REGISTERED CHARITY NUMBER.. 220857 Report of the Trustees and Financlal Statements for the Year Ended 31 March 2025 for ELEANOR PALMER TRUST Knox Cropper LLP Chartered Accounlanls ancl Slalulory Auditors 65 Leadenhall Street London EC3A 2AD
ELEANOR PALMER TRUST Contents of th8 Flnan¢lal Ststements for the Year Ended 31 March 2025 Page Reference and Admlnistrativa D&tsSls Report of the Trustees 2 10 12 Report of the Indepgndent Auditors 13 10 15 Statoment of Financlal Activlties 16 Balance Sh&&t 17 Cash Flow Statement 18 Notos to the Cash Flow Statement 19 Note8 to the Financlal Statgmonts 20 to 32
ELEANOR PALMER TRUST Ref&rencè and Admin18tratlve Detslls for th8 Year Ended 31 M•r¢h 2025 TRUSTEES Eleanor Palmer Trustee Limited PRINCIPAL ADDRESS 106B Vvood Street BaTnel Hertfordshire EN5 4BY REGISTERED CHARSTY NUMBER 220857 AUDITORS Knox GTopper LLP Chartered Accountants 8nd Slalutory Auditors 65 Leadenhall Street London EC3A 2AD SOLICITORS MHHP Law LLP The Studio Highslone House 165 Htgh Street Barnel EN5 5SU BANKERS National Weslminsler B8nk PLC Barnel Hertfordshire EN5 5FF Page 1
ELEANOR PALMER TRUST Report of the Tru8te&s for the Year Ended 31 March 2025 ThÈ Iruslees present their report with the financi81 slalemenls of the chaiily for the year endÈd 31 March 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo chawilies preparing their accounts in accordance with the Financial RepOrtIt Standard applicable in the UK and Republic of Ireland IFRS 102} leffeclive 1 January 20191. The orlgin of the Charity was a tyenefaclion of Eleanor Palmer who died in 1558. A¢¢ording to the plaque in Barnel Church. she "did gev8 low acares of medowe ground in Kentishe Towrte holden of ye pwebend of Cantelous unlo ye use of the Poore of this lowne and of Kentish lowne for everf,. The remaining land was sold and the funds from the sale were invested by "The Eslale Charity of Eleanor Palmerf.. In September 2021, the Board members of the Eslale Charity voted lo close the Charily and the assets were divided btheen Eleanor Palmer Trust and Sl Pancreas Welfar& Tru81. in the proportions stated in the Scheme. Page 2
ELEANOR PALMER TRUST Report of the Trustees for the Year Endèd 31 March 2026 OBJECTIVES AND ACTIVITIES ObJective5 and aims Princlpal activitles One of Ihe key objectives Df the Eleanor Palmer Trust is lo assist Ihe relief of p8rsons in the aroa of bener who are in need, hardship or distress., Eloanor Palmer Trust provides Almshouse, supported accommodation for older people in financial hardship. The properties are available for singles and wuples. In th8 Nuising 8nd Residential Care Home, 24-hour cafts is provided for older people. The Charity also provid6s Relief in Need Grants for people in the local area ol ben8fil. The Charlty owns seventy*ighl Almshouse Sheltered Housing flats and bungalows located over four sit&s in the EN5 area. It delivers housing, maintenance. and support services that meet the Regulator of Social Housing IRSHI Slandards and prides itsew on the high $landards il achieves. Eight of these units are suitabl6 lor wheelchair users. The majority of the properties have been devèloped over the last 30+ years. anLI further improvements continue lo be considered by the B08fd, such ag the inslallalion of wet rooms and kitchen upgrad8s, which is an ongoing programme, 8$ well as Security improvements. "The Care Home. originally opened in 1990 with funding from a Social Housing Grant provided through the Loc81 Authority. In February 2018, thè Care Quality Commission (CQC} approved ils re-regislralion, changing its slalus from a 'Residenlial' Car& Home lo a combined 'Nursing and Residential, Care Home." We currently support over 89 residénts through our Housing Support Officers. Additionally. every property is equipped with a 24-hour alarm call system connected lo a rgsidenl's "talk-back" panel. Out of hours assistance is provided by Enfield S8f8 and Connected. The Charity's granl-giving serv1ce offers financial support lo individuals and nol-for-profil organisaliorTrs. In accordance with the Scheme, beneficiaries must reside within the design81ed areas of benefil-primarily the former Ipre-19651 Urban Dislricls of Chipping Barnet and East Barnel, which include n$1 of the ENS and EN4 poslcode areas, as well as parts of N11 and N14. The Charity is regisleied with. and works with the following bodies and organisal¢ons,' . The Regulator of Social Housing {RSHI National Register of Social Housing INROSHI The Charity Commission The Almshouse Association The Care Quality Commission ICQCI London Borough of Barnel London BoTough of Islinglon Hertlordshire County Council Chartered Inslilule of Housing {CIHI National Housing Fedeialion Acuity Performance Benchmarking . Age UK, Bgrnel LACNG Larger Almshouse Charities Core Group . WLAG Wesl London Almshouse Group. Page 3
ELEANOR PALMER TRUST Report of th& Trustees for the Yèar Ended 31 Mareh 202S ACHIEVEMENTS AND PERFORMANCE Value for moneylmetrlcs Eleanor Palmer Trust {EPT) is ? Registerèd Provider IRP) of Social Housing and we are required by the Regulator of Soci81 Housing IRSHI, lo demonslrale lo our key stakeholdérs that we meet th8 standards sel on 'Valu8 for Money., Value for Money for EPT means being effective in how we plan, mana90 and op8rale. Our annual income was £3,763,012, the majority of which is received from social housing lellings al £3,379,021 Our annual expenditure was £3,158,227 and of this we spent £2,488,124 on the provision ol setvices and £245.027 on maintenance. Support and management costs for s¢Kial housing lellings were £385,936. Void costs were £11,488 for Sheltered Housing and £80,040 for the Care Home. Part 1- Industry wide Value for Money Metrlcs The RSH requires that performance eviden is published in our annual accounts against s@ven key metrics. The purpose of the revised slandard is lo ensure that the housing bodies report on a sel standard m8lrics so that performan¢e can be compared lo pee¥s. Eleanor Palmer Trust IEPTI uses variety of metrics lo gauge and corllpare its performance. 11 participates in A¢urty Benchmarking group covering the South and East of England wher8 rt can compare wth other organisalions dèlivering similar sheltered housing seNices. Wf(h regards to EPT. we have an untypical profile, being both a provider of supported housing for older people and also a care home provider which will inevitably distort some of our metric resuts. The Value for Money standard requires associations lo report in their accounts how they have performed against their own metrics and how that p8rformance comparès lo peers. The metrics focus upon measures of efficiency. effectiveness and economy. Metric 1.. Reinvestment D/0 The investment in properties lexisling stock and new supply) as a percentage of the value of lot81 properties hekl. Metri¢ 2.. New supply delivered (social housing units} % the number of new social housing units delivered as a proportion of lolal social housing units owned. We do not have any new hom6s in development. However. flats fomier occupied by the scheme managers wer8 made available lo Residents in April 2016. M8lric 3.. Gearing.. Nel debt as a percentage of the value of tol81 properties hekl. Mètric 4.. Eatnings before lftteresl, Tax, depreciation, amortisalion, major repairs Included (EBITDA MRI) Interest Cover % Thi5 is a k8y indicator lor liquidity and investment capacity. 11 wneasures the level of surplus a registered provider gen6rales compared lo interest payable. Thi5 avoids any distortions slÈmming from the depreciation charge. Metric 5.. Headline Social Housing cost per unit- Social Housing costs {as defi'ned by the Regulalorl dwided by total unil owned andl or managed. Metric 6.. Operating Margin O expenses are taken into account. This demonslr8les the profitability of operating assets before exceptional Metric 7.. Return on capital employeLI IROCEQknI '_This compares the operating surplus lo total assets less current liabilities. 11 is 2 common measure in the commercial sector lo ass8SS the efficient investment of C8pilal resources. Page 4
ELEANOR PALMER TRUST Report of tha Trustees forthe Year Ended 31 Mareh 202S 2024J25 2023124 A5 reslaled 4.83/0 NIA -10,10°/D -2109° £14 700 -1.03OA 2.25Y. 11.79QkVh Benchmark e-investment New su I delivered Gearin 4 EBITDA MRI-Inleiesl Cover % Headline Social cost er unil Operating Margin Isocial Housing Lellings only) eralin Mar Overall eturn on Ca ital Em lo ed 2.28% NIA 2.70% ov. 17.30° 2009/0 £6.447 2801¢/ ROCE 18,64°/ 2.53¥0 enchmafk data from Acuity Smaller Providers 2023134 benchmark sector scorecard analysis report. Part 2- EPT Value for Monèy Objective¥ 11 Stratèglc Objectives Our slralegi¢ objective is lo "provide qualrfLy housing, care and support services for okier people in need that promotes independen¢e and choice in a safe environmenf, lo older people in our area of benefit. We are Gommilled lo maintaining the highest standards of housir79 and professional care for all residents. In 8n inclusiv8, personal, supportive, Sale, and friendly community. 21 Our approach to achlevè value for monoy and the delivery of value for mon8y to stakeholders al Understanding the needs of our stakeholdgrs Otjr main stakeholder group is our residents, both current and future. It is our residents and families. who drive demand for our service and for whom we strive for continual improvement in providing homes of a high standard. Ke "Stakeh'older. Residents- Sheltered Housing Our.und9fStan'dRn of'Stakeh"o ersAx OCtations'.' Thé lop priority for residents is keepin9 them informed and listening lo their views, the overall quality of their homes, responsive repairs, maintenance and a safe community. Regular events, classes and outings ar8 Ofganised to encourage the inler8clion and support fr)r each other within the EPT communil Activities - mental and physical stimulation, personal interests and hobbies, re-decoration and upgrading of the facilities, safety in a secure and clean Home, friendly staff, and meetings organised for residents or their family members lo hear their views, good communication, s eed of medical attention and com lianl care. Good management communication, support and a collaboralnie 8pproach, training and career progression opportunities. Resident and families- Care Home Icanlelowes House) Eleanor Palmer Trust Staff Risk Assessment and Prccedur@s monitored on a re ular basis. Following the iegulations, demonslraling delivery ol the charitable ob'eclives, our mission, strato 1¢ vision and financial slabilil Understanding and following the regulations of the RSH. Strong policy on value for money for residents and a financially viable or anisalion. Delivery of service that is safe, effective, caring, responsive and well-led. Full com lianl care and accommodalion. Delivery of housing, support and care services that are in accordance with local slrale ies and meet the re uired standards. Coll8boralive working where possible to help beneficiaries,. sharing of knowledgè and setvices lo hetp ben8fKiarie8,' best value in sèrvice rovision. Standards ofAlmshouse Management {SAMI. Charity Commission The Regulator of Social Housing Care Quality Commission London Borough of Barn81 Third Sector organisations that deliver services in our area The Almshouse Association Page 5
ELEANOR PALMER TRUST Report of the Trust•è$ for the Year Endèd 31 Mar¢h 2026 bl Our Approach We continue lo proVe a housing support service with an aim to promote a good, safe, effeclwe, inclusive community for our residents to enjoy. Value for money 15 extremely important lo us and this is consid&red in all of our spending decisions. • Conducting bi-monthly Board meetings to ensure that all Board members are fully up lo dale of all elements of the Ch8rily on a regular basis. Annual skills audit of all Board members. Conducting quarterty resident meetings attended by the Boaid members, th& CEO and the Housing Support staff lo consult and listen lo the r8sidenl views on the m8nagemenl of the maintenance of their homes and services provided. Carrying out annual Tenant Satisfaction Measures Surveys ITSM) in line with Government requirements, lo ensure 8 SiIPPDrtive, $flicient, cost-effective housillg management service is provided to a hvJh level of resident satisfaction and lo listen lo their views. Maximising Choi and value for money for our residents. Annual review of financial procedures, maintaining focus on costs throughout our opeTalion8 by procuring good, efficient services al the best pric8. . Appointing professional consultants lo project manage the ongoing planned maintenance wotk. Ensuring the maintenance plan is adhered lo and included with the annual budget. Invest in our staff, especialW in their training and development. Obtaining the services of specialist investment comp8ny lo ensure increasing financial return on our investments. We are a m8mber of Acuity benchmarking group Whe both the sector scoracard, regulator metrics and o¢her benchmarking data is entered. The benchmarking Teport reflect8 our dals and th81 of other similar organisalions. Improv8d turnaround limes on voids bench marked agalnst other providers. Aim to achieve year on year efficiencies. * Subsidising Resident's events and offering a variety of outings, activities and group sessions ta support and slimulale the residents. Alming lo encourage community spirit. stimulation of physical and menlal well-being and offering support. 31 Strategy for dellvering homes to meet range of needs We engage with our residents, and their familles via a variety of means, including.. Experienced Housing Support Officers. Experienced Registered Nurse Cale Home Manager. . Experienced Deputy Care Home Msnager. Experisnced Senior Management Team. Regular staff training programme. Maintenance satisfaction forms for all works completed within resident's homes. Coffee mornings, group events and activities for sheltered residents held weekly scheme by sch&me. Weekly organised resident 8clivrfcies include lunch club, Bingo, gam&8 afternoon. support meetings and fish & chip suppers. Evenls, trips and aclwities e.g. 811 siles Christmas lunch party, Seasonal afternoon leas. Ihealre, boat and sea-side trips, plus many other resid6nl OL51ings. Resident suggeslionlfeedback boxes al all siles. . Annual gardening compelilion. Senior Management team inspection visits and ad-hoc regular visbts to speak with residents. Annual Tenant Satisfaction Measureslsurveylfeedback questionnaires are circulated to all sheltered housing schemes and Care home resid&nts, farnilynriends and lo all glaff members. Maintaining the alarm call system lo provide 24 hr. response lo resident incidents. Page S
ELEANOR PALMER TRUST Report of tho Trustees lor the Year Ended 31 March 2025 41 Optlmlse Economyj &fficlency and pffectiveness The Chaiity has had a successful year whilst mainlalned high standards of service and maintenance of the housing stock. We have a Fobusl approach lo our costs rrkgnagement. We have a planned mainl@nance slrate9y carried out by a qualified surveyor lo ensure that maintenance program is pre-planned and financial resources are allocated in a timely manner. The senior management team carTres out compèlilive tendering on other services which we obtain on a periodical basis to ensure that competitive pricing is achieved without compromising on quality. We participato in a benchmarking group lo ensure that we are providing th8 services in line with our peers. We reviw contracts annually lo ensure not just economic value. bul also quality in our contract se¢vices for the best servicelproducls is received. Our cyclical maintenance targets have been mel and that we are up lo dale with planned maintenance. Our monitorin9 of the maintenance Servi procurements of goods continues to be good. which achieves a more cosl effectlvè and effi¢ienl servic6. This results in clarity of spending, 811ocalion of resources and historical records for future cyclical works. budgeting 2nd thus producing more effective results for benchmarking. This has had a positive impact on OUT Value for Money. Our Five-year Maintenance Strategy is about achieving excellent quality alongside value for money. Better prulment processes have led lo a continuing plan of work, bul with lighter control of cost8 and increase focus on accessibility and oase of use for our frailer residents. Staff trainin9 and information regularty provided. The Trust's entrance cThlèria for housing have resulted in more people in direct financial hardship being housed as per our Scheme. 51 Our Achievements and Aims forthe followlng 12 months The Charity has a continued focus on a slrDng pVenlIVe Maintenan policy whh results in both less inconvenience for residents, well maintained propèrt1es and beller value for money. Continuing to monitor KPI'S in respect of repairs and maintenance. voids and lellings. We also use the iFrfom)alion lo sel otjr fOard targets. The lop priority for residents is keèping them informed and lisl&ning to their v¢8ws, the overall quality of their home. responsive repairs, Maintenan and a safe community. V8rious improvements have been made in the outdoor and indoor areas 8t all of the siles, for the residents and visitors comfort, mental and physical health and well-being. These improvements include.. Major tree maintenance works, and boLbndary fonce repl8ment have taken place throughout the year and 8re continuing. Pathway maintenance and widening of foolpalhs and curb drDPS for residents who have mobility issues havo been carried out al the majority of si18S. Newsy designed kitchens and wel rooms have been inslalleé al all four sites throughout Ihe year. A fire door rep18cemenl programme in the Care Home has been completed and will continue lo be rolled out in the sheltered housing silos. The Byford House stte is now complete and the fire door replacement programme will continue lo be rolled out throughout the year at all other sites. New eledri¢ Velux windows and blinds have been filled at the Care Horne. Refurbishment of the Care Home lounge. New armchairs in the Care Home lounge for the residents and continuatiorb of the furniture replacement programme in the Care Home and sheltered housing communal lounges. Legionella survey and works completed to reduce the risk of Legion811a. PagÈ 7
ELEANOR PALMER TRLIST Report of the Trustèes for the Year Endod 31 March 202$ The Care Home's Lounge relurbishmenl of floor sunken electrical sockets throughout the seating area and additional Resident sealing. Re-developed the sunktsn garden area and pathways al the rear oflhe Home. Inslallalion of new disabled garden access at the Home. . LaunLlry area upgrade. Laundry and communal kil¢henlkJunge refurblshmenls al all four siles The conversion of balhrocims to wel rooms in the Almshouses continues for future proofing the facilities in all resident's homes. Looking al development options for additional Almshouses using existing land. To create an additional ensuite wel room in the Home. New fire door entry has been created at the Care Home. Refurbishment of the communal loungo at Wood Street, $heFtefed housing sile. Garden improvements with planting New bin store al Byford House sile. Friv8cy trellis filled at Eleanor Gardens. The staff and residents, voluntary run allolmenls have produced an abundance of fNit and vegetables which have been delivered on a regular basis lo the Care Home and sheltered residents alike. The Charills plan8 going fotward are.. - Looking lorward the Charity aims to.. The Home is working towards the Gold Standards Framework. Boiler Room re4esign and boiler roorn upgrade al Byford House. Fire Rated works al Chesterfield Road silè. Design and develop a new comrnLbnal outdoor area al Palmer Gardens, wlh palio and new garden furniture for the residents. Wel room and kitchen upgrade programme continued lo be ro116d out in the Care Home and al the sheltered housing siles. A fire door replacement programme in the Care Home has been completed and will ¢onlihue lo be rolled out in the sheltered housing siles including communal lounge doors al sheltered housing srtes. Reconfigure the sink and trolley area al the Care Home. Looking at development options for additional Almshouses. FINANCIAL REVIEW Flnancial positlon The Charity has deliVed a strong operating performance. The Board is pleased to report a 8urplus for the 12.monlh period for the year ended 31st March 2025 of £651,467. The operational Suiplus this year was £604,785, before adjustm&nls for the valuation of inveslmenls. The Board monitor fe5ulls of the Care Home on a monlhty basis and the Almshouses on a quarterly basi8 against the agreed annual budget. The Board have reviewed future forecasts and are satisfied that the Charity Is 8 going GOnrn. The 8ccounls have therefore been prepared on the going Concern basis. Repairs and stock malntenance The Charity aims lo k8ep all ils properties and sites safe, secure and well maintained following a planned and cyclical maintenance PTogramme. An extraordinary repair fund has been established for many years lo finance any exliaordinary repairs the Charity has lo carry out. Page B
ELEANOR PALMER TRUST Report of the Trustee8 for thg Year Ended 31 March 2025 FINANCIAL REVIEW Investmont and reserves policy The Charrty holds reserves backed by investments lo meet ils short and long-term obligations. Fre8 reserves are hekl lo meet short-lerm oblig81ion$. The Charity has had a positive year with investmonl income of £351,555. A portfolio of investments is held lo provide, in the short term. income to subsidise housing costs, ensurÉng the conlinualion of the ChaTily and any additional benefits required for residents. In the long tem, the investments aim to achieve sufficient growth, enabling the above benefits lo Continue at or 8bove the same relative l@vel of value. Rathbones Group continues lo manage the charily's main investment portfolio. Ralhbones prepare5 a comprehenslve report for the Board every quarter and presenls it annualty. The Board makes all key decISn$. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng document The charity is controlled by governing document, a deed ol trust and Constitutes an unincorpoTaled charity. PaB8 9
ELEANOR PALMER TRUST Rèport of the Trustees for the Year Ended 31 March 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT Risk management The Risk Register is kept up ID dalo, and the Policies Procedures are reviewed to ensure that residents and staff are kept safts and supported. An emergency protocol is available for all staff lo implÈmenl if required, along with additional training and support. Compllance with thg Governance and Vlablllty Standard The Board confirm that the Charity has mel the Rogulalor of Social 14ousing's regulatory expeclalions in terms ot governan and financial viabilily. The Board intend lo ensure that the Charity continues lo meet the needs of residents by maintaining the properties lo a high slandaTd and, where possible, adapting them lo suit the n@eds of individual residents as their circumstanS change. The Board are confident that the Charity will continue lo provide safe, comfortable homes for the residents in pleasant surrounLlings for th& foreseeable future. Value for Money is al the heart of how we think al Eleanor Palmer Trust, the Brd and CEO are focused on maintaining that commitment in the fuluie. From 1 April 2024. the regulation of social housing changed. following changes Introdu by the Social Houslng (Regulalionl Act 2023. The Housing Secretary announ¢ed that an amendment had been passed by the Government requiring social housing mana9ers lo gain professtonal qualifications. This required social housing managers lo gain professional qualifications through the Chartered Institute of Housing ICIH). The aim of these chang&s is lo strengthen the accounlabilily of So¢i81 Landlords for providing good quality affordable homes, quality services, and Irealing residents wilh dignity and respect. Two of the Charity's staff members have completed the required qualiftcation. Risk assessmgnt- prlncipal rlsks and uncertalnties Pol?ntial major risks that the Charity could be exposed lo art considered by the Board and the sysl&m8 reviewed. Cyber risk The IT Infraslruclure of the Charity is a paramount lo the Board 8nd overseen by the Chief ExeculNe. The ChaTily tdenlilied that as a regulated body they are vulnerable to a concerted cyber-attack and has protocols In place. Governance We Gonlinue to work towards our slated aim of ensuring our approach lo governance 15 best practice and that we woik lo the principles sel within the Good Governance ce. Strategic focus continues lo bg of parsmounl importance for the Board. The Board members have a we ran9e of varied skills and experience that conlribules greally lo the slienglh and knowledge of the Board. Rlsk management and internal control The Directors have reviewed the msjor risks lo which the charity is exposed relating to the operations of the Charity. *ts inveslfnenls and ils finances. The Directors believe that by examining the specific and general business and operations risks faced by the Chaiily, by onsuring controls exist over the finan¢ial systems and safe custody of the Charity's assets and illveslm8nls, and by monitoring Ihe reseTves of the Charity they have established effective means lo mitigate those risks. The Directors are responsible for the Charity's system of internal control. They recognise that such a system can provide reasonable, bul not absolule, assurance against material miss131emenl or loss. The main f8alures of the internal control system are.. wrillen financial procedures which sel out responsibilities and level8 of authority annual budgets with clear accounlabilily for control of each part of the budget quarterly reporting cycle to the Directors. Page 10
ELEANOR PALMER TRUST Report of th• Tw$t&es for the Year Ended 31 March 2025 STRUCTURE. GOVERNANCE AND MANAGEMENT Eleanor Palmer Trusl was lounded on 29 February 1558 and is a registered charily, no. 220857. The present goveming instrument ol the Charity is a Scheme s@aled and registered with the Charity Commission on 22nd May 2015. This conslilules a Limited Company, Limited by Guarantee, Eleanor Palmer Trustee Limited acts as Trustee of the Charily. The Scheme mdifies earlier Schemes which regu5ated the Charity previously known as the Charily of Eleanor Palmer (share of, for the benefit of the Ancient Parish of Chipping Barnet). In 1999 the Samuel and Rebe¢¢a Byford Charity was in¢orporaled into the Eleanor Palrner Tiusl Charity. Eleanor Palmer Trustee Limited consists of eleven compelenl Direclors, four are London Borough of Bamel Nominated Directors, and seven Co-opted Directors. The accounts are prepared in accordanc8 With the Charities SORP (FRS 1021. The Board meet bi-monthly and continually review th& care and housing being off8red and are ahayS looking for improvemenls lo benefit the resid8nls and tho longevity of the Charity. The Chief Executive Officer ICE0} is appointed by the Board lo rnanage the day-104ay operations of the Charity, The CEO h85 delegated 8ulhorily, within terms of delegation approved by the Board for operational mallers including finance and employment. The risks are analysed and compiled in the risk register which is rèviewed and monitored by the Board al every Board meeting. The Board has a robust system of rules, management. policies and procedures to help maintain a high standard of governance and conduct. The Board has a diverse range of backgrounds in business and prolessional Ikfe bringing 8 broad range of expérience lo Board providing a high standard for effective and informed decisions throughout the year. All Board members give their lime voluntarily. The Charity is regislered with the Regulator of Social Housing and with the ca Quality Commission. The Board confiim that they h8ve complied with Ihèlr duty under seclM)n 17 of the Charities Act 2011 i respect of public ben8lit guidance published by the Charity Commission. Page 11
ELEANOR PALMER TRUST Rgport of thè Trustge8 for thè Year Ended 31 March 2025 STATEMENT OF TRUSTEES, RESPONSIBILITIES The Iruslees are responsible for preparing the Report of the Trustees and the financial slalemenls in accordance with applicable law and Unl£ed Kingdom Accounting Sland8rd$ (United Kingdom Generally Accepted Accounting Praclrcel. The law applic8ble lo charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires Ihe Iruslees to prepare financial slalemenls for each financial year which give a true and fair view of the slate of affairs of the charity and of the incoming resources and application of resources. including the income and expenditure. of thè charity for that period. In preparing those financial slalem6nls, the trustees are required lo -se18cI suitable accounting policies and then apply them consistently., -obsorve the methods and principles in the Charity SORP., -make judgements and eslimales that are reasonable and prudent., -prepare the finsncial statements on the going concern basis unless il is inappropriate lo presume that the harlty will continue in bltsiness, The Iruslees are responsible for keeping proper accounting records which disclose with reasonable accuracy al any lime the financial position of the charity and to enable them lo ensure that the financial slalemenls comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008, the Housing and Regeneration Act 2008, the Accounting Direction for Prtvale Registered Providers of Social Housing 2019, ?nd the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for takirig reasonable steps for the prevention and deleclion of fraud and other FrgularItIes. The Iruslees are responsible for the maintenance and integrity of the charity and financial informalk)n included on the charity's website. Lugislation in the United Kingdom gov@rning the preparation and dissemination of financial statements may differ from legislation in olherjurlsdiclions. Approved by order of the board of Iruslees on . Trustee Page 12
Rgport of tho Ind8pondent Audltors to tho Trustees of Eleanor Palmgr Trust Opinion We have aLFdited the financial st8temenls of Eleanor P81mer Trust {Ih9 'charity'l for the y&ar ended 31 March 2025 which comprise the Slalemenl of Financial Aclivilies, the B81ance Sheet, the Cash Flow Statement and notes lo the financial slalemenls, including a summary of si9nificanl accounting policies. The financial reporting framework that has beèn applied in their preparalion is applicable law and United Kingdorn Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. In our opinion the fi'nancial slalements.. give a true and fair view of the stale of the charity's affairs as at 31 March 2025 and of ils incoming resources and application of resourcos, lor the year then ended., havè been properly prepared in accordance with Untied Kingdom Generally Accepted Accounting Practice.. and h8ve been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conduded our audit in accordance with International Standards on Auditing (UK} IISAS IUKI} and applicable 18w. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit ol the financial slalemenls section of our report. We arè independent of the charity in accordance with the elhic81 r8quiremenls that are relevant to our 8udil of the financial slalements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our olh8r ethical responsibilities in accordance with these requirements. We believe that the audit @vidence we have c*lained is sufficient 8nd appropriate lo provide a basis for our opinion. Conclusions relating to golng concern In auditing the financial slalemenls, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Bas6d on th8 work we have performed, we have not identified any material uncertaintios relating to &venls or conditions that, individually or collectively, may ¢asl significant doubl on the charity's ability to continue as a going concern lor a period of al least twelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the trustees with respect lo going concern are described in tha relevant sections of this report. Other information The trustees are responsible for the other information. The other information comprises the inlormalion included in the Annual Report, other than the financial ststemenls and our Report of the Independent Auditors Ihereon. Our opinion on the financial statements does not cover the other information and, except lo the exlenl otherwise explicitly staled in our report. we do not express any form of assurance conclusion thereon. In connection with our audil of the financial stal8ments, our responsibility is to read the other information and, in doing so, consider whether the other information is materially ir¢consislent with the financlal statements or our knowledge obtained in Ihe audit or otherwise appears lo be materially misslaled, 11 we identify such material inconsistencies or apparent material misslalements. wo are requiTed lo determine whether this gives rise lo a material misslBlement in the financial statements themselves. If, based on the work we have performed, we conclude that IheTe ts a material misslalemenl of this other information, we are Tequired to report that fact. We have nothing lo report in this regard. Matters on whlch we are required to report by exceptlon We have nothing to report in Tespèct of the following matters where the Charities {Accounls and R8POrts} Regulations 2008 requires us lo report lo you if, in OUT opinion.. the information given in the Report of Ihe Trustees is incons¢slent in any material respect wllh the financial slalemenls., or sufficient accounting records have not Iken kept., or the financial statements are not in agreement with the a¢counlin9 records and relufns.. or we have not received all the information and explanations we require for oui audit. Page 13
Report of tho Independent Audltors to the Trust of Elèanor Palmer Trust Responsibilitios of truste8s As oxplained MO fully in the Slalem8nl of Trustees. Responsibilf(ie8. the trustees are responsible for the prepaialion of the financial slalements which give a true and fair view, and for such internal control as the Iruslees determine is necessary lo enable the preparation of financial slalemenls that are free from material misslalemenl, whether due lo fraud or error. In prop8ring the financial statements, the trustees are responsible for assessing the charity's ability lo continue as a going concern, disclosing, a& applieable, mallers related lo going concern and using the going concern basis of accounting unless the trustees either intend lo liquidate the charity or lo cease operations. or have no realistic allernalive bul lo do so. Our responsibllltles for the audlt of the financial Statements We have been appointed as audiltsrs under Section 144 of the Charities Acl 20118nd report in accordance with the Act and relevant regulations made or having effect Ihereunder. Our objectives are lo obtain reasonable assurance about whether the financial slalemenls as a whole are free from material misstalemenl, whether due to fraud or error, and lo issue a Report of the Independent Audilors that includes our opinion. Reasonable a5suran¢e is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS (UK} will aayS delecl a material misslalemenl when il exists. Misslalements Can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the e¢onomic decisions of users taken on the basis of these financial stalemenls. The extent lo which our procedures are capable of detecting irgUIarl1ies, including fraud is detailed bebw.. Irregularities, including fUd, are instan$ of non&compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above, to delecl material misslalements in respect of irregularities, including Iraud. The exl&nt lo which our procedures are capab18 of dete¢ling irregularities, including fraud is detailed b810w.' . We obtainèd an understanding of the legal and regulatory frameworks that are applicable lo the charity and determined that the most significant are the Charities Act 2011 and the acGoullling direction for private registered providers of social housing 2022. The Charity is required lo comply with charity law and, based on our knowledge of ils aclivilies, we identffied that the legal requiiem8nl lo accurately account tor reslricled funds was ol key 8ignifican¢e. • We understood how the charity is complying wilh those frameworks via eommunicatton with those charged with governance, together with the review of the charity's documented policies and procedures, We assessed the susceptibility of the charitys linancial slalemenls lo material misslalement, inclLMling how fraud might occur by considering the key risks impacting the financial slalemenls. These included risks associated with Revenue Recognition, application ol accounting estimates, and Management Override of Controls, whi¢h w&re dis¢usseLI and agreed by the audit team. Our approach included agreeing the charity's recognition of income lo the lemis of licensee agreements, reviewing the assumptions used and cor)Irols applied the calculation of accounting eslimales, the review of journal entries proSsed in the accounling records and the invesl¢galion of Significant and unusual transactions identified from our review ol th8 accounting records. Based on this understanding we designed our audit procedures lo identify non-compliance with such laws and regulations. Our procedures involved a review of the reporting lo the board members with respect lo thè application of the documented policies and procedures 8nd a review of th8 financial slalements to ensure compliance with the r@PDrting requirements of the charity. There are inherènt limitations in the audit prodr¢S described above and, the further remov&d non-compliance with laws and regulations is from the 8venls and transactions reflected in the financial slalemenls, the less likely we would become aware of it. The risk of not detecting a material misslalemenl due lo fraud is higher than the iisk of not detecting ono resulting from error, as fraud may involve deliberate concealment by, for example, forgery or inlenlional misr8pres&ntalions, or through collusion. A further description of our Te5ponsibilitie8 for the audit of IhÈ financial slalements is located on the Financral Reporting Council's website al www.frc.org.uk1audilor8sPQnSlbllIIle$. This descciplion forms wrt of our Report of the Independent Auditors. Pagè 14
Report of the Indopendent Audltors to the Tru¥tè•s of Eleanor Palmer Trust Use ofour report This report is made solely to the charity's Iiustees. as a body, in accordance wlh Part 4 of th8 Charities (Accounts and Reports) Regulations 2008. Our audit work has been LSndertaken so that we might slate to the charity's Iruslees those mallers we are required lo slate lo them in an audiloTS' Teport and for no other purpose. To the fullest èxtent permitted by law, we do not a¢¢epl or assume responsibility lo anyone other than the charity and the charity's Iruslees as a body, for our audit work, for this report, or for the opinions we have formed. Lo¥ &fffr llr Knox Cropper LLP hartered Accountants and Statutory Auditors 65 Leadenhall Street London EC3A 2AD Date.. Page 15
ELEANOR PALMER TRUST ststemenl of Flnancial Activitlgs for the Yèar Ended 31 March 2025 2025 Totsl funds 2024 Tot81 funds as restated Unreslri¢led funds Restricted fvnd Notes INCOME AND ENDOWMENTS FROM Donations and legacies 1.970 1,970 2,915 Charltable activltltrs Almshouses Care Home 1.015,918 2.363,103 1,01 5.918 2.363,103 943,750 2,334,375 Other trading activities Investment inCf)me 30,486 351,555 30,466 351555 31,608 354,376 Total 3763012 3 763.012 3 667 024 EXPENDITURE ON Raising funds 39,140 39.140 26,877 Charitable actlvities Almshouses Care Home 733,763 2 324 899 60.425 794,188 2,324.899 953,467 2,257,670 Total 3 097.802 3 158,227 3,238.014 Net gains on investments NET INCOMEIIEXPENDITUREI 711,892 {60,4251 651.467 948,953 RECONCILIATION OF FUNDS Total funds brought forward As pieviously report8d Prior yèar adjuslmenl 13.613,942 13 13.613,942 16,556,080 3 891091 3,891091 As restated 13,613,942 3.891.091 17,505,033 16.556,080 TOTAL FUNDS CARRIED FORWARD 14,325.834 3,830 866 18.156 500 17,505,033 The notes ltsrm part of these financial statements Page 16
ELEANOR PALMER TRUST Balance Sh88l 31 March 2026 2025 Total funds 2024 Total fund8 as restated UnrStted funds Res1iiEted fund Notes FIXED ASSETS Tangible assets Investmènts Investments Investment property 16 2,972.734 3,830.866 8,803.400 6,795.952 17 9,465,082 18 615 000 9.465,082 9,547,815 615 000 13,052,816 3,830,666 16,883,482 16,958.7S7 CURRENT ASSETS Deblors Cash at bank 19 160,106 1367 871 160,106 1367 871 81,772 766.938 1.527,977 1,527,977 848,710 CREDITORS Amounts falling due ¥vithin one year 20 1169,5431 1169.5431 1215,5121 NET CURRENT ASSETS 1,358,434 1.358 434 633,198 TOTAL ASSETS LESS CURRENT LIABILITIES 14,411,2SO 3,830,666 18,241,916 17,591.965 CREDITORS Amounts falling due after more than one year 21 186,4161 185.416} 186,9321 NET ASSETS 14 32S.834 3 830 666 18 156,500 17,505,033 FUNDS Unrestricted ftjnds Restricted funds 23 14,325,834 13,613,942 3.830.666 3,891,091 TOTAL FUNDS 18,q56,500 17 505 033 The fin8ncial slalemenls were approved by the Board of Trustees and authorised for issue on I7 S I-.....2.Z.fj..,. and were signed on ils behalf by.. Trustee Thè notes loim part ol these financlal statements Page 17
ELEANOR PALMER TRUST ¢a5h Flow Statement lor the Year Ended 31 March 2026 2025 2024 as reslaled Notes Cash flows from operatlng activltles Cash generated from operations Interest paid 315,725 58,081 9,139 Nel cash provided by operating activities 306 716 Cash flows from Investlng activltlgs Purchase of tangible fixed assets Purchase of fixed asset investments Sale of fixed asset investments Reclassification of investments to cash Interest rec8ived Dividènds received 1183,5091 1823,6921 791,135 200,000 16.611 295,044 1351.930) (1,981,158) 1,685.278 66,400 10.094 304,382 Nel cash provided byllused inl investing activities Cash flows froTn financlng activitles Loan repayments in year 1,2421 Nel cash used in financing activities Change in cash and cash equivalent5 in the reporting period Cash and cash equlvalents at the beginning of the reportlng perlod 600.933 1219,234) 766,938 Cash and cash equlvalents at the end of the reporting period 1 367.871 766,938 The not6$ form part of thase financial stalgrnents Paga 18
ELEANOR PALMER TRUST Notes ¢0 thg Cash Flow Statsrnant for the Year Endèd 31 March 2025 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 202S 2024 as reslaled Net income for Ihe reportlnu perlod las per the Statemènt of Financlal Activities) Adlustments for: Depreciation Charges Gain on investments Interest received Interest paid Dividends received Ilncreaselldècrease in debtors IDeoreasts)Iincrease in creditors 651,467 948,953 176,062 151,924 184,710) 11,040,463) {16,611) 110,0941 9,009 9,139 1295,0441 {304,3821 178,3341 224.813 46.114 78.191 Net cash provlded by operations 315.725 58.081 ANALYSIS OF CHANGES IN NET FUNDS Al 1.4.24 Cash flow Al 31.3.26 Nèt cash Ca8h at bank 766 938 600 933 1.367 871 766.938 600.933 1367 871 Debt Debts talling due within 1 year Debts falling due after 1 ye8r 11.3721 86 9321 11441 11.5161 85.4161 88,3041 Total 602.305 1280,939 The notes form part ol these financial statements Page 19
ELEANOR PALMER TRUST Notes to the Flnanclal Statemènts for the Year Ended 31 March 2025 ACCOUNTING POLICIES Basis of preparlng the flnanclal statements The financial stalemonls of th8 Charity, which is a public benefit enlily under FRS 102. have been prepared in accordance with the Charities SORP IFRS 1021 'Accounling and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charities prepallng their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 leffeclwe 1 January 2019>,, Financial Reporting Stsndard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The accounts comply with the Charities Act 2011. the Housing and Reguneralion Act 2008 and the Accounting Direclton for Privat& Registered Providers of Social Housing in England 2019. The financial slalemenls have been prepared under the historical cost convention, with the exception of investments which are included al market value, as modified by the revaluation of certain assets. Critical a¢¢ounting ludgempnts and kèy sources of ostimation uncertainty The following are the critical judgements and key sour¢es of eslimalion uncertainly that the Board has made in the process ol applyiny the charity's accounting ptslicies and that have the most signifi¢anl effect on the amounts recognised in the financial slalemenls.. Identification of houslng property components The charity accounts for ils expenditure on housing properties using component accounting. Under compononl accounting, the housing property is divided into those major ¢omponenls which are considered lo have subslanlially different useful economic lives. Judgement is used in allocating property costs between Components {land, structure, kitchens, bathrooms elc) and in determining the useful economic lives of each componenl. Housing propety depreci81ion is calculated on a component by component basis. The idenlilication of such components is a maller of judgement and may have a material Impact on the depre¢ialion charge. The components selected are those which reflect how the major repairs lo the property ar8 managed. Incom8 All incorlle is Tecognised in the Slalement of Financial Activities once the charity has enlitlemenl to the funds, il is prc*able that the income will be received and the amount can b$ measured reliably, Income from housing repr&senls housing contributions by way of maintenance charg6s from residents. Investment income is earned through holding assets for investment purposes such as shares. 11 iTrclud6d dividends and interest. Where il is not pra¢lical lo identify inveslmtsnt management costs incurred within a s¢heme with reasonabl8 accuracy the investment incom8 is reported nel of these costs. 11 is in¢lude¢J when the amount can be measured reliably. Interest income is recognised using the effective illleresl method and dividend income is recoanised as the charity's right to recewe payment is established. Social Housing Capital grants are recognised only when receivable. or in the period in which a 8ch&me is complelod and where thè arnounl of the grant has been determined. Grants ale reflecl&d in the reslricled Housing Fund with dèpreciation on grant funded assets reducing this fund. Expenditure Liabilities are regnISed as expenditure as soon as there is a regal or conslruclive obligation commilling the charity lo that expenditure, il is probable that a transfer of econDmic benefits will be required in settlement and the amount of Ihe obligation can be mèasufftd reliably. Expenditure is accounted for on an a¢cruals basis and has been classified under headings that aggregate all cost rèlated lo the category. Where costs cannot be directly allribuled lo particular htradings they have been allocalad lo odivilies on a basis consislenl with the use of resources. Irrecoverable VAT is charged as a cost against the activity for which the expendlcure was incutred. Page 20 Dnbnued...
ELEANOR PALMER TRUST Notes to th• Flnan¢lal 5tatement$ . continuèd for th8 Yemr Ended 31 March 2025 ACCOUNTING POLICIES . contlnued Tangible fixed assets Housing properties are slated al depre¢tated cost. The cost ol completed housing properties is depreciated over the life of the properties. Properties are accounted for on a component Cost basis with each component being depreciated over ils estimated economic life. The principal components identified and the depreciation rale applied lo each component are sel out below.. Housing properties structure Roofs Boilers Kitchens Bathrooms Windows and doors Electrics 2% 20° 100A 100 10¢/ 10QA The Charity ¢8pilalises expenditure on housing properties which increases the nel rental stream over the life of the property. An increase in the nel rental stream may arise through an increase in renlal income. a rédu¢lion in future Maintenan costs or a significant extension of the life of the property. Depraciation on other assets has been provided in order to wrf(e off the Cost over its expected useful life on 8 slraighl line basis al the following rates., Fixtures and fillings Motor vehicles 25% Investment property Investment property is shown al most recent valuation. Any aggregate surplus or deficit arisino from changes in fair value is recognised in the Slalemenl of Financial Aclivilies. Investments Investments are a form of basic financial investment and are initially recognised al their transaction value and subsequently measured at fair value as at the balance sheet date using the closing quoted market price. The slalemenl of financial activities includes the net gains and losses arising on revgluations and disposals throughout Ihe year. Realised gains and losses on investments are calculated 8$ the difference between sales proceods and their opening carrying value or their purchase value if acquired subsequent lo the first day of the financi81 year. Unrealised gains and 1os888 are calculated as the difference between the fair value al the year end and their carrying value. Taxatlon The charity is exempt from tax on ils charitable activities. Fund accounting Unrestricted funds can be usgd in accordance with the charitabl8 objectives at Ihe discretion of the trustees. Reslricled funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when speCifd by the donor or when funds are raisod for particular restricted purposes. Further explanalion of the nature and purpose of each fund is included in the notes lo the financÉal $18lemenls. Debtors Trad8 and other debtors are recognised al the seltlernenl amount due after any trade discount offered. Prepayments are valued al the amount prepaid nel of any trade discounts due. Page 21 cont4nu8d...
EL&4NOR PALMER TRUST Nole5 to the Flnancial Statemènts - contlnued forth& Year Ended 31 March 2026 ACCOUNTING POLICIES- contlnued Creditors Creditors are recognised where the charity has a pres8nl obligation resulting from a past event that will probably result in the transfer of funds to a third party and th8 amount due lo sellle the obligation can be measured or estimated reliably Creditors are normally recognised at their sottlemenl amount after allowing for any trade discounts due. Financial Instruments The ¢hariLy only has financial assets and financial liabilities of a kind that qualrfy as basic financial inslrumenls. Basic financial instruments are initially recognised al transaction value and subsequently measured al their settlement valu@ with the exception of bank loans which are subsequently measured al amortised cost using the effeclive interest method. Going concèrn The financial slalemenls have b8en prepared on a going concern basis as the Trustees believe that no material un¢ertainlies exist relating lo &venls or conditions that may cast significant doubl on the ability of the charity lo continue as a going Concern, The Tnjslees have concluded that the charity has adequate resources lo continu& in oper81ional existen for al least 12 months from aulhorising these financial slalemenls. DONATIONS AND LEGACIES 2025 2024 as restated Donatlons 2,915 OTHER TRADING ACTIVITIES 2025 2024 as re$laled Rents received Other trading activities 27.900 30,558 1,050 31,608 INVESTMENT INCOME 2025 2024 as rèslaled Rents received Other fixed asset invest Fll Deposit account interest 39,900 29S,044 16,611 39,900 304,382 10,094 354 376 Page 22 continued...
ELEANOR PALMER TRUST Noteg to the Flnan¢lal Statement8 - continuod for the Year Ended 31 March 2025 INCOME FROM CHARITABLE ACTIVITIES 2025 2024 as reslaled Activity Maintenance charges Almshouses Mainlen&n¢e charge voids Almshouses Residents fee income Care Home R8sidenls voids Care Home 1,027,406 111,4881 2,443.143 80.040) 961,942 118,1921 2,369,137 34,7621 3 379.021 3,278,125 SOCIAL HOUSING ACTIVITIES 2025 2024 as reslaled Turnover from Social Housin9 Operating costs of Social Housing 1,015,918 943,750 Operaling sUrplu1defiCit) on Social Housing aclivilies 235181 RAISING FUNDS Raising donations and legacles 2025 2024 as rostaled Shop repairs & maintenance Investment management costs S27 26,877 26,877 CHARITABLE ACTIVITIES COSTS Support costs Isee Trote 81 Dirocl Costs Totals Almshousgs Care Home 628,235 2 104916 185,953 219,983 794,188 2 324,899 2733,151 385 936 3119087 Paoe 23 ¢ontsnued..
ELEANOR PALMER TRUST Notos to the Flnan¢lal Statements . contlnued for the Year Ended 31 March 2025 SUPPORT COSTS GoverEFance Costs ManagBrnEnl Fina[8 Totals Almshouses Care Home 147.675 195,754 4,545 13,733 18,205 165,953 219,983 10.569 385,936 Activity Manag@menl Finance Governance costs Basis of allocalion Based on staff lime Based on staff time Based on staff tim8 AUDITORS, REMUNERATION 2025 2024 as reslaled Fees payable lo the charity's auditors for the audit of the charty's financial slalemenls Fees payablÈ lo the charity's auditors for other services.. Under provision for prior year 11,850 1e,865 Total audk fees 26.730 16,865 Other non-audil services 5.208 Tol?1 fees payable 10. TRUSTEES. REMUNERATION AND BENEFITS There were no Iru81ees' remuneration or other benefits for th8 year ended 31 March 2025 nor for the year ended 31 March 2024. Trust8es' expenses There were no trustees. expenses paid for the year ended 31 March 2025 nor for th6 year ended 31 March 2024. Pags 24 conbnued...
ELEANOR PALMER TRUST Note$ to th? Finan¢lal Slatemonts . contlnued for the Year Endèd 31 March 2025 11. STAFF COSTS 2025 2024 as restated Wag8s and salaries 1591439 1 338,275 1 591 A39 1,338 275 The average monthly number of employees during the year was as follows: 2025 2024 as re51ated 47 Average number of employees 53 The numbèr of employe&8 whose employee benefi (excluding employer pension costs) exceeded £60,000 was.. 2025 2024 as restated £60,001 - £70,000 £70,OD1- £80,000 £80,001 £90,000 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted frjnds Reslriclad fund Total funds as reslaled INCOME AND ENDOWMENTS FROM Donations and legacies 2,915 2,915 Charitable actlvltles Almshouses Care Home 943,750 2,334,375 943.750 2,334,375 othèr trading activilt8S Inveslrnent income 31,608 354,376 31,608 354,376 Total 3,667.024 3,667,024 EXPENDITURE ON Raising funds 26,877 26.877 Charltablg aclivitles Almshouses Care Homtr 893.042 2 257,670 60,425 953,467 2,257,670 Total 3.177,589 60,425 3,238,014 PagÉ 25 continued...
ELEANOR PALMER TRUST Notès to the Flnanclal Ststements - ¢ontlnued for th8 Year Ended 31 March 2025 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued UnrÈstricled Restricted fund5 lund Totsl fttnds as reslaled Net gains on inveslm8nls 519 943 519943 NET INCOMEIIEXPENDITUREI 1,009,378 180.4251 948.953 RECONCILIATION OF FUNDS Total funds brought fomard 12,604,564 3,951,516 16,556.08D TOTAL FUNDS CARRIED FORWARD 13,613 942 3 891,091 17 505,033 13. PRIOR YEAR ADJUSTMENT As a registered providsr of social housing. Eleanor Palmer Trust have previoLJsly adhered lo the Housing Slalemenl of Recommended Piaclic& ISORPI. Following the introduction of section 1.6 of the Housing SORP 2019, which clarifies that Almshouse Charities musl adtspl the Chaiilies SORP in th8 preparation of ils financial stalemenls, piovided this does not conflict with 8ny applicable legal or regu1810ry requiremenls that musl be adhered lo, these financial slalemÈnts have been reslaled lo comply with the Charities SORP IFRS 1021 'AccoLtnling and Reporting by Charities.. Statement of Recommended Practice appli¢able to charllies preparing their accounts in accordance wilh the Financial Reporting Standard applicabl8 in the UK an(J Republic of Ireland IFRS 102} {effectwe I January 20191,. The impact Df the reslalemenl of the financial statements under the Charities SORP is as follows.. At 1st ApTiI 2023 As Previously Stated Adjustment As Restatod Fixed ass81s 16,958,766 16,958,766 Current assets 848,710 848,710 Creditors due within one year Cr8dilors due in more than one yèar 1275,9361 60,425 {215,5111 3.917,598 3,830,666 86 9321 13 613,942 17 505,033 UnreStrted Funds Restrted Funds 13,613,942 13,613,942 3,891,091 {3,891,0911 13613,942 17 505,033 The adjuslrlleNI rele¢ls the recognition of the Social Housing Grant as Inme during the year in which the Charity received the right lo the grant in restricted funds amounling lo £6,042,458. nel of accumulated depreciation of £2,090,942. Page 26 conbnued...
ELEANOR PALMER TRUST Notes to thè Flnancial Statemènts - contlnu•d for the Year Ende(131 March 2025 13. PRIOR YEAR AOJUSTMENT . continued During the year ended 31st March 202d the following ?djustments were made". 2024 Surplus for the year as Previously reported Reversal of amortisation of social housing giant 1,009,378 0 4251 As reslaled 948,953 Depreciation of £60,425 was charged lo reslricled funds in the year resulting in a Glosing balance on restricted funds al 31 March 2024 of £3,891,091. 14. UNITS IN MANAGEMENT The chaTlty had 78 units in management relating to almshouses duiing the year. 12024.. 781. The charity had 34 units in management relating lo the care home during the year.12024.. 34). 15. SOCIAL HOUSING GRANT The total Social Housing Grant received by the Eleanor Palmer Trust as al 31st March 2025 amounted ID £6,042,45812024'. £6,042,458). The full Capilal Grant would on5y be¢ome repayable if the Almshouses were disposed of and the grant was not recycled. Aggregate amotjnt received Al 31 sl MaTch 2025 and 3181 March 2024 6,042 458 Roleased lo Stalemenl of Financial Activities At 31st March 2025 and 31st Mah 2024 6 042,4581 Social Housing Grant Carried forward Page 27 c0n1ined...
ELEANOR PALMER TRLIST Notes to th8 Flnaneial Statem•nts - continued for the Y•ar Ended 31 Maich 202S 16. TANGIBLE FIXED ASSETS Flxtures and Housing pmperties Motor vehiefe3 Totals COST Al 1 April 2024 Additions 9,063,225 153 515 364,672 29,994 26,SSO 9,454.447 183 509 At 31 March 2025 9 216.740 9 637,956 DEPRECIATION Al 1 April 2024 Charge for year 2,340,786 154073 291,160 26.549 2,658,495 176061 Al 31 March 2025 2 494 859 313,148 2 834 556 NET BOOK VALUE Al 31 March 2025 6.721 881 6 803,400 Al 31 March 2024 6 722,439 73,512 6,795,952 17. FIXED ASSET INVESTMENTS 2026 2024 as reslaled Shares Other 9,281,049 184.033 9,481,415 66 400 9 465 082 9547 815 Additional information as follows: Listed investments MARKET VALUE Al 1 April 2024 Additions Disposals Revaluations Reclassificalionltransfer 9,481,415 706,059 1791,135) 84.710 200.0001 Al 31 March 2025 9281 049 NET BOOK VALUE Al 31 March 2025 9 281,049 At 31 March 2024 9,481415 There were no inveslmenl assels outside the UK. Page 28 conlinu8d...
ELEANOR PALMER TRUST Notes to the Flnancbal Statem•nts - continuod for tho Yèar End8d 31 March 2026 17. FIXED ASSET INVESTMENTS - continued Cost or valuation al 31 M8rch 2025 is represented by.. Listsd Inv•stment8 Valuation in 2025 9 281049 Investments (neither listed nor unlisted) were as follows,. 2025 2024 as reslalgd Cash hald by investment ManeT 18. INVESTMEMf PROPERTY FAIR VALUE Al 1 April 2024 and 31 March 2025 615000 NET BOOK VALUE At 31 March 2025 615.000 Al 31 March 2024 615,000 The investment property was valued on an open market basis by Julian Lewis & Co, Chartered Surveyors, in 2022. The valuation was not materially different lo the previous valuation in 2017. Therefore, the value in the 8c¢ounts has not been adjusted. The Board is of the opinion that the current value is not materially different from the last professional valuation. 19. DEBTORS: AMOUNTS FALUNG DUE WITHIN ONE YEAR 2025 2024 as reslal Trade debtors Other debtors Prepayments and accrued incDMe 82,009 43.950 47,S19 11.145 81,772 Pagè 29 ¢ontsnu8d...
ELEANOR PALMER TRUST Note$ to the Flnanclal Statsments . continued for thè Yèar Ended 31 March 2025 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2026 2024 as reslaled Twad8 creditors Taxation and social security Other creditors 93,634 146,419 29,448 39,645 169.S43 215 512 21. CREDITORS.. AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2025 2024 as reslaled Other creditors 85,416 86,932 22. LOANS An analysis of the malurily of loans is given below.. 2026 2024 as reslaled Amounts falling due within one year on demand.. Housing loan 1.516 Amounts falling betwe@n one and two years.. Housing h)an 1-2 years Amounts falling due belween two and fme years., Housing loan 2-5 years 6,161 11,424 Amounts fallinu due in more than five years.. Repayable by inslalmenls: Housing loan over 5 years 77,579 72.315 The housing 108n is seculed by a specific charge on a number of the Trust's housing properties and is repayable al a rale of interest of 10.250A. P8ge 30 eontinued...
ELEANOR PALMER TRUST Notss to thè Flnanclal Ststèm8nt8 - contlnuod lor tho Y•ar Ended 31 March 2025 23. MOVEMENT IN FUNDS Prior year adjustment Net mowment in funds Al 31.3.25 At 1.4.24 Unrestrlcted funds General fund Endowment Fund 5.416,080 8,197,862 870,165 41.727 6,086,245 8 239,589 13,613,942 711,892 14,325,834 Restrlcted funds Housing 3,891.091 160,4251 3,830,666 TOTAL FUNDS 13613942 3 891.091 651467 18 156.500 Nel movement in funds, included in the above are as follows.. Incomlng resources Resources expended Gains and losse MovèML in funds Unrestricted fund$ General fund Endowment Fund 3.763,012 13,097,802) 4,955 670,165 3.763,012 13,097,802) 48.682 711,892 Restricted funds Housing 60,425) 160,425} TOTAL FUNDS 3763 012 3 158 2271 651,467 Comparatives tor movement in funds N8t movement in funds At 31.3,24 At 1.4.23 Unrestrlcted funds General fund Endowment Fund 4,903,023 7 701.541 513.057 496.321 5,416,080 8,197.862 12,604.564 1,009,378 13,613,942 Restrlcted funds Housing 3,951,516 (60,4251 3,891,091 TOTAL FUNDS 16,556,080 948 953 17,505,033 Pag6 31 continued..-
ELEANOR PALMER TRUST Note$ to th? Financlal Statements . ¢ontinu8d for tho Year Ended 31 March 2025 23. MOVEMENT IN FUNDS- contlnuad Comparativé nel moverrEnl in funds, included in the above are as foliows.. Incorning resources Rasources expended Gains and losses Movement in fuFKfs Unrestrlcted fund8 General fund Endowment Fund 3,667,024 {3,177,5891 23,622 496 321 513,057 496.321 3.667,024 Restricted funds Housing (3,177,589) 519,943 1.009,378 160.42S) 160,425) TOTAL FUNDS 3,667 024 3,238 014 519.943 948 953 Endowmont Fund The endowment fund is derived from the sale of Somè of the properties on the Kentish Town eslale in 1982. Houslng Fund This represents the social housing grant received from the Housing Corporation for property improvements lo the Almshouses. Depreciation on housing prop@rties is charged lo this fund over the lif& of the components of the building. 24. RELATED PARTY DISCLOSURES There were no related party transactions for the year end8d 31 March 2025. 25. ULTIMATE CONTROLLING PARTY A corporate Irusleo was appointed as trustee of Eleanor Palmer Trust on 22 May 2015. Th8 Eleanor Palmer Trustee Limited, a charitable company (company number 094404941. Page 32