DOcus￿n Envelope 10: 3CAF8F23-2944-4BOO-81F1-829EEF27B64C
GREENSLEEVES HOMES TRUST
ANNUAL REPORT AND
CONSOLIDATED FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
WnN
*AD91fvJCCO•
2010812024
COMPANIES HOUSE
NMIM
A10
#50

Docusign Envelope ID.. 3CAF8F2&29444BOO-81 F1-829EEF27B64C
GREENSLEEVES HOMES TRUST
IA Company limited by Guarantee not having a sharo capital -
Company Registered Number 032601681
(Charity Registration Number 10604781
ANNUAL REPORT AND
CONSOLIOATED FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024

Docuslgn Envelope ID.. 3CAF8F2&29444BOO-81FI429EEF27B64C
GREENSLEEVES HOMES TRUST
ANNUAL REPORT
YEAR ENDED 31 MARCH 2024
CONTENTS
LEGAL AND ADMINISTRATIVE DETAILS
REPORT OF THE BOARD OF TRUSTEES INCLUDING THE STRATEGIC
REPORT
STATEMENT OF TRUSTEES. RESPONSIBILITIES
14
INDEPENDENT AUDITOR'S REPORT
15
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES
19
CONSOLIDATED BALANCE SHEET
20
CONSOLIDATED CASH FLOW STATEMENT
21
NOTES TO THE FINANCIAL STATEMENTS
22

Docusign Envelope10-. 3CAF8F23-29444800.81F1-829EEF27B64C
GREENSLEEVES HOMES TRUST
LEGAL AND ADMINISTRATIVE DETAILS
{A Company limited by Guarantee not having a share capital - Company Registerod Number 03260168
(Charity Registration Numbor 1060478)
TRUSTEES
Mr D Bryan
Mr A Chrislie (appointed 16 May 2024)
Ms K Davies
Mr M Foster
Mr D P Kelly OBE
Mr M Lowe lappoinled 16 May 2024>
Ms A Morris (Appointed 16 November 2023>
Ms D Pounds (Chair)
Mr M Shaha
Mr P C G Spence
Ms M Townson
Ms J Tombs (Resigned 30 October 2023)
Ms A Willimott {Appointed 16 November 2023)
COMPANY SECRETARY
MST Omoma
CHIEF EXECUTIVE
Mr P Newman
KEY MANAGEMENT PERSONNEL
Ms J Clarges- Direclor of Quality and Compliance
Mr C Doherty- Chief Financial Officer
Ms S King- Director of Business Developmenl
Ms T Omoma - Director of Human Resources and Company Secretariat
Ms T Nelson - Divisional Direclor- North
Ms M Whittingham- Divisional Director- Soulh
Ms S Weller- Director of Digital Transformation
REGISTERED OFFICE
138 Cheapside
London
EC2V 68J
STATUTORY AUDTOR
INTERNAL AUDITOR
Grant Thornton UK LLP
30 Finsbury Square
London
EC2A 1AG
RSM UK
Suite A, Th Floor East Wesl Building
2 Tollhouse Hill
Nollingham
NG1 5FS
BANKERS
Lloyds Bank PIC
2nd Floor
39 Threadn8edle Street
London EC2R 8AU
SOLICITORS
Wilsons Solicitors LLP
4 Lincoln's Inn Fields
London
WC2A 3
DAC Beachcroft LLP
Portwall Place
Portwall Lane
Bristol
BS16NA

Docusign Envelope10.' 3CAF8F2&294448Ot)-81 F1-829EEF27B64C
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 2024
The Trustees, who are the directors for the purposes of the Companies Act 2006, present the report and
financial slatemenls of Greensleeves Homes Trust ('Ihe Trusl"I "the Charity.) for the year ended 31 March
2024. The Trustees ¢onfiTm that the annual report and financial statements comply with the Charities Act 2011.
the Companies Acl 2006, the Memorandum and Artides of Associalion and Accounting and Reporting by
Charities.. Statement of Recommended Practice applicable to charilies preparing their accounts in accordance
wilh the Finanual Reporting Standard applicable in the UK and Republic or Ireland (FRS 102) {effective 1
January 2019).
Strateglc Report Year Ended 31 March 2024
Aims
Greensleeves Homes Trust is a charitable organisation providing caie and accommodation for older people,
primarily by operating residential and nursing homes in the South and East of England.
Our mission is to encourage our residents to thrive as individuals, and our employees lo practice as caring
professionals. Our values of Respect. Openness, and Responsibilily support Us in achieving this.
Greensleeves Homes Trust aims lo expand ils charitable impact by increasing the number of beneficiaries
receiving our high-quality care and support servi¢es.
Charitable Objectives and Activities
The objects of Greensleeves Homes Trust a5 defined by its Memorandum and Articles ofAssocialion are..
The relief of persons who are in need by reason of age, ill-health or disability by the provision, or
assistance in the provislon, of accommodation and associated facilities, seNices and amenitie5 or by
such other means as may be charitable.
such other purposes for the benefil of the community as shall be exclusively charitable.
in each case for Ihe public benefiL
The Trustees have had regard to the Charity Commission's guidance on public benefit when rèviewing the
charity's aims and objectives and planning future aclivilies lo meet these.
Greensleeves Homes Trust meets these objectives through the provision of residential. dementia and nursing
Care, in care homes across the South and East of England. Care is offered uniformly, regardless of resident
background or financial siluation. We operate a Home for Life policy, which commils to continuing to provide
care for private residents who through financial deplelion become eligible for Local Aulhorrty funding. This offers
reassurance lo residents and relatives that a home wilh Greensleeves is a home for life for as long as we can
continue to safely meet their needs.
The Trust's slrategic goals are..
ualit First.. Embed continuous quality impiovemenl across our homes to deliver ever-improving
person-cenlred care and safe working condilions.
wered Peo
le.. Retain over 809/0 of our colleagues through an inclusive culture, inspiring learning
and development programmes and promoling a gold standard employee experience.
Sustainable Develo
ment.. Operate more and better homes. where people love to live and worf(.
expanding our charitable impact in a viable, green and affordable manner.
The Trust sets short term and long-leim aims to support the furtherance of ils objectives and strategic goals.
Short-term aims focus on the enhancement of current services, and include:
Development of activities provisions to meet the needs of all residents.

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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 2024
Recruitment. retention and development of high-quality care and support colleagues.
In¢￿asIng the proportion of homes with Care Quality Commission ralings of Good or Outstanding.
Implemenlalion of new technological solutions for increased efficiency and accuracy.
Embedding the culture of the Trust into new homes and growing these to capacity.
Promotin9 our Home for Life policy, which supports residenls who experience financial depletion whilst
in our care.
Long term aims include:
Progression of plans for new-build homes al Newport Pagnell, Wesffield and Rye.
Review of financlng arrangements to support fulure development activity and acquisitions.
The Trust measures success against ils objectives through various Key Perfomiance Indicators, including CQC
ratings, carehome.co.uk ratings, colleague lurnover, occupancy, CQC regislered beds. and lunded resident
percentage.
As at 31 March 2024, we had facilities across the group to care for up to 1,275 residents acioss 28 homes, an
increase of 23 beds and one home compared lo the prior year.
In furtherance of our chantable objects'ves, during the year the charity increased the number of residents il can
care for through the acquisition of a 28-bed care home. Broadacres. in Norfolk, which joined the group in
February 2024. Mount Ephraim House also reopened as a 57-bed home, following exlensive redevelopment. A
further t￿0 bedrooms were added lo Glebelands, our nursing home in Wokingham, Berkshire.
Following an operational review, Ihe decision was taken to transfer our operations at Sl Cross Grange in
Winchester to a local nol-for-profil care provider and lo close the home. This resulted in a reduction in our
Capacity by 64 residents.
Our services continue lo be highly rated by iesidents. family and friends, wilh a Carehome.co.uk group score of
9.6 out of 10 and 22 of our homes achieving this score or greater. Any surpluses generated by the Trusfs
activities are reinvested into Ihe maintenance and improvement of our homes and services, including supporting
our Home for Life policy.
A¢hi•vomont8 and Perfomiance
The year lo March 2024 was preceded by a challenging year for the Trust. which operated in difficult economic
ondilions and experienced issues with occupancy and agency usage al some homes. Despite resolving
several of these issues during the year, they continued lo persist to some extent until March 2024. with an
associated impact on financial perforrnan￿.
ccu
levels..
Occupancy levels increased over the year, avera9ing 86.50A on a phased basis, and at Ihe end of the year. we
cared for 1.056 residents across our services. Sixteen of our homes finished the year with occupancy levels
over 900/0, having retumed to pre-pandemic levels. A small number of homes. however. achieved slower than
budgeled recovery from operational issues.
Collea
ue retention and a
enc
workers..
We are proud Ihal our colleague retention remains strong. Our lurnover as al year end as 20.9°/ts which is
significantty below the average turnover across the care sector of 28.30/0 (Skills for Care report published in
October 2023}. We have implemented a stralegy io help reduce the need for agency workers. Where agency is
being used, we seek lo ensure these are regular agency workers who will be familiar with our residents and the
work environment in our care homes.

Oocu5ign Envelope ID.. 3CAF8F2&29444800-81 F1-829EEF27864C
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 2024
We achieved Living Wage accredrlalion which means Greensleeves Care has official status as a Living Wage
employer with the mark of responsible pay. We will endeavour to ensure we maintain this reCOgn￿on annually
to support our drive to be an employer ofchoice.
Our Quality First Initiative has been extended durin9 the year. This scheme provides financial incentives for
colleagues lo take on additional shifts beyond their contracted hours. aiming lo improve the consistency of
staffing for residents and reduGe reliance and spending on agency workers. Uptake has been mixed across the
estate, wrth several homes using little or no agency workers during the year. However, local recruilmenl market
conditions have proven challenging in a few homes, resulting in heavier relian￿ on agency workers lo maintain
safe Se￿ices. Over 8 third (370A) of expenditure on agency workers during the year arose from just three
homes.
To address staffing Challenges, we are investing in recruilmenl capacity al a home level to support efficient
application processing. We are also implementing new lime and attendance software to make available shifts
visible to colleagues via an app, which should improve shift uptake. During the year, lo reduce the financial
impact of agency workers requirements. we have implemented an agency booking tool, which helps lo ensure
value for money by using selecl suppliers at pre.agreed rates. Early indications during 2024125 show a marked
reduction in agency usage and hourly cost.
C ralin
Al the time of writing, 20 of our homes have a CQC rating of Good, are rated Oulstanding, four are currently
rated Requires Improvement, and tsvo have yet lo be inspected.
We measure our reputational performance by referencing ratings on external websites such as ¢arehom8.co.uk
and through the receipt of induslry awards. At the lime of writing, the Trust had a group score of 9.6 out of 10 on
carehome.co.uk, with 22 of our homes individually achieving this rating or higher.
During the year. Greensleeves ca￿ has achieved a 'Top 20 Large Care Home Group, Award from leading
online care home directory, Carehome.co.uk, for the seventh year running.
Alon9 wilh its inclusion in the lop large carè home group list, Greensleeves Care is also celebrating the
individual success of one of its homes in the awards, Torkington House in Aclon, whiGh was named in the Top
20 Care Homes in London.
The annual Carehome.co.uk Awards recognise care home groups according to their ranking on the platform,
which is based on impartial, independent reviews from care horne residents, their families and friends.
Mount E hraim House..
The renovation of Mount Ephraim House was completed during tha year following extensive delays, and we
welcomed our first residents in June 2023. The home is filling faster than budgeled despile some extended
snagging works. now resolved, Ihal restricted admissions in the later parl of the year.
Broadacres.
In February 2024, the Trust acquired Broadacres Care Home through a purchase of 1000/0 of the share capilal
of Broadacres Holdings Limited {11161346). Broadacfes Holdings Limited, in turn, is the sole owner of
Broadacres Care Home Limiled (09185042) and Broadacres Care Home Trading Limited 109185314).
Broadacres is an established 28-bed residential care home in Barton Turf, Norfolk. The results of Broadacres
Care Home for the period from acquisrtion to 31 March 2024 are consolidated Into these accounts. Work is
ongoing to support Ihe home as it embeds into the Greensleeves culture. It is planned that the care home's
activity will be hived up into Greensleeves Homes Trust during the year to 31 March 2025, and the subsidiary
ompanies will be dissolved after that.

DO￿$19n Envelope ID: 3CAF8F2>29444800-81 F1429EEF27B64C
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 2024
New
ortPa
nell..
In February 2024, the Trust purchased a plot of land in Newport Pagnell, complete with planning permission for
a 60-bed care home, which will serve lo reprovision the existing home at Tickford Abbey and add additional
capacity to the Trust. The oplimal financing strategy for the conslructson of the home is under review.
Sl Cross Grange closed in September 2023 following the transfer of the home's operations lo a new facility
operated by a local, not-for-profit operator. The sale of Ihe sile was also completed in September 2023.
Croxley House. a dosed home in Cioxley Green, Hertfordshire, was expected to sell during the year.
Unfortunately, the sale was mel with delays, and the property removed from the market. The intention is lo
remaTkel the site for sale in the year to March 2025.
Henley House was sold on a sale and leaseback arrangemenl in January 2024 for £14.8m. Part of the proeeeds
of this transaction wefe used to purchase Broadacres care home and the development site at Newport Pa9nell.
ollea
ue well-bein
We continue lo progress our Wellbeing strategy and see good levels of engagement with our Thrive app (a
mental wellbeing app>. ￿lIst all user data is confidential, anonymous and aggregated, we believe usage of the
app is having a posttive impact on sickness absenteeism lour average sickness absence rale as al year end
was 3.50/0 which is below the average for
the sector 0160/0). During the year, we
also delivered in person mental wellbeing
dropin sessions lo discuss topics such as
stres5 awareness. anxiety. managing
mental health in the Workplace
"I learn something new every day. I've
made such great relationships. '
Investment in Financial Wellbeing is of equal importance and in addilion lo our long-standing Employee
Assistance Program, over the last year, we have focused on promotin9 our financial wellbeing hub which
includes planning for retirement.
Employee 'Temperature Check, suNeys are routinely conducted al homes lo measure the current level of
engagement and we see results that indicate Greensleeves Care is a great place lo work.
The Trust aims lo support approximately 250/0 of our residents, funded through Local Authorrties or the NHS. Io
support our charitable aims. In the year to 31 March 2024, 24.30/0 of our residents were funded in this way. As
an organisation, we are seeing 8n inrJease in the number of private residents whose financial reseNes have
depleted and are transitioning to Local Authority or NHS funding under our Home for Life policy. We continue to
manage admissions across the Trust lo ensure the mix of privalely and publicly funded residents remains al our
largel level.
stakeholder Engagement
Feedback from our residents and relatives provides some of the best measures of performance against our aim
of providing high-quality care and helps us shape the work that we do to further our charitable purpose. We
receive reviews directly and via platforms suth as carehome.co.uk.
Some comment highlights from this year include..
A W (Son of Resident).. The experience myself and my family have had over the past few years is
nothing but brilliant. The staff are great and the management just the same.
G D (Son of Resident): You looked after my mum for her last 14 months when we couldn't. You treated
her with respect, dignity and love and Irealed her as one of your family and we as a family will forever
be in your debl. Thank you.

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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 2024
J N (Residenl): l am very happy and settled. The care provided is excellent and from living on my own
for a long time I feel really happy
and at home.
"Choosing Greensleeves for my nan s
care has been one of the best
decisions we've made as a family. '
L S (Respite Resident).. l arrived
mere shadow of myself and left
feeling almost normal.
S G (Son of Resident).. l am
Ihrilled lo share my heartfett appreciation for the incredible care now being provided lo my mum.
Callum (Grandson of Residenll.. Choosing Greensleeves for my nan's care has been one of the best
decisions wé've made as a family.
Deborah {Sister of Residenl) my slstgr's qualily of life has improved beyond our expectations.
Our homes are fortunate lo benefit from the support of volunteers who give their time freely to assist with
activities and fundraising events or offer friendly conversation and companionship to residenls. The Trustees
wish to thank all those volunteers who helped us deliver a valued and essential service and positively contribute
lo our residents, lives.
Flnanclal Review
The financial stalemenls for the year ended 31 Mar¢h 2024 comply with Financial Reporting Standard 102 IFRS
102), 'Ihe Financial Reporting Standard in the UK and Republic of Ireland,, and the Charities Statement of
Recommended Practice {Charilies SORP (FRS102>).
The primary source of income during the year to 31 March 2024 was resident care fees, relating to our core
activity of providing residential, dementia and nursing care.
During the year, the group generated Earnings before Interest, Tax, Depreciation and Amortisation (EBITDAI of
£2.3m, and an underlying nel surplus of £2.4m despite cosl inflation and stubbornly high agency fees. Once
adjustments have been made for the impact of new developments and a number of one-off items described
below. this translates into a nel deficit of £4.5m for the year after depreciation.
Dev810
The speed of admitting new residents determines the negative impact on net earnings of a new home over the
short term. The Trust defines Ihis as the reduction in surpluses arising from a home during Ihe growth phase.
Due lo initially low resident numbers and the need lo recruit staff befor8 admissions, new homes represent an
initial drag on resources, typically taking or more years to reach total operating capacity. The slower Ihe
increase in resident numbers. the more expensive this phase becomes. Comparing a home's expected surplus
from malure operalion with actual results idenlifies the financial impact on the organisation.
Durin9 the year, the Trust had the following homes in the grovAh phase..
Development
Impact
£'ooo
2,404
1,384
1.130
4,918
Buckler's Lodge
The Meadowcroft
Mounl Ephraim House
Total Development Impact

Doeusign Envelope10.' 3CAF8F23-29444800-81F1-829EEF27864C
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 2024
This development impact represents the total additional surplus Ihal the Trusvs current estate can be expected
to generate once fulty operational.
The underlying performance of the estate. the net loss per the accounls adjusted lor non-rouline items and
development impact. is shown below, giving a clearer picture of the underlying performance of the Trust.
2023124
£'ooo
(4,511)
2022123
£'ooo
(15.933)
7,418
(8,515)
4.860
4,863
1,208
3,410
3,381
7,999
Net {loss) per accounts
Add back asset revaluation
Net 11088) before asset revaluatlon
Non-rouline items detailed below
Development Impa¢t
Undèrlying surplus
Depreciation
Loan interest
Underlying EBITDA
{4,511)
2,001
4,918
2,408
3,448
3,378
9,234
Non-rouline items
The results have been adversely affecled by one•off items relating lo four homes, together with one home
closure and one sale..
Viera Gray House.. During thé prior year. Viera Gray House experienced some operating difficulties,
resulting in a temporary curtailment of the admission of new residents. which persisted into the year to
31 March 2024, resulting in a further drop in occupancy levels. These issues were resolved during the
year, and a new manager was recruited. We have, therefore, been able to carefully admit new residents
into the home in the laller part of the year. and occupancy has continued to recover post year-end. The
budgetary impact of reduced occupancy levels durin9 the year was £882k.
St Cross Grange.. The decision was made to Close St Cross Grange, our home in Wnchester, during
the prior year, and closure was anlicipaled in October 2022. An arrangement was made for all
colleagues and residents lo transfer lo a nearby new-build facility opened by another charitable
provider. Completion was delayed so Ihe transfer eventually took place in Seplember 2023. This period
of uncertainty and costs of delayed building works resulted in the home generating an unbudgeled loss
of£206k during the year up to the point of dosure.
Clarendon Lodge.. This home is the replacement home for Croxley House. Due lo operational issues.
we experienced delays to resident admissions until January 2024. This was longer than originally
budgeted for. These issues are n¢)w resolved, a robu51 new management team is in place, and
occupancy levels are beglnning to recover. The financial impad of these delays equated to £722k
during the year.
Croxley House.. The sale of Croxley House was expected lo be compleled in March 2022, bul the sale
was met wilh delays and sale has not been achieved. For insurance purposes, the Trust musl maintain
24-hour on-site secuvity al the building, which cost £191k during the year.
Balance Sheet
The balance sheet as of 31 March 2024 shows nel current assets of £5,997k {2023. £842k). The year-end cash
balance was £8,223k (2023'..£2,281k). an increase arising from the sales of Henley House and St Cross
Grange. offset by purchases including the Broadacres group and the site at Newport Pagnell.

Docuslgn Envelope ID: 3CAF8F2>2944480fv81 F1-829EEF27864C
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 2024
Post Balance
heet Events
There have been no material posl-balance sheet events.
Reserves
The ReseNes Policy is considered annually, and the Board of Trustees review the Trust's reserve levels
throughout the year in light of its planned aclivilies, budget and cashflow lorecasts. The Board believe it
necessary lo hold adequate reseNes lo ensure that future standards ol service and accommodation offered lo
residents Can be maintained an¢J improved. as well as lo fulfil any committed acquisition and development
activity.
As such, the Twst should have sufficient reserves available lo fund revenue costs in the event of any
unexpected problems. As the Trust's operational siles are widespread, such problems are expected to be
isolated lo a particular sile. Therefore, the reserves provision for revenue costs has been set al 10°/• of the
Trust's Ihree-month ordinary costs. In addition to this requirement and our active developmenl programme.
further reserves should be available Ihal are equivalent lo actual capital commitments, less any associated
finan￿ arrangements already in place.
Al the balance sheel dale, the Trust's free unrestricled reserves before long-term liabilities were £4,974k, whid)
represents a surplus of £2,266k above the £2,708k required lo fulfil the above requirement. The Board are
comfortable that holding th￿ higher level of reserves is appropriate given future planned capital works
programmes.
On transition lo FRS 102. the decision was taken lo adopt a deemed cost value al the dale of Iransilion 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 homes Ihal had risen in value. In the year lo 31 March 2023, the fair value model
was applied lo freehold assets, representing a change in accounting policy. A reserves transfer is applied
annually to account for the increased depreciation arising from the revaluation exercise. The balan￿ of the
revaluation reserve at 31 March 2024 was £28.9m (2023.. £32.7m).
The Trust's Senior Management Team actively monitors reserves on behalf of the Board of Trustees. They are
responsible for providing quarterly updates and highllghling any potential problems.
Restricted funds of £1,023k (2023.. £632k) represent donations received and resident deposit5.
Princi
al Risks
rtainlies
The Trust maintains an active digital risk register covering operational and financial risks. The Senior
Management Team monitors this regularly and reviews it wilh the Finance & Audit. Property and Care & Quality
Improvement Committees, and the Board of Trustees. The Trust a150 conducts internal and exlernal reviews
covering areas such as Care. Health and Safely, HR and Finance to redu￿ risk across the organisalion.
The following are considered the key risks and uncertainties currently facing the Trust..
Quality failings: Issues with the quality of our services result in substandard experiences for our
residents. Further risks would include downgrading of CQC ratings, reslriclions on admissions.
reputational damage, and resultant financial implications. The Trust is reviewing all audiling processes
to ensure Ihat any weaknesses are rectified as soon as possible.
Workforce difficulties.. High colleague turnover and an inability lo recruit quality colleagues result in
inconsistent care and reduce our ability to curtail agency spending. We continue to pay a minimum of
the Real Living Wage and are investing in schemes to support, develop and progress colleagues.
Occupancy.. Failure to increase occupancy, both in our new homes and those recovering from
operational issues, threatens the organisation's financial stability. This risk is being mitigated through
focused marketing support and the use of largeted offers.

DorJJ$i9n Envelope ID.. 3CAF8F2&29444800-81FI-829EEF27864C
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 2024
Fundraising." An inability to continue lo raise funds lo further our sustainable development and to
refinance the first loan from Retail Charity Bond plc in 2026 would be a concern. We prepare and
regularly review a long-term financial plan to monrtor the impacts of short and long-temi strategies on
our financial position. Thé Trust is already considering options lo establish the optimal refinancing
solution for the 2026 bond, and progress on the selected option is likely to commence in Autumn 2024.
Goin
Con￿rn
The past few years have provad challenging for the Trust. Delayed ¢xcupancy recovery. coupled with
fecruilment challenges and broader e¢onomi¢ conditions, has had a delrimental effect on the organisalion's
financial position.
During the year, some of the critical operational issues arising in the prior year were resolved, albeit later than
anlicipaled. These delays have had a detrimental impact on ihe Trust's financial performance in the current
year. Resident numbers al our new and filling homes have also built more slowly than budgeted. Across the
organisalion, despite solid recruilmenl efforts. the need lo rety on agency workers to maintain safe services has
resulted in significant temporary increases in our staffing costs. During the year and since Ihe year-end, we
have tackled both the cost of agency workers through improved svpplier selection and rate agreements, as well
as the number of hours of agency ulilised through improved rola management and incentive schemes to
encourage overtime uptake. At the time of writing, agency usage has dropped 20Q/o compared lo year-end
levels.
In January 2024, the Trust entered into a sale and leaseback arrangement on Henley House, our sile in Ipswich.
This generated cash inflows of £14.8m, part of which was used to purchase the Broadacre5 group and the land
al Newport Pagnell. The overall impact of this has left the Trust in a healthier year-end cash position and
enabled us to continue our suslainable development programme, increasing our reach to more older people.
Occupancy levels have started the financial year 2024125 below budget due to slower-than-expected occupancy
grovAh in the year's final quarter lo March 2024. In a number of homes in the occupancy growth phase. savings
can be made lo offset rèduced revenues lo some extent. The Trust has flexibility in the financing and timing of
building the new Newport Pagnell home, including a loan facility, a sale and leaseback arrangement or
development delay. Options are being fully considered before a decision is made. Stress lesls and forecast
sensilivilies, based on a vgriety of occupancy assumptions. suggesl that reducing the cash outflow of the
development ensures that in the event of a downlum in occupancy recovery or olher worsening of performance,
the Trust will have sufficient cash to operale over the next 12 months.
As such, the Trustees consider that Greensleeves Homes Trust has adequate resources to continue in
operational existence for the foreseeable future. being a minimum of twelve months from the date these
accounls are approved. wilh no material uncertainties regarding going concern identified. For this reason, Ihese
accounts have been prepared on a going concern basis.
Plans for Future Perlod$
In furtherance of our charitable objectives and slralegic goals, the Trust has the following Vltal plans for Ihe
coming year..
Recruitment retention and develo
ment.. To exlend and enhance the Quality First Inilialive, which encourages
Greensleeves colleagues lo take on additional shifts, thereby reducing agency usage and improving care
continuity, and to continue to monitor this for effectiveness during ihe year. We plan to use targeted local
recruilmenl advertising to support key homes and increase our use of sponsorship licences lo widen the
recruilmenl pools we can access. These measures and our colleague retention initiatives will enable us to
reduce the number of agency hours required. This, coupled with agreeing fair rates with suppliers, will
significantly reduGe agency spending.
anc
We aim to improve occupancy at all homes operating below pre-pandemic levels and al new
homes. This will be achieved through marketing campaigns, raising awareness bolh online and through local
press, and reviewing our resident joumey lo ensure that it is as seamless as possible. We will also continue to
promote our Home for Life policy, enabling prospective residents to consider this as part of their decision-
making process.

Docuslgn Envelope ID.. 3CAF8F23-2944480041F1-829EEF27864C
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 2024
Review lon
-term fun
in
arran
ements: To select the optimum long-temi funding strategy incorporating
repayment of the Retail Charrty Bond facility ahead of maturity in 2026.
re
ualil¥.' To implement the Gold Standards Framework across our homes, particularty for residents living
with dementia or on end-of-life care. To ensure all colleagues receive hi9h-quality training and development
opportunities, enabling them lo provide the besl standards of care. We also plan to continue lo develop internal
audit lechniques, to identify and rectify weaknesses at the earliest opportunity.
ital Tr
rm
nPro
ramme.. To continue implementing and exploring digital tools and so￿are available
lo support high-qualily care and ensure the or9anisalion's efficiency.
rowlh and consolidalio
To conduct a detailed review of our homes lo ensure that all are operating efficienlly
and conlribuling positively to the organisalion. To consider funding options available in the short and medium
term, maintain comfortable working capital levels. and fund Ihe future development pipeline.
Strategic Report- CompanS•$ Act 2006 817211
The Trustees, both individually and collectively, consider that they have acted in ways that they believe in good
faith lo be most likely lo promote the succes5 of Greensleeves Homes Trust. Decisions made during the year
ended 31 March 2024 have been taken lo benefit both residents and colleagues. We actively encourage
feedback from residents and relatNes through annual satisfaction surveys and regular meetings.
Caring for our residents is fundamental to the Trust's success, and we endeavotjr to provide exemplary and
innovative care to all residents, across all of the Trust's homes, at all limes. We also strive for our homes to
actively be part of the community through engagement with other local organisations.
We recognise that colleagues, both at individual homes and al Head Office, are the Trust's most important asset
and aim lo be responsible employers in our approach lo the pay and benefits our employees receive. The
health, safely and well-being of colleagues and residents are of the highest importance, and ensuring these is
one of the primary considerations when making decisions and operating the Trust.
Streamllnod Energy and Carbon Reportlng
The Streamlined Energy and Carbon Reporting disdosure presents our carbon footprint within the United
Kingdom across Scope 1. Scope 2 and Scope 3. an appropriate intensity metric. the tolal energy usage of
electricity, gas and transport fuel, and an energy efficiency improvements summary.
Scope 1 consumption and emissions include direct combustion of natural gas and fuels used for Iransportalion
operations, such as company vehicle fleets. Scope 2 Consumption and emissions refer to indired emissions
related to the consumption of purchased electricity in day-Io•day business operations. Scope 3 consumption
and emissions cover emissions from sour￿$ not directly owned by us. This relales to grey fleet (business travel
undertaken in employee-owned vehicles) only.
Year ended 31 March 2024
Year ended 31 March 2023
Consumption
Emissions
Intensity Consumption
Emissions Intensity
kwh
tC02e
Metric '
kwh
tC02e
Metric '
10,735,557
1,989.34
1.56
11,007,882
2,038.50
1.63
4,428.691
925.74
0.73
4,454,731
861.46
0.69
517,736
119.54
0.09
487,377
113.29
0.09
Gas and other fuels (Scope 1)
Electricity (Scope 2)
Transport (Scope 1 & 3>
Overall
15,681,983
3.121.82
2.38
15.949,990
3,013.25
2.41
. Intensity metric represents tC02e per CQC r&gistered space across currenlly operaling homes.
10-

Oocusign Envelope 10.. 3CAF8F2&294448O￿81F1.829EEF27B64c
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 2024
Dala for the year ended 31 March 2023 has been reslated, as supplier invoices covering multiple months
during the reporting period have been re-billed, impacting electricity and natural gas consumption.
Greensleeves Homes Trust is committed lo year-on-year improvements in operational energy eff￿lenCy. As
such. a register of energy effiaency measures has been compiled with a view lo implementation in the next five
years.
A Sustainability Working Group has been established lo regularly review current policies and procedures lo
ensure energy efficiency and sustainability is priorilised in the future.
Ongoing measures including those undertaken in this year..
All lighting upgrades and replacements done usin9 LEO.
Installed smart melers and water meters across the Trust.
Electricity conlracls were renewed wilh REGO-backed conlracts, meaning our supply is now 1000/0
ienewable.
Gas dryers are being replaced with electric dryers as units fail. Two homes have now moved to electric.
Operating a cycle lo work scheme to reduce staff reliance on cars.
Moved to a cenlralised waste management contract lo increase recycling percenlages.
We are pleased lo note the ieduction in the overall Intensity Metric shown above. Despite our growth, we have
achieved a reduction in consumption of both electricity and gas. Electricity emissions have increased., however,
this figure is calculated using the average emissions of the National Grid (localion-based emissions), which
worsened during 2023 (on which this data is based) versus 2022. The Trust switched lo a fully renewable
electricity supply during the year. Recalculating the electricity emissions {tC02el using emissions factors
specific to the contractual instruments in place (market-based emissions), brings Ihis figure down from 925.74 to
716.81. producing a revised inlensily metric of 0.56. The market-based electricity emissions will be reduced lo
zero going forward as a result of the switch to renewable supply.
Measures for the future include..
Inslallalion of minimum 2 EV charge points at all new build homes.
Replacement of single use producls with reusable allernalives.
Creation of food waste action plans lo reduce food waste in our homes.
Solar {PV) units to be installed where possible to homes.
Surveys of homes being undertaken lo assess energy efficiency and produce a strategy for
mprovemenls.
All new homes lo have electric systems for heating and hol water.
Struclure Governance and Management
Greensleeves Homes Trusl is a company limited by guarantee and a registered charity. Its goveming document
is its Memorandum and Articles of Association.
The Board of Trustees is currently composed of 12 members. These are the legal directors of the company and
are responsible for the overall direclion and strategy of the Trust and for overseeing ils financial affairs.
Trustees are recruited by an external agency $pecialising in non-executive recruitment. The goal is to attract
suitable individuals to enhance the existing Board's skill set and address any skills gaps. Polenlial candidates
are inlerviewed by the Nominations Committee or a panel of board members, and suitable candidates are
recommended to the Board for appoinlment.
New Trustees receive essential documents such as the Memorandum and Articles of Association, the current
annual budget and business plans, and information on regulatory requirements in the care and charity sectors.
They also meet with the Chief Executive to discuss strate9y and objectives and identify any additional training
needs. The Chief Executive and board papers keep Truslees informed about Trust developmenls and ￿levant
legislation.

DO￿￿.gn Envelope ID.. 3CAF8F23-29444800.81F1-829EEF27B64C
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 2024
The current Trustees have diverse backgrounds and contribute valuable expertise and advice, as well as the
support of external advisers.
The Board of Trustees meet regularly throughout the year, at quarterty Board meetings, and in smaller groups at
sU￿COMmIttee meetings. The Trustees currently have the following sub-committees. which report directly to the
Board:
Finance and Audit Commillee.. Responsible for providing the Board with assurance on the adequacy of
all systems, controls. processes induding risk management processes. which may affect the Trust's
ability to meet its objectives,. and to ensure that financial resources are being deployed appropriately.
Al
AA
Responsible for providing the Board, the Chief Executive and the Senior
Management Team with advice on property-relaled issues consislenl with the Trust's objectives.
emuneration Committee.. Responsible for advising the Board and Chief Executive on pay and reward
throughout the Trust. with a particular focus on the pay of senior management, any reward and
incentive scheme, and pension issues.
C8re &
uali
rovement Committee.. Responsible for the clinical govemance and risk mana9emenl
of resident safety and experience,
quality standards and c4)mpliance. and service
developmenttinnov8tion.
Nominations Co
Responsible for effective succession plannin9 for senior roles in the Trust,
such as the Chair, Vice Chair, Chair of any standing committee. Tnjslees and the Chief Executive.
Trustees delegate the day-Io•day running of the ¢harity to the Chief Executive. who is supported by the Senior
Management Team. Together. these individuals are responsible for developing and enhancing services wilhin
the Trust's objectives, recruiting appropriately qualified slaff who align with the Trust's values. and maximising
the use of Trust assets. They also provide slralegic and operational leadership lo meet regulatory requirements,
maintain seNice standards within budget, and identify new income slreams and development opportunities.
The Trust has a Remuneration Policy that is regularly reviewed and helps ensure that we appropriately reward
and motivate colleagues. The Trust is committed lo ensuring we pay our Golleagues fairly while responsibly
managing oui financial resources. The Board of Trustees makes the final de¢ision on any employee-wide pay
increases as part of the annual budgel-setting process.
The pay of the Senior Management Team is independently reviewed and benchmarked againsl other similar
care providers annually. The Remuneration Committee determine the final level of increase, giving specific
consideration lo Executive pay. namely the Chief Executive. the Chief Financial Officer, the Direclor of Quality
and Compliance, the Director of Business Development and the Divisional Director p051s. In setting the salary
for these roles. the Trust will consider markel data and Greensleeves Homes Trust's future growth plans.
Disabled Persons
We are committed to encouraging diversity amongst our workforce and seek lo make reasonable adjustments lo
ensure our premises and working conditions meet Ihe needs of disabled employees and job applicants. All
colleagues are afforded the same opportunities.
Employee involvement
The Trust has established work practices that enable effective communication and engagement with colleagues.
such as the quarlerly newsletler and Ihe engagement survey. Team meetings are held at all homes regulaily,
allowing employees to discuss any issues and make suggestions on how their home operates.
12-

Dorjjsign Envelo￿ ID.. 3CAF8F23-29444800-81F1429EEF27864C
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 2024
Fundraising
Part of the Trusl's income is from donations and fundraising. Donations are generally unsolicited and received
from the residents. families after they have left the home. Fundraising income is generated by events held at
homes, such as raffles, summer fayres, or Christmas parties. Any monies raised are used for resident benefit,
general amenity purposes, or more significant purchases. Events are organised in-house by our teams,
sometimes with the assislance of local volunteers. We have strict controls around fundraising and ensure that
Iwo or more people handle any cash. Participation in any fundraising is voluntary. and we do not unduly
pressure people to give money or other donalions. No third parties are engaged to assisl with fundraising
efforts. The Trust received no complaints in relation to fundraising during the year.
The Trustees formally approve the Report of the Board of Trustees and the Strategic Report. They also approve
the Strategic Report in their ¢aparily as company directors.
By Order of the Tru51ees
Ms D Pounds- Chair, Greensléeves Homes Trust
30/7/2024
Dale..
13-

Docusign Envelope ID.. 3CAF8F2&2944-480(k81F1-829EEF27864C
GREENSLEEVES HOMES TRUST
STATEMENT OF TRUSTEES. RESPONSIBILITIES
YEAR ENDED 31 MARCH 2024
The Iruslees (who are also directors of Greensleeves Homes Tnjst for the purposes of company law) are
responsible for preparing the Trustees, Annual Report and the financial slalemenls in accordance with
applicable law and regulations.
Company law requires Ihe trustees to prepare financial statements for each financial year. Under that law the
trustees have elected to prepare the financial statements in accordan￿ with United Kingdom Generally
Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland. Under company law the trustees
musl not approve the financial statements unless they are satisfied that they give a true and fair view of the
slate of affairs of the charitable company and the group and of the incoming resources and application of
resources, including the income and expenditure. of Ihe Charilable group for that period. In preparing these
financial slalements, the trustees are required to:
select suitable accounting policies and then apply them ¢onsistenlly',
obserle the melhods and principles in the Charities SORP {FRS 102).,
makejudgemenls and accounting estimates that are reasonable and prudent.,
slate whether applicable UK Accounting Standards have been followed, subject to any material departures
disclosed and explained in the financial slalemenls-,
prepare the financial slalemenls on the going concern basis unless il is Inappropriate to presume that the
charitable group will continue in business.
The trustees are responsible for keeping adequate accountin9 records that are sufficient lo show and explain
the charitable company's transactions and disclose with reasonable accuracy at any lime the financial position
of the company and enable them lo ensure that the financial slalements comply with the Companies Act 2006.
They are also responsible for safeguarding the assets of the chaiitable company and hence for taking
reasonable steps for the pievenlion and detection of fraud and other irregularities.
The trustees confirm Ihal..
so far as each trustee is aware, there is no relevant audil information of which the charitable company's
auditor is unaware,, and
the Iruslees have taken all the steps that they ought lo have taken as Iruslees in order to make themselves
aware of any relevant audit information and to establish that the charitable company's 8udilor is aware of
that information.
The Iruslees are responsible for the maintenance and integrity of the corpofale and financial information
included on the charitable company's website. Legislation in the United Kingdom governing the preparation and
dissemination of financial slalements may differ from legislation in other jurisdictions.
Qualifying third party Indemnlty provlslons
The company has granled an indemnity lo all of its trustees (who are also the directors of the charilable
company for the purposes of company law) against liability in respect of proceedings brought by third parties,
subject to the conditions Set out in the Companies Act 2006. Such qualifying third party indemnity provisions
remains in force as at the dale of approving the Report of the Board of Trustees.
14-

Docusign Envelope10. 3cAF8F23-29444B￿81F1-829EEF27B64c
INDEPENDENT AUDITOR'S REPORT TO
THE MEMBERS OF GREENSLEEVES HOMES TRUST
Opinlon
We have audited the financial statements of Greensleeves Homes Trust (the 'parent charitable company,) and its
subsidiaries {Ihe 'group') for the year ended 31 March 2024, which comprise the Consolidated Slalement of
Financial Aclivilies, the Consolidated and Charity Balance Sheets, the Consolidated Cash Flow Slalement and
notes lo the financial slalements, including a summary of significant accounting policies. The financial reporting
framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards
including Financial Reportin9 Standard 102., The Financial Reporting Standard applicable in the UK and Republic
of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial stalem8nls'.
give a true and fair view of the state of the group's and parent charilable companys affairs a5 at 31 March 2024
and of the group's and the parent chafilable Company's incoming resources and application of resources,
including its income and expenditure for the year Ihen ended.,
have been properly prepared in a¢cordan¢e with United Kingdom Generalty Ac¢epled Arxounling Practice
including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the
Statement of Recommended Practice.. Accounting and Reporting by Charities, 2019 Edition., and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basls lor oplnlon
We have been appointed as auditor under the Companies Act 2006 and report in accordance with regulations
made under that Acl. We conducted our audit in accordance with Inlemational Standards on Auditing {UK) {ISAs
(UK}) and applicable law. Our responsibilities under those standards are further described in the 'Auditorfs
responsibilities for the audit of ihe financial slatemenls, section of our report. We are independent of the group and
Parent charitable company in accordance with Ihe ethical requiremenls 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 lo provide a basis for our opinion.
Conclusions relating to going concern
We are iesponsible for concluding on the appropriateness of the Iruslees. use of the going concem basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty exists related lo events or
conditions that may cast significant doubl on the group's and the parent charitable company's ability lo continue as
going concern. If we conclude that a malerial uncertainly exists, we are required to draw attention in our report to
the related disclosures in the financial stalemenls or, if such disclosures are inadequate, lo modify the auditor's
opinion. Our conclusions are based on the audit evidence obtained up lo the dale of our report. However, future
events or conditions may cause the group or parent charitable company lo cease to continue as a going concem.
In our evaluation of the Iruslees. conclusions, we considered the inh8renl risks associated wilh Ihe group's and
parenl charitable company's business model including effects arising from macrt>economic uncerlainties such as
the impact of inflation and the cost of living crisis, we assessed and challenged the reasonableness of eslimales
made by the trustees and the related disclosure5 and analysed how those risks might affect the group'5 and parent
charitable company's financial resources or ability to continue operations over the going concern period.
In audiling the financial statemenls, we have concluded that the trustees, use of the going concern basis of
accounts'ng in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any malerial uncertainties relating lo events or
conditions that, individually or colledively. may cast significant doubt on the group's and parent charity's ability to
continue as a going concem for a period of at least twelve months from when the financial statements are
authoiised for issue.
Our responsibilities and the responsibililies of the directors wilh respect lo going concern are described in the
relevant sections of this report.
15

Do¢xJslyn Envelope ID.. 3CAF8F2&2944480041 F1-829ÉEF27864C
INDEPENDENT AUDITOR'S REPORT TO
THE MEMBERS OF GREENSLEEVES HOMES TRUST
Other infonnation
The other information comprises the information included in the Annual Report and Consolidated Financial
Statements, other than the financial slatemenls and our auditorfs report thereon. The trustees are responsible for
the other information conlained within the Annual Report and Consolidated Financial Stalemenls. Our opinion on
the financial slalemenls does not cover the other information and, except lo the exlent otherwise explicitly slated in
our report, we do not express any form of assurance Conclusion thereon.
Our responsibility is to read the other information and. in doing so. consider whelher the other information is
materially inconsistent with the financial slalemenls or our knowledge obtained in the audil or otherwise appears to
be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are
required lo determine whether there is a material misslalemenl in the finanoal slalements themselve5. If. based on
the work we have performed, we conclude that there is a material misslalement of this other information, we are
required to report that fact.
W8 have nothin9 to report in this regard.
Oplnlon on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken In the course of the audit=
the information given in the Strale9ic Report and Ihe 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 consislenl wilh the financial slalements.
the Strategic Report and the Direclors, Report included in the Report of the Board of Trustees have been
prepared in accordance 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 charilable company and their environment
obtained in the course of the audit, we have not idenlified material misstalemenls in the Strategic Report or the
Directors. Report included in the Report of the Board of Trustees.
Matters on whlch we are required to report by exceptlon
We have nothing to report in resped of the following matters wher8 the Companies Act 2006 requires us to report
lo you if, in our opinion..
adequate accounting records have not been kept by the parent charitable company, or
returns adequate for our audit have not been received from branches not visited by us., or
Ihe parent Charitable company's financial slalemenls are not in agreement with the accountin9 records and
returns., or
ertain disclosures of Irustees. remuneration specified by law are not made- or
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Slalement of Truslees. Responsibilities set out on page 13. the trustees (who are
also the directors of the charitable company for the purposes of company lawl are responsible for the preparation
of Ihe financial statements and for being satisfied that they give a true and fair view. and for such inlemal control as
the Iruslees delermine is necessary to enable the preparalion of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the group and the paienl
harilable company's ability to continue as a going concern, disclosing, as applicable, matters related lo golng
concern and using the going concem basis of accounting unless the truslees either intend lo liquidate the group or
parent charitable company or to cease operations, or have no realistic alternative bul to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error. and to issue an auditorfs report that includes our opinion.
16

Docusign Envelope ID.. 3CAF8F2&29444BOO41 F1429EEF27864C
INDEPENDENT AUDITOR'S REPORT TO
THE MEMBERS OF GREENSLEEVES HOMES TRUST
Reasonable assurance is a high level of assurance but is nol a guarantee that an audit conducted in accordance
with ISAS (UK) will a￿ayS detect a material misstalemenl when it exists.
Misstatements can arise from fraud or error and are considered material rf. individually or in the aggregate. they
could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial
statéments.
Irregularilies. including fraud, are instances of non-compliance with laws and regulations. The extent to which our
procedures are capable of detecting irregularities. including fraud, is detailed below=
We obtained an understanding of the legal and regulatory frameworks that are applicable to the group through
our general not for profrt and charity sector experience and discussions with management. We determined that
the following laws and regulations were most significanl.. Charities SORP 2019. FRS 102 'The Financial
Reporting Standard applicable in the UK and Republic of Ireland,, Charities Act 2011. Companies Act 2006,
Data Protection Act 2018 and Care Standards Act 2000.
We enquired of management concerning the group's and parent charitable company's poliues and procedures
relating to..
the idenlific8tion, evaluation and compliance with laws and r8gulalions,'
Ihe detection and response lo Ihe risks of fraud. and
the establishment of internal controls lo mitigate risks related to fraud or non-compliance 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 regulations or whether they had any knowled9e of actual, suspected or alleged
fraud.
We assessed the susceptibility of the group's and parent charitable company's financial slalemenls to material
misstalemenl, including how fraud might occur, by evaluating management's incentives and opportunities for
manipulalion of the financial slalemenls. This induded the evaluation of the risk of mana9ement override of
controls. We determined that the principal risks were in relation lo..
journal entries that increased revenues or that reclassified costs from the income statement to the balance
sheet
potential management bias in determining accounting eslimales
potential management bias in the revalualion of revalued freehold properties
potential management bias in the valuation and recognition of the acquisilion of the Broadacres Group
Our audit procedures involved..
identifying and assessing the design effectiveness of ¢ontrols management has in place lo prevent and
detect fraud:
challenging assumptions and judgements made by management in ils significant accounting estimates, such
as valuations of certain freehold properties.,
identifyin9 and testing joumal entries. in particular manual journal entries.
In addition, we completed audit procedures to conclude on the compliance of disclosures in Ihe Annual Raport
and Consolidated Financial Slalements with applicable financial rep¢)rting requiiemenls.
These audit procedures were designed to provide reasonable assurance thal the financial statements were free
from fraud or error. The risk of not delecling a material misslalemenl due to fraud is higher Ihan the risk of nol
delecling one resulting from error and detecting irregularities that resull from fraud is inherentty more difficult
than detecting those that result from error, as fraud may involve collusion, deliberate concealment, forgery or
intentional misrepresenlalions. Also, the further removed non-compliance with laws and regulations is from
events and transactions reflecled 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 team
included consideration of the engagement leam's..
understanding of, and pradical experience with audit engagemen15 of a similar nalure and complexity
Ihfough appropriate training and participation
17

Doc{Js￿n Envelope ID.. 3CAF8F23-2944-4BOO-81 F1429EEF27864C
INDEPENDENT AUDITOR'S REPORT TO
THE MEMBERS OF GREENSLEEVES HOMES TRUST
knowledge of the Industry in which the client operates
understanding of the legal and regulatory requirements specific to the entitylregulaled entity including..
the provisions of the applicable legislalion
the regulators rules and related guidance. including guidance issued by relevant authorities that inlerprels
those rules
The team communications in respect of potential non-compliance with laws and regulations and fraud included
the potential for fraud in revenue recognilion, improper use of charitable funds and serious incident reports
submitted to the Charity Commission in the period.,
In assessing the po18ntial risk6 of malerial misslatemenl, we obtained an understanding of..
the group's and parent charitable company's operations, including the nature of ils revenue sources,
products and services and of its objectives and strategies lo understand the classes of transactions, account
balances. expected financial 51alement disclosures and business risks that may result in risks of material
misstatement.
the group's and parent charitable company's Control environment, including the policies and procedures
implemented to Gomply with the requirements of its regulator, including the adequacy of the training lo inform
staff of the relevant legislation, rules and other regulation5 of the regulator, the adequacy of procedures for
aulhorisation of transactions, internal review procedures over the entity's compliance with regulatory
requirements and procedures to ensure that possible breaches of requirements are appropriately
investigated and reported.
A further description of our iesponsibilrties for the audit of the financial slalemenls is located on the Financial
Reporting Council's website at.. www.frc.org.ukJaudilorsresponsibililies. This description forms part of our audilorfs
report.
Use of our report
This report is made solely lo the charitable Company's members, as a body, in accordance wilh Chapler 3 of Part
16 of the Companies Act 2006. Our audit work has been undertaken 50 that we might slate to the charitable
company's members those matters we are required to stale to them in an auditorfs report and for no other purpose.
To Ihe fullest extenl permilled by law, we do not accept or assume responsibility to anyone olher than the
¢harilable company and the ¢harilable company's members as a body, for our audit work, for this report, or for the
opinions we have formed.
o•rF-￿ L4
James Bird
Senior Slalutory Audrtor
for and on behalfof Grant Thornton UK LLP
Slalulory Auditor, Chartered Accountants
London
Dale.. 30/7/2024
18-

Docusign Envelope ID.. 3CAF8F2&294448o￿81F1￿29EEF27B64c
GREENSLEEVES HOMES TRUST
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES
(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT)
YEAR ENDED 31 MARCH 2024
Unrestricted Restricted
Funds
Fund$
2024
2024
un￿striCted Restricted
FuThJs
FurKIs
2023
2023
Totsl
2024
Total
2023
Notes
INCOME FROM
Charitable activities
Residents, care fee5
Residents, sundries
Co¥id-19 Funding
Rental income
77.976.567
474.944
77,976,567 63,449,452
474.944
410,540
63,449.452
410.540
162,728
426,957
162,728
319,370
319,370
426.957
Raising funds
Donations and hjndraising
Inlestments
391,205
391,205
8.500
46.917
46,917
6.224
8,600
6.224
Other
Miscellaneous income
Suwus from sale of fixed a$sets
35,080
764,832
35,080
764.832
652.135
652, 135
TOTAL
79,579,293
391,206 79.970,498 64,945.308
209,645 65.154,953
EXPENDITURE ON
Charitable activltles
Residents, care costs
Head Office costs
Rental costs
79,007,651
S,113,957
196,242
79,007,661 69,503,844
6,113,957
3,545,659
196,242
259,2
203.345 69,707,189
3.545,659
259,296
Ra Islng funds
Cost of raising finance
Other
Loss ol ￿valUation of as$el$
163.769
163,769
158,055
158.055
7,417.596
7,417,596
TOTAL
84,481,619
84,481,619 80,884,49]
203.345 81.087,795
NET INCOME I (LOSS)
Transfer between funds
Gain on revaluation of assets
4,902,326>
391.205 {4,511,121) 115,939,142)
6,300 115,932,842)
13
13
23,804,996
23.804,996
NET MOVEMENT IN FUNDS
(4,902,326)
391.205 (4.511,121) 7,865,854
6,300
7.872,154
FUNDS AT 1 APRIL 2023
13
39,185,768
632,118 39,817,886 31.319,914
825,818 31,945,732
FUNDS AT 31 MARCH 2024
13
34,283,442 1,023,323 35,306,76S 39,185,768
632,118 39,817.886
All of the above results are derived from continuing activities.
The parent company has elected not to present ils unconsolidated SOFA under section 408 of the Companies Act 2006.
The notes on pages 22 to 40 form part of these financial ststements.
19

Docusign Envelope ID.. 3CAF8F2&29444BOO41F1-829EEF27B64C
GREENSLEEVES HOMES TRUST
CONSOLIDATED AND CHARITY BALANCE SHEETS
31 MARCH 2024
Grou
2024
Charl
2024
Note8
2023
2023
FIXED ASSErs
Tangible assets
In￿Stment in Subsidiaries
104,170,007
113,765,339
99,850,083
4,462,147
113,765.339
5,12
104,170,007
113.765.339
104,312.230
113.765,343
CURREfrif ASSETS
Debtors
Bank and cash balances
4,620.115
8,222,925
3,714,990
2,280,907
4.597.361
7,854,002
3,714,986
2,280,855
12.843.040
5,995,897
12,451,363
5.995.841
CURRENf LIABILITIES
Amounts falling due ¥￿thin
one year
10
(6,845,668
15,153,097)
16,573,944>
{5,153,101}
NEf CURRENT ASSErs
5,997,372
842,8110
5,877,419
842,740
TOTAL ASSETS LESS
CURRENT LIABILITIES
110,167,379
114,608.139
110,189,649
114.608.083
CREDITORS
Amounts falling due after
more than one year
10
174,860,614) {74.790.2531 (74,860,614) (74,790,253)
NET ASSETS
35.306,765
39.817.886
35,329,036
39.817,830
UNRESTRICTED FUNDS
General ￿n￿$
R&oluation rese
13
13
7,432,151
26,851,291
6,522,744
32,663.024
7,455,421
26,851,291
6,522,688
32,663,024
13
34,283,442
39,185.768
34,306.712
39.185,712
RESTRICTED FUNDS
13
1,023,323
632.118
1,022.323.
632,118
TOTAL FUNDS
13
35,308.765
39,817,888
35,329,035
39,817,830
The Charity's Net Loss for the yearwas £4,511,121 (2023.. loss of £15,932,844).
3017/2024
Approved by the Board of Trustees and authorised for Issue on .
and signed on their behalf by..
Ms Ci Pounds- Chair. Greensleeves Homes Trust
ompany Registered Number 03260168
Th8 notes on pages 22 10 40 form part of these financial slalements.
20-

l)o¢u$ign EnveloFe 10.. 3CAF8F23-29444B0l￿8l F1-829EEF27B64C
GREENSLEEVES HOMES TRUST
CONSOUDATED CASH FLOW STATEMENT
31 MARCH 2024
Notes
2024
2023
Cash flows from operatlng actlvltles
(1,7S1,468)
16,033, 185)
Cash flows from Investlng actlvltles
Interest receI￿d
Net cashflow from acquisition
Purchases of tangible assets
Proceeds from sale of tangible a$sel$
8,500
(3.587.931
(7,468.682>
18,661,228
6,224
{6,864,25SI
N•t Cath provlded by lu•ed In) Investlng actlvltl•s
7,623,115
(6,858,031)
Cash llow$ from Ilnanclng actlvltles
Amortisalion of capilalised costs
70,361
70,168
Net cath provSded by financlng actlvities
70.361
70,168
Change In cash and cash equlvalents In the
reporting period
5,942,018
{12,821,0481
Cash and cash equ¢￿entS al beginning of reporting
period
2,280,907
15,101,955
Cash •nd cash •qulval&ntsat end of reportlng
porlod
8,222,925
2,280,907
Reconclllatlon of net Income to not cath flow
from operatlng activities
Net income for the reporting period
Ilncreasel in debtors
Increase in creditors
Depreciation
Loss on febeluation
Oiwdend5 & interest from in￿stMentS
Gains on fixed asset disposals
Wrile off of tangible assets
14,511.121)
1885,930)
941,383
3.477,533
(15.932,842)
{1.047,9991
126,492
3,409,780
7.417,596
16,2241
18,6001
{764,8321
12
Net casjh used In operatlng actlvltle8
{1,751.458)
(6,033,185)
Analysis of cash and cash equivalgnts
Cath at
31 March
2024
Cash at
31 March
2023
Cash •t bank
8.222,925
2,280,907
The notes on pages 22 to 40 form part of Ihese financial statements.
21

Docu51gn EnveloFe10'. 3CAF8F2&29444BOO41 F1.829EEF27B64C
GREENSLEEVES HOMES TRUST
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 MARCH 2024
ACCOUNTING POLICIES
(a) Basls of accountlng
Greensleeves Homes Trust is a Company limrted by Guarantee and is incorporated in England and Wales.
11 is also a Charity Ihat constitutes a public benefit entity as defined by FRS 102.
The financial statements have been prepared under the historical cost convention, with Ihe 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 charilies preparing their accounts in
accordance with Ihe Financial Reporting Slandards applicable in the UK and Republic of Ireland (FRS 102)
(effeclive 1 January 2019) (Charities SORP {FRS 102)). the Financial Reporting Standard applicable in
the UK and Republic or Ireland (FRS 1021 and the Companies Act 2006.
The currency used in the financial slalemenls is Pound Sterling.
(b) Judgements In applying ac¢ountlng policles and key sources of estlmatlon uncertainty
Preparation of the financial slalemen18 requires the Trustees lo make judgements. estimates and
assumptions concerning the future. The areas of the financial statements that are subject lo Ihese
judgements are as follows=
Care home debtors.. An allowance for bad and doubfful debts 1$ maintained in respect of eslimaled
losses resulting from Ihe inability of the Charity's debtors lo settle amounts due.
Fixed asset valuation.. Freehold properties are held under the revaluation model. Properties are
periodically revalued lo market value by eXperIen￿d independent valuers, and revaluations are
based on recognised techniques and supported by relevant market and perfonnance data.
Revaluations are conducted with sufficient frequency to ensure that the carrying value of the assets
does not differ materially from fair value. Subsequent additions are staled at cosl less depreciation.
The existence of impairment Ind￿lor$ is considered by the Trustees at each reporting date, as is the
continuing appropriateness of ihe depreciation policy.
Loan measurement.. Future payments have been estimated in respect of the loan in computing the
effective interest rate al inception, with a periodic re-assessmenl being undertaken of the effective
rale as a floating rate instrument based on actual outcomes during Ihe loan term.
Subsidiary Loan.. A loan was made lo Broadacres Care Home Limited lo enable the repayment of a
mortgage, such that the property could be acquired unencumbered. This loan has been accounted for
as part of the acquisition consideration.
Ic) Income recognltlon
Residents. care fees, rental income and donations are recognised when Ihe Charity has entillement to the
amounts due and their receipt is probable. It is accounted for on a receNable basis.
In¢om& from investments or bank interest 1$ included when receivable and tha amount can be measured
reliably by the Charity,. this is normally on notificalion by Qui inveslmenl 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 funds on the
Balance Sheet. Vvhere income is received in advance of entitlement of receipt, ils recognition is deferred
and included in creditors as defeffed income. Where entitlement occurs before income is received, the
income is accrued. Grant income is included gross within the Statement of Financial Activities and not
netted against the associated expenditure.
Id) Expenditure recognltion
Expenditure is recognised once there is a legal or wnstructive obligation to make a payment where il can
be reliably measured and il is probable settlement will be required. Expenditure is recognised gross of VAT.
Expenditure is allocated lo the particular activity where il directly relates to thal activity. Any that is nol
directly attributable to one activity is allocated as appropriate.
Expenditure on raising funds comprise Ihe fees paid to the manager of our investment portfolio and the
amorti5ation of inrtial costs incurred in respect of the loans from Retail Charity Bonds Plc.
Rental costs are in respect of a small number of rental properties owned by the Trusl.
22-

Ooeuslgn Envelope10.' 3CAF8F23-29444B￿8lF1429EEF27864C
GREENSLEEVES HOMES TRUST
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 MARCH 2024
ACCOUNTING POLICIES- contlnuod
(e) Fixed assets
Freehold Property
Freehold propertie5 are held under the revaluation model. Pioperties are periodically revalued lo market
value by experienced independent valuers, and revaluations are based on recognised techniques and
supported by relevant market and performance data. Revaluations are conducted with sufficient frequency
to ensure that the carrying value of the assets does not differ materially from fair value.
The effects of revaluations are recorded in the revaluation reSe￿e on the balance sheet. Revaluation gains
are recognised as 'Gainsl{losses) on the revaluation of fixed assets, within the SOFA, unless they reverse a
charge for impairment that has previously been recognised as a cosl within the expenditure headings of the
SOFA. Revaluation losses are recognised as an expense in the SOFA excepl lo the exlenl lo which they
offset any previous revaluation gains. in which case the loss is shown in the 'Gain51(losses) on the
revaluation of fixed assets, section of the SOFA.
Subsequent to revaluation, further additions lo freehold property are capitalised al cost, and properties are
depreciated as follows.
Each freehold property value 1$ split inlo a land element and building element, with the building element
further analysed be￿een Core (being the core fabricalion of the building, such as foundations. walls,
rooves, drainage) and Renewables (being items with shorter useful lives, such as windows, roof coverings,
bathrooms, mechanical and electrical services).
Depreciation is charged on assets that are available for use. Depreciation is on a slraighl line basis as
follows..
Land
Freehold propety (Core)
Not depreciated
over the lower of SO years or the estimated remaining useful life
of the home
over the lower of 20 years or the estimated rèmaining useful life
of the home
Freehold property (Renewables>
Other Assets
Fixed assets olher than Freehold Property are slated al cost les$ accumulated depreciation. Cost indudes
the original purchase price and any associated costs directly attributable to bringing the asset to its working
condrtion for ils intended use.
Depreciation is charged on assets that are available for use. Depreciation is charged on a strai9ht line
basis as folli)ws'.
Long-term leasehold property
Computer equipment
Furniture and equipment
Molor vehicles
over the period of Ihe specific lease
over Ihree years
over five years
over four years
Where a development at on8 of our homes is being funded by way of bank finance, any loan Interest and
associated charges that are allributable to the period during which the works are being undertaken are
capilalised as part of the project's cost.
A review for indicators of impairment of a fixed asset is carried oul at each reporting date to determine if
events or changes in circumstances indicate thal the carrying value of any fixed asset may not be
recoverable. If there is an indication of possible impairment. the recoverable amounl of any affected asset is
estimated and compared with the carying amount. If Ihe estimated recoverable amount is lower. the
carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment
losses are recognised in the slalemenl of financial activities.
23-

Docusign Envelope 10.. 3CAF8F2&29444800-81 F1-829EEF27864C
GREENSLEEVES HOMES TRUST
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 MARCH 2024
(n
Investments
Investments in subsidiaries are measured at cost less accumulated impairment.
The Charity does not acquire put options. derivatives or other complex finanaal instruments.
(gl Debtorn
Debtors include trade debtors, prepayments and accrued income (see note 81. Residential care home
debtors are amounts billed lo customers for services but yel lo be received. Prepaymenls are payments
made for goods or services that will be received in the future. These are initially recorded as assets and
amortised over time as the benefit of the prepaid expense is realised. Accrued income corresponds to
revenue earned during ihe period but not yet billed to the customer.
(h) Cash and bank balances
Cash is represented by cash in hand and deposits with financial institutions repayable wilhoul penalty on
notice of not more than 24 hours.
(l) Creditors
Creditors indude trade creditors and other short and long-term financial instruments (see nole 10). Accruals
are amounls expected lo be incurred for goods and services received during the year bul not yel invoiced.
These are recorded as liabilities and released as Ihe expense is incurred. Deferred income corresponds lo
revenue received in advanced for services not yel delivered. Resident's deposits are amoLJnts charged lo
residents on admission, and relumed on leaving our care. The Trust slopped Collecting depostts in 2020.
Ul Non-current credltorn
Non-current creditors correspond to loans from Retail Charity Bond Plc. Arrangement costs and surplus
funds from issuing bonds above coupon are amortised over the term of the loan.
(kl Funds
General funds include all current and prior period retained surpluses and deficits.
Thè revaluation resèrve comprises the gains arising from increases in the value of freehold property. The
accounting policy al 1 (e) explains when transfers lo the profil and loss reserve are made.
Reslricted funds compromise donations raised for specrfic projec15 Wlthin the homes.
111 Going Concern
During the year, some of the critical operational issues arising in the prior year were resolved, albeit later
Ihan anticipated. These delays have had a detrimenlal impact on the Trust's financial performance in the
current year. Resident numbers at our new and filling homes have a150 built more slowly than budgeted.
Across the organisalion, despite solid recruitment efforts, the need lo rely on agency workers to maintain
safe services has resulted in significant temporary increases in our staffing costs. During the year and
since the year-end, we have tackled bolh the cost of agency workers Ihrough improved supplier selection
and rate agreements, as well as the number of hours of agency utilised Ihrough improved rota
management and incentive schemes to encourage overtime uptake. At the time of writing. agency usage
has dropped 20 /0 compared lo year-end levels.
In January 2024, the Trust entered into a sale and leaseback arrangement on Henley House. our sile in
Ipswich. This generated cash inflows of £14.8m, part of which was used lo purchase the Broadacres
group and the land al Newport Pagnell. The overall impact of this has left the Trust in a healthier year-end
cash position and enabled us to continue our sustainable development programme. increasing our reach
to more older people.
Occupancy levels have started Ihe financial year 2024125 below budget due to slower-than-expected
occupancy growlh in Ihe yearfs final quarter to March 2024. In a number of homes in the occupancy
growth phase, savings can be made lo offset reduced revenues lo some extent. The Trust has flexibility
in the financing and liming of building the new Newport Pagnell home. including a loan facilty. a sale and
24-

Docusign Envelope ID: 3CAF8F2&29444800-81F1-829EEF27B64C
GREENSLEEVES HOMES TRUST
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 MARCH 2024
leaseback arrangemenl or development delay. Options are being fulty considered before a decision is
made. Stress tests and forecast sensilivilies, based on a variety of occupancy assumptions. suggest Ihat
reducing the cash outflow of the development ensures that in the evenl of a downturn in occupancy
recovery or other worsening of performance, the Trust will have sufficient cash to operate over the next
12 months.
As such, the Trustees consider that Greensleeves Homes Trust has adequate resources to continue in
operational existence for the foreseeable future. being a minimum of Iwelve months from the dale these
arxounls are approved, with no material uncertainlies regarding going concern identified. For this reason.
these accounts have been prepared on a going concern basis.
Im) Ponslon
The Trust operates a defined contribution pension scheme. The assets of the scheme are held separately
from those of the Trusl in an independently administered Scheme. The contributions are recognised as an
expense when they are due. Amounts not paid are sh¢)wn In accruals in the balance sheel.
In} Basis of consolidation
The Group financial slalements consolidate the financial Statements of the Charity and ils subsidiary
undertakings to 31 March each year. The results of subsidiaries acquired or sold are consolidated for the
periods from or to the dale on which control passed. Business combinations are accounted for under the
purchase method. ￿ere necessary. adjustments are made lo the financial slalemenls of subsidiaries to
bring Ihe accounting policies used into line with those used by the Group. All inlra-group. Iransaclions.
balance5, income and expenses are eliminated on consolidation.
INVESTMENT INCOME
Grou
2024
Grou
2023
Chari
2024
Charil
2023
Bank interest
Intercompany loan interest
8,500
6,224
8,500
7,448
6,224
8,500
6,224
15.948
6,224
25-

Do￿5￿n Envelope ID.. 3CAF8F23-29444BOO41F1429EEF27864C
GREENSLEEVES HOMES TRUST
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 MARCH 2024
EXPENDITURE
101 Analy$i$ of èxpendituro
Other
Support Govemance
costs
¢oas
{note 3c)
Inole 3d)
Staff Other care
costs
costs
(note 41 {note 3b}
Total
2024
Total
2023
Unrestrlcted funds
Charitable actlvltles
Residents. care costs
Head Office costs
Rental costs
54,481.486 24,526,165
1,412.381
19.196
79,007,651 69.503,844
5,113,957 3,545,659
196.242
259.296
3,296,859
177,046
404,717
Ra181ng funds
Cost ol raising finance
163,769
163,769
158.055
other
Loss on re%Alualion of
assets
7,417,596
55,913.063 24,526,165
3,637,674
404,717 84,481,619 80,884,450
Re*rfcted funds
Charltable acllvltlos
Residents, care costs
Head Office costs
203,345
203,345
Total expendlture
55,913,063 24,526,165
3,637,674
404,717 84.481,619 81,087.795
-26-

Docusign Envelope ID.. 3CAF8F23-29444BOO-81F1-829EEF27864C
GREENSLEEVES HOMES TRUST
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 MARCH 2024
{b) Analysis of other carè costs
2024
2023
Charltsble act1vi￿e3
3.109,209 2.578, 145
378,192
389,728
769,344
654, 882
233.280
187,111
3,366.319 4.564,646
1,254.108 1.230,715
501.319
454,661
2.127,577 2.631,691
844.640
791,754
3,378,351 3.380,764
5,086,293 3.640.263
3.477,533 3.408. 107
7,417,596
Medical costs
Aclimlies
Care Quality Commission fees
Maintenance
Cleaning and housekeeping
Insurance
utilities costs
Administration costs
Loan interest ar￿ charges
Leasehold rents
Depreciation
Loss ￿ re￿aluatIon
24,526.165 31.330,063
Ic) Analysis of head office support costs
2024
2023
Professional tees in ￿spect of devalopmenl plans
HR, health & salety, energy consultancy plus other professional fees
Trusl-wde computer serKices
Head office running costs
Qeprecialion
414
293,672
1,733,080
1,269,693
282.351
820,819
991,153
1,685
3,296.859 2.0*,788
(d) Analysls of govemance cost3
2024
2023
Le9al and professional fees
ALJdit fees for current year
Audit fees in respect of preiious year
Audilorfs charges re Corporation Tax Retums
Audilorfs char9es re SeNce Charge Accounts
Auditorfs charges re VAT Consultancy
Intemal auditor fees
Trustees, expenses
Truslee recruitment. training and devdlcpment
244,554
86,640
(2,1)461
6,000
5,280
7.200
37,500
1,569
18,020
140,685
$5, 650
9,400
5.080
4.880
29,788
7,244
404.717
253,568
27-

Docusiw Envelope10: 3CAF8F2>2944480041 F1-829EEF27864C
GREENSLEEVES HOMES TRUST
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 MARCH 2024
WAGES AND SALARIES
2024
2023
Summary of wages and salaries allocation in respect of:
Residents, care costs
Head Office costs
Rental costs
54,481,486
1,412,381
19,196
45.794,722
1.195,303
17,662
55,913.063
47.007,687
Analysisof wages and salarles
Salaries
National insurance costs
Pension costs
Apprenticeship Le
Agency staff
Training
Recruitment
Other staff costs
40,000,007
3,407.841
1,355,724
349.712
9,246,626
499,684
324,958
728.511
32,360,252
2,705,626
1,096,740
145,310
9,225.778
431,028
384.627
658,326
55,913,063
47.007,687
Central staff costs are allocated solely lo unrestricted funds with 750/0 apportioned lo residents, care costs
and 250/9 to head office costs. Each member of central staff will support homes in varying degrees,. some
fully and some to a much lesser extent. Therefore, this split is considered an appropriate allocation.
As al 31 March 2024, lolal pension contributions still to be paid over lo employees, policies amounted to
£221.53712023.' £304,966).
The average number of persons employed during the year was:
2024
FTE
2024
Number
2023
FTE
2023
Number
Residents, care
Head office - Homes, support
Head office - Central administration
1,281
39
13
1,636
47
1.163
1,486
42
14
11
1,333
1,699
1,208
1,542
28-

Docusign Env•lope ID.. 3CAF8F23.29444BOO41F1.829EEF27B64C
GREENSLEEVES HOMES TRUST
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 MARCH 2024
The number of employees whose emolumenls amount to over £60,000 in the year was as follows".
2024
Number
2023
Number
£60.001 to £70.000
£70,001 to £80,000
£80,¢X11 to £90.000
£90,OJ1 to £100,000
£100.001 to £110.000
£110.001 10 £120,000
£120.001 to £130,000
£130.001 to £140,000
£1￿},001 10 £200,CxJO
£210.001 to £220,1)JO
23
10
24
Pension contributions paid on behalf of the 44 employees above for Ihe year amounled to £262,899 {2023'.
£133,049 for 24 employees).
Key management personnel consist of the Chief Executive, Chief Financial OITicer, Director of Quality and
Compliance, Director of Business Development, Direclor of HR, Director of Digital Transformation, and two
Oivisional Director5, whose total employment benefils for the year including employerfs national insurance
and pension contrlbulions were £1,199,942 (2023.. £978,110).
SUBSIDIARY UNDERTAKINGS
The following were subsidiary undertakings of the Trust..
Name
Company
Number
02898839
Registered Office
Class of
Shares
Ordinary
Holding
Greensleeve5
Develo
ments Limited
Broadacres Holdings
Limiled .
Greensleeves Homes TrLtst, 138 Cheapside,
London En
land. EC2V 6BJ
Greensleeves Homes Trus1, 138 Cheapside,
London. En
land, EC2V 6BJ
1009/4
11161346
Ordinary
1004/0
"8¢quir8d 14 F8bfuary 2024
Indirect Subsidiaries of the Trusl. being subsidiaries of Broadacres Holding5 Limited..
Name
Company
Nurnbef
09185042
Regislered Office
Class of
Shares
Ordinary
Holding
Broadacres Care Home
Tradin
Limited
Broadacres Care Home
Limited
Greensleeves Homes Trust, 138 Cheapside.
London, En
land EC2V 6BJ
Greensleeves Homes Trust, 138 Cheapside.
London En
land EC2V 68J
100/0
09185042
Ordinary
During the year, the Trust acquired the Broadacres Group, consisting of Broadaues Holdings Limited and
its subsidiaries 8roadacres Care Home Limited, and Broadacres Care Home Trading Limited.
29-

Docusbgn Envelope ID.. 3CAF8F2&29444BOO-81F1-829EEF27864C
GREENSLEEVES HOMES TRUST
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 MARCH 2024
The Charity's investment in subsidiaries is summarised as follows..
Non-
ui
Investments Investments
Tolal
Cost
At 1 April 2023
Additions during the year
3.753.578
708.565
4,462,143
At 31 March 2024
3.753,582
708,565
4.462.147
At acquisition. a loan of £701,117 was made lo Broadacres Care Home Limrted lo enable the repayment of
a mortgage, such that the property could be acquired unencumbered. Inleresl is being charged al 31/*0
above the Bank of England base rate. The loan and accrued interest is shown above under non-equily
inveslmenls.
TRUSTEE AND RELATED PARTY TRANSACTIONS
The Trustees received no remuneration for their 5erwices during the current or prior year. 5 Iruslees were
reimbursed a lolal of £1,338 for travel expenses incurred during the year {2023. 5 trustees, lolal £841).
During the year, Greensleeves Homes Trust made a loan of £701,117 lo Broadacres Care Home Limited lo
enable the repayment of a mortgage on acquisition, such Ihal the property could be acquired
unencumbered. Interest is being charged al 30/0 above the Bank of England base rate. Inleresl of £7,448
has been accrued lo 31 March 2024. At the year end, £708.565 was recognised in fixed asset investments
in relation to this loan.
30-

Docusign Envelope 10.. 3CAF8F23-29444BOO-81 F1-829EEF27864C
GREENSLEEVES HOMES TRUST
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 MARCH 2024
TANGIBLE ASSETS- Group and Chority
Group:
Long term
Furniture
leas¢hold Computer
and
Motor
ro
ui
ui
ment ie ￿rnent vehlcle$
Freehold
ro
Total
Cosl
At 1 April 2023
Disposals during the year
Additions during the year
Acquired on business
combination
Wnlten off during year
107,943,903
119,056.730)
5,779,264
5.062,589 2,555,104 7,065,165
1341,3611 (71,543)
149,409
80,724
206.916 122,833.677
(3.0001 {19,472,6341
7,458,682
1,449,285
4,303,692
2,318
12.108
1,806
4,319,924
{127,719)
(127,719
At 31 March 2024
98,970,129
6,511,874 2,365,470 6,958.735
205,722 115,011,930
Depreciation
Al 1 April 2023
'sposals dufing the year
Charge for the year
Written off during year
1.939,155
11,187,567>
2,108,579
463,491 1,704,338 4,767,064
(339,035)
(46,9361
386,783
777.027
{127,7101
194.290 9,068,338
(2,7(M)) {1,576,238)
10,415
3,4TI,S33
1127,710)
194,729
At 31 March 2024
2,860,167
658,220 1.752,086 5,369,445
202,OOS 10,841.923
Net book value at
31 March 2024
96,109,962
5.853,654
613,384 1,589,290
3,717 104,170.007
Net book value at
31 March 2023
106,004,748
4,599,098
850,766 2,298,101
12.626 113,765,339
Freehold property includes £34.6 million of land (2023.. £34.0 million) which is not deprecialed.
31

Docusign Envelope ID.. 3CAF8F2>29444800-81F1429EEF27864C
GREENSLEEVES HOMES TRUST
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 MARCH 2024
Charity:
Long terni
leasehold Computer
ro
ui
Furnllure
and
Freehold
ro
Molor
Total
Cost
At 1 April 2023
Disposals dunng the year
Additions dunng the year
Written off dunng year
107.943.903
(19.056.730)
5.779.264
5,062,589 2,555,104 7.065.165
1341,3611
{71.543)
149,409
80.724
1127,719)
206.916 122,833,677
13,000} 119,472,634)
7,458,682
1127,7191
1,449,285
Al 31 Mar¢h 2024
94,666,437
6,511,874 2,363,152 6,946,627
203,916 110,692,006
Depreciation
Al 1 April 2023
Disposals during the year
Charge for Ihe year
Wrillen off durirKJ year
1.939,155
(1,187,567
2,108,579
463,491 1,704,338 4,767,064
1339,035}
146,9361
386,783
7n.027
1127,7101
194.290
9.068,338
(2,700) (1,576,2381
10,415
3,477,533
1127,7101
194,729
At 31 Ma rch 2024
2,860,167
658,220 1,752,086 5.369,445
202,005 10,841,923
Net book value at
31 March 2024
91,806,270
5,853,654
611,066 1,577,182
1,911 99,850.083
Nel book ￿lue at
31 March 2023
106,1104,748
4,599,098
850,766 2,298,101
12,626 113,765,339
Future capital expenditure contracted for at 31 March 2024 bul not provided for in these accounts amounted to
£nil (2023.. £399k).
None of the above assets are used as security for Ihe Trust's borrowings.
DEBTORS- Group and Charity
Gro
2024
Grou
2023
Charl
2024
Charll
2023
Amounts due within ong ygar.
Residential care home debtors
Other debtors
Pfepaymtrnts ansj a¢cw¢d income
2.868.003
162,315
1,589,797
2,041,833
163,045
1,510,112
2,847,175
162.315
1,587,871
2,041.833
163.041
1,510.112
4,620.115
3,714,990
4,597,361
3.714.986
32-

Docusign Envelope ID.. 3CAF8F23-29444BOO-81F1-829ÉEF27864C
GREENSLEEVES HOMES TRUST
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 MARCH 2024
BANK AND CASH BALANCES
Cash and cash equivalents are comprised of..
rou
Grou
2023
Chari
2024
Charil
2023
2024
Cash 41 bank and in hand
8,222,925
2,280,907
7.854,002
2.280,855
8,222.925
2.280,907
7,854.002
2.280,855
10 CREDITORS- Group and Charity
Grou
2024
Grou
2023
Charl
2024
Chari
2023
Amounts due withln one year:
Trade creditors
other creditors and accruals
Defer￿a income
Residents, deposits
3,003,691
2,942,744
365,785
533,448
2.481,878
1,707.107
313,498
650.614
2.995,246
2,726,360
365,785
486,553
2,481,878
1,707,111
313,498
650,614
6,845,668
5,153,097
6,573.944
5,153, 101
Amounts due after more than one year:
Loans from Retail Charity Bonds PIC
Due 30 March 2026
Due 17 December 2030
49,859,809 49,789,328 49,859,809 49.789,328
25,000,805 25.000.925 25,000,805 25.000.925
74,860,614 74,7￿.253 74.860,614 74,790.253
Deferred income relates to fee invoices raised, or monies received. before the year end which cover
periods in the following year. The amount of £313,498 al the end of 2023 was released in full in the year
ended 31 March 2024.
The residents, deposits amount is decreasing as, in February 2020, we elected lo no longer collect deposits
from new residents. Current deposits will be repaid as residents leave.
33-

Docusign Envelope10.' 3CAF8F2>2944480041F1429EEF27864C
GREENSLEEVES HOMES TRUST
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 MARCH 2024
Loan from Retail Charity Bonds Pl¢- Due 30 March 2026
On 30 March 2017, Retail Charity Bonds PIC (RCB Plc) launched the Green51eeves Homes Trust Retail
Charity Bond which wa5 issued through their Retail Charity Bonds platfom) 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 with a maturrty
dale of 30 March 2026 and the oplion to exlend the term by a further tsvo years. 11 has a fixed rate of
interest of 4.25 /0. All fund5 raised were loaned lo the Trust on the same terms as the bond. Interest is paid
six monthty in arrears. There is an annual arrangement fee al an initial rate of 0.10A of the loan which is
payable six monthly in advance. This fee is subject lo a yearly increase in line with the Retail Price Index.
Since the initial issue of £33million, a further £17million of bonds have been issued.. £3million during the
year ended 31 March 2019 and a further £14million during the year ended 31 March 2020 with the
proceeds being loaned lo the Trusl in the two respective years at the same terms as the original advance.
The effective interest rate of the Iwo retained bonds tranches is lower than the 4.25°/ts as both were issued
at the pnce the bond was trading at when they were issued.
In total. costs in respect of all tranches of £599.937 have been capilalised and are being amortised over the
term of the loan. £70,481 has been released lo the Statement of Finan¢ial Activities in the current year
(2023.. £70.289).
Loan from Retail Charity Bonds PIC- Due 17 December 2030
On 17 December 2020, RCB PIC launched a second Greensleeves Homes Trust Retail Charity Bond.
Similarly lo the first bond above, Ihis was issued through their Retail Charity Bonds plattorm and is listed on
the London Stock Exchange under stock code GHT2.
This bond is for a total of £25m with £15m being issued initially. The bond was issued with a term of len
years wilh an expected maturity date of 17 December 2030. There is the option lo extend Ihe term for
further two years. 11 was issued al a fixed rate ol inleresl of 50/0. The entire £15m of the inrtial issue was
loaned lo the Trust on the same terms as the actual bond. Interest is to be paid six monthly in arrears.
There is an annual arrangement fee of 0.1 O/a payable six monthly in advance which is subje¢l to an annual
increase in line with the Retail Price Index.
The relained portion of £1 Om was drawn down in 2022. The effective interest rate ol the retained bonds
tranche is lower than 5.009/0 as il was issued al the price the bond was trading al when Ihey were issued.
Sel up costs of £421,066 and surplus funds of £400,000 are amortised over the term of the loan. Surplus of
£120 was released lo the Statement of Financial Activitie5 in the currenl year12023' £1201.

Docusign Envelope ID: 3CAF8F2&29444800-81F1-829EEF27864C
GREENSLEEVES HOMES TRUST
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 MARCH 2024
The year-end position of the loans was as follows:
2024
2024
Due
Due 17
30 March December
2026
2030
2024
2023
Total
Total
Loan value
As al 1 April 2023
Additional borrowing during the year
50.000.000 25.000.000 75,000,000 75.000,000
As at 31 March 2024
50,000.000 25,000,000 75.01)0.000 75,OCQ,000
Capitalised costs
As at 1 April 2023
Additional costs incurred during th• year
Amortisalion of capilalised cost3
1210,672
92S
{209.7471
1279,9151
70.481
(120)
70,361
70.168
As at 31 March 2024
(140,1911
805
(139.3861
1209,747)
Balance shown in the balance sheet
49,859,809 25.000,805 74.860,614 74,AI.2S3
Both loans are unSecu￿d and have two main covenants.
At the year end the total amount of loans oulslanding was repayable as follows..
Grou
2024
Grou
2023
Charf
2024
Charil
2023
Due within one year
Due between two and years
49.859.809
49,789,328
49.8S9,809
49.789,328
e after rnore than fi4E year5
25,000,805
25.000.925
25.000.806
25.000,925
74.860,614
74,790.253
74.860,614
74.790,253
11
OPERATING LEASES- All Charity
All operating leases are in respect of propety, namely our homes De Lucy House in Diss, Norfolk,. Lavender
Fields in Seal, near Sevenoaks, Kent,. The Orchards in Ely, Cambridgeshire., The Manor in Windsor-,
Buckler's Lodge in Crowthorne. Berkshire.. The Meadowcroft. in Tooting, London, Henley House in Ipswich,
Suffolk, and our Head Office in London.
Rents paid in the year and recognlsed as an expense in these financial slalements amounted lo £5,453.084
(2023.. £3.640.263) split De Lucy House £564,866 (2023.. £542,027). Lavender Fields £995,004 (2023:
£842,494), The Orchards £647,684 (2023= £638,485}' The Manor £711,339 {2023'. £660,045},' Bucklerfs
Lodge £994.882 (2023.. £957.212)", Head Office £366,791 (2023.. 48.699}. Henley House £165.761 (2023..
£nil).
The contract for Henley House commenced on 17 January 2024. followin9 a sale and leaseback
arrangement. The lease is for a term of 35 years.
35-

Docusign Envelope ID.. 3CAF8F2&29444BOtM1 F1-829EEF27B64C
GREENSLEEVES HOMES TRUST
NOTES TO THE CONSOLIDATED FIMANCIAL STATEMENTS
31 MARCH 2024
At the balance sheet date. the Charity had outstanding commitments for future minimum lease payments
under non-cancellable operating leases which fall due as follows..
Due wlthln one Duo wlthln two
ear
to five
ears
Due after five
ears
Total
De Lucy House
La*nder Fields
The Orchards
Bucklels Lodge
Meadowcroft
The Manor
Henley House
Head Office
574,659
1.007.901
656,521
1,027,OS7
870,878
718,798
808.500
322,187
2,301,048
4,031,613
2.628,229
4,116,11B
3,493,056
2,877.0
3.234.006
1,292,280
12,301,149
24,471,329
16,622.651
28.505,524
25,164,371
16,708.276
20.854,912
1,243,598
15,176.856
29,510,843
19,907,401
33,648,699
29,528,305
20,304,074
24,897,418
2,858,065
Tolal as at 31 March 2024
5,986,501
23,973,350
145.871,810
175,831,661
Total as at 31 March 2023
4,228,890
19.442.865
123.919,081
147,59J.836
The amounts payable increase annually over the course of the leases in line with the Retail Price Index.
The amounts shown above make no assumplion for this and are based on the current annual rent or the
initial annual rent in respect of the future home.
36-

Docusign Envelope ID.. 3CAF8F2&29444BO￿81F?￿2gEEF27B64c
GREENSLEEVES HOMES TRUST
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 MARCH 2024
12
BUSINESS COMBINATIONS
On 14 February 2024. the Trust acquired 100V• of the share capttal of Broadacres Holdings Limited
(company number 11161346), which in turn wholly owns Broadacres Care Home Limited (company number
091850421 and Broadacres Care Home Trading Limited (company number 091850421 (logelher 'The
Broadacres Group.). These companies together operate Broadacres care home. a 28 bed residential home
in Barton Turf, Norfolk. The acquisition was accounted for using the purchase method.
Recognlsed amounts of identiflablè assets acqulred and liabilities assumed
Fair value
Book value adJu8lments Falr value
Flxed Assats
Freehold property
Computer equipment
Fumilure and equipment
mot￿ *hicles
Intangible assets (goodwill)
1,942,959
2,318
12,107
2,360,733
4,303.692
2,318
12,107
1,806
115,260
1115,2601
2,074,451
2,245,473
4,319,923
Current Assets
Residential care home debtors
Other debtors
Prepayments and accrued income
Bank and cash balances
17,269
17,269
1.926
388.884
1,926
388,884
Total Assets
2,482,529
2,245,473
4,728,002
Creditors
Trade creditors
Other creditors and accruals
Deferred income
Resident5, deposits
{2,1521
{224,2601
{2, 1 S21
{224,2601
146,895)
146,895}
Total identlllable net assets
2,209,222
2,245.473
4,454,695
Goodlwll
Total purchase consideration
2,209.222
2,245.473
4,454,695
The adjustments made on acquisilion correspond to the write off of goodwill and the revaluation of the
propety asset to fair value.
37-

Docusign Envelope ID.. 3CAF8F2&29444BOtM1F1-829EEF27864C
GREENSLEEVES HOMES TRUST
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 MARCH 2024
Consideration
Consideration paid (cash)
Loan ad￿ance paid {cash)
Deferred consideration (cash)
Costs of business combination
3,073.398
701.117
477.880
202.300
4,454,695
Deferrèd Consideration
Under the purchase agreement, an amount of £250k is payable on the annlversary ol the acquisition. A
further amount of £278k was paid following finalisation of the completion accounts of Ihe Iransa¢lion.
Consolidation results
The results of The Broadacres Group since acquisition are as follows..
Current period
since acquisition
Turnover
{Deficil} for the period since acquisition
123,515
{22,322)
13 FUNDS- Group
Transfer
between At 31 March
Funds
2024
At 1 Aprll
2023
Income Ex endlture
Unrestrictsd
General fvjnds
Re￿luatIOn reseThe
6,522,744 79,579,293 (84,481,619>
32,663,024
5.811,733
7,432,151
(5,811,733} 26,851,291
Total unrestricted funds
39,185,768 79,579,293 {84,481,619}
34,283.442
Restrlcted
Amenity fjjnds
632,118
391,205
1,023,323
Total restricted funds
632,118
391,205
1,023,323
Total funds
39,817,886 79,970,498 184,481,619}
35,306.765
38-

Do￿Sign Envelope ID: 3CAF8F2&29444BO(k81F1-829EEF27B64C
GREENSLEEVES HOMES TRUST
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 MARCH 2024
FUNDS - Charity
Transfer
between At 31 Ma rch
Funds
2024
At 1 April
2023
Income Ex
enditure
Unrestrlcted
General funds
Re￿luatIOn ￿se
6,522,688 79,464,226 (84,343,226)
32,663,024
6,811,733
7,455,421
{5,811.733) 26,851,291
Total unre*lclod funds
39,185,712 79,464,226 {84,343,226
34,306.712
Re*rfcted
Amenity fvnds
632,118
390,205
1,022,323
Totsl r•stricted funds
632,118
390,205
1,022,323
Totsl fund•
39,817,830 79,854,431 184,343,226)
35,329,035
General funds are unrestricted funds held for the general objects of the Trust's work.
The revaluation reserve represents the remainder of the increase in freehold homès property values that
arose on Iransilion to FRS 102 and the adoption of a deemed cost valuation, plus subsequenl revaluations
following the change of accounting policy to revaluation model for freehold properly in the current year. The
transfer be￿een funds relates to additional depreciation charged as a result of revaluations, and the
transfer of the balance relating lo Henley House at the point of sale.
The amenity funds represenl monies raised by each home to be spent on specific projects and activities in
that home.
14 ANALYSIS OF ASSETS BETWEEN FUNDS- Group
Rgstritted Revaluation
funds
reserve
General
fvnds
ToLIl
Fixed assets
Other current assets
Current liabilities
Long temi liabilities
26,851,291 77,318,716 104,170,007
11.819,717 12.843.040
{6,845,6681 {6.845.668)
(74,860,614) 174,860,614)
1,023,323
Total net assets
1.023.323 26,851,291
7,432,151 35,306,765
39-

Docusign Envelope 10.. 3CAF8F23-29444800-81F1-829EEF27B64C
GREENSLEEVES HOMES TRUST
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 MARCH 2024
ANALYSIS OF ASSETS BETWEEN FUNDS- Charlty
Restrlcted Revaluation
funds
Gènèral
funds
Totsl
Flxed asset8
Other current assets
Current Ilabllities
Long term liabilities
26.851.291
77,460,939 104.312,230
11.429,040
12.461,363
16,S73,9441 {6.573,944>
(74.860,6141 174,860,614>,
1.022.323
Total not ass•ts
1.022,323
26.8SI.291
7.455,421 35.329,036
15 TAXATION
Greensleeves Homes Trust is a registered charity and is exempt from taxation on its income and gains to
the exlenl they are applied in pursuan￿ of its charitable purposes.
16 CONNECTED ENTITIES
The following entity is connected lo the Trust by virtue of common or related objects or by unity of
adminislralion..
WRVS Trust - A charitable Trust supporting th8 activities of Greensleeves Homes Trust and the Women's
Royal Voluntary Service whose responsibility is lo distribute legacies on receipt to the appropriate legalee.
There were no transactions during the year.
17 POST BALANCE SHEET EVENTS
There were no significant post balance sheet events.
40-