Charity reglstratlon number 313743 (England and Wales) Charity registratlon number 045932 (Scotland) Company registration number 00213235 (England and Wales) PLUNKETT FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 rinp In- All?A4fi517AA4AaAQRfnRfG4A11 qQRPAI?l￿v￿9aF PLUNKETT FOUNDATION CONTENTS Page Trustees, report Independent auditorfs report 15-17 Statement of financial activities 18 Balan￿ sheet 19 Statement of cash flows 20 Notes to the financial staternents 21-33 nnn In- Al1?AGRA7AA4A?AQRfnRfG4Af4 PLUNKErr FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 Plunkett UK is the operating name of Plunkett Foundation, a company limited by guarantee {No'.00213235) and Charity registered in Scotland ISC 0459321, England & Wales {CC 313743). Dellvering agalnst our vislon for thriving, reslllent and inclusive rural communities UK-wide About Plunkett UK We are a national charity supporting people in rural areas to set up and run successful businesses in community ownership. We do this to achieve our UK-wide vision for resilient, thriving and inclusive rural communities. Community-owned businesses are owned and controlled by community members, who each have an equal and democralic say in how the business is run. They can be any type of business ranging from village shops, pubs and cafes, through to woodlands, fisheries and farms. We are the only organisation dedicated lo supporting rural community-owned businesses across the UK and Gurrently represent over 750 trading community-owned businesses and more than 1000 in the process of setting up. At a practical level, our dedicated and expert team-. Raises awareness of the communiiy business model through proactive press, media and campaigns. Provides practical support to help new community businesses set up and existing ones to thrive via specialist business advice, training, webinars and toolkits. Creates a supportive environment for community businesses to operate, via membership, ne￿orking, research and advocating with government, think tanks and funders. Why Plunkett's work matters Plunkett UK has promoted the community ownership model for over 100 years because of its track record for delivering better businesses for people, communities, the economy, and the environment. We help community businesses to.. Provide a wide range of services and amenities that communities value and need - enabling people to live independently, particularly in areas of market failure. Stimulate the rural economy through localised supply chains. Create access to employment and training and volunteering opportunities- often supporting people who are excluded from the labour market. Tackle climate change through environmentally responsible behaviours. Promote equily, diversity and inclusion by creating safe and welcoming spaces for all. Once trading, community-owned businesses rarely fail, having a five-year survival rate of 990/0 and an over twenty- year survival rate of 92°/. Our Values: Better Business We champion the community ownership model because of its track record for delivering benefits to people, communities. the economy and the environment. Inspiring We tell the success stories of rural community-owned businesses and encourage people to join this growing movement of people and organisations. Indusive - We provide an accessible service which is tailored to individual needs, and embed equity and inclusion in everything we do. Collaborative We build partnerships with a range of people and organisations who share our values. to grow the reach and impact of our work. nrnn Iri- AIAgA4AR7AA4R2AQRfnAf4&Afl PLUNKETT FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 A MESSAGE FROM OUR CHAIR Despite a backdrop of economic and social challenges, the rural communily ownership sector has continued to thrive in 2023.1 am immensely proud of the role Plunkett UK has played in ensuring this. Overall, 32 new community businesses opened during 2023, meaning the number of businesses that have been supported by Plunkett grew by 40/0. Not surprisingly, it was an exceptionally busy year for our team.. Ihey dealt with 424 enquiries, including 266 from communities who were looking at community ownership for the first time. In total, 606 days of business support were delivered by our staff team and our network of advisers. We delivered an excellent mix of well-attended online webinars and physical training events. I was delighted that we ran our first national conference for several years. Held in Birmingham, it was a fantastic opportunity to exchange experience, ideas and best practice across the sector. By the end of 2023, Plunkett represented 787 trading community-owned businesses- the majority of which are based in and serving rural communities. There were approximately a further 1,100 potential bLJsinesses in the pipeline, many of whorn will eventually start trading. l am also pleased to report Plunkett's highest ever level of membership- 600 in total - of which 404 are community-owned businesses. Our ambition to support and represent a national movement of rural community businesses has become a reality. Reflecting on the wise words of our Founder. Sir Horace Plunkett, we need to look beyond the number of businesses we represent and consider the full "more than" social, economic and environmental impact these businesses make. The excellent work of our Information Hub and our annual reports including the Impact Report and Better Business Report shone a light on a deeper set of progress indicators. We better understand the contribulion of community businesses.. to the local economy,. in Ihe creation of jobs and volunteering opportunities making a positive impact on the environment., and their role in tackling equity diversity and inclusion. This contribution was once again really brought to life in such a heartwarming way at our Community Ownership Awards event held in London in November. Against the backdrop of a challenging operating environment for community businesses, I have been pleased to see Plunkelt's successful engagement with national and local government through and in partnership with so many partners from within the social economy. We campaign to see a strengthening of the community rights legislation, including a consistent Community Right lo Buy in all UK nations, and for governments and funders to recognise the needs of rural communities. This has been the focus of our involvement in coalitions and allianGes including the Community Enterprise Growth Plan, the Future Economy Alliance, Ihe Rural Coalition and the Wales Community Ownership Group. I would like to thank all our partners for their continued financial and in-kind support. This includes our long-temi grant funders. as well as an increasing number of corporate partners with whom we have developed strong relationships and mutually beneficial programmes of work. Thank you also to all our members for engaging in our work through events, consultations and forums such as our Community Business Advisory Panel. It has been a busy year for our Trustees who continue to ensure good governance and oversight. l am particularly grateful to our two sub-committees (Audit and Risk and Governance and Nominations) who do so much additional work behind the scenes. We were sorry to say goodbye lo two long-term Trustees - Sue Boer and Julian Ross - but pleased lo welcome Jeevan Jones a new co-opted Trustee who brings new expertise into the organi5ation. My thanks of course, also to all the staff and advisers at Plunkett led by James Alcock and his excellent senior management team. I look forward to Plunkett continuing to support a community business network that makes such a differen￿. delivering significant social, environmental and economic impact in communities - both small and large - across the UK. SN rinn In. A IA2A4A517fla4AgAQRfnRf44A11 ?QRpI1 ?￿￿￿22￿F PLUNKETT FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have 8dopted the provisions of the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 {effective 1 January 2019) OBJECTIVES AND ACTIVITIES Our Purpose: Our charitable objects for public benefit as agreed by the Charity Commission and set out in our memorandum of association are.. to promote social inclusion, both nationally and internationally. by supporting the growih of the Community Business Sector primarily in rural areas to assist those who are socially excluded, prevent people from becoming socially excluded, relieving the needs of those people who are socially excluded and assisting them to integrate into society. The relief and prevention of rural poverty, both nationally and internationally, by the provision of appropriate assistance to the Community Business Sector. To advance education in matters related to the Community Business Sector and their potential to relieve and prevent poverty and to promote social inclusion primarily in rural areas, both nationally and internationally. OurAims and Objectives.. Our organisational strategy articulates how we will deliver against our charitable objectives (our purpose} through a vision and mission statement.. Our vlslon is for Trslllent, thriving and Inclusive rural communities thmughout the UK. Wort(ing towards this vision, our mission is to work with community-owned businesses to create innovatlve. impactful and inclusive spaces. Being 'innovative' requires Plunkett to inspire communities to reimagine how traditional businesses operate and to adapt and diversify according to their community's needs. To be 'impactful' requires prioritising Plunkett's resources to help those seeking lo generate the greatest social, economic, or environmental impact. Becoming 'inclusive' means taking greater efforts to ensure our members take proactive measures to reach, work with and benefil a greater diversity of people. OurActivities.' We undertake four main activities to ensur8 our work delivers against our aims and objectives and reflects the purpose we were set up to further.. Providing a 'universal' community business service: This aims to resource the practical support needs of community businesses models, at all stages of theirjoumey from setting up to running and across all areas of the UK. This inGludes the provision of advice, business support, training, webinars, and toolkits. 2. Growing a movement of people and organisations who share our values.. We encourage community businesses, individuals, and other corporate bodies to become formal members of Plunkett and deliver events, consultation, and other services to increase their engagemenl with Plunkett and each other. 3. Delivering a seNice of information, policy and communications.. We deliver this service to better evidence and demonstrate the impact of rural community businesses., and reinforce our role as the voice for rural community businesses. 4. Ensuring the effective and efficient operations of the charity.. We are enhanGing our existing approach to our regulatory, statutory and legislative responsibililies., strengthening our internal financial systems and ontrols and investing in our people. Ultimately, we want to achieve greater resilience and suslainability to continue supporting and representing a thriving rural community business network. The following section of this report (Significant Achievements) reviews our progress against these activities in 2023. nnv In. AIAgA4RA7fla4A2AQRin6f44Afl ?aRpa1 ?dangaA PLUNKETT FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 OUR ACHIEVEMENTS AND PERFORMANCE IN 2023 Our significant actlvlties and achlevements l. Providing a 'universal' community business service.. We were delighted to officially launch our universal community business service in September 2023, with a commilment not only to ensure that we could meet the support needs of community businesses of all types, at all stages of their journey, across all areas of the UK., but also, to prioritise Ihe creation or enhancement of innovative, impactful and inclusive spa￿S through Gommunily ownership. To do this, we changed the way we assess and allocate funded support, prioritising community businesses that can demonstrate an intention to increase their impact in the five priorily areas idenlified in Plunkett's Strategy.. Provide a wide range of seNices and amenities that communities value and need Stimulate the local economy through localised supply chains Create access to employment and training and volunteering opportunities, often supporting people who are excluded from the labour market Tackle climale change through delivery of environmentally sustainable initiatives Promote equality, diversity and inclusion by creating safe and welcoming spaces for all Demand for support grew significantly last year, with more than 600 days of support allocated to community groups across the year, compared lo 320 in 2022. Through our role as a delivery partner for the Community Ownership Fund support programme, 40 % of this support was delivered to early-stage groups looking lo make an application to the fund. We are proud to have supported continued sector growth in 2023, helping 32 new community-owned businesses to open during the year. Alongside this programme, we were able lo conlinue lo deliver a dedicated programme of funding and support to grow the community pubs sector in Scotland, thanks to generous funding from the Scottish Government., and to earfy-stage community businesses in Cambridgeshire and Peterborough, thanks to the Cambridgeshire and Peterborough Combined Authority. A record number of groups incorporated as Community Benefit Societies using Plunkett's Model Rules in 2023, with 69 new groups taking advantage of our support seNice to register with the Financial Conduct Authority. We also continued to support trading community businesses, helping both those struggling with a challenging operating environment as well as those looking to grow their business or increase their social, environmental and economic impaGt. Our network of business advisers delivered 20 in-depth health checks to trading groLJPS during the year. Our comprehensive programme of webinars, training and peer networking events attracted 1289 delegates in 2023, covering topics as diverse as "Food Poverty.. Your Community Pub Responding to the Cost-of-Living Crisis" "Reducing Reliance on Wholesalers and Strengthening Local Supply Networks" Community Business" and "Mental Health Awareness" "Involving Young People in Your 2023 also saw a retum to larger face-to-face events, with Plunkett delivering it's first national conference since before the pandemic. Our Community Business Conference took place in Birniingham in July, with 145 delegales, speakers and exhibitors from across the UK participating in a thought-provoking day of panel discussions, workshops and adviser drop-in sessions on all things community ownership. We continued to work in partnership with local and national organisalions to facilitate access to Plunkett's services in those areas with fewer community-owned businesses currently. This included Ihe delivery of two partnership events, "An Introduction to Community Business and Raising Finance" in County Durham and in West Yorkshire, as well as the introduction of a Welsh Community Pubs network, which hosted 3 events in 2023, for a total of 56 delegates. With funding from the Dulverton Trust, we invested in ensuring our services are accessible to Welsh speaking groups, with live translation available for our pubs networking meetings, and making our mosl essential resources available in the Welsh language. nrnB In. A?A4R97fI&lEA￿￿IoRfnRf4￿AflqQR￿AI ?ADpaaA6 PLUNKETT FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Plunkett's Community Business members continued to access enhanced support, with additional member benefits added to our Member Hub in 2023 such as a grant funding directory, forum for Community Ownership Fund grantees, and new recommended suppliers including Zero Waste Refill Hub, Spacehive and PANDA. Our membership remains highly engaged, with member retention rates at 85 % at the end of 2023. We remain grateful to all of the funders and supporters that have enabled us to maintain Plunkett's community business service in 2023. Whether that is through dedicated programmes of activity such as the Benefact Trust's support for our "community business in places of worship" activities, single year grants such as that received from Garfield Weston Foundation and the Worshipful Company of Innholders, or long-term supporters of our work such as the National Lottery Community Fund and Esmée Fairbairn Foundation. It is only through these partnerships that we can continue meeting the needs of rural communities across England, Scotland, Northern Ireland and Wales. 2. Delivering a servlce of information, pollcy and communications." For the community ownership movement to flourish there needs to be supportive legislation, access to a wide range of financial support, and a greater level of awareness of how Ihis model of business can flourish in communities UK- wide. The policy, research and communications output of our Information Hub is therefore a central part of the Plunkett operation. The team continues to produce our annual state of the seclor"Community Ownership.. A Better form of Business. report, as well as our annual impact report so that Plunkett has an evidence base to influence our advoGacy efforts and respond to specific consultations. Last year Plunkett submitted responses to Gonsultations about community wealth building in Scotland and the development of a Community Wealth Fund in England. We also submitted evidence to the All-Party Parliamentary Group for Left Behind Neighbourhoods in response to their Levelling Up Inquiry. To champion to the opportunities that rural community-owned businesses can bring to places across the UK, Plunkett continues to be a member of the Community Enterprise Growth Plan which seeks to influence the future use of Dormant Assets. We are also part of the Future Economy Alliance, seeking to influence the next UK Government in the bold reforms needed to make the UK economy deliver for people and planet. In line with our aspiration to grow the sector UK-wide we continue to be involved with the Community Ownership Group in Wales. In 2023 Plunkett sought to deepen our relationship with local government, recognising that against the backdrop of devolution it is often district and Gounty councils, and unitary authorities that have significant influence in terms of fostering a community business sector in their area. Be it through planning policy, the provision of funding, or being the first point of contact for groups it is vital that this tier of government is mobilised and engaged with our work. Plunkett attended the Local GovernmentAssoci8tion's annual conference to champion the work of community businesses, alongside promoting the opportunities the community ownership model could bring in the conlexi of new housing developments. Plunkett a150 completed research for West Oxfordshire District Council and Stratford on Avon District Council, as part of their delivery of the UK Shared Prosperity Fund in their respedive authority areas. We also promoted the opportunity for councils in England to be engaged with the Keep It In the Community platform, which aims to provide an education and awareness service to improve the local registration processes forAssets of Community Value. At a national level, we continue to attend the Defra convened Rural Insighls Forum and as a delivery partner of the UK Community Ownership Fund work with DLUHC to ensure that the experiences of rural community businesses are considered in terms of policy and funding decisions. With an impending UK general election taking place in 2024, Plunkett attended the Labour Party and ConseNative Party Gonferences to continue building relationships with politicians across the house. We took part in a fringe event, in partnership with the Cooperative Party al Labour's conference which provided a great platfomi to continue championing for our long-standing ambition for a Communily Right to Buy to be enacted in all 4 UK nations. nnr In- A11?AqRR7AA4A￿dQfifnR{K4Afl ?QRpA1 PLUNKETT FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 To make sure that there is recognition of the community ownership model, in different contexts and different places across the country Plunkett seeks to secure coverage of our seclor in the media. Last year Plunkett and the community business sector was covered in 236 media features, including pieces on the BBC and in national papers, which helped to reach 805m people. This coverage was the equivalent of £7.5m advertisement space for our sector. Our social media presence also continued to grow in 2023, with our networks across X, Facebook, Instagram and Linkedln having a collective following of over 21,000. 3. Ensuring the effective and efficient operatlons of the charity.. Our strategy set a clear target for a break-even financial result across the five-year period. This target was Set in the Gontext of diversifying our income and reducing our dependency on traditional grant income. Reassuringly, grant income remains an active revenue stream for Plunkelt which in 2023 included major programmes and funding from the Community Ownership Fund, Esmée Fairbairn Foundation, National Lottery Community Fund, Dulverton Trust, Garfield Weston, Cambridgeshire and Peterborough Combined Authority, Scottish Government, lo name just a few. We have also proactively invested in newer areas of income generation including fee-based ServI￿S including membership, Iraining and consultancy., and corporate partnerships which generate consultancy income and sponsorship. A particular growth area has been working with partners in the housing and construclion industry primarily providing our expertise to integrate community-owned services into new and proposed developments. Our first completion of this is a community-owned shop and café delivered in partnership with Thakeham Hornes at a new development 'Woodgate' near Pease Pottage in Sussex. These newer areas of income have quickly become embedded within our operations generating a wider range of benefils and ServI￿S for our members, as well as vital revenue streams- the latter of which have grown by 14 % year on year during the strategy period. However, we have not succeeded in achieving break-even results, with so far, a cumulative loss in excess of £1 OOK. The senior team and Trustees remain optimistic that the strategy is working, and that there is clear polential to achieve break-even resLJlts. The upward trajectory of these new income streams such as membership point to this, as does the very strong and growing pipeline of new corporate partnerships. These will continue to grow without disproportionately higher costs of delivery but will take longer to realise than originally planned. To achieve our break-even target across the strategy period will reqLsire annual surpluses of £33K in the next three years. In our strategy. we have placed inclusivity at the heart of Plunkelt's operations, as well as made it a priority for the impact we want to facilitate wilhin the sector. We recognise the role we need to play in terms of promoting equity, diversity and inclusion in all that we do and in providing leadership and allyship within our sector. To enable our effective operation, we continue to review existing and implement new policies which, in 2023, included Board Membership, Wellbeing, Menopause and Stress Management. Our induction and recruitment processes are continuously reviewed and amended based on feedback from new recruits. In May 2024 unconscious bias training was provided lo the staff team by an external provider and the Board of trustees will participate in similar training during the year. In addition, we recruited for a trainee communications post. At Plunkett we want our priorilies and practice to ever-more focus on maximising the positive impact of our EDI work both internally and externally. That is reliant on improving our understanding of our progress through our data so that we can continually improve. We are not infallible, and we recognise that we need to do more in telling the story of how our work sUPPOrts Plunkett lo be a safe. inclusive, compassionate and connected charity. In 2024 we will be working with an independent EDI expert who will support us in reviewing our data and establish measures and indicators that best track our progress and enable us to articulate the story of our culture journey as well as expanding on how we listen to the ongoing everyday experience. We continue to feature greater diversity in all of our work, including our communications output to promote how we, and the community business network support people in communities who are typically excluded and minoritised in some way. This is an ongoing process though. and Plunkett commits to an ongoing process of engagement and learning with our membership to better understand the extent of exclusion and marginalisation in rural communities and the potential for community businesses lo respond and advocate for minoritised groups. PLANS FOR 2024 AND BEYOND Our strategy. together with the supporting business plans and Key Performance Indicators, provide us with a clear focus and objectives for the period 2022-2025.. nnp In. AIA?A4AR7fla4A?AQRfnAf44Afl ?QRpll PLUNKETT FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Grow the rural community business sector we aim lo help more community businesses to open and existing ones to thrive. By the end of 2026 we aim to have grown the sector by at least 200/0 to 750 rural community businesses. Extend our reach we aim to build awareness of the community business model and our support for businesses UK-wide. We will target rural areas where community businesses are currently most under- represented, specifically Scotland, North East England and the Midlands. Deepen the sector's impact - by supporting community businesses we will help them to deliver enhanced social, economic and environmental benefits for their communities. We will support 300/0 of all existing community businesses to identify opportunities for greater impact. Strengthen the legal, policy and support environment we will nurture a supportive environment for community businesses to establish and thrive. We are Gommitted to listen lo and represent community businesses through policy, research, communications and campaigns. Secure Plunkett's financial stability - to ensure our ability to help the wider rural community business movement to grow and thrive we will continue diversifying our income sources aiming to 'break-even' across strategy period. Achieving such a break-even will require an average surplus of £33Kpa for the remainder of the strategy period. Underpinning the strategy, is a commitment to work with others, and play a greater leadership role in societal issues such as climate change, mental health, and approaches to equity, diversity and inclusion. Public benefit We regularly review our aims, objectives and activities to ensure we accomplish what we were established to achieve. This is presented through our organisational strategy and supporting business plan, the former of which is based on a thorough assessment of our own and member's operating environment and widespread consultation and the latter which follows an annual review of Ihe previous year's outcomes and achievements. The Trustees have noted the Charity Commission guidance on public benefit and are confident that Plunkett's activities are in line wilh that guidance. In particular, the Trustees recognise the benefit to the public in the communities we operate in, and to wider society at large as a result of a ripple effect. The particular examples of public benefit we measure include.. Number of services and amenities that are created or safeguarded for the long-term Impacts on the local economy through localised supply chains Opportunities created for employment, training and volunteering Tackling climate change through the delivery of environmentally sustainable initiatives Contribution to diversity and inclusion by creating a safe and welcoming space for all. FINANCIAL REVIEW Our reseNes policy is designed to ensure the long-term continuity of support for rural community businesses in the event that Plunkett faced serious funding andlor operational challenges. The policy calculates a reserve value that would be sufficient to.. Pay its creditors and fulfil all our other financial obligations; Undertake a scaling back of the organisation and its services in a planned and measured way to limit the adverse impact on our beneficiaries whilst we re-organise and reposition the organisation., and Allow for a future re-launch of the organisation to ensure our important and unique support for rural communities can be Gontinued at a later date. nnr In. A1 a?A4RA7AA4AgAQAfnRfG4Afl ?QAnAI PLUNKETT FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 The reserves policy is reviewed annually and was last approved in De￿mber 2023. The policy determined a reserves level requirement of £812,000 for 2024. The calculation of the required level of reserves is an integral part of the organisation's planning, budget, risk management and forecast cycle and takes into account.. Known gaps be￿een operating income and expenditure., Major risks and their associated costs., Core costs associated with a re-launch of the organisation. As at December 2023, Plunkett had total reserves of £1.003m and free reserves of £0.960m. Whilsl this figure is higher than the requirement ol our reserve level, the Trustees, agreed in December 2023 to maintain the excess reserves in 2024 due to the ongoing inflationary environment in the United Kingdom where Plunkett primarily operates and particular uncertainty about the investment market. Investment Perfomiance Subject to the requirements of the Charities Act, the Trustees are authorised by the Memorandum of Association to invest funds not immediately required for its purpose in such a manner as may be thought fit. Plunkett's investment portfolio is managed by J M Finn & Co. In 2017, following several years of financial losses and a necessary period of operational consolidation, the Board of Trustees took a decision to strengthen its reserves and, recognising market volatility, the Board's approach to investment risk remains cautious. The investment portfolio continues to be highly diversified with a medium risk profile. Over the year to 3151 December 2023, the portfolio returned +3.30/0, behind the 70 % equilies130 % gilts comparator return of +6.60/.. Over the same period, the ARC Steady Growth Index returned +7.3 %, the FTSE All-share Index +7.90/0 and the FTSE UK Gilt Index +3.70/0, while CPl+2 % was +6.00/0. Over the 18 years to 31si December 2023, a retum of +178.0°/o was generated, whilsl the 18 year annualised return stood at +5.8'/0 per annum. All figures total return (portfolio figures are net of fees). At 3151 December 2023 the portfolio had a gross income yield 3.0 % . The themes that were relevant to Ihe market in 2022 were the same for much of 2023, with inflation reaching much higher levels and the Bank of England pushing through 14 consecutive interest rate rises. In addition, poor overall market sentiment and low volumes were an ongoing challenge. However, sentiment changed in mid October on the expectation that the US Federal Reserve would cut interest rales as early as March 2024. From mid October to the end of December 2023 there was a a correlation of performance between many assels and as such the portfolio rebounded +6.9 % over the last quarter of 2023. The Board approved the existing Investment Policy in December 2023 but meanwhile established an 'lnvestmenl working group. to undertake a thorough review of the policy and investment approach for approval in 2024. As part of this review, the relationship with the investment manager will be reviewed and the contract put out to a competitive lender. Fundraising Plunkelt has been registered with the Fundraising Regulator since 2019 since which time, community fundraising has become an increasingly valued area of our work. Community fundraising is part of Plunkett's broader sustainable income strategy lo generate funds from multiple sources including projects, grants, consultancy, membership and corporate partnerships. Our rationale for community fundraising is not just lo generate income, but to forge stronger relationships with the communities in which we operate. For example, we delivered a number of fundraising activities during 2023 both directly through our own staffing as well as in partnership with our corporate supporters, including the three peaks walking challenge, a charily dinner and mini auction, exhibiting at a summer festival, corporate dinner raffles as well as community fundraising led by our members generating a collective total of over £17,500 during the year. In. A1d?A4AR7AL4A>flQRfflRfq4Afl ?QRftal ?agraaAF PLUNKETT FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Document Plunkett was founded as a charity in 1919 under a deed of Trust and incorporated as a charitable company limited by guarantee in 1964. The company was established under a Memorandum of Association which state the objects and powers of the charitable company and is governed under its Articles of Association. In the event the company being wound up, members are required to contribute an amount not exceeding five pounds. The Memorandum and Articles were last updated and approved by the Members in September 2024. Relationships with Related Parties Plunkett no longer owns or holds shares in any trading subsidiaries. Membershlp Plunkett is a membership organisation, whereby members consist of individuals and corporate bodies who have willingly consented to become members, share Plunkett's values and have subscribed to an annual fee set by the Trustees. Recrultment and Appointment of New Trustees Our Articles of Association require the membership to elect up to 12 non-executive directors (known as Trustees). All Trustees are elected at the Annual General Meeting on a one member, one vote basis. Trustees can be nominated by any existing members within a specified number of days prior to an AGM. In line with this procedure, the organisation proactively seeks to attraGt new Trustees in line with its policy on Equity. Diversity and Inclusion, and in line with identified gaps in skills, knowledge and experience of which is reviewed annually. An open Trustee recruitment process is then used, including making adverts available through job boards, websites and social media platforms. Potential Trustees are interviewed, and those deemed most appropriate at the time to meet the identified gaps on the Board. are subsequently nominated by a member for election at the AGM, or co-opted for a period of time up to the subsequent AGM at which they are subject to election by the members. The name of all Trustees in post during the year and up to the signing of this report are listed in the reference section. Induction and Training of New Trustees New Trustees underga orientation wilh the Chair and Chief Executive to brief them on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the strategy and business plan, the Board and decision-making process, the recent financial performance, and the history of Plunkett. During their induction they meet key employees and visit community businesses. New Trustees have an agreed 6-month induction plan, which also identifies any training needs. Term of Trustees The term of office for a Trustee shall be three years. At the conclusion of their temi of office a Trustee who is willing to continue in office may, if the Trustees think fit, be re-appointed for a further temi. No Trustee shall serve for more than six consecutive years unless the Boad consider it would be in the best interests of the Charity for a particular Trustee to seNe one further term beyond that period and that Trustee is reappointed in accordance wilh the Articles Key roles and Subcommittees Each year following the AGM, Trustees elect a Chairperson and up to two Vice-chairs. The Board also operate two subcommittees. The Audit and Risk Committee oversee Plunkett's activities in relation to audit, budgeting and finance, and risk management. The Governance and Nominalions Committee oversees Plunkett's non-financial policy development and management, as well matters relating to governance and Trustee recruitment. In- AIA?A&RA7da4A2AQRfnRf44A11 ?QATrAI PLUNKETT FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Board Assessment The Board conducts an annual self-assessment which is an opportunity for Board members to review how they and the Board are operating, to raise any concems and to comment on any areas for improvement. The 2024 review noted that no significant areas for improvement had been identified. The Board also conducts regular extemal Governance reviews, the previous being in 2021. An independent review was conducted in Spring 2024 and confinwed.. Plunkelt UK'S governance is very strong, with sound compliance, policies, procedures and structures in place underpinned by effective behaviours Compared to the 2021 governance review, Plunkett UK'S governance performance has improved or held steady when assessed against the pnnciples in the Charity Governance Code. The review also highlighted the following areas for further review and development: The charity should take care to maintain proportionality in its governance arrangements and initiatives to help avoid becoming overly risk averse, stifling innovation, and unduly diverting capacity and resources from other activities that further its charitable purposes. The charity should continue lo invest effort to improve its EDI performance and impact, including working with independent experts to challenge unconscious bias and support development and implementation of impactful actions both internally and lo inspire the charity's members to improve EDI. The charity should continue to build on work recently initiated to explore its response to the ESG agenda. Organisational Structure The Trustees direct the strategic affairs of Plunkett and delegate the day-to-day operations to a Chief Executive. James Alcock has seNed in the role of Chief Executive since 2017 and as Company Secretary. The Chief Executive is SLJPPOrted by a Senior Management Team a full list of those who served during the year are listed in Ihe reference section. The organisation itself is structured into three operational teams consisting of a Community 8usiness SeNice, an Information Hub, and an Engagement Team, and is supported by further finance and operations personnel. Whilst not a formal part of the company structure, Plunkett is supported by a network of self-employed consultants or 'advisers' whom are contracted on a call-off basis to provide business advice and training as part of our core service to community businesses. We also have a 'Membership Panel, who provide a sounding board of community businesse5 UK-wide, and inform the development of Plunkett's services, policy and communications in an advisory capacity. Our Approach to Staff Pay and Benefits Plunkett has an office-based culture and aims to create a space that is safe and welcoming. We offer ad-hoc flexibility on request to enable staff to accommodate personal events, appointments and commitmenls as required. We celebrate our differences and ensure everyone is heard, respected and valued. We have a commitmenl to EDI as a means to establish a more innovative, inspired impact-focused culture within the organisation. We are a Living Wage accredited employer but go beyond this to create a competitive package of pay and related benefits, and regularly invest in our work environment, team-building, and opportunity for personal development and professional development. We believe firmly in aiming to retain staff for the long term, developing them and benefiting from their growing knowledge. This is in preference lo the disruption and expense of recruitment, especially as many staff have detailed knowledge that is unique to them in the organisation and could not be quickly replaced. Our staff pay scales are set with this in mind. io Iri. AIA?A4RA7AIGA2AQKfnRf44Af19QRrll ?Ar*p2alF PLUNKETT FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Our annual stsff satisfaction survey that was carried out independently during 2023 showed that 94 % of staff said they were proLJd to work at Plunkett and 100 % felt encouraged to share their Ihoughts and ideas with their manager. Since that time regular pulse surveys have been conducted which showed 86°/o agreedlsomewhat agreed that their views were listened to,. 76 % were very happylsomewhat happy at work. The annual staff satisfaction survey will be carried out in early Summer 2024. In support of this approach to staff retention and the value placed upon Plunkett's 'staffing asset,, a remuneration policy was approved by the Board in December 2019. Trustees approved an enhanced benefits package in 2023 following a benchmarking report in 2022. Further benefits were inlroduced in 2024 with an increase in pension ontribution to 610 of gross salary and the introduction of a salary sacrifice pension scheme. A trial around enhancement to ad hoc flexible working hours will be conducted during Summer 2024. The remuneration policy was reviewed and approved by the Board in April 2024. The pay bands, approved as at April 2023, are as follows- £18,200 - £28,536 Administration Project and Finance Officers £25,000 - £34,243 Project and Finance Managers £28,000- £43,374 Senior Management Team £40,000- £60,000 Chief Executive £65,000- £70,660 Charity Governance Code Plunketl has adopted the Charity Code of Governance and undertakes an annual self-assessment against the Code. The most recent self-assessment completed during 2023 provided assurance of conlinued compliance with the Code. Risk Management We recognise that we are working in a volatile environment and risk management is a critical activity. The Trustees recognise that the effective management of risks is central to Plunkett's ability to achieve its objectives, and aims to anticipate and, where possible, manage risks rather than dealing wilh their unforeseen consequences. The Board ensures that the controls and systems of risk management are robust and defensible. The Senior Management Team has the primary responsibility for idenlifying the key risks to the business. Each risk is allocated an owner and scored in terms of its likelihood and impad, before and after mitigating actions, and is documented in a risk register. The Audit and Risk Committee, as a sub-committee of the Board, reviews the risk register and the adequacy of mitigating actions on a regular basis., the Committee reports to the Board qLsarterly. A comprehensive annual planning and budgeting process is approved by the Board. during which a thorough assessment of key external and internal risks is undertaken. The Board also receives risk evaluations on major new areas of activity. 11 rinp In. A1 a?A4RA7flA4AJAaAfnRf&GAf# ?QRnAI PLUNKETT FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 The risk management framework and register was most re￿ntlY reviewed in January 2024 by the Audit and Risk Committee. As at January 2024, the top three risks and their mitigations are- Risk Longer lerm financial outlook becomes less certain Mitigation Diversification of income streams Three-year forecasling Regular financial monitoring by SMT, Audit Risk Committee and Board Formation of investment rou HR policies and staff handbook Annual staff survey Pulse surveys Regular salary remuneration policy. Annual appraisals, line meeting and training reviews. Staff forum Extemal HR provider Exit interview Major staffing or capacity issues (e.g.loss of key sta members, low morale, long-term absence, dispules, rievance, tribunal case, staff leaving) benchmarking and managemen Funding insufficient to support Business Strategy Low risk budgets in place with high percentage of income secured Ongoing programme to diversify income and deliver new and sustainable funding streams Management of costs within budget and continuous monitoring financial performance Availability of contingency investmen income to hedge potential shortfall STATEMENT AS TO DISCLOSURE OF INFORMATION TO THE AUDITOR In so far as the Trustees are aware.. there is no relevant audit information of which the charitable company'5 auditor is unaware.. and the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. Following a retendering process, Critchleys were appointed as auditors al the 2021 AGM. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 12 nnn In. A1 d?R4RA7AA&A2rlQRfnfif44A11 ?ORpA19Aana2aF PLUNKETT FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 TRUSTEES. RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS The Trustees (who are also the directors of the charity for the purposes of company law) are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally AC￿pted Accounting Practice). Company law requires the Trustees to prepare finanGial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to- select suitable accounting policies and then apply them consistently. observe the methods and principles in Ihe Charities SORP 2019 (FRS 102)- make judgements and estimates thal are reasonable and prudent; state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial stalements, and 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 that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. SMALL COMPANY PROVISIONS This report has been prepared in accordance with the provisions applicable to companies entitled to the small ompanies exemption in Ihe Companies Act 2006. On behalf of the board on: S Nicol Trustee Date.. 1610712024 Reference and administrative details Plunkett UK is the operating name of Plunkett Foundation, a company limited by guarantee (No'.00213235) and charity registered in Scotland {SC 045932>, England & Wales ICC 313743). Registered office The Quadrangle Banbury Road Woodstock Oxford Oxfordshire OX20 1LH 13- nnv In- &1?A4A$I7AA4A￿AQRfnRfGfjFlffj ?aRpAI PLUNKETT FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees Trustees serving on the Board at the time the report is approved, including all those who served during the report period. Helen Aldis (Vice Chair) Alex Begg Sue Boer (retired 6 September 2023) Chris Coe Martin Collett (Chair of Governance and Nominations Committee) Alison Jeffers {elected 6 September 2023) Jeevan Jones (co-opted by the Board on 6 September 2023)" Professor Ruth McAreavey Stephen Nicol (Chair) Zanna Palchett Julian Ross (Vice Chair, retired 6 September 2023) Adrian Smith OBE (Vice Chair) (Chair of Audit and Risk Commiltee). 'Co-opted trustees are appointed to bring additional skills and expertise to the Board. Senior Management Team Personnel to whom the charity trLJslees delegate day to day management of the charity at the time the report is approved, including all those who served during the report period. James Alcock (Chief Executive and Company Secretary) Lewis Bowman Chris Cowcher Kathryn Morrison Harriet English Claire Spendley Auditor Critchleys Audit LLP Beaver House 23-38 Hythe Bridge Sl Oxford OX12EP Investment Advisors JM Finn & Co Ltd 25 Copthall Avenue London EC2R 7AH Sollcltors . Anthony Collins Solicilors 134 Edmund Street Birmingham B3 2ES Bankers The Co-operative Bank PO Box 250 Skelmersdale WN8 6WT 14 rinp In. AIA?R4RA7AA4A2rlQRmRf4qAf1 qafi￿al PLUNKETT FOUNDATION CRITCHLEYS INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF PLUNKETT FOUNDATION Oplnlon We have audited the financial statements of Plunkelt Foundation (the 'charity') for the year ended 31 December 2023 which comprise the statement of financial activities, Ihe balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accountsng Practice). In our opinion. the financial statements.. give a true and fair view of the State of the charitable company's affairs as al 31 December 2023 and of its incoming resources and application of resources, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice- and have been prepared in accordance with the requirements of the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts ISGOtlandl Regulations 2006 (as amended). Basis for oplnion We conducted our audit in accordance with Inlernational Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilit18s for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit eviden￿ we have oblained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not idenlified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of thi5 report. Other information The other information comprises the infomialion included in the annual report other than Ihe financial statements and our auditor's report thereon. The trustees are responsible for the olher information contained within Ihe annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material mi5Statements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other infomalion, we are required to report that fact. We have nothing to report in this regard. 15- rinp In- AIAqA4RA7rlAEA￿A0fifnAI￿4Af1 2QRTra19Atsp22AF PLUNKETT FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF PLUNKETT FOUNDATION Matters on which we are required to report by exceptlon We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulalion5 2008 and the Charities Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if, in our opinion.. the information given in the financial statements is inconsistent in any material respect wilh the trustees. report., or sufficient and proper accounling records have not been kept; or the financial statements are not in agreement with the accounting records., or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the statement of trustees, responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statemenls that are free from material misslatemenl, whelher due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitys ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable Gompany or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as audilor under section 144 of the Charities Act 2011 and section 44(11(¢l of the Charities and Trustee Investment (Scotlandl Act 2005 and report in accordance with the Acts and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities. including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows.. the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills; we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our knowledge and expertence., we assessed the extent of compliance with Ihe laws and regulations identified above through making enquiries of management and inspecting legal correspondence where applicable., and identified laws and regulations were communicaled within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 16- PLUNKETT FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF PLUNKETh FOUNDATION We assessed the susceptibility of the company's financial statements to material misstatement, including obtsining an understanding of how fraud mighl occur, by- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud., considering the internal controls in pla￿ to mitigate risks of fraud and non-compliance with laws and regulations- and To address the risk of fraud through management bias and override of controls, we.. performed analytical procedures to identify any unusual or unexpected relationships; tested journal entries to identify unusual transactions. assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias., and investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations. we designed procedures which included, but were not limited to- agreeing financial statement disclosures to underlying supporting documentation; reading the minutes of meetings of those charged with governance- enquiring of management as to actual and potential litigation and claims., reviewing relevant correspondence. There are inherent limitations in our audit procedures described above. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibililies is available on the Financial Reporting Council's web51te at: https=Il www.fr¢.org.uklauditorsresponsibilities. This description forms part of our auditor's report. Use of our report This report is made solely to the charity's trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008 and regulation 10 of the Charities Accounts (Scotlandl Regulations 2006. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required lo state to them in an auditor's report and for no other purpose. To the fullest extent pemitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's Irustees as a body, for our audit work, for this report, or for Ihe opinion we have fomied. Robert Klrtland (Senior Statutory Audltor) for and on behalf of Critchleys Audit LLP Chartered Accountants Statutory Auditor Beaver House 23-38 Hythe Bridge Street Oxford OX12EP Critchleys Audit LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Ad 2006. 17- nnr In. A1aq514RA7AAGAgflQfifllRfG4Af1 qQRDA4 PLUNKETT FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted Restrlcted funds funds 2023 2023 Total Unrestrlcted Restricted funds funds 2022 2022 Total 2023 2022 Notes Income and endowments from: Donalions and legacies Charitable activities Investmenls Other income 140,263 867,516 35,703 75,693 140,263 969,598 35,703 75,693 120,364 566,524 39,794 55,599 120,364 836,505 39,794 55,599 102,082 269,981 Total income 1,119,175 102,082 1,221,257 782,281 269.981 1,052,262 Charitable activities 1,185,438 102,082 1,287,520 780,762 310,846 1,091,608 Nel gainslllosses) on investments 11 15,937 15,937 {317,573) 1317,5731 Net expenditure and movement in funds (50,326) 150,3261 (316,0541 {40,865) {356,919) Reconciliation of funds: Fund balances at 1 January 2023 1,047,637 4,921 1,052,558 1.363,691 45,786 1,409,477 Fund balances at 31 December 2023 997,311 4,921 1.002,232 1,047,637 4,921 1,052,558 The statement of financial activities includes all gains and10sses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. 18- rinn In. d?A4Rf17AL49gAQRfnRf&4A+I 2QRpdl PLUNKETT FOUNDATION BALANCE SHEET AS AT31 DECEMBER 2023 2023 2022 Notes Fixed assets Tangible assets Investments 13 14 42,606 1,163,466 34,043 1,349,722 1.206,072 1.383,765 Current assets Debtors 15 85,205 53,771 Creditors: amounts falllng due within one year 17 (289,0451 (384,978) Net current liabilities (203,840) (331,2071 Total assets less current liabilities 1,002,232 1,052,558 The funds of the charlty Restricted income funds Unrestricted funds 18 20 4,921 997,311 4,921 1,047,637 1,002,232 1,052,558 The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2023, although an audit has been carried out under section 144 of the Charities Act 2011. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with resped to accounting records and the preparation of financial statements. The members have not required the company to obtsin an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the trustees on . 1210612024 S Nicol Trustee Company registration number 00213235 (England and Wales) 19- r)nr In- H4 A?A&RA7d214A?AQfifnRf44Afl ?QRrAI PLUNKETT FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Notes Cash flows from operating actlvities Cash absorbed by operations 23 (211,450) (342,8231 Investing activities Purchase of tangible fixed assets Purchase of investments Proceeds from disposal of investments Investment income received (16,2021 (225,4691 578,233 35,703 (2.022) (89.686) 89,000 39,794 Net cash generated from investlng activities 372,265 37,086 Net cash used in financing activities Net increaselldecrease) in cash and Gash equivalents 160,815 (305,7371 Cash and cash equivalents at beginning of year (95,160) 210,577 Cash and cash equlvalenls at end of year 65,655 (95,160) Relating to: Cash at bank and in hand Short term deposits included in investments Bank overdrafts included in creditors payable within one year 157,580 7,009 191,925) {102,169} -20- In- AIA2A4AR7AA4A?rlORfnRfE4Afl ?QRftal PLUNKETT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng policles Charlty Information Plunkett Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is The Quadrangle, Banbury Road, Woodstock, Oxfordshire, OX20 1 LH. 1.1 Accounting convention The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, the Charities and Trustee Investment (Scotlandl Act 2005, the Charities Accounts (Scotland) Regulations 2006 las amended), FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Going concern At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of aGGounting in preparing the financial statements. 1.3 Charltable funds UnreslriGted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity. 1.4 Income Income is recognised when the charity is legally enlitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on re￿ipt. other donations are recognised once the ¢harity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as Gontingent asset. Income from govemment and other grants. whether'capital, grants or'revenue, grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Membership income is recognised over the period to which it relate5. 21 Ir). A1A?A4RA7AAEA￿rfQfiInAfK￿Af1 9Qfindl PLUNKETT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng policies {Continued) 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The cosls of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not atlribulable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Deprecialion is recognised so as to write off Ihe cost or valuation of assets less their residual values over their useful lives on the following bases= Fixtures and fittings Computer Equipment Office Equipment 10% oncost 33 % on cost 20 % on cost or valuation The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.7 Fixed asset investments Fixed asset investments are initially measured at transaclion price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net incomel{expenditure) for the year. Transaction cosls are expensed as incurred. 1.8 Impairment of fixed assets At each reporting end date, the charity reviews the carrying amounts of ils tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). 1.9 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, olher short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.10 Financial inslruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to sel off the recognised amoun15 and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. -22- nnp In. A4 A?R4RA7AAEA2AoR+nfif44Af4 ?ORrA4 ?aanggAf PLUNKETT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (Continued) Baslc financial assets Basic financial assels, which include debtors and cash and bank balances, are initially measured at Iransaction price including transaclion costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaclion, where Ihe transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Baslc flnancial Ilabilltles Basic financial liabililies, including cre(5itors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently Garried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in Ihe ordinary Gourse of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognltlon of financial liabllities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.11 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's seNices are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 1.12 Retirement benefits Payments to defined Gontribution retirement benefit schemes are charged as an expense as they fall due. Critical accounting estimates and judgements In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience ani5 other factors that are considered to be relevant. Actual results may differ from these estimates. The estimate5 and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects bolh Gurrent and future periods. Key sources of estimatlon uncertainty Grant income Grant income received in advance is deferred in order to recognize income when the associated project costs have been incurred and the work has been done and in accordance with the terms agreed with the grant provider. -23- In. AIA?A4RA7Aa4AaAQRfnRf44AII 2QRrAI ?AtsnaaAF PLUNKETT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Income from donations and legacies Unrestricted funds 2023 Unrestricted funds 2022 Donations and gifts 140,263 120,364 Income from charitable activities Unrestricted Restricted funds funds 2023 2023 Total Unrestricted Restricted funds funds 2022 2022 Total 2023 2022 Project income Sponsorship and events Membership fees Other income 501,622 64,334 82,544 219,016 102,082 603,704 64,334 82,544 219,016 277,823 61,485 77,220 149,996 269,981 547,804 61,485 77,220 149,996 867,516 102,082 969,598 566,524 269,981 836,505 Income from investments Unrestricted Unrestricted funds funds 2023 2022 Income from listed investments 35,703 39,794 Other Income Unrestricted Unrestricted funds funds 2023 2022 Rental income Other income 12,490 63.203 9,367 46,232 75,693 55,599 -24- nnv In. AIA2A4AA7A14AJAQRfnRf44Afl ?afiral PLUNKETT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Charitable actlvlties Expenditure Expenditure 2023 2022 Direct Costs 353,867 216,449 Share of support costs (see note 8) Share of governance costs (see note 8) 925,153 8,500 866,909 8,250 1,287,520 1,091,608 Analysis by fund Unrestricted funds Restricted funds 1,185,438 102,082 780,762 310,846 1,287,520 1,091,608 -25- nr4n Iri. A1A?A4AK17AI4AarlQRfnfif44Afl ?QRp211 o In Ln o ¢XS CTJ O(N Q Ln N <£1 ui r*) OLnty￿r￿ltsO o)a)r V O(N O Lfi ￿- (Q (X in r ly [￿￿ co 00)(oN 4> ts) W (yj o (N ro o Ln ¢£1 o) o o) (D (N (N OOO￿LL￿_ PLUNKETT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees There were no trustees, remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022. Trustees. Expenses Trustees receive expense reimbursements during the year. A total of £1,244 was paid this year 12022 £1,592) 10 Employees The average monthly number of employees during the year was: 2023 Number 2022 Number Professional Administrative 18 16 Total 20 18 Employment costs 2023 2022 Wages and salaries Social security costs Other pension costs 629,013 61.345 31,145 569,692 55,877 26,701 721,503 652,270 The number of employees whose annual remuneralion was more than £60,000 is as follows: 2023 Number 2022 Number £60,001- £70,000 £70,001 - £80,000 11 Gains and losses on investments Unrestricted Unrestricted funds funds 2023 2022 Gainsl{losses) arising on.. Revaluation of investments 15,937 (317,573) 12 Taxation The charity is exempt from taxation on ils activities because all its income is applied for charitable purpose5. -27- nnp In. A1 a?AqRA7AIGAgAaRfnRfEGAII ?QfipAI PLUNKETT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 13 Tangible flxed assets Fixtures and fittings Computer Equlpment Office Equlpment Total Cost Al 1 January 2023 Additions 61,799 13,795 32,044 2,407 2,041 95,884 16,202 At 31 December 2023 75,594 34,451 2,041 112,086 Depreciation and Impairment At 1 January 2023 Depreciation charged in the year 29,736 6,502 30,064 1,137 2,041 61,841 7,639 At 31 December 2023 36,238 31,201 2,041 69,480 Carrying amount At 31 December 2023 39,356 3,250 42,606 At 31 December 2022 32,063 1,980 34,043 14 Fixed asset Investments Listed investments Cash in portfollo Total Cost or valuation Al 1 January 2023 Additions Valuation changes Disposals 1,342,713 225,469 15,937 (578,233) 7,009 1,349,722 225,469 166,508 {578,233) 150,571 At 31 December 2023 1,005,886 157,580 1,163,466 Carrying amount At 31 December 2023 1,005,886 157,580 1,163,466 At 31 December 2022 1,342,713 7,009 1,349.722 15 Debtors 2023 2022 Amounts falling due withln one year: Trade debtors Other debtors Prepayments and accrued income 45,443 21,928 17,834 35,745 18,026 85,205 53,771 -28- nnn Iri. Al d?A4RA7rlA4AaAQfifnRf&4Afl ?a•pJ2AF PLUNKETT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 16 Loans and overdrafts 2023 2022 Bank overdrafts 91,925 102,169 Payable within one year 91,925 102,169 The bank overdraft facility of £150,000 is secured by a fixed and floating charge over the assets of the charity. It incurs interest at a variable rate. 17 Creditors: amounts falling due within one year 2023 2022 Notes Bank overdrafts Other taxation and social security Deferred income Trade creditors Other creditors Accruals 16 91,925 36,803 107,269 33,207 6,321 13,520 102,169 16,964 224,279 24,678 5,609 11,279 289,045 384,978 Accruals and deferred income includes £72,186 (2022: £190,241) of income which relates to projects. The bank overdraft facility of £150,000 is secured by a fixed and floating charge over the assets of the charity. -29- nnr In- A4A?AfjRA7fl&i4R?AQRfnRf&4Af1 (DOO o) (Y) o o u)roo ¢£1 ¢D O O ts)uJoo Ln*oo oNcc ¢XS m C (D J pj co ts) 0￿￿)0 o CD w) cLE￿￿O(￿L PLUNKETT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 19 Analysls of net assels between funds Unrestricted funds 2023 Restricted funds 2023 Total 2023 Fund balan¢e5 at 31 December 2023 are represented by: Tangible assets Investments Current assetsl(liabilities) 42,606 1,163,466 (208,761) 42,606 1,163,466 (203,8401 4,921 997,311 4,921 1,002,232 Unrestricted funds 2022 Restricted funds 2022 Total 2022 Fund balances at 31 December 2022 are represented by.. Tangible assets Investments Current assetsl{liabilities) 34,043 1,349,722 (336,128) 34,043 1.349,722 1331,2071 4,921 1,047,637 4,921 1,052,558 20 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 1 January 2023 Incomlng resources Resources expended Transfers Gains and losses At31 December 2023 General funds 1,047,637 1,119,175 (1,185,438} 15,937 997,311 Previous year: At 1 January 2022 Incoming resources Resources expended Transfers Gains and losses At31 December 2022 Rural Communily Business Fund General funds 250,000 1,113,691 (250,000) 250,000 782,281 (780,762) {317,5731 1,047,637 1,363,691 782,281 (780,7621 (317,5731 1,047,637 -32- r)nn In- Al AgA4RA7AA4A2AafifnRf44Af1 PLUNKETT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 21 Operating lease commitments At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows- 2023 2022 Within one year Between two and five years In over five years 54,696 197,209 44,273 59,159 193,190 92,570 296,178 344,919 22 Related party transactlons The charity did not pay any amounts to Trustees in respect of services provided {2022: £Nill. There are no other related party transactions Ihat require disclosure under Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective 1 January 2015) - (Charities SORP {FRS 1021). 23 Cash generated from operatlons 2023 2022 Deficit for the year (50,326) (356,9191 Adjustments for: Investment income recognised in statement of financial activities Fair value gains and losses on investments Depreciation and impairment of tangible fixed assets (35,703) (15,937) 7,639 (39,7941 317,573 10,374 Movements in working capital: {Increase)Idecrease in debtors Increasel(decrease) in creditors (Decrease) in deferred income (31,434) 31,321 (117,010) 28,002 {98,687) (203,372) Cash absorbed by operatlons (211,450) (342,823) 33- rinp In- f11 d?AKRR7AdGA2AQfifnAf44Afl ?QRrAI X Dropbox Sign Audit trail Title Plunkett Accounts and LOR File name Letter of Rep.pdf and 1 other d14385687d458ad96f06f558f1396c4124ecaa46 Document ID Audit trail date format DDIMMIYYYY Status Signed Document history 1510712024 Sent for signature to Stephen Nicol (stephen.nicol@plunkett.co.ukl from kathryn.morrison@plunkett.co.uk IP.. 80.82.247.245 SFNT 12'.41.'48 UTC 1610712024 Viewed by Stephen Nicol (stephen.nicol@plunkett.co.uk) Ip.. 81.151.228.238 VIEWED 08:34.'39 UTC 1610712024 Signed by Stephen Nicol (stephen.nicol@plunkett.co.uk) IP- 81.151.228.238 SIGNED 08'.35.'43 UTC 1610712024 The document has been completed. 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