PENNY LANE DEVELOPMENT TRUST L18 Annual Report 2023 ## **Trustees Statement:** The Trustees present their report and accounts for the year to 31 March 2023. The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Trust's Memorandum and Articles of Association, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016) ## **Objectives and activities** The Penny Lane Development Trust took over the official management of the local authority asset - 70 Penny Lane in March 2009. The vision of PLDT is to become a vibrant focal point for community activity, involvement, and sense of belonging which embraces and acknowledges the local historical and global heritage of Penny Lane. The mission is to provide a vehicle for opportunities for those residents in South Liverpool, particularly those living in the Penny Lane Community to enhance health, education, appreciation of the environment through activities and restoring pride in the community and themselves by responding to the growing affection of the global audience. The Trustees and volunteers continue to deliver several events and activities for the community. It is our aim to build on this success and deliver even more in the coming year. ## **The Objectives of the charity are** : a) The advancement of education among young people resident in South Liverpool. But without prejudice to the generality of the foregoing, to provide or assist in the provision of local history for the said young people. b) The conservation of the environment within the area of benefit c) The provision of recreational facilities in the interest of social welfare, The main activities for the year were: To work with new partners and increase our capacity building to support the progress of the Trust: To continue to provide health and wellbeing activities for the local community. To undertake Community events /open days. To identify funding to support staff and on costs. 2 To maintain the Community Centre to a high standard. To manage a balance between community and tourism. To keep the community informed about what is happening at the Centre by using the medium of: Newsletters and social media and events. To raise the profile of the Trust By distributing a Penny Lane newsletter to residents. To encourage partnership meetings to share resources and ideas. To provide a safe environment for the community to get involved and participate in a wide range of activities. To utilise the outdoor space more effectively and increase participation. To host open days Penny Lane Development Trust nurture community life and enables the trust to engage with residents. Penny Lane Development Trust has delivered a wide range of community-based activities this year in accordance with its objectives. ## **Other activities undertaken by PLDT include** : Variety of Yoga classes Health & Wellbeing activities Environmental activities International Beatles Weekend Craft classes for the community Do it days in the garden Opportunities for more food growing initiatives. Women’s wellness course supporting those with the menopause. Trips out Recycling Family Fun days Community Events 3 PLDT would like to thank all funders, donators and individuals who have shown their commitment to supporting the trust throughout the past 12 months. To the following grant making bodies who have enabled the Trust to deliver Health & wellbeing activities this reporting year. ## _**Liverpool City Council – Summer fun family activities, website design, Beatles weekend, Artwork, Gardening.**_ ## _**DWF foundation – Yoga classes**_ ## _**Medicash – Health & Wellness acupuncture**_ ## _**Awards For All – Acupuncture**_ ## _**Medicash – Acupuncture**_ ## _**Arnold Clarke – Yoga**_ The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Trust should undertake. Aims of the charity is to provide a vehicle for opportunities for those residents in South Liverpool, particularly those living in the Penny Lane Community to enhance health, education, appreciation of the environment through activities and restoring pride in the community and themselves by responding to the growing affection of the global audience. The year ended more successfully than anticipated. Confidence is coming back from all areas of the project. We look forward to the new year with hope in our heart. ## **Achievements and performance** The Trust has maintained one full time member of staff, and One part time member of staff. In addition, the Trust has supported several volunteering opportunities to assist individuals in their work role capacity as well as supporting those with Mental and Physical health restrictions. Tourism has increased by 47% this year. This is a good indicator that visitors confidence is growing, and our local economy will benefit from this. Community classes and activities have been more varied due to working in partnership with Granby Toxteth Development Trust (GTDT) We continue to inform our community about what takes place at the centre via social media platforms. We work with local Councillors who promote the centre to their constituents. 4 The facility is always in high demand due to it being fully disabled accessible and supports a car park. We have managed to keep the cost of the room hire down by monitoring similar venues in the locality, in addition to this we are always flexible in the opening times. The Centre is open for 5 days per week and 2 weekends each month. ## **Financial review:** During the year the Trust received total funding of £50,608 and expended £72,360 resulting in a deficit for the year of £21,752. Of the expenditure, £8,141 was spent out of restricted income and £8,767 related to depreciation on the Penny Lane building. At the year end the Trust had unrestricted reserves of £15,163. The restricted reserves amount to £8,307 which relates mainly to Awards for All and Medicash funding. It is the policy of the Trust that unrestricted reserves which have not been designated to a specific use should be maintained at a level equivalent to between three- and sixmonths expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Trust’s current activities while consideration is given to ways in which additional funds may be raised. The current level of unrestricted reserves is equivalent to four months expenditure. The Trust is also continually trying to source funding to run community projects. The Penny Lane Development Trust would like to thank all funders who have supported the PLDT in developing its objectives and by being able to provide a valuable service to the community of Penny Lane. The Trustees have assessed the major risks to which the charity is exposed and are satisfied that the systems are in place to mitigate exposure to those major risks. The only serious risk currently applicable is receipt of insufficient funding to enable programme delivery and development. All operational and fire risk assessments are updated. Plans for the future: To work closely with Liverpool City Council to ensure that we are supported throughout the coming year. To continue to build on our partnership strengths, to continue to work with the community. To work with other likeminded organisations 5 To work with the Beatles Groups to improve the visitor experience of Penny Lane To continue to raise the profile of the PLDT. To maintain the building to a high standard To continue to work with Granby Toxteth Development Trust and share resources. The Charity will continue to raise funds through innovative events for the benefit of the Charity and the Charitable aims. The Charity currently employs one full time member of staff and one part time member of staff. Our policies are reviewed annually in accordance with Charity Law. PLDT will work alongside our partner agencies to identify and address the needs of the local Community and work positively towards being a key player in our community. We look forward to the next exciting year and anticipate lots of exciting challenges along the way. ## **Structure, Governance and Management** The Trust is a company limited by guarantee incorporated on 22 November 2002. The company was established under a memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. The Trustees, who are also the directors for the purpose of company law, who served during the year were: Kevin Roach (Chairperson) Paula Gainer (Treasurer) Anne Aitkin (Trustee) Jonathan Morris (Trustee) Julie Gornell (Board Member) The Board has a co-opted member, Cllr Laura Robertson Collins, who represents Liverpool City Council. Cllr Roberston Collins resigned from the Trust in May 2023 due to other commitments. Cllr Richard Kemp was coopted to the Board in June 2023. None of the Trustees has any beneficial interest in the company. All the Trustees are members of the company and guarantee to contribute £5 in the event of a winding up. 6 The directors of the company are also charity Trustees and for the purpose of charity law and under the Company's Articles are known as members of the management committee. Under the requirements of the Memorandum and Articles of Association one third of the Members of the management committee must retire at each AGM. Members of the management committee may be re-elected to fill any vacancies arising. The Penny Lane Development Trust has a management committee of up to 4 members, 1 advisor and 1 senior charity officer. The resolution set out by the executive member board with reference to the legal transfer states that a member of the LCC should be coopted on to the management committee to represent LCC. The management committee is constituted to meet 6 times per year and is responsible for the strategic direction and policy of the charity. The committee has a wide range of skills relevant to the purpose of the charity. The senior charity officer also sits on the committee but had no voting rights. Existing Trustees are already familiar with the practical work of the charity having attended short trustee induction days. New policies are now in place to ensure that prospective Trustees are eligible to become a Trustee as set out by the Charity Commission guidelines. All prospective Trustees will be required to undertake an enhanced DBS check and subject to satisfactory result will be made fully aware of what level of commitment is required by the Trust and what level of commitment they are able to offer to the Trust. New Trustees will be invited to attend several short training days. This will enable them to familiarise themselves with the Charity and the context in which it operates. These sessions will be led by the Senior Charity Officer and the management committee will be in attendance. This training sessions will consist of: - The obligations of the management committee members - The main documents which set out the operational framework for the charity including the Memorandum and Articles of Association. - The financial position as set out in the latest accounts - The future plans and objectives - Code of confidentiality - Eligibility to become a Trustee. The Trustees' report was approved by the Board of Trustees. Paula Gainer 7 12/12/23 On behalf of the Chairperson Mr. Kevin Roach: Chairperson **Senior Charity Officer report:** 8 With the force of the pandemic still influencing our community and global visitors. We strive to continue to build on what we have achieved. Having said this, we have seen a big increase in usage of the centre in comparison to the previous two years. The centre is now open for 5 days per week and 2 weekends per month. We also host a nutrition club and a therapeutic massage clinic at the centre to complement the service we offer to our community. In addition to the above, we were once again able to use the centre as a polling station for the local community. This reporting year will determine how we have succeeded in keeping our presence in Penny Lane viable and visible. This report will focus on the positive aspects of our achievements throughout the year, and how we have supported many groups and organisations in reaching out to provide some amazing opportunities and activities that benefit a person’s physical and mental health. Our community classes range from Acupuncture, Chair Yoga, Mindfulness, craft social and gardening. We applied to various Trusts and charitable organisations for funding to assist the provision of classes. Our volunteers are the life blood of the project and without them many things would not happen. They help with events, gardening, tourism. In particular, the design and implementation of our new website. www.pldt.org.uk The website has given the trust a great platform for sharing our history whilst at the same time showcasing our wonderful projects and events. By working in partnership with other community groups we have been able to support many more families in our community by hosting seasonal fun days, drop-in sessions, and a safe place to come along and find out what is going on. Encouraging local people to use our outdoor space to relax and enjoy the gardens and explore the wildlife has been a blessing to many young families in our area, and this is something we plan to expand on throughout the coming years. We are always extremely grateful to those who give their time freely to the Project. Without them we would not be able to provide the flexibility that we are currently able to do so. We also continue to maintain our management committee levels. 9 This annual report will reflect the great work and efforts of the Trustees, staff and volunteers who have given their time, effort, and support over the past 12 months to ensure that the community centre continues to thrive during times of austerity. Our New website has enabled the trustees to highlight our history and show our humble beginnings, how we campaigned for so long to fight to save the fields on Penny Lane, to present day and what we have achieved as a small group of local people. It shows a global audience our structure and our perseverance in keeping this piece of history and heritage alive today. Whilst the pandemic may be over, like most organisations we are now faced with the energy crisis. This has impacted on our reserves, and how we choose what to spend our un-restricted income on. The uncertainty of our future is beyond our control. The fact we are still here and building on our success to date is testament to the passion of the Trustees and the people who want us to succeed. As a new year awaits, new beginnings will arrive. We will be here to welcome those new arrivals. I would like to thank all the Trustees, volunteers, funders, local people and all the Beatles fans for their continued support to Penny Lane Development Trust. Julie Gornell Senior Charity Officer. Penny Lane Development Trust 10 Report of the Management Committee for the year ended 31st March 2023 The management committee presents its report and financial statements for the year ended 31 March 2023 Charity Name: Penny Lane Development Trust Charity Registration number: 1099720 Registered Office and operational Address: 70 Penny Lane Liverpool L18 1BW Tele: 0151 733 7245 Website: www.pldt.orq.uk Management Committee: Mr. K.Roach Chairperson (appointed 6th April 2017) Ms P. Gainer Treasurer (appointed 31 October 2004) Mrs. A. Aitken Trustee (appointed 7 June 2006) John Morris Trustee (appointed 8th April 2019 (appointed 26th February 2006) Mrs. Julie Gornell Senior Charity Officer Secretary. Liverpool City Council Representative Cllr Laura Robertson -Collins (appointed 15th February 2015) (Resigned 16/5/23) Accountants: SBA Accounting Limited Gladstone House 2 Church Road Liverpool L15 9EG Bankers: HSBC Allerton Branch 23 Allerton Road Mossley Hill L18 2DA Solicitors: E.Rex. Makin, Miles Chadwick, Ian Caruthers. Whitechapel, Liverpool L1 1HQ **Structure, Governance and Management:** 11 The Penny Lane Development Trust (PLDT) is a charitable company limited by guarantee incorporated on 11/11/2002. Charitable status was gained on 29/09/2003. The Company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding E5.00 ## **Recruitment and Appointment of Management Committee:** The directors of the company are also Charity Trustees and for the purpose of Charity Law and under the Company's Articles are known as members of the management Committee. Under the requirements of the Memorandum and Articles of Association one third of the members of the Management Committee must retire at each AGM. Members of the management committee may be re-elected to fill any vacancies arising. ## **Trustee Induction and Training:** Existing Trustees are already familiar with the practical work of the Charity having attended short trustee induction days. New policies are now in place to ensure that prospective Trustees are eligible to become a Trustee as set out by the Charity Commission guidelines. All prospective Trustees will be required to undertake an enhanced DBS check and subject to a satisfactory result will be made fully aware of what level of commitment is required by the Trust and what level of commitment they are able to offer to the Trust. New Trustees will be invited to attend a number of short training days. This will enable them to familiarise themselves with the Charity and the context in which it operates. These sessions will be led by the Senior Charity Officer and the management Committee will be in attendance. The training sessions will consist of: The obligations of Management Committee members The main documents which set out the operational framework for the charity including the Memorandum and Articles of Association - The financial position as set out in the latest set of accounts. - The future plans and objectives - Code of confidentiality - Eligibility to become a Trustee - Risk management: The Trustees assessed the major risks to which the Charity is exposed, and therefore, are satisfied that systems are in place to mitigate exposure to those risks. The only serious risk currently applicable is receipt of insufficient funding to enable programme delivery and development. 12 ## **Organisation Management:** The Penny Lane Development Trust has a Management Committee of up to 4 members and 1 advisor and 1 Senior Charity Officer. The resolution set out by the Executive Member Board with reference to the legal land transfer states that a member of the LCC should be co-opted on to the management committee to represent the LCC. The management Committee is constituted to meet 6 times per year and is responsible for the strategic direction and policy of the charity. The committee has a wide range of skills relevant to the purpose of the Charity. The Senior Charity Officer also sits on the committee but has no voting rights. ## **Vision** The vision of PLDT is to become a vibrant focal point for community activity, involvement and sense of belonging which embraces and acknowledges the local historical and global heritage of Penny Lane ## **Mission statement:** To provide a vehicle for opportunities for those residents in South Liverpool, particularly those living in the Penny Lane Community to enhance health, education, appreciation of the environment through activities and restoring pride in the community and themselves by responding to the growing affection of the global audience. ## **Objectives and Activities:** To continue to work with our community and bring about a sense of belonging. To develop and deliver a wide range of activities that will support health & wellbeing among community members. To become a full self-sustaining community Hub where local people and visitors alike will want to come back. The objects and principal activities are to: The objects of the Charity are (a) the advancement of education among young people resident in south Liverpool. In particular, but without prejudice to the generality of the foregoing, to provide or assist in the provision local history for the said young people (b) the conservation of the environment within the area of benefit, and (c) the provision of recreational facilities in the interests of social welfare. (As amended by the Charity Commission on 25th January 2018) The conservation of the environment within the area of benefit The provision of recreational activities in the interests of social welfare. The main activities for the year were: To work with new partners and increase our capacity building to support the progress of 13 ## PLDT + To continue to provide health & Wellbeing activities for the local community. 4 To undertake Community Events/ open days 4 To identify funding to support staff and on cost. + To maintain the Community Centre to a high standard 4 To manage a balance between community and tourism To keep the community informed about what is happening at the Centre. Newsletters mk Face Book nk Instagram mk Website To raise the profile of the PLDT Penny Lane Map a Attend partnership meetings. Open day's To provide a safe environment for the community to get involved and engage in a wide range of activities. Penny Lane Development Trust has delivered a wide range of community-based activities this year in accordance with its objectives. Other activities undertaken by PLDT include: Variety of Yoga Classes Health & Wellbeing activities Craft Social Liverpool Cares monthly social groups Business conferences International Beatles Weekend Coffee afternoons 14 Do it days in the garden. Polling station Recycling Garden Project Food bank collection point Acupuncture for health & Wellbeing School visits Book Signings ## **Achievements and Performance:** We have continued to provide a wide range of classes that benefit our local community. By working with other organisations, we have been able to sign post our residents to other groups who provide additional activities at affordable cost. This is paramount in reducing social isolation in the elderly age range. Since opening the doors to the local community in May 2010 we have seen over 100,000 visitors/users benefit from having this facility in our area. The facility is managed by the Senior Charity Officer and the Trustees along with some very dedicated volunteers. We continue to inform our community about what takes place at the centre. We work with cross party Councillors who promote the centre to their constituents. The facility is in high demand due to it being fully disabled accessible and supports a car park. We have managed to keep the cost of the room hire down by monitoring similar venues in the locality, in addition to this we are always flexible in the opening times. 15 At the end of this report, you will find a copy of our statement of Financial Activities and balance sheet for the year ended 31st March 2023. ## **Principle Sources of funding:** The principal funding sources for the charity have always been by income. However, this year we saw a dramatic loss in earned income thorough closure. We were eligible for the Government grants and the Furlough scheme. Donations were received from a variety of sources and funds have been raised through small events, and sponsorship. This income is used as un-restricted funds. Our Beatles connections have also made donations to the Trust to enable the centre to survive. Schirmer theatrical LLC £1,362.86 In addition to this, the Trust gained grant funding through local councillors and neighbourhood team to support some of the activities and it contributed towards the maintenance of the site. Funding received from the following Charitable Trusts to support the health & wellbeing activities and Culture Project. Liverpool City Council MNF DWF Foundation Arnold Clarke Awards For All Medicash ## **Responsibilities of the Management Committee:** Company Law requires the Management Committee to prepare financial statements for each financial year which give a true and fair view of the situation of the Charitable Company as at the balance sheet date and fits incoming resources and application of resources, including income and expenditure, for the financial year. In preparing those financial statements, the Management committee should follow best practice. Select suitable accounting policies and then apply them consistently. Make judgements and estimates that are reasonable and prudent and prepare the financial statements on the going concern basis unless it is appropriate to assume that the company will continue that basis. 16 The Management committee is responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with Companies Act 1 985. The Management Committee is responsible for safeguarding the assets of the charitable company and hence taking reasonable steps for the prevention and detection of fraud and other irregularities. ## **Members of the Management Committee:** Members of the Management Committee who are directors of the Company Law and Trustees for the purpose of the Charity Law, who served during the year and up to the date of this report are set out in page 2 of this report. ## **Directors:** Kevin Roach Paula Gainer Anne Aitkin John Morris Cllr R. Kemp was co-opted to the board in June 23. ## **Senior Member:** Julie Gornell 17 |**Supporters & Partners:**|**Supporters & Partners:**|| |---|---|---| |E.Rex Makin LCVS||Cavern City Tours City Sight Tours| |Welcome Wednesdays||Merseyside Police GTDT| |Curtins||St Barnabas Church Residents| |Greenbank Primary School||Hard Days Night Taxi Tours Kalmoment| |Peter Beerley||Mersey Forest| |Royal Mail||Easytees Impressions PSS /NHS| |Penny Lane Londis||Liverpool Beatles Tours Liverpool City Council| |Dovedale Towers||Penny Lane Gossip Icon Pro Creatives| |The Rock Project Young People Mossley Hill Athletic Club Herbal Life||| |Fab 4 Taxis||Mop Top tours| ## **Projects, Activities, Services & Events this reporting year:** PLDT Continues to consult with the local community to see what they would like to see happen at the centre. By attending meetings with local police and Councillors we also gained a good insight into some of the local issues that need addressing and this joined up partnership working proves successful for PLDT and the local community. Also having a local social Media network helps to spread the news about who we are and what we do. This report will focus on the wonderful projects, activities, and events that we have been able to provide during this year. ## **Chair Yoga:** Our Chair yoga classes are extremely popular and extremely valuable to those who take part. It encourages balance, movement, and flexibility. The ladies who attend the classes report much improvement in their physical and mental health. This year we received funds from Arnold Clarke and the DWF Charity to enable us to host a further class. Both classes are full and thriving. ## **Craft Social:** The craft group was set up in 2012 and has been a popular group for so many local crafters. The ladies meet up once a week to share their skills and knowledge. New people are always welcome and soon become firm friends with other crafters. The group organise many away days to craft markets and book trips out to the theatre at Xmas time. 18 ## **Acupuncture:** This project has been a lifeline to many women who have taken part in the sessions. After the suggested five sessions of treatment the individuals have reported many benefits to their wellbeing. Further funding was sourced to enable the acupuncture sessions to continue. This project has been extremely successful and is certainly something we wish to be able to offer in the future. Some exerts of testimonials from individuals who took part in the weekly sessions. ## **The garden group:** The garden volunteers have returned to the centre to look at progressing a new project and get the garden back in use. Discussions with GTDT to work in partnership to help this vision be achieved. ## **Training rooms:** The training room has been used by several businesses in South Liverpool this year. In addition, one of our work placement young men and one of our volunteers took part in Defib training and each received a certificate of achievement at the end of the course. ## **Liverpool Cares:** Continue to use the centre as an access point for their groups in our area. The groups are well attended and the carers provide lots of fun games, discussions and art activities. ## **HomeInstead:** This organisation provides activities for those living with dementia. Whilst at the same time supporting those who care for the dementia clients. The group meet every other month at the centre. Great fun is had by all who attend. 19 ## **Getting out of Covid Group:** This activity was set up to support people getting of Covid and back into the community. The trust worked in partnership with GTDT. There were 6 sessions which included, 2 sessions of acupuncture, 2 sessions of gardening and 2 sessions of creative writing. The group was well turned out and everyone felt happy and involved. out 20 ## **Mindfulness at Penny Lane:** Many people struggled with their physical and Mental health during the pandemic period. Hosting Mindfulness sessions helped a lot of people who were struggling and enabled them to become more positivly focused. 21 ## **Events:** ## **Summer Fun on Penny Lane** Our partnership working with Granby Toxteth Development Trust and Liverpool City Council worked hard this year to encourage access and participation. We provided a series of activities and events for the local community. The turn out was fabulous and everyone enjoyed the days. ## **Supporting our Community** 22 ## **Beatles weekend in Penny Lane: 2022** **This event was funded by Liverpool City Council MNF fund. Awarded by our local Councillors.** **Each year the event brings together the local Community and International visitors. Penny Lane is the most famous Lane in the world and people come from all over the world to celebrate the Beatles each year.** **The Community come out in force to showcase their hand made products and make the event even more interesting and colourful.** **The band this year was a group of local talented young men, who pay tribute to the Beatles. Tom Hughes (lead singer) plays regular sessions at the Cavern.** 23 ## **Filipino Festival:** PLDT was happy to host this spectacular event this year. Over 200 people attended the event. The Female singer was outstanding. Her partner was equally amazing. The group had not been together for this annual event for two years due to Covid. Penny Lane was the perfect venue to host such a beautiful gathering. 24 ## **The Young People’s Rock Festival:** The Rock Project is based in Liverpool. The project supports and encourages young people to get involved in music. Each year they host an end of year Rock Festival. This is the second year they have hosted it on Penny Lane. A brilliant day out for the young ones and their families. A safe environment for young people and families. 25 ## **Penny Lane Mural:** The idea for the mural on our building arose pre- pandemic. To have a vision of John Lennon and Paul McCartney on Penny Lane was a fitting tribute to both the boys as this is the area (or district as they called it) that they hung around before they were famous. This image was chosen as it showed what the boys looked like just as they arrived back to Liverpool from Hamburg. The mural was created by artist Paul Curtis. Paul has undertaken many outdoor murals in Liverpool. His most famous one is the Angel wings. The mural has brough much attention to Penny Lane and to our centre. The community gave their approval feeling proud of their community. This project was part funded by the Liverpool City Council MNF fund. 26 ## **PLDT Website:** The original PLDT website had run its course. The Trust was in need of a new look. Claire Armitage Trueman contacted the Trust and enquired about some volunteering at the centre. Claire’s skills go over and above what we would expect any volunteers to get involved with. One of Claire’s strengths was to develop our social media, including updating our website. After a great deal of hard work Claire managed to build on the work that had already began the year before. Today we have a fully functioning website. In addition to this, Claire was able to train the staff so that the site could be updated regularly. Our branding was also enhanced by Kurt Truman. His graphic design skills gave a much sharper finish to our logo. PLDT is all in sync with our marketing materials all following suit. www.pldt.org.uk 27 ## **Work Placement/Volunteers:** PLDT is never short of volunteers. Whether it be for the garden or to help with refreshments at events, there is always a willingness from people who want to help out. This year we also supported two student work placements. Thomas and Annie. Thomas got involved in creating some great ideas, particularly in I.T. Annie was involved in supporting our chair yoga classes. Both work placements enjoyed their volunteering experience and have since gone on to get paid employment. Whilst all of the above exciting projects, events and classes take place at the centre, we also work along side film producers, media reporters and historians. No two days are ever the same at the PLDT. We have people coming from all over the world just to be on Penny Lane. ## **Do it days on Penny Lane:** Each year with the help from our local Councillors the Trustees get together and have a do it day on the lane. This is a great opportunity to informally get together and have a jolly old clean up. The Councillors provide a skip, and the trustees and volunteers fill the skip with all the rubbish which has accumulated over the past year. A big well done to Kevin, Karl, and Kurt for flexing their muscles and filling the skip. Also, to Steph, Julie, and Claire for cleaning the offices. 28 ## **Christmas Fair at Penny Lane** **At the end of each year our craft ladies go all out to showcase their amazing skills. Money raised is donated to a variety of charities chosen by the ladies who take part.** ## **The event is always welcomed by the local community.** 29 ## **Tourist:** PLDT records how many tourists come to Penny Lane each year. We also record where they come from. The chart below shows the increase since the pandemic. Whilst things have picked up greatly, we are still running at 50% capacity. Tourist love coming to Penny Lane. They enjoy hearing our story of how we got here and what we do for our community. We have many tourists who return year on year. Those tourists have now become tour guides for their own country, bringing guests to Liverpool and Penny Lane. ## _**Tourist will always come to Penny Lane. It is the most famous Lane in the world.**_ We would like to thank everyone for all their patience and continued support that we have received in the past year. We look forward to the new year and all that it brings. Julie Gornell Senior Charity Officer Penny Lane Development Trust 30 Ch•rty registration number 1099no Company reglstratlon numb•r 04586173 (England and Wal9$1 PENNY LANE DEVELOPMENT TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 PENNY LANE DEVELOPMENT TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustse$ Kewn Roach (Chal￿r$on} Paula Gainer Anne Aitkin Jonalhan Morrls Charity numbgr 1099720 Company Dumbor 04586173 Rrylstgrod offic• 70 Penny Lane Liverpo Merneyside L181BW Indop•nd•nt •xamln•r S8AAccounting Limit GLodstone House 2 Church Road Liverp¢)ol L15 9EG Bank•rs HSBC plc 23 ￿l￿rtOn Road Mossley Hlll Liverpool L18 2DA Solicitors E Rex Ma￿n WhitechaFd Liverpxjol L1 1H(J PENNY LANE DEVELOPMENT TRUST CONTENTS Pa Trustees, report IndÉpendent examinerf8 report Statement of financial act￿lIeS Balanco sheet Notes to the financial st81ements 9-19 PENNY LANE DEVELOPMENT TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2023 The Tmstees present thgir report and accounts for the year lo 31 March 2023. The accounts havè boen prepared in a¢(x)rdan¢e wilh the accounting po15cles set out In note 1 to the accounts and comply with the Trust's hrternorandum and Articth ofAssociation, the Compani&s Act 2006 and 'Accounting and Rèwrtino by charit￿= Statement of Recommended Practice app(iL>ble to ¢harille3 preparfng their 8cwunts in accordanc8 With the Finanaal Reporting Standard appllcable in the UK and Republic of Ireland IFRS 1021. la$ amende(I for a￿L)Unting periods commenang from 1 Januory 20161 ObJ•ctiv•s and activitie• The Penny Lane Development Trust took over the official management of the local authority Hsset - 70 Penny Lane in Maich 2(K19. The vision of PLDT F8 lo becorne a vibrant focal wnt for eomnwnity aetivity. invol￿M￿nt and 8en8e of belongirvJ which embraces and acknowkdges thg local hi81ori¢al and glob81 herflagè of Penny Lane. The rTN8sion is to pyovide a vehlde for opwrtunfc￿ for those r8sKJents in South Liverpcol, parbcularly thos8 Iwing in the Penny Lane Community lo enh8ncg health, education, appreciation of the environment through activities and restoring pride in the community and themselves by responding to Ihe growing affectson of the global audign¢e. The twglees ar¥J volunteers continue to deffiver a number of 8vents and 8¢tivitiè8 for the communty. 11 1$ our airn to build on Ihis success and deliver gven more in the a)ming yew. The Objethes of th8 ch8rfty are.. The advancement of educatlon among youro peop￿ resident in South Livtrrpwl. In particular, but ￿t￿ut PT8judice to Ihe generaHty of the foregolna. to provide or assisi in the provision of k)cal history for the said young people bl The consorvaJcx) of the environment wthin the a￿a of bengfit The provision of recreational fBdliNes In Ihe Interest ol se¢ial welfare The main aclivibes for the wr were.. To work ￿th new partners and Incrtrase our capacrty builjing to support the progrèss of the Trust.. To contlnue to provid9 health and wellbeing activities forthe Ioc81 ￿mmunty To undertake Community events lopen days To Identtfy funding to support stall and on (x)sts. To maintsin the Communlty Centre lo a high standard To manage a bajance between community and louri8rn .To keep the commLtnty Inform8(J about what is happening at the Centre by using the medium ofr Newsletters. and sooal madia 8nd events. To raise the profile of the Trust By dlstributing a Penny Lane newsjetter to Iocol r¢sKlgnts. To encourBge p8rtnership rneelings lo share resourcas and id&85. To provide a safe environment for the community tt) get invofved and engage in a wide range of actiYitse3 To utilise outdoor space morg gffectryely arKI increase participation To host open days Penny Lone Development Trust nurture community lrfe whith enablas the trust lo èngage WTth local rtrsidtnts. Penny Lane Devebpment Trust has defivtsrtrd B wKle r8nge of communty based activities this y&ar in a￿OrdanCe with its obl9c¢lves. PENNY LANE DEVELOPMENT TRUST TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2023 Other 8Ctivilies undertaken by PLDT indude.. Variety of Yoga classes Health & Wellbeing activities Environmenlal activities Intamational 8eall8s W&akotxl Craft dassès for the community Doll days in the garden Opportunities for more food growing initiatives Women's wellness course supporting those with menopause Trips out Recyding Family fun days Community Evpnts PLDT would like to thank all funders. donators and individuals who have shown their commiirnenl lo supporting the trust throughout the past 12 months and the following grant maKlng bodies have pnabkd the Trust lo d•livor healih & w¢llb¢ing 8¢tivitig8.' Llw•rpool Cfflty Council- Summerfun famlly actlwitles DWFfoundation- Yoga class•s Medi¢ash- Health & Welln&88 acupuftcture The Trustees have pald due regard to guldance Issued by the ch￿lty Commlsslon In deddlng what acllvlles the Trust should undèrtakg. Alm$ of tho ¢harlty To provide 8 vghide for opportunrties for those re6idents in South Liverpool, particularty those living in the Pgnny L8ne Cclmmunity to 8nh3nce health, education, appreciat¢on of the environment through activities and re8ltsring pride in Ihe COmTnunity and themselves by responding to Ihe growing affection of the global audience. The year ended more succes5fulty than antirypatod. C￿￿￿ence Is ¢omlng b8cJ¢ from all a￿8$ of the project. We look forward to th¢ year WTtrI hope in L)ur heart. Achlevements and performance Th8 Trust has maintained one full time and ong part time member of staff. In addition the Trust has supported a number of voluntaertng opportunltlès to asslst Indlvlduals In their work role capaclty as wdl as supporting those with Mental and Physical health restrlctions. Tourism has incmasod by 47% Ihis yoar. This is a good indicAtor Ihat visitors ¢¢￿1denCe is growlng, and our economy will bènefit from thi8. Community cl05ses 8¢tivities have been more varied due to working in partnership with Granby Toxt8th Devgloprnenl TTUSt IGTDTI We continue tts infom our communÉty about what lakes place at the centre via soc¥al media platfms. Wè work wth locBI Councillors who PTomole the centre lo their constituents. The fadlity is a￿ayS in high demand du$ to it baing fulty disablad 8etsssibla and supports 8 car park. We havo managed lo keep the cost of thè room hirg down by monitorirvJ similar venues in the locality. in addition to this wè re always flexible in the opening limes. The Centre is open for S days per w&•k and 2 w••kèrxls each month. PENNY LANE DEVELOPMENT TRUST TRUSTEES. REPORT (CONTINUED){INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2023 Flnanelal r•vlèw Durlng the year the Trust received total funding of £50.608 and expended £72,360 resulting in a defic4t for the ygar of £21,752. Of the expenditure, £8,141 was spent out of restrici¢d incomg and £8.787 related lo depreelalion on the Penny Lane building. At the year end the Trust had unrestrictèd re$8Nes of £15,163. The restrfcted reserves amount to £8.307 whlch r8lates malnly to Awards forAII and MediGash funding. It is the policy of the Trust that unrti8tri￿ed reserves which have not been designated to a specific use should be maintained al 8 level equivalent lo between three and six months expenditure. The Tnjstees Consider that resorves 81 this level wll ensure that, in (he event of a significant drop in funding, thay wll ￿ ablè to conlinuè th• Tw8V8 current adivits'83 while consideration is given to wBys in which additional funds may bè rAised.The current 18vel of unrestrided reserves is equivalent to approxlmately four months e¥pendilure. The Tnjst 1$ al continualby trying to source funding to run community projects. Tho Penny Lane Devebpment Trusl would like to thank all fund8rs who havè supported the PLDT in developlng Its oblectlves and by being able to providè a valu8bl8 sarvicè to th6 eommunity of Penny Lane. The Trusl8es have a8se8sed the major risks to whlch the charlty Is Èxposed and ar• $81isfied that tr8 systems arg in place to rn￿gate exposure to Ihosè major risks. Thè only sèrious risk ¢urrenUy 8pplicab18 is rectript ol in8uffi¢ientfunding lo enable programme delivery and dévèlopmgllt. All operational and fir8 risk assassm•nts are updaled. Plan$ for the future To work cknsely wlh Liverp￿1 Cily Councll lo ensure that we are supported throughout the comlng yèar. To contlnua to buikl on our partnership strengths To continue to work with the community To continue to work with like minded organisations To work with thè B8*185 Legacy Group lo improve the vlsltor @xperlence of Penny Lane To wnlinue lo ralse the profile of the PLDT To maintain the building to 8 high standard To work wilh Granby Toxtèth Developrnent Trust and share resources. The Chanty ￿11 continu• to raise lund¥ through innovative events for th8 b￿errt of th8 Charity and tho Charitabla aims The Char6ty funds one fvll time and one part time membèr of 5t8ff. Our polities are rewewed annualty in aecordancg wrth Charity Law. PLDT will work along$l¢Jg our partner agencies to identify and address the needs ofthe Communlty and work positively towards being a key player in our Community We look lO￿ard to the next ex¢illng year and anticipate lots of exciting challenges along tha way. PENNY LANE DEVELOPMENT TRUST TRUSTEES. REPORT {CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2023 Structure. governanc• and management The Tru$l is o company limited by guarantee incorporated on 22 Novernbgr 2002, The company was astablished undèr a mem￿andUM ofA580ciatton whlch established the objects and powers of the charitabl8 CoMp￿Y afMI is govemed undgr Its Articles ofAssociatlon. The Trust9&8. who are also the diiedors for the purp03e of company law. vtho ¥erved during the yearwere: Kevin Roach (Chairperson) Paula Gainer Anne ￿tkin Jonathan Morris The Boaril ha5 a cTroptsd member, Cllr Laura Robertson Collins. who r8pr8s8nts Liverpool City Councll. Cllr Roberslon Collins resigned fom) the Trust in May 2023 due to other commitments. Clr Rlchard Kemp was opted to the Board in Junè 2023, None of the Trustses has any beneficial inte￿1 in ltte company. AJI ol the Trustees are members of th8 company and gU8ranlee to contributa £5 in the event of a windin9 UP. Thg directors of company are also eharfty Trusteès and for the purpr)se of tharity law and under the Cornpany's Artid8s ara known as members of Iho management committee. Under th8 requirernents of the Memorandum and Artieles of Association ono third of the members ol th• managÈm8nt cxjmmittee must reure at each AGM. Memb9rs of the Managemènt committee may be le4￿Cted to 1111 any vacan¢ies arising. Tha Penny Lane Devek)pment Trust h88 a management eommitttè trf up lo 4 memb8rs, 1 advisor and 1 sènior charity oificer. The resolution $$1 out by the exacutlvo mèmbor boaTd wilh ref6rancÈ to tha legal transfer 8tsts$ that 8 member ol the LCC should be co-optèd on to the management Committ￿ to represent LCC. The management comm￿"ee is constituted to meet 8 ￿Me3 per year and is ￿spOnSible for the strategic direciion and policy of the charity- The committee has a wide range of skdls relevant lo thè PLtrpose of the charity. The s&niix tharity offlcer also sits on the ￿mmIttee but had no voting rights. Existing Trustaès are alreaty familiar wtth Ihe pracb'cal work ol thg charity having atteThJed short trustee induclion days. New policies are now in p18¢e to ensure that prospactiva Trustees are eligib￿ to become a Trustee as sel out by the Charity Commission guidelines. All pr08P9¢tive Trus18es wlll be required to undertska an enhanced DBS check and subjeet tts $8bsf8Ctory result ￿11 be Fnade fvlly aware of wh&t levgl ol ¢omfflitment is requir8d by thg Trust and what18v&I of commitsnent th8y arè able to offer to the Trust. New Trustegs will be inwled to attenoj a number of short training days. Thls will enable them lo familiaris8 Ihem581ves with the Charity and the context in which it opar8t95. These sessic*ns will be led by the Senlor Ch811ty Ofticer and the management commlttee will be in att8rKlance. This training sessions w511 eonslst ofr. - The obligations ol the managèmènt cornmittee memb9rs - The maln documents which set out the operational framework for the charity includSng the Mtrmcqandum and Artides of Association. - The financial wsition as sel o¢Jt In Iho Lqlesl accounts - The ft6ture plans And trbjeclives Code of confidentiality - Eligibility to become a Trustee PENNY LANE DEVELOPMENT TRUST TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2023 Ass•t co￿r for fund$ Note 16 sets out an analysls of the assets attributable to the various funds and a descrfpuon of th8 funds. These assets are suffiuent to mèèt th9 Tru31's ob*gations in a fund by fund basis. The Trusts&s' report was approved by the Board of Trust80s. APqaLivr Paula Gainer Dated.. 12 December 2023 PENNY LANE DEVELOPMENT TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PENNY LANE DEVELOPMENTTRUST I report lo the Tmstses on my examination of the fin8nc4al statements of Per)ny Lane Development Trust (the TNSt) for the year endad 31 March 2023. Responslbllltlo8 and ba818 of report As the Trustees of the Trust (and a150 its directors for the purposgs of company 18wI you are ￿spOnsible for Ihe preparation ol Ihts fin8ncial statements in accordance wtth the requirements of the Companies Act 2006 (the 2006 Act). Having satisfied myself that the flnanclal ststoments of Ihe Trust are not requIr￿1 to audlt6d under Part 16 of the 2006 Act and a￿ eligible for independent examination, I mport in rèspèd of my examination ol the Trust's financial statemonts carrièd out under section 145 of the Charfties Act 2011 Ilhe 2011 Act). In carying out my &xaminat￿n I have folbwed all the applI¢￿￿e Directions given by the Charity Commisslon under sectlon 1451Sllb} ol the 2011 Act. Ind8p•nd•nt •xaminer'• statemont I have comptetsd my examinab"on. I confirm that no m8tt8rs have come to my attention in ￿nneCtIOn with the examination gi￿ng m8 ￿V$e to believe that in any matérial r8specl'. actounling rec￿￿S wèr8 kept in respect of the Trust a$ required by section 386 of the 20C6 Act; or the financial stalemants do not a￿T(l with ¢hose records,. or tho financial staternents do not comply ￿th the accounting requirements of $8thon 396 of Ihe 2006 Act other than any mquirèmènt that the accounts giv• a tru9 and fair vigw vthich is not a malter consNJered as part of an indepond8nt ex8minaUon,' or thè finBnclal stslements have not been prepared in accordance with th8 methods and principlès ol thè Statement of Recomrnernled Practke for accounting and reporting by d)arilies applicable lo charilYd8 preparing their accounts in accordance wllh the Flnanclal Reporting Standard applical￿e in Ihe UK and Republic of Iwland IFRS 102). I have no concem3 and have comè across no other matters in connection with the examination to whlch attentK)n ShLw￿ bg drawn in this report in order to enable a proper understanding of the flnancid slatemènls lo be reached. Susan Buckley S8AAccounting Limlted Gladstone House 2 Church Road LNerpool L159EG Dated: 12 December 2023 PENNY LANE DEVELOPMENT TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023 Unr•strlct•d Flx•d ass•t R•strlct•d fund8 funds nd8 Total 2023 Total 2022 Notes Ineomè from: DonatiorTrs and1ggacY&s Charitable activities Other tradlng ￿VIti88 21,2C 20,342 1,253 7,807 29,013 20.342 1.253 36,812 20.806 348 T*)tal Income 42,801 7,807 50,608 57,766 ndlture on: Rasing funds 6,673 6.673 2.860 Charitabb activities 48.779 8,767 8,141 65,687 58,689 Totsl r•sourc•s •xp•ndod 55,452 8,767 8.141 72.360 61.549 N•t outgolng rg¥ource6 before tr•n$fers 112,6511 8.7671 {3341 121,7521 (3.7831 Gross tran$fers between funds 340 13401 Net 8xp8ndlturo lor th• yearf Net movement In fund$ (12,3111 18.7671 16741 {21.7521 {3.7831 Fund balances at 1 April 2022 27,474 762,722 8,981 799,177 802,960 Fund balan¢es at 31 March 2023 15,163 753,955 8,307 777.425 799,177 The slalefflent of financial actiwti8s incltNJgs all gains and1088es recognised in th8 year. All income and 0X￿ndIlurts dèrive from continuing activitigs. The stalement of fin8nual activities a180 complies with the requirements for an incomè and expandilure aco)unt under tha Companies Act 2006. PENNY LANE DEVELOPMENT TRUST BALANCE SHEET ASAT31 MARCH 2023 2023 Fixed ags•ts Tan9ibl8 assets CuTr•nt a$$•ts Skncks Cash al bank ond in han 11 753,955 762,722 12 285 25.134 423 37.840 25.419 38,263 Creditors: amounts falllng du• wlthln on• y•ar 13 {1,949) 11.8081 Net Current assets 23.470 36.455 Total assèts l•ss current liabiliti•g 777,425 799,177 Income fund$ R¢strl¢tetl funds Fixed asset fund Unrestncted fvnds 14 8,307 753,955 1S,163 8.981 762,722 27,474 777.425 799,177 The company is antitt8d lo the exemption from the audit r9quSrgment contained in section 477 of the Companiss Act 2006. for Ihe year ended 31 March 2023. The directors acknowkdga th8ir rèsponsibilities for complying with the requir•m•nts of th& Compan18s Act 2006 th respect to accounting records and the preparation of financial $18lemenls. Thts members have not requlred the company to obtain an audit of its financial statements for the year in question in accordance wlh section 476. Th9S9 financlal 8tatsments have been prepared In 8ccoriJance wth th8 provisoons applicable to companies sublert to the $rnall companies r8gima. Tho w)unts WgTe approved by th9 Trustees on 12 D8r8mb8r 2023 A P qcxLruf Kevin Roath {ChaSrwrson TNsteg Paula Gainét Company R•g5stratlon No. 04586173 PENNY LANE DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accounting pouchs Charfty Informatlon Penny Lgne Development TN8t is 8 (*18rilable company limited by guaranlee inryJrporat8d on 11 Nov8mtr*r 2002. Ch8rrtable stalu8 was gained on 29 September 2003. 1.1 Accountlng eonv•ntion The acccAJnts have b8&n piepared in ￿￿ordanc0 Wlth lh¢ Trust's memoranduwn and articles of8ssociat￿n the Companies Act 2006 and -A¢¢ountlng and Reporung by Charilie$'. Statement of Recommendeil Pr8th¢0 8pplIcab￿ to chart¢￿8 preparing their accounts in acxordance with the Financial Reporbng Standard applicabl8 in th8 UK and Rèpublic of Ir•l8nd IFRS 102118$ 8m8nded for aixounting periods comm8nan9 from 1 Jonu8ry 20161. Tr Trust is a Publ1¢ Benefll Enlmy 8$ deffined by FRS 102. The Trust has t8k8n advantagè of the prowsions in the SORP for tharthe3 app￿.rO FRS 102 UpdBte Bulktin 1 not to prgparo a Slatemont of Cash Flows. The financial statements ère prepa￿d In steding. which is the hJn¢bonal ¢urren¢y of th$ Trust K4onetsry amounts in finaniial ststomenls are roundtsd lo the nearest £. The financial statements have been prepared under th8 historical cost convention. Imodtfi¢d to include the revalL'alion of freehold properties and to include investrnenl propertie3 and certain financial instruments at fair Voluel. The pthnclpal accounting polOcie5 adopled are sel out below. 1.2 Golng concem Ai tha lime of approving the financial statements, th8 Trust8es hav8 a r8asonabl• 8XP8Ctation that the Trust has ad8quate resources to continue in operational existence lor Ihe fO￿see3b1e fU￿re. Thus the Trustees ntinue to adopt the going concem basis of accountlng in prgparing the finanoal Statsmgnts. 1.3 Charltable funds Unresldcled fvnds are availabk for use at Ihe dis¢retk)n of the Trustees In furtheran¢e of thelr tharitable objectiv8s unless the funds h8ve been designated for tslher PUT￿eS. Restricted funds are subject to spectfi¢ ￿ditiOnS by donors as to they may be used. The purposes #fid uses of the restricted fvnds are set out in the notes to the accounts. 1.4 IncomSng Msourc•s Ino)me is ieco9nlsed wlw Ihg Trust 1$ ￿gallY 8ntitled to it after any perfomiance Condi￿n8 have been met. the amounts can be mg?sured reliabty, and f¢ is probabl8 that income wlll be received. Cash dona￿On$ are reco9ni58d on receipt. ¢)ther donations are re￿gnised on¢e the Twst ha$ begn notified of the donation, un18ss perfom)ance condititin$ requiro dgfgrral of Ihg amount. Income tsx roCOV8rable In relallon to donations received under Grfl￿d or dood$ of Covenant is recogni5ed 4t the time of tho dona*on. Legac4es are recognlsad on reeeipl or olherwise if Ihe TNst has been notified of an impending distribution. the amount is known. and receipi is expected. *f thp amount is rK*t known, the Ipgary is treated as ccffjtingant assgL PENNY LANE DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED> FOR THE YEAR ENDED 31 MARCH 2023 Aec¢untlng polIc￿9 IContlnu•dl 1.5 Resources 8x￿nded Expendtture is recognised once there Is a leg81 or constswctlve obligation lo transfer eCOr￿1C benefit to third party, tt is probable that a transfèr of economic benefits wlll b9 requlred in setuemenl, and the amount ol the obligation can be measured raliably. Expendriure is dassified by ath'vity. The costs of each activity ar8 mado up of tre total of direct Costs and shared costs, includin9 SUPPOrt C051s involved in undertaking aach adivrty. Direct costs attn'butable lo a single acbvity are alloc8tgd directly to that activity. Sharéd costs which contribute to more than one actfvlty and support costs which are not attributable to a single 8Ctivity are apportionèd btrtwe8n those activitigs on a basis c￿)$1$18￿t with the use of re8ourGe8. Gentral staff costs are allocated on th8 basis of lime spenL and epreciation charges ar• allocaleil on the portion of the a5$9t's use. R9s0urce6 expended ar& r&cognlsed in ihe perKJd in which they are Incur￿d. Resources expended include allribulable VAT which cannot be recovered and arg allocated to the partiojlar activity where the cc>st rg18tfrs dirertty to that a¢tMty. 1.6 Tangibl• fix•d ass9ts Tangible fixed assets are initially rneasu￿d at oost 8niJ svbsequ8nlly measured at cost or valuation. nel of depreciation and any impaimient losses. All tangible frx&d a$sets are ¢apilalised. Tanglble fixed asseis are ststed at cost le8s depreciation. Depreciation 1$ provided at rates calcJJlated to write off the cost less eslimaled residual value of each 8s$01 ¢v8r ilg expectsd useful lrfe. as follows.. Leasehold land and buildings The asset was brought into use on 8th March 2010 and will be dgpr¢daled over th8 lem) of the lease199 years) % on cosl F￿re$. fittings & equipment Thè g81n or loss arising on the disposal of an asset is d8t•minéd as the difference between tho sal& proceeds and tha ￿rry[￿j value of the asset, and ig ffj¢x)ynl8ed In the ststement of financial aCt￿ltieS. 1.T knpalrnRnt of flx•d assets At each reporting end date, thè Trust reviews the carying amounts tsf its tangible assets to determine whether th8r9 18 any indication that Ih058 assets have suffered an impbirment loss. 11 any such indication exists, the re¢ovtrrable amount of the asset is estimated in ordar to d$termin# the extent of Iho impairrnent loss lif any). 1.8 Stocks Stocks are stated at th8 lower of cost and estlmaled selling price less costs to Com￿￿te and sell. Cost comprises direct mat8ri81s and, where applScablè. dI￿¢t labour ￿SIS arKI those ov&rheads that havè bÉ8n incurred in brlnging the stocks to thelr present location and condition. Items held lor distribution at no or nomin81 Consideration ar8 measured the lower of replacement cost and cost. Net realisable value is the estimated selling pri¢e less all estimated costs of compjgtion and Costs to be incurr8d in mark&ting. selling and distribution. 1.9 Cash and cash equlval¢nts Cash and cash equivalents include cash in hand, deptssits held at call with banks, other short-temi liquid irwestmgnts with orlginal matuiili85 of three months or less, and bank ovordrdfts. Bank overdrafts are shown Wtthln borrowings in current118bilities. 10- PENNY LANE DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Ac¢¢untlng pollcles Contlnuedl 8aslc flnanclal assets Basic financial assots, whlth Indudg deblorn and cash and bank balances, wè inStially meagured al IransactKJn price including transaction costs and ar? $ubsequently carried al amortis8d c4)st using tho effeciive interest rnethod unlo88 the arrangement constilutS$ 8 financing transaction, wh9r8 th8 transactK)n 18 mtrasur¢d at tho present value of Ihg lutsjto r8c8ipts discounted 818 rn8rket rate ol interest. Fln8fbcial assets classffied as receivabl& within one year are not amortised. Ba$le nnanclal Ilabllltles Basic financial liabilities. includlng credltors and bank loans ar• initially recognised at trans￿l0n price unL*$8 th& arrangement constitutes a finanong transaction, where the debt instrument is m8asured at the present v8lue of the future payments discounted at a markgl rate of interest. Finandal Ilabllities classifièd as payable wlhin on& yoar arg rKSt amortised. Debt Instruments are subsoquonlly carried al amortised cosL using the effective interest rate ￿Ethod. Trade ￿dItorS Ère oblKJations lo pay for good3 or 8èMces thal hav8 been 8Lwulred in the ordinary cours8 01 OPgr8tK)n$ from supplier5. Amounts payable are classthad as current liabiliti8s if payment is due wthin one y8ar or lèss. If not, they are presented as non-current liabilities. Trade Creditors are recognised inibalty al transaction pric& and subsequendy measured at 8rrK)rt1sgd c05t using ihe effective Int8r8St method. Dorncognftlon of Ilnanclal Ilabllltl•s FinanLaal liabilits.es a￿ rlerecogni8ed when the Trust'8 rxjntractual obligations expify or are discharged or &incelled. 1.10 Employee benefits The cost of any unused holiday enti￿rnent is recognised in the pe￿ort in which the efftployeo's $grvThs are received. Tomiinatlon benefits are reo)gnis8d immediately 8$ an axpanse when the Trusl is demonstrably wmmitted to lerminate the ¢mploymgnl of an ernployee or lo provlde temination beneffts. 1.11 Retlrement benefits Paymnts to defined (x)ntribution retirement benefrt Schory￿S are charged as an expgnso as th8y fall due. Crhleal aeeountlng •stimat•$ and judgem•nt* In the appllcation of the Trust's accounting policies. the Trustees are requifed to make judgements, estlmales and assumptions about the c8rrying amounÈ ol assets and Irabiliti8s that are not readily apparènt from other sources. The estimates and assoGi8tgd assumptions are based on historical èxperierKe 8nd other factors Ihat arè considered to be relevant. Actual results may differ from the8e estimates. The eslirllatos and underfying assumptions are rgVIgW8d on an ongoing basis. Revlslons to accounting estirnales are recognised in the period in which the e5tirn3te 1$ rèvised where rèvislon 8ff¥cts only that period, or in th8 p6riod of the revision and future periods where the ievlsion affects tolh curront 8nd fvture perfods. PENNY LANE DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Donatlons and legacies Unr•stri¢ted Restrict•d fund funds Total Tolal 2023 2023 2023 2022 Donalions and gifts Govemment Covid and JRS grant3 S81gs ofdonated 17,966 T.￿7 25.773 28.644 3.240 3.240 1,614 21.206 7,807 29,013 36,812 For tho y•ar •ndÈd 31 March 2022 23,678 13.134 36,812 Charltabk acllvltl•8 2023 2022 Rwm hire Office rant 7,027 13.315 8,746 11,860 Oth•r trading Actlvltl08 Unrestrktsd Unrestricted funds fijnds 2023 2022 Sales of souvenirs 1.253 348 12- PENNY LANE DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Ralslng fund$ Unr•strlcted Unrestricted funds funds 21123 2022 Tradin costs Purchase of goods for rosale 6,673 2.860 6,673 2,860 13- PENNY LANE DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Charltable a¢tlvltl•s 2023 2022 Staff (x>sts Dgpr8Ciation and impaim*nl Community prolecis Yoga Instructor Artssl, musician and other professional fees Insurance Repairs & maintenance Prinb"ng. postage and stationery Subscriptions W8sle disposal Sundry Rates & ulililies Trav81 axpeftses Telephone Refreshments Bank charges 23,916 8.767 8.140 960 1,674 2,314 1.286 412 1,620 1.051 493 10,635 88 2.412 107 106 19,726 8,767 12,767 1,795 2.082 322 2,250 1,130 30 6.003 48 2,187 139 64.181 57,226 sha￿ of govemance costs {s89 note 81 1,506 1.463 65,687 58.689 AnalyBiS by fund unrest￿Cted funds Fixed asset fund Restricted ￿ndS 48.779 8,767 8,141 65.687 For th• yoar end￿ 31 March 2022 Unrestrfcled fund5 Fixgd as891 fund Rèstrictéd fund8 37,355 8,767 12,S67 58.689 14- PENNY LANE DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Support costs Support G•v•rnanc• Costs costs 2023 2022 B￿1% of allo¢•tlon Acc¥)untsncy fee$ 1,506 1.506 1.463 Govemance 1.506 1.463 Amalyse¢J befv￿n Charitable activilies 1,506 1,506 1,463 Governance costs indudas £1,506 PaKI to Ihe independent examiner for the pmpar8b"¢)n and examination of ac£ounts. Trust••s Th8re w8r8 no transactions wlth Trustaas during thè ygar12022: Nil) 10 Employees Thè average monthty number of employees during the year was: 2023 Nurnber 2022 Number Employm•nt CO8ts 2023 2022 Wages and 3alaries Oth•r pansion (x>sts 22,817 1.099 18,818 908 23.916 19.726 There were no employees whose annu81 remuneration was more than £60.000. 15- PENNY LANE DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 11 Tanglbl• fixld a8S•ts FlxtUrn8, fftting¥ & •qulpment Totsl land and trwlhllng8 Cost At 1 April 2022 868,003 5.404 873,407 At 31 M8r¢h 2023 868,003 5.404 873,407 Depreclatltsn and impalmient At 1 April 2022 Depreaation tharged in the year 105,282 8,767 5,403 110,6&5 8,767 At 31 March 2023 114.049 5,403 119,452 Carryln9 amount At 31 March 2023 753,954 753,955 At 31 March 2022 762,721 762,722 12 Stocks 2023 2022 Flni$h8d goods and gocKls for resale 285 423 13 Crodltows: amounts falllng du• wlthln ono y 2023 2022 Olher t¥edilors Accruals and d&ferred incomè 345 1,463 1.949 1,808 16. PENNY LANE DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 14 R•strfct•d funds The income fvnd3 of the charity include restricted funds comprising the following unexpended balan￿$ of donations and grants held on trust lor specific Purposes.. Movement in fund* In¢omlng R•sour¢gs rnSOWCO6 oynd8d Tr•n¥fqr* Balanc• at 31 March 2023 1 Aprll 2022 DWF. Yoga Paul cur1s-A￿OrK LCC- Beatlès w8èkenil LCC- Activities LCC- C¢)mrnunity Foundation Red Door project Arnold Clark-yoga Website Medicash Awards forAII LCC . Summer Fun Day 2,013 500 2.013 15001 11641 164 500 500 135 1,390 11351 I1.3￿) 11.0001 15001 18791 13.1731 14001 1.000 500 3.044 218 6,924 150 2.383 3,411 {3401 250 8.981 7.807 18,1411 13401 8,307 Monies received from Amold Clark. DWF and Medlcosh are for Yoga and Wellness therapies The Nationol Lottèry Awards for 811 Communlty Fund 1$ for the Women's Wellness prolect.. Ihls prolack is to help women expèrièncing issuès pèrtaining to the m8nopaus8. The prr48Ct will run for one day 8 wèèk for enty slx weeks fri)m December 2022 and 13 5ti11 on-going. Liverpool City Council piovidgd £SCQ for loGal events taking p*9 durfng thg year and £250 for thg Surnrngr fun day. 17- 111- 111- PENNY LANE DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (coKfiNUED) FOR THE YEAR ENDED 31 MARCH 2023 16 R•lat•d party transaetlons Durfng the year £1.04012U22'. £5001 was pald to the husband of Julle Goman, a DSrector for WO￿ on the Red Door projecL 19- Ch•rty registration number 1099no Company reglstratlon numb•r 04586173 (England and Wal9$1 PENNY LANE DEVELOPMENT TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 PENNY LANE DEVELOPMENT TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustse$ Kewn Roach (Chal￿r$on} Paula Gainer Anne Aitkin Jonalhan Morrls Charity numbgr 1099720 Company Dumbor 04586173 Rrylstgrod offic• 70 Penny Lane Liverpo Merneyside L181BW Indop•nd•nt •xamln•r S8AAccounting Limit GLodstone House 2 Church Road Liverp¢)ol L15 9EG Bank•rs HSBC plc 23 ￿l￿rtOn Road Mossley Hlll Liverpool L18 2DA Solicitors E Rex Ma￿n WhitechaFd Liverpxjol L1 1H(J PENNY LANE DEVELOPMENT TRUST CONTENTS Pa Trustees, report IndÉpendent examinerf8 report Statement of financial act￿lIeS Balanco sheet Notes to the financial st81ements 9-19 PENNY LANE DEVELOPMENT TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2023 The Tmstees present thgir report and accounts for the year lo 31 March 2023. The accounts havè boen prepared in a¢(x)rdan¢e wilh the accounting po15cles set out In note 1 to the accounts and comply with the Trust's hrternorandum and Articth ofAssociation, the Compani&s Act 2006 and 'Accounting and Rèwrtino by charit￿= Statement of Recommended Practice app(iL>ble to ¢harille3 preparfng their 8cwunts in accordanc8 With the Finanaal Reporting Standard appllcable in the UK and Republic of Ireland IFRS 1021. la$ amende(I for a￿L)Unting periods commenang from 1 Januory 20161 ObJ•ctiv•s and activitie• The Penny Lane Development Trust took over the official management of the local authority Hsset - 70 Penny Lane in Maich 2(K19. The vision of PLDT F8 lo becorne a vibrant focal wnt for eomnwnity aetivity. invol￿M￿nt and 8en8e of belongirvJ which embraces and acknowkdges thg local hi81ori¢al and glob81 herflagè of Penny Lane. The rTN8sion is to pyovide a vehlde for opwrtunfc￿ for those r8sKJents in South Liverpcol, parbcularly thos8 Iwing in the Penny Lane Community lo enh8ncg health, education, appreciation of the environment through activities and restoring pride in the community and themselves by responding to Ihe growing affectson of the global audign¢e. The twglees ar¥J volunteers continue to deffiver a number of 8vents and 8¢tivitiè8 for the communty. 11 1$ our airn to build on Ihis success and deliver gven more in the a)ming yew. The Objethes of th8 ch8rfty are.. The advancement of educatlon among youro peop￿ resident in South Livtrrpwl. In particular, but ￿t￿ut PT8judice to Ihe generaHty of the foregolna. to provide or assisi in the provision of k)cal history for the said young people bl The consorvaJcx) of the environment wthin the a￿a of bengfit The provision of recreational fBdliNes In Ihe Interest ol se¢ial welfare The main aclivibes for the wr were.. To work ￿th new partners and Incrtrase our capacrty builjing to support the progrèss of the Trust.. To contlnue to provid9 health and wellbeing activities forthe Ioc81 ￿mmunty To undertake Community events lopen days To Identtfy funding to support stall and on (x)sts. To maintsin the Communlty Centre lo a high standard To manage a bajance between community and louri8rn .To keep the commLtnty Inform8(J about what is happening at the Centre by using the medium ofr Newsletters. and sooal madia 8nd events. To raise the profile of the Trust By dlstributing a Penny Lane newsjetter to Iocol r¢sKlgnts. To encourBge p8rtnership rneelings lo share resourcas and id&85. To provide a safe environment for the community tt) get invofved and engage in a wide range of actiYitse3 To utilise outdoor space morg gffectryely arKI increase participation To host open days Penny Lone Development Trust nurture community lrfe whith enablas the trust lo èngage WTth local rtrsidtnts. Penny Lane Devebpment Trust has defivtsrtrd B wKle r8nge of communty based activities this y&ar in a￿OrdanCe with its obl9c¢lves. PENNY LANE DEVELOPMENT TRUST TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2023 Other 8Ctivilies undertaken by PLDT indude.. Variety of Yoga classes Health & Wellbeing activities Environmenlal activities Intamational 8eall8s W&akotxl Craft dassès for the community Doll days in the garden Opportunities for more food growing initiatives Women's wellness course supporting those with menopause Trips out Recyding Family fun days Community Evpnts PLDT would like to thank all funders. donators and individuals who have shown their commiirnenl lo supporting the trust throughout the past 12 months and the following grant maKlng bodies have pnabkd the Trust lo d•livor healih & w¢llb¢ing 8¢tivitig8.' Llw•rpool Cfflty Council- Summerfun famlly actlwitles DWFfoundation- Yoga class•s Medi¢ash- Health & Welln&88 acupuftcture The Trustees have pald due regard to guldance Issued by the ch￿lty Commlsslon In deddlng what acllvlles the Trust should undèrtakg. Alm$ of tho ¢harlty To provide 8 vghide for opportunrties for those re6idents in South Liverpool, particularty those living in the Pgnny L8ne Cclmmunity to 8nh3nce health, education, appreciat¢on of the environment through activities and re8ltsring pride in Ihe COmTnunity and themselves by responding to Ihe growing affection of the global audience. The year ended more succes5fulty than antirypatod. C￿￿￿ence Is ¢omlng b8cJ¢ from all a￿8$ of the project. We look forward to th¢ year WTtrI hope in L)ur heart. Achlevements and performance Th8 Trust has maintained one full time and ong part time member of staff. In addition the Trust has supported a number of voluntaertng opportunltlès to asslst Indlvlduals In their work role capaclty as wdl as supporting those with Mental and Physical health restrlctions. Tourism has incmasod by 47% Ihis yoar. This is a good indicAtor Ihat visitors ¢¢￿1denCe is growlng, and our economy will bènefit from thi8. Community cl05ses 8¢tivities have been more varied due to working in partnership with Granby Toxt8th Devgloprnenl TTUSt IGTDTI We continue tts infom our communÉty about what lakes place at the centre via soc¥al media platfms. Wè work wth locBI Councillors who PTomole the centre lo their constituents. The fadlity is a￿ayS in high demand du$ to it baing fulty disablad 8etsssibla and supports 8 car park. We havo managed lo keep the cost of thè room hirg down by monitorirvJ similar venues in the locality. in addition to this wè re always flexible in the opening limes. The Centre is open for S days per w&•k and 2 w••kèrxls each month. PENNY LANE DEVELOPMENT TRUST TRUSTEES. REPORT (CONTINUED){INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2023 Flnanelal r•vlèw Durlng the year the Trust received total funding of £50.608 and expended £72,360 resulting in a defic4t for the ygar of £21,752. Of the expenditure, £8,141 was spent out of restrici¢d incomg and £8.787 related lo depreelalion on the Penny Lane building. At the year end the Trust had unrestrictèd re$8Nes of £15,163. The restrfcted reserves amount to £8.307 whlch r8lates malnly to Awards forAII and MediGash funding. It is the policy of the Trust that unrti8tri￿ed reserves which have not been designated to a specific use should be maintained al 8 level equivalent lo between three and six months expenditure. The Tnjstees Consider that resorves 81 this level wll ensure that, in (he event of a significant drop in funding, thay wll ￿ ablè to conlinuè th• Tw8V8 current adivits'83 while consideration is given to wBys in which additional funds may bè rAised.The current 18vel of unrestrided reserves is equivalent to approxlmately four months e¥pendilure. The Tnjst 1$ al continualby trying to source funding to run community projects. Tho Penny Lane Devebpment Trusl would like to thank all fund8rs who havè supported the PLDT in developlng Its oblectlves and by being able to providè a valu8bl8 sarvicè to th6 eommunity of Penny Lane. The Trusl8es have a8se8sed the major risks to whlch the charlty Is Èxposed and ar• $81isfied that tr8 systems arg in place to rn￿gate exposure to Ihosè major risks. Thè only sèrious risk ¢urrenUy 8pplicab18 is rectript ol in8uffi¢ientfunding lo enable programme delivery and dévèlopmgllt. All operational and fir8 risk assassm•nts are updaled. Plan$ for the future To work cknsely wlh Liverp￿1 Cily Councll lo ensure that we are supported throughout the comlng yèar. To contlnua to buikl on our partnership strengths To continue to work with the community To continue to work with like minded organisations To work with thè B8*185 Legacy Group lo improve the vlsltor @xperlence of Penny Lane To wnlinue lo ralse the profile of the PLDT To maintain the building to 8 high standard To work wilh Granby Toxtèth Developrnent Trust and share resources. The Chanty ￿11 continu• to raise lund¥ through innovative events for th8 b￿errt of th8 Charity and tho Charitabla aims The Char6ty funds one fvll time and one part time membèr of 5t8ff. Our polities are rewewed annualty in aecordancg wrth Charity Law. PLDT will work along$l¢Jg our partner agencies to identify and address the needs ofthe Communlty and work positively towards being a key player in our Community We look lO￿ard to the next ex¢illng year and anticipate lots of exciting challenges along tha way. PENNY LANE DEVELOPMENT TRUST TRUSTEES. REPORT {CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2023 Structure. governanc• and management The Tru$l is o company limited by guarantee incorporated on 22 Novernbgr 2002, The company was astablished undèr a mem￿andUM ofA580ciatton whlch established the objects and powers of the charitabl8 CoMp￿Y afMI is govemed undgr Its Articles ofAssociatlon. The Trust9&8. who are also the diiedors for the purp03e of company law. vtho ¥erved during the yearwere: Kevin Roach (Chairperson) Paula Gainer Anne ￿tkin Jonathan Morris The Boaril ha5 a cTroptsd member, Cllr Laura Robertson Collins. who r8pr8s8nts Liverpool City Councll. Cllr Roberslon Collins resigned fom) the Trust in May 2023 due to other commitments. Clr Rlchard Kemp was opted to the Board in Junè 2023, None of the Trustses has any beneficial inte￿1 in ltte company. AJI ol the Trustees are members of th8 company and gU8ranlee to contributa £5 in the event of a windin9 UP. Thg directors of company are also eharfty Trusteès and for the purpr)se of tharity law and under the Cornpany's Artid8s ara known as members of Iho management committee. Under th8 requirernents of the Memorandum and Artieles of Association ono third of the members ol th• managÈm8nt cxjmmittee must reure at each AGM. Memb9rs of the Managemènt committee may be le4￿Cted to 1111 any vacan¢ies arising. Tha Penny Lane Devek)pment Trust h88 a management eommitttè trf up lo 4 memb8rs, 1 advisor and 1 sènior charity oificer. The resolution $$1 out by the exacutlvo mèmbor boaTd wilh ref6rancÈ to tha legal transfer 8tsts$ that 8 member ol the LCC should be co-optèd on to the management Committ￿ to represent LCC. The management comm￿"ee is constituted to meet 8 ￿Me3 per year and is ￿spOnSible for the strategic direciion and policy of the charity- The committee has a wide range of skdls relevant lo thè PLtrpose of the charity. The s&niix tharity offlcer also sits on the ￿mmIttee but had no voting rights. Existing Trustaès are alreaty familiar wtth Ihe pracb'cal work ol thg charity having atteThJed short trustee induclion days. New policies are now in p18¢e to ensure that prospactiva Trustees are eligib￿ to become a Trustee as sel out by the Charity Commission guidelines. All pr08P9¢tive Trus18es wlll be required to undertska an enhanced DBS check and subjeet tts $8bsf8Ctory result ￿11 be Fnade fvlly aware of wh&t levgl ol ¢omfflitment is requir8d by thg Trust and what18v&I of commitsnent th8y arè able to offer to the Trust. New Trustegs will be inwled to attenoj a number of short training days. Thls will enable them lo familiaris8 Ihem581ves with the Charity and the context in which it opar8t95. These sessic*ns will be led by the Senlor Ch811ty Ofticer and the management commlttee will be in att8rKlance. This training sessions w511 eonslst ofr. - The obligations ol the managèmènt cornmittee memb9rs - The maln documents which set out the operational framework for the charity includSng the Mtrmcqandum and Artides of Association. - The financial wsition as sel o¢Jt In Iho Lqlesl accounts - The ft6ture plans And trbjeclives Code of confidentiality - Eligibility to become a Trustee PENNY LANE DEVELOPMENT TRUST TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2023 Ass•t co￿r for fund$ Note 16 sets out an analysls of the assets attributable to the various funds and a descrfpuon of th8 funds. These assets are suffiuent to mèèt th9 Tru31's ob*gations in a fund by fund basis. The Trusts&s' report was approved by the Board of Trust80s. APqaLivr Paula Gainer Dated.. 12 December 2023 PENNY LANE DEVELOPMENT TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PENNY LANE DEVELOPMENTTRUST I report lo the Tmstses on my examination of the fin8nc4al statements of Per)ny Lane Development Trust (the TNSt) for the year endad 31 March 2023. Responslbllltlo8 and ba818 of report As the Trustees of the Trust (and a150 its directors for the purposgs of company 18wI you are ￿spOnsible for Ihe preparation ol Ihts fin8ncial statements in accordance wtth the requirements of the Companies Act 2006 (the 2006 Act). Having satisfied myself that the flnanclal ststoments of Ihe Trust are not requIr￿1 to audlt6d under Part 16 of the 2006 Act and a￿ eligible for independent examination, I mport in rèspèd of my examination ol the Trust's financial statemonts carrièd out under section 145 of the Charfties Act 2011 Ilhe 2011 Act). In carying out my &xaminat￿n I have folbwed all the applI¢￿￿e Directions given by the Charity Commisslon under sectlon 1451Sllb} ol the 2011 Act. Ind8p•nd•nt •xaminer'• statemont I have comptetsd my examinab"on. I confirm that no m8tt8rs have come to my attention in ￿nneCtIOn with the examination gi￿ng m8 ￿V$e to believe that in any matérial r8specl'. actounling rec￿￿S wèr8 kept in respect of the Trust a$ required by section 386 of the 20C6 Act; or the financial stalemants do not a￿T(l with ¢hose records,. or tho financial staternents do not comply ￿th the accounting requirements of $8thon 396 of Ihe 2006 Act other than any mquirèmènt that the accounts giv• a tru9 and fair vigw vthich is not a malter consNJered as part of an indepond8nt ex8minaUon,' or thè finBnclal stslements have not been prepared in accordance with th8 methods and principlès ol thè Statement of Recomrnernled Practke for accounting and reporting by d)arilies applicable lo charilYd8 preparing their accounts in accordance wllh the Flnanclal Reporting Standard applical￿e in Ihe UK and Republic of Iwland IFRS 102). I have no concem3 and have comè across no other matters in connection with the examination to whlch attentK)n ShLw￿ bg drawn in this report in order to enable a proper understanding of the flnancid slatemènls lo be reached. Susan Buckley S8AAccounting Limlted Gladstone House 2 Church Road LNerpool L159EG Dated: 12 December 2023 PENNY LANE DEVELOPMENT TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023 Unr•strlct•d Flx•d ass•t R•strlct•d fund8 funds nd8 Total 2023 Total 2022 Notes Ineomè from: DonatiorTrs and1ggacY&s Charitable activities Other tradlng ￿VIti88 21,2C 20,342 1,253 7,807 29,013 20.342 1.253 36,812 20.806 348 T*)tal Income 42,801 7,807 50,608 57,766 ndlture on: Rasing funds 6,673 6.673 2.860 Charitabb activities 48.779 8,767 8,141 65,687 58,689 Totsl r•sourc•s •xp•ndod 55,452 8,767 8.141 72.360 61.549 N•t outgolng rg¥ource6 before tr•n$fers 112,6511 8.7671 {3341 121,7521 (3.7831 Gross tran$fers between funds 340 13401 Net 8xp8ndlturo lor th• yearf Net movement In fund$ (12,3111 18.7671 16741 {21.7521 {3.7831 Fund balances at 1 April 2022 27,474 762,722 8,981 799,177 802,960 Fund balan¢es at 31 March 2023 15,163 753,955 8,307 777.425 799,177 The slalefflent of financial actiwti8s incltNJgs all gains and1088es recognised in th8 year. All income and 0X￿ndIlurts dèrive from continuing activitigs. The stalement of fin8nual activities a180 complies with the requirements for an incomè and expandilure aco)unt under tha Companies Act 2006. PENNY LANE DEVELOPMENT TRUST BALANCE SHEET ASAT31 MARCH 2023 2023 Fixed ags•ts Tan9ibl8 assets CuTr•nt a$$•ts Skncks Cash al bank ond in han 11 753,955 762,722 12 285 25.134 423 37.840 25.419 38,263 Creditors: amounts falllng du• wlthln on• y•ar 13 {1,949) 11.8081 Net Current assets 23.470 36.455 Total assèts l•ss current liabiliti•g 777,425 799,177 Income fund$ R¢strl¢tetl funds Fixed asset fund Unrestncted fvnds 14 8,307 753,955 1S,163 8.981 762,722 27,474 777.425 799,177 The company is antitt8d lo the exemption from the audit r9quSrgment contained in section 477 of the Companiss Act 2006. for Ihe year ended 31 March 2023. The directors acknowkdga th8ir rèsponsibilities for complying with the requir•m•nts of th& Compan18s Act 2006 th respect to accounting records and the preparation of financial $18lemenls. Thts members have not requlred the company to obtain an audit of its financial statements for the year in question in accordance wlh section 476. Th9S9 financlal 8tatsments have been prepared In 8ccoriJance wth th8 provisoons applicable to companies sublert to the $rnall companies r8gima. Tho w)unts WgTe approved by th9 Trustees on 12 D8r8mb8r 2023 A P qcxLruf Kevin Roath {ChaSrwrson TNsteg Paula Gainét Company R•g5stratlon No. 04586173 PENNY LANE DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accounting pouchs Charfty Informatlon Penny Lgne Development TN8t is 8 (*18rilable company limited by guaranlee inryJrporat8d on 11 Nov8mtr*r 2002. Ch8rrtable stalu8 was gained on 29 September 2003. 1.1 Accountlng eonv•ntion The acccAJnts have b8&n piepared in ￿￿ordanc0 Wlth lh¢ Trust's memoranduwn and articles of8ssociat￿n the Companies Act 2006 and -A¢¢ountlng and Reporung by Charilie$'. Statement of Recommendeil Pr8th¢0 8pplIcab￿ to chart¢￿8 preparing their accounts in acxordance with the Financial Reporbng Standard applicabl8 in th8 UK and Rèpublic of Ir•l8nd IFRS 102118$ 8m8nded for aixounting periods comm8nan9 from 1 Jonu8ry 20161. Tr Trust is a Publ1¢ Benefll Enlmy 8$ deffined by FRS 102. The Trust has t8k8n advantagè of the prowsions in the SORP for tharthe3 app￿.rO FRS 102 UpdBte Bulktin 1 not to prgparo a Slatemont of Cash Flows. The financial statements ère prepa￿d In steding. which is the hJn¢bonal ¢urren¢y of th$ Trust K4onetsry amounts in finaniial ststomenls are roundtsd lo the nearest £. The financial statements have been prepared under th8 historical cost convention. Imodtfi¢d to include the revalL'alion of freehold properties and to include investrnenl propertie3 and certain financial instruments at fair Voluel. The pthnclpal accounting polOcie5 adopled are sel out below. 1.2 Golng concem Ai tha lime of approving the financial statements, th8 Trust8es hav8 a r8asonabl• 8XP8Ctation that the Trust has ad8quate resources to continue in operational existence lor Ihe fO￿see3b1e fU￿re. Thus the Trustees ntinue to adopt the going concem basis of accountlng in prgparing the finanoal Statsmgnts. 1.3 Charltable funds Unresldcled fvnds are availabk for use at Ihe dis¢retk)n of the Trustees In furtheran¢e of thelr tharitable objectiv8s unless the funds h8ve been designated for tslher PUT￿eS. Restricted funds are subject to spectfi¢ ￿ditiOnS by donors as to they may be used. The purposes #fid uses of the restricted fvnds are set out in the notes to the accounts. 1.4 IncomSng Msourc•s Ino)me is ieco9nlsed wlw Ihg Trust 1$ ￿gallY 8ntitled to it after any perfomiance Condi￿n8 have been met. the amounts can be mg?sured reliabty, and f¢ is probabl8 that income wlll be received. Cash dona￿On$ are reco9ni58d on receipt. ¢)ther donations are re￿gnised on¢e the Twst ha$ begn notified of the donation, un18ss perfom)ance condititin$ requiro dgfgrral of Ihg amount. Income tsx roCOV8rable In relallon to donations received under Grfl￿d or dood$ of Covenant is recogni5ed 4t the time of tho dona*on. Legac4es are recognlsad on reeeipl or olherwise if Ihe TNst has been notified of an impending distribution. the amount is known. and receipi is expected. *f thp amount is rK*t known, the Ipgary is treated as ccffjtingant assgL PENNY LANE DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED> FOR THE YEAR ENDED 31 MARCH 2023 Aec¢untlng polIc￿9 IContlnu•dl 1.5 Resources 8x￿nded Expendtture is recognised once there Is a leg81 or constswctlve obligation lo transfer eCOr￿1C benefit to third party, tt is probable that a transfèr of economic benefits wlll b9 requlred in setuemenl, and the amount ol the obligation can be measured raliably. Expendriure is dassified by ath'vity. The costs of each activity ar8 mado up of tre total of direct Costs and shared costs, includin9 SUPPOrt C051s involved in undertaking aach adivrty. Direct costs attn'butable lo a single acbvity are alloc8tgd directly to that activity. Sharéd costs which contribute to more than one actfvlty and support costs which are not attributable to a single 8Ctivity are apportionèd btrtwe8n those activitigs on a basis c￿)$1$18￿t with the use of re8ourGe8. Gentral staff costs are allocated on th8 basis of lime spenL and epreciation charges ar• allocaleil on the portion of the a5$9t's use. R9s0urce6 expended ar& r&cognlsed in ihe perKJd in which they are Incur￿d. Resources expended include allribulable VAT which cannot be recovered and arg allocated to the partiojlar activity where the cc>st rg18tfrs dirertty to that a¢tMty. 1.6 Tangibl• fix•d ass9ts Tangible fixed assets are initially rneasu￿d at oost 8niJ svbsequ8nlly measured at cost or valuation. nel of depreciation and any impaimient losses. All tangible frx&d a$sets are ¢apilalised. Tanglble fixed asseis are ststed at cost le8s depreciation. Depreciation 1$ provided at rates calcJJlated to write off the cost less eslimaled residual value of each 8s$01 ¢v8r ilg expectsd useful lrfe. as follows.. Leasehold land and buildings The asset was brought into use on 8th March 2010 and will be dgpr¢daled over th8 lem) of the lease199 years) % on cosl F￿re$. fittings & equipment Thè g81n or loss arising on the disposal of an asset is d8t•minéd as the difference between tho sal& proceeds and tha ￿rry[￿j value of the asset, and ig ffj¢x)ynl8ed In the ststement of financial aCt￿ltieS. 1.T knpalrnRnt of flx•d assets At each reporting end date, thè Trust reviews the carying amounts tsf its tangible assets to determine whether th8r9 18 any indication that Ih058 assets have suffered an impbirment loss. 11 any such indication exists, the re¢ovtrrable amount of the asset is estimated in ordar to d$termin# the extent of Iho impairrnent loss lif any). 1.8 Stocks Stocks are stated at th8 lower of cost and estlmaled selling price less costs to Com￿￿te and sell. Cost comprises direct mat8ri81s and, where applScablè. dI￿¢t labour ￿SIS arKI those ov&rheads that havè bÉ8n incurred in brlnging the stocks to thelr present location and condition. Items held lor distribution at no or nomin81 Consideration ar8 measured the lower of replacement cost and cost. Net realisable value is the estimated selling pri¢e less all estimated costs of compjgtion and Costs to be incurr8d in mark&ting. selling and distribution. 1.9 Cash and cash equlval¢nts Cash and cash equivalents include cash in hand, deptssits held at call with banks, other short-temi liquid irwestmgnts with orlginal matuiili85 of three months or less, and bank ovordrdfts. Bank overdrafts are shown Wtthln borrowings in current118bilities. 10- PENNY LANE DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Ac¢¢untlng pollcles Contlnuedl 8aslc flnanclal assets Basic financial assots, whlth Indudg deblorn and cash and bank balances, wè inStially meagured al IransactKJn price including transaction costs and ar? $ubsequently carried al amortis8d c4)st using tho effeciive interest rnethod unlo88 the arrangement constilutS$ 8 financing transaction, wh9r8 th8 transactK)n 18 mtrasur¢d at tho present value of Ihg lutsjto r8c8ipts discounted 818 rn8rket rate ol interest. Fln8fbcial assets classffied as receivabl& within one year are not amortised. Ba$le nnanclal Ilabllltles Basic financial liabilities. includlng credltors and bank loans ar• initially recognised at trans￿l0n price unL*$8 th& arrangement constitutes a finanong transaction, where the debt instrument is m8asured at the present v8lue of the future payments discounted at a markgl rate of interest. Finandal Ilabllities classifièd as payable wlhin on& yoar arg rKSt amortised. Debt Instruments are subsoquonlly carried al amortised cosL using the effective interest rate ￿Ethod. Trade ￿dItorS Ère oblKJations lo pay for good3 or 8èMces thal hav8 been 8Lwulred in the ordinary cours8 01 OPgr8tK)n$ from supplier5. Amounts payable are classthad as current liabiliti8s if payment is due wthin one y8ar or lèss. If not, they are presented as non-current liabilities. Trade Creditors are recognised inibalty al transaction pric& and subsequendy measured at 8rrK)rt1sgd c05t using ihe effective Int8r8St method. Dorncognftlon of Ilnanclal Ilabllltl•s FinanLaal liabilits.es a￿ rlerecogni8ed when the Trust'8 rxjntractual obligations expify or are discharged or &incelled. 1.10 Employee benefits The cost of any unused holiday enti￿rnent is recognised in the pe￿ort in which the efftployeo's $grvThs are received. Tomiinatlon benefits are reo)gnis8d immediately 8$ an axpanse when the Trusl is demonstrably wmmitted to lerminate the ¢mploymgnl of an ernployee or lo provlde temination beneffts. 1.11 Retlrement benefits Paymnts to defined (x)ntribution retirement benefrt Schory￿S are charged as an expgnso as th8y fall due. Crhleal aeeountlng •stimat•$ and judgem•nt* In the appllcation of the Trust's accounting policies. the Trustees are requifed to make judgements, estlmales and assumptions about the c8rrying amounÈ ol assets and Irabiliti8s that are not readily apparènt from other sources. The estimates and assoGi8tgd assumptions are based on historical èxperierKe 8nd other factors Ihat arè considered to be relevant. Actual results may differ from the8e estimates. The eslirllatos and underfying assumptions are rgVIgW8d on an ongoing basis. Revlslons to accounting estirnales are recognised in the period in which the e5tirn3te 1$ rèvised where rèvislon 8ff¥cts only that period, or in th8 p6riod of the revision and future periods where the ievlsion affects tolh curront 8nd fvture perfods. PENNY LANE DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Donatlons and legacies Unr•stri¢ted Restrict•d fund funds Total Tolal 2023 2023 2023 2022 Donalions and gifts Govemment Covid and JRS grant3 S81gs ofdonated 17,966 T.￿7 25.773 28.644 3.240 3.240 1,614 21.206 7,807 29,013 36,812 For tho y•ar •ndÈd 31 March 2022 23,678 13.134 36,812 Charltabk acllvltl•8 2023 2022 Rwm hire Office rant 7,027 13.315 8,746 11,860 Oth•r trading Actlvltl08 Unrestrktsd Unrestricted funds fijnds 2023 2022 Sales of souvenirs 1.253 348 12- PENNY LANE DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Ralslng fund$ Unr•strlcted Unrestricted funds funds 21123 2022 Tradin costs Purchase of goods for rosale 6,673 2.860 6,673 2,860 13- PENNY LANE DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Charltable a¢tlvltl•s 2023 2022 Staff (x>sts Dgpr8Ciation and impaim*nl Community prolecis Yoga Instructor Artssl, musician and other professional fees Insurance Repairs & maintenance Prinb"ng. postage and stationery Subscriptions W8sle disposal Sundry Rates & ulililies Trav81 axpeftses Telephone Refreshments Bank charges 23,916 8.767 8.140 960 1,674 2,314 1.286 412 1,620 1.051 493 10,635 88 2.412 107 106 19,726 8,767 12,767 1,795 2.082 322 2,250 1,130 30 6.003 48 2,187 139 64.181 57,226 sha￿ of govemance costs {s89 note 81 1,506 1.463 65,687 58.689 AnalyBiS by fund unrest￿Cted funds Fixed asset fund Restricted ￿ndS 48.779 8,767 8,141 65.687 For th• yoar end￿ 31 March 2022 Unrestrfcled fund5 Fixgd as891 fund Rèstrictéd fund8 37,355 8,767 12,S67 58.689 14- PENNY LANE DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Support costs Support G•v•rnanc• Costs costs 2023 2022 B￿1% of allo¢•tlon Acc¥)untsncy fee$ 1,506 1.506 1.463 Govemance 1.506 1.463 Amalyse¢J befv￿n Charitable activilies 1,506 1,506 1,463 Governance costs indudas £1,506 PaKI to Ihe independent examiner for the pmpar8b"¢)n and examination of ac£ounts. Trust••s Th8re w8r8 no transactions wlth Trustaas during thè ygar12022: Nil) 10 Employees Thè average monthty number of employees during the year was: 2023 Nurnber 2022 Number Employm•nt CO8ts 2023 2022 Wages and 3alaries Oth•r pansion (x>sts 22,817 1.099 18,818 908 23.916 19.726 There were no employees whose annu81 remuneration was more than £60.000. 15- PENNY LANE DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 11 Tanglbl• fixld a8S•ts FlxtUrn8, fftting¥ & •qulpment Totsl land and trwlhllng8 Cost At 1 April 2022 868,003 5.404 873,407 At 31 M8r¢h 2023 868,003 5.404 873,407 Depreclatltsn and impalmient At 1 April 2022 Depreaation tharged in the year 105,282 8,767 5,403 110,6&5 8,767 At 31 March 2023 114.049 5,403 119,452 Carryln9 amount At 31 March 2023 753,954 753,955 At 31 March 2022 762,721 762,722 12 Stocks 2023 2022 Flni$h8d goods and gocKls for resale 285 423 13 Crodltows: amounts falllng du• wlthln ono y 2023 2022 Olher t¥edilors Accruals and d&ferred incomè 345 1,463 1.949 1,808 16. PENNY LANE DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 14 R•strfct•d funds The income fvnd3 of the charity include restricted funds comprising the following unexpended balan￿$ of donations and grants held on trust lor specific Purposes.. Movement in fund* In¢omlng R•sour¢gs rnSOWCO6 oynd8d Tr•n¥fqr* Balanc• at 31 March 2023 1 Aprll 2022 DWF. Yoga Paul cur1s-A￿OrK LCC- Beatlès w8èkenil LCC- Activities LCC- C¢)mrnunity Foundation Red Door project Arnold Clark-yoga Website Medicash Awards forAII LCC . Summer Fun Day 2,013 500 2.013 15001 11641 164 500 500 135 1,390 11351 I1.3￿) 11.0001 15001 18791 13.1731 14001 1.000 500 3.044 218 6,924 150 2.383 3,411 {3401 250 8.981 7.807 18,1411 13401 8,307 Monies received from Amold Clark. DWF and Medlcosh are for Yoga and Wellness therapies The Nationol Lottèry Awards for 811 Communlty Fund 1$ for the Women's Wellness prolect.. Ihls prolack is to help women expèrièncing issuès pèrtaining to the m8nopaus8. The prr48Ct will run for one day 8 wèèk for enty slx weeks fri)m December 2022 and 13 5ti11 on-going. Liverpool City Council piovidgd £SCQ for loGal events taking p*9 durfng thg year and £250 for thg Surnrngr fun day. 17- 111- 111- PENNY LANE DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (coKfiNUED) FOR THE YEAR ENDED 31 MARCH 2023 16 R•lat•d party transaetlons Durfng the year £1.04012U22'. £5001 was pald to the husband of Julle Goman, a DSrector for WO￿ on the Red Door projecL 19-