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← R. Daphne Plunket Charitable Trust

2024-03-31-accounts

R DAPHNE PLUNKET CHARITABLE TRUST

REGISTERED CHARITY No. 1105818

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

R DAPHNE PLUNKET CHARITABLE TRUST TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

CONTENTS

Page

1 Trustees and Administrative Information 2 - 3 Trustees’ Report 4 Independent Examiner’s Report 5 - 6 Statements of Financial Activities 7 Balance Sheet 8 - 13 Notes to the Accounts

R DAPHNE PLUNKET CHARITABLE TRUST

1

LEGAL AND ADMINISTRATIVE INFORMATION

___________

Trustees Mr G Oliver (Chairman)
Mr C Smith
Mr A Jarvis
Miss C Pharoah
Mrs H Sahota
Mr C Saul
Mr C Shevas
Prof S Sharma
Secretary Miss S Power
Charity No 1105818
Registered office and principal address 20a Millstone Lane
Leicester LE1 5JN
Bankers Lloyds Bank Plc
7 High Street
Leicester LE1 9FS
Administrators Charity Link
20a Millstone Lane
Leicester LE1 5JN
Accountants Somerbys Ltd.
30 Nelson Street
Leicester LE1 7BA
Investment Advisers Rowley Turton (IFA) Ltd.
Charnwood House, Harcourt Way
Meridian Business Park
Leicester LE19 1WP
CCLA
Senator House, 85 Queen Victoria Street
London EC4V 4ET
Charles Stanley Ltd.
4thFloor, Mercury Place
Leicester LE1 1QG

R DAPHNE PLUNKET CHARITABLE TRUST

2

ANNUAL REPORT YEAR ENDED 31 MARCH 2024

___________

The Trustees present their report and accounts for the year ended 31 March 2024. This report is prepared in accordance with the Trust Deed and the recommendations of the Statement of Recommended Practice — Accounting and Reporting by Charities and complies with applicable law.

Objects

The principle object of the Fund is the relief of those persons living in Leicestershire and Rutland who are in financial need, hardship or distress in such ways as the Trustees think fit, in particular but not exclusively through the provision of grants. The Trustees may also make grants or donations to charitable institutions or organisations having for their object the relief of such persons.

Structure, Governance and Management

The Trust was established under a Deed of Trust dated 19 January 2004.

Trustees

Details of the Trustees who have served during the year and since the year-end can be found on page 1.

Appointment of Trustees

The Trust Deed provides for a minimum of three Trustees and any new Trustees are appointed by a resolution of the Trustees at a special meeting called under Clause 15 of the Deed. A copy of the Deed of Trust and any amendment to it and a copy of the Trust’s latest annual report and accounts are provided to any new Trustee.

Public Benefit

The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Charity’s aims and objectives and in planning future activities.

Administration and Meetings

The Trust engages the services of Charity Link (Leicester Charity Organisation Society), who act as Clerk to the Trustees, to look after the day to day functions and arrange meetings of the Board of Trustees. The Trustees held two meetings during the year. Issues arising with regard to the Trust are also reported to the Trustees of Charity Link, being jointly Trustees of R Daphne Plunket, at their quarterly meetings.

Risk Management

The Trustees continue to assess the major risks to which the Trust is exposed and are satisfied that systems are in place to mitigate exposure to these risks. The main risk to the Trust is considered to be fluctuations in investment performance, including the impact of Covid-19. Investment Managers are appointed.

Achievements and Performance

The Trustees continued to provide assistance to people living in Leicestershire and Rutland who are in financial need, hardship or distress, either directly or through organisations which provide appropriate services. The amount of grants awarded and paid to individuals and institutions during the year was £65,425, which compared with £104,674 during the previous year.

Investments

The Trustees have wide powers to invest money in the purchase of stocks, shares, funds, securities or other investments at their absolute discretion. The investments are reviewed in conjunction with the stockbrokers on a regular basis. At the end of the financial year, the market value of the investment portfolio was £3,409,957 excluding un-invested cash, compared with £3,188,608 a year earlier. The increase arose largely from unrealised gains incurred during the year. There was an overall revaluation surplus of £252,486 compared with a deficit of £188,967 the previous year.

R DAPHNE PLUNKET CHARITABLE TRUST

3

ANNUAL REPORT YEAR ENDED 31 MARCH 2024

___________

Financial Review

The statement of financial activities on page 5 shows net incoming resources for the year of £126,639 compared with incoming resources of £113,513 for the previous year. Total resources expended amounted to £88,694 compared to £124,517 for the previous year. There were net realised and unrealised gains on investments of £226,018. At the end of the year, the endowment fund stood at £3,469,506 represented by listed investments at market value and un-invested cash. The restricted fund, comprising net current assets arising from the restricted portion of the endowments, stood at £60,345 and unrestricted funds totalled £1,138 representing the balance of net current assets. Total assets at the year-end were therefore £3,530,989.

Reserves Policy

It is the policy of the Trustees to maintain unrestricted funds, which include the free reserves of the Trust, at a level that, in the event of a significant fall in income, would provide sufficient funds to meet the ongoing operating expenditure.

Statement of Trustees’ Responsibilities

The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards.

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the Trust and of the incoming resources and application of resources for the Trust for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with applicable law, regulations and the Trust Deed. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Advisers

The Trustees wish to record their thanks to all of their professional advisers for their help and advice throughout the year.

On behalf of the board of Trustees

G Oliver

Chairman 26[th] November 2024

4

INDEPENDENT EXAMINER’S REPORT

TO R DAPHNE PLUNKET CHARITABLE TRUST

FOR THE YEAR ENDED 31 MARCH 2024

I report to the Trustees of R Daphne Plunket Charitable Trust on my examination of the accounts of the Charity for the year ended 31 March 2024.

RESPONSIBILITIES AND BASIS OF REPORT

As Trustees of the Foundation, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the Foundation’s accounts carried out under section 145 of the Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

INDEPENDENT EXAMINER’S STATEMENT

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

A M West FCA

Somerbys Chartered Accountants 30 Nelson Street Leicester LE1 7BA

R DAPHNE PLUNKET CHARITABLE TRUST

5

STATEMENT OF THE FINANACIAL SERVICES YEAR ENDED 31 MARCH 2024

_______
Current financial year
Notes
Incoming resources
Income and endowments from:
Bank interest
Investments
Total incoming resources
Resources expanded
Expenditure on:
Charitable activity:
Grants
2
Management and
Administration of the charity
3
Cost of generating funds:
Investment management costs
Governance costs
3
Total resources expanded
Net income/(expenditure)
before investments
Net gains (losses) on
investments:
Realised
Unrealised
Net movement in funds
Reconciliation of funds:
Fund balances brought forward
as at 1stApril 2023
Fund balances carried forward
at 31st March 2024		 _______
Unrestricted
Funds
3,829
23,809
27,638
10,985
713
10,420
6,701
28,819
(1,181)
-
-
(1,181)
2,319
£1,138		 _____
Restricted
Funds
-
99,001
99,001
54,440
-
3,968
1,467
59,875
39,126
-
-
39,126
21,219
£60,345		 ______
Endowment
Funds
-
-
-
-
-
-
-
-
-
(26,468)
252,486
226,018
3,243,488
£3,469,506
 ______
2024 Total
3,829
122,810
126,639
65,425
713
14,388
8,168
88,694
37,945
(26,468)
252,486
263,963
3,267,026
£3,530,989

R DAPHNE PLUNKET CHARITABLE TRUST

6

STATEMENT OF THE FINANACIAL SERVICES YEAR ENDED 31 MARCH 2024

_______
Previous financial year
Notes
Incoming resources
Income and endowments from:
Bank interest
Investments
Total incoming resources
Resources expanded
Expenditure on:
Charitable activity:
Grants
2
Management and
Administration of the charity
3
Cost of generating funds:
Investment management costs
Governance costs
3
Total resources expanded
Net income/(expenditure)
before investments
Net gains (losses) on
investments:
Realised
Unrealised
Net movement in funds
Reconciliation of funds:
Fund balances brought forward
as at 1stApril 2022
Fund balances carried forward
at 31st March 2023		 _______
Unrestricted
Funds
470
19,594
20,064
19,100
399
4,046
3,113
26,658
(6,594)
-
-
(6,594)
8,913
£2,319		 _____
Restricted
Funds
33
93,416
93,449
85,574
-
10,835
1,450
97,859
(4,410)
-
-
(4,410)
25,629
£21,219		 ______
Endowment
Funds
-
-
-
-
-
-
-
-
-
(41,583)
(188,958)
(230,541)
3,474,029
£3,243,488
 ______
2023 Total
503
113,010
113,513
104,674
399
14,881
4,563
124,517
(11,004)
(41,583)
(188,958)
(241,545)
3,508,571
£3,267,026

R DAPHNE PLUNKET CHARITABLE TRUST

7

BALANCE SHEET AT 31[ST] MARCH 2024

Notes
Fixed Assets:
Investments
4
Current assets:
Debtors
5
Cash at bank:
Alliance Trust
Lloyds Bank
Transact
Charles Stanley
Current liabilities:
6
Trade creditors
Accruals
Net current assets
Net assets
Funds:
Endowment funds
8
Restricted funds
7 & 8
Unrestricted funds
8		 -
-
97,846
23,482
3,649
124,977
-
3,945
3,945		 2024
3,409,957
121,032
£3,530,989
3,469,506
60,345
1,138
£3,530,989		 2023
3,188,608
-
-
51,142
29,824
2,958
83,924
-
5,506
5,506
78,418
£3,267,026
3,243,488
21,219
2,319
£3,267,026

Approved by the Trustees n 26[th] November 2024 and signed on their behalf by:

G Oliver – CHAIRMAN

R DAPHNE PLUNKET CHARITABLE TRUST

8

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31[ST] MARCH 2024

1. Basis of preparation

The financial statements have been prepared on a going concern basis under the historical costs convention as modified by the revaluation of investments, with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these financial statements. The financial statements are presented in sterling, which is the functional currency of the charity.

The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16th July 2014 (as updated through Update Bulletin 1 published on 2nd February 2016), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1st January 2015.

The charity has applied Update Bulletin 1 as published on 2nd February 2016 and does not include a cash flow statement on the grounds that it is applying FRS 102 Section 1A.

The Trust constitutes a public benefit entity as defined by FRS 102.

Accounting policies

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

1.2 Income from interest and dividends

investment gains and losses are shown net in the statement of financial activities and are calculated on the original purchase cost of the investment and not the 'transferred in' value.

costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice (e.g. legal advice, trustee meetings, accounts).

Support costs are those that assist the work of the charity but do not directly represent charitable activities. These include central functions such as office costs.

R DAPHNE PLUNKET CHARITABLE TRUST

9

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31[ST] MARCH 2024

1.6 Grants payable

Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, the full amount is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grant.

Where the charity gives a grant with conditions for its payment being a specific output to be provided, such grants are only recognised once the recipient has provided confirmation

of the specified output.

1.7 Creditors

Creditors are recognised on the accruals basis at settlement amounts.

1.8 Financial instruments

The charity applies the provisions of Sections 11 and 12 of FRS 102 to all of its financial instruments. Financial instruments are recognised in the financial statements when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.9 Investments

Investments are recognised initially at cost and subequently at fair value (their market value) at the year-end, with any changes in value recognised in 'Net gains/(losses) on investments' in the statement of financial activities if the shares are publicly traded or their value can otherwise be measured reliably.

1.10 Debtors

Debtors are recognised at settlement amount after any amount advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received.

1.11 Current asset investments

Investments held for resale or pending their sale and cash and cash equivalents are treated as current asset investments. These include cash on deposit and cash equivalents with a maturity date of less than one year held for investment purposes rather than to meet

short term cash commitments as they fall due. They are valued at fair value except where they qualify as basic financial instruments.

R DAPHNE PLUNKET CHARITABLE TRUST

10

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31[ST] MARCH 2024

2. Grants

The Trust makes occasional grants to institutions. The purpose of all such grants is to support projects that will meet the charitable objects of the Trust.

Grants ton institutions:
Children’s Hospital Pyjamas
Sportability
HAB – Antibullying & Mental Health
Baby Basics Leicester
Blind Veterans UK
Rainbow Children’s Hospice
Happy Days Children’s Charity
Leicester Children’s Holidays
Citizens Advice Leicestershire
St Mary’s Church Barwell
After 18
Hope for Hunger
Leicestershire search & Rescue
British Blind Spot
The haven
Home Start South Leicestershire
Open hands
Rainbows Hospice
UK Veterans hearing foundation
Arthritis Support Leicestershire
Charity Link
Grants to Individuals
Total grants paid
3.
Support and Governance costs
Support costs:
Administration – LCOS
Bank charges
Miscellaneous & office costs
Governance costs:
Administration – LCOS
Accountancy
Audit fees

R DAPHNE PLUNKET CHARITABLE TRUST

11

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31[ST] MARCH 2024

4. Fixed assets investments 2024 2023
Market value at 1st April 2023 3,188,608 3,449,364
Additions 719,958 542,605
Disposals (751,095) (614,394)
Net unrealised investment (losses)/gains 252,486 (188,967)
Market value at 31stMarch 2024 £3,409,957 £3,188,608
Historic cost at 31stMarch 2024 £3,112,448 £3,155,554
5. Debtors and prepayments 2024 2023
Debtors - -
Prepayments and accrued income - -
- -
6. Creditors and accruals 2024 2023
Accruals 1,320 3,756
Trade creditors - -
Accrued grants 2,625 1,750
£3,945 £5,506
7. Restricted funds
The income funds of the Trust include restricted funds that are generated for specific purposes, as
follows:
Balance Incoming Expenditure Gains Balance
01/04/2023 31/03/2024
The Cotton Trust Restricted Fund 16,503 74,251 (44,906) - 45,848
The Cotton Trust Charity Link Fund 4,716 24,750 (14,969) - 14,497

The Cotton Trust Restricted Fund:-

75% of the income generated to provide donations to the residents of Leicestershire and Rutland for:-

The Cotton Trust Charity Link Fund:-

25% of the income generated to support the activities of Charity Link in relieving poverty and support for the provision of specialist mobility equipment

R DAPHNE PLUNKET CHARITABLE TRUST

12

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31[ST] MARCH 2024

8. Analysis of net assets between funds

The expendable endowment fund is to be invested and the income used for any charitable purpose at the discretion of the Trustees. The expandable endowment may also be spent at the absolute discretion of the Trustees.

The permanent endowment fund is to be invested and the income used for the restricted funds as follows: - 1 – 75% of the income generated to provide donations to the residents of Leicestershire and Rutland for: - The relief of poverty

2 - 25% of the income generated to support the activities of Charity Link in relieving poverty and support for the provision of specialist mobility equipment.

Fund Balances at 31st March
2024 are represented by:-
Investments
Current assets
Current liabilities
Total net assets
Unrealised gains/(losses)
included above on investments
(see below)
Reconciliation of movements in
unrealised gains/(losses) on
investments:-
At 31st march 2023
Addback in respect of disposal
in year
Add: Net gains/(losses) arising
on revaluation in year
At 31stMarch		 Unrestricted
Funds
-
3,616
(2,478)
£1,138
-
-
-
-
-
-		 Restricted
Funds
See note 7
-
61,812
(1,467)
£60,345
-
-
-
-
-
-		 Expandable
Endowed
Funds
516,661
7,630
-
£524,291
£99,774
7,413
-
71,413
28,361
£99,774		 Permanent
Endowed
Funds
2,893,296
51,919
-
£2,945,215
£234,489
10,365
-
10,365
224,124
£234,489		 Total 2024
3,409,957
124,977
(3,945)
£3,530,989
£334,263
81,778
-
81,778
252,485
£334,263

R DAPHNE PLUNKET CHARITABLE TRUST

13

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31[ST] MARCH 2024

9. Trustees’ remuneration and expenses

No remuneration or expenses have been paid to trustees during the year.

10. Related party transactions

Related party transactions Related party transactions Related party transactions
The R Daphne Plunket Charitable Trust is administered by Leicester Charity Organisation
Society (Charity Link), 20A Millstone Lane, Leicester LE1 5JN. The Trustees are jointly
Trustees of Charity Link.
Charity Link Administration fees £4,431
Charity Link Accountancy fees £4,402
Charity Link Office costs £48