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2024-12-31-accounts

Charity registration number 313743 (England and Wales) Charity registration number 045932 (Scotland) Company registration number 00213235

PLUNKETT FOUNDATION

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

PLUNKETT FOUNDATION

CONTENTS

Page
Trustees' report 1 - 14
Independent auditor's report 15 - 18
Statement of financial activities 19
Balance sheet 20
Statement of cash flows 21
Notes to the financial statements 22 - 35

PLUNKETT FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024

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 (CC 313743).

Delivering against our vision for thriving, resilient and inclusive rural communities UK-wide

About Plunkett UK

We are a national charity with a vision for resilient, thriving and inclusive rural communities. We achieve this by supporting people throughout the UK to set up and run a wide range of community-owned businesses such as village shops and pubs, through to woodlands, farms and fisheries. We represent over 800 such businesses – all of which are genuinely owned by members of their local communities, whereby members have equal and democratic control. Our mission is to ensure these businesses create innovative, impactful and inclusive spaces benefiting everyone who lives and works there.

We are the only organisation dedicated to supporting rural community-owned businesses across the UK and currently represent over 800 trading community-owned businesses and almost another 800 in the process of setting up. At a practical level, our dedicated and expert team:

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. For example, we help community businesses to:

Once trading, community-owned businesses rarely fail, having a five-year survival rate of 99% and an over twentyyear survival rate of 94%.

Our Values:

Committed: We champion the community ownership model because of its track record for delivering better businesses for people, communities, the economy and the environment.

Inspiring: We share the success stories of rural community-owned businesses and encourage people to join this growing movement of people and organisations.

Inclusive: We provide an accessible service which is tailored to individual needs, and embed diversity, equity and inclusion in everything we do.

Collaborative: We build and work in partnerships with a range of people and organisations who share our values, to grow the reach and impact of our work.

PLUNKETT FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

A MESSAGE FROM OUR CHAIR

Despite a difficult backdrop of political change, uncertainty and continued economic challenges, the rural community ownership sector remained in good health during 2024. I am immensely proud of the role Plunkett UK played in ensuring this.

Overall, I was delighted that 30 new community businesses opened during 2024. We remain on target for our strategy objective for overall sector growth over the period 2022 to 2026. It was another busy year for our team: they assisted 302 community groups, including 174 from communities who were looking at community ownership for the first time. In total, over 4,600 hours 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. We remain vigilant to the financial challenges faced by many community businesses as staff costs rise and customers have shallower pockets.

I was delighted to attend our second national conference. Held at the Coin Street Centre in London in October, it was another opportunity to exchange experience, ideas and best practice across the sector. The Conference doubled-up with the Rural Community Business Awards ceremony, where the amazing stories about what is achieved by people in our sector were highlighted.

Both events were the success they were due to the dedication of our staff team, the support of sponsors, the businesses exhibiting and of course all those community business who attended.

By the end of 2024, Plunkett represented 828 trading community owned businesses – the majority of which are based in and serving rural communities. There were a further 797 potential businesses in the pipeline, many of whom will eventually start trading. I am also pleased to report Plunkett’s highest ever level of membership – 696 in total – of which 484 are community owned businesses. Our ambition to support and represent a national movement of rural community businesses has become a reality.

The challenges facing rural shops, including accessing wholesaling, has been apparent for some time. I was delighted to see Plunkett take real leadership in this important field and instigate the taskforce into the future of rural retail towards the end of 2024.

An important development during 2024 was the growth in Plunkett’s work on placemaking, which is very much supported by Trustees. Progress on many new housing developments will be needed to meet the new government’s ambitious housebuilding agenda. We see an important and growing role for Plunkett, building on our experience, in ensuring early thinking and then action in developing communities in these new places.

2024 of course saw a General Election and change of government in July. Prior to the General Election we had been assiduously working across the political spectrum to encourage all parties to embrace and support community business. This behind the scenes work bore fruit as the new Government took on board our suggestions in respect of introducing a “right to buy” for communities for key assets. There is also a commitment to double the size of the UK’s co-operative and mutuals sector which we welcome. Since the General Election, our team has been engaging closely with the new government on these policy pledges. The launch of our Better Form of Business Report at an extremely well-attended event in the House of Lords in October highlighted our growing influence.

We were of course sad to see the pause and then end of the Community Ownership Fund which has been so important in helping communities acquire and develop assets. Plunkett is hopeful that a replacement programme will be worked up.

I would like to thank all our partners for their continued financial and in-kind support. This includes our long-term 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.

PLUNKETT FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Although Plunkett made a small operating loss in 2024, overall I am confident that our finances are in robust shape. In line with our strategy, the team has worked diligently and successfully over the last few years to diversify our income sources. However, as with other charities, this remains challenging work and developing new income sources takes time. Trustees remain focussed to ensure Plunkett remains in a sound financial position going forward as we start to gear up for a refresh of our strategy.

It has been a busy year for our Trustees who continue to ensure good governance and oversight. I 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 to Chris Coe - a long-standing Trustee who also had a spell as Treasurer - but pleased to welcome Gordon Hector and Helen Jackson as co-opted Trustees who bring new experience and expertise to the organisation. My thanks, as ever, to all the staff and advisers at Plunkett led by James Alcock and his excellent senior leadership team.

In my last year as Chair, I look forward to Plunkett continuing to support a community business network that makes such a difference: delivering significant social, environmental and economic impact in communities – both small and large – across the UK.

SN

PLUNKETT FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

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 2024. The trustees have adopted 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 102) (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:

Our Aims and Objectives:

Our organisational strategy articulates how we will deliver against our charitable objectives (our purpose) through a vision and mission statement:

Our vision is for resilient, thriving and inclusive rural communities throughout the UK.

Working towards this vision, our mission is to work with community-owned businesses to create innovative, 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 to 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 benefit a greater diversity of people.

Our Activities:

We undertake four main activities to ensure our work delivers against our aims and objectives and reflects the purpose we were set up to further:

The following section of this report (Significant Achievements) reviews our progress against these activities in 2024.

PLUNKETT FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

OUR ACHIEVEMENTS AND PERFORMANCE IN 2024

Our significant activities and achievements

1. Providing a ‘universal’ community business service:

We continued to deliver a universal community business service – meaning we support all types of communityowned businesses, at all stages of their journey of setting up or running, and across all areas of the UK – with an additional commitment to never turn any eligible community away.

The service consists of:

In line with our strategic objective to grow the sector, we are proud of the following continued growth in 2024, including:

In line with our strategic objective to grow the impact of the sector, all applications for business support are assessed and prioritised against their potential to:

We are grateful to all our funders who enabled us to maintain this service and achieve a further strategic objective in reaching all parts of the UK, especially those whether the community ownership model is underserved. Whether that is through dedicated programmes of activity such as from the Scottish Government towards community pubs, and a start-up programme funded by the Cambridgeshire and Peterborough Combined Authority; funding from the Dulverton Trust has enabled additional investment in the devolved nations including live translation of Welsh webinars and events; through to core funding from the National Lottery Community Fund, Highway One Trust, Garfield Weston and Esmée Fairbairn Foundation.

2. Delivering a service of information, policy 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 this model of business can flourish in communities UKwide. 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 sector “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 advocacy efforts and respond to specific consultations.

With an impending UK general election taking place, Plunkett attended the Labour Party and Conservative Party conferences to continue building relationships with politicians across the house. Since the election, we have engaged with rural MPs across the political spectrum and encouraged MPs into Plunkett membership. We have responded to all relevant government consultations and our core policy asks consisting of:

PLUNKETT FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

We actively participated in national partnerships which champion the social economy, led by organisations including Access, Better Society Capital, Social Enterprise UK, as well as nation-specific forums such as the Scottish Government’s Scottish Rural Network Unit, the Senedd Task and Finish Group on Community Asset Transfers, and the Welsh Community Ownership Group consortium.

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 sector in the media. Last year Plunkett and the community business sector was covered in at least 150 media features, including pieces on BBC and independent television and radio programmes, including Countryfile, The One Show and Radio 4, and in national papers, such as The Times and The Express. Our social media presence also continued to grow in 2024, with our networks across X, Bluesky, Facebook, Instagram and LinkedIn having a collective following of over 22,000.

3. Ensuring the effective and efficient operations 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 context of diversifying our income and reducing our dependency on traditional grant income.

Reassuringly, grant income remains an active revenue stream for Plunkett which in 2024 included major programmes and funding from the Community Ownership Fund, Esmée Fairbairn Foundation, National Lottery Community Fund, Dulverton Trust, and Garfield Weston to name just a few. We have also proactively invested in newer areas of income generation including fee-based services including membership, training and consultancy; and corporate partnerships which generate consultancy income and sponsorship. A particular growth area has been working with partners in the housing and construction industry primarily providing our expertise to integrate community-owned services into new and proposed developments. Our first completion of this is a communityowned shop and café delivered in partnership with Thakeham Homes 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 benefits and services 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 of £119,000 in the strategy period. The senior team and Trustees remain optimistic that the strategy is working, and that there is clear potential to achieve break-even results. 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.

In our strategy, we have placed equity, diversity and inclusion at the heart of Plunkett’s operations, as well as making it a priority for the impact we want to facilitate within the community business sector. To enable our effective operation, we continue to review existing and implement new policies which, in 2024, included Carer’s Leave, Domestic Abuse and Sustainable Travel. Our induction and recruitment processes are continuously reviewed and amended based on feedback from new recruits. We recruited an Impact Officer in early 2025 with an objective to extend some of our learnings and best practice within the community business network.

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 to respond and advocate for minoritised groups.

PLANS FOR 2025 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:

PLUNKETT FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

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 the 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 with 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:

FINANCIAL REVIEW

Our reserves policy is designed to ensure the long-term continuity of support for rural community businesses in the event that Plunkett faced serious funding and/or operational challenges. The policy calculates a reserve value that would be sufficient to:

  1. Pay its creditors and fulfil all our other financial obligations;

  2. 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

  3. Allow for a future re-launch of the organisation to ensure our important and unique support for rural communities can be continued at a later date.

  4. 7 -

PLUNKETT FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

The reserves policy is reviewed annually and was last approved in March 2025. The policy determined a reserves level requirement of £898,717 for 2025. 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:

As at December 2024, Plunkett had total reserves of £1.017m and free reserves of £0.997m. This figure is higher than the requirement of our reserves level. The trustees agreed in March 2025, that extra reserves were required to provide a contingency, as whilst a break-even budget was predicted, there was global uncertainty and along with an internal restructuring there were higher levels of uncertainty and associated risk.

Investment Performance

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 31[st] December 2024, the portfolio returned +6.0%, ahead of the 70% equities/30% gilts comparator return of +5.5%. Over the same period, the ARC Steady Growth Index returned +8.8%, the FTSE All-Share Index +9.5% and the FTSE UK Gilt Index -3.3%, while CPI+2% was +4.6%. Over the 19 years to 31[st] December 2024, a return of +194.6% was generated, whilst the 19 year annualised return stood at +5.9% per annum. All figures total return (portfolio figures are net of fees). At 31[st] December 2024 the portfolio had a gross income yield 2.8%.

Over the course of 2024 the ongoing strength in the US economy meant that the US Federal Reserve had to delay interest rate cuts, while elsewhere around the world GDP growth underwhelmed. This in turn permitted US growth shares to continue to out-perform, and interest rate sensitive stocks and strategies did not see the rebound that many had expected. President Trump’s election victory in November further fuelled the rally in US growth shares, while the UK budget crushed both business and consumer confidence. Going forwards the market and investors remain nervous of US government policies, particularly in imposing large tariffs on its neighbours and largest trading partners, while the constant change in policies also makes planning and forecasting an increasing challenge.

In early 2025 the investment working group undertook a thorough review of the existing investment policy and investment approach for approval by the Board in June 2025. As part of the review, the relationship with the investment manager will be reviewed and the contract put out to a competitive tender in Autumn 2025.

Fundraising

Plunkett has been registered with the Fundraising Regulator since 2019 since which time, community fundraising has become embedded as part of Plunkett’s broader sustainable income strategy to generate funds from multiple sources including projects, grants, consultancy, membership and corporate partnerships. Although generating a modest return, our rationale for community fundraising is not just to generate income, but to forge stronger relationships with partners and the communities in which we operate. For example, a number of corporate partners undertook fundraising activities on our behalf, including climbing the national three peaks and workplace raffles and lotteries. Plunkett itself also delivered a number of fundraising activities including a charity auction, and festive raffles in partnership with community businesses. Our community fundraising activities generated a collective total of over £23,900 during the year.

PLUNKETT FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

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.

Membership

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.

Recruitment 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 attract 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 undergo orientation with 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 term of office a Trustee who is willing to continue in office may, if the Trustees think fit, be re-appointed for a further term. 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 serve one further term beyond that period and that Trustee is reappointed in accordance with 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 Nominations Committee oversees Plunkett’s non-financial policy development and management, as well matters relating to governance and Trustee recruitment.

PLUNKETT FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

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 concerns 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 external Governance reviews, the previous being in 2021. An independent review was conducted in Spring 2024 and confirmed:

The review also highlighted the following areas for further review and development:

Organisational Structure

The Trustees direct the strategic affairs of Plunkett and delegate the day-to-day operations to a Chief Executive. James Alcock has served in the role of Chief Executive since 2017 and as Company Secretary.

The Chief Executive is supported by an Executive Team consisting of Harriet English, Deputy Chief Executive and Kathryn Morrison, Chief Operating Officer. As of 1 January 2025, the organisation itself is structured into four operational teams consisting of a Partnerships, External Affairs, Community Business and Operations.

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 businesses 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 commitments as required. We celebrate our differences and ensure everyone is heard, respected and valued. We have a commitment 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 to 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.

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. Staff benefits are continually reviewed and a trial around ad hoc flexible working hours was successfully conducted in the Summer of 2024 and was adopted in the Autumn. The remuneration policy was reviewed and approved by the Board in April 2025.

PLUNKETT FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

The pay bands, approved as at April 2024, are as follows:

Charity Governance Code

Plunkett has adopted the Charity Code of Governance and undertakes an annual self-assessment against the Code. The most recent self-assessment completed during 2024 provided assurance of continued compliance with the Code.

ESG Framework

Plunkett is dedicated to improving lives and communities, aiming for a better world. Our decisions and actions empower and inspire the communities we support. To demonstrate our commitment to social justice and our positive impact on society and the planet, we have developed an Environmental, Social, and Governance (ESG) framework. The key points of the ESG Framework are :

E Reducing our environmental impact. S Championing EDI, social responsibility and ethical decision-making.

G Ensuring good governance to drive positive change within our organisation and network.

We will continue to integrate ESG considerations into all aspects of Plunkett’s operations, from strategy, decisionmaking and policy development to daily activities. Sustainability and ethical practices will be at the core of our work, aligning with our charitable goals and demonstrating responsible stewardship to our members and wider network.

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 with their unforeseen consequences. The Board ensures that the controls and systems of risk management are robust and defensible.

The Senior Leadership Team has the primary responsibility for identifying the key risks to the business. Each risk is allocated an owner and scored in terms of its likelihood and impact, 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 quarterly. 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.

PLUNKETT FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

The risk management framework and register was most recently reviewed in February 2025 by the Audit and Risk Committee. As at February 2025, the top three risks and their mitigations are:

Risk Mitigation
Longer term financial outlook becomes less certain ·
Diversification of income streams
·
Three-year forecasting
·
Regular financial monitoring by SMT, Audit &
Risk Committee and Board
·
Formation of investmentgroup
Major staffing or capacity issues (e.g. Loss of key
staff members, low morale, long-term absence,
disputes, grievance, tribunal case, staff leaving)

·
HR policies and staff handbook
·
Annual staff survey
·
Pulse surveys
·
Regular
salary
benchmarking
and
remuneration policy
·
Annual
appraisals,
line
management
meeting and training reviews
·
External HR provider
·
Exit interview
Failure of IT or telephony could affect the ability of
the team to function
·
External IT / telephony support contracts in
place
·
Teams phones implemented in 2024
·
Budget provision for IT infrastructure
·
Business Continuity Plan and SMT Ops
meeting

STATEMENT AS TO DISCLOSURE OF INFORMATION TO THE AUDITOR

In so far as the Trustees are aware:

Following a retendering process, Gravita were appointed as auditors at 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.

PLUNKETT FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

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 Accepted Accounting Practice).

Company law requires the Trustees to prepare financial 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:

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 companies exemption in the Companies Act 2006.

On behalf of the board on: .............................. Uh Ma

S Nicol

Trustee

11 June 2025 Date: .............................................

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 (CC 313743).

Registered office

The Quadrangle Banbury Road Woodstock Oxford Oxfordshire OX20 1LH

PLUNKETT FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Trustees

Trustees serving on the Board at the time the report is approved, including all those who served during the report period.

*Co-opted trustees are appointed to bring additional skills and expertise to the Board.

Senior Management Team

Personnel to whom the charity trustees delegate day to day management of the charity at the time the report is approved, including all those who served during the report period.

Auditor

Investment Advisors

Solicitors

Bankers

PLUNKETT FOUNDATION

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF PLUNKETT FOUNDATION

Opinion

We have audited the financial statements of Plunkett Foundation (the ‘charity’) for the year ended 31 December 2024 which comprise the statement of financial activities, the 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 Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities 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 evidence we have obtained 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 identified 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 this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the 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 misstatements, 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 information, we are required to report that fact.

We have nothing to report in this regard.

PLUNKETT FOUNDATION

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF PLUNKETT FOUNDATION

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 and the Charities Accounts (Scotland) Regulations 2006 require us to report to you if, in our opinion:

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 statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s 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 company 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 auditor under section 144 of the Charities Act 2011 and section 44(1)(c) of the Charities and Trustee Investment (Scotland) 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 (UK) 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.

PLUNKETT FOUNDATION

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF PLUNKETT FOUNDATION

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:

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

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 responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. 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 (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Robert Kirtland (Senior Statutory Auditor)

For and on behalf of Gravita Audit Oxford LLP, Statutory Auditor Chartered Accountants First Floor, Park Central 40-41 Park End Street Oxford

OX1 1JD Date: .........................1/7/2025

PLUNKETT FOUNDATION

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF PLUNKETT FOUNDATION

Gravita Audit Oxford 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 Act 2006.

PLUNKETT FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2024

Unrestricted
Restricted
funds
funds
2024
2024
Notes
£
£
Income and endowments from:
Donations and legacies
3
130,552
-
Charitable activities
4
917,043
281,268
Investments
5
42,402
-
Other income
6
53,863
-
Total income
1,143,860
281,268
Expenditure on:
Charitable activities
7
1,252,946
185,852
Total expenditure
1,252,946
185,852
Net gains/(losses) on
investments
12
29,018
-
Net income/(expenditure)
(80,068)
95,416
Transfers between
funds
(26,643)
26,643
Net movement in
funds
9
(106,711)
122,059
Reconciliation of funds:
Fund balances at 1 January
2024
997,311
4,921
Fund balances at 31
December 2024
890,600
126,980		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
130,552
140,263
-
1,198,311
867,516
102,082
42,402
35,703
-
53,863
75,693
-
1,425,128
1,119,175
102,082
1,438,798
1,185,438
102,082
1,438,798
1,185,438
102,082
29,018
15,937
-
15,348
(50,326)
-
-
-
-
15,348
(50,326)
-
1,002,232
1,047,637
4,921
1,017,580
997,311
4,921		 Total
2023
£
140,263
969,598
35,703
75,693
1,221,257
1,287,520
1,287,520
15,937
(50,326)
-
(50,326)
1,052,558
1,002,232

The statement of financial activities includes all gains and losses 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.

PLUNKETT FOUNDATION

BALANCE SHEET

AS AT 31 DECEMBER 2024

2024 2023
Notes £ £ £ £
Fixed assets
Tangible assets 14 35,155 42,606
Investments 15 1,057,199 1,163,466
1,092,354 1,206,072
Current assets
Debtors 16 59,260 85,205
Cash at bank and in hand 127,186 -
186,446 85,205
Creditors: amounts falling due within 18
one year (261,220) (289,045)
Net current liabilities (74,774) (203,840)
Total assets less current liabilities 1,017,580 1,002,232
The funds of the charity
Restricted income funds 20 126,980 4,921
Unrestricted funds 21 890,600 997,311
1,017,580 1,002,232

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 2024, 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 respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain 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.

11 June 2025

The financial statements were approved by the trustees on .........................

Uh .............................. Ma

..............................

S Nicol

Trustee

Company registration number 00213235 (England and Wales)

PLUNKETT FOUNDATION

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

2024
Notes
£
Cash flows from operating activities
Cash generated from/(absorbed by)
operations
25
Investing activities
Purchase of tangible fixed assets
(2,333)
Purchase of investments
(274,611)
Proceeds from disposal of investments
257,049
Investment income received
42,402
Net cash generated from investing activities
Net cash generated from financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
Relating to:
Cash at bank and in hand
Short term deposits included in investments
Bank overdrafts included in creditors payable
within one year		 2023
£
£
£
43,757
(211,450)
(16,202)
(225,469)
578,233
35,703
22,507
372,265
-
-
66,264
160,815
65,655
(95,160)
131,919
65,655
127,186
-
4,733
157,580
-
(91,925)

PLUNKETT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

Charity 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 1LH.

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 (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as 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 accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted 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 entitled 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 receipt. Other donations are recognised once the charity 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 a contingent asset.

Income from government 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 relates.

PLUNKETT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting 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 costs 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 attributable 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.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings 10% on cost Computer Equipment 33% on cost Office Equipment 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 transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its 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, other 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 instruments

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 set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

PLUNKETT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

(Continued)

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the 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.

Basic financial liabilities

Basic financial liabilities, including creditors 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 carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course 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.

Derecognition of financial liabilities

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 services 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 contribution retirement benefit schemes are charged as an expense as they fall due.

2 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 and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates 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 both current and future periods.

Key sources of estimation 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.

PLUNKETT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

3 Income from donations and legacies

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Donations and gifts 130,552 140,263

4 Income from charitable activities

Unrestricted
Restricted
funds
funds
2024
2024
£
£
Project income
455,487
281,268
Sponsorship and events
42,500
-
Membership fees
98,999
-
Other income
320,057
-
917,043
281,268		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
736,755
501,622
102,082
42,500
64,334
-
98,999
82,544
-
320,057
219,016
-
1,198,311
867,516
102,082		 Total
2023
£
603,704
64,334
82,544
219,016
969,598

5 Income from investments

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Income from listed investments 42,402 35,703
Other income
Unrestricted Unrestricted
funds funds
2024 2023
£ £
Rental Income 12,900 12,490
Consultancy Income 40,963 63,203
53,863 75,693

6 Other income

PLUNKETT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

7 Charitable activities

Expenditure Expenditure
2024 2023
£ £
Direct Costs 426,322 353,867
Share of support costs (see note 8) 1,004,051 925,153
Share of governance costs (see note 8) 8,425 8,500
1,438,798 1,287,520
Analysis by fund
Unrestricted funds 1,252,946 1,185,438
Restricted funds 185,852 102,082
1,438,798 1,287,520

PLUNKETT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

8 Support costs

Support costs
Staff costs
Depreciation
Central and office costs
Other administrative costs
Trustee meetings and costs
Financial and professional
Bad Debt
Irrecoverable VAT
Audit fees
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
810,710
-
9,787
-
129,314
-
18,437
-
6,101
-
18,999
-
-
-
10,703
-
-
8,425
1,004,051
8,425
1,004,051
8,425		 2024Support costs Governance
costs
£
£
£
810,710
721,503
-
9,787
7,639
-
129,314
123,830
-
18,437
40,073
-
6,101
2,883
-
18,999
14,662
-
-
1,293
-
10,703
13,270
-
8,425
-
8,500
1,012,476
925,153
8,500
1,012,476
925,153
8,500		 2023
£
721,503
7,639
123,830
40,073
2,883
14,662
1,293
13,270
8,500
933,653
933,653

PLUNKETT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

9 Net movement in funds 2024 2023
£ £
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements 8,425 8,500
Depreciation of owned tangible fixed assets 9,787 7,639

10 Trustees

There were no trustees’ remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023.

Trustees’ Expenses

Trustees receive expense reimbursements during the year. A total of £1,876 was paid this year (2023 - £1,244)

11 Employees

The average monthly number of employees during the year was:

Professional
Administrative
Total
Employment costs
Wages and salaries
Social security costs
Other pension costs
The number of employees whose annual remuneration was more than £60,000
is as follows:
£70,001 - £80,000
£80,001 - £90,000		 2024
Number
20
2
22
2024
£
705,463
64,579
40,668
810,710
2024
Number
-
1		 2023
Number
18
2
20
2023
£
629,013
61,345
31,145
721,503
2023
Number
1
-

PLUNKETT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

12 Gains and losses on investments

Unrestricted Unrestricted
funds funds
2024 2023
Gains/(losses) arising on: £ £
Revaluation of investments 29,018 15,937

13 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

14 Tangible fixed assets

Fixtures and
fittings
Computer
Equipment
Office
Equipment
£
£
£
Cost
At 1 January 2024
75,594
34,454
2,041
Additions
-
2,333
-
At 31 December 2024
75,594
36,787
2,041
Depreciation and impairment
At 1 January 2024
36,238
31,201
2,041
Depreciation charged in the year
7,766
2,021
-
At 31 December 2024
44,004
33,222
2,041
Carrying amount
At 31 December 2024
31,590
3,565
-
At 31 December 2023
39,356
3,250
-		 Total
£
112,089
2,333
114,422
69,480
9,787
79,267
35,155
42,606

PLUNKETT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

15 Fixed asset investments

Listed
investments
£
Cost or valuation
At 1 January 2024
1,005,886
Additions
274,611
Valuation changes
29,018
Disposals
(257,049)
At 31 December 2024
1,052,466
Carrying amount
At 31 December 2024
1,052,466
At 31 December 2023
1,005,886
16
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
17
Loans and overdrafts
Bank overdrafts
Payable within one year		 Cash in
portfolio
£
157,580
-
(152,847)
-
4,733
4,733
157,580
2024
£
19,005
28,326
11,929
59,260
2024
£
-
-		 Total
£
1,163,466
274,611
(123,829)
(257,049)
1,057,199
1,057,199
1,163,466
2023
£
45,443
21,928
17,834
85,205
2023
£
91,925
91,925

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.

PLUNKETT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

18 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Notes
Bank overdrafts
17
Other taxation and social security
Deferred income
Trade creditors
Other creditors
Accruals		 2024
£
-
20,304
197,840
23,448
8,105
11,523
261,220		 2023
£
91,925
36,803
107,269
33,207
6,321
13,520
289,045

Deferred income includes £160,711 (2023: £72,186) 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.

19 Retirement benefit schemes
2024 2023
Defined contribution schemes £ £
Charge to profit or loss in respect of defined contribution schemes 40,668 31,145

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

PLUNKETT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

20 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

Movement in funds
Balance at
1 January 2023
Incoming
resources
Resources
expended
Balance at
1 January 2024
r
£
£
£
£
The National Lottery Community Fund
4,921
-
-
4,921
Power to Change Trust
-
-
-
-
Hopkins Homes
-
5,000
(5,000)
-
MTAP II Capital repayments
-
53,586
(53,586)
-
CPCA
-
23,496
(23,496)
-
Smiths of Bletchingdon
-
2,000
(2,000)
-
Festival Bars Limited
-
18,000
(18,000)
-
East of England Community Pubs Network
-
-
-
-
Scottish Government
-
-
-
-
4,921
102,082
(102,082)
4,921		 Movement in funds
Incoming
esources
Resources
expended
£
£
-
(4,921)
25,000
(4,818)
-
-
-
-
180,771
(108,413)
-
-
22,000
(22,000)
3,900
(3,900)
49,597
(41,800)
281,268
(185,852)		 Transfers
Balance at
31 December
2024
£
£
-
-
-
20,182
-
-
-
-
-
72,358
-
-
-
-
-
-
26,643
34,440
26,643
126,980		 Transfers
Balance at
31 December
2024
£
£
-
-
-
20,182
-
-
-
-
-
72,358
-
-
-
-
-
-
26,643
34,440
26,643
126,980
126,980

PLUNKETT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

20 Restricted funds

(Continued)

The Hopkins Plunkett Communities Scheme represents monies that were provided by Hopkins Homes (now Denbury Homes) to support Community Businesses in the East of England with enhanced business support to adapt to new Covid-19 trading rules and regulations.

MTAP II Capital repayments represents loan monies recycled from the More Than a Pub programme to be utilised to support the community pub sector in the UK.

CPCA represents funds restricted to Cambridgeshire & Peterborough Combined Authority.

Smiths of Bletchingdon represents donations specifically for a community business located near the company.

Festival Bars Limited represents donations specifically for a community business located near the company.

Scottish government represents funds restricted to spend in Scotland.

Power to change trust represents funds restricted to the information hub project.

East of England Community Pubs Network represents funds restricted to spend in the East of England.

PLUNKETT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

21 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
General funds
Previous year:
At
General funds		 1 January
2024
Incoming
resources
Resources
expended
£
£
£
997,311
1,143,860
(1,252,946)
1 January
2023
Incoming
resources
Resources
expended
£
£
£
1,047,637
1,119,175
(1,185,438)		 Transfers
Gains and
losses
At 31
December
2024
£
£
£
(26,643)
29,018
890,600
Transfers
Gains and
losses
At 31
December
2023
£
£
£
-
15,937
997,311

22 Analysis of net assets between funds

Unrestricted
Restricted
funds
funds
2024
2024
£
£
At 31 December 2024:
Tangible assets
35,155
-
Investments
1,057,199
-
Current assets/(liabilities)
(201,754)
126,980
890,600
126,980
Unrestricted
Restricted
funds
funds
2023
2023
£
£
At 31 December 2023:
Tangible assets
42,606
-
Investments
1,163,466
-
Current assets/(liabilities)
(208,761)
4,921
997,311
4,921		 Total
2024
£
35,155
1,057,199
(74,774)
1,017,580
Total
2023
£
42,606
1,163,466
(203,840)
1,002,232

PLUNKETT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

23 Operating lease commitments

Lessee

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:

Within one year
Between two and five years
In over five years		 2024
£
54,696
147,024
-
201,720		 2023
£
54,696
197,209
44,273
296,178

24 Related party transactions

The charity did not pay any amounts to Trustees in respect of services provided (2023: £Nil).

There are no other related party transactions that require disclosure under Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) – (Charities SORP (FRS 102)).

25 Cash generated from/(absorbed by) operations

Cash generated from/(absorbed by) operations
Surplus/(deficit) for the year
Adjustments for:
Investment income recognised in statement of financial activities
Fair value gains and losses on investments
Depreciation and impairment of tangible fixed assets
Movements in working capital:
Decrease/(increase) in debtors
(Decrease)/increase in creditors
Increase/(decrease) in deferred income
Cash generated from/(absorbed by) operations		 2024
2023
£
£
15,348
(50,326)
(42,402)
(35,703)
(29,018)
(15,937)
9,787
7,639
25,942
(31,434)
(26,471)
31,321
90,571
(117,010)
43,757
(211,450)