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← The Penn and Smith Almshouses

2023-03-31-accounts

Charity number Charity number 238044
Regulator ofSocial Housing A2334
registration number
Trustees Dr M Kimberley
resigned		 20/04/2023
Mr M Fairbanks-Smith
CJ Fairbanks-Smith —appointed 01/07/2022
Mr C Penn (Chair)
Lady Penn - resigned 01/07/2022
Mr R Penn
Rev S Reynolds-Winn —appointed 09/11/2021
Mr J Stanley —appointed 01/01/2021
Clerk to the trustees and managing agent The Trust Partnership
Registered office 6 Trull Farm Buildings
Tetbury
Gloucestershire
GL8 8SQ
Independent examiner Dunk icy's
Woodlands
Grange
Woodlands
Bradley
Stoke Bristol
BS324JY
Bankers Barclays Bank Pic (to October 2022)
1Churchill
Place
Canary Wharf
London
E14SHP
Unity Trust Bank (from July 2022)
PO Box 7193
Planetary
Road
Will en hall
WV1 9DG
Investment Managers Sarasin and Partners LLP
Juxon House
100St. Paul's Churchyard
London
EC4M 8BU

Page
Report ofthe trustees 1-7
Report ofthe independent examiner
Statement offinancial activities 8-9
Balance sheet 10
Statement of cash flows
Notes to the accounts 12-21
Detailed statement
of		 financial activities 22

2023 2022
Metric 6a —Operating margin (social housing lettings) % -43% 33%
Metric 6b —Operating margin (overall) % -27% 39%
2023 2022
Metric 7 —Return on Capital Employed (ROCE) % -3% 4%

Chnstg ~(9993,2923 1999 GMT)
Mr C Penn Mr M Fairbanks-Smith
Trustee Trustee

Unrestricted Designated Total Total
Notes Funds Funds 2023 2022
Income &expenditure
Income from:
Maintenance
Charges Receivable		 88,814 88,814 83,806
Investment
Income		 12,140 12,140 10,895
Interest Received 828 828 52
Other income 11,080 11,080 8,680
Total 112,862 112,862 103,433
Expenditure
on:
Activities
in furtherance		 of
the charity's objectives 12 106,313 21,127 127,440 56,256
Tota I Expenditure 106,313 21,127 127,440 56,256
Other recognised
losses/(gains)		 30,507 30,507 (2,455)
Transfers between
funds		 (29,988) 29,988
Net (expenditure)/income
and net movements
in		 funds (53,946) 8,861 (45,085) 49,632
Reconciliation
offunds		 10
Fund balances brought forward at
31.03.2022 427,151 217,001 644,152 594,520
Fund balances carried forward at
31.03.2023 373,205 225,862 599,067 644,152

Unrestricted Designated Total
Notes Funds Funds 2022
Income &expenditure
Income from:
Maintenance
Charges		 Receivable 83,806 83,806
Investment
Income		 10,895 10,895
Interest Received 52 52
Other income 8,680 8,680
Total 103,433 103,433
Expenditure
on:
Activities
in furtherance		 of
the charity's objectives 12 56,256 56,256
Tota I Expenditure 56,256 56,256
Other recognised
(gains)		 (2,455) (2,455)
Transfers between
funds		 (29,087) 29,087
Net income
and net movements in funds 20,545 29,087 49,632
Reconciliation
offunds		 10
Fund balances brought forward at
31.03.2021 406,606 187,914 594,520
Fund balances carried forward at
31.03.2022 427,151 217,001 644,152

Notes 2023 2022
Fixed Assets
Tangible assets 301,803 308,849
Current assets
Debtors 1,766 16,764
Investments 572,354 573,448
Cash at bank and in hand 18,740 53,045
592,860 643,257
Current
liabilities
Creditors 43,881 47,559
43,881 47,559
Net current assets 548,979 595,698
Long term creditor 251,715 260,395
Total assets less current liabilities 599,067 644,152
Capital and reserves 10
Unrestricted funds 373,205 427,151
Designated funds 225,862 217,001
599,067 644,152

2023 2022
Note
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash provided by (used in) operating activities (21,926) 50,001
Cash flows from investing
activities:
Dividends
and interest from investments		 12,968 10,947
(Increase)/decrease in short term deposits and
investments
Purchase of property, plant and equipment (4,614)
(Increase)/decrease in short term deposits and
investments 47,877 (50,063)
Net cash provided by (usedinJ investing
activities:		 56,231 (39,116)
Change in cash and cash equivalents
in the reporting
period (34,305) 10,885
Cash and cash equivalents
at the beginning
ofthe
reporting
period		 53,045 42,160
Cash and cash equivalents
at the end ofthe reporting
period 18,740 53,045

Using
component		 costing principles principles housing housing properties properties are divided into components into components which are
depreciated
at the		 following annual rates:
Component Life (Years) Depreciation
Building structure, roofing, drainage, roadways and footpaths 50 2.0%
Doors and windows 30 3.3%
Kitchens and Bathrooms 25 4.0%
Heating
Boilers		 15 6.6%
Scheme equipment is depreciated at varying annual rates as follows:
Component Life (Years) Depreciation
Security, heating
and aerials		 20 5.0%
Warden
alarm		 15 6.6%
Other shared areas 10 10.0%
Other scheme equipment 4 25.0%

31.03.2023 31.03.2022
Amortisation ofcapital grant 8,680 8,680
Other income 2,400
11,080 8,680

Freehold housing Fixtures Total
properties and fittings 31.03.2023
Cost or revaluation
At 1April 2022 544,184 8,332 552,516
Additions 4,614 4,614
544,184 12,946 557,130
Depreciation
At 1April 2022 235,335 8,332 243,667
Charge
in year		 11,660 11,660
246,995 8,332 255,327
Net cost/valuation at
31.03.2023 297,189 4,614 301,803
Net cost/valuation at
31.03.2022 308,849 308,849

Charity
Investment Short term 2023 2022
Funds deposit fund Total Total
Market value 31.03.2022 391,348 182,100 573,448 570,993
Purchases
Movements in year 5,599 23,814 29,413
396,947 205,914 602,861 570,993
Sales
Net investments (losses)/gains (30,507) (30,507) 2,455
Market value 31.03.2023 366,440 205,914 572,354 573,448
Cost 31.03.2023 307,200 205,914 513,114 301,603
Debtors
31.03.2023 31.03.2022
Maintenance and service charge in arrears 1,766 1,077
Other debtors 15,687
1,766 16,764
Creditors: amounts falling due within one year
31.03.2023 31.03.2022
Amounts
falling		 due within one year:
Maintenance and service charge received in advance 4,396
Creditors 35,201 34,483
Deferred social housing grant income 8,680 8,680
43,881 47,559

31.03.2023 31.03.2022
Deferred social housing grant income 251,715 260,395
eferred grant income
31.03.2023 31.03.2022
Grant received:
At 1April and 31March 433,992 433,992
Amortisation
ofgrant
At 1April (164,917) (156,237)
Charge for the year (8,680) (8,680)
At 31March (173,597) (164,917)
Net value ofgrant
At 1April 269,075 277,755
At 31March 260,395 269,075
Analysis of unamortised grant
Amounts
due within one		 year 8,680 8,680
Amounts
due after more		 than one year 251,715 260,395
260,395 269,075
Grant income received is deferred and released in line with the expected lifespan ofthe property
improvements.

2023 2022
Net Income for the reporting period
per the statement
offinancial		 activities (45,085) 49,632
Adjustments
for:
Depreciation
charges		 11,660 13,626
Amortisation
of capital grant		 (8,680) (8,680)
Losses/(gains)
on investments		 30,507 (2,455)
Dividends
and interest from investments		 (12,968) (10,947)
Decrease/(increase)
in debtors		 14,998 (14,854)
(Decrease)/increase
in creditors		 (12,358) 23,679
Net cash used in operating
activities		 (21,926) 50,001
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Unrestricted Designated 31.03.2023
funds funds Total
Tangible fixed assets 294,335 7,468 301,803
Current asset investments 353,960 218,394 572,354
Current assets 20,506 20,506
Current liabilities (43,881) (43,881)
Long term liabilities (251,715) (251,715)
373,205 225,862 599,067
Unrestricted Designated 31.03.2022
funds funds Total
Tangible fixed assets 301,381 7,468 308,849
Current asset investments 363,915 209,533 573,448
Current assets 69,809 69,809
Current liabilities (47,559) (47,559)
Long term liabilities (260,395) (260,395)
427,151 217,001 644,152

Unrestricted fund Designated funds 31.03.2023
Accumulated Extraordinary repairs Total costs
Service charge
costs 11,020 11,020
Routine
maintenance 34,811 21,127 55,938
Depreciation 11,660 11,660
57,491 21,127 78,618
Unrestricted fund Designated funds 31.03.2022
Accumulated Extraordinary repairs Total costs
Service charge
costs 11,530 11,530
Routine
maintenance 16,223 16,223
Depreciation 13,626 13,626
41,379 41,379
Unrestricted Designated Designated 31.03.2023
funds funds Total
Accumulated Extraordinary repairs costs
Almshouse
management 48,822 48,822
Other costs
48,822 48,822
Unrestricted Designated 31.03.2022
funds funds Total
Accumulated Extraordinary repairs costs
Almshouse
management 13,273 13,273
Other costs 1,604 1,604
14,877 14,877

Almshouse
Accommodation Total
Income &expenditure
Income from:
Rent receivable 79,248 79,248
Service Charge income 9,566 9,566
Investment
Income		 12,140 12,140
Interest Received 828 828
Amortisation
ofcapital grant		 8,680 8,680
Other income 2,400 2,400
Total 112,862 112,862
Expenditure
on:
Activities
in furtherance		 ofthe charity's
objectives
Letting activities
Council Tax and Water rates 3,258 3,258
Light and Heat 9,885 9,885
Repairs and maintenance 44,685 44,685
Cleaning
and gardening		 445 445
Insurance 2,690 2,690
Depreciation 11,660 11,660
Resident events 43 43
Almshouse
management		 52,741 52,741
Sundry expenses 2,475 2,475
Subscriptions 448 448
127,440 127,440
Other recognised (losses) (30,507) (30,507)
Net income (45,085) (45,085)