Charity Number." 203516 THE Pd1UNICIPAL CHARITIES OF PLYMOUTH ANNUAL REPORT & FINANCIAL STATEMENTS For the ear ended 31st December 2023 Pre ared b Nigel Webster & Co Chartered Accountants Abacus House 129 North Hill Plyrnoulh PL4 8JY THE MUNICIPAL CHARITIES OF PLYMOUT INDEX TO THE FINANCIAL STATEMENTS PAGE Reference and administrative details Report of the Trustees 2to5 Report of the accountants Statemenl of wmprehensive income Statement of Ghanges in reserves Balance sheet Notes to the financial statements 10t016 Additional information report 17 Analysed income and expenditure account 18 Division of net assets 19 THE MUNICIPAL ARITIE OF PLYMOUTH REFERENCE AN DMINISTRATIVE DEfAILS Forthe ear ende 31st December 2023 REFERENCE AN ADVISERS ADMINISTRATIVE DETAILS FOR THE CHARIry, ITS TRUSTEES AND Charity name.. is the Charity nam shown in note 14 1 e Charfty Is known by the name ofThe Municipal Charilies of Plymouth, which used to manage a number of Gonstiluenl charities, the details of which are the accounts. Charity number: The Trustees at th view were as foll 3516 date of approval of this report and those who served during the year under Cowoptative and re esentative.. M Parkman Mrs P Bunkin Mrs Corvid Mrs E Leonard Miss K Willmott K Lewis T Lever N Mcloughlin Mrs V Steer {Chairman) (Vice Chairman) (Resigned 81h March 2023) (From 1st April 2023) c￿rk to Trustees.. Mrs V Steer (to 31.3.2023)-and Mrs E Leonard Principal and regist red offiee.. 98 Plymstock Road Plymouth PL9 7PJ Bankers.. Lloyds Bank PIC Royal Parade Plymouth PL1 1DS Accountants: Nigel Webster & Co 129 North Hill Plymouth PL4 8JY THE MUNICIPAL C RITIES OF PLYMOUTH REPOR F THE TRUSTEES For the ear ended 31st December 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT The Charity was established on 20th February 1968 to manage a few constituent charitses, whose details and governing documents are as set out in note 18 and is registered under the Charities Act, number 203516. The Charity is operated by a Board of Trustees who meet on average once every two months to di5CU55 its affairs. The day-t¢>day management is delegated to Mrs E Leonard, (the Clerk and Treasurer to the Trustees) in consultation with the Chairman and Vic&Chairman. PUBLIC BENEFIT The policies and procedures for recruiting, appointing and inductitsn and trainlng of Trustees are that all representatives, Trustees are directly appointed by Plymouth Cty Council. All co-optative Trustees are re￿￿lted through other Trustee networking depending on particular skill requirements. The Board consists of a maximum of 4 representative Tru51ees and 8 CL￿ptaI1ves. All new Trustees induction and training involves a tour of the Charity Almshouses and an overview of the Charity's operations al the first meeting. All Trustees are unpaid volunteer5, and the salary of the Clerk is agreed annualty at a Trustee meeting. The Trustees have had due regard to the guidance published by the Charity Commission on public benefit and achieve public benefit through ils continued social housing work. REVIEW OF THE BUSINESS AND BUSINESS MODEL We began the year with a balance of £56,367 and ended with £51,088. We had all 16 flats occupied throughout 2023 which meant the Weekly Maintenance Contribution had been 1000k. We spent a total of £2569. including VAT on a new key fob system which is working well1£352 for tho SIM card) and a new door to the rear of the car park plus remedial works to the rouFKlaboul door also at a Cost of £3,918 including VAT. We gave the Ladies our usual annual Chri%trnas gifts of a gift voucher to the value of £25lpax, together with chocolate biscuits @ £41pax, plus Christsmas Cards and grft wrapping at a cost of £6.67. Atogether this lotalled £470. We hosted our now annual Garden Paty in the grounds ofthe Amshouses at a cost of £104. We also organised and funded a Christmas lunth for The Ladies, which came lo a total of £755. This was at a venue new to us, the Duke of Comwall. which being local, did not require transport lo be arranged by Ihe charity. THE MUNICIPAL C ARITIES OF PLYMOUTH REPORT OF THE USTEES CONTINUED Forthe ear onde 31st Dgcember 2023 Joan 8ennott Ex Soclety: ibltlon Endovffl)enl, Francis Ellzabeth White Charity and Plymouth Soup Re the JBEE, the b £250. was donated in Plymouth. The S their work among th November 2024 m ance at the beginning of the year was £2,818, and at year end st stood at £2,918. Provide Devon in April to support Ihe work they do to assist disadvantaged people up Society branch of our Charity also donated £50a to Shekinah Mission lo further needy in Plymouth. This is an annual donation and will be di5¢ussed at our ting. 0￿hans. Aid Edu tional Foundatlon The Orphans, Aid with the cost of sch The Trustees voted offer to £501pax fo Shop in Plymouth) had requests from agreed to honour previous years, no resulb'n9 in an und out. A payment of and will focus on p to be offered In the ucational Foundation has been able to continue in its work to assist local families ol unifomi for the transition from Year 6 to Year 7 (Junior School to Senior School). in April to keep the amounts the same as the previous year (the Charty raised the each application to £751pax and £50 for any application received via The Uniform ne primary school suggested £501pax in order to be able to help more families. We 5 families, trom 6 schools within the Ptymouth City Council boundary. The Charity ch application received, adding up to a total of £1479.pledged for the year. As in all the parenlslguardians to whom grants were offered claimed the repayment, payment of £100 of those pledges,. this was reflected in a total of £1469 being paid 50 was made to the Uniform Shop to support their work,. Ihis was gratefully weived viding blazers for children entering Year 7. (The Board has conS￿er9d the amount 024 financial year and it was agreed to pledge the same as for 2023 Weekty Malnlonan e Contrlbutlon- As in previous yea both lower and hig our WMC is sb"Il repalrlr￿eCOrat10n "me, plus ad hoc The increases for y the Weekty Maintenance Contribution was increased in April by £Sper week for r rates, therefore the uplff(ed rates are now £82 Ibedsitl and £87 {1 bedroom fiat), ell below current market ￿ntaI fees. This increase reflects the substantial osls incurred to prepare the Almshouses ft)r a new Almslady each aintenance and repairs. Our total ￿CeIpt for ￿c in 2023 came to £65.478. r 2024 wlll be discussed at our January 2025 meeting. Chalr's Retlremen On 31¥t March 2023 the new Clerk and 2023}. Mrs Steer he Clerk retired after 12 years of service. She then worked a fvrther month to asstst Ill Gontinue her involvement with the charity as a Trustee {with eff8Ct from 191 April s presented with gifts to the value of £75. POLICY ON RESE VES The Trustees are s Charlty having hea obligations os hous isffted with the ffnancial posrtion at the end of the period, which continues to show the hy reserves. Reserve5 are maintained to ensure the Charity can meet its ongoing g provider and rnaintsin the housing properties to appropriate Iwing standards. THE MUNICIPAL CHARITIES OF PLYMOUTH REPORT OF THE TRUSTEES CONTINUED Forthg ear ended 31st December 2023 PRINCIPAL FUNDING SOURCES The Charity reserves fund the ongoing requirements, with no need for extemal fvnding or borrowing as the organisation has nc current development plans. The only source of income and funding came from letting of social housing together with gains and income from investments. OBJECTIVES AND STRATEGIES FOR ACHIEVING THOSE OBJECTIVES The Charity feels that despite the current economic climate, it remains in a very strong position to carry on its work into th& foreseeable future and to provide. as a Registered Social Landlord, low-cost, safe and secure Almshouse housing for Ladies on low income, or whose pension provision, should they be in receipt of such, prevents them from being able to rent in the current markeL The Charity may consider redevelopment of the older units at an appropriate timescale, but we remain confident In our ability. and with the help and support of a strong Board of Trustees, to continue the ethos laid down many years ago. bLrt which is still very relevant in the present day. It is the Charty's aim this year to carry out a quinquennlal survey on 8ach flat to ascertain what is required to bring them up to dale and lo a150 ensure that all Heatth & Safety requirements aro in compliance with national recommendations for social housing. We al$0 look forward to being able to continue our work to offer educational and uniform clothing grants to those local families In need, as part of our policy of the relief of poverty within the Plymouth boundaries will ¢?￿fullY monitor our dividend income and math it appropriately against any further grant spending in 2024 and into the rest of the decade. MAJOR RISKS AND MANAGEMENT OF THOSE RISKS The Trustees meet regularly and discuss risks, whioh are mitigated accordingly. Property deeds are held by the Clerk lo the Trustees,. asset and liability insurance is obtained through Grout Insurance,- investrnents ar8 maintained through low risk bespoke Charity frtussed investment units. KEY VALUE FOR MONEY METRICS Metric 1- Social housing ravenve per unll Metric 2 - Social housing cost per unit Methc 3- retum on capital employed Methc 4- Operating margin on social housing £4,092 £3,133 23% 3.1% GRANT MAKING POLICIES The Trustees agree grants at the Trustees meetings after assessing the aPpI￿atiOn against thé criteria applicable of the associated restrieled funds. THE MUNICIPAL C ARITIES OF PLYMOUTH REPORT OF THE LISTEES CONTINUED For the ear ende 1st December 2023 STATEMENT OF T USTEES, RESPONSIBILITIES s are responsible for the preparation of financial statements for ea¢h financial year fair view of the stste of affairs of the Charity and of the results of the Charity for that those financial statements, the Trustees are required to.. The Charity's Trust which give a true a period. In preparin al select suitable bl make judgeme c) state whether applicable acc financial slate d} prepare the fin that the Chari ccounling policies and then apply them consistently., ts and estimatss that are Toasonable and prudent., e policies adopted are in accordance with the Housing Associat"on SORP and with unting standards subject lo any material departures di￿lOSed and explained in the nts- and neial statements on the going concem basis unless it is inappropriate lo presume will continue. 5ponsible for the systems of intemal financial control and for keeping proper hich disclose with reasonable accuracy at any tlme the financial position of the ble them to ensure that the financial statements Comply with the appropriate also responsible for safeguarding the assets of the Charity and he￿￿ for taking the prevention and detection of fraud and other Irregularities. The Trustees are accounting records Charity and to en legislation. They a reasonable steps fo ON BEHA F OF THE TRUSTEES M Parkman TRUSTEE AND CHAIRMAN DATE.. ACCOUNTATrifs REPORT TO THE BOARD ON THE UNAUDITED ACCOUNTS OF THE MUNICIPAL CHARITIES OF PLYMOUTH We report on the accounts for the year ended 31 st Dec8mber 2023 set out on pages 5 to 12. Respective responslbiif£les of the Board and Reportlng Accountsnl The Trustees of the Charity, and as a Registered Social Housing Provider are responsible for the preparation of the accounts, and they consider that the CharitylRegislered Social Housing Provider is exempt from an audit. It is our responsibility to carry out procedures deslgned to enable us to report our opinion. Basls of oplnlon Our procedures consisted of comparing the accounts with the accounting records kept by the CharitylRegistered Social Housing Provider and making such limited enquiries of the officers of the CharitylRegistered SoGial Housing Provider as we considered necessary for the purpose of this report. These procedures provide the only assurance expressed in our opinion. Oplnlon In our opinion.. the accounts for the year ended 31st December 2023 are in accordance the accounting records kept by the CharitylRegistered Social Housing Provider Landlord under paragraph 135{2}(a) of the Housing and Regeneration Act 2008., having regard only to, and on the basis of the information contained in the accounting records.. the accounts comply with the requirements of the Charities Act 2011- the CharitylRegistered Social Housing Provider has satisfied the conditions for exemption from an audit of the accounts for the year ended 31st December 2023 specified in paragraph 136(31 of the Housing & Regeneration Act 2008.. the accounts Gornply with the requirements of the Housing and Regeneration Act 2008 and ccounting Direction for private registered providers of Social housing in England 2019. NIGEL WEBSTER & CO CHARTERED ACCOUNTANTS 129 North Hill PLYMOUTH Devon PL4 8JY DATE.. TO g QOPI THE MUNICIPAL HARITIES OF PLYMOUTH STATEMENT OF OMPREHENSIVE INCOME For the ear end 31st December 2023 2023 Continuin grations 2022 Continuin aratlons TURNOVER 1&2 65,374 56,368 OPERATING CO TS 112.590 OPERATING (LO s) {16,419) (56,222) Interest re¢eivabl other income and 7,394 7,699 Unrealised gainsl ss) on financial instruments TOTAL COMPR ENSIVE INCOME FOR THE YEAR £14,278 77,292 Signed on behalf Board on: 0 9 2e2kl TRUSTEE ..M PARKMAN {CHAIRMAN) The annexed not form an integral part of these financial stalements. THE MUNICIPAL CHARITIES YMOUTH STATEMENT OF CHANGES IN RESERVES For the ear ended 31st December 2023 Income and Rostrlcted Ex enditur Reserves Reserve Total 2023 Brought forward Total comprehensive income Carried fomard 114,266 9,213 123,479 403,413 517,679 5,729 14.942 409,142 532,621 2022 Brought forward Total comprehensive income Carried fO￿ard 126,088 11,822 £114,286 468,883 594,971 65,470 77,292 £403,413 £517 679 THE MUNICIPAL HARITIES OF PLYMOUTH BALANCE SHEE as at 31st December 2023 Note 2023 2022 FIXED ASSETS Tangible Assets Less.. Historical 313,411 179,949 133.462 14,369 331,112 478,943 316,067 179,949 136,118 15,035 307.809 458,962 HG Other tangible fi Investments d assets CURRENT ASSE Debtors Cash at bank 1,185 54,006 55,191 1,538 59,148 60,686 CREDITORS Amounts falling wlthin one year 10 1,513 1,969 NET CURREf+lT SETS 53,678 58,717 NET ASSETS £532 621 £517 679 RESERVES: Revenue reserv Restricted rese 409,142 123,479 403,413 114,266 £532,621 £517,679 The financial stal ents were approved for issue by the Board of Trustees on.. 3 0 . g. t y by: And signed on its al TRUSTEE . M PARKMAN {CHAIRMAN) The annexed not fomi an integral part of these financial statements. THE MUNICIPAL CHARITIES OF PLYMOUTH TES TO THE FINANCIAL STATEMENTS Forthè ear ended 31st Docember 202 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES General inforniatlon and basis of preparatlon The Municipal Charities of Plymouth is governed by the document5 in note 12 as a private registered provider of social housing in the United Kingdom. The registered offiee address is shown on page I but will change in 2023. The nature of operations is the management and ownership of registered social housing properties. The financial stalements have been prepared in accordance with applicable accounting standards including FRS102 the financial reporting standard applicablo in the UK and Republic of Ireland, the stslement of recommended practice for social housing providers 2018, and with the Accounting Direction for private registered providers of social housing in England 2019. The financial stslements ar8 also prepared under the requiremenls ot the Housing and Regeneration Act 2008. The financial statements have been prepared on a going concern basis under the historical cost convention, nKJdified to include certain items at fair value. The financial statements are prepared in sterting, which is the fun¢tional Currency. The significant accounting policies applied in the p￿paratson Of these financial statements are set out below. These policies have been consistently applied to all years presented unless othemise ststed. The presentation currency is pounds sterling and IheR is no rounding, Turnover and other income Turnover is recognised whèn rècelvablÉ and is measured at fair value. Turnover represents rental and service charges net of voids. Interest and dividend incorne is recognised when the right lo payment is established. Cost allocation The allocation of costs are covered in note 2 of the financial statements and is recognised when payable. Tanglbl? fixed assets {1) Houslng properties: Housing properties are shown at their historical cosL less accumulated depreciation. plus improvements carried OUL {111 Social housing grant: Social housing grant ISHGI, formerty HAG, is paid by the housing corporation to reduce the cost of development and is therefore shown as a deduction from the cost of housing properties on the balanc8 sheet lili) Depreclatlon: Depreciation is provided in equal annual Instalmènts at the following annual rates in order to write off each asset over its estimated usehJl life.. Houslng properties Straight line annualty until 31￿ December 2071. Equipment 10% of net book value. The charge for housing property depreciation 15 50 years from the acqulsltion of the freehold in 2021. -10- THE MUNICIPAL C RITIES OF PLYMOUTH NOTES TO THE FIN NCIAL STATEMENTS For the ear ended 1st December 2023 1. SUMMARY OF SI IFICANT ACCOUNTING POLICIES Conud... Investments Investments are ini value and moveme a15y recognised at cost and subsequently shown in the balance sheet al their fair t in fair value recognised through the statement of comprehensive income. Restrfcted reserv Restricted reserve donor or regulatory Ihrough the genera is made. are those reserve8 which are only expendable in accordanGe with the wishes of the ody. Incomè and expenditure cannot be set against ￿$tricted reserves so is tsken income and expenditure account and an appropriale transfer to restricted reserves Debtorn and Gredi Debtors and credi recorded at trans ¢omprehensive inc rs wf(h no stated interest rate and receivab￿ or payable within one year are ¢tion price. Any losses from Impasm￿nt are recognised in the statement of SOCIAL HOUSI G TURNOVER AND COSTS 2023 2022 TURNOVER Social housing Less: Void peri ntributions 65,374 62.323 15.9551 Turnover from ocial houslng contributions £65,374 £56,368 THE IJIUNICIPAL CHARITIES OF PLYMOUTH OTES TO THE FINANCIAL STATEMENTS CONTINUED For tho ear en December 2023 OPERATING COSTS 2023 2022 SOCIAL HOUSING COSTS Management: Clerks salary, NIC and pension Postage, stationery, photocopying and Clerks expenses 15,773 9,500 2,276 1,597 18,049 11,097 S8rvicès.' InsuranGe Lighling Rates and water 1,529 4,359 3,790 1,436 3.683 3,077 9,678 8,196 Routine maintenance.. Mainteftan￿ costs Major repairs expenditure 24,203 15,801 5,835 68,022 Property lease Gharges: Ground rent Depreciation of housing properties: Almshouse Fixtures and frttings 3,320 1,822 3,320 1,671 5.142 4,991 Other costs.. Professional fees Accountancy and payroll Subscriptions Sundry expenses 319 1,854 879 4,134 1,608 989 4,024 Totsl opèrating costs for social housing letting$ £80,323 £108,896 COSTS RELATING TO OTHER ACTIVITIES Educational and charitable grants Total 1,470 £81,793 £112,590 -12- THE MUNICIPAL C RITIES OF PLYMOUTH NOTES TO THE FIN NCIAL STATEMENTS CONTINUED For the ear ended st December 2023 OPERATING L 2023 2022 This is stated aft r charging- Deprecia on of owned fixed assets £ 5,142 £4,991 INTEREST RE IVABLE AND OTHER INCOME Income receiva Donations from investments 7,394 7,191 508 £7,394 STAFF COSTS, RUSTEES EMOLUMENTS AND EXPENSES The Charity ha n average of on8 part-tirne employee during both years. No ernployee re ived more than £60,000 pa. The Trustees re ived no emoluments and were r8imbursed no expenses during the year. -13- THE MUNICIPAL CHARITIES OF PLYMOUTH NOTES TO THE FINANCIAL STATEMENTS CONTINUED For the oar ended 31st Decembor 2023 FIXED ASSETS freehold housin ro èrties COST Brought f￿ard Additions Carried fomard 394,446 DEPRECIATION Brought foNiard Charge forthe year Carried foward 78,379 81,035 NET BOOKVALUE Brought forward Carried forward £316,067 £313411 All properties are housing properties for almshouse living and relate to completed schemes. The housing properties are split into tsvo hom85, John Gayer and Rawlin Homes. Since 2021, the John Gayer homes and the Rawlin homes are owned by the trustees of the charity as a freehold. OTHER TANGIBLE FIXED ASSETS Heaters ui ment and Securi COST Brought forward Additions Carried forward 28.293 1,156 29,449 DEPRECIATION Brought fO￿ard Charge for the year Carried forward 13.258 1,822 15.080 NET BOOK VALUE Brought forward Carried forward £ 14,456 £ 14,369 -14- THE MUNICIPAL C ARITIES OF PLYMOUTH NOTES TO THE FI ANCIAL STATEMENTS CONTINUED For the oar onde 31st December 2023 FIXED ASS INVESTMENTS 202 2022 Listed inves ents Market Additio Movem Market alue at beginning of year at cost nt on investments alue at end of year 307,809 336,579 23,303 £331,112 28,770 £307,809 The Charity 202 unit 4,842. Id the following investments at the year end'.- 2022 Units 4.842.59 4,299 28,410 595.98 Market values 2023 2022 COIF Income units M&G Charifund income units M&G NAACIF income units COIF Accumulation units 96,101 88.013 61,690 63,175 25,518 25,089 147 803 131,532 £331,112 £307,809 28,4 595. The historica cost of investments is not known to the Trustees. The fair valu of listed investments is detemiined by the quoted mid-market price. DEBTORS All receivabl within one year. This represe s prepaid expenditura. 10. CREDITOR Amounts falli 2023 2022 g due wtthin one year editors and accruals Other £1,513 £1.969 -15- THE MUNICIPAL CHARITIES OF PLYMOUTH NOTES TO THE FINANCIAL STATEMENTS CONTINUED For the ear ended 31st December 2023 RESTRICTED RESERVES Brou forward balance5 estrlctod Chari reserve lus for Orphans, Aid Educational Foundation Joan Bennett Endowment TOTAL 105.437 9,004 209 9,213 114,441 £114.266 123,479 The purpos8 of each restricted reseNe is:. ORPHANS, AID EDUCATIONAL FOUNDATION These funds aré to be applied for the purpose of benefrting young boys and girls (with orphans taking precedence over other applicants.) who reside in Plymouth and are in need of financial assistance for the purpose of their education. JOAN BENNETh EXHIBITION ENDOWMENT These funds are to be applied for the purpose of benefiting older children, usually cf school teaving age, to assist in their career, apprenticeship or othenNise to help them in their further education. 12. CHARITIES CONSTITUTING THE MUNICIPAL CHARITIES OF PLYMOUTH The Municipal Charities of Plymouth is the registered body controlling the following charities, who are listed with their governing docurnents.'- Governin document Frances Elizabeth White Charity 7 Charity commission schemes between 13th July 1894 and 24th October 1967 The Plymouth Almshouse and assistance Charity 7 Charity commission schemes btheen 13th July 1894 and 24th October 1967 Plymouth Soup Society Charity commission scheme of 11th January 1963 13. HOUSING ACCOMMODATION At the beginning and end of the year, as an RSHP, the Chariiy let 16 social housing units -16- ADDITIONAL INF MATION REPORT TO THE TRUSTEES O THE MUNICIPAL CHARITIES OF PLYMOUTH The annexed page the year ended 31 s arè an analysis of income and expenditure of the various charitable outlets for December 2023 and division of net assets by outlet. These pages do no fom part of the Charity's statutory annual accounts. NIGEL WEBSTER CHARTERED AC Abacus House 129 North Hill PLYMOUTH Devon PL4 8JY co UNTAN DATE.. THE MUNICIPAL CHARITIES OF PLYMOUTH ANALYSED INCOME AND EXPENDITURE ACCOUNT For the ear ended 31st Dacember 2023 pi mouth Almshou And Asslstsncè Chari Frances Elizabeth Joan Bennat Exhibition Aid u¢adonal INCOME Contributions recelvable from Almshouses Less.. Losses on voids 65,374 65,374 62,323 5,95¢ 56,3 e5,374 65,374 Other income Donations Listed investments 508 7,394 3,119 68.493 555 555 3,370 3,370 350 350 64,067 EXPENDITURE Educational and Charitable grants Insurance Lighting Council tax and walar rates Maintenance Subscriptions Sundry expenses Clerk's salary, Nl and pension Po$tage,stalionery and clerks expenses AGcountanGy and payroll Professional fees Depreciation 1,470 1,529 4,359 3.790 40,004 879 5.232 14,939 2,276 750 720 3,694 1,436 3,683 3,077 73.857 989 4,024 9,500 1,597 1,529 4,359 3,790 40,004 879 5,232 14.939 2,276 1.854 319 4,478 81,129 1,854 319 4,478 79,659 4,Yd4 4,991 112,590 750 720 NET INCOME OVER EXPENDITURE 18,361) 111.1661 195 2,650 350 148,523) UNREALISED GAIN IILOSSI ON INVESTMENTS 23,303 £14 942 15,763 £4,597 11411 {28,769} £209 £ 77.292 NET MOVEMENT IN FUNDS £1,132 £9,004 -18- THE MUNICIPAL HARITIES OF PLYMOUTH DIVISION OF NE ASSETS As at 31st Dece er 2023 RE TRICTED FUNDS RE RICTED TOT NO pi Im mouth hou8• rnouth Sou Socie Frances Ellza hans. Joan As8lsta Char Edu Foundatto Exhltilion FIXED ASSETS Tangible 147,831 147,831 Investments 331.112 206,584 18,417 100,242 5,869 CURRENT ASSE Debtors 1,185 1,185 Cash at bank 54,006 35,324. 3,462 12,302 2,918 Interbank adjust ents (2,1481 2,148 CREDITORS {1,513} (1,513} NET ASSETS OF CHARITY AT 31. HE 2.2023 £532,621 £387,263 £21,879 £114,692 £8,787 TOTALS PER AC OUNTS £532,621 £409,142 £123,479 -19- ## **MUNICIPAL CHARITIES OF PLYMOUTH - REVIEW OF THE BUSINESS AND BUSINESS MODEL – 1[st] JANUARY 2023 – 31[ST] DECEMBER 2023** We began the year with a balance of £56,367.72 and ended with £51,088.06. We had all 16 flats occupied throughout 2023 which meant the Weekly Maintenance Contribution had been 100%. We spent a total of £2569.74 including VAT on a new key fob system which is working well (£352.80 for the SIM card) and a new door to the rear of the car park plus remedial works to the roundabout door also at a cost of £3918.09 including VAT. . We gave the Ladies our usual annual Christmas gifts of a gift voucher to the value of £25/pax, together with chocolate biscuits @ £4.00/pax, plus Christmas Cards and gift wrapping at a cost of £6.67. Altogether this totalled £470.67. We hosted our now annual Garden Party in the grounds of the Almshouses at a cost of £104.40. We also organised and funded a Christmas lunch for The Ladies, which came to a total of £755.50. This was at a venue new to us, the Duke of Cornwall, which as being local, did not require transport to be arranged by the charity. ## **Frances Elizabeth White & Plymouth Soup Society Charities:** No grants were issued from either of these charities this year. ## **Joan Bennett Exhibition Endowment** Re the JBEE, the balance at the beginning of the year was £2,818.76, and at year end it stood at £2,918.46. £250.00 was donated to Provide Devon in April to support the work they do to assist disadvantaged people in Plymouth. The Soup Society branch of our Charity also donated £500.00 to Shekinah Mission to further their work among the needy in Plymouth. This is an annual donation and will be discussed at our November 2024 meeting. ## **Orphans’ Aid Educational Foundation:** The Orphans’ Aid Educational Foundation has been able to continue in its work to assist local families with the cost of school uniform for the transition from Year 6 to Year 7 (Junior School to Senior School). The Trustees voted in April to keep the amounts the same as the previous year (the Charity raised the offer to £50/pax for each application to £75/pax and £50 for any application received via The Uniform Shop in Plymouth). One primary school suggested £50/pax in order to be able to help more families. We had requests from 25 families, from 6 schools within the Plymouth City Council boundary. The Charity agreed to honour each application received, adding up to a total of £1479.50 pledged for the year. As in previous years, not all the parents/guardians to whom grants were offered claimed the repayment, resulting in an underpayment of £100 of those pledges; this was reflected in a total of £1469.50 being paid out. A payment of £250.00 was made to the Uniform Shop to support their work; this was gratefully received and will focus on providing blazers for children entering Year 7. (The Board has considered the amount to be offered in the 2024 financial year and it was agreed to pledge the same as for 2023). ## **Weekly Maintenance Contribution:** As in previous years, the Weekly Maintenance Contribution was increased in April by £5.00 per week for both lower and higher rates, therefore the uplifted rates are now £82.00 (bedsit) and £87.00 (1 bedroom flat); our WMC is still well below current market rental fees. This increase reflects the substantial repair/redecoration costs incurred to prepare the Almshouses for a new Almslady each Report to accompany the Accounts 2023 time, plus ad hoc maintenance and repairs. Our total receipt for WMC in 2023 came to £65,447.72. The increases for year 2024 will be discussed at our January 2024 meeting. ## **Clerk’s Retirement:** On 31[st ] March the Clerk retired after 12 years of service. She then worked a further month to assist the new Clerk and will continue her involvement with the charity as a Trustee (with effect from 1[st] April 2023). Mrs Steer was presented with gifts to the value of £75. ## **OBJECTIVES AND STRATEGIES FOR ACHIEVING THOSE OBJECTIVES** The Charity feels that despite the current economic climate, it remains in a very strong position to carry on its work into the foreseeable future and to provide, as a Registered Social Landlord, low-cost, safe and secure Almshouse housing for Ladies on low income, or whose pension provision, should they be in receipt of such, prevents them from being able to rent in the current market. The Charity may consider redevelopment of the older units at an appropriate timescale, but we remain confident in our ability, and with the help and support of a strong Board of Trustees, to continue the ethos laid down many years ago, but which is still very relevant in the present day. It is the Charity’s aim this year to carry out a quinquennial survey on each flat to ascertain what is required to bring them up to date and to also ensure that all Health & Safety requirements are in compliance with national recommendations for social housing. We also look forward to being able to continue our work to offer educational and uniform clothing grants to those local families in need, as part of our policy of the relief of poverty within the Plymouth boundaries and will carefully monitor our dividend income and match it appropriately against any further grant spending in 2024 and into the rest of the decade. Lizzy Leonard Clerk/Treasurer 31.12.23 Report to accompany the Accounts 2023 The Municipal Charities of Plymouth c/o Mrs E Leonard 98 Plymstock Road Plymstock Plymouth PL9 7PJ Nigel Webster & Co Limited Chartered Accountants Abacus House 129 North Hill PLYMOUTH Devon PL4 8JY Dear Sirs ## **LETTER OF REPRESENTATION** We confirm to the best of our knowledge and belief the following information and opinions given to you in connection with your examination of the charity's accounts for the year ended 31st December 2023 and in the light of the requirements of the Charities Act, the Housing and Regeneration Act 2008 and the AD for private registered providers of social housing in England 2019. The following representations are made on the basis of enquiries of management and staff with relevant knowledge and experience (and, where appropriate, of inspection of supporting documentation) sufficient to satisfy ourselves that we can properly make these representations to you. We acknowledge our responsibilities for: - The preparation of the financial statements which give a true and fair view in accordance with the Charities Act, the Housing and Regeneration Act 2008, and the accounting directive for RPSH in England 2019; and - The design and implementation of internal controls to both detect and prevent fraud. The following representations are given to you:- - The assets shown in the charity’s financial statements at 31 December 2023 were owned by the charity and were free from any charge except as disclosed in the notes to the financial statements. - At the balance sheet date there were no outstanding authorisations by the board for the purchase of fixed assets. - On realisation in the ordinary course of the charity's business the other current assets in the balance sheet are expected, in the opinion of the directors, to produce at least the amounts at which they are stated. - All liabilities have been taken up in the books of account. ctd ……… Page 2 Nigel Webster & Co Limited Re: The Municipal Charities of Plymouth - All contingent liabilities of the charity at the accounting date have been disclosed to you. Provision, which in our opinion is adequate, has been made for any contingent liability likely to rank and all other contingent liabilities of a material amount are noted in the accounts. - Provisions have been made in the financial statements for all losses of material amount which have resulted or may be expected to result, by legal action or otherwise, from events which had occurred by the balance sheet date. - There were no other commitments or obligations which might adversely affect the charity. - We have provided to you all information relevant to the identification of related parties and all transactions with related parties and trustees of the charity during the period are disclosed in the relevant note to the financial statements. We are not aware of any other matters concerning related parties which require disclosure in order to comply with the requirements of charity law or accounting standards. - Since the date of the balance sheet no events have occurred which, though properly excluded from the financial statements, are of such importance that they should be disclosed to readers of the financial statements, through some other medium, nor which could materially affect the financial statements. - All claims in connection with litigation that have been, or are expected to be, received have been properly accrued for in the financial statements. - All laws and regulations central to the charity’s activities have been disclosed to you. There are no instances of possible non compliance with such regulations which may need to be disclosed to you. - No party has requested an audit of the financial statements and we believe the charity is exempt from the need for an audit. Yours faithfully ## ……………………………………………… ## **TRUSTEE** ……………………………………… **DATE**