Penshurst Almshouses (Housing Association)
Report and Accounts
31 December 2021
Penshurst Almshouses
Contents of the Financial Statements
For the Period Ended 31[st] December 2021
Contents of the Financial Statements
| Page | |||
|---|---|---|---|
| Trustees report | 1-2 | ||
| Accountants report | 3 | ||
| Statement of Comprehensive Income | 4 | ||
| Statement of Financial Position | 5 | ||
| Notes to the accounts | 6-9 | ||
| Detailed Statement of Financial Position | 10 |
Page 1
Penshurst Almshouses (Housing Association)
Trustees Report
The Trustees present their report together with the Financial Statements for the year ended 31[st] December 2021
Objectives and Organisation
Penshurst Almshouses (Housing Association) was set up to provide accommodation for the needy of the ancient Parish of Penshurst in association with the Charity’s Trust Deed. The charity is registered with the following bodies:
The Housing Corporation (Reg No A2406)
The Charity Commission (Reg no 211205)
The National Association of Almshouses
Review of Articles
All six properties were occupied throughout the year.
Trustees:
The trustees of the Charity during the year were:
Rev L Cornell
Mr D Howard
Mr J O’Shea
Mrs L Howard
Mrs W Bates
Mr I Carson
Page 2
Penshurst Almshouses
Statement of Trustee’s Responsibilities
Registered social housing legislation requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the registered social landlord and of the surplus or deficit of the registered social landlord for that period. In preparing these financial statements, the trustees are required to select suitable accounting policies and then apply them consistently, make judgements and estimates that are reasonable and prudent, state whether applicable accounting standards have been followed and prepare the financial statements on the going concern basis unless its inappropriate to do so
Accountants
A resolution to reappoint the accountants will be put to the members at the AGM
This report was approved by the board on
Mrs M Atkins
Clerk of the Trustees
Page 3
Penshurst Almshouses
Penshurst Almshouses (Housing Association)
Accountants Report
Accountants Report to the Trustees of Penshurst Almshouses (Housing Association)
You consider that the charity is exempt from an audit for the year. You have acknowledged on the trustees report your responsibilities for ensuring that the charity keeps accounting records that give a true and fair view of the state of affairs of the charity and of its surplus or deficit for the year.
In accordance with your instructions, I have prepared the accounts which comprise the Statement of comprehensive Income, the Statement of Financial position and the related notes from the accounting records of the charity and on the basis of information and explanations you have given to me.
I have not carried out an audit or any other review and consequently I do not express any opinion on these accounts.
R L Cserjen
Accountant
Linnets
The Lane
Fordcombe
Kent
TN3 0RP
Page 4
Penshurst Almshouses (Housing Association)
Statement of Comprehensive Income for the Year Ended 31 December 2021
| Notes | 2021 2020 |
|---|---|
| £ £ |
|
| Residential Charges | 29,422 36,153 |
| Administrative expenses | 25,993 36,674 |
| Income From Investments | 2,101 2,066 |
| Award | 25,000 |
| Interest Received/ (Paid) 3 |
20 |
| Proft / (Loss) on Ordinary activities before taxation | 5,530 26,565 |
| Tax on Proft / (Loss) on ordinary activities | - - |
| Total Comprehensive Income ( Loss) for the year |
5,530 26,565 |
| Statement of Changes in equity for the Financial year |
|
| Surplus/ (defcit) for the fnancial Year | 5,530 26,565 |
| Unrealised gain/ (loss) on investments | 23,641 (9,593) |
| Total Gains and losses recognised since last report |
29,171 16,972 |
| Statement of Changes in equity for the Financial | ||
|---|---|---|
| year | ||
| Surplus/ (defcit) for the fnancial Year | 5,530 | 26,565 |
| Unrealised gain/ (loss) on investments | 23,641 | (9,593) |
| Total Gains and losses recognised since last report |
29,171 | 16,972 |
Page 5
Penshurst Almshouses (Housing Association)
Statement of Financial position as at 31 December 2021
| Notes | 2021 2020 |
|---|---|
| Fixed assets | |
| Tangible Assets 4 |
6,369 6,933 |
| Investments 5 |
170,057 146,416 |
| 176,426 153,349 |
|
| Current Assets | |
| Debtors 6 |
0 0 |
| Cash at Bank and in hand | 54,295 48,196 |
| 54,295 48,196 |
|
| Housing Association Grant 8 |
- - |
| Total Assets | 230,72 1 201,54 5 |
| Capital and Reserves | |
| Cyclical maintenance Reserve 9 |
16,000 16,000 |
| Extraordinary repair Fund 10 |
30,000 30,000 |
| Revaluation reserve 11 |
128,084 104,443 |
| General reserve 12 |
56,23 7 50,707 |
| 230,321 201,545 |
|
| Creditors: Amounts falling due within oneyear 7 |
400 395 |
| Total Liabilities and Equity | 230,72 1 201,54 5 |
Members of the Board of Trustees Approved by the board on
……………………………………………..
Page 6
Penshurst Almshouses (Housing Association)
Notes to the Accounts for the year ended 31 December 2021
1. Status of the Charity
The Charity is registered under the Housing Act 1996 and it is wholly engaged in housing activities as defined in that act.
Cash Flow Statement
The trustees have elected to take advantage of the exemptions under FRS1 (Revised) and the Accounting Requirements for Registered Social Landlords General Determination 2000 not to prepare a cash flow statement. The Charity’s financial statements are prepared in accordance with the UK statements of Standard Accounting Practice, Financial Reporting Standards and the Statement of Recommended Practice, Accounting by Registered Social Landlords. The principal accounting policies adopted are as follows:
Accounting Basis
These financial statements, prepared under the historical cost convention, comply with the appropriate legislation and with the Accounting Requirements for Registered Social Landlords General Determination 2000 based on the Housing Corporation Recommended Form of Published Accounts for Housing Associations. Fixed assets are property improvements, which are depreciated.
Investments
All investments are included at market value. Realised and unrealised gains and losses are included as they arise. Gains and losses are shown as movements on the revaluation reserve.
Reserves
Amounts have been transferred to designated reserves out of revenue account surpluses in order to anticipate any liability which might arise in the future.
Designated Funds
The Charity has designated certain funds for specific purposes. These are reflected in the notes. Although there is no legal force to the designations, the charity has decided that setting aside these funds will help the charity make best use of its resources.
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2. Operating Surplus / (deficit) 2021
2020
£ £
This is stated after charging:
Accountants remuneration 400
375
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Page 7
Penshurst Almshouses (Housing Association)
Notes to the Accounts for the year ended 31 December 2021
| 3. | Interest payable | 2021 | 2020 |
|---|---|---|---|
| £ | £ | ||
| Interest payable | - | - | |
| 4.Tangible Fixed Assets | |||
| Land and | |||
| Buildings | |||
| Cost | £ | ||
| At 1 | January 2021 | 18,930 | |
| At 31 December 2021 | 18,930 | ||
| Depreciation | |||
| At 1 | January 2021 | 11,997 | |
| Charge for the Year | 564 | ||
| At 31 December 2021 | 12,521 | ||
| Net Book Value | |||
| At 31 December 2021 | 6,369 | ||
| At 31 December 2020 | 6,933 | ||
| 5. | Investments | 2021 | |
| 2020 | |||
| £ | £ | ||
| Income Shares | 78,709 | ||
| 68,795 | |||
| Charities Ofcial Investment Fund Accumulation Shares | 89,219 | ||
| 75,855 | |||
| National Association of Almshouses Common | |||
| Investment Fund | 2,129 | 1,766 | |
| Total Investments | 170,057 | ||
| 146,416 |
Page 8
Penshurst Almshouses (Housing Association)
Notes to the Accounts for the year ended 31 December 2021
| 6. | Debtors | 2021 | 2020 | ||
|---|---|---|---|---|---|
| £ | £ | ||||
| Prepayments | 0 | 0 | |||
| 7. | Creditors: Amounts falling due | within one year | 2021 | ||
| 2020 | |||||
| £ | £ | ||||
| Housing Corporation Loan | - | - | |||
| Other Creditors | 400 | ||||
| 395 | |||||
| 8. | Housing Association Grant | 2021 | |||
| 2020 | |||||
| £ | £ | ||||
| Grant | - | - | |||
| 9. | Cyclical Maintenance Reserve | 2021 | |||
| £ | |||||
| As at 1 January 2021 | 16,000 | ||||
| As at 31 December 2021 | 16,000 | ||||
| 10. | Extraordinary Repair Fund | 2021 | |||
| £ | |||||
| As at 1 January 2021 | 30,000 | ||||
| As at 31 December 2021 | 30,000 | ||||
| 11. | Revaluation Reserve | 2021 | |||
| £ | |||||
| As at 1 January 2021 | 104,443 | ||||
| Movement in the Year | 23,641 | ||||
| As at 31 December 2021 | 128,084 |
Page 9 Penshurst Almshouses (Housing Association) Notes to the Accounts for the year ended 31 December 2021
| 12. General Reserve | 2021 |
|---|---|
| £ | |
| As at 1 January 2021 | 50,707 |
| Movement in the Year | 5,530 |
| As at 31 December 2020 | 56,237 |
Page 10
Penshurst Almshouses (Housing Association)
Detailed Income & Expenditure Account for the year ended 31 December 2021
2021
2020
| £ £ |
|
|---|---|
| Income | |
| Residential Charges | 29,422 36,153 |
| Administrative Expenses | |
| Premises Costs | |
| Rates | 61 374 |
| Light and Heat | 5,607 3,081 |
| 5,668 3,455 |
|
| General Administrative Expenses | |
| Insurance | 1,027 998 |
| Repairs and Maintenance | 4,862 2,249 |
| Improvements | 8,302 22,130 |
| Depreciation | 564 564 |
| 5yr structural survey | 1,100 |
| Sundry expenses | 5,170 5,803 |
| 19,925 32,844 |
|
| Legal and professional fees | |
| AccountancyFees | 400 375 |
| 25,993 36,674 |