ST PETER'S HOSTEL FOR MEN Restered Charity No: 236595 31 May 2024
ST PETER'S HOSTEL FOR MEN REPORT AND FINANCIAL STATEMENtS 31 MAY 2024 coNrENrs Page Trustees and Advisors Trnstees, Report 215 Report of the Independent Examiner Statement of Finallcial Activtties Balance Sheet Notes to the Financial Statements Incorp)rating the Accounting Policies 9114
ST PETER'S HOSTEL FOR MEN TRUSTEES AND PROFE&SIONAL ADVISOILS TRUSTEES.. Fatber D C Way G Roberts N M Hirst (ex-olTicio) Patisb l$t (ex-officio) Church Warden (ex-officio) Church Warden ADVISORS Blers. Barclays Bank PIC 2(k21 Lemon Street Truro TRI 2NB Lloyds Bank PIC 8 Royal Parade Plymouth PLI IHB Account8nts: Northcott Tnunfjeld Devonshire Villa 52 Stuart Road Stoke Plymouth PL3 4EE
ST PETER'S HOSTEL FOR MEN TRUSTELS, REPORT The trnstees present their annual rert and financial statements of tbe charity for the year ended 31 May 2024. The financial statements have been prepared in accordance with the accounting policies set out in note I to the accounts and comply with the charity's tnLSt deed. the Charities Act 201 l and Accounting and ReportÉng by Charities: Statement of Recon]mended Practice applicable to chatities preparing their accounts in accordance with the FinancAal ReFX)rttng Standard applicable in the UK and Republic of Ireland published on 16 July 2014. Objectives and Activities for the Public Benefit The charity's objects aTe for the provision of a working men's hostel or for any other purpose which benefits the work of the Cburch of England in the Parish of St Peter's. The charity furthers its charitable Pu)S for tbe pub]ic benefit through its donation policy: Providing assistance to St Peter's Church and St Peter's Church Council for the benefit of its parishioners. Providing assistance to St Peter's Church of England Primary School for the benefit of the pupils. Donation Making Pollcy The Charity has established its donation killg policy to achieve its objects for the pub]ic benefiL to help the Parish of St Peter's. Review of our Aehievements and Performan The benefit of th¢ charity's work during the year h&$ F*en to provide support and assistance to St Peter's Church and its work in the Parish. Financial Review The charity's work is entirely reliant on its investment income from its rentsl properties and investrnents. The charity uses the income generated by these investments. but Dot the capital. During the the charity continued to support St Peter's Church by way of donations out of its income.. £34,551 to St Peter's Church Council and £10,853 to St Peter's Church. Tbe charity also gave £2.(X)O to Baby Basics Plymouth and £1.388 to St Peter's Primary Sch(K)l. The charity made an operdling SUTplus of £49.108 during the year, wbich included £44,449 increase ill value of listed inveslments.
ST PETER'S HOSTEL FOR MEN TRUSTEES, REPORT COThNUED Investment Policy and PerfornLgnce The charity has invested in low risk investments - protleS and M & G Charifund - to ensure its capitsl is maintained for fvture generdtions. The total return of investtnents for 2024 was 6.84% (2023 7.45%). Risk Management The trnstees have assessed the risks to which the charity is exporf including operational and financial risks. In the Opinion of the trustees the charity has estab]ished resour and review systems which under nonnal Conditions should allow the risks identified to be mitigated to an acceptable level in the day to day operations. Reserves Policy The trustees aitn to maintain free reserves in unrestticted funds at a level which equates to approximately three months of unrestricted ChItable expenditure. The trustees consider that this level will provxde sufficient fvnds to respond to applications for grants and ensure tbat support and governance costs are covered. The balance held as unrestricted funds at 31 May 2024 was £840,527 of which £74,782 are regarded &s free reserve4 after allowing for fimds tied up in fixed asset investtnents. The restricted reserves at the year end wete £362.141. Plans for the Future The trnstees anticipate continuing to support the Church of St Peter's and its work in the Parish of St Peter's. Structure, Governance and Management The St Peter's Hostel for Men was set up under trust on 21 Decernb 1922 to be admÈnisfrred by the Vicar and Church Wardens of the PIsh of St Peter's. Plymouth fflie Administering Trustees) for the benefit of providing a lodging house or hostel for working men of small means with or without payment at the discretion of the Administering Trustees. and to be used to furthei any other purpose which in their opinion IS to benefit the work of the Church of EnglaDd in the Parish of St Peter's. In 1996 the then VIC and Church Wardens fill)d w&$ mCOTporated into the hostel's accounts as both accounts were being used for very similar purpo. The trust does not actively fund raise and seeks to continue its charitable work through the carefi stewardship of ils existing resources. The knstees meet on a regular b&sis to discuss the needs of the Parish and how the trnst may help fulfil its objectives.
ST PETER'S HOSTEL FOR MEN TRUSTEES, REPORT CONfINUED Key management personnel remunerntion The trnstees consider the board of trustees as comprising the key management rSOnnel of the ch8Tity in charge of directing and controlling the CTr1ty and running and operating the chatity on a day to day basis. All trustees give of their time freely and no trustee remuneration was paid in the year. Details of trustee expenses and related party transactions are disclosed in note 2 to tbe accounts. Trustees are required to disclose all relevant interests and then register them with the board and in accordance with the TrLLSt's wlicy withdraw from decisions where a collfiict of interest arises. Reference and administrative inforntiOn Father D C Way G Roberts N M Hirst (ex-officio) Parish Priest (ex-officio) Church Warden (ex-officio) Church Warden Principal Office 23 Wyndham Square, Plymout PLI SEG. Charity Number: 236595 Independent Examiner Northcott Trumfield. Devonshire Villffj 52 Stuart Roa4 Stoke. Plymouth, PL3 4EE Bankers Barclays Bank Plc, 20-21 Lemon Street, Tn0, TRI 2NB Lloyds Bank Pk, 8 Royal Parade. Plymoutl PLI IHB
ST PETER'S HOSTEL FORMEN TRUSTELS, REPORT coiwfiNUED Trttstte5' Responsibilities in Relation to the Financial Statements The charity trustees ate responsible for preparing a trste¢s, annual report and financial statem¢nts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England ard Wales requi the charity trustees to prepare financial statements for each year which give a ttue 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 p[0d. In prepaTing the financial statements, tbe trnstees are required to: select suitable accounting pobcies and apply them CODSiStently; observe the methods and 1CiPleS in the applicable Chatities SORP. make judgements and estimates that are reasonable and pThn state whether applicable accounting standards have been followed. subject to any material departures disclosed and explained in tbe financial statements. 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 and disclose with reasonable accuracy at any time the financial position of the cPrIty and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations. and the provision of the Ttust deed. They are also responsible for safeguarding tlje assets of the chlty alld taking reasonable steps for the prevention and detection of fraud and other irregulaTities. The trustees are responsible for the maintenance and integrity of the chatity and fmancial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ fro legislation in other jurisdictions. Approved by the Trustees on l Tri 2025 and signed on their behalf by:
ST PETER'S HOSTEL FOR MEIY INDEPENDE EXAMINER'S REPORT TO THE TRUSTEES OF ST PETER'S HOSTEL FOR MEN I report Èo the charity trustees on my examination of the accounts of the chatity for the year ended 31 May 2024 which 8re set out on pages 7 to 14. RespoDsibilities and basis of report As the chartty's ttijstees you are respotL8ible for the preparation of th¢ accounts in accordance with the requirements of the Clwiti&s Act 2011 ('th¢ Act,). I report in respect of my examination of the charity's acwunts carried out under section 145 of the 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 ACL Independent exami,$ sthtement I have completed my examination. I confirnl that no material matters have come to my attention in connection with the eKamination giving me cause to believe that in any material respect: accounting records were not kept in respect of the charity as required by seciion 130 of the Act. the accounts do not accord with those records: or the accounts do not comply with the applicable requirements concerning the forni and content of accounts set out in the Charities (Accounts and Rewrts) Regulations 2008 other than any requirement that the accounts give a 'tnk and fair view, which is not a matter considered as part of an independent exan)ination. I have no Concerns and have come across no other matters in connection with the exaTnination to which attention should be drawn in this port in order to enable a pmper understanding of the accounts to be reached. Devonsbire Villa 52 Stuart Road Stoke Plymouth PL3 4EE Chartered Accountant Date: 10 IJLs
ST PETER'S HOSTEL FOR MEN STATEMEKf OF FINANCIAL AcriviriES YEAR ENDED 31 MAY 2024 Note Unrestricted Restricted Funds Funds Total Funds 2024 Total Fun(ts 2023 Incomlng resources Income from: Donations 19.556 Investsnent income 47,313 28.611 75,924 79,386 Total income 28.611 Resources expended Expenditure on: Raising funds 7.799 2.692 10,491 6.922 Charitable activities 7.676 7,676 7.564 Donations and grants 19,141 29.651 48,792 47,559 Support Costs 2.689 1.617 4,306 4.241 Totgl expenditure 37.305 33.960 71.265 66,286 Net incomeJ(expenditure) before investments gainsloows) 10.(K18 (5.349) 4,659 32,650 Transfer between funds 1,139) 8.869 19,747 1.139 (4,210) 4.659 44.449 32,656 111,085 Net Gains/(losses) on investments Net Movement in funds 28.616 20,492 49.108 143.741 Reconciliation of funds: Total funds bmught forward 811911 341.649 1,153,560 1,009.819 Tot funds cgrried fonvard 840.527 362.141 1,202,668 1153,560
ST PETER'S HOSTEL FOR MEN BALANCE SHEET AS AT 31 MAY 2024 Unrestricted Restricted Funds Funds Total Funds 2(r24 Total Funds 2023 Note Flxed &ts Investsnents 765.745 343,687 1.109.432 I,0,983 TO red awts 765.745 343,687 1.109.432 1,064,983 Current ets Debtors Cash at bank and in hand 2,750 93,108 78.198 22.339 l(X),537 Total current a&8ets 78,198 22.339 IlJ).537 95,858 Creditors." amounts falling due within one year (3.416) (3,885) (7,301) (7.281) Net eurreDt wets 74.782 18,454 93.236 88.577 Total net assets 840.527 362,141 1,202.668 1,153,560 Funds of the charlty Restricted illcome fld5 Unrestricted incorne ndS 362.141 362,141 840527 341.649 811.911 840527 TotAI charity funds 840,527 362.141 1.202,668 1.153,560 The fanCIal statements were apwoved by the TteeS and signed on their behalf by: Date: The notes at pages 9 to 14 forni part of these financial statements
ST PETER'S HOSTEL FOR MEN N(yfES TO THE FINANCIAL STATEMENrs Year Ended 31 May 2024 Accounting Policies (a) B&sis of preparation The accounts (firiCIal statements) have been ptepared under the historical Cost convention with items recognised at cost or transaction value unle&g otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepated in accordallce with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting SLqndard applicable in the UK and Republic of Ireland (FRS Iir2) issued on 16 July 2014 and the Financial Reporting StaJ]dard applicable in the United Kingdom and Republic of Ireland (FRS 102) and with the Charities Act 2011. The tsust constitutes a public benefit entity as defined by FRS 102. Going concern The trustees consider that there aR no material uncertainties about the Trust's ability to continue as a going concern. (b) Funds structure General resources are unrestricted fimds which are available for use at the discretion of the txustees in the fLfftheraDce of the general objectives of the cbarity and which have not been designated for other putposes. Restricted fimds are available to be used in acconknce with the restrictions imposed on the original donatio1gIft.
ST PETER'S HOSTEL FOR MEN NOTES TO THE FINANCIAL STATEMENrs Year Ended 31 May 2024 (c) Income recognition All incotne is recognised once the charity has entitlement to the income. there is sufficient certainty or receipt and so it is probable that the illcoe will received. and the amount of incotne receivable can be measured reliably. Donations, are recogoised when the TTh[ has Eeen notified in writing of both the amount and settlement date. Tn the event that a donation is subject to conditions that require a level of perfonnance before the charity is entitled to the funds. the income is deferred and not recognised until either those conditions are fijlly meL or the fu]filment of those conditions is wholly within the control of the ch8Jity 8J]d it is probable that those conditions will be fulfilled in the reporting peri(MJ. Interest on funds held on deposit is included upon nOtifi10Th of the interest paid or payable by the Bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally un notification by our investment advisor of the dividend yield of the investment porttolto. (d) Expenditure recognition Lkabilities are cOgnised as expenditure &s soon as there is a legal or constyctive obligation committing the charity to that expenditure, it is pmbable that settlement will be required and the amount of the obligation can be measured lIablY. All expenditure is accounted for on an accruals basis. All expenses, including support costs and governance costs. are allocated or apportioned to the applicable expenditure headings in the statement of financial activities. For more inforntIon on this allocation refer to note (e) below. Grants payable are payments made to third parties ID the furtberance of the ch&itable objects of the TrusL In the c&se of an unconditional grant offer this is accrued once tbe recipient has been notified of the grant avlard. Grants awards that aTr subject to the recipkent fulfilling perforniance conditions are only accrned when the recipient Iw been notified of the grant and any remaining unfulfiIled condition attaching to that grant IS Outside of the control of the Trust. Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty &8 to the timing of the grdnt or the amount of grant payable. io
ST PETER'S HOSTEL FOR MEN Year Ended 31 May 2024 (e) Allocation of support and governance casts Support costs have been dIffelltiated between governance costs and other supw>rt costs. Governance costs comprise all costs involving the public accountabi]ity of the charity and its copIlanCe with regulation and gmj practice. These costs include costs related to independent examination and legal fees together with an apportionment of overhead and support costs relating to trustee meetings. Governance costs and supwt costs relaling to charitsble activities have been apportioned pro rata b&sed on the amount of the donations made. The allocation of supp)rt and governance costs is atlysed in note 6. (D Costs of rnising fimds The costs of generating funds consist of the expenditure on the rental properties. (g) Fixed asset investments Investments are a forni of basic financial instrument and are initially CogniSed at their transaction value and subsequently measured at their fair value as at the balance sheet da using the closing quoted market price. The statement of financial activities includes the net gains and losses arising oll revaluation and disposals tbroughout the year. The Trnst does not acquire put options. derivatives or other complex financial instnjments. (h) Realised gains and lo& All gains and losses are taken to the Statement of FanCIal Activities as they atise. Realised gains and loss on investments are calculated as the difference between sales proceeds and their opening canying value or their purchase value rf acquired subsequent to the first day of the financial year. UnTeaIised gains and losses are calculated as the difference between the fair value at the year end and their carying value. Realised and unrethed investment gains and losses are COEnbined in the Statement of Finallcial Activities. Related party transactioLs and trustees, ¢ipeDses and rtmuner2tion The trnsfres all give freely of their time and expertkse without any forni of remunerdtion or other benefit in c&sh or kind (2023: £nil). li
ST PETER'S HOSTEL FOR MEN NOTES TO THE FINANCIAL STATEMENrs Year Ended 31 May 2024 Analysis of Income No.2 No.1 Unrestricted Restticted Funds FuDds Total 2023 Fun(ts Total Funds Donations Donations/Ltgacies Income from investsnents Interest received Dividend income Rental and leastDg income 19,556 12 15,516 31.785 47J13 35 34.925 40.964 75.924 19,409 9,179 28,611 33,915 45,463 98,942 The restricted income in the prior year was £27,847. Analysis of expenditure Unrestricted Restricted Funds Funds Total 2023 Funds Total Funds Expenditure on raising funds Propety expenses 2.692 10,491 6.922 Expenditure on charitable activities Minibus expenses Church activities 5.821 1,855 7,676 5,821 1,855 7.676 6,552 1.012 7.564 Donations and grants (see note 6) 47.559 Support costs Office costs Accountancy Legal and professioDal 1.557 750 382 2,689 389 750 478 1.617 1,946 1,500 860 4,306 1,861 1.500 880 Total expenditure 37.305 33.960 71,265 12
ST PETER'S HOSTEL FOR MEN NOTES TO THE FINANCIAL STATEMENTS Year Ended 31 May 2024 Details of certain items of expenditure 2024 2023 Fees for the examination of the accounts Independent exatnination fees 1.500 1.500 Donations and grants Grdnts to Institutions Analysis of grants paid St Peter's Church Council - to &ssist with loan repayments St Peter's Church- for S£IfiC Duintenance projects/nllming costs Baby Basic5 Plymouth St Peter's Primary School 7.717 37.787 48.792 Fixed asset investments Movement in fixed asset investments Listed Investment Investtnents Propertias 2023 Total Total Market value brought forward Gainlooss) on revaluation Market value carried forward 573.983 491.IKJ) 1,064,983 953.898 44.449 111,085 491.LKK> 1,109.432 1.064.983 618.432 2024 2023 Investments at faiJ value com]sed. Listed investsnents Investment properti&s 618,432 573.983 491.(K)O 491.000 1.109,432 1,064,983 All investtnents are canied at their fair values. The investment pmperti&s have tten valued by the tn]st. 13
ST PETER'S HOSTEL FOR MEN NOTES TO THE FINANCIAL STATEMEpirs Year Ended 31 May 2024 Debtors 2024 2023 Other debtors 2.750 Creditors: Ajllounts falling due within one year 2023 Other creditors Accruals and defeed income 1.959 5.342 7.301 1,952 5,329 7,281 io. Analysis ofeharilable funds Analysis of fund movements Balance B/fwd Investment Income Expenditure Gainsltransfers Balance C/fwd St Peter's Hostel for Men - Restricted General reserve . Un$t[ICted 341.649 811.911 1.153560 28.611 47.313 75,924 (33,9fQ) 37.305 71.265 25.841 362,141 840,527 44,449 1,202,668 Ilnalysis of cbaritable fiumls . previous ye4r Balance Blfwd Investment Balance Income Expenditu Losses/transfets C/fwd St Peter's Hostel for Men - Restricted General reserve- Unrestricted 376.371 633,448 1,009,819 27.847 71,095 98,942 29.283 37.(M)3 66,286 (33,286) 341.649 144.371 811911 111.085 1153.560 St Peter's Hostel for Men is a trIcted fund which was set up to provide for a working men's hostel or for any other purpose which benefits the work of the Church of England in the parish of St Peter's. The general reserve. an unrestricted fund, originally the Vicar and Church Wardens fund which was incowated into the hosfrl accounts in 1996 14