## **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. **----- Start of picture text -----**
2. Operating Surplus / (deficit) 2021
2020
£ £
This is stated after charging:
Accountants remuneration 400
375
**----- End of picture text -----**
## **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|