Docusign Envelope ID: 30ABA9E6-FDF8-46F5-B144-46DEC57050B3 

Registration number: 01475148 Charity registration number: 280039 

## Penrice House (St. Austell) Limited 

(A company limited by guarantee) 

Trustee Directors' Report and Audited Financial Statements 

for the Year Ended 31 March 2024 



Docusign Envelope ID: 30ABA9E6-FDF8-46F5-B144-46DEC57050B3 

## **Penrice House (St. Austell) Limited** 

|**Penrice House (St. Austell) Limited**||
|---|---|
|**Contents**||
|Legal and Administrative Information|1|
|Trustee Directors' Annual Report|2 to 6|
|Independent Auditor's Report|7 to 10|
|Statement of Financial Activities|11|
|Balance Sheet|12|
|Statement of Cash Flows|13|
|Notes to the Financial Statements|14 to 26|





Docusign Envelope ID: 30ABA9E6-FDF8-46F5-B144-46DEC57050B3 

## **Penrice House (St. Austell) Limited Legal and Administrative Information** 

|**Registered charity name**|Penrice House (St. Austell) Limited|
|---|---|
|**Charity registration number**|280039|
|**Company registration number**|01475148|
|**Principal office and registered office**|Penrice House|
||Porthpean|
||St Austell|
||Cornwall|
||PL26 6AZ|
|**Trustee Directors**|Mrs L B Sampson|
||Mr G Clarke|
||Mrs N M Hughes|
||Dr A Hereward|
||Ms F Tregaskes|
||Miss J R Burden|
||Mrs A Allan|
||Dr P B Foster|
||Mr D S Boardman|
||Mr P G Snell|
||Dr R Bown|
|**Chairman**|Mrs L B Sampson|
|**Company secretary**|Mr I H G Dawes|
|**Independent Auditors**|Moore Scarrott Audit Limited|
||Calyx House|
||South Road|
||Taunton|
||Somerset|
||TA1 3DU|
|**Investment Advisors**|Investec Bank Plc|
||2 Gresham Street|
||London|
||EC2V 7QP|
|**Bankers**|National Westminster Bank Plc|
||1 Church Street|
||St Austell|
||Cornwall|
||PL25 4AW|



Page 1 



Docusign Envelope ID: 30ABA9E6-FDF8-46F5-B144-46DEC57050B3 

## **Penrice House (St. Austell) Limited** 

## **Trustee Directors' Annual Report for the Year Ended 31 March 2024** 

The Trustees, who are also the directors for the purposes of company law, present their report and the audited financial statements of the charity for the year ended 31 March 2024. 

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 and the requirements of 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 (FRS102). 

## **Objectives of the charity** 

The charity's aim is to provide elderly people with a home for the rest of their lives in pleasant surroundings and with modern amenities and in particular if it proves possible to provide for them when they are sick and ailing. 

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 publicly funded residents, it benefits from the Fred Lovering Assistance Fund which may be used to support local 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. The Board is clear about the aspirations of Penrice House and ensures that these are being delivered effectively and sustainably. 

Penrice House is led by an effective board that provides strategic leadership in line with the home’s aims and values. 

The Board acts with integrity, adopting values and creating a culture which help achieve our purpose and responsibilities. The Board is aware of the importance of the public’s confidence and trust in the charity and trustees undertake their duties accordingly. Decision making processes are informed, rigorous, and timely. Effective delegation, control, risk assessment and management systems are established and monitored. The Board works as an effective team, using the appropriate balance of skills, experience and knowledge to make informed decisions. The Board’s approach to equality and diversity supports its effectiveness, leadership and decision making. The Board leads the organisation in being transparent and accountable. 

## **Principal activities of the year** 

The charity is principally engaged in the operation as a home for the elderly at Penrice House, Porthpean, St Austell which is registered for 29 residents under the Registered Homes Act 1984. Penrice House is regulated by CQC who last inspected the home in January 2023 and gave it an overall rating of Good. 

The business of the charity is managed by the Board of Trustees who meet at least four times each calendar year. There are four formal committees of the Penrice House Board and it is expected that each committee (except the nomination committee) meets at least once a quarter. All trustees are asked to participate in at least one committee and have an open invitation to attend any committee. 

1. Finance, Resources and Business Management 

2. Care Home Management - Performance, Quality and Experience Committee 

3. Business Development and Projects Committee 

4. Nominations Committee 

The day-to-day management of the Home is undertaken jointly by the Business Manager and Care Manager. There has been no significant change in the activities of the charity during the year other than the ongoing maintenance and refurbishment of the House which is extensive. 

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. 

Page 2 



Docusign Envelope ID: 30ABA9E6-FDF8-46F5-B144-46DEC57050B3 

## **Penrice House (St. Austell) Limited** 

## **Trustee Directors' Annual Report for the Year Ended 31 March 2024** 

## **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. 

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 the autumn fayre, Christmas Carol evening led by Mevagissey Male Voice Choir, summer barbeque. The Home employs an activities lead who arranges a wide variety of activities for residents including craft, music, cooking activities and trips around the grounds in the Home's golf buggy. 

Relatives and friends of residents are encouraged to both support and visit the home as often as they wish. 

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. 

During the year, Penrice House has invested in solar panels in order to help reduce the impact of increasing energy prices. 

## **Financial Review** 

The charity's income for the year was £1,193,241 (2023 - £1,091,700) and its expenditure was £1,667,195 (2023 - £1,265,706). The net movement in funds for the year was a decrease of £473,954 (2023 - a decrease of £174,006). The charity has free reserves at the end of the year of £1,362,947 (2023 - £2,304,368). 

## **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. 

Penrice House aims to maintain reserves at a level that is sufficient to cover: 

- 6 - 12 months of operating costs to ensure continuity of care services. 

- Contingency for unplanned repairs, maintenance, and capital expenditures. 

• Strategic development initiatives that may require initial funding. 

General unrestricted funds as at 31 March 2024, was £1,362,947. 

Page 3 



Docusign Envelope ID: 30ABA9E6-FDF8-46F5-B144-46DEC57050B3 

## **Penrice House (St. Austell) Limited** 

## **Trustee Directors' Annual Report for the Year Ended 31 March 2024** 

## **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 2024 a total of £2,540,927 was invested with Investec (2023 - £2,507,150). 

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. 

## **Structure, governance and management** 

Penrice House (St.Austell) Limited is incorporated as a company limited by guarantee and not having 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 11 members at 31 March 2024 (2023 - 10) 

## **Structure, governance and management (continued)** 

## **Trustee Directors** 

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 

Mrs L B Sampson (Chair) (2,3,4) Mr G Clarke (1,3,4) Mrs N M Hughes (1,4) Dr A Hereward (3,4) Ms F Tregaskes (2,4) Miss J Burden (3,4) Mrs A Allan (Appointed 10 July 2023) (2,3,4) Dr P B Foster (2,4) Mr D S Boardman (1,4) Mr P G Snell (4) Dr R Bown (1,3,4) 

(1) Finance Committee (2) Care Home Management Committee (3) Business Development & Projects Committee (4) Nominations Committee 

Page 4 



Docusign Envelope ID: 30ABA9E6-FDF8-46F5-B144-46DEC57050B3 

## **Penrice House (St. Austell) Limited** 

## **Trustee Directors' Annual Report for the Year Ended 31 March 2024** 

## **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 2024 Annual General Meeting of members will be R Bown, P G Snell, L B Sampson and P B Foster. 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 each year. 

## **Reappointment of auditors** 

In accordance with the company's articles, a resolution proposing that Moore Scarrott Audit Limited be reappointed as auditor of the company will be put to a General Meeting. 

## **Disclosure of information to the auditors** 

Each Trustee has taken steps that they ought to have taken as a Trustee in order to make themselves aware of any relevant audit information and to establish that the Charity's auditors are aware of that information. The Trustees confirm that there is no relevant information that they know of and of which they know the auditors are unaware. 

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

22-07-24 

Approved by the Board of Trustees on .................... and signed on its behalf by: 

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

**Mrs L B Sampson** Chairman 

Page 5 



Docusign Envelope ID: 30ABA9E6-FDF8-46F5-B144-46DEC57050B3 

## **Penrice House (St. Austell) Limited** 

## **Trustee Directors' Annual Report for the Year Ended 31 March 2024** 

## **Statement of Trustee Directors' Responsibilities** 

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

The law applicable to charities in England & Wales 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 of the charity for that period. 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 applicable Charities SORP; 

- make judgments and accounting estimates that are reasonable and prudent; 

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; 

• 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 proper accounting records that are sufficient to show and explain the charity's transactions and 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, the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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. 

Page 6 



Docusign Envelope ID: 30ABA9E6-FDF8-46F5-B144-46DEC57050B3 

## **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 2024, which comprise the statement of financial activities (including income and expenditure account), statement of financial position, statement of cash flows and related notes, including a summary of 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 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). 

This report is made solely to the Charity’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charity’s members 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 Charity and the Charity’s members as a body, for our audit work, for this report, or for the opinions we have formed. 

In our opinion the financial statements: 

- give a true and fair view of the state of the Charity's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure, 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. 

## **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. 

## **Other information** 

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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. 

Page 7 



Docusign Envelope ID: 30ABA9E6-FDF8-46F5-B144-46DEC57050B3 

## **Penrice House (St. Austell) Limited** 

## **Independent Auditor's Report to the Trustees of Penrice House (St. Austell) Limited** 

## **Opinion on other matter prescribed by the Companies Act 2006** 

In our opinion, based on the work undertaken in the course of the audit: 

- the information given in the Trustee Directors' Annual Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the Trustee Directors' Annual Report has been prepared in accordance with applicable legal requirements. 

## **Matters on which we are required to report by exception** 

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustee Directors' Annual Report. 

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: 

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of directors’ remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit; or 

- the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustee Directors' Annual Report and from the requirement to prepare a Strategic Report. 

## **Responsibilities of trustees** 

As explained more fully in the Trustees’ Responsibilities [set out on page 6], the Trustees 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 charitable company'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 Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so. 

Page 8 



Docusign Envelope ID: 30ABA9E6-FDF8-46F5-B144-46DEC57050B3 

## **Penrice House (St. Austell) Limited** 

## **Independent Auditor's Report to the Trustees of Penrice House (St. Austell) Limited** 

## **Auditor’s responsibilities for the audit of the financial statements** 

We have been appointed as auditor under the Companies Act 2006 and report in accordance with this act. 

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. 

• We have considered the nature of the sector, control environment, and financial performance of the charity; • We have considered the results of enquiries with Management and Trustees in relation to their own identification and assessment of the risk of irregularities within the entity; and 

• We have reviewed the documentation of key processes and controls and performed walkthroughs of transactions to confirm that the systems are operating in line with documentation. 

As a result of these procedures, we have considered the opportunities and incentives that exist within the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition, with a particular risk in relation to year-end cut-off. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override. 

We have also obtained an understanding of the legal and regulatory frameworks that the charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies and Charities Act and FRS 102 (SORP). In additions, we considered the provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the charitable company’s ability to operate or avoid a material penalty. 

Our procedures to respond to risks identified included the following:- 

• reviewing the financial statement disclosures 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; 

• performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; 

• enquiring of management and external legal counsel concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; 

• reviewing minutes of meetings of those charged with governance; 

• performing detailed testing in relation to the recognition of revenue, with a particular focus around year-end cut-off; and 

• in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgments made in accounting estimates are indicative of potential bias; and evaluation of the business rationale of significant transactions that are unusual or outside the normal course of business. 

We also communicated identified laws and regulations and potential fraud risks to all members of the engagement team and remained alert to possible indicators of fraud and non-compliance with laws and regulations throughout the audit. 

Page 9 



Docusign Envelope ID: 30ABA9E6-FDF8-46F5-B144-46DEC57050B3 

## **Penrice House (St. Austell) Limited** 

## **Independent Auditor's Report to the Trustees of Penrice House (St. Austell) Limited** 

## **Auditor Responsibilities for the audit of the financial statements (continued)** 

As a result of the inherent limitations of an audit, there is a risk that not all irregularities, including a material misstatement in the financial statements or non-compliance with regulation, will be detected by us. The 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 for the audit of the financial statements is located on the Financial Reporting Council's website at 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. Our audit work has been undertaken so that we might state to the 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 its members, as a body, for our audit work, for this report, or for the opinions we have formed. 

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

D J Nicholas FCA (Senior Statutory Auditor) For and on behalf of Moore Scarrott Audit Limited, Statutory Auditor 

Calyx House South Road Taunton Somerset TA1 3DU 

23-07-24 Date:............................. 

Page 10 



Docusign Envelope ID: 30ABA9E6-FDF8-46F5-B144-46DEC57050B3 

## **Penrice House (St. Austell) Limited** 

## **Statement of Financial Activities including Income and Expenditure Account for the Year Ended 31 March 2024** 

|**Note**<br>**Incoming resources**<br>Grants, donations and legacies<br>4<br>Charitable activities<br>5<br>Investment income<br>6<br>Other income<br>7<br>Total incoming resources<br>**Expenditure**<br>Costs of raising donations and<br>legacies<br>8<br>Expenditure on charitable activities<br>9<br>Total expenditure<br>Net incoming /(outgoing) resources<br>**Funds movement**<br>Total funds brought forward<br>Net incoming /(outgoing) resources<br>Revaluation movement<br>Total funds carried forward|**Unrestricted**<br>**funds**<br>**£**<br>-<br>931,036<br>177,107<br>57,121<br>1,165,264<br>-<br>1,645,463<br>1,645,463<br>(480,199)<br>3,884,464<br>(480,199)<br>15,000<br>3,419,265|**Restricted**<br>**funds**<br>**£**<br>7,043<br>-<br>20,934<br>-<br>27,977<br>-<br>21,732<br>21,732<br>6,245<br>321,065<br>6,245<br>-<br>327,310|**2024**<br>**£**<br>7,043<br>931,036<br>198,041<br>57,121<br>1,193,241<br>-<br>1,667,195<br>1,667,195<br>(473,954)<br>4,205,529<br>(473,954)<br>15,000<br>3,746,575|**2023**<br>**£**<br>18,920<br>1,047,306<br>18,582<br>6,892|
|---|---|---|---|---|
|||||1,091,700|
|||||10,484<br>1,255,222|
|||||1,265,706|
|||||(174,006)|
|||||4,379,534<br>(174,006)<br>-|
|||||4,205,528|



The Statement of Financial Activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 

The notes on pages 14 to 26 form an integral part of these financial statements. Page 11 



Docusign Envelope ID: 30ABA9E6-FDF8-46F5-B144-46DEC57050B3 

## **Penrice House (St. Austell) Limited** 

## **(Registration number: 01475148) Balance Sheet as at 31 March 2024** 

|**Note**<br>**Fixed assets**<br>Tangible assets<br>14<br>Investment property<br>15<br>Other financial assets<br>16<br>**Current assets**<br>Debtors and prepayments<br>17<br>Cash at bank and in hand<br>Creditors: Amounts falling due within one year<br>18<br>Net current (liabilities)/assets<br>**Net assets**<br>**Income funds**<br>Restricted funds<br>23<br>Unrestricted funds<br>23<br>Total equity|**2024**<br>**£**<br>335,697<br>715,000<br>2,718,083<br>3,768,780<br>2,612<br>64,633<br>67,245<br>(89,450)<br>(22,205)<br>3,746,575<br>327,310<br>3,419,265<br>3,746,575|**2023**<br>**£**<br>220,279<br>825,000<br>3,112,165|
|---|---|---|
|||4,157,444|
|||22,898<br>47,153|
|||70,051<br>(21,967)|
|||48,084|
|||4,205,528|
|||321,065<br>3,884,463|
|||4,205,528|



22-07-24 The financial statements were approved and authorised for issue by the Trustees on .................... and signed on their behalf by: 

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

Mrs L B Sampson Trustee 

The notes on pages 14 to 26 form an integral part of these financial statements. Page 12 



Docusign Envelope ID: 30ABA9E6-FDF8-46F5-B144-46DEC57050B3 

## **Penrice House (St. Austell) Limited** 

## **Statement of Cash Flows for the Year Ended 31 March 2024** 

|**Note**<br>Net cash generated/(absorbed) in operating activities<br>21<br>**Cash flows from investing activities**<br>Interest received<br>6<br>Acquisitions of tangible assets<br>14<br>Proceeds from sale of tangible assets<br>7<br>Acquisitions of investments<br>Proceeds from disposal of investments<br>16<br>Net cash flows from investing activities<br>Net decrease in cash and cash equivalents<br>Cash and cash equivalents at 1 April<br>Cash and cash equivalents at 31 March|**2024**<br>**£**<br>(369,477)<br>12,777<br>(171,628)<br>130,368<br>(153,777)<br>547,859<br>365,599<br>(3,878)<br>47,153<br>43,275|**2023**<br>**£**<br>(157,769)<br>589<br>(31,058)<br>-<br>-<br>-|
|---|---|---|
|||(30,469)|
|||(188,238)<br>235,391|
|||47,153|



The notes on pages 14 to 26 form an integral part of these financial statements. Page 13 



Docusign Envelope ID: 30ABA9E6-FDF8-46F5-B144-46DEC57050B3 

## **Penrice House (St. Austell) Limited** 

## **Notes to the Financial Statements for the Year Ended 31 March 2024** 

## **1 General information** 

The company is a charitable company limited by guarantee incorporated in England and Wales. 

The address of its registered office is: Penrice House Porthpean St Austell Cornwall PL26 6AZ 

## **2 Statement of compliance** 

The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) (effective 1 January 2019) and the Charities Act 2011. 

Penrice House (St. Austell) Limited meets the definition of a Public Benefit Entity under FRS102. 

## **3 Accounting policies** 

## **Incoming resources** 

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. 

## **Resources expended** 

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 that 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. 

## **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. 

Page 14 



Docusign Envelope ID: 30ABA9E6-FDF8-46F5-B144-46DEC57050B3 

## **Penrice House (St. Austell) Limited** 

## **Notes to the Financial Statements for the Year Ended 31 March 2024** 

## **Fund accounting policy** 

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. 

## **Judgments in applying accounting policies and key sources of estimation uncertainty** 

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. 

## **Tangible assets** 

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. 

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities. 

The Trustees have set a capitalisation policy where only assets over £500 are capitalised. 

## **Depreciation** 

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows: 

|over their estimated useful lives, as follows:||
|---|---|
|**Asset class**|**Depreciation method and rate**|
|Freehold property|2% straight line|
|Plant and machinery|10% - 25% straight line|
|Fixtures and fittings|20% straight line|
|Motor vehicles|20% straight line|
|Office equipment|10% - 33% straight line|



## **Investment property** 

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss. 

Page 15 



Docusign Envelope ID: 30ABA9E6-FDF8-46F5-B144-46DEC57050B3 

## **Penrice House (St. Austell) Limited** 

## **Notes to the Financial Statements for the Year Ended 31 March 2024** 

## **Investments** 

Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment. 

Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure. 

## **Cash and cash equivalents** 

Cash and cash equivalents comprise cash at bank and in hand. 

## **Trade debtors** 

Trade debtors are recognised initially at the transaction price. They are subsequently measured at transaction price less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Charity will not be able to collect all amounts due according to the original terms of the receivables. 

## **Trade creditors** 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. 

Trade creditors are recognised at the transaction price. 

Page 16 



Docusign Envelope ID: 30ABA9E6-FDF8-46F5-B144-46DEC57050B3 

## **Penrice House (St. Austell) Limited** 

## **Notes to the Financial Statements for the Year Ended 31 March 2024** 

## **4 Grants, Donations and Legacies** 

## **Current Year** 

|Donations<br>**Prior Year**<br>Donations<br>Grants<br>**5**<br>**Income from charitable activities**<br>**Current Year**<br>Resident's fees<br>**Prior Year**<br>Resident's fees|**Unrestricted**<br>**funds**<br>**£**<br>-<br>-<br>**Unrestricted**<br>**funds**<br>**£**<br>771<br>18,149<br>18,920<br>**Unrestricted**<br>**funds**<br>**£**<br>931,036<br>931,036<br>**Unrestricted**<br>**funds**<br>**£**<br>1,047,306<br>1,047,306|**Restricted**<br>**funds**<br>**£**<br>7,043<br>7,043<br>**Restricted**<br>**funds**<br>**£**<br>-<br>-<br>-<br>**Restricted**<br>**funds**<br>**£**<br>-<br>-<br>**Restricted**<br>**funds**<br>**£**<br>-<br>-|**Total Funds**<br>**2024**<br>**£**<br>-|
|---|---|---|---|
||||-|
||||**Total Funds**<br>**2023**<br>**£**<br>771<br>18,149|
||||18,920|
||||**Total Funds**<br>**2024**<br>**£**<br>931,036|
||||931,036|
||||**Total Funds**<br>**2023**<br>**£**<br>1,047,306|
||||1,047,306|



Page 17 



Docusign Envelope ID: 30ABA9E6-FDF8-46F5-B144-46DEC57050B3 

## **Penrice House (St. Austell) Limited** 

## **Notes to the Financial Statements for the Year Ended 31 March 2024** 

## **6 Income from investments** 

## **Current Year** 

|Revaluation of investments<br>Dividends from investments<br>Rent receivable<br>Interest receivable<br>**Prior Year**<br>Rent receivable<br>Interest receivable|**Unrestricted**<br>**funds**<br>**£**<br>124,652<br>22,473<br>17,205<br>12,777<br>177,107<br>**Unrestricted**<br>**funds**<br>**£**<br>17,993<br>589<br>18,582|**Restricted**<br>**funds**<br>**£**<br>20,934<br>-<br>-<br>-<br>20,934<br>**Restricted**<br>**funds**<br>**£**<br>-<br>-<br>-|**Total Funds**<br>**2024**<br>**£**<br>145,586<br>22,473<br>17,205<br>12,777|
|---|---|---|---|
||||198,041|
||||**Total Funds**<br>**2023**<br>**£**<br>17,993<br>589|
||||18,582|



## **7 Income from other sources** 

## **Current Year** 

|Net gain on disposal of tangible fixed assets<br>Other revenue<br>Renewable heating incentive<br>**Prior Year**<br>Net gain on disposal of tangible fixed assets<br>Other revenue<br>Renewable heating incentive|**Unrestricted**<br>**funds**<br>**£**<br>7,601<br>2,669<br>46,851<br>57,121<br>**Unrestricted**<br>**funds**<br>**£**<br>1,440<br>3,249<br>2,203<br>6,892|**Restricted**<br>**funds**<br>**£**<br>-<br>-<br>-<br>-<br>**Restricted**<br>**funds**<br>**£**<br>-<br>-<br>-<br>-|**Total Funds**<br>**2024**<br>**£**<br>7,601<br>2,669<br>46,851|
|---|---|---|---|
||||57,121|
||||**Total Funds**<br>**2023**<br>**£**<br>1,440<br>3,249<br>2,203|
||||6,892|



Page 18 



Docusign Envelope ID: 30ABA9E6-FDF8-46F5-B144-46DEC57050B3 

## **Penrice House (St. Austell) Limited** 

## **Notes to the Financial Statements for the Year Ended 31 March 2024** 

## **8 Costs of raising donations and legacies** 

## **Current Year** 

|Rental property repairs, refurbishment and expenses<br>**Prior Year**<br>Rental property repairs, refurbishment and expenses<br>**9**<br>**Expenditure on charitable activities**<br>**Current Year**<br>Direct costs (note 10)<br>Share of support costs (note 11)<br>Share of governance costs (note 11)<br>**Prior Year**<br>Direct costs (note 10)<br>Share of support costs (note 11)<br>Share of governance costs (note 11)|**Unrestricted**<br>**funds**<br>**£**<br>-<br>-<br>**Unrestricted**<br>**funds**<br>**£**<br>10,484<br>10,484<br>**Unrestricted**<br>**funds**<br>**£**<br>1,580,978<br>58,465<br>6,020<br>1,645,463<br>**Unrestricted**<br>**funds**<br>**£**<br>1,202,222<br>44,900<br>8,100<br>1,255,222|**Restricted**<br>**funds**<br>**£**<br>-<br>-<br>**Restricted**<br>**funds**<br>**£**<br>-<br>-<br>**Restricted**<br>**funds**<br>**£**<br>5,139<br>16,593<br>-<br>21,732<br>**Restricted**<br>**funds**<br>**£**<br>-<br>-<br>-<br>-|**Total Funds**<br>**2024**<br>**£**<br>-|
|---|---|---|---|
||||-|
||||**Total Funds**<br>**2023**<br>**£**<br>10,484|
||||10,484|
||||**Total Funds**<br>**2024**<br>**£**<br>1,580,978<br>75,058<br>6,020|
||||1,662,056|
||||**Total Funds**<br>**2023**<br>**£**<br>1,202,222<br>44,900<br>8,100|
||||1,255,222|



Page 19 



Docusign Envelope ID: 30ABA9E6-FDF8-46F5-B144-46DEC57050B3 

## **Penrice House (St. Austell) Limited** 

## **Notes to the Financial Statements for the Year Ended 31 March 2024** 

## **10 Analysis of direct costs** 

|**Current Year**<br>Staff costs<br>Depreciation and impairment<br>Food<br>Staff clothing and training<br>Household sundries<br>Light, heat and power<br>Repairs and renewals<br>Insurance<br>Motor expenses<br>Water rates and council tax<br>Trade subscriptions<br>**Prior Year**<br>Staff costs<br>Depreciation and impairment<br>Food<br>Staff clothing and training<br>Household sundries<br>Light, heat and power<br>Repairs and renewals<br>Insurance<br>Motor expenses<br>Water rates and council tax<br>Trade subscriptions|**Unrestricted**<br>**funds**<br>**£**<br>800,663<br>58,445<br>60,048<br>4,114<br>31,551<br>111,449<br>475,671<br>22,015<br>5,357<br>5,647<br>6,018<br>1,580,978<br>**Unrestricted**<br>**funds**<br>**£**<br>752,711<br>45,203<br>59,843<br>6,006<br>22,233<br>52,853<br>219,295<br>21,117<br>8,637<br>9,999<br>4,325<br>1,202,222|**Restricted**<br>**funds**<br>**£**<br>-<br>-<br>-<br>-<br>5,139<br>-<br>-<br>-<br>-<br>-<br>-<br>5,139<br>**Restricted**<br>**funds**<br>**£**<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|**Total Funds**<br>**2024**<br>**£**<br>800,663<br>58,445<br>60,048<br>4,114<br>31,551<br>111,449<br>475,671<br>22,015<br>5,357<br>5,647<br>6,018|
|---|---|---|---|
||||1,580,978|
||||**Total Funds**<br>**2023**<br>**£**<br>752,711<br>45,203<br>59,843<br>6,006<br>22,233<br>52,853<br>219,295<br>21,117<br>8,637<br>9,999<br>4,325|
||||1,202,222|



Page 20 



Docusign Envelope ID: 30ABA9E6-FDF8-46F5-B144-46DEC57050B3 

## **Penrice House (St. Austell) Limited** 

## **Notes to the Financial Statements for the Year Ended 31 March 2024** 

## **11 Analysis of support costs** 

## **Current Year** 

|Advertising<br>Telephone<br>Printing, postage and stationery<br>Bookkeeping and accountancy<br>Legal and professional fees<br>Bank charges<br>Audit fees<br>Investment management fees<br>Bad debts written off<br>**Prior Year**<br>Advertising<br>Telephone<br>Printing, postage and stationery<br>Bookkeeping and accountancy<br>Legal and professional fees<br>Bank charges<br>Audit fees|**Support costs**<br>**£**<br>936<br>12,791<br>2,142<br>11,329<br>14,285<br>842<br>-<br>16,140<br>16,593<br>75,058<br>**Support costs**<br>**£**<br>1,164<br>11,904<br>1,856<br>2,697<br>26,600<br>679<br>-<br>44,900|**Governance**<br>**costs**<br>**£**<br>-<br>-<br>-<br>-<br>-<br>-<br>6,020<br>-<br>-<br>6,020<br>**Governance**<br>**costs**<br>**£**<br>-<br>-<br>-<br>-<br>-<br>-<br>8,100<br>8,100|**2024**<br>**£**<br>936<br>12,791<br>2,142<br>11,329<br>14,285<br>842<br>6,020<br>16,140<br>16,593|
|---|---|---|---|
||||81,078|
||||**2023**<br>**£**<br>1,164<br>11,904<br>1,856<br>2,697<br>26,600<br>679<br>8,100|
||||53,000|



## **12 Trustee Directors** 

None of the trustee directors' (or any persons connected with them) received any remuneration during the period ended 31 March 2024. No other transactions with related parties were undertaken such are required to be disclosed under the Companies Act 2006. 

## **13 Employees** 

The average number of persons employed by the company (Including directors) during the year, was 32 (2023 - 29). 

No employee received employee benefits of more than £60,000 during the year (2023 - nil) 

Page 21 



Docusign Envelope ID: 30ABA9E6-FDF8-46F5-B144-46DEC57050B3 

## **Penrice House (St. Austell) Limited** 

## **Notes to the Financial Statements for the Year Ended 31 March 2024** 

## **14 Tangible assets** 

|**Cost or valuation**<br>At 1 April 2023<br>Additions<br>Disposals<br>At 31 March 2024<br>**Depreciation**<br>At 1 April 2023<br>Charge for the year<br>Eliminated on disposal<br>At 31 March 2024<br>**Carrying amount**<br>At 31 March 2024<br>At 31 March 2023|**Property**<br>**improvements**<br>**£**<br>129,640<br>-<br>-<br>129,640<br>25,930<br>2,592<br>-<br>28,522<br>101,118<br>103,710|**Fixtures and**<br>**fittings**<br>**£**<br>11,750<br>38,363<br>-<br>50,113<br>8,722<br>8,286<br>-<br>17,008<br>33,105<br>3,028|**Office**<br>**equipment**<br>**£**<br>28,774<br>21,337<br>-<br>50,111<br>9,987<br>9,727<br>-<br>19,714<br>30,397<br>18,787|**Motor**<br>**vehicles**<br>**£**<br>31,495<br>39<br>-<br>31,534<br>29,661<br>400<br>-<br>30,061<br>1,473<br>1,833|**Plant &**<br>**Equipment**<br>**£**<br>429,611<br>111,889<br>(66,805)<br>474,695<br>336,690<br>37,439<br>(69,038)<br>305,091<br>169,604<br>92,921|**Total**<br>**£**<br>631,270<br>171,628<br>(66,805)|
|---|---|---|---|---|---|---|
|||||||736,093|
|||||||410,990<br>58,444<br>(69,038)|
|||||||400,396|
|||||||335,697|
|||||||220,279|



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. 

Page 22 



Docusign Envelope ID: 30ABA9E6-FDF8-46F5-B144-46DEC57050B3 

## **Penrice House (St. Austell) Limited** 

## **Notes to the Financial Statements for the Year Ended 31 March 2024** 

## **15 Investment properties** 

|**15 Investment properties**||
|---|---|
||**2024**|
||**£**|
|At 1 April|825,000|
|Disposals|(125,000)|
|Fair value adjustments|15,000|
|At 31 March|715,000|
|The investment properties were revalued on an open market basis by the Trustees at 31 March 2024.||
|No depreciation is provided in respect of these properties.||



The historical cost of the investment properties is £Nil. 

## **16 Fixed asset investments** 

|**Non-current financial assets**<br>**Cost or valuation**<br>At 1 April 2023<br>Fair value adjustments<br>Additions<br>Disposals<br>At 31 March 2024<br>**Carrying amount**<br>At 31 March 2024<br>At 31 March 2023|**Financial**<br>**assets at fair**<br>**value through**<br>**profit and**<br>**loss**<br>**£**<br>3,112,165<br>145,586<br>8,191<br>(547,859)|
|---|---|
||2,718,083|
||2,718,083|
||3,112,165|



Included within investments is £177,157 (2023 - £605,016) in relation to investments in deposit accounts. 

## **17 Debtors** 

|**17 Debtors**|||
|---|---|---|
|Trade debtors|**2024**<br>**£**<br>2,612<br>2,612|**2023**<br>**£**<br>22,898|
|||22,898|



Page 23 



Docusign Envelope ID: 30ABA9E6-FDF8-46F5-B144-46DEC57050B3 

## **Penrice House (St. Austell) Limited** 

## **Notes to the Financial Statements for the Year Ended 31 March 2024** 

## **18 Creditors** 

|**Due within one year**<br>Bank loans and overdrafts<br>Trade creditors<br>Other creditors|**2024**<br>**£**<br>21,358<br>51,832<br>16,260<br>89,450|**2023**<br>**£**<br>-<br>14,337<br>7,630<br>21,967|
|---|---|---|



## **19 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 £21,136 (2023 - £12,774). 

## **20 Related party transactions** 

There were no disclosable related party transactions during the year (2023 - none). 

## **21 Reconciliation of net movement in funds to net cash flow from operating activities** 

|Net movement in funds<br>Depreciation<br>(Increase) / decrease in debtors<br>Increase / (decrease) in creditors<br>Gain on disposal of tangible fixed assets<br>Interest received|**2024**<br>**£**<br>(473,954)<br>58,444<br>20,286<br>46,125<br>(7,601)<br>(12,777)<br>(369,477)|**2023**<br>**£**<br>(174,006)<br>45,203<br>(1,078)<br>(27,299)<br>-<br>(589)|
|---|---|---|
|||(157,769)|



Page 24 



Docusign Envelope ID: 30ABA9E6-FDF8-46F5-B144-46DEC57050B3 

## **Penrice House (St. Austell) Limited** 

## **Notes to the Financial Statements for the Year Ended 31 March 2024** 

## **22 Analysis of net assets between funds** 

|**Current year**<br>Fixed assets<br>Investments<br>Net current assets<br>**Prior year**<br>Fixed assets<br>Investments<br>Net current assets|**Unrestricted**<br>**funds**<br>**£**<br>335,697<br>3,113,605<br>30,037<br>3,419,265<br>**Unrestricted**<br>**funds**<br>**£**<br>220,279<br>3,622,028<br>42,156<br>3,884,463|**Restricted**<br>**funds**<br>**£**<br>-<br>319,478<br>7,832<br>327,310<br>**Restricted**<br>**funds**<br>**£**<br>-<br>315,137<br>5,928<br>321,065|**Total funds**<br>**2024**<br>**£**<br>335,697<br>3,433,083<br>(22,205)|
|---|---|---|---|
||||3,746,575|
||||**Total funds**<br>**2023**<br>**£**<br>220,279<br>3,937,165<br>48,084|
||||4,205,528|



Page 25 



Docusign Envelope ID: 30ABA9E6-FDF8-46F5-B144-46DEC57050B3 

## **Penrice House (St. Austell) Limited** 

## **Notes to the Financial Statements for the Year Ended 31 March 2024** 

## **23 Movement in funds** 

|**Current year**<br>**Unrestricted Funds**<br>General funds<br>Extraordinary repairs fund<br>Revaluation reserve<br>**Total Unrestricted Funds**<br>**Restricted Funds**<br>The Fred Lovering Assistance<br>fund<br>Amenity fund - bank account<br>Amenity fund - petty cash<br>**Total Restricted Funds**<br>**Total Funds**<br>**Prior year**<br>**Unrestricted Funds**<br>General funds<br>Extraordinary repairs fund<br>Revaluation reserve<br>**Total Unrestricted Funds**<br>**Restricted Funds**<br>The Fred Lovering Assistance<br>fund<br>Amenity fund - bank account<br>Amenity fund - petty cash<br>**Total Restricted Funds**<br>**Total Funds**|**At 1 April**<br>**2023**<br>**£**<br>2,304,368<br>349,827<br>1,230,269<br>3,884,464<br>315,137<br>5,838<br>90<br>321,065<br>4,205,529<br>**At 1 April**<br>**2022**<br>**£**<br>2,336,200<br>492,000<br>1,230,269<br>4,058,469<br>315,137<br>5,838<br>90<br>321,065<br>4,379,534|**Incoming**<br>**resources**<br>**£**<br>1,165,264<br>-<br>15,000<br>1,180,264<br>20,934<br>7,043<br>-<br>27,977<br>1,208,241<br>**Incoming**<br>**resources**<br>**£**<br>1,091,701<br>-<br>-<br>1,091,701<br>-<br>-<br>-<br>-<br>1,091,701|**Resources**<br>**expended**<br>**£**<br>(1,645,463)<br>-<br>-<br>(1,645,463)<br>(16,593)<br>(5,139)<br>-<br>(21,732)<br>(1,667,195)<br>**Resources**<br>**expended**<br>**£**<br>(1,265,706)<br>-<br>-<br>(1,265,706)<br>-<br>-<br>-<br>-<br>(1,265,706)|**Transfers**<br>**£**<br>(461,222)<br>586,222<br>(125,000)<br>-<br>-<br>-<br>-<br>-<br>-<br>**Transfers**<br>**£**<br>142,173<br>(142,173)<br>-<br>-<br>-<br>-<br>-<br>-<br>-|**At 31 March**<br>**2024**<br>**£**<br>1,362,947<br>936,049<br>1,120,269|
|---|---|---|---|---|---|
||||||3,419,265<br>319,478<br>7,742<br>90|
||||||327,310|
||||||3,746,575|
||||||**At 31 March**<br>**2023**<br>**£**<br>2,304,368<br>349,827<br>1,230,269|
||||||3,884,464<br>315,137<br>5,838<br>90|
||||||321,065|
||||||4,205,529|



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. 

The Fred Lovering Assistance Fund consists of one half of a donation received from Fred Lovering's House on their winding up and is to be used to support residents of Penrice House who are in financial need. 

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

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