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 Infom*tion Reprrt ofthe Pthrd ofmarwement lThlepertdent Auditor* Rewt 8-10 stat￿￿ent of Comwth￿￿¥e fntome li Statement of ￿nanCIal po￿tion 12 statement of Changes in Equ¢ty Reserves 13 Cash Strtement 14-15 Notss to the ￿na￿al Statements 16-26 ELEANOR PALMER TRUST Generdi Infomiation Registered office: 106B WotKJ Street Hertftrdsfiire EN5 4BY eanor UmerTnth Ltd BO￿￿ of ManagÈment IOwSm*nl ￿01r} A Cornc*'us A Grimw*Je D Long*aff HD￿5 L Te￿￿et￿ 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 A￿litOr. Kr&tcfi Reeve5 LLP Sta￿tOry Audltor & Chartered A¢￿ntsnts Montague Pla lJwsvJe (Xarhèm Ma￿￿ Kent ME4 4QU Charlty Comrnlsslo The is regL$ler￿ Ihe Chaiity CormiL*L Number.. 220857 Regulator of Soclal Houslng The Trust is a registwed Prov￿ Numbtr.. AIL6e Care Quallty Commisslon {CqC) Tru* Is a regi4teW provider NuMt￿. l-I016104fA) Page.. I ELEANOR PALMER TRusr DIRECTOR'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 The origin of tre Charrty was a LEnefactson of Ele3nor PJmer who di￿ in 1558. Accerthng to the rlaque in Barnet Church, -thdgeve tow Kentsh towneror6￿. The remaining was 9)kJ and the furvjs from the Sa￿ were inv*d by Tr Estate tharity of EleanDr Palmeff. tn September 2021, the ￿rd members of the Estate Charity votsd to dose the (harity arKI the assets were di¥￿ed btheen Elea￿r Palmer Tnjst and St W*re Tru* In rhe prep0￿005 ststed in the Scheme. Objectives and Activiti Princlpal activltle5 One of the key obJec¥ves of the &anor Palrw TFu5t asgst tt￿area o1b87a7t6yl￿We/1￿ n&4 A¥d¢wp orttrety.. &anor pdmerTr￿t provhjes Ajttthouse, sutvlrted accom1r￿a￿￿ ol(kn In financial harfthip. The pretEr￿eS are awdilable for %￿les coup￿& In the Nur&ng and Re$￿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(yJs*ng t￿ts 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 h￿h Stsndards athwd. E￿ht of tre5e units are Wilab￿ for wheetthair user& 7he majority of ptorErbes have been devebped over the last 30+ years and further IMproverr￿ts confjnue to te Cons￿ by the eoard. The Care Horf* 9￿e￿ 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'ReSden￿aI. kn a'Nurgng and RegdenOal' C¥re HON*. Currendy we have ffK)re ltsn 80 r￿￿￿ts thatber*fittrom the stJpKxrtseTritr pr￿ded 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￿. pa￿et. The DJt of hour¥ 5UPWt serviTr t5 by Enfietd Safe and Connectso. The Charity's grant ￿￿ing semce provkles Wdnts to I￿l￿dUdS and ￿'not for wofiv organi￿On& k deftn&J by the Sthme r( is a r￿Uirement th* the benefiriarie5 live within Ihe speofied areas of ￿efit {winapally the (p￿1965) 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 follo1￿￿9 and oryanisaJor6: The Regukitor of *ial Hou%ng {RSH} National Re9iSter of Soial Hovstng INROSHI The Charity Commiw The AlntshoLEe AwKObon The ￿alIty ￿re￿ah of Bamet Chartered Instiiute of HI)￿￿9 Nabonal Hou*ng Federati Aculty Performance Bthmarking Age UK, Barnet LACNG Larger AlnthoLFse Charlbes Gye Group WLAG West Lo￿on ANtshouse Group. Struciurffj Governanc4 and Management Eleanor paIn￿ TrL& fOur￿d 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 rEv￿ter& wifh Ch￿ty CommL8gon en 22ré May 2015. ThLs corbtbjtes Umit&l coM￿ny, Lirnited try (knrantee. Efeathor PalmerTrustÈe ￿rnited acts as oftrt OFarity. The Scheme m(wJffies eatller khe￿￿5 whlch regukted (hrity known as (Tharity of Eleanor Paltnw (S￿re 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 l*rthrs, fwr are Lo￿Tri S)￿h of Bamet Nominated txrectots, and seven Co- opted DIrth￿. The accounts are prepared in accordance w*th ￿nanciAl Rewrting Stsr￿ard FRSIQ2. The Board of txrecrors meet bi-monvlty and continLolly the ore ￿ hougw being offwed and are ahvays kyJkit¥J for improvernents to b￿￿fit 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 eM￿0¥men￿ The risk5 are analysed and com￿1￿1 in the risk register wh￿h is revwed and monitored bythe Directors at every Boa The Board has a rO￿&t Wm of wleg. managemenL tXA￿e$ and kYLKedures to help rnaintsin a hlgh 51andard of govematKe and CthMl￿t. 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 inforn*d 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 pU￿1$hed by trt Charty Commi5son. Revlew ofthe year a￿rity 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 $UrrAwth￿ yearwtre £184,IY38, teftre tsthevau*Jon ofirNestsrEn& The a tL*al c(xnprerE￿ incTh rf£3,411972. Oirectus results of the Care lthe on a [r￿rth￿ te%s arKI the on 3 ¢Tiatety ba"s agalr￿t the Jgr*l annual b￿et. on the goin9 cor¢em b&1 Repairs and stodt rnalntènance The CharEty all￿ trj keep all its properbe5 aTr1 stes *, secll￿ wdl maSntsirEd fdlowing a atKJ Lrydkal ￿￿ntenan￿ prwramrne. An extraDrthnary reOr fund has be￿ eSta￿1thed for mafty Yea￿ to fi￿n￿ any e¥t¥aorinnary rew'FS the (harity has to cary t￿￿ Invesknentand Reserws Poltcy Ihe Charity hdds re*rves backed byinvestsnents tr*m*its thOrt3￿ kJ[￿M CNYlgationk F￿ reserve5are heklto m&tshort-term obligati(m& Tl* Ch&Yty had a PLya￿¥t year With invegtst has now irKreased to a tvtal of£314,476 A portfolio of Investments is he￿ to provi￿. ￿ the thort-t￿, thcotne to g1￿"dtse costs to en￿re the (x)nts"nuation oftr* Cha￿ty and any adthtional beneffts requird for ￿dent> In trE I￿9.ter￿, the investhnts aim to ach*ve 9Jffldent growth to enèue above be￿ts to ￿n￿nUe to be at or atThe the 5atr rdayve I￿￿ of Wdlue. Rath￿ne$ Group ￿C Con￿nUe to maTkwJe the charity's main I￿￿tm￿t pr*trolto. Rathb￿ ywre a ftAI rewtto the Board M a b3ls and pre5ert On￿ a year. The Dir￿r$ make all key de￿S￿n> The ￿sk Regi*r Ls kept UP ￿ date arKJ the Pollu￿ and Protrduras to ensu￿ the regdents and thff are kept safe and SUPPOrt￿J. 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 m*t the ￿￿S of r&idenis by maintsining the prl￿￿&S to a hlgh stsrK1ard an(1 whtre p￿ille. adaptsn9 them to Su￿the reeds of IndMdu4 residents as th￿r rircumstsnces change. The Dir%tsrs are confident that the tharity WIU ctintinue to provide safe. comftrtsLle ho￿￿5 for the r￿dents In rAea5ant surrwnding5 for fU￿re. V*ue for Marw is at the heart of how we think at Elearnr PaliTEr TFu* Board and CEO a￿ foa￿10￿ maINal￿ng that comrritrTEnt in fiattjre. From L Aprll 2024 the regth&cfj of wrdl houslng changed, fdlowtng charwes introduced by Social Hw*ng {RegulatiL￿1 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 $￿al ￿nagerS to gain r￿1r￿al quajtficationsthrouth the Irbtttrteof Hou*ng ICEHI. The alm ofthe* changes b) strengthen the accountsbilty of 5ooJ thndknrils for prowdno gLth oualty. affordabk hDrrE5* quality seMo5, and treaty residents wth dorwty rwct Two of the tharlty's #aff are In U)e process of worling triw￿lS completing the required qualification. Rlsk assessment- prindp•l r15ks and uncertalntles Poten031 tnajor risks that tre Charlty could ￿ expo￿ to are ([￿lde￿I by Board aad the systems r￿lewed. The tr Infra5trLthre of the (hrty Is a parartMnt to the ￿"re￿Or5 and overseen by the llif &eoJY¥t. The ￿arity k18)tif￿ tharas a reg[￿a y they are wAnerable tu a correrted L7ber.atradE and hds prohxoL5 in pLYe. Governan¢• We cthibnue to work towards wr srated aim of ￿￿urIng our Bpproath lo tywernarte is best pr￿ti￿ and that we work to the prLnoples Set within Ihe Go(¥J G0Veman￿ C(¥Ye. Strattyc c￿￿'nueS to ￿ of paramount imp￿￿rKe for the P4Jard. The Direct￿ have a wide ranoE of varied skn't¢s and e¥perkno that Cmthbutes gr• tt> the stren9th 8nd knoww of the &)ard. ELEANOR PALMER TRusr DIRECTOR'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 VALUE FOR MONEYIMEfRICS 202312024 eanor Pèlmer Tnjst (E￿ Is a Regi5Lered Prrider (RP) of knal H(yJ5ing and we we requi￿ by the Regulator of knial IRSH), to demonstrate to our key skkeholders that we meet the stsn(lards *t on Value for M￿. Value for Money for EPT I￿n$ i￿￿9 effeclve sn how we plan. manage aryj operate. Our annual income was £3,412,972, maJ￿ty of which is ye￿￿ed 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 a￿j £324,880 on mainten6nce. support SeThI￿ fer s(hial trKJugng wexe £L12.423 managementcosts were É148,719. Void costs ¥vere £18,192 fer Sheltered HOu￿Thj 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￿ t￿￿t the howNJ IJOd￿ rewt on a set standard metrirs $0 that ￿rforman￿ can t)e corrwred to peers. Eleanor Palmer Trust (Epf) l￿e$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 ￿typK￿l rmfile, being Mth a [￿v￿er of￿[￿X￿ted ￿￿ing forolder wple and *so a care honR provk#er wh￿h 11 i￿￿tstAY 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 {e￿strng stork and new supkty) as a per¢￿ge ofthe value of totsl pro￿￿e$ hdd. Mth"c 2.. New sJpJy delIver￿1 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 d￿￿0pment HOw￿r. flats formwty (ttuk¥ed tr/ the thme Ma￿￿5 were made availatle to Reshlents in N)rV 2016. Metiic 3.. Gearfr￿:_ Plet debt as a pET￿n￿ge of V￿￿e 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 regkster￿j prO￿der generates compHred to Interest p8yatrAe. ThisavrMd5 any dl*arbOnS Stemming frcm the deE*ecK?bffi charge. Metric 5.. Headllne Stxi& cost w ur*t. ￿￿al Fkyjslng IL*s las defined ty the A￿Li￿Jr) dI￿ded tytotal unrt w)dl or rnanaged. Metsrc 6: OlEr3￿r¥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 2￿1% 5YJ5% 182% Headline Sotial co* r*r unat 11.031.00 7,735.00 4,230. Opeotitvj Margin- Swal Fjousing Ldongs on 23Yo 222% ()peTrbw marsin1p￿￿ln9 dlspwls l= ikni Return on Capil31 EM￿oYed (RO￿) -0.12%% -1.39Q 2.8 8enchmark dats from 2022 1knus￿rvN30Olla1 TrI￿￿1ng Federati(￿ 2022 Sthr scorÉrard anaty￿s 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 0￿ra￿a of ber￿fil We are committed to maintsining the higheststandard rfh￿￿ng and prOfes￿nal £are tr) all r￿dents, In an indusivej pewnal, sijpwrtive, kyfe ffiendly Com￿nity. 2) a) Und¢r5tandlng the neeats of Ourstaketsj&￿ Our main &akeh￿der grwp is our residents, iK)th current and future. It is our resK*nt5 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 v*ws. the overall qualiiy of theirhorne%, resporsNe ￿pairS, ff*intenanTr arkl a safe community. Regular events. dasses and outin9s are I￿anISed 10 wrage the interacbon and supwrt for each otsEr v4ithin the EPT communi Reddent ￿ faMSJ lQntelowes H(￿e) - mentsl and physral s￿mUlatiOn. 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 th￿r tsffiily mernbers to hear ¥￿$, g(KwJ cornrnunthiM)Tr, S￿ of metbcal attethn and com liant care. G(MMI management cornmunl¢ation, supp(rt ar¥J a crAlaik)rab"ve appyoac traning and career rxogressoTh OPpLYtsJn￿S. Eleanor PalmerTrLSt Staff Charlty Commlssion Risk Asse*nEnt and pro￿￿re5 ￿n￿ed on a ar ba$s. Folowitvj the wulations, ￿en￿nstrating deliveryof the chartiab￿ obl￿v& ovr mis&on stra ic and fina￿31 thknl" Unds5tsndiru and frAlowing the rrfulath of the RSK. Sbong pth.cy OTh value for mone for re5rda)ts and a fin4nciall able o a￿sa￿on. DelDiery of Servi￿that 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 WO￿King where to f*lp ￿n￿aries,. tharing of knowl e and services to hel berEfiaarie5' W value in seTrice Stsndards of Almthouse Management (SAMI. rOvi￿On. The Regulatorof knLal HoU￿r¥j Care (￿alitY Commiss Lorvjm 8orough of Bamet Third SettrK organrsauons that delwer serwces in our area The Altll5house A￿￿Ll￿O b) OurApprtsath We cotTrtinue to provNJe a h￿￿n9 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 (led*on& Conducbng br-M￿lY Board [￿eeti￿$ to mre that al Board memi*rs are hjlly up te d3te of all oftrE CharFty un a wlar b￿$. Annual skiHs audit of *• Board membtrs. Cenducting qu*erty reldErt meeting5 attended by ThreLtr(sl, the CEO &nd the H(￿[￿j &Jpport *aff to corwlt lirten t¢ the r£s￿nt ews the manageThEnt of the maintenarKe of their homas arKI seMce5 kyovhled. Carrwng IKFt amu￿ Tenant >b"slatt￿n Measure5 Surv*% ITSMI in line wth ￿r￿￿Ent requirements, to ￿$￿re a sUp￿rtiVe, effi(¥en¢ cost. effective hou&ro tnanaganerrt Serv[￿ is r￿￿ded to a hKJh kvel of resdent sati5facbth and to listen to thar Maxirnisng ch0￿e and vèlue for ￿neY for our r￿dents. Annual Mryew of financial procedures, n7antainiro focus on CL*s throughout wr Owdtiors by txtswring g(Kl, ser*icas at the tr*st Ice. Apwintirv4 profesgona multants to woject manage the ongThng planned maintwwntr wtrt. Ensuring the maintenance is adhered to ar￿ induded with ble an￿81 LxJdgeL rnve5t in our staff, e5￿01￿ in trainirYJ and devdopryEnt. Obta￿1￿9 the %ryKes of speualist irwe5tW Com￿nY to K6ure increaslng fina￿￿￿1 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 Organi4￿On5. Inyroved turnarrAJnd times on voids ben(h matked against tsth￿ provid&5. to athEve year un year effioenaes. su￿dI￿ng R*dÈnVs events ar¥J offetiTrg a variety ofouting5t aCb￿tyeS arKI group S*ons to surwt and stimukn tt* ￿$1￿￿ts. ￿[Thng to eno)urdge communlty sph"¢ *"mulat¥Dn of al￿ mentsl We￿be￿￿ and offeriTrJ suprx)rL ELEANOR PALMER TRusr DIRECTOR'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 3) We engage ￿￿th our rwdents, and ttEir a variety of means Induthng through: EXperien￿d Howng Support Officers. ExperierKed Regi%rered Nur* Care Home Manager. ExperIenC￿ Deputy Care Home Manager. Experienced Senior Managerr*nt Team. Regular staff trèining wogramme. Maintenance Sati5faththTr for all works comKAeted wrfhin rasidenvs horn￿. Coffee tnLNniThJS, group events arkl for sheirered ￿d￿t$ IWJ weekty stt*me by sthme. W&kty ¢rganwJ re%dent include lunch club. &rvJo, gar￿5 afternwn, suptk)rt rrEeVngs arKI Ish & thlp suppet Events, bips activthes e.9. all 4te5 (hr$tr￿S lunch paty, sea￿al atsnwn teas, th&atre. boat and tiip5. rkn many other regdent oubrys. Resident suggestiorVfeedb3ck iwjxes at al srtes. Annual gardenlrKJ conybtion. Senlor Management teaffl SnspeLti￿) and a(khc£ regular to s￿k wdents. AnnualTenantSab"sf¥bon Measures/sur¥eyfftedback q￿￿onnaireS3￿e arculated to all ththred 1x)U￿n9$￿eMes rare home re5 familylfrrend5 aTrl to all staff Me￿tr5. MaintsiThng the alarm ca system to ￿de 24 hr. re4pJnse tD r￿d￿rt In￿d￿ts. The a)arity has h&J a successful year whi15t maIntan￿1 high stsrK1ards of 5ervits and rnalnrena￿e of the hO￿[￿j st(**. We have a robust app￿h 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 tnarKgen*nt team caniesout comw.tfve tendering on other seTricds ¥¥hKh we obtaln ￿ a periodKal bass to ensure that COTnpeblive pr￿r￿ 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 e￿n￿rn¥C value, but al*) quality In our contstsetvty fer the best seNKe1pr￿utt$ Is reCefv￿. cydicat maintenance tsrgets have been and tr@t we ao up to date with Janned maIntenar￿. MOn￿or4n9 of the ManteTrar￿ servitr pr0curem￿ts 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 cycli￿1 works, )udgeb"ry and thys prrAI￿lng more effectve results for ￿n￿marking. Th￿ has had a tM)&tsve impact on ￿r Value Mwey. Our fivtryear maln¢war￿ Strategy 15 atk)ut *h￿ng excdlent quality alLrygde vdue for money. Better prowrement W￿s$e$ have to a cY)nty"nuing plan of w￿, ￿Itwth t￿hter contrd of cDsts and intyeased fo￿1 on acce55itx"JJty arKJ ea* of use fer our tr&ler residents. staff trainhw arml informatyon reguLirlv [￿ded. TnI￿S enb3rKe Lriterta tr housing have re9JW in rtyye people in dIrectfft￿￿a[ hards*ip ￿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 v*w4 tre overall qualtyoftharhm, rewthe repairs, mbintenar and a safe communty. vario￿ ifflprovements ￿ve been rn￿e in UE outrknr and In(k*x areas at Il of the sites, for rridents and *istors cotnfort rfEntsl and ttygcal health and wdl.b*ng. The* irrprovements thdude:_ Jt￿Thj in a numbÈr of wet rwms in the Care Home 8lld C￿Ver￿n9 a sm¥1 kitchen and bathr(x)m area Aito a l¥ge ￿M[￿mInal room and a prfv* en￿￿tel￿et room for an ad]￿nIng bedrcom. a grou￿ Iloor w$tors and staff WC in the ca￿ Horre. The Sheltered residents. louNJe has W refurbished and an interactive trntre Ir6iakn. A communal lounge and laU￿1ry rduth.shMa￿ has ¢(NnmeTrced at ￿ Street and the resthts have been acbvety Invcfved In decision maknng for pmiect. Major tr￿ rRaintenanTr works and tx)undary fen￿ lerAa￿Ma￿ have taken throughout the year and are conJnuiryJ. Pathway maintenance and widening of fwtyaths and curb trops for rridents who have mkn'lity issue5 have been Car￿ed (wt at tr majority of site A hlgh oumber of newty de5vJned kntthen and wet have insta1￿ at all four stes thrwhourthe year. A fire dwr replacen*nt programme in the Care Horne has been wmpjeted and wiu conttnue ¢0 be rdl& out in ttE Ste A ho& storage rcom in Care Ftorne been created. A new staff room. changirvJ and knlet has beai tte8￿. ELEANOR PALMER TRusr DIREcfoR'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 The staff aryj re5idwWvokJntsry run alk)tments hove Pluth￿j an at)u￿arKe0ffiuIt￿th veFtsW ¥¥htch have been ddNered M a rewL4r bas5 to the Care H(fft sheltera fesid&)ts alik The Chartty's ￿ar0 goiw fO￿ard afe:. Looling fotw¥d the tharity alms to: Home is working towards the Gdd StaThlards Frdmework. To create an ￿l11tional en5Ulte wet rooms in the Hts￿. The No￿¢,$ Lounge Tefvrlx"thment of fl￿r sunken elertrtal SK*ets thr¢>￿￿)Utthe area arxl add￿onal ￿dent$eating. To re-develcy rhe 5LJTrk￿ garden area and pathways at the wr of the Home. Installation of new ￿￿trA&j garden acEe5s at the Nome. Laundry are3 upgrade. Continuation of the furnth￿ rO3￿[￿ent programrr* tsi H(xY*. G￿bnUatiOTh of fire door repkcement programme n the Altnthou*. Laurklry and communal kitchenllourKJe refurb&hrFEnts at all four sti&. The ConvwY￿ of bthroorf6 to wet riy)￿￿ in the Almshouses Contrn￿ for future pmfiru the facil￿eS in all regdenvs Iwmes LO(￿n9 at developmtht opts"(￿9 for adthtiDnal AJntshoLses U￿r￿j exlsbng lan¢S. The Charflie5 and the Trust Stt*me reqUI￿the charity to p￿a￿ ￿t￿nts fDr e￿? finandal year whld) give a true and Pdirview of the state of affairs of the tharlty arKI of the surplusldefidt of the Ch*ty fcr that perThl. In preparfffj these aCCOLnts tre Directtys are required tri:_ Select accountiw Witses and apth them con95tenty. Make judgements arkl eS￿rnateS that are rea50natrAe and ￿￿ent. Sl*e whether a￿lCable accounting Sta￿￿5 have been fdlow*1, gJbletttD any Mate￿ deparbJre5 dlsck)5ed explairt In the fir￿1} statements.. Prepare the &u)untson Ehegolngconcem basis unless it is ￿78pm￿lriate to pre5umethatthe wlll ￿￿'nLE In operatitin. Dirthrs are re5pon%Ne for keepng prcyer accounting record5 whKh dis(k)5e ¥￿th reasL￿trAe acancy at any bme the fi￿n￿al PO&tson of the tharity and to L￿ab￿ them to enwre that the accotsnts cO￿Y the Charities A¢￿ the Hou$ng Regeneration Att 2008 and tr* T￿￿t 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 ott￿r Irreguknttas, by establLthing and maint31ning a satiw system of c(￿lI￿ over the Charivs ￿nty"ng r￿ords, cath hc4JirvJs and aff ts weipts and ￿MittalKe$. Publk Bw*fft Enfjty Asz wNi¢ benefit entity. E￿r￿r PdmerTrust h¥5 apF41&1 the b￿efit 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 eXa￿￿ni￿ the Spear￿ and general busness arKJ okErkn"(M)9 risks faty1 by Charity. by erwrfng tytrots exist over the fina￿al systems and safe custudy ofthe Charfty's ar￿ investments, and by rnon1t￿ln0 the reseNes tre Charity tw haVeesta￿lshett 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 a￿lute, a&%urano against matrtial mithtement or The main features of the internal contrd s¥st￿n are.. written finanLial w(Kedures whKh setfmrt respmsibilthes and I￿elS of authority nnual budgets with dear actwntsbi5ty for ah)trol of ead) part of trte I￿￿get 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 Inf￿nth and to estsUith that Ihe thatlty's aLtylitoys are awa￿ of that Information. Th￿ rwt was apwOV￿1 by the ￿ of ￿reCtorfs 1410*1￿1• 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 Paln*r TrLtst lthe'a%ociatton) fer tt* year eThJed 31 Marth 2024 which comprise the Ststementof COMPrehe￿S¥e Incorre, the Statement of ￿na￿a81 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 ￿ng￿orn Accounting Standards, indudlno Finanoal Reporbru Stsndard 102 The the UKandRep(thcor Ird8nd (United ￿ng￿orn c￿era* Accepted A￿Unting prac￿￿). In wr wnK)n the finandal srat*nents.. • ￿ve a tDJe and fair ￿e￿ of the stsie of the asgJda5ths affairs as at 31 March 2024 ano of it5 ir￿Or￿ng re￿rreS and ap￿ICa￿.0￿ of rtsowce* lThJuding Its itKorre aNJ ex￿ditu￿, for the yearthen ￿,. have t)een proroty Wep￿r￿1 in awordar(e %*ith Unlw ￿[￿J￿)M General￿ kceptgj Accounting ￿cti￿. and have LEen p￿Pared In ac{ryda￿e wth requirements of the Cowerayve and comm￿nIty Berth StKieties Att 2014, the Housng and Regenwab"on Act 2008 and the ALuMjn￿r0 DirettK)n for FA1va￿ regEsrwed provhkn of sooal ho￿1￿9 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 respM*iw'llli"es for the audit of the finanual statemettts on of our rem We are indepet¥J￿t of the as￿￿8￿On in accorthnce with the ethical requireTrEnts that are retevant to our audlt of the financ￿1 stateryEnts in the UK. ir￿￿ing tre FRC'S Ethical Standard, and we have fi￿filled wr other ethical re5pon*lMllti￿ 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 o￿n￿n. Condysions rd&tin9 to gDlng conc*n In auditing the finandal *tema)ts, we have condude(l thatthe board's we of the g￿r￿ clywn ba* of aCco￿ting in the prEparatknn of the ftnanoal State￿nts Is appropriate. Ba*d on the work we have perfornEd.¥Ye have not [denti￿ aty matthd uncertainbes rdayng to events or conditions tha¢ indi*idualty or collethvdyi may r4st sgnffi(snt doubt on the asso(iatyon's a￿lIty to Cmtinue as a wing concErn fer a of at ast t￿l¥e mnth5 from syhen the financial statements are authorised for &sue. r reswns*lilib"es and the w0nst￿l￿¢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 eA￿t 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[￿5￿t 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 ml5staten￿t 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 Co￿peratiVe 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 al0rda￿e wth the requiEments of the legLdaYon,' c • the reven￿ Kcourt any thr acthunts to whth our repyjrt rdat4 afft1 the b￿n￿ sIEet are not In agreement the assadati￿$ books ofaLrount; or * we have nrt cthined all the Thfformathn a￿1 expLqnations n￿sary for the pulposes of our aud liespon5ilAlitle5 of the board As eX￿a$ned more fijlly in the board's rest￿Nb￿￿e5 *at&ment stt (xjt on paje 8, the trA)ard m￿be￿ (who are alg) the trustees of the a550oaUon for tte purtw of charity ts¥vl are respon*ble fer the prepara￿n of the finanaal ststeryEnts and for beiThJ Sabsfied thatthey gNe a true and falr Mew. ar￿ for s￿￿ intema £￿trol as the tM)ard determine 15 necewry to enaile the prewati(K of finandal statements that a￿ free from matsrial mLs*atement, %*thether due to fraud or error. In preparing the nnanoal staternents. the board is respongble for asswiry the a￿￿￿tiOn'S abHty to continue as a gcing (xy￿m, dlsdosing, a5 appllcAtAe, rnatte￿ rdate(I to goiw cOn￿rn and the going COn￿M ba￿5 of &a)unYng unless the board eth inte￿5 to Iwidate the assockibon or to trase 0￿ra1￿m$ or realislic alternative but to do ￿. Auditof$ rosponsibilliles forthe a￿11t0f the Ilnondal statements our ObJecDves ère to otxwn re&onark awrance arx)Vt Whethw tr* hnamai Ststern￿ as a a￿ tree rrom matenai frN*atertrt whether due to fraud or error, and to issue an aud￿5 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 der*i a rnatrriaF rrYsstateTwt when it e￿Sts. Mi5ststements can ar￿ from fraud or error are ts)nydered materièl if, indI￿dUallY or in the aggwate, they could reasonabty LE expected to irffiuwe the economk detssor￿ of uws takn on the b￿S efthese tTrnandal atem￿￿t [￿egUlaritieS, ffindwling frajd, are of r￿)r￿cOmrA1antr wth laws and regulation& We thgn prijcedures in line Mth our re5EKJnst￿lltie$ oudined above, to detert materk41 msstaterrEnts in respett of irregularitie4 Inducling fraud. These specHIc prftedures for this engagen*nt and th extent to which these a￿ c8patle of detects'ny irregularith"e4 Indudlng fraL*I is detsiled bdow. eased on our undersrdndirvJ of the A4s(Kithn aryj Re96ttr￿ Providw Sthr, and through di¥usgon with the F￿ard of Managem￿￿185 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 main￿ance requ1￿ments. anb-bribery and em￿ment kn. We cOnSdtr￿ the extent to whith non-tompllance might have a material effect on the finandal statem￿[$. We Cons￿ere￿ 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, St*mert of Recommended ttsctice fer Swal Hougng Prowders 2018 afid the Aovunting Ll'reLtion for Privats Registered ￿tro￿derS of gjaal HousTrJ in Erygla￿ 2022. We communicated identified laws and regulations thraughout our team and remalned alert to any irdlcations of non*ompliance throughout the a￿lt. We evaluated managemenvs incentives and opptytunitSas for fraudulent maniwLitbn of the finanaal statements (induding the risk of ovenide of a￿troL4}. and determined that the ptinopal risks ￿re reL4ted to Pf6ting inapproptiate umal to Increase revenue or rethjo eXp￿dIture, manager￿t b'as in accounting estitnates and judge￿￿trI area5 of the finafioal statements suth as depreaation and o)mponent &counting tr Hougng Prowbe4 the am0￿s3￿0￿ ofknal Hougng Grant and the vathjatim of the theloprr￿nt. Autht protyJwe5 rerforTrFed by the ￿gage￿Ent tearn induded: * (Mxusgons With s￿?￿&)¥￿ent assessment of known or 1￿CeS of nOn￿ME￿id[￿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 t￿r￿ 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 {con￿￿ue￿) • Confimiation of r*ted partie5 With mark4gen*n¢ ar￿ review of trans4ction5 throughwt the lo lden￿fy ￿ rKeY￿y urK1isclosed tra￿￿C￿0￿5 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 a￿d 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 . Physi￿1 Inspethn of tsngitrje assets to fra￿1 or in*gularity,' a Idenbfyhg and tesbng er¥tn* in parboJkryr any manual enknre5 at tre year ￿ forth￿rtial *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 mi*ateff*nt in the finanoal ststements or nOn￿MplIants 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-t0m￿1anCe. The risk 15 also greater regarding irregularities occurrit¥J due to fra￿ iÈther than e￿or, as tsud invdves intentir￿1 ConTral￿En( forgery. cdIU￿On, omisyon or misrepresentrtion. part of an audit in accordaTKe w4tt1 fsAs IUX), we exenise rKofes>onal Judllw￿nt ar￿ maintsln proftsSkX￿ SCepU(i￿n throughout the a￿JIt We al￿.. * tdentify and assess the rfsk5 of rnthaf misstaterwt of the finanLial sktement4 due to fraud or wror, de&gn and perform audlt pro￿ureS ￿￿nSIve to tho* rE5ks, and obtain aL￿1t e￿￿en￿ that Is suffitient and appropriate to provtide a basis for our opiniDn. Tr risk of not detecung a material mi￿ter￿ent fvom fraud i% hioher for results.ng from error, as fraud Tnay Invdve Cc11￿￿. forgeryi Inten￿onal omtssion5, misrepresentsb'ons. the override of intemal contrd. b Obtain an undw*nding of Intemal CTh)tr￿ rdevant to the audit in order to de￿gn audr( W￿lUreS that are awJropTrate In the drcurn5tan￿, but not fvr the pwpose rfexkY&ng an tiklnlon on the e￿tiv￿￿ss of the as*)oabon's Internal Cmtroj. • Evaluate the apprepriatwRss of acrwn￿r￿j pdides used aThl tr* re￿ab￿ of accounong tsbtN*s and related diglDgJres Tnade ty the board. • Cmdude on the appropriateness of the LK)ards use of the goirvj cor￿e￿ ba￿S of accounong aTrJ, based on the audit evlden obkin&, wheth¥ a unc&tsinty exists relat£d to events or cotKtitions may rast sAgTrffi￿nl&oUbt on the ass)oation's to ￿ntynLE as a going con￿rn. 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$d￿re$ are inadequate, to Modify opiTr￿n. Our ￿￿U￿on$ are based on the audit e￿de￿ obtsinÉd up to the d*e ofour aL¥Jitorfs ￿￿rt. However, fuhjre events or onditi<)ns may cause the a55Y)daiion to cease to cwtynue as a gtyng Con￿M. • Evaluate the overall pre*rtstSon, Structure a[￿ centent of the ftllancial stateThEnts, induding the di￿osure5. 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 a￿a8b"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 n*mbers as a b(Lty, for r a￿tt worl for thi4 repDr¢ or for the o￿nionS we have fonY*d. (hartered Accountsnts and stst￿t￿ 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 0￿satir￿ costs 3,22W4) fZSSV,046 fkvab.ng ￿rrA￿S 1840J98 157,957 Intrease/(derreasel on value of invethents 12 519.943 (69&678) Entere5t re￿wat￿e 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 COn￿nuing thfG' IIEse ac￿Unts We￿ approved and authori*d for ityje by the Poard of Direttors on 14 | 04 I￿1• and sg on their beha￿tsY.. A AMernN3n Mervbets ofthe Pthr A cor￿￿1￿$ Chlef Exeakl d9e: 11 ELEANOR PALMER TRUST STATEMENT OF FINANCIAL POSrnON AS AT 31 MARCH 2024 2024 2023 Tanglble fixed assets -eehold h￿￿Trg 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 E￿or5 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 EndOwffl￿t Furnt Accurnulated irKon* re R￿alUa￿On 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)r￿d for the Board of ManageM￿t on thdr beha￿ by 2410112014 nd ￿gned A Aldertnan MeTr*Jers 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,009￿78 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 tar*glbte 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$7J iowi [iOJ80J Ilfrt Increa￿ In cash and cash equivalents (219,234) (17,1399) Cash and cash equlv*leJts at i Awii 2023 986,172 J,003.27J Cth and equhralents at 31 March 2024 766,938 Note I 2024 2023 Cash llow from operatln9 athltl•s Net trncome fo¥ the year 1,009.378 (239 171) Adjustmentsfor noTh￿l$h Items Depreciauon charyes (Gain)/deflctt OTr sate of investments IGaSnlldtht on value of invesbnents {Increase}/deuease in debtors (Decreasellincrease in U&l￿r$ Utilisation of govemment gTrnt 151.924 (L040,463) 224￿13 78,191 (60,425) (J46,695J 171,459) [12,546) (60,425) Adiuslments for Inv•*iRg orfinancing actl¥ltlas Interest irKome in invesung ath￿leS Interest paid in flnanong adiwt*s (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 ￿rrOW￿g9 Short*mi bo*Towings Ti)tal li8txlities (88,3041 11,2421 {￿,66¥) 1,372 1,3n 186,9321 1,372 {88,3041 1.242 Cath & J&ments, esbmatÉs as4Jmptions thataffett the amounts rerrt)rt￿ for as*ts and liabilities as at the baLance sheet date ènd the anx)unts wcrted for re￿uE and expen￿ during the year. However, the na￿re of e*rnati(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 th*r usefiA I￿ tsking Into account ￿*dUal vaue5, where appropriate. The lives of the assets and re￿dUal value5 are asse55ed ￿nu? and may vary depending on a nUm￿r of factor5. In rtrasss%ng asset lives. facters suth as techrnloglcal innovation, product life cydes and ￿1n*￿an￿ pffjgrammes are taken Inrg act(yJnt Resdual value asse55ments (￿￿der wes such as fubjre market Con￿￿Ons, tre ￿MaIn￿l9 lrfe of the asset and yoiected diswsal valjes. b. Irnpalmient: Th¢TrE￿ has Idenbfied a cath g￿￿rating unit for impairffjent as*55ment purpose5 at è property thtne level. Impairtnent is recx)gnis&Y wlEre the cartwn9 value of a cash generabng L￿1t 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 reco9ni*YJ 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 depr￿latiOn. 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% Freeh￿d land is not depryiated. The etsknomK Ilve5 of all tsngible fixed a￿ets are rewewed anryJ*ty. JI propÈrbes are rewewa1 for iTryaln￿nt annuallyi ¥¥he￿ INJ￿ng prop￿ have ¥Jffered a permawt diminution in val￿, the fall in vaue ￿ recogni5ed after taklng account of any rdated grants. whe￿ developn*nts have LEen finantrd wholty or by other grants, Ihe amount of the grant re￿ has b*n induded a5 defttred irKL¥ne and reugnised in Turnover over the eyimat& ￿seful life of the 3sscoaW asset SlruthJre (not landl, under the actsUa￿ fi￿1. 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 ￿r￿difi 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 SL*￿1 Housing arKJ Greater Lonthn Authorfty. However. SHG may hève to repa￿ If certain c￿di￿or5 are not trEL If grant 15 not required fo be recydd or repaid. any unamortised grant ￿ reo)gnised a5 Turnover. In certain arcum*an¢4 SHG may te repaya￿e. and, in that evw)L i4 subordin8ted unsecured re￿va￿e debt. Inttrest M bans finanong develcVm￿t is capitrliwj up to date Ortr￿ cYJmpW)n ofthe &theme. Administratiw costs retsting to dev&Jpment aLtI￿tieS 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 expeThIl￿re on housing prO￿tieS 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 C￿￿me0, are a&1 cap￿trI￿ed but urKler a otegory *parate from the pror*rty. 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[r￿ts tr) finance other expendthre they are reoulred to recoup out of irrome. in order to replao the Snve*m￿ts uwj. Am(yJTrts r￿l￿d a rltsdosed as tnoveNents in the endowment fvnd. The rev&uation ￿5￿Ve repre5ats dIffere[￿e Im transl￿0￿ 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 prC￿er￿e5 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&tr￿nts 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 recoVa￿e or payaNe Within IN￿ year a￿ rec(xded attrarwction prts. Any losses ari%ng from impairment are recog￿lsed In the irrome statement In other Lw8ti￿g pwsts. Finanoal assets and finarKkil113txltrb"es are measured at transathon I￿￿tsa￿. ￿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 i*ue of the financkal asset or finanual IkiLx'lty- At the end of eath reporting period, finar￿1 instrurf*Dts 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 measU￿d at amoFb5ed cc6t U￿n9 the effecuve interest method, exwt where the awangemwrt £x>nstyfArte5 3 flnanoiThJ trar6aL*on. tn this case the debt Instrument Is meal￿￿ at the pre5Mt value of the f￿lre 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 r• • P4 l i Iliil 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: v￿dS Less.. Urt0ccu￿ room5 ArTr)rti*tion 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 Ots￿r related rents 2,319,060 I,W,174 3,323.234 Z684,963 Mawement Routine maintenan CYdi￿1 maintenan Dep￿lation of hOU￿n0 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 Nou￿ng. 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 eM￿0yerS ￿n￿on ￿ national In￿rdr￿ cOntiitrrtJty￿, who ￿ also the 0￿Y ments of key ma￿agerr￿nt tErsonnel, INd￿je￿ 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 c￿nr￿buty￿s 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 r￿￿atrIe fvom14sted inVest￿nts Otrer int*tst 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 r*rJod.. Saarie5 and wages Social s&urfty co*s Other penson costs 1.255.328 113,787 49.746 961514 77,96J 35,460 ¥418061 1,074,955 The a￿age TnonthPy number of emptoyeas, induding [r￿mb¥S fthe e￿tive team, the year was as fdbws.. 47 The average numLw ofempknyee4 induding ofthe execJJtive team, calculated th a fi41 time eqU￿a￿￿t 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 el￿e$ 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 prer*rbes 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 29￿60 364,219 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 rea￿al￿e and are of the O￿nIOn 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 D￿pOSI15 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 ($￿Tal) 3,830.fj66 86.932 3,917,598 3,891,091 88.304 3,9￿￿95 Page: 23 ELEANOR PALMER TRusr NOTES TO THE FINANCIAL STATEMErirs FOR THE YEAR ENDED 31 MARCH 2024 i& HOiISIMG LOANS The loan is rwalAe by in4ats￿ as folkn5'. 2024 2023 In one yearor BetsveÈn one and hvo years Beiween two and five years In fve or rt￿re 1,372 3,193 IXN24 71315 1,242 10.IY8 75.027 The above IDan Is a speofic tharye on a nL¥nber of the Tnrts houyng prr)petts and is repayaL* at a rate of interest ef 10.25%. 17. ENDOWMENT FUND At I Wl 2023 7.701.541 I.475,￿0 Investr)￿nt rnanager5 fees Change In value of investments (W66) 52¥187 {2&406) 252,407 At 31 MaKh 2024 8,197,862 7,701.54J 18. ACCUIIVIA7ED INCOME RESERVE At l 2D23 4.713,023 5,178.J95 Charge itTr value of invtstrnLYts SurptU5 for the year (6.337) 744,756 (225,362} (2,914J (26409) (435849) At 31 March 2024 5,226,080 4,713.023 19. REVALIIATION RESERVÉ At l April 2023 Movement during year 190.(Th)Q 1940rt7 At 31 Marth 2024 190.000 190,000 Page.. 24 ELEANOR PALMER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR ThE YEAR ENDED 31 MARCH 2024 20. OPERAIT14G LEISE COMMtTMEMTS lThe Tnjst hokls equlpment n￿*anc￿lab￿ operatyng lew. Atthe of the year the Trust had annual comrratments un(Èr these I￿e as folkws.. 2024 2023 Other operating leases wiryng in Less than l year 2-5yeaT5 7ffi90 14.738 22,428 27.128 21. GiiAiffAIID FXIIANaAL A$S￿ANcE 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 ap￿nt￿ a5 TrLStsÈ of Meènor PaIry￿r Trust on 22 May 2015. Tr E￿nor 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 InfOrma￿On 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￿ eqUival￿ts 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 Tr￿e creditr Deftrred capFtI grart Hou￿n9 hans payable Acuu* aThJ other cY&llts)r5 146rt20 4891,091 3951,516 272 Totsl finandal IlabSUtes 4,164A187 4,156123 Page.. 26