DO￿51@n Envelope ID. e6929948-OA134FD5-822>6F904DD4AB7A GREENSLEEVES HOMES TRUST ANNUAL REPORT AND CONSOLIDATED FINANCIAL STA TEMENTS YEAR ENDED 31 MARCH 2026 *AECOM288' 0711012025 COMPANIES HOUSE A15 #270 Docusi9n Envdoptr10.' 669299484)A134FD>822>6F904DD4A87A GREENSLEEVES HOMES TRUST IA Company Ilmited by Guarantee not having a share capltal- Company Registered Number 03260168) (Charity Registratlon Number 10604781 ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 Docusign Envdopg ID.. s69299484jA1￿FOS-a223*F9o4Do4AB7A GREENSLEEVES HOMES TRUST ANNUAL REPORT YEAR ENDED 31 MARCH 2025 CONTENTS LEGAL AND ADMINISTRATIVE DETAILS REPORT OF THE BOARD OF TRUSTEES (INCORPORATING THE REPORT OF THE DIRECTORS AND THE STRATEGIC REPORT) STATEMENT OF TRUSTEES, RESPONSIBILITIES 12 INDEPENDENT AUDITOR'S REPORT 13 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES {INCORPOR4TING AN INCOME AND EXPENDITURE ACCOUNT) 17 CONSOLIDATED AND CHARITY BALANCE SHEETS 18 CONSOLIDATED CASH FLOW STATEMENT 19 NOTES TO THE FINANCIAL STATEMENTS 20 Docusign Env*)pe10'. 66929948-OA134FD&82234F904DD4AB7A GREENSLEEVES HOMES TRUST LEGAL AND ADMINISTRATIVE DETAILS IA Company Ilmlted by Guarantte not havlng a share capital - Company Reglsterèd Number 03260168) {Charity Registratlon Numbèr 1060478) TRUSTEES Mr D Bryan Mr A Christie (appointed 16 May 2024) Ms K Davies (resigned 15 May 2025) Mr C Doherty (appointed company director 6 February 2025 bul not charity Iruslee) Mr M Foster (resigned 15 May 20251 Mr D P Kelly OBE (resigned 15 May 20251 Mr M Lowe (appointed 16 May 2024) Ms A Morris (resigned 18 May 20251 Ms D Pounds (Chair- resigned 15 May 2025) Mr A Richmond (appointed 28 November 2024, Chair from 16 May 2025) Mr M Shaha (resigned 15 May 2025) Mr P C G Spencé Ms M Townson Ms A Willimott COMPANY SECRETARY Ms T Omoma CHIEF EXECUTIVE Mr C Poole KEY MANAGEMENT PERSONNEL Ms J Clarges- Director of,Quality and Compliance Mr C Doherty - Chief Financial Officer Ms S King- Director of Business Development Ms T Omoma- Director of Human Resources and Company Secretariat Ms T Nelson - Divisional Director- North Ms M Whittingham - Divisional Director- South Ms S Weller - Director of Digital Transformation REGISTERED OFFICE 138 Cheapside London EC2V 6BJ STATUTORY AUOTOR 114TERNAL AUDITOR Grant Thornton UK LLP 8 Finsbury Circus London EC2M7EA RSM UK 2nd Floor East Wesl Buildlng 2 Tollhouse Hill Nottingham NG15FS BANKERS Lloyds Bank PIC 2nd Floor 39 Threadneedle Slreel London EC2R 8AU SOLICITORS Wilson5 Solicitors LLP 4 Lincoln's Inn Fields London WC2A 3AA DAC Beachcroft LLP Number One Welcome Building Avon Slreel Bristol BS2 OPS Do¢u$ign Envelope ID.. 66929948-OA134FD5-8223-6F904DD4AB7A 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 2025 The Trustees, who are the directors for the purposes of the Companies Act 2006, present the report and financial statements of Greensleeves Homes Trust ("the Trust'i "the Charity.) for the year ended 31 March 2025. The Trustees confirm Ihal the annual report and financial slalements comply with the Charities Act 2011, the Companies Act 2008, Ihe Memorandum and Articles of Association and Accounting and Reporting by Charities: Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic or Ireland {FRS 102) (effective 1 January 2019>. Strate9ic Report Year Ended 31 March 2025 Alms Greensleeves Homes Trust is a charitable organisation providing care and accommodation for older people, primarily by operating residential and nursing homes in the South and East of England. Our mission is lo deliver high-qualily care to older people in England. Our values of Respect, Openness, and Responsibility support us in achieving this. Charitable ObJe¢tlvès and Actlvltles The objects of Greensleeves Homes Trust as defined by ils Memorandum and Artides of Association are.. The relief of persons who are in need by reason of age. ill-health or disability by the provision, or assistance in the provision, of accommodalion and associated facilities, services and amenilies or by such other means as may be charitable. such other purposes for the benefit of the Community as shall be exclusively charitable. in each case for Ihe public benefit. The Trustees have had regard to the Charity Commission's guidance on public benefit when reviewing the charity's aims and objectives and plannlng fulure activities to meet these. Greensleeves Homes Trust meets these objectives through the provision ol 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 situation. We operate a Home for Life policy, which commits to continuing lo provide care for privale residents who through financial deplelion become eligible for Local Authority funding. This offers reassurance lo residents and relatives that a home with Greensleeves is a home for life for as long as we can continue lo safely meet Iheir needs. The Trust's strategic goals are: Qu￿￿1.. Embed continuous quality improvement across our homes lo deliver ever-improving person- cenlred care and safe working conditions. owered Peo le.. Relain over 80 A of OLJr colleagues through an inclusive culture, inspiring learning and development programmes and promoting a gold standard employee experience. Growin Suslainabl Expanding our charitable impact lo more residents in a viable. green and affordable manner. In order lo progress towards Ihese goals, the Trust has entered a period of slabilisalion. pausing development activity lo focus on the enhancemenl of currenl services and strengthening of underlying cash generation. Specific actions and targets include.. A review and reduction of staffing costs, aligning them with currenl best practice (L&8 24125) lo facililale effeclive working and increased Care quality Development of the provision of activities lo meet the needs of all residents. Recruitment. retention and development of high-qualily care and supp.ort colleagues. Invesling in exceptional care. increasing the proportion of homes with Care Qualrty Commission ratings of Good or Oulslanding. Implementation of new technologi¢al solulions for increased efficiency and accuracy. Docusvjn Envdoptt ID.. 66929948-OA134FD5422MF904DD4A87A 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 202S Promoting our Home for Lrfe policy, which supports residents who experience financial depletion whilst in our care. Long term aims include the conlinuation of Ihe Trust's development programme, through careful propety portfolio adjustment and expansion. The Trust measures success against its objectives through various Key Performance Indicators, including CQC ratings, carehome.co.uk ratings, colleague turnovèr, ooGupan¢y, CQC registered beds, and funded resident percentage. As at 31 March 2025. we had facilities across the group to care for up to 1,275 residents aoross 28 homes, consistent on prior year. Our services continue lo be highly rated by residènts, family and friends. Any surpluses generated by the Trust's activities are reinvested into the maintenance and improvement of our homes and services, induding supporting our Home for Life policy. Achievements and Perfomiance During the year, the charity continued lo provide high-qualily care lo residents across its homes. customer feedback surveys demonstrated consistenlly high18vels of satisfaction with the care and support provided. February 2025 saw Paul Newman step down as Chief Executive of Greensleeves Care after 12 years. Chris Doherty, CFO, stepped into the Chief Executive role on an interim basis whilst recruilmenl of a permanent Post holder was undertaken. and the Charity welcomed Chris Poole as new Chief Executive in August 2025. Occu anc levels.. Occupancy levels increased over the year. from 1.056 residents al March 202410 1.076 residents al March 2025. Al year end, 17 of our homes were operating with occupancy levels above 900fi. However, occupancy remained below budget Ihroughoul the year. with several homes struggling with local market conditions, and building works affecting available rooms at one slte. Ilea uer lention an use enc su We are proud that our Golleague retention remains strong, averaging 200/9 across the year, being below the average turnover across the care sector of 25°/0 (Skills for Care report 20241. We also maintained our Living Wage accredilalion. ensuring that colleagues are fairly renumeraled and ensuring we remain an attractive employer. We have continued to implement schemes across the Trust to reduce d8pendence on agency staff, including technological solutions to aid the filling of vacant shifts by existing staff. Uptake has been mixed across the estate, wilh several homes using lrttle or no agency staff during the year. However, local recruitment market conditions have proven challenging in a few homes, resulting in heavier reliance on agency staff to maintain safe services. 44°/D of expenditure on agency staff during the year arose from just three homes. To address slaffing challenges, we conlinue lo review recruilmenl capacity al a home level lo support efficient application processing. We a150 continue to promote an agency booking tool, which helps lo ensure value for money by using select suppliers al pre-agreed rates. C ralin At year end, 20 of our homes have a CQC rating of Good, two are rated Outstanding. five were rated Requires Improvemenl. and one was yet lo be inspected. Docusign Envelope 10.. 6692994841A134FD5-82234F9040D4AB7A 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 2025 ul We measure our reputational performance by referencing feedback from residents and relatives, ratings on external websites such as carehome.co.uk and through the receipt of industry awards. At year end, the Trust had a group score of 9.6 out of 10 on carehome.co,uk. During the year. Greensleeves Carè has achieved a 'Top 20 Large Care Home Group, Award from .eading online care home directory, Carehome.co.uk. forthe eighth year running. 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 home residents. their families and friends. The charity was also proud to achieve Investors in People Gold accreditalion, reflecting its commitment to staff development and wellbeing. In addition, il received national recognition al the Care Home Awards, being nominated (and since year end winning) in the ¢ategori8s of Best for communication and use of digital channels and Best usè of technology and digital care strategy. oucesler House.. Since the year end. Gloucester House in Sevenoaks recelved a CQC rating of Inadequate. Following nolificalion from the regulator and multiple and sustained challenges facing the home including with recruitment. in July 2025 the Trust made the difficult decision lo start a managed closure of the home. Residenls were supported to move to alternative facilities, including wilhin Greensleeves Care. and staff were relocated within the Trust where possible. Closure was completed on 3rd Sepiembef, and the site will be sold. Pro ert sales.. Croxley House, a closed home in Croxley Green. Hertfordshlre. was expected to sell during the year. A conditional sale has been agreed. with the purchaser awaiting a planning decision at the time of writing. We continue lo progress our Wellbeing strategy and levels of engagement with our Thrive app {a mental wellbeing app) remains strong. Whilst all user data is confidential, anonymous and aggregated, we believe usage of the app is having a positive impact on sickness absenteeism (our average sickness absencè rate as al year end was Inveslmenl in Financial Wellbeing remains of equal importance and we are working toward improving pension contributions Ihrou9h salary sacrifice as the Trust's default arrangemenl which aims lo enhance tax efficiency for employees in planning for their retirement. edr sidenls. As part of ils charitable approach. Greensleeves Care aims for 25010 of its occupancy lo be reserved for residents who are funded through Local Aulhorilies or the NHS. In the year to 31 March 2025. 27.3°/G of our residents were funded in Ihis way. As an organisalion. we are seeing an increase in the number of private rèsidents whose financial reserves have depleled and are transitioning lo Local Authority funding under our Home for Life policy. We continue lo manage admissions across Ihe Trust to ensure the mix of privately 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-qualily care and helps us shape the work that we do to further our charilable purpose. We receive reviews direclly and via platforms such as carehome.co.uk. Some ¢ommenl highlights from this year include.. A D (Daughter of Resident).. My family cannot praise the staff enough for all the care & attention they gave our dad whilst in the home. He was $0 very well looked after by everyone which gave us great comfort & reassuran¢e. We, as the family, were also very well looked after. which was greatly appre¢ialed. Docu819n Envelope ID". 66929948-OA134FD5-822MF904D04A87A 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 2025 R C {Residenl).' It's very good, excellenl. I have no complaints. I wish I had come here 10 years ago. The staff are all very helpful and friendly, l enjoy all the activities, there is always something going on. The rooms are all very comfortable. The views are excellent. and I couldn't wish for anything more. The managers are all very nice. I recommend living here, I love it. B S (Friend of .Resident).' Our dear friend was a resident for just over 3 years. In this time, the standard of care was exceptional. The management and all the care staff were all very approachable and attentive. Our friend passed her last years being happy and comfortable. R S (Respite Resident): I came to the care home on release from hospital. I was welcomed straight away and could not have better treatment. I feel extremely happy here and hope to make it my long-term home. S J (Daughter of Resident).. Your care of my mother was faultless. Many thanks lo every member of your team. Also, for the care shown to our family. Our homes are fortunate lo benefit from the support of volunteers who give their time freely lo assist with activities and fundfaising events or offer friendly conversation and companionship lo residents. The Trustees wish lo thank all those volunteers who helped us deliver a valued and essential service and positively contribute lo our residents, lives. Flnanclal Revlew The financial slalèmenls for the year ended 31 March 2025 comply with Financial Reporting Slandard 102 (FRS 102), 'Ihe Financial Reporting Standard in the UK and Republic of Ireland,, and the Charities Statement of Recommended Practice (Charilies SORP (FRS1021). The primary sourc8 of income during the year lo 31 March 2025 was resident care fees, relating to our core activity of providing residential, dementia and nursing care. During Ihe year, the group generated Earnings before Interest, Tax. Depreciation and Amortisalion (EBITDA) of £3.29m. A revaluation of the Trust's freehold assets was carried out during the year, generaling a net gain on revaluation of £8.3m. Nel movement in funds during the year was £4.7m. Balance Sheel The balance sheet as of 31 March 2025 shows nel current assets of £403k {2024'. assets of £5,997k). The year- end cash balance was £3,005k 12024.. £8,223kl. this reduction arising due lo lower than budgeted occupancy (and therefore fee) levels and spend on agency staff. Post Balance Sheet Events Since the year end. the Trust made the difficult decision to close one of our homes, Gloucester House, due to operational difficulties. Residents and slaff have been supported Ihroughoul the closure process. and the home closed on 3rd September. In May 2025, a number of our trustees reached the end oftheir terms and therefore resigned from their roles. We thank them foi their work during their time with Greensleeves Care. Several new trustees have joined the Board. and we welcomed Andrew Richmond as Chair in May 2025. The trustees are in the process of reviewing the current composition of the Board, with a view to appointing additional members in the futurè. D¢xusign Env•lop¢ ID". É6929948-OA1￿FD5￿223-6F904DD4AB7A 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 2025 Resérv The Reserves Policy is considered annually. and the Board of Trustees review the Trust's reSe￿e levels throughout the year in light of its planned activities. budget and cashflow forecasts. The Board believe il necessary to hold adequate reserves to ensure that future standards of service and accommodation offered lo resi¢Jenls can be maintained and improved, as well as lo fulfil any committed acquisition and development aGlivity. As such. the Trust should have Suff￿lent reserve5 available to fund revenue costs in the event of any unexpected problems. As the Trust's operational sites are widespread, such problems are expected lo be isolaled lo a particular sile. Therefore, the reseNes provision for revenue costs has been set al 10.fi of the Trust's three-month ordinary costs, being £2.2m at 31 March 2025. In addition lo this requirement and our aclive development programme, further reserves should be available that are equivalent lo actual capital commitments {£nil at 31 March 2025), less any associated finance arrangements already in place. At the end of the financial year. the Trust was £2.4m short of this target due lo difficulties in increasing occupancy levels, higher than budgeted spending on agency staff. and delayed property sales. The Truslees with the help of Management are working to bring reserves back up to the required level, through a programme of cost reduction coupled wilh slralegic asset disposal. This is forecasl lo restore reseNes lo policy levels during the third quarter of 202&26. On transition lo FRS 102. the decision was taken to adopt a deemed co81 value at Ihe date of transition for the freehold homes using their value as at 1 April 2014 thus creating a revaluation reserve equivalent lo the increased value only of those homes that had risen in value. In the year lo 31 March 2023. thè fair value model was applied lo Ireehold as5els. representing a change in accounting policy. A reserves transfer is applied annually to account for the increased depreciation arising from the revaluation exercise. The balance of the revaluation reseNe al 31 March 2025 was £36.8m (2024.. £26.9m}. The Trust's Senior Management Team actively monitors rese￿eS on behalf of the Board of Trustees. They are responsible for providing quarterly updates and highlighling any potential problems. During the year, management highlighted the pressure on reserve5 arising from income shortfalls and agency expenditure overrun, and pul in place restorative measures. including running promotional offers, fo¢ussing operational teams on agency reduction, and considering additional funding options. Reslricled funds of £599k (2024: £1,023k) represent donations received for particular purposes. Princi alRi ks and Uncertainties The Trust maintains an active digital risk register Covering operational and financial risks. The Senior Management Team monitors this regularly and reviews il with Ihe Finance & Audit, Property and Care & Quality Improvement Commillees. and the Board of Trustees. The Trust also conducts internal and external reviews covering areas such as Care. Heallh and Safety, HR and Finance to reduce risk across the organisation. The following are considered the key risks and uncertainties currently facing the Trusl.. aualily issues.. Challengès with the quality of our services result in substandard experiences for our residents. Further risks would include downgrading of CQC ratings, restrictions on admissions. reputational damage, and resultant financial implications. The Trust is reviewing all auditing processes lo ensure Ihal any weaknesses are rectified as soon as possible, and that corrective measures are sustained. Workforce difficulties.. High colleague turnover and an inability to recruit highly skilled colleagues result in inconsislenl care and reduce our ability lo 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. O¢cupancy'. Failure to increase orxupancy across the eslale threatens the organisalion's financial stability. This risk is being rniligated Ihrough strategic markeling and brand support. and a range of laclics including largeled lime-limiled offers. tk)cusign Env6kn￿ ID.. 66929948QA134F05.8223-6F9040D4A87A 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 2025 Fundraising.. The first loan from Retail Charity Bond plc falls due for refinancing in March 2026, although a 2-year extension option is available. An inability lo refinance the bond al the end of the term would create financial difficutties for the organisation. We prepare and regularly review a long-term financial plan lo monitor Ihe impacts of short and long-term strategies ors our financial position. The Trust is considering Oplions regarding the refinancing solution for the 2026 bond. Goin Concern The Trustees consider that the Trust has adequale resources lo continue in operational existence for the foreseeable future and as such these a¢coun15 have been prepared on a goin9 concern basis. Trustees have reached this conclusion through review of detailed forecasting ihrough to March 2027. The base case forecast assumes flat occupancy levels for the duration of the forecast,. sales of properties, including those for which sales are currently progressing, and strategic disposals of specific assets.. prudent cost reduction measures arising from comparison of key benchmarks to industry data.. and a short term revolving loan facility to bridge the position until these remedial actions lake effect. This base case forecast shows a r2$h minimum at September 2025 of £1.7m, wilh cash rising to £17. lm al the end of the foiecast period. 11 is important lo note that the past few years have proved challenging for the Trust. Delayed occupancy recovery, recruilmenl challenges and broader economic Conditions have had a detrimental effect on Ihe organisation's financial p05rtion. The Trust began the year with occupancy levels behind target, due to slower than anlicipaled resident build-up in the prior year. While strategic marketing and sales work proved successful in boosting occupancy in some areas, overall occupancy missed the levels budgeted for the year lo March 2025. Similarly, despite several strong iniliatives lo reduce agency spend, including improved rola managemenl and control of unil costs, agency spend remainèd in excess of budget. The organisalion has struggled with these two faclors for the past couple of years. This, along with the delay to the sale of Croxley House, has impacted cash and reserves balances in the year lo March 2025. While the Trust started the financial year 2025126 with occupancy levels ahead of budget, occupancy has since dipped below largel. The Trust is working fast lo restorè levels. including through fronlloading and redirecting its markeling investment. In homes where building works are a major element of the occupancy challenges, the Trust is scaling staffing and costs to help offset lost revenues. The Trust has arranged a £4m bridging loan facility to support cashflow unlil the sale of Croxley House, Gloucester House, or other development sites complete. This 12-month facility, extendable lo 18 monlhs if required, reflects the Trusl's proactive approar.h to managing ils financial position. At the same lime, management is undertaking a detailed review ol existing operations and margins to ensure the Trust runs ett'iciently and sustainably, wl)ile maintaining the highest standards of care. Stress testing of the base case forecast has been carried out, based on a variety of assumptions around occupancy. timings of property sales, and levels of cost reduction. Testing showed that occupancy could drop 12Q/o before going concern was under threat, this being prior lo any associated cost savings. One property sale is rèquired to complete prior lo December 2025 in order lo maintain cash levels. This is deemed highly likely given currenl marketing activity and progress on agreed sales. On the basi5 that all expected pioperty sales complete. no cost savings afe required lo maintain going concern lo the end of the forecasl period. Based on this stress testing, managemenl is salisfied thal the Trust has sufficient options available to il to navigate these risks and respond accordingly. Options include sale of additional siles, appetite for which has been proven.. increased cost reduclion measures both across the organisation or locally as required by circumstance., and extension of the bridging facility. A5 such. the Trustees consider that Greensleeves Homes Trust has adequate resource5 to conlinue in operational existence for the foreseeable future, being a minimum of twelve months from the dale these accounts are approved, with no material uncertainties regarding goin9 concern identified. For this reason, these accounts have been prepared on a going concern basis. DcLuslgn Envelo￿10.. 66929948-OA13-4FD54223-8F9040D4A87A GREENSLEEVES HOMES TRUST REPORT OF THE BOARD OF TRUSTEES (INCORPORATING THE REPORT OF THE DIRECTORS AND THE STRATEGIC REPORTI FOR THE YEAR ENDING 31 MARCH 2025 Plans for Future Periods In furtherance of our charitable objectives and strategic goals, the Trust has the followin9 vital plans for the coming year.. Reduclion fsaffin Costs Substantial annual efficiencies have been identified and will be implemented by the end of FY25126. These efficiencies will be achieved through a combination of measures designed to enhance workforce planning. reduce reliance on costly temporary resources, and align staffing models with sector best practice. Key actions include: Enhanced roster management- stronger control and greater flexibility of staffing levels al the home level, ensurin9 resources match residenl needs more closely. Improved recruitment- increased and streamlined recTuitmenl activity aimed at reducing agency hours and the premium staffing costs they incur. Home-by-home staffing model review - a detailed review of staffing ladders, aligned with current best practice models IL&B 24125 report>. to enable more effective allocation of duties, improve care quality, and lower costs. RecrLJilmenl retention and develo menl.. The Trust has in place an established overtime incentive scheme designed lo incentivise staff to pick up shifts where the need arises. We see Ihe positive impact of this scheme on improving conlinuily of high.qualily care for residenls and support the reduction of agency usage for some homes. Recruiting and retaining a highly skilled workforce remains a top priority and we have key inilialives in place lo address workforce challenges including vlilising our Home Office Sponsorship Licence, promoting our Apprenticeship Programme and Community-Ba5ed Recruilmenl Events to strengthen engagement with local talent pools. Occu anc .' The Trust aims to improve occupancy al all homes operaling below 92•/0 occupancy. We continue to invest in marketing lo capture current demand and strengthening our brand and recognition to ensure we are a provider of choice now and well into the future. We will also continue lo promote our Home for Life policy and non- profil approach. enabling prospective residents to consider this as part of their decision-making process. Review lon -term fundin arran eme To select the optimum long-lerm funding strategy incorporating repayment of Ihe Retail Charity Bond facility ahead of maturity. Care ualJil .' To complete implemenlalion of the Gold Slandards Framework across our homes, particularly for residents living with dementia or on end-of-lrfe care. To ensure all colleagues receive high-qualily training and development opportunities. enabling them to provide the best standards of care. We also plan lo conlinue to develop internal audit techniques, to identify and rectify wèaknesses al Ihe earliest opportunity. ital Transfor n Pro ramm To complete implèmenlalion of our chosen software products, supporting high-qualily care and ensuring the organisation's efficiency. Gro consolidation.. To conduct a detailed review of our homes lo ensure that all are operating efficiently and contributing positively lo the organisalion. Oocusign Envelope ID.. 869299484)A134FOM223*F904DD4A87A GREENSLEEVES HOMES TRUST REPORT OF THE BOARD OF TRUSTEES (INCORPORATING THE REPORT OF THE DIRECTORS AND THE STRATEGIC REPORD FOR THE YEAR ENDING 31 MARCH 2025 Strategic Rèport- Companiet Act 2006 s17211) The Trustees. both individually and collactively, consider that they have acled in ways that they believe in good faith lo be most likely to promole the success of Greensleeves Homes Trusl. Decisions made during Ihe year ended 31 March 2025 have been taken lo benefit both residents and colleagues. We actively encourage feedback from residents and relatives through annual satisfaction surveys and regular meetings. Caring for our residents is fundamenlal to the Trust's success, and we endeavour to provide exemplary and innovative care to all residents, across all of the Trust's homes, al all limes. We also strive for our homes lo actively be part oflhe community through engagement with other local organi5ation$. We recognise that colleagues. both at individual homes and al Head Office, are the Trust's most importanl assel and aim lo be responsible employers in our approach to the pay and benefits our employees receive. The health. safely and well-being of colleagues and residents are of the highest Importan￿ and ensuring these is one of the primary consideralions when making decisions and operating the Trust. Streamllned Energy and Carbon Reporting The Streamlined Energy and Carbon Reporting disclosure prèsents our carbon footprint within the United Kingdom across Scope 1, Scope 2 and Scope 3. an appropriate intensity metric, the lolal energy usage of electricity, gas an(J Ifai)sport fuel, and an cnergy efficiency improvements summary. Scope 1 consumption and emissions include direct combustion ol nalural gas and fuels used for Iransportation operations, such as company vehicle fleets. Scope 2 Consumption and emissions refer lo indirect emissions related lo the consumption of purchased electricity in day-lo-day business operations. Scope 3 consumption and emissions cover emissions from sources not directly owned by us. This relates to grey fleet {business travel undertaken in employee-owned vehicles) only. Year ended 31 March 2025 Year ended 31 March 2024 Consumplion Emissions Intenslty Consumption Emissions Inlensily kwh tC02e Metric ' kwh IC028 Metric . 11,247,043 2,108.60 1.70 10.735,557 1.989.34 1.56 4,550,741 942.23 0.76 4,428,691 925.74 0.73 541,424 119.34 0.10 517,736 119.54 0.09 Gas and other fuels (Scope 1) Electricity {Scope 2) Transport (Scope 1 & 3) Overall 16,339,207 3.170.17 2.S6 15,681.983 3,034.62 2.38 ' Intensity melric r8pr8S8nls tC028 per CQC regis18red space across currently operaling homes. Greensleeves Homes Trust is committed lo year-on-year improvements in operational energy efficiency. As such, a register of energy efficiency measures has been compiled wlth a view to implementation in the next five years. Ongoing measures including those undertaken in this year= All I￿hting upgrades and replacements done using LED. Gas dryers are being replaced with electric dryers as units fail. Two homes have now moved to electric. We are pleased to note the reduction in the overall Intensity Melric shown above. Despite our growth, we have achieved a reduction in consumption of both electricity and gas. Electricity emissions have increased., however. Ihis figure is calculaled using the average emissions of the National Grid (location-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 {IC02e) using emissions factors specific lo the conlraclual instruments in place {markel-based emissions). brings this figure down from 925.74 10 716.61, producing a revised intensity metric of 0.56. The market-based electricity emissions will be reduced to zero going forward as'a result of thc ￿wItCh lo renewable supply. DoWSign En￿lope ID.. S692994￿A134FOs-s223￿F904DD4AB7A 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 2025 Measures for the future include.. Installation of minimum 2 EV charge points al all new build homes. Solar {pv) unils to be installed where possible to homes. Structure Governance and Management Greensleeves Homes Trust is a company limited by guarantee and a registered charity. Ils governing document is ils Memorandum and Article5 of Association. The Board of Trustees is currently composed of 7 members. These are the legal ¢Jirectors of the company and are responsible for the overall direction and strategy of the Trust and for overseeing ils financial affairs, Trustees are recruited by an external agency speGialising in non-executive recruitment. The goal is lo allract suitable individuals lo enhance the existing Board's skill sét and address any skills gaps. Potential candidates are inte￿IeWed by the Nominations Committee or a panel of board members, and suilable ￿ndidateS are recommended lo the Board for appointmenl. 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 Execulive lo discuss strategy and objectives and identify any additional training needs. The Chief Executive and board papers keep TfUSlees informed about Trust developments and relevant legislation. The current Trustees have diverse backgrounds and contribute valuable expertise and advice, as well as the support of external advisers. Due to the recent resignation of a number of Trustees following completion of their terms of service, the trustees are in the process of reviewing the current composition of the Board. with a view lo appointing addilional members lo the Board in the future. The Board of Trustees meet regularly Ihrou9houl the year. al quarterly Board meelings, and in smaller group5 al sub-committee meetings. The Trustees currently have the following sub-committees, which report directly lo the Board.. Finance and Audi mmillee.. Responsible for providing the Board with assurance on Ihe adequacy of all systems, controls. prcce5ses including risk management processes, which may affecl the Trust's ability to meet its objectives; and lo ensure that financial resources are being deployed appropriately. Pro ert Committee.. Responsible for providing the Board, the Chief Executive and the Senior Management Team with advice on property-related issues consistent with the Trust's objectives. Remuneration Committee.. Responsible for advising the Board and Chief Execulive on pay and reward throughout the Trust, with a particular focus on the pay of senior managemenl, any reward and incentive scheme, and pension issues. Care & ualil Im rovemenl mmiltee-. Responsible for Ihe clinical governance and risk management of resident safely and experience, quality standards and compliance, and service developmenvinnovation. Nominations Commillee.. Responsible for effective succession planning for senior roles in the Trust. such as the Chair, Vice Chair, Chair of any standing oommitlee, Trustees and the Chief Executive. Trustees delegate the day-to-day running of Ihe charity to the Chief Executive, who is supported by the Senior Management Team. Together. these individuals are resporbsible for developing and enhancing services within the Trust's objectives. recruiting appropriately qualified staff who align wilh the Tru51's values, and maximising the use of Trust assets. They also provide strategic and operational leadership io meet regulatory requirements, maintain service standards within budget, and identify new income streams and developmenl opportunities. 10 Dctusign EnvèloFe10.' 66929g48-oA1￿FDS-822￿Fgo4DD4AB7A 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 2025 The Trust has a Remuneration Policy that is regularly reviewed and helps ensure that we approprialely reward and molivale colleagues. The Trust is committed lo ensuring we pay our colleagues fairly while responsibly managing our financial resources. The Board of Trustees makes the final decision on any employee-wide pay increases as part of Ihe annual budgel-selting process. The pay of the Senior managem.ent Team is independenlly reviewed and benchmarked against oltr.er similar care providers annually. The Remuneration Committee delermine the final level of increase. giving specific consideration to Executive pay, namely the Chief Executive, the Chief Financial Officer, the Director of Quality and Compliance, the Director of Business Oevelopmenl and the Divisional Director posts. In setling the salary lor these roles. the Trust will consider market data and Greensleeves Homes Trust's fvlure growth plans. The Truslees are fully aware of the modified opinion which has been issued by Grant Thornton due to their opinion that not all relaled pariies have been disclosed. This relales lo Trustees being unwilling to disclose the names of minor children. Dlsablod Pornons We are committed lo encouraging diversity amongsl our workforce and seek lo make reasonable adjustments to ensure our premises and working conditions meet the 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 quarterly newsleller and the engagement survey. Team meetings are held al all homes iegularly, allowing employees lo discuss any issues and make suggestions on how their home operates. Fundralslng Part of the Trust's income is from donations and fundraising. Donations arè 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 purpose5, or more significant purchases. Events are organised in-house by our teams, sometimes with the as%islance of local volunleers. We have strict controls around fundraising and ensure that two or more people handle any cash. Participalion in any fundraising is voluntary, and we do not unduly pressure people lo give money or othp.r donations. No third parties are engaged to assi51 with fundraising efforts. The Trust receive¢J no complaints in relation lo 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 capacity as company directors. By Order of the Trustees Mr A Richmond- Chair, Greensleeves Homes Trust Date.. l)o¢uggn Envelope 10.. 66929948ffjA134FD5-8223-6F904DD4AB7A GREENSLEEVES HOMES TRUST TRUSTEES, RESPONSIBILITY STATEMENT YEAR ENDED 31 MARCH 2025 The trustees (who are also direclors of Gfeensleeves Homes Trust 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 the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice {Uniled Kingdom Accounting Standards and applicable law), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. Under Company law Ihe trustees musl not approve the financial 51alements unless they are satisfied Ihal they give a true and fail view of the slate of affairs ol the charitable company and the group and of the incoming resources and application of iesources. including the income and expenditure, of Ihe charilable group for Ihal period. In preparing these financial statements. the Iruslees are required to.. select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charilies SORP (FRS 102>. make judgements and accounting estimates that are reasonable and prudent. slate whether applicable UK Accounting Standards have been followed, subject lo any material departures disclosed and explained in the financial slatemenl5. prepare the financial statements on the going concern basis unless it is inappropriate lo presume that the charitable group will continue in business. The Iruslees are responsible for keeping adequate accounting records that are sufficient to show and explain the charilable 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 statements comply with Ihe Companies Act 2006. They are also responsible for safeguarding the assels of the charitable company and hence for taking reasonable steps for Ihe prevention and detection of fraud and other irregularities. The Iruslees confirm that-. so far as each Iruslee is aware, there is no relevant audit information of which the charitable company's audilor is unaware., and the Iruslees have taken all the steps that they ought to have laken as trusleès in order to make themselves aware of any relevant audil information and lo establish that the charitable company's auditor is aware of that information. Th8 trustees are responsible for the maintenance and inlegrily of Ihe corporate and financial information included on Ihe charrtable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Qualifying third party Indemnity provisions The company has granted an indemnily io all of ils Iruslees (who are also the directors of the charitable company for the purposes of company law) against liability in respecl of proceedings brought by third parties, Subject to the conditions sel out in the Companies Act 2006. Such qualifying Ihird-party indemnity provisions remains in force as al Ihe date of approving the Report of the Board of Trustees. 12 tkrfJJsign Envelope ID.. 66929948-0Al￿FDs-6223-6F9o4DD4AB7A INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GREENSLEEVES HOMES TRUST Qualifled oplnlon We have audited the financial statements of Greensleeves Homes Trust {the'parent charilable company.) and ils subsidiaries (the 'group') for the year ende(J 31 March 2025. which comprise the Consolidated Statement of Financial Activities. the Consolidated and Charity Balance Sheets, the Consolidated Cash Flow Slatement, and notes to Ihe financial slalemenls, including a summary of significant accounling policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102,, The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements.. give a true and fair view of the slate of the groups and parent charitablè company's affalrs as al 31 March 2025 and of the group's and the parent charilable company's incoming resources and application of resources including. ils income and expenditure for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Slatement of Recommended Practice.. Accounling and Reporting by Charities, 2019 Edition,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for qualified oplnlon The parent charitable company's related party transactions are disclosed in note 6 of the financial slalèi)ienls. The trustees have been unable to identify all related parties and so we were unable lo obtain sufficienl and appropriate audit evidence aboul the completeness of this disclosure. Consequenlly, we were unable to determine whether the disclosure in note 6 of the financial stalements is complete and accurate. We conducted our audit in accordance with International Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibililies under those standards are further described in the 'Auditor's responsibililies for the audit of the financial slalemenls, section of our report. We are independenl of the group and parent charilable company in accordance wilh the elhical requirements that are relevant to our audit of the financial slalemenls 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 oblairned is sufficient and appropriate to provide a basis for our qualified opinion. Con¢luslon8 relatlng to golng Concern. We are responsible for conduding on the approprialeness of the Iruslees. use of the going concern basis of ar,e.ounling and, based on the audit evidence obtained, whether a material uncertainty exists related lo events or conditions that may cast significant doubt on Ihe group's and Ihe parent ¢.harilable company's ability lo continue as a going concern. If we conclude Ihal a material uncertainty exists, we are required to draw attenlion in our report to the related disclosures in the financial statements or, if such disclosures are inadequate, lo modify the auditor's opinion. Our conclusions are based on the audit evidence oblained up lo Ihe date of our report. However, future events or conditions may cause the group or parent charitable company to cease lo continue as a going conGem. In our evalualion of the Iruslees. conclusions, we considered Ihe inherent risks associaled with the group's and parent charitable company's business model including effects arising from the impact ol inflation and the cost of living crisis, we assessed and challenged the reasonableness of eslimates made by the trustees and the relate disclosures and analysed how those risks might affect the group's and parent charitable company'5 financial resources or ability to continue operations over the going conGern period. In auditing the financial slalements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to evenls or conditions that, individually or collectively, may cast significanl doubt on the group's and parent charity's ability to continue as a going concern for a period of at least ￿e1ve months from when the financial slalements are aulhorised for issue. Our responsibilities and the responsibilities of th8 directors with iespect lo going concern are described in the relevant sections of this report. 13 Doojsign Envelope 10.. 66929948-OA134F05-82234F904DD4AB7A INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GREENSLEEVES HOMES TRUST Other inforniation The other information comprises the information included in the Annual Report, other than the financial statements and our auditor's report Ihereon. The trustees are responsible for the olher information conlained within the Annual Report. Our opinion on the financial slalements does not cover the other information and. except to the extent otherwise explici15y stated 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 statements or our knowledge obtained in the audit or otherwise appears to be materially misslaled. If we identify such material inconsistencies or apparent material misslatemenls. we are required to determine whether there is a malerial misslalement in the financial statements themselves. If, based on the work we have performed. we conclude that there is a material misstatement of this other informalion, we are required lo report that fact. As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the disclosure of related party Iransaclions. We have concluded Ihal where the other information refers lo the related party transactions. il may be materially misslaled for the same reason. Opinlon on other matters prescribed by thè Companles Act 2006 Except for the possible effects of the maller described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit. the information given in the Strategic Report and the Directors, report. prepared for the purposes of company law, included in the Report of the Board of Trustees for Ihe financial year for which the financial statements are prepared is consislenl with the financial statements. the Stratègic Report and the Directors. Report included in the Report of the Board of Truslees have been prepared in accordance with applicable legal requirements. Matter on which we are required to report under the Companles Act 2006 Except lor Ihe maller described in the basis for qualified opinion section of our report, in Ihe light of the knowledge and understanding of the group and parent charitable company and their environment obtained in the course of the audil, we have not identified material misslalements in the Strategic Report or the Directors, Report included in the Report of the Board of Trustees. Matters on which we are required to report by exception Arising solely from the limitation of the scope of our work relating lo related party transactions, referred to above.. we have not obtained all the information and explanations that we considered necessary for the purpose of our audit,. and were unable lo determine whether adequale accounting records have been kept. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion.. returns adequate for our audit have not been received from branches not visited by us., or the parent charrtable company s financial slalemenls are not in agreement with the accounling records and relurns.. or certain disclosures of trusteès, remuneration specified by law are not made. Responslbllities of trustees As explained more fully in the Trustees. Responsibilities Slatement sel out on page 12, the trustees (who are also the directors of the charilable company for the purposes of company law) are responsible for the preparation of Ihe financial statements and for being satisfied that they give a true an¢J fair view, and for such internal control as the truslees determine is necessary to enable the preparation of financial statements that are free from material misslalemenl. whether due lo fraud or error. In preparing the financial slalements, the trustees are responsible for assessing the group and the parent charitable company's abilily to continue as a 90ing concern, disclosing. as applicable, mallers relaled lo going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charitable company or lo cease operations. or have no realistic alternative bul lo do so. 14- Do¢usign Envelope10." 66929948-OA134FDS-822>8F904004AB7A INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GREENSLEEVES HOMES TRUST Auditorfs responsibilities for the audit of the financial ststements 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 lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance bul is nol a guarantee that an audit conducted in accordance with ISAS {UKI will always detect a material misstatement when il exists. Misstatements can arise from fraud or error and are considered 'malerial if, individually or in the aggregate, they could reasonably be expected lo inlluence the economic decisions of users taken on the basis of these financial slatemenls. Irregularilies, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedure5 are capable of delecling 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 profil and charity sector experience and discussions with management. We determined that the following laws and regulations were most significant.. Charities SORP 2019, FRS 102 'The Financial Reporling 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 policies and procedures relating lo.. the identification, evalualion and compliance with laws and regulations; the detection and respon8fi to the risks of fraud.. and the establishment of internal controls lo miligale risks related to fraud or non-compliance with laws and regulations., We enquired of management and the Finance and Audit Committee. whether they weré aware of any instances of non-compliance wilh laws and regulalions or whether they had any knowledge of actual, suspected or alleged fraud., We assessed the susceptibility of the group's and parent charitable company's financial statements lo material misslalemenl, including how fraud might occur, by evaluating managemenl's incentives and opportunilies for manipulation of Ihe financial statements. This included the evaluation of the risk of management override of controls. We determined that the principal risks were in relation lo: journal entries that increased reventses or that reclassified costs from the income slalemenl to the balance sheet., potential management bias in determining accountin9 estimates., potential management bias in the revaluation of revalued freehold properties- Our audit procedures involved.. identifying and assessing the design effectiveness of controls management has in place lo prevent and delect fraud., challenging assumplions and judgements made by management in its Slgnificant accounting estimates, such as valuations of certain freehold properties, identifying and lesling journal entries. in particular manual journal entries., In addition, we completed audit procedures to conclude on the compliance of disclosures in the Annual Report with applicable financial reporting requirement5. These audit procedures were designed lo provide reasonable assurance that the financial statements were free from fraud or error. The risk of not delecling a material mi5Stalement due to fraud is higher Ihan the risk of not detecting one resulting from error and detecting irregularities that result from fraud is inherently more drficvlt than delecling those that result from error, as fraud may involve collusion, deliberate concealment. forgery or intentional misrepresentations. Also. the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial stalemenls, the less likely we would become aware of it., Assessment of the approprialeness of the collective competence and capabilities of Ihe engagement leam include¢J consideration of the engagement team's.. 15 Doujsign EnveW10'. 66929948JJA13-4FDS-8223-6F904DD4AB7A INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GREENSLEEVES HOMES TRUST understanding of, and practical experience with audit engagernenls of a similar nature and complexity through appropriate training and participation knowledge of the industry in which the client operates understanding of the legal and regulatory requirements specific to the entity including.. the provisions of the applicable legislation the regulators rules and related guidance, including guidance issued by relevant authorities that interprels those rules., The team communications in respect of polential non-compliance with laws and regulations and fraud included the potential for fraud in revenue reco9nilion, improper use of charitable funds and serious incident reports submitted to the Charty Commission in the period., In assessing ihe potential risks of material misslalement, 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 ils objectives and strategies to understand the classes of transactions, accounl balances. expected financial statement disclosures and business risks Ihal may result in risks of material misstatement. the group's and pafenl charitable company's control environment, including the policies and procedures implemented lo comply with Ihe requirements of its regulator. including the adequacy of the Iraining to inlorm staff of the relevant legislation, rules and other regulations of the regulator. the adequacy of procedures for authorisalion of Iransactions, internal review procedures over the enlily s compliance with regulatory requirements and procedures to ensure that possible breaches ol requirements are appropriately invesli9aled and reported. A further des¢ription of our responsibilities for the audit of the financial slatemenls is located on Ihe Financial Reporting Council's website at.. www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. Use of our report This report is made solely to the charitable company's members. as a body, in accordance with Chapter 3 of Part 16 of the Companies Acl 2006. Our audit work has been undertaken 50 that we might slate lo the Gharilable company's members those mallers we are required to state lo them in an audilorfs report and for no other purpose. To the fullest exlent permitted by law, we do not accept or assume responsibilily to anyone other than the charitable company and the charitable company's members as a body. for our audit work, for this report. or for the opinions we have formed. James Bird Bsc FCA Senior Slatulory Auditor for and on behalf of Grant Thornton UK LLP Slatutory Auditor, Chartered Accountants London Dale.. 2419120 16- Docusign Envelope ID.. 6692994&0A134F05-822&6F9040D4AB7A GREENSLEEVES HOMES TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 31 MARCH 2025 ,124 .124 77,976 474144 31gJfO . 77,976.967 474,944 319370 871m1 2611 3M205 ￿,205 agh21 21 704W2 764A32 TorAL 8•miX45 05,IiIJ 89,1%,165 79￿02•3 301,205 79,970,496 87AO3,171 £OOm la.1fr3J7 79,QOT,651 42•3J49 19h7T 4JII620 6,113J67 187,7a• 18Y,780 79M,6g1 6,113,997 196,242 Réntsl c•3ts 163,789 163.769 2h79MO YOTAL ,rJ2MI 619•81 85X1S1 M,461A19 A81.819 NET INWI(EXFENgryURE) (0,701I0ffj (424ha• (6,128th• (4mJ20 291205 (4J11.1211 Oakn 13 10,783 10,706*0 01812W (42483• 4A£9*17 (4, 13 84•I42 3OX¢,705 39,185,7 J26) 2•1205 (4J11,121) FUNOS AT1 APAIL2024 631118 39 17. FUIthBAT8IlIIAeii￿ 13 39mA82 ￿,203,442 1m323 %206,765 All of the above results are derived from continuing activities. The parent company has elected nol to present ils unconsolidaled SOFA under section 408 of the Companies Act 2006. The notes on pages 20. to 40 form part of these financial statements. 17. Docusiw Envelo￿ ID.. 669299484)A134F05.822MF904DD4AB7A GREENSLEEVES HOMES TRUST CONSOLIDATED AND CHARITY BALANCE SHEETS 31 MARCH 2025 Grou 2025 Chari 2025 Noles 2024 2024 FIXED ASSETS Tangible assets In￿Stment in Subsidiaries 114,393,600 104,170,007 111,100,879 4,885,267 99,850.083 4,462,147 5,12 114,393,600 104,170,007 115,986.146 104,312.230 CURRENT ASSETS Debtors Bank and cash balances 6,271,142 3,005.326 4,620.115 8,222,925 5,849,834 2,879,814 4,597.361 7,854,002 9,276,468 12,843,040 8,729.648 12,451.363 CURRENT LIABILITIES Amounts falling due within one year 10 {8,873.097) {6,845.6681 {8,774,561 {6,573,944) NET CURRENT ASs￿s 403.371 5,997,372 {44,9131 5,877,419 TOTAL ASSEfs LESS CURRENT LIABILITIES 114,796,971 110,167,379 115,941,233 110,189,649 CREDITORS Amounts falling due after more than one year 10 {74,830,389) (74,860.614) 174,830,389) (74,860,614) NET ASSETS 39,966,582 35,306,765 41,110,844 35,329,035 UNRESTRICTED FUNDS General fiJnds Re￿luatIOn reseThe 13 13 2.529.946 36,837,747 7,432.151 26,851,291 3,674,305 36.837.747 7,455,421 26,851.291 13 39,367.692 34,283,442 40,512.052 34,306.712 RESTRICTED FUNDS 13 598,890 1,023,323 598,792 1,022,323 TOTAL FUNDS 13 39,966,582 35,3C6,765 41.110.844 35,329,035 The Charrty'5 Net Loss for the year was £4,659.817 {2024: loss of £4,511.121). Approved by the Board of Trustees and authorised for issue on and signed on their behalf by.. Mr A Richmond - Chair, Greensleeves Homes Trust Company Registered Number 03260168 The notes on pages 2010 40 form part of these financial statements. 18- t)ocusyn Envelope ID." 6G92994￿134FDs422&6Fgo4DD4AB7A GREENSLEEVES HOMES TRUST CONSOLIDATED CASH FLOW STATEMENT 31 MARCH 2025 Ilot pf•vW8d tyiiwé C•gh bl•w• fi•m In¥e•w 46U¥ f8¢8fv40 1181 ¢aghfvw 39057 01 ¢dgh pro¥lded ty l (ugod In) Inveslth• 8¢llvlll•• 7*23,145 C••h 11ow• Ir•m 11n0n￿n9 702•1 Ilo¢t8•h pr•¥la￿ by i (u••d Inl Ihwn¢tho a¢¢MII89 70241 r•wfllnA p8rfod 0322026 2X•,g07 ¢••h •nd ¢o•h 81 and •1 r•Jwth Ro¢on¢lllo¢l•n of no¢ In¢•m• t• n•t¢8•fv flwi fr•m •Mrallfta é¢U¥ltl•• (4￿•,12•). ¢1*H￿?71 270 941883 1120921 soo) <701 #el ￿@h pro¥ldod ty Ilu•éd lft) 0ollvlll8• (1,711AO Caéh at 0222mO The notes on pages 2010 40 form part of these financial statements. 19 Docvsign Envelope10'. 66929948-OA13-4F05-82234F904D04A87A GREENSLEEVES HOMES TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 MARCH 2025 ACCOVNTING POLICIES (a) Basis of accounting GrèenslÈeves Homes Trust is a Company limited by Guaranteè and is incorporated in England and Wales. 11 is also a Charity that conslitvtes a public benefit entity as defined by FRS 102. The financial slalemenls have been prepared under the historical cost convention, with the exception of investments which are included al markel value. They are in accordance with Accountin9 and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102> (effective 1 January 2019) - {Charilies 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 stalements is Pound Sterling. Ib) Judgements ID applying accounting policies and key sources of estimation uncertainty Preparation of the financial statements requires the Trustees lo make iudgemenls, estimates and assumptions concerning the future. The areas of the financial statements that are subjed to these judgements are as follows.. Care home deblors.- An allowance for bad and doubtful debts is maintained in respect of estimated losses resulting from the inabilily of the Charity's debtors lo sellle amounls due. Fixed asset valuation., Freehold properties are held Ljnder the revaluation model. Properties are periodically revalued to 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 Ihal the carrying value of the assets does not differ materially from fair value. Subsequenl additions are slated at cost less depreciation. The existence of impairment indicators is considered by the Trustees al each reporting date, as is the continuing appropriateness of the depreciation policy. Loan measurement.. Fulure payments have been estimated in respect of the loan in computing the effective inleresl rale al inception. with a periodic re-assessment being undertaken of the effective rale as a floating rale instrument based on actual outcomes during Ihe loan term. Subsidiary Loan. A loan was made to Broadacres Care Home Limited lo enable the repayment of mortgage, such that the property could be acquired unencumbered. This loan has been accounted for as part of the acquisition consideration. (c) Income recognltion Residents. care fees, rental income and donations are recognised when the Charity has entillemenl lo Ihe amounts due and their receipt is probable. 11 is accounted for on a receivable basis. Income from investments or bank inleresl is included when re¢eivable and the amount can be measured reliably by the Charity.. Ihis is normally on notification by our inveslmenl advisor or by the bank. Grants are included in the Stalemenl of Financial Activities on a receivable basis. The balance of income received for specific purposes bul not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt. its recognition is deferred and included in creditors as deferred income. Where enlillemenl 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 recognition Expenditure is recognised once there is a legal or constructive obli9ation to make a payment where il can be reliably measured, and it is probable settlement will be required. Expenditure is recognised gross of VAT. Expenditure is allocated lo the particular activity where it directly relates to that aclivbty. Any that is not directly attributable lo one activity is allo¢aled as appropriate. Expenditure on raising funds comprise the fees paid lo the manager ol our investment portfolio and the amortisation of initial costs incurred in respect of the loan5 from Retail Charity Bonds Plc. Rental costs are in respect of a small number of renlal properties owned by the Trust. 20- Oocusign Envelop8 ID." 66929948-OA134FDs-8223-6F￿DD4AB7A GREENSLEEVES HOMES TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 MARCH 2025 ACCOUNTING POLICIES - continued (e) Fixed assets Freehold Property Freehold properties are held under the revaluation model. Propertles are periodically revalued to market value by experienced independent valuers, and revaluations arè based on recognised techniques and supported by relevant market and performance data. Revaluations are conducted with sufficient frequency lo ensure that the carrying value of the assets does nol differ materially from fair value. The effects of revaluations are recorded in the revaluation reserve on the balance sheet. Revaluation gains are recognised as 'Gainslllosses) on the revaluation of fixed assets, within the SOFA, unless thèy reverse a charge for impairment that has previously been recognised as a cost within the expenditure headings of the SOFA. Revaluation losses are recognised as an expense in the SOFA except lo the exlenl to which they offset any previous revaluation gains, in which case the loss is shown in the 'Gainsl(losses) on the revaluation of fixed assels, section of the SOFA. Subsequent to revaluation, further additions to freehold property are capitalised at cost. and properties are depreciated as follows. Each freehold properly value is split into a land element and building element, wilh the building element further analysed be￿een Core (being the Gore fabrication of the building, such as foundations. walls, rooves. drainage) and Renewables (being ilems with shorter useful lives, such as windows, roof coverings, bathrooms, mechanical and eleclrical services). Depreciation is charged on assets that are available for use. Depreciation is on a straighl-line basis as follows: Land Freehold property {Core) Not depreciated over the lower of 50 years or the estimated remaining useful life of the home over the lower of 20 years or the estimated remaining useful life of the home Freehold property IRenewables} other Assets Fixed assets other than Freehold Property are stated al cost less accumulated depreciation. Cost includes the original purchase price and any associated costs directly atlribulable to bringing the asset lo ils woiking condition for ils intended use. Depreciation is charged on assets Ihal are available for use. Depreciation is Charged on a straighl-line basis as follows.. Long-term leasehold property Compuler equipment Furniture and equipment Motor vehicles over the period of the specific lease over three years over five years over four years Where a development at one of our homes is being funded by way of bank finance, any loan interest and associated charges that are attributable to the period during which the works are being undertaken are capitalised as part of the projecl's cost. A review for indicators of impairment of a fixed asset is carried out at each reporting dale to determine if events or changes in circumstances indicate Ihal the carrying value of any fixed asset may not be recoverable. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with the carrying amount. If the estimated recoverable amount is lower, the carrying value of fixed assets and their recoverable amounts are reco9nised as impairmenls. Impairment losses are recognised in the statement of financial activilies. 21 Dccusign Envelope ID.. 66929948.OA134FD5-82234F904D04A87A GREENSLEEVES HOMES TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 MARCH 2025 (fj Investments Investments in subsidiaries are measured at cost less accumulated impairment. The Charity does not acqulre put options, derivatives or other compléx financial instruments. (gl D•btors Debtors include trade debtors. prepayments and accrued income (see note 8). Residential care home debtors ar8 amounts billed lo customers for services bul yel to be received. Prepayments are payments made for goods or services that will be received in Ihe future. These are initialty recorded as assets and amortised over time as the benefit of the prepaid expense is realised. AGGrued inGome corresponds lo revenue earned during the period bul not yet billed lo the customer. (h) Cash and bank balances Cash is represented by e2sh in hand and dep051ts with financial institutions repayable without penalty on notice of not more than 24 hours. (l) Creditors Creditors include trade creditors and other short and long-term financial instruments (see note 10). Accruals are amounts expected lo be incurred for goods and services received during the year bul not yet invoiced. These are recorded as liabilities and released as the expense is incurred. Deferrecl income corresponds lo revenue received in advanced for services not yet delivered. Resident's deposits are amounls charged to residents on admission and returned on leavlng our care. The Trust slopped collectin9 deposits in 2020. til Non4urrent creditors Non-currenl creditors correspond to loans from Retail Charity Bond Plc. Arrangement costs and surplus funds from issuing bonds above coupon are amortised over the lerm of the loan. (k) Funds General funds include all current and prior period retained surpluses and deficits. The revaluation reserve comprises the gains arising from increases in the value of freehold propety. The accounting policy at 1 {el explains when transfers lo the profil and loss reserve are made. Restricted funds compromise donations raised for spe¢ifi¢ projects within Ihe homes. (l) Going concern The Trustees consider that the Trust has adequate resources lo cor)linue in operational existence for the foreseeable future and as such these a￿ountS have been prepared on a going concern basis. Trustees have reached this conclusion through review of detailed forecasting through to March 2027. The base case forecast assumes llal occupancy levels for the duration ol the forecasl.. sales of properties, including those for which sales are currently progressing. and strategic disposals of specific assets. prudenl ost reduction measures arising from comparison of key benchmarks lo industry data,. and a short term revolving loan facility to bridge the position until these remedial actions take effect. This base case forecast shows a cash minimum at September 2025 of £1.7m, with cash rising to £17.1m at the end of the forecast period. 11 is important to note that the past few years have proved challenging for the Trust. Oelayed occupancy recovery, recruitment challenges and broader economic conditions have had a detrimenlal effecl on the organisation's financial position. The Trusl began the year wf(h occupancy levels behind target, due to slower than anticipaled resident build- up in the prior year. While strategic markeling and sales work proved successful in boosting occupancy in some areas, overall occupancy missed the levels budgeted for the year lo March 2025. Similarly. despite several strong inilialives lo reduce agency spend. including improved rota management and control of unit costs, agency spend remained in excess of budget. 22- DocAJ819n Envelope ID". 66929948.OA134F05-822>6F904DD4AB7A GREENSLEEVES HOMES TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 MARCH 202S The organisalion has struggled with these factors for the past couple of years. This, along with the delay lo the sale of Croxley House, has impacted cash and reseNes balances in the year to March 2025. While the Trust started the financial year 2025126 with occupancy levels ahead of budget, occupancy has since dipped below largel. The Trust is working fast lo reslore levels, including through fronlloading and redirecting its marketing investment. In homes where building works are a major element of the occupancy challenges, the Trust is scaling staffing and costs to help offsèt lost revenues. The Trust has arranged a £4m bridging loan facility to support cashflow until the sale of Croxley House, Gloucester House. or olher development sites complete. This 12-monlh facility. extendable 10 18 months if required. reflects the Trust's proactive approach to managing ils financial position. At the same lime, management is undertaking a delailed review of existing operations and margins to ensure the Trust runs efficiently and sustainably, while maintaining the highesl standards of care. Stress tésting of the base case forecast has been ¢arried out, based on a variety of assumplions around occupancy. timings of property sales. and levels of cost reduclion. Testing showed that occupancy could drop 120/0 before going concern was under threat. this being prior lo any associated cost savings. One property Sale is required lo complete prior to Oecember 2025 in order to maintain cash levels. This is deemed highly likely given current marketing activity and progress on agreed sales. On the basis that all expected property sales complete, no cosl savings are required lo maintain going concern lo the end of the forecast périod. Based on this stress lesling, management is satisfied that the Trust has sufficient options available lo il lo navigate these risks and respond accordingly. Options include sale of additional sites, appelile for which has been proven,. increased cosl reduction measures both across the organisalion or locally as required by circumstance,. and extension of the bridging facility. As such, the Trustees consider that Greènsleeves Homes Trust has adequate resources lo continue in operational exislence for the foreseeable future. being a minimum of twelve months from the date these accounts are approved. with no material uncertainlies regarding going concern idenlified. For this reason, these accounts have been prepared on a going concern basis. Im) Pension 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 Ihey are due. Amounts not paid are shown in accruals in the balance sheet. In) Basis of consolidation The Group financial slalemenls consolidate the financial slalements of Ihe Charity and its subsidiary undertakings to 31 March each year. The results of subsidiaries acquired or sold are consolidated for the periods frorn or lo the dale on which control passed. 8usine5s combinations are accounted for under the purchase method. Where necessary, adjuslmenls are made to the financial statements of subsidiaries lo bring Ihp accounling policies used inlo line with Ihose used by the Group. All inlra-group Iransaclions, balances, income and expenses are eliminated on consolidation. INVESTMENT INCOME Grou 2025 Grou 2024 Chari 2025 Charil 2024 Bank interest Inlercompany loan interest 12.092 8,500 12.092 8.500 7,446 12.092 8,500 12,092 15,948 23- OocLJ5ign EnveloFe ID.. 66929948-OA1￿FD54223-8F9O4DD4AB7A GREENSLEEVES HOMES TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 MARCH 2025 EXPENDITURE (a) Analysis of expenditure Other Support Governance costs co*s (note 3c) (note 3d) Staff Other Care costs Costs (note 41 (note 3bl Total 2025 Total 2024 Unreslrlcted funds Charitable activities Residents, cere costs Head Office costs Rental costs 61,855,051 25,748,120 777,374 20,900 87,603,171 79,007.651 4,293,349 5,113,957 187,738 196.242 3,093,114 166,838 422.861 Ralsing funds Co$1 of raising finance 168,835 168,835 163,769 other Loss on ￿e￿d1UatIOn of assets 2,479,558 2.479,558 62,653,325 28,227,678 3,428,787 422,861 94,732,651 84,481,619 Restrlcled funds Charita ble ac*vltle8 Residents, care costs Head Office costs 500,056 500,OS6 19,477 19,477 500,056 19,477 519,533 Total expenditure 62,653,325 28.727,734 3,448,264 422,861 95,252,184 84,481.619 -24- Docusign Envelope ID". 66929948-OA134FDS-822&6F904DD4A87A GREENSLEEVES HOMES TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 MARCH 2025 Ib) Analysis of other care costs 2025 2024 Cha rilable actlvitles Food Medical costs Acti￿ltIeS Care Qualily Commlssion fees Maintenance Cleaning and housekeeping Insvrance Uli1S1ies costs Adminislralion costs Loan interest and charges Leasehold ￿nIS Depreciation Loss on rekolualion 3.442.492 3.109,209 662.328 378,192 885,391 769,344 148,135 233,280 2,977.804 3.366.319 1,517,067 1.254.108 674.986 501,319 2,183,805 2,127,577 1,079,80S 844.640 3,382,448 3.378.351 5,742,388 5,086,293 3.551,527 3.477,533 2.479,558 28,727,734 24.526,165 1¢) Analysis of head office support costs 2025 2024 Professional fees in respecl of deKelopmenl plans HR, health & safely, energy consultancy plus other professional fees Trusl-wide computer senfices Head office running ,cosls Depreciation 414 248,919 293,672 1.945,395 1,733,080 918,277 1,269,693 3,112,691 3.296,859 25. Do¢u5KJn Envelope 10.. 669299484)A134FDM223-6F904DD4AB7A GREENSLEEVES HOMES TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 MARCH 2025 Id) Analysis of governance costs L8gs1 sTrd iiffjf8ssffflal htle69tsrawr￿ y Avrfrff865 IN r Audhoi'$ Gh8wgo9 f8 C6w. at16n Tai* 214554 52e .61012 1nl6ffial8uthi.fè ° ,3TS8LP ITnffjt88 r8c¥a¢lm8rt 18 422A61 404.717 WAGES AND SALARIES Summ8ry of wa0￿ and •al8rf09 allo¢atlon In féJPé¢t 01: R8610éM6' cafe ¢osts Hoad Office co 61,655,051 777,374 54181A IA12J61 19,1 62,653,325 65.913, AnalyJl$ 01 wa0￿ and lalarfes; 46,097,3 4,005,006 1,554,790 212107 8,856,328 712,501 369,205 815,IP3 40,thJO,007 3107,841 1J55.724 349.712 P•nolon Apwénii¢eohlp I Tialnln9 Other J11 62,053J25 55,913,063 Central staff costs are allo¢aled solely lo unrestricted funds with 750/0 apportioned lo residents. care costs and 250/D lo head office ¢osls. Each member of central staff will support homes in varying degrees,. some fully and some to a much lesser exlenl. Therefore, this split is considered an appropriate alloGalion. 26. Docusign Envelope10'. 86929948-OA134F05.82234F904DD4A87A GREENSLEEVES HOMES TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 MARCH 2025 As at 31 March 2025. total pension conlribulions still to be paid over to employees, policies amounted lo £247,629 (2024.. £221,537). The average number of persons employed during the year was- 2025 FTE 2026 Number 2024 FTE 2024 Number Residents. care Head office- Homes. support Head office- Central administration 1,309 1.778 so 17 1.281 39 13 1,636 47 16 15 1,368 1,845 1,333 1,699 The number of employees whose emolumenls amount lo over £60,000 in the year was as follows.. Numbor Numbér £60AOI lo £70,000 £70,001 to o.ooo £80,00110 £90,000 £90,001 to £lOO,000 £100,001 to £110,000 £110.00110 £120,000 £130,00110 £140,000 £140,001 ¢0 £150,000 £180,001 t• £190,000 £210001 to £220,000 11 10 Pension contributions paid on behalf of the 46 employees above for the year amounted to £262.270 (2024.. £262,899 for 44 employees). Key management personnel consist of the Chief Executive, Chief Financial Officer, Director of Quality and Compliance, Director of Business Development, Director of HR, Director of Digital Transformation. and two Divisional Directors, whose tolal employment benefits for the year including employer's national insurance and pension conlribulions were £1,187,088 {2024'. £1,199.942}. 27- Docusigm Envelope 10.. 66929948-OA134FDS-8223*F904DD4A87A GREENSLEEVES HOMES TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 MARCH 2025 SUBSIDIARY UNDERTAKINGS The following were subsidiary undertakings of thè Trust.. Name Company Number 02898839 Registered Office Class of Shares Ordinary Holdlng Greensleeves Develo menls Limited Broadacres Holdings Limited Greensleeves Homes Trust, 138 Chea side London En land EC2V 6BJ 138 Cheapside, London. England, EC2V 6BJ 11161346 Ordinary 1 OOaA Indirect Subsidiaries of the Trust. being subsidiaries of Broadacres Holdings Limrted.. Name Company Number 09185042 Reglstored Offlce Class of Shar68 Ordinary Holding Broadacres Care Home Tradin Limited Broadacres Care Home Limited 138 Cheapside. London. England, EC2V 6BJ 138 Cheapside. London. England, EC2V 68J 1 OO0h 09185042 Ordinary 1000 During the prior year, Ihe Trust acquired Ihe Broadacres Group, Gonsisling of Broadacres Holdings Limited and ils subsidiaries Broadacres Care Home Limited, and Broadacres Care Home Trading Limited. The Charity's investment in subsldiaries is summarised as follows.. Non-E Investments Investments Total Cost Al 1 April 2024 Addrtions duriry the year 3,753,582 708,565 423,120 4,462,147 423,120 At 31 March 2025 3,753,582 1,131,685 4,885,267 At acquisition. a loan of £701,117 was made to Broadacres Care Home Limited lo enable the repayment of a mortgage, such that the property could be acquired unen¢umbered. Interest is being charged at 30/0 above the Bank of England base rate. During the year, Greensleeves Homes Trust received income and made payments on behalf of Broadacres Care Home Trading Limited, equating to a nel loan lo Broadacres Care Home Trading Limited of £423,120. Both loans are shown within Non-Equily Investmenls. TRUSTEE AND RELATED PARTY TRANSACTIONS The Trustees received no remuneration for their services during the current or prior year. 7 tiustees were reimbursed a lolal of £1,970 for travel expenses incurred during the year (2024.. 5 Iruslees, lolal £1,338). Chris Doherty was erroneously appointed as a director at Companies House on 6 February 2025. He did not fulfil Ihe iole of a Trustee during his period of appoinlmenl. His resignation as a direolor is being submitted lo Companies House to correct this error. During his appoinlmenl. his remuneralion including employer pension contributions lolalled £27,455, but this was solely in relation lo his role as CFO and Acting CEO. During the year, Greensleeves Homes Trust received income and made payments on behalf of Broadacres Care Home Trading Limited. equating to a net loan lo Broadacres Care Home Trading Limited of £423,120. Al the year end, £423,120 was recognised in fixed asset investments in relation to this loan. 28- D￿Sh3n Envelop¢ 10". 669299484)A134FDS4223.6Fg)4DD4A87A GREENSLEEVES HOMES TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 MARCH 2025 TANGIBLE ASSETS- Group and Charity Group: f#vNi¢dr¢ gnd 2024 Otspogalg duflng Iha y•or ng thé yaar Revaluauon Wthn otl durtng yaar 98m.129 6*IIJ74 2>GA70 6,968.736 206.722 116XlllmO (83*1• 9 6A7aA70 1,686A13 1J07mO 1331811 686A83 (n3,889) At al Mar¢h 2026 lo4￿￿ 8h78.800 8164869 OP11019 206A17 128,726310 A¢ l Aprll 2024 Ob￿019 durfftg the year Ch8roé for Iha year R0¥alu4Uon off Ourtng yéar 2,860.107 6082aJ 1,762,086 OA69W6 202,1106 10*1,Vf 9,076) 9,076) 263.rn 636,641 739,808 1,011 8N1*28 . (4•92AO) (4,289260) (733,399) A¢al Maffh 2026 4701 •21W 2A69m1 6W6,849 2tr3,916 9*1,710 ttroak Va￿ at 81 Mar¢* 2026 104,093,110 7WAII 1304,MO 1MaO,070 2,701 114A93AIO Héi bools valua at 31 IAarth 2024 96,109,962 6*63M4 618A84 IW93 8,717 104,170,LkV Freehold property includes £36.7 million of land (2024: £34.6 million) which is not depreciated, -29- Oocusign Envelop•10'. 66929948-OA134F05-8223-6F904004A87A GREENSLEEVES HOMES TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 MARCH 2025 Charity: Long lerm leasehold Computer ro ert mon Furnlture and Freehold ert Motor ehl¢les ro ui Total Cost Al 1 April 2024 Disposals during the year Additions duriNJ Ihe year Revaluation Written off durirvJ year 94,666,437 6,511,874 .2,363,152 6,946,627 {33,612) 1,967,076 1,132,665 203,916 110,692,006 133,612) 5,081.076 5,426.518 {733.399) 1.580,500 5,426,518 400.835 {733,399) At 31 March 2025 101,673,455 8,478,950 3,462,205 6,614,063 203,916 120.432.589 Depreciation Al 1 April 2024 Disposals during the year Charge for the year ReValuat￿n Written off durirvJ year 2,860,167 658,220 1,752,086 5,369,445 (29,076) 636,541 202,005 10,841,923 {29,076) 3,476,350 14.224,088) {733,399) 1,834,266 (4,224,088} 263,729 739,903 <733,399) At 31 Mareh 2025 470,345 921,949 2,359.551 5,375,949 203,916 9,331,710 Net book value at 31 March 2025 101,203,110 7,557,001 1,102,654 1,238,114 111,100.879 Net book Val￿ al 31 March 2024 91,806,270 5.853,654 611,066 1,577,182 1,911 99,850,083 Future capital expenditure contracted for at 31 March 2025 bul not provided for in these a¢¢ounts amounted to £nil (2024.. £nil}. None of the above assels are used as security for the Trust's borrowings. DEBTORS- Group and Charlty Amoun¢9 due wlthln ono year. fdéhfja ¢afe hom8 Oth•f dgtslW• ,767 482,924 1,327A51 .003 4J61610 162,316 161 9.797 7,176 162,316 1,SSTMTI In￿￿1¢ 1325525 0371,142 4.620,116 5040ml 4,507,%1 Do¢u$ign Envelope10.' 66929948-OA13-4F05-822MF904004A87A GREENSLEEVES HOMES TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 MARCH 2025 BANK AND CASH BALANCES Cash and cash equivalents are Comprised of.. Grou 202S Grou 2024 Chari 2025 Chaiil 2024 Cash at bank and in hand 3,005,326 8,222,925 2,879,814 7.854,002 3,005,326 8,222.925 2,879.814 7,854,002 10 CREDITORS- Group and Charity Chari 2024 2025 2024 2025 Amounts due within ono year: Trade creditors Other creditors an(J accruals Deferred income Residents, deposils 3,287,512 2,498,977 3,086.519 89 3,003,691 2,942,744 365.785 533,448 3,284.657 2,403,296 3,086,519 89 2.995,246 2,726,360 365,785 486,553 8,873,097 6.845.668 8,774,561 6,573,944 Amounts due after more than one year: Loans from RC8 Bonds PIC Due 30 March 2026 Due 17 December 2030 49,829,704 25,000,685 49,859,809 25,000,805 49,829,704 25,000,685 49.859.809 25.000.805 74,830,389 74.860,614 74,830.389 74,860,614 Deferred income relates to fee invoices raised, or monies received, before the year end which cover periods in the following year. The amount of £365,785 al the end of 2024 was released in full in the year ended 31 March 2025. During the year, the decision was made lo return deposits to residen15. The Trust no longer requires deposits. and it was therefore deemed appropriate lo return deposits to residenls who had paid them on admission. 31 Oo¢u$ign Envelope ID.. 66929948ijAl￿FDS-822￿GF9O4DD4A8FA GREENSLEEVES HOMES TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 MARCH 2025 Loan from Retail Charity Bonds PIC - Due 30 March 2026 On 30 March 2017. RCB Bonds PIC {RCB Plc) launched the Greensleeves Homes Trust Retail Charity Bond which was issued through their Retail Charity Bonds plarform 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 wilh a maturity date of 30 March 2026 and the option to extend the term by a further iwo years. 11 has a fixed rate of interest of 4.25 /.. All funds raised were loaned to the Trust on the same terms as the bond. Interest is paid six monthly in arrears. There is an annual arrangement fee al an inilial rate of 0.111/0 of the loan which is payable six monlhly in advance. This fee is subject to a yearly increase in line with the Retail Price Index. Since the inilial 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 to the Trust in the respective years al the same terms as the original advance. The effective interest rate of the tsvo retained bonds tranches is lower than the 4.25 /0 as both were issued al the price the bond was trading at when they were issued. In lolal, costs in respect of all tranches of £599.937 have been capilalised and are being amortised over the term of the loan. £70,288 has been released lo the Slalemenl of Financial Aclivilies in the current year (2024= £70,481). Loan from RCB Bonds PIC- Due 17 December 2030 On 17 Oe¢ember 2020. RCB PIC launched a second Greensleeves Homes Trusl Retail Charity Bond. Similarly to the firsl bond above, Ihis was issued through their Retail Charity Bonds platform and is listed on the London Slock Exchange undér Slock 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 with an expected malurily dale of 17 December 2030. There is the option lo extend the term for a furiher years. It was issued al a fixed rale of interest of 5•/o. The entire £1 Sm of the initial issue wa5 loaned lo the Trust on the same terms as the actual bond. Interest is lo be paid six monthly in arrears. There is an annual arrangement fee of 0.1 % payable six monthly in advance which is subject lo an annual increase in line with the Retail Price Index. The retained portion of £10m was drawn down in 2022. The effective interest rale of the retained bonds tranche is lower than 5.OOO/t* as il was issued at the price the bond was trading al when they 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 Stalemenl of Financial Activities in the current year {2024'. £120}. 32. Docus19n Envelope 10". 669299484JA134F05-822MF904004A87A GREENSLEEVES HOMES TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 MARCH 2025 The movements on the loans during the year was as follows-. AJ ￿ i Aprt2tr24 760OOmO 76,QO0.000 A• ol JI Iltsf¢h IOZI 60W•• 25100000 16000000 75,000,000 cap￿11*04 6••1• A• •1 l Aprt2024 1140,1911 IIOOa9• 1139,J60) (209.747) 1100,393) 70,100 70,3•1 A• 8¢ Jl M4r¢h 2•ZS 117089• 116•MII) <139,3U) 0olJn¢• •hown In th• bal•nM •1￿•¢ 49029,701 26WOW 74,6JO,300 74110*14 80th loans are unsecured and have main covenants. At the year end the total amount of loans outstanding was repayable as follows.. Grou 2025 Grou 2024 Charit 2025 Charrt 2024 Oue within one year OLE between two five years 49,829,704 49,859,809 49,829,704 49.859,809 ol￿ afler fflore than five yeafs 25,000,685 25,000,805 25,000.685 25,000,805 74,830,389 74,860,614 74,830,389 74,060.614 The above table assumes that the 2 year extension option is taken on the £50m Retail Charity Bond expiring March 2026. 11 OPERATING LEASES- All Charlty All operating leases are in respect of property, 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 Meadowcioft, in Tooling, London, Henley House in Ipswich, Suffolk, and our Head Office in London. Rents paid in the year and recognised as an expense in these financial statements amounted to £6,084.649 (2024.. £5,453.084) split De Lucy House £586,181 {2024= £564,866). Lavender Fields £1,029.971 {2024.' £995,004)., The Orchards £670.856 (2024.. £647,684),. The Manor£735.738 {2024.' £711,339),. Buckler's Lodge £1,039,645 (2024: £994,882)., Head Office £342,261 (2024.. £366,791),. Henley House £808.457 (2024: £165.761). The Meadowcroft £871,540 (2024: £1.006.757) 33- Dctusign Envelo￿10.. 66929948-OA134FD54223fjF904D04A87A GREENSLEEVES HOMES TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 MARCH 2025 At the balance sheet date, the Charity had oulslanding ¢ommitments for future minimum lease payments under non-cancellable operating leases which fall due as follows.. Due V•ithin one Due v￿thin two to ear five Due after live ears Total De L￿Y House Lavender Fields Orchards B￿k[e. 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. Recognised amounts of Identifiable assets acquired and liabilities assumed Fair value Book value adjustments Falr value Flxed As8ets Freehold property Computer equipment Furniture and equipment Motor v8hicles Intangible assets (goodwill) 1,942,959 2,318 12,107 1,806 115,260 2,360,733 4,303,692 2,318 12,107 1,806 1115.260) 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 Tota l Assets 2,482,529 2,245,473 4.728.002 Credltors Trade credilors Other creditors and accruals Deferred income Residents, deposits (2,152> (224,260) 12,152) (224.260) (46,895} {46,895) Totsl Identlfiable net assets 2.209.222 2,245,473 4,464,695 Goodwill Tota I purchase Consideration 2,209,222 2.245,473 4.454,695 The adjustments made on acquisition correspond lo the write off of goodwill and the revaluation of the property asset to fair value. The Broadacres Group has yel lo be hived up into Greensleeves Homes Trust. and therefore the activity of subsidiaries is consolidated into these financial slatements. 35- Dr￿usIgn Envelope ID.. 66929948.OA134FDU2234F904D04A87A GREENSLEEVES HOMES TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 MARCH 2025 Consideration Consideration paid (cash) Loan advance paid {cash) Oeferred consideration Icashl Costs of business combination 3,073.398 701.117 477,880 202,300 4,454,695 Deferred Conslderation Underthe purchase agreement, an amount of£250k was payable on the anniversary of the acquisition. which was paid during the year ended March 2025. A lurther amount of £278k was paid following finalisalion of the completion accounts of the Iransaclion. Consolidation results The results of The Broadacres Group since acquisition are as follows.. PAQFIT AND L088 Twnov8r 1879M6 12aM6 (402A¥ 49*26) Im,ra 83 <119211) (1C¢314 1 (22J2• 36- Do¢usign Envelo￿ ID." s692g948￿A134FDS4223*F904Do4AB7A GREENSLEEVES HOMES TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 MARCH 2025 2A60940 2m4I51 2A•)J40 W4101 Oeblots 421307 t2,701 646.717 oft• yeaf IlJ24hl• TOTALAG8ET8 LE88 l.m294 1185,788 CAEOffOA8 faithg 8114f nwe th3n year (lenernl fuiids 814ce ca I,m,154 I,￿994 1885,703 TOTAL PUND9 1865,78• 37- Oo¢us¢gn Envelope ID.. 669299484jAl34FD5422￿F904DD4AB7A GREENSLEEVES HOMES TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 MARCH 2025 13 FUNDS- Group Transfer betweèn At 31 March Funds 2025 Al 1 Aorll 2024 In¢ome Ex nditure Unr8Stricted General furyjs Revalualion reserve 7,432,151 89.031,065 {94,732,651) 799,380 2,529,945 26,851,291 11,267,303 1481,467) 1799.380} 36.837,747 Total unrestricted funds 34.283,442 100,298,368 {95,214,1181 39,367.692 Restricted Reslricled Itmds 1,023,323 95,100 {519,5331 598,890 Total restricted lunds 1,023,323 95,100 1519,533) 598,890 Total fund$ 35,306,76S 100,393,468 {95,733,6511 39,966,582 38- Docusign Envetote ID.. 66929948-OA134FD5-822MF904DD4A87A GREENSLEEVES HOMES TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 MARCH 202S FUNDS- Charlty Transfer between At 31 March 2025 At 1 Aprll 2024 Incorne Ex nditure Unrestri¢ted GerEral funds Revaluation reserve 7,455,421 87,551.510 (92,132.006) 26,851,291 11.267.303 1481,467) 799.380 3,674,30S (799,380) 38,837,747 Total unrestricted funds 34,306,712 98,818,813 (92,613,473) 40,512,052 Restrlcted Restricted funds 1,022,323 96,002 (519,533) 598,792 Total restrlcted funds 1,022,323 96,002 1519,5331 598,792 Total fund8 35.329,035 98.914.815 {93,133.0061 41,110,844 General lunds are unrestricted funds held for Ihe general objects of the Twsl's work. The revaluatlon reserve represents the remainder of the inciease in freehold homes property values that arose on transition to FRS 102 and the adoption of a deemed cost valuation, plus subsequent revaluations following the change of accounting policy lo revaluation model for freehold property. The Iiansfer between funds relates lo additional depreciation charged as a result of revaluations. Restricted funds represent donations received for particular purposes, sinkin9 funds held on account, and monies raised by each home lo be spent on specific projects and activities in that home. 14 ANALYSIS OF ASSETS BETWEEN FUNDS- Group Restricted Revaluation funds reseNe General funds Total Fixed assets Other current assets Current liabilrties Long term liabilities 36.837.747 77,555,8S3 114,393,600 8,677,578 9,276,468 {8,873,0971 18,873,097) 174.830,3891 174,830,389) 598,890 Totsl net assels 598,890 36.837.747 2,529,945 39.966,582 39- Docusign Envelope ID.. 66929948-OA134F05-8223-6F904004A87A GREENSLEEVES HOMES TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 MARCH 2025 ANALYSIS OF ASSETS BETWEEN FUNDS- Charity Restricted Revaluatwi funds reservo General unds Fixed assets otker CLrrern assets CLff rent liabilities Lory term liabilities 36,837,747 79,148,399 115,986,146 8,130,856 8,729,648 (8,774,561) 18.774,561} (74,830,389) 174.830.389> 598,792 Total net assets 598,792 36,837,747 3,674,305 41,110,844 15 ANALYSIS OF NET DEBT- Group iApO A181 eash * b8flk and lft Iiano Loafi0 11offl R8ts11 Ch8rny 8on* P 62W16 (63171 70,188 74*XI,889 70,10• 7T•S,715 16 TAXATION Greensleeves Homes Trust is a registered charity and is exempl from taxation on ils income and gains lo the extent they are applied in pursuance of ils charitable purposes. 17 CONNECTED ENTITIES The following entity is connected lo the Trust by virtue of common or related objects or by unity of administralion.. W R V S Trust- A charilable Trust supporting the activities of Greensleeves Homes Trust and the Royal VolLJnlary Service whose responsibility is lo distribute legacies on receipt to the appropriate legalee. There were no transactions during the year. 18 POST BALANCE SHEET EVENTS Since the year end. Gloucester House in Sevenoaks received a CQC rating of Inadequate. Following notification from the regulator and mulliple and suslained challenges facing the home including with recfuilment, in July 2025 the Trust made Ihe difficult decision lo start a managed closure of the home. Residents were supported lo move to alternative facilities, in¢luding within Greensleeves Care, and staff were relocated within Ihe Trust where possible. Closure was completed on 3rd September, and the sile will be sold. In September 2025, lite Trusl entered into an agreement for a £4m revolving loan facilily, lo support the cash position until property sales are completed. This is a 12 month facility with an optional 6 rnonlh extension. .40-