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$, by providing 8ecommodation to tenants who would not other•vise be able
to afford it.
SORH does not raise funds from the public. nor does anyon8 act on Its behalf to raise funds whether a professlonal
fundraiser or commercial participator.
SORH is not registered with the Fundraising Regulator. maintenan￿ activity is ongolng In order that the high standards of
accommodation are maintained. A renewals fund provides for the repla￿ment of items of a communal nature.
ACHIEVEMENT AND PERFORMANCE
ELM Management undertook a stock condition report in order to assess the work that is requirèd for the upkeep and
maintenance ol the pn)perty in 2023. During the year work was undertaken to repla￿ the intemal fittings in each of the
flats.
Fundralslng
SORH has not made any fundraising appeals to the general publi¢ during the year, and as a result there has been no
outsourced fundraising via professional fundraisers or other third partiès. Consequenlly, the charity is not regIsts￿d with
the fundralslng regulator and re￿IVed no fundraSsing complaints in the year.
Lettlngs, Allocatlon8 and Volds
The 40 apartments offer landscaped gardens. residents, loungè, guest room and regular social activities for residents to
enjoy. SORH endeavours to ensure that its propertte$ 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
COn￿rn, 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 prO￿edS 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 regISte￿d 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 re￿IVed 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 dete￿Ine
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 comme￿Ial 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 prO￿dureS 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 identif￿d fraud risk. These
procedures induded.. testing manual loumals,. reviewing the financial ststement disclosu￿S and testing to supporting
documèntation; perfoming analytical proCedu￿S. 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 (l￿gu[anties) is from
the events and transactions reflected in the financial statements, the less likely the inherentty limited prO￿dureS required
by audiling standards would identify IL The risk is also g￿ater 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 rn￿ht 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 aC￿mOdatIon 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 y￿re 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 8￿ntsd 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
i￿out
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
C￿dItorS 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 sUn￿Y 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