Company registration number: 02968889 Charity number: 1041037 TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 SUNLEY ORFORD RETIREMENT HOMES (A company limited by guarantee)
SUNLEY ORFORD RETIREMENT HOMES (A company limited by guarantee) CONTENTS Page Reference and admlnlstratlve detslls of the Companyi Its Trusteeg and advlsorn Trustees. report Independent audltors, roport on the fJnan¢lal 8tatsments Ststsment of flnanclal actlvltle8 Balancè sheet 10 Notes to the flnanclal gtstements
SUNLEY ORFORD RETIREMENT HOMES (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Tru•tee8 B W Martln J B Sunley Company regl8tered number 02968889 Charlty reglstered number 1041037 Reglstsred offlce The Old Carrlage Works Moregk Road Truro Comwall TR1 1DG Independent audllorn TC Group Thè Old Carrlage Works Moresk Road Truro Cornwall TR1 10G Bankarn Clydesdale Bank PLC 30 St Vincent Place Gl8sGow G12HL Invo8lmont Manager• Blackrock Advisors (UK) Limited 12 Throgmorton Avenue, London EC2N 2DL Fundsmith 33 C8vendish Square Marylebone, London W1G OP Mayfair Capital Investment Managament Llmited 2 Cavendish Square, London W1GOPU Houslng Manager ELM Group Building 2, Archlpelago Lyon Way Frimley Surrey GU16 7ER Page 1
SUNLEY ORFORD RETIREMENT HOMES (A company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Ststement of Recommended Practice appllcable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable In the UK and Republic of Ireland (FRS 1021 (effective 1 January 2019). OBJECTIVES AND ACTivrriES The Charity's principal objeclive is the provision of housing for the elderly and provldes sheltered accommodation for local people at Sunley Orford Retirement Homes {SORH), Truro, Cornwall, wilh 35 one bedroom flats and five tsvo bedroom flats togethèr with communal facilities. Trustéès arè content that the charity fulfils the requirèment of 'public benefiv in accordan with Charity Commission guideline$, by providing 8ecommodation to tenants who would not other•vise be able to afford it. SORH does not raise funds from the public. nor does anyon8 act on Its behalf to raise funds whether a professlonal fundraiser or commercial participator. SORH is not registered with the Fundraising Regulator. maintenan activity is ongolng In order that the high standards of accommodation are maintained. A renewals fund provides for the replament of items of a communal nature. ACHIEVEMENT AND PERFORMANCE ELM Management undertook a stock condition report in order to assess the work that is requirèd for the upkeep and maintenance ol the pn)perty in 2023. During the year work was undertaken to repla the intemal fittings in each of the flats. Fundralslng SORH has not made any fundraising appeals to the general publi¢ during the year, and as a result there has been no outsourced fundraising via professional fundraisers or other third partiès. Consequenlly, the charity is not regIstsd with the fundralslng regulator and reIVed no fundraSsing complaints in the year. Lettlngs, Allocatlon8 and Volds The 40 apartments offer landscaped gardens. residents, loungè, guest room and regular social activities for residents to enjoy. SORH endeavours to ensure that its propertte$ are allocated falrly and efficiently. Anyone from the local area ¢)vèr the age of 55 may apply to the waiting list but housing is onty offered to people of 60 years and over. SORH aims to hav6 a maximum void period of weeks and works in partnèrship with a number of local support agencies whlch includes Age COnrn, to find suitsble and eligible new residents. It also works to ensure that those applying are In a position to move into a vacant property as soon as is reasonably possibk. FINANCIAL REVIEW Rent was increased this year by 70/0 so that rentsl income for the year was £261,363 {2023: £238,082). With Other Income of £171.683 (2023: £158.151), Total Income was £433,046, an increase of 9.3Y• over thè prevlous year. With Support Costs of £383,110 (2023.. £311,807) and Investh)ent Management Fees of £18,169 (2023.. £ 21,191), there was a $urplu$ of £31,767 (2023.. £63.235). The Renewals Fund. which is a Restricted Fund, totals £142.224 and is funded by resldents as part of the Servi charge. It is used to fund the cost of renewing items of a communal nature in the house. The totsl reserves at 31st March 2024 were £6,543,300. There is a capltal fund totslling £2,008,026 (2023.. £1,721.557), vthich is designated, and is equal to the net book value of the tangible fixed a$$ets of Sunlèy Orford Retirement Homes. This highlights that a large percentsge of the reserves of th6 company are invested in Sunley Orford House and are not available for the gener21 wnning costs of the company. The year end market valu8 of the investment portfolio was £3,483,538. During the year, the trustees made the decislon to sell the charity's holdings in the PITCH fund wn by Mayfair Capital and divert the prOedS to its Ctydesdale bank account. The cash balance at the year end VRS £1.082,981. Page 2
SUNLEY ORFORD RETIREMENT HOMES (A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 PLANS FOR THE FUTURE Sunley Orford Retirement Homes plan to continue providing houslng for the eldedy in thè Tfuro area by maintsining faalities of Sunley Orford House for the foreseeable future. Surpluses rem8in in the General Fund committed long to Sunley Orford House. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng document Sunley Orford Retirement Homes (SORH) was incorporated a5 a company on 16th September 1994 and regISted as charity on 24th September 1994. Initial funds were provided from a grant by the Bernard Sunley Foundation due to tsvo legacies - one from the estate of Mrs Edna Orford who was a sister of the late Bemard Sunley and the other from the estate of Mrs Eva Sunley, his sistsr4n4aw. Thelr wishes were to provide hom65 for older people in. or near, the city of Truro. The fouThJation ston6 for the Home was laid on 27th October 1995 and opened in October 1996.ln 2001. Two further flats were added to the original 38 flats in the building. The Board of Trustees consisted of Dr Brian Martin and Mr James Sunley. The ELM Group manages the house on behalf of thè Trustees and meets with Trustees up to 3 times each year to update on progress and raise any managemenvbudget issues. Risk management is an ongoing consideration. Investhients are made and monitored carefully to ensure long-tem) vlabilty of SORH. Trustee Recrultmonl Appolntment and Ele¢tlon The Constitution provides for a minimum of 2 trustees. Trustees are eleded to the Board at the AGM. Potential candidates for the Trustee Board are introduced to the company and inducted by the Chalr. STATEMENT OF TRUSTEES. RESPONSIBILITIES The trustees (who are also thè directors of Sunley Orford Retirement Homes lor the purposes of company law) are responsible for preparing the Report of thé Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generalty Acc8pted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which glve a true and fair view of the stste of affairs of the charitablè company and of the Incoming resources and application of resources, the income and expenditure, of the charitable company for that period. In preparing those financial induding statements, the trustees are required to sèlect suitsble accounting policies and then apply them conslstently: observe th8 methods and principles In the Charity SORP., make judgements and estimates that are 8$Onable and prudent. prepare the financial statements on the going contsm basis unless it is inappropriate to presume that the charitable company will continue in busin8SS. The trustees are responsiblè for keeping proper accounting records which dlsclose with reasonable accuracy at any time the financial position of thé charitable company and to enable them to ensure that the financial ststements comply with the Companies Act 2006. They ore also responsible for safeguarding the assets of the charitable company and hen for tsking reasonable steps for the prevention and dete¢tlon of fraud and other irwularities. In so tar as the trustees a aware.. there is no relevant audit infom)ation of which the charitabl6 companys auditors are unaware. and the trustees havé taken all stsps that they ought to have tsken to mak8 themselves aware of any relevant audit infomiation and to establish that the auditors are aware of that information. Page 3
SUNLEY ORFORD RETIREMENT HOMES (A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 AUDrroRS The audltor5. TC Group. YAII be proposed for re-appolntment at the lorthcomlng Annual General Meeting. Approved b ordèr of thè members of the bos of Trttstaes and slgned on Ihelr behaff by: B W Martln Trustee Date: 18 Icce-L 2oLt Paga 4
SUNLEY ORFORD RETIREMENT HOMES (A company limited by guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF SUNLEY ORFORD RETIREMENT HOMES Oplnlon We have audited the financial statements of Sunley Orford Retirément Homes (the 'charitable company,) for the year ended 31 March 2024 which comprise the Ststsment of Financial Activites, the balance sheet and notes to th8 financial statements, induding significant accounting policies. The fingn¢ial reporting framework that has been applied in their preparation is applicable law and Unitèd Kingdom Accounting Standards, induding Financial Reporting Standard 102 The Financial Reportlng Standard applicable in the UK and Republic of Ireland (United Kingdom Generally A¢PIed Accounting Practice). In our opinion th8 financial statements.. give a true and fair view of the state of the ¢haritsble company'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 8ccordanc6 wlth United Kingdom Generally Accepted Accounting Practi. and h8ve been prepared in accordan* with the requiremènts of the Companiès Act 2006 Bagls for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) {ISAs (UW) and 8ppli¢able law. Our responsibllities under those standards are lurther described in the auditor responsibllities for the audit of the financial slatements sedion of our report. We are independent of the charitablè company in accordan wilh th6 ethl¢al 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 ethlcal responsibilities in accordance Wbth these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our oplnion. Coneluslons rèlatlng to golng concern In auditing the financial Ststements. we have concluded that the trustees. use of the going concern basis of accounting in th6 preparation of the financial statements is approprfate. Based on the work we have perfonned. we have not identified any material uncertaintl8s relating to events or conditions that, indivldually or collectively. may cast slgnlficant doubt on thé charitable ¢ompanWs ability to eontlnue as a going concem for a period of at least tsvelve months from when the financial ststements are authorised for issue. Our Tesponsibilities and the responsibililies of the trustees with respect to going conc8m are described in the relevant seclions of this report. Page 5
SUNLEY ORFORD RETIREMENT HOMES (A company limited by guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF SUNLEY ORFORD RETIREMENT HOMES (CONTINUED) Other Informallon The other Information comprises the Infomiallon Included in the Annual report other than the financial Statements and our Auditors, report thereon, The trnstees are responSIb for the other Infornatlon. Our oplnlon on the financial statements does not cover the olher Infomiation and. except to the extent otherwise explicitly slated in our report. we do not express any frjrm of assurance concluslon thereon. Our regponslbllity is to read the other Infomiation and, In doing so, conslder whether the other Information Is materially inconsislent with thè financial statsments or our knowledg8 obtalned in the course ol the audit or olherwise appears to be matsrially rnlsstated. If we Identify such materlal Inconslstencies or apparent material misstatements. we are required to detemlne whether thls glves risè to 8 material misststement in the financlal statements themselves. If. based on the work we have performed, we conclude that there is a m8terial misstatement of this other Infomiatlon, we are requlred to report that fact. We have nothlng to report In thls regard. Oplnlong on oth•r matter pre8¢rlbfrd by tho Companle# Act 2006 In our oplnion, based on the work undertaken In the course of the audlt.. the Infomiation glven in the trustees, report, whlch includes the diffj¢tors' port prepared for the purposes of company law, for the financlal year for whlch the financlal statements are prepared Is conslstent with the financial ststements; and the diffjctors, report Included wllhin the trustees. report has been prepared In accordance wlth appllcable kngal requlrements. Mattern on whlch w? aro requlred to report by ?xc?pllon In the light of the knowledge and understanding of the charltsble wmpany and Its envlronment obtained In the course ol the audit, we have not Identified material mlsstataments In the directors, report included withln the trustees. report. We have nothing to pOrt in respect of the lollowlng matter8 In relatlon to whlch the Companle$ Act 2006 requires US to report to you If. In our opinion: adequate accounting records have not been kept, or retums adequate for our audit have not bèan received from branches not vlslted by us; or the financial statements are not in agreement with the accounting records and retums., or certain disclosures of trustees, rèmunerallon specified by law are not made,. or VK have not reIVed all the Infom)ation and explanatlons we rèquire for our audiL Re8PCtrn8lbllltlè• of tru3teè* As explalned moro fully In the trustees, responsibilities statemenl set out on page 2, the irustees (who are also the directors of the charitable company for ihe purposes of company law) are responsible for the preparation of the financial statements and for being Satisfied that they give a true and fair view, and for such intemal control 85 the trustees deteIne Is necessary to enabl8 the preparats'on of financial statements Ihat are free from rnatsrial misstatement. whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assesslng the charitable company's abllity to continue as a going concern. disclosing. as applicable, matters related to going concern and uslng the going concern basis of accounting unless the trustees elther intend to liquMJat8 the charitsbl8 company or to cease operations, or have no realistic altemative but to do so. Page 6
SUNLEY ORFORD RETIREMENT HOMES (A company limited by guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF SUNLEY ORFORD RETIREMENT HOMES (CONTINUED) Auditors. rèsponsibilities for tho audlt of tho financlal 8tstement8 Our objectives are to obtain reasonable assurants about whether the financial statem8nts as a whole are free from material misstatement, whether due to fraud or error. and to ISSU8 an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit ndUcted in accordance with ISAS (UK) will aknys detect a matertal mlsstatement when it exists. Misstatem6nts can arise from fraud or error and are considered matsrial If, Indivklually or In the aggregate, they could reasonably be expected to influence the economic decisions of users taken on th8 basis of these financial statements. Irregularities, Including fraud, are instsnces of non-complian with laws and regulations. We design procedures in line wlth our responslbilities, outlined above, to detèct material mlsstatements in respect of irregularities. including fraud. Thè extent lo which otsr procedures Ère capable of detecting irregularities, including fraud is detailed below: Extsnt to whlch the audlt was ¢on$lderèd capablè of d•tecllng Irregularities, Includlng fraud The objectives of our audit. in respect to fraud, are.. to identify and assess Ihe risks of material misstatement of the financial statements due to fraud- to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud. through designing and implementing appropriate responses: and to respond appropriately to fraud or suspected fraud identified during the audÈL However, the primary responsibility for the prevention and detection of fraud rests with both those charged with g0Veman of the entity and its managemenL Our approach was as follows.. We identified area5 of laws and reguktions that could reasonably be expected to have a material effect on the financial statements from our general commeIal and sector experience. and through discussion with the directors and other management (as required by auditing standards). and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations., We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framewoTk (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK". We constdered the nature ofthe industry, the control environment and business perfomiance. Including the key drivers for managemenvs remuneration., We communicated idèntified laws and regulations throughout our tsam and remalned alert to any Indications of non- Complian throughout the audi( We considered the prOdureS and Controls that the company has estsblished to address risks identified, or that otherwise prevènt, deter and detect fraud,. and h¢)w senlor management monltors those programmes and controls. Based on this understsnding we deslgned our audit proc6dures to Identify nonthcompliance with such laws and regulallons. Where the risk was considered to be hlgher, we perfomed audit procedures to address each identifd fraud risk. These procedures induded.. testing manual loumals,. reviewing the financial ststement disclosuS and testing to supporting documèntation; perfoming analytical proCeduS. and enquiring of management, snd were designed to provide rèasonable assurance that thè financial statements were freé from fraud or error. Owing to the Inherent limitations of an audit. there 1$ an unavoldable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and perfonned our audit in accordance with auditing stsndards. For example. the further MOVed non-complian with laws and regulation5 (lgu[anties) is from the events and transactions reflected in the financial statements, the less likely the inherentty limited prOdureS required by audiling standards would identify IL The risk is also gater regarding irregularities occurring due to fraud rather than error. as fraud involves intentional concealment. forgery. collusion, omission or misrepresentation. We a not responsible for preventing nonthcompliance and cannot be expected to dete¢t nonwcompliance with all laws and regulations. A further description of our responsibilities for the audit of the financial statements Is k)cated on the Financial Reporting Council's website at www.froorg.uklauditorsresponsibilities. This description fomis part of our Report of the Independent Auditors. We communicate with those charged with governance regarding. among other matters, the planned scope and timiro of the audit and significant audit findings. induding any significant deficiencies in intemal control that W8 identify during our audit. Page 7
SUNLEY ORFORD RETIREMENT HOMES (A company limited by guarantee) INDEPENDENT AUDITORS, REPORTTO THE MEMBERS OF SUNLEY ORFORD RETIREMENT HOMES (CONTINUED) Use of our report Thls report Is made solety to the charitable company's members, as a body, In accordan with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has be8n undertaken so that we rnht stste to the charitable company's membèrs those matters we are required lo slate to them in an auditorfs report and for no other purpose. To the lullest extent pem)itted by law. we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body. lor our audit work, for thls report, or for the oplnions we have formed. James Pearce FCA (Senior Ststutory Auditor) for and on behalf of TC Group Stslulory Auditors The Old Carriage Works Moresk Road Truro Cornwall TRI 10G Date.. Page 8
SUNLEY ORFORD RETIREMENT HOMES (A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 Rèstrl¢t•d funds 2024 Unre8tr1cted fund• 2024 Total funds 2024 Tot81 fvnds 2023 Not• Income from: Investments 6,264 426,782 433,046 396,233 Totsl In¢omo 6,264 426,782 433,046 396.233 Expendlture on: Rals5ng lunds Charitabl8 activities 18,169 377,817 18,169 383,110 21,191 311,807 5,293 Totsl expndltur• 5,293 395,986 401,279 332,998 Net Incomo bofore net galn•ll108899) on Inve8lments Net gainsl(losses) on invesknents 971 30,796 616.128 31,767 616,128 63,235 (210, 726) Net movement In lunds 971 646,924 647.895 (147,491) R•conclllallon of fund8: Total funds brought foThvard Net movement In funds 141,253 971 5,854,152 646,924 6,995,405 547.896 6. 142,896 f147,491) Total fund8 carrled forward 142,224 6,401,076 6,643,300 5,995,405 The Ststement of financlal actlvltles Indudes all g8ins and losses recognised In the year. The notss on pages 11 to 21 fomi part of these flnanclal statsments. Page 9
SUNLEY ORFORD RETIREMENT HOMES (A company limited by guarantee) REGISTERED NUMBER: 02968889 BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Not• Flxed 08sets Tanglblo assets Investments 2,008,026 3,483,538 1,721.557 2.967,409 5,491,564 4,688.966 Cuff•nt a$$•t8 Debtors rAsh at bank and In hand 10 26,783 1,082,981 24,824 1.333.735 1,109,764 158,028) 1,358,559 (52,120) Credttors: amounts falllng due wlthln one year 11 N•t eurrent as¥•ts 1.051,736 1,306.439 Totsl a••ot• l¢•• ¢urr•nt IlablllUo¥ 6,$43,300 5.995.405 Totsl not as$?ts 6,543,300 5,995.405 Ch4rltyfund• Rèstricted funds Unr8Strtcted funds 12 12 142,224 6,401,076 141,253 5,854,152 Total funds 6,543,300 5,995.405 The enuty w85 entliled to exempllon from audll under $ecilon 477 of the Companles Act 2006. The m8mber8 h8V8 not required tho entity lo obtaln An audlt for Ihe year In qua8tlon In accordan¢è vAlh section 478 of the Companies Act 2006. However. an 8udR 1$ requlred In 8ccord8nee with se¢Uon 144 of the Chadtie8 Act 2011. The Tw$leey acknowledge Ihelr responslbllltle3 for MplyIng wlth the requlr6ments of Ihe Acl resped to accountlng records and prèparatlon of finandal statements. The finandal 8taternents h8ve been preparBd In accordancè wlth the provislons appllcable to entlues subject to the sm811 cornpanies reglme. The flnan I ststements wpre approved and authorfsed for issue by the Tnjstees and glgned on thelr behalf ty. B W Martln Trustee Date: The notes on pages 11 to 21 fomi Part of Ihese tlnand81 statsments. Page 10
SUNLEY ORFORD RETIREMENT HOMES (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles 1.1 Bas18 of preparatlon of flnanclal Statsments The financlal ststements have been prepared In accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charttie$.' Statement of Recommended Practlce applicable to charities preparing their accounts In accordance with th8 Flnancial Reporting Standard applicable In the UK and Republic of Ireland IFRS 102) leff8Ctive 1 January 2019), thg Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) and the Companies Act 2006. Sunlgy Orford Retirement Homes meets the definltion of 8 public benefit entity under FRS 102. Assets 8nd liabili118s are initially recognisèd at historical cost or transaction value unles8 othepNi$e ststed In the relevant accounting policy. The presentation currency of the financlal ststèments Is the Pound Slerfing 1£). 1.2 Golng Coneèrn The Trustees consldér there arè no material uncertalntles about thè Charity's ability to continu6 as a going eoncem. The revlew of our financlal posits'on, reseNes levels and futur8 pl8n8 gives Diredors confidenca the ¢harlty remalns a golng con¢em for the foreseeable future. 1.3 Income All Income Is racognlsed once the charlty has entitlement to Incomè, tt Is probable that Income wlll be tefved and the amount of Income receivablg can be measured reliably. Investment income Is recognlsed on a receivable bagis once the amounts can be measured reliably. Rental and service tharge Income18 recognised on g monthty basls, by reference to the agreements entered. 1A Expendltur• Resou$ expended are recognlsed In the perlod In whlch they ar8 Incurrèd. Resoums expended Include attributable VAT whlch cannot be recovered. Resources expended consists of support costs and governance costs, whlch are allocated to areas of activity in line wlth thè lèvel of direct costs for each area of activity. Expenditure on ralslng funds relates to the costs of managing the Investment portfollo. 1.5 Allocatlon and apportlonment of costs Support costs are allocated to elther charitable ectivltles. when applied In order to meet tts charltable objectives or to governance costs when costs are incurred in relation to the constitutional and statutory requirements ol the charity. Govemanee costs comprise all costs involving the public accountability of the charity and its compliants with regulation and good practi. These costs Include costs related to stattrtory audit and professional fees. Page 11
SUNLEY ORFORD RETIREMENT HOMES (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcle8 (contlnued) 1.6 Tanglble Ilxod a880ts and depreclallon Depreci8tion is providèd at the following annual rates In order to wrlte off èach asset over its estimatèd useful Freehold propety Fixtures and fittings not depreclated and Stralght line over 50 years 25% on reduclng balance and 20°/o on reducing balance Flxed 85gets are stated at cost or deemed cost (donatsd valuatlon at estimated fair values) less accumulated depreclallon and impaiment losses. Assets costlng rnor8 than £1,000 are capitalised. 1.7 Taxatlon Sunley Orford Retir8m8nt Homes Is a registered charlty and therefore Is not liable to Income tax or corporatlon lax on Income derived from Its charitable gctlvlties. 89 It falls wilhln the varlous exèmpllons available to registered chartlles. 1.8 Fomlgn oxchango Monetary 888ets and Ilabllltles denomlnated in forelgn currenci68 a translated at the year end rate of exchange. Transactions denomlnated on torelgn ¢urrencles are translated at the rates prevalling at the transaction date. 1.9 Fund accountlng The General Fund 1$ the balancing lund and Is totslly committed for long term relurblshments to Sunley Orford House. Thè Capltal Fund Is a deslgnated fund whlch mlrrors the net book value of the tangible fixed assets, refiects the excess of depreclatlon over other fixed 855et purchases, The Renewals Fund, which is the only restrictèd fund, provides for the replacement of items of a communal nÉtur6 at Sunley Orford House. Thè residents pay Into thls fund through thelr sèrvice charga. 1.10 Flnanclal Instruments The charfty only has ffinanclal assets and financlal liabilities of a klnd that qU81ify as basic finandal Instruments. 8aslc financial Instruments are Initialty recognised at transaction value and subsequently measured at thelr settlement value. 1.11 Debtorn Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 1.12 Cash at bank and In hand Cash at bank and cash in hand includes cash and short term htghly liquid Inveslmenls with a short meturity of three months or less from the dats of acqulsition or opening of the deposit or slmllar accounL Page 12
SUNLEY ORFORD RETIREMENT HOMES (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 A¢counting policlos l¢onllnued) 1.13 Credltor8 and provlslons Creditors and provlsions are recognised where the charity has a present obligation résulting from a past event that will probabty result In the transfer of funds to a third paty and the amount due to settle the obligation can be measured or esllmated reliably. Creditors and provisions are norni81ty recognised at their settlement amount 1.14 Estlmatès and Judgoments Estimales and judgemènts are continually evaluated and are based on histori¢al experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based to be reasonab under the circumstances. Although these estimatès are based on managemenfs best knowledge of the amount, events or actions, actual results ultimately may differ from those estimates. The directors consider that there are no areas of judgement and estimation that have a significant effect on the financial Statements. 1.15 Critlcal Judgements The twstses do not believe there are any critical judgements that have been made in applying the charity's accounting policies. 1.16 Baslc financlal assets Basic financial assets. which indude trade and other debtors, are initially measured at transaction pri including Iransaction costs and are subsequenlty carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction. where the finanoial 8SS8t Is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets, other than those held at fair value through profit and loss, are assessed for Indicators of impaiment at each reporting end date. Financial assets are impaired where there is objective 8vidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the luture cash flows have been affected. If an asset is Impalred, the Smpaimient loss is the differen bebveen th6 carrying amount and the present value of the estimated cash flows discounted at the asset's original effeclive interest rats. The impairment loss Is rècognised in profit or toss. 1.17 Basie financlal Ilabllltles 8asic financial liabilities. including trade, other creditors. are initially recognised at transaction price unless the arrangement constitutes a financing transa¢tion. where the debt instrument is measured at the present value of the future payments discountsd at a market rate of intsrest. Debt instruments are subsequently carried at amortised cost, uslng the effective Inte$t rate method. Financial liabilities are derecogni5ed when, and only when, the charitys contractual obligations are discharged. cancelled, or they expire. Page 13
SUNLEY ORFORD RETIREMENT HOMES (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Investment In¢omo Restrlctsd Unrestrlcted lund8 fund8 2024 2024 Totsl funds 2024 Total funds 2023 Rental Income Listed investment income Service Charge Bank interest 281,363 46,818 71,469 47,132 261.363 46,818 71,469 63.396 238,082 85,426 58,221 14,504 6,264 6,264 426,782 433,048 396,233 Total 2023 5,647 390.586 396,233 Exp•ndlluro on ral8lng fund• Invo•lment man•g¢ment costs Unrngtrlct•d funds 2024 Total fund8 2024 Total funds 2023 Inve8lment management costs 18,189 18.169 21.191 Total 2023 21, 191 21,191 Analy818 of oxpèndlture by a¢iivltleg Support cogts 2024 Total funds 2024 Total funds 2023 Support Costs 383,110 383,110 311,807 Total 2023 311.807 311.807 Page 14
SUNLEY ORFORD RETIREMENT HOMES (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysls of oxpendlturo by actlvltles Icontlnuod Analy81s of 8UPPOrt costs Tolal fund3 2024 Totsj fvnds 2023 Actlvltles 2024 Depreciation Seplices Propety Costs Insurance Legal and Professlonal Supervislon Costs Travel and Entertalnment Officè and Computer Costs Management Fee8 Consultancy Bank Charges Donation Governance C08ts 71.102 77,179 117,683 8,468 35,398 24,445 1,953 1,146 10,000 10,644 178 5.000 19,934 71.102 77,179 117,863 8,468 36,398 24,446 1,953 1,146 10,000 10,fA4 178 s,000 19,934 52.361 67,920 115,457 4,179 1.776 22,353 317 39,517 88 7,839 383,110 383,110 311,807 Total 2023 311.807 311,807 Anaty8ls of governance c08ts 2024 2023 Legal and Professlonal Audit and Accountancy Fees Insurance 4,606 12,360 2,968 131 4,740 2,968 19,934 7.839 Audltors. rnmuneratlon The auditors. remuneration amounts to an auditor fee of £12.360 (2023- £4.740). Page 15
SUNLEY ORFORD RETIREMENT HOMES (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Tru8tée8' remunèratlon and exp•n8e8 DurfTrJ thè yéar, no Trust66s recelved any remunér8tion or other benefits (2023- £NIL). The charlty Is prohlblted by Its constitution from p8ying salaries. remuneratlon or benefits In money or monies worth to its trustees or sny divldends, bonus or share of profits to its members. During the year ended 31 March 2024, expenses for travel and aCmOdatIon totalling £1,109 were relmbursed or pald directly to 2 Trustees {2023- £NIL). Avernge number ol employo•• Average numbèr of employees duflng the year was 0 (2023- 0). Tanglble fixed as80t8 Freehold Flxtures and property flttlng8 TOL91 Coat or voluatlon At 1 April 2023 Additions 2.535,109 448,946 367,671 2,984,054 367.571 At 31 March 2024 2,635,109 806,616 3,341,625 Depreclatlon Al 1 April 2023 Charge for the year 944,673 42,702 317,924 28,400 1.262,497 71,102 At 31 March 2024 987,275 346,324 1,333,599 Net book valuo At 31 March 2024 1.647,834 460,192 2.008,026 At 31 Merch 2023 1,590.536 131.021 1,721,557 The cost of land induded amounts to £400,000 (2023: £400.000). Page 16
SUNLEY ORFORD RETIREMENT HOMES (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Flxod asset Inv08tments Llsted Inve•thients Coat or valuatlon At 1 Aprll 2023 Revaluations 2,967,409 616,129 At 31 March 2024 3,483.538 Net book valu• Al 31 March 2024 3h83,538 At 31 March 2023 2,967,409 All Investments are listed on the UK 8tock exch8nge. Co$t or valuation at 31 March 2024 Is represented by.. Usted Inve•tments Valuation In 2024 V81uation In 2023 Valuatlon In 2022 Valuallon In 2021 Cost 616.129 (4,884) 292,873 279,420 2,400,000 3,483,538 If the listed Investments had not been revalued they would have been Induded at the following historical cost: Cost 2AOO,000 2.400,000 Fixed asset investments yre valued on an open market basis on 31 March 2024 by Blackrock and Fundsmith. The valuation gain of £279,420 in 2021 Is made up of all valuation movements prior to 31 Marth 2021. Page 17
SUNLEY ORFORD RETIREMENT HOMES (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. Debtors 2024 2023 Due withln one yoar Trade debtors other debtors Prepayments and 8ntsd income 2,386 9,486 14,911 3,452 9,516 11.856 26,783 24,824 11. Credltors: Amounts falllng due wlthln one year 2024 2023 Trade creditors Accruats and deferred income 41,551 16,477 37.747 14.373 58,028 52.120 Page 18
SUNLEY ORFORD RETIREMENT HOMES (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12. Ststsment of fund8 ststement of funda - Current y•ar Balanc• at 1 Aprll 2023 Trnn•fer8 Inlout Galn81 Balance at 31 (Lo¥888) March 2024 Ineoma Expendlturo UnreJtrl¢t¢d fund# General Fund C8pllal Fund 4,132,59S 1,721.557 426,n2 1324,884) 171,102) (357,671) 357.571 616,128 4.393,050 2,008,026 5,854,152 426,782 (395.986) 616.128 6,401,076 Restrlcted funds Renewals Fund 141,253 8,264 (5.293) 142,224 Totsl of fund• 5.995,405 433,046 (401,279) 616,128 6,543,300 The Ronèwala Fund: The renewals lund provldes for th8 replacement of Items of a communal nature 8t Sunley Orford House. The resldents pay Into thls fund through their service charge. The Interest that has been earned arKI opplied to this restricted fund In the yèar to 31 March 2024 Is £6,264 (2023: £2,647). Movèment In funds: The balancé of the movement In the Capital Fund, whlch miffors the net book value of the tsngible fixed assets, rellects the excess of fixed asset purchases ovèr depreciation Page 19
SUNLEY ORFORD RETIREMENT HOMES (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12. Statement of funds (conlinued) Statement ot funds - prlor year Balance at 31 March 2023 Salanca at 1 April 2022 Transfers iout Gain (Losses) Incom8 Expenditure Unrestricted funds General Funds Capital Fund 4.343.33T 1,650,211 390,586 (280.637) (52.361) (109,965) 123. 707 (210. 726) 4, 132,595 1,721.557 5.993,548 390,586 (332,998) 13,742 (210, 726) 5,854. 152 Rostrlcted funds Renewals 149,348 5,647 (13, 742) 141,253 Total of fundg 6. 142,896 396,233 (332,998) (210. 726) 5.995.405 13. Analysis of net asaèts between funds Analysls of net assets botwoen funds - ¢urrent perlod Regtrlcted Unre31rf¢ted fund9 fundg 2024 2024 Totsl fundg 2024 Tangible fixed assets Fixed asset investments Current assets CdItorS due within one year 2,008.026 3,483,538 967.540 (58.028) 2,008.026 3,483.538 1.109,764 158.028) 142.224 Total 142,224 6.401,076 6.543,300 Page 20
SUNLEY ORFORD RETIREMENT HOMES (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13. Analy818 of net assets between fund$ (¢onllnued) Anaty818 ol net assets between fundg - prlor perfod Restncted Unrestricted funds funds 2023 2023 Total funds 2023 Tangible fixed assets Flxed asset inveslments Current assets Creditors due thin one year 1.721,557 2.967,409 1.217.306 (52. 120) 1, 721,557 2,967.409 1,358,559 (52, 120) 141,253 Total 141,253 5.854, 152 5,995,405 Related party transactlons If the company is wound up or di5501ved. the Bernard sUnY Foundation is the nominated beneficiary ofthe remaining net assets of the company. During the year the Bernard Sunley Foundation was paid £10,00) (2023: £30,000) for management services. During the year Dr Brian W Martin was a lJustee ofthe Bemard sun Foundation. During the year there were no other related paty transactions (2023: Nil). 16. Controlllng party The company is limited by guarantee and has no share capital. Tho liability of the members 1$ limlted to a sum not exceèding £10 per member. Page 21