Charfty registration number.. 203720 The Pearn Charitable Trust Annual Report and Flnancial Slalements for the Yaar Ended 31 March 2024 WESTCOTTS eHANTIRID A¢COUNTANT
P•am Charitsble Trust Contents (continued) Reference and Administrative Det8118 TnJstees' Repc*t 2to4 Indndant Examlnefs Raport Statement of Flnanclal Actlvltleg Balancè She81 NotsB to th9 Flnancl81 Stat8ment8 8t015
The Peam Charltable Trust Reference and Adminlstratlve Details Chairnian lan Dovid R¥IngS Truste lan David RaI1ng$ Marg8rel Susan Cllntc Gail Bkjdulph Or Nichol88 Rlng Brfan Flsher Nlgel Smlth 203720 Ch•rlty Regl8tratlon Nufflb•r Principal Offlc• Peam Day C4rg Cantre Eggbuckland Road Plymouth PL3 5JP Independent Ex8mlnèr Matthew Keane ACCA Westcotts ISWI LLP Plym House 3 Longbridge Road Marsh Mllls Plymoutt) Devon PL6 8LT Pago 1
The Peam Charitable Trust Trustees, Report The trustees present the 8nnual report togethgr wth the finandal slatemènls of the charity for the swr ended 31 M8rch 2024. Stwcturn, gov•rnance and management The Charity, comprised In a deed of glft dated 9 May 1892 and a Scheme of the Ch8rity Commission8rs of the 7 August 1998, as subsequently amended on 15 June 2004. Is admlnistered by 8 non-incorporated TnJstee bo¢Jy. The Charity is bas8d al the Peafn Centr8. Eggbuckland Road, Hartley. pfymoulh, Devon PL3 5JP and has been based in the 2.5 acre slle since Ihe opening of the Homeon 6 May 1895. Trusts•8 The names of those persons who have actgd as TnJ81ees durfng th8 rrent financlal year, together th thelr date of 8ppolntment ond the expiry date of thèir currènt témi8, aro Ilsted below: Tru¥t••8 Nam• Oat• Appolnted T•mi du• to explr• lan Davld Rawlings Goil Blddulph Dr Nlcholas Ring Margaret Clinton Brfan Flshèr January 1990 November 2012 December 2018 18 January 2026 17 Sèplgmbor 2024 17 September 2024 26 October 2026 October 1998 January 2018 February 2026 Nlgel Smllh Febwary 2018 February 2026 Twstees ar6 appolnted or re8ppolnlad 8nnu?Ily al the Annu81 Gener81 M88ling. Obl•c¢• and actlvltlèi The objects of the ch8rlty, as ameThJed on 15 Jung 2004, are the prO310n ol cara for persons In need predomlrbanlly In the Plymouth are8. The Trust88s may decide those ellglble for assislance by m8klng direct grants or providlng goods and sèrvices, or by maklng grants lo olhor persons or bodle8 who provide such 86818tsnc•. Peam Charitabl¢ Tru#t The sale of ts Convalescent Home took place in June 2017, and the preml8e8 h8ve now been converted into 10, 2 bedroom flats. They have be&n sold wlh one parkSng space on slle 8nd with clditIon of over 50s and no pets. The orlginal features of the building have been maintained And ore In keeping th the rest of the buildlngs on the Site. The bound8rles a now d8fined and communal areas of parking and gardens are being observed. The Trust has agreed to 'loon' 6 parking spaces for visitors to the Main House on a first me first seNe(J basis. Pag9 2
The Pearn Charitable Trust Trustees. Report (continued) Thls eurrnnt ftnanclal year The Truste8s have secured approprlat8 tenants for the 08y Centre, wlth regard to Its (*6glnal purposes. In April 2023 we signed a 5 year lease with Nefvlork H8alth Car8 INHCI, with 8 br8ak daus8 al 3 years. PCT wlll centinue to m81nt8ln the building, 81though 95% of the luti1¢e8 are pald by NHC. The lease Is dlscounted lo allow NHC to bulld up the bu81ne88. Thls 11 be revlew8d In September 2024. Ne01k Heolth Care are part of Pertemps whlch Is # largè company uslng the recrullmant ami to brlng staff into the health care seclor. This me8ns they don't stnjggle lo staff most areBS of the business.1181so provides a waallh of backroom knowledge and use of not only its wruitment bul also HRJAccounllng and Publiaty. It h$snM beén as quick to bring customers into thè Day C6nlr8 88 thèy thought. how8ver1118 now ot 4 days a weak wllh B plan to increase lo 5 days in the next financial year. NHC 16 passionate about belng 8 'wrson cenlred. organisalion. commilled lo providing high standards for ils users, with a bu5Ine8s drlve. With thls in mind PCT have kept the lease at a 10% discount for 8 further 6 month8 10 let them eslabllsh a regular Income. The lower part of the buildlng on the outslde area wa8 rap8lnted. Th6 In8ld6 a180 has had a refresh ol paint. Fundlng As mentioned above Network Health Care {NHCI wlll be 1ga5ing the Peam centrg on a 5 year contract. This will allow the Trust to re-invesl the renial income. A portion of thls wll b9 Usgd lo malntaln the bullding. A refund of 1 grant made to Plymouth Univèrsity <£24. 981.361 was recelved, due lo Plymouth Unlv8r81ty belng unable to 8chl8ve the research project wllh staff or equlpment 8vallable. The total donaUon8 to 3 organlsatlons this year was £55,131.31. We hoven'l glven anwhlng to any indlvlduals Ihls year but hope to be more successful next year. Sumfflary of maln achlovam8nt8 of tho year The Tw81 h8ve set a robust crllerfa for grant Bppllcallons, and seem to be reCeIng applicalons from both Indiwduals and charllies stlll. Grant enquires. seem lo come through Livewell SW, Plymouth Crty Council. Tum 2 Us and the Cltizens Advice Bureau. It is now also hoped the minibus donated to Access Plyrnouth wll have our logo on il which will put the Trusts name out in the local area. The Tru81 has received 17 appllcalions for grants this financlal ye8r, 8nd has chosen 3 worthwhlle benefactors totalling £55,131.31 induding £50,000 lo Access Plymouth for the purchase of a minlbus. The gain of rental income has moanl all of the above donations have been made using the accrued rental incom8 and dlvidends from th& CCLAICOIF investsment. Cautlon musl be used when usSng our own Inveslmenl income as Ihl8 can be volatile, as It depends on the stock market gains 8nd108ses. The £50,000.00 'ring fenced, for Access Plymouth Is to be allocated In 2024-2025. The building is now 24 years old and this year has had some investment on maintenance and will requlre some next year. We are oblSged under a ftjll maintsining lease with NHC to keep the building operation81 for them, 80 we do realise this can sometimes be costsy. Page 3
The Pearn Charitable Trust Trustees, Report (continued) R•seN•s The Trusl88's policy is to build up an investment basè, whlch ¥11 $8cure the future of the buildlngs and of operatsng as a grant maklng chanty uslng an approprfate proportlon of the Investment and rentsl Income. The VBlue of the Ilsted Investments at yeBr end were £2,030,548 {2023= £1,862,003) 8nd the day centre w88 carrled al valu8tlon of £375,000 12023.. £375,000). Nel current a88ets for the year lotalled £73,615 12023.. £10,562). Total reserves amounted lo £2,479,163 whlch th8 trustees belleve are necessary to generate sufflclent incom8 lo meet ongoing commitmènts. Flnanclal revlow The total Incomlng r8sourc8s for 2024 were £82.999 {2023.. £58,639). amounts paid to drlve tharitable adivities were £37,965 12023.. £47,661), Including repair expen(Jiture of £7.653 12023: £23,121>, total grants paid out werg £5,131 wth a rgfijnd of £24,981, leaving a balance of -£19,850 12023.. £53,804) and the 8UPPOrt costs for 2024 amounted lo £1,831 {2023'. £1,685). Statornent of Trust808' ReBponslbllltle• The Iruslees af8 re8ponslble for propadng the Iru8tees' reFOrt and th6 Ilnanclal 8tatsments In accordancè with Ihe United Kingdom Accounting Standards Iunlled Kingdom Generally A¢cgpled Accounting Practice) and Bppllcable law and regulBllons. The law appllcable lo charllles requlres the InJ8lea8 lo pr8P8re Iln8ndal 81al8m8nts for 88ch flnancl81 year which glve a trua and falr view of the stalè of affalrs of tha charity and of the Incoming resourcgs And applicatlon of resources of the charlly for thal period. In preparing these financial stslernents, the Iru$lees are requlred to.. select sultable 8ccountlng pollcles and then Bpply them conslstently observe the molhods and prlnclples In the Charlll&s SORP., make judgem8nls and estimates that are raasonablg ond prudgnl., slate whether appllcable accounting stsndards have been followed, subject to any materf81 departures dl8c108ed and explained In the finan&81 sl8lemenls.' and prepare the ffinancial statements on the going concern h8sls unless11 Is inappropriate lo presume thgt the charity vlll contlnue in buslness. The Irnstèes are responsible for keèping proper Accountlng records that dlsclo$e wlth reasorbable accuracy al any lime the financial position of tha tharily and enable them to ensure th81 the financial slalemenls comply wlth the Ch8ritles Aci 2011, the Ch8ritles (Accounts and Reports) Regulallons 2008, an(1 the provisions of the constilulion. The trustees are also responsible for safegu8rding the a88et8 ol the charity and hance for taking reasonable steps for the preventbn and delectlon of fraud and olhar irregulariti85. The tru51ees are re nslble for the m81ntenance ar*J inlegfity of the corporate aNI financAal Infomialion includ on the charttable comp8nls website. Legislation governing the preparation and dlsseminalion of fina al stslements may differ from legb518lion in other jurisdidions. The ann behoif b al report a$ approved by the tnjstees of the charfty on and signed on ils lan David Ra Ch8imian gs d Irusl(e P8ge 4
The Pearn Charltable Trust Independent Examlnerfs Report to the trustee5 of The Pearn Charltsble Trust I report to the trustees on my examination of the accounts of The Pearn Charitable Trust for the year ended 31 March 2024. Rosponslbllltles and bggls of report As the charlty Iruslees of The Pearn Charitable Tw5t you aro responsible for the preparation of the accounts In accordance vlth the requlremenls of the Charilies Act 2011 (Yhe Ad'l. I r8port in respect of my examination of thè The Peam Charflable TNsV8 8ccounts carad out under sectlon 145 of the 2011 Act and in caryying out my exarnlnation I have followed 811 th8 8ppllcab4& Dlrectlon8 given by the Charlty Commlsslon under section 14515llb} of th8 Act. Ind•p•nd•nt •xamln•r'• Ststernont I have complelad my examlnalion. I cc¥ffirm that no material matters h8ve come to my attenllon in connectlon whh the examlnatlon givlng me cause to belleve that In any material respect: 1. #ccounllng records were not kept In respect of The Pe8rn Charitable Trust as r8qulr8d by $8ctlon 130 of the Act.. or 2. the accounts do not accord wth those fecords,. or 3. the accounts do not comply wlth the accountlng requlrements concemlng the forn and content of accounts sel out In the Charltlas IAceounls and Reports) Regulallons 2008 other than any requlremenl that tha accounts glve a 'lrue ond falr which18 not a matter con81dered 88 part of an Independent examlnauon. I hgve no Mncems and have come 8cro8s no other m8tter8 In connocllon wbth the examln8tlon to whlch att8nllon should be drawn In th13 report In order to 8n8b16 8 prOr understsndlng of the accounts lo be reached. Matthew Keane ACCA Weslcotts (SWI LLP Plym House 3 Longbridg8 Road Marsh Mllls Plyrnouth Devon PL6 8LT Dale.. 2.5./712¢... Page S
The Pearn Charitable Trust Statement of Financial Activities for the Year Ended 31 March 2024 Unro$trlct•d funds Total 2024 Total 2023 Not• Income and Endowm8nts from: Rent re(tivable Investment Inwmo 28.757 54,242 28,757 54,242 4,494 54,145 Total incomé 82,999 82,999 58,639 Expèndlturn on: Charitable acti88 19,946 19,946 103,150 Total expenditure Gainsll08888 on Investment as¥•ts {19,9461 168,545 119,9461 168.545 (103,1501 73,231 Net incomell8xp8ndlluml Net movement in fund8 231,598 231,598 117.742 231,598 231,598 1117,7421 Re¢on¢lllatlon of funds Total funds brought forward Total funds carrled foTward 2,247,565 2,247,565 2.365.307 13 2,479,163 2,479,163 2 247,$65 All of the ch8rlty's acllvlllas dèrfvé from contlnuing operallon6 durlng the above two perk)d6. The funds breakdown for 20231$ 8hown In note 13. The notes on pages 8 to 15 form arb integral part of these financl81 ststements. Page 6
The Pearn Charltable Tnjst {Registratlon number: 2•372•) Balance Sheet as at 31 March 2124 2024 2023 Not• FSx•d assets Investments 10 2,405.548 2,237,003 Current agye Debtors Cash al bank and in hand 11 791 74,966 75,757 791 11,462 12,253 Credltons: Amount• falllng dua wlthln one year 12 2,142 1,691 Net curranl 8880ts 73,61 S 10,562 Net asset8 2,479,163 2,247,565 Funds ol th• ¢h•rlty: Unr•$trlcted In¢omg fund8 Unrestrlcted funds 2,479,163 2,247.565 2,247,565 Total fund• 13 2,479,163 Tho fln8nclal 81ate anil enl ign on pages 6 to 15 w8r• approv6d by thè tnJst6es, and authorised for188u8 on onlh ehalf by.. lan Davld Rang8 Chalrman and tru The nol88 on pages 8 to 15 form an integral part of these finonclal statements. Page 7
The Pearn Charitable Trust Notes to the Flnancial Statements for the Year Ended 31 March 2024 1 AcGountlng pollclg• Stst•m8nt ol compllance The nandal statements have been prepared in 8ccord8nce with the second edition of the Charities Ststement of Recommended Pracllce Issuod In October 2019. the Financial Reporting Standard applicable in the Unlled lfjngdom and Republi¢ of Ireland IFRS 102) and the Ch8ri1ies Act 2011. Basls of preparatlon The Pe8m Charitable Trust meo18 the definSUon of a public benefft entrty under FRS 102. The aGcounls Ifinanaal st3temenlsl have been prepared under the hlstorfGo1 cost VentIon with Items recognlsed at C08t or tran8actlon value unle88 olherwlse ststed In the relevant nolels) lo these accounts. Golng ¢on¢ern The trustees consider that there are no material uncert85nlles about lh& chartys abllty lo ujnlinue as 8 golng concem. lThcom• and endowm•nts Investmont Income Dlvidends are r&cognls8d once the dlvidend has been declared and nollflcallon has been recAlved of the dividend due. Exp•ndltur8 All expendlture 18 rèeognlsed once there 18 a legal or conslNctive obllgalion lo that exp&ndllure, It Is proboble settlem8nt Is requlrecl and the amount csn be measured raliably. Al costs are allocated lo the applic81Je expendSlure h88dlng that aggregate slmllBr cosls lo th81 category. Where co818 cannot be dlreclly allrlbulèd lo particular headlngs Ihey have be6n 8llocal8d on 8 t*8sls cons15tenl wtth the use of resources, wlh central staff costs allocatsd on the basis of time spent, and depreclation charges allocated on the portion of the asset's use. Other support costs aro allwaled based on the spread of staff costs. Charlt•ble Kuvltl Charltoble expendlture comprfses those cos15 Incurred by the charity in the delSvery of118 8Ctivlties and servlces for hs benefic18rfes. 11 Includes both costs that c8n be 811ocated dlredy to such actlvlties and those costs of an indirect nAture necessary lo support them. Grantpmvislons Provisions for grants are madè when Intentlon to make a grant has been communlcated lo the recipient bul there Is uncertainty about elther the liming of thè grant or the amount of grant payable. Support ¢08ts Support cnsls include central funclions and have been allocated to activity cost categories on 8 b85iS consistent with the use of resources, for example. allocating property costs by floor ar68s, or per capita, staff costs by the Ilme spent and other $1$ by Ihoir usage. Page 8
The Pearn Charltable Trust Notss to the Financial Statements for the Year Ended 31 March 2024 (continued) Taxation The charlty Is considered to pass the t85ts sel out in Paragraph 1 Schedule 6 of the Finance Act 2010 and Ih8r8fore il meets the dofinib'on of a charitable company for UK corporalion tsx purposes. Accordingly. the charity Is wtentially exempl from taxation in respect of Income or capltal galns received within tegorS covered by Chapter. 3 Part 11 of the Corwratlon Tax Act 2010 or Section 256 of th8 Taxatlon of Chargeable Galns Act 1992, to the extent that such Income or gains are applled 8xcluslv8ly to charllabla purpos8s. Flxed asyet Investments Flxed asset investments. other than programme related Investments, are InCILad 8t mafkel value al the balance sheet dale. Re8llsed gains and losses on Investmgnts are c4lculated as the dlffewnce betsveen sales proc8ads 8nd their markel valve at the start of the year. or their subsequent cost, and are chaiged or ugdlted to tha Ststemenl of Flnancial Activities in tho period of dispo$81. Unrealised gains and losses represent th9 movement in market values durfng the year and are credited or charged to th8 Statement of Flnondol AcUvlllè8 basèd on thè market value al the year end. Cash and ca•h equSvalents Cash and cash equivalents compris8 cash on hand and call dèposlls. and other short-lerm hlghly Ilquld Investments that ara readlly convert)ble to a known amount of cash and 8r8 8ublect lo an In51gnfflc#nl rlsk of change In v81ue. Fund structur• Vnreslricted income funds are general funds that are available for use at the Iruslees discretlon In furtherance of the objecllves of the charity. P•n8lons and other po•t r•tir•m•nt obllgatlon• The charlty operates a defined conlrtbulion pension 5ch8me whlch Is a nSIOn plan under whlch fixed c0nlrfbuon8 are pald Into a penslon fund and tha charfly has no legal or conslructlve obllgallon to pay further conlrfbullons even If the fund do8s not hold sufflclenl asyals lo pay all employee8 tha benefits relalSng to employee S6ce In the ¢JJrrenl and pdor perlods. Contrlbullons lo defined contribuuon plans are rowgnised In the Slalement of Flnanclal Actlvities when they are due. If conlribullon payments exceed the ContritIOn due for serylce, the exce$8 Is rgcognised as o prepayment. Page 9
The Pearn Charitable Trust Notes to the Financial Statements for the Year Ended 31 March 2024 {contlnued) Flnanclal In8trum•nts ClaSBlficatlon A flnancial as3el or a financial Ilabllty Is recognised only when the charity becomes a paty to th conlt8clual provt81on8 of tha Instrument. Baslc Iln8ncial instruments are InlUally recognised at th8 8mount recelvabla or p8yable Indudlng any latsd transaction costs. Current 88setg and currant IlabS111ies are subsequently measured at th8 cash or othar consld6ration expected lo b8 pald or recelved and not dl8counled. Debt instruments are subsequenuy measured al amortised cost. Page 10
The Pearn Charitable Trust Notes to the Financlal Statements for the Year Ended 31 March 2•24 (contlnued) 2 Income from rent recelvable Unrn•trlcted funds General Total funds Total 2023 Mannamead Lawn Tennls Club Mainlen8nce and recharges Network He81thcare Lease 3.163 1,313 24.281 3,163 1.313 24,281 28,757 3,163 1.331 28,757 4,494 3 Inv•tm•nt Income Unr•strlct•d fund• Gen•ral Total 2024 Total 2023 Interest r8ceiv8ble and 85mllar Sncome-, Interest reGelvable on bank d8p081t8 Olh8r Income from flxed asset Inv8strnents 101 54,141 54.242 101 54,141 54,242 54.141 54.145 4 Exp•ndlturo on charltabl• ACtlvltl• Unrn8trfct•d fund• General Total 2024 Total 2023 Nots Activities undertaken dlreclly Grant fundlng of Bdvllies AJlocal8d 8UPPOrt costs 37,965 119,8501 1,831 37,965 119,850} 1,831 19,946 47,661 53,804 1.685 19,946 103,150 Page 11
The Pearn Charitable Trust Note8 to the Financial Statements for the Year Ended 31 March 2024 (continued) S knalyjls of support ¢ts 8upport ¢ts allocatad ta charltabla aGtlvltlo8 Total 2024 Total 2023 PayToII costs Independent examlnerfs fee 462 1,369 1,831 366 1,319 1,685 6 Gr•nt4n•klng knaly•S1 of grnnts Grants to In•tltutlon• 2024 2023 AThaly81• Horticultural Thgropy Trust ymoulh Universille8 5,131 24,981 19.850 4,510 49,294 53,804 7 Tvugt8•• rnmuneratlon and expen9•8 No Iruslees, nor any persons conne¢tgd wlth them, have recelved any remuneration from the charity during the ye8r. No trustees hove recelved any relmbursed expenses or any other benefits from the charity during Ihe year. Pagg 12
The Pearn Charltable Trust Note5 to the Financial Statements for the Year Ended 31 March 2024 (continued) 8 Staff C18 The aggregats payroll costs wer6 8s follows.. 2024 2023 Staff coyts durlng the year were: Wages and salaries Social eritY costs Pensh)n costs 2.165 3,592 9.372 11,124 544 2,798 15,129 14,466 The monthly average number ol persons Ilndudlng s8nlor management I leadershlp leam) employed by tho charity durlng the year was as follows.. 2024 No 2023 No Averag6 head count of employees No employee received emoluments of more than £60,000 during tha year 9 Tlxatlon The chorSty Is a reglst6red charfly and Is tharefore 8x8mpl from taxallon. 10 Flx•d J•¥•t Inv•¥tmontJ Ll81od Inv••tm•nti Inve8tm•nt Proport1•• Total Cost or Valu•tlon At 1 April 2023 Revaluatlon 1,862,003 168,545 375,000 2,237,003 At 31 March 2024 2,030,548 375,000 2 405 548 Net book valu8 At 31 March 2024 2,030,548 375,000 2,405,548 At 31 March 2023 1,862,003 375,000 2,237,003 11 Debtors 2024 2023 Prepayments 791 791 Page 13
The Pearn Charltable Trust Notss to the Financial Statements for the Year Ended 31 March 2024 (continued) 12 Credltors: amounts falllng duè whhln one yèar 2024 1023 Other cred51ors Accruals 300 1,842 1,891 2,142 1,891 13 Fund• Balan at 1 Aprll 2023 Oth•r Incamlng Resou1 rocognlsed r•source8 •xpend•<¥•lnsl{los•e•l Balanc• at 31 March 2024 Unro8trlct•d fund• Gener81 Funds 2,247,565 82,999 6.982 168,545 2,492,127 Balanc• at 1 Aprfl 2022 othor Incomlng R•#ourc rncognlsfjd re•ourc•• •xpondeOJaln•l(losg0•) Balance at 31 March 2023 UTrr•strl¢tsd fund• General Funds 2.385,307 99,808 73,231 58,639 2,250.907 Page 14
The Pearn Charltable Trust Notss to the Financial Statements for the Year Ended 31 March 2024 (contlnued) 14 Analy818 of net a8881s between funds Unrnstrlcled funds Genoral Total funds at 31 March 2024 Frxed asset investments Current 8ssets Currant Ilabilitie8 2,405,548 75,757 2,142 2,479,163 2.405,548 75.757 2,142 Tot81 nal assets 2,479,163 Unrn#trlct•d funds Gen•ral Total fund• at 31 March 2023 Fixed asset Inv8Stm8nts CUrn1 888el8 Current Ilabilltias 2,237,003 12,253 (1,6911 2,237,003 12,253 1,691 Total nat 888813 2,247.565 2.247,565 15 Relat•d party tr•nMGtlons There were no related porty transoctions In the year. Page 15