The duo have been released by Jay Saunders as the Stones manager works on a new squad for next season.
Wraight (pictured) arrived at the Gallagher Stadium last summer, after two prolific seasons with East Thurrock United where he scored 43 goals during the club’s promotion from the Bostik League Premier and first season in National League South.
He made twenty-seven appearances for the Stones, opening his goalscoring account at Torquay United in December and doubling his tally with a header in the New Year’s Day derby against Dover Athletic.
Saunders told the club`s official website: “I am disappointed things didn’t work out for Wraighty. He was a player I was keen to bring to the club and I’ve no regrets about giving him the opportunity.
“Had it not been for that awful run of injuries he had, things might have turned out differently. He’s one of those I’ll definitely keep an eye on and hope that he can build up his fitness up over the summer and have a decent year ahead.”
Phipps signed an eighteen-month deal in December 2016 after a series of impressive performances for Margate.
He went on to make eleven appearances for the Stones and had successful loan spells at Welling United and most recently at East Thurrock.
Saunders added: “Harry’s a top lad and I wish all the best for the future. He needs to be playing regular football and that’s something I can’t guarantee here.
“He had a good run of games with East Thurrock at the end of the season and I am sure he’ll have some offers to consider in the next few weeks”.