REGISTERED CHARITY NUMBEIL. 210365 REPORT OF THE TRusfELS AND AUDITED VINANCJAL STATEMENrs FOR THE YEAR ENDED 31 DECEMBER 2024 FOR THE HENRY PINNOCK AND VICTORIA & ALBERT MEMORIAL CHARITY
THE HENRY PThNOCK AND VICTORIA & ALBERT COP4TENfs OF THE FINANCIAL STATEMEiYrs FOR THE YEAR ENDED 31 DECEMBER 2024 P4g• Rtferenee and Admlnlstrative Detall8 Report of the TnD¢e 2 to 9 Retwjrt of the Independent Audltorj 10 to 13 ststement of Flnnclal Adfvltle8 14 lance Sheet 15 to 16 Statsment of Change8 In Equity 17 Csh Flow StalemeDt 18 Notes to Ihe C&4h Floiv Slatement 19 Notsg to the Flnanclal Ststements 20 to 33 Detslled Statsment of Financial Activitie8 34 to 35
THE HENRY PINNOCK AND VICTORIA & ALBERT MEMORIAL CHARITY REFERENCE AI¥D ADMINISTRATIVE DETAILS FOR THE YEAR EIYDED 31 DECEMBER 2024 TRusfEES A Ridgers Ms C Stone Ms L Milner A J Verrill Ms J Walla BSHay C P Painter W P Woolley A Pritchard Ms N Bolley W Wl]eY godly pa5s¢d away on 27th May 2024. We extend our dcepesl LxThdoicncu to thc fwnily and atknowled8e his invaluabl¢ contributions to the chry overthe 30 years. B Hayre Smgh e4)noluded his t¢nurc fjs in May 2024, a5 sch¢duld. We him for his dcdicated %rvi¢e dwin8 his tsrm. PRINCIPAL ADDRESS The L(NJge St Thomas's Almhouses Old Road Wesl Gravesend Kent DAII 7LA REGISTERED CHARITY NUMBER 210365 AUDITORS Sargeant Partnership Limited Chartered Accountants and Statutory Auditors 5 Whil¢ Oak Squar¢ London Road Swanley Kent BR8 7AG SOLICITORS AND BANKERS Legal Representstiv¢- Furley Page Bankers- Nation81 Westm]8ler Bank PLC ADVISERS ProF*rty Consultant- PSW Building Consultancy Human Resources Conlact- Populo HR Page I
THE HENRY PINNOCK AIYD VICTORIA & ALBERT MEMOIUAL CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 The trLLStees present th¢ir report with the finla1 statements of the charity for the year ended 31 December 2024. The Iruslees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to ¢hariti¢s pwaring their aOUnts in cOrdnce with ihe Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) {¢ffe¢tive l January 2019). oWEIVEs AND ACTIVITIES Principal Activity The Principal a¢livity of the charity in the year under review was that of the provision of almshouse accomm(MJation at St ThomL8'S Almshouses. Gravesend and within the Grave$En Borough. The almshouses are operated by the charity as a r¢gisler¢d so¢i81 housing pmvider. Almshouses ar¢ a ¢harilabl¢ forni of 5elf-sufficient. Iow-¢OSt Community housing held in In1 for lo¢al people in need of genuinely affordable housing. There cutTently over 1.6(M) independent almShoSe ¢harilies providing hom¢s foT over 36,000 people. The charity was originally founded as a result of the will. in August 1624. of local man Henry Pinno¢k. The charity's objects although modernised in their language over lim¢. r¢main in line with his wish¢s. namely. (a) the prevention or relief of poverty by the provision of Sla] housing in th¢ forni of almshouse accommodation to persons in need who (except in special cases approved by the trustees) are inhabitants or fornier itthabitanls of the Borough of Grdvesham with a preference for persons who have resided for not less than 10 Ye in the Borough of Gravesham. and (b) such charilable pUrym for the benefit of the Tesidents as the tnteeS decide. St TIM)mas's Almshouses. is one of the largest almshoLLse providers in the country and provides accommodatton in the form of 54 one-bedrwmed tlals, 6 one-bedroomed accessible bungalow& and two x 2-bed flats also on the sit¢. The sile is designed for indepetKlenl living, but a5 a community, and there 15 consideration given to provid¢ for r¢sid¢nts' well-being, both physical and mental. Supporting the work of almshouse provision is the investment income from properties and land owned by the charity, a commercial space and flats above in Tunbridge Wells, and land in Norfolk, the bulk of whi¢h is leased as farm land. In addition, her social housing rents, have been received from residential properties in Northfleet and Swanswmbe. held as other freehold properties. Public benefit The Trustees have considered the Charity Commission's guidance on public benefit. In particular, the trustees consider how future developments will contribute lo the objectives aThJ aims they have sel. and are actively looking lo increase the charity's public benefit. Page 2
THE HENRY pifiNocK AND VICTORIA & ALBERT REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 ACHIEVEMENTS AND PERFORMANCE Key PerfonnaDce Indicato The Trustees monitor the Charity's perfomiance throughout the year. In addition to oper4tional perforniaTKe indicators. the following strntegic perfornian¢e obje¢tiv¢s hav¢ E¢en identified and are revied on a regular basis: - Nurnber of i¢ficIaTieS . Fr¢¢ r4s¢rv¢$ - Programme investment yield - Staff engag¢ment Trustee Skills - Residents able to live independently - Diversity and Inclusion (re. benefiCileS) Pagc 3
THE HEIYRY PINNOCK AIYD VICTORIA & ALBERT MEMORIAL CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 FINANCIAL REVIEW Fin4neiHI position The year 2024 marked a significant progression for Pinnock5 Charity, &8 we navigated through challenges and achievements that undersc0d our dedication Io governance, community supwrl and Stainable growth. Our strategi¢ MMItment remained robust as we furthered our mission through comprehensive governance. ensuring all trustees were aligned with our core objectives. This included the successful integrntion of new trusteffj bolstering our board's capabilities and preparedness for future opportunities. Financially. the charity continued to demonstrate resilience and prudence, managing our resour¢&s to foster growth while Maintaining healthy surpluses. This fi1 respO81b11lty ¢nabled us lo advance our property management efforts effectively? including the initiation of significani development project5 aimed at expandin8 our housing provisio In terns of property development, we commenced the ambitious Custom House wjecL reflecting our prO1ve approach to addressing the hollqing needs within our community. This project, along with our ongoing engagements with local authorities and stskeholders. highlighted ow strdtegic intent to enhance our IK>using stock and public benefit. Our charitable activities saw notable enhan¢ernen with the implementation of updated p)licies lo support our beneficiaries more effectively. Thi5 w&s complemented by our active participation in grant schemes. which not only fortified our financial base but also our commitment to community service. MoTeover, ¢elebratiort of our 400th anniversary w&8 a highlight of the year, bringing together community members and dignitsries to commemorale our longstanding service and impact. This event not only celebrated our past but also sparked enthusiasm for ow futur¢ endeavours. As we moved towards a more StrntUred future with the incorFx)rntion of a ChaTitable Incorporated Organi5ation {CIO), we laid down a modem foundation will enhance our operational efficiencies and governan¢¢ sttwcture, ensuring greater a¢wuntability and proleclion for ow Irustees. The year also saw us strengthening our financial controls and TiSk management pr(wse& ensuring that we remain compliant and aligned with best pYa¢ti¢¢s in charity gov¢mance and financial manag¢m¢nL In summary. 2024 was a year of strategic achievements and le8rning for PinnkS Charity. We have set a solid foundation for continued success and impact, driven by our commitment lo ow mission and the commullities we serve. As we look forward. we are poised for further growth and suslatned impacL underpinned by strong governance. stsBtegic investments. and a deep commitment to enhancing ihe lives of our Ixneficiaries. On 8th July 2024. a valualion was completed on the social housing properties by Jenner Jones Chartered Surveyors (RICS). The valuation has increased to £5.9W.000 for Ihe social housing units and £225.000 for The Lodge and is reflected in the 2024 accounts. Page 4
THE HENRY PINNOCK AND VICTORIA & ALBERT MEMORIAL CHARfTY REPORT OF THE TRUSTEES FOR THE YEAR EIYDED 31 DECEMBER 2024 FINANCIAL REVIEW Reserves policy G¢nernl Funds General funds are unrestricted funds which are available for use at the discretion of the Tnlee$ in furtherance of the general objectiv¢s of the Charity which have not been designated for other purposes, other The Charity's ststed Reserves Policy is that the Charity holds at least 12 months, expxnditure in reserve, either in caslL or short-tem deposits. Previously, the Tr1¢¢$ d¢signa¢¢d r¢s¢rv¢s for the future major repairs expenditure on all housing properties under the 1998 Housing Act arrdngements and other properties in so far as the major repairs expenditure is not eligible for grants from the Housing Corporation or I(] authorities. Regular annual contributions were set aside in an Extraordinary Repairs reserve in accordance with the Trust Scheme dated 29 June 1982. In 2024. the Trusttts hav¢ consolidated and reduced the resetves held for ongoing major repairs and cyclical maintetydnce across its property Portfolio. The unrestricted Teserves held is now equivalent to 12 months of ope10n01 expenditure. In the previous year the Trustees enhaed the designation of the reserves to provide a clear ststernent of intent in regard to furthering the charity's objectives to incre&se its public benefit. As a consequence a new designatsd reserve 'Public Benefit" was created which was to be used ftir the acquisition of social housing. With the Customs House development in progress. the designation has been reversed by the decisiort of the Trustees and h&$ been transfetTed to the general fund in 2024. Revaluation Reserv¢ The revaluation reserve is part of the unrestricted [rVeS and has resultsd from the revalualion of the social housing and other freehold properties. Going coneer After making Ihe appropriate enquiries, the Trustee5 have a reasonable exp¢¢tation tlwt the Charity has adequate resources lo continue in operntion existence for th¢ for¢s¢¢able future. For this reaso they continue to adopt the going concern b&sis in preparing the financial statements. Further adoption of th¢ going con(Ern is included in the accounting policie& Prlor Year AdJu8tment The 2023 restatement of figures relates to the reclassification of freehold property to investment property and the restatement of the revaluation reserve and designated fund. The reclassification of investment property at 3111212023 was £1,848.075. less amortisalion £121.945. being net book value of £1.726,730. as shown in note 13. With the recl&8sification of the investment propety, this has restated the revalualion reserve at 3111212023, as detailed in note 18. The revaluation reseTve is Nil at 3111212023, due to the overall cumulative revaluation 1055. This1055 was retained in the general reserve (after tr8nsfrr to designated funds in 2023). This has been adjusted in 2024 due to the upward revaluation of the social hoLLsing and other fiE¢hold properties. Page 5
THE HEIYRY PIIYNOCK AND VICTORIA & ALBERT MEMORIAL CHARTrY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 FUTURE PLANS Keeping th¢ objectives of the charity at the centre of the Str¢81¢ decisions being made by trustees. the future plans are ambitious and involve increasing the public benefii by adding significantly to the nwniKr of almshoeS available within the borough. As part of this objective, the charity has committ¢d to an ambitious project involving the acquisition and development of a property site expected to result in 27 housing unils .with 65 bedrooms for s18] housing purwses. As of Decemb¢r 31. 2024. the charity has allated £3.LK)4,829 for initia] acquisition costs. with a total projected investment and final market valuation of approximately £8.7 rnillion lln Completion. This project sUprts OUT strategic obj'ectives to eXPd our social housing offerings and is expected lo signifi(andy enhance our asset base and service capacity upon its projected completion in 2026. The initial acquisition cost is not dependent on Any external funding. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing docMent The object of the ¢harity is laid down by a Charity Commi&sion scheme dated 29th June 1982 and is the provision of residences for persons in need in Grdvesend or in the ecclesiastical parishes of St Mark. Rosherville or All Saints. Peny Street. Northfleet. Charitable Incorporated Organisation {ClO) The Pinnocks Charity was in¢oTporaled a5 a CIO on 1011212024. under Charity Number1211347. This new CIO was registered to facilitate in¢orporation of the charity and. ultimately, all ats and activity will b¢ transferred to the CIO with the unincorporated charity subsequently closed down and notification given to the Charity Commission. thai the CIO is the unincotyor&ted charitys succe&80r. There h&$ no change to the operational arrdngements of the Charity to date and no changes ar¢ ¢xp¢¢ted in 2025. All operdtions continue to be carried on through the unincorpofdled charity and the CIO is lo remain dOrnnt until all necessary approvals hav¢ b¢¢n re¢¢iv¢d from the Charity COmlSsion and other interested third parti¢s and the trustees have resolved to go ahead with the incorporation. This is not expded to take place until the Cwl(MD House development has been concluded in March 2026. Recruitment and appolntmeDt of new trust¢e8 and tralnlng Advice for trustees published by the Charity Com]nission is given to new board members and new gutdance is notified arkd made available &1 Board meetings. Trustees have free access to ail members of staff to ensure that they can be fully aware of the activiti¢S ond methcKls of the charity. OrganisatiODal $tru¢¢ure The aim of the charity is to provide a]mshouse accommodation St Thomas's AlMsh0CS. 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 ar¢ co-optative trustees serving ternis of five yeays. A maximum of five twsttts are representative trustees aptx)int¢d by Gravesham Borough Council for lernis of fouryears. Relwted parti In addition to the related party disclosure in note.17 in the ReEK)rt & Accounts, trustees regularly 'declare on interest" as appropriate and all have completed the questionttaire. Risk management The Charity operates a Risk R¢8iSter. 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 ¢rror. Page 6
THE HENRY PINNOCK AND VICTORIA & ALBERT MEMORIAL CHARITY REPORT OF THE TRUSTELS FOR THE YEAR ENDED 31 DECEMBER 2024 VALUE FOR MONEY STATEMEKr In presenting a for Money Slatement for 202. Pinnock's Charity ha8 adopted the Value for Money Staiement Metics introduced by the Regulator of Social Housing, which ar¢ shown below. R¢lnv¢s¢m¢n¢ % WorL8 to existing rffoperties Housin8 properties at valuation 11,536.604 11,556,604 B 0.[1 New Supply dellvered % al Social FIousing UtLit5 Total Social Housing units dcvelorKd or acqulred in thc year Total Social HsIng Units Managed pcriLNJ cnd b) Non.So¢ial Housing Units Total Non.So¢iai FIousin8 Ulllts O A developed or acquird in the yellr Total Social Housing Units Managed at period eThJ Tota] Ntsn-So¢ial Housing Uni¢S MaTha8ed at period end 68 68 68B 74B GerlAg Short tenn lojns Long iern] loans Cash and ¢&sh equivalents Housing properties 4t valuation 11.556,604 77.775 77.775 A I1,556.604 B 0.67% E#rnlMgs btfore Interes( T8& Depr¢¢l•don, Amortisatioth, Major Repairs llleluded (EBITDA MRI) Intereyt Cover Operating sU]usI(derJCit) + Intercst receivabl¢ + Total (kpr¢ciation rharge 802.010 54,776 187.633 1.044,419 A Interest capitalised costs
THE HENRY PINNOCK AND VICTORIA & ALBERT MEMORIAL CHARITY REPORT OF THE TRUSTEFS FOR THE YEAR ENDED 31 DECEMBER 2024 VALUE FOR MONEY STATEMENT CONTINUED H•ad]In• So Houskn8 Cos¢ £ Total Sla1 Housing Unlts Managed Bt period WKi Management Costs S¢tvic¢ charge costs Repairs & rnaiDtenunce sts Other (social iM)using Icttin8> cost8 283,073 111.645 410,833 A 68 B 043 OptrxtlDg Mxryln •A a) Social Housing lettin8S Operating sU151{d¢fiCIt) fiDm soclal housin8 lettings Income from 50¢iai hous] l¢ttin8s b) Overall 826,726 A OFtrating SUTplusl(d¢fi¢it) overall 557,871 B Income (overall) 802,010 A 1,490,459 B 14&19% AIB 5UIY• B Retsrn on C*ptto1 Employed Operating $urplu81ldeficit) overall 802.010 Totsi a&8ets cu]T¢nt liabilitiu 13J31.127 802,010 A 13.531,127 B 5.93% Page 8
THE HENRY PII¥NOCK AND VICTORIA & ALBERT MEMORIAL CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 POST BALANCE SHEET EVENTS In the period subsequent to the balance sheet date. inveslmenl propety was sold to the value of £1,275,(m. The fund5 are to be used for the continued developmenl of the new Alms Housing site. currently included in "Other Freehold Properties" STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS So far as the trustees are aware, there is no relevant audit infonnation (infomiation needed by the charity's auditOT5 in connection with preparing their report) of which the charity's auditors are unaware, and wh trustee has taken all the steps that he or she ought to have taken as a tn]stee in order to make himself or herself aware of any relevant Hudit infonnation and to esthblish that the charity's auditors are aware of that inforn)ation. STATEMENT OF TRUSTEES, RESPONSIBILITIES The tntee5 ar¢ responsible for preparing the Rert of the Twslees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Pradi¢e). The law applicable lo charities in England and Wales, the Charities Act 2011. Charity (Accounts a1 Reports) Regulations 2008 and the provisions of ih¢ tr1 deed requires the trustees lo prepaR financial statements for each fu1a1 year which give a true and fair view of the State of alrairs of the charity and of the incoming resources aThl application of resources. including the inc(xne and exFthditure, of the charity for that period. In preparing those financial slatements, the trustees are required to select suitable accounting Fxblici¢s gnd then apply them ¢onsistently* observe the methods and principles in the Charity SORP. make judgements and estimates that are reasonable and prudt. state whether applicable a¢counting standards have been followeiL subject to any m8t¢rial d¢partur¢s disclosed and explained in th¢ fina181 slalements. PTepare the financial statements on the going concern b&sis unless it is inappropriate to preswne that the charity will continue in busine&s. The tS are responsible for keeping proper accounting recor(L8 which disclose with r¢Lsonable a¢cura¢y at any time ihe financial position of the charity and to enable them to ensure that the finatKial stat¢m¢nts comply with the Charities Act 2011, the Chaxity (Accounts and Rep)rts) Regulations 2008 and the provisions of the trust deed. They are also r¢sponsible for safeguarding the assets of the ch8Jity and hence for taking reasonable steps for the prevention and detection of frnud and other ijYe8ularities. The trustees are also responsible for maintsining a satisfactory syst¢m of wntrol over th¢ charity's books of accounts and transactions. Approved by ordv of the board of trustees on ...2nd Seplemkr 2025........ . and si8ned on its behalf by: C P PainteT- Trustee Page 9
REPORT OF THE INDEPENDENf AUDITORS TO THE TRUSTEES OF THE HENRY PINNOCK AND VICTORIA & ALBERT MEMOIUAL CHARITY Oplnlon We have audited the financial statements of The Henry PinTho¢k and Victoria & Albert M¢morial Charity (the 'charity') for thc year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance She¢ the Cash Flow Statement and note8 to the financial statements. including a summary of significant accounting poli¢i¢s. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Siandards (United Kingdom Generally Accepted Accounting Practice). ltt our opinion the fin11 statements: give a tn and fair view of the state of the charity's affairs 85 at 31 Decunber 2024 a{ of its incKyming resources and application of resource4 for ihe year ih¢n ended. have b¢¢nproperly prwared in accordance with UnitedKingdom Generally Accepted Accountin8 Practice: hav¢ been prepared in accordance with the requircments of thc Charitics Act 2011, the Housing and Regeneralion Act 2008 and the Accounting Direction for privat¢ provid¢rs of s(181 housing in England 2022. Bag19 for Opinion We conductcd our audit in aordaI¢ with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities underihose standards are fiuther described in the Auditors, responsibilities forthe audit of the fULa1 ststements section of our report. We are Indepdent olthe charity in acwrdance with the ethical requirements that are relevant to our audit of the financial statements in the UK, includin8 the FRC'S Ethical Standard. and we have frilled ow other ethical responsibilities in accordatKe with these rcquirements. We beli¢v¢ that th¢ audit evidence we have obtained is sUlent and appropriate to provid¢ a basis for our opinion. Conclusions relatlng to golng eoneern In auditing the financial statements, we havc cimcludcd that thc trusttts, use of the going concern basis of accounting in the prcparation of the fncIal statements is appropriat¢. Based on the work we have perforn)ed, we have not identificd 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 L%)ncern for a period of at least twelve months from when the financial statements are authorised for ISSU¢. Our rcsponsibilitie5 and th¢ rwinsibilities of the trustees with respect to going concern are described in th¢ relevant sOn8 of this rert. Other information The tTUSt¢es are responstble for the other infommtion. The other inforniation comprises the infomlation included in the Amiual Report, other than thc financial statements al our Report of the Indq)endcnt Auditors Ihem Ouropinion on the fLnancial staternents does not cov¢rthe oiherinfom]ation except to the extent otherwis¢ explicitly stated in our report, we do not express any forni of assurance conclusion ther¢on. In connection with our audit of the financi81 statements, our responsibility is lo read the other inforn]ation attd. in doing so, consider whether ihe other inforn)alion is materially inconsisteni with the financial statements or our knowledge obtained in ihe audit or otherwise appears to be materially mis8Lqted. If we identify sh material inconsistencies or apparent material misstatements, we are rUIred to determine whether this gives rise to amaterial misstatement in th¢ financial stalemenls themselves. If. based on the WO wehav¢perfonne we concludc that there is a material misstatement of this other infomiation. w¢ are required to report that fact. We have nothing to report in tbis regard. Page 10
REPORT OF THE INDEPEIYDEIYT AUDITORS TO THE TRUSTEES OF THE HENRY PINNOCK AIYD vicfoRIA & ALBERT MEMOIUAL CHARITY Matters OD which we are required to report by exeeption We hav¢ nothing to report in respect of the following matters wh¢r¢ the Clwities (A¢¢ounts and RetM)rts) Regulations 21X)8, and the Housing and Regeneration Act 2(K)S requires to rery)rt to you if. in our opinion: the infornlation given in the Rort of the Te¢S 18 Incon518ten1 in any material resp wilh the financial statements.. or sufficient CoUntIng records have not been kq)t' or Ihe financial statements are not in agreement with the accounting rordS and returns. or we have not receivcd all th¢ inforn]a¢ion and ¢xplanations we require for our audit. Responsibi]itstt of trustees As explained more fillly in the Statement of Trustees, Resw)nsibilities, the trustees are responsible for the prq)aration of the financial statements which give a true and fair view, and for such internal control as th¢ tru81ee8 detern]ine is necessary to enable the Preparation of financial statements that are free from rnaterial misstatement, whether to fraud or error. ]n preparing the fu)Cial statements, the trustees are responsible for assessing the charity's ability lo continue as a going disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the tNstees either intd to liquidate the chltY or to cease operations, or have no realistic alternative but to do so. Pagell
REPORT OF THE IIYDEPENDENT AUDITORS TO THE TRUSTEES OF THE HENRY PINNOCK AND VICTORIA & ALBERT MEMORIAL CHARITY Our responslbilitses for th¢ audit of the financlal stAtements We have been appointcd as auditors under Section 144 of the Charities Act 2011 and Section 136 of the Housing and Regenttation Act 2008 and report in accordance with the Act and relevant regulations made or having eff¢¢t th¢reund¢r. Our objKtives are to obtain reasonabl¢ a$suranc¢ about wh¢th¢r the financial stat¢m¢nts as a whole ar¢ free frorn material mi8Statement, whether due to fraud or error. and to issue a Rqx)rt 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 acKordance with ISAS (UK) will always dett a matcrial misstatement when it exists. Misstatements can arise from fraud or aror and are considered material if, individually or in the aggre8ate, they could reasonably be expected to influence the economic decisions of u5er5 tsk¢n on the basis of these financial aternents. The extent to which our procedu$ capable of detecting irregularities, including fraud is detailed below: The objectives of ow audit are to identify and assess the risks of material mi8Statement of the fJnancia] statements due to fraud or ¢m)r,' to obtain sufficient approprialc audit evidence regarding the asscssed risks of material misstat¢m¢nt du¢ to fraud or error. and to respond appropriately to thosc risks. Owing to the inherent limitations of an audit. there is an unavoidable risk that matcrial misstatements in the financial statements may not bc detected. even though the audit is properly pla[ed and perform in accordae with th¢ ISA'S (UK). In identifying and a5s¢ssing risks ofmaterial misstatcment inK8pect of itregularities including) fraud and non- complianc¢ with laws and regulation4 our procedures included the following.. - We obtaincd allundeding of the legal and gUlatOry frameworks applicable to the charity and the sector in which they operate. We deterniined that the following laws and regulations were most significant: the Cl)arities Act 2011, and the Housing and Regeneration Act 2008. -we obtained an understanding of how the Charity is complying with those legal and gUlatOry frameworks by making inquiries to thc management and trust¢¢s. W¢ CoobOrn1cd our inquiries through our r¢view of papers provided to the audit cngdgement t¢am. -we assessed thc suwtibility of the Charity's financial statements to material Misstalnen( including how fraud mighi occur. Audit pr(Kedures perfornid by ihe audit engagemenl leam included: a) Identifying and assttsing the design effectiv¢nes8 of controls management has put in place to Prev71 and dett fraud. b) Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriat¢ infiuence over the financlal reporting process" c) Challenging assLunptions and judgements made by management in its significant accounting estimates and evaluating the appropriateness of accounting policies used. d) Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations: and e) ASSSing the exlenl of compliance with the relevant laws and regulations. Pag¢ 12
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE HENRY PINNOCK AND VICTORIA & ALBERT MEMORIAL CHAIUTY 0 Conclude on the appropriateness of the Trnstees use of the going concern basis of accounling based on audit ¢videnc¢ obtained, whdher a material uncertainty exists related to events or conditions that niay 5t a significant doubt on the ChantS ability to continue as a going concenL g) Evaluate the overall presentatio structUTe and content of the financial statement8, including disclosur¢& and whetherthe fllmncial statements rq)r¢sent theunderlying transaction5 and events in a mannerthat achieves fatr presentation. A further d¢siption of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uklauditorsresponsibilities. This description fornls part of our Report of the IndcpcThdent Auditors. A further description of our T¢sponsibiliti&s for the audit of the financial statements is located on the Flnancial Reporting Council's website at www.frc.org.uklaudilorsresponsibilities. This dCriptIOn forn]s part of our Report of the Independent Auditors. Use of our report This report is made solely to thc charity's trustCC5, as a kndy) in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008 and stiOn 137 of the Housing and Regeneration Act 2(N)8. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to statc to thcm in an auditors, r¢port and for no other purpose. To the fullest extent perniitted by law, we do not accept or assume rcsponsibility to anyone other than the charity and thc charity's trustccs a5 a body, for OUT audit work, for this rqM)rt, OT for the opinions we have fornial. Sargeant Partnership Lirnited Chartcrcd Accoulltallts and Statutory Auditors 5 White Oak Squarc London Road Swanley Kent BR8 7AG 1110912025 Date: ............................................. Page 13
THE HENRY PINNOCK AND VICTORIA & ALBERT MEMORIAL CHARITY STATEMENT OF FINANCIAL AcfIvITIES FOR THE YEAR ENDED 31 DECEMBER 2024 2024 Unrestricted funds 2023 Total funds as restated Notes INCOME AND ENDOWMEfiTr FROM ChAritsble gctivities Charilable Aclivili¢s 1.340,218 573.163 (hher trading activitie5 Investment income OtIr income 958 149.283 914 178.261 45.390 Totsl 1490 459 797,728 EXPENDITURE ON Ch*ritsble activities Charitable Activities 630.984 502,670 2,689 TotAI 633,673 502,670 Net gain5 ¢)n investments 113.244 IYET INCOME Other reeognised gainsl{k)55es) Gains on revaluation of fix¢d assets I,2,848 408.302 3,339,032 Net movement In funds 4,431,880 408.302 RECONCILIATIOI¥ OF FUNDS Total funds brought forward 9,083J21 8.675.019 TiyfAL FUNDS CARIUED FORWARD 13 515201 9083 321 CONTINUING OPERATIONS All income and expenditure has 8ris¢n from wnlinuing activities. The notes forni part of these financial statements Page 14
THE HEfiRY PINNOCK AND VICTOIUA & ALBERT BALANCE SHEET 31 DECEMBER 2024 2024 unStrIcted funds 2023 Total funds as reststed FIXED ASSETS Tangible Sets Inv¢stment pmperty 12 13 11,585,879 1,939,4 42(K),519 .726,730 13525,279 5,927249 CURRENT ASSETS Debto C&5h at bank 14 19,488 77.775 16.646 3.189.441 97263 3,206.087 CREDITORS Amounts falling due within one y¢ar 15 (91,415) <50,015) NET CURRENT ASSETS 3,156072 TOTAL ASSETS LESS CURRENT LIABILITIES 13,531,127 9,083,321 CREDITORS Amounts falling due after more than one 16 (15.926) NET ASSETS 13,515201 9,083J21 The notes fonn part of these financial statanents Page 15 Continued...
THE HEIYRY PIIYNOCK AND VICTORIA & ALBERT MEMORIAL CIIARITY BALAI¥4CE SHEET- continued 31 DECEMBER 2024 FUNDS 18 13J15.201 9.083.321 TOTAL FUNDS 13,515 201 9083 321 The fina]81 statements were approveA by the Board of TTU5tees and authorised for issue on ..2nd September 2025 .. . and were signed on its half by: C P Paintsr- Tntee N Botley. Trustee The notes forni part of these financial ststements Page 16
THE HENRY PINNOCK AND VICTORIA & ALBERT MEMORIAL CHARITY STATEMENT OF CHANGES IN Eourry FOR THE YEAR ENDED 31 DECEMBER 2024 Ret•in¢d e*rnlttg$ Rev•lyatlon Other Dgslgmat•d rtserv¢ Tol81 •quity BgIAnt¢ gt 1st Jxnmxry 2023 Surplus from statement of ¢ompr¢h¢nsiv¢ InMe In¢Ttase in property valuation In¢r¢as¢ in mark¢1 value of investm¢nts transfer Intercst arising in the year trdnsf¢r Prior Y¢aT Adjustm¢- restated Transfer from income and expenditure accouint Balance at 31 Deeember 2023 {as restAttdl 31X).IXXI 4.512.414 2.955 3,859,651 8,675,020 4D8J02 408,302 {2.808.911) 2,808,911 (402,819 .703,503 2,106J22 305,483 2,955 8,774,883 9.083,321 Surplus from statement of comprehensive income Increase in prop¢rty valuation Increase in mark¢t valu¢ of inv1cnts transfer InterE5t y51ng in the y¢ar transfer Transfer from prior periods Transfer from incotne and expenditure attount BAIAnee At 31st Detember 2024 1,091848 1.092.848 3,339.032 3339,032 {385.0(M)) 385,IX>O 8,777,838 9 791 169 (2,955 8 774 883 3,724 032 13J152OJ The notes form part of these fjnancial ststements Page 17
THE HENRY PINNOCK AND VICTORIA & ALBERT MEMORIAL CHARITY CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 as restated Notes Cash flows from oper*¢lng ac¢lYltle5 C&sh generated from operntions 1027401 290 294 cash Wivided by opernting activities 1027401 Cash flows from Inve$tlng ac¢ivi¢ies Purchase of tangible fixed assets Purchase of investment proi Sale of tangible fixed assets Sale of fixed asset investments Interest received (4,205.065) (10,343) 2,150 {427,333) 270.000 2.292.388 83.731 Net cash (used in)Iprovided by invesling activities 4.158.482) 2218 786 Cash flows from financing activities Capital repayments in year Net cash provided by financing activities 19,415 Change In cash and equivalents in the reportlng perlod Cash and cash equivalents At the beginning of the reporting period (3,111,666) 2,509,080 3 189441 680,361 Cosh and ¢ash equlvalents At the end of the reportlng period 3.189441 The notes fom) part of these financial statements Page 18
THE HEIYRY PINNOCK AND VICTORIA & ALBERT MEMORIAL CHARITY NOTES TO THE CASH FLOW STATEMENr FOR THE YEAR ENDED 31 DEcEIBER 2024 RECONCILIATION OF NET IIYCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 as restated Net ifteome for the ttporting period (as per the Ststsm¢nt of Fingncial A¢tfvities) Adjustments for: Depr¢¢iation Charges Gain on investments tA)ssl(profi1) on disposai of fixed assets Interest received (Incre&%eydecrease in debtors Incre4se/(decrease) in creditors 1.091848 408.302 187,633 135,094 (236,062) (113,244) 2,689 {45,390) (54,776) (83.731) (2,842) 17,486 37.911 28,223 Ne¢ cash provlded by operAtions 1.027 401 290,294 ANALYSIS OF CHANGES IN NET FUNDS At 111124 Cash flow At 31112124 Net C48h Cash at bank 3 189441 3 111666 3,189.441 3,111,066 Debt Finance leases 19,415 19,415 Totsl 3 189.441 3 131081 The noles fomi part of these financial statements Page 19
THE HEIYRY PINNOCK AND VICTORIA & ALBERT MEMORIAL CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES Basis of preparlng the financial statements The financial statements of the charity, which is a public benefit entity under FRS 102. hav¢ b¢ prepared in accordance with the Charities SORP (FRS 102) 'A¢counlin8 and Reporting by Charities.. Stafrment of Recommended Practice applicable to charities preparing their accounts in aordanCe with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland {FRS 102) (effective l January 2019),. Financial Reportin8 Standard 102 'The Financial Reporting Standard applicable in the UK and Republi¢ of Ir¢land' and ihe Charilies A¢t 2011. The finan¢ial statetnents haye been prepaTed under the historical cost convention. with the exception of investments which are included at market value, &$ mrKlified by the revaluation of certain &ssets. A¢¢oun¢ln8 ¢onvendon These financial statements are also in accordance with the Statement of Recommended Practi for registered providers of social housing in England in 2018. The significant accounting policies applied in the prepardtion of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwAs¢ stated. Going concern The trustees &8se&s whether the use of going concem is apptY)priale, ie) whether there are any material uncertainties related to events or conditions that may t significant doubt on the ability of the charity 10 continue &s a going concern. The trLJStees make the assessment in respect of a period of 12 months from the date of the issue of the financial statements and have concluded that the charity has adequate Tesources to conlinue in operational ¢xist¢n¢e for the for¢s¢¢abl¢ futwe and there are no material uncertainties alx)ut th¢ Charity's ability to ¢ontinu¢ as a going ¢on¢ern. Income All income is recognised in the Statement of Financial Activities once the Charity h&s entitlement lo the funds it is probable that the income will be received and the amount can be measured reliably. Income from charitsble activities r¢presents the maintenance charges (net of agents charges and voids) paid by residents living in th¢ almsho5¢$ and rental income from other freehold propertie5 hel& foT other social letting. In accordance with the Housing SORP. housing &ssociation and social housing grants are recognised using the perforniance model follows: (a) A grant that does not impose specified fvture perforn)ance-related conditions is re¢o8nised as revenue wh¢n the grant proceeds are received or receivable. (b) A grant that impos¢s specified future perf0MnCe-re1aIed conditions is recognis¢d as r¢v¢nue only when the perfornnCe-relaIed conditions are met. (c) A grant received before the revenu¢ recognition criteria are satisfied is recognised as a liability. In certain circumstances, such as ihe sale of housing properties, these social housing grants may become repayable. anii in the evenL is a sulK)rdinated debt and is accounted for as soon as liability arises within creditors: amounts falling du¢ within one year. InvestmeJrt income represents income and r¢nts received from investment properties aThl interest on bank deposits. Page 20 continued...
THK HEIYRY PINNOCK AND VICTORIA & ALBERT NOTES TO THE FINANCIAL STATEMENTS - ¢onliDued FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES- ntINued Exp¢ndlture- chrlt4ble activiti£4 Expenditure is recognised as soon &s there is a legal or constructive obligation committing the Charity to that expenditure, il is probable that a Irdnsfer of economi¢ benefits will be required in settlement and the amount of the obligation can t¢ me4sur¢d reliably. Expenditure is accounted for on an ac¢ruals basis and has been cl&ssified under headings that aggregate all cost related to the cale80ry. Where wsts cannot be directly attributed lo particular headings they have been allocaled to activities on a b&8is consistent with the use of resources. Tngible fixed &8sets tkprecialion is provided at the following rates in order to write off each asset over its e5titnated useful life. Freehold Land- Nil Housing Prot*rties and freehold buildings- See below Plant and machinery etc- 15Y• on r(Illg balance Social housing and other freehold prop¢rti¢s are prin¢ipa]ly properties available for rent and are included at VuatIOn, the valuation basis being ihe existing use value for social housing. Housing properties are r¢-valued regularly. The aggregated sutplus or deficit on re-valuation is transfetTed to a revaluation reserye. All properties atr depreciated by component on a straight line basis over the estimated SefUl economic lives of component eategories, in accordance with the principles of component accounting tn the Housing SORP. Useful economic lives for identified components as follows: Structure . Straight line over 50 years Outbuildings- StTaight line over 50 years Kitchell5- Straight line ov¢r 20 years Bathrooms- Straight line over 30 years Heating systems- Straight line over 20 years O¢h¢r fr¢¢hold property includes costs trwgnis¢d in relation lo a new property development for Alms Houses. On completion, the property will be trdnsferred to "social housing prowties" a1 the accounting treatment will be consistent with the atrA)ve. Inveslment property Fixed asset investment propertie5 are a form of finan¢ial instrument and are initially recognised at their initial wst and subsequently measured al fair value al the bance sheet dale, unless the value canrthot b¢ m¢asured reliably in which case it is measured at cost less impairnient. Investment gains or losses and whether realised or unrealised are combined and presenÈd as "Net gainsllo&s¢s) on investments in the Stat¢m¢nt of Financial Activities" Taxation The charity is exempl from tsx on its charitable activities. Deb¢org Trade and other debtors are recognised at the settlement amounl. after any trade discount offer&1 and prepayments are valued 8t.ihe amount prepaid net of any trade dise4)untS. Page 21 continued...
THE HEMiY PINNOCK AND VICTORIA & ALBERT NOTES TO THE FINAIYCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES- ¢ontinued Debtor8 C8sh al bank In hnd Cash at bank and in hand includes cash and short terni highly liquid funds with a slv)rt maturity dat¢ from the detK)Sit Ing made. LIabiliti and provlslons Liabililies are reco8nised when there is an obligalion at the balance sheet date a result of a past eveni, it is probable that a transfer of ¢¢onomic b¢n¢fil will be required in settlemen¢ and the amount of th¢ settlement can be eslimat¢d r¢adily. Liabilities are recognised at the amount that the Charity anticipates it will p8y to settle the debt. Any provisions are measured at the best estimate of the amount to settle the obligation. 14se agreement and commitmeDts Lease agr¢¢m¢nts are treated at present value. with interesl being rwognis¢d ov¢r th¢ wiod of the Public benefl¢ In the previous year th¢ TTuslees enhanced the designation of the reserves to provide a clear staternent of intent in regard to furtheTing the charity's objectives to increase its public benefit. As a consequence a new designated reserye "Public Benefit" was created which was to be sed for the acquisition of social housing. With th¢ CLLStoms House developtnenl in pro8re55. the designation has been reversed by the decision of the TrSte¢S and has t*en transferred io the general fund in 2024. Furthennore, in 2024, the Trwslees have consolidated aThJ reduced the reserves held for ongoing major repairs and cycli(xl maint¢nanc¢ across its propety FQrtfolio. The unrestricted reserves held is now ¢quivalenl to 12 months of operdlionai expenditUTe. Property managed by agents Where th¢ RSL CaleS the financia] risk on the propety managed by agents, all th¢ InMe and ¢xpenditure arising from the property is included in the Income and Expenditure Account. Employee benefits When employees have rendered service to ihe charity. short-terni employee iefits to which the employees are entitled are recognised at the undis¢ount¢d amount ¢xp¢d¢d lo be paid in ex¢hang¢ for that service. The charity operates a d¢fin¢d contribution plan for the benefit of ils employees. Contributions are expenses as they become payabl¢. Termination ben¢fils refer to the benefits provided to an employee when their employment is ternlinated by the enlity's decision, prior to the employee's norn)ai retirement date. Pagc 22 continued...
THE HENRY PIIYNOCK AND VICTOIUA & ALBERT MEMORIAL CHARITY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUI¥TING POLICIES- Contlnued Fund accounting Gentral Funds Generni funds are unrestricted funds which are available for use at the discretion of the Trustees in furth¢r8nce of the general objectives of ihe Charity which have not been designated for other purposes. other than.. The Charity's stated Reserves Policy is that the Charity holds at least 12 months, expenditure in reserye. either in cash or short-terni deposits. Previou51y the Trustees designated reserves for the future major repairs expenditure on all housing propertie5 under the l998 Housing Act atTangements and other properties in so far as the major repairs eXndItUre is not eligible for grants from the Housing Corw)fdtion or Ial auihorilies. Regular annual COntritIOnS were set aside in an ExtraoTdiTwy Repairs reserve in accordance with Ihe Trust Scheme ded 29 June 1982. In 2024. the Trustees have consolidated and redu¢ed the reserves held for ongoing major repairs and cyclical maintenance across its property portfolio. The unrestricted reserves held is now equivalent lo 12 months of operdtional expenditure. In the pr¢vious year the Trustees enhanced the designation of the resetves to provide & clear stat¢menl of intent in regard to furthering the charity's objectives to irease its public benefit. As a consequence a new designated reserve "Public Benefit" was created which was to be used for thc acquisition of social housing. With the Customs Hous¢ dev¢lopmenl in progress the designation has en reversed by the decision of the Trusiees and has been trarL8ferTed to the general fund irt 2024. Revalugtion Reserve Th¢ rEvalualion reserye is part of the unrestricted reserves and has resulted from the revaluation of the social housing and other freehold properties CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY Estimates and judgements are continually evaluated and atE based on historical exFtrience and other rtors. including expectations of future events that are believed to be reasonable under the circumstances. The estimafys and assumptions that have a significant risk of causing a material adjuslment to the caTrying amounts of assets and liabilities within the next fina]la1 year are discussed below.. Tangible Fixed As5e15 -the Charity has recognised tangible fixed a55ets (freehold propertie5) with a ¢arrying value.as detailed at the retX)rting date (note 9). These assets are included al valuation, the valuatiun basis ting the existin8 use value for social housing, based on cost less provision for depreciation and impainnenl. Page 23 continua...
THE HENRY PINNOCK AND vicfoRIA & ALBERT MEMORIAL CHARITY NOTES TO THE FINANCIAL STATEMENTS- continu1 FOR THE YEAR EIYDED 31 DECEMBER 2024 CIUTICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAIiYfY- continued Depreciation is provided at rates ¢alculat&J to write off the cost or valuation of tsngible fixed &ssets over each asset's expe¢l¢d eful life. The clwity regularly reassesses the useful economic life of its housing properties and other freehold buildings. When acquired the useful life of the main structures was eSSed lo 50 years. Historically the useful lives have iK¢n re-set to 50 year5 each lilne there has IKen a revaluation and therefore future depreciation charges are based on the revalued amount and the extended LLseful life of the building. Investment Properties - at 3111212024. the ¢harity holds investment proiKrty at fair value. as d¢tail¢d in nol¢ I l. In order to deterniine the fair value of investsnent property the Charity has engaged ind¢p¢nd¢nt valuation Specialists in the area to ascertain a valuation. One of the investment Properties held, has subsequently been sold after the balance sheet dats, and the fair value at 31112Q024 is consistent with the sales price achieve OTHER TRADING ACTIVITIES 2024 2023 as restated Sundry Income 958 914 INVESTMENT II¥COME 2024 2023 as restated Rents received Dividends Receivable Int¢r¢sl Received 94,507 94,530 5,204 78.527 54,776 149283 178261 Investment income represents rental income received fn)m investment properties and bank deposit interest. Page 24 continued...
THE HENRY PINNOCK AND VICTORiA & ALBERT MEMORIAL CHARrrY NOTES TO THE FINANCIAL STATEMENTS- Continued FOR THE YEAR EfiDED 31 DECEMBER 2024 INCOME FROM CHARITABLE ACTIVITIES 2024 2023 as resiated Activity Charitable Activities Charitable Activities Charitable Activities Grants Social housing rents Non Sla1 housing rent5 770,666 557.872 11.680 162.000 386,523 24.640 1340218 573 163 Income represents the maintenance charges (net of agent5 charges and voids) paid by residents living in the almshouses and rent incoe from other social housing. GIlS receiv, included in the abov4 ar¢ as follows: 2024 2023 as restated LAHF grant 400th Anniversary Grant 767,641 3.025 162,000 770,666 162,000 Number of unlts m8naged by Regls¢ered Soelal Landlord *t 31 D¢vmb¢r 2014 62 l January 2024 62 Social Hou5in8 units- almthouscs Other rent41 prowiie$- 50cia] housing Other rental properties- commercial 74 70 CHARITABLE ACTIVITIES COSTS Support costs (see note 7) Direct Costs Totals Charitable Activities 618.984 630 984 SUPPORT COSTS Governance costs Charitsble Activities 12.000 Page 25 continued...
THE HENRY PINNOCK AND VICTOIUA & ALBERT MEMORIAL CHAIUTY NOTES TO THE FINANCIAL STATEMENfs- ¢oDtinued FOR THE YEAR ENDED 31 DECEMBER 2024 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for Ihe year ended 31 December 2024 nor for the year ended 31 December 2023. Trustees, expens¢s Out of Pock expenses reimbursed to Trustees in the year amounted to £25 (2023 . £27) EMPLOYEE BENEFITS 2024 2023 as restated Wages and salaries Social security costs Other pension costs 183.068 13.883 17.824 170,667 16.473 214775 201590 Th¢ average monthly number of employ5 during ihe year w&8 as follows: 2024 2023 as restated Athninistrdtion The number of employees whos¢ employ¢¢ b¢nefils (excluding employer tnsion costs) exceeded £60.0(K) was.. 2024 2023 as reststed £70.001- £80.000 The Chief Offic¢r of the charity received total emoluments of £79,891 for the year ended 31 December 2024. This includes all taxable benefits and any contributions rnade by the chaTity to a defined contribution pension scheme on their behalf. Wl)en employees have rendered service to the charity. short-terni employ¢¢ benefits to which the employees are entitled are reeognised at the undiscounted amount expxted to be paid in exchange for that service. The charity operates a defined contribution plan for the benefit of its employees. Contributions are expenses a5 they become payable. Terniination benefits refer to the benefits provided to an employee when their employment is tem)inated by the entity s thision prior to the employee's nornial retiremeni da*. Page 26 continued...
THE HEI¥RY PINNOCK AIYD VICTORIA & ALBERT MEMORIAL CHARITY NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2024 10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcfiviTIES Unrestricted funds as restaled INCOME AND ENDOWMENIB FROM Charitable *ctivities Charitable Activili¢s 573.163 Other trading activities Investment income Other income 914 178,261 Totsl 797.728 EXPENDITURE ON Charitable activities Charitable ActiVLties 502,670 Net gains on investments 113244 NET INCOME 408,302 RECONCILIATION OF FUNDS Total funds brought forward 8.675,019 TOTAL FUNDS CARRIED FORWARD 9,083,321 11. PIUOR YEARAtAIUSTMENT The 2023 restatement of figures r¢lates to the reclassification of freehold property to investment prop¢riy and the reslalement of the revaluation reserve and designated fimd. The reclassification of investment propcrty at 3111212023 was £1,848,675. less amortisation £121,945, being a nct IxK>k value of £1.726.730. as shown in note 13. With thc reclassification of the investment propety. this has r¢stal¢d the r¢valuation reserve at 3111212023, as detailed in note 18. The revaluation reserve is Nil at 3111212023, due to the overall cumulative revaluation loss. Thi5 loss was retained in the general reserve (after transfer to designaled funds in 2023). This has b¢en adjusted in 2024 due to the upward revaluation of the social housing and other fehOld properties. Page 27 continued...
THE HENRY PINNOCK AND vIcfoRIA & ALBERT MEMORIAL CHAIUTY NOTES TO THE FINANCIAL STATEMENTS - Continued FOR THE YEAR EIWED 31 DECEMBER 2024 12. TANGIBLE FIXED ASSETS Other Freehold Properties Social Housing Properties Plant and machinery Totals COST OR VALUATION At l January 2024 Additions Disposals Revaluations 850,0 4,175,314 3,607,503 20,774 29.751 (19,006) 4,478,277 4.205,005 (19.006) 3 048,202 2 992 753 At 31 December 2024 5 080 763 31.519 11712 538 DEPRECIATION At l January 2024 Charge for year Eliminated on disSaI Revaluation adjustmeT 37,782 45.622 227,995 103,846 11.981 4.430 (14,167) 277.758 153,898 (14,167) 290.830) 23.551 267 279 At 31 December 2024 126 659 NET BOOK VALUE Al 31 December 2024 5,020,910 6 535.694 29 275 11.585.879 Al 31 December 2023 812,218 3 379 508 4,200,519 Cost or valuation at 31 tk¢ember 2024 is represented by: Other Freehold Properties Social Housing Properties Plant and machinery Tota15 Valuation in 2024 5,080.763 6.6(M),256 31,519 11.712,538 On 8th July 2024, a valuation was completed on the social housing prortIeS by Jenner Jones Chartered Sutveyors (RICS). Th¢ valuation has in¢reased to £5,900,000 for the social housing units and £225.000 for The Lodg¢. Other Freehold Property releS to property held for social hO]ng. This includes the purchase and developm¢nl costs of a pro[rtY sile, which will result in housing units available for social lelling purposes in 2026. Note 19 details the capital commitment of this project. Page 28 continued...
THE HENRY PII¥NOCK AND VICTOIUA & ALBERT MEMORIAL CHARITY NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2024 12. TANGIBLE FIXED ASSETS- Continued Fixed iluded in the abo which are held under fll)ance leases are as follows: Plant and machinery COST OR VALUATION Additions 24,004 DEPRECIATION Charge for year 330 NET BOOK VALUE At 31 December 2024 23.674 At 31 De¢emkr 2023 13. INVESTMENT PROPERTY FAIR VALUE At l January 2024 Additions Revaluation Impairni¢nts 1,848,675 10.343 115,725 At 31 December 2024 1,939,400 AMORTISATION Al l January 2024 Charge for year Impairnients 121,945 33,735 155,680 At 31 December 2024 NET BOOK VALUE At 31 December 2024 1.939.400 At 31 December 2023 1.726,730 Investment property is r¢cogni5ed at fair value and property valuatiOT15 are performed every 5 years. Fair value al 31 December 2024 is repr¢seMed by: Valuation in 2024 1,939.400 Page 29 continued...
THE HENRY PIM¥OCK AND VICTORIA & ALBERT MEMORIAL CHARITY NOTES TO THE FII¥ANCIAL STATEMENTS - CODtinlled FOR THE YEAR ENDED 31 DECEMBER 2024 14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 &8 restated Ttpde debtors Prepayments and accrued income 8.343 7,449 Included in trade receivables are rent arrears of £8.343 (2023: £7.449) 15. CREDITOKS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 as re$ed Finance leases (see note 17) Trade creditors So¢ial security and other taxes Other creditot% Accruals and def¢rd income 3,489 46,236 4,518 981 36,191 3,869 4,827 41J19 91,415 50.015 The average number of days between receipt and payment of pur¢hase invoices is less than 30 day& Accruals and deferred income includes rent Yable in advance of £20,134 (2023: £6,879) 16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2024 2023 as restated Finance leases (see note 17) 15,926 17. LEASING AGREEMENTS Leaslng Agreement Lease weements are treated at present value, with interest Eeing recognised over the pericd of the le&se. Capital commitments in fflaiion to the lease agreement is detsiled in the notes to the accounts. Page 30 ntinued...
THE HENRY PINNOCK AND VICTORIA & ALBERT MEMORIAL CHARITY NOTES TO THE FINANCIAL STATEMENfs- CODtinued FOR THE YEAR EIYDED 31 DECEMBER 2024 I& MOVEMENT IN FUNDS Net movement in funds Transfers between funds At 31112124 At 111124 Unrestricted funds General fund Revaluation Reserve Other Reserve Designated Reserve for Public Benefit 305.483 .092.848 3.339.032 8.392.838 385,000 (2,955) 8 774 883 9.791,169 3,724.032 2,955 8 774 883 9083 321 4431,880 13 515201 TOTAL FUNDS 9083 321 4431880 13 515201 Net movement in funds, included in the ave are as follows: Incoming Resources resources expended Gains and Movement losses in funds Unrestrlcted funds General fund Revaluation Re$¢t 1,490,459 (633.673) 236.062 3 339 032 1.092,848 3 339.032 1.490,459 633.673) 3,575.094 4.431.880 TOTAL FUNDS 1.490,459 633,673) 3,575,094 4.431.880 Comparatives for movement In funds Net Transfers b¢twc¢n funds movement in funds At 31112123 At 111123 Unrestricted funds General fund Revaluation Resetve Other Reserve tksignaled Reserve for Public Benefit 300.000 4,512,414 2.955 3,859,650 408,302 (402,819) (4.512,414) 305.483 2.955 8 774 883 4915233 8.675.019 408,302 9,083,321 TOTAL FUNDS 8 675.019 408,302 9,083,321 Page31 ontinued...
THE HEIYRY PINNOCK AND VICTORIA & ALBERT MEMORIAL CHARITY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024 I& MOVEMENT IL¥ FUNDS- Continued Cornparative net movem¢nt in funds. iluded in th¢ alx)v¢ gre &8 follows: Incoming Resources resources expended Gains and Movement losses in funds Unrestrieted funds General fvnd 797,728 (502,670) 113.244 408.302 TOTAL FUNDS 797,728 502.670) 113.244 408.302 A current year 12 month5 and prior year 12 months combined position is as follows: Net movement in funds Transfers between funds At 31112124 At 111123 Unrestricted funds General fund Revaluation Reserve Other Reserve Designated Reserve for Public Benefit 300,0 4,512,414 2,955 3,859.650 1,501.150 7.990,019 9,791,169 3.339,032 (4,127.414) 3,724,032 (2,955) 3 859 650) 8675 019 4 840,182 13,515201 TOTAL FUNDS 8,675,019 4840 182 13.515.201 A current year 12 months and prior year 12 months combined net movement in funds. in¢luded in the above are as follows.. InGoming ReSoueS resources expended Gains and Movemenl losses in fitnds Unrestricted funds General fund Revaluation Reserve 2,288,187 (1.136,343) 349.306 3 339.032 1,501,150 3.339,032 2.288,187 1,136,343 3,688,338 4,840,182 TOTAL FUNDS 4.840,182 Page 32 ntinued...
THE HENRY PINNOCK ArD VICTORIA & ALBERT MEMORIAL CHARITY NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2024 18. MOVEMENT IN FUNDS- continued Transfers between funds and deslgnated fund The Caroline Richards Charity fund held at 3111212023 of £2,955 has been iransferred to the generdl fund. as was held solely for the maintenance of the graves of the Richards family in Grdvesend cemetery. The fund h&8 been fully used to clean and repair the grave in 2024. In the previous year the Trustees enhanced ihe designation of the reserves to provide a clear statement of intent in regard to furthering Ihe charity's objectiv¢s to increase ils public benefit. As a consequence a new designated reserve "Public Benefit" W&8 created which was to i* used for the acquisition of social housing. With the Customs House development in progress, the designation has been reversed by the decision of the Tnjstees and has ixen transferred to the generdl fund in 2024. The revaluation reserve tr8nsfer frotn designated funds tn 2024. relates to an upwards revaluation of social housing> allowing the cumulative revaluation deficit from 2023 to clear. 19. CAPITAL COMMITMEiYrs Contracted for but not yet provid¢d for in the financial statemenW in relation lo building works for other freehold property held. for social housing. 2024 £5.858.795 2023 £0 20. RELATED PARTY DISCLOSURES Ai the date of these finan¢ial statements. five trustees were councillors of related Local Authorities. 21. POST BALANCE SHEET EVENTS In the period subsequent to the balance sheet dale. investment property was sold to the value of £1,275,000. The funLts are to be used for the continued dev¢lopm¢nt of the n¢w Alms Housing sit currently included in "Other Freghold Properties.. In the post balance shed period, a valuation was completed on an investment propety. and the revaluation has been included in 2024, 10 allow the inveslmeni to be recognised at fair value. Pag¢ 33