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**<br>**Offcer**|Mrs. G.S. Caunt<br>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<br>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; 

- amend the way that Trustees are appointed; so that one Trustee is appointed by Tandridge District Council (previously three) and four are appointed by the existing Trustees. 

## _**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: 

- **Decoration of four flats** 

- Re-Carpeting of two flats 

- Upgrade emergency lighting in East and West Wings 

- Painting of the lower garden fence and automatic gate 

## _**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<br>Investments<br>TOTAL|£124,351<br>£6,743<br>£131094|(£38,748)<br>(£7,08)<br>(£45,856)|
|---|---|---|
||||



## Reserves Policy 

The Trust's planned levels ofreserves are: 

- for fluctuations in short tenn expenditure - approximately one month's expenditure in a cheque account 

- • for cyclical maintenance expenditure - approximately one months' expenditure in a saving account (the CMF reserve) 

- for long term extraordinary repairs and mode1nisation - a target of five years' expenditure in unit Trusts (the designated ERF and Development reserves). 

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: 

- select suitable accounting policies and then apply them consistently; 

- make judgements and estimates that are reasonable and prudent; 

- state whether applicable accounting standards have been followed, subject to any material departures disclosed **and explained in the financial statements; and** 

- **prepare the financial statements on the going conce1n basis unless it is inappropriate to presume that the trnst will continue in business.** 

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: 

- give a true and fair view of the state of the registered social housing provider's affairs as at 31 December 2020 and of its income and expenditure for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the 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, 

## **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: 

- the registered social housing provider has not kept proper books of accmmt, and not maintained a satisfactory system of control over its transactions, in accordance with the requirements of the legislation; or 

- the revenue account, any other accounts to which our report relates, and the balance sheet are not in agreement with the association's books of account; or 

- we have not obtained all the information and explanations necessary for the purposes of our audit. 

## **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<br>**Turnover**<br>**Housing income**<br>Operating expenditure<br>**Operating surplus**<br>3<br>**Income fom fxed asset investments**<br>**Grant income**<br>**Interest receivable**<br>Interest payable and similar charges<br>Gains/(Losses) on investments<br>**Total comprehensive income fr the year**<br>On behalfof the Board:<br>E Webster Chairman|**2020**<br>£<br>**295,049**<br>**(237,752)**<br>**57,297**<br>**126**<br>**(21,664)**<br>**(365)**<br>**35,394**<br>C Steer|2019<br>£<br>295,662<br>(233,827)|
|---|---|---|
|||61,835<br>1,675<br>243,500<br>(18,469)<br>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<br>**Fixed assets**<br>Tangible fxed assets<br>6<br>Investments<br>7<br>**Current assets**<br>Debtors<br>8<br>Cash at bank and in hand<br>**Creditors: amounts falling due within one year**<br>9<br>**Net current assets**<br>**Total assets less current liabilities**<br>**Creditors: amounts flling due after more than one year**<br>10<br>**Total net assets**<br>**Reserves:**<br>Income and expenditre reserve<br>11<br>Revaluation reserve<br>11<br>Restricted reserve<br>11<br>Designated reserve<br>II<br>**Total Reserves**|**2020**<br>£<br>**3,484,516**<br>**6,743**<br>**3,491,259**<br>**17,323**<br>**124,351**<br>**141,674**<br>**(113,086)**<br>**28,588**<br>**3,519,847**<br>**(1,080,753)**<br>**2,439,094**<br>**1,258,192**<br>**2,888**<br>**660**<br>**1,177,354**<br>**2,439,094**|2019<br>3,081,160<br>7,108|
|---|---|---|
|||3,088,268<br>261,881<br>38,748<br>300,629<br>(84,654)|
|||215,975|
|||3,304,243<br>(900,543)|
|||2,403,700<br>1,222,433<br>3,253<br>660<br>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<br>expenditure<br>reserve<br>£<br>**At 01.01.19**<br>**1,092,598**<br>Surplus/ ( deficit) for the year<br>78,280<br>Revaluation of fied asset<br>investments<br>**Total comprehensive income**<br>78,280<br>Transfrs<br>51,555<br>At**31.12.19 and 01.01.20**<br>**1,222,433**<br>Surplus/ ( deficit) for the year<br>62,742<br>Revaluation of fixed asset<br>investments<br>**Total comprehensive income**<br>62,742<br>Transfrs<br>(26,983)<br>At**31.12.20**<br>**1,258,192**|Revaluation<br>reserve<br>£<br>**45,858**<br>8,890<br>8,890<br>(51,495)<br>**3,253**<br>(365)<br>(365)<br>**2,888**|Restricted<br>reserve<br>£<br>**453**<br>207<br>207<br>**660**<br>**660**|Designated<br>reserve<br>£<br>**967,360**<br>210,054<br>210,054<br>(60)<br>**1,177,354**<br>(26,983)<br>(26,983)<br>26,983<br>**1,177,354**|Total<br>£<br>**2,106,269**<br>**288,541**<br>**8,890**<br>**297,431**|
|---|---|---|---|---|
|||||**2,403,700**<br>**35,759**<br>**(365)**<br>**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<br>**Cash flow from operating activities**<br>12<br>Interest paid<br>**Net cash flow fom operating activities**<br>**Cash fow fom investing activities**<br>Payments to acquire tangible fixed assets<br>Receipts fom disposing of investments<br>**Dividends & interest received**<br>**Net cash fow fom investing activities**<br>**Cash flow from fnancing activities**<br>**Acquisition of new loan**<br>Repayment of long term loans<br>**Net cash flow fom financing activities**<br>**Net increase/ (decrease) in cash and cash equivalents**<br>Cash and cash equivalents at 0 1.01.2020<br>**Cash and cash equivalents at 31.12.2020**|**2020**<br>£<br>**335,524**<br>**(21,664)**<br>**313,860**<br>**(419,093)**<br>**126**<br>**(418,967)**<br>**250,000**<br>**(59,290)**<br>**190,710**<br>**85,603**<br>**38,748**<br>**124,351**|**2019**<br>£<br>**75,402**<br>**(18,469)**<br>**56,933**|
|---|---|---|
|||**(339,325)**<br>**85,000**<br>**1,675**|
|||**(252,650)**|
|||**220,000**<br>**(32,370)**<br>**187,630**|
|||**(8,087)**<br>**46,835**<br>**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<br>Housing properties, fbric|No depreciation charged<br>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** 

- Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income in other administrative expenses. 

## **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 

- **1.16 Key Judgements and Critical Accounting Estimates** The main judgement and accounting estimate included in the accounts is the estimated residual value of the freehold building. No depreciation is charged on freehold property on the basis that the estimated residual value is in excess of cost. The management board get a third party valuation of the property every 2 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:<br>Housing fr older people<br>Housing used by staff<br>**3**<br>**Surplus on ordinary activities**<br>Surplus on ordinary activities is stated after charging/ (crediting):<br>Auditor's remuneration (including expenses and<br>benefits in kind) for audit services<br>Auditor's remuneration (including expenses and<br>benefts in kind) fr non-audit services<br>Depreciation of tangible fxed assets<br>(Gains)_I_Losses on fir value movement of investments|**Number of**<br>**units at**<br>**31.12.20**<br>43<br>1<br>44<br>**2020**<br>**6,360**<br>**15,737**<br>**365**|**Number**<br>**of units at**<br>**31.12.19**<br>43<br>1|
|---|---|---|
|||44|
|||2019<br>£<br>6,120<br>720<br>15,737<br>(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:<br>Employees<br>Oficers|**2020**<br>**Number**<br>**2**<br>**1**<br>2019<br>Number<br>**4**<br>3<br>5|
|---|---|



## **Employment costs** 

|Wages and salaries<br>Social security<br>Pension contributions|**2020**<br>**£**<br>**71,166**<br>**4,117**<br>**4,243**<br>**79,526**|2019<br>**£**<br>74,220<br>2,711<br>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:**<br>At 01.01.20<br>Additions<br>At 31.12.20<br>**Depreciation:**<br>At 01.01.20<br>Charge for the year<br>At 31.12.20<br>Net book value:<br>At 31.12.20<br>At 31.12.19|Housing<br>Plant and<br>**Properties**<br>machinery<br>for letting<br>£<br>£<br>2,902,960<br>395,183<br>419,093<br>3,322,053<br>395,183<br>227,096<br>12,367<br>**Fixtures**<br>and<br>fittings<br>£<br>193,726<br>193,726<br>183,613<br>3,370<br>**Total**<br>**3,491,869**<br>**419,093**<br>3,910,962<br>**410,709**<br>**15,737**|
|---|---|
||239,463<br>3,322,053<br>155,720<br>2,902,960<br>168,087<br>186,983<br>6,743<br>10,113<br>426,446<br>3,484,516<br>3,081,160|



The net book value of land and buildings comprised: 

|Land and buildings:<br>Freehold<br>Long leaseho Id<br>Short leasehold|**2020**<br>£<br>**3,329,403**<br>**3,329,403**|2019<br>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<br>At start date 2020<br>Additions<br>Disposals<br>Revaluation<br>At end date 2020<br>Carrying amount:<br>At end date 2020<br>At end date 2019<br>**The historical cost of investments is:**<br>At 31 December 2020<br>At 31 December 2019<br>**8**<br>**Debtors**<br>Trade debtors<br>**Prepayments and accrued income**|Listed<br>**investment**<br>**Total**<br>**£**<br>7,108<br>**7,108**<br>(365)<br>**(365)**<br>6,743<br>**6,743**<br>**6,743**<br>**6,743**<br>7,108<br>7,108<br>**2020**<br>**£**<br>**8,769**<br>**8,554**<br>**17,323**|£<br>�<br>3,855<br>2019<br>£<br>6,363<br>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<br>Accruals<br>Defrred income<br>**2020**<br>**£**<br>**80,953**<br>**31,508**<br>**625**<br>**113,086**|2019<br>£<br>73,603<br>11,051<br>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<br>**Accmals**<br>**2020**<br>**£**<br>**1,080,753**<br>**1,080,753**|20l9<br>£<br>897,393<br>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<br>Balance<br>Incoming<br>Resources<br>Transfrs<br>at 1.1.20<br>resources<br>expended<br>£<br>£<br>£<br>£<br>1,222,433<br>295,175<br>(232,433)<br>(26,983)<br>**1,222,433**<br>**295,175**<br>**(232,433)**<br>**(26,983)**|**Balance**<br>**at**<br>**31.12.20**<br>£<br>**1,258,192**<br>**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<br>Social Activities Fund|Balance<br>atl.1.20<br>£<br>303<br>357<br>**660**<br>Incoming<br>resources<br>£<br>Movement in fnds<br>Resources<br>expended<br>£<br>Transfers<br>£<br>**Balance**<br>**at**<br>**31.12.20**<br>£<br>**303**<br>**357**<br>**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<br>Extraordinary Repair fnd<br>ERP Revaluation fnd<br>Development fnd<br>DF Revaluation fnd<br>Social Housing grant fnd<br>**Investment Revaluation Reserve**<br>Designated Fund||**Balance**<br>at<br>1.1.20<br>30,000<br>2,615<br>1,252<br>3,867<br>1,239<br>2,001<br>3,240<br>1,143,500<br>**1,180,607**<br>**(3,253)**<br>**1,177,354**<br>Movement in fnds<br>**Incoming**<br>**resources**<br>£<br>**Resources**<br>expended<br>£<br>(26,983)<br>**(26,983)**<br>**(26,983)**|**Transfrs**<br>/ gains &<br>**losses**<br>£<br>26,983<br>(23)<br>(123)<br>(242)<br>(242)<br>**26,618**<br>**365**<br>**26,983**|**Balance**<br>**at**<br>**31.12.20**<br>**£**<br>**30,000**<br>**2,615**<br>**1,129**<br>**3,744**<br>**1,239**<br>**1,759**<br>**2,998**<br>**1,143,500**<br>**1,180,242**<br>**(2,888)**<br>**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**<br>Depreciation and impaitment of tangible fxed assets|**(126)**<br>**15,737**|(1,675)<br>15,737|
||(Gains)/ losses on investments|**365**|(8,890)|
||(Increase)/ decrease in trade and other debtors<br>Increase/ (decrease) in trade and oter creditors|**244,558**<br>**17,932**|(247,114)<br>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**<br>fllows:|||
|||**2020**|2019|
|||**£**|**£**|
||**_Income and expense_**<br>**Financial liabilities measured at amortised cost**|**(21664)**|(8,69)|
||_Nt gains and lsses (including changes in fir value_<br>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**_