Plus You Limited
Trustees' Report
The Trustees present their Annual Report for Plus You Limited (PYL) for the year ended 31[st] March 2023
All individuals appointed to the PYL Board fulfil the role of Trustee, Director and Member, for the purpose of this report they will be known as Trustees, and Plus you Limited will be known as PYL.
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
1. Our aims and objectives
Purpose
Our Charity was set up to succeed and continue the work of our predecessor. This remains our primary purpose and is defined in the objects contained in the Company's Articles of Association as:
• The promotion for the public benefit, of urban or rural regeneration, in areas of social and economic deprivation (in particular the Area of Benefit - Thornhill).
• To develop the capacity and skills of the members of the community in such a way that they are better able to identify, help meet their needs and to participate more fully in society.
Aims
Our overall aim is to focus on the growth and prosperity of our residents, by providing opportunities to: learn new skills, develop confidence and self-awareness, raise aspirations, and foster independence "helping people to help themselves".
In addition to this, PYL would like to ensure that the improvements made to the built environment over the life of our predecessor are maintained, and built upon.
All surplus funds within the charity will be used to deliver projects/initiatives that will support the achievement of the Charity's aims and objectives.
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Current year objectives
The Charity's objectives for 2012/21 remained the same as the previous year. With Covid 19 and imminent lockdown approaching it seemed a pointless exercise setting new objectives that would never be attainable in the onset of what then looked like a potential global pandemic.
It was very apparent at that time, if the Charity was going to survive the potential challenges ahead, drastic action would need to be taken.
The Objectives for the year are as follows:
- Continue to maintain the stability of PYL and protect the current delivery/development of projects where possible.
• Develop the income and manage the costs associated with the ownership/operation of Highpoint, aiming to achieve an end of year; operating surplus, enabling rent to be paid to the Charity.
- Continue to drive forward the Highpoint Business plan:
a) Develop the Bar/Cafe, looking to build a regular clientele.
b) Ensure the sustainability of the Main Kitchen via increased food sales on level 2.
c) Increase the hiring of level 2.
d) Employ more staff to drive/support the growth of Highpoint.
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Carry out a full business review/planning session.
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Carry out a full review of the Charity's project delivery.
As the year unfolded it became more and more apparent that no progression against the above Objectives was achievable, albeit with the exception, of keeping PYL and its subsidiary safe. As the year unfolded the main Aim was to ensure (when Covid began to abate) that PYL and its Subsidiary was in a position, whereby it had the opportunity and the Staff so it could reopen its doors and rebuild.
The main problem PYL faced this past year is that as a Charity our survival unlike other Charities, does not depend on grants and donations. Instead, we generate our income from the rental and hire of our properties. Due to the lockdowns, all our income streams ceased overnight.
Our priorities had to change very fast if we were to protect our Staff jobs and ensure we had the team in situ to help us rebuild once the storm was lifting. All Staff (with the exception of the CEO) were placed on the Governments Furlough Scheme as of 30/01/2021.
The task of our CEO was to keep our buildings open and compliant to ensure vital services such as Solent NHS Trust, A Community Pre-School and Local Housing Office were all able to operate during the year. In addition to this, financial operations, and many other elements of the Business still required day to day management.
Our other priority was to preserve the jobs of our Staff. We had an experienced team that we would not be able to reopen and rebuild our Charity/Business without. In addition to this we employ local people and really did not want to have go down the route of redundancy. We hoped very much that the Furlough Scheme would alleviate significant pressure so this would not happen, thankfully it did.
Activities
All activities for the year ceased, with all Staff on Furlough it wasn’t possible to deliver anything.
When it looked like things were getting better, plans were initiated to bring Staff back to work. First a small team to help with keeping the buildings open, functional, and safe.
We then moved to focus towards all Staff coming back in late October to early November. Then came the second wave and lockdown which put paid to those plans.
Thereafter activities remained dormant for the rest of the year, with the exception, of keeping our buildings open for vital services.
Public Benefit
The Charity's primary purpose is to achieve public benefit, both for Thornhill residents and the wider community.
The Trustees have had regard to the Charity Commission's guidance on public benefit.
We believe that it is of Public Benefit that PYL should do everything in its power to ensure its future survival.
2. Achievements and performance
Overall PYL like many other organisations had a year that no one could have ever imagined any of us would ever see in our lifetime. Despite that we can draw some positives from the year and achievements that we are proud of.
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We kept three properties open and operational to ensure vital services were able to continue to function.
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Highpoint Venue – Sustained the activity of Solent NHS Trust Headquarters.
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The Hightown Centre – AliKats Pre-School was able to provide much needed support to key worker families and vulnerable young people.
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The Hinkler Centre – Southampton City Council Housing Office were able to continue their service.
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We protected all of our Staff jobs, and in the second quarter of the following year (2022/2022) the entire team had returned to work, we didn’t make any redundancies.
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We used the experience in a positive way to take a step back and look at our Charity, its Business and how we do things. Based on this we’ve made some positive changes that will hopefully help us to rebuild and get things back on track.
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We had a new development go up next to us on our site (Aldi), this has improved the look of the site as a whole and has brought a positive layer of activity.
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We made some changes to our exterior grounds, this just make things look more appealing and attractive for our Customers and Community, as well as making our maintenance work less arduous.
So, all in all, and despite the fact, that we didn’t deliver what we would normally the year wasn’t a write off.
Excluding the positive things, we could draw from the year, the Charity was still grieving and demoralised. We had spent the previous 6 years building up a Business trade and a good reputation that would sustain the Charity and its Charitable activities moving forward. This had taken lots of hard work against all the odds. All we could do now was to hope and pray that it would return.
3. Financial Review
The results for the year ended 31[st] March 2023 and the financial position of the Charity are as shown in the annexed financial statements.
The irony is that the financial bottom line for the year looks better than it ever has. This is very much due to, the fact that all Charitable activity ceased, and all Staff were put on Furlough which further alleviated financial pressure on the Charity.
In addition to this although all three of our major properties were kept open for vital services, where possible fuel consumption was monitored closely and any operations that could be, were shut down.
In doing this the ultimate aim was to ensure the survival and future of the Charity. To do this we needed to have sufficient funds to put aside to pay Staff on their return from Furlough until such times as the Charity Business was to improve.
4. Structure, Governance & Management
Governing Document
PYL is a Trust incorporated as a Charitable Company limited by guarantee, without share capital.
As such it was established under the Articles of Association (as amended 3rd October 2016). The Articles of Association clearly outlines the objects and powers of the Charitable Company whilst it is governed under its Articles of Association.
The Trustees of PYL are the Directors of the charitable company for the purpose of company law. In the event of the company being wound up the Directors are required to contribute the sum of £1.
Board of Trustees
PYL has a Board of 12 Trustees when at full capacity, composed of 7 Thornhill Resident Directors, and 5 Partner Directors. The names of the Trustees during the financial period are as set out in the legal and administrative section of this report on page 3.
The Board of Trustees meet 8 times a year on average every 6 weeks throughout the financial year. The Board is quorate when one third of the Trustees are present, with the majority of the third being Resident Trustees. The Board spend one meeting per quarter reviewing expenditure against budget forecast and addressing any financial adjustments that may be required moving forward. The remaining meeting of the quarter is utilised as a focus group, where the Board monitor and plan project delivery and business development.
The Board is assisted in the day to day running of the Charity by the Personnel and Finance Sub Committee. The Chair and Vice Chair of the Board attend this Sub Committee, with the Chair of the Board being the Chair of the Sub Committee.
Recruitment of Trustees
PYL's Resident Trustees are elected to the Board via an open and transparent process in accordance with the Articles of Association. All residents living in the community of Thornhill are invited and given the opportunity to put themselves forward as prospective Trustees of PYL. Each Trustee will hold office for a term as near to six years as possible.
An election is held every 2 - 3 years with one third of the Resident Trustees ceasing to hold office (either standing down or submitting themselves for re-election). All prospective candidates (including Trustees up for re-election) are encouraged to canvas for support/votes. The election process is advertised to the whole community, application forms are readily available, election statements are prepared, and the whole election process is independently adjudicated (providing the number of candidates looking to stand exceed the number of seats available).
The Articles of Association further enable Resident Directors to be appointed to the Board between elections on a casual basis as required. This is subject to the maximum number of Resident Members, as laid out in the Articles of Association. These casual appointments will hold office until the next round of formal elections, at which point they must put themselves up for formal election. On their successful appointment they will hold office for a term as near to six years as possible.
In accordance with the Articles of Association, Partner Directors are invited and appointed by the Board of Trustees. Partner Directors hold office for a term of two years from date of appointment but may be re-appointed. The Charity has a job description that outlines the roles and responsibilities of being a Director, which is given to all prospective new Directors.
All newly appointed Trustees are offered an induction, tailored to meet individual requirements, and offered the support of a buddy, namely an experienced Trustee.
All members of the Board give their time voluntarily and receive no benefits or remuneration from the charity. Any expenses reclaimed from the charity, must be claimed in accordance with our Board Member and Volunteer Expenses policy.
Elections
In accordance with the Articles of Association, Resident Trustee elections should take place every 2 - 3 years, with one third of the Resident Trustees being required to cease to hold office (these Trustees are able to re-stand for election).
Elections were last held in January 2019, with the next elections anticipated in early 2022.
Risk Management
The key risk management issues identified by the Charity are those of building reserves and diversifying the income.
Whilst the challenge of HighPoint continues to occupy much of the Charity's time, once the HighPoint business is stabilised, there· is every likelihood that further diversification and growth of income generated will be achieved. If successful, this will enable PYL to build reserves, thus mitigating much of the risk. It must be noted that as time moves on although HighPoint could be classed as a risk whilst it is being developed, in the previous year it has proven to be much less of a financial risk than some of our older buildings that are now becoming a real financial burden to the Charity and a high risk.
Additionally, the Trustees have considered the impact of the Covid pandemic on the business. Whilst most of the business has been closed for the entire year, government grants have enabled the business to resume trading, where possible and have left the Charity with both a surplus and cash positive position at year end. Based on this the Trustees consider that there is sufficient reserves and resources available to enable the business to continue trading at a reduced level for the foreseeable future.
Auditors
This year the charity's auditors, X5 Accountants, have expressed their willingness to continue in that capacity.
Disclosure of information to auditor
Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
In so far as the trustees are aware:
• there is no relevant audit information of which the charitable company's auditor is unaware; and
• the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
Financial Risk
Objectives and policies
The charity's activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk.
Cash flow risk
The charity’s activities do not expose it to any significant areas of cash flow risk. There is no exposure to foreign currencies or interest rates.
Credit risk
The charity’s principal financial assets are bank balances and cash, trade and other receivables, and property investments.
The charity’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.
The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.
The charity has no significant concentration of credit risk, other than its exposure to its main tenant, being a public body.
Liquidity risk
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the charity has adequate cash reserves and borrowing facilities.
Sincere Thanks
The Trust is grateful for the commitment, support, and patience provided by its Board, Staff, and Volunteers, through what has been the most challenging of years. Without each and every one of them and their dedication, the future of the Charity would not be possible or stable, nor would it be able to move forward in the positive manner that it currently is.
This report has been prepared in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), in accordance with Chapter 3 of Part 16 of the Companies Act 2006.
The annual report was approved by the trustees of the charity on 21[st] December 2022 and signed on its behalf by:
......................................... Stephen Donovan Chair of Trustees
Company registration number: 06438245 Charity registration number: 1125571
Plus You Limited
(A company limited by guarantee)
Annual Report and Financial Statements
for the Year Ended 31 March 2023
Plus You Limited
Contents
| Reference and Administrative Details | 3 |
|---|---|
| Trustees' Report | 5 to 12 |
| Statement of Trustees' Responsibilities | 13 |
| Report of the Auditors | 14 to 16 |
| Statement of Financial Activities | 17 to 18 |
| Balance Sheet | 19 |
| Statement of Cash Flows | 20 |
| Notes to the Financial Statements | 21 to 31 |
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Plus You Limited
Reference and Administrative Details
Trustees
Paul Whitmore, Resident Director Christine Holland, Resident Director Timothy Inkson, Partner Director Nicola Green, Resident Director Gary King, Partner Director Hadleigh Gaudreau, Partner Director Stephen Donovan, Resident Director
Chief Executive
Debbie King MBE
Principal Office
The Highpoint Venue Bursledon Road Southampton Hampshire SO19 8BR
Company Registration Number
06438245
Charity Registration Number
1125571
Solicitors
Anthony Collins Solicitors LLP 134 Edmund Street Birmingham B3 2ES
Bankers
HSBC 55 Above Bar Street Southampton SO14 2DS
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Plus You Limited
Auditors
Xeinadin Audit Limited 8[th] Floor Beckett House London EC2R 8DD
Accountants
Xebra Accounting 5a The Gardens Fareham Hampshire PO16 8SS
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Plus You Limited
Trustees' Report
The Trustees present their Annual Report for Plus You Limited (PYL) for the year ended 31[st] March 2023
All individuals appointed to the PYL Board fulfil the role of Trustee, Director and Member, for the purpose of this report they will be known as Trustees, and Plus you Limited will be known as PYL.
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
1. Our aims and objectives
Purpose
Our Charity was set up to succeed and continue the work of our predecessor. This remains our primary purpose and is defined in the objects contained in the Company's Articles of Association as:
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The promotion for the public benefit, of urban or rural regeneration, in areas of social and economic deprivation (in particular the Area of Benefit - Thornhill).
-
To develop the capacity and skills of the members of the community in such a way that they are better able to identify, help meet their needs and to participate more fully in society.
Aims
Our overall aim is to focus on the growth and prosperity of our residents, by providing opportunities to: learn new skills, develop confidence and self-awareness, raise aspirations, and foster independence "helping people to help themselves".
In addition to this, PYL would like to ensure that the improvements made to the built environment over the life of our predecessor are maintained, and built upon.
All surplus funds within the charity will be used to deliver projects/initiatives that will support the achievement of the Charity's aims and objectives.
.
Current year objectives
The Charity's objectives for 2023 continued to focus on rebuilding the stability of PYL’s revenue streams so that the Charity had a future and was able to continue to deliver initiatives to the community of Thornhill.
Obviously, we still had to manage the ongoing effects of Covid and even though Covid was still making individuals sick, the pace and severity at which it was spreading had calmed down significantly. The major threat now seemed to be the financial fallout it had created. By this I mean that everyone was back to work and focused on rebuilding their business. This was to be a difficult balancing act for everyone as in most cases surplus funds were tight. The old saying, “you have to speculate to accumulate” is difficult to adhere to when you have very little surplus funds to play with. We found that
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Plus You Limited
clients old and new were very reluctant to spend money especially if it seemed extravagant. Bookings for Highpoint were restricted to just room hire with no lunch, and refreshments (tea/coffee & biscuits) were being kept to a minimum. Due to this change keeping our revenue streams up would be a significant challenge.
The Objectives for the year were as follows:
Manage the future of the Charity/Business with appropriate acknowledgement that Covid 19 still poses a threat.
In order to:
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Achieve our principal Charitable aim of delivering Community benefit by continuing to provide Community spaces and supporting local Community facilities, in addition to providing targeted Community Projects.
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Work to retain current staff with the aim to grow and develop the team as the Charity/Business recovers.
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By the end of the year, to have a clear plan for the future of The Hightown Community Centre.
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Continue to review the Governance & business plans for Plus You Limited and Highpoint Hospitality Services Limited.
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Carry out a full review of the Charity’s project delivery.
As the year unfolded it became more and more apparent that limited progression against the above Objectives would be achievable.
Our top priority had to be keeping PYL and its subsidiary (Highpoint Hospitality Services Limited) financially viable, ensuring its future was of paramount importance. We also had to focus on delivering as much support to our Community as possible. After all the increase in cost of living was going to hit Communities like Thornhill very hard.
The problem PYL continued to face is that we are self-sufficient, generating our income from the rental and hire of our properties. With hiring numbers down, and clients not purchasing much food, we found ourselves struggling to generate sufficient income. In-turn this could also have a possible knock-on effect in coming years finances if things didn’t improve.
All Staff jobs were protected for another year, with no redundancies and very small growth (existing Staff working more hours, and Bank Staff being utilised once again). There were some changes in roles and responsibilities amongst more experienced Staff, to provide better support to the changing needs/demands of the business.
Activities
With the cost-of-living increases being the highest they’d been for years, and the high risk of fuel poverty, we had to pull out all the stops to help our Community as much as we could.
We launched our Food Market project, offering individuals from our Community the opportunity to purchase £15 of fresh produce for £5. This ran on a Wednesday morning.
We continued to run our Kids holiday lunch club, delivering a free 2 course hot meal, for up to 30 children a day, from our 3 Primary Schools. This project would run during the school holidays on Tuesday, Wednesday, & Thursday.
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A Warm Hub was set up in two of our properties. This project provided a safe, comfortable, warm space to sit and talk with books, puzzles, newspapers, warm drinks, and soup. This would enable individuals to save on fuel costs and give them a chance to get out and safely mix/socialise with others.
We delivered a lovely Christmas Grotto, free to attend, over the course of three evenings in December. This was a great success and saw the largest attendance that it had in any previous year.
The children who frequently attended our Holiday Lunch Club, were also invited to a free Christmas dinner. They left with bellies full having had a visit and a gift from Santa.
We also had to focus a lot of attention and money on carrying out repairs to our properties. The effect of Covid was now starting to show here too. During which time our properties had received little or no attention in this area, except for the primary health & safety matters that must be attended to when you own properties.
We also provide an open house service. We will support any individual who asks us for help as best we can. We hand out Basic Bank vouchers and will signpost individuals or help them access the required services ensuring they get the assistance they need.
Public Benefit
The Charity's primary purpose is to achieve public benefit, both for Thornhill residents and the wider community.
The Trustees have had regard to the Charity Commission's guidance on public benefit.
We believe that it is of Public Benefit that PYL should do everything in its power to ensure its future survival.
The survival of a Charity like PYL, that depends on its assets generating sufficient surplus income to sustain the Charity’s future and the delivery of projects is always going to be and to date always has been tenuous. However, in the current climate its that much more difficult. The future is very uncertain and turbulent.
2. Achievements and performance
Whilst continuing its usual struggle for survival, PYL managed to have a successful year by way of project delivery.
Aside from the projects listed in the Activities section above, it remains a stark truth that we can only do what surplus funds enable us to.
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So, here’s a flavour of other projects/initiatives we managed to sustain/deliver during 2022/2023:
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We kept three properties open and operational ensuring access to vital services continue to be available.
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Highpoint Venue – is the venue where we deliver our, Food Market, Kids Holiday Lunch Club, Kids Christmas Party, Santa Grotto. In addition, we deliver a free OAP Fish & Chip lunch for up to 25 individuals on the second Friday of every month. This property is also the major income stream for the Charity generating surplus funds to sustain the projects we deliver here, and others delivered elsewhere.
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The Hightown Centre – Despite its poor state of repair and need for a serious injection of funds which PYL is looking into. This building continues to house AliKats PreSchool, our local Karate Club, and other community activities such as Birthday Parties and Baby Showers take place here.
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The Hinkler Centre – is home to Southampton City Council Housing Office and later in the year was to become home to the Community Wardens base when the Housing Office moved out. A Community library delivered by volunteers is supported by PYL for a peppercorn rent of £1. Our Tai Chi group, heavily subsidised by PYL is delivered every Thursday here. Other groups and sessions throughout the year also deliver activities from this building.
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PYL own the five commercial units on Hinkler Road. These units generate rental income to the Charity. To save money and maximise the opportunity to generate surplus income, PYL Staff property manage the Charity’s entire property portfolio. With such a large property portfolio and an incredibly small Staff team this is one of the biggest challenges faced by PYL each year. It’s a mammoth undertaking keeping up with all the tasks that have to be completed.
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Our Community Shop on Hinkler Road is still up and running. Here you can purchase good quality, clean, second-hand goods from clothes to baby items. Childrens toys, and household goods. This project is set up to offer residents the opportunity to purchase, attractive items for sale, at an affordable price, hopefully reducing the instances of individuals getting in debt. To achieve this for our community, PYL has forgone the opportunity to charge rent to a tenant on this unit.
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Our trading subsidiary continues to claw its way back, still operating on limited opening hours to reduce the risk of overextending itself before the demand for the service is there.
3. Financial Review
The results for the year ended 31[st] March 2023 and the financial position of the Charity are as shown in the annexed financial statements.
The financial bottom line for the year looks very good. This is very much due to, the fact that our tenants Solent NHS Trust at Highpoint, continue to hire additional space from us on our level 2 conference facility, as they did during Covid. PYL are sure that this will not be the case for much longer, in fact its most likely to cease early next year. If it does, PYL will see this make a significant impact on the Charity’s financial position, if by which time, Highpoint level 2 hiring has not increased.
Aside from this extra hire from Solent NHS Trust, the financial position is still very stable due to the reduced financial pressures in the past two years during Covid, where expenditure was able to be kept to a bare minimum. We also had and one very large, one-off hire that generated significant income this year.
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However, we are now in a position where all Staff are back to work, buildings require repairs to be carried out, everything from utilities to food has gone up significantly in cost and it seems that the hiring of our properties has reduced. We have of course increased our service charges whilst being mindful we do not want to price ourselves out of the market.
We’re continuing to keep all spending to a minimum. We purchase food on a need basis along with all other resources like cleaning products and stationery, aiming to have very little stock held on shelves as an unliquidated asset.
Surplus funds are tighter than the previous two years, and it looks as though its only going to become more restricted, moving into 2023/2024. Much of this feels as if is out of our hands, you can advertise as much as you want, however, if companies/individuals don’t have money to spend you will not attract the custom.
We predict the coming two to three years are going to be a bumpy ride. We have tightened out belts and survived difficult situations before, so we can do it again!
4. Structure, Governance & Management
Governing Document
PYL is a Trust incorporated as a Charitable Company limited by guarantee, without share capital.
As such it was established under the Articles of Association (as amended 3rd October 2016). The Articles of Association clearly outlines the objectives and powers of the Charitable Company whilst it is governed under its Articles of Association.
The Trustees of PYL are the Directors of the charitable company for the purpose of company law. In the event of the company being wound up the Directors are required to contribute the sum of £1.
Board of Trustees
PYL has a Board of 12 Trustees when at full capacity, composed of 7 Thornhill Resident Directors, and 5 Partner Directors. The names of the Trustees during the financial period are as set out in the legal and administrative section of this report on page 3.
The Board of Trustees meet 8 times a year on average every 6 weeks throughout the financial year. The Board is quorate when one third of the Trustees are present, with the majority of the third being Resident Trustees. The Board spend one meeting per quarter reviewing expenditure against budget forecast and addressing any financial adjustments that may be required moving forward. The remaining meeting of the quarter is utilised as a focus group, where the Board monitor and plan project delivery and business development.
The Board is assisted in the day to day running of the Charity by the Personnel and Finance Sub Committee. The Chair and Vice Chair of the Board attend this Sub Committee, with the Chair of the Board being the Chair of the Sub Committee.
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Recruitment of Trustees
PYL's Resident Trustees are elected to the Board via an open and transparent process in accordance with the Articles of Association. All residents living in the community of Thornhill are invited, and given the opportunity to put themselves forward as prospective Trustees of PYL. Each Trustee will hold office for a term as near to six years as possible.
An election is held every 2 - 3 years with one third of the Resident Trustees ceasing to hold office (either standing down or submitting themselves for re-election). All prospective candidates (including Trustees up for re-election) are encouraged to canvas for support/votes. The election process is advertised to the whole community, application forms are readily available, election statements are prepared, and the whole election process is independently adjudicated (providing the number of candidates looking to stand exceed the number of seats available).
The Articles of Association further enable Resident Directors to be appointed to the Board between elections on a casual basis as required. This is subject to the maximum number of Resident Members, as laid out in the Articles of Association. These casual appointments will hold office until the next round of formal elections, at which point they must put themselves up for formal election. On their successful appointment they will hold office for a term as near to six years as possible.
In accordance with the Articles of Association, Partner Directors are invited and appointed by the Board of Trustees. Partner Directors hold office for a term of two years from date of appointment but may be re-appointed. The Charity has a job description that outlines the roles and responsibilities of being a Director, which is given to all prospective new Directors.
All newly appointed Trustees are offered an induction, tailored to meet individual requirements, and offered the support of a buddy, namely an experienced Trustee.
All members of the Board give their time voluntarily and receive no benefits or remuneration from the charity. Any expenses reclaimed from the charity, must be claimed in accordance with our Board Member and Volunteer Expenses policy.
Elections
In accordance with the Articles of Association, Resident Trustee elections should take place every 2 - 3 years, with one third of the Resident Trustees being required to cease to hold office (these Trustees are able to re-stand for election).
Elections were last held in January 2019, with the next elections anticipated in early 2022. However, there was no need for election in January 2022 as we did not attract sufficient interest to merit an election.
During recent years it has proven very difficult to attract new Trustees. Covid initially made individuals worried about coming out to meetings, however in addition to this the role requires a lot from each individual Trustee which is often very off-putting. This has currently left PYL with a small but functional Board of Trustees.
PYL continue to advertise for new Trustees.
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Risk Management
The key risk management issues identified by the Charity continue to be those of building reserves and diversifying the income.
The challenge of rebuilding the Business of Highpoint and that of our other properties after Covid continues to occupy much of the Charity's time.
Currently all our properties could be classed as a risk, as even the newest of them Highpoint, The Hinkler Centre, and the Commercial Units at Hinkler, due to them all being just over 10 years old, are starting to cost with general repairs.
Hightown our much older property has been and continues to be a real risk financially to the Charity. This year much time has been spent exploring all and any opportunities to solve the problems we have with Hightown, sadly none of these have come to bear. The coming year is going to see The PYL Board having to do some serious sole searching and maybe take some real evasive action in relation to this property.
In the past the lack of reserves fund has posed a real threat, however, during the past two years it has proven possible to navigate this so putting a small pot of funds aside to mitigate certain small emergency situations.
Overall, the Charity in the past has been in worst financial situations, has dealt with it amicably and survived. However, despite its tenacity, these are very different times we find ourselves in, and there is only so much mitigation one can achieve!
Auditors
This year the charity's auditors, Xeinadin Audit Limited, have expressed their willingness to continue in that capacity.
Disclosure of information to auditor
Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
In so far as the trustees are aware:
• there is no relevant audit information of which the charitable company's auditor is unaware; and
• the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
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Financial Risk
Objectives and policies
The charity's activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk.
Cash flow risk
The charity’s activities do not expose it to any significant areas of cash flow risk. There is no exposure to foreign currencies or interest rates.
Credit risk
The charity’s principal financial assets are bank balances and cash, trade and other receivables, and property investments.
The charity’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.
The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.
The charity has no significant concentration of credit risk, other than its exposure to its main tenant, being a public body.
Liquidity risk
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the charity has adequate cash reserves and borrowing facilities.
Sincere Thanks
The Trust is grateful for the commitment, support, and patience provided by its Board, Staff, and Volunteers, through what has been yet another challenging year. Without each and every one of them and their dedication, the future of the Charity would not be possible or stable, nor would it be able to even consider a future.
This report has been prepared in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), in accordance with Chapter 3 of Part 16 of the Companies Act 2006.
The annual report was approved by the Trustees of the charity on 20[th] December 2023 and signed on its behalf by:
......................................... Paul Whitmore Chair of Trustees
12
Plus You Limited
Statement of Trustees' Responsibilities
The Trustees (who are also the directors of Plus You Limited for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the Trustees of the charity on 20[th] December 2023 and signed on its behalf by:
......................................... Paul Whitmore Trustee
13
Plus You Limited
Independent Auditors Report to the Trustees of Plus You Limited For the Year Ended 31 March 2023
Opinion
We have audited the financial statements of Plus You Limited (the 'charitable company') for the year ended 31 March 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the charitable company's affairs as at 31 March 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs
(UK) require us to report to you where
-
the trustees' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
-
the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charitable company's ability to continue to adopt the going concern basis of
-
accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
14
Plus You Limited
Independent Auditors Report to the Trustees of Plus You Limited For the Year Ended 31 March 2023 continued…
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinion on other matters prescribed by the Charities (Accounts and Reports) Regulations 2008
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the Report of the Trustees has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.
We have nothing to report in respect of the following matters where the Companies Act
2011 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of trustees' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
15
Plus You Limited
Independent Auditors Report to the Trustees of Plus You Limited For the Year Ended 31 March 2023 continued…
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
-
Enquiry of management, and those charged with governance re actual and potential litigation and claims.
-
Enquiry of staff in compliance functions to identify any non-compliance with laws and regulations.
-
Reviewing minutes of meetings of those charged with governance.
-
Reviewing disclosures and testing to documents to assess compliance with applicable laws and regulations.
-
Auditing the risk of management override of controls, and evaluating the business rationale of significant transactions outside the normal course of business.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.
Use of our report
This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
21/12/2023 | 5:40 AM PST
Andrew Hill FCA (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited 8[th] Floor Becket House
36 Old Jewry
Registered Auditor London
EC2R 8DD
Date: 20[th] December 2023
16
Plus You Limited
Statement of Financial Activities for the Year Ended 31 March 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses
| Unrestricted Restricted Total |
|
|---|---|
| funds funds 2023 |
|
| Note | £ £ £ |
| Income and Endowments from: | |
| Donations and legacies 3 |
544 - 544 |
| Charitable activities 4 |
51,058 6,857 57,915 |
| Other trading activities 5 |
437,255 - 437,255 |
| Investment income 6 |
102,549 - 102,549 |
| Other income | 1,938 - 1,938 |
| Total income | |
| 593,344 6,857 600,201 |
|
| Expenditure on: | |
| Charitable activities 7 |
(191,803) (6,407) (198,210) |
| Other expenditure 8 |
(351,428) - (383,428) |
| Total expenditure | |
| (543,231) (3,385) (549,638) |
|
| Net income | |
| 50,113 450 50,563 |
|
| Net movement in funds | |
| 50,113 450 50,563 |
|
| Reconciliation of funds | |
| Total funds brought forward | |
| 5,060,744 24,050 5,084,794 |
|
| Total funds carried forward 21 |
|
| 5,110,857 25,389 5,135,357 |
17
Plus You Limited
Statement of Financial Activities for the Year Ended 31 March 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Unrestricted | Restricted | Total |
||
|---|---|---|---|---|
| funds | funds | 2022 | ||
| Note | £ | £ | £ | |
| Income and Endowments from: | ||||
| Donations and legacies | 3 | 20,328 | - | 20,328 |
| Charitable activities | 4 | 43,079 | - | 43,079 |
| Other trading activities | 5 | 349,172 | - | 349,172 |
| Investment income | 6 | 107,941 | - | 107,941 |
| Other income | 24 | - | 24 | |
| Total income | 520,543 | - | 520,543 | |
| Expenditure on: | ||||
| Charitable activities | 7 | (213,169) | - | (213,169) |
| Other expenditure | 8 | (254,376) | - | (254,376) |
| Total expenditure | (467,545) | - | (467,545) | |
| Net income | 52,998 | - | 52,998 | |
| Net movement in funds | 52,998 | - | 52,998 | |
| Reconciliation of funds | ||||
| Total funds brought forward | 5,007,746 | 24,050 | 5,031,796 | |
| Total funds carried forward | 21 | 5,060,744 | 24,050 | 5,084,794 |
The notes on pages 21 to 31 form an integral part of these financial statements.
All of the charity's activities derive from continuing operations during the above two periods.
The funds breakdown for 2023 is shown in note 21.
18
Plus You Limited
(Registration number: 06438245)
Balance Sheet as at 31 March 2023
| 2023 £ 2022 £ 4,743,357 4,809,686 100 100 4,774,457 4,809,786 204,723 249,776 357,592 321,979 562,315 571,755 (201,415) (296,746) 360,900 275,009 5,135,357 5,084,794 - - 5,135,357 5,084,794 24,500 24,050 5,110,857 5,060,744 5,135,357 5,084,794 |
|
|---|---|
| Note | |
| Fixed assets | |
| Tangible assets 15 |
|
| Investments 16 |
|
| Current assets | |
| Debtors 17 |
|
| Cash at bank and in hand 18 |
|
| Creditors: Amounts falling due within oneyear 19 |
|
| Net current assets | |
| Total assets less current liabilities | |
| Creditors: Amounts falling due after more than oneyear | |
| Net assets | |
| Funds of the charity: | |
| Restricted income funds | |
| Restricted funds 21 |
|
| Unrestricted income funds | |
| Unrestricted funds | |
| Total funds 22 |
The Trustees have prepared accounts in accordance with provision applicable to companies subject to the small companies regime.
The financial statements on pages 17 to 31 were approved by the trustees, and authorised for issue on 20[th] December 2023 and signed on their behalf by:
......................................... Stephen Donovan Trustee
19
Plus You Limited
Statement of Cash Flows for the Year Ended 31 March 2023
| 2023 £ 2022 £ 50,563 52,998 35,329 29,983 (102,549) (107,941) (16,657) (24,960) 45,052 (116,291) (67,153) 102,995 326 5,727 (38,432) (32,529) 102,549 107,941 (28,504) (26,500) 35,613 (12,259) 321,979 334,170 357,592 321,911 |
|
|---|---|
| Note | |
| Cash flows from operating activities | |
| Net cash income | |
| Adjustments to cash flows from non-cash items | |
| Depreciation 8 |
|
| Investment income 6 |
|
| Working capital adjustments | |
| (Increase)/Decrease in debtors 17 |
|
| Increase/(Decrease) in creditors 19 |
|
| Increase/(Decrease)in deferred income 20 |
|
| Net cash flows from operating activities | |
| Cash flows from investing activities | |
| Investment Income | |
| Cash flows from financing activities | |
| Repayment of loans and borrowings 19 |
|
| Net increase in cash and cash equivalents | |
| Cash and cash equivalents at 1 April | |
| Cash and cash equivalents at 31 March |
All of the cash flows are derived from continuing operations during the above two periods.
20
Plus You Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
1 Charity status
The charity is limited by share capital, and was incorporated on 27[th] November 2007. The address of its registered office is: The Highpoint Venue Bursledon Road Southampton Hampshire SO19 8BR
2 Accounting policies
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
The financial statements have been prepared in accordance with 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) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). They also comply with the Companies Act 2006 and Charities Act 2011.
Basis of preparation
Plus You Limited meets the definition of a public benefit entity under FRS 102 and does not produce group accounts as the entity is exempt under the small companies regime through the Companies Act 2006. These accounts relate to Plus You Limited only. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
The presentational currency is £ sterling.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.
Income and endowments
Income is received net of VAT.
Items of income are recognised and included in the accounts when all the following criteria are met:
-
The charity has entitlement to the funds
-
Any conditions attached to the items of income have been met or are fully within the control of the charity
-
There is sufficient certainty that receipt of income is considered probable
-
The amount can be measured reliably
Grants and donations are included as income in the period in which they are received except where the donor imposes conditions which have to be fulfilled before the charity becomes entitled to such income: such income is deferred until the conditions have been met.
Income received in advance for rent or room hire is deferred until the criteria for the recognition of income is met.
21
Plus You Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Donations and legacies
Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.
Grants receivable
Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.
Deferred income
Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when:
-
The donor specifies that the grant or donation must only be used in future accounting periods; or
-
The donor has imposed conditions which must be met before the charity has unconditional entitlement.
Income in advance for rent or room hire is deferred until the criteria for the recognition of income has been met.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Support costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
Governance costs
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and Trustees’s meetings and reimbursed expenses.
Government grants
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
22
Plus You Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Tangible fixed assets
Individual fixed assets costing £100.00 or more are initially recorded at cost.
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
| Asset class | Depreciation method and rate |
|---|---|
| Freehold Land and Property | None |
| Leasehold Property | Period of lease |
| Office Equipment | 10% - 25% straight line |
Investment properties
Investment property is included at fair value. Gains are recognised in the income statement.
Business combinations
Investments and subsidiaries are recorded at historical cost.
Fixed asset investments
Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.
Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
23
Plus You Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Foreign exchange
Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date.
The results of overseas operations are translated at the average rates of exchange during the period and their balance sheets at the rates ruling at the balance sheet date. Exchange differences arising on translation of the opening net assets and results of overseas operations are reported in other comprehensive income and accumulated in equity (attributed to non-controlling interests as appropriate).
Other exchange differences are recognised in the Statement of Financial Activities in the period in which they arise except for:
1) exchange differences on transactions entered into to hedge certain foreign currency risks (see above);
2) exchange differences arising on gains or losses on non-monetary items which are recognised in other comprehensive income; and
3) in the case of the consolidated financial statements, exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation), which are recognised in other comprehensive income and reported under equity.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees's discretion in furtherance of the objectives of the charity.
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
24
Plus You Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
- 3 Income from donations and legacies
| 3 Income from donations and legacies |
|
|---|---|
| 2023 2022 |
|
| £ £ |
|
| Donations - unrestricted | 544 457 |
| Governmentgrants - unrestricted | - 19,871 |
| 544 20,328 |
- 4 Income from charitable activities
| 4 Income from charitable activities |
||
|---|---|---|
| Unrestricted Total funds |
||
| funds Restricted funds £ |
||
| General General |
||
| £ £ |
||
| Rental, hire charges and services income from Hightown | ||
and Hinkler Community Centres |
39,998 - 39,998 |
|
| Servicesprovided to the community | 11,060 6,857 17,917 |
|
| Total for 2023 | ||
| 51,058 6,857 57,915 |
||
| Total for 2022 | ||
| 43,079 - |
43,079 |
5 Income from other trading activities
| 5 Income from other trading activities |
|
|---|---|
| 2023 2022 |
|
| £ £ |
|
| Tradingincome - unrestricted | 437,255 349,172 |
| 437,255 349,172 |
25
Plus You Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
6 Investment income
| 6 Investment income |
|
|---|---|
| 2023 2022 |
|
| £ £ |
|
| Income from rents - unrestricted | 102,549 107,941 |
| Total for 2023 | |
| 102,549 107,941 |
7 Expenditure on charitable activities
| 7 Expenditure on charitable activities |
|||
|---|---|---|---|
| 2023 | 2022 | ||
| Note | £ | £ | |
| Expenditure on Charitable Activities - unrestricted | 29,030 | 14,468 | |
| Expenditure on Charitable Activities - restricted | 6,407 | - | |
| Depreciation, amortisation and other similar costs | 35,329 | 29,983 | |
| Staff costs | 65,514 | 58,702 | |
| Allocated support costs | 9 | 59,280 | 107,116 |
| Governance costs | 9 | 2,650 | 2,900 |
| 198,210 | 213,169 |
8 Other expenditure
| 8 Other expenditure |
|
|---|---|
| 2023 2022 |
|
| Note | £ £ |
| Wages and salaries - unrestricted | 131,039 120,042 |
| Other resources expended - unrestricted | 220,389 234,334 |
| 351,428 354,376 |
26
Plus You Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
9 Analysis of governance and support costs
Administrative costs
| Administrative costs | |
|---|---|
| 2023 2022 |
|
| £ £ |
|
| Accountancy & bookkeeping | 14,984 15,446 |
| Confidential waste disposal | 156 192 |
| General insurance | 1,925 1,638 |
| HR & H&S support | 5,008 4,850 |
| IT | 4,927 2,425 |
| Legal & professional fees | 66 54 |
| Other expenses | 35,431 80,996 |
| Printing, postage & stationery | 1,563 1,377 |
| Refreshments | 228 138 |
| Telephone | |
| 59,280 107,116 |
|
| Governance costs | |
| 2023 2022 |
|
| £ £ |
|
| Audit fees | 3,700 2,900 |
| Total for 2023 | |
| 3,700 2,900 |
All the above amounts are unrestricted funds.
10 Incoming resources
Net incoming/outgoing resources
Net incoming resources for the year include:
| 10 Incoming resources Net incoming resources for the year include: |
Net incoming/outgoing resources |
|---|---|
| 2023 2022 |
|
| £ £ |
|
| Depreciation of fixed assets | 35,329 29,983 |
11 Trustees remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
No trustees have received any reimbursed expenses or any other benefits from the charity during the year
27
Plus You Limited
Notes to the Financial Statements for the Year Ended 31 March 2023 continued …
12 Staff costs
The aggregate payroll costs were as follows:
| 12 Staff costs The aggregate payroll costs were as follows: |
|
|---|---|
| 2023 2022 |
|
| £ £ |
|
| Staff costs during the year were: | |
| Wages and salaries | 194,384 166,451 |
| Employers national insurance | 15,991 18,616 |
| Pension costs | 3,837 8,511 |
| 214,212 193,578 |
The monthly average number of persons (including senior management team) employed by the charity during the year expressed as full time equivalents was as follows:
| year expressed as full time equivalents was as follows: | |
|---|---|
| 2023 2022 |
|
| No No |
|
| Chief Executive | 1 1 |
| Community Development Officers | 1 1 |
| Administration and Support | 5 5 |
| 7 7 |
No employee received emoluments of more than £60,000 during the year.
The chief executive officer, as the highest paid member of staff, received benefits totalling £56,693 (2022 - £52,038).
13 Auditors' remuneration
| 13 Auditors' remuneration |
||||
|---|---|---|---|---|
| 2023 | 2022 | |||
| £ | £ | |||
| Audit of the financial statements | 3,700 | 2,900 |
14 Taxation
The charity is a registered charity and is therefore exempt from taxation.
28
Plus You Limited
Notes to the Financial Statements for the Year Ended 31 March 2023 continued …
15 Tangible fixed assets
| 15 Tangible fixed assets |
|
|---|---|
| Land and Furniture and |
|
| buildings equipment Total |
|
£ £ £ |
|
| Cost | |
| At 1 April 2022 | 4,830,000 343,507 5,173,507 |
| Disposals | - (59,694) (59,694) |
| At 31 March 2023 | |
| 4,830,000 283,813 5,113,813 |
|
| Depreciation | |
| At 1 April 2022 | 135,960 227,762 363,722 |
| Disposals | - (59,694) (59,694) |
| Charge for theyear | 12,360 22,969 35,329 |
| At 31 March 2023 | |
| 148,320 191,037 339,357 |
|
| Net book value | |
| At 31 March 2023 | |
| 4,681,680 92,777 4,774,457 |
|
| At 31 March 2022 | |
| 4,694,040 115,746 4,809,786 |
Included within the net book value of land and buildings above is £3,285,000 (2022 - £3,285,000) in respect of freehold land and buildings and £1,409,040 (2022 - £1,409,040) in respect of leaseholds.
Land and buildings includes a freehold investment property comprising commercial units at Hightown, from which the investment properties income is derived. The trustees have valued these properties at £285,000, also the original cost of the property.
Also included is the freehold land on which the Highpoint Venue is built, valued by the trustees at £3,000,000, also the original cost of the land. The property built on that land was acquired in 2014 in accordance with the terms of the lease, following the insolvency of the building’s owner. No payment was made for the property.
The Trustees have considered the valuation of the Highpoint Venue land and building and consider that the carrying value of £3 million is a reasonable current valuation. At the time of the insolvency of the previous owners, no offers were received for the property above this value, and its financial performance does not support an increase in value.
| 16 Fixed asset investments |
|
|---|---|
| 2023 2022 |
|
| Shares in group undertakings and participating interests | £ £ |
| Cost at 31 March 2022 and 31 March 2023 | 100 100 |
| Provision for impairment | - - |
| Net Book Value at 31 March 2022 and at 31 March 2023 | 100 100 |
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Plus You Limited
Notes to the Financial Statements for the Year Ended 31 March 2023 continued …
17 Debtors
| 17 Debtors |
||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Trade debtors | 100,940 | 146,185 |
| Due from group undertakings | 92,512 | 92,512 |
| Prepayments | 11,271 | 10,979 |
| Other debtors | - | 100 |
| 204,723 | 249,776 | |
| 17 Debtors |
17 Debtors |
17 Debtors |
17 Debtors |
|---|---|---|---|
| 2023 £ 2022 £ |
|||
| Trade debtors 100,940 146,185 |
|||
| Due from group undertakings 92,512 92,512 |
|||
| Prepayments 11,271 10,979 |
|||
| Other debtors - 100 |
|||
| 204,723 249,776 |
|||
| 18 Cash and cash equivalents |
|||
| Cash on hand | 201 67 |
||
| Cash at bank | 357,391 321,911 |
||
| 357,592 321,978 |
|||
| 19 Creditors: amounts falling due within one year |
|||
| Trade creditors | 43,255 155,162 |
||
| Other loans | 8,211 36,715 |
||
| Other taxation and social security | 12,162 (6,088) |
||
| Other creditors | 41,664 21,227 |
||
| Accruals | 20,837 14,770 |
||
| Deferred income | 75,287 74,960 |
||
| 201,415 296,746 |
20 Pension and other schemes
The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to £3,837 (2022 - £3,073).
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Plus You Limited
Notes to the Financial Statements for the Year Ended 31 March 2023 continued …
21 Funds
| 21 Funds |
21 Funds |
|---|---|
| Unrestricted 2023 2022 | |
| General Fund 5,110,857 5,060,744 |
|
| Restricted | |
| Motiv8 activities for younger people, aged 5 to 12, during school holidays 20,396 20,396 |
|
| Food Market | 1,075 - |
| School HolidayLunch Club | 3,029 3,654 |
| Total restricted | |
| 24,500 24,050 |
|
| Total funds | |
| 5,135,357 5,084,794 |
22 Analysis of net funds
| 22 Analysis of net funds |
|
|---|---|
| At 31 March | |
| At 1 April 2022 Cash flow 2023 |
|
£ £ £ |
|
| Cash at bank and in hand | 321,979 35,613 357,592 |
| 321,979 35,613 357,592 |
|
| Net Funds | |
| At 31 March | |
| At 1 April 2021 Cash flows 2022 |
|
£ £ £ |
|
| Cash at bank and in hand | 334,238 (12,259) 321,979 |
| Net Funds | |
| 334,328 (12,259) 321,979 |
23 Related party transactions
During the year the charity made the following related party transactions:
Highpoint Hospitality Services Limited (Plus You Limited owns 100% of Highpoint Hospitality Services Limited) Highpoint Hospitality Services Limited was set up to act as a trading company that looks after the running of the bar in the highpoint centre.
During the financial year, Plus You Limited were invoiced £38,487 (2022 - £2,254) by Highpoint Hospitality Services Limited for services. At the balance sheet date the amount due to/from Highpoint Hospitality Services Limited was £4,094 (2022 - £990).
As at the year end £92,512 (2022 - £92,512) is due from Highpoint Hospitality, relating to initial set up costs.
31
Company registration number: 06438245 Charity registration number: 1125571
Plus You Limited
(A company limited by guarantee)
Annual Report and Financial Statements
for the Year Ended 31 March 2023
Plus You Limited
Contents
| Reference and Administrative Details | 3 |
|---|---|
| Trustees' Report | 5 to 12 |
| Statement of Trustees' Responsibilities | 13 |
| Report of the Auditors | 14 to 16 |
| Statement of Financial Activities | 17 to 18 |
| Balance Sheet | 19 |
| Statement of Cash Flows | 20 |
| Notes to the Financial Statements | 21 to 31 |
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Plus You Limited
Reference and Administrative Details
Trustees
Paul Whitmore, Resident Director Christine Holland, Resident Director Timothy Inkson, Partner Director Nicola Green, Resident Director Gary King, Partner Director Hadleigh Gaudreau, Partner Director Stephen Donovan, Resident Director
Chief Executive
Debbie King MBE
Principal Office
The Highpoint Venue Bursledon Road Southampton Hampshire SO19 8BR
Company Registration Number
06438245
Charity Registration Number
1125571
Solicitors
Anthony Collins Solicitors LLP 134 Edmund Street Birmingham B3 2ES
Bankers
HSBC 55 Above Bar Street Southampton SO14 2DS
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Plus You Limited
Auditors
Xeinadin Audit Limited 8[th] Floor Beckett House London EC2R 8DD
Accountants
Xebra Accounting 5a The Gardens Fareham Hampshire PO16 8SS
4
Plus You Limited
Trustees' Report
The Trustees present their Annual Report for Plus You Limited (PYL) for the year ended 31[st] March 2023
All individuals appointed to the PYL Board fulfil the role of Trustee, Director and Member, for the purpose of this report they will be known as Trustees, and Plus you Limited will be known as PYL.
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
1. Our aims and objectives
Purpose
Our Charity was set up to succeed and continue the work of our predecessor. This remains our primary purpose and is defined in the objects contained in the Company's Articles of Association as:
-
The promotion for the public benefit, of urban or rural regeneration, in areas of social and economic deprivation (in particular the Area of Benefit - Thornhill).
-
To develop the capacity and skills of the members of the community in such a way that they are better able to identify, help meet their needs and to participate more fully in society.
Aims
Our overall aim is to focus on the growth and prosperity of our residents, by providing opportunities to: learn new skills, develop confidence and self-awareness, raise aspirations, and foster independence "helping people to help themselves".
In addition to this, PYL would like to ensure that the improvements made to the built environment over the life of our predecessor are maintained, and built upon.
All surplus funds within the charity will be used to deliver projects/initiatives that will support the achievement of the Charity's aims and objectives.
.
Current year objectives
The Charity's objectives for 2023 continued to focus on rebuilding the stability of PYL’s revenue streams so that the Charity had a future and was able to continue to deliver initiatives to the community of Thornhill.
Obviously, we still had to manage the ongoing effects of Covid and even though Covid was still making individuals sick, the pace and severity at which it was spreading had calmed down significantly. The major threat now seemed to be the financial fallout it had created. By this I mean that everyone was back to work and focused on rebuilding their business. This was to be a difficult balancing act for everyone as in most cases surplus funds were tight. The old saying, “you have to speculate to accumulate” is difficult to adhere to when you have very little surplus funds to play with. We found that
5
Plus You Limited
clients old and new were very reluctant to spend money especially if it seemed extravagant. Bookings for Highpoint were restricted to just room hire with no lunch, and refreshments (tea/coffee & biscuits) were being kept to a minimum. Due to this change keeping our revenue streams up would be a significant challenge.
The Objectives for the year were as follows:
Manage the future of the Charity/Business with appropriate acknowledgement that Covid 19 still poses a threat.
In order to:
-
Achieve our principal Charitable aim of delivering Community benefit by continuing to provide Community spaces and supporting local Community facilities, in addition to providing targeted Community Projects.
-
Work to retain current staff with the aim to grow and develop the team as the Charity/Business recovers.
-
By the end of the year, to have a clear plan for the future of The Hightown Community Centre.
-
Continue to review the Governance & business plans for Plus You Limited and Highpoint Hospitality Services Limited.
-
Carry out a full review of the Charity’s project delivery.
As the year unfolded it became more and more apparent that limited progression against the above Objectives would be achievable.
Our top priority had to be keeping PYL and its subsidiary (Highpoint Hospitality Services Limited) financially viable, ensuring its future was of paramount importance. We also had to focus on delivering as much support to our Community as possible. After all the increase in cost of living was going to hit Communities like Thornhill very hard.
The problem PYL continued to face is that we are self-sufficient, generating our income from the rental and hire of our properties. With hiring numbers down, and clients not purchasing much food, we found ourselves struggling to generate sufficient income. In-turn this could also have a possible knock-on effect in coming years finances if things didn’t improve.
All Staff jobs were protected for another year, with no redundancies and very small growth (existing Staff working more hours, and Bank Staff being utilised once again). There were some changes in roles and responsibilities amongst more experienced Staff, to provide better support to the changing needs/demands of the business.
Activities
With the cost-of-living increases being the highest they’d been for years, and the high risk of fuel poverty, we had to pull out all the stops to help our Community as much as we could.
We launched our Food Market project, offering individuals from our Community the opportunity to purchase £15 of fresh produce for £5. This ran on a Wednesday morning.
We continued to run our Kids holiday lunch club, delivering a free 2 course hot meal, for up to 30 children a day, from our 3 Primary Schools. This project would run during the school holidays on Tuesday, Wednesday, & Thursday.
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Plus You Limited
A Warm Hub was set up in two of our properties. This project provided a safe, comfortable, warm space to sit and talk with books, puzzles, newspapers, warm drinks, and soup. This would enable individuals to save on fuel costs and give them a chance to get out and safely mix/socialise with others.
We delivered a lovely Christmas Grotto, free to attend, over the course of three evenings in December. This was a great success and saw the largest attendance that it had in any previous year.
The children who frequently attended our Holiday Lunch Club, were also invited to a free Christmas dinner. They left with bellies full having had a visit and a gift from Santa.
We also had to focus a lot of attention and money on carrying out repairs to our properties. The effect of Covid was now starting to show here too. During which time our properties had received little or no attention in this area, except for the primary health & safety matters that must be attended to when you own properties.
We also provide an open house service. We will support any individual who asks us for help as best we can. We hand out Basic Bank vouchers and will signpost individuals or help them access the required services ensuring they get the assistance they need.
Public Benefit
The Charity's primary purpose is to achieve public benefit, both for Thornhill residents and the wider community.
The Trustees have had regard to the Charity Commission's guidance on public benefit.
We believe that it is of Public Benefit that PYL should do everything in its power to ensure its future survival.
The survival of a Charity like PYL, that depends on its assets generating sufficient surplus income to sustain the Charity’s future and the delivery of projects is always going to be and to date always has been tenuous. However, in the current climate its that much more difficult. The future is very uncertain and turbulent.
2. Achievements and performance
Whilst continuing its usual struggle for survival, PYL managed to have a successful year by way of project delivery.
Aside from the projects listed in the Activities section above, it remains a stark truth that we can only do what surplus funds enable us to.
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Plus You Limited
So, here’s a flavour of other projects/initiatives we managed to sustain/deliver during 2022/2023:
-
We kept three properties open and operational ensuring access to vital services continue to be available.
-
Highpoint Venue – is the venue where we deliver our, Food Market, Kids Holiday Lunch Club, Kids Christmas Party, Santa Grotto. In addition, we deliver a free OAP Fish & Chip lunch for up to 25 individuals on the second Friday of every month. This property is also the major income stream for the Charity generating surplus funds to sustain the projects we deliver here, and others delivered elsewhere.
-
The Hightown Centre – Despite its poor state of repair and need for a serious injection of funds which PYL is looking into. This building continues to house AliKats PreSchool, our local Karate Club, and other community activities such as Birthday Parties and Baby Showers take place here.
-
The Hinkler Centre – is home to Southampton City Council Housing Office and later in the year was to become home to the Community Wardens base when the Housing Office moved out. A Community library delivered by volunteers is supported by PYL for a peppercorn rent of £1. Our Tai Chi group, heavily subsidised by PYL is delivered every Thursday here. Other groups and sessions throughout the year also deliver activities from this building.
-
PYL own the five commercial units on Hinkler Road. These units generate rental income to the Charity. To save money and maximise the opportunity to generate surplus income, PYL Staff property manage the Charity’s entire property portfolio. With such a large property portfolio and an incredibly small Staff team this is one of the biggest challenges faced by PYL each year. It’s a mammoth undertaking keeping up with all the tasks that have to be completed.
-
Our Community Shop on Hinkler Road is still up and running. Here you can purchase good quality, clean, second-hand goods from clothes to baby items. Childrens toys, and household goods. This project is set up to offer residents the opportunity to purchase, attractive items for sale, at an affordable price, hopefully reducing the instances of individuals getting in debt. To achieve this for our community, PYL has forgone the opportunity to charge rent to a tenant on this unit.
-
Our trading subsidiary continues to claw its way back, still operating on limited opening hours to reduce the risk of overextending itself before the demand for the service is there.
3. Financial Review
The results for the year ended 31[st] March 2023 and the financial position of the Charity are as shown in the annexed financial statements.
The financial bottom line for the year looks very good. This is very much due to, the fact that our tenants Solent NHS Trust at Highpoint, continue to hire additional space from us on our level 2 conference facility, as they did during Covid. PYL are sure that this will not be the case for much longer, in fact its most likely to cease early next year. If it does, PYL will see this make a significant impact on the Charity’s financial position, if by which time, Highpoint level 2 hiring has not increased.
Aside from this extra hire from Solent NHS Trust, the financial position is still very stable due to the reduced financial pressures in the past two years during Covid, where expenditure was able to be kept to a bare minimum. We also had and one very large, one-off hire that generated significant income this year.
8
Plus You Limited
However, we are now in a position where all Staff are back to work, buildings require repairs to be carried out, everything from utilities to food has gone up significantly in cost and it seems that the hiring of our properties has reduced. We have of course increased our service charges whilst being mindful we do not want to price ourselves out of the market.
We’re continuing to keep all spending to a minimum. We purchase food on a need basis along with all other resources like cleaning products and stationery, aiming to have very little stock held on shelves as an unliquidated asset.
Surplus funds are tighter than the previous two years, and it looks as though its only going to become more restricted, moving into 2023/2024. Much of this feels as if is out of our hands, you can advertise as much as you want, however, if companies/individuals don’t have money to spend you will not attract the custom.
We predict the coming two to three years are going to be a bumpy ride. We have tightened out belts and survived difficult situations before, so we can do it again!
4. Structure, Governance & Management
Governing Document
PYL is a Trust incorporated as a Charitable Company limited by guarantee, without share capital.
As such it was established under the Articles of Association (as amended 3rd October 2016). The Articles of Association clearly outlines the objectives and powers of the Charitable Company whilst it is governed under its Articles of Association.
The Trustees of PYL are the Directors of the charitable company for the purpose of company law. In the event of the company being wound up the Directors are required to contribute the sum of £1.
Board of Trustees
PYL has a Board of 12 Trustees when at full capacity, composed of 7 Thornhill Resident Directors, and 5 Partner Directors. The names of the Trustees during the financial period are as set out in the legal and administrative section of this report on page 3.
The Board of Trustees meet 8 times a year on average every 6 weeks throughout the financial year. The Board is quorate when one third of the Trustees are present, with the majority of the third being Resident Trustees. The Board spend one meeting per quarter reviewing expenditure against budget forecast and addressing any financial adjustments that may be required moving forward. The remaining meeting of the quarter is utilised as a focus group, where the Board monitor and plan project delivery and business development.
The Board is assisted in the day to day running of the Charity by the Personnel and Finance Sub Committee. The Chair and Vice Chair of the Board attend this Sub Committee, with the Chair of the Board being the Chair of the Sub Committee.
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Plus You Limited
Recruitment of Trustees
PYL's Resident Trustees are elected to the Board via an open and transparent process in accordance with the Articles of Association. All residents living in the community of Thornhill are invited, and given the opportunity to put themselves forward as prospective Trustees of PYL. Each Trustee will hold office for a term as near to six years as possible.
An election is held every 2 - 3 years with one third of the Resident Trustees ceasing to hold office (either standing down or submitting themselves for re-election). All prospective candidates (including Trustees up for re-election) are encouraged to canvas for support/votes. The election process is advertised to the whole community, application forms are readily available, election statements are prepared, and the whole election process is independently adjudicated (providing the number of candidates looking to stand exceed the number of seats available).
The Articles of Association further enable Resident Directors to be appointed to the Board between elections on a casual basis as required. This is subject to the maximum number of Resident Members, as laid out in the Articles of Association. These casual appointments will hold office until the next round of formal elections, at which point they must put themselves up for formal election. On their successful appointment they will hold office for a term as near to six years as possible.
In accordance with the Articles of Association, Partner Directors are invited and appointed by the Board of Trustees. Partner Directors hold office for a term of two years from date of appointment but may be re-appointed. The Charity has a job description that outlines the roles and responsibilities of being a Director, which is given to all prospective new Directors.
All newly appointed Trustees are offered an induction, tailored to meet individual requirements, and offered the support of a buddy, namely an experienced Trustee.
All members of the Board give their time voluntarily and receive no benefits or remuneration from the charity. Any expenses reclaimed from the charity, must be claimed in accordance with our Board Member and Volunteer Expenses policy.
Elections
In accordance with the Articles of Association, Resident Trustee elections should take place every 2 - 3 years, with one third of the Resident Trustees being required to cease to hold office (these Trustees are able to re-stand for election).
Elections were last held in January 2019, with the next elections anticipated in early 2022. However, there was no need for election in January 2022 as we did not attract sufficient interest to merit an election.
During recent years it has proven very difficult to attract new Trustees. Covid initially made individuals worried about coming out to meetings, however in addition to this the role requires a lot from each individual Trustee which is often very off-putting. This has currently left PYL with a small but functional Board of Trustees.
PYL continue to advertise for new Trustees.
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Plus You Limited
Risk Management
The key risk management issues identified by the Charity continue to be those of building reserves and diversifying the income.
The challenge of rebuilding the Business of Highpoint and that of our other properties after Covid continues to occupy much of the Charity's time.
Currently all our properties could be classed as a risk, as even the newest of them Highpoint, The Hinkler Centre, and the Commercial Units at Hinkler, due to them all being just over 10 years old, are starting to cost with general repairs.
Hightown our much older property has been and continues to be a real risk financially to the Charity. This year much time has been spent exploring all and any opportunities to solve the problems we have with Hightown, sadly none of these have come to bear. The coming year is going to see The PYL Board having to do some serious sole searching and maybe take some real evasive action in relation to this property.
In the past the lack of reserves fund has posed a real threat, however, during the past two years it has proven possible to navigate this so putting a small pot of funds aside to mitigate certain small emergency situations.
Overall, the Charity in the past has been in worst financial situations, has dealt with it amicably and survived. However, despite its tenacity, these are very different times we find ourselves in, and there is only so much mitigation one can achieve!
Auditors
This year the charity's auditors, Xeinadin Audit Limited, have expressed their willingness to continue in that capacity.
Disclosure of information to auditor
Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
In so far as the trustees are aware:
• there is no relevant audit information of which the charitable company's auditor is unaware; and
• the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
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Plus You Limited
Financial Risk
Objectives and policies
The charity's activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk.
Cash flow risk
The charity’s activities do not expose it to any significant areas of cash flow risk. There is no exposure to foreign currencies or interest rates.
Credit risk
The charity’s principal financial assets are bank balances and cash, trade and other receivables, and property investments.
The charity’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.
The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.
The charity has no significant concentration of credit risk, other than its exposure to its main tenant, being a public body.
Liquidity risk
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the charity has adequate cash reserves and borrowing facilities.
Sincere Thanks
The Trust is grateful for the commitment, support, and patience provided by its Board, Staff, and Volunteers, through what has been yet another challenging year. Without each and every one of them and their dedication, the future of the Charity would not be possible or stable, nor would it be able to even consider a future.
This report has been prepared in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), in accordance with Chapter 3 of Part 16 of the Companies Act 2006.
The annual report was approved by the Trustees of the charity on 20[th] December 2023 and signed on its behalf by:
......................................... Paul Whitmore Chair of Trustees
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Plus You Limited
Statement of Trustees' Responsibilities
The Trustees (who are also the directors of Plus You Limited for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the Trustees of the charity on 20[th] December 2023 and signed on its behalf by:
......................................... Paul Whitmore Trustee
13
Plus You Limited
Independent Auditors Report to the Trustees of Plus You Limited For the Year Ended 31 March 2023
Opinion
We have audited the financial statements of Plus You Limited (the 'charitable company') for the year ended 31 March 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the charitable company's affairs as at 31 March 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs
(UK) require us to report to you where
-
the trustees' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
-
the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charitable company's ability to continue to adopt the going concern basis of
-
accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
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Plus You Limited
Independent Auditors Report to the Trustees of Plus You Limited For the Year Ended 31 March 2023 continued…
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinion on other matters prescribed by the Charities (Accounts and Reports) Regulations 2008
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the Report of the Trustees has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.
We have nothing to report in respect of the following matters where the Companies Act
2011 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of trustees' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
15
Plus You Limited
Independent Auditors Report to the Trustees of Plus You Limited For the Year Ended 31 March 2023 continued…
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
-
Enquiry of management, and those charged with governance re actual and potential litigation and claims.
-
Enquiry of staff in compliance functions to identify any non-compliance with laws and regulations.
-
Reviewing minutes of meetings of those charged with governance.
-
Reviewing disclosures and testing to documents to assess compliance with applicable laws and regulations.
-
Auditing the risk of management override of controls, and evaluating the business rationale of significant transactions outside the normal course of business.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.
Use of our report
This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
21/12/2023 | 5:40 AM PST
Andrew Hill FCA (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited 8[th] Floor Becket House
36 Old Jewry
Registered Auditor London
EC2R 8DD
Date: 20[th] December 2023
16
Plus You Limited
Statement of Financial Activities for the Year Ended 31 March 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses
| Unrestricted Restricted Total |
|
|---|---|
| funds funds 2023 |
|
| Note | £ £ £ |
| Income and Endowments from: | |
| Donations and legacies 3 |
544 - 544 |
| Charitable activities 4 |
51,058 6,857 57,915 |
| Other trading activities 5 |
437,255 - 437,255 |
| Investment income 6 |
102,549 - 102,549 |
| Other income | 1,938 - 1,938 |
| Total income | |
| 593,344 6,857 600,201 |
|
| Expenditure on: | |
| Charitable activities 7 |
(191,803) (6,407) (198,210) |
| Other expenditure 8 |
(351,428) - (383,428) |
| Total expenditure | |
| (543,231) (3,385) (549,638) |
|
| Net income | |
| 50,113 450 50,563 |
|
| Net movement in funds | |
| 50,113 450 50,563 |
|
| Reconciliation of funds | |
| Total funds brought forward | |
| 5,060,744 24,050 5,084,794 |
|
| Total funds carried forward 21 |
|
| 5,110,857 25,389 5,135,357 |
17
Plus You Limited
Statement of Financial Activities for the Year Ended 31 March 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Unrestricted | Restricted | Total |
||
|---|---|---|---|---|
| funds | funds | 2022 | ||
| Note | £ | £ | £ | |
| Income and Endowments from: | ||||
| Donations and legacies | 3 | 20,328 | - | 20,328 |
| Charitable activities | 4 | 43,079 | - | 43,079 |
| Other trading activities | 5 | 349,172 | - | 349,172 |
| Investment income | 6 | 107,941 | - | 107,941 |
| Other income | 24 | - | 24 | |
| Total income | 520,543 | - | 520,543 | |
| Expenditure on: | ||||
| Charitable activities | 7 | (213,169) | - | (213,169) |
| Other expenditure | 8 | (254,376) | - | (254,376) |
| Total expenditure | (467,545) | - | (467,545) | |
| Net income | 52,998 | - | 52,998 | |
| Net movement in funds | 52,998 | - | 52,998 | |
| Reconciliation of funds | ||||
| Total funds brought forward | 5,007,746 | 24,050 | 5,031,796 | |
| Total funds carried forward | 21 | 5,060,744 | 24,050 | 5,084,794 |
The notes on pages 21 to 31 form an integral part of these financial statements.
All of the charity's activities derive from continuing operations during the above two periods.
The funds breakdown for 2023 is shown in note 21.
18
Plus You Limited
(Registration number: 06438245)
Balance Sheet as at 31 March 2023
| 2023 £ 2022 £ 4,743,357 4,809,686 100 100 4,774,457 4,809,786 204,723 249,776 357,592 321,979 562,315 571,755 (201,415) (296,746) 360,900 275,009 5,135,357 5,084,794 - - 5,135,357 5,084,794 24,500 24,050 5,110,857 5,060,744 5,135,357 5,084,794 |
|
|---|---|
| Note | |
| Fixed assets | |
| Tangible assets 15 |
|
| Investments 16 |
|
| Current assets | |
| Debtors 17 |
|
| Cash at bank and in hand 18 |
|
| Creditors: Amounts falling due within oneyear 19 |
|
| Net current assets | |
| Total assets less current liabilities | |
| Creditors: Amounts falling due after more than oneyear | |
| Net assets | |
| Funds of the charity: | |
| Restricted income funds | |
| Restricted funds 21 |
|
| Unrestricted income funds | |
| Unrestricted funds | |
| Total funds 22 |
The Trustees have prepared accounts in accordance with provision applicable to companies subject to the small companies regime.
The financial statements on pages 17 to 31 were approved by the trustees, and authorised for issue on 20[th] December 2023 and signed on their behalf by:
......................................... Stephen Donovan Trustee
19
Plus You Limited
Statement of Cash Flows for the Year Ended 31 March 2023
| 2023 £ 2022 £ 50,563 52,998 35,329 29,983 (102,549) (107,941) (16,657) (24,960) 45,052 (116,291) (67,153) 102,995 326 5,727 (38,432) (32,529) 102,549 107,941 (28,504) (26,500) 35,613 (12,259) 321,979 334,170 357,592 321,911 |
|
|---|---|
| Note | |
| Cash flows from operating activities | |
| Net cash income | |
| Adjustments to cash flows from non-cash items | |
| Depreciation 8 |
|
| Investment income 6 |
|
| Working capital adjustments | |
| (Increase)/Decrease in debtors 17 |
|
| Increase/(Decrease) in creditors 19 |
|
| Increase/(Decrease)in deferred income 20 |
|
| Net cash flows from operating activities | |
| Cash flows from investing activities | |
| Investment Income | |
| Cash flows from financing activities | |
| Repayment of loans and borrowings 19 |
|
| Net increase in cash and cash equivalents | |
| Cash and cash equivalents at 1 April | |
| Cash and cash equivalents at 31 March |
All of the cash flows are derived from continuing operations during the above two periods.
20
Plus You Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
1 Charity status
The charity is limited by share capital, and was incorporated on 27[th] November 2007. The address of its registered office is: The Highpoint Venue Bursledon Road Southampton Hampshire SO19 8BR
2 Accounting policies
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
The financial statements have been prepared in accordance with 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) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). They also comply with the Companies Act 2006 and Charities Act 2011.
Basis of preparation
Plus You Limited meets the definition of a public benefit entity under FRS 102 and does not produce group accounts as the entity is exempt under the small companies regime through the Companies Act 2006. These accounts relate to Plus You Limited only. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
The presentational currency is £ sterling.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.
Income and endowments
Income is received net of VAT.
Items of income are recognised and included in the accounts when all the following criteria are met:
-
The charity has entitlement to the funds
-
Any conditions attached to the items of income have been met or are fully within the control of the charity
-
There is sufficient certainty that receipt of income is considered probable
-
The amount can be measured reliably
Grants and donations are included as income in the period in which they are received except where the donor imposes conditions which have to be fulfilled before the charity becomes entitled to such income: such income is deferred until the conditions have been met.
Income received in advance for rent or room hire is deferred until the criteria for the recognition of income is met.
21
Plus You Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Donations and legacies
Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.
Grants receivable
Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.
Deferred income
Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when:
-
The donor specifies that the grant or donation must only be used in future accounting periods; or
-
The donor has imposed conditions which must be met before the charity has unconditional entitlement.
Income in advance for rent or room hire is deferred until the criteria for the recognition of income has been met.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Support costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
Governance costs
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and Trustees’s meetings and reimbursed expenses.
Government grants
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
22
Plus You Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Tangible fixed assets
Individual fixed assets costing £100.00 or more are initially recorded at cost.
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
| Asset class | Depreciation method and rate |
|---|---|
| Freehold Land and Property | None |
| Leasehold Property | Period of lease |
| Office Equipment | 10% - 25% straight line |
Investment properties
Investment property is included at fair value. Gains are recognised in the income statement.
Business combinations
Investments and subsidiaries are recorded at historical cost.
Fixed asset investments
Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.
Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
23
Plus You Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Foreign exchange
Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date.
The results of overseas operations are translated at the average rates of exchange during the period and their balance sheets at the rates ruling at the balance sheet date. Exchange differences arising on translation of the opening net assets and results of overseas operations are reported in other comprehensive income and accumulated in equity (attributed to non-controlling interests as appropriate).
Other exchange differences are recognised in the Statement of Financial Activities in the period in which they arise except for:
1) exchange differences on transactions entered into to hedge certain foreign currency risks (see above);
2) exchange differences arising on gains or losses on non-monetary items which are recognised in other comprehensive income; and
3) in the case of the consolidated financial statements, exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation), which are recognised in other comprehensive income and reported under equity.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees's discretion in furtherance of the objectives of the charity.
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
24
Plus You Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
- 3 Income from donations and legacies
| 3 Income from donations and legacies |
|
|---|---|
| 2023 2022 |
|
| £ £ |
|
| Donations - unrestricted | 544 457 |
| Governmentgrants - unrestricted | - 19,871 |
| 544 20,328 |
- 4 Income from charitable activities
| 4 Income from charitable activities |
||
|---|---|---|
| Unrestricted Total funds |
||
| funds Restricted funds £ |
||
| General General |
||
| £ £ |
||
| Rental, hire charges and services income from Hightown | ||
and Hinkler Community Centres |
39,998 - 39,998 |
|
| Servicesprovided to the community | 11,060 6,857 17,917 |
|
| Total for 2023 | ||
| 51,058 6,857 57,915 |
||
| Total for 2022 | ||
| 43,079 - |
43,079 |
5 Income from other trading activities
| 5 Income from other trading activities |
|
|---|---|
| 2023 2022 |
|
| £ £ |
|
| Tradingincome - unrestricted | 437,255 349,172 |
| 437,255 349,172 |
25
Plus You Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
6 Investment income
| 6 Investment income |
|
|---|---|
| 2023 2022 |
|
| £ £ |
|
| Income from rents - unrestricted | 102,549 107,941 |
| Total for 2023 | |
| 102,549 107,941 |
7 Expenditure on charitable activities
| 7 Expenditure on charitable activities |
|||
|---|---|---|---|
| 2023 | 2022 | ||
| Note | £ | £ | |
| Expenditure on Charitable Activities - unrestricted | 29,030 | 14,468 | |
| Expenditure on Charitable Activities - restricted | 6,407 | - | |
| Depreciation, amortisation and other similar costs | 35,329 | 29,983 | |
| Staff costs | 65,514 | 58,702 | |
| Allocated support costs | 9 | 59,280 | 107,116 |
| Governance costs | 9 | 2,650 | 2,900 |
| 198,210 | 213,169 |
8 Other expenditure
| 8 Other expenditure |
|
|---|---|
| 2023 2022 |
|
| Note | £ £ |
| Wages and salaries - unrestricted | 131,039 120,042 |
| Other resources expended - unrestricted | 220,389 234,334 |
| 351,428 354,376 |
26
Plus You Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
9 Analysis of governance and support costs
Administrative costs
| Administrative costs | |
|---|---|
| 2023 2022 |
|
| £ £ |
|
| Accountancy & bookkeeping | 14,984 15,446 |
| Confidential waste disposal | 156 192 |
| General insurance | 1,925 1,638 |
| HR & H&S support | 5,008 4,850 |
| IT | 4,927 2,425 |
| Legal & professional fees | 66 54 |
| Other expenses | 35,431 80,996 |
| Printing, postage & stationery | 1,563 1,377 |
| Refreshments | 228 138 |
| Telephone | |
| 59,280 107,116 |
|
| Governance costs | |
| 2023 2022 |
|
| £ £ |
|
| Audit fees | 3,700 2,900 |
| Total for 2023 | |
| 3,700 2,900 |
All the above amounts are unrestricted funds.
10 Incoming resources
Net incoming/outgoing resources
Net incoming resources for the year include:
| 10 Incoming resources Net incoming resources for the year include: |
Net incoming/outgoing resources |
|---|---|
| 2023 2022 |
|
| £ £ |
|
| Depreciation of fixed assets | 35,329 29,983 |
11 Trustees remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
No trustees have received any reimbursed expenses or any other benefits from the charity during the year
27
Plus You Limited
Notes to the Financial Statements for the Year Ended 31 March 2023 continued …
12 Staff costs
The aggregate payroll costs were as follows:
| 12 Staff costs The aggregate payroll costs were as follows: |
|
|---|---|
| 2023 2022 |
|
| £ £ |
|
| Staff costs during the year were: | |
| Wages and salaries | 194,384 166,451 |
| Employers national insurance | 15,991 18,616 |
| Pension costs | 3,837 8,511 |
| 214,212 193,578 |
The monthly average number of persons (including senior management team) employed by the charity during the year expressed as full time equivalents was as follows:
| year expressed as full time equivalents was as follows: | |
|---|---|
| 2023 2022 |
|
| No No |
|
| Chief Executive | 1 1 |
| Community Development Officers | 1 1 |
| Administration and Support | 5 5 |
| 7 7 |
No employee received emoluments of more than £60,000 during the year.
The chief executive officer, as the highest paid member of staff, received benefits totalling £56,693 (2022 - £52,038).
13 Auditors' remuneration
| 13 Auditors' remuneration |
||||
|---|---|---|---|---|
| 2023 | 2022 | |||
| £ | £ | |||
| Audit of the financial statements | 3,700 | 2,900 |
14 Taxation
The charity is a registered charity and is therefore exempt from taxation.
28
Plus You Limited
Notes to the Financial Statements for the Year Ended 31 March 2023 continued …
15 Tangible fixed assets
| 15 Tangible fixed assets |
|
|---|---|
| Land and Furniture and |
|
| buildings equipment Total |
|
£ £ £ |
|
| Cost | |
| At 1 April 2022 | 4,830,000 343,507 5,173,507 |
| Disposals | - (59,694) (59,694) |
| At 31 March 2023 | |
| 4,830,000 283,813 5,113,813 |
|
| Depreciation | |
| At 1 April 2022 | 135,960 227,762 363,722 |
| Disposals | - (59,694) (59,694) |
| Charge for theyear | 12,360 22,969 35,329 |
| At 31 March 2023 | |
| 148,320 191,037 339,357 |
|
| Net book value | |
| At 31 March 2023 | |
| 4,681,680 92,777 4,774,457 |
|
| At 31 March 2022 | |
| 4,694,040 115,746 4,809,786 |
Included within the net book value of land and buildings above is £3,285,000 (2022 - £3,285,000) in respect of freehold land and buildings and £1,409,040 (2022 - £1,409,040) in respect of leaseholds.
Land and buildings includes a freehold investment property comprising commercial units at Hightown, from which the investment properties income is derived. The trustees have valued these properties at £285,000, also the original cost of the property.
Also included is the freehold land on which the Highpoint Venue is built, valued by the trustees at £3,000,000, also the original cost of the land. The property built on that land was acquired in 2014 in accordance with the terms of the lease, following the insolvency of the building’s owner. No payment was made for the property.
The Trustees have considered the valuation of the Highpoint Venue land and building and consider that the carrying value of £3 million is a reasonable current valuation. At the time of the insolvency of the previous owners, no offers were received for the property above this value, and its financial performance does not support an increase in value.
| 16 Fixed asset investments |
|
|---|---|
| 2023 2022 |
|
| Shares in group undertakings and participating interests | £ £ |
| Cost at 31 March 2022 and 31 March 2023 | 100 100 |
| Provision for impairment | - - |
| Net Book Value at 31 March 2022 and at 31 March 2023 | 100 100 |
29
Plus You Limited
Notes to the Financial Statements for the Year Ended 31 March 2023 continued …
17 Debtors
| 17 Debtors |
||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Trade debtors | 100,940 | 146,185 |
| Due from group undertakings | 92,512 | 92,512 |
| Prepayments | 11,271 | 10,979 |
| Other debtors | - | 100 |
| 204,723 | 249,776 | |
| 17 Debtors |
17 Debtors |
17 Debtors |
17 Debtors |
|---|---|---|---|
| 2023 £ 2022 £ |
|||
| Trade debtors 100,940 146,185 |
|||
| Due from group undertakings 92,512 92,512 |
|||
| Prepayments 11,271 10,979 |
|||
| Other debtors - 100 |
|||
| 204,723 249,776 |
|||
| 18 Cash and cash equivalents |
|||
| Cash on hand | 201 67 |
||
| Cash at bank | 357,391 321,911 |
||
| 357,592 321,978 |
|||
| 19 Creditors: amounts falling due within one year |
|||
| Trade creditors | 43,255 155,162 |
||
| Other loans | 8,211 36,715 |
||
| Other taxation and social security | 12,162 (6,088) |
||
| Other creditors | 41,664 21,227 |
||
| Accruals | 20,837 14,770 |
||
| Deferred income | 75,287 74,960 |
||
| 201,415 296,746 |
20 Pension and other schemes
The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to £3,837 (2022 - £3,073).
30
Plus You Limited
Notes to the Financial Statements for the Year Ended 31 March 2023 continued …
21 Funds
| 21 Funds |
21 Funds |
|---|---|
| Unrestricted 2023 2022 | |
| General Fund 5,110,857 5,060,744 |
|
| Restricted | |
| Motiv8 activities for younger people, aged 5 to 12, during school holidays 20,396 20,396 |
|
| Food Market | 1,075 - |
| School HolidayLunch Club | 3,029 3,654 |
| Total restricted | |
| 24,500 24,050 |
|
| Total funds | |
| 5,135,357 5,084,794 |
22 Analysis of net funds
| 22 Analysis of net funds |
|
|---|---|
| At 31 March | |
| At 1 April 2022 Cash flow 2023 |
|
£ £ £ |
|
| Cash at bank and in hand | 321,979 35,613 357,592 |
| 321,979 35,613 357,592 |
|
| Net Funds | |
| At 31 March | |
| At 1 April 2021 Cash flows 2022 |
|
£ £ £ |
|
| Cash at bank and in hand | 334,238 (12,259) 321,979 |
| Net Funds | |
| 334,328 (12,259) 321,979 |
23 Related party transactions
During the year the charity made the following related party transactions:
Highpoint Hospitality Services Limited (Plus You Limited owns 100% of Highpoint Hospitality Services Limited) Highpoint Hospitality Services Limited was set up to act as a trading company that looks after the running of the bar in the highpoint centre.
During the financial year, Plus You Limited were invoiced £38,487 (2022 - £2,254) by Highpoint Hospitality Services Limited for services. At the balance sheet date the amount due to/from Highpoint Hospitality Services Limited was £4,094 (2022 - £990).
As at the year end £92,512 (2022 - £92,512) is due from Highpoint Hospitality, relating to initial set up costs.
31