SOUTH WARWICKSHIRE PLATO TRUST (A Company Limited by Guarantee) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st JANUARY 2024 Company No: 06669078 (England and Wales) Charity No: 1126506
SOUTH WARWICKSHIRE PLATO TRUST Contents Page Legal and Administrative Information Report of the Directors Independent Examiner's Report Statement of the Financial Activities 10 Comparative Statement of the Financial Activities 11 Balance Sheet 12 Notes forming part of the Financial Statements 13-19
SOUTH WARWICKSHIRE PLATO TRUST Page 3 Legal and administrative information Registered Numbers: Charity Company 1126506 06669078 (England and Wales) Directors and Trustees P Law (Chairman) A Marsdon (resigned 29 January 2024) G Yates M Markham th Company Secretary P Liggins General Manager P Liggins Reglstered Offlce 172 Emscote Road Warwick W2n4vickshire CV34 5QN Independent Examiner Steven Mugglestone FCA Michael Harwood & Co Chartered Accountants Greville House 10 Jury Street Warwick WaTwickshire Bankers Lloyds Bank plc. The Parade Leamington Spa Wamickshire Natwest Bank 1 Market Place Nuneaton The Trustees who are also the directors present their report along with the financial statements of st the Charity for the year ended 31 January 2024. The financial statements have been prepared in accordance with the accounting policies set out on page 13 and comply with the Charitable Company's Memorandum and Articles of Association and applicable company and charity law.
SOUTH WARWICKSHIRE PLATO TRUST Page 4 st Director's Report for the year ended 31 January 2024 Chairman's Statement Welcorne to the 42 Annual General Meeting of South Warwickshire Plato Trust General Activities and Background Nalionally and internationally, there is much unrest. The war in Ukraine seems to be commencing a critical phase with the Ukrainians being pushed b2ck. in the Middle East there continues to be unrest in Syria, Iraq and Iran. In the Levant, Israel and Hamas are engaged in severe hostilities both in Gaza and south Lebanon. The Houti faction in Yemen is preventing free passage of ships in the Red Sea to the Suez Canal. In China, Taiwan is threatened with invasion. In the UK and much of Europe. there are national and EU elections. There are the presidential, senatorial and congressional elections in the USA. I mention all of these principal factors leading directly to uncertainty and inflation in order to illustrate the back drop of seeking firm foundations upon which to run a charity in South Warwickshire. Are we certain that our income for the next 12-24 months and beyond will be sufficient to cover our costs and make sensible reserves to run the Charity in a financially responsible manner? All of the above including Ihe Bank of England greatly increasing interest rates and the Government adding to inflationary wage pressures by failing to raise the threshold of paying taxes has directly created unnecessary inflationary pressures on the household purse. There is also a great increase in the demand for rented property in Warwickshire causing inflation in the housing rental market greater than either the headline CPI or RPI. We have received rent demands from Warwickshire County Council proposing an increase in the rents charged for 5 properties from a total of £16,017 to £76,300 (4750/0) a year. This has been a staggering shock to us. Whilst we expected an increase on a cost of living basis (which would have increased the rents to about £31,000 (95%) the demands are in fact based on current market rentals and not as we might have expected as a social enterprise for the good of the peoples of Warwickshire on a cost of living basis; they are beyond any reasonable expectations. These are being negotiated by Messrs Loveitts on our behalf and a result is expected soon. At the time of wrtiing the new rents on these 5 properties will be £58,600 {3660/0) I would anticipate the increase to have a serious effect on our surplus and possibly our survival (dependent on what housing benefrts we finally receive). We need a sensible surplus as a normal part of our annual budget to create and retain reserves to cover unexpected costs and repairs and refurbishments. If we don't refurbish our properties regularly the problem does not disappear; these works will still need to be done. Further due to the parlous condition of national and local govemment finances there is no guarantee in future that government will be able to continue to award cost of living benefit increases. We will therefore need to be cautious both in agreeing to extend our 5 leases and further in keeping capttal expenditure, for example bathroom refurbishment. under strict review. We are still facing the echoes of the Covid pandemic. The required works that should have taken place in the Covid years have now been addressed with a larger than usual expenditure on refurbishments. Further for the next 3 years we will continue to face the capital repayments on 172 Emscote Road. But at least now it is fully occupied and we are not paying rent on our former office space. Without taking into account the overhead expenditure of running this charity, 172 is running at a surplus {licence fees over mortgage repayments).
SOUTH WARWICKSHIRE PLATO TRUST Page 5 Director's Report for the year ended 315t January 2024 (Continued) Against this background we are facing the administrative cost, in terms of time and money of being made to revisit the charity rate free status of our properties and also register 7 properties (as having beeen 3 and 4 occupants) as Houses in Multiple Occupation. I have my doubts that either of these changes will be for the benefit of the objects of our charity and will create yet another considerable layer of administrative costs. In the last year, occupancy has fluctuated month on month from a low of 40 licensees to a high of 45. We received 14 referrals, 8 of whom accepted offers of accommodation. 3 individuals left our accommodation during the year. Our accommodation levels have improved over the past twelve months. We continue to look to see how we can increase both the occupancy levels and the type of accommodation we offer. The total number of properties managed by South WaNickshire Plato Trust is now 26. The total number of beds that the Trust can reasonably offer from its current portrolio is 50 including an emergency bed for any unforeseen issue(s) that may arise within any of the group homes. However, at the Executive Committee meeting on January 291h 2024 it was agreed to give notice (6 months) on the property 51, Warwick Road, Wellesbourne CV35 9LX due to the difficulty in attracting prospective Licence Holders. This notice was served to Orbit Housing on 3181 January 2024. It is hoped that by returning this house. more suitable accommodation may be offered in the form of single or double units in locations such as Leamington Spa andlor Warwick. The usage of our premises is intensive, continual and demanding so redecoration and refurbishments are constantly being made: Completed Work in 202312024 Cornplete bathroom refurbishment @ 49 Rugby Road, Leamington Spa CV32 6DE Complete bathroom refurbishment @ 33 Webster Avenue, Kenilworth CV8 2EJ Replacement of boiler @ 33 Webster Avenue, Kenilworth CV8 2EJ Complete bathroom refvjrbishment @ 6 Governors Court, Warwick CV34 5DL Refurbished and redecorated front elevation @ 172 Emscote Road, Watwick CV34 5QN Complete TV aerial installation to all flats @ 172 Emscote Road, Warwick CV34 5QN Complete kitchen refurbishment @ 6 Governors Court, WaThvick CV34 5DL Complete bathroom refurbishment @ 18 Ryland Close, Leamington Spa CV31 1 HU Replacement of boiler and thennostat @ 23 Guy Street. Warwick CV34 4LN Replacement of boiler @ 94 Cubbington Road, Leamington Spa CV32 7AG
SOUTH WARWICKSHIRE PLATO TRUST Page 6 Director's Report for the year ended 31st January 2024 {Continued) Proposed work for 202412025 includes: Dependent on the permissible levels of housing benefit and the massive increase in rents demanded of us by Wanvickshire County Council and general affordability in the coming year, bathroom refurbishments @ 24a,24b,24c,24d & 31 Charles Gardner Road, Leamington Spa CV313BG In addition. there is the day-to-day maintenance of all our properties, the maintenance and where required, replacement of household equipment and soft furnishings. The trust further has to ensure compliance with all statutory requirements relating to health and safety including gas safety certificales, fire safety certificates and electrical safety testing. Conclusion l am once again grateful for the work done by Phil Liggins and Caroline Taylor. As we have emerged from Covid we have increased our occupancy levels and caught up on a considerable amount of repair and refurbishment backlog caused by Covid. Work continues on the voluminous collection of information to be compliant with the requirement to comply with registration of 7 of our houses as Houses in Multiple Occupation. This is an area where we lack knowledge and expertise as to the practical requirements of the Licensing Authority. Trustees The Directors, who are also the Trustees of the charttab5e company, as named on page 3 have served throughout the period. Appointment of Trustees is governed by the Articles of Association of the Charitable company. The Board of Trustees is authorised to appoint new Trustees to fill vacancies arising through resignation or death of an exisling Director. Only members of the charitable company are eligible for appointment as Director. The induction of a new Trustee involves being made aware of a Trustee's responsibilities, the governing document. the administrative procedures, the history and philosophical approach of the charity. Objectives and Activities South Warwickshire Plato Trust continues with its core purpose of providing accommodation for people with recovering mental health issues within South Warwickshire. Structure, Governance and Management The charity has an executive committee of 3 Trustees who meet six times a year and are responsible for the strategic direction and policy of the charity. The Trustees have delegated day to day responsibility for administration of the charity with the General Manager. South Warwickshire Plato Trust is a charitable company limited by guarantee and without a share capital. The governing documents are the Memorandum and Articles of Association. The company was incorporated on 11 August 2008 and commenced activities on 1S1 December 2008. These activities were formerly carried out by the unincorporated charity
SOUTH WARWICKSHIRE PLATO TRUST Page 7 st Director's Report for the year ended 31 January 2024 {Continuedl South Warwickshire Plato Trust. The entire assets and undertaking of the trust were transferred to the company on 1 $1 December 2008. The Memorandum of Association authorises the Directors to make and hold investments using the general funds of the charitable company and as such six long leasehold properties were purchased over the years. Achievements and Performance The charitable company would not be able to provide such a wide service to our beneficiaries without the continued support of a number of willing staff who give their services voluntarily, Income generated has been applied to the objectives of the charity. Public Benefit The Trustees have had due regard to the guidance published by The Charity Commissioners on public benefit, and consider that the objectives and activities of the charity fulfil their requirement. Financial Review The Directors consider that the performance of the charitable company this year has been satisfactory. with a surplus of £31,988 (2023: £57.669). The increase in funds ensures the stability of the charity and the upkeep of ils houses to meet rts objectives. Funds available are sufficient to permit the charitable company to continue in operation in the medium term, given that the continued support of the local councils has already been promised for a further year. Should this support not continue in the longer term, further financial support would need to be sought to replace it. Risk Review The Directors actively review the major risk which the Charity faces on a regular basis and believe that maintaining reserves at current levels. combined with an annual review of the controls over key financial systems, will provide suffi'cient resources in the event of adverse conditions. The Directors have also examined other operational and business risks faced by the Charity and confirm that they have established systems to mitigate the significant risks. Reserves Pollcy It is the policy of the charitable company to maintain unrestricted funds at a level which equate to approximately 9 months unrestricted expenditure. This provides sufficient funds to cover management and administration and support costs. Unrestricted funds are maintained at least at this level throughout the year. Future Developments The charitable company will continue to provide suitable homes for people with disability or special needs, and will continue to upgrade the accommodation provided as well as seeking to add to its propety portfolio if opportunity arises.
SOUTH WARWICKSHIRE PLATO TRUST Page 8 DirectOS Report for the year ended 31st January 2024 (Continued) Statement of Directors, Responsibilities Company Law requires the Directors lo prepare financial statements for each financial period that gives a true and fair view of the state of affairs of the charitable company and the surplus or deficit for that period. In preparing these statements, the Directors are required to: Select suitable accounting policies and then apply them consistently: Observe the methods and principles in the Charities SORP 2019 (FRS 102)., Make judgements and estimates that are reasonable and prudent., State whether applicable Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements., Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in operation. The Directors are responsible for maintaining proper accounting records that 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The report of the directors has been prepared having taken advantage of the small companies, exemption in the Companies Act 2006. Approval This report w s approv q by the Directors on 22TrJ April 2024 and signed on their behalf. Peter Law Director
SOUTH WARWICKSHIRE PLATO TRUST (CHARifi NUMBER: 1126506} Page 9 Independent Examiner's Report to the Trustees I report to the charity Iruslees on my examination of the accounts of the company for the year ended 31st January 2024 which are set out on pages 10 to 19. Responsibilitie5 and basis of report As the charity Iruslees of Ihe company {and also its directors for the purposes of company law> you are responsible for the preparation of the accounts in accordance with the requirement5 of the Companies Act 2006 {'the 2006 Act,). Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company's accounts as Carried out under section 145 of the Charities Acl 2011 ('the 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5){b) of the 2011 Act. Independent examinevs statement Since the company's gross income exceeded £250.000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of The Institule of Chartered Accountants in England & Wales, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were nol kept in respect of the company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records., or 3. the accounts do not comply with the accounting requirements of section 398 of the 2008 Acl other than any requiremenl that the accounts give a 'true and fair view. which Is not a matter considered as part of an independent examination; or 4. the accounts have not bèen prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charilies applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection with the examination lo which attention should be drawn in this report in order to enable a proper understanding of the accounts lo be reached. Steven Mugglestone BA {Hons) FCA Michael HaNood & Co Chartered Accountants Greville House 10 Jury Street Warwick CV34 4EW Date..
SOUTH WARWICKSHIRE PLATO TRUST Page 10 st statement of financial activities for the year ended 31 January 2024 (Incorporating the Income and Expenditure Account) Unrestricted Funds Total 2024 Total 2023 Notes Income from: Rent and Rent Allowance Telephone Income Damages from resident Tenant appliance wntributions Interest Receivable Donations received Insurance claim 411.850 411.850 364,124 250 13 121 250 160 105 12 1,000 5,120 121 Total Income £412.240 £412,240 £370,529 Expendlture on: Charitable Activities Olher Costs 415 376,160 4,092 376,160 4,092 308,858 4.002 Total Expendlture £380.252 £380,252 £312,860 Net movement in funds 31.988 31,988 57,669 Reconclllatlon of funds: Total funds brought foNard 1,178.120 1,178,120 1,120,451 Total funds carrled forward 14 £1,210.108 £1,210,108 £1,178.120 All income and expenditure derive from continuing activities. The notes on pages 13 to 19 form part of these financial statements
SOUTH WARWICKSHIRE PLATO TRUST Page 11 Statement of financial activities for the year ended 31st January 2023 {Incorporating the Income and Expenditure Account) Unrestricted Funds Total 2023 Total 2022 Notes Income from: Rent and Rent Allowance Telephone Income Council Tax re-imbursement Interest Receivable Donations received Damages from resident Compensation Tenant appliance contributions Insurance claim 364,124 364,124 359,157 585 835 12 1,000 160 12 1,000 160 620 50 105 5.120 105 5,120 Total Income £370,529 £370.529 £361,253 Expendlture on: Charitable Acttvities Other Costs 415 308,858 4.002 308,858 4,002 288,738 3,822 Total Expenditure £312,860 £312,860 £292,560 Net movement In funds 57,689 57,669 68,693 Reconciliation of funds: Total funds brought fomard 1,120.451 1,120,451 1.051,758 Total funds carried forward 14 £1,178.120 £1,178.120 £1,120,451 All income and expenditure derive from continuing activities. The notes on pages 13 to 19 fotm part of these financial stalements
SOUTH WARWICKSHIRE PLATO TRUST Page 12 Balance Sheet as at 31st January 2024 Company No: 06669078 (England and Wales) Note 2024 2023 Ftxed Assets Tangible assets 1,163.913 1,163,913 Current Assets Debtors.. amount f211ing due within one year Cash at bank and in hand 34,947 92,261 52,856 46,799 127,208 99,655 Creditors.. amount falling due within one year 10 {44.520) (30,922) Net current assets 82,688 68,733 Total assets less current liabilities 1,246,601 1.232.646 Creditors.. amount falling due after more than one year 11 (36,493) (54,5261 Net Assets £1,210,108 £1,178,120 Funds: Unrestrlcted Funds 14 1,210,108 1,178,120 Total charity funds £1,210,108 £1,178,120 For the year ending 3181 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors. responsibilitles: The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; The directors acknowledge their responsibilities for complying with the requirements of the Act with respecl to accounting records and the preparation of accounts. The financial statements h ve been prepared in accordance with the provisions applicable to companies subject to the small compa ies, regime. Approved by tle Diroclo[s on 22rwJ April 2024 and signed on their behalf. Peter Law Director I Chairman The notes on pages 13 to 19 form part of these financtal statements
SOUTH WARWICKSHIRE PLATO TRUST Page 13 st Notes to the Accounts for the year ended 31 January 2024 Basis of Preparation South Warwickshire Plalo Trust is a company limited by guarantee in England & Wales In the event of the charity being wound up, the liability in respect of the guarantee is limited lo £1 per member of the charity. The address of the registered office is given in the charity informalion on page 3 and the nature of the charily's operations and principal activities are given on pages 5 10 The charity constitutes a public benefil entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to ¢harities preparing their accounls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 102), the Charities Act 2011, Ihe Companies Act 2006 and UK Generally Accepted Practice as it applies from 1 January 2015. The accounts do not include a cash flow statement on the grounds that it is applying FRS 102 Section 1 A. The financial slalements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £1. Accountlng Pollcles Income These are included in the Stalemenl of Financial Activities (SOFA) when.. the Charity becomes entitled to the resources. the Trustees are virtually certain they will receive the resources., and Ihe monetary value can be measured with sufficient reliability. Unrestricted funds Funds from incoming resources. investment rental income and allowances are available for the objectives of the charity without further specific purpose and are available as general funds. Interest Receivable and Other Income This is included in the accounts when receivable. Investment Properties The Trust owns Six long leasehold properties as follows= 33 Prince Regent Court has a lease of 100 years from 1$1 May 1989 33 Webster Avenue has a lease of 125 years from 2nd May 1988 6 Kilby Court has a lease of 990 year5 from 24th June 1981 6 Governors Court has a lease of 120 years from 25th March 1999 18 Ryland Court has a lease of 125 years from July 1989 17 Markham Drive ha5 a lease of 999 years from 151 January 1973 The Trust also bought a freehold property of 172 Emscote Road Warwick in December 2021. As they are investmenl properties. no depreciation is provided on these property costs and in the opinion of the directors they have been included at °a fair valuation. given their rental income and current use. No professional property valuations have been undertaken as such costs are not considered necessary as the properties are regularly maintained at a level suitable for their use. The purchase costs are wrilten off to revenue when incurred.
SOUTH WARWICKSHIRE PLATO TRUST Page 14 Notes to the Accounts for the year ended 31st January 2024 Liability Recognition Liabilities are recognised as soon as ihere is a legal or constructive obligation committing the Charity to pay oui resources. Support Costs All costs are allocated to charitable activities on a basis consistent with use of resources. Pension Costs The Trust makes a 3ts/0 employer's contrtbution towards the employees, pension scheme starting from April 2014. Direct Charitable Expenditure These are only recognised in the accounts when a commitment has been made and there are no conditions to be mel relating to the expenditure which remain in the control of the Charity. Taxation The Charity is exempl from Corporation Tax on its charitable activities and VAT where applicable is included in the Charity's expenditure. 2.10 Going Concern The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from aulhorising these financial statements. The budgeted income and expenditure is sufficient wilh the level of reserves for the charity to be able to continue as a going concern. 2.11 Charity Status The Charity is registered with the Charity Commission for England & Wales. Re9lStered No.. 1126506 and is regulated by the Trust Deed dated 24kn November 1981. 2.12 Limited by Guarantee The company was incorporated undef the Companies Acls 1985 10 2006 and not having a share capital is limited by guarantee. The guarantee of each member is limited to a maximum of £1 and is for a maximum period of one year after ceasing lo be a member. 2024 2023 INTEREST RECEIVABLE Bank interest £121 £12
SOUTH WARWICKSHIRE PLATO TRUST Page 15 Notes to the Accounts for the year ended 31$1 January 2024 2024 Unrestricted Funds Total 2024 Total 2023 DIRECT CHARITABLE EXPENDITURE Staff Salaries Pension Rent Rates Insurance Electricity Gas TV licences Heating and appliance repairs Decorating Building repairs Telephone Cleaning Gardening Renewal of household equipment Council tax Travel and expenses Legal and professional Loan interest Management charge Support costs (Note 5) 76.754 1.968 85,529 10,148 10,869 23,913 22,958 3.551 5,240 1,942 70.391 136 24,858 2,541 5,829 3,204 4,486 2,400 2,342 7,649 9,452 76,754 1,968 85,529 10,148 10,869 23,913 22,958 3.551 5,240 1,942 70,391 136 24,858 2,541 5,829 3,204 4,486 2,400 2,342 7,649 9,452 76,155 1.968 75,260 9,768 11,008 21,979 12,046 3.776 3,902 2,665 12,925 393 19,942 2,423 14,532 (278) 4,320 3,640 2,959 6,814 22,661 £376,160 £376.160 £308,858 2024 Unrestricted Funds Total 2024 Total 2023 SUPPORT COSTS Bookkeeping servi$ Office equipment repairs and servicing Stationery and postage Bank charges Website maintenance and computer support Office renumanagemenl charge Office council tax Office telephone Sundry costs 6,325 48 1,071 1,066 982 6,325 48 1,071 1,066 982 6,020 350 951 1,159 2,118 5,598 3.400 2,578 487 (2,010) 1,430 540 (2,010) 1,430 540 £9,452 £9,452 £22,661
SOUTH WARWICKSHIRE PLATO TRUST Page 16 st Notes to the Accounts for the year endecl 31 January 2024 OTHER COSTS 2024 2023 Independent Examiner's fee Accountancy fees 2,270 1.822 2,250 1,752 £4.092 £4,002 TANGIBLE ASSETS- INVESTMENT PROPERTIES 2024 Freehold 2024 Leasehold 2024 Total Cost at 1st February 2023 480.163 683,750 1,163,913 Improvements to freehold property Cost at 3151 January 2024 480.163 683,750 1,163,913 The valuations of the above properties have been considered by the Trustees al the year end and in their opinion, they still reflect a fair market value given their rental income and currenl use. They do not consider the cost of a professional valuation would form a useful purpos8 al this time, as there is no intention lo sell the properties. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Rent receivable Prepayments and accrued inc¢yne Other debtors 87 11,021 23,839 21.035 11,416 20,405 £34,947 £52.856 CASH AT BANK AND IN HAND 2024 Unrestricted Funds Total 2024 Total 2023 Lloyds Current account Natwest Direct Reserve account Lloyds Business account Cash in hand 79.051 141 12,769 300 79,051 141 12,769 300 33,709 140 12,650 300 £92.261 £92,261 £46,799
SOUTH WARWICKSHIRE PLATO TRUST Page17 st Notes to the Accounts for the year ended 31 January 2024 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade Creditors Bank loan Accrued expenses Deferred income Other creditors 4,444 18,033 18,287 3.756 1,319 17,384 11,323 896 £44,520 £30,922 11. CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR 2024 2023 Bank loans £36,493 £54,526 Analysis of loans Not wholly repayable within five years by instalments.. Bank loans 54,526 71.910 54,526 71,910 Included within current liabilities {18,033> (17,384) £36,493 £54,526 Loan maturty analysis Debt due in one year or less In more than one year but not more than two years In more than years but not more than five years 18,033 18,716 17,777 17,384 18,033 36,493 £54,526 £71,910 Creditors falling due in more than one year include secured creditors of £36,493 (2023: £54,526). This loan is repayable in 2026 at a fixed rate of 3.720/0. 12. DEFERRED INCOME 2024 2023 At 181 February 2023 Additions during the year Amounts released to income 3,756 At 31$1 January 2024 £3,756 Income has been deferred for Housing Benefit received at the year end relating to a period after the year end.
SOUTH WARWICKSHIRE PLATO TRUST Page 18 8t Notes to the Accounts for the year ended 31 January 2024 13. STAFF SALARIES 2024 2023 Salaries Social security 74,046 2,708 73,185 2,970 £76,754 £76,155 Pension £1,968 £1,968 The number of full and part-time employees was as follows.. Administration No employee received emoluments over £60,000 in the year 14. FUNDS Unrestricted Funds Balance at 1$1 February 2023 Income in year Expenditure in year 1,178,120 412,240 {380,252) BalanGe at 31*1 January 2024 £1,210,108 Unrestricted Funds Balance at 1s1 February 2022 Income in year Expenditure in year 1,120,451 370,529 (312,860) Balance at 31st January 2023 £1,178,120
SOUTH WARWICKSHIRE PLATO TRUST Page 19 8t Notes to the Accounts for the year ended 31 January 2024 15. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Funds 2024 Fixed assets Cash and cuirenl assets Current liabilities Long term liability 1.163,913 127,208 (44.520) (36.493) £1,210,108 Unrestricted Funds 2023 Fixed assets Cash and current assets Cuent liabilities Long term liability 1,163,913 99,655 (30,922) (54,526) £1,178,120 16. TRUSTEES, REMUNERATION AND EXPENSES None of the Trustees were paid any remuneration during the year <2023.. £NIL). There were no reimbursements of expenses lo the Trustees during the year12023.' £NIL). 17. RELATED PARTY TRANSACTIONS There were no related party transactions during the year {2023'. £NIL). 18. CONTINGENT LIABILITY An ex-tenant of Ihe trust has incorrectly claimed for housing benefit which has been paid by Ihe benefits agency. The amount overpaid amounls to approximately £15,000, which if not repaid by the tenant the benefit agency may seek reimbursemenl from the trust. This lenanl has now left the trust on 12th March 2018.