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 Charit￿5 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