Charity registration number 238044 Regulator of Soclal Houslng reglstratlon number A2334 The Penn and Smith Almshouses Annual report and financial statements For the year ended 31 March 2025
The Penn and Smith Almshouses Legal and administrative information Charlty number 238044 Regulator of Social Housing reglstratlon number A2334 Trustee The Penn and Smith Almshouses Trustee Ltd Icompany registration 141914271 Clerk to the trustees and managing agent The Trust Partnership 6 Trull Farm Buildings Trull Tetbury Gloucestershire GL8 85Q Independent examiner Ounkley's Woodlands Grange Woodlands Bradley Stoke Bristol BS32 4JY Bankers Unity Trust Bank PO Box 7193 Planetary Road Willenhall WVI 9DG
The Penn and Smith Almshouses Contents Page Report of the trustees Report of the independent examiner Statement of financial artivities Balance sheet Statement of cash flows io Notes to the accounts 11-20 Detailed statement of financial activities 21
The Penn and Smith Almshouses Report of the Board of Trustees Icontinuedl For the year ended 31 March 2025 Structurej governance and management On 20 May 2024 the Charity Commission granted permission for The Penn and Smith Almshouse Trustee to be the sole corporate trustee of the Charity. The Charity Commission had previously granted permission for the charity to change its name to The Penn and Smith Almshouses. The Directors of the Penn and Smith Almshouse Trustee Ltd are the former trustees of the Charity prior to the sole corporate trustee being appointed. Namely.. Mr Christopher Penn Mr Mark Fairbanks-smith Mr Rory Penn Mr Charles Fairbanks-smith Mr John Stanley Rev Simon Winn. During the year to 31 Marth 2025 the governing document of the Charity was updated to be more relevant to the beneficiary group. This took the form of administrative changes by way of a s280 resolution dated 12 October 2023. For the change to the eligibility of beneficiaries and an amendment to the reference to the Extraordinary Repair Fund, the Charity Commission granted permission by way of a Scheme dated 11 November 2024. The corporate trustee is responsible forthe overall management and tontrol of the Charity and meets a minimum of three times a year. All Directors of the corporate trustee give of their time freely and no remuneration or expenses were paid in the year. Directors are required to disclose all relevant interests and to withdraw from decisions where a conflict of interest arises. The existing Directors have been specifically recruited with relevant qualifications and experience to asSISt with the responsibility of the corporate trustee to maintain the Charitvs listed property and to care for the wellbeing of the residents. The Trust Partnership was appointed to provide clerking services and to act as managing agent for property maintenance and resident welfare in September 2022. Organisational management The corporate trustee determines the general policies of the Charity. The day-to-day management and administration of the Charity was provided by Anchor Hanover Group (the managing agent) under a commercially agreed management agreement to 31 August 2022 and by The Trust Partnership (clerk and managing agent) from I September 2022. Operational management reports and atcounts are prepared and presented by the managing agent to the corporate trustee for its consideration. Rlsk management The corporate trustee is responsible for the overseeing of the risks faced by the Charity. Detailed considerations of risk are delegated tothe managing agent. Risks are identified, assessed and controls are established throughout the year. Through the risk management processes established for the Charity, the corporate trustee is satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.
The Penn and Smith Almshouses Report of the Board of Trustees Icontinuedl For the year ended 31 March 2025 Objects The governing instruments, under which Th e Penn a n d Smith Almshouses is established and operated, are the Charity Commissioners Scheme dated 11 November 1955 as amended by the Scheme dated 7 December 1979 as amended by resolution dated 12 October 2023 as amended by Scheme dated 20 May 2024 as amended by Scheme dated 11 November 2024. The Object of the Charity, which was updated by the Scheme dated 11 November 2024 is to provide almshouse5 for people over 55 years of age who are in financial need with a preference for persons who have resided in the London Boroughs of Greenwich and Lewisham for not less than three years prior to making an applitation. Public Benefit There are 10 almshouses all fully occupied by eligible beneficiaries. There were no vacancies in the year ended 31 March 2025. Review of operation5 The Charity receives income from charges raised on residents in the form of services charges and licence fees Iknown as Weekly Maintenance Contributions paid monthly). The service charges are raised to cover the costs of providing support and services to the residents and maintenance of the grounds and equipment. Licence fees are charged to the residents in line with Government guidance and are used to cover maintenance of the properties in the year and to provide resources to meet future planned repairs costs. In line with the Charity's obligation to maintain the properties in good repair and in order to provide accommodation to beneficiaries, the Charity continues to review the fabric of the building by means of planned works programmes and stock condition surveys undertaken by the managing agent and outsourced surveyors. The Charity undertook a planned programme of repairs and maintenance during the year as identified by the Quinquennial survey of JanLJary 2023 la stock condition survey). Further planned works are due in 202516. The activities for the year are set out on page 7 in the Statement of Financial Activities. There is aloss of £74,195 for the year 12024.. surplus £60,7801. Excluding a gain on revaluation of investments of £2,147 12024.. gain £24,696) there was a loss on ordinary activities of £76,34212024.' surplus £36,084). Principal risks and uncertainties There are several risks in the external environment, particularly geo-political, that are contributing to significant challenges for all providers. All of these factors are contributing to inflationary pressures which the corporate trustee is actively managing as key area of risk, with focus on maintaining properties, managing and anticipating fin3ncial impacts, and monitoring the potential negative impacts of the conditions on the Charity. Maintenance of the almshouse properties is dependent on the timely and effective performance by third party contractors of their obligations, exposing the Charity to the potential risk of having less control over the quality of the services. The performance of contr3Cts may be subject to disruption for a variety of reasons including availability of materials, work stoppages, labour constraints, and is impacted by macroeconomic conditions. The properties are Listed Buildings, further adding to the cost of maintenance. The managing agents work closely with contractors and undertake appropriate due diligence and procurement procedures. Appropriately qualified surveyors are employed to oversee tontracts for programmed works.
The Penn and Smith Almshouses Report of the Board of Trustees Icontinuedl For the year ended 31 March 2025 Future Plans The corporate trustee is preparing to undertake the remaining works identified in the 2023 Quinquennial Survey during the course of the next 24 months. Going Concern After making enquiries and examining major areas which could give rise to significant financial exposure, the Trustees are satisfied that no material or significant exposures exist as reflected in these Financial Statements and that the Trust has adequate resources to continue its operations for the foreseeable future. For this reason, we continue to adopt the going concern basis in preparing these financial statements. Charitable and political contributions No contributions were made during the financial year. Employees The Charity has no employee5.
The Penn and Smlth Almshouses Report of the Board of Trustees Icontlnuedl For the year ended 31 March 2025 Value for money statement The Board of Trustees adopts a process of continuous review when assessing value for money giving due regard to balancing the need to preserve the financial integrity of the Charity into the future with the need and tost of repairing. maintaining and improving the Charivs properties and looking after the welfare of the residents. At regular meetings of the Board of Trustees reports are presented by the Managing Agent, covering housing management, repairs and maintenance and financial performance and issues. These are scrutinised and questioned by the Board of Trustees to ensure that value for money and operational performance are r)ot compromised with regard to the Charity and residents of the Charitvs properties. The managing agent has financial Controls and delegated authority leve15 in place which have been agreed with the Board of Trustees and a financial review of both the Management Accounts and the charitV'S Investment Portfolio are carried out at each quarterly meeting. Larger scale projects are outsourced to an external agency with the approval of the Board of Trustees to ensure strict tender guidelines are adhered to and 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 Metrics Technical Note Guidance issue in June 2019 registered providers with a stock of less than 1,000 units are required to publish their Value for Money metrics. These are shown below for the Charity. 2025 2024 Metric l - Re-investment Yo 0% This metric looks at the investment in properties lexisting stock as well as New Supply) as a percentage of the value of total properties held. For the Charity with its limited resources the focus is on maintaining its existing properties in to the future. Planned and routine maintenance are a part of this and all, but the largest planned works are expended through the Statement of Comprehensive Income and charged to the cyclical and extraordinary repair5 reserve 2025 2024 Metric 2a - New supply delivered (social housing units) % Metric 2b- New supply delivered Inon-social housing units) % Oyo This metric sets out the number of new social housing and non-social housing units that have been acquired or developed in the year as a proportion of total social housing units and non-social housing units owned at period end. The Charitvs focus is on maintaining its existing properties into the future and currently does not have the f inancial capacity to develop new properties. 2025 2024 Metric 3 - GearinE % Thi5 metric assesses how much of the adjusted assets are made up of debt and the degree of dependence on debt finance. The Charity has no loans or overdraft facilities. The negative ratio is a result of the cash balances held. Cash that is in excess of short term operational requirements is invested in Charity Investment Funds. The tangible fixed assets which the cash and loans are Compared to 15 also relatively low as there is no cost associated with the original cost of the properties. only subsequent capitalised repairs expenditure.
The Penn and Smlth Almshouses Report of the Board of Trustees Icontlnuedl For the year ended 31 March 2025 2025 2024 Metric 4- EBITDA MRI interest cover % This metric is a key indicator for liquidity and investment capacity. It seeks to measure the level of surplus that a 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. 2025 £19,516 2024 £6,988 Metric 5- Headline social housing cost per year This metric assesses the headline social housing cost per unit as defined by the Regulator. The decrease in the cost per unit for 2023 is due to a decrease in major repairs expenditure and other costs in the year. 2025 2024 Metric 6a- Operating margin Isocial housing lettingsl % Metric 6b- Operating margin loveralll % -85¥0 -85% 8% 12Y. This metric demonstrates the prof itability of operating 3ssets before exceptional expenses are taken into account. Increasing margins are one way to improve the financial efficiency of a business. In assessing this ratio, it is important that consideration is given to registered providers, purpose and objectives (including their social objectives). 2025 2024 Metric 7- Return on Capital Employed IROCEI % Thi5 metric compares the operating surplus to total assets less current liabilities and is a common measure in the commercial sector to assess the efficient investment of capital resources
The Penn and Smlth Almshouses Report of the Board of Trustees Icontlnuedl For the year ended 31 March 2025 Statement of the Board of Trustees responslbllltles In respect of the Annual Report and the Financial Statements Under the trust deed of the Charity and charity law, the Board of Trustees is responsible for preparing the Annual Report and the Financial Statements in accordance with applicable law and regulations. The Board of Trustees has elected lo prepare the financial statements in accordance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. The Financial Statements are required by law to give a true and fair view of the stale of affairs of the Charity and of the surplus or deficit for that period. In preparing these Financial Statements, the Board of Trustees is required to.. select suitable accounting policies and then apply them consistently- make judgments and estimates that are reasonable and prudent., state whether applicable UK Accounting Standards and the Statement of Recommended Practice have been followed, subject to any material departures disclosed and explained in the Financial Statements., stste whether the Financial Statements comply with the trust deed, subject to any material departures disclosed and explained in the Financial Stalemenls., and prepare the Financial Statements on the going concern basis unless il is inappropriate to presume that the Charity will continue in business. The Board of Trustees is required lo act in accordance with the trust deed of the Charity, within the framework of trust law. The Board of Trustees is responsible for keeping proper accounting records, sufficient to disclose at any time, with reasonable accuracy, the financial position of the Charity al that time and enable the Board of Trustees to ensure that ils Financial Stslemenls comply with the Charities Act 2011, the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing 2019. The Board of Trustees is responsible for such internal control as it determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and has general responsibility for taking such steps as are reasonably open to them lo safeguard the assets of the Charity and to prevent and delect fraud and other irregularities. Statement of disclosure of information to the examiner The Trustees who held office at the date of approval of this Report of the Board of the Trustees confirm that, so far as they are each aware, there is no relevant audit information of which the Charity's auditor is unaware and each Trustee has taken all the steps that they ought to have taken as Trustees to make themselves aware of any relevant audit information and to establish that the Charit5 auditor is aware of that information. Independent Examiner A resolution to appoint Dunkley and Co. as Independent examiner will be proFosed at the next annual 8eneral meeting. 8y order of the Board of Trustees Mr C Penn Trnstee Mr M Falrbank>Smlth Trnstee Date: 28.08.25
The Penn and Smith Almshouses Re ort of the Inde ndent Examlners to the Trustees of The Penn and Smlth Almshouses Independent examiner's report to the trustees of The Penn and Smith Almshouse5 I report to the charity trustees on my examination of the accounts of The Penn and Smith Almshouses for the year ended 31 March 2025. Rèsponsibilitiès and basis of report As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111.the Act'l. I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commi55ion under section 14515llbl of the Act. Independent examiner's statement I have completed my exèmination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or the accounts do not accord with those records; or the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities IAccounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Matthew Dobbins FCA Dunkley's Wotsdlands Grange Woodlands Lane Bradley Stoke Bristol B532 41Y 1910912025 Date..
The Penn and Smith Almshouses Statement of financlal actlvltles For the year ended 31 March 2025 Unrestrlcted Funds Endowment Funds Total 2025 Total ZOZ4 Notes Income & expendlture Income from.. Maintenance Charges RÈcelvable Investment IntomÈ 105,367 105,367 93,554 9,527 9.527 15,918 Interest RecÈived 803 2,120 Other income 8,710 8,710 10,930 Total 124,407 124,407 122,522 Expenditure on= Activities in furtherance of the chHritrf5 0bjertive$ Total ExpÈrtditure 12 200,749 21X),749 86,438 200,749 2CK),749 86,438 Other recogni5ed10sse51lgain51 L055IIGainl on revaluÈtion of fixed a55ets 12,1471 12,1471 124,6961 763,370 1264,5391 14,670,OCM)I 264,539 13,906,630) Tran5fer5 between funds Net lexpenditurel/income and net movement5 in funds 1573,0261 4,405,461 3,832,435 60,780 Reconciliation of fund5 io Fund balances brought forward at 31.03.2024 659,847 659,847 599,067 Fund balances carried fopward at 31.03.2025 86,821 4,405,461 4,492,282 659,847 The statement of changes in equity includes all gains and losses in the year. All incomes and expenditures derive from continuing activities. The notes on pages 11 to 20 form part of these accounts.
The Penn and Smith Almshouses statement of flnanclal actlvltles For the year ended 31 March 2024 Comparative Statement of Financial Activities Forthe Year Ending 31 March 2024 Unrestricted Funds Endowment Funds Total 2024 Notes Income & expenditure Income from: M8intenance Charges Receivable Investment Income 93,554 93,554 15,918 15,918 Interest Received 2,120 2,120 Other Income 10,930 10.930 Total 122,522 122,522 Expenditure on: Actfvltles In lurtherance of the charlty's oblectlves Total Expendlture 12 86,438 86,438 86,438 86,438 Other retognised Igainsl Transfers bÈtween funds 124,6961 124,6961 Net Income and net movements irt funds 60,780 60,780 Retontlllatlon of funds io Fund balances brought forward at 31.03.2023 599,067 599.067 Fund balances carrled forward at 31.03.2024 659.847 659,847 The statement of changes in equity includes all gains and losses in the year. All incomes and expenditures derive from tontinuing activities. The notes on pages 11 to 20 form part of these accounts.
The Penn and Smith Almshouses Balance Sheet As at 31 March 2025 Notes 2025 2024 Fixed Asset5 Tangible a55etS 4,405,461 504,426 Current assets Debtors 1,053 338,612 13,324 691 Investrnents 423,288 8,529 Cash at bank and in hand 352,989 432,508 Current liabilities Creditors 31,813 34,052 31,813 34,052 Net current assets 321,176 398,456 Long term creditor 234,355 243,035 Totsl assets less current Ilabllltles 4.492,282 659,847 Capital and reserves Unrestricted fund5 io 86,821 659,847 Endowtnent fund5 4,405,461 4.492,282 659,847 The Flnand81 Slalements were approved fc¢ l$$ue by the Board of Tru$lees on slgned on its behalf by.. 28.08.25 and we Ch , ,.y4ilT.ID151wJ4iif+ Mr C Pem IChalr-Trustee) Mr M Falrbankfrsmlth (Trustee) The notes on page5 11 to 20 forni part of these accounts.
The Penn and Smith Almshouses Statement of Cashflows For the year ended 31 March 2025 2025 2024 Note CASH FLOWS FROM OPERATING ACTIVITIES.. Net cash provided by lusedinj operating ¢7rtivities 1101,0381 17,173 Cash flows from investing activities: Dividends and interest from investments 10,330 18,038 Purchase of property, plant and equipment 1217,8001 Decrease in Short term deposit5 and investments 95.503 172,378 Net cosh provlded by (usedlnj Investlng octlvltles.. 105,833 127,3841 Change in cash ondcush equivolents in the reporting period Cash and cash equlvalents at the beglnnlng of the reporting period Cash and cq5h equivalents qt the end of the repgrting period 4,795 110,2111 8,529 18,740 13,324 8,529 The notes on pages 11 to 20 form part of these accounts.
The Penn and Smith Almshouses Notes to the financial statements Icontinuedl Forthe year ended 31 March 2025 l{al P rl nc I pa l Accountlng pollcles Basis of accounting The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applitable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective l January 20151 (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Penn and Smith AlmshoLJses Charity constitutes a public benefit entity as defined by FRS 102. The Financial Statements are prepared on the historical cost and accruals basis of accounting, as modified to include the fair value of financial instrument5 and on the basis of going concern. The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these Financial Statements. Going concern The Charity's business activitie5 and factors likely to affect its plans for the future are set out within the Report of the Board of Trustees. The Charity has adequate unrestricted reserves and designated reserves with which to fund its financial obligations and day to day operations. On thi5 basis, the Board of Trustees has a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future, being a period of at least twelve months after the date on which the report and financial statements are signed. For this reason, it continues to adopt the going concern basis in the Financial Statements. Income Income represents maintenance charge income from licensees and service charges receivable which are recognised when the Charity is entitled to them together with the amortisation of capital grant. Maintenance charges and service charges are shown net of void losses which are only recognised where the properties are available for occupation. Fixed Assets The freehold property 'Penn and Smith Almshouse, is shown at market value, following a formal valuation by Fifield Glyn Ltd on 14 October 2024. The market valuation allows the charity to fully reflect the value of the endowment fund. The property at the revalued amount, is its fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Ila) Prlnclpal Accountlng pollcles Icontlnued} Social housing grant Social Housing Grant ISHGI is a capital grant made to the Charity towards the cost of acquiring, building or major alterations to housing properties. Social Housing Grant was received from the Housing Corporation. The Social Housing Grant is no longer included in Creditors.. amounts falling due within one year and amounts falling due after more than one year in the Statement of Financial Position and amortised annually to the Statement of Comprehensive. Income over the expected useful lives of the assets to which it relates. The accumulated amort15ed grant had been considered a contingent liability that may materialise when the relevant property to which the amortised grant relates to ceases 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.
The Penn and Smith Almshouses Notes to the financial statements Icontinuedl Forthe year ended 31 March 2025 Revaluation of current asset investments Current assets investments are stated at market value. Any unrealised Surplus or deficit arising on revaluation of the investments Is recognised in the Statement of Comprehensive Income. The aggregate realised surplus or deficit arising on the sale of investments is reflected in the Statement of Comprehensive Income. Designated reserves The Charity sets aside a reserve for an established regular programme of cyclical repairs and maintenance, and an extraordinary repairs reserve for a programme of major repairs on housing properties. The cost of cyclical and extraordinary repairs is charged to the Statement of Comprehensive Endowment reserves The endowment fund represents those assets which must be held permanently by the Charityi principally investments. Ila) Principal Accounting policies Icontinued} Income in the period in which they are incurred subject to transfers to or from the cyclical and extraordinary repairs reserves. Financial Instruments- basic financial instruments Trade ond other debtorsl creditors Trade and other debtors / creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. In line with FRS 102 section 34- the Charity as a public benefit entity, has accounted for as concessionary loans all debtors or creditors that would have been classified as financing transactions such as deferred payment arrangement and are therefore being carried in the Statement of Financial Position at amortlsed cost. Concessionary loans are financing arrangements between a public benefit entity such as the Trust and another party at nil percent or at below market rate of interest that are not repayable on demand and are for the purposes of furthering the objectives of the public benefit entity. Short-term investment5 Investments made by the Charity are a combination of short term bank deposits and fund investments managed by specialist managers and provided for not for profit investors. The short term bank deposits are classified as basic and recognised at amortised c05t using an effective interest rate. The fund investments are classified as complex instruments and recognised at market value. Market value is based on a publicly available price. Gains and losses on revaluation of fund investments are included in the Statement of Comprehensive Income. Other long-term creditors Other long-term creditors include the unamort15ed element of the social housing grant less an amount dve for amortisation in the following year. Cash and cash equivalents Cash and cash equivalents comprise cash balances and short term investments, which can be liquidated at short notice with no loss of capital.
The Penn and Smith Almshouses Notes to the financial statements Icontinuedl Forthe year ended 31 March 2025 l{bl Judgements and accounting estimates The preparation of the Financial Statements requires the Board of Trustees to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the reporting date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements and estimates have had the most significant effect on amounts recognised in the Financial Statements- Clossificotion of housing properties In determining the intended use of its housing properties, the Charity has considered if the asset is held for social benefit or to earn commercial rentals. The Charity has determined that its housing portfolio is held for social benefit purposes. Other Income 31.03.2025 31.03.2024 Arnortlsation of capit41 gr3nt Other incorne 8,680 30 2,250 8,710 10.930 Tangible Fixed Assets Freehold housing properties Fixtures Total and fittirt8s 31.03.2025 Co$t or revaluation At l April 2024 Revaluation 761,984 12,946 774,930 4,670,000 4,670,000 Additions 0i5pos415 1761.9841 18,3321 1770,3161 4,670,000 4,614 4,674,614 Depreciation At l April 2024 Revaluation 262,172 8,332 270,504 Charge in yèar Disposals 4,900 692 5,592 16,9431 16,9431 267,072 2,081 269,153 Net COSt/valuation at 31.03.2025 4,402,928 2,533 4,405,461 Net COSt/valuation at 31.03.2024 499,812 4,614 504,426
The Penn and Smith Almshouses Notes to the financial statements Icontinuedl Forthe year ended 31 March 2025 The Charity was established in the late nineteenth century. The Charity holds the freehold to the land on which these properties and improvements are situated. The housing properties consist of 10 dwellings in the Ancient Parish of Greenwich. The freehold property 'Penn and Smith Almshouse, is shown at market value, following a formal valuation by Fifield Glyn Ltd on 14 October 2024. Investments Charily Investrnent Fund5 Short terrn deposit fund 2025 Total 2024 Total Market value 31.03.2024 403,087 20,201 423,288 572,354 1249,8331 14,071 Purchase5 Movements in year 16261 402,461 13,803 13,177 34,004 436,465 336,592 Sales iioo,owi 2,147 iioo,cwi 2,147 62,000 24,696 Net investments Ilossesllgains Market value 31.03.2025 304,608 34,004 338,612 423,288 Cost 31.03.2025 214.648 34,004 248,652 339.234 Debtors 31.03.20Z5 31.03.Z024 Maintenance and service charge in arrears Other debrors 1,053 691 1,053 691 Creditors: amounts falling due within one year 31.03.2025 31.03.2024 Amountsfalling due within one year.. MaintÈnance and sÈrvlce chargÈ received in advante Creditors 23,136 25,372 Deferred soclal houslng grant Income 8,680 8,680 31,816 The Charity's policy is to pay all invoices Wlthin 28 days or in accordance with agreed terms. 34,052
The Penn and Smith Almshouses Notes to the financial statements Icontinuedl Forthe year ended 31 March 2025 Creditor5: amounts falling due after more than one year 31.03.2025 31.03.2024 Deferred social housing grant income 234,355 243,035 Deferred grant Income 31.03.2025 31.03.2024 Grant received.. At l April and 31 March 433,992 433,992 Amortlsatlon of grant At l April 1182,2771 1173.5971 Charge for the year 18,6801 18,6801 Write down of gr3nt balance At 31 March 1190,9571 1182,2771 Net value of grant At l April 251,715 260,395 At 31 March 243,035 251,715 AnHlysis of unarnortised grant Amounts due within one year 8,680 8,680 Amounts due aftèr morè than one yèar 234,355 243,035 243,035 251,715 Reconciliation of net income to net cash flow from operating activitie5 2025 2024 Net Income for the reporting period per the statement of financlal actlvltSes 3,832,435 60,780 Adjustmènts for.. Depreciation charges Amortisation of capital grant 1,917 18,6801 767,045 16,561 18,6801 Write down of fixed assets IGainsl on investments Dividends and Interest from investments 14.672,1471 110,3301 13621 110,9161 124,6961 118,0381 1,075 IlncreasellDecrease in debtors IDecrea5È1 in creditors 19,8291 Net cash lused inllprovided by operating aclivities 1101,0381 17,173
u u
The Penn and Smith Almshouses Notes to the financial statements (continued) For the year ended 31 March 2025 ii. Analysls of fund assets and Ilabilities Unre$tri£ted lunds DesigThated funds Endowment funds 31.03.2025 Totsl Tansible fixed a55et5 4.405,461 4,405,461 Current asset investments 262,026 76.586 338,612 Current assets 14,377 14,377 131.8131 131.8131 1234,3551 1234,3551 10,235 76.586 4.405.461 4.492.282 Unrestritted lunds Deslgnated funds Endowme funds 31.03.2024 Total Tangible fixed assets 496,958 174,894 7,468 248,394 S04,426 Current asset investments 423,288 Current assets 9,220 9,220 134,0521 134,0521 1243,0351 1243,0351 403,985 255,862 659,847 P3ge 21
The Penn and Smith Almshouses Notes to the financial statements (continued) For the year ended 31 March 2025 12. Charitable Activities- almshouse accommodation Unrestrirted fvnd Accurnulated Designated fvnds Extraordinary repair5 31.03.2025 Total costs Service ch4rge C05tS Routine maintenance 7,237 7,237 142,747 142,747 Depreci3tion 5,592 5,592 155,576 155,576 Unrestrirted fund Accumulated Designated funds Extraordinary repairs 31.03.2024 Total costs Service charge costs Routine tnainten3nce 9,041 9,041 23,639 23,639 Depreci8tion 16,561 16,561 49,241 49,241 Charltable Actlvltles- Support and Governance Costs Unrestrirted lund5 Accumulated Designated lund5 Extraordinary repair5 31.03.2025 Total Costs Almshouse management other costs 45,173 45,173 45,173 45,173 Unrestrirted lund5 Accumulated Designated lund5 Extraordinary repair5 31.03.2024 Totsl Costs Almshouse management 37,197 37,197 Other costs 37.197 37,197 P3ge 22
The Penn and Smith Almshouses Notes to the financial statements (continued) For the year ended 31 March 2025 13. Payments to trustees No trustees received any remuneration from the charity during the year12024.. £nill and travel expense5 amounting to £nil12024.' £nill were reimbursed to no12024.' Nil) trustees. The Charity considers its key management personnel comprise the Trustees. The total employment benefits, including employer pension costs of key management personnel were £nil12024.. £nill. There were no employees in this charity in 202512024.. Nill- 14. Related party transactions Mr M Fairbanks-smith is a Director of Sarasin and Partners LLP but is not a signatory for transartions relating to Penn and Smith Almshouses. During the year ended 31 March 2025 investment income totaling £9,527 was received from Sarasin and Partners LLP12024 £15,917) and £IOO,000 was withdrawn from the portfolio12024 £153,235 withdrawn). 15. Contingent1Sabllities arlslng from amortlsatlon of Government grants The Charity received financial assistance from Homes England Iformerly the Housing Corporation) and these government grants were accounted for as deferred income as long term liabilities in the Balance Sheet and were amortised annually to the Statement of Financial Activities based on the life of the asset to which it relate5. The amount amortised represented a contingent liability to the Charity and will be recognised as a liability when the properties funded by the relevant Government grant are disposed of or when the property ceases to be used for almshouse accommodation purposes. Note 8 above sets out the amount of grant received and the amount that has been amortised. The Trustees are not aware of any other contingent liabilities. 16. Share capital The Charity is an unincorporated charity registered with the Charity Commission. P3ge 23