GREENSLEEVES HOMES TRUST ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022
GREENSLEEVES HOMES TRUST (A Company Ilmlted by Guarantee 0t having a Share capltal - Company Registered Number 03260168) (Charity Registratlon Nurnber 10604781 ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 ILARCH 2022
GREENSLEEVES HOMES TRUST ANNUAL REPORT YEAR ENDED 31 MARCH 2022 CONTENTS LEGAL AND ADMINISTRATIVE DETAILS REPORT OF THE BOARD OF TRUSTEES INCLUDING THE STRATEGIC REPORT STATEMENT OF TRUSTEES, RESPONSIBILITIES INDEPENDENT AUDITOR'S REPORT 19 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES 23 CONSOLIDATED BALANCE SHEET 24 CONSOLIDATED CASH FLOW STATEMENT 25 NOTES TO THE FINANCIAL STATEMENTS 26
GREENSLEEVES HOMES TRUST LEGAL AND ADMINISTRATIVE DETAILS IA Company Ilmlted by Guarantee not having a Share capital - Cotnpany Registered Number 032601681 (Charfty Registration Number 10604781 TRUSTEES Mr D Bryan (Appointed 19 May 20221 Mr R Costella Ms K Davies Mr M Foster IAppointed 13 May 20211 Mr D Kelly OBE M5 E Marsh (Resigned 4 February 20221 Ms D Pound5 IChairper50nl Mr M Shaha (Appointed 13 May 20211 Mr C Shaw (Resigned 19 November 20211 Mr C Spence Mr R Strange OBE (Resigned 29 July 20211 Ms J Tombs IAppointed 13 May 20211 Ms M Town50n COMPANY SECRETARY Mr G Almond IRe51gned 1 July 20211 Ms T Omoma IAppointed 1 July 20211 CHIEF EXECUTIVE Mr P Newman KEY MANAfjEMENT PERSONNEL Ms J Clarges Director of Quality and Compliance Mr C Doherty - Chief Financial Officer M5 S King Director of Business Development M5 T Omoma Director of Human Resources and Company Secretariat Mr D Baker - Divisional Director - London & Kent Ms T Ne150n Divisional Director - East of England & The Midlands Ms M Whittingham - Divisional Director - South & West REGISTERED OFFICE 138 Cheapside London EC2V 6BJ STATUTORY AUDTOR INTERNAL AUDITOR Grant Thornton UK LLP Victoria HoLJSe 199 Avebury Boulevard Milton Keynes MK9 1AU RSM UK Suite A, 7, Floor City Gate East Nottingham NG1 5FS BANKERS Lloyds Bank PIC 2nd Floor 39 Threadneedle Street London EC2R 8AU SOLICITORS Wilsons Solicitors LLP 4 LincDln'5 Inn Fields London WC2A 34 DAC Beachcroft LLP Portwall Place Portwall Lane Bristol B51 6NA INVESTMENT ADVISORS Schroder & Co. Limited 12 Moorqate London EC2R 6DA
GREENSLEEVES HOMES TRUST REPORT OF THE BOARD OF TRUSTEES INCORPORATING THE REPORT OF THE DIRECTORS AND THE STRATEGIC REPORTI FOR THE YEAR ENDING 31 MARCH 2022 The Trustees, who are the directors for the purposes of the Companies Act 2006, present the report and financial statements of Greensleeves Homes Trust I'the Trust"/"the Charity'l for the year ended 31 March 2022. The Tru5tee5 confirm that the annual report and financial statement5 comply with the Charities Act 2011, the Companie5 Act 2006, the Memorandum and Articles of Association and Accounting and Reporting by Charitie5.' Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic or Ireland IFRS 1021 (effective 1 January 20201. Strategic Report - Objective5 and Activitie5 Aim5 Green51eeves Home5 Trust is a charitable organi5ation providing care and accommodation for older people, primarily through residential, dementia and nursing care services. Our mission 15 to encourage residents to thrive as individua15 and employees to practise a5 caring professionals. We achieve this through a set of core values which underpin and inform our work, namely., Respect,. Openne55', Re5POn5ibility. Greensleeves Homes Trust aims to expand it5 charitable irnpact by increasing the number of beneficiaries it supports with high quality care and support services. Objective5 The objects of Greensleeves HDmes Trust as defined by its Memorandum and Article5 of Association are: The relief of persons who are in need by reason of age, ill-health or disability by the provision, or as51Stance in the provision, of accommodation and associated facilities, services and amenitie5 or by such other means as may be charitable,. such other purpDse5 for the benefit of the community a5 shall be exclusively charitable-, in each case for the public benefit. Current Focus We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objective5 and in planning our future aEtivitie5. The focus of Greensleeves Homes Trust'5 work is to provide residential, dementia and nursing care, comfort, safety and security to older people, at an economic price that reflects our charitable status. The Same standard5 are offered to all residents without resard to their background. Those unable to fund their care and who are subsidised by the local authority are afforded the sarlle service a5 those that can. We work hard to improve the lives of our resident5 and Staff at all points in their journey. This can be through encouraging activities and community engagement, through providing tailored specialist seTrice5 wilh the support of external agencies or through adopting proven approaches to care that show proven evidence of improving people, s quality of life including initialives such as Namaste. The people we care for experience deteriorating health that can dramatically itnpact on their ability to actively participate in usual activities of daily living which can impact both physical ar)d mental health. Prograw5 Such a5 Namaste allow u5 to continue supporting our residents to get the m05t out of everything they can while being cared for by staff who are compassionate and caring. These approache5 a150 support our staff by giving them permi55ion to spend time with residents outside of the daily care needs they are there to provide and Spend time with them person to person.
GREENSLEEVES HOMES TRUST REPORT OF THE BOARD OF TRUSTEES (INCORPORATING THE REPORT OF THE DIRECTORS AND THE STRATEGIC REPORTI FOR THE YEAR ENDING 31 MARCH 2022 Strategic Report - Covid-19 Covid-19 has continued to impact the charity during the year to March 2022. The Tru5tee5 would like to take this opportunity to thank every member of staff who has continued lo work tirelessly and self lessly throughout the pandemic. Everyone has gone above and beyond what should be expected of any employee to ensure our residents continued to receive the high quality care they deserve. They truly are the Trust's greatest a55et. Greensleeves has continued to rriitigate the challenges of Covid-19 throLJgh.. Mandatory regular testing of staff and re5ident5 Controlled vi51t5 in Covid-secure settings Excellent supply of PPE Hand hygiene and social distancing where possible Enhanced cleaning- regular contact points and using disinfectants as part of routine cleaning Self-isolation for new admission5 and those showing symptoms Cohorting staff and allocating staff to care lor specific residents lunTrtisationl As a result of the impact of the pandemic in the prior year, the Trust entered thi5 year wth occupancy below our usual budgeted levels at 79.5% Occupancy levels itnproved over the course of the year, and this has continued to 86. 5% in May 2022. Most homes are now approaching or at normal occupancy levels. although continuing restrictlons on admissions during covid outbreaks in some areas have hampered occupancy recovery in some of our homes. The improvement in occupancy levels compared to the prior year 15 reflected in an increase in resident fee income of £6.9m. Whilst we continued to incur additional covid-related costs on staffing, PPE, infection control and testing, these were partially offset by qovernment grants totalling £1.68m. During the year, the Trust drew down the final £1 Om of funding from the Retail Charity Bond facility) due for repayment i n 2030.
GREENSLEEVES HOMES TRUST REPORT OF THE BOARD OF TRUSTEES IINCORPORATING THE REPORT OF THE DIRECTORS AND THE STRATEGIC REPORTI FOR THE YEAR ENDING 31 MARCH 2022 Strategic Report - Achievements and Performance Major achievements during the year Greensleeves Homes Trust has provided high quality residential, dementia and nursing care at competilive weekly fees in homely environments that are Staffed by caring and well-trained staff. As at 31 March 2022, we were able to care for up to 1,189 residents acr055 26 homes. At the time of writing, of the 26 currently operating homes, 21 have a CQC rating of Good, and two of Dur homes, Broadlands in Oulton Broad and Harleston House in Lowestoft continue to be rated as Outstanding. One of our new home5 has yet to be receive an inspection, and two homes are currently rated a5 Require5 Improvement, one of which, The Manor Care Home, was acquired during the year. We continued to be highly rated on the leading online care directory www. carehome. co.uk, with a current overall group score of 9. 5 out of ten at the end of May 2022, and 19 of our care homes rated 9.5 or higher, based on revicv5 fruTll uur rE5idrnt5, thcir farnilirs fricnd5. Two rjf rjur hDmc5, BrDadland5 and Sharnbrook, have rated exceptional scores of 10. 0. The Green51eeves Centre for Quality has continued to develop with working groups on nutritional wellbeing, end of life care and residents, activitie5. This means best practice and industry standards are shared across the Trust's homes as well as being Ljsed for future projects, thus pushing Greensleeves Care forward a5 a leader in the care industry. We achieved ann(Jal staff turnover of considerably lower than the average published by the National Care Forum arid Skills for Care. A number of mental health wellbeing initlatives have been launched to support our staff through the additional pressure5 causcd by the pandemic Greensleeves is participating in the national apprentice programmelstep Into Care/City & Guilds initiative5 to support our ongoing recruitment initiative5 Two new homes were added to the Trust's portfolio. The Manor Care Home in Old Windsor, Berkshire.. The Trust acquired this nursing home registered 10 provide care for up to 65 residents from previou5 operator Windsor Care Limited in November 2021. Buckler's Lodge in Crowthorne, Berkshire.. Thi5 home, built specifically for the Trust, IS P051tioned o a new development overlooking Buckler's forest, and will provide residential and dementia care for up to 80 residents. The home welcomed its first residents in March 2022.
GREENSLEEVES HOMES TRUST REPORT OF THE BOARD OF TRUSTEES (INCORPORATING THE REPORT OF THE DIRECTOR5 AND THE STRATEGIC REPORT) FOR THE YEAR ENDING 31 MARCH 2022 Strategic Report - Achievements and Performance - continued Against last year's specific 'Plans for the Future, To deliver the occupancy improvements required to normalise the operating performance of the organisation after the recent declines caused by Covid-19 and to ensure the safè provision of quality care to our residents in a safe working environment for our staff: Occupancy levels have continued to recover throughout the year, although remain below the normal operating levels that the Trust has historically experienced. Admissions have been restricted in some area5 due to Covid-19 related regulations, which has delayed occupancy recovery for a nLJmber of our home5. All our homes have continued to operate with the safety Of residents and staff as a priority. To reduce the use of agency staff through the introduction of the Quality First Initiative Scheme: The Quality First Initiative Scheme was introduced to reward staff taking on additional 5hilt5 beyond their contracted hour5, Wlth the aim of increasing consistency of siaff for our residents. The initiative Wa5 5ucce55ful in some of our homes. Wlth 5evoraL homos Llsing fow or no agency staff during the year. However, recruitment challenge5 In 50rne areas have meant that agency usage across the organi5ation as a whole has remained higher than target, and reduction of thi5 continues to be a priority. To continue to work toward all the Trust's homes having a rating of at least Good from the Care Quality Commission: The Trust has had several CQG visils during the year, and now has 23 home5 rated Good or Oulstanding. To continue to invest in the training and development of our staff to ensure that they can provide appropriate care for both current and future older generations: During the year we invested £378k 12021.. £222kl in staff training and development. To fully implement the practice of Namaste across all of our homes, particularly those working with residents living with dementia and providing elld of life care. Namaste Care is a loving approach to caring for people, especially those with advanced dementia. To implement a new electronic risk management system: We are implementing risk managefflent 50ftware thal will allow for better real time management of dynamic risk and ensure all stakeholders are fully engaged in Ihe management of all identified risk5. To further integrate our recently addÉ*d homes. Clarendon Lodge and Henley House. into the Trust by ensuring the care provision is comparable to the Trust's homes and the financial results are in line with expectations: Whilst admissions have been restricted by Covid-19, both Clarendon Lodge and Henley House have continued to welcome new residents during the year. Both homes undeent CQC inspections dLJring the year. and we are pleased that both have received Good rating5. To finalise the sale of Thornbank, our home In Ipswich Suffolk which was reprovi5ioned during the year: The sale of Thornbank was cofflpleted in August 2021. To complete the major extension and development works at Mount Ephraim House in Tunbridge Wells: Works are nearing completion, and we expect to commence operation5 by the end of 2022. To mobilise our new build property, Bucklers Lodge in Crowthorne, Berkshire and integrate it into the Trust.. The opening of Buckler's Lodge was delayed slightly to March 2022 due to Staffing constrainls, but is now providing both dementia and residential care to new residents. To progress pre-con5lruction activity of our new home adjacent to Rye Hospital in 5u55ex: The build at Rye ha5 been deferred until market conditions are more sulted. To further review development options for Croxley House, our home in Croxley Green, Hertfordshire., Croxley House has been marketed for sale during the year, and completioll is expected before the end of 2022.
GREENSLEEVES HOMES TRUST REPORT OF THE BOARD OF TRUSTEES (INCORPORATING THE REPORT OF THE DIRECTORS AND THE STRATEGIC REPORT FOR THE YEAR ENDING 31 MARCH 2022 To explore further development opportunities including two new homes whose acquisltion is currently in the advanced stages: The Manor Care Home in Windsor was acquired in November 2021. Contracts were exchanged in June 2021 for us to acquire the operation5 of Ronald Gib50n House in Tooting, South London on completion of The Meadowcroft, a new build home registered for 64 residents on an adjacent site. The new home is expected to open in October 2022 with the residents and staff of Ronald Gib50n House relocating to the new home shortly after. To review further fundlng arrangements to support our ongolng development programme: The Trust drew down the remaining E10m of bond5 on our RCB loan facility during the year. We are reVievng financing options to support the development of the Rye Hospital site. To finalise the review of the Trust'5 existins software system5 and commence implementation of a fully integrated solution: Exploration of 501ution5 has taken place during the year and Trustees have agreed to proceed with the project. Operational details of the digital transformation project are now being finalised. To increase the Trust's influence and visibility in the care sector by p051tively promoting our home5 both locally and nationally: We have maintained the Trust's visibility through representation and membership of appropriate organisations such as the National Care Forum. We continue to be highly rated on external websites such as www.carehome.co.uk and maintain our presence on social media platforms such as Facebook and Twitter. Thi5 is seen as a useful tool to promote the homes and the care sector in general. Strategic Report - Key Performance Indicators We monitor performance against a variety of Key Performance Indicator5 including the principal ones 5ummarised in the table below. Outcome 2022 Outcome 2021 Number of home5 Wth Eden Alternative validation at year end Percentage of residents funded by the local authority Staff turnover Occupallcy Average fee per week 19 24.1Y. 18.7% 87.7% E1,142 19 26 50/. 14 59/0 84.10/0 £1,077 The number of Eden Alternative accredited home5 ha5 reained the same through the year as dealing wilh the ongoing pandemic took priority. Percentage of publicly funded residents - in line with public benefit and our sustainable operating model, we aim to have approximately 25% of the total number of our residents funded by public bodies. Over the year to March 2022, we dropped just short of this target, a result of increased private admission5 during occupancy recovery- Staff turnover has been a challenge for the care Sector this year, and whilst our turnover has remained considerably below the sector average, we have seen an increase of 4. 2% compared to the prior year. A key focLJS for the Trust is recruitment and retention, and we are working hard to ensure our staff are developed and supported in their roles. Occupancy levels ladjusted for our new and growng homes) have recovered during the year as we began to rr70ve out of the Covid-19 pandemic. Having suffered in the second wave of the pandemic in Wintcr 2020, we entered the current year on occupancy of 79. 5%. This ha5 recovered during the year to 88. 1% at the end of March 2022. Average fee per week the fee reflects the cost of running each individual home and will vary based on location, type of care being offered and the funding status Df the residents. The average fee has increased thls year refiectlng Inflallonary pressures and the higher care needs of residents. In addition, recently added new buTld hDrnes have a greater provision of dementia care and so command higher fees.
GREENSLEEVES HOMES TRUST REPORT OF THE BOARD OF TRUSTEES (INCORPORATING THE REPORT OF THE DIRECTORS AND THE STRATEGIC REPORTI FOR THE YEAR ENDING 31 MARCH 2022 Strategic Report - Financial Review Review of Transactions and Flnancial Position These financial statements for the year ended 31 March 2022 comply with Financial Reporting Standard 102 IFRS 1021 'Lhe Financial Reporting Standard in the UK and Republic of Ireland, and the Charitie5 Staternent of Recomrnended Practice (Charities SORP IFR510211. Overall results The improvement in occupancy levels following Ihe coronavirus pandemic, and the addition of new home5 to the Trust, have increased income to E53.7m for the year ended March 2022 12021.. £47.9ml. As we care for more residents, Costs have also increased to E58.7m 12021- C51 .4tnl. Overall, the Trust generated a net loss of E5.1 m 12021.. 1055 of £3. 3ml, leaving reserves at 31, March 2022 of £31.9m12021.. C37ml. The table on page 8 show5 the results for the year compared with 2021. New homes includes only homes that joined the Trust or were opened during the current year. Existing operations Income Residents. care fees, relating to our core aclivity of providin£ residential, dementia and nursing care, were C49.7m IZ021: £41.9ml. Residents. sundrie5 income relate to the recharge of incidental expenses incurred on behalf of residents. Covid-19 funding of £1.7m 12021-. £2. 7ml include5 funding received under the Coronavirus Job Retention Scheme and the Workforce Recruitment and Retention Fund, a5 well as funding to support Covid-19 testing. Rental income relates to rents received from several rental properties owned by the Trust. The £42k loss on sale of fixed assets relate5 to the Sale of Thornbank, which was sold for below Net Book Value. The Trust sold its investfflents in the prior year, and so current year investment gains I Ilos5e51 are Enil 12021.. £233kl. Expenditure Resident care cost5, relating to the running costs of our home5 including depreciation, loan interest and an allocation of head office staff costs, increased to £53.4m 12021.. C44.7ml. Head office cost5 of £3.Om 12021- £2.9ml comprise expenditure from day-to-day head office operation5 plu5 professional fee5 in respect of expansion plans., HR, energy and health & safety consultancy,. and Trust- wide IT services. Costs of raising finance relate to the amortisalion of arrangement fee5 in respect of the loans frorn Retail Charity Bond5 PIC Rental costs relate to the rental propertie5 owned by the Trust. New homes New homes are The Manor Care Home in Wind50r, which joined the Trust as an operating home in November 2021, and Buckler's Lodge in Crowthorne, Berkshire, a newbuild home which opened in March 2022. These home5 have generated a net deficit of £530k during the year. Development drag during the start-up phase of a new home is expected whilst resident number5 are below that required to cover operating overheads.
GREENSLEEVES HOMES TRUST REPORT OF THE BOARD OF TRUSTEES IINCORPORATING THE REPORT OF THE DIRECTORS AND THE STRATEGIC REPORT) FOR THE YEAR ENDING 31 MARCH 2022 Strategic Report - Financial Review - continued Head Ntw Existui¢ Hnme5 Htod Ilew Hoffle% ratlons io Flomes 2022 Hom 2012 2022 2021 NCOME qe51dentS' carE fees 4e%(dents' sundrie5 49,735.351 317.108 1,572.535 49,7)5.J51 1.3 10.293 51,045.644 41.¥11.916 J77.108 .630.0 I J 580.194 141.J891 2.167.552 44.179.468 6, IE7 248,( 1Tr,501 2.110.983 5P.478 3.92 1,081,179 595,019 142.38•J 2,U9,8 61,&18 54.940 154.295 )thpr income 8.895 571.757 154.195 )urplus Irom S•le pf Il*ed aSV<Et5 154.295 roTAL 51,261,5b6 19,0 11 5?.287,511 1.374.671 51,b62.154 45,110.380 290,B83 45,411.263 1.453.5)1 4Y.8U.794 EXPEHDTrURE f{1drt£, tr4re c05t5 -lead OfTlce c 53.457.7bl 53.457,TO3 1.Y05.D41 55.301.a04 44,115.051 2.Q96.613 44.nfj.I ].454.5 43. 179.$57 2,914.711 2.99b.013 ?tr CL15ts 179.018 1rn,018 179,018 roTAL 53.457.767 3.390.19 1 50.848.044 1.905.041 58.753.n85 44.725,U17 3,230.189 47,955,946 1,454,5W 51.410.446 233.019 23?,OJ9 p4ET INCOMI I ILOSSES J95.321 17,TQ6.96FI 12,Jl1,S441 I',,0.9691 IJ.312.6131
GREENSLEEVES HOMES TRUST REPORT OF THE BOARD OF TRUSTEES INCORPORATING THE REPORT OF THE DIRECTORS AND THE STRATEGIC REPORTI FOR THE YEAR ENDSNG 31 MARCH 2022 Strategic Report- Financial Review - continued Balance Sheet The balance Sheet shows that at 31 March 2022 the total funds were £31.9m 12021: £37.Oml. This was represented by fixed a55ets of £93.9m 12021.. £88.7ml, net current assets of £12.7m 12021 '. £12.7ml and long term liabilitie5 of £74.7m 12021.. £64.3ml. Unrestricted funds of £31.3ffl 12021: E36.4millionl represent the reserves available to the Trust to fulfil its current operations and existing financial commitments over the long term and to finance the growth in activity envisaged in future plan5. Reserves The Charity Commission defines free reserves as 'income which becomes available to the Charity and is to be expended at the Tru5tees' discretion in furiherance of the Charity'5 objectives, but which is not yet spent, committed or expended" The Reserves Policy is considered annually and the Board of Trustees reviews the Trust's reserve levels throughout the year in the light of its planned activities, budget and ca5hflow forecasts. The Board currently believe it necessary to hold reserves so that the future standards of seNice and accommodation offered to residents can be maintaineé and improved. It Is a150 important that fund5 are available to fulfil any comrnitted acqui51tion and development activity. With this in mind, the Trust Should have sufficient reserves available to fund revenue costs in the event of any unexpected problems. A5 the Trust'5 operational sites are widespread, it is expected that such problems would be isolated to a particular site and would not affect the Trust as a whole. Therefore the reserve5 provision for revenue costs has been set at 10% of the Trust's ordinary costs for a period of three months. In addition to this requirement, and with reference to our active developtnent progratnrne, there should be further re5erve5 available that are equivalent to actual capital commitment5 less any associated finance arrangements that hre already in place. At the balance sheet date, the Trust's free unrestricted re5erve5 before long term liabilities were C12.1 million which represents an excess of £9.1 million over the £3.Omillion needed to fulfil Lhe above requirement. Of the £3.Omillion, £1. 5million relates to capital commitments in respect of development work5 that are already in progress and the other £1. sm is a provision for budgeted operating costs. On tran51tion to FRS 102, the decision was taken to adopt a 'deemed CDSt' value at the date of transition for the freehold homes using their value as at 1 April 2014 thus creating a revaluation reserve equivalent to ihe increased Value only of those home5 that had risen in value. The balance of this reserve at 31 March 2022 was £9.2tn 12021.. C10.Oml. The reduction during the year relate5 to the sale of Thornbank. The Trust's Senior Management Team actively monilor reserves on behalf of the Board of Trustees and they are responsible for providing quarterly updates on the current 51tuaLion and highlighting any potential problems that are envisaged. Restricted funds of £626k 12021: £686kl are made up by amenity funds raised specifically for our homes, resident5, benefit.
GREENSLEEVES HOMES TRUST REPORT OF THE BOARD OF TRUSTEES (INCORPORATING THE REPORT OF THE DIRECTORS AND THE STRATEGIC REPORT FOR THE YEAR ENDING 31 MARCH 2022 Strategic Report - Financial Review - continued Investments The Trustees of Greensleeves Homes Trust wish to ensure the sound and competent management of the Trust's financial assets in order to maxirnise the monies available to fulfil the charity'5 core purpose of meeting the needs of current and of future older people. In October 2020, Trustees decided that inve5tment5 held in a Common Investment Fund ICIFI would be more efficiently utilized in furthering the Trust's development activities. The sale of investments generated gain5 of £233k. All funds are currently held on short term dep051t pending utilisation on planned development activity. Goir)g concern Covid-19 has continued to have a financial impact on the Trust during the year to March 2022. Income has been affected due to lower occupancy leve15, recovery of which ha5 in some cases been delayed through pandemic related restrictions on resident adtniS5ions. Costs have remained higher than in pre-pandemic year5, particularly in relation to tesling and infection control. Staffing cost5 have increased due Lo higher than budgeted agency spend, a result Df a difficult workforce market. The additional costs were offsel in part by funding received a5 part of the various Covid-19 grants implemented by the government across the year and through contribution5 towards the pay of furloLJghed staff from the Coronavirus Job Retentitsn Scheme. Due to favourable market conditions, the remaining £10m Retail Charity Bond facility was issued within the year, generating additional cashflow to support our ongoing sustainable growth plans. In re5POn5e to the above, short, mediLJm and long term forecasts have been regularly reviewed throughout the year. Latest forecasts assume continued steady occupancy recovery throughout 2022-23, reaching pre- pandemic levels by March 2023, wth no fLJrther pandemic waves or lockdowns, which could litnit our ability to admit re5ident5. No further government funding in relation to Covid-19 is assurned. Phased OCCLJpancy at end June 2022 was 88%. Forecasts based on nil resident growth during 2022-23 have also been prepared, and confirm that the Trust has sufficient cash reserves to be able to operate wlhin these parameters significantly beyond the going concern assessment period. The issue of the remaining £1 Om Retail Charity Bond has increased the value of a55ets required by the loan covenant to be held in the balance sheet. Whilst this is not of concern in the year to March 2022, depreciation of properties could put pressure on the covenant in future year5. £29.7m of the Trust's properties are held at deetned cost less depreciation, deemed cost being based on a 2014 Yaluation exercise. Property acquired since 2014 is held at cost less depreciation. A revaluation exercise across our property portfolio, to be carried out within the current year, is expected to significantly increase Net Book Values, and therefore increase covenant headroom. Having reviewed current short, medium and long term forecasts and given that cash reserves are in place to fund current and future development project5, the Trustees believe that Greensleeves Homes Trust does not have any material uncertaintie5 in respect of going concern. Therefore the financials have been prepared using the going concern basis. 10
GREENSLEEVES HOMES TRUST REPORT OF THE BOARD OF TRUSTEES (INCORPORATING THE REPORT OF THE DIRECTORS AND THE STRATEGIC REPORT FOR THE YEAR ENDING 31 MARCH 2022 Strategic Report - Plans for the Future Currently the Trust's key Strategic goals are.. Quality Flr5t embed continuous quality improvement across our homes to deliver ever improving, person- centred care and safe working condition5', Empowered People - retain over 80% of our colleagues through an inclusive culture, inspiring learning and development programmes and promoting a gold standard employee experience Sustainable Development - more and better homes where people love living and working- a 5UStainable development approach wll ensure the charitable impact of Greensleeves expands in a viable, green and affordable manner Key Plans In the coming year, our key plans are: To recruit and retain high quality staff to deliver excellent care to our residents and to reduce the requirement for the use of agency staff. To obtain Living Wage Accreditation, to promote the living wage standards we will meet from April 2022. To continue to deliver the occupancy improvements required to normalise the Dperating performance of the organisation after the recent decline5 caused by Covid-19, and to ensure the safe provision of quality care to our residents in a safe working environment for our staff. To continue our drive towards a net carbon zero position. To continue to work toward all the Trust's homes having a rating of at least Good from the Care Quality Commission. To continue to invest in the training and development of our staff to ensure that they can provide appropriate care for both current and future older generations. To fully implement the practice of Namaste acr055 all our home5. particularly those working with residents living with dementia and providing end of life care. To implement a new electronic risk management system that allows for better real lime tnanagement of dynamic risk and ensure all stakeholder5 are fully engaged in the management of all identified risks. To further integrate our recently added home, The Manor Care Home, into the Trust by ensuring the care provision 15 comparable to the Trust's homes and the financial results are in line with expeclalions. To finalise the sale of Croxley House, our home in Croxley Green which was reprovisioned last year. To cofflplete the major extension and development works at Mount Ephraim House in Tunbridge Wells. To continue to mobilise our new build property, Buckler5 Lodge in Crowthorne, Berkshire and integrate it into the Trust. To open our new build home, Meadowcroft, in Tooting, and successfully integrate residents and staff who will be transferring froffl a nearby closing home run by a fellow charitable provider. To progress pre-construction activity of our new home adjacent to Rye Hospital in Sussex. To continue to explore further development opportLJnities. To review further funding arrangements Lo support our ongoing development programme.
GREENSLEEVES HOMES TRUST REPORT OF THE BOARD OF TRUSTEES (INCORPORATING THE REPORT OF THE DIRECTORS AND THE STRATEGIC REPORTI FOR THE YEAR ENDING 31 MARCH 2022 To finali5e the review of the Trust's existing software systems and commence implementation of a fully integrated solution. To increase the Trust's influence and visibility in the care sector by p051tively promoting our homes both locally and nationally. Strategic Report - Risks and Uncertainties Identifying p059ible areag of risk that could affect the Trust IS taken very seriously. We have an active Risk Register that we are currently converting on to an electronic 5yStem, covering the business, operational and financial area5 of the Trust, and it is regularly reviewed in detail by appropriate members of the Senioi Management Team. The Team, which comprises senior members of Head Office staff, meet on a quarterly basis to discuss all existing risks and to Identify any new ones. The Register is updated accordingly before it is subsequently considered by the Finance & Audit Committee. Its review also form5 part of the agenda of the Trust's other committees as appropriate. A summary is then presented to the full Board of Trustees at their quarterly meeting. The Senior Mati&gement Team carries out a variety of internal reviews on a regular ba313 to ensure that any potential problems are identified and tackled as soon as possible. Wheii the new electronic system is fully implemented, review or risks will be more dynamic and cotnpleted in real titne, the formal review5 as noted above will remain in place but better day to day oversight and a more responsive approach to managing risk5 as they change. Internal reviews of risk management include-. monthly visits to the homes by Head Office staff that cover all aspects of the day to day running of each home including reviewing the areas of care, HR and health & safety. informal visits from the Senior Management Team who meet with the Home Manager and speak to staff, residents and relatives at the home. periodic inspections of each home's financial record5 by the Trust's Finance Team to ensure that everyihing is in order and that there is no potential misappropriation of the Trust's fund5', continued training of staff to ensure that they have the relevant Skills and knowledge to meet the needs of the Trust. In addition, we employ external providers who complete care, health and safety and financial audits thus giving additional reassurance. The following are the key risks and uncertainties currently facing the Trust.. The continued impact of Covid-19 on the operational performance of the organisation. Whilst the future impact of the Covid-19 pandemic cannot be predicted, a5 we have done so far, we will adapt to the changing risk5 It presents modifying operations in line with government guidance and best practice. This approach will be adapted for any other pandemics or health cri515. Poor operational I care performance resijlts in either Care Quality Commission enforcement action or the Trust fai15 to open new services effectively, leading to damage to the Trust's reputation and finances. To prevent this, we have strengthened our internal quality auditing processes and continue to undertake regular reviews at all hDtne5 to ensure standards are being maintained ensuring we are prepared for the formal Caie Quality Commission inspection. Failure to meet the CLirrent regLJlatory requirements of the Care Quality Commission and the Charity Commission or to identify and comply with any chan4e5 in legislation. To avoid this, we are members of the National Care Forum which en5ure5 we are kept informed of all important changes which can then be implemented as required. High staff turnover and our ability to recruit staff with SLJfficient knowledge, 5ki115, expertise or experience to provide good care which could lead to higher use of agency staff and incon515tent care standards. To mitigate this, we aitn to be an employer of choice which is reflected by our Investors in People status. We also continually train our staff to ensLJre the care provision 15 of high quality.
GREENSLEEVES HOMES TRUST REPORT OF THE BOARD OF TRUSTEES (INCORPORATING THE REPORT OF THE DIRECTORS AND THE STRATEGIC REPORTI FOR THE YEAR ENDING 31 MARCH 2022 Our ability to continue to raise funds to further our sustainable development and, by 2026, Lo accrue the necessary funds to repay the first loan from Retail Charity Bond5 plc. To monitor this, we prepare an annual Long Term Financial Plan which is regularly reviewed and updated to reflect ongoing development5. Strategic Report - Specific risk in respect of financial instruments The Trust uses variou5 financial instruments including loans, cash, investments and items such a5 trade debtors and trade creditors. This leads to variou5 financial risks as summarised below= Credit risk - further cycle5 of Covid- 19 could lead to increased levels of outstanding fees due to the impact on residents. ability to sell their properties. Liquidity risk / cashflow - Whilst the Trust's bank balance on 31 March 2022 provides more than sufficient liquidity for day.to-day operation5 and current capital cornmittnent5, further waves of the coronaviru5 pandemic could again impact occupancy and adversely affect cashflow. In this situation, mitigating actions would need to be taken to reduce short term cash outflows. Strategic Report - Companies Act 2006 s172(1) The Trustees, both individually and collectively, consider that they have acted in ways that they believe in good faith to be most likely to promote the success of Greensleeves Homes Trust. Decisions made during the year ended 31 March 2022 have been taken for the benefit of both residents and staff. We actively encourage feedback from resident5 and their relatives through annual satisfaction surveys and regular rneetin45. Caring for our residents 15 fundamental to the success of the Trust and we endeavour to provide exemplary and innovative care to all residents acr055 all of the Trust's homes at all times. We also strive for our home5 to actively be part of the community through engagement with other local organisations. We recognise that staff both at the individual homes and at Head Office are the Trust's most important asset and aim to be a responsible employer in our approach to the pay and benefit5 our employees receive. The health, safety and well-being of Staff and ol residenls are of the highest importance and ensuring these is one of the primary considerations when making decisions and in operating the Trust. Strategic Report - Streamlined Energy and Carbon Reporting The Streamlined Energy and Carbon Reporting disclosure presents our carbon footprint within the United Kingdom across Scope 1 and Scope 2, an appropriate inten51ty metric, the total energy use of electricityy gas and transport fuel and an energy efficiency improvefflent5 Summary. Year ended 31 March 2022 Consumption Emls5ion5 Intensity kwh tC02e Metrlc Year ended 31 March 2021 Consumplion Emissions Intensity kwh tC02e Metric Gas and other fuels Iscope 1 direct emission51 Electricity (Scope 2 - indirect efflission51 Transport (Scope 1 direct ernissionsl 11,890,247 2,179.39 1.83 11,657,628 2,145.22 2.08 3,943,726 837.37 0.70 3,846,426 896.76 0.87 449,645 104.62 0.09 411,784 96. 62 Overall 16,Z83,618 3,121.38 2.62 15,915,838 3,138.60 3.04 Intensity rnetric represents tC02e per CQC registered space across currently operating homes.
GREENSLEEVES HOMES TRUST REPORT OF THE BOARD OF TRUSTEES INCORPORATING THE REPORT OF THE DIRECTORS AND THE STRATEGIC REPORTI FOR THE YEAR ENDING 31 MARCH 2022 Energy Efficiency Improvements Greensleeves Homes Trust is committed to year-on-year improvement5 in operational energy efficiency. As such, a register of energy efficiency mea5ure5 has been compiled with a wew to implementation in the next five years. A Sustainability Working Group has been established to regularly review current policie5 and procedures to ensure energy efficiency and su5tainabilily is prioritised in the future. Ongoing measures including those undertaken in this year: Where possible, have ensured lighting replacements undertaken during routine maintenance have been with high efficiency LEO lighting- Installation of smart melers and water meters across part of our portfolio., Switched to 100% renewal energy across the Trust. We are pleased to note the reduction the Intensity Metrics shown above. Measures foi the future.. Installation of minimum 2 EV charge points at all new build homes. Opening Df a cycle to work scheme for staff, to reduce car usage., Replacement of single use products Wlth reusable alternative5,' Creation of food waste action plans to reduce food waste in our homes. Structure, Governance and Management Greensleeves Home5 Trust is a company limited by guarantee and a reqi5tered charity. It5 gDverning instrument 15 It5 Memorandum and Articles of Association. The Trustees At the time of signing these accounts, the Board of Trustees comprised nine members who are responsible for the overall policy, direction and strategy of the Trust and for the oversight of it5 financial affairs. All attend Trustee5' rneeting5, held throughout the year, at which the important matters affectino the Trust are discussed and decisions made. Trustees are usually recruited with the support of an external agency specialising In non-executive recruitment. In recruiting new Trustees or by advertising in appropriate press, the aim 15 to attract appropriate people who will complement the skill set of the existing Board and fill any identified skills gaps. Potential new Trustees are interviewed by the Nomination5 Committee Dr a panel of board members. Any suitable candidates are then recommended to the Board for appointmeni. As part of their induction, all Trustees are issued with relevant key documentation including the Memorandum and Articles of Association, current annual budget and busine55 plan5, as well a5 information about regulatory requirements in the care and charity sector5. They a150 meet with the Chief Executive to discuss current Strategy and future aims and objective5, as well as identifying any specific, additional training or induction needs. Going forward, Trustees are kept informed of any developments within the Trust and in legislation affecting the Trust by the Chief Executive alld in board paper5. The current Trustees come from a wide range of backgrounds and provide the Trust with a high calibre of expertise and advice that complements Support from our external advisers. Finance & Audit Commlttee The Finance & Audit Committoo comprises four Trustees and has re&ponsibility for providing the Board with a55urance on the adequacy of all sy5tem5, contro15, processes and risk management that may have an impact 14
GREENSLEEVES HOMES TRUST REPORT OF THE BOARD OF TRUSTEES (INCORPORATING THE REPORT OF THE DIRECTORS AND THE STRATEGIC REPORT) FOR THE YEAR ENDING 31 MARCH 2022 Structure, Governance and Management - Continued on the Trust's ability to meet its objectives and to ensure that its financial resources are being deployed appropriately in furtherance of its objectives. Property Commlttee The Property Committee comprises three Trustees and is responsible for providing the Board, the Chief ExecLJtive and Senior Management Team wth advice on property related issues, consistent with the Trust's objectives. In particular, it advises on development activity both within the existing portfolio and by evaluating new opportunities. Remuneration Committee The Remuneration Committee comprises four Trustees and is re5POn5ible for advising the Board and Chief Executive on pay and rew3Td throushout the Trust, with a p3rticular focus on the pay of senior staff. on any reward and incentive scheme and on pension iSSLJes. Care & Quality Improvement Committee The Care & Quality Improvement Committee comprises four Trustees and is responsible for the clinical governance and risk management of resident safety and experience, Quality standards and compliance, and Service development l innovation. Nomination5 Committee The Nominations Committee meets as required and is responsible for effective succe55ion planning for Senior roles in the Trust SLJch a5 the Chairman, Vice Chairman, Chairman of any standing committee, Trustees and the Chief Executive. Structure. Governance and Management - Continued Health and Safety Greensleeves Home5 Trust believe5 that it is our responsibility to provide a safe environment for staff, residents and guests to ensure that no one Should come to any harm within any of our care homes. The responsibility for ensuring the safety and wellbeing of all 15 shared by everyone within the Trust and as such all staff are provided with relevant training, equipment and resource5 to achieve this goal. We have also taken the added step5 of employing a dedicated Health and Safety Manager who will coordinate the management of health and safety across the Trust and provide support and guiciance to all staff, residents and locations. We continue to develop our Health and Safety Compliance processes which are ultimately overseen by the Board of Trustees with input and support from the Health and Safety Consultative Committee, the SeniDr Managefflenl Tearn, Lhe newly appointed Health and Safety Manager and Care Home Managers. New systems, policies, procedures and protoco15 have been put in place to manage all aspects of health and safety acr05S the homes inclLJding the provision of Iraining, use and maintenance of equipment and resources as well as the manaoement of accidents, incidents and near mi55es. We have also strengthened Dur management of contractors acr055 all of our homes and extended our suite of risk management plans. We continue to review and update OUT Health and Safety Policy to ensure that we remain compliant wth all legislation and regulations as well a5 ensuring best practice is maintained across the trust. Workshops have been held with all Care Home Managers to roll out the updated Policy, procedLJres and protocols and one on one support is being provided to managers to then roll this OLJt to their home staff. During 2021-22, we have continued to manage the impact Covid-19 on our services, residents and staff. We have focused on both the physical safety and wellbeing of everyone at Greensleeves, as well as mental health and wellbeing. We have maintained processe5 of monitoring, reporting, recording and providing support which were PLJt in place at the Start of the pandemic, and additional training and support has been Offered via the Health and Safety Team, Quality Team, Tralning team and Human Resources. 15
GREENSLEEVES HOMES TRUST REPORT OF THE BOARD OF TRUSTEES IINCORPORATING THE REPORT OF THE DIRECTORS AND THE STRATEGIC REPORT FOR THE YEAR ENDING 31 MARCH 2022 Structure, Governance and Management - Continued During the year, we submitted seven RIDDOR reports to the Health and Safety Executive in respect of minor Issue5. The incidents occurred across Six different homes Wlth incidents involving both Staff and residents. Where appropriate, actions were taken to mitigate the potential for reoccurrence. No action was taken by the Health and Safety Executive on any of the RIDDOR'S submitted. Health and Safety remain5 a priority of Greensleeves Homes Trust and over the coming twelve mDnth5 we will continue to manage and develop our practice to ensure that we are meeting the best practice industry standards and that the safety of all of our staff, resident5 and visitors is maintained at all times. Management ané Staffing The Trust operates a5 three operating divisions, each led by a new Divisional Director reporting directly to the Chief Executive. Each of the divisions has Its own dedicated 5UPPOrt and advisory team covering HR, Property and Learning & Development/Training which 15 overseen by a Divisional Support Manager. Trustees delegate the day-to-day running of the Charity to a full-time Chief Executive, who is Supported by a Senior Management Team which is formed of the three Divisional Director5 plus the Chief Financial Officer, the Director of Quality and Compliance and the Director of Business Development. Among their many responsibilities are the development and strengthening of the services provided within the framework set by the Trustee5, ensuring Staff are recruited who understand the Trust's values and the regulatory requirement5 in the care sector, and optimising the use of the Trust's assets. In addition, they provide strategic and operational leadership ensuring that regulatory requirements are met, agreed 5tandard5 of seNice are maintained within budget and new sustainable income stream5 and development opportunitie5 are identified. Other key members of Head Office staff also as515t with day-to-day operations and are involved in forward planning and the focus of the Trust. Throughout the year, the home tnanager5 normally attend a variety of seminars and Trust-wide training event5 to ensure that they are kept inforrlled of any care, HR, financial, property and health and Safety iSSLJes. External speaker5 are invited to attend the events to share their knowledge and experience. The Trust has a formal Remuneration Policy which is regularly reviewed. The Policy help5 ensure we reward, motivate and retain staff wth a particular focus on ensurin£ our staff member5 rnaintain high standards of care for our residents. We are committed to ensuring a proper balance between paying our staff fairly so that we attract and retain the best people for the job, and carefully managing our financial net income. The Board of Trustees make the final decision on any 5taff-wide pay increases as part of the annual budget-setting process. The pay of senior staff is independently reviewed and benchmarked against other similar care providers annually. The Rernuneration Cofflmittee determine the final level of increase, giving specific consideration to Executive pay, namely the Chief Executive, the Chief Financial Officer, the Director of Quality and Compliance, the Director of Business Development and 0ivi5ional Director posts. In setting the Salary for these role5 the Trust will take into consideration market data and the fuiure growth plan5 for Greensleeves Homes Trust. The Trustees would like to take this opporlunity to thank all staff for their contribution during the year. Disabled Persons Wp arp rnmmittprl tn pnrniirhvinv rlivpr51ty amongst oiir workforce and seek to make reasonable adjustments to ensure our premi5e5 and working condition5 rneet the needs of Staff members and job applicants that are disabled. All staff are afforded the same opportunities.
GREENSLEEVES HOMES TRUST REPORT OF THE BOARD OF TRUSTEES (INCORPORATING THE REPORT OF THE DIRECTORS AND THE STRATEGIC REPORTI FOR THE YEAR ENDING 31 MARCH 2022 Structure, Governance and Management - Continued Employee involvement The Trust has established work practice5 in place thal enable effective communication and engagement with staff, for example the quarterly staff newslettei and the staff engagement survey. Staff meetings are held at all homes on a regular basis which give employee5 the opportunity to discuss any i55ue5 and make suggestion5 on how their home operates. Volunteers Green51eeves Home5 Trust and its residents are fortunate to benefit frorn a multitude of volunteers who support our homes. These volunteer5 give their time freely to help us in a number of ways including assisting with activities, facilitating fundraising events or simply providing friendly conversation and companionship to resident5. The Trustees are extremely grateful to all those volunteers who support U5 in delivering a valued and important service and rnaking Such a positive contribution to the lives of not only our residents but Dur staff a5 well. Subsidiary undertakings The Trust has a long-standing sllbsidiary. Greensleeve5 Developments Limited. It is currently dormant but is being kept in existence in case a trading subsidiary is required for any future activities. Details can be found in note 5 of the note5 to these financial statements. As part of the purchase of Whitegate5 in Westfield, East Su55ex, the Trust acquired the Whitegates Group of companies Iwhitegates Investments Limited and Whitegates Retirement Home Limited) in July 2018. All operations were transferred acr055 to the Trust soon after and the process of liquidating the two companie5 was completed post year end. Fundraising Part of the Trust's income is from donations and fundraising. The donations are generally unsolicited and are received from the families of resident5 after they have left the home. Fundraising income is generated by events held at hoflles, for example. raffle5, summer fayre5, firework di5play5 or Christmas parties. These can be ticketed event5 at which donated goods might be sold to raise fund5. Any monies raised are used for general amenity purposes or for larger purchases such a5 a new minibu5 and, in both cases, for the re5identS' Use. These event5 are organised in house by our own staff, 50metirnes with the as51Stance of local volunteer%. We have strict controls around fundraising and ensure that any cash is handled by two or more people. Participation in any fundraising is voluntary and we do not unduly pressure people into giving money or other donations. No third parties are engaged to a5515t with fundraising efforts. Reports to the Charity Commission Since the year end, we have notified the Charity Commission and Information Commi55i0ner'5 Office of a data incident. Thi5 related to missing informatlDn on our care planning software, which took place p05t year end. The Report of the Board of Trustees and the Strategic Report are formally approved by the Trustees. They also approve the Strategic Report in their capacity as company directDf5. By Order of the Trustees Ms D Pounds - Chair, Greensleeves Home5 Trust Date.. 28 July 2022 17
GREENSLEEVES HOMES TRUST STATEMENT OF TRUSTEES, RESPONSIBILITIES YEAR ENDED 31 MARCH 2022 The trustees (who are also directors of Greensleeves Homes Trust for the purpose5 of company lawl are responsible for preparing the Trustees, Annual Report and the financial statement5 in accordance with applicable law and regulations. Company law requires the trustees to prepare financial statements for each financial year. Under that law the tru5tee5 have elected to prepare the financial staternents in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable lawl, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view ol the slate of affairs of the charitable company and the group and of the incoming resources and application of resources, including the incoffle and expenditure, of the charitable group for that period. In preparing these financial statement5, the trustees are required to.. select suitable accounting policie5 and then apply them consistently. obsetve the methods and principles in the Charities SORP IFRS 1021- make judgements and accounting esl7mates thal are con515tent,. state whether applicable UK Accounting Standard5 have been followed, Subject to any material departure5 disclosed and explained in the financial statements- prepare the financial statements on the going concern basis unle55 It is inappropriate to presume that the charitable group will continue in business. The trustees are responsible for keeping adequate accounting record5 that are sufficient to show and explain the charitable cotnpany's transactions and disclose with reasonable accuracy at any time the financial P051tion of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also re5POn5ible for safegLJarding the assets of the charitable cornpany and hence for taking reasonable 5tep5 for the preventian and detection of f raud and other irregularities. The trustees confirm that: 50 far a5 each trustee is aware, there is no relevant audit information of which the charitable company's auditor is unaware- and the trustees have taken all the steps that they ought to have taken as trustee5 in order to make them5elve5 aware of any relevant audit information and to e5tabli5h that the charitable company's auditor is aware of that inforfflation. The trustees are re5pon5ible for the maintenance and integrity of the corporate and financial information included on the charitable company'5 website. Legislation in the United Kingdom governing the preparation and di55emination of financial statements may differ from legislation in other jurisdictions. Qualifying third party Indemnity provisions The company has granted an indemnity to all of its trustees (who are a150 the directors of the charitable company for the purposes of company lawl against liability in respect Df proceedings brought by third partie5, subject to the conditions set out in the Companies Act 2006. Such qualifwng third party indemnity provisions retnains in force a5 at the date of approving the Report of the Board of Trustees.
GREENSLEEVES HOMES TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNTI YEAR ENDED 31 MARCH 2022 Unrestricted Restricted Funds Funds 2022 2022 Unrestricied FLJnds 2021 Restricted Fund5 2021 Total 2022 Total 2021 Notes INCOME FROM Charitable activities Residents, care fee5 Residents, sundrie5 Covid-19 funding Rental income 51,045,644 382,131 51,045,644 44,179,468 382.131 248,000 1,681,179 1,681.179 318,054 426,116 408,303 44,179,468 248,000 2,710,983 408,303 2,392,929 426,116 Raising fund5 Donations and fLJndrai5ing Investments 49.628 49,628 272 9,716 50,611 94,518 104,234 50,611 272 other Miscellaneou5 income ILossllGain from sale of fixed a55ets 119,673 142,3891 119,673 142, 389} 8,900 154,295 8,900 154,295 TOTAL 51,931.447 1,730,807 53,662.254 45,377,347 2,487,447 47,864,794 EXPENDITURE ON Charitable activities Residents, care costs Head Office costs Rental cost5 53.571,795 1.791.009 55,362,804 45,899,753 2,996,613 2.996,6 13 2,894,300 212,631 212,631 175,747 2,279, 804 48,179,557 20,412 2,914,712 175,747 Raising funds Investment manager fees Cost of raising finance 3,271 137,159 3,271 137,159 181.037 181.037 TOTAL 56,962,076 1,791,009 58.753,085 49,110,230 2, 300,216 51,410,446 INVESTMENT GAINS 233,039 233,039 NET ILOSSI I INCOME 15,030,629) 160,2021 15.090,831) 13,499,844) 187,231 13,312,6131 Transfer between funds 12 81,825 181,8251 NET MOVEMENT IN FUNDS 15,030.6291 160,2021 15.090.831) 13,418,019) 105,406 13,312,613) FUNDS AT 1 APRIL 2021 12 36,350,543 686,020 37,036,563 39,768,562 580,614 40,349,176 FUNDS AT 3t MARCH 2022 12 31.319,914 625,818 31,945,732 36,350,543 686,020 37,036, 563 All of the above results are derived frotn continuing activities. The parent company ha5 elected not to present its unconsolidated SOFA under Section 408 of the Companies Act 2006. The notes on pages 26 to 41 form part of these financial statements. 23
GREENSLEEVES HOMES TRUST CON50LIDATED AND CHARITY BALANCE SHEETS 31 MARCH 2022 Grou 2022 Charit 2022 Notes 2021 2021 FIXED ASSETS Tangible a55et5 Investments Investment in Subsidiaries 93,923,476 88,685,637 93.923.476 88,685,637 104 104 93.923,476 88,685,637 93,923, 580 88,685,741 CURRENT ASSETS Debtors Bank and cash balance5 2,666,991 15,101,955 3,069,631 14,257,684 2,666.887 15,101,903 3,069, 527 14,257,632 17.768.946 17.327.315 17. 768. 790 17.327.159 CURRENT LIABILITIES Amounts falling due within one year 15,026.605) 14,642, 3871 15,026,609) 14,642,391) NET CURRENT ASSETS 12.742,341 12,684,928 12,742.181 12,684,768 TOTAL ASSETS LESS CURRENT LIABILITIES 106.665.817 101,370,565 106.665.761 101.370, 509 CREDITORS Amounts falling due after more than one year 10 174.720,0851 164,334,002) 174, 720,0851 164,334,0021 NET ASSETS 31,945,732 37,036, 563 31.945.676 37,036, 507 UNRESTRICTED FUNDS General funds Revaluation reserve 22,132,959 9.186,955 26,309, 549 22,132,903 10,040,994 9.186,955 26,309,493 10,040,994 31,319.914 36,350,543 31.319,858 36, 350,487 RESTRICTED FUNDS 625.818 686,020 625.818 686.020 TOTAL FUNDS 12 31,945.732 37,036,563 31.945.676 37,036,507 The Charity's Net Los5 for the year wa5 £5,090,831. Approved by the Board of Trustees and authori5ed for issue on 28 July 2022 and signed on their behalf by.. M5 D PoLJnds - Chair, Greensleeves Homes Trust The notes on page5 26 to 41 form part of these financial statements. Company Registered Number 03260168 24.
GREENSLEEVES HOMES TRUST CONSOLIDATED CASH FLOW STATEMENT 31 MARCH 2022 Note5 2022 2021 Cash flows from operating activities 11,164.5281 12,422,111) Cash flow5 from investing activities Dividends received Interest received 37, 354 13,257 272 272 50,611 Purchases of tangible a55ets Sale of tangible assets Purchases of investments Sales of investment5 19.585,1801 1,207,624 113,763,474) 162,702 137,3441 1,902,154 18,377,556) 111,735,962) Net cash used in investing activities 18.377.284 111,685,351) Cash flows from financing activities New loan facilities Capitalisation of costs Amortisation of capitalised cost5 10,000,000 303,000 83.083 15,000,000 1324,0661 79,606 Net cash provided by financing activities 10,386,083 14,755, 540 Change in cash and cash equlvalents In the reporting period 844,271 648,078 Cash and cash equivalents at beginning of reporting period 14,257,684 13,609,606 Cash and cash equivalents at end of reporting period 15,101,955 14,257,684 Reconciliation of net income to net cash flow from operating activities Net110551 / income for the reporting period Oecrea5e I Ilncreasel in debtors Increase I (Decrease) in creditors Depreciation Dividend5 & interest from investments Net Igainsl I losse5 on Investments Lossl (Gain) on fixed asset disposa15 Write off of tangible assets 15.090,83 11 402,640 384,218 2.997,928 12721 13,312,613) 1200,9381 11,460,8161 2,990,184 150,6111 1233,0391 1154,2951 17 42,389 99,400 Net cash provided by operating actlvities 11,164,528) 12,422,111) Analysis of cash and cash equivalents Cash at 31 March 2022 Cash at 31 March 2021 Cash at bank 15,101,955 14,257,684 The notes on pages 26 lo 41 form part of these financial statemenls. 25
GREENSLEEVES HOMES TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 MARCH 2022 ACCOUNTING POLICIES {a) Basis of accounting Greensleeves Homes Trust is a Company limited by Guarantee and is incorporated in England and Wales. It is also a Charity that constitutes a public benefit entity a5 defined by FRS 102. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value. They are in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their aocount5 in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland IFRS 1021 lelfeclive 1 January 20191 Icharities SORP IFR5 10211, the Financial Reporting Standard applicable in the UK and Republic or Ireland IFRS 1021 and the Companie5 Act 2006. The currency used in the financial statements 15 Pound Sterling. {bl Judgements in applying accounting policies and key sources of estimation uncertainty Preparation of the financial statements require5 the Trustees to make judgements, estimates and assumptions concerning the future. The area5 of the financial slatemenls that are subject to these judgernents are a5 follows: Care home debtors: An allowance for bad and doubtful debts is maintained in respect of estimated losses resulting from the i nability of the Charity'5 debiors to settle amounts due. Fixed asset valuation: On transition to FRS 102, the decision was taken to adopt a 'deemed cost, value for the freehold hotne5 so as to give a truer indication of their value. A profe55ional valuation was therefore undertaken as at l April 2014,. being the transition date, and the carrying value of all homes held at that date is based on this valuation less provision for depreciation and impairment subsequently charged. Additions are stated at cost le55 depreciation. The existence of impairment indicators is considered by the Trustees at each reporting date, as IS the continuing appropriateness of the depreciatitsn policy. Loan mea5urement.' Future payment5 have been estimated in respect of the loan in computing the effective interest rate at inception, with a periodic re-a55essment being undertaken of the effective rate as a floating rate instrument based on actual outcomes during the loan term. {c} Income recognition Residenls, care fees, rental income and donations are recognised when the Charity has entitlement to the amounts due and their receipt 15 probable. It is accounted for on a receivable basis. Incoffle from investments or bank interest Is inclLJded when receivable and the amount can be measured reliably by the Charity. this is normally on notification by our investmenl advisor or by the bank. Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant fund5 Dn the Balance Sheet. Where income is received in advance of entitlemenl of receipt, ils recognition is deferred and included in creditors as deferred income. Where entitletnent occur5 before income is received, the income is accrued. Grant income is included gr055 Wlthin the Statement of Financial Activities and not netted against the associated expendilure. Investment income, including bank interest, is stated gross as it is paid without deduction of tax. Idl Expenditure recognition Expenditure is recognised once there 15 a legal or constructive obligation to make a payment where it can be reliably measured and it 15 probable settlement will be required. Expenditure is allocated to the particular activity where it directly relate5 to that actiwly. Any that is not directly attributable 10 one aclivity is allocated a5 appropriate. Expenditure on raising funds comprise the fees paid to the manager of our investrnent portfolio and the amortisation of initial costs incurred in respect of the loans f rom Retail Charity Bonds Plc. Rental costs are in respect of a small number of rental propertie5 owned by ihe Trust. 26-
GREENSLEEVES HOMES TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 MARCH 2022 CCOUNTING POLICIES - continued lel FixeLI assets Fixed assets are stated at cost lor, in the case of some Ireehold property, deemed c05tl less accumulated depreciation. Cost includes the original purchase price and any associated costs directly attributable to bringing the asset to its working condition for its intended use. As this is the basis on which such propertie5 are bought and sold, the cost or deemed cost of each home is valued by reference to the profits method based on an assessment of its fair maintainable trade and adjusted for size, location and other fflaterial factor5. Each home's cost is split into a land value and a buildin£ value. The cost or deerned cost of each home's building valLJe is further split into two elements.. 'Core' which includes foundations, wa115, Stairs, roof structure, site works, drainage and external services and has a longer life. ' Renewables, which includes windows, roof covering5, bathrooms, kitchens, lifts and mechanical and electrical services and have a Shorter life. Each home ha5 been a55essed for its remaining useful life and is depreciated accordingly. Land 15 not depreciated. Depreciation and amortisation of other fixed a5set5 15 provided on a straight line basis to write off the c05t over the estimated useful lives of the assets.. Freehold property - Core over the lower of 50 years or the estimated remaining useful life of the home over the lower of 20 years or the estimated remaining useful life of the home over the period of the specific lease over three year5 over five years over four year5 Freehold property - Renewables Long-term leasehold property Computer equipment Furniture and equipment Motor vehicles Fixed assets include amounts in respect of significant development contracts. valuation certificates received immediately after the year end on the assumption that the work thereon would have OCCLJrred prior to the yearend. Where a development at one of our home5 is being funded by way of bank finance, any loan interest and associated charge5 that are attributable Lo the period during which the work5 are being undertaken are capitalised as part of the project's Cost. A review far impairment of a fixed asset is carried out at each reporling date to determine if events or changes in circumstances indicate that the carrying Value of any fixed asset may not be recoverable. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with the carrying amount. If the e5tirnated recoverable amoLJnt is lower, the carrying value of fixed assets and their recoverable amount5 are recognised as impairments. Impairment losses are recognised in the Statement of financial activities. Depreciation is charged from when an asset is available for use. If) Investments Investments in subsidiaries are measured at cost less accumulated impairment. Investments in listed funds and company shares are initially recogni5ed at their transaction value and 5ubseqLJently measured at their fair value as at the balance sheeL date using the quoted market price. The Statement of financial activities includes the net gains and Ios5e5 arising on revaluations and disposals throughoLJt the year. The Charity does not acquire put options, derivative5 or other complex financial instruments. The main form of financial risk faced by the Charity is that of volatility in equity rnarkets and invegtment markets due to wider economic condition5, the attitude of investors lo investment risk, and changes in Sentiment concerning equities and within particular Sectors or sub sectors. 27
GREENSLEEVES HOMES TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 MARCH 2022 ACCOUNTING POLICIES continued {gl Debtors and prepayment5 Trade and other debtors are recogni5ed at the amount due on the day that they arise. Prepayments are amounts paid in advance and are stated at the actual amount that has been prepaid. (hl Bank and cash equivalents Bank and cash equivalents con515t of monies held in current accounts and cash monies held at the Charity'5 homes and head office. They include monie5 in respect of both restricted and unrestricted fund5. Creditors and accrua15 Creditors and accruals are recognised when the Charity has an obligation to make a payment to a third party. Capital repayments due on long-term loans are stated at today's value and are split into instalments due within the next twelve months or due after more than twelve months. Residents, deposits are amounts collected from residents on admission and are repayable on departure. They are classified as short term liabilitie5. Operating lease5 Rentals payable under operating leases, where substantially all the risks and reward5 of ownership remain with the lessor, are charged to the statement of financial activities on a Straight line basis over the term of the lease. Ikl Funds General funds are unrestricted futTrds held for the general objects of the Trust's work. Restricted funds are funds used for specific purposes as laid down by the donor. Expenditure which meets thi5 criterion is identified to the specific fund. Financial instruments The Charity only enters into basic financial instrufnents transactions that result in the recognition of financial assets and liabilities like trade and other debtor5 and creditors, loans from banks and other third parties and inve5tment5 in non-puttable ordinary shares. Debt instruments lother than those wholly repayable or receivable within one yearl, including loans and other account5 receivable and payable, ale initially m@asured at present valug of the future cash flows and subsequently at amortised c05t using the effective interest method. Debt instrument5 that are payable or receivable within one year, typically trade debtors and creditor5, are measured, initially and subsequently, at the undi5counted amount of the cash or other consideration expected to be paid or received, However, if the arrangements of a sttorl-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal busine55 terms or financed at a rate of interest that is nol a market rate or in case of an out-right short-term loan not at tnarket rate, the financial asset or liability 15 measured, initially, at the present value of the future cash flow discounted at a market rate of interest fDr a similar debt instrument and 5ub5equently at arnortised cost. Financial assets that are measured at cost and amortised cosl are assessed at the end of each reporting period for objective evidellce of impairment. If objective evidence of impairment is found, an impairment 1055 Is recognised in the slatement of financial activities. For financial as5et5 measured at amortised cost, the impairment IDSS 15 measured as the difference between an asset's carryfjng amount and the present value of estimated cash Ilows discounted at the asset'5 original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For tinancial asset5 measured at cost less impairment, the impairment 1055 is measured as the difference between an asset's carrying atnount and best estimate of the recoverable arnount, which is an apprDximation of the amount that the charity would receive for the asset if it were to be sold at the reporting date. Financial assets and liabilitie5 are offset and the net amount reported in the balance sheet when there is an enforceable right to Set off the recDgnised amounls and there is an intention to settle on a net basis or to reali5e the asset and settle the liability simultaneou51y. 28
GREENSLEEVES HOMES TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 MARCH 2022 ACCOUNTING POLICIES- contlnued Im) Going concern Covid-19 has continued to have a financial impact on the Trust during the year to March 2022. Income has been affected due to lower occupancy levels, recovery of which has in 50rne cases been delayed through pandemic related re5triction5 on resident admissions. Cost5 have remained higher than in pre-pandemic years, particularly in relation to testing and infection control. Staffing cost5 have increased due to higher than budgeted agency spend, a result of a difficult workforce markel. The addilional c05t5 were offset in part by funding received as pan of rhe variou5 Covid-19 grants implemented by the government across the year and through contribution5 towards the pay of furloughed staff from the Coronavirus Job Retention Scheme. Due to favourable market condition5. the remaining C1 Om Retail Charity Bond facility was issued within the year, generating additional cashflow to SUPPDrt our ongoing sustainable growth plans. In response to the above, short, medium and long term forecasts have been regularly reviewed thrDughout the year. Latest forecasts assume continued steady occupancy recovery throughout 2022-23. reaching pre- pandemic levels by Alarch 2023, with no further pandetnic waves or lockdown5, which could limit our ability to admit residents. No further government funding in relation Lo Covid-19 is assumed. Phased Dccupancy at end June 2022 was 88%. Forecasts based on nil resident growth during 2022-23 have also been prepared, and confirm that the Trust has sufficient cash resee$ to be able to operate within these parameters significantly beyond the going concern assessment period. The i55ue of the remaining [1 Om Retail Charity Bond has increased the value of assets required by the loan covenant to be held in the balance sheet. Whi15t thi5 15 not of concern in the year to March 1022, depreciation of properties could put pressure on the covenant in future years. E29.7m of the Tru5t'5 properties are held at deemed cost le55 depreciation, deemed cost being based on a 2014 valuation exercise. Property acquired since 2014 is held at cost less depreciation. A revaluation exercise acro55 our properly portfolio, to be carried oul within the current year, is expected to significantly increase Net Book Value5, and therefore increase covenant headroom. Having revtewed current short, medium and long term forecasts and given that cash reserve5 are in place to fund current and future development project5, the Trustees believe that Greensleeves Home5 Trust does not have any material uncertainties in respect of going concern. Therefore the financials have been prepared Using the going concern ba515. Inl Pension The Trust operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Trust in an independently administered Scheme. The contributions are iecognised a5 an expense when they are due. Amounts not paid are Shown in accruals in the balance sheet. lol Basis of consolidation The Group financial statements consolidate the financial statemenls of the Company and its subsidiary undertakings drawn up to 31 March each year. The results of subsidiaries acquired or sold are consolidated foi the periods from or to the date on which control passed. Business combination5 are accounted for under the purchase method. Where necessary, adjustments are made to the financial statement5 of subsidiaries to bring the accDunting policie5 used into line wilh those used by the Group. All intra-group transactions, balances, income and expenses are eliminated on con501idation. INVESTMENT INCOME 2022 2021 Dividends Bank interest 37,354 13,257 272 272 50,611 29
GREENSLEEVES HOMES TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 MARCH 2022 EXPENDITURE lal Analysis of expendlture Other Staff Other care Support Governance costs Costs costs costs note 4 {notelFI (note 3cl InotÉ4 3 Total 2022 Total 2021 Unrestricted fund5 Charitable activities Residents. care costs Head Office costs Rental cost5 34,831,211 18.740,584 1.065,698 15,966 53,571,795 45,899,753 103.968 2.996,613 2,894, 300 212,631 175,747 1,826.947 196.665 Raising funds Investment manager fees Cost of raising finance 3,271 137,159 181.037 181,037 35.912.875 18, 740,584 2, 204,649 103,968 56,962,076 49,110,230 Restricted fund5 Charitable activitie5 Residents, care costs Head Office costs 1.268,254 20.488 502,267 1,770,521 20,488 2,279,804 20,412 1.288,742 502.267 1,791,009 2, 300,216 Total expenditure 37.201.617 19.242,851 2.204.649 103,968 58.753.085 51,410,446 Ibl Analysis of other care costs 2022 2021 Charitable activities Food Medical Costs Activities Care Quality Commission fees Maintenance Cleaning and housekeeping Insurance Utilities costs Administration costs Loan interest and charges Leasehold rents Depreciaticin Write off of fixed a5set5 1,869,891 650,863 561,893 128,947 2,969,353 940,277 364, 130 2,011,679 658,352 3,169,193 2,822,630 2,996,243 99,400 1,883,646 1, 577,tK13 386,493 162,416 1,905,085 956,110 239,354 961,056 326,242 2,340,818 2,165,185 2,910,975 19,242,851 15,814,383 30-
GREENSLEEVES HOMES TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 MARCH 2022 EXPENDITURE. continued Icl Analysis of head offlce support Costs 2022 2021 Profe55ional fees in respect of development plans HR, hcalth & safetyi energy consultancy plus other professional fees Trust-wide computer services Head office running costs Depreciation 8.320 314,870 494,561 1.007.511 1,685 109,148 311,040 602,442 768,044 77,962 1,826,947 1,868,636 Idl Analysis of governance costs 2022 2021 Legal and professional fees Audit fee5 for current year Audit fee5 in respect of previou5 year Auditor's charges re Corporation Tax Returns Auditor'5 charges re Service Charge Accounts Internal auditor fees Trustees, expenses Trustee recruitment 5,892 56,400 73,156 53,760 7,391 6,559 7,500 780 40 1,405 3,720 4.380 26,040 1.165 6,371 103.968 150,591 31
GREENSLEEVES HOMES TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 MARCH 2022 WAGES AND SALARIES 2022 2021 Summary of wage5 and salaries allocatlon In respect of: Residents, care costs Head Office costs Renlal costs 36,119.953 1.065,698 15,966 32,365,174 895,485 23,958 37,201,617 33,284,617 Analysls of wages and salaries: Salaries National insurance costs Pension costs Apprenticeship Levy Agency Staff Training Recruitment Other staff cost5 28,571,007 2,237, 383 992,384 122,898 4,160.137 377,683 298. 507 441,618 27,104,370 1,994,287 942,984 122,536 2,408.662 221, 537 109,556 380,685 37,201.617 33.284,617 During the year, a small number of staff were furloughed due to the pandemic either as a result of them shielding or, in the case of soffle Head Office based staff, because restriction5 Caused by Covid-19 meant there was insufficient work within all departments to maintain usual staffing levels. As a result, £57,478 12021.. £275,843) was claimed under the CorDnavirLJS Job Retention Scheme and th15 has been included as income under Covid-19 funding. Central staff costs are allocated solely to unrestricted fund5 Wlth 75% apportioned to residents, care costs and 25% to head office costs. Each metnber of central staff will support home5 in varying degrees,. some fully and some to a much lesser extent. Therefore, this split is considered an appropriate allocation. As at 31 March 2022, total pension contributions still to be paid over to employees, policie5 amounted to £170,02812021.. 1141,3741- The average nLJmber of person5 employed during the year was.. 2022 FTE 2022 Number 2021 FTE 2021 Number Residents, care Head office - Homes, support Head office Central administration 1.082 36 1,367 37 1,096 33 1,360 35 1,130 1.422 1,407 32
GREENSLEEVES HOMES TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 MARCH 2022 WAGES AND SALARIES - Continued The number of ernployees whose emoluments amount to over £60,0 in the year was a5 follows-. 2022 Number 2021 Number £60,001 to 170,000 £70,001 to C80,000 [80,001 to £90,000 [90,001 to £100,000 £120,001 to £130,000 £180,001 to £190,CK)O 14 Pension contributions paid on behalf of the 15 employees above for the year amounted to 155,031 12021.. C58,169 for 14 employees). Key management personnel consist of the Chief Executive, Chief Financial Officer, Director of Quality and CDmpliance, Director of Bu5ines5 Development and three Divisional Directors whose total employment benefit5 for the year including employer's national insurance and pension contributions were £851,703 12021.. £844,686). 33
GREENSLEEVES HOMES TRUST NOTES TO THE CON50LIDATED FINANCIAL STATEMENTS 31 MARCH 2022 SUBSIDIARY RESULTS Greènsleeves Development5 Limited (company number 02898839 - Registered Office at 138 Cheapside, London EC2V 6BJ I Is a wholly owned dormant 5ub5idiary of the Charity. It ha5 in issue 4 Ordinary Shares with a nominal valLJe of C1 and has not traded throughout the current or prior year, generating neither a profit nor 105s. Its net assets at the end of tx)th years amounted to £56 and these are con501idated in the Balance Sheet shown on page 24. Whitegates Investments Limited (company number 6751602 - Registered Office at Suite A, 7th Floor, City Gate East, Tollhouse Hill, Nottinghatn, NG1 5FSI was a wholly owned subsidiary of the Charity. It was dissolved on 3rd June 2022. Whitegate5 Retlrement Home Limited (company number 3927420 . Registered Office at Suite A, 7th Floor, City Gate East, Tollhouse Hill, Nottingham, NG1 5FSI 15 a wholly owned subsidiary of Whitegates Investments Limited. It formed part af the acquisltion of the Whitegales home, and was dissolved on 3rd June 2022. Both of the Whitegates companies were acquired as part of the acquisition of Whitegate5 care home in Westfield, East Sussex which was added to the Tru5t'5 portfolio of homes in July 2018. For the year ended 31 March 2022, all companie5 were entitled to exernption from audit under section $479A of Companies Act 2006. The Charity's investment in subsidiaries is 5ummarised as follow5: Investmènt In subsidiaries A5 at 1 April 2021 Additions during the year 104 As at 3 1 IAarch 2022 104 TRUSTEE AND RELATED PARTY TRANSACTIONS The Trustee5 received no remuneration for their services during the current or prior year. Trustees were reimbursed a total of £1,165 for iravel expense5 incurred during the year12021: £401. 34
GREENSLEEVES HOMES TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 MARCH 2022 TANGIBLE ASSETS All Charity Long term Freehold leasehold Computer ro ert ro ert ul Furniture and Motor Total Cost At 1 April 2021 Disposa15 in year Additions in year Written off in year 92, 531,672 2,091,904 11.456,6741 6.341.888 1,154,512 1,297, 840 5,493, 232 217,406 101,632,054 11,456,674> 9,585,180 1696,8051 553,308 1.533.472 118,7281 1678,0771 2,000 At 31 March 2022 97,416,886 3.246,416 1,832,420 6,348,6Z7 219.406 109,063,755 DEpfEclatiun At 1 April 2021 Disposals in year Charge for the year Written off in year 7,679,832 1206,661> 1,698.677 245,671 1,088,744 3,766,031 166,139 12,946,417 {206,6611 2.997,928 1597,4051 9Z.435 245,844 938,480 16,9901 1580.415) 22,492 At 31 March 20Z2 9.171,848 338,106 1.317.598 4.124.096 188,631 15,140,279 Net book value at 31 March 2022 88.245,038 2,908.310 514.822 2,224,531 30.775 93.923,476 Net book value at 31 March 2021 84,851,840 1,846,233 209,096 1,727,201 51,267 88,685,637 Freehold property include5 E29.1 million of land12021.. £29.7 million) which is not depreciated. Included under freehold propeity are assets wth a net book value a5 at 31 March 2022 of £29.7million 12021.. £31.6millionl which are included at deemed c05t less depreciation based on a valuation dated 1 April 2014 (the date of transition to FRS 1021. The valuation wa5 undertaken by Knight Frank. Future capital expenditure contracted for at 31 March 2022 but not provided for in these accounts amounted to £1. 5million 12021.. £4.9millionl. None of the above assets are used as security for the Trust's borrowings. 35
GREENSLEEVES HOMES TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 MARCH 2022 DEBTORS- Group and Charity Grou Grou 2021 Charl 2022 Charit 2021 2022 Amounts due withln one year: Residential care home debtors Other debtor5 Prepayments and accrued income 1, 380,005 164,047 1,122.939 1,383,701 54,604 1,631,326 1, 380,005 163.943 1,122,939 1,383,701 54, 500 1,631,326 2,666,991 3,069, 631 2.666,887 3,069, 527 INVESTMENTS - All Charity 2022 2021 Market value at 1 April 2021 1,631,771 Add.. additigns to investments at Cost 37,344 Book value of dlsposals In year Proceed5 from sales Realised gain 11,902,154) 233,039 11,669,1151 Net unrealised110551 I gain in the year Market value at 31 March 2022 Cost at 31 March 2022 2022 2021 Investments are represented by: Schroder Charity Multi-Asset Fund 36
GREENSLEEVES HOMES TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 MARCH 2022 10 CREDITORS - Group and Charlty Grou 2022 GroLJP. 2021 Charit 2022 Charit 2021 Amounts due within one year: Trade creditors Oiher creditors and accruals Payments in advance Residents, deposit5 2,713,448 1,136,730 226,802 949,625 1,523,289 892, 557 907,333 1,319,208 2,713,448 1,136,734 226,802 949,625 1,523,289 892,561 907,333 1,319,208 5,026.605 4,642, 387 5.026,609 4.642, 391 Payments in advance relate to fee Invoices raised, or monies received, before the year end which cover periods in the following year. The arnount of C226,802 at the end of 2021 was released in full in the year ended 31 March 2022. The residents, deposit5 amount is decreasing as, in February 2020, we elected to no longer collect deposits from new residents. Current deposits will be repaid as resident5 leave. Grou 2022 Grou 2021 Charit 2022 Charit 2021 Loan5 from Retail Charity Bonds Plc.. Due 30 March 2026 Due 17 Decefflber 2030 49,719,040 25.001,045 49,648,751 49,719,040 14,685,251 25,001,045 49,648,751 14,685,251 74,720,085 64,334,002 74,720,085 64,334,002 Loan from Retail Charity Bonds PIC - Due 30 March 2026 On 30 March 2017, Retail Charity Bonds PIC IRC8 Plcl launched the Greensleeves Homes Trust Retail Charity Bond which was issued through their Retail Charity Bonds platform and is listed on the London Stock Exchange under stock code GSHT. RCB PIC raised £33million from the issue of bond. It was issued for a period of nine years wth a matLJrity date of 30 March 2026 and the option to extend the term by a fuither two year5. It ha5 a fixed rate of interest of 4.25%. All funds raised were loaned to the Trust on the same tertn5 as the bond. Interest 15 paid six monthly in arrears. There is an annual arrangement fee at an initial rate of 0.1 % of the loan which is payable six monthly in advance. This fee 15 subject to a yearly increase in line with the Retail Price Index. Since the initial issue of 133million, a further £17million of bonds have been issued. £3milliDn during the year ended 31 March 2019 and a further E14million during the year ended 31 March 2020 with the proceed5 being loaned to the Trust in the two respective years at the same terms as the original advance. The effective interest rate of the two retained bonds tranches 15 lower than the 4.25% as both were issued at the price the LK>nd was trading at when they were issued. In total, cost5 in respect Df all tranche5 of £599,937 have been capitalised and are being amortised over the term of the loan. £70,289 ha5 been released to the Statement of Financial Activities in the current year12021- £70,2891. 37
GREENSLEEVES HOMES TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 MARCH 2022 10 CREDITORS - Group and Charity - contlnued Loan from Retail Charity Bonds PIC - Due 17 Oecember 2030 On 17 December 2020, RCB PIC launched a second Greensleeves Homes Trust Retail Charity Bond. Similarly to the first bond above, this was i55ued through their Retail Charity Bonds platform and is listed on the London Stock Exchange under stock code GHT2. This bond 15 for a total Df £25m with £15m being issued initially. The bDnd wa5 issued with a term of ten years Wlth an expected maturity date of 17 December 2030. There is the option to extend the term for a further two years. It was issued at a fixed rate of interest of 5%. The entire Cl sm of the initial issue was loaned to the Trust on the same terms as the actual bond. Interest 15 to be paid six monthly in arrears. There is an annual arrangement fee of 0.1 % payable six monthly in advance which is subjecl to an annual increase in line with the Retail Price Index. The retained portion of £10m was drawn down in the current year. The effective interest rate of the retained bonds tranche 15 lower than 5.00% a5 It wa5 155ued at the price the bond was trading at when they were issued. Set up costs of £421,066 and surplus fund5 of £400,000 are amort15ed over the term of the loan. A charge of £12, 794 wa5 released to the Statement of Financial Activitie5 in the current year12021: £9, 3171. The year-end p051tion of the loalls wa5 as follows.. 2022 Due 30 March 2026 022 Due 17 Decem 2030 2022 2021 Total Total Loan value A5 at 1 April 2021 Borrowed during the year 50.000.000 15,000,000 10,000,000 65.000,000 10.000,000 50,000,000 15,000,000 As at 31 March 2022 50,000,000 25.000,000 75.000,000 65,000,000 Capitali5ed costs As at 1 April 2021 Net Surplus/ (Costs) incurred during the year Amortisation of capitalised costs 1351,249} 1314,7491 303,000 1665,9981 303,000 1421,5381 1324,0661 70,289 12,794 83,083 79,606 As at 31 March 2022 1280,9601 1,045 1279.9151 1665,9981 Balance shown in the balance Sheet 49,719.040 25.001,045 74,720,085 64, 334,002 Both loans are unsecured and have two main covenants. 38-
GREENSLEEVES HOMES TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 MARCH 2022 At the year end the total amount of loans outstanding was repayable as follows: Grou 2022 Grou 2021 Charlt 2022 Charit 21 Due within one year Due between two and flve years Due after more than five years 49,719,040 25.001,045 49.648,751 14,685,251 49,719,040 25,001,045 49,648,751 14,685,251 74,720,085 64,334,IX)2 74,720,085 64,334,CQ2 11 OPERATING LEASES - All Charlty All operatinq leases are in respect of property, namely our hcmes De House In Diss, Norfolk. Lavender Fields in Seal, near Sevenoaks, Kent,. The Orchards In Ely, Cambrldqeshlre. The Manor, In Wlndsor. and Buckler's Lodge in Crowthorne, Berk5hlre. Rents paid In the year and recogn15ed a5 an expense In these flnanclal statement5 amounted to £2,822,630 12021: £2.165,1851 split De Lucy House £514,50412021: £499,600), Lavender Fields E1,217,471 12021., £1,090,511); The Orchard5 £590,318 12021.. E575,0741; The Manor £216,86312021: Enlll,. Buckler's Lodqe £283,47412021: Enlll. On 19 March 2021. contract5 were sl8ned for a 64 bed leasehold home to be located on the slte of the SprinBfield Hospltal In Tootlng, London. Completlon Is antlcipated In Autumn 2022. The lease Is for a term of 35 years. At the balance sheet date, the Charlty had outstandlns commltments for future minlmum lease payments under non-cancellable operatin8 leases which fall due as follows.. Due wlthln two to flve ears Due wlthln one Due after Ive ears Total De Lucy House Lavender Fields The Orchards Buckler's Lodge Springfield N05Pital The Manor Head Offlce 521,780 914,197 595,970 933,360 2,087,118 3,659,291 2,383.882 3,733.440 3,185.455 2,740.000 1,076,902 12.201.064 24,042.120 16,269,175 27,722,071 25,921,123 17,282,644 1,574,782 14,809.962 28,615,608 19.249,027 32,388,871 29,106,578 20,682,780 2,692,252 660,138 40,568 Total as at 31 March 2022 3,666,011 18,866,088 125,012,979 147,545.078 Total a5 at 31 March 2021 2,508,000 15,677,LKKI 106,013.00) 124,198,¢XKI The amounts payable increase annually over the course of the leases In Ilne wth the Retall Prlce Index. The amounts shown above make no assumption for this and are based on the current annual rent or the initial annual rent in respect of the future home. -39
GREENSLEEVES HOMES TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 MARCH 2022 12 FUNDS- Group At 1 April 2021 Transfer between Funds At 31 March 2022 Investment losse5 endlture Unrestricted General funds Revaluatlon reserve 26,309.549 51.931,447 (56,857.1431 10,040,994 1104,9331 749,106 22, 132,959 (749,106) 9.186.955 Total unrestrlcted funds 36,350,543 51,931,447 (56,962,076) 31,319,914 Restrlcted Amenity funds Covld-19 fundlnq 601,798 49,628 {25,6081 84,222 1,681,179 11,765,401) 625.818 Total restrlcted fund5 686,020 1.730,807 {1,791.0091 625,818 Total funds 37,036,563 53,662,254 158,753,085) 31,945,732 General funds are unre5trlcted funds held for the seneral objects of the Trust's work. The revaluatlon reserve represents the remalnder of the Increase In f reehold homes property values that arose on transltlon to FRS 102 and the adoptlon of a deemed cost valuation. Expenditure relates to addltlonal depreciatlon char8ed as a result of the revaluation. The transfer between the revaluatlon reserve and unrestrlcted 8eneral funds relates to the disposal of Thombank. The amenlty funds represent monles ralsed by each home to be spent on speclflc project5 and activitles In that home. The Covld-19 fundin8 represents the recelpt and use of speclflc Covld-19 fundlng recelved In the year. It Includes monies claimed under the Coronavirus Job Retention Scheme and monie5 recelved from the Infection Contml Fund, Rapid Testin8 Fund and Workforce Capaclty Fund. 13 ANALYSIS OF ASSETS BETWEEN FUNDS Restrlcted Revaluatlon funds reserve Genèral funds Total Fixed a55ets Other current assets Current liabilities Long term Ilabilities 9,186,955 84.736,521 93,923,476 17,143.128 17,768,946 15.016.605) 15,026,605) {74,720,085) 174,720,085) 625.818 Total net assets 625,818 9,186,955 22,132.959 31,945,732
GREENSLEEVES HOMES TRUST NOTES TO ThE CONSOLIDATED FINANCIAL STATEMEMTS 31 MARCH 2022 14 TAXATION Green51eeves Homes Trust Is a registered charity and is exempt from taxation its Income and gains to the extent they a applied In pursuance of its charitable purposes. 15 CONNECTED ENTITIES The followlng entity 15 connected to the Trust by virtue of common or related objects or by unlty of administration: WRVS Trust - A charitable Trust supporting the actlvities of Greensleeves Home5 Trust and the Women's Royal Voluntary Service whose responslbillty is to distribute legacles on recelpt to the appropriate legatee. There were no tran5actlons durlng the year. 41
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GREENSLEEVES HOMES TRUST Opinlon We have audited the financial statefftent5 of Green51eeves Homes Trust (the 'parenL charitable company, l and its subsidiaries (the 'group'l for the year ended 31 March 2022, which comprise the Group Charitable Company Statement of Financial Activities (incorporating the Group Charitable Company Summary Income and Expenditure Account), the GrDUP and Parent Charitable Company Balance Sheets, the Group Charitable Company Cash Flow Statement and notes lo the financial statements, including a Summary of significant accounting policie5. The financial reporting framework thal has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102,. The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In OLJr opinion, the financial 5tatement5-. give a true and fair view of the State of the group's and parent charitable company's affairs as at 31 March 2022 and of the group's incoming resources and application of resources, including the group'5 income and expenditure lor the year then ended- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice- and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We have been apwinted as auditor under the Companies Act 2006 and report in accordance with regulations made under that Act. We conducted our audit in accordance with International Standards on ALJditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the 'Auditor's responsibilitie5 for the audit of the financial 5tatement5' section of our report. We are independent cjf the group and parent charitable company in accordance with the ethical requirement5 that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern We are responsible for concluding on the appropriateness of the tru5tee5' Use of the going concern basi5 of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to event5 or conditions that may cast significant doubt on the group's and the parent charitable company's ability to continue a5 a going concern. If we conclude that a tnaterial uncertainty exist5, we are required to draw attention in our repori 10 the related di5closure5 in the financial statements or, if such disc105ures are inadequate, to rnodify the auditor'5 opinion. Our conclusions are based on the audit evidence obtained up to the date of our report. However, fLJture events or conditions may cause the group or parent charitable company to cease to continue as a going coflcern. In our evaluation of the trustees, conclusions, we considered the inherent risks associated with the group's and parent charitable company's business mDdel including effects arising from macru-economic uncertainties such as Brexit and Covid-19, we assessed and challenged the reasonableness of estimates made by the trustees and the related disclosures and analy5ed how those risks might affect the group's and parent charitable company'5 financial resources or ability to continue operations over the going concern period. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditlOn5 that, individually or collectively, may cast significant dDubt on the group's and parent charity's ability to continue ag a going concern for a period of at least twelve months from when the financial Statements are authori5ed for issue. In auditing the financial statements, we have concluded that the tru5tees' use of the going concern basis of accounting in the preparation of the financial Statements Is appropriate. The re5pon5ibilitie5 of the trustees with respect to going concern are described in the 'Responsibilities of trustees for the financial 5tatementS' section of this report.
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GREENSLEEVES HOMES TRUST Other information The trustees are responsible for the other information. The other information comprises the information included in the Report of the Board of Trustee5 and Statement of Trustees, Responsibilities, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in OLJr report, we do not expre55 any form of a55urance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially incon515tenl with the financial statement5 Dr our knowledge obtained in the audit or otherwise appear5 to be materially tni55tated. If we identify such material incon515tencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material mi55tatement of the other information. If, based on the work we have performed, we conclude that there 15 a rnaterial misstalement of thi5 other information, we are required to report that fact. We have nothing to report in this regard. Opinion on other matters prescribed by the Companies Act 2006 In Dur opinion, based on the work undertaken in the course of the audit.. the information given in the Strategic Report and the Directors, report, prepared for the purposes of company law, included in the Report of the board of Trustees for the financial year for which the financial statements are prepared is consistent with the financial statement5. the Strategic Report and the Directors, Report included in the Report of the Board of Trustees have been prepared in accoréance with applicable legal requirements. Matter on which we are required to report under the Companies Act 2006 In the light of the knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misslatements in the Strategic Report or the Directors, Report included in the Report of the Board of TrLJStees. Matters on which we are required to report by exception We have nothing to report in respect of the followinq matters where the Companies Act 2006 requires u5 to report to you if, in our opinitjn: adequate accounting records have not been kept by the parent charitable company, or return5 adequate for our audit have not been received from branches not visited by u5; or the parent charitable company's financial statement5 are not in agreement with the accounting records and returns,. or certain disclosures of trustee5' remuneration specified by law are not made. or we have not received all the information and explanations we require for our aLJdit. Responsibilities of tru5tee5 for the financial statement5 As explained more fully in the Trustees. Responsibilities Statement set out on page 18, the trustees Iwho are also the directors of the charitable company for the purposes Df company lawl are responsible for the preparation of the financial statements and for being satisfied thal they give a true and fair view, and for SLJch internal control as the trustees determine is necessary to enable the preparation of financial 5tatement5 that are free from malerial mi55tatement, whether due to fraud or error. In preparing the financial statements, the tru5Lee5 are responsible foi a55e5sing the group and the parent charitable company'5 ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going cancern basis of accounting unless the trustees either intend to liquidate the group or parent charitable company or to cease operation5, or have no realistic alternative but to do 50. 20
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GREENSLEEVES HOMES TRUST Avditor's responsibilitie5 for the audit of the financial statements Our Dbjective5 are to obtain reasonable a55urance about whether the financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to Issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit Conducted in accordance with ISAS IUKI will always detect a material misstatement when it exist5. Mi55tatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basi5 of these financial statements. A further description of our responsibilities for the audit of the financial statement5 15 located on the Financial Reporting Council'5 website at.. www. frc.org.uklauditorsresponsibilities. Thi5 de5CriPtion forms part of our auditor's report. Explanation a5 to what extent the audit was considered capable of detecting irregularlties, including fraud Irregularilies, including fraud, are instance5 of non-compliance with laws and regulations. We design procedure5 in line with our responsibilities, ouilined above, to detect material misstatefflent5 in respect of irregularities, including fraud. Owing to Lhe inherent limitations of an audil, there 15 an unavoidable risk that material mis5tatetnent5 in the financial 5tatement5 may not be detected, even thoLJgh the audit is properly planned and performed in accordance with the ISAS IUKI. The extent to which our procedures are capable of detecting irregularities, including fraud 15 detailed below.. We obtained an understanding of the legal and regulatory frameworks that are applicable to the group through our general not for profit and charity sector experience and discussions with management. We determined that the following laws and regulation5 were most significant: Charities SORP 2019, FRS 102 'The Financial Reporting Standard applicable in the UK and Republic Df Ireland, Charities Act 2011, Cornpanies Act 2006, Data Protection Act 2018 and Care Standard5 Act 2000. We enquired of management concerning the group's policies and procedure5 relating to.. the identification, evaluation and compliance with laws and regulations- the detection and response to the risks of fraud,. and the estab115hment of internal controls to mitigate risks related to fraud or non-cotnpliance with laws and regulations. We enquired of management and the finance and audit committee, whether they were aware of any instances of non.compliance with laws and regulation5 or whether they had any knowledge of actual, suspected or alleged fraud. We as5e5sed the susceptibility of the group'5 financial statements to material misstatement, including how fraud might occur, by evaluating rnanagemenl's incentives and opportunities for manipulatlDn of the financial statements. This included the evaluation of the risk of managefflent override of controls. We determined that the principal risks were in relation to: journal enlries that increased revenues or that reclassified costs from the income statement to the balance sheet potential management bias in determining accounting estimate5 Our audit procedures involved.. identifying and assessing the design effectivene55 of controls managemeni has in place to prevent and detect fraud- challenging assumption5 and judgernent5 made by management in its significant accounting estimates,. identifying and testing journal entries, in partiCLJlar rnanual journal entries. 21
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GREENSLEEVES HOMES TRUST In addition, we completed audit procedures to conclude on the compliance of disclosures in the annual report and accounts with applicable financial reporting requirements. These audit procedures were designed to provide reasonable assurance that the financial Statements were free from fraud or error. However, detecting irregularities that result from fraud is inherently more difficult than detecting those that result from error, a5 those irregularities that result f rom fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentation5. Also, the further removed non-compliance with laws and regulatlons 15 from events and transactions reflected in the financial statements, the less likely we would become aware of it. Assessment of the appropriateness of the collective competence and capabilities of the engagement tea included consideration of the engagernent team's.. understanding of, and practical experience with audit engagements of a Similar natLJre and complexily through appropriate training and participation knowledge of the industry in which the client operates understanding of the legal and regLJlatory requirements specific to the entitylregulaled entity including.. the provisions of the applicable legislation the regulators rules and related guidance, including guidance issued by relevant authorities that interprets those rules The team communications in respect of potential non-cornpliance with law5 and regulations and fraud included the potential fDr fraud in revenue recognition, improper use of charitable funds and serious incident reports submitted to the Charity Commission in the period; and In assessing the potential risks Df material misstatement, we obtained an understanding of.. the charity's operations, including the nature of its revenue sources, products and service5 and of it5 objectives and Strategies to understand the classes of transactions, accounl balances, expected financial statement disclosures and busine55 ri5k5 that may resLJIt in risks of material mi%statement. the charity's control environment, including the policie5 and procedures implemented to cotnply wth the requirements of its regulator, including the adequacy of the Lraining to inform staff of the relevant legislation, rules and other regulations of the regulator, the adequacy of procedures for authorisation of transactions, internal review procedures over the entity's compliance with regulatory requirements and procedure5 to ensLJre that possible breaches of requireentS are appropriately investigated and reported. Use of our report This report 15 made solely to the charitable cotnpany's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we mighi state to the charitable CDmpany's members those matters we are required to State to ihem in an auditor s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. William Oevitt BSC FCA DChA Senior Statutory Auditor for and on behalf of Grant Thornton UK LLP Statutory Auditor, Chartered Accountant5 Miltan Keynes Date.. g September 2022 22