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← Eleanor Palmer Trust

2022-03-31-accounts

Charity number 220857 Regulator of Social Housing number A1168 Care Quality Commission number 1-101610460

ELEANOR PALMER TRUST

REPORT OF THE TRUSTEES AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

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ELEANOR PALMER TRUST

Contents

Page
General Information 1
Report of the Board of Management 2-8
Independent Auditor's Report 9-12
Statement ofComprehensive Income 13
Statement of Financial Position 14
Statement of Changes in Equity and Reserves 15
Cash Flow Statement 16-17
NotestotheFinancialStatements 18-29

ELEANOR PALMER TRUST

General Information

General Information General Information General Information
ee
Registered office: 106B Wood Street
Barnet
Hertfordshire
ENS 4BY
Trustee: Eleanor PalmerTrustee Ltd
Board of Management: A Alderman (Chairman)
A Cornelius (Vice Chair)
A Grimwade
D Longstaff
W Prentice
H Davis
LTempleton
Rev. T Chapman
J Tillisch (resigned 1 July 2022)
A Parker
M Chari (appointed 1 July 2022)
Chief Executive: G Oliver
Solicitors: Bircham Dyson Bell
50 Broadway
London
SW1H OBL
Bankers: National Westminster Bank PLC
Barnet
Hertfordshire
ENS 5FF
Investment Advisers Charles Stanley & Co. Limited
55 Bishopsgate
London
EC2N 3AS
Auditor: Kreston Reeves LLP
Statutory Auditor & Chartered Accountants
Montague Place
Quayside
Chatham Maritime
Chatham
Kent
ME4 4QU
CharityCommission The Trust is registered with The Charity Commission
Number: 220857
Regulator ofSocial Housing The Trust is a registered provider
Number: A1168
Care QualityCommission (CQC) The Trust is a registered provider
Number:1-101610460

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ELEANOR PALMER TRUST

REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 MARCH 2022

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The origin of the charity was a benefaction of Eleanor Palmer who died in 1558. According to the plaque in Barnet Church, she “did geve tow acares ofmedowe ground in Kentishe towne holden ofye prebend of Cantelous unto ye use of the Poore of this towne and ofKentish towne for ever". The remaining land was sold and the funds from the sale have been invested by “The Estate Charity of Eleanor Palmer” who continued to run and manage the fund. Eleanor Palmer Trust receives two-thirds of the income from The Estate Charity, which has since been dissolved (see notes 9 and 23).

Current structure, governance and management

The present governing instrument of the Trust is a Scheme sealed and registered by the Charity Commission on 22 May 2015 which alters the original scheme dated 8 June 1999 under No. 220857. The Scheme modifies earlier schemes which regulated the charity previously known as the Charity of Eleanor Palmer (share of, for the benefit of the Ancient Parish of Chipping Barnet). The 1999 Scheme incorporates the Samuel and Rebecca Byford charity, which was previously a separate charity.

The Scheme provides for a limited company, Eleanor Palmer Trustee Ltd, to act as Trustee of the charity. Eleanor Palmer Trustee Ltd consists of eleven competent Directors, being four Nominated Directors, who are nominated by the London Borough of Barnet and seven Co-opted Directors.

When considering Co-opted Directors, the Board of Directors have regard to the requirements for any specialist knowledge or skill/experience required by the charity. New Directors are invited to meet the key staff and visit the sheltered housing schemes and care home. In addition new Directors are briefed on the current circumstances of the charity. The Directors are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.

The Board of Directors meet bi-monthly. The Chief Executive Officer (CEO) is appointed by the Directors to manage the day to day operations of the charity. The CEO has delegated authority, within terms of delegation approved by the Directors, for operational matters including finance and employment. The risks are analysed and compiled in a risk register which is reviewed and monitored by the Directors at every Board meeting.

The area of benefit defined by the Scheme within which the charity operates are the former Urban Districts of Barnet and East Barnet (as they were before 1965), most of ENS and EN4, and parts of N11 and N14 postal codes.

The Trust works with the following bodies and organisations:

The Trust is a Registered Provider.

The Directors confirm that they have complied with their duty under section 17 of the Charities Act 2011 in respect of public benefit guidance published by the Charity Commission.

Principal activities

One of the key objectives of the Eleanor Palmer Trust is to assist “the relief of persons in the area of benefit who are in need, hardship or distress.’

Eleanor Palmer Trust provides almshouse affordable, supported accommodation for older people in housing need, and care for older people through its’ Nursing and Residential Care Home, at Cantelowes House.

The Trust also provides grants to individuals and to ‘not for profit’ organisations. As defined by the Scheme it is a requirement that the beneficiaries live within the specified areas of benefit (principally the old (pre-1965) Urban Districts of Chipping Barnet and East Barnet — most of EN5 and EN4 and a small section of N11 and N14 postal codes).

The Trust owns seventy-eight almshouse/Sheltered Housing flats and bungalows located over four sites in the EN5 area. It delivers housing, maintenance and support services that meet the RSH standards and prides itself of the high standards achieved. Eight of these units are suitable for wheelchair users. The majority of the properties have been developed over the last 30+ years and further improvements continue to be considered by the Board.

The Care Home opened in 1990, funded by Social Housing Grant through the Local Authority. In February 2018 the Care Quality Commission approved for the Care Home service to be upgraded and re-registered from ‘Residential’ to a ‘Nursing and Residential’ Care Home.

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ELEANOR PALMER TRUST REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 MARCH 2022

Principal activities (continued)

Currently we have more than 80 residents that all benefit from the support service provided by our two Housing Support Officers and a Housing Support Manager. In addition to this service, all of the properties have a 24-hour alarm call system which is linked to a resident ‘talk-back’ panel. This service is manned out of hours by Barnet Assist.

The Trust is registered with, and works with the following bodies and organisations:

Review of the year

The Trust has delivered a strong operating performance. The result for the year ended 31st March 2022 was a surplus of £122,421 on the operations for the year. The charity achieved a total comprehensive income of £5,586,813. This is after the receipt of Investments, for the value of £5,086,027 from The Eleanor Palmer Estate Charity.

The Directors monitor results of the Care Home on a monthly basis and the Almshouses on a quarterly basis against the agreed annual budget. The Directors have reviewed future forecasts and are satisfied that the Trust is a going concern. The accounts have therefore been prepared on the going concern basis.

Repairs and stock maintenance The Trust aims to keep all its properties and sites safe, secure and well maintained following a planned and cyclical maintenance programme.

An extraordinary repair fund has been established for many years to finance any extraordinary repairs the Trust has to carry out.

Investment and Reserves Policy The charity holds reserves backed by investments to meet its short and long-term obligations. Free reserves are held to meet short-term obligations.

A portfolio of investments is held to provide, in the short-term, income to subsidise housing costs to ensure the continuation of the Trust and any additional benefits required for residents.

In the long-term, the investments aim to achieve sufficient growth to enable the above benefits to continue to be given at or above the same relative level of value.

Investments are managed on behalf of the Trust by Charles Stanley & Co Ltd and they prepare a full report to the Board on a quarterly basis and present in person twice a year. The Directors make all key decisions.

The Board members of the Eleanor Palmer Estate Charity (EPEC) voted, at their September meeting, to close the Estate Charity and the assets be divided between the two charities, in the proportions stated in the Scheme. Two-thirds to the Eleanor Palmer Trust and onethird to St Pancras Welfare Trust.

At the beginning of 2022 the Investment portfolio was transferred to Charles Stanley of approximately £4M and £1M from the three property funds.

COVID-19 Pandemic

The effects of Covid-19 pandemic continue to be closely monitored. The Risk Register is kept up to date and the Policies and Procedures reviewed to ensure the residents and staff are kept safe and supported. An emergency protocol has been provided to staff to implement if required, along with additional training and support.

Compliance with the Governance and Viability Standard

The Directors confirm that the Trust has met the Regulator of Social Housing’s regulatory expectations in the governance and financial viability standard.

The Directors intend to ensure that the Trust continues to meet the needs of residents by maintaining the properties to a high standard and where possible, adapting them to suit the needs of individual residents as their circumstances change. The Directors are confident that the Trust will continue to provide safe, comfortable homes for the residents in pleasant surroundings for the foreseeable future. Value for Money is at the heart of how we think at Eleanor Palmer Trust and the Board and CEO are focused on maintaining that commitment in the future.

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ELEANOR PALMER TRUST

REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 MARCH 2022

Value for Money / Metrics 2021/2022

Eleanor Palmer Trust (EPT) is a Registered Provider (RP) of Social Housing and we are required by the Regulator of Social Housing (RSH), to demonstrate to our key stakeholders that we meet the standards set on ‘Value for Money’, as per the new reporting standards introduced on1 April 2018. Value for Money for EPT means being effective in how we plan, manage and operate.

Our annual income was £2,568,211, the majority of which is received from social housing lettings at £2,330,828. Our annual expenditure was £2,445,790 and of this we spent £1,752,277 on the provision of services and £176,062 on maintenance. Support services for social housing lettings were £119,643 and management costs were £131,605. Void costs were £22,561 for Sheltered Housing and £63,210 for the Care Home.

Part 1 - Industry wide Value for Money Metrics

From 1 April 2018, the RSH requires that performance evidence is published in our annual accounts against seven key metrics. The purpose of the revised standard is to ensure that the housing bodies report on a set standard metrics so that performance can be compared to peers. EPT uses variety of metrics to gauge and compare its performance. It participates in Acuity Benchmarking group covering the South and East of England where it can compare with other organisations delivering similar sheltered housing services.

With regards to EPT, we have an untypical profile, being both a provider of supported housing for older people and also a care home provider which will inevitably distort some of our metric results.

The new Value for Money standard requires associations to report in their accounts how they have performed against their own metrics and how that performance compares to peers.

The new metrics focus upon measures of efficiency, effectiveness and economy.

Metric 1: Reinvestment % - The investment in properties (existing stock and new supply) as a percentage of the value of total properties held.

Metric 2: New supply delivered (social housing units) % - the number of new social housing units delivered as a proportion of total social housing units owned. We do not have any new homes in development. However, flats formerly occupied by the scheme managers were made available to tenants in April 2016.

Metric 3: Gearing: - Net debt as a percentage of the value of total properties held. EPT’s gearing is 59%.

Metric 4: Earnings before Interest, Tax, depreciation, amortisation, major repairs Included (EBITDA MRI) Interest Cover %: - This is a key indicator for liquidity and investment capacity. It measures the level of surplus a registered provider generates compared to interest payable. This avoids any distortions stemming from the depreciation charge.

Metric 5: Headline Social Housing cost per unit- Social Housing costs (as defined by the Regulator) divided by total unit owned and/ or managed.

Metric 6: Operating Margin %: - This demonstrates the profitability of operating assets before exceptional expenses are taken into account.

Metric 7: Return on capital employed (ROCE%):- This compares the operating surplus to total assets less current liabilities. It is a Metric 7: Return on capital employed (ROCE%):- This compares the operating surplus to total assets less current liabilities. It is a Metric 7: Return on capital employed (ROCE%):- This compares the operating surplus to total assets less current liabilities. It is a Metric 7: Return on capital employed (ROCE%):- This compares the operating surplus to total assets less current liabilities. It is a
common measure in the commercial sector to assess the efficient investment of capital resources.
Po 2020/21 2021/22
Re-Investment
[2		 New Supplydelivered 0.06%
EBITDA MRI - Interest Cover% 5414% 2518%
Headline Social cost per unit 6,120.80 15,020.30
Operating Margin= Social Housing
Lettings only		 31% 16%
Operating Margin(excluding 14% 5%
disnosa
= Overa
Return on Capital Employed
(ROCE
%
ployed
(		 ) 8.83% 2.83%

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ELEANOR PALMER TRUST

REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 MARCH 2022

Part 2 — EPT Value for Money Objectives

1) Strategic Objectives

Our strategic objective is to “provide quality housing, care and support services for older people in need that promotes independence and choice in a safe environment” to older people in our area of benefit. We are committed to maintaining the highest standard of housing and professional care to all residents, in an inclusive, personal, supportive, safe and friendly community.

2) Our approach to achieve value for money and the delivery of value for money to stakeholders

a) Understanding the needs of our stakeholders

Our main stakeholder group is our residents, both current and future. It is our residents and families, who drive demand for our service and for whom we strive for continual improvement in providing homes of a high standard.

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|||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |Key|Stakeholder|Our|understanding|of stakeholders|expectations| |Residents|—|Sheltered|Housing|The|top|priority|for|residents|is|keeping|them|informed|and|listening| |to|their|views,|the|overall|quality|of|their|homes,|responsive|repairs,| |maintenance|and|a|safe|community.|Regular|events,|classes|and| |outings|are|organised|to|encourage|the|interaction|and|support|for| |each|other|within|the|EPT|community.| |Resident|and|families|-|Care|Home|Activities|-|mental|and|physical|stimulation,|personal|interests|and| |(Cantelowes|House)|hobbies,|re-decoration|and|upgrading|of the|facilities,|safety|in|a| |secure|and|clean|Home,|friendly|staff,|and|meetings|organised|for| |residents|or|their|family|members|to|hear|their|views,|good| |communication,|speed|of|medical|attention|and|compliant|care.| |Eleanor|Palmer Trust|Staff|Good|management|communication,|support|and a|collaborative| |approach,|training|and|career|progression|opportunities.| |Support|and|guidance|during|the|Covid-19|pandemic|and|provision|of| |full|access|to|full|PPE.|Risk|Assessment|and|Procedures|monitored|on| |a|regular|basis.| |Charity|Commission|Following|the|regulations,|demonstrating|delivery|of the|charitable| |objectives,|our|mission,|strategic|vision|and|financial|stability.| |The|Regulator|of|Social|Housing|Understanding|and|following|the|regulations|of the|RSH.|Strong| |policy|on|value|for|money|for|residents and a|financially|viable| |organisation.| |Care|Quality|Commission|Delivery|of|service|that|is|safe,|effective,|caring,|responsive|and|well-| |led.|Fully|compliant|care|and|accommodation.| |London|Borough|of|Barnet|Delivery|of|housing,|support|and|care|services|that|are|in|accordance| |with|local|strategies|and|meet|the|required|standards.| |Third|Sector|organisations|that|Collaborative|working|where|possible|to|help|beneficiaries;|sharing|o| |deliver|services|in|our|area|knowledge|and|services|to|help|beneficiaries;|best|value|in|service| |provision.| |The|Almshouse|Association|Standards|of Almshouse|Management|(SAM).|

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b) Our Approach

We continue to provide a housing support service with an aim to promote a good, safe, effective, inclusive community for our residents to enjoy. Value for money is extremely important to us and this is considered in all of our spending decisions. . Conducting bi-monthly Board meetings to ensure that all Board members are fully up to date of all elements of the Trust on a more regular basis.

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ELEANOR PALMER TRUST

REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 MARCH 2022

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Part 2 — EPTValue for Money Objectives (Continued) Part 2 — EPTValue for Money Objectives (Continued) Part 2 — EPTValue for Money Objectives (Continued)
: Annual skills audit of all Board members.
: Conducting quarterly resident meetings attended by Director(s), the CEO, the Housing Support Manager and Housing
SupportOfficers to consultand listen tothe residentviewson themanagement ofthe maintenance oftheirhomes
and services provided.
: Carrying out annual residents’ survey to ensure a supportive, efficient, cost-effective housing management service is
provided to a high level of resident satisfaction and to listen to their views.
. Maximising choice and value for money for our residents.
. Annual review of financial procedures, maintaining focus on costs throughout our operations by procuring good,
efficient services at the best price.
. Appointing professional consultants to project manage the ongoing planned maintenance work.
‘ Ensuring the maintenance plan is adhered to and included with the annual budget.
. Invest in our staff, especially in their training and development.
: Obtaining the services of specialist investment company to ensure increasing financial return on our investments.
. We are a member of Acuity benchmarking group where both the sector scorecard, regulator metrics and other
benchmarking data is entered. The benchmarking report reflects our data and that ofother similar organisations.
‘ Improved turnaround times on voids bench marked against other providers.
' Aim to achieve year on year efficiencies.
: Subsidising Resident's activities, especially during the pandemic.
3) Strategy for delivering homes to meet range ofneeds
We engage with our residents, and their families via a variety ofmeans including through:
' Experienced Housing Support Officers.
' Experienced Registered Nurse Care Home Manager.
: Experienced Senior ManagementTeam.
: Regular staff training programme.
: Maintenance satisfaction forms for all works completed within resident’s homes.
' Coffee mornings and group events for sheltered residents held weekly scheme by scheme, other weekly organised resident
activities include lunch club, Bingo, games afternoon, Tai Chi, Yoga, meditation classes and fish & chip suppers.
. Events, trips and activities e.g. all sites Christmas lunch party, Seasonal afternoon teas, theatre, boat and sea-side trips,
plus many other resident outings.
: Resident suggestion/feedback boxes at all sites.
. Annual gardening competition.
. Senior Management team inspection visits and ad-hoc regular visits to speak with residents.
. Annual survey/feedback questionnaires are circulated to all sheltered housing schemes and care home residents and
family/friends; and to all staff members.
. Maintainingthealarmcallsystemtoprovide24hr.responsetoresidentincidents.

4) Optimise Economy, efficiency and effectiveness

We have a robust approach to our costs management. We have a planned maintenance strategy carried out by a qualified surveyor to ensure that maintenance program is pre-planned and financial resources are allocated in a timely manner. The senior management team carries out competitive tendering on other services which we obtain on a periodical basis to ensure that competitive pricing is achieved without compromising on quality. We carry out benchmarking activity to ensure that we are providing the services in line with our peers.

We review contracts annually to ensure not just economic value, but also quality in our contract services for the best service/products is received.

Our cyclical maintenance targets have been met and we are up to date with the Quinquennial works.

Our monitoring of the maintenance service procurements of goods has been greatly improved, which has achieved a more cost effective and efficient service. This has resulted in clarity of spending, allocation of resources and historical records for future cyclical works, budgeting and thus producing more effective results for benchmarking. This has had a positive impact on our Value for Money.

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| REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 MARCH 2022 |

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ELEANOR PALMER TRUST

4) Optimise Economy, efficiency and effectiveness (continued)

Our Five-Year Maintenance Strategy is about achieving excellent quality alongside value for money. Better procurement processes have led to a continuing plan of work, but with tighter control of costs and increased focus on accessibility and ease of use for our frailer residents.

Staff training and information regularly provided.

The reduced entrance criteria for housing implemented in 2018, has resulted in more people in direct financial hardship being housed as per our Scheme.

5) Our Achievements and Aims for the following 12 months

The Trust has a continued focus on a strong preventative maintenance policy which results in both less inconvenience for residents, well maintained properties and better value for money.

Continuing to monitor KPI's in respect of repairs and maintenance, voids and lettings. We also use the information to set our forward targets.

The top priority for residents is keeping them informed and listening to their views, the overall quality of their home, responsive repairs, maintenance and a safe community.

Various improvements made in the outdoor areas at all of the sites for the residents mental and physical health and well-being.

The Trust invested in a new electronic care plan system, Person Centred Software. The system provides a more effective, secure and compliant service.

A large investment was made in installing the latest technology, air source heat pump system to provide hot water and heating in the Care Home.

Door entry system and internal staircase access areas upgraded in the Home.

Resident’ s TV/Activities room and hair salon has been refurbished and upgraded.

The Trust's plans going forward are:-

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Governance

We continue to work towards our stated aim of ensuring our approach to governance is best practice and that we work to the principles set within the Good Governance Code. Strategic focus continues to be of paramount importance for the Board. The Directors have a wide range of varied skills and experience that contributes greatly to the strength and knowledge of the Board.

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| ELEANOR PALMER TRUST | REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 MARCH 2022

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Statement of the Trustees responsibilities in respect of the accounts

The Charities Acts and the Trust Scheme require the Trust to prepare accounts for each financial year which give a true and fair view of the state of affairs of the Trust and of the surplus/deficit of the Trust for that period. In preparing these accounts the Trustees are required to:-

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The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Trust and to enable them to ensure that the accounts comply with the Charities Acts, the Housing and Regeneration Act 2008 and the Trust Deed. It is also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities, by establishing and maintaining a satisfactory system of control over the Trust's accounting records, cash holdings and all its receipts and remittances.

Public Benefit Entity

As a public benefit entity, Eleanor Palmer Trust has applied the public benefit entity ‘PBE’ prefixed paragraphs of FRS 102.

Risk management and internal control

The Directors have reviewed the major risks to which the charity is exposed relating to the operations of the charity, its investments and its finances. The Directors believe that by examining the specific and general business and operational risks faced by the charity, by ensuring controls exist over the financial systems and safe custody of the charity's assets and investments, and by ‘monitoring the reserves of the charity they have established effective means to mitigate those risks.

The Directors are responsible for the Trust’s system of internal control. They recognise that such a system can provide reasonable, The main features of the internal control system are: ;

Directors’ audit confirmation

The Directors who held office at the date of approval of this report confirm that, insofar as they are aware, there is no relevant audit information of which the Trust’s auditors are unaware; and that the Directors have taken all the steps that they ought to have taken as Directors to make themselves aware of any relevant audit information and to establish that the Trust’s auditors are aware of that information.

This report was approved by the Board of Directors on 28 September 2022 and signed on their behalf by:

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Aa ~
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Anthony Alderman, Chairman

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Independent Auditor's Report to the Board of

ELEANOR PALMER TRUST

Opinion

We have audited the financial statements of Eleanor Palmer Trust (the ‘association’) for the year ended 31 March 2022 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows and Statement of Changes in Reserves and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 7he Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

¢ give a true and fair view of the state of the association’s affairs as at 31 March 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

¢ have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

e have been prepared in accordance with the requirements of the Charities Act 2011, the Housing and Regeneration Act 2008 and the Accounting Direction for private registered providers of social housing in England 2019.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the association in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

__

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

Based on the workwe have performed,we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the association's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the board with respect to going concern are described in the relevant sections of this report.

Other information

The board is responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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Independent Auditor's Report to the Board of

ELEANOR PALMER TRUST

Matters on which we are required to report by exception

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

e the information given in the financial statements is inconsistent in any material respect with the board report; or

¢ sufficient accounting records have not been kept; or

e the financial statements are not in agreement with the accounting records; or

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

In addition, we have nothing to report in respect of the following matter where the Housing and Regeneration Act 2008 requires us to report to you if, in our opinion:

¢ a satisfactory system of control over transactions has not been maintained

Responsibilities of the board

As explained more fully in the board's responsibilities statement set out on page 8, the board members (who are also the trustees of the association for the purposes of charity law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the board determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the board is responsible for assessing the association’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the board either intends to liquidate the association or to cease operations, or has no realistic alternative but to do so.

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Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and section 136 of the Housing and Regeneration Act 2008 and report in accordance with regulations made under section 154 of the Charities Act 2011 and section 137 of the Housing and Regeneration Act 2008.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Based on our understanding of the Charity and the sector as a whole, and through discussion with the Trustees and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to health and safety, anti-bribery, safeguarding, data protection and employment law. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities SORP (FRS 102) Second Edition (released October 2019), the Companies Act 2006 and other relevant charity legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated Trustees' and management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks related to posting inappropriate journal entries to increase revenue or reduce expenditure, management bias in accounting estimates and not correctly recognising restricted revenue as such or spending restricted revenue as though it is unrestricted rather than for the purposes intended by the donor.

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Independent Auditor's Report to the Board of

ELEANOR PALMER TRUST

Auditor’s responsibilities for the audit of the financial statements (continued)

Audit procedures performed by the engagement team included:

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As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

‘ Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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Independent Auditor's Report to the Board of

ELEANOR PALMER TRUST

Auditor’s responsibilities for the audit of the financial statements (continued)

‘ Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the association’s board, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008 and section 137 of the Housing and Regeneration Act 2008. Our audit work has been undertaken so that we might state to the association’s board those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the association and the association’s board as a body, for our audit work, for this report, or for the opinions we have formed.

Kreston Reeves LLP

Chartered Accountants

Chatham Maritime

Date: 2 Saplebe, eo22

Page: 12

ELEANOR PALMER TRUST

STATEMENT OF COMPREHENSIVE INCOME (INCLUDING INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 MARCH 2022

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|||||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |Notes|2022|2021| |£|£| |Turnover|2A|2,568,211|2,399,993| |Operating|costs|2A|(2,445,790)|(2,055,606)| |Operating|surplus|2A|122,421|344, 387| |Gain/(loss)|on|sale|of|investments|-|11,779| |Increase/(decrease)|on|value|of|investments|12|298,862|569,695| |Increase|in|valuation|of|investment|property|11|-|-| |Interest|receivable|and|dividend|income|4|88,893|75,240| |Interest|payable|5|(9,390)|(9,461)| |Donated|goods|and|services|9|5,086,027|-| |Total|comprehensive|income|for|the|year|5,586,813|991,640| |All|income|and|expenditure|relates|to|continuing|activities.| |These|accounts|were|approved|and|authorised|for|issue|by|the|Board|of|Directors|on|28|September|2022|and|signed| |on|their|behalf|by:| |A Alderman|(dLWA tie| |Members|of|the|Board| |A Cornelius|Bison’. Gmobi|vA| |G Oliver|CH|

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These accounts were approved and authorised for issue by the Board of Directors on 28 September 2022 and signed on their behalf by:

EEEage: 13

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ELEANOR PALMER TRUST

STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2022

Notes 2022 2021
£ £ £ £
Tangible fixed assets
Freehold housing properties 9 6,656,838 6,243,938
Other fixed assets 10 80,734 100,996
Investment Property 11 615,000 615,000
Investments 12 8,503,870 3,138,415
15,856,442 10,098,349
Current assets
Debtors and prepayments 13 235,126 445,612
Cash at bank and in hand 1,003,271 1,028,220
1,238,397 1,473,832
Current liabilities
Creditors - amounts falling due within one year 14 (210,042) (212,675)
Net current assets 1,028,355 1,261,157
16,884,797 11,359,506
Creditors - amounts falling due after more
than one year 15 (4,041,062) (4,102, 584)
Total net assets 12,843,735 7,256,922
Capital and reserves
Endowment Fund 18 7,475,540 2,141,647
Accumulated income reserve 19 5,178,195 4,925,275
Revaluation reserve 20 190,000 190,000
Totalreserves 12,843,735 7,256,922

These accounts were approved and authorised for issue by the Board of Management on 28 September 2022 and signed on their behalf by

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A Alderman
MW...
Members of the Board
A Cornelius Qiao‘Co TROL us
G Oliver Chief Executive
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ELEANOR PALMER TRUST

STATEMENT OF CHANGES IN EQUITY AND RESERVES FOR THE YEAR ENDED 31 MARCH 2022

Endowment Accumulated Revaluation
Fund Income Fund Total
E £ £
At 1 April 2020 1,755,330 4,319,952 190,000 6,265,282
Surplus for the year 386,317 605,323 - 991,640
Transfers between reserves - - - =
At 31 March 2021 2,141,647 4,925,275 190,000 7,256,922
Surplus for the year 5,333,893 252,920 - 5,586,813
Transfers between reserves - - - -
At31March2022 7,475,540 5,178,195 190,000 12,843,735

Page: 15

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ELEANOR PALMER TRUST

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2022

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||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |2022|2021| |£|£| |Net|cash|generated|from|operating|activities|(see|note|1|below)|5,523,608|115,916| |Cashflow from|investing|activities| |Payments|to|acquire|tangible|fixed|assets|(560,427)|(10,627)| |Purchase|of|investments|(5,283,336)|(119,933)| |Interest|and|dividends|received|88,893|75,240| |Proceeds|from|sale|of|investments|216,743|136,994| |Net|cash|flow from|investing|activities|(5,538,127)|81,674| |Cash|flow from|financing|activities| |Repayment|of|long|term|loans|(1,040)|(920)| |Interest|payable|(9,390)|(9,461)| |Net|cash|flow from|financing|activities|(10,430)|(10,381)| |Net|increase|in|cash|and|cash|equivalents|(24,949)|187,209| |Cash|and|cash|equivalents|at|1|April|2021|1,028,220|841,011| |Cash|and|cash|equivalents|at 31|March|2022|1,003,271|1,028,220| |Note|1|2022|2021| |£|£| |Cash|flow from|operating|activities| |Net|income|for|the|year|5,586,813|991,640| |Adjustments|for|non-cash|items| |Depreciation|charges|167,789|156,811| |Profit/loss|on|disposal|of|fixed|assets|-|-| |(Gain)/deficit|on|sale|of|investments|-|(11,779)| |(Gain)/deficit|on|value|of|investments|(298,862)|(569,695)| |Change|in|value|of|investment|properties|-|;| |(Increase)/decrease|in|debtors|210,486|(367,820)| |(Decrease)/increase|in|creditors|(2,690)|42,963| |Utilisation|of government|grant|(60,425)|(60,425)| |Adjustments|for|investing|or financing|activities| |Interest|income|in|investing|activities|(88,893)|(75,240)| |Interest|paid|in|financing|activities|9,390|9,461| |Net cash|generated|from|operating|activities|5,523,608|115,916|

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ELEANOR PALMER TRUST

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2022

Note 2 - Analysis of changes in net debt

Other non-
cash
2021 Cashflows changes 2022
£ £ £
Long-term borrowings (90,740) 1,194 - (89,546)
Short-term borrowings (921) (202) - (1,123)
Total liabilities (92,581) 992 - (90,669)
Cash & cash equivalents 1,028,220 (24,949) - 1,003,271
Totalnetcash 729,400 (23,957) - 912,602

Page: 17

.

ELEANOR PALMER TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

  1. PRINCIPAL ACCOUNTING POLICIES

General information

Eleanor Palmer Trust is incorporated in England under the Charities Act 2011 and is registered with the Regulator of Social Housing as a Private Registered Provider of Social Housing as defined by the Housing and Regeneration Act 2008. The registered office is 106B Wood Street, Barnet, Hertfordshire, EN5 4BY.

Basis ofaccounting

The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS102), the Statement of Recommended Practice for Social Housing Providers 2018, and with the Accounting Direction for Private Registered Providers of Social Housing 2020. The financial statements are also prepared under the requirements of the Housing and Regeneration Act 2008. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling, which is the functional currency of the Society, and are rounded to the nearest £1.

As a public benefit entity, Eleanor Palmer Trust has applied the public benefit entity 'PBE’ prefixed paragraphs of FRS102.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Going Concern

Whilst the impact of the COVID-19 pandemic has been assessed by the Trustees, so far as is reasonably possible, due to its unprecedented impact on the worldwide economy it is difficult to evaluate with any certainty the potential outcomes on the Charity's future activities. However, taking into consideration the Charity's level of reserves, the Trustees believe that the Charity will be able to continue in operational existence for the foreseeable future

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenue and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had an effect on amounts recognised in the financial statements:

a. Tangible fixed assets: Apart from investment properties, tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

b. Impairment: The Trust has identified a cash generating unit for impairment assessment purposes at a property scheme level. Impairment is recognised where the carrying value of a cash generating unit exceeds the higher of its net realisable value or its value in use.

Turnover

Turnover represents maintenance charges receivable, grants from local authorities and other income.

Donations and donated assets are recognised at valuation on the date of entitlement.

Page: 18

ELEANOR PALMER TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1. PRINCIPAL ACCOUNTING POLICIES (continued)

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation. Housing properties are analysed into land cost, structure cost and components cost. Depreciation is charged on a straight line basis over the expected economic useful lives of the assets at the following annual rates:

Fixtures, fittings and equipment 2% to 20%
Motor Vehicles 25%
Housing properties structure 1%
Roofs 2%
Boilers 20%
Kitchens 10%
Bathrooms 10%
Windows 10%
Electrics 10%

Freehold land is not depreciated.

The useful economic lives of all tangible fixed assets are reviewed annually.

All properties are reviewed for impairment annually, and where housing properties have suffered a permanent diminution in value, the fall in value is recognised after taking account of any related grants.

Deferred Grant / Social Housing Grant (SHG)

Where developments have been financed wholly or partly by social housing and other grants, the amount of the grant received has been included as deferred income and recognised in Turnover over the estimated useful life of the associated asset structure (not land), under the accruals model. SHG received for items of cost written off in the Statement of Comprehensive Income Account is included as part of Turnover.

SHG must be recycled by the Trust under certain conditions, if a property is sold, or if another relevant event takes place. In these cases, the SHG can be used for projects approved by the Regulator of Social Housing and Greater London Authority. However, SHG may have to be repaid if certain conditions are not met. If grant is not required Io be recycled or repaid, any unamortised grant is recognised as Turnover. In certain circumstances, SHG may be repayable, and, in that event, is a subordinated unsecured repayable debt.

Capitalisation ofinterest and administration costs

Interest on loans financing development is capitalised up to the date of the completion of the scheme. Administration costs relating to development activities are capitalised based on an apportionment of the management time spent on this activity.

Pensions

The Trust participated in a multi-employer Social Housing Pension Scheme. Retirement benefits to

employees of the Trust were funded by contributions from all participating employers and employees of the scheme. Payments have been made to a fund operated by the Pensions Trust, an independent trust providing pension benefits tor employees of voluntary organisations.

A liability has been recognised for the contributions that arise from an agreement to fund a deficit in a multiemployer pension scheme, so a liability was recognised at the present value of the contributions payable. As per note 17 the charity has now settled their pension scheme liability.

Improvements to property

The Trust capitalises expenditure on housing properties which adds to the value of the property or extends its useful life. Improvements to property that relate to assets that have a separately identifiable life to the property concerned, are also capitalised but under a category separate from the property.

Page: 19

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ELEANOR PALMER TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1: PRINCIPAL ACCOUNTING POLICIES (continued)

Recoupments

If the Trustees utilise any of the endowment fund investments to finance other expenditure they are required to recoup out of income, in order to replace the investments used. Amounts recouped are disclosed as movements in the endowment fund.

Revaluation Reserve

The revaluation reserve represents the difference on transition between the fair value of the investment property and the historical cost carrying value.

Endowment fund This reserve is the endowment fund derived from the sale of some of the properties on the Kentish Town Estate in 1982.

Investments

Investments are classified as fixed assets and stated at market value. Income from investments is credited to the Income and Expenditure Account on a receivable basis. Movements in market value of investments are taken to the endowment fund or the accumulated income reserve via the Statement of Comprehensive Income.

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other operating expenses.

Financial Instruments

Financial assets and financial liabilities are measured at transaction price initially, plus, in the case of a financial asset or financial liability not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition or issue of the financial asset or financial liability.

At the end of each reporting period, financial instruments are measured as follows, without any deduction for transaction costs the entity may incur on sale or other disposal.

Debt instruments that meet the conditions in paragraph I 1.8(b) of FRS 102 are measured at amortised cost using the effective interest method, except where the arrangement constitutes a financing transaction. In this case the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt.

Irrecoverable VAT

All VAT incurred is irrecoverable as the Trust is not eligible to register as its activities are outside the scope of VAT. All costs incurred include any relevant irrecoverable VAT.

Taxation

The activities of the Trust are within the special exemption for charitable activities given by Section 505 of the Income and Corporation Taxes Act 1988.

Page: 20

ELEANOR PALMER TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

2A. PARTICULARS OF TURNOVER, OPERATING SURPLUS AND SURPLUS BEFORE TAXATION BY CLASS OF BUSINESS

2022 2021
Turnover Operating Surplus Turnover Operating Surplus
costs costs
£ £ £ £ £ £
Social housing lettingsand other related rents(Note 2B) 2,330,828 (2,313,753) 17,075 2,149,499 (1,876,636) 272,863
Non Social housing lettings 49,752 (6,549) 43,203 48,300 (29,251) 19,049
Other income and expenditure
Donations 61,234 - 61,234 73,599 = 73,599
Relief in need grants - (17,121) (17,121) 140 (53,249) (53,109)
Charity administration - (108,367) (108,367) - (96,470) (96,470)
Supporting people income - - - B “ _
Other income 477 477 455 455
Estate Charity income 125,920 - 125,920 128,000 - 128,000
Surplus 2,568,211 (2,445,790) 122,421 2,399,993 (2,055,606) 344,387

Page: 21

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ELEANOR PALMER TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

|

Residential Residential Almshouses
Home 2022 2022 Total
2022		 2021
£ £
2B. TURNOVER FROM LETTINGS
Maintenance contributions and charges for
support services 1,559,391 796,783 2,356,174 2,165,109
Less: Voids - (22,561) (22,561) (24,532)
Less: Unoccupied rooms (63,210) - (63,210) (51,503)
Amortisation ofgrant = 60,425 60,425 60,425
oea
Turnover from social housing lettings and
other related rents 1,496,181 834,647 2,330,828 2,149,499
Management 75,220 56,385 131,605 114,709
Routine maintenance 988 67,501 68,489 58,477
Cyclical maintenance 17,625 89,948 107,573 70,873
Depreciation of housing properties 48,260 85,906 134,166 125,908
Services 1,469,331 282,946 1,752,277 1,365,519
Support services - 119,643 119,643 141,150
Operating costs on social housing lettings 1,611,424 702,329 2,313,753 1,876,636
Operating surplus on social housing lettings (115,243) 132,318 17,075 272,863
Social Housing:
Almshouses 78 78
Residential home 33 33
Other lettings
Assured shorthold tenancies 3 3
Shop 1 1
115 115
tS
  1. BOARD AND KEY MANAGEMENT PERSONNEL REMUNERATION

The emoluments of the Chief Executive, who is also the only member of key management personnel, included above was:

2022 2021
£ £
Chief executive 76,000 58,576
Total expenses reimbursed to the Board of Management - -

The Trustee is defined as the Corporate Trustee, Eleanor Palmer Trustee Limited.

The pension scheme is a defined contribution, money purchase, scheme funded by contributions by the employer and the employee. No enhanced or special terms apply. The Chief Executive is an ordinary member of the pension scheme.

The Trustee received no expenses or remuneration in the year.

Page: 22

ELEANOR PALMER TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

4. INTEREST RECEIVABLE
2022 2021
£ £
Dividends receivable from listed investments 88,205 74,859
Other interest receivable 688 381
a
88,893		 es
75,240
5. INTERESTANDFINANCINGCOSTS
On loans wholly or partially repayable in more than five years 9,390 9461
6. EMPLOYEES
Staff costs during the period:
Salaries and wages 872,549 865,817
Social security costs 67,704 67,500
Other pension costs 33,985 34,555
974,238 967,872
The average monthly number of employees, including members
of the executive team, during the year was as follows: No. No.
Employees 31 3S
The average number ofemployees, including members of the
executive team, calculated ona full time equivalent basiswas as
follows: 30 33
The Chief executive is the only employee with a salary greater than £60,000, which is disclosed in note 3 (2021:
ENil)
7s AUDITOR'S REMUNERATION
£ £
Auditor's remuneration
- external audit		 9,725 9270
8. GRANTS
£ £
Amenities for and grants to residents - 2
Grants for relief in need 7,121 52,924
Lunch Club for residents - 325
17,121 53,249

Page: 23

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ELEANOR PALMER TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

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  1. DONATED ASSETS | 2022 2021 | |Income from donated assets 5,086,027 =

During the year the Charity received a proportion of the net assets held by the Estate Charity of Eleanor Palmer after the Trustees of the Estate Charity took the decision to wind up the Charity. Eleanor Palmer's allocation was received in the form of an investment portfolio that has been recognised on the balance sheet.

10. TANGIBLE FIXED ASSETS - PROPERTIES

Freehold Properties Held for Social Housing Lettin Housing Housing Properties Components Total £ £ £ Cost At beginning of the year 6,749,445 1,406,611 8,156,056 Additions - 555,157 555,157 Disposals - - - At end of the year 6,749,445 1,961,768 8,711,213 Depreciation At beginning of the year 1,057,068 855,050 1,912,118 Charge for the year 33,372 108,885 142,257 Disposals - - - At end of the year 1,090,440 963,935 2,054,375 Net book value At 31 March 2022 5,659,005 997,833 6,656,838 At 31 March 2021 5,692,377 551,561 6,243,938

All housing properties are freehold.

Page: 24

ELEANOR PALMER TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

11, TANGIBLE FIXED ASSETS - OTHER

11, TANGIBLE FIXED ASSETSASSETS - OTHEROTHER
Fixtures, Office
Fittings and Equipment
Equipment and Vehicles Total
£ £ £
Cost
At beginning ofthe year 322,415 29,566 351,981
Additions 5,270 - 5,270
Disposals - - =
At end ofthe year 327,685 29,566 357,251
Depreciation
At beginning of the year 221,596 29,389 250,985
Charge for the year 25,397 135 25,532
Disposals a a
Atend ofthe year 246,993 29,524 276,517
Net book value
At 31 March 2022 80,692 42 80,734
At31 March 2021 100,819 177 100,996
12. INVESTMENT PROPERTY
2022 2021
£ £
At the start of the year 615,000 615,000
Gain/(loss) from adjustment in value - -
615,000 615,000

The investment property was valued on an open market basis by The Bowen Partnership, Chartered Surveyors, in 2017 and the Directors are of the opinion that this valuation continues to reflect the current market value.

13. FIXED ASSET INVESTMENTS

Listed Securities
£
Market Value
At 1 April 2021 3,138,415
Additions 5,283,336
Disposals (216,743)
Revaluations 298,862
At 31 March 2022 8,503,870
Historicalcost 5,207,579

Page: 25

ELEANOR PALMER TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

||||2022|2021| |---|---|---|---| ||
£
£|||| ||
14.
DEBTORS|||| |||Arrears of maintenance contributions and fees receivable|41,283|15,975:| |||Other debtors and prepayments|193,843|429,637| |||235,126|445,612| |15.|CREDITORS - Amounts falling due within one year||| ||Trade creditors|72,938|101,495| ||Housing loan|1,123|1,017| ||Tax and social security|15,807|15,459| ||Deferred Capital Grant|60,425|60,425| ||Other creditors and accruals|59,749|34,279| |||210,042|212,675| |16.|CREDITORS - Amounts falling due after more than one year||| ||Deferred Capital Grant|3,951,516|4,011,940| ||Loan repayable after more than one year (secured)|89,546|90,644| |17.|HOUSING LOANS||| ||The loan is repayable by instalments as follows:||| ||In one year or less|1,123|1,017| ||Between one and two years|2,614|2,365| ||Between two and five years|9,355|8,465| ||In five or more|77,577|79,813| |||90,669|91,660|

The above loan is secured by a specific charge on a number of the Trust's housing properties and is repayable at a rate of interest of 10.25%.

Page: 26

ELEANOR PALMER TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

2022 2021
£ £
18. ENDOWMENT FUND
At 1 April 2021 2,141,647 1,755,330
Investment managers fees (13,665) (12,062)
Change in value of investments 261,531 391,518
Gain on sale of investments - 6,861
Surplus for the year 5,086,027 -
At31 March 2022 "7,475,540. —«2,141,647
19. ACCUMULATED INCOME RESERVE
At 1 April 2021 4,925,275 4,319,952
Investment managers fees (3,198) (5,000)
Change in value of investments 37,331 178,177
Gain on sale of investments - 4,918
Surplus for the year 218,787 427,228
At31 March 2022 5,178,195 «4,925,275
20. REVALUATION RESERVE
At 1 April 2021 190,000 190,000
Movement during the year - ~
At31March2022 190,000 190,000

Page: 27

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ELEANOR PALMER TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

21. OPERATING LEASE COMMITMENTS

The Trust holds equipment under non-cancellable operating leases. At the end of the year the Trust had annual commitments under these lease as follows:

2022 2021
£ £
Other operating leases expiring in
Less than 1 year 6,926 6,926
2-5 years 27,128 27,706
More than 5 years - 6,349
34,054 40,981
22. GRANTAND FINANCIAL ASSISTANCE 2022 2021
£ £
At the start ofthe year 4,072,366 4,132,790
Grant received in the year - -
Released to income in the year (60,425) (60,425)
At the yearend
.		 4,011,941 4,072,365
Amount due to be released < 1 year 60,425 60,425
Amount due to be released > 1 year 3,951,516 4,011,940
The total accumulated government grant and financial
assistancereceivedordueat31March: 6,042,458 6,042,458
  1. RELATED PARTIES A corporate trustee was appointed as Trustee of Eleanor Palmer Trust on 22 May 2015. The Eleanor Palmer Trustee Limited, a charitable company with company registration number 09440494, was formed. A full list of Trustees of the Trustee company can be found on the general information page. There were no related party transactions to report in the year ended 31 March 2022 (2021: None)

Eleanor Palmer Trust is entitled to a two-thirds share of the clear income from the Estate Charity of Eleanor Palmer. The amount received in the year to 31 March 2022 was £125,920 (2021: £128,000). Of the ten Trustees of the Eleanor Palmer Trust at 31 March 2022, four are current Trustees of the Estate Charity of Eleanor Palmer. No Trustee received any remuneration or expenses in either year.

During the year, the Estate Charity of Eleanor Palmer was wound up and its assets distributed to its two benefiiaries. Eleanor Palmer Trust received investments worth £5,086,027 in respect of its share of the final distribution (see note 9 for further information).

Page: 28

ELEANOR PALMER TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

2022 2021
£ £
24. FINANCIAL INSTRUMENTS
Financial assets
Financial assets measured at fair value
Investments 8,503,870 3,138,415
Financial assets measured at amortised cost
Maintenance debtors 41,283 15,975
Other debtors - 18,239
Cash and cash equivalents 1,003,271 1,028,220
Total financial assets 9,548,424 4,200,849
Financial liabilities
Financial liabilitiesmeasured atamortised cost
Trade creditors 72,938 101,495
Deferred capital grant 4,011,941 4,072,365
Housing loans payable 90,669 91,660
Accruals and other creditors 59,749 34,279
Totalfinancialliabilites 4,235,297 4,299,799

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