Charity number: 1076364 Housing Association number: A4273
## PLYMOUTH CHARITY TRUST
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
9 Bishop Fleming
PLYMOUTH CHARITY TRUST
## CONTENTS
||Page|
|---|---|
|Reference and administrative details of the charity, its Trustees and advisers|1|
|Trustees’ report|2-6|
|Statement of trustees’ responsibilities|7|
|Independent auditors' report on the financial statements|8-10|
|income statement|11|
|Statement offinancial activities|12|
|Balance sheet|13|
|Statement ofcash flows|14|
|Notestothefinancialstatements|15-28|
## PLYMOUTH CHARITY TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025
|Trustees|Stephen Hole, Chairmant|
|---|---|
||David Marks1|
||Paul Northmore1|
||Ronald Brown1|
||James Lewis1|
||Jack Lewis1|
||Toby Gourlay1|
||' Co-opted (appointed by Committee)|
|Charity registered number 1076364||
|Principal office|Charity Trust Office|
||41 Hele's Terrace|
||Prince Rock|
||Plymouth|
||PL4 9LH|
|SeniorStaff|Samantha Easton, Trust Manager|
||Benita Merrin, Trust Administrator|
|Housing Association|A4273|
|number||
|Independent auditors|Bishop Fleming Audit Limited|
||Chartered Accountants|
||Salt Quay House|
||4 North East Quay|
||Sutton Harbour|
||Plymouth|
||PL4 OBN|
|Bankers|NatWest Plc|
||Business Centre|
||St Andrews Cross|
||Plymouth|
||PL11DG|
|Solicitors|Curtis Whiteford Crocker|
||87-89 Mutley Plain|
||Plymouth|
||Devon|
||PL4 6JJ|
|Investment Advisors|John Wilkinson|
||Investec Wealth & Investment Ltd|
||Keble House|
||Southernhay Gardens|
||Exeter|
||EX1 INT|
||Rathbones Investment Management|
||The Senate|
||Southernhay Gardens|
||Exeter|
||EX11UG|
Page 1
## PLYMOUTH CHARITY TRUST
## TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025
The Trustees present their report with the financial statements for the year ended 31 March 2025.
## OBJECTIVES AND ACTIVITIES
- e The provision of housing accommodation for persons of good character resident in the City of Plymouth who are in need; and
- e The relief of persons resident in the City of Plymouth who are in need, hardship or distress.
## Strategies for achieving objectives
The strategies employed to achieve Plymouth Charity Trust's (the Charity or PCT) objectives are to:
- e Provide and maintain 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.
- e 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.
- e 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 = 2% (2024: 1%) This is a measure of spending on new and existing homes for 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 % - Result = 0% (2024: 0%) This is a measure of spending on new social and non-social housing units as a proportion of total social and nonsocial 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 % - Result = 0% (2024: 0%) The Charity has no debt.
VFM Metric 4 - Earnings before interest, tax, depreciation, amortisation, major repairs included interest cover % - Result — N/A (2024: N/A)
The EBITDA MRI interest cover measure is a key indicator for liquidity and investment 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 Metric 5 — Headline Social Housing cost per unit — Result £7,454 per unit (2024: £5,668 per unit) The unit cost metric assesses the headline social housing cost per unit as defined by the Regulator.
Management costs, routine maintenance costs, planned maintenance costs, capitalised major repairs expenditure for the period, other (social housing letting) costs = £544,144 Divided by social housing units - 73 Result = £7,454 per unit
Page 2
## PLYMOUTH CHARITY TRUST
## TRUSTEES' REPORT
## FOR THE YEAR ENDED 31 MARCH 2025
VFM Metric 6 — Operating margin %
The Operating Margin demonstrates the profitability of operating assets before exceptional expenses are taken into account.
A. Social housing operating margin — Result = 22% (2024: 25%)
||£|
|---|---|
|Social housing operating surplus|105,409|
|Divided by||
|Turnover from social housing lettings|476,535|
|Result|22%|
B. Overall operating margin — Result = 21% (2024: -32%) £ Operating surplus 105,409 Divided by Turnover 510,170 Result 21%
VFM Metric 7 — Return on Capital Employed — Result = 2% (2024: -3%) This metric compares the operating surplus to total assets less current liabilities
||||£|
|---|---|---|---|
|||Operating surplus|105,409|
|||Divided by||
|Total|assets|less current liabilities|5,322,109|
|||Result|2%|
## STRUCTURE, GOVERNANCE AND MANAGEMENT
## Governing Document
The Trust is registered with the Charity Commission under number 1076364 and is governed by a Scheme dated 11"? June 1999. This 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 of which was established in 1690.
## Appointment 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 induction and training
New Trustees undergo an orientation session to brief them on their legal obligations under charity law and receive a 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 by reading newsletters issued by the Charity Commission and any other guidance notes that are relevant.
Page 3
## PLYMOUTH CHARITY TRUST
## TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025
## Staff
The Trust employsa full-time Manager (Samantha Easton) and one part-time Trust Administrator (Benita Merrin) to carry out 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.
## Organisation
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 operations 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, health & safety matters and supervision of contractors and staff.
## Related parties
The Charity has a close relationship with Plymouth City Council (“the City Council”) due to them carrying out the maintenance of Lanyon House.
## Risk management
The Trustees have a risk management strategy, which comprises:
- e An annual review of the risks the Charity may face
- e The establishment of systems and procedures to mitigate those risks identified in the plan, and
- e 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 reserves 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 surplus before investment gains of £100,668. The recent climate in the stock market has resulted in a revaluation gain of £26,129 on the investment portfolio.
## Hele's and Lanyon Almshouses
The Trust was unable to keep the losses through voids below the 10% for Lanyon House required but did keep below the 5% for Hele’s Terrace. Plymouth Charity Trust have completed some redecoration works within void flats to make them more desirable to potential residents. These redecoration works consisted of painting and decorating as well as re-carpeting throughout the flats.
There were no items brought to the Trust's attention regarding the recent Fire Risk Annual Assessment. The Trust scored 91% 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 FOR THE YEAR ENDED 31 MARCH 2025
## Future Developments
As previously reported, the Trust purchased an additional property, The Friary, within a location close to the hub of Plymouth Charity Trust offices, with an aim to provide 10 self-contained 1 bedroom flats that will cater for elderly residents including those with disabilities. Following its demolition and site clearance, a competitive tender process supported by independent industry specialists in compliance with the Construction Design and Management Regulations 2015, (CDM), took place and OBEDAIR have been appointed as the preferred construction contractor.
OBEDAIR have commenced the work needed to prepare the site for construction under an enabling contract. Grenville Church has been formally handed over to OBEDAIR's control, (in compliance with part of the CDM welfare requirements), for the duration of the enabling contract / subsequent construction contract.
Once the site preparation works have been completed, the Trustees will hold a final review prior to signing the main construction contract with OBEDAIR.
## Donations
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 Holy Cross Primary School to enable them to develop a sensory space 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 cyclical 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 to allow all budget commitments to be fulfilled. The rent level for both Almshouses is 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 surplus of £158,665. This is represented by total income of £559,350, total expenditure of £426,814 and net gains on investments of £26,129. The overall funds carried forward were £3,955,879, of which all are included in designated funds as detailed in note 13.
## 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 of the 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 30% balanced. The Trustees have operated a policy of keeping available funds for day-to-day expenses only in a current bank account anda third of reserves in high interest charity deposit accounts. The remaining two thirds are invested as detailed above.
## Reserves Policy
The Trustees have established the level of reserves (that is those funds that are freely available) that the Charity ought to have and this situation is reviewed annually. Total free reserves are £116,633 (2024: ENil) as detailed in note 13.
Page 5
## PLYMOUTH CHARITY TRUST
## STATEMENT OF TRUSTEES’ RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025
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 Trustees 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:
- e select suitable accounting policies and then apply them consistently; ° observe the methods and principles of the Charities SORP (FRS 102); e make judgments and accounting estimates that are reasonable and prudent; e state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- e 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:
- e so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and
- ° that Trustee 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 Audit Limited, have indicated their willingness to continue in office. The designated Trustees 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 a < Chairman Date: Z¢/ aft
Page 6
## PLYMOUTH CHARITY TRUST
## INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF PLYMOUTH CHARITY TRUST
## OPINION
We have audited the financial statements of Plymouth Charity Trust (the ‘charity’) for the year ended 31 March 2025 which comprise the Income statement, 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 that 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 of Ireland’ (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- ° give a true and fair view of the state of the charity's affairs as at 31 March 2025 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
- e have been prepared in accordance with 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 Auditors’ 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 obtained 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 report.
## OTHER INFORMATION
The other information comprises the information included in the Trustees’ report and Financial Statements (“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 the 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
## 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 Statement of Trustees' Responsibilities, 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 financial statements, the Trustees are responsible for assessing the charity's ability to continue 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 obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, 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 detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
- e We have considered the nature of the industry and sector, control environment, and financial performance; e 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 charity;
- e 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,
- e We have considered the matters discussed among the audit engagement team 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 charity 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 to the risk of management override.
Page 8
## PLYMOUTH CHARITY TRUST
## INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PLYMOUTH CHARITY TRUST
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 and the Housing and Regeneration Act 2008.
In addition, we considered the provisions of other laws and regulations that do not have a direct effect on the financial 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:
- e 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;
- e Enquiring of management in relation to actual and potential claims or litigation;
- e Performing analytical procedures to identify unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- e Reviewing board meeting minutes;
- e Performing detailed transactional testing and analytical review in relation to the recognition of revenue with a particular focus around year-end cut off; and
- e 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.uk/auditorsresponsibilities. This description forms part of our Auditors’ report.
Page 9
## PLYMOUTH CHARITY TRUST
## INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PLYMOUTH CHARITY TRUST
## USE OF OUR REPORT
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the 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 state 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 its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.
Charles Martin FCA (Senior Statutory Auditor) for and on behalf of: Bishop Fleming Audit Limited Chartered Accountants Statutory Auditors Salt Quay House 4 North East Quay Sutton Harbour Plymouth PL4 OBN Date: C+] “| A$a
Bishop Fleming Audit Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
Page 10
## PLYMOUTH CHARITY TRUST
## STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025
**----- Start of picture text -----**
|||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|2025|2024|
|Note|£|£|
|Cash|flows|from|operating|activities|
|Net|cash|used|in|operating|activities|16|73,522|(107,372)|
|Cash|flows|from|investing|activities|
|Bank|interest|received|10,343|12,327|
|Purchase|of tangible|fixed|assets|(73,203)|(42,317)|
|Net|cash|used|in|investing|activities|(62,860)|(29,990)|
|Change|in|cash|and|cash|equivalents|in|the|year|10,662|(137,362)|
|Cash|and|cash|equivalents|at|the|beginning|of the|year|537,331|674,693|
|Cash|and|cash|equivalents|at the|end|of the|year|—__ 547,993|___—-$37,331|
|The|notes|on|pages|15|to|28|form|part|of these|financial|statements|
**----- End of picture text -----**
Page 14
## PLYMOUTH CHARITY TRUST
## BALANCE SHEET AS AT 31 MARCH 2025
||||2025||2024|
|---|---|---|---|---|---|
||Note||£||£|
|Fixed assets||||||
|Tangible assets|8||3,312,212||3,273,406|
|Investments|9||1,452,641||1,401,300|
||||4,764,853||4,674,706|
|Current assets||||||
|Debtors|10|51,811||43,978||
|Cash at bank and in hand|17|§47,993||537 331||
|||599,804||581,309||
|Creditors: amounts falling due within one||||||
|year|11|(42,548)||(109,883)||
|Net current assets|||557,256||471,426|
|Total assets less current liabilities|||5,322,109||5,146,132|
|Creditors: amounts falling due after more||||||
|than one year|12||(1,348,918)||(1,348,918)|
|Total net assets|||3,973,191||__3,797,214|
|Charity funds||||||
|Unrestricted funds|13||3,973,191||3,797,214|
|Totalfunds|||——3,973,191||—3.797,214|
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
a.
Stephen Hole, Chairman Date: “LZ &/ ay/ Ce a The notes on pages 15 to 28 form part of these financial statements.
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## PLYMOUTH CHARITY TRUST
## STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025
|||Unrestricted|Total|Total|
|---|---|---|---|---|
|||funds|funds|funds|
|||2025|2025|2024|
||Note|£|£|£|
|Income from:|||||
|Charitable activities|3|510,170|510,170|527,007|
|Investments|4|49,180|49,180|49,747|
|Total income||§59,350|559,350|576,754|
|Expenditure on:|||||
|Charitable activities|5|409,502|409,502|695,829|
|Total expenditure||409,502|409,502|695.829|
|Net expenditure before net gains/(losses) on|||||
|investments||149,848|149,848|(119,075)|
|Net gains/(losses) on investments||26,129|26,129|65,154|
|Netmovement in funds||178,977|___175,977|___(53,921)|
|Reconciliation offunds:|||||
|Total funds brought forward||3,797,214|3,797,214|3,851,135|
|Net movement in funds||175,977|175,977|(53,921)|
|Totalfundscarriedforward||——3,973,191|___3,973,191|__3,797,214|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 15 to 28 form part of these financial statements.
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## PLYMOUTH CHARITY TRUST
## INCOME STATEMENT FOR THE YEAR ENDED 31 MARCH 2025
**----- Start of picture text -----**
||||||||||
|---|---|---|---|---|---|---|---|---|
|Note|2025|2024|
|£|£|
|Turnover|3|510,170|527,007|
|Operating|costs|5|(409,502)|(695,829)__|
|Operating|surplus/(deficit)|100,668|(168,822)|
|Investment|income|4|49,180|49,747|
|Movement|in|fair|value|of financial|assets|9|26,129|65,154|
|Surplus/(deficit)|for the|year|—_ 175,977|__(53,921)|
**----- End of picture text -----**
## The financial statements were approved by the Board.
**----- Start of picture text -----**
Stephen Hole
Chairman
Date: oo q |/a f ao a
The activities in the year related wholly to the continuing operations of the Trust.
**----- End of picture text -----**
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
## PLYMOUTH CHARITY TRUST
1. 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 Statement of Recommended Practice (SORP): Accounting 2019 and comply with the Accounting Direction for Private 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 once the charity has 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 recognised 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 contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff 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 institution 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 Trustees review the freehold properties for impairment at the end of each reporting period.
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PLYMOUTH CHARITY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
## 1.6 TANGIBLE FIXED ASSETS AND DEPRECIATION (CONTINUED)
All assets costing more than £500 are capitalised.
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 at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write 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 Freehold property - Not depreciated
## 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 impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘'Gains/(Losses) on investments’ in the Statement of financial activities.
## 1.8 DEBTORS
Trade and other debtors 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 of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised 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.
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PLYMOUTH CHARITY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
## 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 fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
2. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT
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 have judged it appropriate not to depreciate freehold property as its residual value is not materially different from its carrying amount and is held for continuing use in charitable activities. The trustees review this judgement regularly.
3. TURNOVER
||2025|2024|
|---|---|---|
||£|£|
|Rent receivable|§12,246|506,004|
|Supporting people|31,105|31,105|
|Rent losses from voids|(33,635)|(19,212)|
|Other income|454|9,110|
|TOTAL|——-510,170|___527,007|
All turnover in the current and prior year were unrestricted.
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## PLYMOUTH CHARITY TRUST
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
## 4, INVESTMENT INCOME
**----- Start of picture text -----**
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|2025|2024|
|£|£|
|Dividends|from|listed|investments|38,837|37,420|
|Bank|interest|received|10,343|12,327|
|—|[49,180]|[___49.747]|
|All|investment|income|in|the|current|and|prior|year|were|unrestricted|
|5.|DIRECT|COSTS|
|2025|2024|
|£|£|
|Staff|costs|176,051|157,798|
|Depreciation|34,397|19,695|
|Management|expenses|4,794|3,606|
|Service|costs|107,982|426,854|
|Finance,|administration|and|legal|and|professional|fees|86,278|87,876|
|—409,502 ___ 695,829|
|6.|NET|INCOME/(EXPENDITURE)|;|
|This|is|stated|after|charging:|
|2025|2024|
|£|£|
|Depreciation|on|tangible|fixed|assets|owned|by|the|Charity|34,397|19,695|
|Auditors’|remuneration|—|audit|(incl.|VAT)|12,168|11,700|
|Auditors’|remuneration|— other|services|(incl.|VAT)|4,056|3,900|
**----- End of picture text -----**
Page 18
## PLYMOUTH CHARITY TRUST
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
## 7. STAFF COSTS
||2025|2024|
|---|---|---|
||£|£|
|Wages and salaries|157,973|143,508|
|Social security costs|14,185|10,934|
|Other pension costs|3,893|3,356|
||=
176,051|___157,798|
The average number of persons employed by the charity during the year was as follows:
|||2025||2024|
|---|---|---|---|---|
|||No.||No.|
|All|staff|es|ee||
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
|||||||2025|2024|
|---|---|---|---|---|---|---|---|
|||||||No.|No.|
|In|the|band|£60,001|-|£70,000|-|-|
|In|the|band|£80,001|-|£90,000|:|1|
|In|the|band|£90,001|-|£100,000|1|-|
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. (2024: £Nil).
During the year, no Trustees received any remuneration (2024: ENil)
During the year, no Trustees received any benefits in kind (2024: ENil) During the year, two Trustees received £1,521 for reimbursement of expenses (2024: six Trustees, £908)
Page 19
## PLYMOUTH CHARITY TRUST
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
## 8. TANGIBLE FIXED ASSETS
||Freehold|Property||
|---|---|---|---|
||property|improvements|Total|
||£|£|£|
|COST||||
|At 1 April 2024|3,069,272|487,786|3,557,058|
|Additions|20,707|52,496|73,203|
|At 31 March 2025|3,089,979|540,282|3,630,261|
|DEPRECIATION||||
|At 1 April 2024|-|283,652|283,652|
|Charge for the year|-|34,397|34,397|
|At 31 March 2025|-|318,049|318,049|
|NET BOOK VALUE||||
|At 31 March 2025|—3,089,979|_222,233|___3,312,212|
|At31March2024|—3.069.272|___204,134|__3.273,406.|
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## PLYMOUTH CHARITY TRUST
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
## 9. FIXED ASSET INVESTMENTS
**----- Start of picture text -----**
|||||||
|---|---|---|---|---|---|
|Listed|
|investments|
|£|
|MARKET|VALUE|
|At|1|April|2024|1,401,300|
|Additions|38,837|
|Disposals|(13,625)|
|Revaluations|26,129|
|At|31|March|2025|—_—_—<—_——|
|——1,452,641|
|DEBTORS|
|2025|2024|
|£|VE|
|DUE|WITHIN|ONE|YEAR|
|Trade|debtors|21,614|20,215|
|Other|Debtors|14,441|-|
|Prepayments|and|accrued|income|15,756|23,763|
|==|51,811|__43,978.|
**----- End of picture text -----**
10. DEBTORS
Page 21
## PLYMOUTH CHARITY TRUST
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
## 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
||2025|2024|
|---|---|---|
||£|£|
|Trade creditors|711|1,491|
|Other taxation and social security|4,618|4,146|
|Other creditors|201|201|
|Accruals and deferred income|37,018|104,045|
||——42,548.|___109,883.|
## 12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
|||2025|2024|
|---|---|---|---|
|||£|£|
|Deferred|income|1,348,918|1,348,918|
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 2025
## 13. STATEMENT OF FUNDS STATEMENT OF FUNDS - CURRENT YEAR
||||||||Balance|at|
|---|---|---|---|---|---|---|---|---|
||Balance|at|||Transfers|Gains/|31 March||
||1 April 2024||Income|Expenditure|in/out|(Losses)|2025||
|||£|£|£|£|£||£|
|UNRESTRICTED|||||||||
|FUNDS:|||||||||
|DESIGNATED|||||||||
|FUNDS|||||||||
|Extraordinary|||||||||
|Repair Fund|204,375||-|-|4,889|-|209,264||
|Cyclical|||||||||
|Maintenance|||||||||
|Fund|204,375||-|-|(46,260)|-|158,115||
|Opportunities|||||||||
|Fund|1,463,976||38,837|(13,625)|10,568|26,129|1,525,885||
|Fixed Assets|1,924,488||-|-|38,806|-|1,963,294||
||3,797,214||38,837|(13,625)|8,003|26,129|3,856,558||
|GENERAL|||||||||
|FUNDS|||||||||
|General Funds|:||§20,513|(395,877)|(8,003)|:|116,633||
|TOTAL|||||||||
|UNRESTRICTED|||||||||
|FUNDS|||||||||
||3,797,214||559,350|(409,502)|-|26,129|3,973,194||
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 reflect 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.
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PLYMOUTH CHARITY TRUST
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
## 13. STATEMENT OF FUNDS - PRIOR YEAR
||||||||Balance|at|
|---|---|---|---|---|---|---|---|---|
|||Balance at|||Transfers|Gains/|31 March||
||1|April 2023|Income|Expenditure|in/out|(Losses)|2024||
|||£|£|£|E|£||£|
|UNRESTRICTED|||||||||
|FUNDS:|||||||||
|DESIGNATED|||||||||
|FUNDS|||||||||
|Extraordinary|||||||||
|Repair Fund||200,000|-|-|4,375|-|204,375||
|Cyclical|||||||||
|Maintenance|||||||||
|Fund||200,000|-|-|4,375|-|204,375||
|Opportunities|||||||||
|Fund||1,511,226|37,420|(12,500)|(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||38,042|539,333|(683,328)|105,953|:|:||
|TOTAL|||||||||
|UNRESTRICTED|||||||||
|FUNDS|||||||||
|||3,851,135|576.753|(695,828)|-|65,154|__3,797,214||
Page 24
## PLYMOUTH CHARITY TRUST
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
## 14. SUMMARY OF FUNDS
## SUMMARY OF FUNDS - CURRENT YEAR
**----- Start of picture text -----**
|||||||||
|---|---|---|---|---|---|---|---|
|Balance|at|
|Balance|at|1|Transfers|Gains/|31|March|
|April|2024|Income|Expenditure|in/out|(Losses)|2025|
|£|£|£|£|£|£|
|Designated|
|funds|3,797,214|38,837|(13,625)|8,003|26,129|3,856,558|
|General|funds|-|520,513|(395,877)|(8,003)|:|116,633|
|—3,797,214|___559,350|___(409,502) ____-__ ___.26,129|___3,973,191|
|SUMMARY|OF|FUNDS|-|PRIOR|YEAR|
|Balance|at|
|Balance|at|Transfers|Gains/|31|March|
|1|April|2023|Income|Expenditure|in/out|(Losses)|2024|
|£|£|£|£|£|£|
|Designated|
|funds|3,813,093|37,420|(12,500)|(105,953)|65,154|3,797,214|
|General|funds|38,042|§39,333|(683,328)|105,953|-|-|
|3,851,135|____576,753|___(695,.828)= (69,154)|3,797,214__|
**----- End of picture text -----**
Page 25
## PLYMOUTH CHARITY TRUST
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
## 15. ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT PERIOD
||Unrestricted|Total|
|---|---|---|
||funds|funds|
||2025|2025|
||£|£|
|Tangible fixed assets|3,312,212|3,312,212|
|Fixed asset investments|1,452,641|1,452,641|
|Current assets|599,804|599,804|
|Creditors due within one year|(42,548)|(42,548)|
|Creditors due in more than one year|(1,348,918)|(1,348,918)|
|TOTAL|3,973,191|_3,973,191|
|ANALYSIS OF NETASSETS BETWEEN FUNDS - PRIOR PERIOD|||
||Unrestricted|Total|
||funds|funds|
||2024|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)|(109,883)|
|Creditors due in more than one year|(1,348,918)|(1,348,918)|
|TOTAL|3,797,214|3,797,214|
Page 26
## PLYMOUTH CHARITY TRUST
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
|16.|RECONCILIATION OF NET MOVEMENT IN FUNDS TO NETCASH|FLOW FROM OPERATING|FLOW FROM OPERATING|
|---|---|---|---|
||ACTIVITIES|||
|||2025|2024|
|||£|£|
||Netincome/(expenditure) fortheyear|175,977|(53,921)|
||ADJUSTMENTS FOR:|||
||Depreciation charges|34,397|19,695|
||Gains from investments (net offees)|(51,341)|(90,074)|
||Bank interest received|(10,343)|(12,327)|
||Decrease in debtors|(8,633)|(7,348)|
||(Decrease)/increase in creditors|(67,335)|36,603|
||NETCASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES|73,522|_(107,372)|
|17.|ANALYSIS OF CASH AND CASH EQUIVALENTS|||
|||2025|2024|
|||£|£|
||Cash in hand|547,993|537,331|
||TOTALCASHANDCASH EQUIVALENTS|—547,993|__537,331.|
||Short term investments have been reclassified as cash and cash equivalents as they meet||the criteria as|
||set out in the accounting policy in note 1.9. This has increased cash and cash equivalents and decreased|||
||current asset investments by £480,282 for the prior year.|||
|18.|ANALYSISOFCHANGESINNETDEBT|||
|||||||At1 April||At 31 March|
|---|---|---|---|---|---|---|---|---|
|||||||2024|Cash flows|2025|
||||||||£|£|
|||||||£|||
|Cash|at|bank|and|in|hand|537,331|10,662|547,993|
|||||||——-937,331___10,662|___10,662|___547,993|
Page 27
## PLYMOUTH CHARITY TRUST
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
## 19. HOUSING STOCK
There were 73 general needs social housing accommodation units under management excluding wardens’ accommodation and one office unit at 31 March 2025 (at 1 April 2024 - 73 accommodation units excluding wardens' accommodation and one office unit)
20. PENSION COMMITMENTS
The Charity operates a defined contribution scheme. The charge for the year was £3,893 (2024: £2,092). 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.
## 21. RELATED PARTY TRANSACTIONS
There were no related party transactions in the year.
22. POST BALANCE SHEET EVENTS
There are no post balance sheet events.
23. CONTROLLING PARTY
The Charity is controlled by the Board of Trustees.
Page 28