POORS PLATT
FINANCIAL STATEMENTS FOR THE YEAR ENDED 315T DECEMBER 2023
SOMERBYS LIMITED CHARTERED ACCOUNTANTS 30 NELSON STREET LEICESTER LE1 7BA
POORS PLATT
Contents
| Page | |
|---|---|
| Charity Particulars | 1 |
| Trustees’ Annual Report | 2-4 |
| Independent Examiner’s Report | 5 |
| Statement of Financial Activities | 6 |
| Statement of Financial Activities~ prior year | 7 |
| Balance Sheet | 8 |
| NotestotheFinancialStatements | 9-14 |
POORS PLATT
1
REGISTERED CHARITY NO: 503580
| Trustees | Mr D Bendell |
|---|---|
| Mrs E Hemsley | |
| CouncillorM Hulbert (retired 17"August2023) | |
| Councillor Mrs CGreen (appointed 17"August2023) | |
| Mrs C Philipson | |
| Mr C Sewell | |
| Ms Dianne Tingay | |
| Revd P Watson | |
| MrA Wheeler | |
| PrincipalAddress | 20a Millstone Lane |
| Leicester | |
| LE1 5JN | |
| Bankers | NatWest Bank |
| 13 The Borough | |
| Hinckley | |
| LE10 INL | |
| Stockbrokers | CCLA |
| Senator House | |
| 85 Queen Victoria Street | |
| London | |
| EC4V 4ET | |
| Independent Examiner | MrAWest FCA |
| Somerbys Limited | |
| 30 Nelson Street | |
| Leicester | |
| LE1 7BA | |
| Administrator | Charity Link (LeicesterCharityOrganisation Society) |
| 20a Millstone Lane | |
| Leicester | |
| LE15JN |
2
POORS PLATT
ANNUAL REPORT
3157 DECEMBER 2023 Dalgraa
The Trustees present their report and accounts for the year ended 315* December 2023. This report is prepared in accordance with the Charity Instrument and the recommendations of the Statement of Recommended Practice — Accounting and Reporting by Charities and complies with applicable law.
Objects
The principal object of the Charity is to assist poor persons who live in the ancient or ecclesiastical parish of Barwell by way of grants and other payments. This may include grants to charitable organisations for the benefit of such persons. In the event that the income in any one year cannot be applied in the above manner, the Charity may apply its income for such charitable purposes for the benefit of the inhabitants of the parish as they think fit, including the provision and maintenance of suitable community buildings.
Structure, Governance and Management
The Charity was established under a Charity Commission Scheme dated 1962.
Trustees
Details of the Trustees can be found on page 1.
Appointment of Trustees
The body of Trustees, when complete, consists of nine Trustees of whom two are Nominative Trustees, three are Ex-Officio Trustees and four are Co-optative Trustees. Nominative Trustees are appointed by Hinckley and Bosworth Borough Council. Co-optative Trustees are appointed by the Board of Trustees at a Special Meeting. Ex-officio Trustees are the Rector and Churchwardens of the Parish of Barwell.
New Trustees are provided with copies of the Charity Scheme and most recent Accounts. They are also briefed on their legal obligations under charity laws, and on the content of the governing document of the Charity, together with the decision making processes and recent financial performance.
Public Benefit
The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity’s aims and objectives and in planning future activities.
3
POORS PLATT
ANNUAL REPORT (CONTINUED) 315° DECEMBER 2023 aa
Administration and Meetings
The Charity engages the services of Charity Link {Leicester Charity Organisation Society), who act as Clerk to the Trustees, to look after the day to day functions and arrange meetings of the Board of Trustees. The Trustees meet quarterly each year.
Risk Management
The Trustees continue to assess the major risks to which the Charity is exposed and are satisfied that systems are in place to mitigate exposure to these risks. The main risk to the Charity is considered to be fluctuations in investment performance. Investment Managers are appointed, who report to the Trustees on a regular basis, and the Trustees review and monitor investment performance at their quarterly meetings.
Achievements and Performance:
Grants
The number of grants awarded and paid to individuals and institutions during the year was 21, which compared with 32 during 2022.
The total of grants paid was £20,017, compared with £21,418 during the previous year.
investments
The Trustees have wide powers to invest money in the purchase of stocks, shares, funds, securities or other investments at their absolute discretion.
The investments are reviewed in conjunction with the Stockbrokers on a regular basis. At the year-end, the market value of the investment portfolio was £863,007 compared with £797,231 a year earlier. There were net gains on investments of £65,776 compared to net losses of £106,509 last year.
Financial Review
The Statement of Financial Activities on page 6 shows unrestricted incoming resources of £28,343 (2022 = £28,178) and unrestricted total expenditure of £30,606 (2022 - £29,291) resulting in a net decrease in unrestricted funds of £2,263 (2022 - decrease of £1,113). The charity's total assets at the year-end amounted to £901,649 of which £24,479 was unrestricted. The principal source of the Charity’s unrestricted funds is investment income.
4
POORS PLATT
ANNUAL REPORT (CONTINUED) 315' DECEMBER 2023
Reserves Policy
it is the policy of the Trustees to maintain unrestricted funds, which include the free reserves of the Charity, at a level which, in the event of a significant fall in income, would provide sufficient funds to meet the ongoing operating expenditure. It is the Trustees’ opinion that an appropriate level of free reserves was held at the year end.
Statement of Trustees’ Responsibilities
The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards.
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that period. In preparing these financial statements, the Trustees are required to:
-
e Select suitable accounting policies and apply them consistently;
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e Observe the methods and principles in the Charities’ SORP;
-
e Make judgements and estimates that are reasonable and prudent;
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e State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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e Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the charity scheme. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Advisers
The Trustees with to record their thanks to all of their advisers for their help and advice throughout the year.
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Revd P Watson Damo Benorn
CHAIRMAN ViGKE CHAR.
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23 May 2024
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POORS PLATT
5
INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF POORS PLATT
3157 DECEMBER 2023
Independent Examiner's Report to the Trustees of the Poors Platt Charity
| report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2023 which are set out on pages 6 to 14.
Responsibilities and basis of report
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
| report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination | have followed all the applicable Directions given by the Charity Commission under section 145(5)}(b) of the Act.
Independent examiner's statement
| have completed my examination. | confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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2, the accounts do not accord with those records.
| have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
AM West FCA
SOMERBYS LIMITED
Chartered Accountants 30 Nelson Street Leicester LE1 7BA
23 May 2024
POORS PLATT
6
STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2023
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|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|Notes|Unrestricted|Endowment|Total|Funds|Total|Funds|
|Fund|Fund|2023|2022|
|£|£|£|£|
|INCOME AND|ENDOWMENTS|FROM:|
|investment income|25,195|-|25,195|25,090|
|Allotment|and|other rental|income|2,723|-|2,723|2,950|
|Bank|interest|425|-|425|138|
|Donations|-|-|-|-|
|Total income|28,343|-|28,343|28,178|
|EXPENDITURE|ON:|
|Charitable|activities:|
|Grants|in furtherance of the|objects|3|20,017|-|20,017|21,418|
|Support|costs:|
|Management and|administration|of the|charity|4|10,589|-|10,589|7,873|
|Total|expenditure|30,606|-|__|30,606|29,291|
|Net|income/(expenditure)|before|
|investment gains/(losses):|(2,263)|-|(2,263)|{1,113}|
|Net gains/(losses)|on investments|-|65,776|65,776|(106,509}|
|Gains|on|revaluation|of fixed|assets|5|-|:|ss|-|
|Net income/(expenditure)|ee(2,263)|65,776|63,513|(107,622)|
|Transfers|between|funds|-|=|-|-|
|Net movement in funds|(2,263)|65,776|63,513|(107,622)|
|Total funds brought forward|at|1st January 2023|26,742|811,394|838,136|945,758|
|Total funds carried|forward at 31st December 2023|24,479|877,170|901,649|838,136|
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POORS PLATT
7
STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2022
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||||||||||
|---|---|---|---|---|---|---|---|---|
|Notes|Unrestricted|Endowment|Total|Funds|
|Fund|Fund|2022|
|£|£|£|
|INCOME AND ENDOWMENTS|FROM:|
|Investment|income|25,090|-|25,090|
|Allotment and|other|rental|income|2,950|-|2,950|
|Bank|interest|138|-|138|
|Donations|-|-|-|
|Total income|28,178|-|28,178|
|EXPENDITURE|ON:|
|Charitable|activities:|
|Grants|in furtherance|of the|objects|3|21,418|-|21,418|
|Support|costs:|
|Management and administration|of the charity|4|7,873|-|7,873|
|Total expenditure|29,291|-|29,291|
|Net|income/(expenditure)|before|
|investment|gains/(losses):|(1,113)|-|(1,113)|
|Net gains/(losses) on|investments|-|(106,509}|(106,509)|
|Gains|on|revaluation|of fixed|assets|5|-|-|-|
|Net income/(expenditure)|(1,113)|(106,509}|(107,622)|
|Transfers|between|funds|-|-|-|
|Net movement|in funds|{1,113}|(106,509)|{107,622)|
|Total funds brought forward|at|ist January 2022|27,855|917,903|945,758|
|Total funds carried forward|at 31st|December 2022|26,742|811,394|838,136|
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&
POORS PLATT
BALANCE SHEET 31ST DECEMBER 2023
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||||||||
|---|---|---|---|---|---|---|
|Notes|Unrestricted|Endowment|TotalFunds|Total|Funds|
|Fund|Fund|2023|2022|
|,|£|£|£|£|
|FIXED ASSETS|
|Investments|6|-|863,007|863,007|797,231|
|-|863,007|863,007|797,231|
|CURRENT ASSETS|
|Prepayments|7|2,163|-|2,163|-|
|Cash|7|23,953|14,163|38,116|45,662|
|26,116|14,163|40,279|45,662|
|CURRENT|LIABILITIES|
|Creditors:|amounts falling due within one year|8|1,637|-|1,637|4,757|
|NET CURRENT ASSETS (LIABILITIES)|24,479|14,163|38,642|40,905|
|NET ASSETS|24,479|877,170|901,649|838,136|
|FUNDS|
|Endowment|- capital fund|9|877,170|811,394|
|Unrestricted fund|24,479|26,742|
|ACCUMULATED FUNDS|901,649|838,136|
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Approved by the Trustees on 23 May 2024 and signed on their behalf by Revd, Philip Watson, Chairman yt Pep 3 Din 0 Benwoclk— nce CRAIR
Mrs Eileen Hemsley, Treasurer
9
POORS PLATT
NOTES TO THE FINANCIAL STATEMENTS 315’ DECEMBER 2023
1. Accounting policies
Accounts preparation
Poors Platt is an unincorporated charity constituted under a scheme in England & Wales. Its principal address is given on page 1. The nature of the charity's operations and principal activities are to assist poor persons who live in the Ancient Parish of Barwell by way of grants, gifts and other payments.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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) issued on 16 July 2014 (as updated through Update Bulletin 1 published on 2 February 2016), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015.
The charity has applied Update Bulletin 1 as published on 2 February 2016 and does not include a cash flow statement on the grounds that it is applying FRS 102 Section 1A.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Incoming resources
Incoming resources are accounted for on a receivable basis deferred as described below where appropriate.
Investment income
Dividends are included in the income and expenditure account when they are declared.
Bank interest is included in the income and expenditure account ona receivable basis.
POORS PLATT
10
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 315’ DECEMBER 2023 Gilii
Recognition of liabilities
Liabilities are recognised on the accruals basis in accordance with normal accounting principles.
Charitable expenditure
Management and administration of the charity
Management and administration costs represent expenditure incurred in the management of the charity's assets, organisation and administration.
Governance costs
Governance costs include Jegal advice and costs associated with constitutional and statutory requirements such as trustee meetings and accounts.
Support Costs
Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs and administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters. Where support costs cannot be directly attributed to particular headings, they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources.
‘The analysis of these costs is included in note 4.
Grants Payable
Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grant. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity. Details of grants in the year are included in note 3.
Realised and Unrealised gains
Realised gains and losses are included in the accounts on the date at which a contractual obligation is entered into.
Unrealised gains and losses are computed by reference to the market value of the investments at the balance sheet date, compared to the brought forward cost or valuation. Gains and losses arising on similar categories of investments are netted off.
POORS PLATT
11
NOTES TO THE FINANCIAL STATEMENTS 315" DECEMBER 2023 pM eS a l
Investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the statement of financial activities if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Taxation
As a registered charity, the organisation is exempt from income and corporation tax to the extent that its income and gains are applicable to charitable purposes only. Value Added Tax is not recoverable by the organisation and is therefore included in the relevant costs in the Statement of Financial Activities.
Funds structure policy
The charity maintains a general unrestricted fund which represents funds which are expendable at the discretion of the trustees in furtherance of the objects of the charity. Such funds may be held in order to finance both working and capital investment.
The endowment fund is to be invested and the income used for any charitable purpose at the discretion of the Trustees.
Financial Instruments
The company 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 financial statements when the company 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.
POORS PLATT
12
NOTES TO THE ACCOUNTS YEAR ENDED 31ST DECEMBER 2023
2. WINDING UP OR DISSOLUTION OF THE CHARITY
| 2. WINDING UP OROR DISSOLUTION OF THE CHARITY | ||||
|---|---|---|---|---|
| Ifuponwindingupordissolution ofthecharitythere remainanyassets,after | afterthe satisfaction of all debtsand liabilities, the | |||
| assetsrepresented bytheaccumulated fundsshall betransferredtosomeothercharitablebodyor bodies having | similar | |||
| objects tothe charity. | ||||
| 3. CHARITABLEACTIVITIES -GRANTS | 2023 | 2022 | ||
| £ | £ | |||
| Grants to institutions: | ||||
| Barwelt Girl Guides | 4,000 | . | ||
| Barwell Village Hall | 4,000 | - | ||
| BarwellAcademy | 180 | - | ||
| St Mary'schurch Barwell | 500 | < | ||
| Mother Union | 1,200 | 828 | ||
| Barwell faod bank | 211 | 98 | ||
| Barwell Infant School | - | 600 | ||
| St Mary's C ofEAcademy | - | 600 | ||
| NewlandsCommunityPrimary School Barwell PCC |
- - |
600 600 |
||
| StapletonDCC | - | 600 | ||
| St Mary'schurch Potters Marston | - | 600 | ||
| StapletonMethodistchurch BarwellMethodistchurch |
- - |
600 600 |
||
| BarwellSportsTrust | - | 1,000 | ||
| ACCEPT | - | 2,273 | ||
| 10,091 | 8,999 | |||
| No. | E | No. | £ | |
| Grants to individuals | 13 | 6,776 | 9 | 7,819 |
| Educational grantsviaAlderman Newton's Charity | 7 | 3,150 | 12 | 4,600 |
| 9,926 | 12,419 | |||
| Total directcharitableexpenditure | 20,017 | 21,418 | ||
| 4. SUPPORTCOSTS | 2023 | 2022 | ||
| £ | £ | |||
| Managementand administration of the charity: | ||||
| Administration feesand office costs | 6,787 | 5,081 | ||
| Auditand accountancyfees | 2,233 | 1,747 | ||
| Allotment maintenance | 1,182 | 575 | ||
| Trustee indemnity insurance | 314 | 376 | ||
| Otherexpenses | aa 94 ——10,589 7.873 |
5. GAINS/LOSSES ON REVALUATION OF FIXED ASSETS
During the year there were no gains or losses on the revaluation of fixed assets.
13
POORS PLATT NOTES TO THE ACCOUNTS YEAR ENDED 31ST DECEMBER 2023
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||||||
|---|---|---|---|---|
|6.|FIXED ASSETS|2023|2022|
|£|£|
|Investments|at|market|value|
|At|1st January 2023|797,231|903,740|
|Additions|-|-|
|Disposals|-|”|
|Unrealised|gains/{losses)|65,776|(106,509)|
|At|31st December 2023|863,007|797,231|
|7. CURRENT ASSETS|2023|2022|
|£|£|
|Prepayments|2,163|-|
|NatWest|Bank|11,572|19,118|
|Market Harborough|Building Society|11,378|11,378|
|COIF Deposit Fund|1,000|1,000|
|Petty cash|3|3|
|___26,116|3,499|
|Capital funds held|as cash|
|Market Harborough|Building|Society|14,163|14,163|
|14,163|14,163|
|Total cash held|at year end|40,279|45,662|
|8.|CREOITORS|2023|2022|
|£|£|
|Accruals|834|780|
|Trade|creditors|15|3,377|
|Accrued grants|788|600|
|1,637|4,757|
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9. ANALYSIS OF NET ASSETS BETWEEN FUNDS
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|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|Unrestricted|Endowment|
|The|constitution|of the funds|at|31st December 2023 was as follows:|2023|funds|funds|Total|2022|
|£|£|£|£|
|Fixed asset investments|863,007|-|863,007|797,231|
|Current assets|40,279|26,116|14,163|45,662|
|Current liabilities|(1,637)|(1,637)|:|(4,757)|
|At 31st December|2023|901,649|24,479|877,170|838,136|
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Endowment fund - This is the permanent endowment of the charity. It is the income generated from the investment of this endowment that provides the charity with its main source of expendable income.
Unrestricted fund - These are the unrestricted (free) reserves of the charity available for expenditure on the charity's objects and for general administration. The Unrestricted Fund comprises income received that has nat yet been expended.
. §
14
POORS PLATT
NOTES TO THE ACCOUNTS YEAR ENDED 31ST DECEMBER 2023
10. INVESTMENT SCHEDULE
| No. of | Marketvalue | Marketvalue | |||
|---|---|---|---|---|---|
| COIF | Charities InvestmentFund | units 33312,39 |
Book cost 395,000 |
2023 661,084 |
2022 605,449 |
| COIF | CharitiesPropertyFund | 48611.17 | 75,000 | 151,173 | 137,653 |
| COIFCharities | Charities Ethical InvestmentFund | 50223.52 | 108,553 | 50,750 | 54,129 |
| Land | atKirkby Road, Barwell | - | . | ||
| Land | atDawson's Lane, Barwell | - | . | ||
| Land | atHinckley Road, Barwell | - | zd | ||
| 578,553 | 863,007 | 797,231 |
11, TRUSTEES' REMUNERATION
The trustees neither received nor waived amy emoluments during the year (2022: £nil}. None were reimbursed any out of pocket travel expenses (2022: £nil).
12. RELATED PARTY DISCLOSURES
During the year, the charity paid grants of £3,150 (2022: £4,600) to eligible students in Barwell via the Alderman Newton's
Educational Foundation. A Wheeler, M Hulbert, C Sewell, D Bendell and Rev. P Watson were also
Trustees of Alderman Newton's Educational Foundation, Barwell during the year - charity no.527916.