Charity registration number: 203720
The Pearn Charitable Trust
Annual Report and Financial Statements
for the Year Ended 31 March 2025
The Pearn Charitable Trust
Contents (continued)
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 to 16 |
The Pearn Charitable Trust
Reference and Administrative Details
| Chairman | Ian David Rawlings |
|---|---|
| Trustees | Ian David Rawlings |
| Margaret Susan Clinton | |
| Gail Biddulph | |
| Dr Nicholas Ring | |
| Brian Fisher | |
| Nigel Smith | |
| Charity Registration Number | 203720 |
| Principal Office | Pearn Day Care Centre |
| Eggbuckland Road | |
| Plymouth | |
| PL3 5JP | |
| Independent Examiner | Matthew Keane ACCA |
| Westcotts (SW) LLP | |
| Plym House | |
| 3 Longbridge Road | |
| Marsh Mills | |
| Plymouth | |
| Devon | |
| PL6 8LT |
Page 1
The Pearn Charitable Trust
Trustees' Report
The trustees present the annual report together with the financial statements of the charity for the year ended 31 March 2025.
Structure, governance and management
The Charity, comprised in a deed of gift dated 9 May 1892 and a Scheme of the Charity Commissioners of the 7 August 1998, as subsequently amended on 15 June 2004, is administered by a non-incorporated Trustee body. The Charity is based at the Pearn Centre, Eggbuckland Road, Hartley, Plymouth, Devon PL3 5JP and has been based in the 2.5 acre site since the opening of the Home on 6 May 1895.
Trustees
The names of those persons who have acted as Trustees during the current financial year, together with their date of appointment and the expiry date of their current terms, are listed below:
| Trustees Name | Date Appointed | Term due to expire |
|---|---|---|
| Ian David Rawlings | January 1990 | January 2026 |
| Gail Biddulph | November 2012 | July 2027 |
| Dr Nicholas Ring | December 2016 | July 2027 |
| Margaret Clinton | October 1998 | October 2026 |
| Brian Fisher | January 2018 | February 2026 |
| Nigel Smith | February 2018 | February 2026 |
Trustees are appointed or reappointed annually at the Annual General Meeting.
Public benefit
Our main activities and who we are trying to help are described below. The trustees have complied with their duty in accordance with the guidance on public benefit published by the Charity Commission in exercising their powers and duties.
Objects and activities
The objects of the charity, as amended on 15 June 2004, are the provision of care for persons in need predominantly in the Plymouth area. The Trustees may decide those eligible for assistance by making direct grants or providing goods and services, or by making grants to other persons or bodies who provide such assistance.
Page 2
The Pearn Charitable Trust
Trustees' Report (continued)
Pearn Charitable Trust
The Trustees have secured appropriate tenants for the Day Centre, with regard to its original purposes.
In April 2024 we signed a 5 year lease with Network Health Care (NHC), with a break clause at 3 years (2027). PCT will continue to maintain the building, although 95% of the \Utilities are paid by NHC. The lease is discounted to allow NHC to build up the business. This will be reviewed in April 2026.
Network Health Care are part of Pertemps which is a large company using the recruitment arm to bring staff into the health care sector. This means they don’t struggle to staff most areas of the business. It also provides a wealth of backroom knowledge and use of not only its recruitment but also HR/Accounting and Publicity.
It hasn’t been as quick to bring customers into the Day Centre as they thought, however it is now at 3 days a week with a plan to increase to 5 days in the next financial year. NHC is passionate about being a ‘person centred’ organisation, committed to providing high standards for its users, with a business drive. With this in mind PCT have kept the lease at a 10% discount until April 2026 to let them establish a regular income.
We will be looking to use the lease income to repaint all of the building and to replace the guttering and facia in the Summer of 2025.
This current financial year
The Trustees have secured appropriate tenants for the Day Centre, with regard to its original purposes.
In April 2024 we signed a 5 year lease with Network Health Care (NHC), with a break clause at 3 years. PCT will continue to maintain the building, although 95% of the Utilities are paid by NHC. The lease is discounted to allow NHC to build up the business. This will be reviewed in April 2026.
Network Health Care are part of Pertemps which is a large company using the recruitment arm to bring staff into the health care sector. This means they don’t struggle to staff most areas of the business. It also provides a wealth of backroom knowledge and use of not only its recruitment but also HR/Accounting and Publicity.
It hasn’t been as quick to bring customers into the Day Centre as they thought, however it is now at 3 days a week with a plan to increase to 5 days in the next financial year. NHC is passionate about being a ‘person centred’ organisation, committed to providing high standards for its users, with a business drive. With this in mind PCT have kept the lease at a 10% discount until April 2026 to let them establish a regular income.
We will be looking to use the lease income to repaint all of the building and to replace the guttering and facia in the Summer of 2025.
Funding
As mentioned above Network Health Care (NHC) will be leasing The Pearn Centre on a 5 year contract. This will allow the Trust to re-invest the rental income. A portion of this will be used to maintain the building.
There was 1 large grant awarded this year of £50,000 to Access Plymouth. This was to purchase a minibus which will help them to continue running a valuable service for the disabled across Plymouth.
The total donations to 3 organisations this year was £62,067.
Page 3
The Pearn Charitable Trust
Trustees' Report (continued)
Summary of main achievements of the year
The Trust have set a robust criterion for grant applications, and seem to be receiving applications from both individuals and charities still.
Grant enquires, seem to come through Livewell SW, Plymouth City Council, Turn 2 Us and the Citizens Advice Bureau. It is hoped the minibus donated to Access Plymouth with our logo on it, will put the Trusts name out in the local area.This may generate interest in us and increase applications.
The Trust has received 14 applications for grants this financial year, and has chosen 6 worthwhile benefactors totalling £62,067.00 including £50,000 to Access Plymouth for the purchase of a minibus.
The gain of rental income has meant all of the above donations have been made using the accrued rental income of £23,400 and dividends totalling £55,224.27 from the CCLA/COIF investment.
Caution must be used when using our own investment income as this can be volatile, as it depends on the stock market gains and losses.
We have no outstanding monies for grants going into the next financial year.
The building is now 25 years old and this year has had some investment on maintenance and will require some next year. We are obliged under a full maintaining lease with NHC to keep the building operational for them, so we do realise this can sometimes be costly.
Reserves
The Trustee’s policy is to build up an investment base, which will secure the future of the buildings and of operating as a grant making charity using an appropriate proportion of the investment and rental income. The value of the listed investments at year end were £1,935,940 (2024: £2,030,548) and the day centre was carried at valuation of £375,000 (2024: £375,000). Net current assets for the year totalled £60,795 (2024: £73,615). Total reserves amounted to £2,371,735 which the trustees believe are necessary to generate sufficient income to meet ongoing commitments.
Financial review
The total incoming resources for 2025 were £86,894 (2024: £82,999), amounts paid to drive charitable activities were £34,481 (2024: £37,965), including repair expenditure of £7,729 (2024: £7,653), total grants paid out were £62,067 (2024: -£19,850) and the support costs amounted to £3,166 (2024: £1,831).
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The Pearn Charitable Trust
Trustees' Report (continued)
Statement of Trustees' Responsibilities
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
15/08/25 The annual report was approved by the trustees of the charity on .................... and signed on its behalf by:
.........................................Ian David Rawlings Ian David Rawlings Chairman and trustee
Page 5
The Pearn Charitable Trust
Independent Examiner's Report to the trustees of The Pearn Charitable Trust
I report to the trustees on my examination of the accounts of The Pearn Charitable Trust for the year ended 31 March 2025.
Responsibilities and basis of report
As the charity trustees of The Pearn Charitable Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the The Pearn Charitable Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of The Pearn Charitable Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting 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 an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
M Keane
...................................... Matthew Keane ACCA Westcotts (SW) LLP Plym House 3 Longbridge Road Marsh Mills Plymouth Devon PL6 8LT
19/08/25 Date:.............................
Page 6
The Pearn Charitable Trust
Statement of Financial Activities for the Year Ended 31 March 2025
| Note Income and Endowments from: Rent receivable 2 Investment income 3 Total income Expenditure on: Charitable activities 4 Total expenditure Gains/losses on investment assets Net (expenditure)/income Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 13 |
Unrestricted funds £ 31,365 55,529 86,894 (99,714) (99,714) (94,608) (107,428) (107,428) 2,479,163 2,371,735 |
Total 2025 £ 31,365 55,529 86,894 (99,714) (99,714) (94,608) (107,428) (107,428) 2,479,163 2,371,735 |
Total 2024 £ 28,757 54,242 |
|---|---|---|---|
| 82,999 | |||
| (19,946) | |||
| (19,946) 168,545 |
|||
| 231,598 | |||
| 231,598 2,247,565 |
|||
| 2,479,163 |
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2024 is shown in note 13.
The notes on pages 9 to 16 form an integral part of these financial statements. Page 7
The Pearn Charitable Trust
(Registration number: 203720) Balance Sheet as at 31 March 2025
| Note Fixed assets Investments 10 Current assets Debtors 11 Cash at bank and in hand Creditors: Amounts falling due within one year 12 Net current assets Net assets Funds of the charity: Unrestricted income funds Unrestricted funds Total funds 13 |
2025 £ 2,310,940 1,678 61,683 63,361 (2,566) 60,795 2,371,735 2,371,735 2,371,735 |
2024 £ 2,405,548 791 74,966 |
|---|---|---|
| 75,757 (2,142) |
||
| 73,615 | ||
| 2,479,163 | ||
| 2,479,163 | ||
| 2,479,163 |
The financial statements on pages 7 to 16 were approved by the trustees, and authorised for issue on ....................15/08/25 and signed on their behalf by:
.........................................Ian David Rawlings Ian David Rawlings Chairman and trustee
The notes on pages 9 to 16 form an integral part of these financial statements. Page 8
The Pearn Charitable Trust
Notes to the Financial Statements for the Year Ended 31 March 2025
1 Accounting policies
Statement of compliance
The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
Basis of preparation
The Pearn Charitable Trust meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Income and endowments
Investment income
Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Grant provisions
Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.
Support costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
Page 9
The Pearn Charitable Trust
Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Fixed asset investments
Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.
Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.
Pensions and other post retirement obligations
The charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Page 10
The Pearn Charitable Trust
Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)
Financial instruments
Classification
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Page 11
The Pearn Charitable Trust
Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)
2 Income from rent receivable
| Mannamead Lawn Tennis Club Maintenance and recharges Network Healthcare Lease 3 Investment income Interest receivable and similar income; Interest receivable on bank deposits Other income from fixed asset investments 4 Expenditure on charitable activities Note Activities undertaken directly Grant funding of activities 6 Allocated support costs 5 |
Unrestricted funds General £ 3,163 1,316 26,886 31,365 Unrestricted funds General £ 305 55,224 55,529 Unrestricted funds General £ 34,481 62,067 3,166 99,714 |
Total funds £ 3,163 1,316 26,886 31,365 Total 2025 £ 305 55,224 55,529 Total 2025 £ 34,481 62,067 3,166 99,714 |
Total 2024 £ 3,163 1,313 24,281 |
|---|---|---|---|
| 28,757 | |||
| Total 2024 £ 101 54,141 |
|||
| 54,242 | |||
| Total 2024 £ 37,965 (19,850) 1,831 |
|||
| 19,946 |
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The Pearn Charitable Trust
Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)
5 Analysis of support costs
Support costs allocated to charitable activities
| Payroll costs Independent examiner's fee |
Total 2025 £ 486 2,680 3,166 |
Total 2024 £ 462 1,369 1,831 |
|---|---|---|
6 Grant-making
Analysis of grants
| Analysis Horticultural Therapy Trust Plymouth Universities Access Plymouth Best Mobility More Than Mobility J Kearney |
Grants to institutions 2025 £ 2024 £ 3,500 5,131 - (24,981) 50,000 - 4,500 - 3,090 - - - 61,090 (19,850) |
Grants to individuals 2025 £ - - - - - 977 |
|---|---|---|
| 977 |
7 Trustees remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
No trustees have received any reimbursed expenses or any other benefits from the charity during the year.
Page 13
The Pearn Charitable Trust
Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)
8 Staff costs
The aggregate payroll costs were as follows:
| Staff costs during the year were: Wages and salaries Social security costs Pension costs |
2025 £ 3,032 3,537 9,897 16,466 |
2024 £ 2,165 3,592 9,372 |
|---|---|---|
| 15,129 |
The monthly average number of persons (including senior management / leadership team) employed by the charity during the year was as follows:
| Average head count of employees | 2025 No 1 |
2024 No 1 |
|---|---|---|
No employee received emoluments of more than £60,000 during the year
9 Taxation
The charity is a registered charity and is therefore exempt from taxation.
10 Fixed asset investments
| Cost or Valuation At 1 April 2024 Revaluation At 31 March 2025 Net book value At 31 March 2025 At 31 March 2024 11 Debtors Prepayments |
Listed investments £ 2,030,548 (94,608) 1,935,940 1,935,940 2,030,548 |
Investment Properties £ 375,000 - |
Total £ 2,405,548 (94,608) 2,310,940 2,310,940 2,405,548 2024 £ 791 |
|
|---|---|---|---|---|
| 1,935,940 | 375,000 | |||
| 1,935,940 | 375,000 | |||
| 2,030,548 | 375,000 | |||
| 2025 £ 1,678 |
Page 14
The Pearn Charitable Trust
Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)
12 Creditors: amounts falling due within one year
| Other creditors Accruals 13 Funds Unrestricted funds General Funds Unrestricted funds General Funds |
Balance at 1 April 2024 £ 2,479,163 Balance at 1 April 2023 £ 2,247,565 |
Incoming resources £ 86,894 Incoming resources £ 82,999 |
2025 £ - 2,566 2,566 Resources expended £ Other recognised gains/(losses) £ (99,714) (94,608) Resources expended £ Other recognised gains/(losses) £ (19,946) 168,545 |
2024 £ 300 1,842 |
|
|---|---|---|---|---|---|
| 2,142 | |||||
| Balance at 31 March 2025 £ 2,371,735 |
|||||
| Balance at 31 March 2024 £ 2,479,163 |
Page 15
The Pearn Charitable Trust
Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)
14 Analysis of net assets between funds
| 14 Analysis of net assets between funds | ||
|---|---|---|
| Fixed asset investments Current assets Current liabilities Total net assets Fixed asset investments Current assets Current liabilities Total net assets |
Unrestricted funds General £ 2,310,940 63,361 (2,566) 2,371,735 Unrestricted funds General £ 2,405,548 75,757 (2,142) 2,479,163 |
Total funds at 31 March 2025 £ 2,310,940 63,361 (2,566) |
| 2,371,735 | ||
| Total funds at 31 March 2024 £ 2,405,548 75,757 (2,142) |
||
| 2,479,163 |
15 Related party transactions
There were no related party transactions in the year.
Page 16