Charity registration number. 267658 Plymouth Public Dispensary Annual Report and Flnantxal Stslements for the Year Ended 31 December 2024 WESTCOTTS CHARTERED ACCDUWYANT5 a JUSlNE5S ADVI$ER$
Plymouth Public Dispensary Contents (continued Reference and Administrative Details Trustees, Report 2to4 Independent Examinerfs Report Statament of Financial ActNilies Balance Sheet Notes to thè Finanejal Ststements 8t016
PlYmoh Public Dispensary Reference and Administrativo Detsils Chair Dr D H Keeling Tru8tees Dr D H Keeling Mrs J S Hill Mr E C Keasl Mis M Smith Mr C R Robinson Mr S Loze Dr J Mahony 267658 Charlty Règistratlon Number Principal 0ffi¢o Westcotts ISWI LLP 3 Plym House Marsh Mills Plymouth PL6 8LT Ind¢pendent Examin•r Westcotts ISWI LLP Plym House 3 Longbridge Road Marsh Mills Ptymouth PL6 8LT Solicitors Thompson & Ja¢k8on Hyder House 680 Budshead Road Plymouth PL6 5XR Page 1
Plymouth Publlc Dispensary Trustees. Report Th& trustses present the annual raport together wlh the financial statemen15 of the tharity for the year ended 31 December 2024. Structure> govwnanco and managoment History and actlvitl•s of thg Trust The Charity Trust, which dates from 1798, is regulatèd undèr a StMe, approvèd by the Board of Charty Commissioners for England and Wales, which came into effect on 22 Noverrber 1999. Our main activltles and who we try to help are descrfb8d b91ow. All our charitsblo activtties focus on the relief of persons 0 are sick, convalescent, disabled or infimi and are undertaken to fvther our charitable purposes for the public benefit. The Charity income dives from funds invested in COIF and nts1 from Public Dispensary Building. a property built between 1806 and 1809, following the foundab'on of the Charity in 1798, whlch the Trust owns. Between 1948 and 2013 the building known a$ "The Public DispensaW' in Catherine Street, Plymouth was leased to the Seuetary of State for Heatth and has been used for a variety of purposes by the National Health Service. The property is now lèt to The British Red Cross Society for 5 years from 3rd November 2024 at £31,000 pa, having renewed the previous 5 year lease which began on 3rd November 2019. The objects of the Charty, broadly relate to the use of the income for'the relief of person$ in need in thè arèa of benèfft Ilhe boundariès of thè area of Plymouth City CouncAII who are sick, convalescent, disabled or infjrm by reliewng their suffering or assisting their recovery" Management and governance arrangements The Scheme permits there to b& seven trustees. Were thero a r¢quiremenl for new trustees, these would be identified and appointed by the remaining trustees. The chair of Iruslees is responsible foT the induction of any new trustee whic involves awane$S of a trustee's responsibilities, the goveming documènt, 8dministratwe procedures. the history and philosophical approach ol the charity. A new trustee would receive copies of the premous yearfs annual report and accounts and a copy of the Charity Commission leaflet 'The Essential Trusteg." Wh you need to Know,. Th9 trustees hold office for four years in accordan with the expiry dates shown below. Al Iruslees may be ¥eknelected on expiry of their lem and several have served for a number of years. Dr D H Keeling Tem expirès September 2027 Mrs J S Hill Term expires Juty 2026 Mr E C Keast Tem expires June 2025 Mr8 M Smitr Term expires September 2027 Mr C R Robinson Tern expl5 April 2027 Mr S Loze Temi expires June 2027 Dr J Mahony Term expires November 2028 The trustee$ annually review the risks that the charfty faces. To daie these have mainly lated to investment management and continuing to rent the Public Dispensary Building. Looking lo the futt4re trustees are also aware of ri$ks as8oeied wrth making grants (for example fraud and charities S88k*ng two grants for the same project). They will be looking at what procedures may be instituted to reduce risk in this area during the coming year. Page 2
Plymouth Public Dispensary Trustees. Report (continued) Procedur9¥ and pollcy for grnnt making Duryng 2024 the trustees mét on five occasions and ineome wa$ disbursed to the axtenl shown in the annual accounts in grants mainly to individuals or familtes. These needs wère. In the main, brought Its the notice of the trustaes by Heatth professionals or Social Workers on whose expertise. in th valualitsn of sickness and need, the trustees relied for infom110n. Where circumstant*s didate it prudent, the chaimian or any of the other trustees, will undèrtako telephone enquiries or vi8its lo ensure monies are given to provide relief in legitimate urcumstances. It follows that grants are not generally made lo Jarge regional or national organisations unless they have identified a $pe¢ific individual in the boundaries of thg aly who meets the criteria. Objectives and activitlas The objects of the Charity. broadly relate to the u$9 of tho income for'lhe relief of persons in need in the area of benèfit Ilhe boundaries of the area of Plymouth City Council) who are sick. convalescent, di8abkd or infirm by relien9 their suffering or assisting their re¢ovety'. A¢hievemants and porformance In mèèting the objects of the charity, the TNSt has given grants toward8 a wide range of disabled gquiprnenl or fittings for individuals, home8. Occasionally the Trust has shared the ctssl of specific building works with other charitiès, or the local aulhorib'es and has assisted wlh respite care and holiday costs. Where other local organisations also seek to Provide similar support, the Iruslees have sanctioned larger. block grants on the undÈrstsnding that full record5 of the individual recipients are maintained. In the Case of the hospice, where household fittings or equipment are often reqLJired for short loan period, the trustees require that equipments are relumed lo a pool" for Subsequent further use. Essentially the trustees aim lo assist. in the longer term, as many people as possible and they would not kk to support any exceedingly expensive project unless the charitablè costs were shared elsewhere. In the sam• veFn. they WOLdd not normally support projècts enmpasSIng computgr technology in view of the relative short-tem knefit and the inevitable longgr tem replaent costs. The smallest indwidual grant made in 2024 was £94.97, the largest grant was £3,000.00. Ea individual case, as submitted to the Trust was, as ever, Ireat&d on ils own merits. Periodically, the Iruslees review the number of grants made arid, where possible, lake steps to encourage an increa$e in applications made lo th8 Trust. R&sgtv Totsl reserves amounted to £1,223,556 12023 £1.196,9831 including investmènts and property held lor capital apprKio1ion and to provide income which the charity utili$e8 to meet its objectives. At the ènd of the financial year free reserves were £76,775 12023 £68,908) representing more than 18 months average expèndrture based on 2024 levels. This is well in excess of the policy of holding at least 13 months expenditure in reserve. The annual expenditure sum depends on level of funding approved by the trustees, with all applications being revieweLI on meriL Grant making policy is influéncèd by the level of reserves. The rès8N8S policy 1$ therefore reviewed annually. Financial review The totsl incoming resources for 2024 were £57,855 12023 £58,448), amounts paid to maintain the arity's property were £2,984 (2023 £4.5951 total grants paid out were £26,129 12023 £22,022) and the support and governance o)sts for 2024 amounted to £20.87512023 £15.7191. The Red Cross hava agreed to neW their lease for 5 years from 3rd November 2024 on the same terms as the existr'ng lease and the same rent of £31.OOOpa. The Iruslees believe that the (srrying value of the property of £300,000 8$ rewsed in the 2019 accounts, remains appropriat•. Page 3
Plymouth Public Dispensary Trustees, Report (continued) Plans for futurn poAods The trustees inlerKI to continue prov¥Jing grants in a similar bvay as has been thg piadce in pmOuS years and drawing on the same sources of infom)ation for providing the grants. 6tatsmont of Trustees. Responsibllle• The Iruslees are responsible fr)r preparing the trustees, report and the financial statements in accordancè with the United Kin9dom Accounting Standards (United Kingdom Generally Accepted Accounting Practic6} and appScable law and regulations. The law applicable to ¢hartb"e8 requires the trustees to prepare financial statements for each finan¢i81 year which give a true and fair vlew tsf the state of affairs of the charity and of the incoming resour and application of resources of the charity for that period. In preparing th9se finanaal statements, the trustees are reqLJired t¢.. $•lect suitable accounting policies and then appty them consistenuy., ob$etve the mèthods and prinaples in the Charities SORP., make judgements and estimates that are reasonable and pDJdent', stalè whether applica@ accounting standards have been followed, subject to any material departures disdosed and explained in the financial statements,. and prepare the finan¢ial statements on the going concern basis unless it is inappropriate to pre3ume that the ¢harity will continue in business. The trust••s arg responsible for keeping proper accounting recoTds that disclose wth reasonable accuracy at any time the financial position of the charty and enable them to ensL¢re that the financial statements comply with the Charities Act 2011. the Charities (Accounts and RÈptsrt51 Regulations 2008. and the provisions of the constitution. The trustees are a159 responsible for safeguardin9 the assets of the charrty and hence for taking reasonabl¢ $tep$ for the prevention and detection of fraud and other irregularities. The trustees are responsible for the rnaintenan and intggrity of the corporate and financial informabon included on the charitable company's websit&. L8gi$lation governing the preparation and dissemination of finanoyal statements may drffer from legislation in oth•r jurisdic*ions. The annual report was approved by the trustees of the charity on half by.. and signed on its Dr J Mahony Trustee Page 4
Plymouth Publlc Dlspensary Independent Examlnerfs Report to the trustees of Plymouth Public Dispensary l Teport to the Irust$es on my examination of the accounts of Ptymouth Public Di8pen8ary for the yegT ènded 31 December 2024. Rgsponsibilities and bas1$ of report As the charity Iruslg&s of Plymouth Public Dispensary you are sponsIble for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 {'the Act'l. I report in respect of my examinab'on of the Ptymouth Publi¢ Dispensary's accounts carried out under séction 145 of the 2011 Act and in ¢arying out my examination I h8ve followed all the applicable Directions given by thè Charity Commission und8r so¢tion 14515llbl of the Act. Independent gxamlnar's $tstsmeftt I have ¢ompleted my examination. I confim that no material matters have come lo my attention in connection with the examination giMng me cause 1¢ believe that in any mat•rial respect." 1. accounting recoTd5 were not kept in r•spt¢t of Plymouth Public Dispensary as required by section 130 of the Act,. or 2. the accounts do not accord with those fecord$,' or 3. the acc4)unts do not comply wlh the accounting requirements Concerning the form and content of accoun15 sel out in the ch3ri11o$ (Accounts and Reports) Regulations 2008 other than any requiremènt that the accounts give a 'true and fair vievl which is not a matt&r Considered as part of an independ8nl examination. I have no ¢oncerns and have come across no other matters in c£Jnnection with the examination to which attenb'on should ba drawn in this report in order to gnable a proper understanding of the accounts to be reached. Matthew Keane ACCA Westcotts (SWI LLP Plym House 3 Longbridge Road Marsh Mills Plymouth PL6 8LT Dat&...7/..7./2 S Paga 5
Plymouth Public Dlspensary Statement of Flnancial Activities for the Year Ended 31 December 2024 Unr•¥td¢ted funds Totsl 2024 Total 2023 Nota Income and Endowmonts from.. Charitsble activities Investment income 33,305 24.550 33,305 24,550 35,381 23,067 Total income 57.855 57.855 58,448 EXndIture on: Charitable a¢b"vilies 149,988 49,988 42,336 Total expendiluro 49.988) 49.988 142,336 Nel income 7.867 7.867 16,112 Other recognisod ggin¥ and Iossg$ Net Ilossesllgains on investments Nel movgmgnl in fvnds 18.706 18,7( 69,688 26.573 26.573 85,800 Reconclllatlon olfund8 Total funfJ$ brought forward Total lund8 carried ffAward 1,196,983 1,196.983 1,111,183 14 1,223,556 1,223.556 1,196,983 Atl of th• ¢har¢Vs activrfiès derive from continuing operations duiing the above periods. The fvllds breakdown for 2023 is shown in note 14. The notes on pages 8 to 16 fom an integral part of these financtal Statements. Page 6
Plymouth Public Dispensary (Registratlon number: 267658} Balance Sheet as at 31 December 2024 2024 2023 Fixed assets Investments 1.146,7e1 1,128,075 Currènt assèts Debtors Cash 8t bank and in hand 12 15,209 66,109 14,791 55,658 81,318 70,449 Creditors: Amounts falling due within ono y1 Ngt current a¥5ets 13 4,543 1,541 76,775 68,908 Nat assets 1.223.556 1,196,983 Fund$ of th¥ ¢har4ty: Unrestricted income funds Unrestricted funds 1.223,556 1,196,983 Total funds 14 1,223,558 1,196,983 Thè finanaal statements on pages 6 to 16 were approved by the trustees, and authorised for issue on 8nd signed on their behalf by.. Dr J Mahony Trustee The notes on pages 8 to 16 form an inlegial part of these fin8fi¢lal statements. Pagè 7
Plymouth Public Dispensary Notes to the Financial Statements for the Year Ended 31 December 2024 1 Accountlng pollcSe8 Ststsment of compllance The finanoal statements have been prepared in a¢¢ordance with the second edition of the Chariti¥$ Statemènt of Recommended Prath"( issued in October 2019. the Financial Reporting Stsndard applieble in the United Kingdom and Republic of Irgland IFRS 102} and thè Charities Act 2011. Basi$ of preparation Plymouth Public Dispensary m88ts the tlefinitton of a public benefft enlty under FRS 102. The accounts (financial ststemenlsl have been prèpared under the historical cost convention with items recognised al cost or transaction value unless othe1$& ststed in the relevant nutels) to these accounts. Going con¢•m The trustees consider that ther& are no material uncertainlies about the charws ability lo continue as a going concem. Ineom• and endowmènts Investment Income Dividends are recognised once the dividend has been dedared and notrficaion ha$ been red of the dividend due. Expondtture All expenditure 15 recognised once there is a legal (w Wll8tructive obligation to that expenditsjre. It 18 probable settlement 13 required and the amount can be measured reliably. Costs are allocated to the applirable expenditure heading that aggregale similar costs to that category. Whère ¢ost5 cannot be directty attributed to parb¢ulaf headings they have been allocated on a basis corssistent wth the use of resources, with central staff costs allocated on the basis of time spent, and depreciab'tsn charges allocated on the port¢on of the asset's use. Other support costs ale alk)¢ated based on the spr&ad of staff costs. Charltable actlvltles Charitable expèftdilure compris¢$ those costs irKurred by the charity in the delivery of its activib.es and services for its benefityaries. It indudÈ$ both costs that can be allocated dirgclly to such activities and those cost8 of an indirect nature necessary to support them. Grantprovl$lons Provision5 for grants are made when the Inlentitin to make a grant ha3 been communicated to thè re¢ipient but there is uncertainty about either the lTrming of the grant or the amount of grant payable. Support Costs Support costs indude ntral fvncbtsns and have b9en allocated to actwity cost categories on & basis consistent with the use of resourcEs, for example, allocating property co$1$ by ftoor areas, or pef capita. staff tY)8ts by the lime Spent and other costs by their usago. Page 8
Plymouth Publlc Dispensary Notes to the Financial Statements for the Year Ended 31 December 2024 (continued} Taxation The charrty is considered lo pass the tests set out in Par8gr8ph 1 Schedule 6 of the Finance Act 2010 and therefore il meets the definition of a Charitsblè company for UK corporation lax purposes. Accordingly, the charity is potentially exempt from tsxalion in SpeCt of income or capital gains receivèd within categories covered by Chapter 3 Part 11 Df the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains A(a 1992. to the extent that such incknme or gains a applied exdusively to charitable purposes. Invo$lJnent propertiO$ InvestmeTIt property is carried at fair value, deTived from the CUnt market prices for comparable real estate detèrmined by external valuers every 5 years, unless the trustees become aware of any circumstances which will signifjcantly alter thè valuè in the interim period. Given the historic nature of the property the valuers use obseTvable marf(et prices. adjusted rf necessary for any difference in the nure, ItIOn or condition of the spe¢ffic asset. During all other financial years the Trustees wll review the rrent ¢arrying value and confirni that no signifitxnl changes In thè properties market value have OCLurred. Fixed assat inVtMants Fixed asset inveslmenls, other than programme related investments, are induded at market value at the balance sheet date. Reallsed galns and losse8 on investments a calculated as the difference beeen sales proceeds and their market value at the $tart of the year, or their subsequent COSt, and are charged or credited to the Stslemenl of FinanThal Activities in the period of disposal. Unrealised gains and losses reprtsent th9 movgrllent in market values during the year and are credited or charged to the Statement of Finanaal Activities based on the market value at th¢ year end. Cash and cash oquivalonts Cash and cash equivalents comprise cash on hand and call deposits, and other short-tèmi highly IiqLJid investments that are readily convertible to a known atnount of cash and are subject to an insignificant risk of d)angè in value. Fund structura Unrestricted income funds are general funds th are available for use at the trustees discretion in rthèrance of the objectives of the charity. Page 9
Plymouth Public Dispensary Notes to the Financial Statements for the Year Ended 31 December 2024 {¢ontinu8d) Flnan¢lal instruments Classification A financial asset or a financial liability is recognised only vthen the charity becomes a party to the contractual provisions of the instrument. Basic finarrial instruments arg initsalty recogni$ed at the amount receivable or payable indudin9 any related transaction costs. culnt assets and Current liabilities a $ubsequently measured at the Cash or other consideration expected to be paid or re¢•ived and not discounted. Debt instruments are SubsequelY meaSUd at amortised cost. Vvhere investments in shares are publicly traded or their fair value c*n otherwse be measured rèliably, the investment is subs&quenlly measured * fair value with ¢hange8 in fair value CogniSed in income and 8xpendrture. All other such investments are subsequently measured at cost less impaimient. 2 Incom• from charltsblo a¢tivitigs Unrs¥trict•d fund$ G•n•ral Total 2024 Rental in¢ome InsuTancE ea1Ve 31,027 2,278 31,027 2,278 33,305 33,305 Unro$trf¢tod funds Genernl Totsl 2023 Rental incom• Insurance reIVed 31,027 4,354 31,027 4,3M 35,381 35.381 3 Invvtment incom Unrestrictsd funds Ggnernl Total 2024 Total 2023 Interest recelvable and similar income,. Interest receivable on bank d&posits Other income from fixed asset investments 1,358 23,192 1.358 23,192 334 22,733 23.067 24,550 24,550 Page 10
Plymouth Public Dlspensary Not85 to the Financial Statements for the Year Ended 31 December 2024 (contlnued) 4 Expondlturt on charitable activit188 Unrestricted funds Gonoral Totsl 2024 Not• Property Expenses Grant funding of actiwties Alocated support costs 2,984 28,129 20,875 2,984 26.129 20,875 49,988 49.988 Unrestrictsd fund$ Gon•ral Ttstal 2023 Note Propety Expenses Grant funding of activities Allocated support costs 4.595 22,022 15,719 4,595 22,022 15,719 42,336 42,336 Activity undertaken directly Grant fvnding of a¢tlvlty Actlvlty support costs 2024 2023 Charitable activitias 2,984 26,129 20.875 49,988 42,336 S Anatysis of support costs Support co*t• •1104at•d to oharllablv aGtivitica Total 2024 Total 2023 General office Professional costs staff costs 9,033 1,631 10,211 5,997 1,278 8,444 20.875 15.719 Page 11
Plymouth Public Dispensary Notes to the Flnan¢ial Statements for the Year Ended 31 December 2024 (continued) 6 Grantwmaking An•ly3i8 of grants Grants to In$tituUon$ 2024 2023 Grants to Individuals 2024 2023 Analysls Grants 11,000 7,500 15,129 14,522 Below are details of material grants made to in$lilub"on5. 2024 2023 Nam• of instltution The Island Trust Shekinah Mission Listening Books Barefoot Gifted Women Plymouth Soup Run Macmillan Cancer Support British Vvireless for the Blind Fund Cann Bridge School Plymouth & West Devon Cassette Trevi 1,000 1,500 1,500 1,000 1,500 1,SQO 1,000 1,500 1,000 1,500 1,000 1,000 1,000 1.000 1,500 11,000 7,500 7 Trustee5 remuneration and expenseg No trust60$. nor any persons conn*d with them. have re1Ve any remuneration from the charity during the year. No trustees hav8 rKgivod any reimbursed eXnSeS or any other beneffts from the charity during the yèar. Page 12
Plymouth Public Dispensary Notes to the Financial statsments for the Year Ended 31 December 2024 {¢ontinued) 8 Staff costs The aggreg*e payroll costs We 88 follows: 2024 2023 Staff ¢osts during the year were: Wages and salaries 10,211 8.444 The monthly average numbw of persons employed by the Charity durin9 thè yèar was a8 follows.. 2024 2023 No No Average head count of employees No employee received emoluments of more than £80,000 during the year 9 Independent examiner's remuneration 2023 Other f99$ to examine The ¢xaminlng of a¢¢ounts of any associate ofthe charity 1,075 10 Taxation The charity is a registered charty and is therefore exempt from taxation. Page 13
Plymouth Public Dispensary Notes to the Flnanclal Statements for the Year Ended 31 De¢ember 2024 {continued) 11 Flxed as¥8t InveBtments 2024 2023 Other investments 1,146,781 1,128,075 Other investmènts Inv•$trnent properties Oth•r Inv08tments Total Cogt or Valuation At 1 January 2024 Fair valije movement 300,000 828,075 1,128,075 18,708 18.706 At 31 December 2024 300,000 846,781 1,146.781 Net book value At 31 December 2024 300,000 848,781 1,146,781 At 31 December 2023 300,000 828,075 1,128,075 Investment property is ¢arried at its fair value al each reporting date and any changes in the value are reflected in the statemènt of financial activities. The freehold inveslmefil propety was last valued by the trustee5 in 2019. At that time the value was based on market values for similar buildings and fairfy reflects the recoverable amount of the properly. The trust policy is to obtain an independent professional valuation every 5 years. A valuation is due to be obtained in 2025. bul had not been completed at the time of preparing the a¢¢ounls. This valuation will therefore be incorporated into the figlE for 2025. 12 Debtor8 2024 2023 Prepayments Ac¢rued income Other dèbtOT5 590 13.819 1.000 313 13,478 1,000 15,209 14,791 13 Credltors: amounts falling due withln on• Or 2024 2023 Other creditors Accruals 2,391 2.152 1,541 4,543 1,541 Page 14
Plymouth Public Dispensary Notes to the Financial Statements for the Year Ended 31 December 2024 (continued) 14 Fund¥ Oth•f recognis8d gain$1 (loss} Balance at 31 Balance at 1 January 2024 Incoming Resources ro8ourco8 expended December 2024 Unrestricted funds General Funds Propety Revaluation Investment Revaluation 193,918 300.000 703,065 57,855 {49.9881 201,785 300,000 721,771 18,706 1,196,983 57.855 49,988 18,706 1,223,556 othor r•eognlsed gain$1 (losses) Balance at 31 D•¢•mbèr 2023 Balanco at 1 January 2023 In¢oming Ro¥ourco5 sourc8s èxpondod Unre8tr1cted funds G¢ngral Funds Property Revaluation Investment Revaluation 777,806 300.000 833.377 58,448 {42,336) 193,918 300,000 703,065 69,668 1,111.183 58,448 42,336 69.688 1,196,983 Page 15
Plymouth Publlc Dispensary Notès to thè Financial Statements for the Year Ended 31 December 2024 (continued) 15 Analysis of net assets belween funds Total funds at31 Decembèr 2024 Unrostrictgd funds General Fixed asset investments Current assets Current liabilities 1.146.781 81,318 4.543 1,146.781 81.318 4.543 Total net asgets 1,223,556 1,223,556 Total funds at31 De¢ombèr 2023 Unrestricted funds G9ngral Fixed a$$et investments Current assets Currènt liabi1rt1g8 1,128,075 70.449 (1.541) 1,196.983 1,128.075 70.449 11,541} 1,196.983 Total net assety 16 Relatsd party transactions Thère were no lated party transactions in the year. Page 16