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 No￿lch) 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 refe￿ed 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 re￿iVed 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 fInan￿d 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 Un￿rtaIntieS 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
be￿een 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 invol￿S 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 Inte￿St and dividends
These are included in the accounts when re￿Ipt 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 pro￿SSIng 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-