Charity registration number. 267658 Plymouth Public Dispensary Annual Report and Finan81 Statements ft)r the Year Ended 31 December 2025 WESTCOTTS CHAITIRID ACCOUIITANTI I •U$ING55 ADVIIIIS
Plymoulh Publlc Dispensary Contents (continued) Referere and Administr8tive Detsils Trustees, Report 2to4 Independent Ex8mine¢8 Report stalement of Fin8nclal ActNftles Balance Sheet Note8 to the Financial Statements 81016
Plymouth Public Dispensary Reference and Adminlstratlvo Details Chalr Or J Mahony Tru•tee• Dr J Mahony Dr D H Keeling Mrs J S Hlll Mr E C Keast Mrs M Smith Mr C R Robinson Mr S Loze Charlty Rogl•tratlon Numb•r 267658 Prln¢lpal Offl¢• Westcotts ISWI LLP 3 Plym House Marsh Mills Plymouth PL6 8LT Ind•pondont Examlnfrr Westcotts ISWI LLP Plym House 3 Longbridge Road Marsh Mills Plymouth PL6 8LT Soll¢ltors Thomp80n & Jackson Ftyder House 680 Bud8head Road Plymouth PL6 5XR Page 1
Plymouth Public Dispensary Trustees. Report The trustees psent the annual report together with the financial statsments of the charity for the year ended 31 December 2025. Structurgl 9¢)vernan¢8 and management History and activities of th• Trust The Charity Trust, which dales from 1798. is regulated under a Scheme, approved by the Board of Charity Commissioners for England and Wales. which Game into effect on 22 November 1999. Our main activities and who we try to help are described below. All our charftable activitse9 focus on the relief of persons who are sick, ¢onvaleseent, disabled or inlrm and are undertaken to further our charitable purposes for the public benefiL The Charity income derives from funds invested In COIF and rental from th8 Public Dispensary Building. a propety built beeen 1806 and 1809. following the foundation of th8 Charity in 1798. which the Trust owns. Befv4een 1948 and 2013 the building known as "The Public Dispensary, in Catherine Street, Plymouth was leased lo the Secretary of Stale lor Health and has been used for variety of purposes by the National Health Service. Th8 propety is now let to The British Red Cross Society for 5 years from 3rd November 2024 at £31,000 pa. havlng renewed the previous 5 year lease which began on 3rd Novemb8r 2019. The objects of the Charity. broadly relate lo the use of the income for'lhe relief of persons in need In tho area of benefit Ithe boundanes of the area of Plymouth City Counall who are sick, Convalescent, disabled or infirm by lieVIng their suffering or a5SlSting their recovery" M8nagom•nt and govarnancg arrangem•nts The Scheme perniits there to be seven trustees. Were Ihere 8 r8quirement for new trustees, these would be identified and appointed by the remaining trustees. The chair of trustees ig responsible for the induction ol any new Iruslee which Involves awareness of a trustee's responsibilities. the governing document, administrative procedure$, the history and philosophical approach of the charity. A new Irusleè would receive copies of the previous years annual report and accounts and a copy of the Charty Commission leaflet 'The Essential Trustee.. What you need to Know,. The trustees hold office for four years in accordance with the expiry dateg shown below. All trustees may be re-elected on expiry of their term and several have Served for a number of year5. Dr D H Keellng Term explres Septemter 2027 Mrs J S Hill Term expires Juty 2026 Mr E C Keasl Term expires June 2029 Mr8 M Smith Tem expires September 2027 Mr C R Robinson Term expires April 2027 Mr S Loze Term expires June 2027 Dr J Mahony Term expires November 2028 The trustees annually review the nsks that Ihe charity fa¢e$. To date these have mainly related lo investment management ?nd Continuing to rent the Public Dispensary Buildin9. Page 2
Plymouth Public Dispensary Trustees, Raport (continued) Procedures and pollcy for grant maklng Ouring 2025 the trustee8 met on five occasions and Income was disbursed to the extent shown in the annual accounts in grants mainly to individuals or families. These needs were, in the main, brought lo the notice of the trustees by Health professionals or Social Workers on whose expertise. in the evaluation of sickness and need, the trustees relied for inf0mts.0n. Where circumstances dictate it prudent. the chairman or any of the other trustees, will undertake telephone enquiries or visits lo ensure monies are given to provide relief in legitimate cir¢um51ances. It follows that grants are not generally made to large regional or national organisab'ons unless they have idèntified a spectfic Individual in the boundaries of the city who meets the criteria. All initial 8nquiries and subsequent administration is de8tt with by a s8lf-employed consultant, under consultancy agreement been the consultant and the Charity. ObJ•¢tlve8 and actlvltie8 The obj8¢ts of the Charity, broadly relate to the u88 of the income for "the relièf of persons in need In the area of benefi't Ilhe boundaries of the arga of Plymouth City Council) who are sick, conv81eent, disabled or infi'rm by relieving their suffering or assisting their recovery" Achlevemonts and porformance In meeting the obje¢ls of the charity, the Trust ha$ glven grants towards a wide range of disabled equipment or fittings for Individuals, homes. Oo¢asionally the Trust has shared the cost of specific building works with other Gharilies. or the local authorities and has assisted with respite care and holiday costs. Where other local organisations also seek to provide similar support, the Irust8es have sanctioned larger, block grants on the understanding that full records of the individual recipients are maintained. In the case of the hospice, where household fitting5 or equipment are often required for short loan period, the trustees require that equipmgnts are retumed lo a "pool" for subsequent further use. Essentially the trustees aim to a5sis( in the longer tefm, as many people as possible and they would not look to support any exedInglY expensive project unle85 the charitable ¢osls were shared elsewhere. In the same vein, they would not nomially support projects encompassing computer technology in view of the relative short-term benefit and the Inevitable longer term repla¢emenl costs. The smallest Individual grant made In 2025 was £120.00, the largest grant wa$ £1,621.00. Each individual case, as submitted to the Trust was, as ever, treated on ils own merits. Periodically, the Iruslees review the number of grants made an¢J, where pos8ib18. take Steps to encourage an increase in applications m8d8 to the Trust. Rg•erve• Total reseNes amounted lo £1,234,560 12024 £1,223,556) Includlng investments and propety held for capital appreciation and to provide income whlch the ¢harity utilises to meet ts objectives. Al the end of the financial year free reserve8 were £87.779 (2024 £76.775} representing more than 18 months average expenditure based on 2025 levels. This is weN in excess of the policy of holding al least 13 months expenditure in reserve. The annual expenditure sum depends on the level of funding approved by the trustees, with all applicallons being reviewed on merit. Grant making pollcy is influenced by the level of reserves. The Teserves policy is therefore reviewed annually. Flnanclal revlew The total incoming sOUrceS for 2025 were £58,581 12024 £57,855). amounts paid to maintain the charity's propety were £4,14212024 £2.9841 total grants paid out were £27,954 {2024 £26.1291 and the support and govemanro costs for 2025 amounted to £15,481 12024 £20,875). Page 3
Plymouth Public Dispensary Trustees. Report (continued) The Red Cro$$ have agreed to renew their lease for 5 years from 3rd November 2024 on the same temis as the existing lease and the same rent of £31,OOOpa. The tru51ees believe that the carrying value of the property of £31)0,000 as ViSed in the 2019 accounts, remains appropriate. Plans for futuro p8rfods The trustees intend to continue provlding grants in a similar way as has been the practi in previous y8ars and drawing on the same sources of information for providing the grants. statement ol Trustegs. Responslbllllles The Iruslees are responsible for preparing the trustse$' report and the financi81 statements In accordance with the Unlled Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Pracb'cel and applicable law and regulations. The law applicable lo charities UireS the tnjstees to piep8re financial statements for each financial year which give a true and fair view of the stale of affairs of the charity and of the incoming resourGes and application of resourre¥ of the ¢h8rity for that period. In pparIng these financial statements, the trustees are required to.. select suitable accounting poliries and then apply th&m ¢onsislently', observe the methods and principtes in the Charities SQRP.. make judgements and estimates that are reasonable and prudent", state whether applicable accounting standards have been followed, subject to any malerl81 departures disclosed and explained in the flnanci81 statements., and prepar8 the financial statements on the going concem basis unless it 16 inappropriate to presume that tho charity will contlnue in busines8. The trustees are responsible for keeping proper acwunting records that disclose with reasonable accuracy al any Ilme the finanryal position of th8 Gharity and enable them lo ensure that the financial slalements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulatlons 2008, and the provisions of the constitution. The trustees are also responsible for safeguardlng the assets of the charity and hence for taking reasonable steps for the preventson and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the Cofporate and financlal infomialion included on the charitsble company's webslle. Leglslation goveming the preparation and dissemination of financial ststements may differ from legislats'on in other jurlsdiclions. The annual report was approved by the trustses of th8 charity on behalf by.. and signed on its Dr J Mahony Chairman and slee Pagg 4
Plymouth Public Dispansary Independent Examinerfs Report to the trustees of Ptymouth Public DispenBary I report to the trustees on my examination of the accounts of Plymouth Public Oispensary for the year ended 31 December 2025. Re8pon¥lbllttles and ba818 of report As the chanty trustees of Plymouth Public Dispensary you are responsible for Ihe preparation of the accounts in accordance with the requirements of the Charibes Act 2011 I'the Acl'l. I report in respect of my examination of the Plymouth Public Dispensary's accounts carried out under section 145 of the 2011 Act and in carying out my examinalion I have followed all the applicable D1ctIonS given by the Charity Commission under section 145151{bl of the Act. lTrdependont oxamlnerfs •tatsm8nt I have completed my examinab'on. I confirm that no material matters have come lo my attention In connection with the examinats'on giving me cause lo bgli8ve that in any material respect.. 1. accounting records were not kept in respect of Plymouth Public Dlspensary 88 required by secllon 130 of the Act., or 2. the accounts do not accord with thosa records,. or 3. the accounts do not comply with the accounting requirements concerning the fom and content of accounts set out in the Charili0s (Accounts and Reports) Regulations 2008 other than any requ1ment that the accounts give a 'true and fair vi6w' which 16 not a matter considered as part of en independent examinalion. I have no concerns and h8ve com8 across no other matters In Connectlon with the examlnalion lo which attention Should be drawn In this report in order lo enable a proper understanding of the accounts to be reached. Matth8w Keane FCCA Westcotts {SW) LLP Plym House 3 Longbridge Road Marsh Mills Plymouth PL6 8LT Date...71..7../2.6.. Page 5
Plymouth Public Di8pen8ary Statement of Flnancial Activities for the Year Ended 31 December 2025 Unmtri¢ted funds Total 2025 Total 2024 Income and Endowm•nts from: ChaTitsble aGtivits85 Investment income 33,449 25.132 33.449 25,132 33,305 24,550 Total incomè 58,581 58,581 57,855 Expendlturo on: Charitable activities 147.S77 47,577 149,9881 Tol81 expenditure 47,577 147.577 49,988 Net Income 11,004 11,004 7,867 Oth•r rncognlsod g•ln• and lo•• Net110s8e$)Igains on Inve8tm8nts Net movement in funds 140,534 40.534 18,706 129.5301 129,5301 26,573 Roconelllatlon of fund8 Total funds brought loThvard Total funds carried forward 1223,556 1,223,558 1,194,026 1.196,983 1,223,556 14 1,194 026 AJI of the charity's activities derive from continuing operations during the above perlods. The funds breakdown for 2024 is shown in note 14. The notes on pages 8 to 16 form an integral part of these financial statements. Page 6
Plymouth Public Dispensary (Reglstratlon number: 267658) 8alance Sheet as at 31 December 2025 2025 2024 Fix•d •ssets Investments 11 1,106,247 1,146,781 Current a•s&ts Debtors Cash at bank and in hand 12 7,810 15,209 66.109 81,318 4,543 89,639 Credltor8". Amounts falllng du? wtthln ono yoar Not curront a•80ts 13 1,860 76,775 Net a••8ts 1.194,028 1,223 556 Fund8 01 th? charity: Unro•trlctod Income funds Unrestricted funds 1,194,028 1,223,558 Total fund• 14 1,194,026 1,223 556 The fin8nclal statemnts on pgges 6 10 16 were approved by the trustees, and aUtIrised for issue on and Signod on their behalf by.. Dr J M8hony Chaim18n and tN lee The notes on pages 8 to 16 form an integral part of the8e financial statements. Page 7
Plymouth Public Dispensary Note8 to the Financial Statements for the Year Ended 31 December 2025 I AGcountlng poll¢l•s Slatement of ¢ompllance The financial statements have been prep8red in accordance with the second edition of the Charities ststemenl of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011. Ba$ls of preparatlon Plymouth Publlc Dispensary meets the definilion of a public benefft entty under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or trans8Ction value unlèss otherwise stated in the relevant notels) to these accounts. Golng concern The trustees conslder that there arè no material uncertalntleg abaut the charivs ability to continue as a going concern. In¢ome ond ondowm•Trts Investmont Income Dividends are Tecognised once the dividend has been declared and notification has been recelved of the dividend due. Expgndtture All expenditure is recognised once there Is a leg81 or constructive oblallOn to that exponditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate simllar costs to that Gategory. Where costs cannot be d1cl1Y attributed to Pgrticular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and d8preciatson Charges allocated on the portion of the asset's use. Other 9UPPOrt Gosts are allocaled based on the spread of staff costs. Charltable •ctlvltl•s Charitable expenditure comprises those costs incuTred by the charity in the delivery of Its activities and services for its beneficiaries. It includes both costs that can be allocated direcdy to such a¢tivilies and those costs of an indifect nature nece5S8ry lo support them. Grantpmvlslon• Provisions for grants are made when the intention to make 8 grant hag been communicated to the recipient but the is uncertainty about either the timing of the grant or the amount of grant payable. Support cost8 Support costs indude central functions and have been allocated to aclivity cost categories on ? basis consistent with the use of resources, for example, allocating propety costs by floor areas, or per Capita, staff costs by the time spent and other costs by their usage. Page 8
Plymouth Public Dispensary Notes to the Flnanclal Statements for tho Year Ended 31 December 2025 (continued) Taxatlon The charity is considered to pass the tests sel out in Paragr8ph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly. the charity is potents'ally exempt from taxation in respect of income or Capital gains recelved within categories covered by Chaplef 3 Part 11 of the Corporation Tax Acl 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such incom8 or gains are applied exclusively lo charitable purposes. Inve8tment propertlg8 Investment property is carried at fair value, derived from the Current market prices for ¢omparable real estate determined by external valuers every 5 years, unless the trustees becom8 aware of any circumstances which will significanlly aller the value in the interim period. Given the hlstoiiG nature of the property the valuers use observable market prices, adju6ted if necessary for any dlfference in the nature, location or condits'on of Ihg specific a55et. Durlng all other financial years the Trustees will revièw the current carrylng valu8 and Confirm that no significant changes in the properties market value hav8 0urred. Flxed a88el Invo¥tments Fixed asyel investments, other than programme related invesbngnts, are included al market value al the balance sheet dale. Realiged gains and losses on investments are calculated as the difference beeen sales proceeds and their market value at the start of the year, or their subsequent Cost, and are charged or credited to the Statement of Financial Acltvits'es in the period of disposal. Unrealised g8in$ 8nd losses represent the movement in market values during the year and are credited or charged lo the Statement of Financial Activities based on the market value at the year end. Cash and cash equlvalent8 Cash and cash equivalents comprise cash on hand and call dep09118, and olh8r short-term highly Ilquld investments Ihat are re8dily convertible to a known amount of cash and are subject lo an ingignificant risk of change in value. Fund Structure Vnrestricted income funds are general funds that are available for use at the trustees discretion In fijrtherance of the oblectives of the charity. Pag? 9
Plymouth Public Dispensary Notes to the Flnancial Statements for the Year Ended 31 December 202S (continued) Flnanclal In8truments ClaMrfic•tion A finanaal asset or a financi81 liability is recognised onty when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are inftially renised at the amount recelvabl8 or payable includlng any related transaction costs. Curronl assets and current liabilities are subsequentty me88ured at the cash or other CLsnsideration expected to be paid or received and not discounted. Debt instruments are Subsequentty measured at amortlsed cost Where investments in shares 8re publicly traded or thelr fair value can othetwise be measured reliabty, the investment is Subsequently measured at fair value wrlh changes in fair v8lue recognised in income and expenditure. All other such investments are subsequenlty measured at cost less impairment. 2 Incom• from charltabl• a¢tfvltlo• Unro8trlcted funds Ggnoral Totol 2025 Rental Income Insurance received 31,028 2.421 33,449 31,028 2,421 33,449 Unrnstrlct•d funds Gon•ral Total 2024 Rental income Insurance received 31,027 2,278 33,305 31.027 2,278 33,305 3 InVtment Income Unrestrlcted funds General Total 2025 Total 2024 Interest receivable and similar income-. Interest receivable on bank deposits Other income frorn fixed asset investments 1,251 23,881 25,132 1,251 23,881 25,132 1,358 23.192 24,550 Page 10
Plymouth Publi¢ Dispensary Notes to the Flnanclal Statements for tho Year Ended 31 December 2025 (continued) 4 Expendlture on charitable actlvltle• Unrestrlctod funds Gengral Total 2025 Not• Propety Expenses Grant funding of acllvits'es AIIoc8ted gUPPOrt costs 4.142 27,gS4 15.481 47,S77 4,142 27,954 15,481 47,577 Unrestrlcted funds Goneral Total 2024 Notg Property Expenses Grant funding of aclivit4es Allocated support costs 2,984 26,129 20,875 49,988 2,984 26,129 20,875 49,988 A¢tlvlty undertakon dlractly Grant lundlng of actfvity Actlvlty 3UPPOrt costs Total oxpondllu Charitable acllviti&8 4,142 27,954 15,481 20,875 47.577 Total for 2024 2,984 26,129 49,988 5 Analy•l8 ol •upport C08t• Support costs allocal•d to charltable actlvltlo8 Totsl 202S Total 2024 General office Professional costs Staff costs 4,782 1,860 8,839 15,481 9,033 1,631 10,211 20,875 Page 11
Plymouth Public Dispensary Notss to the Financlal Stat•ments for the Year Ended 31 December 2025 (continued) 6 Grant.maklng Analysis of grnnt• Grants to In•tttutions 2025 2024 Grnnts to indlvldual* 2025 2024 Analy81• Grants 10.584 11,000 17.370 15,129 Below are detslls of m8t8rial grants made to institutlon8. 2025 2024 Namo of In8titutlon The Island Trust Shekinah Mlsslon Listening Books Barefoot Gffted Women Plymouth Soup Run Macmillan Cancer Support British Wireless for the Blind Fund Cann Bridge Sch(1 Ptymouth & Wesl Devon Cassette Trevl Go Beyond Devon & Comwall Fum4ture Reuse Project Memory M8tters BASICS Devon 1.000 1,500 1,000 1,000 1,500 1,500 1,500 1,000 1,000 1,000 1.000 1,500 1,000 1,000 1,150 500 1,434 2,000 10,584 11.000 7 TfUgt•e• rgmunoratlon ond expensos No tnjslees, nor any persons connected with them, have received any remuneration from the chartty during the year. No trustees have received any reimbursed exp8ns85 or any other beneffts from the charity dudng the year. Page 12
Plymouth Public Dispensary Notes to the Flnancial Statements for the Year Ended 31 Decombor 2025 (continued) Staff costs The aggregate payroll costs were as follows.. 2025 2024 Staff costs durlng the year r•. Wages and $8laries 8,839 10,211 The monthly aver8ge number of persons employed by the charlty during the year was as follows". 2026 2024 No No Average head counl of empltyees No employee received emoluments of more Ihan £60,000 durlng the year 9 Ind•pendont oxamln•tr8 r•mun8ratlon 2025 2024 Othor fo08 10 oxamlnfrr• Examin8tion-related a88urance 8ervlce8 10 Taxatlon The charity is a registered Charity and is thereforo exempt Irom taxatlon. Page 13
Plymouth Public Dispensary Notes to the Financial Statements for the Year Ended 31 December 2025 (continued) 11 Fixgd a88et Inv88tment• 2025 2024 Other investmenls 1,106,247 1,146,781 Other Investments Invo8lm•nt Pfopertl othèr Inv88tment8 Total Colt or Valuatlon At 1 January 2025 Fair value movement 300.000 846,781 1,146,781 40,534 40.534 Al 31 Oecember 2025 300,000 806,247 1,108,247 Net book vilu• At 31 Decernber2025 300,000 806,247 1 106.247 At 31 Decemb8r 2024 300,000 846,781 1,146,781 Investment propety Is carrled at its fair value al each reporting date and any changes In the value are reflected in the statement of fin8nclal activities. The freehold inv8Stmenl propety was last valued by the twstees in 2019. At that tlme the value wa8 based on market values for sirnilar buildlngs and fairly reflects the recoverable amount of the property. The trusl policy is to obtain an independent profe3sbonal valuation every S years. A valuation is due to be obtained In 2025. but had not been completed al the time of pparIng the accounts. This valuation will thefore be incorpor8ted into the figures for 2026. 12 Debtorn 2025 2024 Prepayments Accrued income Other d8btor5 738 6,072 1.000 7,810 590 13,619 1,000 15,209 13 Credltors: amounts falllng duo within ono yoar 2025 2024 Other creditors Ac(¥uals 2,391 2,152 1,860 1,860 4,543 Page 14
Plymouth Publlc Dlspansary Notes to the Financlal Statements for the Year Ended 31 December 2025 (continued) 14 Funds Other recognl88d galnsl (los$¢sl Balaneg •t 31 December 2025 Balance at 1 Jonuary 2025 Incoming Re8ource• r080urce8 expended Unrestrfctod fund8 General Funds Property Revaluation Investment Revaluation 201,785 300,000 721,771 1,223,556 58,581 147,577> 212,789 30Q,000 40,534 681,237 47,577 40,534 58,581 1,194,026 Othor re¢ognl•od galngl 110•80• Balance at 31 Decembor 2024 8olanc8 fit 1 January 2024 Incomlng ROur¢ re•ourcg• oxp?ndod Unmtrlctsd fund• Gener81 Funds Propety Revaluatlon Inve81ment Revaluation 193,918 300,000 703,065 1,196,983 57,855 149,988) 201,785 300.000 721,771 1,223,556 18,706 18,706 S7,855 49,988 Page 15
Plymouth Public Dispensary Notes to the Flnanclal Statements for the Year Ended 31 December 2025 Icontlnued) 15 Anoty8i$ of not a880ts twOOn funds Tolal funds at31 Dfjcombor 2025 Unmtrictod funds Ggneral FSxed asset investments Cufrenl assets Current liabillUes 1,108,247 89,639 1.860 1,106.247 89,639 1,860} 1,194,026 Total net assets 1,194,026 Totsl fund¥ at31 Dec•mber Unrostrlct•d lund8 Gonoral 2024 Fixed 89sel Investments Current assets Curr8nl liabilities 1,146.781 81,318 4,S43 1.146,781 81,318 4,543 Total net assets 1,223,556 1,223,556 16 R•lat•d party tran•a¢tlon• There wér8 no related paty tian8action8 in the year. Page 16