OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2026-03-31-accounts

Docusign Envelope ID: C069D4EF-4151-8709-8233-04FA4E6C5BB7

Registration No. 01475148 Charity Registration No. 280039

Penrice House (St. Austell) Limited

(A company limited by guarantee)

Trustee Directors' Report and Audited Financial Statements

for the Year Ended 31 March 2026

Docusign Envelope ID: C069D4EF-4151-8709-8233-04FA4E6C5BB7

Penrice House (St. Austell) Limited For the Year Ended 31 March 2026

CONTENTS

Page
Legal and administrative information 2
Trustee Directors' Annual Report 3 – 8
Independent Auditors’ report 9 – 12
Statement of financial activities 13
Balance sheet 14
Statement of Cash Flows 15
Notes to the Financial Statements 16 – 29

Page 1

Docusign Envelope ID: C069D4EF-4151-8709-8233-04FA4E6C5BB7

Penrice House (St. Austell) Limited For the Year Ended 31 March 2026

Legal and Administrative Information

Registered charity name Penrice House (St. Austell) Limited Charity number 280039 Company registration number 01475148 Principal office and registered office Penrice House Porthpean St Austell Cornwall PL26 6AZ Chairman Mrs L B Sampson Trustee Directors Mrs A Allan Dr R Bown – resigned 1 December 2025 Miss J R Burden Mr J Childs – appointed 21 July 2025 Mr G Clarke Dr P B Foster Dr A Hereward Mrs A M Phillips – appointed 21 July 2025 Ms E Ridgewell-Howard – appointed 21 July 2025 Mrs L B Sampson Mr P G Snell Mrs F Tregaskes Mrs J P Young – appointed 21 July 2025 Company secretary Ms S Y Card Accountants & Independent Examiners 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 2

Docusign Envelope ID: C069D4EF-4151-8709-8233-04FA4E6C5BB7

Penrice House (St. Austell) Limited For the Year Ended 31 March 2026

Trustee Directors' Annual Report for the Year Ended 31 March 2026

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 2026.

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 (FRS 102).

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 their 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 the 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.

The four committees are:-

  1. Finance, Resources and Business Management;

  2. Care Home Management - Performance, Quality and Experience Committee; 3. Business Development and Projects Committee; and 4. Nominations Committee.

Page 3

Docusign Envelope ID: C069D4EF-4151-8709-8233-04FA4E6C5BB7

Penrice House (St. Austell) Limited For the Year Ended 31 March 2026

Trustee Directors' Annual Report for the Year Ended 31 March 2026

Principal activities of the year (continued)

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.

Achievements and performance - trips, meals out, cinema.

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.

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, cafes and more recently ten-pin bowling and the cinema. Members of the local community are invited to attend events at the Home, for example the Christmas Carol evening led by Mevagissey Male Voice Choir and a summer barbeque.

The Home employs an Activities Lead who organises 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.

In July 2025, the Home was pleased to receive grant funding from the Cornwall Council Levelling Up Fund to develop a small woodland glade garden within the grounds. This project has created a peaceful outdoor space for residents to enjoy, promoting wellbeing and connection with nature. The space will also provide opportunities to welcome small community groups, supporting greater engagement and inclusion with the local community.

Residents' meetings take place monthly with the managers and feedback is included in the monthly newsletter to families, in addition to the minutes of these meetings. Trustee and staff meetings are held quarterly, in addition, the Trustees are available to meet with staff and residents and their families on request. Suggestions and requests from residents, staff and others are carefully considered by the managers with input from Trustees when required, with the implementation of a suggestion box. These are supported and implemented by managers as appropriate. The Home also holds a residents family meeting where family members are welcome to meet the team and ask any questions they may have.

During 2026, a programme of redecoration and refurbishment of the house has continued. The Trustees are committed to bringing Penrice House up to modern standards and during 2025/26 have invested in the re-wiring of the electrics throughout the house and replacing the radiators to meet safer surface temperatures for vulnerable residents.

In 2023, Penrice House invested in solar panels in order to help reduce the impact of increasing energy prices. These are now providing a significant proportion of the electricity required by the home.

Financial Review

The charity's income for the year was £1,525,780 (2025 - £1,354,612) and its expenditure was £1,586,032 (2025 - £1,270,649). The net movement in funds for the year was an increase of £350,766 (2025 – £119,325).

Page 4

Docusign Envelope ID: C069D4EF-4151-8709-8233-04FA4E6C5BB7

Penrice House (St. Austell) Limited For the Year Ended 31 March 2026

Trustee Directors' Annual Report for the Year Ended 31 March 2026

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:

General unrestricted funds as at 31 March 2026, was £1,315,293 (2025 - £1,461,460) after transferring £250,000 across to the Extraordinary repairs fund during the 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 2026, a total of £2,096,703 was invested with Investec (2025 - £2,250,107).

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.

The trustees are actively applying for grant funding to develop the remainder of the estate with a focus on community access. This will continue in 2026/27.

Four new trustees joined the Board in July 2025:

Mr J Childs Mrs A Phillips Ms E Ridgewell-Howard Mrs J P Young

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.

Page 5

Docusign Envelope ID: C069D4EF-4151-8709-8233-04FA4E6C5BB7

Penrice House (St. Austell) Limited For the Year Ended 31 March 2026

Trustee Directors' Annual Report for the Year Ended 31 March 2026

Structure, governance and management (continued)

In December 2025 Amanda Allen made the decision to take a leave of absence and The Board expressed its full support. While charity law does not provide a formal mechanism for a temporary leave of absence, trustees are volunteers and it is considered appropriate to accommodate such circumstances. The Board has agreed a 12 month sabbatical period, to be reviewed at its conclusion, as a reasonable approach. The trustees have considered the governance implications, including the need to ensure that Amanda’s duties are appropriately covered during her absence and that the charity continues to operate effectively. The Board will continue to keep this arrangement under review in line with best practice and the charity’s governing document.

There are twelve trustees at 31 March 2026 (2025 - nine).

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) Dr R Bown – resigned December 2025 Mrs A Allan (2,3,4) (leave of absence) Miss J Burden (3,4) Mr J Childs Mr G Clarke (1,3,4) Dr P B Foster (2,4) Dr A Hereward (3,4) Mrs A Phillips Ms E Ridgewell-Howard Mr P G Snell (4) Mrs F Tregaskes (2,3,4) Mrs J P Young (2,3,4)

(1) Finance Committee (2) Care Home Management Committee (3) Business Development & Projects Committee (4) Nominations 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 2026 Annual General Meeting of members will be Miss J Burden, Mr G Clarke and Mrs F Tregaskes (2025: Dr R Bown, Mr P G Snell, Mrs L B Sampson and Dr P B Foster). These Trustees, being eligible, offer themselves for re-election.

Page 6

Docusign Envelope ID: C069D4EF-4151-8709-8233-04FA4E6C5BB7

Penrice House (St. Austell) Limited For the Year Ended 31 March 2026

Trustee Directors' Annual Report for the Year Ended 31 March 2026

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 1st 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.

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:

Page 7

Docusign Envelope ID: C069D4EF-4151-8709-8233-04FA4E6C5BB7

Penrice House (St. Austell) Limited For the Year Ended 31 March 2026

Trustee Directors' Annual Report for the Year Ended 31 March 2026

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.

22-07-26 Approved by the Board of Trustees on .................... and signed on its behalf by:

……………............................. Mrs L B Sampson Chairman

Page 8

Docusign Envelope ID: C069D4EF-4151-8709-8233-04FA4E6C5BB7

Penrice House (St. Austell) Limited For the Year Ended 31 March 2026

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 2026, 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:

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.

Page 9

Docusign Envelope ID: C069D4EF-4151-8709-8233-04FA4E6C5BB7

Penrice House (St. Austell) Limited For the Year Ended 31 March 2026

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

Other information (continued)

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.

Opinion on other matter prescribed by the Companies Act 2006

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

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:

Responsibilities of trustees

As explained more fully in the Trustees’ Responsibilities, as set out on page 8, 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 charitable company or to cease operations, or have no realistic alternative but to do so.

Page 10

Docusign Envelope ID: C069D4EF-4151-8709-8233-04FA4E6C5BB7

Penrice House (St. Austell) Limited For the Year Ended 31 March 2026

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.

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 Charities Act 2011, Charity SORP 2019, FRS 102 and the terms and conditions attaching to material grants received by the Charity.

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. These include data protection regulations, health and safety regulations and employment legislation.

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

Page 11

Docusign Envelope ID: C069D4EF-4151-8709-8233-04FA4E6C5BB7

Penrice House (St. Austell) Limited For the Year Ended 31 March 2026

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

Auditor’s responsibilities for the audit of the financial statements (continued)

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.

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

22-07-26

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

Page 12

Docusign Envelope ID: C069D4EF-4151-8709-8233-04FA4E6C5BB7

Penrice House (St. Austell) Limited For the Year Ended 31 March 2026

Statement of Financial Activities including Income and Expenditure Account for the Year Ended 31 March 2026

Notes
Incoming resources
Grants, donations & legacies
4
Charitable activities
5
Investment income
6
Other income
7
Total incoming resources
Resources expended
Expenditure on charitable activities
8
Net incoming/(outgoing)
resources
Gross transfer between funds
Net gain/(losses) on investments
11
Revaluation movement
Net movement in funds
Total funds brought forward
Total funds carried forward		 Unrestricted
Funds
2026
£
-
1,454,258
46,918
24,541
1,525,717
(1,577,942)
(52,225)
(17,150)
173,208
200,000
303,833
3,517,778
3,821,611		 Restricted
Funds
2026
£
63
-
-
-
63
(8,090)
(8,027)
17,150
37,810
-
46,933
348,122
395,055		 Total
Funds
2026
£
63
1,454,258
46,918
24,541
1,525,780
(1,586,032)
(60,252)
-
211,018
200,000
350,766
3,865,900
4,216,666		 Total
Funds
2025
£
5,059
1,268,902
66,846
13,805
1,354,612
(1,270,649)
83,963
-
35,362
-
119,325
3,746,575
3,865,900

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.

All incoming resources and reserves expended derive from continuing activities.

The notes on pages 16 to 29 form an integral part of these financial statements.

Page 13

Docusign Envelope ID: C069D4EF-4151-8709-8233-04FA4E6C5BB7

Penrice House (St. Austell) Limited For the Year Ended 31 March 2026

Balance Sheet as at 31 March 2026 (Company Registration Number: 01475148)

Notes
Fixed assets
Tangible assets
14
Investment property
15
Other financial assets
16
Current assets
Debtors and prepayments
17
Cash at bank and in hand
Creditors: Amounts falling
due within one year
18
Net current liabilities
Net assets
Income funds
Restricted funds
23
Unrestricted funds
23
Total equity
14,170
33,658
47,828
(53,536)		 2026
£
1,206,134
915,000
2,101,240
4,222,374
(5,708)
4,216,666
395,055
3,821,611
4,216,666
2,616
35,643
38,259
(61,047)		 2025
£
919,044
715,000
2,254,644
3,888,688
(22,788)
3,865,900
348,122
3,517,778
3,865,900

The financial statements were approved and authorised for issue by the Trustees on .................... and signed on 6 July 2026 their behalf by:

…………………….……………………… Mrs L B Sampson Trustee

Dated: 22-07-26

The notes on pages 16 to 29 form an integral part of these financial statements.

Page 14

Docusign Envelope ID: C069D4EF-4151-8709-8233-04FA4E6C5BB7

Penrice House (St. Austell) Limited For the Year Ended 31 March 2026

Statement of Cash Flows for the Year Ended 31 March 2026

Note 2026 2025
£ £
Net cash generated in operating activities 21 205,187 171,135
Cash flows from investing activities
Interest received 1,832 29,624
Acquisition of tangible assets (369,858) (671,831)
Proceeds from sale of tangible assets 7,450 -
Acquisition of investments (480,700) (410,938)
Proceeds from disposal of investments 634,104 874,378
Net cash flows from investing activities (207,172) (178,767)
New decrease in cash and cash equivalents (1,985) (7,632)
Cash and cash equivalents at 1 April 2025 35,643 43,275
Cash and cash equivalents at 31 March 2026 33,658 35,643

The notes on pages 16 to 29 form an integral part of these financial statements.

Page 15

Docusign Envelope ID: C069D4EF-4151-8709-8233-04FA4E6C5BB7

Penrice House (St. Austell) Limited For the Year Ended 31 March 2026

Notes to the Financial Statements for the Year Ended 31 March 2026

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 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 FRS 102.

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.

Page 16

Docusign Envelope ID: C069D4EF-4151-8709-8233-04FA4E6C5BB7

Penrice House (St. Austell) Limited For the Year Ended 31 March 2026

Notes to the Financial Statements for the Year Ended 31 March 2026

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.

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 fixed assets are depreciated over their useful economic lives, taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing assets lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Sources of uncertainty uncertainty

The company determines whether there are conditions that exist at the balance sheet date that indicates that the net realisable value of individual stock lines are less than the carrying value. Such indicators include post year-end sales, and market demand.

The company determines whether there are conditions that exist at the balance sheet date that indicates the recoverable value of debtors is less than the carrying value. Such indicators include post year end cash receipts, and customer sales activity.

Page 17

Docusign Envelope ID: C069D4EF-4151-8709-8233-04FA4E6C5BB7

Penrice House (St. Austell) Limited For the Year Ended 31 March 2026

Notes to the Financial Statements for the Year Ended 31 March 2026

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:

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

The investment property is carried at fair value. At 31 March 2026, the property was valued at £915,000 (2025: £715,000) based on its estimated open market value. The valuation was undertaken by the Trustees, considering the significant refurbishment works completed during the year and their impact on the property's market value. The Trustees consider the resulting valuation to be an appropriate estimate of fair value at the reporting date. Changes in fair value are recognised in profit or loss.

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.

Page 18

Docusign Envelope ID: C069D4EF-4151-8709-8233-04FA4E6C5BB7

Penrice House (St. Austell) Limited For the Year Ended 31 March 2026

Notes to the Financial Statements for the Year Ended 31 March 2026

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.

4 Grants, Donations and Legacies

Current Year
Unrestricted
funds		 Restricted
funds
Total Funds
2026
£ £
£
Donations - 63
63
- 63
63
Prior Year
Unrestricted
funds		 Restricted
funds
Total Funds
2025
£ £
£
Donations - 5,059
5,059
- 5,059
5,059
5
Income from charitable activities
Current Year
Unrestricted
funds		 Restricted
funds
Total Funds
2026
£ £
£
Resident’s fees 1,454,258 -
1,454,258
1,454,258 -
1,454,258
Prior Year
Unrestricted
funds		 Restricted
funds
Total Funds
2025
£ £
£
Resident’s fees 1,268,902 -
1,268,902
1,268,902 -
1,268,902

Page 19

Docusign Envelope ID: C069D4EF-4151-8709-8233-04FA4E6C5BB7

Penrice House (St. Austell) Limited For the Year Ended 31 March 2026

Notes to the Financial Statements for the Year Ended 31 March 2026

6 Investment income

Current Year

Unrestricted
funds		 Restricted
funds
Total Funds
2026
£ £
£
Dividends from investments 22,473 -
22,473
Interest receivable 1,832 -
1,832
Rent receivable 22,613 -
22,613
Total 46,918 -
46,918
Prior Year
Unrestricted
funds		 Restricted
funds
Total Funds
2025
£ £
£
Dividends from investments 26,419 -
26,419
Interest receivable 29,624 -
29,624
Rent receivable 10,803 -
10,803
Total 66,846 -
66,846

7 Income from other sources

Current Year

Current Year
Unrestricted
funds		 Restricted
funds
Total Funds
2026
£ £
£
Cornwall Council Levelling Up Fund – small 18,984 -
18,984

woodland glade grant
Renewable heating incentive - -
-
Other revenue 5,557 -
5,557
Total 24,541 -
24,541
Prior Year
Unrestricted
funds		 Restricted
funds
Total Funds
2025
£ £
£
Renewable heating incentive 10,379 -
10,379
Other revenue 3,426 -
3,426
Total 13,805 -
13,805

Page 20

Docusign Envelope ID: C069D4EF-4151-8709-8233-04FA4E6C5BB7

Penrice House (St. Austell) Limited For the Year Ended 31 March 2026

Notes to the Financial Statements for the Year Ended 31 March 2026

8 Expenditure on charitable activities

Current Year
Unrestricted
funds		 Restricted
funds
Total Funds
2026
£ £
£
Direct costs (note 9) 1,476,046 8,090
1,484,136
Share of support costs (note 10) 93,171 -
93,171
Share of governance costs (note 10) 8,725 -
8,725
Total 1,577,942 8,090
1,586,032
Prior Year
Unrestricted
funds		 Restricted
funds
Total Funds
2025
£ £
£
Direct costs (note 9) 1,177,770 11,117
1,188,887
Share of support costs (note 10) 72,082 -
72,082
Share of governance costs (note 10) 9,680 -
9,680
Total 1,259,532 11,117
1,270,649

9 Analysis of direct costs

Current Year

Current Year
Unrestricted
funds		 Restricted
funds
Total Funds
2026
£ £
£
Staff costs 1,003,558 -
1,003,558
Food 70,140 -
70,140
Staff clothing and training 15,257 -
15,257
Household sundries 23,661 8,090
31,751
Light, heat & power 75,758 -
75,758
Repairs and renewals 167,646 -
167,646
Insurance 27,446 -
27,446
Motor expenses 3,539 -
3,539
Water rates & council tax 8,209 -
8,209
Trade subscriptions 5,514 -
5,514
Depreciation & impairment 82,768 -
82,768
(Profit)/loss on disposal of fixed assets (7,450) -
(7,450)
Total 1,476,046 8,090
1,484,136

Page 21

Docusign Envelope ID: C069D4EF-4151-8709-8233-04FA4E6C5BB7

Penrice House (St. Austell) Limited For the Year Ended 31 March 2026

Notes to the Financial Statements for the Year Ended 31 March 2026

9 Analysis of direct costs

Prior Year

Prior Year
Unrestricted
funds		 Restricted
funds
Total Funds
2025
£ £
£
Staff costs 858,489 -
858,489
Food 72,075 -
72,075
Staff clothing and training 6,858 -
6,858
Household sundries 24,606 11,117
35,723
Light, heat & power 67,728 -
67,728
Repairs and renewals 18,188 -
18,188
Insurance 23,981 -
23,981
Motor expenses 3,137 -
3,137
Water rates & council tax 7,810 -
7,810
Trade subscriptions 6,416 -
6,416
Depreciation & impairment 88,482 -
88,482
Total 1,177,770 11,117
1,188,887
10
Analysis of support costs
Current Year
Support
costs		 Governance
costs
Total
2026
£ £
£
Advertising 1,230 -
1,230
Telephone 20,002 -
20,002
Printing, postage & stationery 3,841 -
3,841
Bookkeeping & accountancy 15,762 -
15,762
Audit fees - 8,725
8,725
Legal & professional fees 38,138 -
38,138
Investment management fees 13,233 -
13,233
Bank charges 965 -
965
Bad debt - -
-
Total 93,171 8,725
101,896

Page 22

Docusign Envelope ID: C069D4EF-4151-8709-8233-04FA4E6C5BB7

Penrice House (St. Austell) Limited For the Year Ended 31 March 2026

Notes to the Financial Statements for the Year Ended 31 March 2026

10 Analysis of support costs (continued)

Prior Year
Support
costs		 Governance
costs
Total
2025
£ £
£
Advertising 1,008 -
1,008
Telephone 16,019 -
16,019
Printing, postage & stationery 3,590 -
3,590
Bookkeeping & accountancy 8,773 -
8,773
Audit fees - 9,680
9,680
Legal & professional fees 25,851 -
25,851
Investment management fees 15,952 -
15,952
Bank charges 889 -
889
Bad debt - -
-
Total 72,082 9,680
81,762
11
Net gain/(losses) on investments
Current Year
Unrestricted
funds		 Restricted
funds
Total Funds
2026
£ £
£
Net gain/(losses) on investments 173,208 37,810
211,018
Prior Year
Unrestricted
funds		 Restricted
funds
Total Funds
2025
£ £
£
Net gain/(losses) on investments 25,199 10,163
35,362

12 Trustee Directors

None of the trustee directors' (or any persons connected with them) received any remuneration during the period ended 31 March 2026. Nor did any trustees receive reimbursement of any expenses.

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 Charitable company (including directors) during the year, was 38 (2025 - 33).

The number of employees who earned more than £60,000 per annum was Nil (2025 – Nil).

Page 23

Docusign Envelope ID: C069D4EF-4151-8709-8233-04FA4E6C5BB7

Penrice House (St. Austell) Limited For the Year Ended 31 March 2026

Notes to the Financial Statements for the Year Ended 31 March 2026

14 Tangible assets

Property
improvements		 Fixtures &
fittings		 Office
equipment		 Motor
vehicles		 Plant &
equipment		 Total
£ £ £ £ £ £
Cost or valuation
At 1 April 2025 730,300 121,284 50,110 31,534 474,695 1,407,923
Additions 368,565 594 699 - - 369,858
At 31 March 2026 1,098,865 121,878 50,809 31,534 474,695 1,777,781
Depreciation
At 1 April 2025 43,131 39,529 28,257 30,469 347,493 488,879
Charge for the year 21,979 22,639 5,941 408 31,801 82,768
At 31 March 2026 65,110 62,168 34,198 30,877 379,294 571,647
At 31 March 2026 1,033,755 59,710 16,611 657 95,401 1,206,134
At 31 March 2025 687,169 81,755 21,853 1,065 127,202 919,044

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 £10,352,000.

Page 24

Docusign Envelope ID: C069D4EF-4151-8709-8233-04FA4E6C5BB7

Penrice House (St. Austell) Limited For the Year Ended 31 March 2026

Notes to the Financial Statements for the Year Ended 31 March 2026

15
Investment properties
2026
£
As at 1 April 2025 715,000
Additions -
Disposals -
Fair value adjustment 200,000
As at 31 March 2026 915,000

The investment properties were revalued on an open market basis by the Trustees at 31 March 2026.

No depreciation is provided in respect of these properties.

The historical cost of the investment properties is £Nil.

16 Fixed asset investments

16
Fixed asset investments		 16
Fixed asset investments
Financial assets at fair value
through profit and loss
£
Non-current financial assets
Cost or valuation
As at 1 April 2025 2,254,644
Additions 480,700
Disposals (792,897)
Fair value adjustment 158,793
As at 31 March 2026 2,101,240
Carrying amount
At 31 March 2026 2,101,240
At 31 March 2025 2,254,644

Included within investments is £4,537 (2025 - £4,537) in relation to investments in deposit accounts.

Page 25

Docusign Envelope ID: C069D4EF-4151-8709-8233-04FA4E6C5BB7

Penrice House (St. Austell) Limited For the Year Ended 31 March 2026

Notes to the Financial Statements for the Year Ended 31 March 2026

17
Debtors
2026
2025
£
£
Trade debtors 13,263
1,788
Other debtors 907
828
14,170
2,616
18
Creditors
2026
2025
£
£
Due within one year:
Trade creditors 38,502
38,968
Other creditors 15,034
22,079
53,536
61,047

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 Charitable company in an independently administered fund.

The charge to profit or loss in respect of defined contribution schemes was £19,447 (2025 - £17,245).

20 Related party transactions

There were no disclosable related party transactions during the year (2025 - none).

Page 26

Docusign Envelope ID: C069D4EF-4151-8709-8233-04FA4E6C5BB7

Penrice House (St. Austell) Limited For the Year Ended 31 March 2026

Notes to the Financial Statements for the Year Ended 31 March 2026

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

2026 2025
£ £
Net movement in funds 350,766 119,325
Depreciation 82,768 88,482
Revaluation of investment properties (200,000) -
(Increase)/decrease in debtors (11,554) (4)
Increase/(decrease) in creditors (7,511) (7,044)
Gain on disposal of tangible fixed assets (7,450) -
Finance income (1,832) (29,624)
Net cash generated/(absorbed) in operating activities 205,187 171,135
22
Analysis of net assets between funds
Current Year
Unrestricted
funds		 Restricted
funds		 Total funds
2026
£ £ £
Fixed asset 1,206,134 - 1,206,134
Investments 2,632,082 384,158 3,016,240
Net current assets (16,605) 10,897 (5,708)
3,821,611 395,055 4,216,666
Prior Year
Unrestricted
funds		 Restricted
funds		 Total funds
2026
£ £ £
Fixed asset 919,044 - 919,044
Investments 2,623,296 346,348 2,969,644
Net current assets (24,562) 1,774 (22,788)
3,517,778 348,122 3,865,900

Page 27

Docusign Envelope ID: C069D4EF-4151-8709-8233-04FA4E6C5BB7

Penrice House (St. Austell) Limited For the Year Ended 31 March 2026

Notes to the Financial Statements for the Year Ended 31 March 2026

23 Movement in funds

Analysis of funds – Current Year

At
1 April
2025		 Incoming
Resources		 Resources
Expended		 Gain/
(Loss) on
Investments		 Transfers At
31 March
2026
£ £ £ £ £ £
Unrestricted Funds
General fund 1,461,460 1,525,717 (1,577,942) 173,208 (267,150) 1,315,293
Extraordinary repairs fund 936,049 - - - 250,000 1,186,049
Revaluation fund 1,120,269 - - 200,000 - 1,320,269
Total Unrestricted Funds 3,517,778 1,525,717 (1,577,942) 373,208 (17,150) 3,821,611
Restricted Funds
The Fred Lovering Assistance fund 346,348 - - 37,810 - 384,158
Amenity fund – bank accounts 1,684 63 (8,000) - 17,150 10,897
Amenity fund – petty cash 90 - (90) - - -
Total Restricted Funds 348,122 63 (8,090) 37,810 17,150 395,055
Total Funds 3,865,900 1,525,780 (1,586,032) 411,018 - 4,216,666

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 revaluation reserve represents unrealised gains arising from the revaluation of the charity's investment property. These gains will only be realised upon disposal of the property.

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

Page 28

Docusign Envelope ID: C069D4EF-4151-8709-8233-04FA4E6C5BB7

Penrice House (St. Austell) Limited For the Year Ended 31 March 2026

Notes to the Financial Statements for the Year Ended 31 March 2026

23 Movement in funds (continued)

Analysis of funds – Prior Year

At
31 March
2024		 Incoming
Resources		 Resources
Expended		 Gain/
(Loss) on
Investments		 Transfers Total
£ £ £ £ £
Unrestricted Funds
General fund 1,346,240 1,349,553 (1,259,532) 25,199 - 1,461,460
Extraordinary repairs fund 936,049 - - - - 936,049
Revaluation fund 1,120,269 - - - - 1,120,269
Total Unrestricted Funds 3,402,558 1,349,553 (1,259,532) 25,199 - 3,517,778
Restricted Funds
The Fred Lovering Assistance fund 336,185 - - 10,163 - 346,348
Amenity fund – bank accounts 7,742 5,059 (11,117) - - 1,684
Amenity fund – petty cash 90 - - - - 90
Total Restricted Funds 344,017 5,059 (11,117) 10,163 - 348,122
Total Funds 3,746,575 1,354,612 (1,270,649) 35,362 - 3,865,900

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 revaluation reserve represents unrealised gains arising from the revaluation of the charity's investment property. These gains will only be realised upon disposal of the property.

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

Page 29