CHARifi REGISTRATION NUMBER: 267658 Plymouth Public Dispensary Unaudited Financial Statements 31 December 2020 THOMAS WESTcorr Chartered accountants Plym House 3 Longbridge Road Marsh Mills Plymouth PL6 8LT
Plymouth Public Dispensary Financial Statements Year ended 31 December 2020 Page Trustees, annual report Independent examinerfs report to the trustees Statement of financial activities Statement of financial position Notes to the financial statements
Plymouth Public Dispensary Trustees. Annual Report Year ended 31 December 2020 The Iruslees present their report and the unaudited financial ststements of the charity for the year ended 31 December 2020. Reference and admlnl8tratlve detall$ Registered ¢harlty namo Ptymouth Public Dispensary Charty rogistration number 267658 Prlnclpal offlce 81d Higher Compton Road Plymouth PL3 5JD The trustees Dr D Keeling Mrs J Hill Mr E C Keast Mrs M Smith Mr C Robinson Mr S Loze Dr J Mahony (Tem expires September 20231 IT¢rtn expires July 20221 (Term expires June 20251 (Term expires September 2023} (Term expires April 20231 (Term expires June 20231 (Term expiies November 2024) Independent examiner Peter M Webb FCA Thomas Weslcott Chartered Accountants Ptym House 3 Longbridge Road Marsh Mills Plymouth PL6 8LT Bankers Lloyds Bank PIC 8 Royal Parade City Centre Plymoulh PL1 1HB Solleltors Thompson & Jackson 4 & 5 St Lawrence Road Plymouth PL4 6HB Property •dvi8ors Stralon Creber Commercial 75 North Hill Plymouth PL4 8HB
Plymouth Public Dispensary Trustees. Annual Report Icontinu8d) Year ended 31 December 2020 Stwcture, gov•manco and managgmont History and activities of the Trust The Charity Trust, which dates from 1798, is regulated under a Scheme, approved by the Board of Chanty Commissioners for England and Wales, which came into effect on 22 November 1999. Our main activities and who we try lo help are described below. All our charitable activities fctus on the relief of persons who are sick, convalescent, disabled or infirm and are undertaken to further our charitable purposes for the public benefit. The Charity income dellves from ftjnds invested in COIF and rental from the Public Dispensary Building, a property built beeen 1806 and 1809. following the foundation of the Charity in 1798, which the Trust owns. Betsveen 1948 and 2013 the building known as "The Public Dispensary" in Calhenne Street, Plymouth was leaseu lo the Secretary of State for Heallh an(J has been used for a variety of purpose5 by the National Health Service. A new lease agreement was in place for a period of seven years from 26 December 2006 al an agreed rent of £45,000 per annum. However, the then tenants exercised an option lo lerminale the lease early on 31 March 2013. A payment of £55,000 was received in SpeCt of dilapidalions. The building remained empty for some time bul a new tenancy with the Red Cross ¢ommenceo In March 2015. The objects of the Charity, broadty relate to the use of the income for "the relief of persons in need in the area of benefit (the boundaries of the area of Plyrnouth City Council) who are sick, convalescent. disabled or infirm by relieving their suffering or assisting their 0very, Management and governan¢e arrangements The Scheme permrts there lo be seven trustees. Were there a requirement for new trustees. these would be identified and appointed by the remaining trustees. The chair of trustees is responsible for the induction of any new trustee which involves awareness of a Iruslee's responsibilities. the governing docurnent. administrative procedures, the history and philosophical approach of the charity. A new trustee would receive copies of the previous yearfs ann¢Jal report and accounts and a copy of the Charity Commission leaflet 'The Essential Trustee". What you need to Know,. The trustees hold office for four years In accordance with the expiry dates as shown on page 1. All trustees may be re-elected on expiry of their term and several have served for a number of years. The Iruslees annually Teview the risks that the charity faces. To date these have mainly related to investment management and continuing to rent the Public Dispensary Building. Looking to the future trustees are also aware of risks associated with making grants Ifor example fraud and charities seeking tsvo grants for the same project). They will be looking at what procedu5 may be instituted to rcduce risk in this area during the coming year. Procedures and policy for gfanl making During 2020 the Iruslees met on five occasions and income was disbursed to the extent shown in the annual accounts in grants mainly to individuals or families. These needs were, in the main, brought to the notice of the Iruslees by Health professionals or Social Workers on whose expertise. in the evaluation of SCknesS and need. the Iruslees relied for information. ere circumstances dictate il prudent, the chairman or any of the other Iruslees, will undertake telephone enquiries or visits lo ensure monies are given to provide relief in legitimate circumstances. It follows that grants are not generally made lo large regional or national organisalions unless they have identified a specific Individual in the boundaries of the city who meets the criteria.
Plymouth Public Dispensary Trustees. Annual Report (contlnued) Year ended 31 December 2020 Structure. governance and management(continued) Objèctives and activities The objects of the Charity, broadly relate lo the use of the income for'the relief of persons in need in the area of benefit {Ihe boundaries of the area of Plymouth City Council) who are sick. convalescent, disabled or infirm by lvIng their suffering or assisting their recovery" Achlevements and perfomianct In meeting the objects of the charity. the Trust has given grants towards a wide range of disabled equipment or fittings for individuals. homes. Occasionally the Trust has shared the cost of specific building works with other charities, or the local authorities and has assisted with respite care and holiday costs. Where other local organisalions also seek to provide similar support, the Iruslees have sancts'oned larger, block grants on the undeTStanding that full records of the individual recipients are maintained. In the case of the hospice, where household fittings or equipment are often required for a short loan period, the trustees require that equipments are returned to a "pool" for subsequent further use. Essentially the trustees aim to assist. in the longer term, as many people as possible and they would not look lo support any exceedingly expensive project unless the charitable costs were shared elsewhere. In the same vein, they would not normally support projects encompassing computer technology In view of the relative short-lerm benefit and the inevitable longer term replacement costs. The smallest individual grant made in 2020 was £95, the largest grant was £2,000. Each individual case, as submitted to the Trust was, as ever, treated on its own merits. Periodically, the Iruslees review the number of grants made and, where possible. lake steps lo encourage an increase in applications made lo the Trust. Grant expenditure to individuals was lower this year than in previous years as restrictions imposed due lo the global pandemic prevented professionals from meeting with Clients. This culminated in fewer applications for grant funding being received. With the imminent easing of reslnctions we would hope lo be able to provide more support lo individuals in the next year. Publlc Benefft The charity Trustees have complied with the duty of the charib.es Act 2011 to have due regard to guidance published by the Charity Commission. The Trust continues lo support individuals and orqanisations in the City of Plymouth which aims to support those in need. ReseNes At the end of the fsnancial year free reserves were £40,71612019 £36,206) representing approximately 11 months average expenditure al 2020 levels However, this sum depends on the level of funding approved by the trustees. all applications being vieWed on merit. The adequacy of the reserves policy is reviewed annually. The trustees believe the reserves held to be adequate for the Trust lo be regarded as a going concem. Financial review The total incoming resources for 2020 were £56,075 12019 £56,113), amounts paid to maintain the charity's propety were £13,80912019 £3,770) lolal grants paid out were £22,34812019 £29,490) and the govemance costs for 2020 amounted to £14,51412019 £16,211). The Red Cross signed a five-year lease commencing in November 2019. The trustees believe that the carrying value of the property of £300,000 as revised in the 2019 accounts, remains appropriate.
Plymouth Public Dispensary Trustees, Annual Report (eoft&nu•d) Year ended 31 December 2020 Plans for future perlods The Iruslees intend lo continue providing grants in a similar way as has been the pra¢b¢e in PvIouS years and drawing on the same sources of inform ion for providing the grants. The Iruslees. annual report was approved on ... trustees by.. Sl9ned on behalf of the board of Dr D Keeling Trustee 8 July 2021
Plymouth Public Dispensary Independent Examinerfs Report to the Trustees of Plymouth Public Dispensary Year ended 31 December 2020 I report lo the Iruslees on my examination of the financial statements of Plymouth Public Dispensary I'the chanty'l for the year ended 31 December 2020. Responslbllities and basis of report As the trustees of the charity you are responsible for the preparation of the financial slatemenls in accordance with the requirements of the Charrties Act 2011 I'the Act'l. I report in respect of my examination of the chanty's financial ststemenls carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Diwbons given by the Charity Commission under section 14515llbl of the Act. Independent examinerfs statement I have completed my examination. I confirm that no material matters have come lo my attenb'on in connection with the examination giving me cause to believe that in any material respect.. accountsng records were not kept in SpeCt of the charity as required by section 130 of the Act". or the financial statements do not accord with those records,. or the financial statements do not comply with the applicable requirements concerning the form and content of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent exarnination. I have no concerns and have come acfOSS 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. Pclcr M Webb FCA Thomas Westcott Chartered Accountants Independent Examiner Plym Housc 3 Longbridge Road Marsh Mills Plymouth PL6 8LT 8 July 2021
Plymouth Public Disponsary Statement of Financial Activities Year ended 31 December 2020 2020 Unrestricted funds Totsl funds 2019 Total fL*nds Note Income and endowments Charitable activities Investment income 34.212 21,863 34,212 21,863 34,685 21,428 Totsl income 56.075 56,075 56,113 Expenditure Expenditure on charitable acbvities Total gxpgndituro 50,671 50,671 50,671 49,471 50,671 49,471 Net gains on investments 45,178 45,178 57,151 Not income and net movemgnt in funds 50,582 50,582 63,793 Reconciliation of funds Total funds brought forward Total funds ¢arried forward 1,054,559 1.054,559 990,766 1,105,141 1.105,141 1,054,559 The statement of financial activities includes all gains and losses recognised in the year. All Income and expenditure derive from continuing acb'vities. Thè on pages 8 to 15 forni part of th•88 finon¢ial statements.
Plymouth Public Dispensary Statement of Financial Position 31 December 2020 2020 2019 Fix¢d assets Investments 13 1,051,564 1,006,386 Current assets Debtors Cash al bank and in hand 14 14,526 40,716 55,242 14,127 36,206 50,333 Credltors: arnounts falllng due wlthln one year Ngt current assets 15 1,665 2,160 53,577 48.173 Total assets less curr•nt liabilitles 1,105,141 1,054.559 Net assets 1,105,141 1.054,559 Funds ofthe charity Unreslricled funds 1,105,141 16 1,105.141 1,054,559 Totsl ¢harity funds 1,054,559 e fin nc I stslements were approved by the board of twstees and aulhorised for issue on d are signed on behalf of the board by.. Dr D Keeling Trustee 8 July 2021 Th¢ notes on p•g¢¥ 8 to 15 form of th¢ financial statement8.
Plymouth Public Dispensary Notes to the Financial Ststements Year ended 31 December 2020 General infomiation The charity is a PL¢blic benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 81d Higher Compton Road, Plymouth, PL3 5JD. Statement of compllance These financial statements have been prepared in Complian with FRS 102. 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Stslement of Recommended Practice applicable to charlties preparing their acco¢Jnts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 Icharib'es SORP IFRS 10211 and the Charities Act 2011. Accounting poli¢ies Basis of prnparation The financial stslements have been prepared on the historical cost basis. as modified by the revaluation of certain financial assets and liabilities and investment prope.eS measured al fair value through income or expenditure. The financial ststements are prepared in stefling, which is the functional currency of the entsty. Golng concem There are no material uncertainties about the charity's ability to continue. Judgements and key sources of estimation uncertainty The preparation of the financial stslernents requires management lo make judgements, estimates and assumptions that affect the amounts reported These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be aSOnable under the circumstsnces. Fund accounting Unreslricled funds are available for use at the discrelion of the Iruslees to fvrther any of the charity's purposes. Designated funds are unrestricted fvnds eamiarked by the Iruslees for particular fvture project or commitment. Restricted fvnds are subjected lo restri¢lions on their expenditure declared by the donor or through thp. tp.rms of An xpr)P.Al And fAII intn nnp_ nf hvn 8iJtw.lassp_q' rp_qtrirtpd inrnmp fijnrls nr p_ndnwmp.nt funds.
Plymouth Public Dispensary Notes to the Financial Statements (conllnued) Year ended 31 December 2020 Accounting policies (eontinued) Incoming resources All incoming resources are included in the slalement of financial aclivitios when Éantitlp.mp.nt h39 passed lo the charity., il is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income". income from donations or ctants is recDgni%g.d whpn thp.rp_ is evidence of entitlement to the gift, receipt is probable and its amount can be measured lIablY. legacy income is recognised when receipt is probable and entitlement is established. income from dnnatp_d gnn(t% is mg.ARiJrp.d at the tsir value of thè goods unless this is impractical lo measure reliably, In which case the value is derived from the cost to the donor or the eslimaled resale value. Donated facilities and services are recognised in the accounts when received If the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose an(J turned rf unspent. in which case il may be regarded as restricted. Resour¢os expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates.. exFenditure on raising funds includes the costs of all fvndraising activities. events, non- charitable trading a¢trvities, and the sale of donated goods. expenditure on chanlable activities includes all costs incurred by a charity in undertaking activities that fvrther its charitable aims for the benefit of ils beneficiaries, including those support costs and costs relating lo the governance of the charity apportioned lo charitsble aclivf(ies. other expenditure includes all expenditure that is nerther related lo raising funds for the charity nor part of its expenditure on charrtable activities. All costs are allocated lo expenditure calegones reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned b@een the. activities they rA)nlribiJtg. lo nn a rp.asnnahlp jiJstifi2hlg. And ec)n%istÈnt basis. Investments Unlisted equity investments are inibally recorded al cost, and subsequently measured at fair value. If fair value cannot be reliably measured. assets are measured at cost less impairment.
Plymouth Public Dispensary Notes to the Financial Statements icontin4*dJ Year ended 31 December 2020 Accounting policies (continued) Investments (¢onllnu8dl Listed investments are measured at fair value with changes in fair value being recognised in income or expenditu. Investment property Investment propety is initially fe¢orded at cost, which includes puhaSe price and any directty attributable expenditure. Investment propety is revalued to its fair value al each feporting date and any changes in fair value are recognised in Income or expenditure. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment propety, Il shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis. Imp•imient 01 flxed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carying value exceeds the recoverable amount, the asset Is impaired acrdinglY. Prior impairments are also reviewed for possible reversal al each reKX)rting date For the pun)oses of impairmer¢l testing, when il is not possible to esbmale the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-genefating un11 is the sm311esl identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units. Flnanclal Instruments A financial asset or a financial liability is recognised only when the charity becomes a paty to the conlraclual 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. 10
Plymouth Public Dispensary Notes to the Financial Statements (contInu9 Year ended 31 December 2020 Accounting policies {conllnuedJ Financial instrnments (conunu Where investments in shares are publicly traded or their fair value Can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expendrture. All other such investments are subsequenuy measured al cost less impairment. Other ffnancial instruments. including derivatives, are initially recognised at fair value, unless payment for an asset Is deferred beyond normal business terms or financed al a rale of interest that is not a market rate, in which case the asset is measured al the present value of the future payments discounted at a market rale of Interest for a similar debt instrument. Other financial instruments are subsequently measured al fair value, with any changes recognised in the statement of financial aclivilies, with the eXpIlOn of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objecbve evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss Is recognisett under the appropriate heading In the siatemeni of financial activities in which the initial gain was recognised. For all equity instwments regardless of significance, and other financial assets that are individual significant, these are assessed individually for impaimient. Other financial assets are either assessed individually or grouped on the tsasls of simllar cre(Jit risk characterTStics. Any reversals of impairment are recognised immediately, lo the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairrnent not previously been re¢ogni$ed. Charltable a¢tlvitles Unrestricted Totsl Funds Unrestricted Total Funds Funds 2020 Funds 2019 Rent receivable Insurance premium 31,000 3,212 34,212 31.000 3.212 31,392 3.293 31,392 3,293 34.212 34,685 34,685 Investrnont income Unrestricted Totsl Funds Unrestricted Totsl Funds Funds 2020 Funds 2019 Bank interest receivable COSF Charibes Investment Fund 10 21,853 21,863 10 21.853 14 21,414 14 21,414 21,863 21,428 21,428 11
Plymouth Public Dispensary Notes to the Financial Ststsments (conunuod) Year ended 31 December 2020 Expenditure on charitable activities by fund type Unreslricled Total Funds unstriCted Total Funds Funds 2020 Funds 2019 Property expenses Support costs 13,809 36,862 50,671 13.809 36.862 3,770 45,701 3,770 45,701 50.671 49,471 49,471 Analysis of support costs Analysis of Analysis of support costs suptx)rt costs activity grants Totsl 2020 Totsl 2019 Staff costs General office Professional costs Grants 7,602 5,364 1,548 7,602 5,364 1,548 22,348 7.387 5.277 3,547 29.490 22,348 14,514 22,348 36,862 45,701 Analysis of grants 2020 2019 Grants to institutions The Island Trust Shekinah Mission Listening Books Access Plymouth Riding for the Disabled Association Barefoot Salvalion Army Devon and Cornwall Fumiture British Wireless for the Blind Fund Macmillan Cancer Support Childrens Hospice South West 750 750 750 750 750 750 750 1,000 2,000 1,000 1,000 750 1,000 1.000 6,750 6,250 Grants to individuals Grants lo individuals 15,598 23,240 Total grants 22,348 29,490 12
Plymouth Public Dispensary Notes to the Financial Statements (conflftu8d) Year ended 31 December 2020 Nel gains on investments Unrestncted Total Funds Unrestricted Total Funds Funds 2020 Funds 2019 Gainslllossesl on other investment assets 45,178 45.178 57,151 57,151 10. Indopendent examlnation feos 2020 2019 Fees payable to the independent examiner for.. Independent examination of the financial statements 900 882 11. Stsff costs The total stsff costs and employee benefits for the reporting period are analysed as follows.. 2020 2019 Wages and salaries 7,602 7,387 The average head count of employees during the year was 1 12019.. 1). No employee received employee benefits of more than £60,000 during the year12019'. Nill. 12. Trustee remuneratlon and expen$es No remuneration or other benefits from employment with the charity or a related entity were re¢eived by the trustees 13. Investments Investment Other properties investments Total Co$t or valuation At 1 January 2020 Additions Fair value movements 300,000 706,386 1,006,386 45,178 45,178 At 31 De¢ember 2020 300,000 751,564 1,051.564 Impairrnent At 1 January 2020 and 31 Decembev 2020 Carrying amount At 31 December 2020 300,000 751,564 1,051,564 At 31 December 2019 300.000 706,386 1,006,386 All investments shown above are held at valuatron. 13
Plymouth Public Dispensary Notes to the Financial Ststements (conllnu•d) Year ended 31 December 2020 13. Investments (continu8d) Investment propertles Investment propety is carried al ils fair value al each reporting date and any changes in the value are reflected in the statement of financial aclivilies. The freeho5d investment propety was valued by the Iruslees in 2013 and again in 2019. The value was based on market values for similar buildings and fairly reflects the recoverable amount of the propety. The fair value is not based on a vallsalion by an independent valuer. 14. Debto 2020 2019 Prepayrnents and accrued illcofne Other debtors 356 14,170 31 14.096 14,526 14.127 15. Creditors: amounts falling due within one year 2020 2019 Accruals and deferred income 1,665 2.160 16. Analysis of charitable fvnds Unrestricted funds Al 1 January 20 20 At Gains and 310e¢embo losses r 2020 Income Expendilu General fvnds 1.054,559 56.075 150.6711 45.178 1.105,141 At 1 January 20 19 At Gains and 31 December losses 2019 Income Expenditure General fvnds 990,766 56,113 149,4711 57,151 1,054,559 14
Plymouth Public Dispensary Notes to the Financial Ststements (coftbftue(l) Year ended 31 December 2020 17. Analysis of net assets between funds Unrestricted Totsl Funds Funds 2020 Tangible fixed assets Investments Current assets Creditors less than 1 year Net assets 300,000 751,564 55,242 11,8651 1,105,141 300,000 751.564 55.242 11,6651 1,105,141 unstrICted Total Funds Funds 2019 Tangible fi'xed assets Investments Current assets cditOrS less than 1 year Net assets 300,000 71%,386 50,333 12,160 1,054,559 300,000 706,386 50.333 12,1601 1,054.559 18. Related partigs There were no related party transacts.ons in the reFX)rting period. 15