2024-03-31-accounts

Charlty reglstratlon number 238044 Regutatorol Social HouslnB le￿StratIOn numbpr A2334 The Penn and Smith Almshou5e5 Annual report and financial statements Forthe year ended 31 March 2024

The Penn and Smith Almshouses Legal and administrative information Charlty number 238044 Regulator of Social HDusing reglstration numbèr A 2334 Trustees Christopher Penn (Chairl Rory Penn Mark Fairbank5-Smith Chades J Fairf)anks-Smith John stanley Rev Simon Reynolds-winn Dr Marion Kimberley Iresigned 20 April 20231 Clerk to the trustees and manaBin8 3geTrt The Trust Partnership Registered office 6 Trull Farni BL&ildin8S Tetbury Gloucestershire GL8 85Q Independent examiner DunkleWs Woodlands Grange Woodlands Brndley Stoke Bristol 8S32 4JY Bankers Urbity Trust Bank PO Box 7193 Planetary Road Willenhall WVI 9DC

The Penn and Smith Almslwuses Contents Page Report ofthe tru51ee5 Report of the independent examiner Statement of financial activities Balance Sheet Statement of cash flows io Nole5 to the accounts 11-20 Detailed statement of finarKial activitie5 21

The Penn and Smith Alm5house5 Report of the Boaid olTrustees Icontinuedl For the year ended 31 March 2024 Structure, govemance and Than￿ernent The Charitvs Board of Trustees 15 responsiNe for the overall management arKI control of the Charity and meets a minimum of three times a year. All Trustees give their time freely and no remuneralion or expenses were paid in the year. Trustee5 are required to di5c195e all relevant interests and to withdraw from decisKJns where a tonflict of interest arises. The existingTru5tees have been specifically recruited. according to a skills audit. with relevant qualifications and experience and indude a chartered suNeyor. investment advisor. architcct, solicitor arhd vicar to assist with the Tru5tees' responsibilities of maintaining the Char"rtW5 listed property and to care for the wellbeing of the residents. The Trust P3rtnershipwa5 ap￿Ented a5 Managi￿ agent on I September 2022. During the year Trustees instructed Stone King LLP to advise on updating the governing documents and making the change to corporate trusteeship. On 20 May 2024. the Charity Commission approved the change to a CDrporatÈ Tnjstee known as The Penn 2nd Smith Almshouse Trustee Ltd (Company No. 141914271 . The Corporate Trustee 15 a CDmpany Limited by Guarantee governed by Articles of A550ciation. On 12 October 2023, an application was made to the Charttycommission lo update the Goveming Schemes dated 11 November 1955 and 7 December 1979 wtth particular referen￿ to the eligibility criteria for residents. Trustees 31so madè administr31ive amèndments to the Schemes using the powers contained In section 280121 of the Charitie5 Att 2011 and charyd the name of the Charity to The Penn and Smith Almshouse Trustee Ltd. Organlsatlonal Management The Board of Trustees determines the general policy of the Charity. The day-to-day management and administraticbn of the Charity is prowded by The Trust Partnership. Operational management reports and accounts are prepared presented by ihe managing agent to the Board ol Trustees at the regular Board meeting5 three time5 pei year, or more frequently as required. Risk rnanagement The Board of Trustees 15 respvnsible for the overseeing of the risks faced by the Charity- Detailed consideration5 of risk arKI mitigation are delegated tothe managing agent_ Risks 3re identified, assessed 2nd controls are established throughout the year with 3 report made toTrustees at each of their regular Board meetings. Through the risk mana8ement processes established for the Charity. the Board of Trustees is satisfied thatthe major risks identified h?ve been adequatelymitigated where necessary_ Itis recognisedthat 5yStem5 can only provide reasonab￿ but not absolute assurance that major risks have been adequately managed. Objects The governing instmments for the Charity are the Charity Commis510n Schemes dated 11 November 1955 and 7 December 1979. as amended. most re￿ntly. by s280 resoluik)n in Octobei 2023 (see Structure. Governance and Management abovel. The object of the Charity is to provide accommodation for peO￿e aged over 60 who are in need and who have been resident in the Ancient Parishes of Greenwich. Depiford and Lewis1￿T￿. for at least three years. Page I

The Penn and Smith AJmshDu5e5 Report of the Board ofTru5tees l undertake the major building woths identified under the Quinquennial Inspection Report dated 3 January 2023 to include extemal repair and redecoratiCFn works, rwf repairs, masonry repairs and repointing and repairto damaged Listed entrance gates_ Ftyde Harrington, Chartered Surveyors, acted as Contract Administrators, with associated speciali5tadvice from arthitect5 and arL¥Jriwlturi5ts given the statu5 of the bLJildings a5 Listed Grade 11 and being within a Conservation Area. The 5peciffication went to tender and was awarded tts John Taylor and Green Limited under a Jct Minor Works Building Contratt. Due to planning restrictions and the age of the buildings. the original contract sum of £132.710.60 plus VAT and fees was exceeded. The works commenced in September 2023 and are due to be completed in M2y 2025. The final contract sum is anticipated at £205.0(X) plus VAT and fees. Additional unforeseen works were needed as a result of further ￿annIng constraints irnposed durin8 the contract. surveys required a5 a Tesult, urgent works required to the drdinage system and works to improve damp within the almshouses. The contrart was overseen by Hyde Harringt(>n reporting directly to the managing agent and Trustees. Additlonal Trustee meetings took place throughout the year as a result. Additional non-urgent but esseniial works have been identsfied within the Quinquenni81 lrtspection Report. Trustees have reviewed the need for further work against the reduced reserves as a result of Phase l above. Trustees have set up a sub-cctmmittee to consider the timing and funding of these additional work5 which are likely to begin in the year 2025126 and take the form of smaller contracts. There is a surplus of £60,780 forthe year12023=105s £4S.0851. Exduding a gain on revaluation of investments of £24.69612023.. loss £30.5071 there was a surplus on ordinary activilies of £36,08412023=105s £14,578). Prlntipal risks and uncertaintie5 There are several risks in the extemal enwronment that are contribulinE to significant ch211engesfor all providers in particular rising costs of services 3nd building materials as well a5 an increased volatility in income from investments funds. Inflation. global geo-polttical conflicts and economic uncertainty has led to increased costs ol upkeep as well as reduced levels of reserve5 and income. All Trustees actively marhage key area of risk, with focus on maintaining service delivery, managing and anticipating financial impatts. and monitoring the potential negative impacts of the conditions on our customers and colleague5. Maintènance of the Charity's properties is dependent on the timely and effective performance by third party contractors of their obligations.. The perforrnance of contracts may be subject to disruption for a variety of reasons including 8vai13bility of materials, work stoppages. labour constraints. and macroeconomic conditions. Professional advisors are employed to manage contracts and provide specialist advio where required. Investrnents are managed by Sarasin & Partners and a report is provided at every Trustee meeting. Trustees use the Risk Register and the regularreportsfrorn professional advisors to set the agenda and decisions- making for the lonB-terTn sustainability of the Charity and the well-being of the almshouse residents. Page 2

The Penn and 5mlth Almshouses Report of the Board of Trustees {continuedl For the year ended 31 March 2024 Golng Concern After tnaking enquiries and examining major areas which could wve rise to signifKant ffinancial exposure, the Trustees are satisfied that no material or signifhcant exposures exist on ihan as reflected in these Financial statements and that the Trust has adequate resources to continue its opeiation5 forthe foreseeable future. For thts rea50n, we continue to adopt the going concem basis in preparing these financial statements. Future Plans Trustees aim to complete the balance of the buildingworks identified under the auin4uennial Inspection Report dated 2023 withtn the awdilable funds and rthithstanding the need to retain reserves to ensure the long.term viabilityof ihe Charity. The wellbeinE of residents will remain a PriOTtty. Charita7Jle and political contributions No contributions were made during the financial year. Employees The Charity has no employees. PagE 3

The Penn and Smith Almshouses Report of the Board ofTru51ees Icontinuedl Foi the yeHr ended 31 March 2024 Value for moneyststement The Board of Trustees adi)pts a wotess of continuous revEw when assessi¢)g value for tnoney giving due regard to balancing the need to preserve the financial integrity of the a)arity into the future with the need and cost of repairin& maintaining and improving the Charitys properties and looking after the welfare of the resident5. At regular meetings of the B03rd ofTrustees report5 are presented bythe Managing Agent, covering housing management. repairs and maintenance and financial performance and issues. These are scrulinised and questioned by the Board of Trustees to ensure that value for money and operational perfomiance are r￿t compromised wth regard to the Charity and residenls of the Charitys properties. The managing agent ha5 financial controls and delegated authority leve￿ in place which h3ve been agreed with the Board of Trustees and a financial review of both the Management A¢¢ounts and the charity's Investment Portfolio a￿ carried out at each quartedy meeb"ng. Larger scale projects are outsourced to profe55ional advisor5 Wlth the approval of the Board of Trustees to ensure strict tender guidelines are adhered to 2nd cost Comparison exercises are carried out. Under the Value for Money Standard issued by the Regulator of Social Housing in April 2018 and the subsequent Value for Money MetricsTechni(al Note Guidance issue in June 2019 registered providers with a stock ol less than I,rK#J units are required to publish their Value for Money metrics. These are sfrK)wn below for the Charity. 2024 2023 Metric l- R￿inveStMent % This metric looks at the investment in propertie5 (existing stock as well as New Supply) as a percentage of Ihe value of total properties held. For the Charity wlth it5 limited resour￿$ the focus is on maintaining it5 existing properties in to the future. Planned and routine maintenance are a part of this and all, but the largest planned works are expended ihrough the Statement of Comprehensive Income and charged to the cyclical and extraordinary repairs re5ewve 2024 2023 Metiic 2a- New 5uppty delivered (social housing units) % Metric 2b- New supply delivered Inon-50cial housing units) % 0% This metric sets out the number of new Social FK)U5ing and non-social housing units that have been acquired or developed in the year as a proptsrtion of tolal Social housing units and non-social housing units owned at period end. The Charitvs focus is on maintaining its existing properties into ihe luture and currently doe5 not have ihe financial capacity to develop new properties. 2024 2023 Metric 3- Gearing % -2% This metric assesses how much of ihe adjusted assets are made up of debt and the degree of dependence on debt finance. The Charity ha5 rho loan5 or overdraft fa(ililies. The negative ratio is a resuk of the cash balances held. Cash that is in exce55 of short term operational ieouirements 15 invested in Charity Inve5trnent Funds. The tangible fixed assets which the cash and loans are compared to is also relatively low as there is no cost associated wth the Original cost ol the propertie5. only subsequent capitalisEd repairs expendituie. Page4

The Penn and Smith Almshouses Report ofthe Board of Tru5tee51¢ontlnuedl For the year ended 31 March 2024 2024 2023 Metric 4- EBITDA MRI interest cover % Thi5 metric is a key indicator for liquidity and investment capacity. It seeks to measure the level of surplus that è registered provider generates, adjusted for amortisation and depreciation, compared to interest payable. The Charity has no loans or overdraft facilities and, therefore. no interest payable. 2024 £6,988 2023 £ll.S78 Metric S- Headline sockil housing cost per year Thls metric asses5e5 the headline social housing cost per urhit as defined by the Regulator. The decrease In the cost per unitfor 2024 is due lo a decrease Kn major repairs expenditure and other c05ts in the year. 2024 2013 Metric 63- OperatinE marginlsocial housing lettingsl Metric 6b- Operating margin loveralll % 43% -27% 12% This metric demonstrates the profr(ability of operatthig assets before exceptional expense5 are taken into account. Increasing margins are orbe way ta ifftprove the financial efficienry of a business. In assessing this ratio. it is important that consideration is given to registered prowders, purpose and objectNes lincluding their social obiectrvesl- 2024 2023 Metric 7- Return on Capital Employed IROCEI % This metric cotnpares the Operati￿ surplus to total assets ￿s5 current liabilities and is a common Tneasure in the cotnmercial sector to asse55 the efficient inve5tsllent of capital [esour￿5 Page S

The Penn and Smrth Almshouses Report of the Board of Trustees Itontinued} For the year ended 31 March 2024 Statement of the Board of Trustees r•sporbsibilities in ￿Spect ol the Annual Report and the Financial Statemen¢s Under Ihe trust deed of the Charity and tharity law, ihe Board ol Tru51ee5 is responsible for preparing the Annual Report and the Financial Staternents in accordan￿ wlh applicable law and regulations. The Board of Tru51ees has elected to prepare the financial statements in accordan￿ wilh FRS 102 The Financial Reporting Standard applicablo in th6 UK and RepublK ollrelènd. The Financial Statements a￿ required by law to give a true and fair view of the state ol affairs of the Charity and of the surplus or deficAt fw thal periLyJ. In preparing ihese Finanual Slatements. the Board of Trusteès 15 required to". select suitable accounting pdicies aThJ then apply them con515tenUy- make judgments and estimates Ihat ale ieasonaNe and prudenl.. 5tste whether applicable UK Accountin9 Standards the Statement ol Recommended Practice have been folbwed, subject to 8ny material departures dk8doJ and explained in the Financial ststements., stale whether the Financial Slatements comply with Ihe tnjsl deed. subject to any material departures disd(￿ed and explained in the Financial Stslements- and prepare the Financial Statemeftts on thegotrvJ concern basisunless it is inapwopriate to pr8sum8 that the Charily will continue in business. The Board ol Trustees is required to act in acwrdance WTth the trust deed of the Charity. within th8 framewc)rk of trust law. The Board ol Trustees is responsible for keeping propel accounting records. sufficient to disclose at any time. with reasonable accuraGy. the financial p)sitK)n of the Charity at that time and enable the Board tsf Trustees lo ensure that it5 Financial Statements compty wth the Charities Act 2011. Ihe Housing and Regeneration Act 2008 and th8 Accounting Direction for Private Reg15te¥ed Providers of Soryal Housing 2019. The Board ol Trus1È8s is responsible for such intemal control as it determine5 is necessary to enable the preparation of financial ststements Ihat are free from malerial misstatement. whether due to fraud or error, and has general responsibility lor taking such sièps as are reasonabty open lo them lo safeguard the assets of the Charity and to prevent and detect fraLd and olher irregu]arities. ststement of disclosure of infomiation to the examiner The Trustees who held office at the date of approval of this Report of the Board of the Trijstees confirm that. so far as they are each aware, there is no relevant 3udiL information ofwhich the Charitvs auditor is unaware and each Trustee has taken 311 the Steps that they ought to have taken as Trustees to make themselves aware of any relevant audit informaiion arbd to establish that the Chariws auditor is aware of that information. Independent Examiner A resolution to appoint Dunkley arhd Co. as independent examiner will be proposed at the next annual general meeting. By order of the Board of Trustees FèiAnksSrniihlSepJ. J i£.4GMTJl Mr C Penn Trustee Mr M Fairbanks-smith Trustee Dale.. age6

The Penn and Smith Almshouses ort of the Inde endent Examiners to the T￿￿￿￿$ of The Penn and Smith Almsho lrtdÈpendent exarninÈr's reporttothetrustees of The Penn and 5mlth ￿m$hOuSe5 I report to the charity trustees on mye￿mination of the a¢¢tyJnts of The Penn and SrnithAkn5housÈs for the year enifjed 31 March 2024. Responsibitities and basts of report As the charity trustees of thÈ Trust you arÈ responsible for the preparation of the accounts in attordance with the requirements of the CharitÈe5 Art 2011 Ilhe Att'l. I report in respect of my examinat￿￿ of the frusr's accounts carried under seclion 145 of the Act and In carrying out myexamination I havelollowed all applicable Directyon5 gNen bythechartycornmission under section 14515llbl ef the Att. Independent examiner's statement I have Completed my examination. I confirm that no material m4ttprs have come to rnv 3ttention in connection with the eXaminatic￿ gNing me cause to believe th3t irs arry mAtÈrial rÈsped.. accounting records were not kept in rospÈtt of the Trust as required by settK)n 130 of the Act." or the è¢counts do notaccord with Ih05e record5.' or the accounts do nol comply with the applicable requirements concemirff the form artd tontent of 3ccountS sÈt out in thecharities (Accountsand Reports) Re8ulation$2LK18otherthananyrequirementthatthe accounts glve a true and fair ¥iew which is not a mattpi considered as part ofan independent examination. I have no concern5 and hève come across no other matters in conne(tion with the examination to which attentTon should be Oravm in ihi5 report in order io enaole a proper understanding of the accounts io be reached. Matthew Dobbins FCA Dunkley's Woodlands Grange Woodland5 ￿ne Bradley Stoke ri5tol BS32 4JY Date". Pège 7

The Penn and smith Almshouses Statement of finanual artI￿tieS Foi theyear Ènded 31 March 2024 Tat 2024 Total 2021 fvtyds Income &expenditure Incomefrtsnu" MainteTrance Charges ReceDiatrAe lJbvestment Income 93.554 93,554 15.918 88A14 12,140 8Z8 15.918 Ir)tere5t Rece￿ed 2.120 2.120 oth¥ Income 10.930 10.930 11,080 Total 121522 121522 11262 EyrwJi(ure on.. Artiwtie5 In fvrtherarKe of Ihe charty'5obleLtfjs Total Expenditu 12 86A38 86,438 127,440 127,440 86.438 86.438 other recognised kns5es118ain51 124.6961 124.6961 30507 Transfer5between funds 130.m)I Net lexpeDthturellincorne and ￿et movements in funds 30.780 60.780 145,085 Réconciliation otfvnds io Fund balance5 bro￿h1 lorward al 31.03.2UZ3 373,2( 225￿62 599.C67 644,152 Fund balance5 carried forward at 31.03.2024 403.985 255.862 659.847 Thè Statement ol changes in equity include5 all gains and losses in Ihe year. irKomes and expenditures derive frtrm continuing activtties. The notes on pages 12 tD 21 form part ofthese accounts. Pa8e 8

The Penn and Smlth AlmslKJuses statement of financial actiwtie5 ForthE yEar eThAed 31 March 2024 Comparative Statement of Knanaal Attivlties For the Year Ending 31 March 2023 Total 1021 Fund5 F￿￿ts In¢tyMe &EX￿nIfI￿re IncaThefrom.' M3intenanie Charge5 ReiEryable 88.814 In¥estrrent Income 12.140 12,140 Interest Received 828 828 Other￿coMe IiAJ80 11.080 Totsl 112.862 112.862 Expendi￿re on.. ActNitiE5 infwtherance of Ihe th3rWsoblectl¥es Total Expendilure 12 106.313 21,127 127,440 106.313 21.127 127.440 othÈr reco8nised Igainsl 30,S07 ao507 Transfers between funds 129.9881 29,988 Net incame nd net movernentssn fvnds 53,9461 8.861 45.0851 RecOncil￿t￿m ofl¥rJs F￿d balance5 ￿0vEhI1￿rWarf ai 31.03.2022 427.151 217.CQl 644.152 Fund bBlaTrtts tsrri@d forba￿ at 31.03.2023 373.205 225.862 $99.057 The statement c*f changes in equity includes all gain5 and losses in the year. ldl incomes and expenditures derive from continuing actNlties. The note5 on pages 12 to 21 fom part ofthese accounts. Pa8e 9

The Penn and Smrth Almshouses Balance Sheet As at 31 March 2024 Note5 2024 2023 Fixed AssÈts TaDgible assets 501426 30L803 Current a55ets Debtors 691 1.766 Investments 423.288 572,354 C8shat bank 8￿j in hand 8.529 18,740 4325 592,8FA) Currert liabilities CreditoTs Y.052 43,881 34fv52 43,881 Ntt turrert a55ets 398.456 548.979 Longterm creditor 243.035 251.715 Total assèts less cvtyent liabilitie5 659,847 599,067 Capital and reserves Unrestritied fund5 io 403.985 373,205 Designated fun 2SS.862 225.862 659.847 599,067 The Finanaal Statements were approved for issue by the Board ofTnJstees on L310q I. Zol4 and were signed on ils behalf by= Mr C Penn IChair-Trusteel Mr M Fairbanks-smith (Trusteel The notes on pages 12 to 21 forni part of these accounts. Page 10

The Penn and Smith Almshouses Statement of Cashflows For the year ended 31 March 2024 2024 20Z3 CASH FLOWS FROM OPERATrNG AcrtvrrrE5: Netcoshprovided ty{u5edinl operotlngortivi 17,173 121,9261 Cash flowsfrom investing a(ti¥ities: Diwdends and interest from investments 1lncreasel1dec￿ase in 5hortterm deposf($ Ind Investments PurchasÈ of property, plant and equiprnent Ilncreaselldecrease in 5hortterm deposits and investrnents .018 12.968 I217.8￿) 14,6141 In.378 4?￿77 Ilet cosh provldedbylt15edinl Investing ¢7rtiwtie& 127.3841 56,131 Chungein cosh ondcpsh equivalents In thereporting PEriod Cash and cash equivalents atthe bEgihrtlngof the reporting perfod Cush 17ndwsh e4ulvttlents ot the endojthe reporting period 110,2111 1343051 18,7tl0 51.D45 85Z9 18.740 The notes on pages 12 to 21 fom) part ofthese accounts. Page 11

The Penn and Smith Almsl¥)uses Note5 to the financial ststements Icurtlnued} Forthe year ended 31 March 2024 l{al Pri nc i pal Accounting pdicles Basis ￿ accounting The Financ131 Statements have been prepared in accordance with Financial RepDrting Standard 102- the financial reporting standard applicable in the UK and Republic of Ireland IFRS1021 the Statement of Recommended Practi￿.. Accounting by Registered Social landlords Update 2018 ISORPI and the Accounting Direction for Private Registered Providers of Social Housing 2DI9. The Financial Staternents are prepared on the historical cost and accruals basis of accountin& as modified to include the fair value of finanaal instruments and on the basis of going concern. The accounting policies set oul below have. unless otherwise rtated. been applied Consistent￿ to all periods presented in these Financial Statements. Going concern The Charitvs business aciivities and factors likely to affect its plans for the future are Set out within the Report of the 8gard of Trustees. The Charity has adequate unrestricied re5erve5 and desi8nated reserves with which to furKI its financial obligations and day to day operation5. Orh thi5 basi5. Ihe Board of Trustees has a reasonable expectation that the Charf(v has adequate restsur￿s to Continue in operational existence for the foreseeable future, being a period of at least twelve month5 afterthe date on which the report and financial statements are signed. Forthis reason. it continues to adopt the EoinE concem basis in the Financial Statements. Income Income represents maintenance charge income from licen5ee5 and service charge5 recefvable whlch are recognised when the Charity is entitled to thèm together with the amortiS3tion of c3pit31 grant. Maintenanie charge5 and Service chaige5 are 5hDwn net of void losses which are onty reco8nised where the propertie5 are available for occupation. Fixed Assets Fixed assets arè Stated u5in8 the c05t model at C05t, less cumulatTve deP￿CiatIon, less impairment. Fixed as5et5 includes housing properties held for social benefit purposes and scheme equipment. Housing properties are properties available for rent and a￿ stated at cost less cumulaiive depreciation. There is no record of the original c051 of the housing properties and consequently no value is attributed thereto. The Housin8 Propertie5 Cort relate to improvements, some ol which were funded by a Housing Coiporation Grant and a mortgage loan from the London Borough of Southw3rk which has now been ful￿ repaid. Scheme equipmenl 15 shown at cost less cumulative depreuation. Subsequent expelyditure to housing propertte5 Works which result In an enhancement of economic benefits to ihe property li.e. an increase in rental income, reducrion in fuLure mainten3nce costs or st8nificant extension of life to the property) for a period of ten years or more are deemed to be improvements and are capitalised and depreciated in accordance with their expected e£onomic life. Improvewnents to properties that relate to pre- identified asset components are also capitalised and depreuated over the expected econornic life of the component. Pa8e 12

The Penn and Smith Almshouses Notes to the firtancial statements {continued} Forthe year ended 31 March 2024 Ila) Prlncipal Ac(<buntinE policies Icontinuedl All other expenditure on repairs incurred over the life of a property to maintain the fabric of the original asset is tharged to the Statement of Financial Activities as incurred. Depreciation Freehold land is r￿t depreaated. In accordance with the Statement of Recommended Practice, the depreciation policyof the Charity is to write off the cost of improvements over a period of up to 50 years commencing the later of I April 2003 and prartical completion. Using comwnent C05ting principles housing properties are divided into c¢mponents whÉch are depreciated at the followng annu31 ratès-. Component Building structure, roofin& drainage. roadways and footpaths Doors and windDW5 Kitchens and Bathrooms Heating Boiler5 Lrfe (Years) 50 30 25 15 Depreciatitsn 2.0% 3.3% 6.6% Scheme equipment is depre¢￿ted at varying annual rate5 a5 follows= CompDnent Security, heating and aerials Warden alarm Other shared areas Other scheme equipment Life Iyearsl 20 15 io Depreciation 6.6% 10.0% 25.0% Social housing grant SDCIBI Hou5ingGrant ISHGI ¢s a capital grant madetothe Charity tovrdrdsthe cost of acquiring, building or major alterations to housing properties_ Soryal Housin8 Grant was ￿ceiVed from the Housing Corporation. Soaal Housing Grant is irtcluded in Creditors: amounts falling due within one year and amounts falling due after more than one year in the Statement of Financial P051tion. It is amortised annually to the Statement of Comprehen5ivÈ Income over the expetted usefvl lives of ihe a55etS to which it relates. The accumulated amortised grant represents a conlingent liability that rnay materlalise when the relevant property to which the amortised grant relates to ￿aSe5 to be used for social housing purposes. usually due to disposal of the housing asset. Grants are usually repayable unless formally abated. waived or recycled. Therefore, they may be repayable in certain circumstances, primarily the sale of property. Revaluation of current asset investments Current assets investments are stated at market value. Any unrealised Surplus or deficit arising on revaluation of the investments 15 recognised in the Ststement of Comprehensive Income. The 38gregate realised surplus or deficit arising on the sale of investments is refletted in the Statement of Comprehen5Ne Incomne. Designated reseTrves The Charity sets aside a reserve for an established regular programme of cyclical repairs and maintenance, and an extraordinary repbirs reserve foi a programme of major repairs on housing properties. The costof cydical and ertraordinary repairs ischargedtothestatement of Comprehensive PaEe A3

The Penn and Smiih Alm5house5 Notes to the financial statements (tontinued) Forthe year ended 31 March 2024 i{al Prfnclpal Attounting policie5 Icontinuedl Income in the period in which they are incurred subject to transfers to or from the cyclical and extraordinary repairs reseNes. Financial Instruments- basicfinancial instruments Trude and other debtors/creditor5 Trade and other debtors l ryeditors are ￿CO&nISed initially at trar￿ctIon price plus attrib￿able transaction costs. Subsequent to initial remgnitiorh they are measurcd at amortised cost using the effective interest meihod, less any impaimierht1055es in the case of trade debtors. In line with FRS 102 settion 34.. the Chèrity as a public benefit entity. ha5 accDunted for a5 conce55ionary loans all debtors or creditors that would have been classified as financing transactitrns such as deferred payment arrangemènt and are therefore being carried in the Statement of Financial Position at amortised cost. Contessionary loans are linancing arrangements between a public benefit entity such as the Trust and another party at nil percent or at below mèrket rate of interest that are nDt repayable on demand and are for the purposes of furtherin8 the obJettr￿e5 of the public benefit entity. Short-tenn investments Investments made by the Charity are a combination of short terni b3nk deposits and fund InvesEments mana£ed by specialist mènagers and provided for not for Prof￿ investors. The short term bank deFQSlts are classified as basic and reCogn￿d at amortised w5t Using an effective interest rate. The fund investments are classrfied as COTnplex instruments and recoEnised at market value. Market value is based on a publicly 3vail3ble price. Gains and 105se5 on revaluation of fund investments are included in the Statement of ComprehensNe Income. Other lon9-term creditofs Other long-term creditor5 include the unamortised element of the 50cial housing grant IE55 an amount due for afflortisation in the following year. Cush and cosh equivulents Cash and cash equivalents comprise cash balances and short term investments, which can be liquidated at short notice with no loss of capital. Ilbl Judgements and actourbting estimat The preparation of the Financial Statements requires the Board of Trustees to make judgements, estimates and assurnptions that affert the amounts reported for assets and liabilbties at the reporting date and the amount5 reported for revenues and expen5e5 during the year_ However, the nature of estimation means that actual outcomes could differ froTn those estimates. The following judgements and estimates have had the most significant effert on amounts recoenised in the Finanoal Statem2nts.' Clossificotion of housingproperties In determining the intended use of its housing propenies. the Charity has constdèred if the 3s%et 15 held for social benefit or to Èarn commercial rentals. The Charily has determined th3t its housing portfolio is held for SDcial benefit purp05es. Page 14

The Penn and Smith Alm51Ku5e5 Notes to the financial statements Iconlinuedl For theyear ended 31 Marth 2024 Other Intome 3L03.2024 31.03.ZQ23 Amortisatw)n of Ca￿￿talgran1 Other incorf 8,660 2,250 2.4OCt 10,930 11.<J80 Tangible Flxed A$￿ts Freehokl IwJu5 FLYLures Total andfitting5 3L.03.Z024 ¢￿tOr revalua At l April 2023 Addiiion5 544.184 12,946 557.130 217,8(N) 761.984 774.930 Depreclatlon At l April 2023 246.995 .332 255.327 Charge in year 15,177 15.177 262.172 8,312 270,504 NettoSt/val￿3IirX7dt 31.03_2D24 499.812 4.614 $04,426 Nei Co￿¥alLtiOn 31.03.2023 297,189 4,614 301.803 Th@ Chartty was established in the late nineteenth ￿ntUry. There 15 nD record of the Ori￿nal cost of the almshouses and no value is attributed thereto. The èbove details relate to improvements carried out Since 1982, some of which were funded by what was then called the Housing Corporation and London Borough of Greenwich Grants of £433.992. The Charity holds the freeho5d to the land on which these pr¢Jperties improvements are siluated. The housing properties consist of 10 dwelling5 in the Antient Pèrish of Greenwich. Page 15

Thè Penn and Smth Almshouses Notes to the financial stalements (continuedl Forthe year ended 31 Marth 2024 Chanty I￿￿5￿￿Ént Fur 2024 Total 2023 Total dep05ttiLmd MBrkEtvalue31.03.2021 366,440 205.914 571354 573,448 Purchas 1249A331 2.120 1249.8331 14.071 Movements in vear 11951 378.391 29.413 141.1991 336.592 602.861 62,IXX) 61LX)O 24,696 Net inve5rments Ilossesvgains Marketvalue 31.03.2024 24.696 130,5071 403,087 20.201 423.288 572.354 Cost 31.03.2024 319.033 20,201 339,234 513.114 Debtors 31.032024 3L03.ZOZ3 Malntenanoand service charge in arrears 691 1,766 691 1,76S Credltors: amounts falling due within one year JL03.2024 31.oa.2023 Amounts falling duewithin one¥ear c￿￿110[5 25,372 35.201 Deferred sooal ￿u%￿arant intome 8.680 34.052 41.881 The Charity's policy is to pay all invoice5 Within 28 days or in accordance with agreed tem)s. Page 16

The Penn and Smith Almshouses Notes to the financial 5tstemeJts {conlinued} For the year ended 31 Ma￿h 2024 Credltoys: amounts falling due after more than one year 31m.2024 3L03.1023 Deferied 50aal hDu￿n8#rant i•¢ome 241,035 251.715 Oeferred erant incomè 3LO3.2Q4 31.03.2023 Grant rK6i¥ed: At l April and ai Marc 433.992 433992 Amorti53tionof yant 1173,597] 1164.9171 Charyt ftsrlheyeai 8.6801 8.680 At 31 March 1182.2771 IL73,5971 Netvalueofyant At i April 2W.395 269.075 At 31 Marth 251.71S 260,395 Ana￿￿SOfun￿rn0rti￿d8r Amounts dveTMthinoThe year 8,680 8,680 Amounts dye after rrrt)re than oneyear 243.035 251,715 251.715 260.395 Reconciliation ot net {expenditure}lincorne to net cash flow from operating activitiès 2014 2023 etlntowrfvi ihe repotkng wiiod pertk ststrn•nt of finaTrci31 Jctmtv 60.780 145,0851 Adjustmertts For.. Dewecthth?n charges Jnort153tK)n of capffalgrart Losses1l4ai￿j on in¥estrnentS Divide￿$ and intÈrEstfrorn imrestmthts 16.561 11,660 18.6801 30.507 124,6961 IL8,0381 1.075 112.9681 tleue3se/linuea5el irt debrors (Decrwellintsease in creditors I4￿8 19.8291 112,3581 Net Lash pro￿ded byJlusedinlopeTrtinÈ 17,173 121,9251 Page 17

The Penn and Smith Almsho4 Notes to the financial statements Icontinued) For the year ended 31 March 2024 ii. Analysls of fund assets and liabhlities Deswate 3LPS.21J24 Total TanE1b￿ ftxed assets 49&958 7.468 504,426 CUr<￿t assetinvesthxnts 174.894 248.394 423,288 evrr¥rtssers 9.2XJ 9.22D Currw)t liabilitses 134,OS2} 134.0521 L￿gtermItsi4l1tIeS 1243x1351 1243,0351 403.98S 2SS.862 659,847 31.032023 Toial fund5 Ta￿￿efiXeda55et5 2Y.335 30103 Current355et investrnents 353.960 218J9a 2.354 Current iS5ets 20,5r Current Iiabilt*5 143.8811 1251.71SI 143,8811 LO￿terni liabilitlES 1251.7151 373.205 225.862 599,067 Pa8e 19

The Penn and Smith ￿MshoU$e5 Notes to the financlal statements (continued) For the year ended ai March 2024 12. Charitable Activities- almshousè accommodation Unre5tridedftmd A(rwnulated 31.03.2024 Total cu5ts ServKe charge C¢5ts Rolrtine maintenaKe 9.041 9,041 23.639 23￿34 Depreciatio 16,561 16561 49.241 49.241 JL.03.2013 Tolalcosts Acumulated Service charge tL>Sts Routine maintenaKe 11.020 11.020 34.811 21.127 55.938 Depreciaknon 11.660 11.660 57,491 Zl.127 78.618 Charitablè ActhiltiÈs- Support aFtd Governance Costs De￿tsed 3Lm.2024 T¢J nd5 A¢cumulated mshouge anagprnent Other c05rs 37.197 37.197 37,197 37.197 Vrnrestricted funds 3L03.2023 rotal fLknds Almshouse management 48.822 48,822 Otbtrrcost5 48.822 48B22 paÉe 20

The Penn and Smith Amshouse5 Note5 to the finantial statements Icontinuedl For thè year Ènded 31 March 2024 13. Payments to trustees No trustees re￿iVed any remuneration from the tharity during the year 12023.. Nill. Travel expenses amounting to £nil12023.- £nill were T￿rnbursed to no12023'. 01 trustee5. The Charity considers its key management personnel comprise theTrustee& Thetotsl employment benefits. including employer pension corts of key management personnel were Enil12023: £nill. There were no employees in this charity in 2024 {2023.. Nill. 14. Related party tran5artions There were no rel3ied party transactions during the finanaal year ended 31 March 2024 nor in the prior year. 15. ContiThdent liabilitie5 ¥i*ng from amortlsation of Go¥ernmentgrants The Charity has received financial a5SiStance from Homes England {formerfy the Housing Coiporationl and these government grants are accounted for as deferred income as long term liabilities in the Balance Sheel and are amorttsed annually tD the Statement of Finanaal Activitie5 based on the lrfe of the asset to which it relates. The amount amortised reptesEnts a contingent liabilty to the Charity and will be recognised a5 a liaknlity when the properties funded by the relevant Government grant are disposed of or when the property ceases to be used for almshouse accommcmlatiort purposes. Note 8 atKve Sets out the amount of grant received and the amountthat has been amortised. The Trustees are not aware of any other contingent liabilttiÈs. 16. Share capital The Charity is an unincorporated charity registered with the Charity Commission. P3Be 21

The Penn and Smith AlmshO￿eS Notes tt* the financial statements (continued) For the year ended 31 March 2024 Detalled Income and Empenditure Actount Ir￿(￿ne& expendrflure Incomefrom.. RÈnt receivable 85.$8B ice ChargE Incu51 Irbve5trn£pt IntoThe IS￿13 15.918 Inteiest Re￿IvEd 2.120 1120 orusarion of capital 8rant Other iNome 2.250 2.250 Tot 121522 121522 ExpEnditurÉ ￿.. Acti￿1¢$ in fvrtheranceof the ¢harirfs Object￿e5 LettinÈa¢tlvitles c￿nalT￿¥ 3nd WarÈr rates JJ72 1.272 ght and Heat Repairs and rnalntenèr￿e 3.661 1.661 12352 11952 ¥ii aeanin8aAd 8ardeninB Insurance 4.108 4.108 Z.S23 523 Depreuation 16561 16.561 shouse management 5undryexpenses subscriptions 41fi62 41.662 2.950 2.950 749 749 86AaB 84438 Other rt¢oEniSedg￿Ths 24,696 24.696 60,780 EO.78D Thisyuge (k)esnotJormpurt of thefinoKioAstottments Page 22