REGISTERED CHARITY NUMBER: 1155724 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 FOR PLAXTON FAMILY HOUSING TRUST CIO Fortus Limited Business Advisors & Accountants 5 & 6 Monor Gorth Manor Court Scarborough North Yorkshire YOI 13TU
PLAXTON FAMILY HOUSING TRUST CIO CONTENTS OF THE FINANCIAL STATEMENTS For The Year Ended 31 December 2024 Page Report of the Trustees Independent Exomlner's Report statement of Flnanclal Acllvlmes Bolonce Sheet Noles lo the Flnanclol Slatements 7 to 11
PLAXTON FAMILY HOUSING TRUST CIO REPORT OF THE TRUSTEES For The Yeaf Ended 31 December2024 The trustees present their report with the financiol statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities.. stotement of Recommended Practice opplicoble to charities preparing their accounts in accordance with the Financial Reporting Standard applicoble in *he UK and Republic of Irelond IFRS 1021 (effective I Jonuary 20191. OBJECTIVES AND ACTIVITIES Objectives ond aims The Charity's objective is to relieve elderly people born or resident within the Borough of Scarborough who ore in need, in particular but not exclusively by reason of financial hardship or disobility. by providing housing for rent and items. services or facilities colculated to reduce the needs of such persons. The Chority operates 45 letting units in the Scarborough areo. The properties are let on standard Assured Shorthold tenancies, managed by CPH Estate Agents Ltd on ovr behalf. To ochieve its objects the Charity's policies are: to find suitable tenants who fulfi1 the criteria laid down in our objects clause.. to manage the charging below market ren15; to safely invest surplus monies seeknng a good rate of interest with a mind to minimising risk: to consider future developments as finonce and market conditions allow. Publlc beneftt The trustees consider that they have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers and duties. ACHIEVEMENTS AND PERFORMANCE Charltable activities The portfolio continues to enjoy almost IOOlo occvpancy. There are occasional tenont changes. but void periods are minimised through judicious management of a waiting list of potential tenants maintained by CPH Estate Agents Ltd in conjunction with Mrs J Smith ond Mr M Trotter, the trustees appointed to undertoke potential tenont inteNiews prior to vacancies being filled. FINANCIAL REVIEW Future plans In 2020 the Charity had acquired St Soviourfs Church Hall in Gladstone Rood, Scarborough with a view to redeveloping the 51te when sufficient funds are ovoilable, to provide further accommodotion. Following the reduction in the number of trustees (due to the death of three trustees and three resignations). the remaining tru51ees have reviewed the strategy in respect of this property. and have decided not to proceed wfh this project. st Saviourfs Church Hall wa5 therefore put up for sale in October 2022. At the date of this report. heads of terms are agreed with a potential purchaser who have continued to develop their plan5 and exchange of contract is expected in 2025. STRUCTURE. GOVERNANCE AND MANAGEMENT Governlng docvment The Booid of Trustees during 2024 comprised Mr M Trotter, Mrs J Smilh. Mr5 J Jefferson. Mrs J Loyboum (resigned 14th November 20241 and Mr J M N Asquith. Recrullmenl and appolnlment of new trustees Our Constitution provides that there must be ot le05t Ihree trustees and appointments hove been made to provide a sultable range of ski115 to fulfil the charity's objects, i.e. legal, financial, secretarial and property management. The first trustee5 were appointed for a term of 5 years, thereafter future trustees must be appointed for a term of three years by o resolution of the trustees passed at o properfy convened meeting. Trustees are eligible for re-appointment at the end of their term. Page I
PLAXTON FAMILY HOUSING TRUST CIO REPORT OF THE TRUSTEES For The Yeor Ended 31 December 2024 STRUCTURE. GOVERNANCE AND MANAGEMENT Orgonisaffonal structure The trustees, who meet regularfy and delegate tasks as appropriate, manage the charity. Two trustees, Mrs J Smith and Mr M Trotter have delegated authority to interview prospeclive tenants ond agree to their being offered tenancies where appropriate. Mrs J Smith and Mr M Trotter are outhorised to meet with CPH Property Services, who are our managing agents for the Trust's properties, to deal with praclical matters. Reslrfctions Imposed The income and property of the charity has to be applied solely towards the promotion of its objects. No trustee may receive any remuneration for any setvice provided to the charity and no trustee may acquire any interest in property belonging to the charily or be interested in any contract entered into by the trustees otherwise that as a t¥ustee of the chority except wilhin the terms expressly sel out in the Foundation Constitution. Investment powers Permission is given for the tnjstees to open and keep the charity's monie5 in one or more bank accounts. During the year all our income was paid into our account with Hondelsbanken who pay interest on the balance. Rlsk management To minimise the risk of taking on unsuitable tenants, on Application Fom has been ogreed. CPH Property Service5 is contracted to obtain reference5. make o credit check on all prospective tenants and deal with the documentation. Rents have to be paid in advance on the 1st of each month directly to CPH who then transfer Ihe balance to our account afler deduction of costs of maintenonce which have already been approved or delegated by the trustees. To minimise the risk of problem5 Wlth tenants and in order to comply wth legal requirements a formal Assured Tenancy Agreement has been prepared and has to be sigr)ed by all tenants before taking up residence. To minimise fire risk a consultant reported on the fire risk5, what equipment should be provided and what fire policy ond checks should be instituted. To minimi5e the risk of deterioration of the property and meet landlord's legal requirements, CPH Property Service5 have been appointed Monaging Agent5 as mentioned above. They have provided a Schedule of Compliance which they manage. REFERENCE AND ADMINISTRATIVE DETAILS Reglstered Charlty number 1155724 Prlnclpol oddress Box 7. Eric Court 72 Commercial Street Scarborough North Yorkshire Y012 SEW Trustees Mrs J A Smith (Hon Secretary) Mrs J H Jelferson Mr M L Trotter Mrs J Layboum Mr J M N Asquith Page 2
PIAXTON FAMLY HIYISING IRUSI CIO REPORT OF JHE IRUSTEES For Ihe Veal Ended 310ecember 2024 REFEIIENCE AND ADMINISTRATIVE DETAILS Independent Exanw LimRed Business Advi50r5 & Accounlants 5 & 6 Manor Garth Manor Court S¢arfJorough orth Yothshwe Y0113ni Bankers and othw advise Handetsbanken 2 ManoT co1 Manor Garth Ea9[ SeathoTough Y01131U s0ClI0v$ "rdsau & Snovwba 12 Wesl Avemf Filey Y014 9AA valu and Manatyng Agents CPH Eslale Agehits 14nrted Va CPH Property Service5 19 $1 IlYoma5 Sifget scaroUgh YOI1 IDY ai 20f Appwved by order ollhe boaAI oltnTs1095 on...--....-...--.....--............. al signed on its b¢hall by. JAS Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PLAXTON FAMILY HOUSING TRUST CIO Independenl examlner's report to Ihe trustees of Plaxton Family Housing Twst cio I report to the charity Irustees on my examination of the accounts of Plaxton Family Housing Trust cio Ithe Trustl for the yeor ended 31 December 2024. Responslbililies and basls of report As the charity Irustees of the Ttust you are responsible for the preparation of the accounts in accordance with the requirements of the Choritie5 Act 2011 I'the Act'l. I report in respect of my examination of the Trust's accounts canied out under Seclion 145 of the Act and in carrying out my examination I have followed oll opplicable Directions given by the Charity Commission under Section 14515llbl of the Act. Independent examlner's slatement I have completed my examination. I confirm that no material matters have come to my attention in connection wth the examination giving me cause to believe thot in any material respect.. accounting records were not kept in respect of the Trust as required by Section 130 of the Act,- or the accounts do not accord wth those records", or the accounls do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of on independent examinofion. I have no concerns and have come across no other matters in connection with the exomination to which attention should be drown in this report in order to enable a proper understanding of the accounts to be leached. TJL Poul Dixon FCA Fortu5 Limited Business Advisors & Accountants 5 & 6 Manor Garth Manor Court Scarborough North Yorkshire YOI13TU Date: ... 1.5......5.EPkn! DEL 20SS Page 4
PLAXTON FAMILY HOUSING TRUST CIO STATEMENT OF FINANCIAL ACTIVITIES For The Year Ended 31 December 2024 2024 Total funds 2023 Total funds Unrestricted fund Restricted fund Notes INCOME AND ENDOWMENTS FROM Charltable aclivilies Eric, Evelyn and Gladys Courts Bethany House Eric Ploxton House 55-57 Commercial Street 59.638 72,636 50.809 31.350 59,638 72,636 50,809 31.350 57,865 67.449 50.039 10,342 Investment income 622 622 Total 215,055 215,055 185,695 EXPENDITURE ON Charltoble actlvltles Eric. Evelyn and Gladys Courts Bethany House Eric Plaxton House st Saviourfs Church Hall 55-57 Commercial Street 29.275 19.995 87,711 3,907 6.014 29.275 19.995 87.711 3,907 6.014 30.515 30,677 58,007 568 12.019 other 134 134 168 Total 147.036 147,036 131.954 NET INCOME 68,019 68.019 53.741 RECONCILIATION OF FUNDS Total funds broughl forword 1,404,631 3.255,000 4.659,631 4,605.890 TOTAI FUNDS CARRIED FORWARD 1.472.650 3.255.CnO 4.727,650 4.659,631 The notes lorm part of these financial statements Page 5
PiAXION fAMLY HOiISIIIG IRIIST CIO BALANCE SHEET 31 December 2024 2024 2023 N8$ FIXEI) ASSEVS Tangible assets 5,182,700 5,182,798 CiHIRENT ASSETS Deblo Cath at ha[ 14872 142,721 16,414 106,859 159,593 121273 cREDOR$ Am04Mhts faNing whthMI one year 143,3921 1411,190) NET CURRENY ASSETS 116,201 83,083 TOTAL ASSETS LESS CiIIRENT UABIUIIES 5,294901 5,265W1 CREDITORS Amounts la4wry due atlew more than ort year 15712511 IU6,2501 4,727,650 4,659,631 FITrIDS UnreslTrcteql lund5 Rertiicted lutyds 1,471650 4255,000 1,4114,631 3R55,000 TOTAL Fuf4DS {727,650 4,659,631 The ancial stalements app¥oved by Ihe Board ol T¥uslees aullwmised loi u? on ..¥.Wnd were srgnod I11 br. Mij Ihe noles fomi part of Ihese fmaneial stalgmenls Page 6
PLAXTON FAMILY HOUSING TRUST CIO NOTES TO THE FINANCIAL STATEMENTS For The Year Ended 31 December 2024 ACCOUNTING POLICIES Basls of preparfng the flnanclal statements The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 '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 IFRS 1021 leffective l January 20191,. Financial Reporting Standard 102 Yhe Financial Reporting standord applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial statements have been prepared under the historical cost convention. Flnanclal reportlng standard 102 - reduced dlsclosure exemptlons The charily has taken advantage of the following disc105ure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,: the requirements of Section 7 Statement of Cash Flows. Income All income is recognised in the Statement of Finonciol Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Expendlture Liabilities are recognised 05 expenditure os soon as there is a legal or constructive obligation committing the charily to that expenditure, it is probable that a transfer of economic benefit5 will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on on accruo15 basis and has been classified Under headings that aggregate all C05F related to the cotegory. Where costs cannot be directly attributed to particular headings they have been ollocated to activities on a basis consistent with the use of resources. Tangible ffxed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Freehold property 15To straight line Taxatlon The charity 15 exempt from tax on its charitable activities. Fund accounllng Unrestricted funds can be used in occordance with the charitable objectives ot the discretion of the trustees. Restricted funds con only be used for particular restricted purpose5 Wlthin the objects of the charity. Restriction5 orise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Page 7 continued...
PLAXTON FAMILY HOUSING TRUSY CIO NOTES TO THE FINANCIAL STATEMENTS - contlnued For The Year Ended 31 December 2024 INVESTMENT INCOME 2024 2023 Deposit account interest 622 INCOME FROM CHARITABLE ACTIVITIES 2024 2023 Activity Eric, Evelyn and Gladys Courts Bethany House Eric Plaxton House 55-57 Commercial Street Rent received Rent received Rent received Rent received 59,638 72,636 50,809 31.350 57.865 67.449 50.039 10.342 214,433 185,695 TRUSTEES, REMUNERATION AND BENEFNS There were no trustees, remuneration or other benefits for the yeor ended 31 December 2024 nor for the yeor ended 31 December 2023. Trustees. expenses 2024 2023 Trustees, expenses 5.0 5,000 TANGIBLE FIXED ASSETS Fixtures and fittings Freehold property Totals COST At l Jonvary 2024 Additions 5,182.126 36 5.182.966 36 At 31 December 2024 5.182.162 840 5.183.002 DEPRECIATION At l January 2024 Charge for year 168 134 168 134 At 31 December 2024 302 302 NEf BOOK VALUE At 31 December 2024 5.182,162 538 5.182,700 At 31 December 2023 5,182,126 672 5.182,798 Page 8 continued...
PLAXTON FAMILY HOUSING TRUST CIO NOTES TO THE FINANCIAL STATEMENTS - contlnued For The Year Ended 31 December 2024 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 other debtors Prepayments 5,COO 11,872 5,000 11,414 16,872 16.414 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Bank loan Isee note 91 AccnJed expenses 35,000 8,392 35,000 5.190 43,392 40.190 CREDITORS: AMOUNTS FALUNG DUE AFTER MORE THAN ONE YEAR 2024 2023 Bank loans15ee note 91 571.251 606,250 LOANS An analysis of the maturity of loans 15 given below.. 2024 2023 Amounts falling due wqthin one year on demand: Bank loan under l year 35,000 35.OCK) Amounts falling between one and Iwo yeor5'. Bank loan between 1- 2 years 35,000 35,0(K) Amount5 falling due belween two and five years.. Bank loan between 2 - 5 year5 105.OCK) 105,OC Amounts folling due in more than five years: Repoyoble by instalments: 8onk loons more than 5 years 431.251 466,250 io. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2024 Total funds 2023 Totol funds Unre51ricted fund Reslricted fund Fixed assets Current ossets Current liabilities Long term liabilities 1.927.7(X) 159,593 143.3921 1571,2511 3,255,000 5,182.7(x) 159,593 143,3921 1571,2511 5.182,798 123,273 140.1901 1606,2501 1,472,650 3,255.000 4,727,650 4,659,631 Poge 9 continued...
PLAXTON FAMILY HOUSING TRUST CIO NOTES TO THE FINANCIAL STATEMENTS- continued For The Year Ended 31 December 2024 MOVEMENT IN FUNDS Net movement in funds At 31.12.24 Ati.1.24 Unre5tr1cted funds General fund 1.404.631 68,019 1,472,650 Reslrlcted funds Building fund 3,255,(0 3,255,CK)O TOTAL FUNDS 4.659.631 68,019 4,727,650 Net movement in funds, included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestrlcted funds General fund 215,055 1147,0361 68.019 TOTAL FUNDS 215,055 1147.0361 68.019 Comparollves for movement In funds Net movement in funds At 31.12.23 Ati.1.23 Unrestrlcted funds General fund 1.350.890 53.741 1,404,631 Restrlcted fund5 Building fund 3,255,000 3.255.OCK) TOTAL FUNDS 4.605,890 53.741 4.659.631 Comparative net movement in funds. included in the above are os follows: Incoming resources Resources expended Movement in funds Unrestrlcted funds General fund 185.695 1131.9541 53.741 TOTAL FUNDS 185,695 1131,9541 53.741 Page 10 continued...
PLAXTON FAMILY HOUSING TRUST CIO NOTES TO THE FINANCIAL STATEMENTS - conllnued For The Year Ended 31 December 2024 MOVEMENI IN PUNDS - conllnued A current year 12 months and prior year12 months combined p051tion is as follows.. Net movement in fund5 At 31.12.24 Ati.1.23 Unreslricled funds General fund 1.350.890 121,760 1,472,650 Restrlcted funds Building fund 3.255.CK)O 3.255,QX) TOTAL FUNDS 4,605,890 121,760 4,727.650 A cuwent year 12 months and prior year 12 months combined net movement in funds, included in the above are a5 follow5: Incoming resources Re50urce5 expended Movement in funds Unrestricted funds General fund 400,750 1278,9901 121.760 TOTAL FUNDS 400.750 1278.9901 121.760 12. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 December 2024. Pogell