THE PLYMoirrH ASTOR TRUST (VHS) (Fonnerly Virginia House Settlement) A Company Limited by Guarantse Company Registration No. 02535755 Charity No. 1000972 REPORT AND FINANCIAL STATEMENTS 31 March 2024
THE PLYMOUTH ASTOR TRUST (VHS) REPORT AND FINANCIAL STAIEMENrs FOR THE YEAR ENDED 31 MARCH 2024 CONfENTS Page Legal and adluistrative information Report of the trustees Independent Examiner's Report Statement of financial activities Balance sheet io Notes forming part of the financial statements 11118
THE PLYMOUTH ASTOR TRUST (VHS) REPORT AND FINANCIAL STATENtENTS 2024 LEGAL IIND ADMtNISTRATtVE INFORMATION Dlrectors P.R. Sanders (Chairnian) D.E. Buckingbam A. Butler A.P. Gilbert M.A.G. Hoole M. Potts C. Robillson B.G. Warne Honorary President Alice Astor Registered Offlce clo Bromhead Chartered Accountallts Harscombe House l Darklake View Plymouth PL6 7TL Bankers Solicitors Lloyds TSB Bark Plc. 8 Royal Parade Plymouth PLI IHB GA Solicitors Gill Akaster House 25 Lockyer Street Plymouth PLI 2QW Investment Managers Ae¢ountants RBC Brewin Dolphin Brewin Dolphin LinJit¢d 11-15 Dix's Field Exeter EXI IQA Northcott Trun)field Chartered Accountants Devonshire Villa 52 Stuart Road Stoke Plymouth PL3 4EE Barclays Wealth 14 Clyde Place Lane Glasgow G5 8DP
PLYMOUTH ASTOR TRUST (VHS) REPORT OF THE TRUSTEES The Trustees, who are also the directors of the charity for the purposes of the ConLpanies ACL submit their annuAI report and the financial statements for the year ended 31 March 2024. The Trnstees have adopted the provisions of the Statetrlent of Re¢oll)mended Practice (SORP) 'Accounting alld R¢porttng by Charities" (FRS 102) (second edition- October 2019) inpreparing the aDnual report and financial statenlents of the cjwity. Reference and administrative details of the charity. its Ttee$, and advisers The Pl)qnouth Astor Trnst (VHS) (abbreviated PAD is a ¢ompany ]imited by guarantee (No. 02535755) incorporated in England and Wales and is a Tegistered charity (Reg. No. 1000972). The directors of the cFLaTitable ¢ompany are its Trustees for the purposes of charitable law. The company was fornierly known as virgin House Settlement. The Board are elected from the membership andusers of PAT. All Are appointed on a three year rotation basis. The Board of Trustees Ilas ¢onLplete responsibility for illLplementAng our aims and objectives tbrougb the continuous development of policy alld strategy. Meetings are held regularly to perforni these fiCtiOnS and monitor progress. To assist the Board to perform its duties there may be, from time to time, tssk groups that are advisory in nature and report to tbe Board. The following served as Board Members during the year: Phil Sanders (Chair), DavidBuckingbam, Anthony GilberL Alexis Butler, MarinaHoole, ChTiS Robinso Bethany Warne and Meghan Potts. An office manager is retained part-time, supported by the Tne5. membeIp of PAT is open to individuals and organAsations who support our Aijns and Objectives. Each memb&s liabi]ity is ]iMIt in the event of the company winding up, to all aujount not exceeding £1. Structure? governance and management The following statement should be read together with the independent exatninerfs report on Page 7 of these accounts. This statement is made with a view to distinguishing the respective responsibilities of the Board and the Independent Examiner in relatii)ll to the accounts, as required by thc Companies Act 2006. The Board are required by the Companxes Act 2006 to prepare accounts for each financial year which give a trne and fair view of the situation of PAT as at the end of the fillancial year, 31 Marcty and of the income and expenditure for that year. In prepg the accounts, the Board are required to: s¢le¢t suitable accounting polk¢i¢s and appty them consistentty. observe the methods and principles of the SORP (FRS 102) (s¢cond edition- October 2019). makeiudgemellts and estimates that are reasi)llable and prndent. state whether appli¢8bl¢ accounting standards have been followe(L subject to aELy llterial departures disclosed and explained in the accounts. prepare the accounts on a going concern basis unless it is inappropriate to presume that the charity will continue ill operntion.
THE PLYMOUTH ASTOR TRUST (VHS) REPORT OF THE TRUSTEES The Board has responsibility for ensurin8 that PAT keeps proper a¢couuting records which disclose, with reasonable accuracy, the financial position of the organisation at any time and which enable them to ensure that the accounts comply with the provision of the Compauxes Act 2006. The Board has a general responsibility for safeguarding the &8sets of PAT alld for tsking reasonable steps for the prevention and detection of fraud and any other irregularities. The majorrisks to which the Charity is exposed cotLtinue to be addressed. One of these risks is the age and gendeT proffle of the existillg Bo3. This h&$ been addressed in recentyears with Ihe app0]ll1ent of Alexis Butler, Marilla Hoole (nee Leadbetter) Bethany Warne and Megkn Potts as Tn]stees. Also, the real value of PAT'S Brewin Dolphin Portfolio ¢i)mpared to a b&8eline is reviewed when deten))inAug the amount of grants to be awarded to Charities and CotnmuDity Interest Group. Dividends earned from the Barclays Charity Fund are CUErently used to fimds bursaries for sthdents studying early years ethation at University ofPlymouth. A Risk Register maintained to ensur¢ there are no confiicts of interest. Finally, PAT'S aoUnts are subject to indepelld¢nt examination. We seek TnLStees who have good business skills and come from, and have experience o[ the voluntary, public, and voluntary and coJ]Imunity sectors. In addition, we are keen to appoint younger Trnstees who may bring freth ideas and other skills such as public relations and so¢ial medi TrLteeS are made aware of their responsil)ilRties and provided with background inforniation on PAT including the rules and objectives, annual accounts, And strategy documentstiotL Objectives and a¢tivlties Our MemorandullL and Articles of Association state that PAT is: ..established for all or anYpU0ses forthe benefit of the inhabitants of the Sutton Ward ofPlymouth inparticular and the City of Plymouth in general which is now or hereafter may be deemed by law to be rharitable and in particular the r¢li¢f of povety, distress and sicklless, the fiwtberdnce of health and the advallcemellt of education and the provision of facilities in the interests of social welfare for recreation and leisure time occupation with the objects of improving the conditiong of life for the said inhabitAnts and generally to do all such lavrfla acts and things as are incidental and conducive to the attainment of these objects.. In the developmellt of PAT to meet this object we work to the following aims and objtiVeS. To enhance the well-being of conllnunities and people in the City of Plymouth in general and the Borough of Sutton by the provision of services and facilities to promote social justice, welfare, and education in the areas of atest need. ObjeclTVa¥ To develop illitiatives and services &s approprnte in response to identifiedne¢d, whereverpossible ill Co-operation with other agencies and local organisations. To encourage and support the development of volulltary organisations, their Tntee% staff, and volunteers. To engage in and pri)mote go ¢on)munity developmellt Pfdctice. The TnJstees have Considered the legal r¢quirements that the ¢harity is of pthlic benefit atLd are satisfied that the cPLarity does meet the criteria required.
THE PLYMOUTH ASTOR TRUST (VHS) REPORT OF THE TRUSTEES Main achievements The Plymouth Astor Trust (VHS) has provided generous financial support for Sdents relating to their interests in the care and education ofyoung children (IU years). Previously. bursaries wereprovided bythe Nancy Langhorne Astor Scholarships Tnt (NLAST). NLAST has been closed and resources in the forni of the B2r¢lays Charity Fund Portfolio and 2sso¢iated dividends amounting to £169,916 transferred to the Plymouth Astor Tnt (VHS). In 2023-2024 bursaries are being funded fri)m dividen(L8 earned from the Barclays Charity Fund Portfolio. £6.275 has been transferred to University of Plymouth who pay the bursaries to students. A total of e1ve students have beell awarded bursaries. Income was genernted from inveslments and propety rental. DivAdends received frow our Brewin Dolphin inveslment portfolio now exceed post pandemic levels. Dividends of £19.476 were received in 2023-2024 compared to £17,008 in 2022-2023. Also. post transfer of funds from NLAST £972.10 w&8 re¢¢ived in dividends from the Barclays Charity Fund investment portfolio. The Jnvestment Policy Statement relating to PAT'S Brewin Dolphin inves(ments has been updated to include a gambliug investment restriction and update the risk level to refftct the Board's wish to go lthay between risk le1$ 6 and 7. The Register of Interests h&8 been update(L PAT owned a group of buildings with the collective address of 40 Looe Street {2 Peacock Lane), Plymouth. After the sale of freehold propety in Julle 2004 a 125 year lease was retained on part of the premises. "Friends and Families of Special Children" (FFSC) (Reg. No. 1140826), whose objectives are compatsl)le with PAT, agreed a new 5 year sub-lease which was signed on l May 2019 for the use of 40 Looe Street. Therefore, this lease is due for renewal on l May 2024. Consequentty, PAT illstructed Stratton Creber Cojnmercial (SCC) Property Consultants to undertake a rent revi¢w and facilitate lease renewal negotÉations working with GA Solicitors. PAT has received a r¢pi)rt from SCC. The work conducted by SCC included the followillg elements: Jnspection of the existing lease, inspection of the propety with a repor( examination of test certificatss, exomination and comments from tenants 8nd solicitors, reporting gny implications on the change of lease terni and advising on nwket r¢nt. As at 31 March 2024 negotiations with FFSC to agree a new lease were ongoing and PAT have no reason to believe that a new lease will not be agre "Friellds and Families of Special Children" (FFSC) (Reg. No. 1140826) made alterations to the pri)perty at 40 Looe Street without seekiug the perniissioll of PAT and thus contravening the terms of its lease. A retrospective licence for the alterations h&8 now been signed off by the Abaeus Land 4 Ltd (freeholder), PAT lessee and FFSC sub lessee on 29 Feb 2024. All legal fees have been paid by FFSC. The 10 year le&se of Noah's Ark Nursery for 30 Looe Street expired on 31 Juty 2023 and was not assigned to the Hadland Care Group in 2019-2020 when they took over the runni of the nursery. The nursery has been renatned "TOPS." PAT instrncted Stratton Creber Con]mer¢ial (SCC) propety consult2nts to ulldertake a rent review and facilitate lease renewal negotiations workillg with GA Solicitors. A draft renewal lease incorporating agreed Head of Ternis has been prepared by GA SolA¢itors but is subject to final approval and sigll off by the parties.
THE PLYMOUTH ASTOR TRUST (VHS) REPORT OF THE TRUSTEES Main Achievements (&5 contlnued) PAT owns 24 Hoe Street ITr Plymouth though "Improving Lives Plymouth (Reg. No. 1066776)" have an interest in the proceeds should it be sold. This propety is occupied for white rose consideration i.e., rent free under a Ivdse by the Margaret Mcmillan Nursery (Margaret Mcmillan Limited: Reg. No. 1118357) which is independent Charity, they have a 99 year lease grant¢d in October 2007. The propety cannot be sold without the permission of Impmving Lives Plymouth. The proceeds of any sale tnust be split equally betweell PAT and Improving Lives Plylnouth. Mcmillall are seeking to expand the floor ar¢& on the wund floor and increase capacity. PAT have requested from tbem a basic drawing showing their proposals. They have also been advised Mcmillall to get a pre- application view from the Local Authority as it could save them tillke and money. Also, the PAT Board agreed tILat a propety review should be undertaken at 24 Hoe Street. As a first Stq) the Board agreed that PAT should enquire as to whether Mcmillan Nursery have had recent surveys inspethions by a qualified surveyor and if so, let PAT have a copy of their ryort together wkth any test certificates. At 31 M8Thh 2024, PAT employed one part-time staff member. PAT was previousty the Trustee for the Astor Playing Field Tnt. The only Éticome received by the Trnst was a £19 per annuul wayleave pallellt. Consequently. with the assistance of GA Solicitors and agreement of the Charity Conunission the Astor Playing Field T bas been dissolved and their fimdg amounting to £269 trallSfed to PAT'S bank account.
THI PLYMoirrH ASTOR TRUST (VHS) Financial Revlew The net assets of the charity at the year end are £1,363,562 after a revaluation gain of £70,381 on the investment portfolio inthe ye8T. The market value of our equity investments at 31 March2024 was £958,871 and this compares with a base cost of £766298. The investtnent strategy provides income and capital growth to support the trustees, objectives of helping other local charities with endowments and grants. The board is committed to their stathtory duty to ensure the orgallisation's future is secure. PAT now has two investment portfollos. It continues to bold a Brewin Dolphin PO0110 and in December 2024 took over ownership frolll NLAST of an investment in the Barclays Chaity Fund. PAT has implemented an investment strategy in companies which are deemed to opeTate globally an etbical manner. Thig is valid for these fimds. PAT'S Brewin Dolphin portfolio is equity 2nd fixed income based with smaller holdiugs in propety. commodities, and cash. Geographically, the emphasis is on American and British equities. The Barclays Charity Fund is simiIarly a multi asset and geographically diverse holding wtth near to 460/0 invested in equities in developed markets (USA. UK, and Europe), 180/0 in equities in emerging markets, a 19.50/0 holding in cash 8nd bonds and 16.50/0 in other assets such as propety and con)modities. A review of PATS fiDallcial position concluded that inflation had a significant iinpact on the real value of our Brewin Dolphin Portfolio compared to baseline 2005. Consequentty, the PAT Board decided that they would not award Charities and Community Interest Companies grants in 2023-2024. Nevertbeless, Trnstees agreed that dividends received from the Barclays Clwity Fund Portfolio would fulld bursaries to early years students at University of Ptymouth. £6275 was transferned to University of Plymouth for thls Pur>$¢. The organisation's reserves are spread over three categories. The capital fimd supports one propety held as an investnlellt and the second propety used by a charity provithng childcare and nursery services. A 99 year le8se was granted in 2007 for a,bIte rose" consideration io respect of the second propety. The endoivment fun(L fixed at £110,000, is intellded to help secure the fiTture of the ch8rity and is not intended to be an expondable investment in tern]s of revellue utilisation. The unrestrirted fund is to provide sufficient income to support the adtninistration of the clwity and provide sufficient income to meet the trustee's objectives of providing help in the local con)mullity by the granting of financial assistanc¢ to charities, commuoity organisations and siudents of University of Plymouth. The funds trall$feed from NLAST and Astor Playing Field Trnst to PAT are shown as donations in the accounts as per Charities SORP (FRS 102), Accoulltillg for Charity Combinations section 24.30. It should be lloted tbLt the Funds received from NLAST are not designated fimds and could be used to achieve other aims and obje¢tives included it] PAT'5 Menlorandum of Association.
THE PLYMOUTH ASTOR TRUST (VHS) REPORT OF THE TRUSTEES Issues arising follojying Year End Since 31 M8rch 2024, Stratton Creber Commercial (SCC) Propety Consultants have continued n¢gotiations with FFSC to on lease renewal for occupation of 40 Looe Street (2 Peacock Lane), W0)ng with GA Solicitors. The ¢urrent position of FFSC is as follows: The tenant is willing to agree a 5 year lease and a rent of £12,900 pa with annual breaks on the firsL seconiL third and fourth anniversaries of the lease term. The tenants are however insisting on a 3 month rather than a 6 month break notR¢e. They also wish the completed licence to alter to be carried forward and acknowledged in the new lease. Also, they are prepared to give an indemllity against el¢ctrickty use since the date of their first occupation. SCC believe that FFSC ar¢ worktng with their electricity supplier on the basis they will only become liable for consumption once a s]nart meter is installed and not retrospectively. GA Solicitors have been infonned of FFSC'S urrent position, but head of ternis have still to b¢ agreed between parties and thus a draft lease has not been prepared. A Letter of Comfort giving PAT access to filing cabinets and to hold occasional meetings at 40 Looe Street (2 Peacock Lane) has still to be discussed. FFSC have infornied PAT they wish to make alterations to tbe building at 40 Looe Street to improve facilities. PAT has requested detailed drawings, plans and specifications setting out the works FFSC proposes to conduct so PAT can consider the proposals. The new lease for 30 Looe Str¢et remains with TOPS for final approval. GA Solicitors hav¢ stated that'%bere ar¢ very few points outstanding" Margaret Mcmillan Nursery: Mcmillan are seeking to expand the floor area on the ground floor and increase capacity. They have infornled PAT that a survey of the ground floor area (indoor and outdoor spaces) took place, and they are now awaiting drawings from tbe architecL which they will pass on to PAT and if requiredthe planning department at the council. Also, PAT gave perniission for the removal of an old bath, providing all remaining servA¢es are safety sealed, the existing fabric and all fmishings reinstated and all work conducted to conforni to Health and Safety requirements. This report has been prepared having taken advantage of the small company's exemption ill the Companies Act 2006. Signed on beIlf of the Board of Management 26 August 2024 by: P.R.Sanders Chair
THE PLYMOUTH ASTOR TRUST (VHS) Indep¢Ddent Examiner?s Report to the Trustees of The Plymouth Astor Th18t (VHS) I report to the charity trustees on my exawination of the accounts of the company for th¢ year ended 31 Marcb 2024 which are set out onpages 9 to 18. RespoD$ibilitles and basis of report As the charity trustees of the company (aud its directors for the pun)oses of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act,). Having satisfied myselfthatthe accounts ofthe company are not required to be auditedunder Part 16 ofthe 2006 Act and are eligible for independent examination. I re in respect of my examination of your company's accounts as conducted Under section 145 of the Charities Act 2011 ('the 2011 Act,). Jn ci)nducting my examinatio I have followed the Directions given by the Cjjarty CoMlSsion under section 145(5)(b) of the 2011 Act. Independent examiner's statement I have completed my examillation. I confm tbat no matters have Come to my attention in coDnection with the examination giving me Cause to believe that irn any material respect: accounting records w¢re not kq)t in respect of the cojnpany as required by section 386 of the 2006 Act: or the accounts do not accord with those records. or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'trne and fair view, which is not a matter considered as part of an independent examination. or the accounts have not beenprepared in accordance with tbe methods andprinciples of the Ststement of Recommended Practice for accowiting and reporting by charities applicable to charities prepIng their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no con¢¢rns alld have come across no otheT matters in connection with the examiOn to which attention should be drdwll in this report to enable a proper understanding of the accounts to b¢ reacheiL Guy Ian Northcott FC& Bsc(Econ) Hons, DCIkn Northcott Trnmfield Chartered Accountants Devonshire Villa 52 Stuart Road Stoke Plymouth PL3 4EE Date: 26 August 2024
THE PLYMOUTH ASTOR TRUST (VHS) STATENIENf OF FINANCIAL ACTIVITIES (including Income and Expenditure A¢¢oullt) FOR TAE YEAR ENDED 31 MARCH 2024 2024 Restricted Funds Unrestricted Notes Funds Endowmellt Funds 2023 Total Total ID¢ome 2nd endowments from: Investments Donations 49,448 170,185 49,448 170 185 44,008 2,000 Total income and endowments 219,633 219,633 46,008 Expenditure on: Raisillg fullds CILaritable activities 7,121 15,752 7,121 15,752 6,503 23,366 Total expendithre 22,873 22,873 29,869 Net iDcome/(expenditure) and net movement in fvnds before gainsloosses) on invtMents 196,760 196,760 16,139 Net gainl(losses) on investments 12 70,381 70,381 (39,310 Net income/(expenditure) 267,141 267,141 (23,171) Transfers between fund$ Other recognised gaMDsIOosses) Net movement In funds 12 267,141 267,141 (23,171) ReconcilRation of funds: Total fun(L8 brougbt forward 12 699,421 287,000 iio,000 1,096,421 I,119,52 Total fjjnds ¢attied forward 12 966,562 287,000 i 10,000 1.363,562 1, 096,421 All illcome and expenditure derive from continuing activities. The statement of financial activities includes all gains and losses recognised during the year.
TH PLYMOUTH ASTOR TRUST (VHS) BALANCE SIET AT 31 hRCH 2024 Note 2024 2023 Flx¢d assets Tangtble assets Investments ioi,000 1,244,871 ioi,100 953,962 Current assets Debtors Cash at bank and in hand io 1.049 46,807 47,856 21,651 21,651 Creditors: Amounts falling due within one year 3,960 6,397 Net current a88ets 17,691 41,459 Total assets le88 current liabilities 1,363,562 1,096,421 Net assets 1,363.562 1,096,421 Capital funds Restricted Sjnds 12 287,(X)O 287,000 Endowments 12 i 10,000 i 10,000 Income funds Unrestricted funds Revaluation reserve Designated fund 12 12 12 801,964 164,598 600,841 98,580 Totsl charity funds 1,363,562 1,096,421 For the year ended 31 March 2024 the company was entitled to exemption from audit llnder section 477 of the Companies Act 2006 relating to small Companies. Directors, responsibilities,, The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476. The directors acknowledge their responsibi]itses for complying with the r¢quirnents of the Companies Act 2006 with respect to accounting re¢ords and the preparation of accounts. The arxoullts bave been prepared in accordance witb the provisions applicable to companies Subject to the small company's regime. These financial statements were approved and authorised for issue by the Board of TnteeS on 26 August 2024 and were Si8lled on their behalf by: P.IL Sallders . Director Company No. 02535755 The notes on pages l I to 18 fonn part of these accounts. io
THE PLYMOUTH ASTOR TRUST (VHS) NOTES TO THE FtNANCIAL sTATEmErs FOR THE YEARENDED 31 MARCH 2024 Summary of significant accounting policies (a) Gentral ffinfonllation and basis of preparatlon The Plyxnouth Astor Trust (VHS) is an individual company limited by guarantee registered in England in the United Kingdom. In the event of the chlty beillg wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the chlty information on page l of these financial statements. The nature of the charity's operations and principal activities are: Our Memoran(tum alld Articles of Association state that PAT is: estab]ished for all or any p)oSeS for the benefit ofthe inhabitants ofthe Sutton Ward of Plymouth in particular and the CAty of Plymouth in general which is now or hereafter may be deemed by law to be charktable and in P8rticular the relief of povety, distress and sic]ffless, the furtherance of health and the advancement of education and the provision of facilities ill the interests of Sla1 welfare for recreation and leisure time occupation with the objects of improving the conditions of life for the said inhabitants and generally to do all such lawful acts at things as are incidental and conducive to the attaimnent of these objects." In the development of PAT to meet this object we work to the following aill and objectives: To enhance the well-being of communities and people in the City of Plymouth in general and the Borough of Sutton in particular by the provision of services and facilities to promote social jwtice, welf8re, aud education in the areas of greatest need. The r]nancial statements are prepared on a going concern basis under the historic cost Conventio modified to include certain items at fair value. The charity constikntes a public benefit entity as defined by FRS102.The financial statements have been prepared in accord8nce with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to ¢hariti¢s prep2ring their accounts in a¢¢ordall¢e with the Fill8llcial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) (second edition- October 2019), the Finwcial Reporting Standard applicable in tbe United Kingdom and Repubjic of Ireland (FRS 102), the Compauies Act 2006 2nd UK Generally Accepted Practice as it applies from l January 2015. The flnancial statenlents are prep8ttd i)n a going concernbasis, as the trustees be]ieve thatno materialuncertainties exist. The financial statements are prepared in sterling which is the fimctional currency of the charity and rounded to the nearest £1. The significant accounting policies applied inthe preparation of these fmancial ststements are set outbelow. These policies have been consistenty applied to all years presented unless otherwise stated. (b) Fund accounting General funds are unrestricted funds which are available for use at the discretion of the TnL8te¢s in fiwtherallce of the general objectives of the charity alld wbicb have not been desigllated for other puoses. Designated funds comprise uDrestricted fullds that have been Set aside by the Trustees for purposes. The aim and use of each designated fimd is set out in the notes to the fxnall¢ial statements. Restricted fimds are fid$ whAch are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. Endowmentfynds represent those llssets which must be held pernianently by the charity, principally inveslments. Income arising on the endowment fillAds can be uscd in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on tb¢ inv¢St¢llts fonxL part of tlle fund. tnvestment xncome and gains are allocated to the appropriate fim(L li
THE PLYMOUTH ASTOR TRUST (VHS) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (c) Income recognition All incoming resources are included in the SOFA wlLen the charity xs legally entitled to the income and the amount Cgll be quantified with reasonable accuracy. For legacies, ¢ntitlem¢llt is the earli¢r of the charity beiug notified of an in]pending distribution or the legacy being received. Gifts in kind donated for distributii)n are included at valuation and recognised as illcimle when they are distributed to the projects. Gifts (lonated for resale are included as incollk¢ whenthey are sold. Donated facilities are included at the value to the charity where this can be quantified, alld a third paty is bearing the cost. No amounts are illcluded in the flllancial statements for services donated by volunteers. Incoming resources are only defetted when the income is for a future period an(Vorhas itnposed conditions which must be satisfied prior to the charity having entitlement to the income. (d) Expenditure recognition Resources ¢xpended are recognised in the period in which they are incurred. Resources expended include attributable VAT which caDllOt be recov¢red. Charitable expenditure and adMitratiOn costs coTnpri5e direct expenditure including direct stsff costs attributable to the activity. Support costs include central costs and have been allocated to a¢tivity cost categories on a b&8iS ci)nsistent with use of qoUr¢c8. Governance costs are identified as costs &ssociated with statutory constitirtional requirements. Grants payable charged in the year when the offer is conveyed to the recipient except in those cases where the offer is conditional, such grdnts being recognised as expenditure when the conditions attaching are fidfdle(L Grants offered subject to conditions which have not been met at the year end are noted as an intention, but not accrued &8 expellditLWe. (e) Flxed assets and depreciatlon Freehold properties: No depreciation is charged on these properties as the lives of the properties are so long and the residual values based on cost or subsequent revaluation to be htgh enough to ensure there is no significant aTmual depreciatio]L Freehold lond is not depreciated. Annual review takes please to establish any pernianent diminution in values of fixed assets. Depreciation is provided to wrAte off the cost of tangible fixed assets in equal illstahnents over their estimated useful economic life. The estimated useful lives 8Te as follows: Freehold and Leasehold Land and Buildings are included at the directors, best estiwate of tbe market value. Equipment 20% straight line (D Investments Investhients held as fixed assets are recognised initially at fair value which is nomllY the transaction price excluding transaction costs. Investments Are held primarily for an xllvestment return. Subsequently they are measured at fair value with changes recognised iu net gainsnosses on inveslments in the SOFA if the shares are pubjicly traded or their fair value can be otherwise measured reliabty. Debtors and creditors receivabIelpayable withln one year Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction Price. Any losses arising from impairnient aye re¢ogDised in expenditure. 12
THE PLYMOtrrH ASTOR TRUST (VIIS) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (h) Cash at bank and An hand Cash at bank and cash in hand includes cash 2nd short tenn bighly liquid investments with a short maturity of three months or less from the date of acquisxtion or opening of the deposit or similar account. (i) FknaneAal instruments The clwity 0Y has finallcial assets and finatkcial liabilitie5 of a kind that qualify as basic fmancial instnllnents. Basic financial instruments are initially recognised at transadion value and wbsequentty measured at their settlement value except for bank loans which are subsequently nleasured at amortised cost using the effective illteresl m¢tho(L Income and endowments Unr¢stricted 2024 2023 Total Total Dividends and tnterest re¢¢Avable Pri)perty income 20,448 29,000 49,448 170,185 17,008 27,000 44,008 2,000 Donations (NLAST & Astor Playing Field) 219,633 46,008 Expenditure 2024 Total 2023 Total Raisingfynas Investment nlager fees 7,121 6,503 Chantable activities Grant kIllg activities: Furtberance of health and social w¢llbeing Advancement of education Alleviation of povety 6275 13.037 1,000 1,000 15,037 6,275 Support costs Wages Insurance Postage, stationery, alld document disposal TraveL training, subsistellce and welfare Marketing Legal Depreciatio 4,320 892 35 510 156 2,784 4,320 766 94 506 370 1,453 loo 7,609 8,697 Governance bjdependent Examination 780 720 Charitable activities 23,366 Total expenditure 22,873 29,869 13
THE PLYMOUTH ASTOR TRUST (VHS) NOTES TO THE FtNANCIAL STATEMENrs FOR THE YEAR ENDED 31 MARCH 2024 Grants fvnding of activities 2024 GT8llts to Institutions 2023 Grants to Institutions Charitable activities Grant making activities: Furtherance of health 8lld SO¢Aal wellbeing Education Alleviation of y)vety 13,037 1,000 1,000 13 6.275 6,275 15,037 15 In 2023-2024 bursaries were fiulded from dividends earned from the Barclays Charity Fund Portfolio. £6.275 has been transferred to Ulliv¢rskty of Plymouth who pay the bursaries to students. A total of twelve students were awardedbursaries. As stated above University of Ptymouth received a grant exceeding £2,500. Net In¢omd(expenditure) for the year 2024 2023 The net illcomdexpenditur¢ for the year is stated after charging: Governance costs: Independent Examinatii)n Depreclation Profit/Ooss) on fair value movement of investments 780 720 loo (39,310) 70,381 Staff numbers and costs The average monthly nutnber of employees during the year (excluding Trustees) by fimction was: 2024 2023 Charitable activities: The staff costs ill respect of these employees were as follows: 2024 2023 Wages 4,320 4,320 No employee earned £60,000 per aDnum or more. None of tbe Trustees or persons connected with them received any emoluments or expenses during the year. The totsl amount of employee benefits received by key management personnel is £nil (2023: nil). The trust considers its key management personnel compromise the Trnstees. Taxation As a charity, the company has taken advantage of the exemptions from taxation available under S505 Income aud Corporation Taxes Act 1988 or section 252 of the Taxatioll of Chargeabl¢ Gains Act 1992 to the extent that these ar¢ applied to its chartable objects. 14
THE PLYMOUTH ASTOR TRUST (VHS) NOTES TO THE FINANCIAL STATEMENrs FOR THE YEAR ENDED 31 MARCH 2024 Tangible fixed assets Freehold Land and Buildings Long Leasehold Equipment Total COST OR VALUATION At l April 2023 Additions at cost At 31 March 2024 100,000 6,838 1,000 107,838 loo 000 1,000 107 838 DEPRECIATION At l April 2023 Charge for the year At 31 March 2024 6,838 6,838 6,838 6,838 NET BOOK VALUE At 31 March 2023 loo,000 1,000 ioi,000 At 31 March 2024 loo 000 ioi 000 The trustees re-value the assets periodically as to their best estimate of the open market valu¢ of the properties. Freektold Land and Buildings consists of: the property at 24 Hoe StreeL The Hoe, Plymouth, which is occupied bythe Margaret McMill8n Nursery (Margaret Mcmillall Limited Reg. No. 1118357). In accordaoce with the wishes of Waldorf and Nancy Astor, who gifted The PlymouthAstor Trust (VHS) with the premises known as 24 Hoe Street, those premis¢s #re let to the M8Tgaret Mcmillan Nurs¢ry SchooL all illdependent charity, on a rent free basis for as Iollg as the school continues to fulfil its clkaritable purposes. The existing ie&8e is for 99 years commencing on 29 April 2002 and expiring on 28 Apri 2101. Use of Assets: Freehold Land alld Buildings Long Leasehold Equipment 2024 Totsl Mcmillan Nursery School (Reg. no. 1118357) Friends & Fatllily of Special Children (Reg. no, 1114692) Support 1,000 1,000 loo,000 loo,000 loo,000 1,000 ioi,000 15
THE PLYMOUTH ASTOR TRUST (VHS) NOTES TO THE FINANCIAL STATEMENrs FOR THE YEAR ENDED 31 MARCH 2024 Investments Freehold Listed Property Portfolio 2024 Total 2023 Total Brewin DoRphin Cost or market value at l April 2023 Additions at cost Disposal proceeds Net Gain/(Loss) Oll revaluation at year end 286,000 667,962 953,962 289,953 289,953 (233,697) (233,697) 59,954 59,954 963,223 71206 (41,157) 39,310 Market value at 31 March 2024 286,000 784,172 1.070172 953,962 Historic cost- portfolio 286,000 629,962 915,962 855,384 The freehold propoty at 30 Looe StreeL Bretonsid4 Plymouth is used fornursery scrvAces by a separnte organtsation. Listed Portfolio 2024 Total 2023 Total Bardays Charity Fund Cost ormarket value at 4 December 2023 transferred Addltions at cost Dispos21 pro¢¢eds Net Gainl(Loss) on revaluation at year end 164,494 164,494 (222) 10,427 (222) 10,427 Market value at 31 MAr¢h 2024 174,699 174,699 Historic wst- portfolio 136,336 136,336 The Barclays Charity Fund is shown separat¢ly because these fimds were transferred to PAT from NLAST on 4 Dec 2023. Invesiments are primarily held for aa investment return. io. Debtors 2024 2023 Other debtors 1,049 ii. Creditor$: Amounts falling due Tvithin one year 2024 2023 Trade ¢reditors Accruals 710 3,250 4,001 2,396 3,960 6,397 16
TH PLYMOUTH ASTOR TRUST (VHS) NOTES TO THE FINANCIAL STATEMENrs FOR THE YEAR ENDED 31 MARCH 2024 12. Statement of funds At l April 2023 GailllLoss At 31 March 2024 Income Expellditltre Transfers R¢valuation Profits Unrestricted fi)nds Revaluation reserve Designated fimds Pennanent Endowmellt fiulds Capital funiLs 600,841 98,580 219,633 (16,598) (6,275) 4,363 66,018 801,964 164,598 (6,275) 6,275 i 10,000 287,000 i 10,000 287,000 1,096,421 219,633 22,873) 70,381 1,363,562 At l April 2022 Gain/Loss At 31 Matth 2023 Lll¢ome Expenditllr¢ Transfers Revaluation Profits Unrestricted funds Revaluation reserve Designated funds Pennanent Endowment fi]nds Capital funds 574,797 145,795 2,000 iio,000 287,000 46,008 (25,869) 12,000) 7,905 (47,215) 600,841 98,580 (4,000) 2,000 i 10,000 287,000 1,119,592 46,008 29.869 39,310 1,096,421 Unrestricted Funds represent the provislon of services, facilities, social care and comtllullity development. Designated Funds ryresent fiulds the board have allocated for grallts See section 4.1 for detstls of awards. The Endowment Fund w&8 established in 1990 by the ¢lwity IeS to 2¢¢umulate under capital growth until £1 10,IKK) in value at mininLUm had been achieved and was established to provide a secure and predictable streaDJ of income for the clwity. Th¢ Capital Funds repres¢nt the value of the propety known &9 24 Hoe StreeL Plymout which was endowed to The Plymouth Astor Trust (VHS) by WaldorfandNancy Astorwho wisbedthatthose premises are letto the Margaretmcmillall Nursery School, an independent charity, on a rent free basis for as long as the school ¢ontinues to fulfil its ChItable purposes. A 99 year lease w&g grted in 2007 to the trnstees of the Margaret McMilEall Nursery S¢hool on similar tern]s to those previously in place. The clwity's residual interest is valued at £1,000. In addition, the Restricted Capital Funds inCh¢S £286,000 which was granted in the year ended 31 March 1998 to the charity frotll the Conllnuoity Fund (fornierly known as the National Lottery Charities Board) specifically to purchase offi¢¢ ¢quApmenL fillniture, refiwbishment costs and professional fees for the pUoSe of developing the Redwood Family Centre at 30 Looe Street, Plymouth. The grant ternis alld conditions expired 10 years from allIsItion and is repayable upon detlland shouId the charity breach the conditions therein. This repayment period has llow expired but approval must be sought if the prop¢ty 15 sold or used as security. 17
NOTES TO THE FINANCtAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13REPOAS4lY0b STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Revaluation Reserve Restricted Capital Funds Unrestricted Desigllated Funds Fund Endowment Funds Total CONWle fixed ass¢ts Jnveslments Net CUTrent assets Legal and administrative info]mation Totsl net a55ets loo.000 684, 274 17,690 1,000 286,000 ioi,00 110,000 1,244,87 17,690 164,598 1fv1,598 801,964 287,000 110,000 1,363,562 Report of the trleeS 14. Share Capital 2/7 Jndep 'a F•y limited by guarant¢e with no share capital. The liabilxty of the members is limited to £1 per 8 member. Statement of fmallcial activxties 15. Leases BalancThbethrity has a 125 year lease, granted in 2004, on the ground floor of pftrt of 40 Looe Street under a peppercorn rent. io Iwotes stat¢ellts PAT was previously the Trustee of The Astor Playing Field Trust (Reg. No. 300927). As previously stated, with the perniission of the clrity Cornnslon the Astor Playing Field Trust has been dissolved and resources transferred to PAT. 11118 17. Trustee remuneration There w¢re no payxnents to Inistees for remuneration or reimbursement of expenses. 18. Related party tran8actlon8 There were no related party transactions. 18