I've managed to resolve this issue by removing all of the path details in the Phing configuration section within Jenkins.
This makes absolutely no sense to me as to why it's working without these details as I definitely only have one Phing install, so it's not as if it was picking up the wrong one or something.
However, by not specifying anything in the Phing section of the Jenkins project config so it picks up the default path, default build target etc. and this is working flawlessly now!