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← Eleanor Palmer Trust

2021-03-31-accounts

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General
Information
Report ofthe Board of Management 2-8
Independent
Auditor's		 Report 9 - 12
Statement of Comprehensive
Income		 13
Statement of Financial Position
Statement ofChanges in Equity and Reserves 15
Cash Flow Statement 16-17
Notes to the Financial Statements 18 - 29

Registered officer 106BWood Street 106BWood Street
garnet
Hertfordshire
EN5 4BY
Eleanor Palmer Trustee Ltd
Board of Management: A Alderman (Chairman)
A Cornelius (Vice Chair)
A Grlmwade
D Langstaff
W Prentice
H Davis
LTempleton
Rev. T Chapman
ITillisch
A Parker
Chief Executive: G Oliver
Solicitors: Bircham Dyson Bell
50 Broadway
Landon
SW1H OBL
Bankers. National
Westminster		 Bank PLC
Barnet
Herlfordshire
EN5 5FF
Investment Advisers Charles Stanley lk Co. Limited
25 Luke Street
Landon
EC2A 4AR
Auditor: Kreston Reeves LLP
Statutory
Auditor BChartered		 Accountants
Montague
Place
Quayside
Chatham
Maritime
Chatham
Kent
ME4 4QU
Charity Commission The Trust Is registered with The Charity Commission
Number:
220857
Regulator ofSocial Housing The Trust is a regtstered provider
Number:
A1168
Care Quality Commission (CQC) The Trust is a registered provider
Number:
1-101610460

4) 0 tlml
n
ctiven
The covid-tg Pandemic measures
implemented:-
Supply of high grade full Personal
Protecuve
Equipment
(PPE) was purchased
for our staff and		 residents.
An Isolation
plan for both our Sheltered
Housing
and Care Home Residents		 was put in place for when it was required.
Staff training
and information
regularly
provided.
Risk assessment
was carried out on staff, residents
and visitors.
All front-line
staff were committed
and agreed to continue
with their regular		 hours of work to support the residents.
Ail staff continue to be supported
and monitored
to ensure they are fit for work both physically		 and mentally.
Information
notices have been put up where required,
as advised
by Public		 Health
England.
Laptops setup with remote
login was provided to Head ofFice and other admin. staff members
that would		 need to work
from home for medical reasons,
childcare etc.
Key Worker information
is being kept up to date to assist staff with childcare, transport
and testing.
All relevant staff are included
in LBBCovid update webinars
and emails.
Additional
hospital
beds were purchased
and the Care Home Meeting
room		 cleared to enable it to be converted into a
quarantine
room
in preparation,
if required.
Tablet devices purchased
for Sheltered
Housing
and Care Home residents to contact their loved		 ones and Join in with
activities
online through
Zoom and Skype.
Weekly newsletters
started
which
included
up to date information,
quizzes/puzzles
and contact		 details for food and essential
item deliveries.
Sheltered
Housing
Residents
and families ofthe Care Home Residents were		 kept informed
of what measures		 we were
taking
in relation to the Coronavirus.
The Risk Register, which had been kept up to date with Brexit and Cyber-attacks,
was updated		 with Covid-19.
Regular written
and email updates
were sent to the Sheltered
Housing
Residents and to the families ofthe Care Home
Residents,
informing
them ofthe measures
we are taking
in relation to the		 Coronavirus.
Covid tests were organised
for staff and were available
for the residents.

Notes 2021 2020
5
Turnover 2A 2,399,993 2,55/,607
Operating
costs		 2A (2,055,606) (1,990517)
Operating
surplus		 344,367 552,090
Gain/(loss)
on sale		 of.investments 11,779 g„920)
Increase/(decrease) on value of investments 569,695 f401,150)
Increase
in valuation		 of investment property
Interest receivable and dividend income 75,240 102,795
Interest
payable		 (9,549)
Total comprehensive Income for the year 991,640 40,256

Notes 2021 2020
6 5
Tangible fixed assets
Freehold
housing
properties		 9 6,243,938 6,'368 419
Other fixed assets 10 100,996 122699
Investment
Property		 11 615,000 615000
Investments 12 3,138,415 2,574,002
10,098,349 9,680120
Current assets
Debtors and prepayments 13 445,612 77,792
Cash at bank and
in		 hand 1,028I220 841,011
1,473,832 918803
Current liabilities
Creditors - amounts falling due within one year 14 (212,675) 6169,6163
Net current assets 1,261,1.57 749187
11,359,506 10,429307
Creditors - amounts falling due after more
than one year 15 (4r102r584) (4r164,025)
Total net assets 7,256,922 6,265282
Capital and reserves
Endowment
Fund		 18 2,141,647 1,755330
Accumulated
income		 reserve 19 4,925,275 4,319952
Revaluation
reserve		 20 190,000 190000
Total reserves 7,256,922

Endowment Accumulated Revaluation
Fund Income Fund Total
E E 6
At 1April 2019 2,081,665 3,953,381 190,000 6,225,046
Surplus for the year (326,335) 366,571 40,236
Transfers
between
reserves
At 31March 2020 1,755,330 4r319r952 190,000 6,265,282
Surplus for the year 386,317 605,323 991,640
Transfers
between
reserves
At 31March 2021 2,141,647 4,925,275 190,000 7,256,922

2021 2020
f.
Net cash generated
from operating		 activities (see note 1below) 115,916 459692
Cashflow from investing
activities
Payments to acquire tangible
fixed assets		 (10,627) (120072)
Purchase of investments (119,933) (125722)
Interest
and dividends
received		 75,240 102,795
Proceeds from sale of investments 136,994 136009
Net cash flow from investing
activities		 81,674 (6,'990)
Cash flow from financing
activities
Repayment
of long term loans		 (920) (832)
Interest payable (9,461) (9,549)
Net cash flow from financing
activities		 (10,381) (10,381)
Net increase in cash and cash equivalents 187,209 442,321
Cash and cash equivalents
at 1April		 2020 841,011 398690
Cash and cash equivalents
at31March		 2021 1~028I220 641,011
Note 1 2021 2020
6
Cash flow from operating
activities
Net income for the year 991,640 40,236
Adjustments
for non-cash items
Depreciation
charges		 156,811 155628
Profit/loss
on disposal offixed assets
(Gain)/deficit
on sale of investments		 (11,779) 2,920
(Gain)/deficit
on value of investments		 (569,695) 418546
Change
in value of investment
properties
(Increase)/decrease
in debtors		 (367I820) (25,025)
(Decrease)/increase
in creditors		 42,963 21,058
Utilisation
of government
grant		 (60,425) (o0,425)
Adjustments
for investing
or financing		 activities
Interest income
in investing
activities		 (75,240) (102,795)
Interest
paid
in financing
activities		 9,461 9549
Net cash generated
from operating		 activities 115,916

Other non-
cash
2020 Cashflows changes 2021
6 6 6
Long-term
Short-term		 borrowings
borrowlngs		 (91,660)
(921)		 920 (90,740)
(921)
Total liabilities (92,681) (91,661)
Cash lk cash equivalents 841,011 187,209 1,028,220
Total net cash 729400 188,129 936,559

Fixtures, fittings and equipment and equipment 2%to 20%
Motor Vehicles 25%a
Housing properties structure 1%
Roofs 2%
Boilers 20%
Kitchens 10%
Bathrooms 10%
Windows 10%
Electrics 10%
Freehold land
is not		 depreciated.

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Residential Residential Almshouses
Home 2021 2021 Total
2021		 2026
6
28. TURNOVER FROM LETTINGB
Maintenance
contributions		 and charges for
suppo* services 1,390,549 774,560 2,165,100 2,664577
Less: Voids (24,532) (24,532) (17,684)
Less: Unoccupied
rooms		 (51,503) (51,503) (13952)
Amartisation
ofgrant		 60,425 60,425 66,425
Turnover
from soaal housing		 lettings and
other related rents 1,339,046 810,453 2,149,499 2,093,96'6
Management 65,548 49,161 114,709 111,659
Routine maintenance 1,394 57,083 58,477 51,900
Cyclical maintenance 8,230 62,643 70,873 127227
Depreciation af housing properties 37,135 88,773 125,908 121,726
Services 1,201,946 163,573 1,365,519 0296957
Support services 141,150 141,150 124795
Operating
costs on social housing		 lettings 1,314,253 562,383 1,876,636 1,834,264
Operating
surplus
an social housing		 lettlngs 24,793 2'18,070 272g863 Z59,76Z
Social Houslngr
Almshouses 78 78
Residential
home		 33
Other lettings
Assured
shorthold
tenancies
Shop
115 115
3, BOARD AND KEY MANAGEMENT PERSONNEL REMUNERATION
The emoluments
or the chief		 Executive, who is also the only member of key management personnel,
included		 above was:
2021 2626
E E
Chief executive S8,576 55,637

INTEREST RECEIVABLE
2021 2020
6
Dividends
receivable
from		 listed investments 74,8S9 101,338
Other interest receivable 381 8452
75,240
ib INTEREST AND FINANCING COSTS
On loans wholly or partially repayable in more than five years 9,461
EMPLOYEES
Staff costs during the period:
Salaries and wages 865,817 248045
Social security costs 67,5OO 51,846
Other pension costs 34,555 22,580
967,872 825521
The average
monthly
number ofemployees,		 including members
ofthe executive team, during the year was as follows: No. No.
Employees 35
The average
number ofemployees,		 including membem ofthe
executive team, calculated on a full time equivalent basis was as
follows. 33 30
No employee
received
more than E60,000 in		 2021 or 2020.
AUDITOR'5 REMUNERATION
Auditor's
remuneration
- external		 audit 7,000 2,000
8. GRANTS
Amenities
for and grants to residents
Grants for relief in need 52r924 42,130
Lunch
Club for residents		 325 1,240
53,249 43320

Freehold Pro erties Freehold Pro erties Freehold Pro erties
Id fnr Social Housin Lettin
Housing Housing
Properties Components Total
Cost
At beginning
ofthe year		 6,749,445 1,402,799 8,152,244
Additions 3,812 3,812
Disposals
At end of the year 6749445 Ir406t&11 8t15&t056
Depreciation
At beginning
ofthe year		 1,024,610 759,215 1,783,825
Charge for the year 32,458 95,835 128,293
Disposals
At end of the year 1,057,068 855t050 It912t118
Net book value
At 31March 2021 5t692 377 551r561 6r243t938
At31MarCA 2020 5224 B35' 6435B4 6,366419
AI housing properties are freehold.
TANGIBLE FIXEDASSETS.OTHER
Fixtures, Of&ca
Fittings and Equipment
Equipment and Vehicles Total
Cost
At beginning
ofthe year		 315,600 29,566 345,166
Additions 6,815 6,815
Disposals
At end of the year 322,415 29r566 351tg&i
Depreciation
At beginmng
ofthe year		 193,213 29,254 222,467
Charge for the year 28,383 135 2&,51&
Disposals
At end of the year 221t596 29t389 250t9&S
Net book value
At 31March 2021 100,819 177 100,996
At22 Mttth 2020 1223B2 312 122699

11. INVESTMENT PROPERTY INVESTMENT PROPERTY
2021 Z0Z0
f
At the start ofthe year 615,000 615000
Gain/(loss) from adjustment in value
615,000 615000

NOT ES TO THE F I NAN CIA L
STA		 TEMENTS FORTHE YEAR ENDED Sl MARCH 202 1
2021 2020
E
13. DEBTORS
Arrears of maintenance contnbutions and fees receivable 15,975 21,299
Other debtors and prepayments 429,637 56,'493
445,612 22,292
16 CREDITORS - Amounts falling due within one year
Trade creditors 101I495 58r365
Housing
loan		 1,017 921
Tax and social security 15,459 14062
Deferred
Capital		 Grant 60,425 60,425
Other creditors and accruals 34,279 35,843
212,675 169616
15. CREDITORS - Amounts falling due after more than one year
Deferred
Capital		 Grant 4,011,940 4022365
Loan repayable alter more than one year (secured) 90,644 91,660
4164,025
16. HOUSING
LOANS
The loan is repayable by instalments as follows:
in one year or less 1,017 921
Between one and two years 2,365 2140
Between two and tive years 6,465 2659
in tive or more 79I913 81,861
91,660 92,581

2021 ZOZO
E
ENDOWMENT
PUNO
At I Apnl 2020 1,755,330 2081,665
Investment
managers		 fees (12,062) f13,001)
Change
in value of investments		 391,518 (312,026)
Gain/(loss)
on sale of		 investments 6,861 (1,308)
At 31March 2021 2,141,647 1,255330
19. ACCUMULATEO
INCOME ltESERVE
At 1 April 2020 4,319,952 3,953381
Investment
managers		 fees (5,000) (5202)
Change
in value of investments		 178,177 (106;520)
Gain/(loss)
on sale of		 investments 4,918 (1,612)
Surplus/(defiat)
for the year		 427,228 si29,905
At 31 March 2021 4,925,275 4319952
20. REVALUATION
RESERVE
At 1 April 2020 190,0DO 190,000
Movement
during the		 year
At 31 March 2021 190,0DO 190,000

2021 2020
6
Other operating leases expiring in
Less than 1year 6,926 6926
2 —5 years 27,706 27,706
More than 5years 6,349 13276
40,981 47,906
22. GRANT AND FINANCIAL ASSISTANCE 2021 2020
I
At the start ofthe year 4,132,290 4193215
Grant received in the year
Released to income in the year (60,425) (60425)
At the year end 4,072,365 4j1321790
Amount
due to		 be released c 1 year 60I425 60,425
Amount
due to		 be released & 1 year 4,011,940 4,072,365
The total accumuiated government grant and financial
assistance
received		 or due at 31 March: 6r042r458 6,042,456

2021 2020
E 5
24. FINANCIAL INSTRUMENTS
Financis Iassets
Financial assets measured atfair value
investments 3,138,415 2,524002
Financial assets measured at amortised cost
Maintenance
debtors		 15,975 21,299
Other debtors 18,239 18239
Cash and cash equivalents 1,028,220 841,011
Total financial assets 4,200,849 3454551
Financial liabilities
Financial liabilities measured at amortlsed cost
Trade creditors 101,495 58385
Deferred capital grant 4r072~365 4,132,290
Housing
loans payable		 91,660 92,581
Accruals and other creditors 34,279 35843
Total financial
llabilites		 4,299,799 4319529