Charity numbv 220857 Regulator of Social Housing number A1168 ca Quality Commission number 1-101610460 ELEANOR PALMER TRusr REPORT OF THE TRUSTEES AND AUDrrED FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
ELEANOR PALMER TRUST Contents ¢al Infomtion Reprrt ofthe Pthrd ofmarwement lThlepertdent Auditor Rewt 8-10 statent of Comwth¥e fntome li Statement of nanCIal potion 12 statement of Changes in Equ¢ty Reserves 13 Cash Strtement 14-15 Notss to the naal Statements 16-26
ELEANOR PALMER TRUST Generdi Infomiation Registered office: 106B WotKJ Street Hertftrdsfiire EN5 4BY eanor UmerTnth Ltd BO of ManagÈment IOwSmnl 01r} A Cornc'us A GrimwJe D Longaff HD5 L Teet Ire5wned 26 Juty 2023) Rev. TThapnwn Apa M(ha R J Bames (appointed 26 July 20231 Dr S W Radford (appointed 26 ju 20231 Chld Exeattfve: G 1ver SolIdto. "rthm Bell 50 Broadway Lmth)n SWIH OBL National Westtnin5ttt Bank PLC 8amet EN5 5FF RathbOr Investment Management 8 Finthry fjrajs London EC2M 7A1 AlitOr. Kr&tcfi Reeve5 LLP StatOry Audltor & Chartered A¢ntsnts Montague Pla lJwsvJe (Xarhèm Ma Kent ME4 4QU Charlty Comrnlsslo The is regL$ler Ihe Chaiity CormiLL Number.. 220857 Regulator of Soclal Houslng The Trust is a registwed Prov Numbtr.. AIL6e Care Quallty Commisslon {CqC) Tru Is a regi4teW provider NuMt. l-I016104fA) Page.. I
ELEANOR PALMER TRusr DIRECTOR'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 The origin of tre Charrty was a LEnefactson of Ele3nor PJmer who di in 1558. Accerthng to the rlaque in Barnet Church, -thdgeve tow Kentsh towneror6. The remaining was 9)kJ and the furvjs from the Sa were invd by Tr Estate tharity of EleanDr Palmeff. tn September 2021, the rd members of the Estate Charity votsd to dose the (harity arKI the assets were di¥ed btheen Elear Palmer Tnjst and St Wre Tru In rhe prep0005 ststed in the Scheme. Objectives and Activiti Princlpal activltle5 One of the key obJec¥ves of the &anor Palrw TFu5t asgst ttarea o1b87a7t6ylWe/1 n&4 A¥d¢wp orttrety.. &anor pdmerTrt provhjes Ajttthouse, sutvlrted accom1ra ol(kn In financial harfthip. The pretEreS are awdilable for %les coup& In the Nur&ng and Re$entia Care Home, 24-hwr care 6 wvided for okJer peLple. The Charity th ptOVKJes Rdief in Need Grants for peopk In Ioc41 area of tEnefiL Charity OW SeVenty-•t Ajrthuse Sheltered If(yJsng tts bungths kxated over fow stifs in the EN5 area. It housirKJ, ffwntenantr and SeTriC that meet Rewlatvr of SorJ"al HrNtsing IRSHI Standarts prides of the hh Stsndards athwd. Eht of tre5e units are Wilab for wheetthair user& 7he majority of ptorErbes have been devebped over the last 30+ years and further IMproverrts confjnue to te Cons by the eoard. The Care Horf 9e In 1990, fvnded by knial H(xJsirvJ Grdntthrough the Lctsl Autt)onty. In Fetxuary 2018 the &re Ibjalty ComrTyssk)n (C) approved for the Care Home se to be upgraded and rtrregistered from'ReSdenaI. kn a'Nurgng and RegdenOal' C¥re HON. Currendy we have ffK)re ltsn 80 rts thatberfittrom the stJpKxrtseTritr prded by ourHou&ng supr Officer& In tothisserte t of the wopethes have a 2+fKwr &rm call system whith Is linked to a retht'ta1k-O. paet. The DJt of hour¥ 5UPWt serviTr t5 by Enfietd Safe and Connectso. The Charity's grant ing semce provkles Wdnts to IldUdS and 'not for wofiv organiOn& k deftn&J by the Sthme r( is a rUirement th the benefiriarie5 live within Ihe speofied areas of efit {winapally the (p1965) Urban Diknes of (hlpk¥ryJ Barnet and East Bamet- most EN5 and EN4 and a small Wbon of Nll and N14 postal codes). The Charfty Lq registwed ¥, works wth the follo19 and oryanisaJor6: The Regukitor of ial Hou%ng {RSH} National Re9iSter of Soial Hovstng INROSHI The Charity Commiw The AlntshoLEe AwKObon The alIty reah of Bamet Chartered Instiiute of HI)9 Nabonal Houng Federati Aculty Performance Bthmarking Age UK, Barnet LACNG Larger AlnthoLFse Charlbes Gye Group WLAG West Loon ANtshouse Group. Struciurffj Governanc4 and Management Eleanor paIn TrL& fOurd on 29 February 1558 and is a regtstwed tharlty. rK&. 220857. The Tnts are afso tir&trs for the wrp)se ofthe Comw)5 Att 2006. The rKewtgovernlng Instrument of the (hrity i% a Stherne sealed ano rEvter& wifh Chty CommL8gon en 22ré May 2015. ThLs corbtbjtes Umit&l coMny, Lirnited try (knrantee. Efeathor PalmerTrustÈe rnited acts as oftrt OFarity. The Scheme m(wJffies eatller khe5 whlch regukted (hrity known as (Tharity of Eleanor Paltnw (Sre of, f¢r the beneft of the Andent Parish of ChlprAno 6arnet}. In 1939 the Samuel and Rebecca Byford Cfrarty was incowated Into the Eleanor PaltnerTrust Charity. Eleanor Palmef LAmited of deven comreteftt lrthrs, fwr are LoTri S)h of Bamet Nominated txrectots, and seven Co- opted DIrth. The accounts are prepared in accordance wth nanciAl Rewrting Stsrard FRSIQ2. The Board of txrecrors meet bi-monvlty and continLolly the ore hougw being offwed and are ahvays kyJkit¥J for improvernents to bfit the regdents and the longewty of the Charity. The Chief Exethbve ICEOI is apwinted by tre Direttor5 to mènage the day-to-day operation5 of the Tharity. The CEO has delegated authjrity. within terrysof delw'on 4pkKoved by the .rthrS. fer operational mattets irKludir finantr and eM0¥men The risk5 are analysed and com11 in the risk register whh is revwed and monitored bythe Directors at every Boa The Board has a rO&t Wm of wleg. managemenL tXAe$ and kYLKedures to help rnaintsin a hlgh 51andard of govematKe and CthMlt. BDard has a dlverse range of backgrounts in bfyne55 and professipnal lrfe tffl"nglng a brwj range of eXpene to knrd pThding a high stdrKJard for effectsve arbj infornd deasions thr(whout the year. AJI &Jard menkns gNe ts"r me voluntsrty.
ELEANOR PALMER TRusr DIREcfoR'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 The ChaTrty is re9tst with the Regulator of Social H(xJ&w and the Care (bality C(xnmisson. The Dire¢tDrs confirm that they have Compl with their duty under sethon 17 of the Charities Att 2011 In re4iett of publK tse guidan pU1$hed by trt Charty Commi5son. Revlew ofthe year arity has ddivered a strong Board is pJeas&J to rewt a Surr1 tr the 12.month fct the year ended 31st Mwch 2024 of £l.C(VJ.378. OpEr&onal fc the W¢xls Ortratknnal $UrrAwth yearwtre £184,IY38, teftre tsthevauJon ofirNestsrEn& The a tLal c(xnprerE incTh rf£3,411972. Oirectus results of the Care lthe on a [rrth te%s arKI the on 3 ¢Tiatety ba"s agalrt the Jgrl annual bet. on the goin9 cor¢em b&1 Repairs and stodt rnalntènance The CharEty all trj keep all its properbe5 aTr1 stes , secll wdl maSntsirEd fdlowing a atKJ Lrydkal ntenan prwramrne. An extraDrthnary reOr fund has be eSta1thed for mafty Yea to fin any e¥t¥aorinnary rew'FS the (harity has to cary t Invesknentand Reserws Poltcy Ihe Charity hdds rerves backed byinvestsnents trmits thOrt3 kJ[M CNYlgationk F reserve5are heklto m&tshort-term obligati(m& Tl Ch&Yty had a PLya¥t year With invegtst has now irKreased to a tvtal of£314,476 A portfolio of Investments is he to provi. the thort-t, thcotne to g1"dtse costs to enre the (x)nts"nuation oftr Chaty and any adthtional beneffts requird for dent> In trE I9.ter, the investhnts aim to achve 9Jffldent growth to enèue above bets to nnUe to be at or atThe the 5atr rdayve I of Wdlue. Rathne$ Group C ConnUe to maTkwJe the charity's main Itmt prtrolto. Rathb ywre a ftAI rewtto the Board M a b3ls and pre5ert On a year. The Dirr$ make all key deSn> The sk Regir Ls kept UP date arKJ the Pollu and Protrduras to ensu the regdents and thff are kept safe and SUPPOrtJ. An ertErgety wotocd is availabk for al staff to imlemert ff required, alr with addition& tralnir¥J and swtk)rL Compllance wbth the Governance and abIlIty Siandèrd Director5 £onffrm that Charity has met the Rewlator of 1 HLwng's regulatory expthtiorns kn the gots&nance and finanoal abilty The tlrecttrs intend to ensure that the Chaty continues to mt the S of r&idenis by maintsining the prl&S to a hlgh stsrK1ard an(1 whtre pille. adaptsn9 them to Suthe reeds of IndMdu4 residents as thr rircumstsnces change. The Dir%tsrs are confident that the tharity WIU ctintinue to provide safe. comftrtsLle ho5 for the rdents In rAea5ant surrwnding5 for fUre. Vue for Marw is at the heart of how we think at Elearnr PaliTEr TFu Board and CEO a foa10 maINalng that comrritrTEnt in fiattjre. From L Aprll 2024 the regth&cfj of wrdl houslng changed, fdlowtng charwes introduced by Social Hwng {RegulatiL1 Att 2023. The Housing Setretary arwunco1 that an aTnendmw)t had been passed by the Govemmatt requiring X¢Fal hou&ng managws to gain profewonal qualffication5. Thls required $al nagerS to gain r1ral quajtficationsthrouth the Irbtttrteof Houng ICEHI. The alm ofthe changes b) strengthen the accountsbilty of 5ooJ thndknrils for prowdno gLth oualty. affordabk hDrrE5 quality seMo5, and treaty residents wth dorwty rwct Two of the tharlty's #aff are In U)e process of worling triwlS completing the required qualification. Rlsk assessment- prindp•l r15ks and uncertalntles Poten031 tnajor risks that tre Charlty could expo to are ([ldeI by Board aad the systems rlewed. The tr Infra5trLthre of the (hrty Is a parartMnt to the "reOr5 and overseen by the llif &eoJY¥t. The arity k18)tif tharas a reg[a y they are wAnerable tu a correrted L7ber.atradE and hds prohxoL5 in pLYe. Governan¢• We cthibnue to work towards wr srated aim of urIng our Bpproath lo tywernarte is best prti and that we work to the prLnoples Set within Ihe Go(¥J G0Veman C(¥Ye. Strattyc c'nueS to of paramount imprKe for the P4Jard. The Direct have a wide ranoE of varied skn't¢s and e¥perkno that Cmthbutes gr• tt> the stren9th 8nd knoww of the &)ard.
ELEANOR PALMER TRusr DIRECTOR'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 VALUE FOR MONEYIMEfRICS 202312024 eanor Pèlmer Tnjst (E Is a Regi5Lered Prrider (RP) of knal H(yJ5ing and we we requi by the Regulator of knial IRSH), to demonstrate to our key skkeholders that we meet the stsn(lards t on Value for M. Value for Money for EPT In$ i9 effeclve sn how we plan. manage aryj operate. Our annual income was £3,412,972, maJty of which is yeed from housing lettiNJs at £3 323 234. Our anTrual expenditijre was £3,228,874 and of this we spent £2,244.658 on Ihe proMsx)n of ser¥ryces aj £324,880 on mainten6nce. support SeThI fer s(hial trKJugng wexe £L12.423 managementcosts were É148,719. Void costs ¥vere £18,192 fer Sheltered HOuThj antt £34.762 for the Care Hoff. Part l- Industry wide Vthetr Monw Metrl The RSH requi that performantr ewdence 6 putlshed In our annual accounts against swen key metrK& The pUr[e of the revw 5tdndar Is to ensu tt the howNJ IJOd rewt on a set standard metrirs $0 that rforman can t)e corrwred to peers. Eleanor Palmer Trust (Epf) le$vanety0f rrthcs to gauge and compare Its performafi. It partiapates in Awty Benchfflarknng group covering tr Soubl and Eastof England where it can Compa with other organisatson5 ddivering similar lterecl hwsiw semos. Ws'th regard5 trt EPT, we have an typKl rmfile, being Mth a [ver of[Xted ing forolder wple and so a care honR provk#er whh 11 itstAY dL4tJr( wrne of r rtric rewrts. The Value for Money thndard requires assDaaYws to reD)rt in th•r accounts how they have pthrmed against their own mth(s aThl tt performantr cornpares to peers. The mthrs foojs uwn mea&Jre5 0feffioe. effthenes5 antt ecoiry. Meiric i.. Reinvestment %- The investment In {estrng stork and new supkty) as a per¢ge ofthe value of totsl proe$ hdd. Mth"c 2.. New sJpJy delIver1 knU$g units) %- the ntjmbtr of new SD(ial housry units ddivered as a prowtion of tfjtsl scdal houar unts own&l. We do not have any new kno In d0pment HOwr. flats formwty (ttuk¥ed tr/ the thme Ma5 were made availatle to Reshlents in N)rV 2016. Metiic 3.. Gearfr:_ Plet debt as a pETnge of Ve of totsl propektrs hdd. Metri¢4.. Earrritjgs beftre InteresL Tax. depreaation, amorbsatron. major repairs Induded IEBIIDA MRI) Intwe5tCDver%:. This Lsa W inditator liquidty and In¥estnEnt capacity. Itmea9Jres the of surtyus a regksterj prOder generates compHred to Interest p8yatrAe. ThisavrMd5 any dlarbOnS Stemming frcm the deEecK?bffi charge. Metric 5.. Headllne Stxi& cost w urt. al Fkyjslng ILs las defined ty the ALiJr) dIded tytotal unrt w)dl or rnanaged. Metsrc 6: OlEr3r¥j Ma %:_ Ihs demrxstTrtes the prnfitsbAty ofowaty.ng assets Wore extrpttonal eXFense5 we tsken into arcount Metric 7.. Rthm on czptsl ernttyed (RO(Phl:_Thscornpares the operdtlrvJ b) total assets Ilatslities. It is a comTrK)n rrwure In the commerLial seaor to a55es5 ts thent investsnent of 2023124 2022123 Benchmarf( R[n¥¢t 4.83 0.41% 5.70% New dellvtred IIIA WA 1.2% GearirKJ 47 46% 35£% EBtrDA MRI. Intere Cove 21% 5YJ5% 182% Headline Sotial co rr unat 11.031.00 7,735.00 4,230. Opeotitvj Margin- Swal Fjousing Ldongs on 23Yo 222% ()peTrbw marsin1pln9 dlspwls l= ikni Return on Capil31 EMoYed (RO) -0.12%% -1.39Q 2.8 8enchmark dats from 2022 1knusrvN30Olla1 TrI1ng Federati( 2022 Sthr scorÉrard anatys reporL
ELEANOR PALMER TRusr DIRECTOR'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 Part 2- EFryValuefor mon ObJeth¥ ic (kn stTrtegic objeLtive 15 to'prvvide qualty housing. CA and WppLrtserw r• in need that prornotes K)dependeTKE and cholce in a safe enwronmenvto oklw in 0raa of berfil We are committed to maintsining the higheststandard rfhng and prOfesnal £are tr) all rdents, In an indusivej pewnal, sijpwrtive, kyfe ffiendly Comnity. 2) a) Und¢r5tandlng the neeats of Ourstaketsj& Our main &akehder grwp is our residents, iK)th current and future. It is our resKnt5 and famili ¥¥l¥J drlve demand for our servitr arvj for ¥¥hom we sM¥e for continual imwovement in pyovklru hol$ of a hlgh stsndard. Res¥Jents- Shelt H(yJ5ing The top priorty for deTrts is keeping them InforrrEd aThl lthnirvJ to thar vws. the overall qualiiy of theirhorne%, resporsNe pairS, ffintenanTr arkl a safe community. Regular events. dasses and outin9s are IanISed 10 wrage the interacbon and supwrt for each otsEr v4ithin the EPT communi Reddent faMSJ lQntelowes H(e) - mentsl and physral smUlatiOn. pewrFal intÈrests and hobbw, rtrdeayation and upgrading of the facilibes, safety In a secure and dean Home, friendly 51aff, ar meetings organ fv wdents or thr tsffiily mernbers to hear ¥$, g(KwJ cornrnunthiM)Tr, S of metbcal attethn and com liant care. G(MMI management cornmunl¢ation, supp(rt ar¥J a crAlaik)rab"ve appyoac traning and career rxogressoTh OPpLYtsJnS. Eleanor PalmerTrLSt Staff Charlty Commlssion Risk AssenEnt and prore5 ned on a ar ba$s. Folowitvj the wulations, ennstrating deliveryof the chartiab oblv& ovr mis&on stra ic and fina31 thknl" Unds5tsndiru and frAlowing the rrfulath of the RSK. Sbong pth.cy OTh value for mone for re5rda)ts and a fin4nciall able o asaon. DelDiery of Servithat is safe. effecbve. carir]g. respon5we andwdl-1&1. Ful co klnt care and ac¢orllmodabOn. Delvery of hougrvJ, wpport and care setvices that are in accordan wth al sttste ie5 aThl meet uired 3ndard Collaborab've WOKing where to flp naries,. tharing of knowl e and services to hel berEfiaarie5' W value in seTrice Stsndards of Almthouse Management (SAMI. rOviOn. The Regulatorof knLal HoUr¥j Care (alitY Commiss Lorvjm 8orough of Bamet Third SettrK organrsauons that delwer serwces in our area The Altll5house ALlO b) OurApprtsath We cotTrtinue to provNJe a hn9 wppjrt service an aim to promote a g(wJd, safe, effecttve, Indu¥ wmmunity for our re%dents to eni)y. Value for nY)ney is extremety imwrtant to U5 and this E conSldÈr in all of our spending (ledon& Conducbng br-MlY Board [eeti$ to mre that al Board memirs are hjlly up te d3te of all oftrE CharFty un a wlar b$. Annual skiHs audit of • Board membtrs. Cenducting querty reldErt meeting5 attended by ThreLtr(sl, the CEO &nd the H([j &Jpport aff to corwlt lirten t¢ the r£snt ews the manageThEnt of the maintenarKe of their homas arKI seMce5 kyovhled. Carrwng IKFt amu Tenant >b"slattn Measure5 Surv% ITSMI in line wth rEnt requirements, to $re a sUprtiVe, effi(¥en¢ cost. effective hou&ro tnanaganerrt Serv[ is rded to a hKJh kvel of resdent sati5facbth and to listen to thar Maxirnisng ch0e and vèlue for neY for our rdents. Annual Mryew of financial procedures, n7antainiro focus on CLs throughout wr Owdtiors by txtswring g(Kl, sericas at the trst Ice. Apwintirv4 profesgona multants to woject manage the ongThng planned maintwwntr wtrt. Ensuring the maintenance is adhered to ar induded with ble an81 LxJdgeL rnve5t in our staff, e501 in trainirYJ and devdopryEnt. Obta19 the %ryKes of speualist irwe5tW ComnY to K6ure increaslng fina1 return cn (xjr invesbr•ts. We are a mber ofAculty benchmarking group where both the sector scowordi regubtor rTthiLS other dèts Ls entered. The benchmarkiry report refiects our data and that of othw gmilar Organi4On5. Inyroved turnarrAJnd times on voids ben(h matked against tsth provid&5. to athEve year un year effioenaes. sudIng RdÈnVs events ar¥J offetiTrg a variety ofouting5t aCbtyeS arKI group Sons to surwt and stimukn tt $1ts. [Thng to eno)urdge communlty sph"¢ "mulat¥Dn of al mentsl Webe and offeriTrJ suprx)rL
ELEANOR PALMER TRusr DIRECTOR'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 3) We engage th our rwdents, and ttEir a variety of means Induthng through: EXperiend Howng Support Officers. ExperierKed Regi%rered Nur Care Home Manager. ExperIenC Deputy Care Home Manager. Experienced Senior Managerrnt Team. Regular staff trèining wogramme. Maintenance Sati5faththTr for all works comKAeted wrfhin rasidenvs horn. Coffee tnLNniThJS, group events arkl for sheirered dt$ IWJ weekty sttme by sthme. W&kty ¢rganwJ re%dent include lunch club. &rvJo, gar5 afternwn, suptk)rt rrEeVngs arKI Ish & thlp suppet Events, bips activthes e.9. all 4te5 (hr$trS lunch paty, seaal atsnwn teas, th&atre. boat and tiip5. rkn many other regdent oubrys. Resident suggestiorVfeedb3ck iwjxes at al srtes. Annual gardenlrKJ conybtion. Senlor Management teaffl SnspeLti) and a(khc£ regular to sk wdents. AnnualTenantSab"sf¥bon Measures/sur¥eyfftedback qonnaireS3e arculated to all ththred 1x)Un9$eMes rare home re5 familylfrrend5 aTrl to all staff Metr5. MaintsiThng the alarm ca system to de 24 hr. re4pJnse tD rdrt Indts. The a)arity has h&J a successful year whi15t maIntan1 high stsrK1ards of 5ervits and rnalnrenae of the hO[j st(. We have a robust apph to our costs rnanagement We have a tAanwJ maintenance strategy carrie£ out by a qualified wrweyor tD en that Maintrnan program is prtrpknnay and financK41 wurcasare allcrated in a timety manner. Thesenror tnarKgennt team caniesout comw.tfve tendering on other seTricds ¥¥hKh we obtaln a periodKal bass to ensure that COTnpeblive prr is achieved without compromlsin9 on oualty. We participate in a benchmarking group to ensjre that we #e prowthng the Nces in line With our peers. We wiew ntrartS annually to rbrtlust enrn¥C value, but al) quality In our contstsetvty fer the best seNKe1prutt$ Is reCefv. cydicat maintenance tsrgets have been and tr@t we ao up to date with Janned maIntenar. MOnor4n9 of the ManteTrar servitr pr0curemts of gu(¥Js continuesto be g)od, which achieves a more cost effective and effioentserVi. reSLrfts in darity of 5pendiw, all(Kabon of resources and hi5torKal records for fubxe cycli1 works, )udgeb"ry and thys prrAIlng more effectve results for nmarking. Th has had a tM)&tsve impact on r Value Mwey. Our fivtryear maln¢war Strategy 15 atk)ut hng excdlent quality alLrygde vdue for money. Better prowrement Ws$e$ have to a cY)nty"nuing plan of w, Itwth thter contrd of cDsts and intyeased fo1 on acce55itx"JJty arKJ ea of use fer our tr&ler residents. staff trainhw arml informatyon reguLirlv [ded. TnIS enb3rKe Lriterta tr housing have re9JW in rtyye people in dIrectffta[ hardsip ng tXmJs as per our [ne. 5) Thecharityhasa conttnued ft(uson astsong kyeventstre ftwnienarte pclcywluch rewts in knthle5slrthwenimfvr residents. maintsined prorwi1 and beltsr value for money. Conb"nuing to moThtor KPI'S in re4)ett of repairs and fmntenar, Trnds and tb"r¥j% We aLs0 use the infcfftx3tiL to * (yJr forward tsr The top priorfty for reydents is keepirvJ informed lthn5ThJ toth"r vw4 tre overall qualtyoftharhm, rewthe repairs, mbintenar and a safe communty. vario ifflprovements ve been rne in UE outrknr and In(kx areas at Il of the sites, for rridents and istors cotnfort rfEntsl and ttygcal health and wdl.bng. The irrprovements thdude:_ JtThj in a numbÈr of wet rwms in the Care Home 8lld CVern9 a sm¥1 kitchen and bathr(x)m area Aito a l¥ge M[mInal room and a prfv entelet room for an ad]nIng bedrcom. a grou Iloor w$tors and staff WC in the ca Horre. The Sheltered residents. louNJe has W refurbished and an interactive trntre Ir6iakn. A communal lounge and laU1ry rduth.shMa has ¢(NnmeTrced at Street and the resthts have been acbvety Invcfved In decision maknng for pmiect. Major tr rRaintenanTr works and tx)undary fen lerAaMa have taken throughout the year and are conJnuiryJ. Pathway maintenance and widening of fwtyaths and curb trops for rridents who have mkn'lity issue5 have been Cared (wt at tr majority of site A hlgh oumber of newty de5vJned kntthen and wet have insta1 at all four stes thrwhourthe year. A fire dwr replacennt programme in the Care Horne has been wmpjeted and wiu conttnue ¢0 be rdl& out in ttE Ste A ho& storage rcom in Care Ftorne been created. A new staff room. changirvJ and knlet has beai tte8.
ELEANOR PALMER TRusr DIREcfoR'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 The staff aryj re5idwWvokJntsry run alk)tments hove Pluthj an at)uarKe0ffiuItth veFtsW ¥¥htch have been ddNered M a rewL4r bas5 to the Care H(fft sheltera fesid&)ts alik The Chartty's ar0 goiw fOard afe:. Looling fotw¥d the tharity alms to: Home is working towards the Gdd StaThlards Frdmework. To create an l11tional en5Ulte wet rooms in the Hts. The No¢,$ Lounge Tefvrlx"thment of flr sunken elertrtal SKets thr¢>)Utthe area arxl addonal dent$eating. To re-develcy rhe 5LJTrk garden area and pathways at the wr of the Home. Installation of new trA&j garden acEe5s at the Nome. Laundry are3 upgrade. Continuation of the furnth rO3[ent programrr tsi H(xY. GbnUatiOTh of fire door repkcement programme n the Altnthou. Laurklry and communal kitchenllourKJe refurb&hrFEnts at all four sti&. The ConvwY of bthroorf6 to wet riy) in the Almshouses Contrn for future pmfiru the facileS in all regdenvs Iwmes LO(n9 at developmtht opts"(9 for adthtiDnal AJntshoLses Urj exlsbng lan¢S. The Charflie5 and the Trust Sttme reqUIthe charity to pa tnts fDr e? finandal year whld) give a true and Pdirview of the state of affairs of the tharlty arKI of the surplusldefidt of the Chty fcr that perThl. In preparfffj these aCCOLnts tre Directtys are required tri:_ Select accountiw Witses and apth them con95tenty. Make judgements arkl eSrnateS that are rea50natrAe and ent. Sle whether alCable accounting Sta5 have been fdlow1, gJbletttD any Mate deparbJre5 dlsck)5ed explairt In the fir1} statements.. Prepare the &u)untson Ehegolngconcem basis unless it is 78pmlriate to pre5umethatthe wlll 'nLE In operatitin. Dirthrs are re5pon%Ne for keepng prcyer accounting record5 whKh dis(k)5e ¥th reasLtrAe acancy at any bme the final PO&tson of the tharity and to Lab them to enwre that the accotsnts cOY the Charities A¢ the Hou$ng Regeneration Att 2008 and tr Tt Deed. It is also responsiile for safeguarding the assets of the Charity and hen ftr taking reasonaNe stsps for the kyevenb'on aThl det-tiOn of fraud and ottr Irreguknttas, by establLthing and maint31ning a satiw system of c(lI over the Charivs nty"ng rords, cath hc4JirvJs and aff ts weipts and MittalKe$. Publk Bwfft Enfjty Asz wNi¢ benefit entity. Err PdmerTrust h¥5 apF41&1 the befit entity'PBE' wefixed paraJrakkn5 of FRS 101 Rls manag¢mentand lrtom•l control Ihe tAreLtcrshave eWed the rrwiorriskstDwhKh the (hority i% explwd relatyng to weratrjns ofthecharity, fs in¥e5trnts aThJ tsfinatKe Ihe Dirth)rs belEve that by eXani the Spear and general busness arKJ okErkn"(M)9 risks faty1 by Charity. by erwrfng tytrots exist over the finaal systems and safe custudy ofthe Charfty's ar investments, and by rnon1tln0 the reseNes tre Charity tw haVeestalshett effecbve means to rrHtigats th(se risk& The Dlrectors are re5ponsfole fDr the Charivs system of Internal contrd. rxognLse that a srfstem (an reasMaLle, txjt N)t alute, a&%urano against matrtial mithtement or The main features of the internal contrd s¥stn are.. written finanLial w(Kedures whKh setfmrt respmsibilthes and IelS of authority nnual budgets with dear actwntsbi5ty for ah)trol of ead) part of trte Iget quarterty rewkn'ftg cyde to the recrtys. Qlrectorfs audbt C¢nlSmiation The Directers by hdd offiTr at the date of approval of th rewrt (firn tha¢ r( is aware, thue is no re¥t èudit Inftrmabon of whith the Charity's auditors are unaware; and that the DSrettors ha¥ taken all the step5 that It wght to have tsken as Direttars to rnake itself awa of any rdevant audit Infnth and to estsUith that Ihe thatlty's aLtylitoys are awa of that Information. Th rwt was apwOV1 by the of reCtorfs 141011• gtkxl on Its tEh* by Anthony Aklernian Chalrm
Independent Auditor's Report to the Board of ELEANOR PALMER TRusr Opinlo We have audited the firbandal statsments of Eleanor Palnr TrLtst lthe'a%ociatton) fer tt year eThJed 31 Marth 2024 which comprise the Ststementof COMPreheS¥e Incorre, the Statement of naa81 Postiry), the Ststement ofCa5h R(hvs and Statement of Ch8nge5 in Reseves and rlotes to the finanoal thtements, induding a summary of sgnifrcant acrounting poli(ie& The finanual reporbng framework tkot has apr their preparation is applirabk18w and ljntyj ngorn Accounting Standards, indudlno Finanoal Reporbru Stsndard 102 The the UKandRep(thcor Ird8nd (United ngorn cera Accepted AUnting prac). In wr wnK)n the finandal sratnents.. • ve a tDJe and fair e of the stsie of the asgJda5ths affairs as at 31 March 2024 ano of it5 irOrng rerreS and apICa.0 of rtsowce lThJuding Its itKorre aNJ exditu, for the yearthen ,. have t)een proroty Wepr1 in awordar(e %ith Unlw [J)M General kceptgj Accounting cti. and have LEen pPared In ac{rydae wth requirements of the Cowerayve and commnIty Berth StKieties Att 2014, the Housng and Regenwab"on Act 2008 and the ALuMjnr0 DirettK)n for FA1va regEsrwed provhkn of sooal ho19 in EngLand 2022. sis foropinlon We cmdutted our audit in atswdantr with Intemational Staidards on Authng (UK} (L {UKII and appjicable law. Our respongbilita% under those 5tsndards are further deyribed In the Audigrfs respMiw'llli"es for the audit of the finanual statemettts on of our rem We are indepet¥Jt of the as8On in accorthnce with the ethical requireTrEnts that are retevant to our audlt of the financ1 stateryEnts in the UK. iring tre FRC'S Ethical Standard, and we have fifilled wr other ethical re5ponlMllti In accordan with these requirements. We belleve that tre audit dence we have ¢tained is suffi(ient aThJ approwate ts provide a "S for our onn. Condysions rd&tin9 to gDlng concn In auditing the finandal tema)ts, we have condude(l thatthe board's we of the gr clywn ba of aCcoting in the prEparatknn of the ftnanoal Statents Is appropriate. Bad on the work we have perfornEd.¥Ye have not [denti aty matthd uncertainbes rdayng to events or conditions tha¢ indiidualty or collethvdyi may r4st sgnffi(snt doubt on the asso(iatyon's alIty to Cmtinue as a wing concErn fer a of at ast tl¥e mnth5 from syhen the financial statements are authorised for &sue. r reswnslilib"es and the w0nstl¢S of the t¥thrd %lth re5pEtt to going concern are descriw in the ¥ekvant 5ethons of tNs The btrard 15 respowbk for the other inforrnation. The other infmtion ci)mprises the infornthon *ndudetf in the annual repo¢ other than the finanual staternents and our auditorfs rewrt trereon. Our ¢10 on the financ{ ststements does not coverthe othw Information andi exryt to the eAt oththise eWl¢iUy ststed in our repoTL we do not express any fomi of awrarte concluslon thereon. In connetbon wStt) our audlt of the finanoal ststements. eur re5wns1'ty 15 to read the other infmtion and, In d(ng w. consider whether the other information Ls Inco[5t with the financial statements or our kTh)ge ebtsined in the audit or othetwse appears to be Tnaterk4lly misbtsted. If we identify sjth npterial lncorEi5tenc apparent Tnatetial misstaternaits, we are tequire£l to detEmilne whetherthere Is a matenal ml5statent in the flnantial ststetrents or a nwtrriol misstatement of other informati. If, ba on the work we have rfOrrf, we condude that there i% a materi rThsstatement of this other informatiDn, we are rewlred tD reFQrt thatfaLt We have nothiNJ to re[rt in ths regard. Page.. 8
Independent Auditor's Report to the Board of ELEANOR PALMER TRusr Mattern on whlth art requlred to rewt by exceptlon We have nothing to rem in resm ofthe folknvlng matters where the CoperatiVe and ComThrty Benefft knieb.es Att 2014 requlres us to repottto wju if, in our opinion: . the assooatton has not kept proper knoks of accounL and not mali)taned a saOsfactUV 5y5tem of contrl over its trarLSaCtiMs, i al0rdae wth the requiEments of the legLdaYon,' c • the reven Kcourt any thr acthunts to whth our repyjrt rdat4 afft1 the bn sIEet are not In agreement the assadati$ books ofaLrount; or * we have nrt cthined all the Thfformathn a1 expLqnations nsary for the pulposes of our aud liespon5ilAlitle5 of the board As eXa$ned more fijlly in the board's restNbe5 at&ment stt (xjt on paje 8, the trA)ard mbe (who are alg) the trustees of the a550oaUon for tte purtw of charity ts¥vl are responble fer the preparan of the finanaal ststeryEnts and for beiThJ Sabsfied thatthey gNe a true and falr Mew. ar for s intema £trol as the tM)ard determine 15 necewry to enaile the prewati(K of finandal statements that a free from matsrial mLsatement, %thether due to fraud or error. In preparing the nnanoal staternents. the board is respongble for asswiry the atiOn'S abHty to continue as a gcing (xym, dlsdosing, a5 appllcAtAe, rnatte rdate(I to goiw cOnrn and the going COnM ba5 of &a)unYng unless the board eth inte5 to Iwidate the assockibon or to trase 0ra1m$ or realislic alternative but to do . Auditof$ rosponsibilliles forthe a11t0f the Ilnondal statements our ObJecDves ère to otxwn re&onark awrance arx)Vt Whethw tr hnamai Ststern as a a tree rrom matenai frNatertrt whether due to fraud or error, and to issue an aud5 report that indude5 our apinion. Reasonaole assurantr is a high kvel of amjrance, but 15 not a guarantee that an audlt conducted in accordance ISAS IUKI 11 always deri a rnatrriaF rrYsstateTwt when it eSts. Mi5ststements can ar from fraud or error are ts)nydered materièl if, indIdUallY or in the aggwate, they could reasonabty LE expected to irffiuwe the economk detssor of uws takn on the bS efthese tTrnandal atemt [egUlaritieS, ffindwling frajd, are of r)rcOmrA1antr wth laws and regulation& We thgn prijcedures in line Mth our re5EKJnstlltie$ oudined above, to detert materk41 msstaterrEnts in respett of irregularitie4 Inducling fraud. These specHIc prftedures for this engagennt and th extent to which these a c8patle of detects'ny irregularith"e4 Indudlng fraLI is detsiled bdow. eased on our undersrdndirvJ of the A4s(Kithn aryj Re96ttr Providw Sthr, and through di¥usgon with the Fard of Managem185 requir8J by audibng stsndard51. we klentified that the principal risks of non-compliance laws and regulatior latsd to health and safety, fire safety and other property mainance requ1ments. anb-bribery and emment kn. We cOnSdtr the extent to whith non-tompllance might have a material effect on the finandal statem[$. We Consere thc laws and regulations that have a dirett irnpatt on the preparation of the finandal statements suth as tr Ctropelative Cotnmunity Benefit Sotieties Act 2014, Housing and Wneration Art 2rH)8, Stmert of Recommended ttsctice fer Swal Hougng Prowders 2018 afid the Aovunting Ll'reLtion for Privats Registered troderS of gjaal HousTrJ in Erygla 2022. We communicated identified laws and regulations thraughout our team and remalned alert to any irdlcations of nonompliance throughout the alt. We evaluated managemenvs incentives and opptytunitSas for fraudulent maniwLitbn of the finanaal statements (induding the risk of ovenide of atroL4}. and determined that the ptinopal risks re reL4ted to Pf6ting inapproptiate umal to Increase revenue or rethjo eXpdIture, managert b'as in accounting estitnates and judgetrI area5 of the finafioal statements suth as depreaation and o)mponent &counting tr Hougng Prowbe4 the am0s30 ofknal Hougng Grant and the vathjatim of the theloprrnt. Autht protyJwe5 rerforTrFed by the gageEnt tearn induded: * (Mxusgons With s?&)¥ent assessment of known or 1CeS of nOnMEid[e ¥th Jaws and regulatlrffi5 linduding and safety) and fiBud,' and . Assessment of identified fvaud fwrs,. and • Challenging assvmpb"on5 jutyments made by rnanèjewt in its sgnthcant accc4Jnting e5bmates,' and • Performing a wew ofbank transathons forthe last month Oftt and U)e first nth ofts ft4k)wing tr for ewden of wlndow dres*ngt and Ptye.. 9
Independent Auditor's Report to the Board of ELEANOR PALMER TRUST Audltorfs responsibi1Sties forth• audlt of the fin4ndal statements {conue) • Confimiation of rted partie5 With mark4genn¢ ar review of trans4ction5 throughwt the lo ldenfy rKeYy urK1isclosed traC05 with rdated partie5 Outsde the normal COUTse of buslne55,' and • Reading rninvtes of nRetiws of those thargeA wlth governan. and . Review of significant and unusual trarwtions ad evaluati of the underfwng finanoal rat suprM)rbryJ the trarsèttiDns" and • Performing analyocal w(Kedute5 to identify any unusual or urwett&1 induclng rdaW paty trarwthrs, that may indicate risks of nkterid mlssiatema)t due to ftaud.. and . Physi1 Inspethn of tsngitrje assets to fra1 or ingularity,' a Idenbfyhg and tesbng er¥tn in parboJkryr any manual enknre5 at tre year forthrtial Atement [q>ara[). Because of the Inherent ¥mitstions (rfan aud, there ts a that we will not (thct all irregulaTibes, induding those leadlw to a materid miateffnt in the finanoal ststements or nOnMplIants vlth regulatitrn. ThLs risk inrtrease5 the more that coTTpllan ith a law or regulation is removed from ttE events and transactions relleLted In the finandal siatements, as we will be les5 likety to beceme aware of instsnces of ncMI-t0m1anCe. The risk 15 also greater regarding irregularities occurrit¥J due to fra iÈther than eor, as tsud invdves intentir1 ConTralEn( forgery. cdIUOn, omisyon or misrepresentrtion. part of an audit in accordaTKe w4tt1 fsAs IUX), we exenise rKofes>onal Judllwnt ar maintsln proftsSkX SCepU(in throughout the aJIt We al.. * tdentify and assess the rfsk5 of rnthaf misstaterwt of the finanLial sktement4 due to fraud or wror, de&gn and perform audlt proureS nSIve to tho rE5ks, and obtain aL1t een that Is suffitient and appropriate to provtide a basis for our opiniDn. Tr risk of not detecung a material miterent fvom fraud i% hioher for results.ng from error, as fraud Tnay Invdve Cc11. forgeryi Intenonal omtssion5, misrepresentsb'ons. the override of intemal contrd. b Obtain an undwnding of Intemal CTh)tr rdevant to the audit in order to degn audr( WlUreS that are awJropTrate In the drcurn5tan, but not fvr the pwpose rfexkY&ng an tiklnlon on the etivss of the as)oabon's Internal Cmtroj. • Evaluate the apprepriatwRss of acrwnrj pdides used aThl tr reab of accounong tsbtNs and related diglDgJres Tnade ty the board. • Cmdude on the appropriateness of the LK)ards use of the goirvj core baS of accounong aTrJ, based on the audit evlden obkin&, wheth¥ a unc&tsinty exists relat£d to events or cotKtitions may rast sAgTrffinl&oUbt on the ass)oation's to ntynLE as a going conrn. If we ¢dude that a uncertainty usts, we are required to draw attention in our audtiorfs rekK)rt to the rthtsd dixlowrES in the finan(ial strtements or, if sJch di$dre$ are inadequate, to Modify opiTrn. Our Uon$ are based on the audit ede obtsinÉd up to the de ofour aL¥Jitorfs rt. However, fuhjre events or onditi<)ns may cause the a55Y)daiion to cease to cwtynue as a gtyng ConM. • Evaluate the overall prertstSon, Structure a[ centent of the ftllancial stateThEnts, induding the diosure5. arKJ whether the finandèl statements represent the trarLSacti¢¥ aTrl events In a rnanner that ochleves frir presentrtion. We communkare charged with werTrince rewding, oth¥ [atte the anned pe and Dmiro oftt aLkllt arKI sgnlficant autht hndirw, induthng any sunrfrcant defioencies in intemal control that we Kjenttfy during our audiL Use of our report ThE rewrt ts made soldy to the asgwation's ryEmbets, a5 a body, in Ordantr tion 87 of the Co-operative and Comrwnity Benefit Soaebes Att 2014. Our audt work has been undtrtsken so that we might state to the aa8b"On$ membe tho% matter5 we are to state to them in an audlthrfs report and tr no othtr puryjose. Tg the fijllest extent permiited ty law. we do not at%Ept or as91 resp)nsibility to anyone other than the as50aaJon and awoation's nmbers as a b(Lty, for r att worl for thi4 repDr¢ or for the onionS we have fonY*d. (hartered Accountsnts and ststt Audltors (Jatham Maribtne Date.. 26 September 2024 Paje 10
ELEANOR PALMER TRusr STATEMENT OF COMPREHENSIVE INCOME (INCLUDING INCOME AND EXPENDmiRE AccouKr} FOR THE YEAR ENDED 31 MARCH 2024 Notes 2024 2023 Tumover JNII972 3.751,643 0satir costs 3,22W4) fZSSV,046 fkvab.ng rrAS 1840J98 157,957 Intrease/(derreasel on value of invethents 12 519.943 (69&678) Entere5t rewate and dwyjend irKome 314h76 309,167 Intertst payatrAe (9,139) (9,257) Totsl comprehen&ive inmme/(experyJibJre) for the year LOOg,378 {239.171) l income and ex[M(lure rdates te COnnuing thfG' IIEse acUnts We approved and authori*d for ityje by the Poard of Direttors on 14 | 04 I1• and sg on their behatsY.. A AMernN3n Mervbets ofthe Pthr A cor1$ Chlef Exeakl d9e: 11
ELEANOR PALMER TRUST STATEMENT OF FINANCIAL POSrnON AS AT 31 MARCH 2024 2024 2023 Tanglble fixed assets -eehold hTrg prokErbes Other flxtyj assets io li 12 13 6,721439 73,512 615,000 9.547,815 6,533,078 .867 615,( 82Th.872 Jnvestments 16,94766 15.488,817 Eor5 and prepayments Cash at bank and in hand 14 8¥77Z 766.938 3(16.565 986.172 848.710 Currert liabllltles Credltors- amounts PdlliTrJ due Withh) one year IWZ757 15 (275.93Y) (197,615 571773 I.OAS,142 17,531.539 CreditoYs- amounts falllng due after more than om year 16 {3.917.598) (3.979,395 Totsl n&assets 13,613.942 J2,61M,561 EndOwfflt Furnt Accurnulated irKon re RalUaOn reserve 18 19 20 8,197.862 5,226.080 190WOO 7,701,541 4,713 023 J90,Q 13.613,942 12,604,564 These accounts were apwoved mI autyy)rd for the Board of ManageMt on thdr beha by 2410112014 nd gned A Aldertnan MeTrJers Of Board A ComdiL G Qllver Chw Exeojbve Page- 12
ELEANOR PALMER TRUST srATEMENT OF CHANGES IN Eourry AND RESERVES FOR THE YEAR ENDED 31 MARCH 2024 Fund IKome Total At l April 2022 7A75,540 5.174195 190,000 11843.735 rk*us for the year 226,1)01 1465,IT21 1239,171) At 31 March 2023 7,701.541 4713.023 190,000 11604,564 Surplus fer year 496,321 513,057 I,00978 At 31 Marth 2024 ,19?62 5.226.08Q 190,1)00 13.613.942 Page.. 13
ELEANOR PALMER TRUST srATEMENT OF CASH FLOWS FOR ThE YEAR ENDED 31 MARCH 2024 2024 2023 Netcash generatsd fr(Nn owating athitles (see nrte I below) ¥0 (654,526) Paymenis to acqulie targlbte fixed assets Purchase of Invesbnents Interest and dfvkjends $Ve Procewjs from sale of irwknts (351.930) (1,914,758) 314,476 1,685,278 (34,053J .595,IID) 309,167 Net tash Ilow fnxn Invo5ting attlvltl•s (266,934 647,807 Cash flow from flnanclng artl¥lties Repayment of long term loans Interest payab (1,242) (9.139) fl,123} [92$7J iowi [iOJ80J Ilfrt Increa In cash and cash equivalents (219,234) (17,1399) Cash and cash equlvleJts at i Awii 2023 986,172 J,003.27J Cth and equhralents at 31 March 2024 766,938 Note I 2024 2023 Cash llow from operatln9 athltl•s Net trncome fo¥ the year 1,009.378 (239 171) Adjustmentsfor noThl$h Items Depreciauon charyes (Gain)/deflctt OTr sate of investments IGaSnlldtht on value of invesbnents {Increase}/deuease in debtors (Decreasellincrease in U&lr$ Utilisation of govemment gTrnt 151.924 (L040,463) 22413 78,191 (60,425) (J46,695J 171,459) [12,546) (60,425) Adiuslments for Inv•iRg orfinancing actl¥ltlas Interest irKome in invesung athleS Interest paid in flnanong adiwts (314.476) 9,139 1309.167) Netcash genwated fmm oper•tln9 artlvStleg 5¢081 [654,526) Page.. 14
ELEANOR PALMER TRiisr srATEMEKf OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 Note 2 - Analysls of changes in net debt ¥h changes 2023 Cashftows 2024 Long.term rrOWg9 Shortmi boTowings Ti)tal li8txlities (88,3041 11,2421 {,66¥) 1,372 1,3n 186,9321 1,372 {88,3041 1.242 Cath & <xth eqvalents 986,172 1219,234) 766,938 Total net ca*) 896.626 (217 992 678.634 Page.. t5
ELEANOR PALMER TRUST NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 PRlfKIPALACCOUNTING PQUCIES ea[r PalnrTrust Is incorporated In England under the charitS Act 2011 and is reglstered wth the RegLtktor of S(Kkil Housing a Prwate Registered Provkler of Sockis Housng as defined by the Hou4ng an¢ Regeneratn Att 20D8. The reg&ed Offl i$ 1068 Wood StreeL BameL Hertfonithire, EN5 4BY. The finanaal statements hove bee) preparal In accordance with applicable accwnting standard5 Iruding Flnanod Rep(Ktsng Standard 102 TrE Ana1 ReFQrttng Stsndard ApIcae in the UK and RepU1C of Ireland IFRS1021. the Ststement OF RecomT4ended Prtitr for Soc&?1 Housng Prtrriders 2018, and the Accounbng Threcbon for ate ReglstÈred Providers of S(ual Housing 2022. finantial ststeffn15 are ako prepared the requiremÈTrts of the HoTr9 and RegeratiOn Att 2008 Ctroperatiye ar Cornmunity Benefit Sxiebes 2014. The finanual 5tatsments have prepared on a going concern ba$ under trpe hOr101 cost convention, mtyjified to Indude rtain items at fair value. The financ4al statements a rwared in Wings whith is the functional wrrency of the Soriety, and are rounded to the nearest El. A$ 3 publt beneff( entlty, Eknnor Palmer Tnjst has aFFlÈd the publt¢ kneft entity'PBf pref& paragraphs of FRSIQ2. The sigllificantamnUng poliaes aprAied in the tryaration of the finandal $tstemts are set (yjt bdow. These rthes have tEen con5i#enYy opled to all years pre5entsY unle55 othemise #atsd. TheTrustee5 con&der whether the w of co is appropriate l.e. whether thtre are any material utKErtalnties related to events ar condltion5 that may ast &gnificant dwbt on the ability of the Charty to Uffib'nLE as a going COnr. The Trustees make this 395essment in respett of a Peri of at least one year from the date of authorfsation for iwe of the finanoal statemwts and have conduded that the O)arity has adequats resDurces tri continue In i)tEraOonal existen for the fOre$e fure and trre are no rnaterial uncertrdinlies abwt the ChariWs atrxllty to continue a5 a gn9 concem, thLS they continue to adDWthe going conrn bas of &C(Yjnti in prepartng the finandal statement& The preparatTen ofthe finanoaf 5tatsments managementto Thke jUL>J&ments, esbmatÉs as4Jmptions thataffett the amounts rerrt)rt for asts and liabilities as at the baLance sheet date ènd the anx)unts wcrted for reuE and expen during the year. However, the nare of ernati(fft Mear that attual out¢Orn could (Iff from those esbmats The followlng judgements {apartfrom those inlwng estymate51 have hatt an effetton amwftts recognised In the finarKrdl a Tanyible fixed •¥ets: Apart from Investrnent propertie5, tsnglile fixed assets are depretiat£d over thr usefiA I tsking Into account dUal vaue5, where appropriate. The lives of the assets and redUal value5 are asse55ed nu? and may vary depending on a nUmr of factor5. In rtrasss%ng asset lives. facters suth as techrnloglcal innovation, product life cydes and 1nan pffjgrammes are taken Inrg act(yJnt Resdual value asse55ments (der wes such as fubjre market ConOns, tre MaInl9 lrfe of the asset and yoiected diswsal valjes. b. Irnpalmient: Th¢TrE has Idenbfied a cath grating unit for impairffjent as55ment purpose5 at è property thtne level. Impairtnent is recx)gnis&Y wlEre the cartwn9 value of a cash generabng L1t excee(ts the higher of its net realisaNe valte or its Val iry L4Se. Tumover represents Tnasntenantr thrges re(vab, grdnts from ljcal authoribes and other income. Donatt and d(Thied &ts are reco9niYJ atvaluation on the dale of enUdenEnL Pa*". 16
ELEANOR PALMER TRUST NOTES TO TNE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 PRINCIPAL ACCOUIMNG POUCIES (Cothirn) TaThJible fixed assets are ted èt cost les5 mmulated deprlatiOn. Houshg prom.es are anaw into land structure cost and components cosL DerKeciation charged on a straight Ilne bas over the exrÉtt& ecork)mic Lsefijl live5 of the assets at the fcknmng ann réte&. Flxknres, fithngs equipttErt Motor Vehides Hou%rvJ propertr& &tructtKe 2%to2 Bcdlers Ktichen5 88throoft Windows ertrics 20% io% Freehd land is not depryiated. The etsknomK Ilve5 of all tsngible fixed aets are rewewed anryJty. JI propÈrbes are rewewa1 for iTryalnnt annuallyi ¥¥he INJng prop have ¥Jffered a permawt diminution in val, the fall in vaue recogni5ed after taklng account of any rdated grants. whe developnnts have LEen finantrd wholty or by other grants, Ihe amount of the grant re has bn induded a5 defttred irKL¥ne and reugnised in Turnover over the eyimat& seful life of the 3sscoaW asset SlruthJre (not landl, under the actsUa fi1. SHG recew fer Itents cfcost Writt off in Ststewt ofcomweher tnEome Accwnt Is Induded as part of Turnover. SHG rTNJSt rwded by the Tru# under rdifi Cyjndltto, if a propÈrty is sold. or if another rekvant event tskes pla. In these cases, tre SHG can be used for projetts approved by the Regulator of SL1 Housing arKJ Greater Lonthn Authorfty. However. SHG may hève to repa If certain cdior5 are not trEL If grant 15 not required fo be recydd or repaid. any unamortised grant reo)gnised a5 Turnover. In certain arcuman¢4 SHG may te repayae. and, in that evw)L i4 subordin8ted unsecured revae debt. Inttrest M bans finanong develcVmt is capitrliwj up to date Ortr cYJmpW)n ofthe &theme. Administratiw costs retsting to dev&Jpment aLtItieS are tapitalised based on an of tre managerrent time spent on thig The Tr ¢)perates a defined pwyon xherTE and tr penson d>arge represa)ts amwnts payaile by tre Trust to the fvnd In re5pett the year. Trnst expeThIlre on housing prOtieS which adts to the value of the prop¥ty or exteN1s its useful lrfe. Impmvernents to prot that rdate to è5sets Ihat have a separdtsty kla)tifiable ts.fe to the prop&ty Cme0, are a&1 captrIed but urKler a otegory parate from the prorrty. PagÈ.- 17
ELEANOR PALMER TRusr NOTES TO THE FZNANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 PRINCIPAL ACCOUfrtriNG POUCIES (contlnued) If the Tru#ees ublise any of the endowrnent fund inveSt[rts tr) finance other expendthre they are reoulred to recoup out of irrome. in order to replao the Snvemts uwj. Am(yJTrts rld a rltsdosed as tnoveNents in the endowment fvnd. The rev&uation 5Ve repre5ats dIffere[e Im transl0 bewn the falr value ofthe investment pmperty and the hlstorKal cest catyro vahJ& r¢serve is the UKlowment fund from the s of some of the prCere5 M the Kents"sh T EsPate in 1982. Investments are clasgfied as fixed assets and srated at maketvaluÈ. IrKm from Investm is (redSted to the Incorne arK1 Expen(titure AcLxyJnt th a receivatAe bag MoveryEnts in market value of inv&trnts a taken to the endowment fund or the acthrnLtlated In(x)me reserye ihe Ststement of comprehe7)ve Incotne. Debtors and creditors With no stBtsI Interest rate and recoVae or payaNe Within IN year a rec(xded attrarwction prts. Any losses ari%ng from impairment are recoglsed In the irrome statement In other Lw8tig pwsts. Finanoal assets and finarKkil113txltrb"es are measured at transathon Itsa. V5, in fA5e ef a flnoTKial asset or fnantial liability not èt fair valLE thr(MJgh profft or10ss, tran5aLtion Costs that are direcuy atmbutable to the wui&tion or iue of the financkal asset or finanual IkiLx'lty- At the end of eath reporting period, finar1 instrurfDts are measjred as follows. Ol4t any deduthon for trarwton c(6ts the enlty TTW incur on sale or other diwsl. Debt instruments thar meet the nd1"0n$ in paragraph l 1.8lb) of FRS 102 are measUd at amoFb5ed cc6t Un9 the effecuve interest method, exwt where the awangemwrt £x>nstyfArte5 3 flnanoiThJ trar6aLon. tn this case the debt Instrument Is meal at the pre5Mt value of the flre payments distounted at a market rate of lrterest ror a smilar debt. I VAT incurred irrecovwable as the Trust 15 not dlgible to reg5ter as rts aLtvlttes a ¢Jut9de the wje of VAT. All cests irKJtrred indude any rdevant irrecoverable VAT. raxaHon The athy1t of the Trust ao wlthln exempb.on fcr tharitsL4e ath(5 fftn ty Sethon 505 of the IrKome a Corporthn Taxes Att 1988. Page: 18
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ELEANOR PALMER TRUST NOTES TO THE FINANCIAL sfATEMENTS FOR ThE YEAR ENDED 31 MARCH 2024 Resldential Alrnshouses Home 2024 2024 Total 2024 2023 2B. TURNOVER FROM LErnNGS Maintsnantr conthLMJtiDf6 and tharyes 2,353,822 Less: vdS Less.. Urt0ccu room5 ArTr)rtition of grant 961.941 {18,1921 3J15,763 (18,192) (34,762) 60rt25 Z664701 134,762) (17,954) 60,425 60,425 Turnoverfrom al kntirys and Otsr related rents 2,319,060 I,W,174 3,323.234 Z684,963 Mawement Routine maintenan CYdi1 maintenan Deplation of hOUn0 properbe5 Serwi Supk¥Jrt seNxe5 63,T37 28,506 141,050 148,719 2BW6 147,275 117.991 1244.65 112,423 133.241 6,225 48,528 1081,851 142,152 IW4.984 99,505 362,807 112.423 opernb.ng coy5 on SOLial housing letbngs 2,021,966 777.986 1799.952 2,393329 Ow'ng svwus on sThl hwThJ leth.rw 297,094 226,188 523.282 291,&74 Sttral Noung. rn5houses dential home 33 Other l¢ttkng5 Assured shoth(Ad tenan(ie5 Shop 115 115 8OARD AND KEI 14ANAGEMENT PERSONNEL REMU14ERAnoN The emduFtEnts of the Chlef Exeartive, which dUde the salaryi eM0yerS non national Inrdr cOntiitrrtJty, who also the 0Y ments of key maagerrnt tErsonnel, INdje aL¥)ve was: 2024 023 Chief exeoJknve 79,641 73,392 Totd expenses [eMbU to the Board Managerwt 743 The Tr is defi as the Corp)rats Trustee, PdlnRr Trust& Lim. The pe[ sd)etne is 8 defined contributicn. mDrEy purttHse. scheme fijnded by cnrbutys by the empfoyer and the employee. No enhantsd or spec5 terms atvly. The ChEf EKeuJbve an orijinary member of the persion 5theme. No Tnstees received expense5 in relation to the reimbur5en*nt of travd nSeS for £nil12023.. £11 to l Tnthel. Pw.. 2Q
ELEANOR PALMER TRUST NOTES TO THE FINANCIAL sfATEMEfiTS FOR THE YEAR ENDED 31 MARCH 2024 INTEREsf RECEIVABLE Z024 2023 ratrIe fvom14sted inVestnts Otrer inttst receNatle 304,382 10,094 304,193 4,974 314A76 309.167 l1£RESr AND FINANCING cosrs On loans or part5aW rep3yable In mre than fve year5 9.139 9?57 EMPLQYEES Staff costs the rrJod.. Saarie5 and wages Social s&urfty cos Other penson costs 1.255.328 113,787 49.746 961514 77,96J 35,460 ¥418061 1,074,955 The aage TnonthPy number of emptoyeas, induding [rmb¥S fthe etive team, the year was as fdbws.. 47 The average numLw ofempknyee4 induding ofthe execJJtive team, calculated th a fi41 time eqUat basis was as follow5.' 45 37 There are ljvo 0yea$ a salary greater than £60,00012023.. 1 emptye} AUDTfoR'S REMUNERAnoN AJdltoPs remtheraom - extenwl aL*It 11.886 11,695 Grdnts for relief in neè 83.207 11,86D 83.207 IJ,860 Page.. 21
ELEANOR PALMER TRUST NOTES TO THE FINANCIAL sfATEMEltrs FOR THE YEAR ENDED 31 MARCH 2024 TANGIBLE FIXED ASSETS- I¥ROPERTIES Freehold Pro ele$ Housing Housing Toial At beginnlng of the year A¢lditt(M)S 6,749A4S 173,037 &984853 15¥890 8,738,298 324,927 At end ofthe year 6,921482 2.140,Y43 9,063,225 i)epredatlon At beynnlng of the year (hrge for tre year &123,705 33,265 1,085,267 98.549 1208,972 13¥814 At end of the year 1,156.970 1,183.816 340,786 Net book value At 31 March 2024 5.765,512 9S6,927 6.722,4YJ At31 Makth2023 6529,326 I prerrbes are freehc4d. 10. TANGIBLE FIXED ASSEYS- OThÈR Fixtur FSttlng5 and Equl ent Equipment and Vehldes Totsl At beglnning of the year Addibons Di¥osals 334.653 27m3 2960 364,219 27,003 At end of the year 361,656 29,566 391,222 Depreciatlon At teginning of ttE year Charge for the year IYsposaL% 268.035 zo.iio 29,565 297,61)D 20,110 Atend oftheyear 288.145 29A65 317,710 Net book v•lue At 31 Mar¢h 2024 73.511 73,512 At3114anth 3023 64618 Pa*: 22
ELEANOR PALMER TRUST NOTES TO THE FINANCIAL sfATEMElnS FOR THE YEAR ENDED 31 MARCH 2024 ii. IMVESYMENT PROPERIY 2024 2023 At the start of the year 615.(100 615,OOQ 615,Q7Q Ihe Inv&trnt protErty was vwued on an ow) marKet Pattrershlp, Lhartered Surveyor5, In 2017. The Trustees obtainèl two Valuati( in 2022 to confirm the valuation remain&Y reaale and are of the OnIOn that this vduation continues to llert the current market vafue. 12. Uxted Securftle% Market V•lue At l ApTrl 2023 277.872 1,914.758 (1,685,178) ¥040.463 DpOSI15 Revaluations At 31 Marth 2024 9.547,815 Hi¥torfcal co&t 7,840.852 2024 2023 13. DEBTORS of Maintenan cthbutims and fees Other tyebtors and prepayments 47,519 34.253 81,772 275259 306,585 14. ¢REDrroRS- Arnourrts Wing due wFthin one ye•r Trdde credlto ing loan Tax arFLI sooal securfty Defe Qpital Grant Other u<or5 and acrnjals 146,420 1,372 29A48 60,425 38.272 275,937 IR42 56.429 197.615 15. CREDifoRS- Amountsfalllng due aft•r more than one yethr D*rred Cak¥tal fyant Loan repayawe after more than year ($Tal) 3,830.fj66 86.932 3,917,598 3,891,091 88.304 3,995 Page: 23
ELEANOR PALMER TRusr NOTES TO THE FINANCIAL STATEMErirs FOR THE YEAR ENDED 31 MARCH 2024 i& HOiISIMG LOANS The loan is rwalAe by in4ats as folkn5'. 2024 2023 In one yearor BetsveÈn one and hvo years Beiween two and five years In fve or rtre 1,372 3,193 IXN24 71315 1,242 10.IY8 75.027 The above IDan Is a speofic tharye on a nL¥nber of the Tnrts houyng prr)petts and is repayaL* at a rate of interest ef 10.25%. 17. ENDOWMENT FUND At I Wl 2023 7.701.541 I.475,0 Investr)nt rnanager5 fees Change In value of investments (W66) 52¥187 {2&406) 252,407 At 31 MaKh 2024 8,197,862 7,701.54J 18. ACCUIIVIA7ED INCOME RESERVE At l 2D23 4.713,023 5,178.J95 Charge itTr value of invtstrnLYts SurptU5 for the year (6.337) 744,756 (225,362} (2,914J (26409) (435849) At 31 March 2024 5,226,080 4,713.023 19. REVALIIATION RESERVÉ At l April 2023 Movement during year 190.(Th)Q 1940rt7 At 31 Marth 2024 190.000 190,000 Page.. 24
ELEANOR PALMER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR ThE YEAR ENDED 31 MARCH 2024 20. OPERAIT14G LEISE COMMtTMEMTS lThe Tnjst hokls equlpment nanclab operatyng lew. Atthe of the year the Trust had annual comrratments un(Èr these Ie as folkws.. 2024 2023 Other operating leases wiryng in Less than l year 2-5yeaT5 7ffi90 14.738 22,428 27.128 21. GiiAiffAIID FXIIANaAL A$SANcE 2024 2023 At the start of the year Grant received in the ar RdeaW to inconE in the year 3,954516 4011,94J {6OB25) (60,425) At the year 3.891.091 395J,516 Amount due to be released < l year Amount due to be rdeased > i year 60825 30,666 60,425 3891.091 The totsl accumulatal government grant and finanoal assstano re£eived or due at 31 March.. 4OIZ458 RELATED PARTIES A ¢worate trustee was apnt a5 TrLStsÈ of Meènor PaIryr Trust on 22 May 2015. Tr Enor Palmer Trustee Orrited, a d)aritst4e cotnpany mmpany wstration nurnb¥ L19440494, was formed. A full list of TrtJs of the TpJstee cvmpany can be found on the genwal InfOrmaOn page. There we no related p3tty transaction5 to rewt in the year ended 31 Mard) 2024 (2023: None) Eleanor PalmerTrLL was to a fvthirds thare of the dear inmrrE frorn the te Charty of Eleanor PaIr[r. Ihe amwt¥t eNed in the year to 31 Marth 2024 was Enil12023.. £nil}. No Tntstee recEived atTry remun¢Yati In dtr*r year. Page.. 25
ELEANOR PALMER TRUST NOTES TO THE FINANCIAL sfATEMENTS FOR ThE YeAR ENDED 31 MARCH 2024 2024 FINANcfAL INsfRUMENTS Inandal a¥ets Hnandal a88ets rne4xred at falrvalue 9,547015 maFntsnan d&tytOT5 Other debtors Cash an(1 s eqUivalts 47,519 31,326 7fj6,938 986172 Total fln?ndal asgets 10,362.272 9,295,370 Flnan¢ial Ilabilltles nandal Ilabilttles measured at arn$¢d c05t Tre creditr Deftrred capFtI grart Houn9 hans payable Acuu* aThJ other cY&llts)r5 146rt20 4891,091 3951,516 272 Totsl finandal IlabSUtes 4,164A187 4,156123 Page.. 26