Company registration number.. 02968889 Charity number.. 1041037 TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 SUNLEY ORFORD RETIREMENT HOMES (A company limited by guarantee)
SUNLEY ORFORD RETIREMENT HOMES (A company limited by guarantee) CONTENTS Page Reference and administrative details of the Company. its Trustees and advisers Trustees. report Independent auditors. report on the financial ststements Statement of financial activities Balance sheet 10 Notes to the financial ststements
SUNLEY ORFORD RETIREMENT HOMES (A company limited by guarantee) REFERENCE AND ADMINISTFIATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025 Trustees B W Martin J B Sunley C M B Sunley (appointed 18 September 2025) O W B T1 {appointed 18 September 20251 Company registered number 02968889 Charity registered number 1041037 Registered office Vivian House Newham Road Truro Comwall TR12DP Independent auditors TC Group Vivian House Newham Road Truro Comwall TR12DP Bankers Clydesdale Bank PLC 30 St Vinnt Pla GlasGow G12HL Investment Managers Blackrod( Advisors (UK) Limited 12 Throgmorlon Avenue, London EC2N 2DL Fundsmith 33 Cavendish Square Marylebone, London W1G OP Housing Manager ELM Group Building 2, Archipelago Lyon Way Frimley SUeY GU16 7ER Page 1
SUNLEY ORFORD RETIREMENT HOMES (A company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 The trustees who are also directors of the charity for the purposes of Ihe Companies Act 2006, presenl their report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of Accounting and Reporting by Chartties.. Stalement of Recommended Practice applicable to charities preparing their accounts in accordance with the Finanaal Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 {effeclive 1 January 2019). OBJECTIVES AND ACTIVITIES The Charily's principal objective is the provision of housing for the elderly and provides shellered accommodation for local people at Sunley Orford Retirement Homes (SORH). Truro. Cornwall. with 35 one bedroom flats and five bedroom flats together with communal facilities. Trustees are content that the chartty fulffils the requirement of 'public benefit, in accordance with Charity Commission guidelines. by providing accommodation to tenants who would not otherwise be able to afford it. SORH does not raise funds from the public. nor does anyone act on its behalf to raise funds whether a professional fundraiser or commercial participator. SORH is not registered with the Fundraising Regulator. maintenan activity is ongoing in order that the high standards of accommodation are maintained. A renewals fund provides for the replament of items of a communal nalure. ACHIEVEMENT AND PERFORMANCE ELM Managemenl undertook a slock condition port in order to assess the work Ihat is required for the upkeep and maintenance of the property in 2023. During the year work was undertaken to replace the internal fittings in each of the flals. Fundraising SORH has not made any fijndraising appeals to the general public during the year, and as a result there has been no outsourced fundraising via professional fundraisers or other third parties. Consequently, Ihe charity is nol regislered with the fundraising regulator and received no fundraising complaints in the year. Lettings, Allocations and Voids The 40 apartments offer landscaped gardens. residents, lounge. guest room and regular social aclivities for residents to enjoy. SORH endeavours to ensure that its properties are allocated faidy and efficiently. Anyone from the local area over the age of 55 may apply lo Ihe wailing list but housing is only offered to people of 60 years and over. SORH aims lo have a maximum void period of two weeks and works in partnership with a number of local support agencies which includes Age Concern, lo find suilable 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 possible. FINANCIAL REVIEW Rent was increased this year by 10% so that rental income for the year was £288,473 {2024.' £261,363). With Other Income of £173,293 {2024'. £171,683). Total Income was £461,766 an increase of 6.6 /L> over the previous year. With Support Costs of £639,739 {2024= £383.110) and Investment Management Fees of £19,494 {2024.' £18,169). there was a deficit of £197,467 {2024.' surplus of £31.767). The Renewals Fund, which is a Restricted Fund. totals £147,522 and is fijnded by residents as part of the service charge. 11 is used to fund the cost of renewing items of a communal natu in the house. The lotal reserves at 31 st March 2025 were £6,278,069. There is a capital fvnd totalling £2,096,473 {2024.' £2,008,026), which is designated, and is equal to the net book value of the tangible fixed assets of Sunley Orford Retirement Homes. This highlights that a large percentage of the reserves of the company are invested in Sunley Orford House and are not available for the general running costs of the company. The year end market value of the investment portfolio was £3.415,774. During the previous year, the trustees made the decision to sell the charity's holdings in the PITCH fund run by Mayfair Capital and divert Ihe proceeds to its Clydesdale bank account. The cash balan at the year end was £830.542. Page 2
SUNLEY ORFORD RETIREMENT HOMES (A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 PLANS FOR THE FUTURE Sunley Orford Relirement Homes plan to continue providing housing for the elderly in the Truro area by maintaining facilities of Sunley Orford House for the foreseeable future. Surpluses remain in the General Fund committed long term to Sunley Orford House. STRUCTURE. GOVERNANCE AND MANAGEMENT Goveming document Sunley Orford Retirement Homes (SORH) was incorporated as a company on 16th September 1994 and registered as a charity on 24th Seplember 1994. Initial funds were provided from a grant by the Bemard Sunley Foundation due lo Iwo 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 sister-in-law. Their wishes were to provide homes for older people in, or near, the city of Truro. The foundation stone for the Home was laid on 27th Odober 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 beha oflhe Trustees and meets with Trustees up to 3 times each year to update on progress and raise any managementlbudget issues. Risk management is an ongoing consideration. Investments are made and monitored carefully to ensure long-term viability of SORH. Trustee Recruitment. Appoinlment and Election The Constitution provides for a minimum of 2 trustees. Trustees are elected to the Board at the AGM. Potential candidates for the Trustee Board are intrOdUd to the company and inducted by the Chair. STATEMENT OF TRUSTEES. RESPONSIBIUTIES The trustees (who are also the directors of Sunley Orford Retirement Homes for the purposes of company law) are responsible for preparing ihe Report of the Trustees and the financial stalements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice)- Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, the income and expenditure, of the charitable company for thal period. In preparing those financial induding statemenls. the Irustees are required to select suitable accounting policies and then apply them consistently- observe the methods and principles in the Charity SORP., make judgements and eslimates that are reasonable and prudent- prepare the financial stalements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records which disdose with reasonable accuracy at any time the financial position of Ihe charitable company and to enable them to ensure that the financial slalements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the truslees are aware.. there is no relevant audit information of which the charitable company's auditors are unaware- and the trustees have taken all steps Ihat they ought to have taken to make themselves aware of any relevanl audit information and to establish that the auditors are aware of that infomiation. Page 3
SUNLEY ORFORD RETIREMENT HOMES (A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 AUDITORS The auditors, TC Group. will be proposed for r&appointment at the forthcoming Annual General Meeting. This report has been prepared in accordance with the special provisions of Part 15 of the Companies Acl 2006 relating to small companies. Approved by order of the members of the board of Trustees and signed on Iheir behalf by.. J B Sunley Trustee Date= 26101126 Page 4
SUNLEY ORFORD RETIREMENT HOMES (A company limited by guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF SUNLEY ORFORD RETIREMENT HOMES Opinion We have audiled Ihe financial statements of Sunley Orford Retirement Homes (the 'charitable company ) for the year ended 31 March 2025 which comprise the Statement of Finanaal Activites, the balan sheet and notes to the financial stalements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Slandard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements= give a true and fair view of the state of the charitable companls affairs as at 31 March 2024, and of its incoming resources and application of reSoUrs, including its income and expenditure. for the year then ended,. have been propedy prepared in accordance with United Kingdom Generally Accepted Accounting Praclice., and have been prepared in accordance with the requirements of the Companies Act 2006 Basis for opinion We conducted our audit in accordance wth Inlemalional Standards on Audiling (UK) (ISAS {UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial sialements section of our report. We are independent of the charilable company in accordance wilh the elhical requirements that are relevant to our audit of the financial statements in the UK, induding the FRC'S Ethical Standard, and we have fulfilled our olher 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 concem In auditing the financial statements, we have conduded that the trustees, use of the going concern basis of accounting in the preparation of the financial slatements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions thal, individually or collectively. may cast significant doubl on the charitable company's ability to continue as a going concern for a period of at least e1ve months from when the finanaal statements are authorised for issue. Our responsibililies and the responsibililies of the trustees with respect to going concem are described in the relevanl sections 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 information The olher information comprises the infonnation included in the Annual report other than Ihe financial statements and our Auditors, report thereon. The trustees are responsible for the other infoThation. Our opinion on the financial statements does not cover the other information and, exp1 to Ihe extent olherwise expliatly stated in our report. we do not express any fom of assurance conclusion thereon. Our responsibility is to read the other information and. in doing so, consider whether the other information is materially inconsislenl with the financial statements or our knowledge obtained in Ihe course of the audil or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatemenls, we are required to detemiine whether this gives rise to a material misstatemenl in the financial statements themselves. If, based on the work we have performed. we condude that there is a material misstatement of this other information, we are required lo report that fact. We have nothing to report in this regard. Opinions on other matter prescribed by the Companies Act 2006 In our opinion, based on the work underlaken in the course of the audit.. the information given in the trustees. report. which indudes the directors. report prepared for Ihe purposes of company law, for the finanal year for which the financial ststements are prepared is consistenl with the financial statements., and the directors, report included within the trustees. report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified malerial misststements in the directors, report induded within the trustees. report. We have nothing to report in respect of the following matters in relation to which the Companies 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 been received from branches not visited by us., or the financial statements are not in agreement with the accounting records and returns., or certain disdosures of trustees, remuneration specified by law are not made", or we have nol reiVed all the infomiation and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Irustees. responsibilities statement set out on page 2, the Irustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial stalements and for being salisfied thal they give a true and fair view, and for such inlernal conlrol as the truslees delemine is necessary to enable the preparation of finanaal 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 concem. disciosing. as applicable, matters relaled to going concern and using the going concem basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realislic allernative 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. responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs 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 malerial if, individually or in the aggregate. they could reasonably be expected lo Influen Ihe economic decisions of users taken on the basis of these financial statements. Irregulartties, including fraud, are InStanS of non-complian wilh laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extenl to which our procedures are capable of detecting irregularities. induding fraud is detailed below= Extent to which the audit was considered capable of detecting irregularities, including fraud The objectives of our audii. in respect to fraud. are= to identify and assess the risks of material misstatement of the financial stalements due to fraud- to obtain suffiaent appropriate audit evidence regarding the assessed risks of malerial misstatement due to fraud, through designing and implementing appropriate responses., and to respond appropriately to fraud or suspected fraud identified during the audit. However. the primary responsibility for Ihe prevention and deleclion of fraud rests with both those charged with govemance of the entity and its management. Our approach was as follows= We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience. and through discussion with the directors and other management (as required by auditing standards). and discussed with the direclors and olher management the policies and procedures regarding Complian with laws and regulations,. We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework IFRS 102 and the Companies Act 2006) and the relevant lax Cornplian regulations in the UK- We considered the nalure oflhe industry, the control environment and business perforn)an, induding Ihe key drivers for management's remuneration- We communicated identified laws and regulations throughout our team and remained alert to any indications of non- Complian throughout the audit: We considered the prOdureS and controls that the company has established to address risks identified. or thal otheIl$e prevent, deter and detect fraud; and how senior management monitors those programmes and controls. Based on this understanding we designed our audit prOdureS to identify non-compliance with such laws and regulations. Where the risk was considered to be higher. we performed audit prOdureS to address each identified fraud risk. These procedures included= testing manual joumals.. VIewIng the financial statement disdosures and testing to supporting documentation,. performing analyiical procedures.. and enquiring of management, and were designed to provide reasonable assuran Ihat the financial statements were free from fraud or error. Owing io Ihe inherent limitations of an audit, there is an unavoidable risk that we may not have delected some material misstatements in the financial statements. even though we have properly planned and performed our audit in accordance with auditing standards. For example, Ihe furlher removed non-complian with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment. forgery. collusion. omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to delect nonwcompliance wilh all laws and regulations. A further description of our responsibilities for the audit of the financial stalements is localed on the Financial Reporting Council's website at www.froorg.uklauditorsresponsibilities. This description forms part of our Report of the Independent Auditors. We communicate with those charged with govemance regarding, among other matters. the planned scope and timing of the audit and significant audit findings, induding any significant deficiencies in internal control that we identify during our audit. Page 7
SUNLEY ORFORD RETIREMENT HOMES (A company limited by guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF SUNLEY ORFORD RETIREMENT HOMES (CONTINUED) Use of our report This report is made solely to the charilable company s members. as a body. in accordan with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to Ihem in an auditorfs port and for no other purpose. To the fullesl extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company s members as a body. for our audtl work. forthis report, or forthe opinions we have formed. James Pearce FCA (Senior Statutory Auditor) for and on behalf of TC Group Statutory Auditors Vivian House Newham Road Truro Comwall TR1 2DP Date: 26 January 2026 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 2025 Unrestricted funds 2025 Restricted funds 2025 Total funds 2025 Total fvnds 2024 Note Income from: Inveslmenls 454.790 6.976 461.766 433,046 Total incorne 454.790 6,976 461,766 433,046 Expenditure on: Raising funds Charitable activities 19.494 638.061 19,494 639.739 18,169 383,110 1.678 Total expenditure 657.555 1.678 659.233 401,279 Net lexpenditurellincome before net (lossesllgains on investments Nel (losses)Igains on investments 1202.765) (67.764) 5.298 (197.467) {67.764) 31,767 516, 128 Net movement in funds 1270,529) 5,298 (265,231) 547,895 Reconciliation of funds: Total funds brought fOard Net movement in funds 6.401.076 1270.529) 142,224 5,298 6.543,300 (265,231) 5,995,405 547,895 Total funds carried forward 6.130,547 147.522 6.278.069 6,543,300 The Statement of financial activities indudes all gains and losses recognised in the year. The notes on pages 11 to 21 form part of these finanual ststements. Page 9
SUNLEY ORFORD RETIREMENT HOMES (A company limited by guarantee) REGISTERED NUMBER: 02968889 BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Note Fixed assets Tangible assets Investments 2.096.473 3.415.774 2,008,026 3,483,538 5.512,247 5,491,564 Current assets Debtors 10 14,847 830,542 26, 783 1.082,981 Cash at bank and in hand 845.389 1,109, 764 Current liabilities Creditors.. amounts falling due within one year 11 (79,567) (58,028) Net current assets 765,822 1,051, 736 Total assets less current liabilities 6.278,069 6,543.300 Total net assets 6.278.069 6,543,300 Charity funds Restricted funds Unrestricted fvnds 12 147,522 6.130,547 142,224 6,401,076 12 Total funds 6,278,069 6,543, 300 The entity was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. However, an audit is required in accordance with section 144 of the Charities Act 2011. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial stalements have been prepared in accordan with the provisions applicable to entities subject to the small companies regime. Thp financial stateme. iisTrapproved and authorised for issue by the Trustees and signed on their behalf by: J B Sunley Trustee Date: 26101126 The notes on pages 11 to 21 form part of these financial statements. Page 10
SUNLEY ORFORD RETIREMENT HOMES (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies 1.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charrties SORP (FRS 1021- Accounting and Reporting by Chartties.. Slatement of Recommended Praclice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Sunley Orford Retirement Homes meets the definition of a public benefit enlity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The presentation currency of the financial statements is the Pound Sterling (£). 1.2 Going concem The Trustees consider there are no material UnrtaIntieS about the Charity's ability to continue as a going COnrn. The review of our financial wjsition. reserves levels and future plans gives Directors confidence the charity remains a going COnM for the foreseeable future. 1.3 Income All income is recognised On the chartty has entitlement to income, it is probable that income will be received and the amount of income receivable can be measured reliably. Investment income is recognised on a receivable basis once the amounts can be measured reliably. Rental and service charge income is recognised on a monthly basis, by reference to the agreements entered. 1.4 Expenditure Resources expended are recognised in the period in which they are incurred. Resources expended include attributable VAT which cannol be recovered. Resources expended consisls of support costs and g0Veman costs. which are allocated to areas of activity in line with the level of direct cnsts for each area of activity- Expenditure on raising funds relates to the costs of managing the investment portfolio. 1.5 Allocation and apportionment of costs Support costs are allocated to either charitable activities, when applied in order to meet its charitable objeclives or lo govemance costs when costs are incurred in relalion to the constitulional and stalulory requirements of the charity- Govemance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include cosls related to statutory audit and professional fees. Page11
SUNLEY ORFORD RETIREMENT HOMES (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (continued) 1.6 Tangible fixed assets and depreciation Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Freehold propety Fixtures and fittings not depreciated and Straight line over 50 years 20 % straight line Fixed assets are stated at cost or deemed cost (donated valuation at estimated fair values) less accumulated depreciation and impainnent losses. Assets ¢x)sting more than £1,000 are capitalised. 1.7 Taxation Sunley Orford Retirement Homes is a registered chartty and therefore is not liable to income tax or corporation tax on income derived from its charitable activities. as it falls within the various exemptions available to registered charilies. 1.8 Foreign exchange Monetary assels and liabilities denominated in foreign currencies are translated at the year end rale of exchange. Transactions denominated on foreign cUeneS are translated at the rates prevailing at the Iransaction date. 1.9 Fund accounting The General Fund is the balancing fund and is totally committed for long temi refurbishmenls lo Sunley Orford House. The Capital Fund is a designated fvnd which mirrors the net book value of the tangible fixed assets, reflects the excess of depreciation over other fed asset purchases. The Renewals Fund. which is the only restricted fvnd. provides for the replacement of items of a communal nature at Sunley Orford House. The residents pay into this fund through their Servi charge. 1.10 Financial instruments The charity only has finanaal assets and finanaal liabilities of a kind that qualify as basic financial inslruments. Basic financial instruments are initially recognised at transaction value and subsequenlly measured al their settlement value. 1.11 Debtors 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 indudes cash and shorl term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Page 12
SUNLEY ORFORD RETIREMENT HOMES (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (continued) 1.13 Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event thal will probably result in the transfer of fvnds to a third party and the amount due lo selue the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount. 1.14 Estimates and judgements Estimates and judgements are continually evaluated and are based on historical experience and olher faclors. including expectations of future events that are believed to be reasonable under the circumstances. Although these estimales are based lo be reasonable under the circumstances. Although these estimales are based on management's best knowledge of the amount, events or actions. actual results ultimately may differ from those estimates. The direclors consider that there are no areas of judgement and estimation that have a significant effect on the financial statements. 1.15 Critical Judgements The trustees do not bdieve there are any critical judgements that have been made in applying the charity's accounting policies. 1.16 Basic financial assets Basic financial assets. which include trade and other deblors. are initially measured at Iransaclion price including transaction costs and are subsequently Caled at amortised cost using the effective interest method unless the arrangement constitules a financing transaction, where the financial assel is measured at the present value of the future reiptS 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 impairmenl at each reporting end date. Financial assels are impaired where the is objective evidence that, as a result of one or more evenls that occurred after the initial recognition of the financial asset. the future cash flows have been affected. If an asset is impaired, the impairment loss is the difference belween the carrying amounl and the present value of Ihe estimated cash flows discounted at the assefs original effective interest rate. The impairment loss is recognised in profit or loss. 1.17 Basic financial liabilities Basic financial liabilities, induding trade, other creditors. are initially recognised at transaction price unless the arrangement constitutes a financing transadion. where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt inslruments are subsequently carried at amortised cost, using the effective inleresl rate method. Financial liabilities are derecognised when, and only when, the charity's contractual obligations are discharged, canlled. 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 2025 Investment income Unrestricted funds 2025 Restricted funds 2025 Total funds 2025 Total funds 2024 Rental income 288,473 47,693 84,572 34,052 288,473 47,693 84,572 41,028 261,363 46,878 71,469 53, 396 Listed investment income Service charge Bank interest 6,976 454,790 6,976 461.766 433,046 Total 2024 426, 782 6,264 433,046 Expenditure on raising funds Investment management costs Unrestricted funds 2025 Total funds 2025 Total funds 2024 Investment management costs 19,494 19,494 18,169 Total 2024 18,169 18,169 Analysis of expenditure by activities Support costs Totsl funds 2025 Total funds 2024 2025 Support Costs 639,739 639.739 383,110 Total 2024 383, 110 383, 110 Page 14
SUNLEY ORFORD RETIREMENT HOMES (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysis of expenditure by activities (continued) Analysis of support costs Total funds 2025 Total funds 2024 Activities 2025 Depreciation Services 142,957 81,421 277,065 9,522 45,119 35,922 564 142.957 81.421 277.065 9.522 45.119 35.922 564 71, 102 77,179 117,663 8,468 35,398 24,445 1,953 1, 146 10,000 10,644 178 Property Costs Insurance Legal and Professional Supervision Cosls Travel and Enlertainment offi and Computer Costs Management Fees Consultancy Bank Charges Donation 586 586 12,043 123 12.043 123 9,000 25,417 9.000 25.417 5, 000 19,934 Govemance Costs 639,739 639,739 383,710 Total 2024 383,110 383, 110 Analysis of governance costs 2025 2024 Legal and Professional Audit and Accountancy Fees Insurance 7.595 14.854 2.968 4,606 12,360 2,968 25.417 19,934 Auditors. remuneration The auditors, remuneration amounts to an auditor fee of £14,854 (2024- £12,360). Page 15
SUNLEY ORFORD RETIREMENT HOMES (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Trustees. remuneration and expenses During the year. no Trustees received any remuneration or other benefits (2024 - £NIL). During the year ended 31 March 2025. expenses for travel and accomodation totalling £1,584 were reimbursed or paid directly to 1 Trustee (2024 - £1. 109). The charity is prohibited by its constitution from paying salaries, remuneration or benefits in money or monies worth to ils Irustees or any dividends, bonus or share of profits lo its members. Average number of employees Average number of employees during the year was O (2024- 0). Tangible fixed assets Freehold Fixtures and property fittings Total Cost or valuation At 1 April 2024 Additions 2.535.109 806.516 231.404 3.341.625 231.404 At 31 March 2025 2.535,109 1.037,920 3.573.029 Depreciation At 1 April 2024 Charge for Ihe year 987,275 42,702 346.324 100.255 1.333.599 142.957 At 31 March 2025 1.029,977 446,579 1.476.556 Net book value At 31 March 2025 1.505.132 591.341 2.096.473 At 31 Ma 2024 1.547,834 460, 192 2.008, 026 The cost of land induded amounts to £400.000 (2024: £400.000). Page 16
SUNLEY ORFORD RETIREMENT HOMES (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Fixed asset investments Listed investments Cost or valuation At 1 April 2024 Revaluations 3.483.538 {67.764) At 31 March 2025 3.415,774 Net book value At 31 March 2025 3.415,774 At 31 Mah 2024 3,483,538 All investments are listed on the UK stock exchange. Cost or valuation at 31 March 2025 is represented by= Listed Investments Valualion in 2025 Valuation in 2024 Valuation in 2023 Valuation in 2022 Valuation in 2021 Cost (67,764) 516,129 {4,884) 292,873 279,420 2.400,000 3,415,774 If the listed investments had not been revalued they would have been induded at the following historical cost.. 2025 2024 Cost 2,400.000 2,400.000 Fixed asset investments were valued on an open market basis on 31 March 2025 by Blackrock and Fundsmith. The valuation gain of £279,420 in 2021 is made up of all valuation movements prior to 31 March 2021. Page 17
SUNLEY ORFORD RETIREMENT HOMES (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 10. Debtors 2025 2024 Due within one year Trade debtors 1.842 2,386 9,486 14,911 other debtors Prepayments and accrued income 13.005 14.847 26, 783 11. Creditors: Amounts falling due within one year 2025 2024 Trade creditors 59,481 20,086 41,551 16,477 Accruals and deferred income 79.567 58.028 Page 18
SUNLEY ORFORD RETIREMENT HOMES (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 12. Statement of funds Statement of funds - current year Balance at 1 April 2024 Transfers inlout Gainsl Balance at 31 {Lossesl March 2025 Income Expenditure Unrestricted funds General Fund Capital Fund 4.393.050 2.008.026 454.790 (514.598) (142.957) (231.404) 231.404 (67.764) 4.034.074 2.096.473 6.401,076 454,790 (657.555) (67,764) 6,130,547 Restricted funds Renewals Fund 142.224 6.976 (1.678) 147.522 Total of funds 6,543,300 461,766 1659,233) (67,764) 6,278,069 The Renewals Fund: The renewals fund provides for the replament of items of a communal nature at Sunley Orford House. The residents pay into this fund through their Servi charge. The interest that has been eamed and applied to this restricted fund in the yearto 31 March 2025 is £6,976 {2024= £6.264). Movernent in funds: The balance of the movement in the Capital Fund, which mirrors the net book value of Ihe tsngible fixed assets, reflects the excess of fixed asset purchases over depreciation. Page 19
SUNLEY ORFORD RETIREMENT HOMES (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 12. Statement of funds (continued) Statement of funds - prior year Balance at 31 March 2024 Balance at 1 Apnl 2023 Transfers in/out Gains/ (Losses) Income Expenditure Unrestricted funds General Fund 4, 132,595 1, 721,557 426, 782 (324,884) (77, 102) (357,571) 357,571 516,128 4,393,050 2,008,026 Capital Fund 5, 854, 152 426, 782 (395,986) 516, 128 6,401,076 Restricted funds Renewals Fund 141,253 6.264 (5.293) 142,224 Total of funds 5, 995,405 433,046 (401,279) 516, 128 6, 543,300 13. Analysis of net assets between funds Analysis of net assets between funds - current year Unrestricted funds 2025 Restricted funds 2025 Totsl funds 2025 Tangible fixed assets Fixed asset investments 2,096,473 3,415,774 697,867 {79,567) 2.096.473 3.41 S.774 845.389 179.5671 Current assets Creditors due within one year 147,522 Total 6.130,547 147,522 6.278.069 Page 20
SUNLEY ORFORD RETIREMENT HOMES (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 13. Analysis of net assets between funds (continued) Analysis of net assets between funds - prior year Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Tangible fixed assets Fixed asset investments 2,008,026 3,483,538 967,540 (58,028) 2,008, 026 3,483, 538 1,109, 764 (58, 028) Current assets 142,224 Creditors due within one year Total 6,401,076 142,224 6,543,300 14. Related party transactions If the company is wound up or dissolved. the Bemard Sunley Foundation is the nominated beneficiary of the remaining nel assets of the company. During the year Ihe Bemard Sunley Foundation was paid £Nil (2024.. £10,000) for management servIs. During the year Dr Brian W Martin was a trustee of the Bemard Sunley Foundation. During the year there were no olher related party transactions (2024.. Nil). 15. Subsequent events On 14th April 2025 the charity realised its investment portfolio in full prior to transferring the proceeds to a new investment manager. 16. Controlling party The company is limited by guarantee and has no share capital. The liability of the members is limited to a sum not exedIng £10 per member. 26101126 Page 21