COMPANY REGISTRATION NUMBER: 05812992 CHARifi REGISTRATION NUMBER. 202210 Torr Home Company Limited by Guarantee Financial Statements 31 December 2021 WESTcorrs Chartered accountants & statutory auditor Plym House 3 Longbridge Road Marsh Mills Plymouth PL6 8LT LTD
Torr Home Company Limitsd by Guarantse Flnancial Statements Year ended 31 December 2021 Page Trustees, annual report (incorporating the directorfs report) Independent auditorfs report to the members Statement of financial activities (including income and expenditu account) 15 19 ststement of financlal position Statement of cash flows 20 21 Notes to the financial statements 22 The followlng pages do not form part of the flnanclal statsments
Torr Home Company Limlted by Guarantee Tru5tegs' Annual Report (Incorporating the Directorfs Report) Year onded 31 December 2021 The trustees, who are also the directors for the purposes of company law. present their report and the financial slalem8nls of the chanty for the year endèd 31 December 2021. Reference and admlnlstratlvo dotalls Reglstered charlty nam• Torr Home Charlty reglstratlon number 202210 Company r•glstratlon numb•r 05812992 Prlnclpal offSco and regl8terad The Drive offlc• Hartloy Plymouth Devon PL3 5SY Unlt8d Kingdom Th• tru8t008 Mr N Major Mrs E 808WOrth Mr J Modley Mr J Roberts Mrs S Stidever Cornpany •Krotary Mr J Robert8 Audltor Westcotts ISWI Ltd Chartered accountants & statutory auditor Plym House 3 Longbridgo Road Marsh Mills Plymouth PL6 8LT
Torr Home Company Limited by Guarantee Trustees, Annual Report (Incorporating the Directorfs Report) (Conthivj Year ended 31 December 2021 1. Introductlon Torr Home is situated in a beautiful 1yh century country mansion in the highest part of the City of Plymouth. 11 is a grand s8tting for a Residential Nursing Home having extensive grounds of three acres and enjoys panoramic views over the City of Plymouth, Dartmoor. Bodmin Moor and out to sea over Plymouth Sound as far as the Eddy51one Lighthouse. 11 was built as a family home for the late Robert Bayley and is quite unique for Plymouth. A feature of the hryjse is the beautiful wood panelling and staircase in the entrance hall. Torr Home was purchased In 1928 by the Devonport and Wèstern Countles Assoclalion for the Blind (Registered Charity No. 2022101, which was established lo 'provide a Home or Homes for I1nd and partially sighted persons and lo promote Ih8ir welfare,. Prior to this relocation the Home for the Blind had been silualéd in Devonport. The Charity became Incorporaleé during 2006 and today operates under Torr Home whilst still retalnlng the orlglnal charity number of 202210. With the passage of time Torr Home has évolved. into onè of the premier resldenlial homes in Plymouth and the Southwest. The Charity 8till spÈcialis8s In caring for people having visual impairment bul has expanded aclivili8$ 10 catèr for all parsons ovèr Sixty years of age. Full nurslng status was acquired during 2008 providing an important new additional service lo the resldential, convalescence, respite and daycare 5erviGe$ already offered by the Charlty. Sheltered Apartments converted from redundant farm bulldings on site came on stream from 2010 providing another valuable income stream for the Charity. The services offered was fvrther supplemenleé in 2012 when the newly con51rucled Glentor Dementia Nursing Unit opened ils doors lo the public following final commissioning and slaff Irainlng during the early part of the year. 2. 2021 Flnanclal Porfomianco 2.1 Summa of 2021 Flnanclal Performance Ke Polnt• Consolléaled operating loss of £300,444 was recorded for the year against a budget of £127,429 and a previous year actual of £209.708. A difficult year with operating performance suffering from COVID related Sssues that badly affected income from occupancy and was the cause for exceptionally hSgh Agency Labour cost arising from Govemment imposed COVID shielding measures and an acute shortage of quality committed Care Staff available in the Sector. Nom81 operating performance drlvers were unchanged with Occuparw and th& cost of Agency Labour sllll major factors but with the added pressure brought about by the pandemic. Torr 0UPancY was 63.10 for the year compared lo 73Vo for 2020 and 77Dh for 2019. Budget was set at a caulii)us 78¥0. The direct effects of the pandemic meant filling empty beds was very difficult. On a positive note, the number of empty beds allowed for the completion of the conversion of the Annexe lo facllilale an addltional 20 secure dementia beds for the Site The unil has been named the Belltor Centre Sn memory of Torr Home's historul link with Graham Alexander Bell. Filllng the new dementia beds proved dfficull due lo the many COVID driven restnctions as oulllned above. Glenlor Occupancy was 80Vo for 2021 against 97% for 2020 and 99% for 2019. Budget was sel al 85°h. Expenditure on Agency Labour across the Sile was an eytrwatering sum of £413,841 compared lo £143,868 in 2020. Expenditure on produclive labour showed an overall adverse variance of £125,524 against the activity adjusted budget but pnly due ID conservative budgeting of own labour cost. Administration Labour cost al £313,504 was substantially above tha budget of £274,577 and the previous year actual of £256,373. The increased cost was driven by CQC'S direcllve to increase focus on bureaucracy, red lape alld Governance related issues.
Torr Home Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continued) Year ended 31 December 2021 £145,532 of Government grants received lo help all aspects of increased operating costs in connection with the pandemic. Work included infection control measures, PPE expenditure and staff cos15 during isolation. Cash flow absorption of £502,943 was recorded for the year after nel expenditure of £167,218 on capital additions and £106,139 on special revenLJe projects. Torr Home recorded an operating loss of £351,582 after adjusting for Government grants amounting lo £145,532. Sheltered Apartments operallng surplus was £79,966. Glenlor Operallng Loss for 2021 was £28,831. Investments were valued al £1,417,732 as at 31 December 2021 belng £169,447 up on the opening position for the year. Clydesdale loans down lo £55,763 from £193,162 at the end of 2020. 2.2- 0 eratln Performanc 2.2.1 Con601idated O eratlon An operating loss of £300.444 was recorded for the year lo 31 at December, 2021 belng down on both the budgeted performance of £127,429 ané the 2020 surplus of £209,708. Occupancy Issues and the employment of Agency workers were major factors affecting the financial outcome al Torr and The Glenlor, A return lo some form normality is the trigger for a much-needed improvement in income generated. Labour costs can only be reduced through lighter control on casual absences and an aggresslve pollcy on the employment of Agency Labour. Consolidated O In Perfomi ch ul Operatlng Porfomiance Decernb8r, 2021 M(wrth Icumul Budget Prev Yur Cum Act Actual Revenue Income from Operations 2,701,701 100.0 3,081,939 100.0 2,858,057 ProduclSve labour Provlsions & foodstuff Contrlbutlon bgfore overheads Varlablo ovorhead8 1,994,203 73.8 1,896.082 90,399 1,095,458 185,024 61.5 1.682,850 85,205 1.090.002 178,454 624,811 145,139 23.1 35.5 Contrlbutlon to flxed costs Flx8d •xpéns•s 479,672 385,211 17.8 14.3 910,434 399,454 29.5 12.9 911.548 341.272 Net Contribution General Admln18tratlon 94.461 394.905 510.980 383,551 16.6 12.5 570,276 360.568 14.6 A reconciliation of operating performance highlighting the major performance variances and cost savings is summarised below.
Torr Home Company Limited by Guarant•• Trustees, Annual Report (Incorporating the Director's Report) (¢onfInuj Year ended 31 December 2021 Cumulate Reconciliation of operating profrt- 12 Months to December 2021 Budgeted operating Incomelllossl 127,429 Varlances-. Cumulallve occupancy level al Torr was 83% against budgèt of 78f*/o and a prev year of 730A. The Glentor occupancy performanc& al 80Vo was against a budget of 85Vo and a previous year of 97010. Cumulallve site occupancy remained 15.5 /0 down of budget. Activity level {496,4851 Pricelmix Effect on operallon Includes £145,532 COVID grant Income received from HM Government 171,060 Total labour c051 up on budget due lo Agancy Labour cost belng £413841 for the year again518 prev year of £143868. The budgeting process dld nol allow for the level of expenditure we have had for the yéar. High expendllure due lo COVID relaledlssues and a severe shortage of avallable labour in the Care Seclor. Expenditure up on volume adjusted budgel- drlven by higher post COVID ¢osls. Producllve labour {125,524) Provlslons (6,029} Laundry £ {3055), Water Rates £23872 -includ&s one-off refund of charge for mains water leak in the grounds of Torr Home, Energg £ 4238. Transportation £1,059, Resident'5 welfare £291, Medical co8ls- stock management initiative £4839, Waste Disposal £ {2118}, Other costs above budget 2910 Mainlenance Salarles - down 1 staff £23442. Training cost beneflt from on-line courses £1123, General rates £ {2880). Insurances £ (4195). Repairs & Maintenance £ 2486. Cleaning £16461, Energy £5166, Revenue equipment £ {42421, Caredocs £153831, Regi51ralion fees £208, Garden I pramises malnlenance £153221, Health & Safety £1605), Misc. l others Includlng sundry 8xpen5es £ (2054), Depreciatlon £7145. Variable 8xp8nsos 26,216 Fixed expenses 14,243 Admin salaries including temporary receplionisl & Governance Manager not in budget- £1389271. employment costs- introduction fees elc. £6181, Telephones £3275, Printing, and stationery £144641, Advertising £ 2238, Travelling Expenses £207, ProfitllLossl on disposal of fixed assets £5335. Bad debts £10063, Auditors £ {618), Legal & Professlonal £2698 Others £ 2658. General odministralion 111.354) Actual o erali rofrt (300,444}
Torr Home Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (continuedj Year ended 31 December 2021 2.2.2 Torr Hom & Sheltored A artment An operating loss of £271,818 was recorded at Torr for 2021. This compared to a budgeted surU$ of £115,019 and a previous year surpSus of £g4,369. Includ8d in Torr Home's figures Is a surplus of £79,966 from the Sheltered Apartments. To further Sel off against operating losses Torr r6¢8lv8d COVID grants amountlng lo £145,532, 9 re18ase of a 2020 accrual in connecllon with a water leak of £11,400 and a profit of £5,335 in respect of the disposal of a motor vehicle. Th8 undertying performance of the Unil was unsalisfaclory and affected throughout the year by the COVID19 pandemic which had a negative eff8cI on occupancy and operatlng labour costs. Expenditure on Agency labour was £305,827, and the bottom-lin8 effect of amply beds was £453,044. Resolvlng the issues are slralghl fOard but does demand a ralurn to Some form of normallty before the recovery proces5 can get underway. 2.2.3 Th8 Gl•ntor Contr• The Glenlor Centre suffered an operollng loss of £28,831 for the year lo 3181 December, 2021 compared to a budgeted $urplu$ of £12,410 and a 2020 suru5 of £115,339. Positive variances drlvlng performance ¢ame from.. 1. Activity - an adverse variance of £43K for the year. Occupancy was affected by COVID a8 filling empty beds became problemallc when vacancles arose. 2. Price- A positive variance of £19K against buégel. 3. Labour including Agency Staff - Agency labour expendllure al £108K was subslanllally up on the 2020 Spend of £20K but conservative budgeting limited th8 overall adverse labour varianc8 10 £12K agaln81 actlvlty adlusted budget.
Torr Home Company Limitsd by Guarantee Trustses. Annual Report (Incorporatlng the Dlrectorfs Report) (conlffnu•d) Year anded 31 Décamber 2021 2.2 Cash Flow Not Cash flow for the year to 318t Docember, 2021 was an ab80rptlon of £502,943 agaln8t budgeted absorptlon of £225,902 Please see analysls below: Operating Cashflow Gener8tionl{Absorpllonl Prev Year AGT Actual Budgel Gener81Ionl(Ab8orpllon) OTatIng Surplus I (Lossl Depreclation Nel Capital Expendllure Stock Dablors Cre(lilors Operallng Cash Flow- Gl{A) Non-o gratln Cash Flow- Gl Bank Inl6resl Investments Income Rental Income Non-operatlng Staff Costs ecial Revenue Pro ects Donallons l Legacle8 Residents Welfare Income Add 88ck Dapreclatlon Investments - (Non-cashl Investments - (Sales Proceeds le88 purch28es> {300,4441 88,732 {167,218) 127,429 95.877 (250.000) 209, 708 84,384 (175. 135) 132,653) 35,432 {447,015) {14,998) 103,018 1144710) 15,986 186.440 13,5021 34,962 26,238 17,3291 106,139 (4,7581 20,000 20,000 16,4341 110,000 (7.678) 32.211 31,966 (44,432) 170. 195 451 (558) 467 1825) Non*Operatlng Cash Flow- Gl{A) Total Cash Flow- Gl 225 902
Torr Home Company Llmlted by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (¢ontlnuedJ Year ended 31 Decemb8r 2021 2.3 Ca ital Ex gndituro Capital Expenditure for the fvll year lo 31 December 2021 was £167,218 again51 a budget of £250.000. See below.. Project Ital Ex gndlture 2 21 12 Months Spend to Drt'21 Pre 2021 Spènd E8tlmated Outstanding Expendlturo DEC'21 Cumulatlve Spend to Dec'21 Ral No Projéct DCrIptIOn Projgcts - (above £50KI Domentia Day Room 015 259.00 825.00 1,084.00 120,000.00 B•ll-Torr Domontla Pro New Nurses Offlce 8ell-Torr Security upgrade Enhanced Nurse call System New Staircase lo aid Resldenls, Safety & Securtly Bell-Torr Room 43 Upgrade Bell-Torr Room 36 upgrade Bell-Torr Bathroom Equipment Upgrade Bell-Torr Safety Handrail System Room 37 Upgrade Bell-Torr Central Healing & Hol Water Upgrade New Bedroom Furnllure Bell-Torr Pnvacy Blinds Ground Floor Wet Room New Ground Floor Kitchen New Electricity Supply Annexe & New Day Centre Ground Floor Sluice Bell-Torr Room 24 upgrade Totsl Bell.Torr Dementla Project 101 101 101 0.00 4,046.00 3,000.00 8,820.00 7,672.40 8,828.00 6,820.00 11,718.40 11,828.00 101 101 101 101 101 119 8,622.00 4,500.00 7,490.00 5,247.00 1,113.00 2,391.00 10,661.00 11,122.00 7.490.00 5,247.00 1,113.00 5,451.00 10,861.00 3,060.00 1001101 101 101 101 101 -0,03 21.19.93 35.82.58 456.00 10,457.61 30,702.03 6,376.00 2,180.50 2,000.00 2,000.00 30,702.00 8,495.93 5.763.08 2,456.00 12,451.61 106 101 101 4,841.00 1,916.00 11367.80 51,721.89 4,000.00 8,841.00 1,916.00 11 367.80 153.443.82 101,980.93 ComJ)1oto 129 New Conservatory 25675.45 28,72S.00 3,000.00 Sub Total 77,397.34 130.705.93 207 844.27 123,000.00 Pro ects - {above £1 OK and up to £50KI Complete upgrade and re-configuration No 63 Complete upgrade re-configur81ion & Ext No57 Apartment 55 upgrade Incl New Kitchen Upgrade room 18 10 include wel room Sub Total 045 26,648.40 28,648.40 045 045 015 29,045.00 10.496.00 792.00 66,981.40 29,045.00 10.496.00 792.00 66,981.40 13,000 00 13 000.00
Torr Home Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (conllnuad) Year ended 31 December 2021 Pro ects- {£2K up to £10K) Fire Safe storeroom in the Main House Cellar Main House bio metric lock front door Electronic Door Closers - Main House 181 floor Sub Total 126 15 2,087.00 2,637.00 2,087.00 2,637.00 128 3.890.00 8,614.00 3.890.00 8,614.00 0.00 COMPLETE Mlscellaneous Ca £2K): Asber Pass through Dishwasher House Buffalo Range Oven - Maln House New Rotary Ironer- Slle Laundry New Laptop Cllnlcal Governance Covorélnalor Speciallst Shower Chair Torr Home Offlce Furnllure Cllnlcal Governance Ccpordlnalor Bedroom FurnSlure Maln House Rooms 7 &15 Belllor- 1" Verso 8 Air Mattress System Belllor- 4" Verso 5 Air Mattress Systems Belllor- 2. Verso 5 Air Mattress Underlays Belllor Casa Profiling Bed Arjo Standing Ai¢J Main House Oak Bedroom Furniture Main House Arjo Sledy Standing Aid - Glenlor Arjo Sledy Standing Aid Belltor Sub Tota Ita5 Item8 (up to Main 020 020 020 1.978.80 1.199.98 2,322.00 1,978.80 1,199.98 2,322.00 030 040 528.42 1,637.00 528.42 1,637.00 030 655.20 655,20 040 040 040 040 101 040 040 040 040 3,459.91 434.60 1,140.00 109.60 555.00 1,200.00 1,26g.96 1,200.00 1200.00 18,890.47 3,459.91 434.60 1,140.00 109.60 555.00 1,200,00 1,269,9e 1,200,00 1200.00 18 890.47 0.00 COMPLETE Total caplt81 Spend Jan to Dec Assets disposed @WDB V Net Ca Ital Ex endlture 171.883.21 {4.665.501 167,217.71 130,705.93 302.330.14 14,665.501 136,000,00 130 705.93 136 000.00
Torr Home Company Llmlted by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (¢ontlnuetlJ Year ended 31 December 2021 2.5 S lal Revenue Ex endlture Spe¢lal Revenue expenditure for 2021 was £106,139". Torr Home Special Revenue Expendlture 2021 Chart Full Yoar Expendituro Brlof Do•crfptlon of Exp•ndltur• Account 8302 Maln House Parapet & Roof Re Professlonal Fees Tele hone Ne ollalions Annex Refurblshmenl.. 6,060 8309 woo 8313 Mobile 1,248 RelocalSon of Slulc8 Infection control latex flooring Slul¢6 room Central H8aling Modiflcallons Including Day Room Adaptions Bedrooms ReftJrblshmenl- Rooms 27 10 32 Infection control late¥ floorlng Rooms 27.29.30 &31 edrooms Refurbishment- Room 25a Infection Control latex floorlng Room 25a Infectlon Control latex floorlng Rooms 21,22 Bedrooms Refurblshment- Room 23 Total Expendllure Annex 3.000 180 3,948 21,302 8317 5,022 3,372 1,654 1,748 Maln House Bedrooms Refurblshmenl including Infe¢llon Control Fl¢)orlng Repalrs to ensulle leak and resulllng walor damage Refurbishment Room 7 Infection control latex flooring room 7 Refurbishment Room 14 Refurbishment Room 15 Infection control latex flooring room 15 Relurbishmenl Room 18 Infection control latex floorlng room 19 Reftjrbishmenl Room 22 Infection control latex flooring rooms 12 & 22 Total Expenditure Main House 8320 4,986 9,790 1,747 5,762 4,950 1,747 408 1,136 3,827 2,115 8344 Apartments Refurblshments: No 63 - Relocate Boiler and Radiator5 to allow Capllal upgrade No49 No55 No37 No51 2.647 2.140 1,764 10,991 1,235 18,777 Total EXnditre 106,139
Torr Home Company Llmlted by Guarantee Trustees, Annual Report (Incorporating the Directorf5 Report) (conllnu8d) Year ended 31 December 2021 2.6 Inv•stmonts Torr Home investmènts at the close of play on the 311t of December were valued al £1.417,732 belng 13.570/0 up on the opening valuation of £1,248,285 for 2021. Factors affecting performance during 2021 included: Covid 19 was present throughout 2021 and inevitably affected the economy indudiThJ the travel and leisure sectors. GOP recovered back to pre-pandemic levels durlng the year bul the emergence of the Omicron variant of Covld 19 late In the year posed a threat lo tha economy as we approached the end of the year. The Bank of England ralsed Inter831 rates in D8¢omber to Combat the Increaslng c08t of Ilvlng inflallon. Indlcalions suggest that th8 worst of the pandemic Is over. however. Global uncertaSnly means Govemmenls and FlnanGlal Institutions will have to keep a close eye on the market as 2022 progresses Valuation of Torr Home Investments 2021 343¢ I IF4LLry 144ps 14OL• 12495C• 10
Torr Home Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) {conllnu Year ended 31 December 2021 2.7 Bankln Clydesdale I Vlrgin Bank Loans both loans. No change lo report - We remain on Ihe variable interest rate for The balance outstanding on Clydesdale loans al the end of December, 2021 was £55,763 agalnsl £193,162 for the same perlod Sn 2020. 3.0 No lè Events Durln 202 There are no malor events to report for 2021 from an operallonal polnl of view, however, 2021 was exceptional In that il wa5 the second year of a major global pandemic that has had a huge effect on all the wortd's major economles. Torr Home kept a tight conlrd on all matters relating lo COVID bul wa5 not able escape the financial cost of operallng under such dlfflcull constraints. Golng forward the maln challènge for the Charlty Is to malntaln our high operating standards and re-build cash reserv8s as w8 slowly come out of the pandemlc. Torr Hom8 Still has long term aspirations lo expand ils aclivS1ies bul restoring the Charlty's financial base is the short-term prSorily. 4.0 Prlncl al Rlsk8 0 ortunlt108 and Intlo 4.1 Financlal Control Torr Horne's operating performance is driven by: Sound Financlal Controls. A dlsclpline of monthly operallng reports lo that d05ely monitor performance and serve as an early warnSng of any potential thalS ahead. High operallng Care standards with no compromlse. A thorough understsnding of the Sector including th8 Publ Sector Operatlon. 4.2 Nursln Staff The Shortage of Staff remalns a problom for the Care Sector. There Is clearly a major need lo recruit and train new Nurses and Care As51s1anls for both the Public and Private Sectors in the UK. the challengels huge and needs Government intervention and commitment lo develo and fund a suitable ro r8mme lo address the current acute shorta e across both the Public and Private sectors. 4.3 Th• Futu As we look to the future Torr Home's plans for expansion are unchanged but can only be pursued after a return lo'normal. operating conditions post the COVID pandemic. 3.1 hort TomTr Plan for 2022 The short-temi plan for 2022 is to focus on filllng beds and recrulllng staff thereby reducing our reliance on costly Agency Labour. 11
Torr Home Company Llmlted by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (¢onlln4md) Year ended 31 December 2021 5.0 Structure overnanc• and mana emen 5.1 Governln document The charity is controlled by ils governing document. a deed of trust, and operates as a limited company, limited by guarantee, as defined by the Companies Act 2006. The governing document for the limited company is ils memorandum and articles of association. Each member promlses. If the company Is dlssolved while he, sh8 or il remains a member or within 12 months afterwards, lo pay £10 toward9 costs of dlssolution and tha liabilities incurred by the charity whlle he or She wa$ a member. Torr Home w88 incorporated as 8 compary limited by guarantee. as a subsidiary of Devonport and Western Counties Association for Promoting the General Welfare of the Blind. On 31 July 2006, all agsels belonging lo Devonport and Weslem Counties Association were transferred lo Torr Home. Devonport and Western Countles Assoclallon for Promollng the General Welfare of the Blind Is now only relalned for ils name and has no assets or Ilabilities, leaving Torr Home Ltd as the main charbty, operating under 118 working name of 'Torr Home" RecruSlmenl and appolnlmenl of new Iruslees The members shall cary out the election of the officers and committee members al the Annual General Meellng. Nominatlons shall be made In wri1Sng and delivered lo the Secretary. Each nomination musl be proposed and seconded by a voting member of the A8soclalion and accA)mpanled by the wrbllen consent of the nominee. The charity uses a Yrustee5 Toolkit. program lo formalise the procedures of appointment. 5.20 an18 tlon ru The assets of the charity are vested in the Trustees. Th8 management of Ihe ¢harily is the responslbility of the Management Committee. The charity is managed on a day-to-day basi5 by David Davies, Chief Executlve Offlcer of the charlty. There was 8 qualifylng Ihird-party indemnity pollcy In place for the Trustee5 throughout the year and in the prevlrmjs year. 5.2.1 Inductlon and tralnln of now Irustoes Trustee trainlng is Introduced through a subscription lo the Governance Magazine. This providos essential information to improve the effectiveness of Trustees. Further training needs will be consldered and undertaken on an on9olng basis. 12
Torr Home Company Limited by Guarantee Trusts95' Annual Report (Incorporating the Director's Report) {nI1U¢d) Year ended 31 December 2021 5.3 Reserv The Trusle&s have approved and implemented the reserves policy of the Charity in line with the recommendations of the Charity Commission. The Charity needs to hold reserves for the following princlpal reasons: _ To produce income lo be used for funding such deficits as arise from the Ch*rlty's operations. To meet any deficits not covered by income in any one year. To meet major items of unforeseen expendllure. To meet the costs of necessary building refurbishment. repairs, and renewals. To enable the Charity lo continue ils core operations for a period of al least six months, even In the event of a significant dedine in income. To this end the Charity have accumulated funds invested of £1,417,732 against 6 months non-escapable operatin9 running costs e31imaled at £850,000. For the purposes of this illustration income 18 assumed al £0 and all labouf costs excluding agency labour and overtime payments are treated 88 non-escapable. Legacies will normally be Irealed as Income. The Charlty wlll therefore endeavour lo m8lntaln a level of Reserves approprlale lo the rinanc181 clSmale In whlchll Is operating. wllh particular reference lo polenllal major flnanclal risks Isuch as loss of funding) and the Charlly's commitment lo the many people il serves. The Charlty recognls88 that investment8 h8ld within ils unreslricled funds are technically avallable to be spent on the general purposes of the Charity bul recognlses also that the usage of the Investments In thls manner would correspondlngly reduce Ihelr income earnlng capacity. The Charity considers that Its present levels of reseNes sallsfy th& crlteria sel out above, and no acllon is deemed lo be necessary at the present lime lo change these level5. The Charity will review both the level of ils Reserves and Rs policy on reserves annually, normally 81 the Ilme of conslderatlon of the Annual Budget. 6.0 Ob ectlvas and actlvltlo The oblecls are the relief of sickness and disabllity by the provi51on of 5ervlGe5 and faGllltles, inGludlng accommodallon, for 1. pergons wllh visu81 impalrmenl I'the Prlncipal 8eneficSarie3"} and 2. Insofar as the charlty has ¢apaclty that is surplus to the needs of the Principal Beneflciaries, for other persons who have need of such services and facilities by reason of infirmities associated with old age. The main objective for the charity thSs year was lo generate a surplus which il has managed to achieve prKJr lo taking account of the unrealised gains on investments. Th8 objectiv8 was achieved by efficient financial management and direct conlrd by the management committee. The Trustees consider the charity's objectives and activities lo be for public benefit and have given due consideration to this in accordance with the guidance given under section 17{51 of the 2011 Charitie5 Act. 13
Torr Home Company Limited by Guarantee Trustees, Annual Report (IncorF)orating thè Dlr8Ctorfs Report) {coniinu Year ended 31 December 2021 Trust s. res onslblllti•s statemont Th8 trustees, who are also dire¢lors for the purposes of Company law. a rgsponslble for preparlng the IDJslees' report and the flnancial statements In accordance wlth applicable law and United Kingdom Accounting St8ndards (Unitèd Klngdixn Gen8rally A¢copled Accounting Practi). Company law requlres the ¢harily Iru5toes lo prepare flnanclal Statements for aach year whSch glv Irve and falr vlew of tho slat8 of affairs of tha charflable company and the incomsng r8sourc8s and application of resources, includin9 the income and expenditure, for th81 period. In preportng thes8 flnandal 9181emenl8, th8 Iru818es are requbred lo.. s818Ct suitable accounting policiey and then apply Ih8m con81slentty', obsgrve the methods and phnciples In the applicable Charftl8s SORP; makg judgments and accounllng estlmales that ar6 reason8ble and prudent., state whaiher applicable UK Accounllno Standards have been fdlowed, sublecl to ony material departures disclosed and 8xpl8lned in the flnanclal slatemenls.. prepare the financial slalemenls on the going ¢oncem basis unless11 Is Inappropriate lo pr8sume that th8 chartty will continue Sn busine$$. The Iruslees are responsible fof keepin9 adequate accounllng records that are sufficlenl lo show and &xplaln the charbly's Iransacllons and dlsclose wlth r8asonabl8 accuracy at any Ilme the financ481 poslllon of the charlly anty enable thom lo gnsur9 that the financial stalaments comply with the Companles Act 2006. They aro also rasponsibla for safeguarding the assets of the charity and hence for laklng reasonable steps for the prevention and detecllon of fraud and other Irrggularlti89. AudSlor Eaoh of the persons who Is a twslee al the date of approval of Ihls report confirms that: so far as ihgy are aware, there is no relevant audh Informatlon of whlch th8 chmrtty's audllor Is unaware.. and Ihgy have tskgn all slgps that they ought lo have taken as a Iruslee lo mak9 thoms8fv8s awar& of any relevant audit informallon and to estab115h that the chartty's audllor Is aware of that Infomiatlon. The Iruslees. annual report an¢J the slr8tegic report were 8pprovod on on behalf of the board of Iruslees by.. and signèd Mr N Major TTuslee 14
Torr Home Company Llmlted by Guarant80 Independent Auditorfs Report to the Members of Torr Home Year ended 31 December 2021 Oplnlon We have audited the financial statements of Torr Home Ilhe 'charily'l for the year ended 31 December2021 which comprise the stslemenl of flnancial activities {including income and expenditure accounll. statement of fin8nclal position, statement of cash flows and the related notes, including a summary of slgnificanl accountlng pollcies. The financial rèporting framework that has been applied in their preparation Is applle8ble law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard appllcablè in thè UK and Republic of Ireland {United Kingdom Generally AcGepted AGGounllng PraGll¢el. In our oplnion the financial slatem8nl$'. gSve 8 true and falr view of the slate of the charlty's affairs as al 31 December 2021 and of its Sncomlng resources and appltillon of resources, including income and expendllure, for the year then ended.. have beon properly preparod in accordance with United KInj0M Generally Accepted Accounting Pra¢ti¢e', have been prepared In accordance with the requirements of the Companies Acl 2006. Ba818 for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) IISAS IUKII and applicable law. Our rasponsibililies under those standards are further described in the audilorfs responsibilities for the audit of th8 financial slalements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements In the UK, induding the FRC'S Ethical Standard, and we have fulfilled our oth8r ethical responsibilities in accordance with these requirèmanls. W& believe that the audit evidence we have obtained is sufficlenl aDd approprlale lo provide a basis for our opinion. Conclu8lon8 rnlatlng to golng conc•rn In auditing the financial statements, we have concluded that the Iruslees, use of the going concem basis of accounting In the preparatlon of th6 financial slaternenls is appropriate. Based on the work we have performed, we have not Idenllfied any malerlal uncertalnlles relatlng lo events or condllions that. individualty or colleclwely. may cast signrflcanl doubl on the charity's abllity lo continue as a golng concern for a perfod of at least I1ve months from then the financlal $18temenls are authorisèd for issue. Our responsibilities and the responsibilities of Ihg trustees with Tesp8cI to going concern are d8scrib8d In the relevant sections of this report. 15
Torr Home Company Limited by Guarant•• Independent Auditorfs Report to the Members of Torr Home {¢ontlnued) Year ended 31 December 2021 Other Infomiatlon The other information comprise5 the information included in the annual report, other than the financial statements and our audllor's report thereon. The trustees are responsible for the other information. Our oplnion on the financial statements does not cover the other information and, except lo the exlenl otherwise explicitly slated in our report, we do not express any form of 8s8uranca conclugion thereon. In connection with our audit of the financial stslements, our resF)onsibilily is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the fi'nancial slalemenls or our knowledge oblaineé in the audit or otherwise appears lo be materially misslaled. If we idenlify such material inconsistencies or apparent matarial misslatemenls, we are required lo determine whether Ih8re is a material misslatemenl In the financial slalemenls or material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other informatlon, we are requlred lo report that fact. We have nothlng to report In thls regard. Oplnlon8 on oth•r rnattor8 pro$¢rlbod by tho Companlos Act 2006 In our oplnlon, based on Ihe work undertaken In the course of the audit.. the Information glven in th8 trustees, réport for the flnanclal year for which the flnanclal statemen15 are prepared Is con51stent wllh the financial 8talemenls.- and the Iru8lees' report has been prepared in accordance wSlh applicable18gal requirements. Matt•r8 on whlch w• aro r•qulred to report by exceptlon In the light of the knowledge and understanding of the charity and ils environment obtained In the course of the audll, we have not Identified material misslatemenls in the Iruslees, report. We have thing to report in respect of the following matters in relation to which the Companies Act 2006 requires us lo report to you if, in our opinion.. adequate accounting records have not been kept. or returns adequate for our au(ilt hove not been recefved from branches not visited ty us.. or the financlal statements are not in agreemenl wllh the accc4Jntlng records and returns,. or certain dlsc108ures of Irusle85' remuneration specified by law are not made,. or we have not received all the informatlon and explanations we requlre for our audit. 16
Torr Home Company Limited by Guarantee Independent Audltorfs Report to the Members of Torr Home {c¢)nbnu•d) Year ended 31 December 2021 Rospon51bllltles of trustee8 As explained more fully in the tru51ees' responsibilities statement, the Iruslees (who are a150 the directors for the purpose5 of company law} are responsible for the preparation of the financial statements and for being sa115fied that they give a true and fair view, and for such irilernal control as the Iruslees determine is necessary to enable the preparation of financial statements that are free from material misslatemenl, whether due lo fraud or error. In preparlng the financlal slatemenls, the Iru51ees are responsible for assessing the charfly's ablllty to conllnue as a going concern, disc105ing, as applicable, matters related lo going concern and using the golng concern basis of accounllng unless the trustees either Intend to Ilquldale the charlty or lo ce8se operations, or have no realistic allernalive but lo do so. Audltovs re8pon•lbllltlo• for th• audft of tho flnanclal 8tat•monts Our oblecllves are lo obtain reasonable assuran about whether the financial slalemenls as a whole are free from malerlal mlsslalemenl, whether due to fraud or error, and lo issue an auditor's report that Includes our oplnion. Reasonable assurance Is a hlgh level of assurance, bulls not a guarantee that an aud51 conducted In accordance wlth ISAS (UK) will alway3 detect a malerlal misslalemenl when il exlsls. Mlsslalemenls can arlse from fraud or error and are considered materlal rf, Individually or in the aggre9ale, they could reasonably be expe¢led to influence the economlc declslons of user8 taken o th& basis of these fi'nanclal stalemenls. Irregularities, including fraud. are Instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, ouulned above, lo delecl material misstslemenls in respect of irregularilK85, includin9 fraud. The exlenl to whlch our procedures are ¢apable of dele¢ling irregularities, including fraud is detsiled below: We identified areas of laws and règulations that could reasonably be expected lo have malerlal effect on the financl81 $latemènls from our general commercial and sector experience and through discussion with the Tw$lee¥ and other managemènt. We communicated Identified laws and regulations throughout our team and remained alert lo any indullons of non-compllance throughout the audit. The Charlty is subject lo laws and regulations that govern the preparation of the financlal stalemenls, Including financlal rèporting legislation. The company is also subject lo other laws and regulations where the consequencès of non-cornpliance could have a material impact on the amounts or disclo$ure$ within the financial slalements, including employrnenl, anti-bribery, anti-money laundering, and regulations by the Care Quality Commission. Owing to the inherent limitations of an audit. there 18 an unavoidable risk that w8 may not have delacted some material misslalemenls in Ihe financlal 8talemenls, even though we have properly planned and performed our audit in accordance wlth audlllng standards. In any audit, there remains a higher risk of non-delecllon of irregularflie8. as these may involve collusion, forgery, intentional omisslons. misrepresenlallons. or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected lo delecl non-cOMlance with all laws and regulations. 17
Torr Home Company Limited by Guarantee Independent Audltor's Report to the Members of Torr Home {condnuedJ Year ended 31 December 2021 As part of an audit in accordance wtth ISAS (UK), we exercise professlonal judgment and maintaln professional scepllcism throughout the audit. We also= Identify and assess the risks of Materal missta18menl of the flnan¢l81 statements. whether due lo fraud or error, design and perform audit procedures responsive to those rlsks, an obtain audit evidence that 15 sufficient and appropriate lo provlde a basis for our oplnlon. The risk of not detecting a material misslalemenl resulting from fraud is higher than for one resulting from error, as fraud may involve colluslon, forgery, intentional omissions. misrepresenlalion5, or Ihe override of internal control. Obtain an understanding of Internal control relevant lo the audlt In order to deslgn audh procedures that arg appropriate In the circumstances, bul not for the purpose of expresslng an opinion on the effecllveness of the internal control. Evaluate the appropriateness of accounllng policles used and the reasonableness of ac¢ounllng eslimales and related disclosures made by the Iru81ees. Conclude on the appropriateness of the Iruslee8' use of the going con¢ern bas1$ of a¢counling and, based on the audit evidence obtained. whether a material uncertainty exists related to Èvents or conditions that may cast significant doubl on the charity'5 ability lo continue a5 golng concern. If we conclude that a material uncertainty exists, we are requir8d lo éraw attentin in our auditor's report lo th8 related disclosures in the financial slalemenls or, rf such dls¢losures are inadequate, lo modify our oplnion. Our conclusions a based on the auéil evlden¢e obtained up lo the dale of our audllor's report. However. future events or conditions may ¢aus8 the Charity lo cease lo continue a8 a going concern. Evaluate the overall presentation. structure and conlenl of the financial slatemenl$, including the disclosures, and whether the financial statements represent the underlying transactions an¢J events in a manner that achieves fair presentation. We Communicate wllh those charged with governance regardlng. among other matter8, the planned scope and Ilming of the audll and slgnificant audit findings, Includlng any sl9nlficanl deficiencies In Internal conlrol that we identify durlng our audit. Uso of our rnport Th1$ pOrt is made solely lo the charity's members, as 8 body, In accordance wllh Chapter 3 of Part 16 of the Companies A¢1 2006. Our audit work has been undertaken so that we mlghl stale to the charity's members those mallers we are requlred to slate lo them In an audllor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responslbilily to anyone other than the charity and the charlly's member8 as a body. for our audll work. for Ihls report, or for the opinions w8 have formed. A Croney ACA (Senior Slalulory Auditor) For and on behalf of Weslcotts (SWI LLP Chartered accounlanls & slatulory auditor Plym House 3 Longbridge Road Marsh Mills Plyrnoulh PL6 8LT 18
Torr Home Company Llmlted by Guarantee Statement of Financial Activities (Includlng Income and expendlture account) Year ended 31 December 2021 2021 Restricted funds Total funds Total lunds 2020 unrestred funds Income and gndowrnents Donations and legacles Charitable acllvilles Other Iradlng acllvitie¥ Investment income 210 210 2,554,751 2,554,751 2,756,080 208,149 208,149 2,763,110 166,154 2,922,685 Total Incom• 2,762,900 210 Expendlturo Expendllure on ralslng fvnds.. Investment mana9emenl costs Expendllure on charitable activities Total •xpendlturo 10,279 3,108,837 3,119,116 10,279 3,109,461 3,119,740 9,406 2,902,797 2,912,203 10,11 624 624 Not (oxpondltur•ylncom• (356,216) {4141 {356,6301 10,482 Othér r•cogn18•d galns and 108808 Gains from revaluation of fixed assets Other galns N•t movem•nt In fund• 40,987 67,011 169,447 1186,7691 189,447 14141 (187,183) 118,480 R•¢ondllatlon of fund• Totsl funds brought forward Total fund8 carrlod forward 6,482,589 6,295,820 2,964 2,550 6,485.553 8,298.370 6.387,073 8,485,553 The slalemenl of financlal acllvilles Sncludes all gains and losses recognised In the year. l income and expenditure derlve from conllnuing activities. The notes en pag•s 22 to 33 form part of th? flnanclal statsmonts. 19
Torr Home Company Limited by Guarantee Stalernent of Financial Position 31 December 2021 2021 2020 Fixed •$$et$ Tanglble fixed assets Investments 16 4,854,789 17 1,417.732 6,272,521 4,776.771 1,248,285 6.025.056 Curr•nt •s••t• Debtors Cash 81 bank and In hand 90,062 276.332 45.002 916,674 366.394 961,876 r•dl¢*ys', amounts lalllng du• wlthln on• y•ar N•t ¢urr•nt a••ot• 19 340,545 445,398 25.849 516,278 Total a84•ts1•8s ¢urr•nt Ilabllltl•• 8.298.370 6.541,334 Cr•dltorn: amounts falllng du• aft•r mor• th•n on• ywr N•1 as8•ts 55,781 8.298,370 8,485,553 Fundi ol th• charlty Reslricled fund8 Unr9slrl¢lgd fvnds.. Revaluation reserve Other unrestrictod Incom8 funds 2.550 2,984 1,803,711 4,492,109 6,295,820 1,803,711 4,678,878 6,482,589 Total unr•8trlct•d fund8 Totsl chartty lund• 22 6.298,370 6,485,553 The ancial 8tslemenl$ were approved by the board of Iruslees and oulhorlsed for issue on , and 8re gned on behalf of the 1)oard by.. Mr N Malor Trust90 The notes on pages 22 to 33 lorm part of thpso finaKial statemonts. 20
Torr Home Company Llmltsd by Guarante• Statement of Cash Flows Year ended 31 December 2021 2021 2020 Cash flows from operatlng aGtlvltlo8 Nel lexpendilureyincome {356,630) 10.482 Adjustments for." DepcIatIon of tangle fixed as5els Net gains on investments Dividends, interest and rents from Investments Other inter8sI receivable and simllar Income 89,201 84,830 40,987 161,200} 164,1771 (146,9491 1101,977) Changes in.- Trade and other debtors Trade and othèr creditors (100,4741 32,178 1543,8741 15,966 47,529 33,640 Cash generated from opera16ons Interest recelved 146,949 101,977 135,817 Nel ¢ash lused Inyfrom operating aGllvllle8 {396,925) Cash flo Irom Invo•tlng a¢tlvlllo• Dividends, interest and rent$ from Inv&slments Purchase of tsngible as$et$ Proceeds from sale of tangible assal$ Nel cash u8ed in invesllng actlvllles 61,200 64.177 (172,4021 1175,1331 5,183 1106,0191 1110,9561 Ca8h flows from flnanclng a¢tlvltla8 Repayment of borrowings Nel cash used In flnan¢lng aclivrtles 1137,3981 1128,912) 1137,3981 1128,912) Net de¢rea8• In cash and ca8h oqulval•nt¥ Cash and cash aqulval•nts at beglnnlng of y•*r Ch and ¢•8h oquIv41•nts at ond of year {640,3421 1104,251) 916,674 1,020,925 276,332 916,674 The not•s on pago$ 22 to 33 form part 01th8 financlal $Lthments. 21
Torr Home Company Limited by Guarantee Notes to the Financlal Statements Year ended 31 December 2021 General Informatlon The charity is a public benefit enlily and a private company limited by guarante8, registered In England and Wales and a registered charity in England and Wales. The address of the registered office is The Drive, Hartley, Plymouth, Devon, PL3 5SY, United Kingdom. Statemont of ¢ompllan¢o These financS8l statements have been prepared in compliance wllh FRS 102. 'The Flnanclal Reporting Standard applicable in the UK and the Republic of Ireland,, the Slalemenl of Recommenéed Practice applicable lo charities preparing thelr accounts in accordance wllh the Financial Reportin9 Standard applicable in the UK and Republic of Ireland (FRS 1021 Icharilies SORP IFRS 102)) and th& Compani8s Act 2006. Accountlng pollcle• Cash and cash equlval•nt8 Cash and cash equlvalenls comprlse cash at bank and on hand, demand deposits with banks and other short term highly Ilquld investments with original malurilies of three months or less and bank overdrafts. In the slalemenl of flnan¢lal position, bank overdraft8 are shown withln borrowing of current Ilabilities. Ba•S• of pr•paratlon The flnanclal statements have been prepared on the historical cost basis, as modified by the revaluation of certaln financial assets and liabilities and tangible fixed assets measured al fair value through income or expenditure. The flnan¢ial Statements are prepared in sterllng, whlch is the functional currency of the 8nllly. Golng ¢on¢•rn There are no matedal UncertainlS about the ch8rW8 ability to contlnue. Judgamonts and k•y •ourc•• of tImatIOn uncertainty The pr8paralK*n of the financial slalemenls requlres management lo make ludgements, eslimales and assumplSons that 8ffecl the amounts reported. These estlmates and judgements a continually reviewed and are based on experience and other factor5, including expectations of fvlure events that are believed to be re880nable under the clrcurnstance¥. 22
Torr Home Company Llmlted by Guarantee Notes to the Financial Statsments fcohtsnued) Year ended 31 December 2021 Accountlng poll¢lo8 (¢onllftu) Fund aecounting Unrestricled fun(Js are available for use al the dl$cretlon of the trustees to further any of the charlly'g purposes. Designated funds are unreslricled funds eamiarked by the trustees for particular future project or commitment. Reslricl8d funds are subjected lo restrtctlons on Ihelr expenditure declared by the donor or through the terms of an appeal. and fall into one of two sub-classes-. restricted income fvJnd$ or endowmenl fund8. In¢omlng re•ourc All Incomlng resources are included in the statement of financlal actlvSlles when enllllemenl h88 passed lo the charity-, il is probable th81 the economlc benefits as30ciated vAlh the Ir8nsa¢llon wlll Ilow to the charity and the amount can be reliably measured. The following specific poll¢ies are applle(5 to partlcular categories of income: Income from donatlons or grants 58 recognlsed when there18 evidence of entitlement to the gift, re¢eSpl l¥ probable and Ils amount be measured rellably. Legacy In¢ome 1$ recognlsed vlhen recalpl Is probable and enlltlement18 88tsbli8hed. Income from donated goods 18 measured al the falr value of th8 goods unl888 th1$ Is Impractical to mea$ur& reliably, in whlch case the value is derlved from the cost lo the donor or the eslimaled resale value. Donated facililles and services are recognised in the accounts when receivèd if the value Can be liablY measured. No amounts are included for the conlribvlion of gèneral volunteérs. Income from contracts for th& supply ol servlces Ss CognIsed wllh the dellvery of the contracted service. This Is classified as unreslricled fijnds unless there is a contra¢lu81 requirement for it to be spent on a particular purpose and returned if un8penl, in whKh case It may be regarded as reslricled. 23
Torr Horne Company Limitèd by Guarantée Notes to the Financial Statements I118(1) Year ended 31 December 2021 Accountlng pollcles (contlnuodj Resources exp•ndod Expenditure is recognised on an accruals basis as a liability is incurred. Expendllure Includes any VAT which cannot be fully recovered, and is Glassified under headlngs of the statement of financial activities to which il relates.. Expenditure on ralslng funds Incltjdes the costs of all fundraising aclivilies, events, non-charllable trading acllvltSes, and the sal8 of donated goods. Expenditure on charitable activities includes all cos15 incurred by a charlly In undertaking activities that further Sls charSlable aim5 for the benefit of its beneficlaries, Induding those support costs and costs relating to the governance of the charity apportioned to charitable aclSvllies. Other expendllure Includes all expenditure that is neither related to raising funds for the charlty nor part of ils expenditure on charltabl8 8Ctlvilies. I co¥15 are allocated lo expendltur6 calegorles reflecllng the use of the resource. Direct costs allributable to a single activity are allocated directly lo that activity. Shared costs are apportSoned beeen the 8¢tsvitie$ they Contribute lo on a reasonable. 1u811fiable and consislenl basis. Oporntlng1oue• Leas8 payments are recognlsed as an expense over the leage term on a 51raighl-line basis. The aggregate benefit of lease Incentives Is recognised as a reduction to expense over the leas8 term, on a straighl-llne basig. Tanglblo as$et• Tangible assets are inlllally recorded at cost, and subsequently staled al cost less any a¢¢umulal8d depreciation and Impairment losses. Any tangible assets carried at revalued amountg are recorded at the fair value al the date of r8valuallon less any subsequ8nt a¢¢umulated depreciation and subsequent accumulated impairment losses. An In¢rea$e In the carrylng amount of an a8sel as a result of a revaluallon, Is recogn15ed in olh8r recognised galns and lo$se$, unless il reverses a charge for impairment that has previously been re¢ognised as expendllure within the s18temenl of financial aclivilies. A decrease In the carryiro amount of an asset as a result of revaluation, 18 r6cognised in other recognised galns and losses, except lo which il offsets any previous revalualion gain, in which case the loss Is shown wSlhin other recognised gains and lossas on the 9talement of financlal aclivllles. Depreclatlon Depreciallon Is calculated $0 as lo write off the cost or valuation of an asset, less its resldual Yalu8, over Ihe useful econom lrfe of Ihal asset as follows.. Freehold propety Fixtures and fittings Motor vehicles Improvements lo propety SO years straight line Between 20/0 and 30% on cost over 5 yeais Behveen 211A and 30% on cost 24
Torr Home Company Limlted by Guarantee Notes to the Financial Statements (¢ontinu•d) Year ended 31 December 2021 AGwuntlng poll¢l•B {conVnuod) Investments Unllsled equlty Inve5tfflenl$ are Inillally re¢orded at C05t, and subsequently measured at fair Value. If fair value cannot be reliably measured. assets are measured al cost less impalmnI. Llsled Investments are meaSud al falr value whh changes In fair value baing recognised in income or expenditure. Impalmi•nt of flxed a8s•ts A review for indicators of impairment is carried out al each reporting date, with the recoverable amount being estimated where such Indicators exist. Where the carrying value exceeds the recoverable amount. the a8S811s impaired accordingly. Prior Impaimenl8 are also revbewed for PO88lble reversal al each reporting dale. Flnanclal In•truments A financial asset or a financial Ilabi1Sty is recognised only when the entity becomes a party lo the conlraclual provisions of the instrument. Basic financial instruments are inillally recognlsed al the amount receivable or payable includlng any related Ir8n5action costs, unless the arrangement constilules a financing transaction, where il is recognised al the present value of the future payments dlscounled al a market rale of interest for a slmllar debt inslrumenl. Current assets and current Ilabilllies are subsequently measured al the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured al amortlsed cost. Where Snveslmenls In shares or preference shar85 are publicly traded or Ihelr falr value can othese be measured rellably, the Investment Is 5ubsequ8nlly measured al fair value wlth changes In falr value recognlsed In Income and expenditure. All other such investments are subsequently measured al cost less impaimienl. Dofin•d contrlbutlon plans Contributions lo defined contribution plans are recognlsed as an expense In the perlod in which the related service is provided. Prepaid contributions are recogni5ed as an asset lo the exlenl that the prepayment will lead lo a reduction in future payments or a cash refund. When contributions are r1 expected lo be sellled wholly within 12 months of the end of the reporting dale in which the employees render the related service, the liability is measured on a discounted present value basis. The unwlnding of the discount is recognised as an expense in the perlod in whlch il arises. Llmlt•d by guarantee The company is limrted ty guarantee and was Incorporated In England and Wales. The company does not have share capital and the liability of members is Ilmiled lo £10 each. On winding up the company, any surplus assets that exist must be either directly applied to the objects of the company or., transferred to another charity which has sirnilar objects lo those of the company. 25
Torr Home Company Limited by Guarantee Notes to the Flnanclal Statements {conllnu8d) Year ended 31 December 2021 Donatlons andlggacles Unrestricted Funds Reslrlcled Totsl Fund¥ Funds 2021 Donatlon8 Donations 210 210 Unrestricted Funds R8stricteé Total Funds Funds 2020 Donatlons Donations 288 288 Charltable actlvltle• Unrestrlcted Total Fund• Unrestrlcted Total Funds Funds 2021 Funds 2020 Resident'5 fe8S Anclllary services Sheltered apartment ren18 2.384,642 37.323 132.786 2,384,642 37,323 132.788 2,543,705 78,062 136,313 2,756,080 2,543,705 76,062 136,313 2,554,751 2,554,751 2,756,080 Othor tradlng actSvltSes Unreslrlcled Total Funds Unre$tri¢ted Total Funds Funds 2021 Funds 2020 Fundraising events 183 163 Invostmont incomo Unrestrlcted Totsl Funds Unwlri¢led Total Funds Funds 2021 Funds 2020 Rent8 recelved Income from quoted securSlles Sundry Income 26.238 34,962 146,949 208,149 26,238 34,962 146,949 208,149 31,966 32,211 101,977 31,966 32,211 101,977 166,154 186,154 Investment manag•m•nt ryJ¥ts Unrestrlcted Total Funds Unrestricted Total Funds Funds 2021 Funds 2020 Portlolio management 10,279 10,279 9,406 9.406 26
Torr Home Company Limited by Guarantee Notes to the Financial Statements f¢ontinuedJ Year ended 31 December 2021 10. Expendlture on charltable actlvltles by fund typo Unrestricted Funds Reslrided Total Funds Funds 2021 Charitable activrtres Support costs 2,744,859 363,978 467 157 2,745,326 364,135 3.108.837 624 3.109.461 Unrestrlcted Fund8 Reslrlcted Total Funds Funds 2020 Charilakle aclivilie$ Support costs 2,502,963 399,276 2,503,430 39g,367 91 2,902,239 558 2,902,797 11. Expondbtur• on ¢harlt8ble adlvltlgs by actlvlty typo Actlvitl&s undertaken direclly Support Total funds costs 2021 Total fund 2020 Charitable 8clfvltie8 2,745,326 364,135 3,109,481 2,902,797 12. Analy818 of 8UPPOrt ¢o•ts Analy51s of support cosls TotJl 2021 Total 2020 Staff costs General office Finance costs Travelling expen888 Interest payable Auditors remunerallon Legal and professlonal feeg Telephone Postage, stallonery and advertising 290.736 10,044 2,732 1,017 3.502 5,200 5.148 18 45,738 364,135 29),736 10,044 2,732 1,017 3,502 5,200 5,148 18 45,738 364,135 316.176 8,319 2,572 7,678 4,470 13,905 3,213 42,288 399,387 13. Nét (•xp•ndltur•Vincom• Nel lexp8nditureyincome is stsled after chargingllcrediting): 2021 2020 Depre¢iallon of tangible fixed assets 89,201 84,830
Torr Homa Company Llmltod by Guarantee Notss to tho Financial Statements (conffnu•dJ Year ended 31 December 2021 14. Staff costs The tot818taff costs and employee benefits for the reFQrting period ar8 analysed as follows.. 2021 2020 Wages and salaries Social security costs Employer conlrfbulions lo pension plans 2,162,904 177,176 34,945 1,870.321 139.850 32,589 2,042,760 2,375,025 The average head count of employees during the year was 83 (2020.. 83). The average number of full-1Sme equivalent employees during the year is analysed as follows-. 2021 2020 No. Home 83 83 The numb8f of employees who88 r&muneration for the y8ar fell wfthln the followlng bands, were.. 2021 2020 No. No. £60,000 to £89,999 £80,000 to £89,999 15. Trust0• romun•ratlon and •xp•ns There were no trustees, remuntsralion or olh8r b8n8fils for the year ended 31 December 2021 nor for Iht year •nd8d 31 D8c8mb8r 2020. There w&re no Iruslèés, expens65 paid for the year ended 31 December 2021 nor for the year ended 31 Dember 2020. 28
Torr Home Company Limitsd by Guarante• Notes to the Financial Statements (conllnu8d) Year ended 31 December 2021 16. Tanglble Ilxed assets 8sels Improveme MotOT Urer ntsto vehicles construction property Freehold Fixtures and property fittings Cost Al 1 Jan 2021 Additions Disposals At 31 D•c 2021 3,983,276 698,687 85,044 {11,928} {19,995) 771,803 23,004 42,999 133,912 773,352 5,632,226 87,358 172,402 {31.9231 860,710 5,772,705 3,983,276 133,912 Deproclatlon At 1 Jan 2021 Charg8 for the year Disposals At 31 Dec 2021 40,987 520,619 37,001 256,848 855,455 57,131 1,333 111,4101 115,3301 566,340 23,004 30,737 89,201 {26,740) 917,918 40,987 287,585 Carrylng amount At 310oc 2021 3,942,289 3,942,289 205,483 178.068 133,912 133,912 573,125 4.854,789 516,504 4,778,771 At 31 De¢ 2020 5,998 Tanglblo flx•d a$••t• h•ld at valuatlon Included In cost or valuation of land and bulldlngs Is freehold land of £1,892,946 12020 £1,892,946). In Ilne with FRS 102 $e¢tlon 17 the propertles are recognlsed on the revaluallon basi8 wllh dePCation being Gharged over a period of 50 years on a stralght-llne basis.. revalued to the eslimaled carying value of the properties. 29
Torr Homa Company Limlted by Guarantee Notes to tho Financial Statemants (conllnu8dJ Y•ar ended 31 December 2021 17. Inv•stments Llst Invostmonts C08t or valuation At 1 January 2021 Addillons Other movements 1,248,285 169,447 1,417,732 At 31 Decomb•r 2021 Impalmient At 1 January 2021 and 31 Docomb•r 2021 CarrySng amount At 310ecomber 2021 1,417,732 1,248,285 Al 31 Decemb8r 2020 All Snv88lm8nls shown above affj held al valuallon. Flnanclal a8••t• hold at falr valu• The Inv8slm6nls held are publlcly traded and therefore are measured rellably. 18. D•btor8 2021 2020 Trade debtors Prepayments and accrued Income 84,279 5,783 90,062 37,729 7,273 45,002 19. Cr•dltorn: anounts lalllng du• wlthln one yoar 2021 2020 Bank loans and overdrafts Payments received on account Trade creditors Accruals and deferred income Social security and other taxes Other credltofs 55,763 13,100 89,297 154,461 43,686 4,238 137,380 13,828 41,974 209,875 37,012 5,329 340,545 445,398 30
Torr Home Company Limited by Guarantee Notes to the Flnanclal Statements (¢ontsnued) Year ended 31 December 2021 20. Crodltor¥: amounts falllng due aftor moro than one year 2021 2020 Bank loans and overdrafts 55,781 21. P•n8lons and other post-retlrem8nt b6n6llt8 Defln•d Contrlbutlon plano The amount recognised In Income or axpendSlure as an exp8nse in relation lo defined ¢onlrlbullon plans was £34.945 (2020.. £32,589). 22. Analy818 of charltable fund• Unre8trlctod fund8 Galns and 108se8 Al 31 D•c21 At1Jan21 Income ExpendSlure General funds Revaluallon reserve 4,678,878 1,803,711 2,762,900 13,119,116) 169,447 4.492,109 1.803,711 6,29S,820 6,482,589 2,762,9)0 13,119,116) 189,447 Gains and 10s88s Al 31 Dec 20 At7Jan20 Income Expenditure General funds Revaluation reserve 4,600,827 1,782,724 8,383,551 2,922,e85 12,911,e45) 67,011 40,987 107,998 4,678.878 1.803,711 2,922,685 12,911,845) 6.482.589 R#trlctgd fundi Gains and 1055es At 31 Dec 20 At1Jan20 Income Expenditure Resthcted Fund 210 (6241 2.550 Gains and losses At 31 D¢¢ 20 At1Jan20 Income Expenditure Restricted Fund 3.522 {558) 2,964 31
Torr Home Company Llmlted by Guarant•• Notes to the Flnancial Statements (continuvdj Year ended 31 December 2021 23. Analysls of not assots botweon funds Unrestricted Funds Rèstrlcted Total Funds Funds 2021 Tangiblè fixed 8ssel$ Investmènts Current assets Creditors less than 1 year Creditors greater than 1 year N•t a8BOt$ 4.854,556 1,417,732 363,695 1340,1631 233 4.854,789 1,417,732 366,012 1340,163} 2,317 6.295.820 2.550 6,2g8,370 Unr8slricl8d Fund8 Reslricled Total Funds Funds 2020 Tanglble flxed assets Investments Current assets Creditors less than 1 year Creditors greater than 1 year Not a8Set8 4,776,072 1,248,285 959,411 (445,3981 155,7811 6,482,589 699 4,776,771 1,248,285 961,676 (445,3981 155,7811 6,485.553 2,265 2,964 24. Flnanclal In8trum•nts The carrying amount for each category of financlal instrument Is as follows.. 2021 2020 FlnancSal as#at8 that arn debt Instrumonts moa#uréd at •morti•0d ¢o•t Financial assets that are debt instruments measured al amorti$$d CO8t 71,873 37,729 Flnanclal Ilabllhles meuured at amortl¥ed cost Financial liabililies measured al amortised st 284,453 463,093 25. Analy•ls of changej in not debt At At 1 Jan 2021 Cash flows 31 Do¢ 2021 Cash al bank and in hand Debt dlte within one year Debt due after one year 916,874 (137,3801 155,7811 723,513 (640,3421 81,617 55,781 (502,944) 276,332 {55,7631 220,569 32
Torr Home Company Limited by Guarantee Notes to the Financial Statements (coftllnutsd) Year ended 31 December 2021 2& Othèr flnanclal commitment• The total future minlmum lea88 payments under non-canc8llable operating leases are as follows- 2021 2020 Not later than 1 year 90.077 108,381 The totsl future minimum lease payments under non-cancellable 18ases total £90,077 to 31 December 2021 (2020.. £108.3611. 27. Covld-19 Throughout the reporting period, the CovSd-19 global pandemic continued to Impact the charlty and the county as a whole. Strict governrnenl guldelines remainod In pla¢e whl¢h hugely Impacted the charity and the way it operated wllhin the year. The charlty has and wlll continue lo evaluaté the management actions lo mltlgate the Impact on the charity. The charity has adopted inilialives lo safeguaré the health of Its people and actions aimed al maintaining operational activity whilst adhering lo the lalg¥1 government guidance. 28. R•latod partl There have been no related party Iran$a¢llon$ In the reporting perlod that requlre disclosure.