ST PETER'S HOSTEL FOR MEN Registered Charity No: 236595 REPORT AND FINANCIAL STATEMENTS 31 May 2025 ST PETER'S HOSTEL FOR MEN REPORT AND FtNANCIAL STATEMENfs 31 MAY 2025 Page Tn￿teeS and Advisors Tru5tees' Report 215 Report of the Independent Examiner Stat¢m¢nt of Financial Activities Balance Sheet Notes to the Financial Ststements IncoryK)rating the Accounting Policies 9114 ST PETER'S HOSTEL FOR MEN TRUSTEES AND PROFESSIONAL ADVISORS TRUSTEES: Father D C Way G Roberts N M Hirst (ex-officio) Parish Priest (ex-officio) Church Warden (ex-officio) chU￿h Warden ADVISORS Bgnkers: Barclays Bank PIC 20-21 Lemon Street Truro TRI 2NB Lloyds Bank PIC 8 Royal Parade Plymouth PLI IHB Accountants: Northcott Trumfield Devonshire Villa 52 Stuart Road Stoke Plymouth PL3 4EE ST PETER'S HOSTEL FOR MEN TRUSTEES, REPORT The trnstees present their a[￿Ual report and financial statements of the charity for the year ended 31 May 2025. The financial statements have been prepar¢d in accordance with the accounting policTres set out in note I to the accounts and comply vath the CP￿lty'S trust deed, the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Prnctice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of treland publisbed on 16 July 2014. Objectives and Activities for the Public Benefit The charity's objects are for the proviston of a working men's hostel or for any other PUTPOS¢ which benefits the work of the CEll￿ of England in th¢ Parish of St Pe*r's. The charity fi￿erS its cbaritable purposes for the public benefit through its donation policy.. Providing assistance to St Peter's Church and St Peter's Church Council for the benefit of its parishion¢rs. Providing assistance to St Peter's Church of England Primary School for the benefit of the pupils. Donation Making Policy The charity has establxshed its donation making policy to achieve its objects for the public benefit, to help the Parish of St Peter's. Revlew of our Achlevements and Perforniance The benefit of the charity's work during the yeaT h&s been to provide support aud &ssistall¢e to St Peter's Church and its Work in the Parish. Financial Review The cbarity's work is entirely reliant on its invesltnent income from its rental properties and investments. The charity uses the income generated by these investments, but not the capital. During the year the charity continued to support St Peter's Church by way of donations out of its income.. £25.717 to St P¢t¢r's Church Council and £43,977 to St P¢￿'S Church. The charity also gave £300 to Baby Basics Plymouth, £21XI to St Peter's Primary School and £538 to Fareshare South West. The charlty made an operating suryTrlus of £6,054 during the year, which included £10.461 increase in value of listed investments. ST PETER'S HOSTEL FOR MEN TRUSTEES, REPORT cO￿TINuED Investment Policy and Performance The charity has invested in low risk investments - properties and M & G Charifund - to ensure its capital As mailltsined for future geneiations. The total return of investments for 2025 was 7.320/0 (2024 6.840/0 . Risk Management The trnstees have assessed the risks to which the clwity is exposaL including operational and financial risks. In the opinion of the trustees the charity has establish￿ resources and review systems which under nornial conditions should allow the risks id¢ntifi¢d to b¢ mitigated to an acceptabl¢ l¢v¢l in the day to day operations. Reserves Policy The trustees aim to maintain fr¢¢ r¢s¢rves in unrestricted fLmdg at a level which equates to approximately three months of u[￿estrICted charitable expenditure. The tn￿tee8 consider that this level will provide sufficient funds to respond to applications for grdnts and ensure that support and governance costs are covered. The balance held as Un￿StrICted funds at 31 May 2025 was £832,940 of which £62.548 are regarded &s free reseryes, after allowing for funds tied up in fixed asset investments. The restricted reseryes at the year end were £375,782. Plans for the Future The trustees anticipate continuing to support the Church of St Peter's and its work in the Parish of St Peter's. Structur4 Governance and Management The St Pefrr's Hostel for Men was set up under trust on 21 December 1922 to be adtn1D￿tered by tbe Vicar and Church Wardens of the Parish of St Petet's, PIyTnouth (The Administering Trustees) for the b¢n¢fit of providing a lodging house or hostel for working men of small means with or without payment at tbe discretion of the AdmI￿terIng Tn￿tees. and to be used to fijrther any other purpose which in their opinion is to benefit the work of the Church of England in the Parish of St Peter's. In 1996 the then Vicar and Cburch Wardens fund w&s incorporated into the hostel's accounts as both accoullts were being used for very similar purposes. The tn￿t do¢s not activ¢ly fimd raise and seeLs to continue its charitable work through th¢ ¢arefuI stewardship of its ¢xisttng resources. Th¢ trust¢es meet on a regular basis to discuss the nee(Ls of the Parish and how the trust may help fulfil its obj¢ctiv¢s. ST PETER'S HOSTEL FOR MEI¥4 TRUSTEES, REPORT cowfiNUED Key managemellt personnel remuneration The trustees consider tbe board of tn￿teeS as comprisillg the key managernent personnel of the charity in charge of directillg and controlling the chaTity and Th￿￿1Thg and operating the charity on a day to day basis. All trustees give of their time freely and no ttustee remunerdtion w&s paid in the year. Details of ts￿stee expenses and related party trdnsactions are disclosed in note 2 to the a￿OUllts. Trustees are required to disclose all relevant interests and then register them with the board and in accordance with the Trust's policy withdraw from d¢cisions where a confiict of interest arises. Reference and Admfinlstrative infomation Trustees Father D C Way G Roberts N M Hirst (ex-officio) Parish Priest (¢x-officio) Cbuwh Warden (ex-officio) Church Warden Principal Office 23 Wyndham Square, plymou￿ PLI SEG. Charity Number: 236595 Independent Exa]niner Northcott Trumfiel(L DeVOt￿lre Vill4 52 Stuart Roa￿ Stoke. Plyjnouth. PL3 4EE Bankers Barclays Bank Pl¢, 20-21 Lemon StreeL TTuro. TRI 2NB Lloyds Bank Plc, 8 Royal Parade, PlymoutM PLI IHB ST PETER'S HOSTEL FOR ￿lEN TRIISTEES, REPORT CONTINUED Trustees, Responsibilities in Relalion to the Finaneial Staltments The charity trustees are responsible for preparing a trustees. annual report and finan¢ial statements in accordance with applicable law and Uniled Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) The law applicable lo charities in England and Wales requires the eharit! trustees to prepare finaneial statements for eaeh year ￿'hICh give a true and fair view of the slate of affairs of the chdrityw and of the incoming resource5 and application of resources, of the charity for that period. In preparing the financial statements, the trustees are required to.. select suitable accounting policies and apply them consistently; observe the methods and principles in the applicable Charitie5 SORP; make judgements and eslimales ihat are reasonable and prudent" state wh￿her applicable accounting standards have been followed, subjeel to anv matertal departures disclosed 5Jnd explained in the financial statements" prepare the financial slatemenls on the going concern basis unless il is inappropriate to presume that Ihe charity will continue in business. The trustees are responsible for keeping proper accounting records and disclose with re