCATIONAL TRUST FUND NOTES TO THE ACCOUNTS FOR THE YEAR FROM 1 JANUARY 2024 TO 31 DECEMBER 2024 Governance costs Trustees expenses Independent examinerfs fee Wilkin Chapman Rollits accounting fees Wilkin Chaprnan Rollits legal and agm fees Bank interest and charges 663 1,260 3,853 2,764 559 1,200 3,562 2,770 77 8,558 8,168 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. G0Veman costs are treated as an indirect cost of the charitable activity of the charity. Fees for examination of the accounts 2024 2023 Independent examinerfs fees for reporting on the accounts 1,260 1,200 10. Gains and losses on investments Losses realised during the year Gains on revaluation at the year end (20,463) (14,484) 55,498 45,453 Totsl investment gains per the SOFA 35,035 30,969 11. Fixed asset investments: movements summary Cash & cash Listod 2024 2023 uivalents investments Total Total Market value at beginning of year Add.. additions to investments during the year Less.. investment disposals at carrying value Addl(deduct): movement due to changes in listed invts Addl(deduct): transfers inl(out) in the year Addl(deduct): net gainl(loss) on revaluation 1,431 1,012.968 1.014,399 1,011,792 404,489 404,489 109,961 (471.742) (471,742) {148,887} 46,595 25.103 (39,091) (29.022} 55,498 45,453 46,595 (39.091) 55.498 Market value at end of year 8,935 1,001.213 1.010,148 1,014,400 14-
THE PHILIP RECKITh EDUCATIONAL TRUST FUND NOTES TO THE ACCOUNTS FOR THE YEAR FROM 1 JANUARY 2024 TO 31 DECEMBER 2024 (Continued) Historic cost analysis of investments held al the year end= Listed investments Cash held for reinvestment 820,162 8,935 797,067 1.432 829,097 798,499 12. Fixed asset investments: valuation analysis Fair value Fair value Cash or cash equivalents Listed investments 8,935 1,431 1.001,213 1,012.968 Total 1.010,148 1,014,399 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. Fixed asset investments: material holdings Market Share of value total Holdin s >50/o of total listed investments al 31 December 2024 None in 2024 14. Current assets: debtors 2024 2023 Amounts fallin due within one Other debtors:_ Rathbone income account ear 677 444 677 444 15. Current assets: cash at bank and in hand HSBC community account Lloyds current account 61,729 2,754 40,913 7,626 64,483 48,539 15-
THE PHILIP RECKITh EDUCATIONAL TRUST FUND NOTES TO THE ACCOUNTS FOR THE YEAR FROM 1 JANUARY 2024 TO 31 DECEMBER 2024 16. Creditors and accruals within one ear after one ear Other creditors:_ Independent examinerfs fee Wilkin Chapman Rollits Fees Inveslment managerfs fees Accruals and deferred income 1,260 12,076 2,273 1.200 3.700 2.282 Total 15,614 7,187 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 osure to li uidi risk The liquidity risk exposure of the charity not being able to meet short term financial demands is mitigated by Wilkin Chapman Rollits preparing monthly bank reconciliations for the charitls main bank account and reviewing the value and timing of any pending liabilities. osure 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 Govemment. 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. osure 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. Chan es 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 2024 2023 nr tri Revaluation reserve Other undesignated funds 181,051 878,643 215,901 840,294 Total free funds 1.059,694 1,056,195 16-
THE PHILIP RECKITh EDUCATIONAL TRUST FUND NOTES TO THE ACCOUNTS FOR THE YEAR FROM 1 JANUARY 2024 TO 31 DECEMBER 2024 (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- 21. Trustees. expenses 2024 2023 eofex enses Travel Subsistence Accommodation 464 200 56 229 273 664 558 Number of trustees reimbursed or had expenses paid by the charity 22. Transactions with related parties 2024 Balance at 2023 Balance at Name of trustee Relationship Description of ri Wilkin Chapman See below LLP Wilkin Chapman Services 8,376 12.076 7,915 3,700 8,376 12.076 7,915 3,700 John Lane is a member of Wilkin Chapman 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. Wilkin Chapmans, charges for these seNices are detailed in notes 4, 7 and 8. 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. 17-