**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. - 1 - ## **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). - 2 - ## **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^ * Member of Finance Committee # Member of Estate Management Committee † Member of Home Staff and Residents' Welfare Committee § Member of House Maintenance and Transport Committee ^Member of Grounds and Woodlands Committee ## **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. - 3 - ## **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: ............................................. - 4 - ## **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: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgements and estimates that are reasonable and prudent; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. 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. - 5 - ## **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: - give a true and fair view of the state of the charitable company's affairs as at 31 March 2022 and of its incoming resources and application of resources, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006. ## **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. - 6 - ## **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: - the information given in the financial statements is inconsistent in any material respect with the Trustees' report; or - sufficient accounting records have not been kept; or - the financial statements are not in agreement with the accounting records; or - we have not received all the information and explanations we require for our audit. ## **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. - 7 - ## **PENRICE HOUSE (ST AUSTELL) LIMITED** ## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF PENRICE HOUSE (ST AUSTELL) LIMITED** - Obtain a understanding of the legal and regulatory frameworks applicable to the charity and the sector in which they operate. We determined that the following laws and regulations were most significant: the Charities Act 2011, the Companies Act 2006, employment law and the Care Quality Standards; - Review of the disclosures in the financial statements and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; - Enquiries of management concerning actual and potential litigation and claims; - Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; - Reviewing minutes of trustee meetings and correspondence with regulators; - Performing audit work in connection with the risk of management override of controls, including testing journal entries for reasonableness and evaluating the business rationale of significant transactions outside the normal course of business. 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 - 8 - ## **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. - 9 - ## **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| - 10 - ## **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** - 11 - ## **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**|||| - 12 - ## **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. - 13 - ## **PENRICE HOUSE (ST AUSTELL) LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2022**_ - **1 Accounting policies** **(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. - 14 - ## **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. - 15 - ## **PENRICE HOUSE (ST AUSTELL) LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_ - **1 Accounting policies** **(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| - 16 - ## **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| - 17 - ## **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| - 18 - ## **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| - 19 - ## **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. - 20 - ## **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| - 21 - ## **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|| - 22 - ## **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| - 23 - ## **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). - 24 - ## **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). - 25 - ## **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. - 26 - ## **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). - 27 - ## **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)| - 28 -