**Penny Lane Development Trust – Annual Report 2024** 1 ## **Trustees Statement:** The Trustees present their report and accounts for the year to 31 March 2024. 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, Encourage New Trustees to join the board to take the project to a higher level. ## **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. 2 To identify funding to support staff and on costs. 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. 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**_ ## _**Liverpool City Council – Contributions to: New Outdoor signage**_ 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 successfully. 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 continued to flourish on Penny Lane and our visitor numbers are showing that we remain a popular attraction to visit when coming to our great City. 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. 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: 4 ## **Financial review:** During the year the Trust received total funding of £51,750 and expended £72,472 resulting in a deficit for the year of £20,722. Of the expenditure, £3,015 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 £8,079. The restricted reserves amount to £3,435 as detailed in note 15. 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 six-months 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 approximately one to two 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 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. 5 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 resigned 29/7/24) Paula Gainer (Treasurer) Anne Aitkin (Trustee) Jonathan Morris (Trustee) Julie Gornell (Board Member) Kurt Truman (Chairperson Appointed 20/11/24) Claire Armitage -Truman (Trustee Appointed 20/11/24) The Board has a co-opted member, Cllr Richard Kemp (June 2023) Cllr Kemp will attend meetings in an advisory role. Cllr Kemp is also our elected Lord Mayor for our City 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. 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 6 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 23/12/24 7 On behalf of the Chairperson Mr. Kurt Truman: Chairperson 8 ## **Senior Charity Officer report:** In these trying times the Trust has still managed to stay operational. We have faced many challenges this reporting year, but the focus on staying positive has proved its worth. We have a wonderful group of volunteers who have maintained our garden and ensured that it looks healthy and inviting. Working in the garden encourages socialisation and conversation. This is very positive for Mental Health & wellbeing. The centre continues to open for 5 days per week and 2 weekends per month. The nutrition club and a therapeutic massage clinic are still in situ 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 Chair Yoga, 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. The Trust is represented at various Community meetings and are eager to be linked to the neighbourhood plan in the coming year. 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. 9 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. 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 The 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. Like most organisations we have suffered through the energy crisis. Our energy bills quadrupled, and we were faced with some serious discussions around sustainability. However, we gained the support from another organisation who guided the Trust in resolving the issue and we were able to put in place a new affordable contract that will not threaten our sustainability for the near future. 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. 10 Penny Lane Development Trust Report of the Management Committee for the year ended 31st March 2024 The management committee presents its report and financial statements for the year ended 31 March 2024 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 Kurt Truman- Chairperson (appointed 20 November 2024) Ms P. Gainer Treasurer (appointed 31 October 2004) Mrs. A. Aitken Trustee (appointed 7 June 2006) John Morris Trustee (appointed 8th April 2019) Claire Armitage -Truman (appointed 20 November 2024) (appointed 26th February 2006) Mrs. Julie Gornell Senior Charity Officer Secretary. Cllr Richard Kemp Liverpool City Council Representative. Accountants: SBA Accounting Limited Gladstone House 2 Church Road Liverpool L15 9EG Bankers: 11 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:** 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 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. 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 12 - 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. ## **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) 13 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 PLDT To continue to provide health & Wellbeing activities for the local community. To undertake Community Events/ open days To identify funding to support staff and on cost. To maintain the Community Centre to a high standard To manage a balance between community and tourism To attract new Trustees to the board. To keep the community informed about what is happening at the Centre. ## Newsletters Face Book Instagram - Website To raise the profile of the PLDT Penny Lane Map Attend partnership meetings. i 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 14 Business conferences International Beatles Weekend Coffee afternoons Do it days in the garden. Polling station Recycling Garden Project 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 March 2010 we have seen over 120000 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. 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 2024. ## **Principle Sources of funding:** The principal funding sources for the charity have always been by earned income. 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. 15 Our Beatles connections have also made donations to the Trust to enable the centre to survive. 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 ASDA Foundation. ## R **esponsibilities 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. 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:** Kurt Truman Paula Gainer Anne Aitkin John Morris Claire Armitage -Truman Cllr R. Kemp was co-opted to the board in June 23. Kevin Roach resigned on 20 July 2024 after serving 7 years as a Trustee. 16 ## **Senior Member:** Julie Gornell ## **Recruitment of New Trustees:** Kurt and Claire have been actively involved in volunteering at the Trust during the past two years. They both expressed an interest in joining the board. Each bring a wide range of business skills and are very excited to share this with the Trust and look forward to the new year. 17 |**Supporters & Partners:**|**Supporters & Partners:**||| |---|---|---|---| |E.Rex Makin LCVS||Cavern City Tours|City Sight Tours| |Welcome Wednesdays||Merseyside Police|GTDT| |Curtins||Residents|Groundworks| |Greenbank Primary School||Hard Days Night Taxi Tours|Kalmoment| |Peter Beerley||Dovedale PTA|| |Royal Mail||Easytees Impressions|PSS /NHS| |Penny Lane Londis||Liverpool Beatles Tours|Liverpool City Council| |Dovedale Towers||Penny Lane Gossip|Rock Project Young People| |Mossley Hill Athletic Club||Herbal Life|PL Wombles| |Fab 4 Taxis||Mop Top tours|LCVS| |Neighbourhood Management||Team|LIPA| ## 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. ## Craft Social: The craft group continues to be a popular group for local ladies and 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. This year the laddies focused on making items for other groups. For example, they made over twenty twiddle muffs for a local nursing home. The muffs support those individuals living with dementia. 18 ## The garden group: The garden volunteers have returned to the centre to look at progressing a new project and build on the work undertaken last year. back in use. Discussions with GTDT to work in partnership to help this vision be achieved. Two new garden courses have been delivered this year. The groups attending are of mixed age, gender and ability. A few of the individuals have now moved on to being part of a Heritage Garden Group. This is such lovely news as it shows progression within groups and friendships. This year the group has focused on Spring planting and House plant care. GTDT very kindly provided our very own potting shed. ## Training rooms: The training room has been used by several groups and organisations this year. This is a good way to showcase what we do on Penny Lane. Many of the groups have returned and have made recommendations to others. 19 ## Liverpool Cares: Liverpool Cares have been using the centre to run sessions for those living with dementia. The sessions have always been fun and filled with laughter. The group held their final sessions in March 2023. Sadley due to funding cutbacks the group was unable to continue further into the year. This will be a loss to the people who attended the group sessions. Celebrating the Coronation of King Charles 20 Events – Summer Fun on Penny Lane – with Granby Toxteth Development Trust ## Always Supporting our Community 21 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, “The savage young Beatles” back by popular demand who pay tribute to the Beatles. The crowd was bigger than usual, and the rain did not stop play. Big thank you to all the community craft stalls who made the day extra special. 22 New Penny Lane Entrance sign: The sign was designed by one of our volunteers. Funding from our ward Councillor was used to pay for the sign. The sign has been placed in a position to encourage visitors on coaches to call is and see us at the centre. Due to the nature of our lease, we are not allowed to put signs up facing the residents across the road. 23 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. Whilst all the above exciting projects, events and classes take place at the centre, we also work alongside 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. This year we received the help from one of our supporting companies “Curtins”. The Zebra crossing was in much need of a facelift and the benches relished a lick of paint. 24 Paula, Paula and Karl working hard to improve the garden Tourist: PLDT records how many tourists come to Penny Lane each year. We also record where they come from. Our figures are slightly lower than the previous year. This being due to the closure of so many Beatles associated buildings at the top of Penny Lane and the implementation of so many double yellow lines. This restricts where the tour guides can park. Having said this, 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. This year PLDT will appear in many more travel apps and tourist guide books. ## _**Tourist will always come to Penny Lane. It is the most famous Lane in the world.**_ _**In the words of Sir Paul McCartney**_ ## _**“ Penny Lane will always be in my heart and in my ears”.**_ 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 25 Charlty reglstratlon numb6r 1099720 Company r•glstratlon numb•r 04586173 (England and Wal•sl PENNY LANE DEVELOPMENT TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 PENNY LANE DEVELOPMENT TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Kurt Truman Ichair person) IAppoinl?d 20 Novembar 20241 Paula Gainer Ann6 Aitkin Jonathan MorTi$ Claire Armitag8-Truman (Appointed 20 November 20241 Charlty number 1099720 Company numb•r 04586173 R•glJt•r•d offl¢• 70 Pfrnny Lan• Liv¥rpool Merseysldè L18 1BW Ind•p•ndent •x•mln•r SèAA¢counting LlmSl•d Gl8dslon• Hou99 2 Church Road Liv$rpool L15 9EG B•nk•rs HSBC plc 23 Alerton Road M03sl8y HIII Llvorpool L18 2DA Sollcltors E Rex Makln Whltech8ptrI Llverpool L1 1HQ PENNY LANE DEVELOPMENT TRUST CONTENTS Page Tru$tgas' report Ind8pend8nt eX8minèls report Stalernenl of financial activities Balanct Bheel No108 10 the flnanelal $1otements 9-18 PENNY LANE DEVELOPMENT TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The Tnjstees pr•sant thèir rèport 8nd accounts for the yèar to 31 Mareh 2024. Thè accounts have been prèpared in accordance with the accounting pollcies set out in note 1 to the accounts and comply with the Trust's Memor8ndurn and Articles of Association. the Companles Act 2006 and 'Aeeounllng and Reporting by Charities.. Stalemont ol Re￿mmended Practice applicable to charities preparing thelr accounts In accordance with the Financlal Reporting Standard applicable in the UK ynd Republic of Ireland IFRS 1021.14 amended for accounting perio(Js commèn¢ing from 1 January 20161 Ob5ectlv•s and 8Ctlvltle8 Thè Penny Lane DeveSopm8nt Trust look over tha offici81 managern8nl ol th8 local authority 8$sel - 70 Ponny Lano in March 2009. The vision ol PLDT 1$ to becom8 a vibrant local polnt for community aclivily, involvement and sense of beltrnging which embr8ces and acknowltsdges the Ioc81 historical and global heritage ol Penny Lant. Thè mlssion Is lo provlde a vehlcle lor opportuniti85 lor those resldenls In South Liv¥rpool, particularly those Ilving In th8 Penny Lane Communlty to enhonce ho8llh, education, appreciation of th8 environment through activllies and restoring pridg in the communlly and thgm$glv&¥ by responding to the growing affeellon of ihe global audiancg. The trustees and volunteèrs ¢onlinug lo deliver a number of 8vont$ ¥nd 8¢livllie8 for the communlty. It 1$ our aim lo build on this succ8s$ and deliver oven more in the coming year. Th? Objectives of th• charlty ar•.. Th¢ advancement of educallon •mong young people r•sldgnl In South Liverpool. In p8rtlcu18r. but wlthout prejudice lo the gan•r811ty of the foregoing. to provid• or os$l$t In the PTovision of lo¢al hlslory lor the said young peopl• bl Th• ¢onservatlon ol the 8nvironm•nl within the ar80 ol b8nerft Th8 provi$lon ol recreational facllllla$ In th6 Inter8¥t o150clal ￿Kar$ Th8 m8ln a¢tivltles for the year w8r&'. To work with new partnars and In¢reo80 our capocrty bulldlng lo support the progress of the Trust.. To continue to providè hèalth and wellbeing activltiès lor Ihe local commvnlty To undertake Communlty èvents lopen days To identify fundlng lo support 51aff and on costs. To maintaln the Community Cèntrè to a high standard To rnanage a balance between community and tourism .To keep the communlty informed about what Is hap￿nIng at Ihg Centre by uslng Ihtr medlum ol.. Newsletters, and so¢i81 media and events. To raise the prtrfilts ol the Trust To re-brand the logo and makè il more Infomi8d. To encourage partnership meetings lo Sha￿ resources and ideas. To provide a safe environmènt for the communlty to gal involved and engaga in 8 wide range of actlvitSè¥ To utilise outdoor space more effo¢lively and increase participation To host open days Penny Lane Developmènt Tw$t nurture community lifg which enables the tru$t 19 engage wlth 10¢81 residents. To co15abor8te with lo￿1 businoss to support a strono&r p￿SenCe in the Community. Penny Lane Development Trust h85 delivered a wida rènge of cornrnunty ba$8d acbvities this year in accordancè with it5 objectives. PENNY LANE DEVELOPMENT TRUST TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Other octivitigs undertaken by PLDT in¢lude'. V8rlety ol Yo9a class95 Hgalth & Wellb$ing activities Environmental aclivilies International Beatles Weekend Craft classes for tha cornrnunity Do il day8 in the gardèn Opportunilias for more food growing inillatives Women's welln&s$ course supporting those wlth menopaus• Trips out Reeyeling Family lun day$ Comrnunlly Ev6nt$ PLDT would Ilk• to thank all lunders, danalors and Individuals who have shown thèir Commitment to $upporting the trust throughout tho past 12 months gnd the following 9ranl making bodies who have enabled th• Trust lo deliver health & wellbging aclivilleB'. Llvorpool Clty Coun¢ll- Summ•r fun l•mlly •ctlvltl•s DWF found•tlon- Yoga clJss•$ M•dl¢•$h- H•*lth & W•lln•$s •¢upunetur• The Trust8•5 have paid duè règard to guidancg Issued by the Chadty Comml86l¢n In d&cldlng what activiti8$ th¥ Twst should undertake. Almo ol th• ch•rlty To provide a vèhi¢lg lor opportunlliès for those resldents in South LSverpool, partlcularly those livlng In the Penny Lane Communlty to ?nhanc& health, &ducation, apprè¢ialion Of the environm$nl through activlties and restoring prfd& In the communty and thomselves by ro$pondlng to th• growing affectlon ol tho global audlen¢g. Th8 y¥ar ondttd more suc¢e58fully than antscipaled. Confidenc•18 ¢oming back from 8118reas of tho project. We look ftsrw8rd lo the new y•ar with hope in our h$8ri. Achlev•m•nt8 •nd p•rfomianc• The Trust h*$ malnt8in6d on• lull tlme and on8 part Ilme memb8r of $taff. In addition tho Trusi has supported a nurnber ol volurnleering opportunltiè$ to assiBt In¢Jlvldual$ in th•lr work rolè CaP8cily as woll as supporting those with Menlal and Physical health rastrfctions. Tourism has increased by 479/0 thls y8ai. This 1$ a good Indicator that visllors confidenc& is growing, and OUT *c¢nomy w511 benefit frtsrn IhSs. Community classes 8nd 8Ctivilies hava been more variod dug to working in p8rtnershlp with Granby Toxtoth Development Trust IGTDTI We continue to infom our community about what takos pla¢8 81 the contra via ￿181 medla platforms. We work wllh local council10￿ who promot8 the centre lo their consllluents. A new elected Nei9hbourhood Management Team w83 elected in May 2023 to support1o¢al groups and support the area Plan. This will include PLDT and benefit the local Community. The facility is always in high d9wand due lo it bein9 fully disabled 8cces5ible and supports a car park. We have managed lo keèp the cost of Imè room hire down by rllonitoring simiLgr venues in the locality, ￿n addition to this we are always flexible in the openlng lime5. The Centre is open fer 5 days per week and 2 wegkends each rnonlh. PENNY LANE DEVELOPMENT TRUST TRUSTEES. REPORT {CONTINUEDI{INCLUDING DIRECTORS. REPORT> FOR THE YEAR ENDED 31 MARCH 2024 Flnanclal revlew During the year the Trust reeelved tol¥l fL*nding ol £S1.750 and Èxpended £72,472 r&sulllng in a deficlt for th¢ year of £20,722. Of ihe expendllure, £3,015 was spent out of reslricled income and £8,767 related to d8pr8ciation on the Penny Lane building. Al the year end the Twsl had unrèstricted reserves of £8,079. The restrictèd rèsèrves amount to £3,435 as d•t8iled in note 15. It is tho policy of ltte Trust that unrestricted rèserv•$ which have not b6an d85ign8ted to a 8p&cific usg $hould b8 maintained al a level equivalent to b9Meen three and six months expendSlure. The Trustees Consider that rès8rves at thls level will gnsure Ihal, in the event of a slgnifl¢ant drop in funding. they will be able lo continue the Trust's current activities whil6 consider81ion is given to ways In whi¢h additional funds may bo raised.The currant level of unrestricted re$erve$ Is equlval6nt to approximalgly one lo two month$ expenditure. The Trust is also continually trying to $our¢t funding lo run cornmunity projects. The Penny Lane Development Trust w¢uld like lo thank all lund8rs who have support8d Ihg PLDT in dev•loplng oblècllves and by belng abl• lo provldg a valuab18 sani1￿ lo th& ¢¢mrnunty ol P•nny Lan6. Tho Trust•g8 have assessed Ihg major risks to whlch Ihg charlty18 èxposed and ar• sallsfied that the syst•m$ are Sn place lo mitigate 8xposure lo those major rlsk$. Tho only serious rfsk currèntly applicable is rocoipl of Insuffi¢i¢nl lunding to enable prograrnme delivery and dgvtrlopment. AII op9r8tional and fire risk as$a3sm•nl8 Ar• updat•d. Plans for th• future To work closèly wiib Llverpool Clly Council to ensure tho1 wfr are supported throughout the coming yaar, To continue to build on our partnership strtnglhs To Continue to work wlth the eommunlty To continue to work wlth Ilk6 mlndtd organisotlon$ To work with the Beatles L•gacy Group to Smprova the visitor experleneo of Penny Lane To conllnu• to raise the profile ol the PLDT To mainlaln the building lo a high standard To work with Granby T¢xtelh Development Trust and share resour¢e$. Partnership work with nèw Neighbourhood Management Tearn. Partnership work with LIPA lo enhancg ¢ornmunily engagom9nl. To Slrengthen Volunt¥èr opportunities at thè Centre. The Charity will continue to roi58 lund¥ Ihrou9h Innovallve event8 for th& bènefit cf the Charfty and the Charltabltr aims The Charity funds one full tim8 gn¢ on& part time m9mty&r of staff. Our policies Ore reviewed annually in o¢¢ordance wlth Charity Law. PLDT will wtsrk alongside our partngr agencles to Idgntrfy and address the ne•d8 of the local Community and work positivèly towards being A k9y pl8y•r in our Community W8 lotsk forward to tho next &x¢lting year and anliapate lots of •xeiting challenges abng the way. PENNY LANE DEVELOPMENT TRUST TRUSTEES, REPORT (CONTINUED>IINCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Structure, govern8n¢• and management The Trust is a cornpany limlled by ouarantee incorporatÉd on 22 November 2002. Th8 company wa$ 8slablish8 under a memorandum ol Association whlch eslab118hed the objects and powers ol thè charitable company Bnd is governed under its Articles of Association. The Trustees, who are also th& directors for the purpose ol ¢ompany law. who sgrvgd during th? year were.. Kevin Roach ICh8irp8r50nl (Retired 29 July 20241 Kurt Truman (Chair pèrson) IAppointed 20 Novemb•r 20241 Paula Galner Anne Aitkin Jonathan Morris Claire Armita98-Trumon IAppoint?d 20 Novomber 20241 Counellkjr Rlchard Kgmp w88 Co-opted to Ihe Board In Jurne 2023. None of the Truslegs ha$ any boneflcial interest In th¥ wmpany. All of th8 Tru$ie&$ are member8 01 tho company and guarantee to eontrlbut? £5 in tho event ol a windin9 UP. Thg directors of the eompany OTe also charity TTU$t8¥s And for the purposa ol Charity law and undor Ihg Cornp8ny's Articl•s arè known p$ members ol thg m8naggment committae. Under tho reouirements ol the Memorandum and Arti¢les ol Association one lthird of the members ol Ihtt management committee must rntire 8t each AGM. Members of thè management commltteo mgy be re-el?cled lo fill any v8C8nci¢s arising. The Penny Lon• Dovtlopmenl Trust has 8 manbgemenl committee of up to S members. 1 advisor and 1 senior ¢h8rity offlc8r. Tha r&$olulitsn sel out by the ex&cutlve member board wlth r61orence lo the leg81 transfer states th81 a member of the LCC should be co.opt8d on to th8 rnanagement committee to represonl LCC. The managèment committee is eonsiituiad to rneet 6 tim•s par y8ar and is responslbl8 for thè $tra¢#gic dire￿On and pollcy of th• charity. The committee has 8 wlda range ol skllls r6l•vont to the purptssa of th• chBrily. The senlor charity officer also slls on the Comm￿tte0 but had no voting rights. Exlsllng Trustees are already famlli8r with the practical work ol the charlty havlng attènded short trusta8 Indu¢lion days. Naw policies are now In place lo en8ure that prtsspecliv8 Tru8lees are ellglblè to bo¢ome a Trustee &s 581 out by the Charity Commisslon 9uidellnes. All prospècllve Trustees will be required 1¢ undertake an 8nhanced DBS check and 8ubjecl to satislaclory result will be made fully #Wa￿ ol what lfrval of ¢tsrnmitrnent Is requirod by tho Trust and what level ol commllmonl they are able to offgr lo the TruBI. New Trustèes will be invited to attgnd a number ol short tr8inin9 d8y5. This will en8bl& them to lamiliaris¢ themselvès with the Charity and the context in which It opèr81•$. These sessions will be lèd by the Senior Charty Officèr and the management committee will be in altend8nce. This training sessions will consist of.. - Thg obligations of the man89?ment cornmillee members - Th8 main documents whlch sat out the operational Iramowork for the charity including the Memorandum and Articltss of Association. The financial p051tion as set out in thè 18lest accounts The future p5ans and objactive$ Code ol confidèntiality Eligibility lo become a Trustee PENNY LANE DEVELOPMENT TRUST TRUSTEES. REPORT {CONTINUED)(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Asset eover for funds Note 16 sets out an 8naly5I$ of the assets attribut8blÈ lo the various funds and o dès¢riplion of the lund$. These a$set$ are $uffi¢lent lo meet the TnJs¥s obligad¢n$ In a fund by fund basis. The Tru8te&s' rgport was approvèd by thg Board of Trust988. Paula Gainer Dated.. 23 D￿eMb￿r 2024 PENNY LANE DEVELOPMENT TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PENNY LANE DEVELOPMENT TRUST I report to thg Tru8186s on my examinatslin ol th• finandal stal8rn8nts of Penny Lane Devalopment Trust Ilho Tru511 for the year ended 31 March 2024. Reapon8lblllll•8 and b￿10 of rèport As the Trustee8 ol the Tw31 land also dlr8ctors for Ihg purpos•s ¢1 company lawl YDU gr¢ respoTr$ible fof the PT9p8ra￿On of the finoneAal 8tstem•nts In ￿￿ordanC￿ Wilh the r8quiroThnts of thè Compmnies Act 2006 (th8 2006 Act). H8vfng satlsfled myself thèl thp flnancial slatgm8nl$ ol the Tnjsl aro not rèq¢Jlred to be audltèd under Part 18 of th• 2008 Act and are eligiblo for Independ$nt examln81ion, I report In respect ol my 8xarninatlon ot the Trusl's financial stalgment$ cathed out under 8eeUon 145 01 the Chafhl¢g Acl 2011 (the 2011 Act). In caryln9 c￿1 my 8yamin8lion I have followed All the applicable Dlr*¢tion8 glvèn by the Charity Comm158lon under so¢tion 14515llbl of thg 2011 Aci. Indep•nd•ni •Mmln•e* •l•t•m•nt I have ¢ompl6tgd rny ex8mlnaiion. I conflrm that no matt•rs hBve eKJmo to rny •tt•ntlon In ¢onn8Gt6on wth th• examlnatlon 9ivlng ¢•us9 to bell&v• Ihal h any Thffjterfal r88pxI'. accountin9 re¢ord$ were not kept in r8spg¢t ol th¥ Tru•t 0$ r¢qulred by Se￿e￿ 388 ol th• 2006 Ad,. or the finan¢lal stal•m•nts do not oetord wlth those r•¢ord8.' or th8 financlal $tatgrn8nt8 do not ¢ompty with the accounting raguimm•nl8 of ¥gollon 396 of the 2(h)8 A other than any requlrtmgnt thai tho a￿umIS glv• a true ond f8lr vlow whlch IB not a mott8r con$ld•r•d as part ol an Ind•pendènt e¥8minatlon'. tsr the flnsnclal statèments have not b•èn prepared In ¥eeordanc8 ￿th tho methods gnd pthn¢lplo6 ol th• StBlernent ot Ra¢ommondeLS Prndl¢o for 8CC0untlng and roporting by ¢harltl•s appllcabl? to chgrtlle8 wepadn9 Ihelr ac¢ctunt$ In 8c¢ord•nc• wlth th• Flnancial Reporung Slandord applleAble In th• UK and R8pubN¢ of Ireland IFRS 1021. I h•v• no conc•ms and h•vg comg 8cross no other matt&rs In g)nn•cllon the oxaminauon lo whleh tt•rnlitin SI￿￿E￿ be drown in this r•pgrt In order lo èn8bk8 a proper understanding of lh• ftnancLal statom￿ts to b• roach•d. sU￿n 8u¢kt•y S8AAccountlrvJ Llmitgd Glad$tono Hovse 2 Church Road Lfv&rpool L159EG Dat•d.. 23 D•cember 2024 PENNY LANE DEVELOPMENT TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unr•strlcted Flx•d ass•1 Roxtrlcted fundj funds funds Total 2024 Total 2023 Not•$ ncom• from: Donations and lega¢i8g Charitable actlvilies Other trading 8Ctivities 23,982 23,11CI 1,660 2,998 26,980 23,110 1,660 29.013 20,342 1,253 Total Incom• 48,752 2,998 51,750 50,608 Ex •ndltur• Raising funds 7,099 7,099 6,673 ChBritable activllles 53,592 8,767 3,015 65,374 65,687 Tot*1 rn$ourc•• •xp•nd•d 60,691 8,767 3,015 72.473 72,380 N•t outgolng r••ourc•• b•lor• IrJn$lgT• 111,9391 18,7871 120.7231 121,7521 Gross Iranslers b8tsve8n funds 4,855 14,8551 N*1 •Xp¢nd1tu￿ for the y••rl N•¢ movomont In fund8 17,0841 18,7671 14.8721 120.723) 121,7521 Fund b8lanca$ 911 Aprll 2023 15,163 753,955 8.307 777.425 799,177 Fund b8lBncg• at 31 March 2024 8.079 745,188 3.435 758.702 777.425 The 8¢alemenl of flnancial actlvltl&s include8 all galns and loss8$ rgcognl$ed In the year. The slalemenl of ftnanci81 a¢llvlll&s includes all galns and10g$e8 fe¢ognised in the year. All in¢ome 8nd expenditure derive from continuing Activitigs. Th8 slal&menl of financial activities also complies with the requlrèmènts lor an income and exp•ndlture account under the Companiès Ad 2006. PENNY LANE DEVELOPMENT TRUST BALANCE SHEET AS AT31 MARCH 2024 2024 2023 Notes Fix?d assets Tangiblè ass818 Current 8•s•t8 Slo¢k5 Co$h at bank and in hand 12 745.188 753,955 13 228 12.834 285 25,134 13.062 25,419 Cr•dltors'. amounts falllno du• wlthln on• y•#r 14 11,5481 11,9491 Net current as$at$ 11,514 23,470 Total a8$•t8 l••• ¢urr•nt Ilabllltl•• 756.702 777,425 In¢om• funds R•siricted funds FSxed asset fund Unrostrl¢ted fund8 15 3.435 745,188 8,079 8,307 753.955 15,163 756,702 777.425 The company Is entid8d to th• 8x•mpUon from the audlt requir¥m&nl conlalned In 8&dlon 477 01 the Companles Act 2006, for thè year ondad 31 March 2024. Tha dlroclors 8cknowK8dge th8lr rosponslblllliès for complylno wllh th& requirement5 of th8 Companies Act 2006 wllh re$ped lo a¢cgunling records and ihe preparatlon of financlal $18lements. Th• members have not required tho company to obt8ln an audll of its financlal stat•m•nts for the yeor In quostlon In accordance with section 476. These financial staternents hav& b8en pr&pa￿d in accordan￿ with the proviBlons appllcable lo companies subject to the small companies regime. The accounts werè approved by the Trust88s on 23 Decembor 2024 Kurt Truman Ichair person) Tru$tg9 Paula Gainer Trustee Company R•oistTOtion No. 04586173 PENNY LANE DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 A¢eountlng pollcl•8 Charlty information Penny Lana Development Trust Is 8 Charitable company Ilrnited by guarante$ incgrporated on 11 November 2002. Charit8bl8 Status was gained on 29 SepteTllber 2003. 1.1 Accountlng ¢onventlon The accounts have been propar&d in accordance wllh th9 Trust's memorandum and articles ol asso¢iation the CompaniBS Act 2006 and "Accounting and Reporting by Ch8rities'. Slalement tsl Rècommended Pr8clice 8ppli¢able lo charities prèparing their accounts in accordance wlh thè Financial Reporting Standard 8pplic8blt in the UK and RepLJblic of Ireland IFRS 1021" 18$ amonded lor accounting parSod$ ¢ornm8ncing from 1 Janupry 20161. The Trust Is 8 Public Benefit Entity as do1in6d by FRS 102. The Trust has t8k8n advonlagè of the provisions in the SQRP lor chanlie8 applying FRS 102 Update Bull•tln 1 not lo prepare o StOt¥menl ol Cash Flows. The financial Slal&menl8 are prepared In stèrling, which 1$ Ihg funetlonal curnncy of the Trust. Mone¢¥ry amounts in th8$t financial s18lem8nls ar• rounded lo thg near681 £. The fin8n¢ial slalements hov¢ been prtpar8d und8r the hlslorieal cost convention, Imodifi•d lo Include the r?v8luation of freehold properties and to includ9 investment propertl•s and Certaln flnanclal In$tnJments at Ialr valual. Tho principal accountin9 poli¢ie¥ adopted ar• sat tsut below. 1.2 Golng conc•rn At tho tlme of approvSng th• flnancial Btatements, the Tru$tee8 havo a r&8sonabl? expectation thai the Trust has adèquatg resources to conlinutr in operational èxistence lor the loresè¥8bla future. Thus tho Trusleè8 contlnue lo adopt the going concern b85is ol accounting in preparing the linoncial Statements. 1.3 Ch•rltobl¢ fund• Unreslrict8fJ funds are 8vallabl8 for u$¥ at Ihe dlscr•tlon of th• Truste85 In furtherance ol thair eharitablg obl8ctlveB unless tha fund$ have be&n desiongttd for other purpos•$. Restdcted funds are subject to specific condits'ons by dontsrs as to how th8y may be used. The purptsses and u￿$ ol th¥ raslricled funds are $91 oul in the notes to th8 8c¢ounlB. 1.4 Ineomlng r•sourcos Inwme is reco9nis8d whon Ihe Trust Is légally entitled to it gftgr any performanc• wndilions have ba8n mel, the amounts can be mg8sured reliably, and il is probable that inctsrn8 will be received, Cosh don8llon$ are iecognisod on receipt. Other donations are Tecognis* FOR THE YEAR ENDED 31 MARCH 2024 Flnanclal revlew During the year the Trust reeelved tol¥l fL*nding ol £S1.750 and Èxpended £72,472 r&sulllng in a deficlt for th¢ year of £20,722. Of ihe expendllure, £3,015 was spent out of reslricled income and £8,767 related to d8pr8ciation on the Penny Lane building. Al the year end the Twsl had unrèstricted reserves of £8,079. The restrictèd rèsèrves amount to £3,435 as d•t8iled in note 15. It is tho policy of ltte Trust that unrestricted rèserv•$ which have not b6an d85ign8ted to a 8p&cific usg $hould b8 maintained al a level equivalent to b9Meen three and six months expendSlure. The Trustees Consider that rès8rves at thls level will gnsure Ihal, in the event of a slgnifl¢ant drop in funding. they will be able lo continue the Trust's current activities whil6 consider81ion is given to ways In whi¢h additional funds may bo raised.The currant level of unrestricted re$erve$ Is equlval6nt to approximalgly one lo two month$ expenditure. The Trust is also continually trying to $our¢t funding lo run cornmunity projects. The Penny Lane Development Trust w¢uld like lo thank all lund8rs who have support8d Ihg PLDT in dev•loplng oblècllves and by belng abl• lo provldg a valuab18 sani1￿ lo th& ¢¢mrnunty ol P•nny Lan6. Tho Trust•g8 have assessed Ihg major risks to whlch Ihg charlty18 èxposed and ar• sallsfied that the syst•m$ are Sn place lo mitigate 8xposure lo those major rlsk$. Tho only serious rfsk currèntly applicable is rocoipl of Insuffi¢i¢nl lunding to enable prograrnme delivery and dgvtrlopment. AII op9r8tional and fire risk as$a3sm•nl8 Ar• updat•d. Plans for th• future To work closèly wiib Llverpool Clly Council to ensure tho1 wfr are supported throughout the coming yaar, To continue to build on our partnership strtnglhs To Continue to work wlth the eommunlty To continue to work wlth Ilk6 mlndtd organisotlon$ To work with the Beatles L•gacy Group to Smprova the visitor experleneo of Penny Lane To conllnu• to raise the profile ol the PLDT To mainlaln the building lo a high standard To work with Granby T¢xtelh Development Trust and share resour¢e$. Partnership work with nèw Neighbourhood Management Tearn. Partnership work with LIPA lo enhancg ¢ornmunily engagom9nl. To Slrengthen Volunt¥èr opportunities at thè Centre. The Charity will continue to roi58 lund¥ Ihrou9h Innovallve event8 for th& bènefit cf the Charfty and the Charltabltr aims The Charity funds one full tim8 gn¢ on& part time m9mty&r of staff. Our policies Ore reviewed annually in o¢¢ordance wlth Charity Law. PLDT will wtsrk alongside our partngr agencles to Idgntrfy and address the ne•d8 of the local Community and work positivèly towards being A k9y pl8y•r in our Community W8 lotsk forward to tho next &x¢lting year and anliapate lots of •xeiting challenges abng the way. PENNY LANE DEVELOPMENT TRUST TRUSTEES, REPORT (CONTINUED>IINCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Structure, govern8n¢• and management The Trust is a cornpany limlled by ouarantee incorporatÉd on 22 November 2002. Th8 company wa$ 8slablish8 under a memorandum ol Association whlch eslab118hed the objects and powers ol thè charitable company Bnd is governed under its Articles of Association. The Trustees, who are also th& directors for the purpose ol ¢ompany law. who sgrvgd during th? year were.. Kevin Roach ICh8irp8r50nl (Retired 29 July 20241 Kurt Truman (Chair pèrson) IAppointed 20 Novemb•r 20241 Paula Galner Anne Aitkin Jonathan Morris Claire Armita98-Trumon IAppoint?d 20 Novomber 20241 Counellkjr Rlchard Kgmp w88 Co-opted to Ihe Board In Jurne 2023. None of the Truslegs ha$ any boneflcial interest In th¥ wmpany. All of th8 Tru$ie&$ are member8 01 tho company and guarantee to eontrlbut? £5 in tho event ol a windin9 UP. Thg directors of the eompany OTe also charity TTU$t8¥s And for the purposa ol Charity law and undor Ihg Cornp8ny's Articl•s arè known p$ members ol thg m8naggment committae. Under tho reouirements ol the Memorandum and Arti¢les ol Association one lthird of the members ol Ihtt management committee must rntire 8t each AGM. Members of thè management commltteo mgy be re-el?cled lo fill any v8C8nci¢s arising. The Penny Lon• Dovtlopmenl Trust has 8 manbgemenl committee of up to S members. 1 advisor and 1 senior ¢h8rity offlc8r. Tha r&$olulitsn sel out by the ex&cutlve member board wlth r61orence lo the leg81 transfer states th81 a member of the LCC should be co.opt8d on to th8 rnanagement committee to represonl LCC. The managèment committee is eonsiituiad to rneet 6 tim•s par y8ar and is responslbl8 for thè $tra¢#gic dire￿On and pollcy of th• charity. The committee has 8 wlda range ol skllls r6l•vont to the purptssa of th• chBrily. The senlor charity officer also slls on the Comm￿tte0 but had no voting rights. Exlsllng Trustees are already famlli8r with the practical work ol the charlty havlng attènded short trusta8 Indu¢lion days. Naw policies are now In place lo en8ure that prtsspecliv8 Tru8lees are ellglblè to bo¢ome a Trustee &s 581 out by the Charity Commisslon 9uidellnes. All prospècllve Trustees will be required 1¢ undertake an 8nhanced DBS check and 8ubjecl to satislaclory result will be made fully #Wa￿ ol what lfrval of ¢tsrnmitrnent Is requirod by tho Trust and what level ol commllmonl they are able to offgr lo the TruBI. New Trustèes will be invited to attgnd a number ol short tr8inin9 d8y5. This will en8bl& them to lamiliaris¢ themselvès with the Charity and the context in which It opèr81•$. These sessions will be lèd by the Senior Charty Officèr and the management committee will be in altend8nce. This training sessions will consist of.. - Thg obligations of the man89?ment cornmillee members - Th8 main documents whlch sat out the operational Iramowork for the charity including the Memorandum and Articltss of Association. The financial p051tion as set out in thè 18lest accounts The future p5ans and objactive$ Code ol confidèntiality Eligibility lo become a Trustee PENNY LANE DEVELOPMENT TRUST TRUSTEES. REPORT {CONTINUED)(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Asset eover for funds Note 16 sets out an 8naly5I$ of the assets attribut8blÈ lo the various funds and o dès¢riplion of the lund$. These a$set$ are $uffi¢lent lo meet the TnJs¥s obligad¢n$ In a fund by fund basis. The Tru8te&s' rgport was approvèd by thg Board of Trust988. Paula Gainer Dated.. 23 D￿eMb￿r 2024 PENNY LANE DEVELOPMENT TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PENNY LANE DEVELOPMENT TRUST I report to thg Tru8186s on my examinatslin ol th• finandal stal8rn8nts of Penny Lane Devalopment Trust Ilho Tru511 for the year ended 31 March 2024. Reapon8lblllll•8 and b￿10 of rèport As the Trustee8 ol the Tw31 land also dlr8ctors for Ihg purpos•s ¢1 company lawl YDU gr¢ respoTr$ible fof the PT9p8ra￿On of the finoneAal 8tstem•nts In ￿￿ordanC￿ Wilh the r8quiroThnts of thè Compmnies Act 2006 (th8 2006 Act). H8vfng satlsfled myself thèl thp flnancial slatgm8nl$ ol the Tnjsl aro not rèq¢Jlred to be audltèd under Part 18 of th• 2008 Act and are eligiblo for Independ$nt examln81ion, I report In respect ol my 8xarninatlon ot the Trusl's financial stalgment$ cathed out under 8eeUon 145 01 the Chafhl¢g Acl 2011 (the 2011 Act). In caryln9 c￿1 my 8yamin8lion I have followed All the applicable Dlr*¢tion8 glvèn by the Charity Comm158lon under so¢tion 14515llbl of thg 2011 Aci. Indep•nd•ni •Mmln•e* •l•t•m•nt I have ¢ompl6tgd rny ex8mlnaiion. I conflrm that no matt•rs hBve eKJmo to rny •tt•ntlon In ¢onn8Gt6on wth th• examlnatlon 9ivlng ¢•us9 to bell&v• Ihal h any Thffjterfal r88pxI'. accountin9 re¢ord$ were not kept in r8spg¢t ol th¥ Tru•t 0$ r¢qulred by Se￿e￿ 388 ol th• 2006 Ad,. or the finan¢lal stal•m•nts do not oetord wlth those r•¢ord8.' or th8 financlal $tatgrn8nt8 do not ¢ompty with the accounting raguimm•nl8 of ¥gollon 396 of the 2(h)8 A other than any requlrtmgnt thai tho a￿umIS glv• a true ond f8lr vlow whlch IB not a mott8r con$ld•r•d as part ol an Ind•pendènt e¥8minatlon'. tsr the flnsnclal statèments have not b•èn prepared In ¥eeordanc8 ￿th tho methods gnd pthn¢lplo6 ol th• StBlernent ot Ra¢ommondeLS Prndl¢o for 8CC0untlng and roporting by ¢harltl•s appllcabl? to chgrtlle8 wepadn9 Ihelr ac¢ctunt$ In 8c¢ord•nc• wlth th• Flnancial Reporung Slandord applleAble In th• UK and R8pubN¢ of Ireland IFRS 1021. I h•v• no conc•ms and h•vg comg 8cross no other matt&rs In g)nn•cllon the oxaminauon lo whleh tt•rnlitin SI￿￿E￿ be drown in this r•pgrt In order lo èn8bk8 a proper understanding of lh• ftnancLal statom￿ts to b• roach•d. sU￿n 8u¢kt•y S8AAccountlrvJ Llmitgd Glad$tono Hovse 2 Church Road Lfv&rpool L159EG Dat•d.. 23 D•cember 2024 PENNY LANE DEVELOPMENT TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unr•strlcted Flx•d ass•1 Roxtrlcted fundj funds funds Total 2024 Total 2023 Not•$ ncom• from: Donations and lega¢i8g Charitable actlvilies Other trading 8Ctivities 23,982 23,11CI 1,660 2,998 26,980 23,110 1,660 29.013 20,342 1,253 Total Incom• 48,752 2,998 51,750 50,608 Ex •ndltur• Raising funds 7,099 7,099 6,673 ChBritable activllles 53,592 8,767 3,015 65,374 65,687 Tot*1 rn$ourc•• •xp•nd•d 60,691 8,767 3,015 72.473 72,380 N•t outgolng r••ourc•• b•lor• IrJn$lgT• 111,9391 18,7871 120.7231 121,7521 Gross Iranslers b8tsve8n funds 4,855 14,8551 N*1 •Xp¢nd1tu￿ for the y••rl N•¢ movomont In fund8 17,0841 18,7671 14.8721 120.723) 121,7521 Fund b8lanca$ 911 Aprll 2023 15,163 753,955 8.307 777.425 799,177 Fund b8lBncg• at 31 March 2024 8.079 745,188 3.435 758.702 777.425 The 8¢alemenl of flnancial actlvltl&s include8 all galns and loss8$ rgcognl$ed In the year. The slalemenl of ftnanci81 a¢llvlll&s includes all galns and10g$e8 fe¢ognised in the year. All in¢ome 8nd expenditure derive from continuing Activitigs. Th8 slal&menl of financial activities also complies with the requlrèmènts lor an income and exp•ndlture account under the Companiès Ad 2006. PENNY LANE DEVELOPMENT TRUST BALANCE SHEET AS AT31 MARCH 2024 2024 2023 Notes Fix?d assets Tangiblè ass818 Current 8•s•t8 Slo¢k5 Co$h at bank and in hand 12 745.188 753,955 13 228 12.834 285 25,134 13.062 25,419 Cr•dltors'. amounts falllno du• wlthln on• y•#r 14 11,5481 11,9491 Net current as$at$ 11,514 23,470 Total a8$•t8 l••• ¢urr•nt Ilabllltl•• 756.702 777,425 In¢om• funds R•siricted funds FSxed asset fund Unrostrl¢ted fund8 15 3.435 745,188 8,079 8,307 753.955 15,163 756,702 777.425 The company Is entid8d to th• 8x•mpUon from the audlt requir¥m&nl conlalned In 8&dlon 477 01 the Companles Act 2006, for thè year ondad 31 March 2024. Tha dlroclors 8cknowK8dge th8lr rosponslblllliès for complylno wllh th& requirement5 of th8 Companies Act 2006 wllh re$ped lo a¢cgunling records and ihe preparatlon of financlal $18lements. Th• members have not required tho company to obt8ln an audll of its financlal stat•m•nts for the yeor In quostlon In accordance with section 476. These financial staternents hav& b8en pr&pa￿d in accordan￿ with the proviBlons appllcable lo companies subject to the small companies regime. The accounts werè approved by the Trust88s on 23 Decembor 2024 Kurt Truman Ichair person) Tru$tg9 Paula Gainer Trustee Company R•oistTOtion No. 04586173 PENNY LANE DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 A¢eountlng pollcl•8 Charlty information Penny Lana Development Trust Is 8 Charitable company Ilrnited by guarante$ incgrporated on 11 November 2002. Charit8bl8 Status was gained on 29 SepteTllber 2003. 1.1 Accountlng ¢onventlon The accounts have been propar&d in accordance wllh th9 Trust's memorandum and articles ol asso¢iation the CompaniBS Act 2006 and "Accounting and Reporting by Ch8rities'. Slalement tsl Rècommended Pr8clice 8ppli¢able lo charities prèparing their accounts in accordance wlh thè Financial Reporting Standard 8pplic8blt in the UK and RepLJblic of Ireland IFRS 1021" 18$ amonded lor accounting parSod$ ¢ornm8ncing from 1 Janupry 20161. The Trust Is 8 Public Benefit Entity as do1in6d by FRS 102. The Trust has t8k8n advonlagè of the provisions in the SQRP lor chanlie8 applying FRS 102 Update Bull•tln 1 not lo prepare o StOt¥menl ol Cash Flows. The financial Slal&menl8 are prepared In stèrling, which 1$ Ihg funetlonal curnncy of the Trust. Mone¢¥ry amounts in th8$t financial s18lem8nls ar• rounded lo thg near681 £. The fin8n¢ial slalements hov¢ been prtpar8d und8r the hlslorieal cost convention, Imodifi•d lo Include the r?v8luation of freehold properties and to includ9 investment propertl•s and Certaln flnanclal In$tnJments at Ialr valual. Tho principal accountin9 poli¢ie¥ adopted ar• sat tsut below. 1.2 Golng conc•rn At tho tlme of approvSng th• flnancial Btatements, the Tru$tee8 havo a r&8sonabl? expectation thai the Trust has adèquatg resources to conlinutr in operational èxistence lor the loresè¥8bla future. Thus tho Trusleè8 contlnue lo adopt the going concern b85is ol accounting in preparing the linoncial Statements. 1.3 Ch•rltobl¢ fund• Unreslrict8fJ funds are 8vallabl8 for u$¥ at Ihe dlscr•tlon of th• Truste85 In furtherance ol thair eharitablg obl8ctlveB unless tha fund$ have be&n desiongttd for other purpos•$. Restdcted funds are subject to specific condits'ons by dontsrs as to how th8y may be used. The purptsses and u￿$ ol th¥ raslricled funds are $91 oul in the notes to th8 8c¢ounlB. 1.4 Ineomlng r•sourcos Inwme is reco9nis8d whon Ihe Trust Is légally entitled to it gftgr any performanc• wndilions have ba8n mel, the amounts can be mg8sured reliably, and il is probable that inctsrn8 will be received, Cosh don8llon$ are iecognisod on receipt. Other donations are Tecognis*