Registered number.. 04425107 Chority number: 1091937 The Yordley Greot Trust Grovp Trustees, Report ond Flnoncial Stotemenls For the perlod ended 31 Morch 2024 tyIDAINS > AUDIT 'ADB T46XZ* 1710912024 COMPANIES HOUSE A15 #123 The Yardley Great Trust Group (A company limlied by guarontee) Contents Poge R•ferenc• ond Admlnlslrotlve Detolls of the Grovp. Its Trustees ond Advlsers Trustees, Report Ind•p•nd•nt Audltor's Aeport on ih• Flnonclal Siot•rnents 17.21 Statemeni of Finondol Activitles 22 8alan¢• Sheet 23.24 Statement of Cash Flows 25 Not•$ to ihe Flnanclol Siatem•nt8 26-55 Th• Yardley Great Trust Group {A company limited by guarontee) Aeference and Administrotive Details of the Grovp. its Trustees and Advisers For the period ended 31 March 2024 Trustees Reverend L Goston. Choir Mrs J O K Holi, Deputy Chalr {reslgned 27 June 2023) Mr R Jones (resigned 27 June 2023) Mr S Als (re51gned 14 Morch 2024) Reverend T N Crowe Reverend N Boumenjel Reverend J G Richords (reslgned 27 Jurie 2023) Mr A T Veitch Covnclllor D Horrles Counclllor P C Tilsley Ms R Beovm ,Mr Z Iqbal (oppointed 16 Januory 2024, reslorbed 12 June 2024) Mr E Fifelld (oppoinled 16 Jonuory 2024) Company regislered nvmb•r 04425107 Chorlty r•glst•r?d nvmber 1091937 R•glst•r•d offlc• 31 Old Brookside Yordley Fields Rood Birmin9hom West Mbdlonds 833 8QL Chlef executive officer Mr D Healey Independent ovdltor Doins ALtdil Llmited 2 Chomberloln Square Porodlse Birmlnohom B3 3AX Bankers Lloyds Bonk plc 125 Colmore Row BIrr￿nghorn 83 5SF Page 1 The Yardley Greot Trust Group (A ¢ompany limited by guorontee) Reference ond Administrative Oetalls of the Group. its Trvstees and Advisers (continued) For the perlod ended 51 Morch 2024 Solicitors Anthony Collins Sollcitors LLP 134 Edmvnd Street 8irminghom 83 2ES 8robners LLP Horton House Exchonge Flags Exchonge St E Llverpool L2 3YL Inv•stm•nt advls•r$ Evelyn Partners LLP 105 Colmore Row Birminghom 85 3AG Poge 2 The Yordley Great Trv$t Group (A company limited by guarantee) Trustees, report For ihe perlod ended 31 Morch 2024 The Trv51ees present thelr onnual report together wilh Ihe oudiled financial slotements ol the Group for the period 1 Jonvory 2023 10 31 Morch 2024. The Annuol report serves the purposes of both o Trustees, report and a directors, report under company low. The Trusiees confirm thot the Annvol repon ond finonclol slotements of the chorilable compony comply wlth the current stotutory requirements, the requirements of the chariloble compony's 9overning document ond the provlslons of the Stotemenl of Recommended Proctlce (SOAP) applicable to chorilies preporlng Ihelr occovnis in occordonce wllh the Flnonciol Reporting Stondord oppllcoble in the UK ond Republic ot Irelond (FRS102) (effective l Jonuary 2019). Structure, gov•rnanc• and monag•ment a. Constitutlon The chorSlable compony Is odmlnlslered in accordonce wlth the Memorondvm and Artlcles of Associoiion doled 8 Moy 2020. The nome of the compony wos chonged from Yordley Gronge Core Servlces lo The Yordley Great Trust Group by a speciol resolution doled 9 November 2018. The moln oblecis of the chorltoble compony ore the relief ond core of the elderly ond/or disobled persons Including but not exclusively by the provislon of core servlces inclvdlng doy core and oulreoch services ond the moSntenance ond management of nLtrsing homes in the West Midlands oreo. the provlslon of and mano9emenl of olmshouses, the relief of hordship or dlslress ond the monagemenl of olloimenl lond. On 1 March 2019. the chariloble company was by order of the Charity Commlssion oppointed os corporate trvstee of the lollowing choritles... Yardley Greol Trust Is admlnlstered In accordance with the Charity Commission Scheme doted 18 Februory 1987 ('Ihe Scheme'> os omended by further Schemes doled 19 November 1990. 8 December 1993, 1 July 1997. 17 October 2000 ond 10 Februory 2011. Under the 1997 Scheme. the Truslees hove the power to ornend certoln clauses In the 1987 Scheme ond Trustees hove vsed thot power on vorious occosions. Ils moin obiecis ore to poy gronls io relieve poverty. to provide ond molntoin almshouses (houslng for people in need), ond lo provide social care for people in need. The Trust monoges 195 Independent dwelllngs for older people and a core home wlth 20 bedrooms. oll for older people. Th The chority was established by Will doted 24 Moy 1701. The devolutlon ol fvnds Is now governed by a Deed of 18 February 1987. The income from Ihe charity ofier ollowing for repoirs ond other outgoings is to be applied os follows.. (o) One quarter of ihe net onnual income to be poid io the Vicor of the Ecclesiosticol Porish of Si Edbvrgho. Yordley. for hls (or her) own vse ond benefit. (b) Three qvorlers of the net onnual Income to be paid to Yordley Great Trust Tr The Yardley Greot Trust Grovp took on the monagement of ihe Colehoven Trvst from Elizobeih Flnn Homes In March 2019, following a temporory orrongement when fovr trustees monoged the chority belween October 2018 ond March 2019. Poge 3 The Yardley Greot Trust Group (A compony Ilmited by gvarontee) Trvstees. report (contlnved) For ihe period ended 31 Morch 2024 Structvre. governance and management (continued) The Colehaven Trust is managed in accordonce wlth o deed doted 30 December 1950 os amended by a deed of omendment doted 11 July 2019. Its objetts ore to provide ond monage housin9 lor people In need and there ore currently eleven dwellings ond o residents. lounge. nl The Grey Gobles Trvst is monoged In occordonce with a deed doted 10 July 1944 Os omended by o Chorily Commlsslon scheme doted 25 Jonuory 2019. Its maln object Is to provide. equlp ond molntain one or more Homes on o communol basis or otherwise for elderly people who by reoson of insufflcient meons or oge. Infirmity or otherwlse ore unable entirely to support themselves. The chorlty runs o forty bedroomed care home In Acocks Green. Blrmlnghom. On 9 Moy 2019. the obove-menlboned chorlties were Ilnked by the Charlty Commlsslon lo the Yordley Greol Trust Group. b. Methods of appolniment or eleetlon of Trustees The Board of Trustees of the Yordley Greol Trv5t Group conslsts of o mlnlmum of three ond o moximum of twenty people. Al the Ilme of ihis report. there were 8 oppolnled trustees, There are three colegorles of Trustee.. ex.offlcio (oppolnted dve io the office they hold), nominotive (nomlnoted by Blrminghom Covncil) ond co-opted. Co-opted trvslees serve untll Ihe fifih onnuol 9enerol meellng lollowing thelr co.optS0n. The Trustees who served os o'Boord of Truslees, durlng the yeor ond io the dole of Ihls report are Ilsled on page l. c. Organlsatlonal structur• ond deelslon-mokln9 pollclej The 8oord ot Trustees meels fovr times per annum, when Trustees wlll conslder lorger gronl oppllcallons. recelve reports from the Commiltees. the Chief Execvtlve and the Monogers.. ond opprove policles. There Is one Commillee thol meets regulorly the Flnance and Perlormonce Commlttee. This Commlttees meet quarterly io monltor performonce ond revSew policies, maklng recommendations for chonge os approprlale to the Boord of Trvslees. Another Committee. the Appeols Commillee. meets 05 ond when necessory lo heor oppeols from staff ogoinsi disciplinary actlon and oppeals from residenls or clients of the Group ogoinst decislons made by Trv5t mano9ers. Before the slorl of eoch flnonclal yeor. the Trv51ees consider ond opprove on onnuol plan ond o budget for the forthcoming yeor based on the longer-lerm Strategy for the Trvst. The onnvol plon reviews the Group's cvrrent alms. objectlves ond performonce ond proposes short- ond longer-terrn objectives, tO9eiher wilh long term flnancial projections. Following bvdget approvol by Trustees. the Grovp's monogers ore responsible for monaging the approved budget lor thelr area ol responslbllity In occordonce with comprehenslve finonclal regvlallons, which ore reviewed onnuolly. The Finonce Monager presents o detoiled bvdget monitoring Stoiement to the Finance and Performonce Committee every quarter ond the Boord of Trvslees receives o svmmory bvdget report every qvarter. Policles ore mointoined coverlng oll ospecls of the Group's operalions. Where necessory ond opproprlaie. pollcles hove incorporoted delegation of decision making to staff. together with reporting procedures so thot Truslees con ensvre Ihol declslons mode ore In line wilh policie5. M051 pollcles ore svbjecl io either on onnuol. bi-onnuol, or tri-onnuol review and incorporote where oppropriole legal requlrements such os Government Re9ulations. ond best proctice. such os Slondards for Almshouse Management, pvblished by the Almshouse Assoclatlon. The Chief Execulive hos prlme responsibility for ensvring thot policies and strategies of the Trvstees ore implemented properly but in practice much of Ihe responsibility is delegated to the Executive Team and Managers. Poge 4 The Yordley Great Trust Group (A company Ilmbted by guarontee) Trustees. rèport (contlnued) For the perlod ended 31 March 2024 Structure. governance and management (contlnued) d. Pollcles adopted for the Induction ond irolnlng of Trvstees Any vocancy omongst co-opled Trustees is advertised in Itxol Covncil Neighbovrhood Offices ond Citizens Advice Bureou offlces ond online ot Doil.org os well os belng circuloled lo locol communlly groups. An oppointmeni ponel considers oll oppllcotions wlth reference to o person specificallon ond mokes recommendotions to the Boord of Trusiees. who make the decision on whom to oppolnt. Trustees hove corrled out o skills oudit. whlch is used io Indlcote skllls gops thol may be Iiiied by trustees undertoklng speciflc trolning and token into conslderatlon when making new appointments. Any vaconcy ornongst nominoled Trvslees is filled by 8irmlnghom Covncll. Any voconcy omongsi ex- officio Trustees is fllled when a new Vicar Is oppointed. New Truslees receive one full doy's indvctlon thot includes meeting senior and other staff. Each new Trustee Is glven o copy of the governlng document, Ihe Group's cvrrenl corporote plan. the Group's Code of Conduct lor Trustees. role description, lotest onnuol report. the Charlly Governance Code and varlovs Chorily Commission liierolure oimed ot Trustees, Ongolng Irolnlng Is offered lo all Trustees. e. Financlal rlsk management and Internal finonclal control The Board Is responslble for approvlng a rlsk monogement opprooch, This wlll include settin9 the Trust's rlsk appetlte as well as the processes to Ideniify measure. monitor and mltl9oie rlsks. The 8oard of Trustees will carry oul O qLlOrterly revlew of strateglc and operotlonol rlsks reported In the Rlsk Reglsler ond on onnuol revlew ol Ihelr rlsk oppetlle. The Boord is the ultimate owner of the rlsk strote9y and ony mlllgoting Ociions in respect of risk. As port of the Trust's commStment to good rlsk mono9ement prociice. every 5 years (as part ol ihe development of a new Slroteglc 8uslness Plan) or in response to o chonge In charltoble objectlves or over 25% tvrnover In Trv5tees. Trustees ond senlor stoll wlll work tO9eiher to identlfy ihe rlsk oppelite In order lo Inflvence how we opprooch one of our key volves 'ombition', os well os stralegic plonning, orgonizotionol manogemenl onol new developments ond opportunities. 11 is Imporlont Ihot we undertoke o bolonced ossessmenl of rlsk ond lo recognise Ihol Sn many coses, Ihere ore rlsks ottoched to both doirbg something and dolng noihing. This exerclse will enoble the Trvsl to develop o cleor sirotegy thol Is understood and sets otst the authorllles ond Ilmltollons wiihin which the Trusts Board, Commlttees, the Executlve Teom and staff learns con moke declslons. Indicotlng.. o. the oreos where we shovld step out ond be innovalive, b. Ihe oreos where we 5hoL*ld be conservatlve ond compllont in ovr aclivilies., ond c. the "lines. across which the Trust Boord ond Executive Team do not wish to cross. and where the Execvlive Teom ond Board would need lo be noiifled. In meeting Its responslblllties, the Trvsl hos adopled o rlsk-based approach to internol controls which ore embedded within the normal monogement and governonce process. This approoch includes the regulor evolvotion of the nature ond exlenl of risks lo which the Group is exposed. Inlernol finonciol conlrol, by its noture. provides only reosonoble and not absolute ossvronce ogoinst moierlol mlsstaiement or loss. The Trvstees hove reviewed the effectiveness of the internol control system whSch is deslgned to provide reasonable but not obsolute ossuronce, for the period from 1 Jonvory 2023 10 31 Morch 2024. Poge 5 The Yardley Great Tru$f Group (A compony limited by guarantee) Trvstees, report (continued) For the period ended 51 March 2024 Structur•. governance ond monogement {continued) The followin9 mechonlsms hove been In force whlch are deslgned to provide effecllve internal control., clearly deflned monogement and reportlng structures: finonclol regulations for stoff.. monogement informotion ond occounting systems with quarterly reportlng of flnonciol resuhs.. onnuol plons. forecosls ond development plons,. ond monitorlng of the control sysiem by Internol Auditors reporting to the Finance ond General Purposes Committee. f. Governanc• The trustees endorse Ihe Chorlty Governonce Code. Poge 6 The Yardley Great Trust Group (A company limited by guoranlee) Truslees. report (continved) For the period ended 51 Morch 2024 Objectives. activlties. achlevements and performance a. Policies ond objectives The Objects of ihe Chority. which are for the public benefit. ore speciflcolly restricted to ihe following.. The Ifusiees mau let the whole or ony part of the ollorment lond belonging lo the charlty Identlfled In the Scheme of the Chorlly Commission of 1987. to persons in need who ore resldent in Ihe oreo of benefit for use os allotments ot such renls os Ihe trustees consider opproprSate hoving regord to the cost of odmlnlsiering the Yordley Greot Trvst oncl moinloining the sold lond. Wilhin the limits prescribed by this Scheme. the trvstees moy moke or alter such rules as they consider expedleni for the proper cvliivotion and monagemenl of the ollotments. The Compony Is established for charltable purposes lor the relief and core of elderly ond/or dlsobled persons Includlng bLJt not exclvslvely by the provision of care services inclvding day core ond outreoch services and ihe mointenonce ond management of nurslng homes In the West Midlonds oreo: the provlsion of and monogement of olmshouses for resldents In need tsf such asslsiance because of ihelr poverty oge or disobilily.. to relleve those In need hardship or dlstress erther generally or IndlvSduolly by moking gronls ol money or providln9 or poying for items services or foclllties colculoted io relleve the choritoble need of svch persons. Including poylng for svch items service5 of facllilies by woy of donotions or svbscriptlons lo instituilons or orgonisations whlch provide or which undertake In return lo provlde svch Items, servlces or facilllles for such persons. Provided that the Trustees sholl not opply on income in the relief of the rates, taxes or other public funds bul may opply Income In svpplemenling rellel of osslsionce provided out of publlc funds. ond they sholl not comrnlt Ihem5elves to repeot or renew relief gronted on occasion in ony cose., in the event thot the chority Is oppoinled os the sole corporole trustee in respecl of ihe Chority ol Job Morsion. reguloted by o Chorbly Commlssion's Scheme of 11 July 1979. then the irvsiee will observe the trusts of ihe sald Chorlly of Job Morston ond observe the obllgatlons reclted withln the Scheme sealed on 18 Februory 1987 concernlng that chority which ore subleci to the poyment of expenses.. the trustees sholl poy one quorter os nearly os moy be of the yeorly income of the sold Chorlty of Job Morston to the vicar of Ihe Eccleslosticol Porish of Si EdbL*rgh, Yordley for hls own vse ond benefit notwlthsionding Ihot he is o trustee of thot chority.. ond the Irvsiees shall opply the residue of the yearly Income of the sold Choflty of Job Morsion In augmentlng the income of the chorily colled the Greot Yordley Trvsl. In Ihe eveni Ihol the chorlty sholl be appolnled os the sole corporote trusiee of Ihe Greol Yordley Trusi Ihen it shall observe the obligolions to make yeorly poyments not exceeding £8 (or svch other svm 05 the Commission moy opprove) os may be required for or towards mointoinlng the vouli ond tomb erecied by Henry Wotls In the Porish Chvrch of the Ecclesiosticol Porish of Si Mory the Virgin. Acocks Green ond in poying the yeorly sum not exceeding £9 (or such oiher sum os the Commlssion moy opprove) to ihe vlcar of the Eccleslostical Porish of Chrlsl Church, Yordley Wood. for hls own vse ond beneflt. notwithstonding that he Is o trvstee of the Greot Yardley Trvst ond o yeorly sum not exceeding £10 or such other svm os Ihe Commission may approve towards the cost of repoiring the lobric of the Porlsh Church in the Ecclesiosiicol Parlsh of Sl Edburgh, Yordley ond the woll ond fences of the Church Yard thereof. In setting objectives ond plonning for oclivities. the Trustees hove given due considerotion lo generol guidonce published by the Chority Commlsslon relatlng to public benelil, Includlng the guidonce 'Public benefit.. running o chorlty (PB2)'. Page 7 The Yardley Great Trust Group (A compony limited by guarantee) Trustees, report {contlnued) For the period ended 31 March 2024 Objectives. actlvities. achievements ond performance (continued) b. Adivities undeftoken to ochleve objectlves Yordley Gronge Nurslng Home provldes forty slx bedrooms wlth ossocloied focllllles lor extremely frall older people. the large mojorily of whom will spend Iheir finol doys In the home. and the stoff try their best to ensvre ihot residents ond thelr fomllles ore svpported compossionotely os the end approoches, but olso ihoi resldenis not yet approachsng ihe end5 of thelr lives are engoged ond stimulaled lo enloy whot lile hos to offer in spiie of physicol or mentol limltotions. The home provides services thot ore regvlaled under ihe Heolih ond Soelol Core Act ond Is Subject to Inspection by ihe Core Quolily Commlsslon (CQC) ond the home Is roted overoll Good. Trvstees hove two gront moking progrommes, one for indivlduals ond fornilies ond the other for projects or orgonisatlons. Appllcotlons from Indivlduols ond fomllles are to be mode on stondord forms (paper or onllne) ond supported by one of the Trust's referral agents. Greswold House provldes resideniiol care for up to SO older people who ore vnoble lo live Independently wlthout support. The home provldes servlces thoi ore re9uloted under the Heolih ond Soclol Core Aci and Is subject lo Inspection by the Care Quality Commission (CQC). The home closed in lole Moy 2023 dve to increosing voids. flnanclol losses & Ihe need for slgnlflconi Investment to enable the.bvllding to meet changlng regulatory reqvlrements. The Grey Gables Trvsl jolned ihe Yordley Greoi Trust Group In March 2019. The moln function of the Trust Ss to operate Ihe Grey Gobles Aesldential Core Home In Acocks Green. Blrminghom. The home provides servlces thol are regulotecl under the Heolth ond Sociol Core Act and Is subject to inspection by ihe Core Quolity Commisslon (CQC). The home closed In December 2023 due to increosing voids, finoncial 1055es, challenges experlenced in recrultment & investment requlred in the bullding lo meet chon9Sng requlotory requlremenls. The Colehoven Trust joined the Yordley Greol Trust Group on l Morch 2019. 11 provides eleven bungolows. known os Colehoven Cottoges. ond o residents, lounge were bullt either side of Sumner Rood in Coleshill. ond the bungolows Still provide comfortable occommo For the period ended 31 March 2024 Flnanclal revlew a. Going concern After making opproprlote enquirles and under ihe governonce requirements, the Trustees have o reosonoble expectatlon thoi the Group hos odequale resources lo continue In operotlonol exlstence for ihe foreseeoble future. For this reoson, they contlnve lo odopt ihe goSng concern bosis In preporlng the finonciol stoiemenls. b. Revlew of the year Overoll turnover reduced In the 15 months 10 31 Morch 2024 compared to 2022 (pro-rala) by 5.4% dve to the closure of two care homes In the perlod, Desplte thls, lotol costs Increosed by 1.9% (pro-rata) dve to ihe associated redvndoncles ond signlficantly greoter energy costs. There wos agaln o large operotlonal deficlt In the perlod drlven by lorge deflclls on core operotlons, arlslng from empty core home beds. overstolfed core provlslon ond o shorp hike In energy cosis. The operoiional deficlt was poriiolly redvced by inveslment portfolio galns orlslng from the recovery of global economlc markets, togeiher with o conslderoble surplus on the sole of the Grey Gables Residenllol Care Home. After accountlng for Interest payoble and recelvoble, galns on dlsposol of tangible fixed assets. golns on revoluollon of investment property ond Inveslment porifollo galns/(losses). the overall deficli for the period wos £646.210 (2022 £1.502.045). The Grovp's net overall worth decreosed from £13.223,742 10 £12.577,532. however. the Group remoins financlally strong ond well resovrced glven Ils level of vnrestrlcted reserves ond ongolng orgonlsotlonol Improvement programme collcborotlon wlth Sir Josioh Moson TrL*sI (SJMT). c, Aeserves pollcy It is ihe Policy of Ihe Trust to occumvlate ond mointaln reserve fvnds for.. Slnking Fund - for the replacement of soft furnlshlngs in communol orea. white goods in resident's homes. gardenin9 equlpment. lovndry equipment and speciflcolly lifts. 2. Contingency Fund - In the event Ihot the orgonisolion hos lo be wound up. New Developments & Projects In 2024-2025. Ihe Trustee5 hove ogreed to occumvlote ond mointoin the followlng level of reserves.. Sinklng Fund (Yardley Greol Trust)., o. Exlroordinary Repoir Fund (bvildln9s) £50,500 b. Fvrnlture ond Equlpmeni Fund £82,832 Contingency Fund equol to 6 month5 runnlng costs.. £2.050,430 Yordley Greot Trvst New Developmeni Fund.. £3,000,000 Colehaven Trust residents. leisure fvnd.. £3.626 Oesignoied for exiernol Groni drow down.. £200,000 Poge 11 The Yordley Great Trust Group (A compony Ilmlted by gvoroniee) Trustees, report {conlinued) For the perlod ended 31 Mor¢h 2024 d. Investment policy and performonce As o Trvsl, we alm lo hove o brood slrotegy towards Investment. The Trustees. Pollcy is io invest In an opproprlale mlx of ossets i.e. eqvilies. property and monetary ossets. Trustees continue to odopt o medium risk stralegy ihai should protect the Trust's Income ond capltal volue over the medlum ierm. Statem•nt of Investment Prlnclpl The Tiusiees hove prepored ihls slaiement which penalns to all of our Inveslmeni Porrfollos ofter consultation wilh and receiving guidonce from each of our Investmeni Monogers. Invesiment Objectives The Trvsl hos been set up with the intention of conlinvlng Into perpeluily.. therefore. the opplicoble Investment tlmescole Is long lerm. The Trvst's investments ore comprised of Endowrnent Investment Funds, unreslrlcted ond resirlcted fvnd Investments. The Investment objectives for eoch type of fund is ideniscol. Charity of Job Morston o The mlnimvm Investment objective of 2024-2025 Is to ochleve o mlnimvm of CPl+4% per annvm (ofter lees) over o s.year rolling period. From this. we will toke on income figure to be delermlned onnvolly. The Trusl wlll loke 3% Income per annum from Ihls return to use for its octlvilies. Colehoven Trvsl The mlnlmum Investment objective of 2024-2025 Is to achieve a mlnlmvm of CPl+4% per onnum (afier fees) over 0 5-yeor rolllng period. From this. we wlll lake on Income Ilgure to be delermined onnvolly to use for ovr octlvllies. The Trust will toke 3% Income per onnum from ihis return to use for Ils octbviiies. Yordley Greot Trvst o The minlmum Inve5tmeni objectlve of 2024-2025 Is to ochleve o minimum of CPl+4% per onnum (ofier fees) over o S-yeor rolling perlod- From this, we wlll take on Income flgvre io be determined onnuolly to vse for our octivltles. The Trust wlll toke 3% income from this return to Use for Its octlvlties. For Investment purposes the monogement of these fvnds wlll be dele9Oted to o number of professlonol fund monogers ovthorised by the FCA Under o discrelionory monogement agreement os determlned by Trvstees followlng on onnuol performance revlew with eoch Investment Manager. Alsk conslderotions A key rlsk to the long-term suslolnoblllly of ihe Trvsl Is effectlve Investment performance ol the Investment Monagers ond monoging volotility in Ihe slock morkel. The ossets should be invested to mitigote this risk over the longer term. The Trustees understond thol this Is likely to mean ihat invesimenis wlll be concentrated In reol ossets ond the copital volue will fluctuote from tlme to time. Trvsiees contlnue to adopt o medlum rlsk strotegy thot should proiect the Trust's Income ond copiial volve over the medium term. Consecutive copitol losses con be toleroted durlng morkel downtvrns os ihe long-term time horSzon ollows tlme for volues to recover. This will be monitored vio quorterly reports and the annuol review. Poge12 The Yardley Great Trust Gr¢wp (A company limlted by gvoroniee) Trustees, report (continued) For the period ended 31 Morch 2024 Investmenl Powers The Trvst hos wide investment powers ond con invest in all ossel closses availoble to chorities under chority commisslon regvlolions. Derlvotives shovld only be vsed for efflcient portfollo monogement and not for specL*lotive purposes. Ethlcol Conslderotlon and Restrlctlons The Trustees have on expectotion thol the Investment Mona9ers hove Envlronmentol. Soclol ond Governonce (ESG) os on Integrol port of their investment proces& Trustees hove conclvded thot the Choflty's best Inlerests ore served by pursuing o pollcy thal precludes Investment In Ihe following oreos.. No Investmeni In componles who derlve more thon 10% of tvrnover from pornography. adult entertolnment services. tobocco production ond olcohol production. No Investment In componles who derive more thon IO% of turnover from strole9lc mllStory sources. weopons systems, nvcleor weopon syslem5, onii-personnel landmines and cluster munltlons No Snvesiments Sn companies thoi generote more thon 10% of turnover from gambling ond from hlgh Inieresl rale lending, Whlle Ihe Tfvsiees expect the oppllcollon of ihe5e rules on the portfo150's dlrecl holdlngs lo be relotlvely strol9hiforward, they feel fvrther clariflcoiion should be provided for the indlrect (collective) holdlngs. In fulure. the Trustees wlsh Ihelr Snvesiment monoger lo follow what they deem 10 be o :'Ilghi green" eihicol oppro¢xh for the remoinder of the portfolio. The Tru51ees acknowledge the diflicullies in opplylng these limitotions to funds. however. wlsh thelr Invesimeni monogers to endeovour only lo purchose vehicles thoi odopi progressive ESG credentiols and that foll vnder Ihe brooder heodlng of "ethlcol funds". The Trvstees expect Ihot such declsions wlll be made with reference lo the investment monogers researched ethlcal fvnd Ilst. 'The irvslees recognlze thot ihe Moin Fund wlll be unable to generote the some level of income following ihese chonges ond ore conteni for the portfollo'5 exposure to UK equllles lo rlse In tulure. To reflect Ihls. we have Instructed our investment managers to odopt the following bespoke benchmork ot the end of the current quorter.. Flxed Inierest UK Equities Overseos Equllies Commerclol Property Co5h 25.0% FTSE Brliish Government All Stocks Index 47.5Y• FTSE All Share Index 20.0% FTSE All Word Index (Ex UK) 5.0% FTSE UK Commercial Property Index 2 5% 7 Doy Libor The Trustees ore content to retoin the WMA Balonced benchmork for oll of their other portfolios, inclvdlng the Charity of Job Narston, albeit Ihot they ocknowledge that the composition of the most elhicol funds will differ signlficontly when comFxJred to ihe underlying benchmark indices. It is vnder5tood ihot this moy have o greoi significant impoct on relotive performance. Poge 13 The Yardley Great Trust Group (A compony Ilmlted by guurontee) Trvstees. report (continued) For the pèriod ended 31 March 2024 Currency The base currency of the Portfolio Is Sierling. Currency hedging Is permitted. Llquldity Requirem•nt$ It is expected thol the Income generoted from the Portfollo w511 vsed by the Trvsl to fund Its charltoble objects. As part of the long-term development plons of Ihe Trust. il may In the fvtvre wish to realise some of the Portfollos to provide necessary funding, Thls wlll be dlscussed wllh fund monogers 05 plans develop. Invo$tm•ni P•rformanc• Benchmarks The Trust wlll revlew eoch Portfollo, Inclvdlng an analysls of relvrn, rlsk ond asset ollocotlon with the fund monager ond ony retoined odvlsor onnvolly. The mlnlmum performonce requlremenl for all fund Investments Ss Inllotlon (CPI) +4% per annum over 5 yeor rolllng perlods and the fund mono9er is reoulred lo show Ihis figure in oll report5. In oddition. the Iruslees wlll monllor performonce agalnst a composite benchmark reflecting the stroteglc osset allocotlon of the portfollo os ogreed wilh the monoger ond an approprlale peer group benchmark e.g. ARC. Perlodlc Revlews of Investment Policy This Statement of Investment Policy will be subjeci to annual revlew. It Is ontlcipoled Ihot the Investment rnanogement servlces provlded lo the Chorlly by Invesimenl monaoers will be formally reviewed every 3.5 yeors to ensure Ihoi the Chority is receiving value lor money and demonstroble risk- odjvsted returns In line with thelr obleclives. Authorised P•rsons Instrvclions reloling lo either investment Issves rnvst be aulhorlsed by the Boord of Trustees. The 8oard wlll ourhorise the Chiel Execvlive or Finonce Monager lo liaise with the Investmeni monager on thelr behalf os minuled In Commitlee papers. Po9e 14 The Yordley Great Trust Group (A company Ilmiled by gvoraniee) Trustees. report (contSnued> For the period ended 51 Morch 2024 Future plans In 2024. the Trusi odopted a new 4-year Sirolegy. The moln strategic prlorities this year ore.. Flnonce.. we will ensure our finonces ore well monoged. with sound Investments & diverse Income streoms. to ensure we ore on a sloble footlng for the fulvre Homes. we wlll ensvre thol our homes ore at the heart of the communlty. are suitable for fvlure needs/requiremenis ond to creote new homes. 3. Care.. we will explore whot the fvtvre of our core provlslon might look Ilke and to pilot or launch new Svsloinable core models where oppropriote, Includlng Ironsforming Yordley Gron9e Nursing Home. Environmeni.. we will ensvre thot ovr homes ond Services are environmentally susloinoble and to moke the most ot our green 5poces, Excellence.. we will strive for excellence In oll thot we ond ovr stoff dellver, by reviewing our brand and whot we offer. os well os our legol set-vp ond how we ore governed. All of thls will be underpinned by our guldlng prlnciples which ore.. Dlverslty.. we want lo better represent ond svpporl the communities of South Eost Blrmlngham. Portnership.. we know Ihat we con be more effecllve ond help more people if we work colloboratively, T•¢hnology: we need to ensure Ihol we moke the mosl of odvonces In IT. Statement of Trustees, responslbilitle$ The Trustees (who are olso the directors ol the Group for the purposes of company law) ore responslble for preporing the Trustees, report ond ihe flnanciol 51oiemenls In accordance with opplicoble low ond Unbted Kingdom Accovntlng Siondords (Unlted Kln9dom Generolly Accepted Accountlng Proctlce). Company law reqvires Ihe Trusiees 10 prepore finonclol statements for eoch finonclal . Under compony low. the Trustee5 must nol opprove the financlal slolemenls unless they ore sotlsfied thot they give o Irue and fair view of the sioie of affoirs of the Group ond of Its incoming resources and oppllcotion of resources, Including Its income ond expendltvre. for that period. In preporlng these flnonclol slotements. the Trustees ore requlred lo.. select sviloble accounting policies and then opply them consistently., observe the methods ond princlples of the Choritles SOAP (FRS 102)", rnoke jvdgemenls ond accounting estimales that ore reosonable ond prudent.. stole whether oppllcable UK Accounting Siondords (FRS 102) have been followed. subjecl to ony materiol departures dlsclosed ond exploined in the finonclal slolement5'. prepore the financial stotements on the 90ing concern bosis vnless it is inappropriote to presume Ihot ihe Group will continve in bvsiness. The Trustees ore responsible for keeping odequote occountlng records thot ore sufficienl to show ond explain ihe Group's tronsoclions and disclose wlth reosonoble occvrocy ot ony lime ihe finonciol p05111on of the Group ond enoble them lo ensure that the finonciol stotements comply wlth the Componies Act 2006. They ore olso responsible for sofegvording the 055ets ol the Group ond hence for taking reosonoble steps for the prevention and detection of fraud ond other irregulorllles. Poge 15 The Yardley Great Trust Grovp (A componu Ilmited by 9uaront•e) Trustae$' report (continued) For the period ended 31 March 2024 Dlsclosure of Information to auditor Each of the persons who ore Trustees ot the tlme when thls Trustees, report is opproved hos confirmed thot.. so for as thoi Truslee is oware. there is no relevoni oudit informotion of which the charlty's oudltor Is vnowore. and thol Trustee hos token oll the sieps thoi ought to hove been token as o Trustee in order to be owore of ony relevonl oudit Informoiion ond to estoblish Ihot the chorlty's ouditor is owore of that information. Audltor The audltors, Dolns Audll Llmlted. hove indlcoted thelr wllllngness to contlnue In olflce. The deslgnoted Trustees wlll propose a motion reoppoinling the ouditors ol o meetin9 of the Trvsrees. Approved by order of the members of the board of Trvslees on 12 September 2024 ond slgned on ihelr behalf by.. A•ver•nd L Goston Chair Poge 16 The Yardley Great Trvst Group (A company limited by guarontee) Independent Audltorfs Report to the Members of The Yardley Greot Trust Group Opinion We have oudited the financiol slotements of The Yordley Greot Trust Grovp (the 'group? for the period ended 31 Morch 2024 whSch comprise the Siotement of finonclol octivi1Ses. the 8olonce sheei. the Sialement of cash flows ond the reloted notes. including o summory of significoni accovntino policies. The flnonciol reporting framework that hos been opplied In their preporotion 15 opplicoble law and Unlled Kingdom Accountlng Slondards, Includlng Flnanclol Reportlng Stondord 102 'The Flnonclol Reporting Standard applicable Sn the UK ond Republic of Irelond, (United Kingdom Generally Accepted Accounting Practice). In our oplnlon the finoncial stotements.. give o true ond fair vSew of the state of the chorbtoble compony's affairs as ot 31 March 2024 ond of Its incomlng resource5 ond oppllcotion of resources. Includlng lis income and expenditvre lor Ihe perlod ihen ended., hove been properly prepored in occordonce wlth United Kingdom Generolly Accepted Accounting Proctice" and hove been prepored In occordonce wlth the requlrements ol Ihe Componles Aci 2006. Bas1$ tor oplnlon We conducted our avdil in occordonce with Internoiionol Standords on Auditln9 (UK) (ISAS (UK)) ond oppllcoble low. Our responsibS1Slies under those stondords ore further descrlbed In the ALJdllor's responsibiiiiles for the oudlt of the finonciol siolements seciion of ovr report. We ore Independent of the choritoble compony In occordonce wilh the eihicol requlremenls Ihot ore relevonl to our audll of the finonclol slotement5 In the Unlted Klngdom. Includlng the Finonclal Reporting Councll's Ethical Stondord, ond we hove fulfllled our other ethicol responsibllllies In accordance with these reqvlremenls. We belleve thot Ihe oudll evldence we have obiolned Is sufflc+enl and opproprlate lo provide o bosis for our opinion. Concluslons relatlng to golng concern In oudltlng ihe financiol stotements. we hove conclvded thoi the Trustees. use of the going concern basls of occountlng In the preporolSon of the flnonclal sloiemenls Is approprlole, Bosed on ihe work we have performed. we hove not identified any materiol vncertointles reloting to events or conditlons ihol, indlvlduolly or collectively. moy cost slgnilicont doubt on the chorlloble componu's oblllty to continue os a going concern for o period of at leosl twelve months from when the financiol stotements ore authorlsed for issve. Our responsibililies and the responsibilities of the Trustees wlth respecl lo goin9 concern ore described in ihe relevanl sectlons of thls report. Poge 17 The Yardley Greot Trust Group (A company limiled by guarantee) Independent Auditorfs Report to the Members of The Yordley Great Trust Group (contlnved) Other InfOrm￿lOn The other Informotion comprbses the Informotlon included In the Annual report other than the financlol slolements ond our Avdltorfs report thereon. The Trvsiees ore responsible for the other informotion contained withln the Annuol report. Ovr opbnion on the fsnanclal slotemenls does not cover the other Informatlon ond, except to Ihe extent olherwlse explicitly stated In our report. we do nol express ony form of assvronce concluslon ihereon. Our responsibility is to reod the other informoiion ond. In doing $0. conslder whether Ihe olher Informallon is molerially Inconsistent with the finonclal stotements or our knowledge obtolned In the course of ihe oudlt, or otherwlse appears lo be moterlolly missloled, If we identify such moieriol Inconsistencles or opporent maierlol mi5Stoiements, we ore requlred to delermlne whelher ihis glves rtse to a material mlsstotemenl In the flnonciol stolements themselves. If. based on the work we hove performed. we conclude thot there is o moleriol mlsstotement of this other informotlon, we ore reqvired to report thot foct. We hove nothlng to report In thls regard. Oplnlon on other matters prescrlbed by the Companles Act 2006 In our opinion. based on the work undertoken in ihe course of the audlt.. the Informotion glven in the Trustees. report for the finonciol perlod for whlch the flnonclal stolements ore prepared is conslsienl wilh the finonclal siotements, the Trustees. report hos been prepared In accordance wlth appllcoble legol requlremenls. Matters on whl¢h we are requlred to report by exceptlon In the Ilght of ovr knowledge and undersiondlng of the chorltoble Company ond Its envlronment obiolned In Ihe course of the oudlt. we have not idenlifled moterial mlsslotements In the Trustees, report. We hove nothing to report In respect of ihe followlng mollers In relotlon to which Componles Acl 2006 requlres us to report to you if. In our oplnion.. odeqvote ¢xcovnllng records hove not been kept. or returns adeqvole for our oudll have not been recelved from branches nol visited by us., or the finonciol Statements ore not In ogreement wilh the occovnling records ond retvrns,, or certoin disclosures of Trustees, remunerotion specified by low ore not made. or we hove not received oll ihe informoiion ond explanoiions we require for ovr ovdll. Poge 18 The Yardley Great Trust Group (A company Ilrnited by guarantee> Independent Auditorfs Report to the Members of The Yardley Great Trust Group (contlnu¢d) Aesponsibilitles of trvsiees As explained more fully in the Trusiees. responsibilllies stotement. the Trusiees (who ore olso the directors of the chorbtoble compony for the purposes of compony low) are responsible for the preporation of the finonciol stotements ond for belng sotisfsed ihol they glve o true ond fair vlew. ond for such internol control os the Trustees determlne is necessory to enoble ihe weporotion of lir)oncial siotements Ihot ore free from materiol mi551atemenl, whether due io froud or error. In preporlng the finoncS0l stolemenls. Ihe Trvstees ore responsible for ossesslng the charitable company's abllity to contlnve os o going concern. dlsclosing, os oppllcoble, molters reloted io golng concern ond uslng the going concern basis of accounting unless the Trustees either intend io liquldole the charitable compony or to ceose operotlons, or hove no reallstlc olternallve bvt to do so. Avdltor's responslbllltles for the audlt of ihe flnanclol $tatem•nts Our objectives ore lo obioin reosonoble ossvronce obout whether the flnanclal stotements os a whole ore free from moierlol misstotemeni, whether due lo froud or error, and lo issue on Audiiorfs report thot includes our opinion. Reosonoble ossvronce is o hlgh level of 0s5urance. bvt Is not 0 9uorantee Ihat on oudll conducled in occordonce with ISAS (UK) wlll always detect o molerlol misstolemenl when it exists. Misstotemenls con orlse from fraud or error and are consldered maleriol If, individvolly or In the oooregote. they could reosonobly be expected to Influence the economlc decislons of users token on the bosis of these flnonciol Statements. Irregvlorllles, Includlng fraud, ore Inslonces of non-compllonce wilh lows ond regulollons. We deslgn procedure5 In line wlth our responsibilities. outlined obove, io delect moierlal misstatements In respect of irregularitles, includlng Irovd. The extent lo whlch our procedvres ore copoble of deteclln9 irregularlties. Inclvding froud is deloiled below.. Our approach to ideniifylng ond ossessing the rlsks ol moteriol mlsslotement in respect of Irregularllies, Including froud and non-compliance wlth lows ond regulotions, was os follows the senlor statutory avdilor ensvred thot the engogement leorn collectively hod the opproprlote competence. copabiiiiies and skllls to Identify or recognlse non-compllance with applicoble laws ond regvlotions", we identlfied the lows and regvlotlons opplicoble to the chorltoble compony throvgh dlscvssions with direclors ond other monagement. ond from our commerciol knowled9e ond experlence of the chority sector.. we focvsed on specific laws and regvlolions whlch we considered moy hove o dlrect moterlol effect on the finoncial stotemenls or the operotions of ihe chariloble compony, Including the flnoncSal reportlng legislation. Componies Act 2006. Chorities Act 2022, Sociol hovsing regvlotlons, toxotion legislotion, onli- brlbery, employmeni, and environmenlol and heolih ond safety leglsloiion.. we ossessed the extent of complionce with the lows ond regulotions identifled obove through making enquirle5 of monagemenl ond inspecling legol correspondence.. ond dentified laws ond regulotlons were communicoied wiihin the oudit team re9ulorly ond the team remolned olern to instonces of non-complionce throvghout the oudit. Poge 19 The Yordley Great Trust Group (A compony Ilmited by guarontee) Independent Avditor's Report to the Members of The Yordley Great Trust Grovp {contlnued) We ossessed the susceptlblllty of the choritoble compony's finonciol statements to moteriol misstalement. including obiolnlng on understonding of how froud mlghl occur. by,. moklng enqubrles of monagemenl as io where they consldered ther8 wos suscepiiblllty to froud, Ihelr knowledge of ocluol. suspected ond olleged fraud,. ond consldering ihe Iniernol controls In ploce to mltl9ole rlsks of froud ond non.complionce with lows ond regulotions. To oddress the risk of froud through manogement bi05 and override of controls. we.. performed onalytlcal procedures to identlfy ony unusual or unexpected relotlonships.. tested journal entrles to Identlfy unusual tronsoctlons,. ossessed whether judgements ond ossvmptions mode in determlnlng occounting estimates were Indicollve of potentlol blos.. ond investlgoted ihe rotionole behind signlficant or unusuol tronsoctions. In response to the fisk of irregularllies and non-complionce wlth lows ond regulations, we designed procedures which Included, bul were not Ilmiied 10.. ogreelng flnoncial stolement dlsclosures lo underlylng supporllng documeniotlon: reodlng the minutes of meetings of those chorged with governonce, enqulrlng of monogemeni as to octuol and potential Iltlgotion and clalms.. ond reviewing correspondence with HMRC. relevont regulotors and the choritoble compony's leg01 odvisors. Audlior's re$ponslbllitle$ for th• oudlt of ihe financiol stthements (contlnved) Because of the Snherent limltotions of on ovdlt. there Is a risk that we will not detect all Irregularitles, including ihose leoding to o moterlol misslolement In the finonciol stotemenis or non.compllonce wilh reguloiion. Thls risk Increoses the more thot compllonce with o low or regvlotlon Is removed from the events ond tronsactions reflecled In the finonclal slotemenls. os we will be less likely to become owore of instances of non.complionce. The risk Is olso greoler regording irregulorilies occurring due to froud rother thon error. as froud involves intentional corKeolment, forgery, collusion. omission or misrepresenlotlon. A further descrlplion of our responsibililles lor Ihe avdlt ol the finonciol slotemenls Ss locoted on ihe Finoncial Reporting CoL*ncil's website ot". This descrlptlon forms port of our Audltor's report. Poge 20 The Yardley Great Trust Group (A company limited by guarantee) Independent Auditor's Aeport to thè Members of The Yardley Greot Tr￿t Group (contlnued) Use of our report This report is made solely lo the chariloble compony's members, os o body, in occordance with Chapler 3 of Part 16 of the Companies Act 2006. Our oudit work hos been undertoken so Ihot we might stote lo the chorlloble compony's members those molters we are required to Slole to them In on Audltor's report ond for no oiher purpose. To the fvllesl extenl permitted by law. we do not accept or assume responsibility to onyone oiher than the charitoble compony and Its members, os o body. for our ovdil work. for thls report. or for the opinlons we hove formed. • /,J,f//i Andrew Morrls FCA (Senlor Stolutory Avditor) for ond on beholf of Oolns Audli Llmlled Stotutory Avdltor Chortered Accountonts Birmingham 12 September 2024 Poge 21 The Yardley Great Trust Group (A company limited by guarantee) Stotemeni of financlol actlvltles (Incorporating Income ond expenditure occount) For the period ended 31 March 2024 Unrestricted funds 2024 Restriaed funds 2024 Endowment fvnds 2024 Total funds 2024 Totol fvnds 2022 Not• Income ond endowm•ni$ from,. Donotlons ond legacies Charitable octivities 95.248 95.248 110.665 5.479.524 5.479.524 195.813 4,953.601 Investment Sncome 195.815 192.244 Other income 475.600 475.600 28.091 Total Incom• and •ndowmenlg 6.246.185 6.246.185 5.284.601 Expendlture on: Chorlloble octlvlties 7.451.691 105.852 7.535.543 5.913.626 Other expendlture 3.000 Totol •xp•ndltur• 7.431.691 103.852 7.535.543 5.916.626 Net expendlture before Inv•$tments 0.185.506) 003.852) (1.289,358) (632.025) Nel galns/(losses) on investments 480.442 49.310 529.752 <900,020) Nèi expenditure befor• other golns/(losses) Transfers between funds (705.064) (54.542) 63.126 (759.606) (1,532.045) 24 <63.126) Gabns on revalvotlon of fixed assets 18 115.596 115.396 Actuoriol oains on pension schemes 30.000 Net movement in fund$ (768.190) 121.980 (646.210) (1.502.045) Reconclllation of funds". Total funds broughl forword 24 5.906.379 253.950 7.06J.413 15.225.742 14.725.787 Nel movement in funds (768.190) 121.980 (646.210) (1.502.045) Total fund$ corried forward 24 S.138.189 253.950 7.185.393 12.577.532 13.223.742 Page 22 The Yardley Great Trust Group (A compony limited by guarantee> Registered number: 04425107 Bolonce sheet As ot 31 March 2024 51 Morch 2024 31 Oecember 2022 Note Flxed assets Housing propertles Tonglble 055ets Investments 15 7.054.529 7.886,592 17 222.156 230.327 19 6.427.031 5,918,615 Investment property IB 237.000 306.104 15.940.516 14.341,638 Cvrr•nt ass•t8 Debtors 20 255.249 525.178 Investments 21 100.700 200.352 1,792.084 Cosh ot bonk ond In hond 1,972.034 2.327.983 2,517.614 Crediiors.. omovnts folllng due within one yeor 22 (889.415) (760,286) N•t current assels 1.438.568 1,757.328 Total ossets less current Ilabllities 15.379.084 16,098,966 Credilors.. omounts folllng dve ofier more ihon one yeor 23 (2.801.552) (2,875,224) Tolal net assets 12.577.532 13,223.742 Charlty funds Endowment funds 24 7.185.393 7.063.413 Restrlcted funds 24 253.950 253.950 Unresiricted funds 24 5.138.189 5,906,379 Total funds 12.577.552 13.223,742 Poge 23 The Yardley Great Trust Group (A company limiied by guarantee) Reglstered number.. 04425107 Bolanee sheet (coniinved) As at 31 March 2024 The Trustees ocknowledge their responsibilllles for complylng wllh the requlrements of the Act with respect to accovnling records ond preparation of finonclol statements. The financiol stotements were opproved ond outhorised for issve by the Truslees and signed on their beholf by.. Reverend L Gaston Choir Dote.. 12 September 2024 The notes on poges 26 10 55 form parl of these flnonclol slotements. Page 24 The Yardley Great Trust Group (A company limited by gvarantee) Staiement of cosh flows For the perlod ended 31 March 2024 2024 2022 Nol• Cash Ilows from operthlng actlvltles Net cosh used in operating aclivities 26 (1.351.775) (605.305) Cash flows from Investlng octlvliles Dlvldends. inieresls and rents from Inveslments 195.813 192.2H Proceeds from the 501e of tangible flxed osseis Pvrchase of tongible fixed ossets Proceeds from sole of Inveslmenls 1.472.H1 (232.250) (227.067) 93,614 435.725 Pvrchose of Investments (527.902) (6,246) Nel cosh provlded by investlng actlvltles 1.343.819 52.545 Cosh flows from flnanclng Qctivltles Repoyments of borrowlng (25.259) <19.138) Net cosh used In flnancing octivities (25.259) V9.138) Chonge In cash ond cosh equlval•nt8 In ihe perlod 153.215) (571,898) Cash ond cosh equlvolents al the be9lnnlng of the perlod 2.195.784 2,765.682 Cash ond cash equlvolents at the end of ihe perlod 27 2,160.569 2,193,784 The noles on poges 26 to 55 form port of these finonclol slotemenls Pa9e 25 The Yardley Great Trust Group (A company Ilmlled by gvarontee) Notes to the financiol statements For the period ended 31 March 2024 General informotlon The Yordley Great Trusl Group is o choriioble compony Ilmlted by gvoronlee incorporoted under the Companles Act In Englond and Woles and reg151ered wllh the Chority Commission for England and Woles, The reglstered numbers and address of the registered office Ss glven in the chorily informallon sectlon on poge 1 of these linoncial statements. The nature of the charity's operations ore the relief ond core of the elderly ond/or disabled persons including but nol exclusively by the provision of core services including doy core and oulreochjservices ond the mointenonce ond monogemenl of nursing homes in the West Midlonds oreo. the provision of ond monogemenl of olmshouses. the rellef of hordshlp or dislress and the monogemenl of ollolment lond. Accountlng pollcles 2.1 8asls of pr•paratlon of flnanclol stat•ments The finonclal stotements have been prepared In occordance wlth the Charllles SORP (FRS 702) - Accountln9 ond Reportlng by Chorltle5'. Stotement of Recommended Practice appllcoble io charltles preporing thelr accounts in occordonce with the Finonciol Reporting Standard opplicable Sn the UK ond Republic of Ireland (FRS 102) (effeetlve 1 Jonuory 2019). Ihe Chorltles Act 2011. the Componles Act 2006 ond UK Generolly Accepted Accovnling Practlce, The Yordley Greot Trust Grovp meets the deflnition of a public benefit entlty under FRS 102. Assets ond liobilities are Inillolly recognlsed ai hisiorScal cost or tronsoctlon value Unless olherwise stored in Ihe relevonl accovnting policy. The finonclol stotements ore presenied In GBP (Sterllng), whlch is the functlonol currency of ihe chorlloble compony. They ore prepored to the neoresl £1. The significant occounllng pollcles opplled In Ihe preparolion of these flnonclol stolemenls ore sel ovl below. 2.2 Longer reportlng perlod The current 2024 year represents the IS months from l January 2023 to 31 Morch 2024 following o chonge In Ihe Group's yeor-end to 0119n wlth Its funders. The comparollve Sncome ond expendStvre omounls presented cover the preceding year. therefore ore not entirely comporable. 2.5 Golng concern The finonclol statements have been prepored on o going concern basls. The chorltoble company holds liqvid f unds sufficient lo svpport its cosh flow reqvirements over the foreseeable futvre under oll scenarS0s. Therefore. the trvstees conslder there ore no moteriol uncertointies about the Grovp's obility to continue as o going concern, 2.4 Company stotvs The members of the company ore ihe Trustees. nomed on page l. In the event of the charitoble compony being wound up. the liobility in respect of ihe guorontee is limited lo £1 per member of ihe chorltoble company. Poge 26 The Yordley Great Trust Group (A compony Ilmlted by guorontee) Notes to the flnanclol statements For the period ended 31 Morch 2024 Accounting policies {conlinued> 2.5 Income All Income Is recognised once ihe Grovp hos enlitlement lo the Income, 11 Is probable thoi the Income w511 be recebved ond the omount of Income receivoble con be meosured rellably. Gronis are Includeiy in the Siotemenl of flnonclol octlvities on o receivoble bosls, The bolance of Income received for speclfic purposes bvl not expended during the perlod Is shown in the relevant funds on the Bolance sheet. Where income is received In odvance of eniillement of receipt. its recognltlon Is deferred ond Included In credltors 05 deferred Income. Where enlltlement occur5 before Income Is recelved, the income Is occrued. Income lox recoverobie In relotlon to donotlons recelved under Glft Ald or deeds of covenant 15 Tecognlsed ot Ihe tlme of ihe donotlon. Other incorne Ss Tecognised In the period In which It Is receivable an¢J to the extent Ihe goods hove been provided or on completion of ihe service. 2.6 Exp•ndltur• Expendbture Is recognised once there Is a legol or consirvcllve obllgatlon to tronsfer economlc benefit to o third porty, 11 is proboble Ihoi a Ironsler of economlc benelils wlll be reqvlred in settlemenl and Ihe amount of the obligoiion con be measured reliobly. Expendlttsre is clossifled by actlvity. The cosls of each aclivily ore mode up of the lotol of direcl costs and shored costs. Inclvdln9 SUPPOrt costs Involved In undertoking eoch octlvity. Dlrect costs ottribvioble to o slngle octlvity ore ollocoted dlrectly lo thot octlvlly. Shored costs which contribvie to more thon one Oclivity and support costs which ore not aiiributable io a slngle actlvlly are opporlloned between those ocllvllles on o bosls conslstent with the Use of resources. Cenlrol 51olf costs ore ollocoied on the basls ol lime spent, ond depreciolion chorges allocaled on the portion of the osset's vse, Expenditure on charitable Qclivilies 15 incvrred on directly undertoking the octivilles whlch further ihe Group's obiectives, os well os any ossociated support costs. Expenditvre on governonce is incurred in connectlon wlth odministration of the Group ond complionce with constitullonol ond stolulory reqvlrements. Gronts poyoble are chorged in the period when the offer is mode except in ihose coses where the offer is condilionol, such gronis being recognised os expendlture when the condilions oiioching ore fvlfilled. Gron15 offered subject to conditions which hove nol been met ot the perlod end ore noted os o commitment, but not occrued os expenditure. All expenditure Is Inclusive of irrecoverable VAT. Poge 27 The Yordley Great Trust Group (A company Ilmlted by gvaranie•) Notes to the flnonciol stotements For the period ended 31 March 2024 Accounting polioes Icontlnued) 2.7 Toxotlon The Group is considered lo poss the tests sei out in Poragroph 1 Schedule 6 of the Finance Aci 2010 and therefore it meets the definition of o charitable compony lor UK corporotion tax purposes. Accordingly, the Grovp 15 polenllally exempl from loxotion In respect of income or copllal gains received wlthln colegorles covered by Chapter 3 Port 11 of the Corporation Tox Act 2010 or Sectlon 256 of ihe Toxotlon of Chorgeoble Galns Act 1992. to the extent Ihot such income or gains are applied exclusively lo charitoble purpose& 2.8 Houslng propertiés Houslng propertles ore sloted at cost less ony provlslon for Impalrrnent (representlng o dlmlnvtSon In the recoverable service Polentiol of the ossel below lis corrying volue in the bolonce sheet) less depreciotion. Cost includes the cost ol acqulring lond ond buildlngs. development costs, Interest charges Incurred durlng the development ond expenditvre Incurred In respect of Improvements. Land held seporalely to the houslng propertles Is inclvded ot valuotlon. Improvements ore works to exlstlng properties which resvlt in on increase In Ihe nel rentol income. svch as o redvciion In future mointenonce costs, or resull in a slgnificont extenslon of the usefvl economlc life ol the property or o componenl wlthln o properly. Expendlture on exlstlng hovslng propertles whlch results In ihls enhoncement of the economlc benefils ol the property Is copilolised, At each reportlng dote the group osse5ses whether there is ony Indicotion of Impolrmenl of housing properties. If such Indicotion exlsls, the recoveroble omount of the osset is delermlned io be Ihe higher of Ils folr volue less costs to sell ond Ils value In use. An impalrment loss Is recognised where the carrying amount exceed5 the recoverable omouni. Where a scheme Is cvrrently or permonently deemed not to be provldino servlce poientiol lo the group. Its recoveroble omovnt Is Its fair value less costs to sell. The grovp seporotely Identlfies Ihe mojor components whlch comprlse Ils hovslng propertSes and charges depreciallon. so os lo write-down the cost of eoch componeni, less Its estimoted residuol volve. over ils expected useful economic Ilfe. The grovp depreclotes the major components of lis houslng propertles ot the followlng onnuol rotes.. Moln fobrlc Roof structure ond covering Windows ond externol doors Gos boilers Kltchen Bothroom and Wcs Mechanical systems Electrics 100 yeors 70 yeors 30 years 15 yeors 20 yeors 30 yeors So yeors 40 years Freehold lond is noi deprecioled. Poge 28 The Yordley Great Trust Group (A cornpany limited by guarantee) Notes to the finonelol stotements For the perlod ended 31 March 2024 Accountlng pollcles {contlnued) 2.8 Hovslng propertles (continved) Sociol Houslng Grant {SHG) and other gran1$ Sociol housing gronl (SHG) Is recelvoble from the Regvlotor of Soclal Housing and is received ond recognlsed Llnder long term Ilobllbtles on an occruols model bosls. SHG dve from the Re9ulator of Soclol Housing or recelved In advance Is Included as a current asset or liabs11ly. Grants for copltol expenditure ore recognlsed as deferred Income and releosed to the Slalement of finonciol oclivltles onnvolly over the Ille of the moln fabrlc of the property they relote to. SHG Is repoyoble under certain clrcvmstances. prlmorily followbng Ihe sole of o hovsing scheme property. but will normolly be restricted to the net proceeds of the sole. SHG is normolly ovolloble to be recycled ond Is credlted to o Recycled Capitol Grant Fund ond Inclvded In the Bolonce sheet In credllors. 2.9 Other langible fixed assets and depreclatlon Other langlble flxed ossets C0511n9 £500 or more ore copltollsed ond recognlsed when future economlc benefits are proboble and the cosi or volve ol ihe asset con be measured rellobly. Other tonglble fixed osseis are Inltlally re¢ognised ot cost. After recognllbon. vnder the cost model, other longible flxed ossets are measured at cosi less occumvloled depreclotion ond ony occumvloted mpoirment losses. All costs Incurred to brlng o iangible fixed osset inio Its inlended working condition should be included in the meosurement of cost. At each reporlin9 dote the Group 05sesses whether there is ony Indicolion of Smpolrment. If svch Indicotbon exists. the recoverable amount of the asset Is determined to be the higher of lis falr volue less costs to sell ond its volue in use. An impalrment loss is recognised where the carrying amovni exceeds ihe recoveroble omount. Depreciation is chorged so os to ollocote the cost of other tongible flxed ossets less their residual value over thelr estimoied usefvl Ilves. on o siroighilsne ond reduclng balance bosls, Oepreciotlon Is provided on Ihe following bosis.. Freehold property Motor vehlcles 2% Slroighi line 25% reduclng bolonce 20Y• reducing bolonce IO% stroight line Trust, GHS & YGNH equipment Flxtures ond office eqvipment Freehold lond Is not depreclaied. Poge 29 Thé Yordley Great Trust Group (A company limited by guorantee) Notes to the flnoncial statements For the perlod ended 31 March 2024 Accovntlng policles (contlnved) 2.10 Investments Fixed osset investments ore o form of financial instrument ond ore initially recognlsed at thelr tronsoction cost ono subsequently meosured ot foir volue ai ihe Bolonce sheet dote. unless the valve connot be measured rellably in which case il is meosvred oi cost less Impoirmenl. Investment goins and losses. whether reo115ed or unreollsed. ore combined and presented os 'Golns/(L05ses) on Investments, In the Slotemenl ol flnonclol oclivilie& 2.11 Investment property Invesimenl property Is corried oi fair volue determined onnuolly ond derived from the cvrrent morkei renls ond investment property yields for comparable reol eslote. odjvsled If nece550ry for ony difference in the noiure. locatlon or condlllon of the speclflc osset. No deprecloiion Is provSded. Chonges In foSr value ore recognlsed in the Statement of finonclol octlvllles. 2.12 D•btor8 Trode ond other debtors ore recognlsed ot the settlement omount ofter ony trade dSscount offered. Prepoyments are volued ol the omovnt prepaid net of ony trode discounls dve. 2.13 Current osset Investmenis Cvrrent ossei Investments inclvdes cash on deposit with o moturily dale of less thon one yeor held for short-lerm Investmenl pvrposes rother thon coshflow. Cvrrenl asset Investments ore volued al lolr value unless they qvolify as'boslc. finonciol 05selS. 2.14 Cosh at bank ond In hond Cosh oi bonk ond In hand includes cosh ond short-term highly liquid Investments with a short moturily of three months or less from ihe dole of acqubsltlon or opening of the deposlt or similor occounl. 2.15 Llobllltles and provlslons Llobllities are recognised when there is an obllgotlon ot the 8olance sheel dote os o result ol a past event. It is proboble ihot o transfer of economic benefil will be required in 5eiilemenl. ond the omounl of the settlement con be estimoted reliably. Liobilities ore reco9nised ol the omounl thot the Group antlcipotes it will poy io settle the debt or the omount it hos recelved os odvonced poyments for the goods or servlces It must provlde. Provislons ore measured ot the best esllmote of the omounts reqvlred to settle the obllgotlon, Where the effect of ihe lime value of money is materlol. the provislon is based on the presenl volue of those amounts. discounted ot the pre-tox dlscouni rote ihot reflects the risks specific to the liobilily. The vnwinding of the discount is recognised in the Statement of finonciol activities os o finonce cost. Page 30 The Yardley Greoi Trust Group (A company limited by gvorantee) Notes to the flnoncial stalements For the period ended 31 Morch 2024 Accounilng polic1¢$ (contlnued) 2.16 Flnoncial instruments The Group only has financial ossets ond finonclal liobllilies of a kind that qualify as boslc finonciol Inslrumenis. Bosic flnoncial instruments ore Inlliolly recognlsed ot tronsoction volve ond subsequently meosured at Ihelr selllement volue wilh the exceptlon of bonk and other loons whlch ore subsequently measured ot omortised cosl uslng ihe effeciive interest method. 2,17 Operotlng leoses Rento15 poid under operoiing leases ore chorged lo the Sialement of finonciol actlvltles on o strolghi-line bosls over the leose term. 2.18 Penslons The Group operotes o dellned contribullon pension scheme and the pension chorge represents the omounis poyoble by the Group to the fund in respect of the period. The Grovp partlclpates In the Soclol Housing Penslon Scheme (the Scheme). o mulii-employer scheme whlch provides benefits to some 500 non-ossocioied employers. The Scheme is o defined beneflt scheme In the UK. The pensSon chorge is bosed on two octuorlal voluotions carrled ovt with effectlve doles of 31 March 2018 ond 30 September 2018. 2.19 Fund occountlng Generol funds are unrestricted funds which ore ovoiloble for use ol the discretlon of the Trustees In fvrtheronce of the generol objecllves of the Group ond which hove not been designoled for oiher purposes. Deslgnoted funds comprlse unrestrlcied funds Ihol hove been sei oside by the Truslees for portlcvlor purposes. The olm ond use of each deslgnaled fvndls Sel out In the notes io the finonclol stotements. Restrlcted funds are funds whlch ore to be used In occordance with specific restrictlons Imposed by donors or which have been raised by the Group for particvlor purposes. The cosis of roislng ond odminisierlng such funds ore chorged ogoinst the specific fund. The olm ond vse of each restrlcted fund Is set oul In the notes lo the finoncial stalements. The endowment fund comprlses of property of the Group which the Trustees moy not spend as if it were income. It mvst be held permonenily. but con be used in furtherlng the Group's purposes or to produce on income for the Grovp. Invesiment Income. 9olns ond losses ore ollocoted to the opproprlole fund. Poge 31 The Yordley Greot Trust Group (A compony Ilmlted by guorantee) Notes to ihe financial statements For the period ended 31 Morch 2024 Crltlcal accounllng estlmotes and areas of Jvdgement In the applicotion of the Group's accounting policies, the Trustees ore required to moke judgements. estimoies ond as5umpllons oboul the corrylng omount of ossets ond liabllltles thot ore noi reodily opporeni from olher sources. Estimotes ond judgements are continuolly evaluoted ond ore based on historlcol experience ond other foctors. including expeclalions of future events thot ore believed lo be reosonable under the circurnstonce& The Group makes estimotes ond 05sumptions concernbng the future. The resulting accounting esiimoles ond ossumplions wlll. by deflnltion. seldom eqvol the reloted actual results. Crltlcol occovnting estlmotes ond ossvmptlons.. Monogement revlews lis estlmote of ihe usefvl Ilves of housln9 ond other tangible ossels ot each reporting dole based on the expected vtiiity of the osseis. Uncertalnties In these esllmotes relote 10 lechnologlcol obsolescence that may change the ullllty of certoln software ond IT eqvlpmenl ond changes lo the Decenl Homes Stondord whlch moy require more frequent replocemenl of key components. Income from donotlons and leggclfts Unrestricted funds 2024 Total funds 2024 Total funds 2022 Donotlons 2,317 2.317 10.791 Local A(Jthority gronts 92,931 92.931 99,874 95,248 95.248 110.665 In 2022. income from donoiions ond gronis was wholly ottribuiable io vnrestrlcied fvnds. Poge 32 The Yardley Great Trust Group (A compony Ilmlted by gvorontee) Noies to the financial statements For the period ended 51 Mgrch 2024 Income from charitable Oclivitles Unrestricted funds 2024 Totol fvnds 2024 Total funds 2022 Sociol Housing Aesldenliol Core 1.849,859 1.849.859 1,314,238 5.629,665 3.629.665 3.639.363 5,479.524 5.479.524 4.953,601 In 2022, Income from chorltoble octlvltles wos wholly ottrlbutoble to unreslrlcled funds. Unlts In management 51 Morch 51 December 2024 2022 Houslng units Core home unlls 206 206 69 Nvrslng home unlts Scheme managers, houses 46 46 254 323 Poge 33 The Yordley Great Trust Group (A company limlted by guarantee) Noies to the flnonclal statements For the period ended 31 Morch 2024 Investment Incomt Unrestricied funds 2024 Total funds 2024 Total funds 2022 Rent recelvoble 10.263 Dlvldends ond Interest receivoble 170,696 170.696 177,057 Bonk Interesi recelvoble 25.117 25.117 4.924 195.813 195.815 192,244 In 2022, Income from Investmenis was wholly ollrlbvtoble to unrestrlcted fvnds. Other Incomlng resources Unrestrlcted funds 2024 Totol fvnds 2024 Tolol funds 2022 Sundry Income Surplvs on disposol of longlble fixed ossels 29.882 29.882 28,097 445,718 445.n8 475,600 475.600 28,091 In 2022. other income was wholly oltrlbutoble to unreslricled funds. Poge 34 The Yordley Greot Trust Group (A company limiied by gvarontee) Notes to the flnonciol statements For the period ended 31 Morch 2024 Anolysl$ gf expendlture on chorltobl• actlvltl•s Summary by fund type Unrestricted Endowment funds funds 2024 2024 Totol 2024 Yardley Greot Trust Group Chority of Job Morslon Grey Gables Colehaven Trust 6.652,676 95.512 6.746.188 4.198 4.198 612.511 612.511 162,306 10.340 172.646 7,431.691 103.852 7.535.545 Unrestrlcted funds 2022 Reslricted funds 2022 Endowment funds 2022 Totol 2022 Yordley Greot Trvst Group Chority of Job Morslon Grey Gobles Colehoven Trust 4,405.134 79,211 4.484.545 4,799 4.799 1.211.351 112.804 16.645 1,340,800 83,682 76.123 7.559 5.697.407 112.804 103.415 5.913,626 Poge 35 The Yordley Great Trust Group (A cornpany limiied by guaroniee) Notes to the flnonciol statements For the period ended 31 Morch 2024 10. Analysls of expendltvre by activitl•s Activities undertaken dlreclly 2024 Grant fundlng of actlvltles 2024 Support costs ' 2024 Total fund$ 2024 Yordley Greol Trust Group Chorlly of Job Marston Grey Gables Colehoven Trvsl 4.713,892 33.934 1,998,362 6.746.188 4.198 4.198 460.537 151.974 612.511 44.214 128.432 172.646 5.218,643 33.934 2,282.966 7.535.543 Actlvllles undertoken Gront fundln9 dlrectly of actlvlties Support costs 2022 2022 2022 Totol funds 2022 Yardley Greoi Trust Grovp Chorily of Job Morston Grey Gobles Colehoven Trust 3.734,663 96.422 653.260 4.484.345 4.799 4,799 1,232,606 108,194 1.340.800. 31,394 52.288 83,682 4.998.663 96.422 818.541 5.913,626 Poge 36 The Yardley Greot Trusl Group (A company limlted by guorantee) Notes to the financiol statements For the period ended 31 March 2024 10. Analysi$ of expenditure by octivitles (continued) Analysls ol dlr•ct Costs Toiol funds 2024 Totol funds 2022 Siaff costs 3.727.294 3.406.594 Oepreciotion Agency costs Coterlng Hyglene ond medicol Cleaning, laundry ond waste dlsposol Motor ond Irovel 233.404 205.427 302.581 294.323 180.158 188.178 111.466 50,588 113.458 4.565 154,586 11.761 Gordening and grovnds molntenonce Equlpmenl hire Tralnlng Heolth ond sofety Sundry expenses Repolrs ond molntenonce Reglslroiion fees Loss on disposol of tonglble fixed osseis Amortlsolion of social housing grant 08.785 81,563 35.735 37.372 10.509 28.810 60.919 54.816 16.454 87.750 382.098 364.359 17.338 60.654 (48.563) (38.850) 5.218.643 4.998.663 P(we 37 The Yordley Greth Trust Group (A company Ilmlted by gvorantee) Notes to the financial $tatem•nts For the period ended 31 Marth 2024 10. Analysis of expenditure by activltles (continued) Anolysls of svpport costs Totol funds 2024 Totol funds 2022 Insuronce 65.858 46.905 Heol ond light Investment monogement fees Bonk chorges Audlt ond occountoncy fees Legal and professlonol fees Postoge, telephone and slolionery Rent ond rates 1.664.476 403.200 38.295 32.556 8.661 3.808 29.070 28.480 151,685 44.667 61.343 60.911 183,918 121,224 Loon Interest 55.142 44.377 Sundry expenses 26.518 32,415 2.282.966 818.541 11. Other ¢xpendlture Total funds 2024 Total fvnd5 2022 Soclol Housing Pension Scheme net Interest 3.000 Poge 38 The Yordley Great Trust Group (A company limlted by guarantee) Notes io ihe flnonclol stotements For the period ended 51 Morch 2024 12. Avditofs remvnerotion 2024 2022 Fees poyoble lo the Grovp's ouditor for the oudit of the Grovp's onnvol occounts 21.665 19,695 Fees payable to the Grovp's oudilor in respect of.. All non.oudll servlces not Included obove 715 665 15. Stoff costs 2024 2022 Wo9es ond salorles Sociol secvrlty costs Penslon costs 3.419.501 3.125,007 198.277 218,575 109.516 63.013 5.727.294 3.406.595 Included In slaff cosls ore lermlnollon payments totalling £282.619 (2022 - £NS1) following the closure of two care homes In the period. The overoge number of persons employed by Ihe Group during the perlod wos os follows: 2024 No. 2022 No. Scheme manoger. core ond moinienonce Core home sioff 56 56 87 97 Other sloff 148 158 No employee recelved remuneroiion amountin9 to more Ihon £60.000 in eiiher yeor. Key mono9emenl remunerotion paid to the Trustees ond senior employees in the period tololled £Nil (2022 £88,515). however the Group were rechorged £85.515 from o portner orgonisation for executive manogement. Poge 39 The Yardley Great Trust Group (A company limited by gvarantee) Notes to the flnancial statements For the period ended 31 March 2024 14. Trustees, remuneratlon and expenses Ouring the period. no Trvslees received ony remuneratlon or oiher benefits or expenses (2022 £Nil). 15. Hovslng propertl•s Housing propertles Cosl At l January 2023 Additions 11,105,001 164.447 Dlsposols (947.032) At 31 Marth 2024 10,322,416 Oepreciation At l Jonuory 2023 Chorge for ihe yeor On dlsposols 3.218.409 180.514 030.636) At 31 Morch 2024 3.268.087 Net book volue At 31 March 2024 7.054.329 Al 31 December 2022 7,886,592 Poge 40 The Yardley Great Trust Group (A company limited by gvarontee) Notes to the financlal statements For the period ended 31 Morch 2024 16. Houslng property unlt$ The housing propertles Inclvde the following properties by scheme.. 31 March 31 December 2024 2022 Carrs Lone Gordens 47 47 Old 8rookside 67 67 Yardley Gardens Gre5wold Hovse 10 10 29 Cottrells Close 10 io Follot Flelds 31 31 Greswold Gordens 50 30 Yardley Gronge Nurslng Home Grey Gobles Core Home Colehoven Coltages Scheme monoger5' houses 46 46 40 11 11 254 323 Greswold Hovse wos closed dvrlng the perlod however the property remalns vnder the ownershlp of the Group. Grey Gobles Care Home was closed ond the property sold dvrlng the perlod. Poge 41 The Yardley Greot Trust Grovp {A company Ilrnlted by guorontee) Notes to the finonclol statements For the perlod ended 31 March 2024 17. Other tongible flxed assets Trust. GHS & Fixtvres and YGNH offlce •qulpment equlpm•nt Freehold land ond bulldlngs Motor v•hiel•s Totol Cosi Al 1 Jonuory 2023 Additions 129,935 25.250 571.654 1.149.033 1.875.8SO 56.401 11.410 67,811 Dlsposols (2S.2SO) (476.120> (SOl.570) Al 31 Morch 2024 129.933 628.035 684.323 1.442.291 Depreciotlon Al 1 Jonuory 2023 Chorge for ihe period On disposals 51.418 21.233 492.362 1.080.510 1.645.523 2.199 26.134 19.822 48.155 (21.233) (452.310) (473.543) Al 31 March 2024 55.617 Sl8.496 648.022 1.220.135 Net book value At 31 Morch 2024 76.316 109.539 36.301 222.IS6 Al 31 December 2022 78.515 4,017 79.272 68.523 230,527 Included withln freehold lond ond bvlldlngs Is 7.9 ocres ol lond ot Sprlngfleld Rood. which is not deprecioied. The originol cost of the lond is unknown. The lond was lost formolly valued al £42,000 on 51 Oecember 2017 by Lynette Somers MRICS of 8ridgehouse Volvotion Services on the bosis of open market volue. Page 42 The Yardley Greot Trust Grovp (A company Ilrnited by gvorantee) Notes to the financial statements For the perlod ended 31 March 2024 Investment properly Freehold Investmenl property Valuatlon Al l Januory 2023 Dlsposols Surplvs on revolvolion 306.104 (182.500) 115.596 Al 31 Morch 2024 237.000 The 2017 voluolions were condvcted by independenl valuers Brldgehouse Property Consvllonts in December 2017. The valuation in 2024 wos determined by the Trustees on an open market for existing use bosis. 19. Flxed asset Investments Llsted Investments Cash In portfollos Total Cost or voluailon At l Jonuory 2023 Addltlons 5.717.267 201,548 5.918,615 527.902 <527.902) 103.729 On ocqulsition of subsidiories Oisposols On dlsposal of subsidlories Revoluolions 105.729 (494.519) 435.724 (58.795) <125.065) 588.547 025.065) 588.547 At 31 Morch 2024 6.339.197 87.834 6.427.031 Had the Investments been held 01 historical cost they would hove been volued al £3,899.270 0131 Morch 2024 (310ecember 2022 - £3.979.401). Poge 43 The Yordley Greot Trust Group (A company limited by gvarantee) Notes to the flnancial statemènts For the perlod ended 51 Morch 2024 20. Debtors 31 Morch 31 Oecember 2024 2022 Trade debtors 166.651 206,018 Amovnts owed by linked chorltles Other debtors 10.050 256.177 2.071 5,796 Prepayments ond occrued Income 76.477 57.187 255.249 525,178 21. Current asset Investrnents 51 March 51 December 2024 2022 Cosh held on deposll 100.700 200.3S2 Page 44 The Yordley Greot Trust Group (A company limited by guarantee) Notes to the flnanclal stotements For the period ended 31 Morch 2024 22. Credltors: Amounts falllng due wlthln one year 31 Morch 31 December 2024 2022 Houslng loons Trode creditors 18.159 18.289 473.330 179,412 Amounts owed to linked chorltles 10.050 256.177 Other creditors 12.160 27,098 Accrvols and deferred Income 575.736 279.310 889.415 760.286 51 Moreh 31 December 2024 2022 Deferred Income ot l Jonvary 2023 Resources deferred dvring ihe period Amounts releosed from prevlous perlods S1.057 65.620 101.099 51.057 (51.057) (65.620) 101,099 51.057 Income has been deferred as il reloies 10 income recelved in odvonce for lettlngs ond care home fees together with clowbock of gront funding. Deferred Sncome also includes soclol houslng grants whlch are to be recognlsed over ihe useful economic life of eoch hovsin9 property to which the gfonts relate in accordonce with ihe Housing SOAP followed by one of the Ilnked charltles. Poge 45 The Yardley Great Trust Grovp (A company limited by guorontee) Notes io the flnoncial stotements For the period ended 31 March 2024 23. Credltors: Amounts falling due oftèr more thon one year 51 March 31 December 2024 2022 ouslng loons Deferred Income 408.755 433.864 2.592.797 2.441.560 2.801.552 2.875.224 Included wiihin the above ore omovnts folllng due os follows 31 Morch 31 December 2024 2022 8￿wo•n on• and two years Hovslng loons 18.139 18.139 Between two ond flve years Hovslng loons 54.418 54.418 Over flve years Houslng loons 336.198 361.307 The 09gregote omount of Iiobi1I1Ses payoble or repoyoble wholly or in port more ihon flve yeors after the reporting dale is.. 31 March 31 December 2024 2022 Poyable or repoyoble by inslalments Soclol housing grant releasoble 10 Income 336.198 361.307 2.285,960 2.257.397 2.573.595 2,647.267 The Notionwlde ond Orchordbrook loons. included in housing loons obove. ore mode in respect of. ond secured on. the housing propertles of the Group. The loans are repoyoble by Instalments - Interest poyoble on the Notionwide Building Society loon is at o vorioble role ond interest on the Orchordbrook loan Is lixed between 10.75% ond 14.5Yo. The Almshouse Associoiion loans are unsecured, interest free ond repoyoble over o fovr yeor ond o ten yeor period respectively. Poge 46 The Yordley Great Trust Group (A company limited by guorontee) Notes to the flnondal stotements For the perlod ended 51 March 2024 24. Statement of funds Stotemeni of fvnd$ - cvrrent perlod Bolonce at I Januory 2023 Tronsfers in/(out) Goins/ Balance at 51 (Losses) Morch 2024 Income Expenditvre Unrestrlcted fvnds Designat￿ funds YGT Contlngeny fund 714.575 714.575 YGT Extroordlnory repolr fvnd - other buildings YGT Developmenl fund 50.500 50.500 2.899.569 2,899,569 YGTG Furnllure ond equlpmenl fund Colehoven resldents, lelsure fvnd 82.831 82.832 3.626 3.626 Grey Gobles property tund 904.577 551.610 0.456.187) 4,655.679 551.610 0,456.187) 3.751.102 G•nerol funds Chorlty of Job Morston 4.248 12.604 (4.198) 12.654 Colehoven Trvsi 227.424 136.516 (162.506) (612.511) 03.443) 12.174 200.365 Grey Gobles Yordley Great Trust Group (218.950> 273.706 557.755 1,257.978 5.2n.749 (6.652.676) 848,749 468.268 1.174.068 1.250.700 5.694.575 (7.431.69 1.395.061 480.442 1.387.087 Totol Unrèstrlct•d funds 5,906.379 6.246.185 (7.431.691) (63,126) 480.442 5.138.189 Poge 47 The Yardl•y Greot Trust Group (A company limited by guarantee) Notes to the flnandol statements For the perlod ended 31 March 2024 24. Stotement of funds {contlnued) Bolonce ot. I Jonuory 2023 Tronsfers In/{out) Goins/ 8olonce at 31 (Losses) Morch 2024 Income Expenditure Endowmeni funds Chorlty of Job Morston 733.391 162.706 896.097 Colehoven Trust 610.600 00.540) (95.512) 13.445 613.703 Yordley Great Trust 5.719.422 49.683 5.675.595 7.063.415 (105.852) 63,126 162.706 7.185.593 R•strlct•d funds YGT Extroordlnory repalr fund Almshouses 253.950 255.950 Tolal of funds 15,225.742 6.246.185 (7,555.543) 645,148 12.577.532 Poge 48 The Yordley Great TrL•Si Grovp (A company limited by gvorontee) Not•$ to the financial statement$ For ihe period ended 31 March 2024 24. Statement of fvrkls {continued) Statement of funds - prior period Bolonce oi Goins/ 31 December (L0s5es) 2022 8olonce ot l Jonvory 2022 Tronsfers in/(ovt) Income Expenditvre Unrestrlcted funds Deslgnated funds YGT Contlngeny fund 714.575 714.575 YGT Extroordlnory reFxJlr fund - other bulldlngs YGT Oevelopment fund 50,500 50,500 2,899.569 2,899.569 YGTG Furniture and equlpmenl fvnd 107,017 (24.185) 82.832 Colehoven resldenls. leisure fvnd 3.626 3.626 Grey Gables properly fund 904,577 904.577 3,775,287 880.392 4.655,679 General fvnds Chority of Job Morston (1.446) 219,319 10.493 (4.799) (76.123) (1,090.330) 4,248 Colehaven Trust 97.497 (13.269) 227,424 Grey Gobles Yordley Greot Trust Group (39.590) 925,249 (14,279) (218.950) 2,243,376 4.251.362 (4.529.155) 24,185 (751,790) 1.237,978 2.421,659 5.284.601 (5.700.407) 9.906 (765.059) 1,250.700 Totol Unrestrlcted funds 6.196.946 5.284.601 {5,700.407) 890.298 (765.059) 5,906.379 Poge 49 The Yordley Great Trust Group (A company limlted by guorantee) Notes to the financlal statements For the period ended 31 March 2024 24. Stot•m•nt of funds (contlnued> Bolance ot Goins/ 31 December (Losses) 2022 8alonce ot l January 2022 Tronsfers In/(out) Income Expendilure Endowment funds Chorlty of Job Morston 838,352 (104.961) 733.391 Colehoven Trust 618.159 (7,559) 610.600 Grey Gobles - Bolley Cox memorlol fund 906.943 (16.645) (79.211) (890,298) Yordley Greol Trust 5.798,633 5.719,422 8.162.087 (103.415) (890.298) (104.961) 7.063.413 Restricted fund5 Grey Gables - Ellen Sionley Colemon Ahodes fund 59.561 (59,561) Grey Gob'les . Resldenis fund 53.245 (53.243) YGT Exlroordinory repolr fund Almshouses 255.950 253.950 366.754 (112.804) 253.950 Total of funds 14.725.787 5.284.601 (5.916.626) (870.020) 15.223,742 Poge SO The Yardley Great Trust Group (A compony limlted by guarontee) Notes to the financial staiement$ For the perlod ended 31 Morch 2024 24. Stotement of funds (contlnued) Purpose of funds Deslgnoted fvnds Contlngency fund The Trustees consider thol they need io hold ot leosl four months, operoling expenditure os o contlngency reserve. Extroordlnory repolr fund - other buildlngs The omount lo be held is colculoled by reference to o plon thoi shows when building components ond eqvipment con be expected io requlre replocement. The plon Is updoled onnually. Developm•nt lund A development fund hos been set aslde by the Trustees to contribvte towords the cost of new houslng development(s) os ond when opportvnltles orlse. Furniture and Equipmet)t tund The fuf nltvre ond equipment fund hos been esloblished to ensure ihere ore sufficleni fvnds ovolloble to servlce the Furniture ond Equlpment plon. The omouni io be held Is calculoted by reference lo o plon that shows when building components and eqvlpment can be expected to requlre replocemenl. Thls plon is vpdoted onnvolly. The ironsfer In/out eoch yeor ensures the fvnd bolance Is updoied In line wlth the plon. Resldenls, lelsure fund This fund has been set up with the object of using the income from the fvnd for the benefit of the home's residents. Grey Gables Property fund Represents funds tied up in the Grey Gobles core home and ossocioted property. The property wos sold In the ueor therefore the proceeds hove been tronsferred bock into general funds Endowment funds The endowmeni funds comprise property of the Group (l.e. lond. buildings. Investments or cosh) whlch the Trustees moy not spend as If It were Incorne. It must be held permonenily, bvl con be used in furthering the Group's purposes or to produce on Income for the Trvst. Restricted funds Elleft Stanley Colemon Rhodes fvnd This fund hos been set up with the object of uslng the income from the fund for the benefit of the home's residents. Residents fund This fund has been set vp with the object of using the income from the fund for the benefit of the home's resident5 and sloff. Page 51 The Yardley Great Trust Group {A compony limited by guaraniee) Note$ to the finonclol stotements For the period ended 31 March 2024 24. Statement of fvnds (continued) Extroordlnary repolr fund - olmshous•s The omount to be held Is colculoied by reference to o plon ihoi shows when building components ond eqvipment con be expected to require replocement. The plon Is vpdoted onnvolly. The Chorlly Commission Scheme for Yordley Greot Trust provides thot eoch year o tronsler should be mode from unrestricted Income to the reslricted Exlraordinory Repoir Fund ond the amount is to be determined by the Trustees in light of ihe demonds which moy be made upon Ihe funds. 25. Anoly51s of net ossets between funds Anolysls of net assets beiween funds - current perlod Unrestrlcted funds 51 Morch 2024 AestrSct•d Endowment fund$ funds 51 Morch 51 Morch 2024 2024 Total funds 51 Morch 2024 Tongible fixed 055ets Housln9 propertles Flxed ossel Invesiments 222.156 222.156 3.281.398 3.772,931 7.054.329 2.863.178 3,563,853 237.000 6.427.031 Investment property Current ossels 237.000 2.593.285 253.950 38,503 2.885.738 Creditors due wiihin one yeor Credltors dve In more than one yeor (1,429,031) (2,392.797) (18,139) 0.447.170) (408,755) (2.801.552) Total 5.158.189 253,950 7.185.393 12.577.552 Po9e 52 The Yordley Great Trust Group (A Company Ilmited by guarante•) Notes to the finonciol statements For the period ended 31 Morch 2024 25. Analysis of net osseis between funds (contlnued) Analysls of net ossets beiween funds - prlor perlod Unrestrlcied Reslrlcled Endowment Tolol funds lunds lunds funds 31 December 31 December 31 Oecember 31 December 2022 2022 2022 2022 Ton9lble fixed ossets Housing properties Flxed ossei investments 230.327 230,327 7,886.592 4,068.370 3.818.222 3.559,551 2.105.114 253,950 5,918,615 Investment property Currenl assets 191.104 115,000 306,104 2.494,971 22.643 2.517,614 Credltors dve wlthin one yeor Credllors due In more ihon one yeor (742,147) (2,441.360) (18.139) (760,286) <433,864) (2.875.224) Total 5.906.379 253,950 7.063.413 13.223,742 26. Reconclliaiion of net movement In funds to net cosh flow from operotlng Othivities 31 Morch 51 December 2024 2022 Net expenditure for the year (as per Siolement of finonciol octlvltles) (759.606) (1.552,045) Adjustments for: Depreciolion chorges (Golns)/losses on Invesiments Dlvldends. interests ond rents from Investments (Surplvs)/loss on the sale of fixed ossels Decreose in stocks 228.469 199,313 (529.752> (195.813) (445,718) 900,020 (192,244) 60.654 1.278 Decreose/(Increose) in debiors Increase in creditors 269.929 (186.409) 144.128 80.716 Net cash used In operoting activlties 0.551,775) (605.305) Pooe 53 The Yordley Greot Trust Group (A cornpany Ilmited by gvaronte•) Notes to ihe flnoneial Siotements For the period ended 51 Morch 2024 27. Analysis of cosh ond cash equivalents 31 March 31 December 2024 2022 Cash in hond 1.972.034 1.792.084 Cosh held by Investment monager5 Cosh held on deposit 87.835 201,548 100.700 200,352 Total cash and cash equivolents 2.160.569 2.193,784 28. Analysls of chong•s In n•t d•bt At l January 2025 Al 31 Morch 2024 Cosh flows Cosh ot bonk and In hond 1.792.084 179.950 1.972.034 Debi due within l yeor Debt due ofier 1 yeor Cosh held on deposit (18.289) (433.864) 200.552 150 <18.139) (408.755) 100.700 25.109 (99.652) 1,540,283 105,557 1.645.840 29. Penslon commltments The Group contributes to defined contrlbvllon employer sponsored penslon plons, monaged ond odministered by Aviva ond Zurich Insuronce. The assets ol the plans ore held seporotely from those of the Group in independently administered fvnds. The pension cost chorge represents contributions poyoble by the Grovp to the fvnds ond amovnied 10 £59.864 (2022 - £63.013). Contributlons omouniing io £Nil (2022 - £Nil) were poyoble lo the funds ot the bolonce sheet dote ond ore Included in creditors. The Grovp olso operates o defined beneflt pension scheme. Sociol Houslng Pension Fund (SHPF). The Scheme is subject to the fundlng legislation outlined In the Pensions Act 2004 which come into force on 30 December 2005. This. together with documents Issued by the Penslons Reguloior ond Technicol Actvarlal Standords issved by the Finonciol Reporlin9 Covncil. set ovl the fromework for fLtnding defined benefit occupational pension schemes In the UK. The last remoining member with a defined benefit obligolion tronsferred out of SHPS In December 2022. Page 54 The Yordley Great Trust Group (A company Ilmlted by guarontee) Notes io the finoncial statement$ For th¢ period ended 31 Morch 2024 30. Operatlng lease commltm•nts The Group hod no commltments Llnder non-concellable operoting leoses ot 31 Morch 2024 (31 December 2022 £Nil). 31. Related porty transactions During the year. The Yordley Great Trust Group entered into the followlng Iransactlons wlth other linked horllles. the results of whlch ore Included In these finonclol slotemenls.. 31 Morch 310ecember 2024 2022 Rechorge of expenses Grey Gables Chorlty of Job Morston 8.457 33.851 10.050 At the year end, the following omounts were due between Ilnked chorlties In the Group.. 31 March 31 December 2024 2022 Balances du• lo the Yardley Great Trust Grovp Chorlty of Job Morston Grey Gables 10.050 10.050 246,127 Dvring the year the Grovp received income of £4.171 (2022 £20.691) In respect of clerking services ond opprenliceship support from Yordley Edvcolionol Foundatlon. which hos one Trvsiee in common wlth the Group. 32. Controlling party The vliimole conlrollln9 porty Is the 8oord of Trustees, Po9e 55