Charity number: 1076364 Housing Association number: A4273 PLYMOUTH CHARITY TRUST TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ? Bishop Fleming
PLYMOUTH CHARITY TRUST CONTENTS Page Reference and administrative details of the charity, Its Trustees and advisers Trustees, report Independent auditors. report on the financlal statements 7-10 Income statement Statement of income and retained earnings 12 Balance sheet 13 Statement of cash flows 14 Notes to the financial statements 15-28
PLYMOUTH CHARITY TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees Stephen Hole, Chairmani David Marks1 Paul Northmorei Thomas Roden1 (resigned 12 February 2024) Ronald Brown1 James Lewis1 David Marks1 Jack Lewis1 Toby Gourlay1 (appointed 12 February 2024) Co-opted (appointed by Committee) Charity registered number 1076364 Principal office Charity Trust Office 41 Hele's Terrace Prince Rock Plymouth PL4 9LH Senior Staff Samantha Easton, Trust Manager Benita Merrin, Trust Administrator Housing corporation number A4273 Independent auditors Bishop Fleming LLP Chartered Accountants Salt Quay House 4 North East Quay Sutton Harbour Plymouth PL4 OBN Bankers Nat West Pl¢ Business Centre St Andrews Cross Plymouth Solicitors Curtis Whiteford Crocker 87-89 Mutley Plain Plymouth Devon PL4 6JJ Investment Advisor John Wilkinson Investec Wealth & Investment Ltd Keble House Southernhay Gardens Exeter EX1 1NT Page 1
PLYMOUTH CHARITY TRUST TRUSTEES. REPORT (CONTINUED> FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their report with the financial statements for the year ended 31 March 2024. OBJECTIVES AND ACTIVITIES The provision of housing accommodation for persons of good characler resident in the City of Plymouth who are in need,. and The relief of persons resident in the City of Plymouth who are in need, hardship or distress. Strategies for achlevlng objectlves The strategies employed to achieve the charity's objectives are to.. Provide and mainlain to a high standard the two current groups of Almshouses (Hele's Terrace and Lanyon House) and any other stock, land, buildings, amenities and other assets which from time to time may be owned or controlled by Plymouth Charity Trust to ensure they are available for Plymothians in need. In exceptional cases the Trustees may decide to assist someone {who is otherwise qualified) who is resident outside the City of Plymouth or only temporarily resident in the City of Plymouth. Provide grants of money, goods. services or facilities to relieve persons in need or make grants of money to other persons or bodies who provide goods, services or facilities to those in need. VALUE FOR MONEY VFM Metric 1- Reinvestment % - Result- 1°/0 (2023: 8/ ) This is a measure of spending on new and existing homes for Plymouth Charity Trust (PCT) as a percentage of the value of total properties held. No new accommodation has been added in the year, although there has been refurbishment works on existing accommodation. In the prior year there was a purchase of a new freehold property. VFM Metric 2- New Supply delivered O/. Result= o % (2023: 00/.) This is a measure ofspending on new social and non-social housing units as a proportion of total social and non- social housing units owned at the period end. No new social or non-social housing units have been added in the year. VFM Metric 3- Gearing O/. - Result= OQ/. (2023: 0°1ty) The Charity has no debt. VFM Metri¢ 4 - Earnings before interes( tax, depreciation. amortisation, major repairs included Interest ¢over°k - Result- NIA (2023: NIA) The EBITDA MRI interesl cover measure is a key indicator for liquidity and investmenl capacity. It seeks to measure the level of surplus that a registered provider generates compared to interest payable., the measure avoids any distortions stemming from the depreciation charge. The Charity has no interest payable. interest capitalised or financing costs, therefore a percentage cannot be computed. VFM Metrlc 5- Headllne Soclal Houslng cost per unit- Result £5,668 per unit12023: £4,482 per unit) The unit cost metric assesses the headline social housing cost per unit as defined by the Regulator. Management costs, routine mainlenance costs. planned maintenance Costs, capitalised major repairs expenditure for the period, other (social housing letting) costs £413,753. Divided by social housing units 73 Result= £5,668 per unil Page 2
PLYMOUTH CHARITY TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 VFM Metrlc 6- Operating margin /• The Operating Margin demonstrates the profitability of operating assets before exceptional expenses are tsken into account. A. Social housin eratin mar in - Result 25 % Social housing operating surplus 123,375 Divided by Turnover from social housing lettings Result 488,792 25. B. Overall o eratin mar in - Result = .329 2023.. _12% Operating deficit -168,822 Divided by Turnover Result 527,007 2/* VFM Metric 7 - Return on Capital Employed - Result - .3Y. (2023: .1'fi} This metri¢ compares the operating surplus to total assets less current liabilities Operating surplus -168.822 Divided by Total assets less current liabilities Result 5,146,131 -3% STRUCTURE. GOVERNANCE AND MANAGEMENT Governlng Document The Trust is registered with the Charity Commission under number 1076364 and is governed by a Scheme dated 111h June 1999. This new Scheme amalgamated several existing charities including Hele's Almshouse Charity, Lanyon Almshouse Charity, Plymouth Workhouse Charity, Maddock & Baker Charity, Charity of William Rowe and Plymouth Relief in Need Charity. the oldest ofwhich was established in 1690. Appolntment of Trustees The Trust is run by a board of seven voluntary Trustees, all appointed by the committee itself. The Trust has a policy to cover recruitment, which tries to ensure all required skills are covered. The Lord Mayor of Plymouth is the Patron. Trustee Inductlon and training NewTwstees undergo an orientation session to brief them on their legal obligations under charity law and receive copy of the governing document, Trust Policies and Procedures and recent financial statements. minutes etc. Trustees are encouraged to attend external training events where possible and to ensure they keep up to ,date with changes in law etc by reading newsletters issued by the Charity Commission and any other guidance notes that are relevant. Page 3
PLYMOUTH CHARITY TRUST TRUSTEES, REPORT {CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 Staff The Trust employs a full-time Manager (Samantha Easton) and one part-lime TrustAdministrator (Benita Merrin) to carry OLrt the day to day running of the Trust and also deals with all aspects of Supporting People. There is also a full-time resident warden employed at Hele's Terrace. Organisatlon The board of Trustees administers the Charity. The board meets several times a year and at each meeting receives financial reports and there are Sub-committees covering day-to day finance, interviews and property and repairs. A Manager is appointed by the Trustees to manage the day-to-day operation5 of the charity. To facilitate effective operations, the Manager has delegated authority, within terms of delegation approved by the Trustees, for operational matters including finance. appointment of residents, employment, H & S matters and supervision of contractors and staff. Related parties The Charity has a close relationship with the City Council due to them carrying out the maintenance of Lanyon House. Risk management The Trustees have a risk management strategy, which comprises: An annual review of the risks the Charity may face The establishment of systems and procedures to mitigate those risks identified in the plan and The implementation of procedures designed to minimise any potential impact on the charity should those risks materialise. A key element in the management of financial risk is the setting of a reseNes policy and its regular review by Trustees. The Trust also has a set of emergency plans to cover any disaster affecting either the Almshouses or the office. ACHIEVEMENTS AND PERFORMANCE The Trust made an operating deficit before investment gains of £119,075. this can be attributed to buildings works carried out during the year. The recent climate in the stock market has resulted in a revaluation gain of £65.154 on the investment portfolio. Hele's and Lanyon Almshouses The Trust was able keep the losses through voids below the 100/0 for Lanyon House required and also below the 5 % for Hele's Terrace. PlymoLrth' Charity Trust have completed some redecoration works within void flats to make them more desirable to potential residenls. These redecoration works consisted of painting and decorating as well as revcarpeting throughout the flats. There were no items brought to the Trust's attention regarding the recent Fire Risk Annual Assessment. The Trust scored 940/0 in its annual Health & Safety Audit. All the properties comply with the Housing Corporation "Decent Homes Standard.. The City Council has honoured the majority its obligations to carry out repairs at Lanyon House. Plymouth Charity Trust has recently been advised that Plymouth City Council will be replacing fire alarm system at Lanyon House. This will be part funded by Plymouth Charity Trust once the design has been finalised and both parties agree. With the efficient work of the Trust's Administrator (Benita Merrin), the Supporting People programme continues to run smoothly and efficiently. Page 4
PLYMOUTH CHARITY TRUST TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Future Developments The Trust previously purchased an additional property, The Friary, within a location close to the hub of Plymouth Charity Trust. The aim is to demolish the existing building and erect purpose-built flats with an aim to cater for elderly residents with disabilities (ie, use of wheelchairs) but are still able to live independently. The Trust hopes that this project will be fully underway within the next 2 years. Plymouth Charity Trust has been awarded planning permission for 10 purpose-built flats to incorporale disabled living accommodation. Donatlons Due to Plymouth Charity Trust not receiving any donation requests from families of school age children the Trustees decided to put the donation budget towards items that are in need by the local schools. This year Plymouth Charity Trust gave a donation to Prince Rock Primary School to enable them to enable them to upgrade their emergency lighting within the school. Financial review The Trust continued to set an annual budget and receive quarterly reports on income and expenditure. The budget was set taking into account an allowance for specific sums to be set aside for wclical and extraordinary repair funds. The allowances were based on guideline figures issued by the National Almshouse Association. The level of weekly upkeep contribution for the Almshouses was based on the budget and set at a level Éo allow all budget commitments to be fulfilled. The rent level for both Almshouses is well under the rent officer's assessment and takes into account Housing Corporation rent restructuring guidelines as well as Plymouth Charity Trust's rent policy. Rents are the same for both sets of Almshouses, with the exception of an extra £30 a week Service Charge at Lanyon House for utilities. The net movement in funds for the year amounts to an in-year deficit of £53.921. This is represented by total income of £576,754, total expenditure of £695.829 and net gains on investments of £65.154. The overall funds carried forward were £3,797,214, of which all are included in designated funds as detailed in note 15. Going Concern After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption ofthe going concern basis can be found in the accounting policies. Investment powers and policy Under the Memorandum and Articles of Association, the Charity has the power to invest in any way the Trustees wish. The Trust has always adopted a very cautious approach to investments using a mix of 70% cautious and 300/0 balanced. The Trustees have operated a policy of keeping available funds for day-to-day expenses only in a current bank account and a third of reserves in high interest charity deposit accounts. The remaining thirds are invested as detailed above. Reserves pollcy The Trustees have established the level of reserves (that is those funds that are freely available) that the Charity ought lo have and this situation is reviewed annually. Total free reserves are £nil as all funds are designated as detailed in note 15. Plans for future perlods The Trust has a regular review of its properties to ensure it holds sufficient money in its designated repair funds to continue to maintain and improve the Almshouses together with a reserve to respond to Donation requests. Page 5
PLYMOUTH CHARITY TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The Trust has recently demolished the Friary Social Club with a view of transforming it into additional flats for the elderly poor of Plymouth. At present the Trusts construction Consultants are working towards tendering the building contract to enable construction to commence on this long-awaited project. Until this time, the Trust has implemented Heras fencing around the site to ensure it is kept safe. STATEMENT OF TRUSTEES. RESPONSIBILITIES The Trustees are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the TNStees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to- select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP (FRS 102}-, make judgments and accounting estimates that are reasonable and prudent- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Charity Commission Scheme. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Disclosure of information to auditors Each of the persons who are Trustees at the time when this Trustees, report is approved has confirmed that-. so far as that Trustee is aware. there 15 no relevant audit infomiation of which the charity's auditors are unaware. and thatTrustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information. Auditors The auditors, Bishop Fleming LLP, have indicated their willingness to continue in office. The designated Twstees will propose a motion reappointing the auditors at a meeting of the Trustees. Approved by order of the members of the board of Trustees and signed on their behalf by.. Stephen Hole Chairman Dale.. Page 6
PLYMOUTH CHARITY TRUST INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF PLYMOUTH CHARITY TRUST {CONTINUED) OPINION We have audited the financial statements of Plymouth Charity Trust (the 'charity') for the year ended 31 March 2024 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework thal has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102'The Financial Reporting Standard applicable in the UK and Republic oflreland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view ol the state of the charity's affairs as at 31 March 2024 and of its incoming resources and application of resources for the year then ended- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance wilh the requirements of the Charities Act 2011, the Housing and Regeneration Act 2008 and the Accounting Direction for private registered providers of social housing in England 2022. BASIS FOR OPINION We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor5. responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom. including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtsined is sufficient and appropriate to provide a basis for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing the financial statements, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this reporl. OTHER INFORMATION The other information comprises the information included in the Annual report other than the financial statements and our Auditors, report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of Ihe audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Page 7
PLYMOUTH CHARITY TRUST INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF PLYMOUTH CHARITY TRUST (CONTINUED) MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion= the information given in the Trustees, report is inconsistent in any material respect with the financial statements., or sufficient accounting records have not been kept- or the financial statements are not in agreement with the accounting records and returns., or we have not received all the information and explanations we require for our audit. RESPONSIBILITIES OF TRUSTEES As explained more fully in the Trustees. responsibilities statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the tinancial statements, the Trustees are responsible for assessing the charity's ability to conlinue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. AUDITORS. RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obiain reasonable assurance about whether the financial stalements as a whole are free from material misstalement, whether due to fraud or error, and to issue an Auditors. report that includes our opinion. Reasonable assurance is a high level of assuran, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. to detecl material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud 15 detailed below: We have considered Ihe nature of the industry and sector, control environment, and financial performance., We have considered the results of enquiries with management and the Trustees in relation to their own identification and assessment of the risks of irregularities within the entity., We have reviewed the documentation of key processes and controls and performed walkthroughs of transactions to confirm that the systems are operating in line with documentation- and, We have considered the matters discussed among the audit engagement leam regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition, with a particular risk in relation to year-end cut off. In common with all audits under ISAS (UK) we are also required to perform specific procedures to respond lo the risk of management override. Page 8
PLYMOUTH CHARITY TRUST INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF PLYMOUTH CHARITY TRUST {CONTINUED) We have also obtained an understanding of the legal and regulatory frameworks that the Charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included FRS 102, the Accounting Direction for private registered providers of social housing in England, the Housing Statement of Recommended Practice, Charities Act 2011, the Housing and Regeneration Act 2008 and UK tax legislation. In addition, we considered the provisions of other laws and regulations that do not have a direct effect on the rinancial statements but compliance with which may be fundamental to the charity's ability to operate or avoid a material penalty. including landlord health and safety laws and regulations covering fire risks, gas safety, water hygiene. electrical safety and asbestos. Our procedures to respond to risks identified included the following- Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements., Enquiring of management in relation to actual and potential claims or litigation-, Performing analytical procedures to identify unusual or unexpected relationships that may indicate risks of material misstatement due to fraud: Reviewing board meeting minutes., Performing detsiled transactional testing and analytical review in relation to the recognition of revenue with a particular focus around year-end cut off,. and In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments- assessing whether the judgments made in accounting estimates are indicative of potential bias., and evaluating the business rationale of significant transactions that are unusual or outside the normal course of business. We also communicated identified laws and regulations and potential fraud risks to all members of the engagement team and remained alert to possible indicators of fraud or non-compliance with laws and regulations throughout the audit. As a result of the inherent limitations of an audit, there is a risk that not all irregularities, including a material misstatement in the financial statements or non-compliance with regulation, will be detected by us. This risk increases the further removed compliance with a law and regulation is from the events and transactions reflected in the financial statements, given we will be less likely to be aware of it, or should the irregularity occur as a result of fraud rather than a one-off error, as this may involve intentional concealment, forgery. collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at= www.frc.org.ukJauditorsresponsibilities. This description forms part of our Auditors, report. Page 9
PLYMOUTH CHARITY TRUST INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF PLYMOUTH CHARITY TRUST ICONTINUED) USE OF OUR REPORT This report is made solely to the charity's trustees, as a body, in accordance with Part 4 ofthe Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to slate to them in an Auditors. report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charity and ils trustees, as a body, for our audit work, for this report, or for the opinions we have fomied. £,L FL. LLe Nathan Coughlin FCA (Senior Statutory Auditor) for and on behalf of.. Bishop Fleming LLP Chartered Accountanls stalutory Auditors Salt Quay House 4 North East Quay Sutton Harbour Plymouth PL4 OBN Date.. Bishop Fleming LLP are eligible lo act as auditors in terms of section 1212 of the Companies Act 2006. Page 10
PLYMOUTH CHARITY TRUST INCOME STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 Note 2024 2023 Tumover Operating costs Operating (deficit)Isurplus Investment income Movement in fair value of financial assets (Deficit)ISurplus for the year 527.007 695 829 (168,822 49,747 508,369 567 556 (59,187) 35,748 101242 10 The financial statements were approved by the Board. stephen Hole Chairman Date: 16" Joi The activities in the year related wholly to the continuing operations of the Trust. Page11
PLYMOUTH CHARITY TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Charitable activities 527,007 527,007 508,369 Investments 49,747 49,747 35,748 Total income Expenditure on: 576 754 544117 Charitable activities 695,829 695.829 567,556 Total expenditure 695 829 695 829 567 556 Net expenditure before net gainsl(losses) on investment5 (119,0751 1119,075) {23,439) Net gainsl(105ses) on investments 65,154 65,154 {101.242) Net movement in funds Reconciliation of funds: Total funds brought fOard 3,851,135 3,851.135 3,975,816 Net movement in funds (53,9211 {53.9211 (124,681 } Total funds carrled forward The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 15 to 28 form part ofthese financial statements. Page 12
PLYMOUTH CHARITY TRUST BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Fixed assets Tangible assets 3,273,406 3,250,785 Investments 10 1,401,300 1,311,226 4,674,706 4,562,011 Current assets Debtors 43,978 36.629 Investments 12 480,282 600,000 Cash at bank and in hand 57,049 74.693 581.309 711,322 Creditors.. amounts falling due within one year 13 (109,883) (73,280) Net Current assets 471,426 638,042 Total assets less current liabilities 5.146,132 5,200,053 Creditors.. amounts falling due after more than one year 14 (1.348,918) (1,348.918) Total net assets Charity funds Restricted funds 15 Unrestricted funds 15 3,797,214 3.851,135 Total funds The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. Stephen Hole, Chalrman Date: The notes on pages 15 to 28 form part of these financial statements. Page 13
PLYMOUTH GHARITY TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Cash flows from operatlng activities Net cash used in operating activities 1107,372) 40,003 Cash flows from investing activities Bank interest received 12.327 4,788 Purchase of tangible fixed assels (42,3171 (286,447) Net cash used in Investing activities (29,9901 1281,659) Change in cash and cash equivalents In the year (137,3621 (241.6561 Cash and cash equivalents at the beginning ofthe year 674,693 916,349 Cash and cash equivalents at the end of the year The notes on pages 15 to 28 fr)rm part of these financial statements Page 14
PLYMOUTH CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES 1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the UK Generally Accepted Accounting Practice {UK GAAP) including Financial Reporting Standard 102 (FRS 102} and the Housing SORP 2018.. Statement of Recommended Practice for Registered Providers of Social Housing 2022. The financial statements are also prepared under the requirements of the Housing and Regeneration Act 2008. Plymouth Charity Trust constitutes a public benefit entity as defined by FRS 102. 1.2 TURNOVER Turnover comprises revenue recognised by the Charity in respect of goods and services supplied during the year, exclusive of VAT and trade discounts. 1.3 INCOME All income is recognised On the charity ha5 entitlement to the income, it is probable that the income will be received and the amount of income receivable Can be measured reliably. Income tax recoverable in relation to investment income is re¢ognised at the time the investment income is receivable. 1.4 EXPENDITURE Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared Costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribule to more than one activity and support costs which are not attiibutable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central stsff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 1.5 INTEREST RECEIVABLE Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity., this is normally upon notification of the interest paid or payable by the instilution with whom the funds are deposited. 1.6 TANGIBLE FIXED ASSETS AND DEPRECIATION Freehold land is not depreciated. The buildings element of freehold property is considered by the Trustees to have a high residual value and long useful economic life to render the annual and cumulative depreciation Charge immaterial. The Tiuslees review the freehold properties for impairment at the end of each reporting period. Page 15
PLYMOUTH CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 All assets costing more than £500 are capitalised. 1.6 TANGIBLE FIXED ASSETS AND DEPRECIATION (CONTINUED) A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities. Tangible fixed assets are carried al cost. net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to wite off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases.. Property Improvements Useful economic life of between 4 and 10 years 1.7 INVESTMENTS Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date. unless the value cannot be measured reliably in which case it is measured at cost less impairmenl. Investment gains and losses, whether realised or unrealised. are combined and presented as 'Gains/(Losses) on investmenls, in the Statement of financial activities. 1.8 DEBTORS Trade and other deblors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 1.9 CASH AT BANK AND IN HAND Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 1.10 LIABILITIES AND PROVISIONS Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate ofthe amounts required to settle Ihe obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted al the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recogni5ed in the Statement of financial activities as a finance cost. 1.11 FINANCIAL INSTRUMENTS The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. Page 16
PLYMOUTH CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 1.12 PENSIONS The charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charity to the fund in respect of the year. 1.13 CAPITAL GRANTS Grants relating to tangible fixed assets are treated as deferred income and released Statement of Financial Activities to match the depreciation Charged on those grant funded assets. 1.14 FUND ACCOUNTING General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated ftind is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGMENT The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The Trustees do not believe that there are any significant estimates or judgements within these financial statements. TURNOVER 2024 2023 Rent receivable 506,004 489.836 Supporting people 31,105 30,781 Rent losses from voids 119,212) (18,625) Other income 9,110 4,377 TOTAL 2024 All turnover in the Cent and prior year were unrestricted. Page 17
PLYMOUTH CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 INVESTMENT INCOME 2024 2023 Dividends from listed investments 37.420 30,960 Bank interest received 12.327 4,788 All investment income in the current and prior year were unrestricted DIRECT COSTS 2023 (as restated) 2024 staff costs 157,798 146,397 Depreciation 19,695 41,438 Management expenses 3,606 3.194 Service costs 426,851 261,673 Finan, administration and legal and professional fees 87,879 114,854 NET INCOMEI(EXPENDITURE) This is stated after Charging.. 2024 2023 Depreciation on tangible fixed assets owned by the Charity 19,695 41,438 Auditors, remuneration - audit 9,750 9,000 Auditors, remuneration - other services 3,250 3,000 Trustees, indemnity insurance 2,225 2,076 Page 18
PLYMOUTH CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 STAFF COSTS 2023 (as restated) 2024 Wages and salaries 143,508 133,561 Social security costs 10,934 9,875 Other pension costs 3,356 2,961 The average number of persons employed by the charity during the year was as follows.. 2024 2023 All staff The number of employees whose employee benefits {ex¢luding employer pension costs) exceeded £60,000 was". 2024 2023 No. In the band £60.001- £70,000 In the band £70,001- £80,000 In the band £80.001- £90.000 The Charity consider senior management to be the board of Trustees. In the year the aggregate benefits received by key management personnel for their services to the Charity was £Nil. (2023.. £Nil). During the year, no Trustees received any remuneration {2023.' £Nil) During the year, no Trustees received any benefits in kind (2023.. £Nil) During the year. six Trustees received £908 for reimbursement of expenses (2023: Trustees, £961) Page 19
PLYMOUTH CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 TANGIBLE FIXED ASSETS Freehold Property property improvements Total COSTOR VALUATION At 1 April 2023 3,069,272 445,470 3,514,742 Additions 42,316 42,316 At 31 March 2024 3,069,272 487,786 3,557.058 DEPRECIATION At 1 April 2023 263,957 263,957 Charge for the year 19,695 19.695 At 31 March 2024 283,652 283,652 NET BOOK VALUE At 31 March 2024 At 31 March 2023 Page 20
PLYMOUTH CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. FIXED ASSET INVESTMENTS Llsted Investments MARKET VALUE At 1 April 2023 1.311,226 Additions 37.420 Disposals (12,500) Revaluations 65,154 At 31 March 2024 11. DEBTORS 2024 2023 DUE WITHIN ONE YEAR Trade debtors 20,214 13,021 Prepayments and accrued income 23,764 23.608 12. CURRENT ASSET INVESTMENTS 2024 2023 General Fund 204,374 200,000 Cyclical Maintenance Fund (Hele's) 204,375 200,000 Extraordinary Repair Fund {Hele's) 71,533 200,000 Page 21
PLYMOUTH CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade creditors 1,491 21,508 Other iaxation and social security 4,146 3,680 Other creditors 201 201 Accruals and deferred income 104,045 47,891 14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2024 2023 Deferred income Deferred income represents capital grants, deferred to match the life of the assets. Page 22
PLYMOUTH CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 15. STATEMENT OF FUNDS STATEMENT OF FUNDS- CURRENT YEAR Balance at 31 March 2024 Balance at 1 April 2023 Transfers inlout Gainsl (Losses) Income Expenditure UNRESTRICTED FUNDS: DESIGNATED FUNDS Exlraordinary Repair Fund 200,000 4,375 204,375 Cyclical Maintenance Fund 200,000 4,375 204,375 Opportunities Fund 1.511,226 37,420 (12,5001 (137.324) 65,154 1.463.976 Fixed Assets 1,901,867 22,621 1.924,488 3,813.093 37,420 (12.500) (105,953) 65.154 3,797,214 GENERAL FUNDS General Funds 539 333 683 328 105 953 TOTAL UNRESTRICTED FUNDS DESIGNATED FUNDS Under the Almshouses Management Rules cash is transferred to separate designated investment funds each year to meet the future requirements for major. cyclical and extraordinary repairs. The fixed assets designated fund represents the net book value of fixed assets after deduction of grant creditors to refle¢t that this income is not available to spend immediately. The opportunities designated fund represents funds set aside for future developments, including the recently purchased Friary Social Club. Further details of this are included in the Future Developments section in the Trustees, Report. Page 23
PLYMOUTH CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 STATEMENT OF FUNDS - PRIOR YEAR Balance at 31 March 2023 Balan at 1 April 2022 Transfers inlout Gainsl (Losses) Income Expenditure UNRESTRICTED FUNDS: DESIGNATED FUNDS Extraordinary Repair Fund 327,132 (127.132) 200,000 Cyclical Maintenance Fund 230,297 (30,297) 200,000 Opportunities Fund 1,584,095 30,960 (12,616) 10,029 (101,242) 1,511,226 Fixed Assets 1,656,858 245,009 1,901,867 3,798,382 30.960 (12,616) 97,609 (101,242) 3,813,093 GENERAL FUNDS General Funds 177 434 513157 554 940 TOTAL UNRESTRICTED FUNDS Page 24
PLYMOUTH CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16. SUMMARY OF FUNDS SUMMARY OF FUNDS- CURRENT YEAR Balance at 31 March 2024 Balance at 1 April 2023 Transfers inlout Gainsl (Losses) Income Expenditure Designated funds 3,813,093 37,420 {12,500) (105,953) 65,154 3,797.214 General funds 38,042 539,333 (683.328) 105.953 SUMMARY OF FUNDS - PRIOR YEAR Balance at 31 March 2023 Balance at 1 April 2022 Transfers inlout Gainsl (Losses) Income Expenditure Designated funds 3,798.382 30.960 (12.616) 97,609 (101,242) 3,813,093 General funds 177,434 513,157 (554,940) {97.609) 38,042 Page 25
PLYMOUTH CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT PERIOD Unrestricted funds 2024 Total funds 2024 Tangible fixed assets 3,273,406 3,273,406 Fixed asset investments 1,401,300 1,401,300 Current assets 581,309 581,309 Creditors due within one year (109,883) 1109,883) Creditors due in more than one year (1,348,918) (1,348.918) TOTAL ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR PERIOD Unrestricted funds 2023 Total funds 2023 Tangible fixed assets 3,250,785 3.250.785 Fixed asset investments 1,311,226 1,311,226 Current assets 711,322 711,322 Creditors due within one year (73.280) 173,280) Creditors due in more than one year (1,348,918) (1,348,918) TOTAL Page 26
PLYMOUTH CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES 18. 2024 2023 Net expenditure for the period (as per Statement of Financial Activities) (53.921) (124.681) ADJUSTMENTS FOR: Depreciation Charges 19,695 41,438 Dividends, interests and {gains)Ilosses from investments (net of fees) {90,074) 82,898 Bank interest received (12,327) (4,788) Increase in debtors (7,3481 (1,152) Increase in creditors 36,603 46,288 NET CASH PROVIDED BYI{USED IN) OPERATING ACTIVITIES 19. ANALYSIS OF CASH AND CASH EQUIVALENTS 2024 2023 Cash in hand 57,049 74.693 Notice deposits (less than 3 months) 480,282 600,000 TOTAL CASH AND CASH EQUIVALENTS 20. ANALYSIS OF CHANGES IN NET DEBT At 1 April 2023 Cash flows At 31 March 2024 Cash at bank and in hand 74,693 (17,644) 57,049 Liquid investments 600.000 {119,718) 480,282 Page 27
PLYMOUTH CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 21. HOUSING STOCK There were 73 general needs social housing accommodation units under management excluding wardens, accommodation and one office unit at 31 March 2024 {at 1 April 2023- 73 accommodation units excluding wardens. accommodation and one office unit) 22. PENSION COMMITMENTS The Charity operates a defined ¢ontribLrtion scheme. The charge for the yearwas £2,092 (2023-. £16,800). The assets of the scheme are held separately from those of the Trust. The annual contributions payable are charged to the statement of financial activities. 23. RELATED PARTY TRANSACTIONS There were no related party transactions in the year. 24. POST BALANCE SHEET EVENTS There are no post balance sheet events. 25. CONTROLLING PARTY The Charity is controlled by the Board of Trustees. Page 28