OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2020-12-31-accounts

Charity Registration No. 200290

RSH No. A0056

THE MRS. HENRIETTA FRANCES LE PERSONNE BENEVOLENT TRUST

TRUSTEES' REPORT AND ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER2020

Le Personne

THE MRS. HENRIETTA FRANCES LE PERSONNE BENEVOLENT TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Board of Trustees Mrs. E.M. Webster (Chairman)
Mr. R.J. Richards
Mr. P. Cannon (Vice Chairman)
Mrs. C. Steer (resigned June 2020)
Mrs. B. Connolly (appointed August 2020)
Offcers:
Clerk
Offcer		 Mrs. G.S. Caunt
Mrs M.J. Servant
Mrs C Steer
Homes Manager (arden): Mrs. W. Hulme
Maintenance Manager: Mr.C. Hulme
Principal Address: Le Personne Homes
Banstead Road
Caterham
Surrey
CR3 5SW
Charity no. 200290
Regulator of Social Housing registration no. A0056
Almshouse Association no. M643
Auditors: Richard Place Dobson Services Limited
1-7 Station Road
Crawley
West Sussex
RHI0 IHT
Solicitor: Gulland Solicitors
16 Mill Street
Maidstone
Kent
MEIS 6XT
Bankers: The Co-Operative Bank Pie
80 Corhill
London
EC3V 3NJ

Page 1

THE MRS. HENRIETTA FRANCES LE PERSONNE BENEVOLENT TRUST

CONTENTS PAGE

Page
Legal and administrative infration 1
Trstees' report 3-7
Statement of boards' responsibilities 8
Auditors report 9 - 11
Statement of comprehensive income (inc Income and Expenditure account) 12
Balance Sheet 13
Statement of changes in reserves 14
Statement of cash fows 15
N ates to the accounts 16 - 27

Page2

THE MRS. HENRIETTA FRANCES LE PERSONNE BENEVOLENT TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2020

The board of The Mrs. Henrietta Frances Le Personne Benevolent Trust presents their report and the audited financial statements of The Trust for the year ended 31 December 2020.

Structure, Governance and Management

Structure

The Trust is an unincmporated Trust, constituted under a Trust deed dated 23 September 1941 and is a registered charity, number 200290. The Trust was established by the third and fifth Codicils to the will of Mr Louis Antoine Georges Le Personne, proved on the 9[th ] October 1939, in memory of his wife, Mrs Henrietta Frances Le Personne who died on the 1 st March 1925.

The objects of the Trust, as instructed in the will of the founder, are the provision of "homes and charities for the benefit of old women folk in reduced or poor circumstances living in Caterham but more particularly in Upper Caterham and quite exceptionally greatly deserving cases outside of the area."

The Trust now provides accmmnodation in sheltered housing, comprising 43 one bed flats for needy elderly women.

The Trust Deed requires there to be a board of five Trnstees. During 2019 the Trustees used their powers under the Charities Acts to modify the Trust Deed to;

Governance

The Trustees serve for four years, after which period they may put themselves forward for re-appointment. Trnstees appointed by Tandridge District Council may be, but need not be, members of the Council. The induction process for any newly-appointed Trustee comprises an initial meeting with the Chairman, followed by a series of meetings with the Clerk on investments, financial controls, the process for granting licenses to reside in the Trust's flats, and the powers and responsibilities of the Trustee board. The welcome pack includes a brief history of the Trust, copies of recent Board minutes, a copy of the annual report and accounts, a copy of the governing Trust deed and a copy of the Charity Commission's guidance 'The Essential Trustee'.

During 2020, Tandridge District Council appointed Mrs B Connolly as a trustee, replacing Mrs C Steer, who was then appointed as an Officer of the Trust. At the end of the year a candidate had been identified to fill the remaining vacancy to be appointed by the Trustees at their meeting in Febrnary 2021.

The Trnst Deed requires a minimum of two ordina1y meetings each year but in practice the Trustees hold six ordinary meetings each year. A minimum of two trustees fm a quorum for these meetings although, in practice, the Trustees operate on a minimum of three and full attendance is nonnally achieved. The Chairman and Vice Chairman arc elected at the first meeting of each year.

The Trnstees may desire to retain the knowledge and expertise of past trustees who are unable, or do not wish, to continue as a trustee. To this end the Tn1stees, from time to time, appoint such past trustees as Officers of the Trust, with delegated responsibility to the fullest extent allowed under the Trust Deed and the Charity's Act.

The Trnstees agree the broad strategy and areas of activity for the Trust, including consideration of applications for residence, investment, reserves and risk management policies and performance. The Almshouse Association's "Green Book", Standards of Almshouse Management, is used by the Trustees as the Code of Governance and this is accepted by the HCA as the regulatory guidance for Registered Providers that are also Almshouses.

In carrying out the business of the Charity the Trnstees ensure that they are compliant with the Governance and Financial Viability Standards as required by the RSH.

The Trustees ensure that they manage their affairs with an appropriate degree of skill, independence, diligence, effectiveness, prndence and foresight.

Page 3

THE MRS. HENRIETTA FRANCES LE PERSONNE BENEVOLENT TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2020

Budgets are set annually, and financial performance is reviewed formally every two months. The long-term financial viability is also assessed at least annually taking account of possible risk factors.

Management

The day to day management and administration of the Charity is carried out by the Clerk The Clerk is employed pat1 time. In 2020 the Homes Manager's role was expanded to provide assistance to the Clerk, replacing that previously provided by a part-time administration assistant. Support to the residents is provided by a full time resident Homes Manager (Warden) and the premises are maintained and developed by the Maintenance Manager, supported by professional advisors.

The Trust is a member of the Almshouse Association. It is registered with the Regulator of Social Housing as a Registered Provider of Social Housing. The Almshouse Association provides much helpful infmmation on good practice, changes in the law affecting Social Housing Charities and acts as authoritative lobbyists on behalf of members with the government and regulators.

Risk Management

The Trustees have considered the major risks to which the charity is exposed and have reviewed those risks and established systems and procedures to manage those risks. The Risk Management Review of 2020 activities carried out in September 2020 identified an epidemic illness amongst staff and/or residents as the major new risk. The risk has been minimised by following closely the government guidance on Covid 19 control. As a result, no residents were infected by the virus within the Homes, although two are believed to have been infected whilst in hospital, where they died.

The financial systems and procedures are audited internally by the Trustees each year to ensure that they are applied effectively and a full external audit of the Trust's fmancial perfonnance is also canied out.

Objectives and Activities

The aims of the Trust are to provide secure, decent, affordable and comfortable accommodation in a warm and friendly community which is suitable for older women who are able to look after themselves, and to provide that degree of support, short of personal care, which will enable them to retain their independence in their own home. Changes in circumstances over the past 75 years have resulted in the criteria used to identify potential applicants for residence being interpreted to meet cunent day needs through expanding the immediate catchment area to north Tandridge. Exceptionally, accommodation is also offered to elderly needy women from elsewhere, ideally those who have relatives and close friends resident in north Tandridge and would benefit from the close support of friends and family. Priority continues to be given to residents of Caterham on the Hill.

In setting the objectives and planning the activities, the Trustees have given careful consideration to the Charity Commission's general guidance on public benefit.

Achievements and Perfrmance

Business Pe1formance

The Trust has continued to achieve its objective of supporting its Residents to maintain independent lives, aided when necessary by Adult Social Care. The Trust's staff supported the Residents during those periods when Residents' movements were restricted due to the pandemic resh·ictions and socially separated activities were supported to help maintain the Residents' mental well-being.

Work has continued to maintain the quality of the facilities at a high level. During the year the remaining eight of the older flats in the north wing, as well as the staff flat, were refurbished to provide a 30-year life expectancy. The Trustees and staff worked closely with the contractor to ensure that, when the Covid 19 restrictions allowed, the work could continue without risk to residents and staff, and that the Contractor had procedures in place to protect their workforce.

Page4

THE MRS. HENRIETTA FRANCES LE PERSONNE BENEVOLENT TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2020

Following a successful audit of the Trust's preparation for and management of the project to refurbish the north wing flats, the Trust received the grant of£247,000 from Homes England approved in 2019. In this, they were supported by the Almshouse Consortium Limited which the trust had joined as a full member in 2019 The Trust also obtained a £50,000 govermnent-supported Bounce Back Loan from the Co-operative Bank to help fund the cost of the refurbishment. This brought the total borrowed for this project to £470,000.

Resident Consultation

The Trustees normally meet formally with the Residents each year, although this was not possible in 2020 due to the Covid-19 restrictions on social mixing. The purpose of these meetings is to hear Residents' views on the performance of the Trust's staff and to seek their ideas on how the facilities can be improved. The opportunity is taken to review the current development programme and suggest areas for further improvements. Residents receive a personal copy of the Trnstees Annual Report prior to the meeting and are encouraged to discuss its contents with the Trnstees. Individual Trustees also meet individual Residents on an annual basis when Residents are encouraged to raise any issues of interest or concern. Trustees and Residents would nonnally also meet informally through the year at social events held at the Homes and elsewhere.

The Homes Manager normally holds less formal meetings on a more frequent basis, usually monthly, and supplements these with a weekly social gathering at which any issues can be raised, although these were not possible after the covid 19 restrictions were imposed in March 2020,

Residents whose flats were to be refurbished were consulted in detail on the work to be carried out and on the arrangements for their relocation during tl1e refurbishment work.

Almshouse Association

The Trust is a longstanding member of the Almshouse Association. Trnstees attend local and national meetings, and occasionally provide advice and guidance to other less experienced Almshouses.

Internal Audit

The annual internal audit of the Trust's financial and other key activities was carried out and no problems of any significance were identified.

Occupancy

Voids were at 9.50% in 2019 and at 14.34% in 2020 when four flats were kept vacant to use for decanting ofresidents when the modernisation work took place.

Residents

The age profile of the residents at the end of2020 was as follows (end of2019 in brackets)

90 years and above 2 (3)
85_to_89 6 (4)
80 to 84 4 (9)
75 to 79 7 (6)
70 to 74 12 (8)
Below 70 7 (7)

The Tmstees welcomed seven new residents to the Home during 2020.

Health and Safety

2020 was dominated by the impact of the Covid-19 pandemic. In March, the govermnent introduced restrictions on social mixing which dramatically changed the lives of both Residents and staff. For most of the year Residents spent much of their time in their flats. During these long periods the Trusts staff provided support, for example, by managing the movement of visitors to the Homes, controlling deliveries of goods and post to Residents and providing puzzles and crosswords to provide diversions for the Residents' well-being. Other than the Covid-19 pandemic, there were no significant incidents during the year.

Page5

THE MRS. HENRIETTA FRANCES LE PERSONNE BENEVOLENT TRUST

TRUSTEES' REPORT

2020 FOR THE YEAR ENDED 31 DECEMB

Insurance

The Trust has comprehensive insurance covering the premises in general for £8.2 million as well as specialist insurance for equipment such as lifts. Public liability insurance is in place for £5 million and Employers Liability insurance for £10 million. Insurance is also provided for Residents personal items in their flats.

Facilities Investment

The Trnstees have continued to invest in maintaining and developing the facilities. To achieve value for money, day to day minor maintenance is managed using proven local small contractors. Larger work is refen·ed to the Tmst's Professional Advisers, who obtain multiple quotations from accredited contractors, with supporting reviews, in order for the tmstees to decide how to proceed. For major projects the Professional Advisors act as project manager.

Expenditure on routine and cyclical maintenance to the facilities in 2020 totalled £64,675. During the year the Trnstees agreed to spend capital of £419,095, funded by a £200,000 Co-operative Bank Loan, £247,000 Homes England Grant and a £50,000 Covid Bounce Bank Loan from the Co-operative Bank. This enabled the Trust to fully complete the refurbishment of the remaining nine flats.

Other significant work completed during 2020 included:

Personnel

There were no changes to personnel in 2020, although the Homes Manager's responsibilities were expanded to include administration support to the clerk, focussing initially on finance and applications management.

Financial Review

Turnover was very slightly higher than last year at £295,049 (2019: £295,662). The surplus on ordinary activities for the year was £35,759 compared to a surplus in 2019 of £288,541 (before losses/ gains on investments). At the end of 2020 the Trust had outstanding loans of £1,161,706. Interest payments and bank charges during the year totalled £21,664 (2019: £18,469). The Trust's net current assets at the end of the year were £28,588 (2019: Net current assets £215,975).

The value of investments held by the Trust reduced to £6,743 (2019: £7,108).

The Weekly Maintenance Contribution (WMC) was increased from the beginning of April 2020 by £10.80 per week to £154.46. Within this, the Housing Charge was set at the "target rent" level of £106.03. The Support Charge increased by 0.24p to £12.31 and the Service Charge eligible for benefit payments was increased by 0.73p to £16.12 per week. The Trustees continue to subsidise the Residents' energy costs by £10.26 per resident per week and the Service Charge not eligible for benefit was increased by £7 .04 to £20 per week.

The annual audit of the accounts for 2020 was carried out by Richard Place Dobson Services Limited who reported a satisfactory conclusion of the audit to the Tmstee's meeting in April 2021

Investment Policy and Perfrmance

The Trust's assets are held primarily in the land and buildings associated with the Charity's primary objective of sheltered housing provision. The Trustees have overall responsibility for the investment of the charity's funds and they retain all decisions concerning investments to themselves except for those concerning disposal of the charity's property which would require prior approval from the HCA because of the use of public funding in their modernisation.

The investment objectives are to ensure that the Trustees have access to sufficient cash reserves to meet all anticipated short term needs and medium-tenn cyclical maintenance activities.

Page6

THE MRS. HENRIETTA FRANCES LE PERSONNE BENEVOLENT TRUST

TRUSTEES' REPORT

R 2020 FOR THE YEAR ENDED 31 DECEMB

The Trustees wish to establish and maintain sources of income, in addition to those available from the licensing of the sheltered housing properties, where the use of the funds is not restricted by the regulations, from time to time, relating to Welfare Benefits and related payments to Residents.

The Trnstees also wish to build and maintain significant investment reserves, to be available for periodic refurbishment and development of the land and buildings, in order to maintain the Trnst's long term ability to meet the changing needs of future sheltered housing provision.

The policy of the Trnst is to take a low risk approach to its investment portfolio. Short term operational funds are held in cunent accounts and in interest bearing savings accounts. In order to minimise the risk from its stock market investments, long term funds are held in Accumulation Units in a Common Investment Fund established under s24 of the Charities Act 1993. These fonn the Extraordinary Reserve Fund, a designated fund as required by the Trust Deed. The Charity achieves its unencumbered income from tbe investment held in Income Units in the same Common Investment Fund. This, supplemented by the income from the Government's long term Feed in Tariff, resulting from the Trust's investment in photovoltaic solar panels in 2011.

The Trustees review the portfolio of investments annually and investment perfonnance at each meeting.

At the end of2020 the Trust's reserves (2019 in brackets) were:

Cash in bank
Investments
TOTAL		 £124,351
£6,743
£131094		 (£38,748)
(£7,08)
(£45,856)

Reserves Policy

The Trust's planned levels ofreserves are:

In 2008 the Charity Commission authorised the Trust to use the endowment fond for umestricted expenditure. The Trustees have used this fond to improve the facilities in the North Wing of the property.

Plans fr the Future

With the completion of the Project to refurbish the north wing flats, all the Trust's acconnnodation has been upgraded to meet the needs of the next 20 years. However, the Trnstees have identified the various hot and cold water systems within the Homes as areas requiring farther improvements, with the need to ensure a safe, effective and reliable water service for residents. The newly appointed heating maintenance contractor has been commissioned to review the existing systems, identify areas for improvement and recommend methods to achieve the required service to Residents

Approved by the Trustees od6.[,] ,}/and.signed on their behalf by:

Mrs E Webster Chaitman of the Trustees

Page 7

THE MRS. HENRIETTA FRANCES LE PERSONNE BENEVOLENT TRUST

STATEMENT OF BOARD'S RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2020

Board's Responsibilities Statement

The Board is responsible for preparing the report and financial statements in accordance with applicable law and regulations.

The Co-Operative and Community Board Societies Act 2014 and registered social housing legislation require the Board to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the trust and of its income and expenditure for that period.

In preparing these financial statements, the Board is required to:

The Board is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the trust and enable it to ensure that the financial statements comply with Co-Operative and Community Benefit Societies Act 2014, the Housing and Regeneration Act 2008 and the Accounting Direction for private registered providers of social housing in England 2015. It has general responsibility for taking reasonable steps to safeguard the assets of the trust and to prevent and detect fraud and otl1er inegularities.

Page8

THE MRS. HENRIETTA FRANCES LE PERSONNE BENEVOLENT TRUST

INDEPENDENT AUDITORS REPORT

R 2020 FOR THE YEAR ENDED 31 DECEMB

Opinion

We have audited the financial statements of The Mrs. Henrietta Frances Le Personne Benevolent Trust (the 'registered social housing provider') for the year ended 31 December 2020, which comprise the Statement of Comprehensive Income (including Income and Expenditure account), the Balance Sheet, the Statement of Changes in reserve, the Cash Flow Statement and notes to the financial statements, including a summary of 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 I 02 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 association 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 fmancial 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 trnst'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 tl1e relevant sections of this report.

Other information

The board is responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Page9

THE MRS. HENRIETTA FRANCES LE PERSONNE BENEVOLENT TRUST

INDEPENDENT AUDITORS REPORT

FOR THE YEAR ENDED 31 DECEMBER 2020

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Co-operative and Community Benefit Societies Act 2014 requires us to report to you if, in our opinion:

Responsibilities of the board

As explained more fully in the board's responsibilities statement set out on page 8, the board is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such intemal control as the board detennine 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 board is responsible for assessing the registered social housing provider'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 board either intends to liquidate the association or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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.

The extent to which the audit is considered capable of detecting irregularities, including fraud

In-egularities, including fraud, are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perfonn audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatements due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

Page JO

THE MRS. HENRIETTA FRANCES LE PERSONNE BENEVOLENT TRUST

INDEPENDENT AUDITORS REPORT

FOR THE YEAR ENDED 31 DECEMBER 2020

In identi[fy] ing and assessing the lisks of material misstatement in respect of i egularities, including fraud, the audit engagement team made enquiries of management, and those charged with governance, regarding the procedures relating to identi[fy] ing, evaluating and complying with;

  1. laws and regulations and whether they were aware of any instances of non-compliance;

  2. detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud[; ]

  3. the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations;

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, Co-operatives and Community Benefit Societies Act 2014, Housing and Regeneration Act 2008, tax and employment regulations. We performed audit procedures to detect non-compliance, which may have a material impact on the financial statements. These included reviewing financial statement disclosures and evaluating advice received from external advisors. There were no significant laws and regulations we deemed as having an indirect impact on the financial statements.

The audit engagement team identified the risk of management override of conh·ols as the area where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual[j] ournal entries and other ad[j] ustments and evaluating the business rationale in relation to any significant, unusual transactions and transactions entered into outside of the normal course of business.

A further description of our responsibilities for the audit of the fmancial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

This report is made solely to the board of trustees, as a body, in accordance with section 87 of the Co-operative and Community Benefit Societies Act 2014. Our audit work has been undertaken so that we might state to the board of 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 registered social housing provider and the board oftrnstees as a body, for our audit work, for this report, or for the opinions we have fanned.

Darren Harding ACA, FCCA, DChA Senior Statutory Auditor Richard Place Dobson Services Limited Statutory Auditors Chartered Accountants 1-7 Station Road Crawley West Sussex RHIO IHT

Dated .... Q). / 9 ?./ �.?. ':-:!. ............. .

Page J/

THE MRS. HENRIETTA FRANCES LE PERSONNE BENEVOLENT TRUST

STATEMENT OF COMPREHENSIVE INCOME (INCLUDING INCOME AND EXPENDITURE ACCOUNT)

R 2020 FOR THE YEAR ENDED 31 DECEMB

Note
Turnover
Housing income
Operating expenditure
Operating surplus
3
Income fom fxed asset investments
Grant income
Interest receivable
Interest payable and similar charges
Gains/(Losses) on investments
Total comprehensive income fr the year
On behalfof the Board:
E Webster Chairman		 2020
£
295,049
(237,752)
57,297
126
(21,664)
(365)
35,394
C Steer		 2019
£
295,662
(233,827)
61,835
1,675
243,500
(18,469)
8,890
297,431

E. Webster, Chairman

The notes on pages 16 to 26 form part of these accounts

Page 12

THE MRS. HENRIETTA FRANCES LE PERSONNE BENEVOLENT TRUST

BALANCE SHEET

FOR THE YEAR ENDED 31 DECEMBER 2020

Note
Fixed assets
Tangible fxed assets
6
Investments
7
Current assets
Debtors
8
Cash at bank and in hand
Creditors: amounts falling due within one year
9
Net current assets
Total assets less current liabilities
Creditors: amounts flling due after more than one year
10
Total net assets
Reserves:
Income and expenditre reserve
11
Revaluation reserve
11
Restricted reserve
11
Designated reserve
II
Total Reserves		 2020
£
3,484,516
6,743
3,491,259
17,323
124,351
141,674
(113,086)
28,588
3,519,847
(1,080,753)
2,439,094
1,258,192
2,888
660
1,177,354
2,439,094		 2019
3,081,160
7,108
3,088,268
261,881
38,748
300,629
(84,654)
215,975
3,304,243
(900,543)
2,403,700
1,222,433
3,253
660
1,177,354
2,403,700

The financial statements were approved and authorised for issue by the Board on ..................... ..

Signed on behalfof the board:

E. Webster

C Steer

The notes on pages 16 to 26 form part of these accounts.

Page 13

THE MRS. HENRIETTA FRANCES LE PERSONNE BENEVOLENT TRUST

STATEMENT OF CHANGES IN RESERVES

FOR THE YEAR ENDED 31 DECEMBER 2020

Income and
expenditure
reserve
£
At 01.01.19
1,092,598
Surplus/ ( deficit) for the year
78,280
Revaluation of fied asset
investments
Total comprehensive income
78,280
Transfrs
51,555
At31.12.19 and 01.01.20
1,222,433
Surplus/ ( deficit) for the year
62,742
Revaluation of fixed asset
investments
Total comprehensive income
62,742
Transfrs
(26,983)
At31.12.20
1,258,192		 Revaluation
reserve
£
45,858
8,890
8,890
(51,495)
3,253
(365)
(365)
2,888		 Restricted
reserve
£
453
207
207
660
660		 Designated
reserve
£
967,360
210,054
210,054
(60)
1,177,354
(26,983)
(26,983)
26,983
1,177,354		 Total
£
2,106,269
288,541
8,890
297,431
2,403,700
35,759
(365)
35,394
2,439,094

The notes on pages 16 to 26 form part of these accounts

Page 14

THE MRS. HENRIETTA FRANCES LE PERSONNE BENEVOLENT TRUST

STATEMENT OF CASH FLOWS

YEAR ENDED 31 DECEMBER 2020

Note
Cash flow from operating activities
12
Interest paid
Net cash flow fom operating activities
Cash fow fom investing activities
Payments to acquire tangible fixed assets
Receipts fom disposing of investments
Dividends & interest received
Net cash fow fom investing activities
Cash flow from fnancing activities
Acquisition of new loan
Repayment of long term loans
Net cash flow fom financing activities
Net increase/ (decrease) in cash and cash equivalents
Cash and cash equivalents at 0 1.01.2020
Cash and cash equivalents at 31.12.2020		 2020
£
335,524
(21,664)
313,860
(419,093)
126
(418,967)
250,000
(59,290)
190,710
85,603
38,748
124,351		 2019
£
75,402
(18,469)
56,933
(339,325)
85,000
1,675
(252,650)
220,000
(32,370)
187,630
(8,087)
46,835
38,748

The notes on pages 16 to 26 form part of these accounts

Page 15

THE MRS. HENRIETTA FRANCES LE PERSONNE BENEVOLENT TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2020

1 Summary of significant accounting policies

1.1 General information and basis of preparation

The registered provider is set up under a will and scheme rules and is registered with the Charities Commission as an unincorporated charity and with the RSH as a Registered Social Landlord. The nature of the entity's operations and principal activities are to provide sheltered housing for the benefit of elderly needy women in North Tandridge, Surrey. The principle trading address is set out on page I.

The entity constitutes a public benefit entity as defined by FRS I 02.

The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102), the Statement of Recommended Practice for Social Housing Providers 2014, and with the Accounting Direction for private registered providers of social housing in England 2015. The financial statements are also prepared under the requirements of the Housing and Regeneration Act 2008. The accounts have also been prepared under the Statement of Recommended Practice for Charities 2015. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include fixed asset investments at fair value. The financial statements are prepared in sterling, which is the functional currency of the entity and rounded to the nearest£.

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.

1.2 Tangible fixed assets

Tangible fixed assets (including social housing properties) are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended such as the cost of acquiring land and buildings, developments costs, interest charges on loans during the development period and expenditure on improvements. Expenditure on improvements will only be capitalised when it results in incremental future benefits such as increasing rental income, reducing maintenance costs or resulting in a significant extension of the useful economic life of the property.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Land
Housing properties, fbric		 No depreciation charged
1.3 3 % straight line
Housing properties, roof 2% straight line
Housing properties, windows 3.33% straight line
Lifts/solar panels 4% straight line
Boilers 5% straight line
Fixtures and fittings I 0% straight line

Major components of housing properties, such as lifts, solar panels and boilers, have been accounted for and depreciated separately from the connected housing property, over their expected useful economic lives. The useful economic lives of all tangible fixed assets are reviewed annually.

All furniture and equipment costing £1,000 or more is capitalised.

Page 16

THE MRS. HENRIETTA FRANCES LE PERSONNE BENEVOLENT TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2020

1.3 Impairment

All properties are considered for impairment annually and detailed reviews of assets for impairment are carried out if there is an indication that impairment has occurred or if they are not being depreciated. Impairments that are as a result of a major reduction in the service potential of a property are recognised in the income and expenditure account. Impairments that reflect general changes in price are, where the property is shown at a valuation, recognised in the statement of total comprehensive income.

1.4 Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through the statement of comprehensive income if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

1.5 Debtors and creditors receivable/ payable within one year

1.6 Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs.

1. 7 Provisions

Provisions are recognised when Le Personne has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Provisions for works to existing stock are not made unless they represent commitments or obligations at the Balance Sheet date where there is no discretion to avoid or delay the expenditure.

1.8 Leases

Rentals payable and receivable under operating leases are charged to the statement of comprehensive income on a straight line basis over the period of the lease.

1.9 Tax

As a registered charity the entity is exempt from corporation tax on all surpluses it makes. The activities of the entity are exempt from VAT. Therefore expenditure and income are shown gross.

1.10 Turnover and other income

Turnover is measured at the fair value of the consideration received or receivable. The policies adopted for the recognition of turnover are as follows:

Turnover represents maintenance contributions and service charge income receivable in the year.

Page 17

THE MRS. HENRIETTA FRANCES LE PERSONNE BENEVOLENT TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2020

1.11 Government grants

Social Housing Grants are received in respect of the registered social housing provider's property and are recognised at the fair value of the asset received or receivable. These grants are accounted for using the accruals model. The difference between the fair value of the asset and the consideration is recognised as a liability and amortised over the useful economic life of the asset. This amortisation is recognised within turnover.

Where disposal of government donated assets are required to be recycled, a liability is included to recognise this obligation.

Government grants received as a contribution to revenue expenditure are recognised in the statement of comprehensive income on a systematic basis over the period in which the landlord recognises the related costs for which the grant is intended to compensate. The related expenditure is included under administrative expenses. Grants are recognised in the same period as the related expenditure provided the conditions for receipt have been satisfied and there is reasonable assurance that the grant will be received.

1.12 Employee benefits

When employees have rendered service to Le Personne, short-te1m employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The entity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

1.13 Restricted/Endowment Reserves

Restricted/Endowment reserves are those reserves which are only expendable in accordance with the wishes of the funder or regulatory body. Restricted reserves include funds raised in response to a specific appeal. Endowment funds represent those assets which must be held pe1manently.

1.14 Accumulated Funds

Designated reserves are part of umestricted reserves which have been earmarked by the Board for a particular purpose, including funds required to be held under the trust deed. Such designations may be reversed by future Board decisions.

The Cyclical Maintenance Fund (CMF) represents amounts set aside to meet expenditure of a cyclical nature. The level of reserves maintained will reflect the level of annual expenditure to meet a seven year decorating cycle, ten year soft furnishings replacement cycle, plus an amount to meet anticipated annual cost of significant repairs to the fabric of the buildings. Overall, this would equate to two months' income. Costs are charged to the statement of comprehensive income in the year in which they are incurred.

The Extraordinary Repairs Fund (ERF) represents amounts set aside to carry out major repairs on housing properties.

1.15 Going Concern

The board have prepared the accounts on a going concern basis and consider the RSHP to be a going concern for the foreseeable future. Budgets have been prepared for a period of at least 5 years

Page 18

THE MRS. HENRIETTA FRANCES LE PERSONNE BENEVOLENT TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2020

2 Accommodation owned and in management

Completed units:
Housing fr older people
Housing used by staff
3
Surplus on ordinary activities
Surplus on ordinary activities is stated after charging/ (crediting):
Auditor's remuneration (including expenses and
benefits in kind) for audit services
Auditor's remuneration (including expenses and
benefts in kind) fr non-audit services
Depreciation of tangible fxed assets
(Gains)_I_Losses on fir value movement of investments		 Number of
units at
31.12.20
43
1
44
2020
6,360
15,737
365		 Number
of units at
31.12.19
43
1
44
2019
£
6,120
720
15,737
(8,890)

4 Board and key management personnel remuneration

The total remuneration for key management personnel amounted to £70,362 (2019 - £71,234).

Page 19

THE MRS. HENRIETTA FRANCES LE PERSONNE BENEVOLENT TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2020

5 Employees Number of employees

The average monthly number of employees during the year was:

Average number of staf involved in day to day running of home:
Employees
Oficers		 2020
Number
2
1
2019
Number
4
3
5

Employment costs

Wages and salaries
Social security
Pension contributions		 2020
£
71,166
4,117
4,243
79,526		 2019
£
74,220
2,711
4,116
81,047

There were no employees whose annual emoluments were £60,000 or more.

Page20

THE MRS. HENRIETTA FRANCES LE PERSONNE BENEVOLENT TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2020

6 Tangible fixed assets

Cost or valuation:
At 01.01.20
Additions
At 31.12.20
Depreciation:
At 01.01.20
Charge for the year
At 31.12.20
Net book value:
At 31.12.20
At 31.12.19		 Housing
Plant and
Properties
machinery
for letting
£
£
2,902,960
395,183
419,093
3,322,053
395,183
227,096
12,367
Fixtures
and
fittings
£
193,726
193,726
183,613
3,370
Total
3,491,869
419,093
3,910,962
410,709
15,737
239,463
3,322,053
155,720
2,902,960
168,087
186,983
6,743
10,113
426,446
3,484,516
3,081,160

The net book value of land and buildings comprised:

Land and buildings:
Freehold
Long leaseho Id
Short leasehold		 2020
£
3,329,403
3,329,403		 2019
2,902,960
2,902,960

Social housing properties with a net book value of £3,322,053 (2019: £2,902,960) have been pledged as security for liabilities. These assets have restricted title.

Page 21

THE MRS. HENRIETTA FRANCES LE PERSONNE BENEVOLENT TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2020

7 Fixed asset investments

Cost or valuation
At start date 2020
Additions
Disposals
Revaluation
At end date 2020
Carrying amount:
At end date 2020
At end date 2019
The historical cost of investments is:
At 31 December 2020
At 31 December 2019
8
Debtors
Trade debtors
Prepayments and accrued income		 Listed
investment
Total
£
7,108
7,108
(365)
(365)
6,743
6,743
6,743
6,743
7,108
7,108
2020
£
8,769
8,554
17,323		 £
�
3,855
2019
£
6,363
255,518
261,881

Page 22

THE MRS. HENRIETTA FRANCES LE PERSONNE BENEVOLENT TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2020

9 Creditors: amounts falling due within one year

Bank loans and overdrafts
Accruals
Defrred income
2020
£
80,953
31,508
625
113,086		 2019
£
73,603
11,051
84,654

Bank loans and overdrafts totalling £1,049,056 (2019 -£900,996) are secured by a legal charge held over the land and buildings by the Co-operative Bank PLC.

The HCA (now RSH) authorised The Mrs Henrietta Frances Le Personne Benevolent Trust to apply for a loan using the property as security. Upon approval from the HCA, the Trust applied for and was granted the following loans from the Co-operative bank: -

£630,000 in 2008 with an interest rate of 1.125% over base to be repaid 15 years from the initial drawn down on 28 November 2008, with the possibility of an extension in the repayment terms for a further 15 years if required.

£400,000 in 20 I O with an interest rate of 2. l 25% over base to be repaid fifteen years from the initial draw down date on 5 March 2010, with the possibility of an extension in the repayment terms for a further 15 years if required.

£350,000 split between £150,000 received in 2019 and £200,000 received in 2020 with an interest rate of3.75% over base to be repaid 15 years from the initial drawn down on 18 October 2019, with the possibility of an extension in the repayment tenns for a further 15 years ifrequired.

The Almshouse Association also provided an interest free loan of £70,000 in 2019 which is to be repaid over 10 years. Although the loan is interest free there was an administration charge of £3,500, which will be written off over the term of the loan.

During the year the Trust obtained a bounceback loan of £50,000 to support the entity during the Covid-19 outbreak. The loan has an interest rate of 2.5% per year and is to be repaid after 72 months from the initial draw down on the 27 November 2020.

10 Creditors: amounts falling due after more than one year

Bank loans and overdrafts
Accmals
2020
£
1,080,753
1,080,753		 20l9
£
897,393
3,150
900,543

Bank loans include aggregate amounts of£830,544 (2019 - £676,583) which fall due after five years and which are payable otherwise by instalments. The payment terms and interest rate of each creditor for which an amount falls due after five years are given in note 9.

Page 23

THE MRS. HENRIETTA FRANCES LE PERSONNE BENEVOLENT TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2020

11 Reserves

a) Income and expenditure reserve

The income and expenditure reserve represents cumulative surplus and deficits net of other adjustments.

Income and expenditure reserve Movement in fnds
Balance
Incoming
Resources
Transfrs
at 1.1.20
resources
expended
£
£
£
£
1,222,433
295,175
(232,433)
(26,983)
1,222,433
295,175
(232,433)
(26,983)		 Balance
at
31.12.20
£
1,258,192
1,258,192

b) Restricted reserve

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Le Personne Memorial Fund
Social Activities Fund		 Balance
atl.1.20
£
303
357
660
Incoming
resources
£
Movement in fnds
Resources
expended
£
Transfers
£
Balance
at
31.12.20
£
303
357
660

The Memorial Fund was established by donations from local organisations and individuals to clean the memorial stones of the Founders gravestones in the local cemetery.

The Social Activities Fund represents donations received that are to fund social activities for the residents.

Page 24

THE MRS. HENRIETTA FRANCES LE PERSONNE BENEVOLENT TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2020

11 Reserves ( continued)

c) Designated funds and Investment Revaluation reserve

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Cyclical Maintenance fnd
Extraordinary Repair fnd
ERP Revaluation fnd
Development fnd
DF Revaluation fnd
Social Housing grant fnd
Investment Revaluation Reserve
Designated Fund		 Balance
at
1.1.20
30,000
2,615
1,252
3,867
1,239
2,001
3,240
1,143,500
1,180,607
(3,253)
1,177,354
Movement in fnds
Incoming
resources
£
Resources
expended
£
(26,983)
(26,983)
(26,983)		 Transfrs
/ gains &
losses
£
26,983
(23)
(123)
(242)
(242)
26,618
365
26,983		 Balance
at
31.12.20
£
30,000
2,615
1,129
3,744
1,239
1,759
2,998
1,143,500
1,180,242
(2,888)
1,177,354

The development fund was previously known as the Permanent Endowment fund which was released by the Charity Commission on 18 June 2008 to be used as the charity trustees see fit. The balance of this fund represents the funds paid to acquire fixed asset investments.

The Cyclical Maintenance fund represents a fund set aside for the routine repair and maintenance costs incurred.

The Extraordinary Repair fund represents monies put aside by the Trustees to cover any out of the ordinary repair costs.

The Social Housing grant fund represents a grant received towards the cost of developing the housing property stock. As no depreciation is charged on the housing property, the grant has been taken as income and is set aside as a designated fund. There was a condition attached to the grant that if the housing property was ever sold the grant will be required to be repaid.

The investment Revaluation Reserve represents the cumulative effect of revaluations of fixed asset investments to market value.

Page 25

THE MRS. HENRIETTA FRANCES LE PERSONNE BENEVOLENT TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2020

12 Reconciliation of operating surplus to cash flow from operating activities

12 Reconciliation of operating surplus to cash fow from operating activities
2020 2019
£ £
Surplus fr the year 35,394 297,431
Interest payable 21,664 18,469
Interest received
Depreciation and impaitment of tangible fxed assets		 (126)
15,737		 (1,675)
15,737
(Gains)/ losses on investments 365 (8,890)
(Increase)/ decrease in trade and other debtors
Increase/ (decrease) in trade and oter creditors		 244,558
17,932		 (247,114)
1,444
Net cash fow fom operating activities 335,524 75,402
13 Financial instruments
The carrying amounts of the financial instruments are as follows:
2020 2019
£ £
Financial assets
Measured at fir value through the statement of comprehensive income:
- Fixed asset listed investments (note 7) 6,743 7,108
6,743 7,108
Debt instruments measured at amortised cost:
- Trade debtors (note 8) 8,769 6,363
- Other debtors (note 8) 8,554 255,518
17,323 261,881
Fnancial liabilities
Measured at amortised cost
- Bank loans and overdraf (notes 9-10) 1,161,706 970,996
- Other creditors (notes 9) 32,133 14,201
1,193,839 985,197
The income, expenses, net gains and net losses attributable to the fnancial instments are summarised as
fllows:
2020 2019
£ £
Income and expense
Financial liabilities measured at amortised cost		 (21664) (8,69)
Nt gains and lsses (including changes in fir value
Financial assets measured at fir value through the statement of comprehensive		 365 (8,890)
income

Page 26

THE MRS. HENRIETTA FRANCES LE PERSONNE BENEVOLENT TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2020

14 Covid 19

At the reporting date Covid-19 caused widespread lockdown measures to be imposed in the UK and worldwide. This has resulted in a reduction in both supply and demand in the economy. It is not currently possible to estimate the impact this will have on the future financial results of the Trnst but management consider it to be a significant uncertainty. Management have assessed the impact of Covid-19 on the results reported for the financial year ended 31 December 2020 and consider that the results reflect any adverse conditions as at that date.

Page 27