## **REGISTERED NUMBER: A3969 CHARITY NUMBER: 210365** 

**Report of the Trustees and** 

**Financial Statements for the Year Ended 31st December 2023** 

**for** 

**The Henry Pinnock and Victoria & Albert Memorial Charity** 



## **The Henry Pinnock and Victoria & Albert Memorial Charity** 

## **Contents of the Financial Statements for the year ended 31 st December 2023** 

||**Page**|
|---|---|
|**Trust Information**||
|**Report of the Trustees**|**2**|
|**Report of the Independent Auditors**|**9**|
|**Statement of Comprehensive Income**|**12**|
|**Statement of Financial Position**|**13**|
|**Statement of Changes in Equity**|**14**|
|**Statement of Cash Flows**|**15**|
|**Notes to the Statement of Cash Flows**|**16**|
|**Notes to the Financial Statements**|**17**|





## **The Henry Pinnock and Victoria & Albert Memorial Charity** 

## **Trust lnfonnation for the year ended 31 st December 2023** 

|**TRUSTEES:**|**W Woolley ***|
|---|---|
||**P Painter (Chair)**|
||**J Wallace**|
||**L Milner**|
||**A Pritchard**|
||**A Ridgers**|
||**N Botley (Vice Chair)**|
||**8 Hayre Singh ****|
||**C Stone**|
||**A Verrill (appointed April 2023)**|



***W Woolley sadly passed away on 2-,rn May 2024. We extend our deepest condolences to the family and acknowledge his invaluable contributions to the charity over the last 30 years.** 

****B Hayre Singh concluded his tenure as trustee in May 2024, as scheduled. We thank him for his dedicated service during his tenn.** 

|**SECRETARY:**|**EL Pan ell**|
|---|---|
|**REGISTERED OFFICE:**|**The Lodge**<br>**St Thomas's Almshouses**|
||**Old Road West**|
||**Gravesend**|
||**Kent**|
||**DAll 7LA**|
|**REGISTERED NUMBER:**|**A3%9**|
|**CHARITY NUMBER:**|**210 365**|
|**AUDITORS:**|**Sargeant Partnership LLP**|
|**BANKERS:**|**National Westminster PLC**|
||**30 King Street**|
||**Gravesend**|
||**Kent**|
||**DA122:XX**|
|**LEGAL REPRESENTATIVE:**|**Third Sector Law**|
|**HUMAN RESOURCES**||
|**CONSULTANT:**|**PopuloHR**|
|**PROPERTY CONSULT ANT:**|**PSW Building Consultancy**|





## **The Henry Pinnock and Victoria & Albert Memorial Charity** 

**Report of the Trustees for the year ended 31 st December 2023** 

**The trustees present their report with the financial statements for the year ended 31st December 2023.** 

## **PRINCIPAL ACTMTY** 

**The principal activity of the charity in the year under review was that of the provision of almshouse accommodation at St Thomas's Almshouses, Gravesend. The almshouses are operated by the charity as a registered social housing provider. Almshouses are a charitable form of self-sufficient, low-cost community housing held in trust for local people in need of genuinely affordable housing. There are currently over 1,600 independent almshouse charities providing homes for over 36,000 people.** 

**The charity was originally founded as a result of the will, in August 1624, of local man Henry Pinnock. The charity's objects although modernised in their language over time, remain in line with his wishes, namely; (a) the prevention or relief of poverty by the provision of social housing in the form of almshouse accommodation to persons in need who ( except in special cases approved by the trustees) are inhabitants or former inhabitants of the Borough of Gravesham with a preference for persons who have resided for not less than 10 years in the Borough of Gravesham; and (b) such charitable purposes for the benefit of the residents as the trustees decide.** 

**St Thomas's Almshouses, is one of the largest almshouse providers in the country and provides accommodation in the form of 54 one-bedroomed flats, 6 one-bedroomed accessible bungalows, and has by the time ofreport publication been able to add into its almshouse portfolio two x 2-bed flats also on the site. The site is designed for independent living, but as a community, and there is consideration given to provide for residents' well-being, both physical and mental.** 

**Supporting the work of almshouse provision is the investment income from properties and land owned by the charity, including residential properties in Northfleet and Swanscombe, a commercial space and flats above in Tunbridge Wells, and land in Norfolk, the bulk of which is leased as farm land.** 

## **RISK MANAGEMENT** 

**The Charity operates a Risk Register, which looks at the risks and threats to which the Charity is exposed. This is reviewed on a regular basis. The Trustees are satisfied that appropriate controls are in place to provide reasonable assurance against fraud or error.** 

**Risks have been identified, the highest of which are a) a lack of clear direction and strategy for the future; b) excessive cash reserves and c) licensees not meeting criteria for eligibility, and these are now being actively managed.** 

**The highest risks remain a) excessive cash reserves and b) licensees not meeting criteria for eligibility, and these are now being actively managed. At the time of writing: with regards the first of these risks (a), the charity is actively looking for development opportunities to expand the almshouse provision; and in terms of addressing (b) there has been a significant increase in the number of beneficiaries within the existing almshouse site, and active work ongoing to increase this further.** 

## **PUBLIC BENEFIT** 

**The Trustees have considered the Charity Commission's guidance on public benefit. In particular, the trustees consider how future developments will contribute to the objectives and aims they have set, and are actively looking to increase the charity's public benefit.** 

2 



The Henry Pinnock and Victoria & Albert Memorial Charity 

Report of the Trustees for the year ended 31 st December 2023 

## **Key Performance Indicators:** 

The Trustees monitor the Charity's performance throughout the year. In addition to operational performance indicators, the following strategic performance objectives have been identified and are reviewed on a regular basis: 

Number of beneficiaries Free reserves Programme investment yield Staff engagement Trustee Skills Residents able to live independently Diversity and Inclusion (re. beneficiaries) 

## **Review of Activities:** 

The year 2023 for Pinnocks Charity was marked by significant achievements and challenges, reflecting our commitment to enhancing governance, compliance, and strategic investments for the betterment of our community. 

Throughout the year, we continued to focus on our core strategy, ensuring the effective governance of the charity, which included the unanimous reappointment of trustees and the adoption of new policies aimed at increasing accountability. 

Our financial performance remained strong, with healthy surpluses driven by strategic property sales and investments, demonstrating our capability to manage resources efficiently while pursuing growth opportunities. 

The charity made noteworthy progress in property management, successfully resolving tenancy issues and advancing our housing projects, including the exploration of new investment opportunities to expand our housing provisions. Alongside these efforts were the building of strategic relationships within the local authority and beyond, to allow the charity to maximise its opportunities. 

The board also dedicated efforts to enhancing our charitable activities, including the development of policies to support vulnerable populations and the pla ing of significant anniversary celebrations to highlight Pinnocks Charity's longstanding contributions to the community. Notably, during the financial year 2023, the charity held its Founder's Day celebration, with residents and local invited guests in attendance, commemorating the 399[th ] anniversary of the founding the charity and raising the profile of the charity. 

Despite facing challenges, such as the complexities involved in strategic property acquisitions, our commitment to our mission has only strengthened, paving the way for continued success and impact in the years to come. 

This summary encapsulates our activities and milestones in 2023, demonstrating our unwavering dedication to governance, community support, and strategic growth. 

## **Charitable Incorporated Organisation (CIO)** 

At the time of writing, the charity awaited formal confirmation from the Charity Commission of the CIO application and registration, the work for which was completed during 2023 and lodged with the Charity Commission at the end of that year. Preparations for the transition to the CIO were ongoing. Once registration has been completed, land registry for all properties and land would be moved to the CIO and the new Articles of Association would apply, providing a modern foundation for the charity and adding further protection from liability for the trustees. 

## **Beneficiary Review Process** 

Having introduced a policy during 2022 around new residents being identifiable beneficiaries, the next step was to seek clarity around the status of _**current**_ residents, as the charity sought to understand the level of its public benefit, and to work towards increasing this. A comprehensive beneficiary review process was undertaken during 2023 to establish the financial status of St Thomas' s Almshouses residents, and to determine how to manage situations where anomalies were 

3 



## **The Henry Pinnock and Victoria & Albert Memorial Charity** 

**Report of the Trustees for the year ended 31 st December 2023** 

**present. This process was overseen by the newly formed Applications and Beneficiaries sub-Committee (ABC), made up of two existing trustees.** 

**FoJlowing this review, a number of current residents were identified as being eligible for housing-related benefits and helped to apply for these and a small number of other existing residents chose to move away from the almshouses to live elsewhere. At the start of the review process, the percentage of residents who qualified as beneficiaries under the charity's definition of financial need was 33%. Thanks to the new appointment policy and the beneficiary review, this had increased to 82% by QI of 2024, with the expectation that this would continue to rise to meet the target of 100%.** 

**Regular reviews would continue to be carried out to monitor the status of beneficiaries under the terms of their licences to occupy their almshouse.** 

## **Reviewing and Increasing the Weekly Maintenance Contribution (WMC)** 

**During the first quarter of 2023 a review of the WMC charged at the St Thomas's Almshouses was carried out, with elements of service charge being identified. Without causing detriment to any qualifying beneficiaries, the WMC was increased significantly from 1[st ] June 2023 to a level which was still less than the local housing allowance. For some residents, this increase was the trigger to become eligible to access certain housing-related benefits, and with the help of the Independent Living Officer as needed, their applications were processed, and they began to receive the financial help available to them. These increased charges would continue to provide income for the charity which would be used to support its mission to expand the almshouse provision.** 

## **Development Opportunities** 

**Having ring-fenced funds for future development, the trustees committed the charity's officers to continue to actively search for development opportunities to expand its almshouse provision, following up on opportunities in the local Gravesham area which presented themselves. During 2023, this saw concurrent discussions with private land owners, developers, the local authority and the county council around several possible sites. Closely tied to these discussions about future expansion was the financial modelling to demonstrate that the plans could become a reality. A site appraisal of the St Thomas s Almshouses was carried out as part of these options, with at least one area within the site having been identified for a potential new-build property. It is hoped that 2024 would see the culmination of these efforts, with discussions at a detailed stage for at least one significant development opportunity at the time of publication.** 

## **Grant Funding** 

**Inextricably linked to the charity's plans for the future, is the available funding. As well as using its own financial reserves, the charity would need to access available grant-funding opportunities. As a registered housing provider, the charity has the potential to access significant funds for the provision of social housing, and other grants are available too. During 2023, one such opportunity was identified, being the Local Authority Housing Fund (LAHF), and having signed an agreement with the local authority for round 2 of the LAHF funding, work began during the second half of 2023 to identify five local residential properties. These properties would form the basis of the charity accessing £810,000, equating to 40% of the purchase cost. By by the end of Q 1 2024, all five properties had been identified and purchased, two of which were designated for Afghan families as part of the Home Office's Afghan Relocation Assistance Programme (ARAP) and the Afghan Citizens Resettlement Scheme (ACRS) and the other three for those on Gravesham council's local housing register. By the time of publication families had moved into two of the properties, a family had been identified for one more, and the remaining two would follow suit. As a result of this LAHF round 2 funding opportunity alone 17 bedrooms had been added to the available social housing stock in the local area, which would remain part of the social landscape into the future, increasing the charity's public benefit and benefiting those in need of sociaJ housing in the local area.** 

**The charity continues to actively seek grant-funding opportunities, hoping to participate in LAHF round 3 funding, and to access grants from Homes England, for example, as part of the commitment to add to the social housing stock and increase the number of almshouses.** 

## **The Body of Trustees** 

**Having car ied out a skills audit, the trustee main board was able to welcome one further trustee to its ranks with relevant experience, contributing to the sum of its knowledge and its ability to appraise opportunities and make decisions in the** 

**4** 



## **The Henry Pinnock and Victoria & Albert Memorial Charity** 

**Report of the Trustees for the year ended 31 st December 2023** 

## **charity's best interests, and strengthening the board's effectiveness.** 

## **Management:** 

- **Chief Officer - Steve Orme: Steve holds the positions of Chief Officer and Finance Officer at Pinnocks Charity. As Chief Officer, Steve is tasked with strategic leadership and overall organisational management. His role as Finance Officer involves overseeing the charity's financial functions, including budgeting, accounting, and financial reporting** 

- **General Manager - Emma Pannell: Emma serves as both the Secretary and General Manager of Pinnocks Charity. In her role as Secretary, Emma is responsible for ensuring the smooth administration of the charity, maintaining effective records and upholding statutory compliance. As General Manager, she oversees the day-to-day operations of the charity, ensuring effective program implementation and operations management.** 

- **Clerk to the Trustees - Tim Packham: Tim provides essential administrative and procedural support to the Board of Trustees. His responsibilities include preparing meeting agendas, taking minutes, ensuring compliance with statutory and regulatory requirements, and facilitating effective communication between the trustees and the management team. Tim's role is pivotal in maintaining the governance framework of the charity, ensuring that trustee decisions are well­ documented and executed efficiently.** 

## **INVESTMENT REVIEW** 

**With the volatility of the financial markets, the trustees took the decision to withdraw funds from the M&G Charity Multi Asset Fund during the first quarter of 2023, and all funds were received and re-invested into interest bearing deposit accounts ..** 

## **RESERVES POLICY** 

**The Charity's stated Reserves Policy is that the Charity holds at least twelve months' expenditure in reserve, either in cash, or short-term deposits.** 

## **RELATED PARTIES** 

**In addition to the related party disclosure in note.12 in the Report & Accounts, trustees regularly "declare an interest" as appropriate and all have completed the questionnaire.** 

## **PLANS FOR THE FUTURE / POST BALANCE SHEET EVENTS** 

**Keeping the objectives of the charity at the centre of the strategic decisions being made by trustees, the future plans are ambitious, and involve increasing the public benefit by adding significantly to the number of almshouses available within the borough. As part of this objective, the charity has committed to an ambitious project involving the acquisition and development of a property site expected to result in 27 housing units with 65 bedrooms for social housing purposes. As of December 31, 2023, the charity has allocated £2 million for initial acquisition costs, with a total projected investment and final market valuation of approximately £8.7 million upon completion. This project supports our strategic objectives to expand our social housing offerings and is expected to significantly enhance our asset base and service capacity upon its projected completion in 2026. The initial acquisition cost is not dependent on any external funding.** 

**On 8**[th ] **July 2024, a valuation was completed on the social housing properties by Jenner Jones Chartered Surveyors (RICS). The valuation has increased to £5,900,000 for the social housing units and £225,000 for The Lodge. The trustees will reflect the increased revaluation in the 2024 audited accounts.** 

_5_ 



## **The Henry Pinnock and Victoria & Albert Memorial Charity** 

## **Report of the Trustees for the year ended 31 st December 2023** 

## **VALUE FOR MONEY STATEMENT** 

**In presenting a Value for Money Statement for 2023, Pinnock's Charity has adopted the Value for Money Statement Metrics introduced by the Regulator of Social Housing, which are shown below.** 

|**1.**<br>**Reinvestment %**||||||
|---|---|---|---|---|---|
|**Works to existing properties**|**22,065**||**Housingproperties at valuation**|**5,927,250**||
||||||**_AIB_**|
||**22,065 A**|||**5,927,250 B**|**0.37%**|
|**2.**<br>**New Supply delivered%**||||||
|**a) Social Housing Units**|||**b) Non-Social Housing Units**|||
|**Total Social Housing units developed or**|||**Total Non -Social Housing units**|||
|**acquired in the year**|**0A**||**developed or acquired in the year**|**developed or acquired in the year**<br>**0A**||
|Total Social HousingUnits M anaged at|||**Total Social Housing Units**|||
|**period end**|**60**||Managed at period end|**60**||
||||**Total Non-Social Housing Units**|||
||||Managed at periodend|**9**||
||**60 B**|**60 B**||**69 B**||
|||||||
||**-%A/B**<br>/|||**-%A/B**||
|**3.**<br>**Gearing**||||||
|**Short term loans**|**0**||**Housing properties at valuation**|**5,927,250**||
|**Long term loans**|**0**|||||
|**Cash and cash equivalents**|**3,189,441**||||**A/B**|
||**3,189,441 A**|||**5,927,250 B**|**53.81%**|
|**4.**<br>**Earni gs before Interest, Tax, Depreciation, Amortisation, Major Repairs Included**<br>**(EBITDA MRI) Interest Cover%**||||**gs before Interest, Tax, Depreciation, Amortisation, Major Repairs Included**||
|**Operating surplus/( deficit)**|**211,328**||**Interest capitalised**|**0**||
||||**Interest payable and financing**|||
|**+ Interest receivable**|**83,731**||**costs**|**0**||
|+ Totaldepreciation charge|**135,094**||||**A/B**<br>/|
||**430,153 A**|||**0B**|**-%**|



**6** 



## **The Henry Pinnock and Victoria & Albert Memorial Charity** 

## **Report of the Trustees for the year ended 31 st December 2023** 

## **VALUE FOR MONEY STATEMENT (CONTINUED)** 


**----- Start of picture text -----**<br>
||||
|---|---|---|
|5.|Headline Social Housing Cost £|
|Total Social Housing Units|
|M anag;:ment costs|245,114|Managed at period end|
|Service charge costs|16,603|
|Rep airs & maintenance costs|69,172|
|Other (social housing letting) costs|0|
|330,890 A|

**----- End of picture text -----**<br>


**60** 


**----- Start of picture text -----**<br>
||||||
|---|---|---|---|---|
|Other (social housing letting) costs|0|A/B|
|330,890 A|60 B|£5,515|
|6.|
|Operating Margin %|
|a) Social Housing letting;|b) Overall|
|Operating surp !us/( deficit) from social|
|housing letting;|(308,154) A|Operating surplus/(deficit) overall|211,328 A|
|Turnover from social housing letting;|-----|386,523 B|Turnover (overall)|505,693 B|
|-79.72% A/B|41.79% A/B|
|7.|
|Return on Capital Employed|
|Operating surplus/(deficit) overal|211,328|Total as|ets less current liabilities|9,083,323|
|A/B|
|211,328 A|9,083,323|B|2.33%|

**----- End of picture text -----**<br>


**7** 



## **The Henry Pinnock and Victoria & Albert Memorial Charity** 

## **Report of the Trustees for the year ended 31 st December 2023** 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT** 

## **Governing document and objects oftbe charity** 

**The object of the charity is laid down by a Charity Commission scheme dated 29th June 1982 and is the provision of residences for persons in need in Gravesend or in the ecclesiastical parishes of St Mark, Rosherville or All Saints, Perry Street, Northfleet.** 

## **Structure & Organisation** 

**The aim of the charity is to provide almshouse accommodation at St Thomas's Almshouses. The charity operates by means of a board of trustees which aims to meet at least five times per year. A maximum of five trustees are co-opt[a] tive trustees serving terms of five years. A maximum of five trustees are representative trustees appointed by Gravesham Borough Council for terms of four years.** 

## **Trustees induction and training** 

**Advice for trustees published by the Charity Commission is given to new board members and new guidance is notified and made available at Board meetings. Trustees have free access to all members of staff to ensure that they can be fully aware of the activities and methods of the charity.** 

## **Statement of Risks and Mitigation** 

**The trustees have reviewed the major risks to which the charity is exposed and established systems of procedures to manage those risks.** 

## **STATEMENT OF TRUSTEES' RESPONSIBILITIES** 

**The trustees are required to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charity and of the income and expenditure of the charity for that year. In preparing these the trustees are required to:** 

- **select suitable accounting policies and then apply them consistently;** 

- **make judgements and accounting 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 concern basis unless it is inappropriate to presume that the charity will continue in business.** 

**The trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable the trustees to ensure that the financial statements comply with the Housing and Regeneration Act 2008. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are also responsible for maintaining a satisfactory system of control over the charity's books of accounts and transactions.** 

## **STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS** 

**So far as the trustees are aware, there is no relevant audit information (information needed by the charity's auditors in connection with preparing their report) of which the charity's auditors are unaware, and each trustee has taken all the steps that he or she ought to have taken as a trustee in order to make himself or herself aware of any relevant audit information and to establish that the charity's auditors are aware of that information.** 

## **AUDITORS** 

**As part of our routine practice to ensure auditor independence and adherence to best practices, we conducted a tender in 2023 for our external audit services. We are pleased to appoint Sargeant Partnership LLP as our new auditors. We extend our sincere thanks to Messrs Beak Kemmenoe for their valuable services over the years and look forward to our engagement with Sargeant Partnership LLP. The board proposes their re-appointment for the upcoming financial year.** 

## **ON BEHALF OF THE BOARD:** 

**."1 ,I ·'JJ:\.[1 ] ........................................ . C.P Painter - Trustee Date: 24**[th ] **September 2024** 

**8** 



## **Report of the Independent Auditors to the Trustees of The Henry Pinnock and Victoria & Albert Memorial Charity** 

## **Opinion** 

**We have audited the financial statements of the Henry Pinnock and Victoria & Albert Memorial Charity (the 'charity') for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet 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 (United Kingdom Generally Accepted Accounting Practice).** 

## **In our opinion the financial statements:** 

- **give a true and fair view of the state of the charity's affairs as at 31 December 2023 and of its incoming resources and application of resources, 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 Charities Act 2011.** 

## **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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.** 

## **Conclusions relating to going concern** 

**In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.** 

**Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.** 

**Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.** 

## **Other information** 

**The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.** 

**Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.** 

9 



## **Report of the Independent Auditors to the Trustees of The Henry Pinnock and Victoria & Albert Memorial** 

## **Matters on which we are required to report by exception** 

**We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:** 

- **the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or** 

- **sufficient accounting records have not been kept; or** 

- **the financial statements are not in agreement with the accounting records and returns; or** 

- **we have not received all the information and explanations we require for our audit.** 

## **Responsibilities of trustees** 

**As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.** 

**In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.** 

## **Our responsibilities for the audit of the financial statements** 

**We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.** 

**Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error and to issue a Report of the Independent Auditors 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 inclividually 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 our procedures are capable of detecting irregularities, including fraud is detailed below:** 

## **Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud** 

**The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regardjng the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected even though the audit is properly planned and performed in accordance with the ISA's (UK).** 

**In identifying and assessing risks of material misstatement in respect of irregularities including, fraud and non- compliance with laws and regulations, our procedures included the following:** 

**- We obtained an understanding of the legal and regulatory frameworks applicable to the charity and the sector in which they operate. We deteanined that the following laws and regulations were most significant: the Charities Act 2011.** 

10 



## **Report of the Independent Auditors to the Trustees of The Henry Pinnock and Victoria & Albert Memorial** 

**-We obtained an understanding of how the Charity is complying with those legal and regulatory frameworks by making inquiries to the management and trustees. We corroborated our inquiries through our review of papers provided to the audit engagement team.** 

**-We assessed the susceptibility of the Charity's financial statements to material misstatement, including how fraud might occur. Audit procedures perfonned by the audit engagement team included:** 

**a) Identifying and assessing the design effectiveness of controls management has put in place to prevent and detect fraud;** 

b) **Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;** 

**c) Challenging assumptions and judgements made by management in its significant accounting estimates;** 

d) **Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations: and** 

e) **Assessing the extent of compliance with the relevant laws and regulations.** 

**A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description fonns part of our Report of the Independent Auditors.** 

## **Use of our report** 

**This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent pennitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have fonned.** 

**Sargeant Partnership LLP Chartered Accountants and Statutory Auditors 5 White Oak Square London Road Swanley Kent BR87AG** 

11 



## **The Henry Pinnock and Victoria & Albert Memorial Charity** 

## **Statement of Comprehensive Income for the year ended 31st December 2023** 

|||**2023**|**2023**||**2022**|||
|---|---|---|---|---|---|---|---|
||**Notes**|**£**||**£**|**£**||**£**|
|**11JRNOVER**|**2**|||**505,693**|||**374,965**|
|**Administrative expenses**||||**(502,669)**|||**(412,152)**|
|**Other operating income**||||**208,304**|||**778**|
|**OPfflA TING SURPLUS/(DfflCil)**|_5_|||**211,328**|||**(36,409)**|
|**Income from fixed asset investments**||**5,204**|**5,204**||**20,507**|**20,507**||
|**Interest receivable and similar income**||**78,527**|**78,527**||**3,450**|**3,450**||
|||||**83,731**|||**23,957**|
|**REfAINID (DfflCIT) / SURPLUS FOR THE YFAR**||||**295,059**|||**(12,452)**|
|**Un/realised movement of revaluation of investments**||||**113,244**|||**(4,335)**|
|**Unrealised movement ofrevaluation of properties**||||**0**|||**0**|
|**TOTAL COMPREHENSIVE INCOME FOR THE**<br>**YFAR**|||—|**408,303**||—|**(16,788}**|
|**NOTEOFIHSTORICALCOST SURPLIBIS AND DEFICITS**||||||||
|**Retained surplus for the year**||||**295,059**|||**(12,452)**|
|**Difference between a historical cost depreciation charge and the**<br>**actual depreciation charge for the year calculated on the**<br>**revalued amount**|**Difference between a historical cost depreciation charge and the**<br>**actual depreciation charge for the year calculated on the**|||**0**|||**0**|
|||||**295,059**|||**(12,452)**|



**The notes form part of these financial statements** 

12 



## **The Henry Pinnock and Victoria & Albert Memorial Charity (Registered number: 210365)** 

## **Statement of Financial Position 31 st December 2023** 

|||**2023**||**2022**||
|---|---|---|---|---|---|
||**Notes**|**£**|**£**|**£**|**£**|
|**FIXID ASSETS**||||||
|**Tangible assets**|**6**||**5,927,250**||**5,859,621**|
|**Investments**|**7**||**0**||**2,179,144**|
||||**5,927,250**||**8,038,765**|
|**CURRffiT ASSETS**||||||
|**Debtors**|**8**|**16,646**||**34,132**||
|**Cash at bank**||**3,189,441**||**680,361**||
|||**3,206,087**||**714,493**||
|**CRID**<br>**ORS**||||||
|**Amounts falling due within one year**|**9**|**(50,015)**||**(78,238)**||
|**NEfCURRffiT ASSETS**|||**3,156,073**||**636,255**|
|TOTALASSETS LESS CURRENT LIABILITIES|||**9,083,323**||**8,675,019**|
|**:WSliRVIS**||||||
|**Revaluation reserve**|10||**2,808,911**||**4,512,414**|
|**Other reserve**|10||**2,955**||**2,955**|
|**Designated reserve**|10||**5,965,972**||**3,859,650**|
|**Income and expenditure account**|10||**305,484**||**300,000**|
||||**9,083,323**||**8,675,019**|



**The financial statements were approved by the Board of Trustees and authorised for issue on 24**[th ] **September 2024 and were signed on its behalf by:** 

th ~~——2~~ SERIAPainter It **C.P Painter -Trustee** 

•uuo•••• .. ••••••••••••••••••••••••u•••• 

**N Botley - Trustee** 

**E Pannell - Secretary** 

**The notes form part of these financial statements** 

**13** 



## The Henry Pinnock and Victoria & Albert Memorial Charity Statement of Changes in Equity for the year ended 31 st December 2023 

||**Retained**|**Revaluation**|**Other**|**Designated**|**Total**|
|---|---|---|---|---|---|
||**earnings**|**resene**|**resenes**|**resene**|**equity**|
||£|£|£|£|**£**|
|**Balance at 1st January 2022**|2,720,056|4,516,772|500,474|954,506|8,691,808|
|Surplus from statement of||||||
|comprehensive income|**(16,788)**|0|0|0|(16,788)|
|Increase in property valuation|0|0|0|0|0|
|Increase in market value of||||||
|investments transfer|4,335|**(4,358)**|23|0|0|
|Interest arising in the year transfer|0|0|0|0|0|
|Transfer from prior periods|0|0|0|0|0|
|Transfer from income and||||||
|expenditure account|(2,407,603)|0|(497,542)|2,905,145|0|
|**Balance at 31st December 2022**|300,000|4,512,414|2,955|3,859,651|8,675,020|
|Surplus from statement of||||||
|comprehensive income|408,303|0|0|0|408,303|
|Increase in property valuation|0|0|0|0|0|
|Increase/(Decrease) in market value||||||
|of investments|0|0|0|0|0|
|Interest arising in the year transfer|0|0|0|0|0|
|Transfer from prior periods|0|0|0|0|0|
|Transfer from income and||||||
|expenditure account|(402,819)|(1,703,503)|0|2,106,322|0|
|**Balance at 31st December 2023**|**305,484**|**2,808,911**|**2,955**|**5,965,973**|**9,083,323**|



The notes form part of these financial statements 

14 



## **The Henry Pinnock and Victoria & Albert Memorial Charity** 

## **Statement of Cash Flows for the year ended 31 st December 2023** 

|||**2023**|**2022**|
|---|---|---|---|
||**Notes**|**£**|**£**|
|**Cash Oo'M from operating actilities**||||
|**Cash generated from operations**|I|**290,295**<br>~~ee~~|**151,028**<br>~~—— se~~|
|**Net cash from operating activities**||**290,295**|**151,028**|
|**Cash flo"M from inwsting activities**||||
|**Purchase of tangible fixed assets**||**(427,333)**|**(82,451)**|
|**Sale of tangible fixed assets**||**270,000**||
|**Sale of fixed asset investments**||**2,292,388**|**0**|
|**Interest received**||**78,527**|**3,450**|
|**Dividends received**||**5,204**|**20,507**|
|**Net cash from investing activities**||**2,218,786**|**(58,494)**|
|**Increase in cash and cash equiwlents**||**2,509,081**|**92,534**|
|**Cash and cash equiwlents at beginning of year**|**2**|**680,361**|**587,827**|
|**Cash and cash equiwlents at end of year**|**2**|**3,189,441**|**680,361**|



**The notes form part of these financial statements** 

15 



## **The Henry Pinnock and Victoria & Albert Memorial Charity** 

**Notes to the Statement of Cash Flows for the year ended 31 st December 2023** 

## **1. RECONCILIATION OF SURPLUS/(DfflCO) BEFORE TAXATION TO CASHGINFRATID FROM OPmATIONS** 

||**2023**|**2022**|
|---|---|---|
||**£**|**£**|
|**Surplus before taxation**|**408,303.16**|**(16,788)**|
|**Depreciation charges**|**135,093.89**|**124,994**|
|**Profit on sale of fixed assets**|**(45,389.67)**|**0**|
|**Gain on revaluation of fixed assets**|**(113,244.17)**|**4,335**|
|**Finance income**|**(83,730.88)**|**(23,957)**|
||**301,032.33**|**88,584**|
|**Decrease/(increase) in trade and other debtors**|**17,486.09**|**4,853**|
|**(Decrease)/increase in trade and other creditors**|**(28,223.50)**|**57,591**|
|**Cash generated from operations**|**290,294.92**|**151,028**|



## **2. CASH AND CASH mUIV ALENTS** 

**The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement ofFinancial Position amounts:** 

|**Year ended 31st December 2023**||||
|---|---|---|---|
|||**31.12.23**|**1.1.23**|
|||**£**|**£**|
|**Cash and cash equivalents**||**3,189,441**|**680,361**|
|**Year ended 31st December 2022**||||
|||**31.12.22**|**1.1.22**|
|||**£**|**£**|
|**Cash and cash equivalents**||**680,361**|**649,466**|
|**ANALYSIS OFCHANGJiS IN EfFUNDS**||||
||**Atl.1.23**|**Cash flow**|**At31.12.23**|
||**£**|**£**|**£**|
|**Net cash**||||
|**Cash at bank**|**680,361**|**2,509,081**|**3,189,441**|
|**Total**|**680,361**|**2,509,081**|**3,189,441**|



## **3. ANALYSIS OFCHANGJiS IN EfFUNDS** 

**The notes form part of these financial statements** 

16 



## **The Henry Pinnock and Victoria & Albert Memorial Charity** 

**Notes to the Financial Statements[- ] continued for the year ended 31st December 2023** 

## **1. ACCOUNTING POLICIES** 

## **Accounting convention** 

**The Henry Pinnock and Victoria & Albert Memorial Charity constitutes a public benefit entity as defined by FRS 102.** 

**These financial statements have been prepared in accordance with applicable accounting standards including the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (FRS 102), the Statement of Recommended Practice for registered providers of social housing in England in 2015. The financial statements are also prepared under the requirements of the Housing and Regeneration Act 2008. The financial statements have been prepared on a going concern basis under the historical cost convention as modified to include certain items at fair value. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently ap lied to all years presented unless otherwise stated.** 

**The figures presented in these financial statements are subject to rounding adjustments. As a result, the sum of individual amounts may slightly differ from the total amounts reported due to rounding to the nearest £1. These rounding differences are considered immaterial and do not affect the financial statements' interpretation.** 

## **Critical accounting judgements and key sources of estimation uncertainty** 

**The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.** 

**Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.** 

**Depreciation is provided at rates calculated to write off the cost or valuation of tangible fixed assets over each asset's expected useful life. The charity regularly reassesses the useful economic life of its housing properties and other freehold buildings. When acquired the useful life of the main structures was assessed to be 50 years. Historically the useful lives have been re-set to 50 years each time there has been a revaluation and therefore future depreciation charges are based on the revalued amount and the extended useful life of the building.** 

## **Turnover** 

**Turnover represents the maintenance charges (net of agents charges and voids) paid by residents living in the almshouses, and other income received from investment properties.** 

## **Tangible fixed assets** 

**Depreciation is provided at the following annual rates in order to write off each as et over its estimated useful life.** 

**Freehold Land - Nil Housing Properties and freehold[-] See below buildings - Plant and machinery etc 15% on reducing balance** 

## **Social Housing Properties and freehold buildings** 

**Housing properties are principally properties available for rent and are included at valuation, the valuation basis being the existing use value for social housing. Housing properties are re-valued regularly. The aggregated surplus or deficit on re-valuation is transferred to a revaluation reserve.** 

**All properties are depreciated by component on a straight line basis over the estimated useful economic lives of component categories, in accordance with the principles of component accounting in the Housing SORP.** 

18 



## **The Henry Pinnock and Victoria & Albert Memorial Charity** 

**Notes to the Financial Statements - continued for the year ended 31st December 2023** 

**Useful economic lives for identified components as follows:** 

**Structure Straight line over 50 years - Outbuildings Straight line over 50 years Kitchens - Straight line over 20 years - Bathrooms Straight line over 30 years - Heating systems Straight line over 20 years** 

**Improvements are works to existing properties which result in an increase in the net rental income, including a reduction in maintenance costs or result in a significant extension of the useful life of the property.** 

## **Housing association grants and social housing grants** 

**The trust accounts for its housing properties at valuation. In accordance with the Housing SORP government grants are recognised using the performance model as follows:** 

**(a) A grant that does not impose specified future performance-related conditions is recognised as revenue when the grant proceeds are received or receivable.** 

**(b) A grant that imposes specified future performance[-] related conditions is recognised as revenue only when the performance-related conditions are met. ( c) A grant received before the revenue recognition criteria are satisfied is recognised as a liability.** 

**In certain circumstances, such as the sale of housing properties these social housing grants may become repayable and, in the event, is a subordinated debt and is accounted for as soon as liability arises within** , **creditors: amounts falling due within one year.** 

## **Employee benefits** 

**When employees have rendered service to the charity short-tenn employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. The charity operates a defined contribution plan for the benefit of i.ts employees. Contributions are expenses as they become payable.** 

**Termination benefits refer to the benefits provided to an employee when their employment is terminated by the entity's decision, prior to the employee's normal retirement date.** 

## **Investments** 

**Investments are recognised initially at fair value which is nonnally the transaction price excluding transaction costs. Subsequenl'ly, 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** 

18 



## **The Henry Pinnock and Victoria & Albert Memorial Charity** 

**Notes to the Financial Statements - continued for the year ended 31st December 2023** 

## **1. ACCOUNTING POLICIES - continued** 

## **Designated reserves** 

**Designated reserves are part of unrestricted reserves which have been earmarked by the Trustees for a particular purpose. Such designations may be reversed by future Trustees decisions. Expenditure can ot be directly set against designated reserves but is taken through the income and expenditure account. A transfer is then made from designated reserves as appropriate.** 

## **Details of designated reserves currently included in the accounts are set out below:** 

## **Extraordinary Repairs** 

**The Trustees designate reserves for the future major repairs expenditure on all housing properties under the 1998 Housing Act arrangements and other properties in so far as the major repairs expenditure is not eligible for grants from the Housing Corporation or local authorities. Regular annual contributions are set aside in an Extraordinary Repairs reserve in accordance with Trust Scheme dated 29 June 1982.** 

## **Public Benefit** 

**In the previous year the Trustees enhanced the designation of the reserves to provide a clear statement of intent in regard to furthering the charity's objectives to increase its public benefit. As a consequence a new designated reserve "Public Benefit" has been created which is to be used for the acquisition of social housing. Furthermore, the Trustees have consolidated and reduced the reserves held for ongoing major repairs and cyclical maintenance across its property portfolio. The unrestricted reserves held is now equivalent to 12 months of operational expenditure.** 

## **Property Managed by Agents** 

**Where the RSL carries the financial risk on the property managed by agents, all the income and expenditure arising from the property is included in the Income and Expenditure Account.** 

19 



The Henry Pinnock and Victoria & Albert Memorial Charity 

Notes to the Financial Statements - continued for the year ended 31st December 2023 

## **2. TURNOVFR** 

|**TURNOVFR**||||||||
|---|---|---|---|---|---|---|---|
|**TURNOVFR**|||**Number of units managed by**|**Number of units managed by**||**Number of units managed by**||
||||**Registered Social Landlord at**|||||
||||**31 December**|**1 January**|**1 January**|||
||||**2023**|||**2023**||
|Social Housing units - almshouses|||60||||60|
|Other rental properties - non-social housing|||**9**||||**9**|
|Other rental properties - commercial|Other rental properties - commercial||1||||I|
||||70||||70|
||**Maintenance**|**Other Rental**|**2023**|**2022**||||
||**Charges**|**Income**|**Total**|**Total**||||
||**£**|**£**|**£**|**£**||**£**||
|G-oss rents|399,105|119,170|518,275|||385,105||
|Rent losses from voids|(12,582)|0|(12,582)|||(10,140)||
|Rent losses from bad debts|0|0|0||||0|
|Total income from lettings|386,523|119,170|505,693|||374,965||
|**EMPWYFEi**||||||||
||||**2023**|**2022**||||
||||**£**|**£**||**£**||
|Wages and salaries|||**202,468**||**164,478**|||
|The average number of employees during the year was as follows:||||||||
||||**2023**|**2022**||||
|Administration|||**5**||||**4**|
|Wardens|||**0**||||**1**|
||||_5_||||4|
|During the year, the number of employees whose annual remuneration was £60,0||During the year, the number of employees whose annual remuneration was £60,0|During the year, the number of employees whose annual remuneration was £60,0**0** or higher is as follows:|||||
|Remuneration Band:|||**2023**|**2022**||||
|£70,000 - £80,000|||**1**|0|0|||



## **3. EMPWYFEi** 

The Chief Officer of the charity received total emoluments of £78,078 for the year ended 31 December 2023. This includes all taxable benefits and any contributions made by the charity to a defined contribution pension scheme on their behalf. 

20 



## **The Henry Pinnock and Victoria & Albert Memorial Charity** 

## **Notes to the Financial Statements - continued for the year ended 31st December 2023** 

## **4 . 1RUS1».S' IUMl.JMRATION AND EXPENSES** 

**Trustees received no remuneration in the year. Out of pocket expenses reimbursed to Trustees in the year amounted to £2 7 (2022 : £ 176)** 

## **5. OPERATING SURPLUS** 

**The operating deficit is stated after charging:** 

|**The operating deficit is stated after charging:**|||
|---|---|---|
||**2023**|**2022**|
||**£**|**£**|
|**Depreciation - owned assets**|**135,094**|**124,994**|



## **6. TANGIBLEFIX ASSEfS** 

||**Social Housing**|**Other Freehold**|**Plant and**||
|---|---|---|---|---|
||**Properties**|**Property**|**machinery**|**Totals**|
||**£**|**£**|**£**|**£**|
|**COST OR VALUATION**|||||
|**At 1st January 2023**|**3,588,331**|**2,543,675**|**10,506**|**6,142,512**|
|**Additions**|**22,065**|**395,000**|**10,268**|**427,333**|
|**Revaluation**||||**0**|
|**Disposals**|**(2,893)**<br>**(240,000)**<br>**0**<br>**(242,893)**<br>Oe||||
|**At 31 st December2023**|**3,607,504**|**2,698,675**|**20,774**|**6,326,953**|
||eee||||
|**DWROCIATION**|||||
|**At 1st January 2023**|**142,005**|**130,380**|**10,506**|**282,892**|
|**Charge for year**|**86,469**|**47,149**|**1,475**|**135,094**|
|**Revaluation**||||**0**|
|**Eliminated on disposal**|**(480)**|**(17,803)**|**0**|**(18,283)**|
||eee,||||
|**At 31st December 2023**|**227,995**|**159,727**|**11,981**|**399,703**|
||eee||||
|**NEf BOOK VALUE**|||||
|**At 31st December2023**|**3,379,509**|**2,538,948**|**8,793**|**5,927,250**|
||ee||||
|**At 31st December2022**|**3,446,326**|**2,413,295**|**0**|**5,859,621**<br>>|



21 



## **The Henry Pinnock and Victoria & Albert Memorial Charity** 

**Notes to the Financial Statements - continued for the year ended 31st December 2023** 

## **6. TANGIBLE FIXED ASSETS - continued** 

**The freehold property relates to property held for non-social letting.** 

**On 8th July 2024, a valuation was completed on the social housing properties by Jenner Jones Chartered Surveyors (RICS). The valuation has increased to £5,900,000 for the social housing units and £225,000 for The Lodge. The trustees will refle.ct the increased revaluation in the 2024 audited accounts.** 

## **Assets held at valuation** 

**The carrying amount of assets held at valuation is as follows:** 

||**Housing**|**Freehold**|||
|---|---|---|---|---|
||**Properties**|**Property**|**Total**|**Total**|
||**2023**|**2023**|**2023**|**2022**|
||**£**|**£**|**£**|**£**|
|**Amount ofrevaluation**|**(720,214)**|**2,544,681**|**1,824,467**|**1,429,466**|
|**Historic cost**|**4,327,718**|**153,994**|**4,481,712**|**4,702,540**|
||**3,607,504**|**2,698,675**|**6,306,179**|**6,132,006**|



## **7. FIXED ASSET INVFSTMENTS** 

|**FIXED ASSET INVFSTMENTS**|||
|---|---|---|
|||**Other**|
|||**inwstments**|
|||**£**|
|**COST OR VALUATION**|||
|**At 1st January 2023**||**2,179,144**|
|**Additions**||**0**|
|**Disposals**||**(2,292,388)**|
|**Revaluations/ Realised Gain**||**113,244**|
|**At 31st December 2023**||**0**|
|**NETBOOKVALUE**|||
|**At 31st December 2023**||**0**|
|**At 31st December 2022**||**2,179,144**|
|**Historical cost information**|||
|**The historical cost of investments held at valuation is as follows:**|||
||**2023**|**2022**|
||**£**|**£**|
|**Historical cost**|**773,023**|**773,023**|



22 



## **The Henry Pinnock and Victoria & Albert Memorial Charity** 

## **Notes to the Financial Statements - continued for the year ended 31st December 2023** 

## **8. DFBTORS: AMOUNTS FALLING DUE WITHIN ONEYFAR** 

||**2023**|**2022**|**2022**|
|---|---|---|---|
||**£**|**£**||
|**Trade debtors**|**7,449**||**2,613**|
|**Other debtors**|**9,197**||**31,520**|
||**16,646**||**34,132**|



**Included in trade receivables are rent arrears off £7,449 (2022: £2,613)** 

## **9. CRID ORS: AMOUNTS FALLING DUE WITHIN ONEYFAR** 

||**2023**|**2022**|**2022**|
|---|---|---|---|
||**£**|**£**||
|**Other creditors**|**8,696**||**39,453**|
|**Accruals and deferred income**|**41,319**||**38,785**|
||**50,015**||**78,238**|



**The average number of days between receipt and payment of purchase invoices is less than 30 days.** 

**Accruals and deferred income includes rent payable in advance of £6,879 (2022: £5,974)** 

23 



## **The Henry Pinnock and Victoria & Albert Memorial Charity** 

## **Notes to the Financial Statements - continued for the year ended 31st December 2023** 

## 10. **ruNfflVFS** 

|**ruNfflVFS**||||||
|---|---|---|---|---|---|
||**Income and**|||||
||**expenditure**|**Revaluation**|**Other**|**Designated**||
||**account**|**resene**|**resenes**|**resene**|**Totals**|
||**£**|**£**|**£**|**£**|**£**|
|**At 1st January 2023**|**300,000**|**4,512,414**|**2,955**|**3,859,650**|**8,675,019**|
|**Surplus for the year**|**408,303**|**0**|**0**|**0**|**408,303**|
|**Market value of investment**|**0**|**0**|**0**|**0**|**0**|
|**Valuation of properties**|**0**|**0**|**0**|**0**|**0**|
|**Reserves transfer**|**(402,819)**|**(1,703,503)**|**0**|**2,106,322**<br>3|**0**|
|**At 31 st December2023**|**305,484**<br>**2,808,911**<br>**2,955**<br>**5,965,972**<br>**9,083,323**<br>~~aoa EES~~|||||
|**Rew.Iuation Resene**||||||
||||**Property**|**Investment**||
||||**Resene**|**Resene**|**Total**|
||||**£**|**£**|**£**|
|**At 1st January 2023**|||**2,808,9ll**|**1,703,503**|**4,512,414**|
|**Increase in market value**|||**0**|**(I 703,503)**<br>.|**(1,703,503)**|
|**At 31 s t December 2023**|||**2,808,911**|**0**|**2,808,911**|



## **Other resenes** 

|||||**Minnie**||
|---|---|---|---|---|---|
||||**Caroline**|**Selina**||
|||**Capital**|**Richards**|**Do-wning**||
|||**Account**|**Trust**|**Trust**|**Total**|
|||**£**|**£**|**£**|**£**|
|**At 1st January 2023**||**0**|**2,955**|**0**|**2,955**|
|**Increase in market value**||**0**|**0**|**0**|**0**|
|**Reserves Transfer**|~~a~~|**0**|**0**|**0**|**0**|
|**At 31 s t December 2023**|**0**<br>**2,955**<br>**0**<br>**2,955**<br>aSe|||||



**The Caroline Richards Charity funds are held solely for the maintenance of the graves of the Richards family in Gravesend cemetery. The fund is being used to clean and repair the graves.** 

24 



## **The Henry Pinnock & V & A Mem Charity** 

## **Notes to the Financial Statements - continued for the year ended 31st December 2023** 

## **Designated Reserves** 

||**Extraordinary**<br>**Repair**|**Public**<br>**Benefit**|**Total**|
|---|---|---|---|
||**£**|**£**|**£**|
|**At 1st January 2023**|**250,000**|**3,609,650**|**3,859,650**|
|**Reserves Transfer**|**0**|**2,106,322**|**2,106,322**|
|**At 31st December 2023**|**250,000**|**5,715,972**|**5,965,972**|



**The fund included within designated reserves are fully explained in the accounting policy in note I to these accounts.** 

## 11. **CAPITAL COMMITMENTS** 

|**CAPITAL COMMITMENTS**|||
|---|---|---|
||**2022**|**2021**|
||**£**||
|**Contracted but not provided for in the**|||
|**financial statements**|~~_~~_J}|~~___~~___Q_|



## **12. RELATED PARTY DISCLOSURES** 

**At the date of these financial statements, five trustees were councillors of related Local Authorities.** 

25