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Annual Report & Consolidated Financial Statements 2007

Registered Charity Number 313743


Improving rural livelihoods through co-operative and social enterprise

index

03. 04 - 05. 06 - 07. 08. 09. 10 - 12. 13 - 22. 24 - 25. 27.

Report from the Chair Trustees Report Annual Report 2007 Summary Consolidated Revenue Accounts Statement of total recognised gains and losses Consolidated statement of ďŹ nancial activities Notes to the consolidated accounts Independent auditors’ report Plunkett company details


Report from the Chair It was my pleasure at last year’s AGM to share with members how the board and staff had been exploring the original ideas of Sir Horace Plunkett as the basis of our new strategy. The member support for this has been a tremendous motivator for us during the rest of the year. The beliefs that created this Foundation nearly 90 years ago are now driving us forward. Over the past year, we have been active in a number of projects. These have included: Making Local Food Work A 5 year £10m programme funded by the Big Lottery. The programme has finished its first year of delivery, and Plunkett Foundation and our partners are optimistic about the opportunities that lie ahead. Making Local Food Work aims to boost the resilience of the local food sector by supporting community enterprises, ensuring their long-term viability, and increasing access to fresh, healthy, or sustainably produced local food with a clear provenance. Social Enterprise Strategic Partner of the Office of the Third Sector The Plunkett Foundation is a Social Enterprise Strategic Partner of the Office of the Third Sector with a specific remit for representing rural social enterprises. We act as the voice of rural social enterprises to government and help to ensure that their views are represented in the development of policy. Mergers & Acquisitions in Farmer-Controlled Businesses This project has researched merger activity amongst farmer controlled businesses, with the aim of providing a better understanding the process and giving practical guidance for future participants in merger activity. It has been funded by Defra and executed in partnership with EFFP.

Village CORE Programme This 3 year programme started in July 06 and is budgeted to support 60 community owned shop start ups by the programme end in 2009. 35 applications have been approved of which 15 have completed and 13 shops have opened. Strengthening Rural Communities across the North West A monetary and advisory support programme funded by the Northwest Regional Development Agency, this has supported rural communities to develop new or expand existing social enterprise and activity and voluntary initiatives with the aim of improving the long term sustainability of rural services within the communities where they are based. Our aim over the coming year is to combine this groundbreaking work with a clear sense of how it relates to Sir Horace’s original vision of how to tackle rural issues through rural co-operation. To achieve this, we have built a great team of people and I would like to thank each of them for their hard work and dedication over the last year. I would also like to recognise the role that our departing chief executive, James Money-Kyrle has played over this period. I hope that all our members will share in the sense of optimism that your board has that the solutions the Plunkett Foundation offers are as relevant today as they were ninety years ago and that it is in good shape to bring those solutions to rural communities throughout Britain and beyond. Peter Couchman Chair

03.


The Plunkett Foundation is a charity which improves the livelihoods of people ople in rural areas through co co-operative operativ and social enterprise. p We work with all

organisations g that share our p principles p in improving the livelihoods of rural people

04.


Trustees report The Trustees present their annual report and the audited accounts for the year ended 31 December 2007. Objects The Plunkett Foundation is a Company Limited by Guarantee and a Registered Charity. The Foundation is governed by its Memorandum and Articles of Association which states the objects and powers of the company. The objects are represented in summary form in the phrase ‘improving rural livelihoods through co-operative and social enterprise’. Results and Financial Position It is the Foundation’s policy to seek a balance of income and expenditure on an ongoing basis whilst aiming for a sustainable growth in the volume of its purpose-related activities. Plunkett’s strategic plan, approved in July 2002, aimed to raise purpose-related income to a level of £1 million per annum within five years, whilst retaining the reserves of the organisation at a level exceeding £1 million. Consolidated Revenue Account Revenue Net Surplus Total Funds at end 2007

2007 £1,118,478 £110,574 £1,366,370

2006 £1,909,007 (£102,220) £1,311,148

The targets of the current strategy have now been achieved and the Foundation has begun preparing a new strategy and forward targets. Activities Current activities include research and policy formulation, consultancy and training, the provision of information services and the organisation of events and networking opportunities. The report of the Chair details the activities conducted during 2007. Financial Statements It is confirmed that the attached financial statements comply with current statutory requirements and the Foundation’s Articles and Memorandum of Association, and are completed in accordance with the Statement of Recommended Practice (SORP) – Accounting by Charities.

Fixed Assets The movements in fixed assets are set out in note 6 to the financial statements. Investment Powers Subject to the requirements of the Charities Act, the Trustees are authorised by the Memorandum of Association to invest the monies of the Foundation not immediately required for its purpose in such a manner as may be thought fit. At the beginning of the 2006 financial year the Trustees decided to invest £400,000 in 2 charitable property funds in addition to the main investment portfolio. The main portfolio, under management by J.M. Finn & Co, continued to be heavily weighted towards UK equities with the proviso that all such investments should qualify for admission to the FTSE4GOOD index. The objective over time is for the investment portfolio to achieve an annual total return of 10%. In 2007 the main fund achieved a 4.4% return and the property fund (-0.67%). The Trustees regarded this as satisfactory given the prevailing market conditions. Organisation The Trustees direct the affairs of the Foundation which is managed on a day-to-day basis by the Chief Executive. The names of Trustees who served during the year are listed on the rear inside cover of this report. Trustees are elected at the AGM from the full membership, on a one-member one-vote basis. The Foundation is in the process of developing a formal risk assessment process. Auditors Messrs Wallwork Nelson and Johnson were appointed to complete the audit for 2007. A resolution to re-appoint Wallwork Nelson and Johnson will be proposed at the forthcoming Annual General Meeting. On behalf of the Trustees Peter Couchman July 2008

05.


annual report 2007

summary 06.


funding sources

£217k Regional Development Agencies

£128k Government Funding

£286k

£75k Other

Big Lottery Fund

£127k Training Funders

£240k ViRSA Funders

% spend 16% overheads

7%

other

15% project costs

22% wages

23% big lottery fund

17% ViRSA running costs

07.


Š Soil Association, Stroud Community Agriculture 23.


26.


Plunkett Foundation Limited The Quadrangle Woodstock Oxfordshire OX20 1LH Tel: 01993 810730

Fax: 01993 810849

info@plunkett.co.uk

Registered in England No 213235 Registered Charity No 313743

ViRSA is an activity of Plunkett Foundation which promotes and supports the development of community-owned shops as a sustainable solution to the maintenance of essential services in rural communities.

www.plunkett.co.uk

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