Charity numbgr. 204718 THE PEARN ALMSHOUSES CHARITY UNAUDrrED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Bishop Fleming THE PEARN ALMSHOUSES CHARrry CONTENTS Page Refeygnce and Adminlstrativ• Detalh of th• Charity. tts Tru¥tw and Advig•TS Trust￿. Report Indapgndent ExaMi￿¢S Report statem•nt of Financial Activities Balan¢9 Shegt Notes to the Finaficial Statements 9-18 THE PEARN ALMSHOUSES CHARtrY REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARiff. TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees Mrs M S Clinton. Chair Mrs P M SI￿art Mr T N Shobrook M￿S C H Bailey Dr R G Benjafield (ApW"n￿ 25 April 20231 Charity registered number 204718 Principal offi¢& 81D H￿her Corrwn Road Lower Compton Plymouth PL3 Accountants Bishop Fleming LLP Chartered Ar£ountants Salt Quay House 4 North East Quay Sutton Hortx)ur Ptymouth PL4 OBN Bankè Uoyds TSB Bank Pk 8 Royal Parade Ptymouth Devon PL1 IDS CCLA In￿tr￿ent Management L COIF Charity Funds One Angel Lane London EC4R 3AB Soli¢ltor8 FootAnstey LLP Salt Quay House 4 North East auay Sutton Harbour Plymouth Devon PL4 OBN Page I THE PEARN ALMSHOUSES CHARITY TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual rep)rt togettw with the financial statements of the Charity for 1 April 2023 to 31 March 2024. OBJECTIVES AND ACTivmES a. POLICIES AND OWECTIVES The principal objective of the Charity is to provide shelter&l accommo￿ for poor persons of not less than sixty years of age who are inhabrtants of the city of Plymcojlh. except in Special cases to be approved by the commissioners. The Tfustees have agreed that the definibon of'pcKJf does not necessarity refer solely to financial means but may indude wider consideTrtions suth as health and the ability to conts.nue to occupy safely exsttng accommodation, which is increasingly owner ctcupied and not a￿Ry5 suikble fr)r the ekjerfy. b. MAIN ACTMTIES UNDERTAKEN TO FURTHER THE CHARrrrs PURPOSES FOR PUBLIC BENEFIT The Trustees have had regwd to the Charity ComMissi￿),S guidan￿ on public t*nefiL The Challty provide5 secure and suitable a¢commLKlation for ekleriy persons indLKling fvll maintenance internally and extemally WE￿ provision of all relevant servi￿. Resident5 are taken from the general publ￿ in the Ptymouth area in accordan￿ with Ihe Charity's ¢c￿stitution. The Trust*s are mindful of their duty to WOVKle a t￿e￿claI SeThi￿ and frdciltty, recognised as being for the public good. Accordingly. and tearing in mind the requirements of our objects. gc¥)d quality secure accommodation al a fair wce is on offer to desemng appltcants. Care is tsken to establish e￿$ting resources, both income and rnpital, stats of health, and suitabilty of present accommodth"on. As a gen￿ rule, once have seltled in Reswjents Temgin in their prwety for some years. ACHIEVEMENTS AND PERFORMANCE . KEY FINANCIAL PERFORMANCE INDICATORS Prime importance to the Charity is tr) have a minwnum of voids (empty pfoFertJ"esl and for the year ending 31st March 2024 occupancy rates were 100%. Ix INVESTMENT POUCY AND PERFORIIANCE The Charity's investsnenb are managed by CCL4 Investrnent Management Ltd and are invested in the COIF Chaaties Investment Furnl. Suwus cash is deFQ5ited with CCL THE PEARN ALMSHOUSES CHARrrY TRUSTEES REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 FINANCIAL REVIEW a. GOING CONCERN After rnaking appropriate enquir￿. the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational ￿Sten￿ for the foreseeable future. For this reason they continue lo adopt the going concem basis in preparing the financial statements. Further details regarding the adoption of the going concem basis can be found in the Accounting Policies. REVIEW FOR THE YEAR Whenever a unit is empty the oppothnity is taken to modemise it up to strdrKlard and dunng the year the Trustees have undertaken to modemise factlibes for the benefit of the residents inclLxling kitchen. bathroom, lighting and heating upgrades as well as normal decor*"ng costs. The Trustees are concemed to provide high qualty accoMMLNJat￿n for our Residents at an acceptable cosL Accotdingly, the charge to Residents is set annually takn.ng account of the f￿"[ rent of the accomm¢)dab"on ￿1￿ an addition to cover costs met by the ChaTty. The Trustees are satisfi&J that the financial k*Jstbon of the Charity to date wll enable thern to continue to Tneet these obiectives. . RESERVES POLICY Unrestricted funds are available to meet the day to day costs associated the Charity's aims and lo meet comrnitments as they fall due. The baLln￿ of unrestri¢tgJ fvnds * the year end amount to £727,940 {2023: £616,206). Permanent Endowment fijnds are available for caprlal purposes and are invegted in accumulabon units. There are kn funds both to recoup prewous capFtal investments. Endowment funds at the year end amount to £3,918.94512023". £3,856.5671. The Cottages r￿Uprnent fijnd has 4)proL 41 years lo go bef￿e our agreement with the Chanty Commission is satisfied. A statement of condition has been obtained al September 2021 which provides a good guide of the likely cost of repairs and maintenance over the next 5 years. The rnajor rtems which wiu need to be addressed at Hr. Compton - tsvo of the trio of propertieswere built in the 1930's are. Cyclical maintenan Krtchen 2nd bathroom modemisation And at the Cottrdgès are". Cyclical maintenance The eskn"m*ed cost of this at today's ￿ICeS is in the OTder of £60,OLKI. THE PEARN ALMSHOUSES CHARrrY TRUSTEES REPORT {copifiNUEDI FOR THE YEAR ENDED 31 MARCH 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT . CONSTrruTION The official name of the ChaTtty is "Peam Almshouses-. It is lo(*ted at PIyTMuth in the County of Devon. A Certificate of lncorpoth.on of the Tnjstees of the Chanty by the name of 'The Trustees of the Peam Almshouses Charrtl. was seakd by Order of the Ccmnmissioners on 16 May 1994. There have been no changes in the obpciNes Since the L2st ￿nUal reporL b. METHOD OF AppoIKfMENT OR ELECTION OF TRUSTEES The management of the Chanty is Ihe resFY)nsib"Elty of the T￿￿tee5 are ele¢ted and COvQPted under the terns of the Charrty Cornmission Scherne. Trustees are appointed for a tem of five years by a Tesolution of the Trustees and as a TTUStee is appointed they must provide a declaration of acceptance and wllingness lo act. c. ORGANISATIONAL STRUCTURE AND DECISION MAKING In addition to the Truslees there is an employed Trust manag￿ who is responsible for conducting day to day business and reporting to the Trustees. d. RISK MANAGEMENT The Trustees have assessed the mawr risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity and are saUsfied that systems and pr￿ed￿re5 are in pla￿ lo mitigate our exposure to the major risks. This report was approved by the Trustees and signed on their behalf by: Mrs M S Clintt>n {Chair of Trustees) Paje 4 THE PEARN ALMSHOUSES CHARirf TRUSTEES REpoKf {COKnNUEDI FOR THE YEAR ENDED 31 MARCH 2023 STATEMENT OF TRUSTEES. RESPONSIBILMES The Trustees are resFMinsible for preparing the TrLE5tees' reF(>rt an(J the finar￿jaI statements in accordance th applicable taw arKI United Kingdom Acuuntir4J Stsr¥Jwds Iunsted Kingdom Generalty Accepted Accounts"ng Practice). The law applicable ID charibes in England & bwdtes requi￿ the Tnjslees lo prepare financial statements for each financial year which give a tnje and fair view of the state of affairs of the Charity alld of its incoming resources and application of resources. induding its inccffle and exFenditrJre. for that peri￿￿. In preparing these financial statements. the Trustees are required to" select suitable accounting poliues and then apFAy them wnsL8tenty,' obsenie the methods and principles of the Charitres SORP IFRS 1(r2); make judgements and accounb'r¥J esty"males that are reasonable and prudent state whether appli(8ble UK Accounting Standards IFRS 1021 have been followed. subject lo any material departures disclosed and explained in the financial statements.. prepare the financial ststements on the wng COn￿M unless it is inappropriate to presume that th& Charity wll conts.nue in business. The Trustees are resPon￿b[e for keeping *uate aecounting ￿))rdS that are sufficient to show and ewain the Charity's transactions and disclose reasonab￿ accuracy at any time the financial px)sition of the Charity and enable them to erisure that the financk31 statemenis compty the Charitie5 Act 2011, the Charity (Accounts and Reports) Reguktions 2008 and the prowsions of the Trust deed. They are also responsible for safeguanling the assets of the Charity WKI hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. This report was approved by Ihe T￿￿t￿eS svJn&J on their behalf by: FOI-I pl IdlTS M S Clinton (Chair of Trustees) Date.. Page 5 THE PEARN ALMSHOUSES ¢HARrrY INDEPENDEbTh EXAMINER'S REPORT FOR THE YEAR ENDED 31 IAARCH 2024 INDEPENDENT EXAMINER'S REpoKf TO THE TRUSTEES OF THE PEARN ALMSHOUSES CHARITY ('tho Charity'l I report to Ihe Charrty Trustees on my examination of the axounts of the Charity for thè year ended 31 March 2024. RESPONSIBILMES AND BASIS OF REPORT As the Trustees of the Charity you afe responsible for the preparation of the accounts in accordance wth th8 requirements of the Ch8rÉtie5 AGt 2011 {Ihe 2011 Acri. I report in r&spect of my examination of tre Charitys accounts caffKed OLtt under section 145 of the 2011 Act and in carrying out my examInat￿n I have fotlowed the *tcabie Directions given by the Charity Commiss¥on under section 145151{b) of the 2011 A( INDEPENDENT EXAMINEifs STATEMEKr I have completed my examination. I confirm that no matters hwe come to my attention in conneciion with the examination giving rne ￿use io beI￿ve that in any material respect accounting records were not kept in res￿ of the ch￿1￿ as requi￿1 by section 130 of the 2011 Art. or the accounts do not accord those records" or the accounts do not compty with the a￿lCable requirements conceming the fomi end content of accounts set ¢yJt in the Chanties (Accounts and Reports} Regulakn"on5 2008 other than any requirement that the accounts give a 'tnJe and farf ViV•V which i8 not a matter conswjered as part of an independent examinatEOn. I have no 0)n￿rn5 and have o)me acfOSS no other matter5 in ￿nnectIOn wth the examinatton lo which attention should be drawn in thks ￿￿4)rt in orderto enable a proper understat)ding of the acLounts to bè Rached. Signed: ison ofiv8r Date: 27 January 2025 (FCA) BISHOP FLEMING LLP Chartered Accountants Sall Quay House 4 North East Quay Sutton HariM)ur Pwouth PL4 OBN THE PEARN ALMSHOUSES CHARrrY STATEMENT OF FINANCIAL ACTivmES FOR THE YEAR ENDED 31 MARCH 2024 Endowment Unrestricted fund$ funds 2024 2024 Total funds 2024 Totsl funds 2023 INCOME AND ENDOWMEi¥fs FROM: Investments Other income 192,930 191930 1.984 165,036 808 TOTAL INCOME AND ENDOWMEKrs EXPENDITURE ON: Charitable activities 194,914 194.914 165,844 139.688 139,688 178,1168 TOTAL EXPENDFfuRE 139.688 139.688 178.068 NET INCOMEI (EXPENDITURE) BEFORE NET GAINW (LOSSES) ON INVESTMENTS Net gainsl {lossesl on invesbnents 55.226 55,226 118.886 112,2241 121,902) 54.922 NET INCOMEI {EXPENDITURE} Ttynsfers between funds NET MOVEMENT IN FUNDS BEFORE OTHER RECOGNISED GAINSI (LOS5ES} 54.922 119,190 {7A561 174112 134,7261 14 61378 111.734 174.112 134,126) OTHER RECOGNISED GAINSI ILOSSESI- Gains on revaluation of fixed assets 449,000 NEf MOVEMENT IN FUNDS 82.378 111.734 174.112 414,874 RECONCIUATION OF FUNDS: Total fL¢nds brought forwaid Nel movement in fvnds 3,856.567 62.378 616,206 111,734 4.471773 174.112 4,057,899 414,874 TOTAL FUNDS CARRIED FORWARD 14 3.918,945 727,940 4.846.885 4,472,773 The Statement of Flnancial ACtwIt￿ Èndudes all gains and knsses recognised in the year. The notss on pages 9 to 18 fom) part ofthese financial statements. Paye 7 THE PEARN ALMSHOUSES CHARITY BALANCE SHEEr AS AT 31 MARCH 2024 2024 2023 FIXED ASs￿s Tangible assets Investments 3.313,047 1,075.584 10 11 3.312.393 1.201.926 4.514319 4.388,631 CURRENT ASSETS Debtor5 Cash at bank and in hand 12 175 87,663 137,994 137.994 87.838 Credttors". amounts falling due within one year 13 (5.428} 13.6*1 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT UABILITIES 131S66 84,142 4.646.885 4,472.773 TOTNL NET ASSErs 4,646,885 4.472.773 CHARrrf FUNDS 3,918.945 727.940 3.856.567 616,206 Endowment unrestn.cted funds 14 14 4,472.773 TOTAL FUNDS 4.646.865 The finanual 5tstements We￿ approvgfj arKI authorised for issue by the Tnjstees and ￿gned on the￿ behalf by.. Mrs M S Cllnton (Chair of Trustees) lTr-O 1-7 The noles on pages 9 to 18 fomi part of these financkgl ststsments. Page 8 niE PEARN ALMSHOUSES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 GENERAL INFORMATION The unincorp)rated Charity is regtstered with Charity Commission. the registered number is 204718. The registered address ofthe Chanty is 81 D HNJher Compton Road. L￿r Compton, p￿o￿th, PL3 5JD. ACCOUNTING POUCIES 2.1 BASIS OF PREPARATION OF FINANCIAL STATEMEKrs The finan(aal statements h8ve b8en prepawj in aruxdan¢e with the CharIt￿S SORP IFRS 102} - Accounb"ng and Reporting by Charibes: Statement of Rec£Jmmended Practice applicable lo charities preparing their accounts in accordan￿ wrth the Finan(aal Reporting Standard applicable in the UK and Republi¢ of Ireland {FRS 102) lèffeth.ve 1 January 2015), the Financial Reporting Stsndard appli(able in the UK and Republic of Iretano {FRS 102} and the Charthes Act 2011. The Peam Almshouses Charity meets the definition of a public benefft entty under FRS 102. Assets and liabilities are initialty recognised at historscal cost or transactton value unth otherwise slated in the relevant accounting pKJly. 2.2 INCOME l in¢ome is rerA)gnised once the Charity has entttlement lo the income, tt is probable that the income wll be received and the amount of income receivable (an be m6asur&l reliably. Incomg lax recovetabte in relab.on to irNestmenl incorr* is recognised at the time the investment income Tr5 re￿ivable. 2.3 EXPENDITURE Expenditure is recognised once there is a legal or conslTUCtive obligation to transfer Èconomic benefft to a third party. tt is probable Ihal a transfer of economic beneffts w(11 be required in settlement and the amount of the obligat￿￿ can be measured reliably. Expenditu￿ is classitie(I by actsvity. The costs of eath #th"vty are ma(%e up of the total of direct costs and shar￿1 costs, including support costs involved in undertaking each Direct u)sts attributable to a single acttwty are all¢xaled directty to that actwity. Shared costs which contr.bvte to more than one activity and support costs which are not attributable lo a single a¢lNity are apw)rtioned beNveen those ath"vf(ies on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spen( arkd depreciation charges 811ocated on the porbon of the a&set's yse. Expendrture on charitable aciMt]es is incurred on diredty undertaking the athiti.es which further the Charitys oty'ectwes. a5 well as any associated supw)rt costs. AJI expendittsre *s IndusE￿ of Irr￿Ver8￿￿eVAT. 2.4 INTEREST RECEIVABLE Interest on ftjnds held on de￿sit is induded when receivable and the amount can be measured reliably by the Challty.. this is normalty upon notSfi￿tiOn of the interest pakl or payable by the inslilulton with wh￿n the fvnds are deF*)SttgJ. Page 9 THE PEARN ALMSHOUSES CHARrrY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 AccouKnNG POLICIES (continuod) 2.5 TANGIBLE FLXED ASs￿s AND DEPRECtATION Tangible fixed assets are hntslty reco9nised at cost After recoynthon, under the cost model. tangible fixed assets are measured at cost less a(£umulated depreciation and any accumulated impairment losses. Al costs incurred lo bring a langble fc ANALYSIS OF SUPPORT COSTS Total fund$ 2024 Total funds 2023 Accountancy fees Legal and professional costs 3,696 7.726 16.129 19.975 11,422 INDEPENDENT EXAMINER'S REMUNERATION Thè indeFerKlent ￿Mine¢S reMune￿IK)n amounts to an independent examiner fee of £3.84612023 - £3,696}. STAFF COSTS 2024 2023 Wages and saLaiie5 Pension ￿Sts 23,031 1,3TI 19,799 1,949 21,748 The average number of persons employed by the Charity during the year was as folknvs: 2024 2023 No. Full time No employee T￿l¥ed remuneralion amounting to more than £60.000 in either year. Page 14 THE PEARN ALMSHOUSES CHARrrY NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES. REMUNERATION AND EXPENSES During the year. no Trustees re￿ived any remuneratron or other beneffts12023- £NIL). During the year ended 31 March 2024. no Trustse expenses have been incurred12023- £NILI. 10. TANGIBLE FIXED AssErs Freehold F￿ureS and property fittings Total COST At 1 April 2023 3.309,000 14.707 3R23.707 At 31 March 2024 3.309,CI)O 14.707 3,323,707 DEPRECIATION Al 1 April 2023 Charge for the year 10.660 654 10,660 654 At 31 March 2024 11.314 11,314 NET 800K VALUE At 31 Ma￿h 2024 3,309,IX 3.393 3,312,393 At 31 March 2023 3.309.000 4,047 3,313,D47 Included in land and bU1￿1ng5 are the Atmshouses properttes at 79, 81 and 83 Higher Compton Road and Blocks 1, 2 and 3 at Eggbuckknd, P￿oLrth at builthng reinstatement value. The propgrties were valued on th8 rep￿ment baskq at £1.935.000 a￿1 £1.374.01)O res￿1vely, by Wickery Holman, prO￿ty Conyjhants in September 2021 and the Trustees consKler this valuation to be appltcable al the year end. The totsl value 01 £3,309,000 12022: £2.860,000} has a historical cost of £1,033,637 12022.. £1,033,637). The PFwerb"es are not depre(Ja￿j as the Trustees consider their carrying value is not Material￿ drfterent from th65 valuatw)n. Page 15 THE PEARN ALMSHOUSES CHARITY NOTES TO THE FINANCtAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 11. FIXED ASSEf INVESTMEp¥rs Li8tsd investments COST OR VALUATION At 1 April 2023 Additions Revaluabons 1.075,584 7,456 118.886 AT 31 MARCH 2024 1,201.926 NET BOOK VALUE AT 31 MARCH 2024 1.201,926 AT 31 TrA4RCH 2023 1.075.584 The historic cosl of the I￿ted inve5trnents is £442.081 (2023: £434.6251. 12. DEBTORS 2024 2023 DUE￿rHIN ONE YEAR Pfepayments and acoued ￿cOMe 175 13. CREDITORS: AMOUNTS FALUNG DUE WIThIN ONE YEAR 2024 2023 Ac¢rua15 and deferred income 5,428 3,696 Pwje 16 THE PEARN ALMSHOUSES CHARrr( NOTES TO THE FINANCIAL STATEMEPffS FOR THE YEAR ENOED 31 MARCH 2024 14. STATEMENT OF FUNDS STATEMENT OF FUNDS- CURRE￿ YEAR Balance at 1 Ap￿1 2023 Balance at 31 March 2024 Transfers inlo Gain61 {Lossesl Income Ewnditurfr UNRESTRICTED FUNDS General Funds 616,206 f 94.914 (139.688) 17.456) 727.940 ENDOWMENT FUNDS Endowment Fund 3.856.567 7.456 54.922 3,918,945 TOTAL OF FUNDS 4.471m 1x914 1139.688) 118.886 4646.885 Endowment Fund8 The Trusfs pemanent endowment represents land buildirHJ5 and the CCLA COIF ChaTilies InvÉstry)ent Fund a(Lufflulation units. STATEMENT OF FUNDS - PFUOR YEAR Balance 8t 31 March 2023 Balance at 1 April 2022 Transfw inlout Gaingj (Losses) In(YJTne Expendtture UNRESTRJCTED FUNDS G8neral Funds 655.851 165,844 1178.0681 111.184} {16,237) 616.206 ENDOWMENT FUNDS Endowment Fund 3.402.048 11.184 443.335 3.856,567 TOTAL OF FUNDS 4.OS7,899 165,844 I178.￿8) 427,098 4.472.773 Pag&17 THE PEARN ALMSHOUSES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 15. ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASs￿s BEfwEEN FUNDS- CURRENT PERIOD Endowmont Unrestricted funds funds 2024 2024 Totsl fund$ 2024 Tangible fixed assets FIX￿ asset invesbmenls Current assets Creditots due wrthin one year 3.199,351 719.594 113,042 482.332 137,994 15.428) 3.312,393 1.201.926 137,994 (5,428) TOTAL 3,918,945 727,940 4,646.885 ANALYSIS OF ASSEfs BETWEEN FUNDS- PRIOR PERIOD End[P￿￿ent Unrestrscted funds funds 2023 2023 Total funds 2023 Tangible fixed assets Fixed asset invesknents Current assets Creditors due within one year 3.193.832 662,735 119.215 412,849 87,838 13.6961 3,313,047 1,075,584 87,838 {3,696} 3,856,567 616,2L 4,472,773 TOTAL PENSION COAIMrrMENTS 'The Chartty operales a defined ContribUtK￿ pen￿￿ S￿h￿. The assets of the scheme are h8liJ sepaTately from those of Ihe Charity in an independenty administered fund. The pension cost charge represents contributions payable by the Charity to the fvnd and amounted to £1.377 (2023: £1.9491. Contributions lotalling £Nil {2023" £Nill were payable to the fvnd at the Balafi￿ Sheet date. 17. RELATED PARTY TRANSACTIONS The Chanty has not entered into any related party transactions during the year. nor afe there any outstsnding baLgnces ow¢ng be￿n related parbes and the Charity at the Balance Sheet date. 18. copifROLLING PARTY The Charity is Control￿ collthty by the Board d Trust￿. Page 18