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2022-03-31-accounts

Charity Registration No. 280039

Company Registration No. 01475148 (England and Wales)

PENRICE HOUSE (ST AUSTELL) LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

PENRICE HOUSE (ST AUSTELL) LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr PG Snell #§
Mr AP Tregilgas *
Dr PB Foster †
Dr R Bown §
Mrs LB Sampson †^
Mr DS Boardman *
Miss J Burden#
Mrs N Hughes*^ (Appointed 13 July 2021)
Mr A Hereward^
Secretary Mr J Childs
Charity number 280039
Company number 01475148
Auditor RRL LLP
Peat House
Newham Road
TRURO
Cornwall
TR1 2DP
Bankers National Westminster Bank Plc
1 Church Street
ST AUSTELL
Cornwall
PL25 4AW
Solicitors Stephens Scown LLP
1 High Cross Street
ST AUSTELL
Cornwall
PL25 4AB
Coodes LLP
St Austell Business Park
Carnclaze
ST AUSTELL
Cornwall
PL25 4FD
Investment advisors Investec Bank Plc
2 Gresham Street
LONDON
EC2V 7QP

PENRICE HOUSE (ST AUSTELL) LIMITED

CONTENTS

Page
Trustees' report 1 - 4
Statement of Trustees' responsibilities 5
Independent auditor's report 6 - 8
Statement of financial activities 9
Balance sheet 10 - 11
Statement of cash flows 12
Notes to the financial statements 13 - 28

PENRICE HOUSE (ST AUSTELL) LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2022

The Trustees present their annual report and financial statements for the year ended 31 March 2022.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Objectives and activities

The charity’s objects are to operate a home for the elderly with or without provision for the elderly when they are sick or infirm.

In setting objectives and planning the activities of the Home the Trustees have given careful consideration to the Charity Commission’s general guidance on public benefit and supplementary guidance on fee charging.

Whilst Penrice House welcomes both private and publically funded residents, it benefits from the Fred Lovering Assistance Fund which is used to support residents who are in financial need.

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Principal activities of the year

The charity is principally engaged in the operation of a home for the elderly at Penrice House, Porthpean, St Austell which is registered for 29 residents under the Registered Homes Act 1984.

The business of the charity is managed by the Trustees who meet at least four times each calendar year. A number of sub-committees have been established with specific responsibilities and the day-to-day management of the Home is undertaken jointly by the Business Manager and the Care Manager. There has been no significant change in the activities of the charity during the year other than those necessitated by the threat of Covid-19.

All of our charitable activities focus on the provision of care to the elderly and are undertaken to further our charitable purposes for the public benefit.

Achievements and performance

The Trustees are committed to ensuring that residents at Penrice House receive high quality care in a comfortable environment. During the year staff training and development has continued to ensure that residents are well supported by trained and professional staff. A programme of redecoration and refurbishment of the house has continued this year to ensure that the Home remains a comfortable and pleasant environment for residents, staff and visitors to enjoy.

Residents are encouraged to become involved in local community events and the charity has arranged regular trips for all its residents including visits to local garden centres and cafes. Members of the local community are invited to attend events at the Home, for example fayres. The Home also arranges a wide variety of activities for residents including craft, music and cooking activities and trips around the grounds in the Home’s golf buggy.

Subject to Covid 19 infection rates in the community, and where considered safe to do so, some excursions off site e.g. church attendance, have recommenced. Visits by relatives and a few in house activities have also resumed but not events such as fayres which would attract large attendances of visitors.

Residents’ meetings take place monthly with feedback included in the monthly newsletter in addition to the minutes of these meetings. In addition the Trustees meet with staff and residents and their families regularly. Requests and suggestions from residents, staff and others are carefully considered by the Trustees and supported whenever reasonably possible.

PENRICE HOUSE (ST AUSTELL) LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Financial review

The charity's income for the year was £1,163,248 (2021: £965,808) and its expenditure was £1,116,907 (2021: £980,830). The net movement in funds for the year was an increase of £140,251 (2021: £400,433). The charity has free reserves at the end of the year of £2,336,201 (2021: £2,155,072).

Reserves policy

In order that the charity can meet its objective of managing and operating a home for elderly people the Trustees have considered its resources and commitments. The charity is responsible for the maintenance of Penrice House and its surroundings. As this is a Grade II* listed historic building, the Trustees consider that significant reserves need to be accumulated in the event of any major maintenance being required. Furthermore, with regard to funding the annual charitable expenditure, the charity is reliant on obtaining full occupancy of its residential accommodation and must therefore establish reserves in the event that this is not achieved in any year.

Investment policy and objectives

The Trustees review their policy for investing funds regularly. Investment returns on term deposits had historically provided above inflation returns, with the changing economic climate, however, the Trustees felt that this was unlikely to remain the case and sought ways of mitigating against declining investment income. Accordingly following extensive research and careful consideration Investec investment managers, were appointed for limited funds adopting a cautious investment policy. These investments have provided a healthy return and accordingly the Board has now placed further deposits with Investec. At 31 March 2022 a total of £2,507,150 was invested with Investec (2021: £2,399,416).

Given the possible development of the stable buildings and the Trustees’ commitment to continue to invest in improvements to the house the Board is comfortable with the current level of investments.

Plans for future periods

The Trustees will continue to focus on providing the highest levels of care for residents at Penrice House. This includes investing in staff development but also in maintaining and improving the house and its facilities. In 2021-22 there will be a particular focus on technology and updating these systems to provide WiFi for the benefit of all residents and to support a move towards paper light administration of the home.

Structure, governance and management

Governing document

Penrice House (St Austell) Limited is incorporated as a company limited by guarantee and not having a share capital. In accordance with the company’s Memorandum and Articles of Association, adopted by Special Resolution on 24 July 2001, each member is liable to contribute no more than £10 in the event of the company being wound up or dissolved. The main property (Penrice House) remaining after the settlement of all liabilities will be given or transferred to the National Trust for places of Historic Interest or Natural Beauty and if that cannot be done to some other charitable object chosen by the members of the charity.

There were 9 members at 31 March 2022 (2021: 9).

PENRICE HOUSE (ST AUSTELL) LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr PG Snell #§ Mr AP Tregilgas * Dr PB Foster † Dr R Bown § Mrs LB Sampson †^ Mr DS Boardman * Miss J Burden# Mrs N Hughes*^ (Appointed 13 July 2021) Mr A Hereward^

Recruitment and induction of Trustees

The business of the charity is managed by the Trustees. The Trustees may at any time appoint as a Trustee any eligible individual either to fill a casual vacancy or as an additional Trustee. Such appointment is effective only until the next Annual General Meeting but the appointee will then be eligible for election. At each Annual General Meeting the number nearest to one-third of the Trustees retires from office and is eligible for re-election. The Trustees to retire are those who have been longest in office since their last election.

Newly appointed Trustees are provided with copies of the charity financial statements, brochure and Memorandum and Articles of Association. Guidance on the charity’s ethos and activities is provided by the Chair and Company Secretary.

The Trustees retiring by rotation in accordance with Articles 29 and 30 of the Company’s Memorandum and Articles of Association, at the 2022 Annual General Meeting of Members will be R Bown, A Hereward and N Hughes. These Trustees, being eligible, offer themselves for re-election.

Risk management

The Trustees have considered the major strategic, business and operational risks to which the charity is exposed and systems have been established to mitigate those risks. Each committee is responsible for monitoring risk strategies for their specific area and risk plans are regularly reviewed.

Pay policy for senior staff

The Trustees set the remuneration for senior staff and review this annually at the same time as the annual cost of living pay award for staff. The review takes into account the need to retain and motivate key staff and recognise individual and overall performance as well as the wider staff pay award and affordability. Salaries are benchmarked against local competitors and factors other than pay, such as development opportunities, are taken into consideration.

Pay awards agreed for senior staff and the wider staff take effect from 1 April in each year.

Auditor

In accordance with the company's articles, a resolution proposing that RRL LLP be reappointed as auditor of the company will be put at a General Meeting.

PENRICE HOUSE (ST AUSTELL) LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Statement of disclosure to auditor

So far as the Trustees are aware, there is no relevant audit information of which the charity’s auditors are unaware. Additionally, the Trustees have taken all the necessary steps that they ought to have taken as Trustees in order to make themselves aware of any relevant audit information and to establish that the charity’s auditors are aware of that information.

This report has been prepared in accordance with the special provision in part 15 of the Companies Act 2006 relating to small companies.

The Trustees' report was approved by the Board of Trustees.

..............................

Date: .............................................

PENRICE HOUSE (ST AUSTELL) LIMITED

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2022

The Trustees, who are also the directors of Penrice House (St Austell) Limited for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PENRICE HOUSE (ST AUSTELL) LIMITED

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF PENRICE HOUSE (ST AUSTELL) LIMITED

Opinion

We have audited the financial statements of Penrice House (St Austell) Limited (the ‘charity’) for the year ended 31 March 2022 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

The impact of macro-economic uncertainties on our audit

Our audit of the financial statements requires us to obtain an understanding of all relevant uncertainties, including those arising as a consequence of the effects of macro-economic uncertainties such as Covid-19 and Brexit. All audits assess and challenge the reasonableness of estimates made by the directors and the related disclosures and the appropriateness of the going concern basis of preparation of the financial statements. All of these depend on assessments of the future economic environment and the company’s future prospects and performance.

Covid-19 and Brexit are amongst the most significant economic events currently faced by the UK, and at the date of this report their effects are subject to unprecedented levels of uncertainty, with the full range of possible outcomes and their impacts unknown. We applied a standardised firm-wide approach in response to these uncertainties when assessing the company’s future prospects and performance. However, no audit should be expected to predict the unknowable factors or all possible future implications for a company associated with these particular events.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

PENRICE HOUSE (ST AUSTELL) LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF PENRICE HOUSE (ST AUSTELL) LIMITED

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the Trustees' report.

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the statement of Trustees' responsibilities, the Trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

PENRICE HOUSE (ST AUSTELL) LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF PENRICE HOUSE (ST AUSTELL) LIMITED

We also communicate relevant identified laws and regulations and potential fraud risk to all engagement team members and remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's members and its trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

RRL LLP ......................... Chartered Accountants Statutory Auditor Peat House Newham Road TRURO Cornwall TR1 2DP

PENRICE HOUSE (ST AUSTELL) LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2022

Unrestricted
Restricted
funds
funds
2022
2022
Notes
£
£		 Unrestricted
Restricted
funds
funds
2022
2022
Notes
£
£		 Unrestricted
Restricted
funds
funds
2022
2022
Notes
£
£		 Total
Unrestricted
Restricted		 Total
Unrestricted
Restricted		 Total
Unrestricted
Restricted		 Total
funds funds funds funds
2022 2022 2022 2021 2021 2021
£ £ £ £ £ £
Income and endowments from:
Donations and legacies
3		 40,215 1,041 41,256 75,387 109 75,496
Charitable activities
4		 898,743 - 898,743 798,498 - 798,498
Income from
investments
5
51,186 2,864 54,050 58,320 3,933 62,253
Other income
6		 169,199 - 169,199 29,561 - 29,561
Total income 1,159,343 3,905 1,163,248 961,766 4,042 965,808
Expenditure on:
Raising funds
7		 24,418 2,136 26,554 22,741 - 22,741
Charitable activities
8		 1,087,391 2,962 1,090,353 957,407 682 958,089
Total resources expended 1,111,809 5,098 1,116,907 980,148 682 980,830
Net gains/(losses) on
investments
12		 416,797
88,515 5,395 93,910 (1,342) 415,455
Net incoming resources
before transfers
136,049 4,202 140,251 398,415 2,018 400,433
Gross transfers between
funds		 10,101
146,150
(10,101) - - - -
Net movement in funds (5,899) 140,251 398,415 2,018 400,433
Fund balances at 1 April 2021 3,912,320 326,964 4,239,284 3,513,905 324,946 3,838,851
Fund balances at 31 March
2022
4,058,470 321,065 4,379,535 3,912,320 326,964 4,239,284

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

PENRICE HOUSE (ST AUSTELL) LIMITED

BALANCE SHEET

AS AT 31 MARCH 2022

Notes 2022 2022 2021 2021
£ £ £ £
Fixed assets
Tangible assets
13
Investment properties
14
Investments
15
Current assets		 -
21,820
235,392
257,212
(49,265)		 234,423
825,000
3,112,165
4,171,588
207,947
4,379,535
321,065
4,058,470
4,379,535		 878
27,789
284,470
313,137
(58,198)
550,000
1,207,248
1,757,248
2,155,072		 243,256
825,000
2,916,089
3,984,345
Stocks
17
Debtors
18
Cash at bank and in hand
Creditors: amounts falling due within
one year
19
Net current assets 254,939
Total assets less current liabilities
4,239,284
Income funds
Restricted funds
21		 326,964
Unrestricted funds 492,000
1,230,269
1,722,269
2,336,201
Designated funds:
Extraordinary repairs fund
Revaluation reserve
22
General unrestricted funds
3,912,320
4,239,284

PENRICE HOUSE (ST AUSTELL) LIMITED

BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2022

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on .........................

..............................

Trustee

Company Registration No. 01475148

PENRICE HOUSE (ST AUSTELL) LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2022

Notes
Cash flows from operating activities
Cash absorbed by operations
25
Investing activities
Purchase of tangible fixed assets
Proceeds on disposal of tangible fixed
assets		 2022
2021
£
£
£
£
(98,994)
(23,189)
(38,368)
(21,222)
136,400
-
(431,096)
(1,277,016)
328,930
1,406,174
54,050
62,253
49,916
170,189
(49,078)
147,000
284,470
137,470
235,392
284,470		 2022
2021
£
£
£
£
(98,994)
(23,189)
(38,368)
(21,222)
136,400
-
(431,096)
(1,277,016)
328,930
1,406,174
54,050
62,253
49,916
170,189
(49,078)
147,000
284,470
137,470
235,392
284,470		 2022
2021
£
£
£
£
(98,994)
(23,189)
(38,368)
(21,222)
136,400
-
(431,096)
(1,277,016)
328,930
1,406,174
54,050
62,253
49,916
170,189
(49,078)
147,000
284,470
137,470
235,392
284,470
£ £
£
(38,368)
136,400
(431,096)
328,930
54,050		 (98,994)
(21,222)
-
(1,277,016)
1,406,174
62,253
49,916
(49,078)
284,470
235,392
(23,189)
170,189
147,000
137,470
284,470
Purchase of investments
Proceeds on disposal of investments
Investment income received
Net cash generated from investing
activities
Net (decrease)/increase in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year

PENRICE HOUSE (ST AUSTELL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

Charity information

Penrice House (St Austell) Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Penrice House, Porthpean, ST AUSTELL, Cornwall, PL26 6AZ. The liability of each member in the event of winding up is limited to £10.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

PENRICE HOUSE (ST AUSTELL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

(Continued)

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met . Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable . A grant received before the recognition criteria are satisfied is recognised as a liability.

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings 50 years
Plant and equipment 20% - 100%
Fixtures and fittings 5 years
Computers 3 years
Motor vehicles 5 years
Biomass boiler 10 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

Assets costing £500 or less are written off to the statement of financial activities in the period in which they are acquired.

1.7 Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.8 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

PENRICE HOUSE (ST AUSTELL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

(Continued)

1.9 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.10 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.11 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

PENRICE HOUSE (ST AUSTELL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

(Continued)

1.13 Taxation

The company is a registered charity and as such is exempt from taxation on its income and capital gains.

1.14 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The amount charged against profits represents the contributions payable to the scheme in respect of the accounting period.

1.15 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies

Unrestricted
Restricted
funds
funds
2022
2022
£
£
Donations and gifts
(792)
1,041		 Unrestricted
Restricted
funds
funds
2022
2022
£
£
Donations and gifts
(792)
1,041		 Unrestricted
Restricted
funds
funds
2022
2022
£
£
Donations and gifts
(792)
1,041		 Total
Unrestricted
Restricted		 Total
Unrestricted
Restricted		 Total
Unrestricted
Restricted		 Total
funds funds funds funds
2022 2022 2022 2021 2021 2021
£ £ £ £ £ £
(792) 1,041 249 1,000 109 1,109
Government grants 41,007 - 41,007 74,387 - 74,387
40,215 1,041 41,256 75,387 109 75,496

PENRICE HOUSE (ST AUSTELL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

3
Donations and legacies		 (Continued) (Continued)
Grants receivable for
core activities
Infection control grant
Furlough grant
Rapid testing fund grant
Cornwall Council grant
Cornwall Council -
Welfare Recruitment and
Retention fund grant
Cornwall Council - Staff
Retention grant
9,375 - 9,375 47,154 - 47,154
917 - 917 19,879 - 19,879
7,872 - 7,872 7,354 - 7,354
10,174 - 10,174 - - -
3,116 - 3,116 - - -
9,553 - 9,553 - - -
41,007 - 41,007 74,387 - 74,387

HMRC grants have been received totalling £917 (2021: £19,879) to help with furloughed staff whilst in a nationwide lockdown due to COVID-19.

Infection control, Rapid testing and Welfare recruitment and retention fund grants have been received totalling £29,916 (2021: £54,508) to help support adult social care providers whilst in a national lockdown due to COVID-19.

4 Charitable activities

Residents Residents
fees fees
2022 2021
£ £
Residents' fees 898,743 798,498

5 Income from investments

Unrestricted
Restricted
funds
funds
2022
2022
£
£
Dividend and other
income
29,438
2,864		 Unrestricted
Restricted
funds
funds
2022
2022
£
£
Dividend and other
income
29,438
2,864		 Unrestricted
Restricted
funds
funds
2022
2022
£
£
Dividend and other
income
29,438
2,864		 Total
Unrestricted
Restricted		 Total
Unrestricted
Restricted		 Total
Unrestricted
Restricted		 Total
funds funds funds funds
2022 2022 2022 2021 2021 2021
£ £ £ £ £ £
29,438 2,864 32,302 25,331 - 25,331
Rental income 18,379 - 18,379 25,021 - 25,021
Interest receivable 3,369 - 3,369 7,968 3,933 11,901
51,186 2,864 54,050 58,320 3,933 62,253

PENRICE HOUSE (ST AUSTELL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

6 Other income

Unrestricted
Unrestricted
funds
funds
2022
2021
£
£		 Unrestricted
Unrestricted
funds
funds
2022
2021
£
£		 Unrestricted
Unrestricted
funds
funds
2022
2021
£
£
funds funds
2022 2021
£ £
Net gain on disposal of tangible fixed assets 136,400 -
Other income 4,055 458
Renewable heating incentive 28,744 27,503
Sale of timber - 1,600
169,199 29,561

7 Raising funds

Unrestricted
Restricted
funds
funds
2022
2022
£
£
Trading costs		 Unrestricted
Restricted
funds
funds
2022
2022
£
£
Trading costs		 Unrestricted
Restricted
funds
funds
2022
2022
£
£
Trading costs		 Total
Unrestricted		 Total
Unrestricted
funds funds funds
2022 2022 2022 2021
£ £ £ £
Rental property repairs, refurbishment and expenses 8,076 - 8,076 7,766
Investment management 16,342 2,136 18,478 14,975
24,418 2,136 26,554 22,741

PENRICE HOUSE (ST AUSTELL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

8 Charitable activities

Charitable activities Charitable activities Charitable activities
Unrestricted
Restricted
funds
funds
£
£
funds funds 2022 2021
£ £ £ £
Staff costs 684,678 - 684,678 653,342
Depreciation and impairment 47,201 - 47,201 49,630
Food 49,823 - 49,823 45,339
Staff clothing and training 3,339 - 3,339 6,644
Household sundries 30,630 2,962 33,592 34,610
Heating and electricity 57,102 - 57,102 50,161
Repairs and renewals 147,458 - 147,458 49,804
Insurance 13,311 - 13,311 15,188
Motor expenses 3,046 - 3,046 2,282
Water rates and council tax 5,823 - 5,823 5,762
Subscriptions 5,108 - 5,108 5,195
Bad debts 10,101 - 10,101 -
1,057,620 2,962 1,060,582 917,957
Share of support costs (see note 9) 23,651 - 23,651 34,765
Share of governance costs (see note 9) 6,120 - 6,120 5,367
1,087,391 2,962 1,090,353 958,089
For the year ended 31 March 2021
Unrestricted funds - -
-
-		 957,407
Restricted funds - 682
- 958,089

PENRICE HOUSE (ST AUSTELL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

9 Support costs

Support costs
Support
costs
Governance
costs		 2022
Support costs
Governance
costs		 2021
£ £ £ £ £ £
Advertising 307 - 307 739 - 739
Telephone 13,529 - 13,529 4,933 - 4,933
Printing, stationary and
postage
1,796 - 1,796 4,872 - 4,872
Bookkeeping and
accountancy
1,167 - 1,167 8,688 - 8,688
Legal and professional
fees
5,831 - 5,831 14,590 - 14,590
Bank charges 1,021 - 1,021 943 - 943
Audit fees - 6,120 6,120 - 4,680 4,680
Secretary's honoraria - - - - 687 687
23,651 6,120 29,771 34,765 5,367 40,132
Analysed between
Charitable activities 23,651 6,120 29,771 34,765 5,367 40,132

10 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

11 Employees

The average monthly number of employees during the year was:

The average monthly number of employees during the year was:
2022 2021
Number Number
33 34
Employment costs 2022 2021
£ £
Wages and salaries 624,762 604,466
Social security costs 45,561 38,855
Other pension costs 14,355 10,021
684,678 653,342

There were no employees whose annual remuneration was more than £60,000.

PENRICE HOUSE (ST AUSTELL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

12 Net gains/(losses) on investments

Unrestricted
Restricted
funds
funds
2022
2022
£
£
Revaluation of
investments
18,040
5,010		 Unrestricted
Restricted
funds
funds
2022
2022
£
£
Revaluation of
investments
18,040
5,010		 Unrestricted
Restricted
funds
funds
2022
2022
£
£
Revaluation of
investments
18,040
5,010		 Total
Unrestricted
Restricted		 Total
Unrestricted
Restricted		 Total
Unrestricted
Restricted		 Total
funds funds funds funds
2022 2022 2022 2021 2021 2021
£ £ £ £ £ £
336,330
18,040 5,010 23,050 (1,520) 334,810
Gain/(loss) on sale of
investments
70,475 385 70,860 80,467 178 80,645
416,797
88,515 5,395 93,910 (1,342) 415,455

PENRICE HOUSE (ST AUSTELL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

13 Tangible fixed assets

Tangible fixed assets Tangible fixed assets Tangible fixed assets Tangible fixed assets Tangible fixed assets Tangible fixed assets
Freehold land
and buildings
Plant and
equipment
Fixtures and
fittings
Computers
Motor vehicles
£
£
£
£
£		 Total
£
£ £ £ £ £
Cost
At 1 April 2021 129,640 394,027 8,681 - 29,495 561,843
38,368
600,211
318,587
47,201
365,788
Additions - 9,594 - 28,774 -
At 31 March 2022 129,640 403,621 8,681 28,774 29,495
Depreciation and impairment
At 1 April 2021 20,744 263,486 7,812 - 26,545
Depreciation charged in the year 2,593 35,913 868 4,877 2,950
At 31 March 2022 23,337 299,399 8,680 4,877 29,495
Carrying amount
At 31 March 2022 106,303 104,222 1 23,897 - 234,423
243,256
At 31 March 2021 108,896 130,541 869 - 2,950

PENRICE HOUSE (ST AUSTELL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

13 Tangible fixed assets (Continued)

A nominal value of £1 has been placed on the property known as Penrice House by the Trustees on the basis that they believe it cannot be disposed of because this would be contrary to the original bequest. The property is a large Grade II listed early Georgian historic building set in grounds of approximately 76 acres and is used for the charity’s primary objective, being registered for the occupation of 29 elderly residents.

The property is insured for £6.7 million.

14 Investment property

Investment property
2022
£
Fair value
At 1 April 2021 and 31 March 2022 825,000

The investment properties were revalued on 31 March 2020 by Lewis & Co, professional valuers, on an open market basis, and by the trustees at 31 March 2022.

No depreciation is provided in respect of these properties.

The historical cost of the investment properties is £Nil.

15 Fixed asset investments

Unlisted
investments
£		 Unlisted
investments
£
£
Cost or valuation
At 1 April 2021 2,916,089
Additions 431,096
Valuation changes 93,910
Disposals (328,930)
At 31 March 2022 3,112,165
Carrying amount
At 31 March 2022 3,112,165
At 31 March 2021 2,916,089

PENRICE HOUSE (ST AUSTELL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

16 Investments (continued)

Investments 2022 2021
£ £
Deposit accounts 605,015 516,673
Other investments 2,507,150 2,399,416
3,112,165 2,916,089

Other investments comprise the following:

Restricted Restricted Unrestricted Unrestricted 2021
£
Cost 2022 Cost 2022
£ £ £ £
Investments at market value
Fixed interest 45,287 42,653 254,809 258,925 330,752
636,075
1,026,634
50,222
303,938
51,795
2,399,416
UK equities 67,131 71,752 404,953 518,457
Overseas equities 133,437 130,719 657,551 877,679
Property 6,152 6,909 59,158 67,383
Alternative assets 40,158 43,622 308,058 363,280
Other 9,126 9,126 116,061 116,645
301,291 304,781 1,800,590 2,202,369
2022 2021
£
£
Deposit accounts
National Savings Income Bonds
Monmouthshire Savings
Redwood Bank
Hampshire Trust Bank
Cambridge & Counties Bank
United Trust Bank
Buckinghamshire Building Society
Charity Bank		 1,000 1,000
-
87,900
86,957
85,671
85,109
85,036
85,000
516,673
85,000
88,505
87,620
86,870
85,720
85,300
85,000
605,015

The cost of investments at 31 March 2022 was £2,706,866 (2021: £2,533,841).

PENRICE HOUSE (ST AUSTELL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

17
Stocks
Raw materials and consumables
18
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
19
Creditors: amounts falling due within one year		 2022 2021
£ £
- 878
2022 2021
£ £
4,650 21,981
17,170 2,000
- 3,808
21,820 27,789
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income		 2022 2021
£ £
- 10,967
40,475 26,601
1,790 -
7,000 20,630
49,265 58,198

20 Retirement benefit schemes

Defined contribution schemes

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

The charge to profit or loss in respect of defined contribution schemes was £14,355 (2021: £10,021).

PENRICE HOUSE (ST AUSTELL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

21 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Balance at
1 April 2020
r
£
The Fred Lovering Assistance
Fund
316,524		 Balance at
1 April 2020
r
£
The Fred Lovering Assistance
Fund
316,524		 Movement in funds Movement in funds Movement in funds Movement in funds Movement in funds Movement in funds Movement in funds Movement in funds Movement in funds
Incoming
esources
Resources
expended
Revaluations,
gains and
losses
Balance at
1 April 2021
r		 Incoming
esources
Resources
expended		 Transfers
Revaluations,
gains and
losses
Balance at
31 March 2022
£ £ £ £ £ £ £ £ £ £
- 2,864
90
951
3,905
316,524 3,933 (1,342) 319,115 (2,136) (10,101) 5,395 315,137
Amenity fund - bank account 7,688 60 - - 7,748 (2,000) - - 5,838
Amenity fund - petty cash 734 49
4,042		 (682) - 101 (962) - - 90
324,946 (682) (1,342) 326,964 (5,098) (10,101) 5,395 321,065

The Fred Lovering Assistance Fund consists of one half of a donation received from Fred Loverings House on their winding up and is to be used to support residents of Penrice House who are in financial need. A transfer of £10,101 (2021: £Nil) was made to general reserves for this purpose.

The amenity fund consists of income held to benefit residents at Penrice House.

PENRICE HOUSE (ST AUSTELL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

22 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Balance at
1 April 2020
£		 Balance at
1 April 2020
£		 Transfers
Balance at
1 April 2021		 Transfers
Balance at
1 April 2021		 Transfers
31		 Balance at
March 2022
£ £ £ £ £
550,000
Extraordinary repairs fund 550,000 - (58,000) 492,000
Revaluation reserve 878,459 328,789 1,207,248 23,021 1,230,269
1,757,248
1,428,459 328,789 (34,979) 1,722,269

The Extraordinary repairs designated fund is held in order to ensure that sufficient funds will be available to meet major unexpected repair costs to Penrice House and its grounds in future years.

23 Analysis of net assets between funds

Unrestricted
funds
Restricted
funds
2022
2022
£
£
Fund balances at 31
March 2022 are
represented by:		 Unrestricted
funds
Restricted
funds
2022
2022
£
£
Fund balances at 31
March 2022 are
represented by:		 Unrestricted
funds
Restricted
funds
2022
2022
£
£
Fund balances at 31
March 2022 are
represented by:		 Total
Unrestricted
funds		 Total
Unrestricted
funds		 Restricted
funds		 Total
2022 2022 2022 2021 2021 2021
£ £ £ £ £ £
Tangible assets 234,423 - 234,423 243,256 - 243,256
Investment properties 825,000 - 825,000 825,000 - 825,000
Investments 2,797,028 315,137 3,112,165 2,596,974 319,115 2,916,089
Current assets/(liabilities) 202,019 5,928 207,947 247,090 7,849 254,939
4,058,470 321,065 4,379,535 3,912,320 326,964 4,239,284

24 Related party transactions

There were no disclosable related party transactions during the year (2021 - none).

PENRICE HOUSE (ST AUSTELL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

25
Cash generated from operations
2022
2021
£
£
Surplus for the year
140,251
400,433
Adjustments for:
Investment income recognised in statement of financial activities
(54,050)
(62,253)
Gain on disposal of tangible fixed assets
(136,400)
-
Gain on disposal of investments
(70,860)
(80,645)
Fair value gains and losses on investments
(23,050)
(334,810)
Depreciation and impairment of tangible fixed assets
47,201
49,630
Movements in working capital:
Decrease/(increase) in stocks
878
(13)
Decrease in debtors
5,969
9,579
(Decrease) in creditors
(8,933)
(5,110)
Cash absorbed by operations
(98,994)
(23,189)		 25
Cash generated from operations
2022
2021
£
£
Surplus for the year
140,251
400,433
Adjustments for:
Investment income recognised in statement of financial activities
(54,050)
(62,253)
Gain on disposal of tangible fixed assets
(136,400)
-
Gain on disposal of investments
(70,860)
(80,645)
Fair value gains and losses on investments
(23,050)
(334,810)
Depreciation and impairment of tangible fixed assets
47,201
49,630
Movements in working capital:
Decrease/(increase) in stocks
878
(13)
Decrease in debtors
5,969
9,579
(Decrease) in creditors
(8,933)
(5,110)
Cash absorbed by operations
(98,994)
(23,189)		 25
Cash generated from operations
2022
2021
£
£
Surplus for the year
140,251
400,433
Adjustments for:
Investment income recognised in statement of financial activities
(54,050)
(62,253)
Gain on disposal of tangible fixed assets
(136,400)
-
Gain on disposal of investments
(70,860)
(80,645)
Fair value gains and losses on investments
(23,050)
(334,810)
Depreciation and impairment of tangible fixed assets
47,201
49,630
Movements in working capital:
Decrease/(increase) in stocks
878
(13)
Decrease in debtors
5,969
9,579
(Decrease) in creditors
(8,933)
(5,110)
Cash absorbed by operations
(98,994)
(23,189)
(70,860)
(80,645)
(23,050)
(334,810)
47,201 49,630
878
(13)
5,969 9,579
(8,933) (5,110)
(98,994) (23,189)