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 fO￿ard
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 C￿￿ent 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