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 2024
Plus You Limited Annual Report and Financial Statements For the year ended 31" March 2024 Contents Reference and Administrative Details Trustees, Report 5t0 12 Statement of Trustees, Responsibilities 13 Report of the Auditors 14to17 Statement of Financial Activities 18to 19 Balance Sheet 20 Statement of Cash Flows 21 Notes to the Financial Statements 22to35
Plus You Limited Annual Report and Financial Statements st For the year ended 31 March 2024 Reference and Administrative Details Trustees Paul Whitmore, Resident Director, Chair Christine Holland, Resident Director Nicola Green, Resident Director Gary King, Partner Director Hadleigh Gaudreau, Partner Director Jean King, Partn¢r Director (appointed 23 November 2023) Stephen Donovan, Resident Director (resigned 25 March 2024) Timothy Inkson, Partner Director (resigned 10 October 2024) Secretary Guy Robinson {resigned 21 May 2024) Senior Management Tea Debbie King MBE, Chief Executive Principal Office The Highpoint Venue Bursledon Road Southampton Hampshire S019 8BR Company Registration Number 06438245 Charity Registration Number 1125571 Solicitors Anthony Collins Solicitors LLP 134 Edmund Street Birn]ingham B3 2ES Bankers HSBC 55 Above Bar Street Southampton S014 2DS
Plus You Limited Annual Report and Financial Statements st For the year ended 31 March 2024 Auditor Xeinadin Audit Limited 2 Upperton Gardens Eastbourne BN212AH A¢countants Xebra Accounting IHC Limited 5a The Gardens Fareham Hampshire P016 8SS
Plus You Limited Annual Report and Financial Statements For the year ended 31" March 2024 Trustees, Report The Trustees present their Annual Report for Plus You Limited (PYL) for the year ended 31" March 2024 All individuals appointed to the PYL Board fulfil the role of Truste¢, 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. l. Our aims and objectives Purpose Our Charity was set up to succeed and continue the work of our predecessor. This remains our primary pUose 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 deprivalion (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 abl¢ 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 sclf-awareness, raise aspirations, and foster independence 'belping 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 projectsliniliatives that WAII support the achievement of the Charity's aims and objectives. Currentyear objectives The Charity's objectives for 2023124 are very much focused around making a positive impact in our community, whilst looking at the future of the Hightown Centre as this property is a key focal community asset. Alongside this the focus continues (o be very much on increasing revenue streams to both PYL and our Café/Bar.
Plus You Limited Annual Report and Financial Statements For the year ended 31" March 2024 The Objectives for the year are as follows: Community l . Achieve our principal charitable aim of positively impacting the Community by building on existing provisions and projects. 2. Investigate needs within the community and identify projects to support the findings. 3. Update our corporate website and increase social media presence to promote the community projects supported by PYL. 4. Make a clear concise decision on the future of the Hightown Community Centre on if and how repairs should be undertaken. Organisation l. Seek out and appoint additional trnstees of PYL to strengLh¢r) and diversify the Board. 2. Appoint an appropriate number of management staff to support the charity. Finances l . Seek to further utilise our assets to increase our income. Increase room bookings by improving our Highpoint website and additional advertising. b. Continue to build the Pho¢nix Café /Bar sales. 2. Continue to have a sufficient reserves fund to support the charity in the event of large building repairs and sudden loss of income from our property portfolio. As the year progressed and with the gen¢rdl election being called in early July. it become more and more apparent how difficult it would be to achÈeve a good outcome on this year's objectives. Sadly, we had to close the doors to the Hightown Centre in December 2023 due to the fact we could nol afford the long list of structural repairs required to keep it open. In the months that followed significant time was spent working with contractors, obtaining quotes, and writing an extensive bid, that if successful would ensure a fresh new future for The Hightown Centre. Again, all hopes of this were dashed as the general election approached and all government funding streams were closed, in particular. the pot of funding, we were applying for to bring Hightown back to life. Post election this funding pot hasn't been reopened nor have we been success1 in finding any other funding streamls to meet our needs. Sadly, the Hightown Cenlre remains closed. The year also proved very difficult by way of increasing revenue streams into PYL. Hiring of our large conference floor on level 2 at Highpoint has signifieantly diminished post covid. Employerslclients who hire this space are still not booking venues as often as they did pre covid. Our CafélBar on the other hand has done very well this year. We opened our doors for more days/hours in October 2023, and the business has just grown steadily though the y¢ar.
Plus You Limited Annual Report and Financlal Statements For the year ended 31" March 2024 Our success story remains the level of Community Projects we have managed to continue to deliverlfund this year. Activities As we ar¢ all too aware, the cost of living just keeps rising. I keep hearing our community say things like" food packaging is the same, you pay the same price, but get less in the boQcan for your money. Fuel prices despite being more stable this year, have not returned to what they were before the big increases we saw last year. All of this and more adds to the fact thai Communities like ours are really struggling in the cutrent Climate. Our older residents are really feeling the pinch so projects like our Wann Hub are more important than ever. They don't just provide a warm space to gather, you can have a nice hot drink and shar¢ some social time with others. Reducing isolation for our vulnerable residents is very important. We've also been very successful and had a huge uptake on our OAP Fish & Chip Friday. There's nothing more heart wanning than seeing them come into the Cafe at Highpoint, have a nice meal, a chat, and go home with a smile on their face. We were lucky to get some unexpected funding this year from a very generous supporter, with which we decided to run a very different event at Easter. So, we held a bridging the generations Easter dinner for our OAP'S and younger residents. There was an Easter Egg hunt to amuse the Kids, they then gifted the eggs they found to our older gu¢sts, and all Children went home with a full-size Easter Egg. Our Food Market project has evolved as we now partner with Oasis who run a weekly food market from Highpoint. We provide the space free of charge and they deliver the service. This is working very well. and we have a large number of residents who use this service. W¢ continue to run the Kids Holiday Lunch Club where up to 30 or our local primary school children can get a free hot lunch & pudding 3 days a week during the school holidays. Our free Santa Grotto runs out of the Highpoint Café/Bar for three evenings in December and just seems to get more and more success1 each year. The Grotto is lovely, designed and set up by our team, we get lots of really nice positive feedback and all children go away with a selection pack from Santa. All ChÈldren who attend our Holiday Lunch Club were also invited to a free Christmas dinner. Everyone went away will 11 bellies and gifts. We continue to run a successful Tai Chi club once a week at the Hinkler Centre and still have our Community Shop on Hinkler that opens 09:00 to 13:00 Monday to Friday. We continue to provide an open house service from our offices at Highpoint Monday to Friday where the community can drop in for help, advice, and signposting to relevant organisations. We provided Basics Bank referrals/vouchers and a variety of other support. Amongst all of these activities and more we also have to take care of our properties to ensure we have the space to use for delivering our activities and also for hiring out to generate the income to fid the projects we deliver. This is very costly, arduous, and time consuming. Public Benefit The Charity's primary purpose is to achieve public benefit, both for Thornhill residents and the wider conununity. The TSteeS have had regard to the Charity Commission's guidance on public benefit.
Plus You Limited Annual Report and Financial Statements For the year ended 31" March 2024 We believe that it is of Public Benefit that PYL should do everything in its power to ensurc 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. In this current climate that is even more prevalent, making the future very uncertain and turbulent. 2. Achievements and performance Overall PYL'S project delivery was very good making it a very success1 year, however, like many other organisations we continue to struggle for our survival. Revenue streams despite all our efforts are not where they need to be, and this will in the coming years eventually have a significant impact of what we can afford to deliver by way of projects. Despite the closure of The Hightown Centre we continue to sustain the rest of our property portfolio. This is arduous and costly but we are aware of the benefits it yields. 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. So, here's a flavour of other projectslinitiatives we managed to sustain/deliver during 202312024.. Highpoint Venue - is the venue where we deliver our, Food Market, Kids HoEiday Lunch Club, Kids Christinas 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 Hinkler Centre is home/office to Southampton City Council Community Wardens. A Community library delivered by volunteers is supported by PYL for a peppercom rent of £ l. 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 Hinklcr 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 marrllnoth 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, children's 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 go from strength to strength growing slowly. We are still mindful of the risk of overextending itself before the demand for the service is there, due to Highpoints out of the way location.
Plus You Limited Annual Report and Financial Statements st For the year ended 31 March 2024 3. Financial Review The results for the year ended 31" March 2024 and the financial position of the Charity are as shown in the annexed financial statements. The financial bottom line for the year doesn't look good. This is very much due to, the fact that we lost some big long tern] hires this year. This situation was forecast last year and sadly despite all efforts, we haven't been able to do any thing to mitigate this or offset the loss. Other financial pressures are along the lines of building repairs to properties that are now showing the test of time. This is a costly exercise as most repairs require specialist skills that don't come cheap. New and costly contracts have had to be agreed that are also having a negative impact. It is also a very delicate balancing act to not price yOLErself out of the market with regards to clients hiring your space and services and still manage to cover your overheads and make a small profit. We mange to keep our Sta£Ying costs low by having a very small multi skilled team who are willing to put their hands to most tasks and work well together supporting one another to achieve our end goals. It is most definitely the rise in fuel and building repair costs that is putting the drain on our funds. 4. Structure, Governance & Manageme'nt 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 puryose of company law. In the event of the company being wound up the Directors are required to contribute the sum of £ l. Board of Trustees PYL has a Board of12 Trustees when at full capacity, composed of 7 Thornhill Resident Directors, and 5 Partner Directors. The names ot the Trustees during the financial period are as set out in the legal and administrative section of this rq)ort on page 3. The Board of Trustees meet every quarter (4 times a year) to go over the finances with additional specific subject matter meeting as required. The Board is quorate when one third of the Trustees are present, with the majority of the third being Resident Trustees. The Board spend the 4 quarterly meetings reviewing expenditure against budget forecast and addressing any financial adjustments that may be required moving fonvard. The remaining meetings of the year are 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 th¢ 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.
Plus You Limited Annual Report and Financial Statements For the year ended 31st March 2024 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 fonvard as prospective Trustees of PYL. Each Trustee will hold office for a temi 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 supportlvotes. The election process is advertised to the whole community, application fom]s 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 offlce until the next round of fom]al elections, at which polnt they must put themselves up for formal election. On their successful appointment they will hold office for a tenn 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 temi 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 polÈcy. In recent years it has proven very difficult to recNit Trustees. This can be seen as a time-consuming arduous task that isn't very attractive. To that end we haven't had to hold a full-scale community election for many years, we currently appoint to the Board when we can and hold on to our Trustees for as long as we can. Elections In accordance with the Articles of Association, Resident Trustee elections should take place every 2 3 years. One third of the Resident Trustees are required to cease to hold office at these elections, although they are able to re-stand if they wish. Elections were last held in January 2019, as since this date we have not required a full election. Risk Management The key risk management issues identified by the Charity continue to be those of buiEding reserves and diversifying the income. The challenge of increasing revenue is getting harder each year which then puts pressure on any reserves w¢ may have. io
Plus You Limited Annual Report and Financial Statements st For the year ended 31 March 2024 Currently all our properties could be classed as a risk, as, even the newest of them Highpoint, The Hinkl¢r Centre, and the Commercial Units at Hinkler due to them all being over 12 years old, are generating high costs with general repairs. Hightown got to a point where the Charity could just not afford or justify that level of cost any more. We have managed to retainlmaintain the small reserves fund that we have put aside in the past few years, however we are mindful that if things do not improve this will begin to dwindle very soon. Overall, the Charity in the past has been in some tough financial situations, and 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, have expressed their willingness to continue in that capacity. Disclosure of information to auditor Each trustee has taken stq)s that they ought to have taken as a trustee in order to make themselves aware of any relevant audit inforn12tion and to establish that the charity's auditor is aware of that inf0mlI0ll. The trustees confinn that there is no reLevant infomiation 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 inforniation of which the charitable company's auditor is unaware" and the tNstees have taken all steps that they ought to have taken to make themselves aware of any relevant audit inforn]ation and to establish that the auditor is aware of that information. Financial Risk Objectives ondpolicies The charity's activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. Cashflow 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. li
Plus You Limited Annual Report and Financial Statements For the year ended 31" March 2024 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 impaim]ent 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 cOunteartIcS 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 Sillcere Thanks The Trust is grateful for the commitment, support, and patience provided by its Board of Trustees, Staff, and Volunteers, through what continues to b¢. the most challenging and turbulent times. Without each and every one of them and their dedicatioTh the future of the Charity would not be possible, nor would it be able to move fonvard 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 th¢ Companies Act 2006. The annual report was approved by the trustees of the charity on 4 November 2024 and signed on its behalf by: Paul Whitmore Chair of Trustees 12
Plus You Limlted Annual Report and Financlal Statements st For the year ended 31 March 2024 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 Gen¢rally 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 trnstees must not approve the financial statements unless they are satisfied that they give a trlle 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 app.ly them consistently; observe the methods and principles in the Charities SORP; rnake 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 PTepare the financial statelnents on the going concem 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 Su1Clent to show and explain the charitable company's transactions and disclose with rea8onable accuracy at any lime the financial position of the charitable company and enable them to ensure that the financial statements comply wilh the Companies Act 2006. They are also responstble for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Ih Approved by the Trustees of the charity on 4 November 2024 and signed on its behalf by.. Paul Whitmore Chair of Trnstees 13
Plus You Limited Annual Report and Financlal Statements For the year ended 31" March 2024 Report of the Auditors Opinion We have audited the financial statements of Plus You Limited (the 'charitable company,) for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and not¢s 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 R¢porting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ircland (United Kingdom Generally Accq)ted Accounting Practice). In our opinion thc financial statements: give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 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 fulfill¢d our other ethical responsibilities in accordance with these requiremcnts. 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 respcct 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 disclos¢d 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. 14
Plus You Limited Annual Report and Financial Statements For the year ended 31" March 2024 Other information The trustees are responsible for the other inforn]ation. The other infomiation comprises the inforniation included in the annual rq)ort, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other infomiation and, except to the extent otherwise explicitly stated in our report, we do not express any forn] of assurance conclusion thereon. 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 infonnation is materially inconsistcnt with the financial statements or our knowledge obtained in the audit or otherwise appears to be mat¢rially misstated. If we identify such material inconsistencies or apparent aterial misstatements, we are required to detern]ine whether there is a material misstatement in the financial statanents or a material misstaternent of the other infonnation. If, based on the work we have perforn]ed, we conclude that there is a material misstatement of this other infomiation, 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 infomiation given in the Rwort of the Trustees for th¢ financial year for which thc financial statcmcnts are prepared is consistent with the financial statements. and the Report of the Trustees has been prepared in accordance with applicable legal requirernents. 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 identifi¢d material misstatements in the Report of the Trustees. We have nothing to report in respect of the following matters where the Companies Act 2011 requÉres us to report to you if, in our opinion: adequate accounting records have not been kept or returns adcquate for our audit have not been received from branches not visit¢d by us; or the financial statements are not in agreement with the accounting records and retLwns' or certain disclosures of trustees, remuneration specified by law are not made. or we have not received all the inforn]ation and explanations we require for our audit. 15
Plus You Limlted Annual Report and Financial Statements st For the year ended 31 March 2024 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) arc responsible for the prq)aration of the financial statements and for being satisfied that th¢y give a true and fair view, and for such internal control as the trustees detennine is necessary to enable the preparation of financial statements that are free from mat¢rial 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 conc¢rn, 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 obj ectives are to obtain reasonable assurance about whether thc 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 misstatem¢nt when it exists. Misstatcments can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expccted to influence the economic decisions of users taken on thc basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We dcsign 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.uklauditorsr¢sponsibilities. This description fornis part of our Report of the Auditors. 16
Plus You Limited Annual Report and Financial Statements st For the year ended 31 March 2024 Use of our report This report is made solel}r to the charitable coinpany's trustees: as a body, in accordance w'ith Paii 4 ot" the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we migTht state to the charitable company's trustees those matters we are required to stale to them in ali auditors, report and for no other piirpose. To the t"ullest extent permitted by law, we do not accepi or assume responsibility to anyone other than the cliaritable company and the charitable compan} s members as a body, for our audit worL t.or this report, or for the opinions we have t"ormed. LL. Andreiv Hill FCA (Senior Statutory Auditor) for and on behalf of Xeinadin Audit Limited 8th Floor Becket House 36 Old Jewry London EC2R 8DD 4 November 2024 17
Plus You Limlted Annual Report and Financial Statements st For the year ended 31 March 2024 st Statement of Financial Activities for the year ended 31 March 2024 (Including Illcome and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Restricted runds Total 2024 Note Income and Endowments from: Donations and legacies Charitable activities Other trading activities Investsnent income Other income 3,870 35,928 243,188 107,732 3,668 3,870 58,178 243,188 107,732 3.668 22,250 Total income 394 386 22,250 416 636 Expenditure on: Charitable activities Other expenditt]re {216,617) 340,295 (6,354) (222,971) 340,295 Total expenditure 556,912 563,266 Net income 162 526 15,896 146,630 Net movement in funds (162.526) 15,896 (146,630) Reconeiliation offunds Total funds brought fonvard 5 110,857 5,135.357 Total funds carried forward 22 4,948,329 40,396 4,988,725 The notes on pages 22 to 35 fonn 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 2024 is shown in note 22. 18
Plus You Limited Annual Report and Financial Statements st Vor the year ended 31 March 2024 Statement of Financial Actlvities for the year ended 31 March 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Restricted funds Total 2023 Note Income and Endowments from: Donations and lega¢Ées Charitable activities Other trading activities Investment income Other income 544 51,058 437,255 102,549 1,938 544 6,857 57,915 437,255 102,549 1,938 Total income 593,344 6,857 600,201 Expenditllre on: Charitable activities Other expenditure (191,803) 351,428 (6,407) (198,210) 351,428 Total expendtture 543,428 6,407 549,638 Net income 50,113 450 50,563 Net movement in ndS 50,113 450 50,563 Reconciliation of funds Total funds brought fonvard 5.060,744 24,050 5,084,794 Total funds carried fonvard 22 5,110,857 25,389 5,135,357 The notes on pages 22 to 35 forni an integral part of these financial slatements. All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2023 Is shown in note 22. 19
Plus You Limited Annual Report and Financial Statements st For the year ended 31 March 2024 Balance Sheet as at 31 March 2024 (Registration number: 06438245) 2024 2023 Note Fixed assets Tangible asgets Investments 15 4,738,969 loo 4 739,069 4.774,357 loo 4,774,457 16 Current assets Debtors Cash at bank and in hand 17 18 160,824 241,499 402,3223 204,723 357,592 562.315 Creditors: Amounts falling due within one year 19 152,667 201,415 Net current assets 249,656 360,900 Total a55ets less current liabilities 4,988,725 5,135,357 Creditors: Amounts falling due after more than one year 20 Net assets 4,988,725 5,135,357 Funds of the charity: Restricted income funds Restricted funds 22 40,396 24,500 Unrestricted income funds Unrestricted funds 4,948,329 5,110,857 Total funds 22 4,988,725 5,135 357 The Trustees have prepared accounts in accordance with provision applicable to companies subject to the small companies regime. The financial stalenlents on pages 22 to 35 were approved by the trnstees, and authorised for issue on 4th November 2024 and signed on their behalf by.. Paul Whitmore Trnstee Christine Holland Trustee 20
Plus You Limited Annual Report and Financial Statements st For the year ended 31 March 2024 Statement of Cash Flows for the Year Ended 31 March 2024 2024 2023 Note Cash flows from operating activities Net cash income (146,630) 50,563 Adjustlnents to cash flows from non-eash items Depreciation Investment income 35,388 107,732 (218,974) 35,329 102,549 (16,657) Working capital adjustments (Increase)IDecrease in debtors Increasel(Decrease} in creditors Increasel(Decrease) in deferred income 17 17,420 (35,481) 5,056 45,052 (67,153) 326 19 20 Net cash flows from operating activities (242,091) (38,432) Cash flows from investing activities Investment Income Loan repayments 107,732 26,478 102,549 Cash flows from financing activities Repayment of loans and bOOw7ngS 19 8,212 28,504 Net increase in cash and cash equivalents (116,093) 35.613 Cash and cash equivalents at l April 357.592 321,979 Cash and cash equivalents at 31 March 241,499 357,592 All of the cash flows are derived from continuing operations during the above two periods. 21
Plus You Limited Annual Report and Financial Statements For the year ended 31" March 2024 st Notes to the Financial Statements for the year ended 31 March 2024 I Charity status The charity is limited by share capital, incorporated in. The addresg of its registered office is-. The Highpoint Venue Bursledon Road Southampton Hampshire S019 8BR 2 Accounting policies Summary of significant aceounting policies and key accounting estimates The principal accounting policies applied in the preparation of these financial staternents are set out below. These policies have been consistently applied to all the years pre8ented, unless othenvise stated. Statement of compliance The financial statements have been prepaTed 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 l 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 exempl undcr the small companie5 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 othenvise %tated 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 signiticant areas of uncertainty that affect the carrying value of assets held by the charity. 22
Plus You Limited Annual Report and Flnancial Statements For the year ended 31" March 2024 st Notes to the Flnancial Statements for the year ended 31 March 2024 Income and endowments Income 15 received net of VAT. Items of income are recognised and included ill the accounts when all the following criteria are met.. . The charity has entitlement to the funds • Any conditions attached to the item8 of income have been met or are fully within the control of the charity • There is .%ufficient certainty that receipt of income is considered probable • The amount can be measured reliably Grants and donations are included as income in the period kn which they are received except where the donor in]poses conditions which have to be fulfilled before the charity becomes entitled to such income: such income is defe¢d until the conditions have been met. Income received in advance for rent or room hire is deferred until the crileria for the recognitton of income is tnet. 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 levcl of perfonnance by the charity before the charity is entitled to the funds, the income 18 defeed and not recognised until either those conditions are llY met, or the fulfilment of those conditions 1.% 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 llds and any conditions linked to the grants have been rnet. Where perfonnance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance gheet as deferred income to be released. Deferred ineome Deferred incon]e represents amounts Teceived for future periods and is released to incoming resources tn the period for which, it has been received. Such income is only defeed 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. Incorne in advance for rent or room bire is defeed until the criteria foi the recognition of income has been met. Expenditure All expenditure is recognised once there is a legal or constrnctive 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 allocat¢d directly to such activities and those costs of an indirect nature necessary to support them. 23
Plus You Limited Annual Report and Financial Statements st For the year ended 31 March 2024 st Notes to the Financial Statements for the Year Ended 31 March 2024 Support Costs Support costs include central fictIOnS and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allo¢atillg property costs by floor areas, or per capita, staff costs by the time spent and other Costs by their usage. Governance costs These include th¢ costs attributable to the charity's compliance with constitutional and stathtory requirements, including audit, strategic management and trustees. meetings and reimbursed expenses. Government grants Government grants are rccognised based on the accrual model and are measured al the fair value of the asset received or ieceivable. 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 use1 life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income. Taxation The charity is considered lo pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore il meets the definition of a charitable compluly for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of incou]e or capital gains received within categories covered by Chapter 3 Part I l of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992. to the exknt that such income or gains are applied exclugively to charitable purposes. Tangible fixed assets Individual fixed assets costing £100.00 or more are initially recorded at cost. Depreciation and #mortisation 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 Freehold Land and Property Leasehold Propety Office Equiprnent Depreciation method and rate None Period of lease 25 /0 8traight 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. 24
Plus You Limited Annual Report and Financial Statements For the year ended 31" March 2024 st Notes to the Financial Statements for the Year Ended 31 March 2024 Fixed asset investments Fixed asset investments, other than programme related investments, are included at market value at the balance sheei date. Realised gains and losses on investment8 are calculated as the difference between sales proceeds and their markel 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 Dn the rnarket value at the year end. Trade debtors Trade debiors are amounts due from customers for merchandise sold or services perfornied in the ordinary course of business. Trade debtors are recognised initially at the tran8action price. They are subsequently measured at amortised cost using the effective interest method, less provision for impainnent. A provision for the in]painnent 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 tenns of the receivableq. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-tenn highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Trade creditors Trade creditorg are obligations to pay for goods or services that have been acquired in the ordinary course of business from supplier5. 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 t8 an unconditional right to defer sctilcment for at least twelve months after the reporting date, they are presented as non-current liabiliti¢s. Trade creditors are recognised initially at the transaction PTice and subsequently measured at amortised cost using the effective interesi method. Borroivings Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently caffied at amortised cost, with the difference between th¢ 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 recogntsed 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. 25
Plus You Limited Annual Report and Financial Statements For the year ended 31" March 2024 st Notes to the Financlal Statements for the Year Ended 31 March 2024 Foreign exchange Transactions in foreign currencie8 are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilÈties 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 ai the rates ruling at the balance sheet date. Exchange differences ari8ing on translation of the opening nel assets and results of overseas operations are reported in other comprehensive iocome and accumulated tn equity (attributed to non-controlling interests as appropriate). Other exchange differences are recognised in the Statement of Financial Activities in the peiiod in which they arise except for: l) exchange differences on transactions entered into to hedge certain foreign currency risks (see above)" 2) exchange differences arising on gaiTkS or losses on non-n]onetary items which are recognised in other comprehensive income; and 3) in the case of the consolidated financial slatements, exchange differences on monetary items receivable from or payable lo a foreign operation for which settleinenl 19 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 ¢quity. Fund structure Unrestricted income funds are general funds that are available for use at the trustees, discretion in furtherance of the objectives of the charity. Restricted income ndS are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose. 3 Income from donations and legacies Unrestricted fund5 General Total funds Donations 3,870 3.870 Total for 2024 3,870 Total for 2023 544 544 26
Plus You Limited Annual Report and Financial Statements For the year ended 31" March 2024 st Notes to the Financial Statements for the Year Ended 31 March 2024 4 Income from charitable activities Uttrestricted Funds 2024 Restricted Funds 2024 Total Funds 2024 Rental, hire charges and Services income from Hightown and Hinkler Community Centres Services provided to the community Total for 2024 35,928 35,928 22,250 35,928 22,250 58,178 2023 2023 2023 Rental, hiie charges and services income from Hightown and Hinkler Cominunity Centres 39,998 39,998 Services provided to the community 11,060 6,857 17,917 Total for 2023 51,058 57,915 5 Income from other trading activities Unrestricted Funds 2024 Total Funds 2023 Trading income: Other trading income 243,188 437,255 Total 243,188 437,255 6 Investment income Unrestricted Funds 2024 Unrestricted Funds 2023 Income from rents 107.732 102,549 Total 107,732 102,549 27
Plus You Limited Annual Report and Financial Statements st For the year ended 31 Mareh 2024 St Notes to the Financial Statements for the Year Ended 31 March 2024 7 Expenditure on charitable activities Unrestricted Funds General Restrieted Funds Total Funds Note Expenditure on Charitable Activities Depreciation. amortisation and other similar costs Staff costs Allocated support costs Governance costs 103,486 6,354 109,840 35,388 50.459 23,680 3,604 35,388 50,459 23,680 Total for 2024 216,617 6,354 222,971 Expenditure on charitable activities 29,030 6,407 35,437 Depreciation, amortisation and similar costs 35,329 35,329 Staff costs 65,514 65,514 Allocated support costs 59,280 59,280 Governance costs 2.650 2,650 Total for 2023 191,803 198 210 8 Other expenditure Unrestricted Funds 2024 Unrestricted Funds 2023 Note Wages and salaries Other resources expended 120,042 340 295 131,039 220,389 Total for 2024 340,295 351,428 28
Plus You Limited Annual Report and Financial Statements st For the year ended 31 March 2024 st Notes to the Financial Statements for the Year Ended 31 March 2024 9 Analysis of governance and support costs Costs of trading activities Unrestricted Funds 2024 Unrestrieted Funds 2023 Accountancy & bookkeeping Confidential waste disposal General insurance HR & H&S support IT Legal & professional fees Other expenses Printing, postage & stationery Refreshments Telephone 11,844 138 1,107 3,874 1,844 14,984 156 1,925 5,008 4,927 66 35,431 1,563 228 3,632 992 112 173 Total for 2024 23,680 59,280 Governance Costs Unrestricted funds 2024 Unrestricted Funds 2023 Audit fees 4,158 3,700 Total for 2024 4,158 3,700 io Net incomÈng/outgoing resources Net incoming resources for the year include: 2024 2023 Depreciation of fixed assets 35,388 35,329 29
Plus You Limited Annual Report and Financial Statements st For the year ended 31 March 2024 st Notes to the Financlal Statements for the Year Ended 31 March 2024 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. 12 Staff costs The aggregate payroll costs were as follows.. 2024 2023 Staff eosts during the year Ivere: Wages and salaries Employers national insurance Pension costs 213,680 17,805 4,026 194,384 15,991 3,837 235,511 219,211 The monthly aVage number of persons (including senior management team) employed by the charity during the year expressed as full time equivalents was as follows: 2024 Number 2023 Number Chief Executive Community Development Officers Administration and Support No employee received emoluments of rnore than £60,000 during the year. The chief executive officer, as the highest paid member of staff, received benefits lotalling £64,420 (2023 £52,038). 13 Auditors, remuneration 2024 2023 Audil of the financial statements 4,158 3,700 14 Taxation The charity is a registered charity and is therefore exempt from taxation. 30
Plus You Limited Annual Report and Financial Statements For the year ended 31" March 2024 st Notes to the Financlal Statements for the Year Ended 31 March 2024 15 Tangible fixed assets Land and Furniture and buildings equipment Total Cost At l April 2023 4,830,000 283.814 5.113,814 At 31 March 2024 4,830,000 283,814 5,IE3,814 Depreciation At l April 2023 Charge for the year 148,320 12,540 191,037 22,848 339,357 35,388 At 31 March 2024 160,860 213,885 374,745 Net book value At 31 March 2024 4,669,140 69,929 4 739,069 At 31 March 2023 4,681.680 92,777 4,774,457 Included within the net book value of land and buildings above is £3,377,512 (2023 £3,377,512) in respect of freehold land and buildings and £1,409,040 (2023 - £1,409,040) in respect of leaseholds. The inveslment property comprises commercial unils at Hightown, from which the investment properties income is derived. The lrnstees have valued these properties at £285.000, also the original cost of the propety- The freehold property represents the land on which the Highpoint venue is built. The property was acquired in 2014 in accordance with the tenns of the lease, following the insolvency of the buildings owner. No payment was made for the property. The TnLStee% have considered the valuation of the Highpoint Venue land and building and consider that the carying 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 whilst the building is still being brought into full use, its financial perfomiance does not support an increase in value. 31
Plus You Limited Annual Report and Financial Statements st For the year ended 31 March 2024 st Notes to the Financial Statements for the Year Ended 31 March 2024 16 Fixed asset investments 2024 2023 Shares in group undertakings and participating interests loo loo Shares in group undertakings and participating interests Subsidiary undertakings Total Cost At 31 March 2023 and at 31 March 2024 loo loo Provision for impairment At 31 March 2023 and at 31 March 2024 Net book value At 31 March 2023 and at 31 March 2024 loo loo 17 Debtors 2024 2023 Trade debtors Due from gioup undertakings Prepayments Other debtors 83,769 66,034 11,021 100,940 92,512 11,271 160,824 204,723 18 Cash and cash equivalents 2024 2023 Cash on hand Cash at bank 57 201 357 391 357,592 241,442 241,499 32
Plus You Limited Annual Report and Financial Statements For the year ended 31" March 2024 st Notes to the Financial Statements for the Year Ended 31 March 2024 19 Creditors: amounts falling due within one year 2024 2023 Trade creditors 24,267 43,255 8,211 12,161 41,664 20,837 75,287 201,415 Other loans Other taxation and social security Other creditors Accrnalg Deferred income 9,714 24,868 13,475 80,343 152,667 20 Creditors: amounts falling due after one year 2024 2023 Other loans 21 Pension and other Schemes The charity operates a defined contribution. pension scheme. The pension cost charge for the year represents contributions payable by the ¢harily lo the scheme and amounted to £3,073 (2023 - £3,837). 33
Plus You Limited Annual Report and Financial Statements For the year ended 31" March 2024 st Notes to the Financial Statements for the Year Ended 31 March 2024 22 Funds 2024 2023 Uurestrieted General General Fund 4.948.329 5,110,857 Restricted Youth Oplions Motiv8 Activities Food market 20,000 20,396 20,396 1,075 3.029 School Holiday Lunch Club Total restricted 40,396 24,500 Total funds 4,988,725 5,135,357 34
Plus You Limited Annual Report and Financial Statements For the year ended 31" March 2024 st Notes to the Financial Statements for the Year Ended 31 March 2024 23 Analysis of net funds At l April 2023 Cash llows At 31 March 2024 Cash at bank and in hand 357,592 116093 241,499 Net Funds 357,592 (116,093) 241,499 At l April 2022 Cash flows At 31 March 2023 Cash at bank and in hand 321,979 357,592 Net debt 321979 35,613 357 592 24 Related party transactions During the year the charity made the following related paty transactions.. Highpoint Hospitality Services Limited (Plus You Limited owns 100% of Hiohpoint'Hospitality Services Limited) Highpoint Hospitality Services Limited was set UP lo act as a trading company that looks after the running of the bar in the highpoint centre. During the fll)ancial year, Plus You Limited were invoiced £8,884 (2023- £38,487) by Highpoint Hospitality Services Limited for services, and Plus You Limited invoiced Highpoint H05Pltality Services Liinited £84,008 {2023.' £106).. At the balance sheet date the amount due to Highpoint Hospitality Service5 Limited was £9,974 {2023 £4.094). 35