REGIsfERED CHARITY NUMBER: 1169054 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATKMENfs FOR THE YEAR F'NDLD 31 MARCH 2024 FOR PALMERS OF SIIREWSBURY D.R.E. & Co. (Audit) Limited Kingsland House 39 Abbey Foregate Slirewsbiiry Sliropsliire SY2 6BL
PALMERS OF SHREWSBURY CONTENTS OF THE ¥1Tr4ANCIAL sfATEMETrrrs FOR TEIE YEAR ENDED 3J MARCH 2024 Page Report of the Trustees I to 2 Indepeiideiit Examiiiei s Report Statement of Fi11gneial Activities B*laiice Slieet Notes to the Flnancial Slgtements 6 to 11 Detailed Statement of Financial Activities 12
PALMERS OF SHREWSBURY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The trustees present tlieir report with the financial statements of tlic charity for the year ended 31 Marcl) 2024. The trustees have adopted the provisions of Accounting ai)d Reporting by Cliarities.. Statett]ent of Recommended Practice applicable to cliarilies Preparing their accounts in accordance with the Financial Reporting Standard applicable in Ilie UK and Republic of Ireland (FRS 102) (effective l Januwy 2019). OBJEcfivES AND ACTIVITIES Objeetives and aims The chai'ity is established for tbe objectives of advancing the education of the publt¢ of Shrewsbury and the surrounding areas in the Christian faith by. l) Tlie provisioii of 8 Christian run coffee shop. 2) The provision of facilities tliat would provide opportunity for prdyer and worthip meetings within the eoffee shop, and 3) The raising of monies tlwoiigh the operation of the coffee shop that would help support programmes for people and groLlPS who, by re&son of tlieir yoiith, age. infirmity, disablcment oi. social econoinic factoi's, find tl)emselves at i'isk of social exclusion. Publlc benefit Details as how the charity's activities are for the public benefit are provided in the objectives and activities seetion above. Tl)e trustees confirni Ilia¢ they Iiave Compiled wll) tlle duty in section l7 {5) of the Charities Act 201 I to Iiave due regard to public benefit guidance publisllcd by Charity Commission. ACHIEVEMENT AND PERFORMANCE ChAI'itable activities During the year die ¢harily has achieved the following.. The Pay11 Foiward scheme eonlinued to support tlie vulnerable and margiiialised community in Shrewsbury. Hosts the monthly quiz niglit ai Palniers, Suppoited and provided practical help during aiid after tlie traThsilion for rough sleepers who were housed. Piovided work experience foi. yoiing people at school and international students. Provided woi'k experience for young adulis with1&2rning difficulties and other vwlnerabilities. Provided an Internship for youi)g adults. Supported 'pop up, cliat groups includiiig social and infonnal mental health groups. FINANCIAL RKVIEW FinAncial position For the yeai. under review incoine totalled £198.062 (2023.. £177,254). Expenditure on charitable activities of £200.435 (2023,. £184,036) w&$ incurred during th¢ year. resiilting in a net deficit of £2,373 (2023- £6.782). The CIO'S funds carried fon¥ard al 31 March 2024 total £7.973 (2023: £10,346). Going coneern Tlie tnsslees liave reviewed the circumstancas of Palniers of Shrewsbury and consider that adequate i'esources ¢orttinue to be available to fund tlic activities of tile cliarity for the foreseeable futu. Tbe ti'iistees al'e not awa]'e of any n13tei.ial uncertainties which could affect the chaiity's ability to continue to opei?te as a going Concern. Reserves policy We aim to build up and hold h¥0 months wages in reserves vthich allows to ac¢oinmodate changes in staffin8 as well as short term Wages incre&ses. Page I
PALMERS OF SHREWSBURY REPORT OF THE IRUSTEES FOR THE YEAR Ef4DED 31 MIIRCH 2024 FUTURE PLANS We are always looking for further opporttmities lo bless our community and pursue our aims. We have and continue to develop our capacity to do more b¢spoke catering through the cafe and thus help alld bless more peopl¢. We are looking into how we can fijrther enhance support for those previous rough sleepers or other vulnerable people, potentially providing long tenn supported housing. STRUCTURE, GOVKRNATrICE AND MANAGEMENT Governing document The charity is a charitable incorporated organisation (CIO) incory)orated ID September 2016. The chaTltable organisation was formed under a Memorandum of Association which established the object and powers of the ¢haritable organisation. Reeruitment and appointment of Dew trustee5 Our recruitment policy is to appoint tNstec8 who are syjnpathetic lo the aims of Pakners of Shrewsbury. The Chair will always be appointed from Shrewsbury Baptist ctLurch. Ttustees are usually appointed from Shr¢wsbury Baptist Church. Rlsk management The tn)stees have a duty to identify and review the risks to which the charity is exposed and have ensured that appropriate systems alld procedures are in place to znanage those risks and provide reasonable assurance against fraud and error. REFERENCE AND ADMtNISTRATfvE DETAILS Re%is(ered Charlty number 1169054 Principal address clo Slu'ewsbury Baptist Chur¢h CrowThere Road Shrewsbury SY2 5JJ Trustees T J Curtis (resiglled 29.2.24) Mrs J James Mrs J Evans Rev N A Price Mrs H Ball A Cowbum Independent Examiner D.RE. & Co. (Audit) Limited Kingsland House 39 Abbey FoTegate Shrewsbury Shtopshire SY2 6BL Approved by order of tb¢ board of trustees on 5 December 2024 and signed on its behalf by: Mrs J Evans - Trustee Page 2
'INDLI PKNDEiYf EXèiMINER'S REPORT TO THE TRusfEFS OF PALMERS OF SHREWSBURY Independent exAminer's report to the trustees of Palmers of Shrewsbuiy l i'eport to the Charity tSteeS on my exa¥nination of the aceounts of Palmers of Shw$bUry (die Trust) for t]ie year ended 31 March 2024. Responsibilities #nd basis of report As the charity trustees of the TTUSt you are responsible for the prq)aration of the accounts in accordance with the requii'ements of the Chai'ities Act 2011 {le Act,). I report in respect of my examination of tlie Trust's accounts catTied out under Section 145 of the Act and in Carrying out my examination I liave followed all applicable Directions given by the Charity Commission und¢r Section 145{S)(b) of the Act. Iiidependent exMIner'S statenlellt I liave completed my exaniination. I confim that no material matters have come to my attention in connection witli the examin8tion giving me cause to believe that in wiy material respect: accounting records were not kept in respect of the Tnst as requiffd by Section 130 of the Act" or thc aciounts do not accoi'd with those records- or Ilie accounts do not comply witli the applicable requirements ¢on¢erning the form and content of accounts set out tn the Charities (Accounts Reports) Regulatiolls 2008 othcr than any requirement that the accounts give a true and fair view which is not a matter considered as par¢ of an independ¢nt examination. I have no concems and have come across no oiher matters in connection with Ilie examination to wliich attei)tion should be drawn in Iliis report in order to enable a proper undeTstandin8 of tlie accounts to be re8cli¢d. Franci ock F,C.C.A D.R.E. & o. (Audit) Limited Kingsland ouse 39 Abbey Foi'egate Slirewsbury Shiopshire SY2 6BL 5 December 2024 Page 3
PALMERS OF SHREWSBURY STATEMEIYT OF FINANCIAL ACTIVITIES FOR THE YLAR Ef4DED 31 NIARCH 2024 31.3.24 Unvestrieted fund 31.3.23 Total fjjnds Notes INCOME AfqD ENDOWMENTS FROM Donalions and legacies 7J15 6,148 Cliai'itAble activities Caf¢ 191,243 171,106 Total 198,558 177,254 EXPENDITURE ON Raisiiig fvnds 2,033 Chai'itabl¢ activities Cafe 201,2QS 184,036 Total 203,238 184,036 NET tNCOMEI(EXPENDKTURE) (4,680) (6,782) RECONCILIATION OF FUNDS Total funds brought forward IOJ46 17,128 TOTAL FUNDS CARRIED FORWARD 5,666 10,346 The notes forin part of tliese financial slatenients Page 4
PALMERS OF SIIRKWSBURY BALANCE SHEET 31 MARCH 2024 31.3.24 Unresli'tcted fund 31.3.23 Total funds Notes FIXED ASSETS Taiigible asgets 4,074 4,581 CURRENT ASSETS Stocks Cash at bank and in hand 2,067 8,254 2,189 9.545 10?21 11,734 CREDITORS Aiiiounls falling due withiu one year io (8,729) {5,969) NET CURRENT ASSETS 1,592 5,765 TOTAL A&SETS LESS CUIUiENT LIABILITIES 5,666 10,346 NET ASSETS 5,666 10,346 FUNDS U.estriCtCd funds 5,666 EO,346 TOTAL FUNDS 5,666 10,346 Tlie financial slateinents were appft)ved by tiie Board of Trnstees and auihorised for issue on 5 Deceiiiber 2024 and were signed on its belialf by., N A Price- Trustee J Evans - TKiistee Tlie nofes forn) part of these financial stateinents Page 5
PALMERS OV SHRKWSBURY NOTES TO THE FfNANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 STATUTORY INFORMATION Paljnei's of Shrewsbury is a charitable incorporated organisation (CIO), registeTed in Enoland and Wales. The CIO'S registei'ed nunibei. aiid i'egistered office address can be found williin die refei'ence aiid adniinistrative details section of tlie Report of the Ti'ustees. ACCOUNTING POLICIES Ba315 of pvepAring tlie finAiiciAI stvdtements Tlie finai)cial statenieiits of the cliarity, wliicli is a public benefit eiitity under FRS 102. have been pi'epared iii aceordance witli the Charities SORP (FRS 102) 'Aeeounting and Reporting by Charilies: Stateinent of Reconiinended Pi'actice applicable to charities prepariiig dieii. aceouiits iii accordance with the FAI)allcial Reporting Standard applicable in tlie UK and Republic of li'eland (FRS 102) (effective l J&iuary 2019),, Financial Reporting St}dard 102 'Tlie Finaii¢ial Reporting Stsndard applicable in the UK and Republic of Ireland, and tlie ClritIcS Act 2011. llie financial statenients have been prepai'ed under tlie historical cost ¢onvention. Tljese finan¢i81 statements are for the individiial entity only. Tl)e financial statements are presented in stcrling (£), rounded to the iieare5t £1. The accouiits have been prepared on a going concefrt basis. Income All iticoiiie is recognised in the Statemenl of Financial Activities once the charity l)as entitlemeiit to tlie fi]Iids, it is pi'obable that the income will be received and the amount can be iiieasured reliably. Income fi'om government and othei. gnts, whether 'c&pital' grnnts or 'revenue' gi'ants is gniSed wlien tlie hai'ity has entitlenient to the fvnds, and perfoi'mance conditions attached to tl)e giants have been Inet, it is probable that the income will be re¢eivcd and tlie amounl can be ineasured irliably. Dui'ing the year, the charity received government grants of £iiil (2023: £167) froin Shropsliii'e Council which is recognised in iJi¢ome. Expendltui'e Liabilities are i'ecognised as expenditure as soon as tliere is a legal or constructive obligation cominitliiig the cliarity to that expidI1Ure, it is probable that a transfer of econoniic beiiefits will be Irquii'ed in settlenient aiid the aniount of the obligation can be nieasured reliably. Expendituie is accoiint¢d for on an accruals basis and has been clas5ificd undei. lieadings that aggregate 811 cost i'elated tg tlie categoiy. Whei'e costs cannot be directly attribed to paiticulai. headings tliey have beeji allocated to activities on a basis ¢onsistent witli the iise of resoUes. TAiigible fixed assets Taiigible fixed assets are included at cost and depreciation Is provided at the followiiig annual rates and nietliods in ordei. to write off as5els over tlieir &8timated useful life. Fixtures and fittings- 250/0 reduciiig balance Stocl(s Stooks are valiied at the low. of cost and net realisable value, after iitsking due allowance for obsolete arnd Slow moving iteins. Taxatioii The cl)at-ity is ¢xenipt fN)m tax on its charitable tIVItIes. Fund atcountiiig All funds al'e get)erdl and unrestricted and can be used in accordance with the cliaritsble objects at tlie discretioii of tlie trustees. contii)ued...
PALMERS OF SHREWSBURY r4oTES TO THE F[NAlYCL STATEMENTS - Cotinued FOR THE YEAR ENDEI) 31 MARCH 2024 ACCOUNTING POLICIKS- continued Hire pui'cliase gnd leasing commitments Reiilals paid iindei. opeimting leases are charged to the Stat¢ment of Financial Activities on a strnighl line basis over tlie period of the lease. Pcijsion costs aiid othey post-l'etirement benefits Tlie cliarity operntes a defined contribiition pension scheme. ContriblonS payable to the charity's pension sclieme are cliai'8ed to the Statenient of Financial Activities in the period to whi¢li tliey relate. Cxsh at bank Cash at bank includes atnounts held ui t1 bank ¢urrent a¢lIS and cash in hand. Creditors Rnd pi'ovisions Creditors and provisions are recognised wliere Ilie cl)arity has a present obligatioii resulting from a past eveiit dlat will pi'obably I'csult in Ilie t[alfer of fund$ to a third paity and tlie ainounl due to settle tlic obligation can be Ineasui'ed oi. estimated iiliably. Ci'editoi3 and provisions are noriiially recognised at tlieii. settlenient aiiiount after allowing for any trade discount. FinAncial inAtrumeiits The ¢l)ai'ity only h8s financial assets and flnancial liabilities of a kind Iliat qualify as basic filncial instruments. Basic financial instrunients are initially recognised at transaction value and subsequeiitly measured at their settlenient value. RAISINC FUNDS RAisliig doiiAtlons and leggties 31.3.24 31.3.23 Suppoit costs 2,033 TRUSTEES, REMUNERATION AND BENEFITS Tlie following tiuslees were paid remuneration for providing setvices to the charity undei. employnient contracts., Mrs J Evans., £6,521 Mrs J James". £3,726 Mrs J Evans and fvb's J Jaines are tiwstees and eillployecs of Slirewsbuiy Baptist Cliuich and pw't of tlieii. salaiy is Yechai'ged to Paimei% of ShreWSbL, as sliown above. No trLlSt¢es were remunerated for perfoiinuig tlieir dutieg as a trustee foi. the year ended 31 March 2024 iior foi. the year ertded 31 Mar¢h 2023. Page 7 continued...
PALMLI RS OF SHREWSBURY NOTES TO THB FINANCIAL STATEMENfs- tontinued ri OR THE YEAR ENDED 31 MARCH 2024 TRUSTEES, REMUIYKRATION AND BENEFITS- continued Trustees, expenses Dui'ing tlie year Mrs J Evans was reimbursed £1,092 (2023: £478), Mrs J James was reimbursed £370 (2023: £34), Mi. A Cowbuim was reimbursed £20S (2023: £Nil) and Mr T Curtis was ieimbursed £36 (2023: £NTI) in i'elation to genei'al expenses. STAFF COSTS 31.3.24 31.3.23 Wages and salaries Otliei. pei)sioi) wsts 105,365 2,389 101,050 1,834 107,754 102,884 Tlie average montl)ly nuinber of enlployees duriiig the year was as follows,. 31.3.24 li 31.3.23 Employees No einployees received ei)iolumenls in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Uiiresti'icted fijnd INCOME AND KNDOWMENTS FROM Donatioiis and legacies 6,148 Chai'itable activities Cafe 171,106 Total 177,254 EXPENDITURE ON ClIAI'itable xetivitie5 Cafe 184,036 NKT INCOMEI(EXPENDITURK) (6,782) RECONCILIATION OF FUNDS Tolal LIdS brought forward 17,128 TOTAL fuNDS CARRIED FORWARD 10,346 Page 8 continued...
PALMERS OF SHRKWSBURY NOTES TO THE FtNANCtAL STATEMENTS - continued FOR'I'IIF, YEAR ENDED 31 MARCH 2024 INDEPKM)EF4T EXAMINERS, REMUNERATION Fees payable to tlie ¢harity's independent examiiier for the ei]Ination of the charAtys finaii¢ial statements were £1,769 (2023.. £1,685). TANGIBLL FIXED ASSETS Fixlur¢s fittings COST Al l April 2021 Additions 12,382 777 At 31 Marth 2024 13,159 DEPRII CIATION At l April 2023 Chai'gc for year 7,801 1,284 At 31 Marcli 2024 9,085 NKT BOOK VALUE At 31 Marcli 2024 4,074 At 31 Marcl) 2023 4.581 STOCKS 31.3.24 31.3.23 Slocks 2,067 2.189 io. CREDITORS: AMouNfs FALLING DUE WITHIN ONE YKAR 31.3.24 31.3.23 Taxation aiid social security Oihei. creditors 4,927 3,802 3,847 2,122 8,729 5,969 MOVEMENT IN FUNDS Net ioveiiieiit in fvnds At 31.3.24 At 1.4.23 Uiir¢stJ'icted funds General fund IOJ46 (4,680) 5,666 TOTAL FUNDS 10,346 {4,680) S,666 Page 9 continued...
PALMERS OF SHREWSBURY NOTES TO THE FINANCIAL STATKMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 ii. MOVEMENT IN FUNDS- cohtinued Net movement in funds, ijicluded in the above are as follows- Incojiiing resoui'ces Resources expended Moveinent in funds Uni'estricted funds Genei'al fund 198,558 (203238) (4,680) TOTAL FUNDS 198,558 (203,238) {4,6SO> Compxi'Atives for inov¢m¢nt ii) funds Net moveiiient in funds At 31.3.23 At 1.4.22 Unrostricted fuiids Gene1 fund 17,128 (6,782) 10,346 TOTAL FUNDS 17,128 (6,782) 10,346 Conipai'ative nel movement iji fui)ds. included in die above are as follows.. Incomiiig resoiiites Resources expended Moveinent in funds Unre5ti'icted fuiids General fuiid 177,254 (184,036) (6,782) TOTAL fiUNDS 177,254 {184,036) (6,782) A ciiri'ent year 12 nionlhs and prioi. year 12 inontlls combined position is as follows; Net movemeiit in funds At 31.3.24 At 1.4.22 Unrestiicted funds General nd 17,128 (11,462) 5,666 TOTAL FUNDS 17,128 (11,462) 5.666 Page 10 contii)ued...
PALMERS OF SHREWSBURY NOTES TO THE FINANCIAL sfATEMEwfs - continued FOR THE YEAR ENDED 31 MARCH 2024 ii. MOVEMENT IN FUNDS- continued A curi'ent year 12 months ld prior year 12 months combtned net niovement in funds, included in tlie above al'e as follows: Incoinijig i'esour¢¢s Resouires expended Movement in funds Unresti'icted funds General fund 375,812 {387,274) (11,462) TOTAL FUNDS 375,812 (387.274) (11,462) 12. RELATED PARTY DISCLOSURES See uote 3 for details of Trustees, expenses paid foi. th¢ year ended 31 March 2024. Pagell
PALMERS OF SIIREWSBURY DETAILEI D STATEMENT OF FINAf4CIAL ACTIVITIES FOR THE YEAR ETr4DED 31 MARCH 2024 31.3.24 31.3.23 INCOME AND ENDOWMENTS Doii*tiOllS Alld legacies Donations Gi'ant5 7JlS 5,981 167 7,315 6,148 ChAritAble activities Sales 191243 171,106 Total liicoming i'esoui'ces l98,558 177,254 EXPEI NDrruRE Cliai'itable AcÉivities Wages Pensions Hire of equipment and kitclien 8upplies Cleaning and Slindi-ies InsuranGe Light and heat Telephone Repaits & renewals Donatiotis Pui'chases Fixlures 8nd fittings 105,365 2,389 1,248 918 1,479 12220 277 1,978 600 67,755 1,284 101,050 1,834 1,424 1,480 11,298 264 1,169 1,772 53,320 1,495 195,513 176,417 Support COStS Mfinxgeillent Postage and stationery 408 527 Finance Bank charges 3,927 3,563 Govei'iiAnce cD8ts Accountaiicy aiid legal fees 3J90 3,529 Total J'e50urces expended 203338 184,036 Net expÉiiditui'e (4,680) (6.782) This page does not forni part of the statutory financial slatcnjeiits Page 12