Company reg151rallon number. 05812992 Charity rogistralion number. 202210 Torr Home (A ¢ompany limkod by guorantee) Annual Report and Financial Ststemonls for the Year Ended 31 December 2023 WESTCOTTS eHAITeA•D Aceou#TAIIT•
Torr Home Reference and Admlnlstrative Detalls Trust•e$ Mr John Martin Modley r Anthony Charles Lamb (Appointed 1 Jan 23. resigned 18 0 23) Mr Neil Geoffrey Major Mrs Blodwen Amorthy (Appolnted 1 Jan 231 Mr John Roberts SKretsry Mr John Roberts Chaiity Reglstratlon Nurnr 202210 Company Roglstratlon Nurnbèr 05812992 The charity 18 Incorporated in England and Wales. Torr Home, The drive, Hartley Plymouth PL3 5SY Weslcottg (SWI LLP Chartered 8ccoulants Plym House 3 Longbridge Road Marsh Mills Plymouth Devon PL6 8LT R•glgtered Offlc• Audftor Page 1
Torr Home Trustees, Report 1. Introduction Torr Home is situated in a beautiful 19, century country mansion in the highest part of the City of Plymouth. 11 is a grand setting for a Residential Nursing Home having extensive grounds of three acres and enjoys panoramic views over the City of Plymouth, Dartmoor. Bodmin Moor 2nd out to sea over Plymouth Sound as far as the Eddyslone Lighthouse. It was built as a family home for the12te Robert Bayley and is quite unique for Plymouth. A feature of the house is the beautiful wood panelling and staircase in the entrance hall. Torr Home was purchased in 1928 by the Devonport and Western Counties Associatlon for the Blind (Registered Charity No. 2022101, which was established to 'provide a Home or Homes for blind and partially sighted persons and to promote their welfare,. Pdor to this relocation the Home for the 81ind had been situated in Devonport. The Charity became incorporated during 2006 and today operates under Torr Home whilst still retaining the original charity number of 202210. With the passage of lime Torr Home has evolved into one of the premier residential homes in Plymouth and the Southwest. The Charity still speGialises in caring for people having visual impaiment bul has expanded activities to cater for all persons over sixty years of age. Full nursing slalus was acquired during 2008 providing an Important new additional 8ervice lo the residential. convalescence, respite and daycare $eNi¢es already offered by the Charity. Sheltered Apartments converted from redundant farm buildings on $ile came on SIarn from 2010 providing another valuable income stream for the Charity. The services offered were fvrther supplemented in 2012 when the newly constructed Glentor Dementia Nurslng Unil opened its dojrs lo the public followng final commi88ioning and Staff training durin9 the eady part of th& year. 2. 2023 Flnanclal Performancè 2.1 Summary of 2023 Flnanclal PerformAncg Kfry Polnts Consolidated operating surplus of £97.992 was recorded for the year against a budgeted surplus ol £222,472 and a previous year actual of £154,267). Satisfactory lo be back in surplus in what was a challenging year. Key operating factorg were.. an acute 8hortage of skllled Nursing I Cale staff. dimicult economic climate partly driven by Govemmenl poIY lo push up Interest rateg. the ongoing impact on inflation from Global factors such as the conflict In Ukralne. A critical shortage of Public funds lo care for the elderly making life difficult. Maintaining a gatisfactory occupancy level was again a challenge in 2023. Th& Current nursing focug on DTA funding as opposed to long-lerm placements CaUSaS Isgues wth maintaining good cupancy. We need a soluts'on that works for the Public and Private Sector alike - w8're on the game side bul sometimes this can lje difficult to see. The cost of Agency staff at £331 K was 18Qkn down on 2022 but still rernaSns a malor cost for the Sector to be8r. The solution lo the problem is straightforward bul demands a major InlervenlSon to resolve. Torr Occupancy including the Belllor Unit Improved to 8111h for the year compared to 72Qk for 2022. Budget was sel at 830kn. Glentor Occupancy improved 10 93°h for 2023 against 80•h for 2022 and a budget of 88%. Expendrture on Agency Labour across the Sile was £331,249 compared with £403,599 In 2022 and £413,841 in 2021. A good improvement for 2023 but still eye-watering and serves to confirm the Seriousness of the challenge facing the Care l Nursing Sector. The Government must act and introduce measures to bring expenditure back to a sustain?ble ongoing acceptable level. The current toxic climate arising from the rampant blame culture is a major factor affecting morale and staff retention in the Sector. CQC need lo be part of a solution with emphasis on the delivery of excellent care. Administration Labour cost al £344,568 remains hlgh and the consequence of a CQC direclwe increase focus on governance bureaucracy.
Torr Horn• Trustees. Report A cash generation of £110,947 was recorded for the year. This was after a Det capital expenditure of £110,336 and special revenue projects of £41, 562. Sheltered Apartments operating surplus was £67,283. Glentor Operating surplus for 2022 was £121,091. Investments were valued at £1,179,963 a5 at 31.12.23 being £72.689 or 6.56QA up on th8 opening position for the year. 2.2- Operatlng Performan¢e 2.2.1 Consolidated Operation An operating surplus of £83.031 was recorded for the year compared wrth an operating loss of £186,068) for 2022. A salisfaclory outcome for 2023 given the operating dlffi¢ullies in the SgGtor. The current shortage of ¢ompet8nt committed labour makes for a challenging work environment. Pressure on operating costs will r8maln high for the year ahead. Factors affecting 2024.. The searcity of committèd skilled labour. Unpredictable econornic Gondllions exacerbated by the prospect of a General Electlon al some point during the year. Another 9.8f>/D increase lo the livlng wage from Aprll has been announced. The NHS are in financial and operational crisis with Medical Staff taking unprecedented Indu¥trial action. 2024 Budget calculallons have idenllfied that a 70k increa3e to room rates will bo nessary from April. Therè may be some re$i$tance from the publ Sector, but current indicators suggest they may a150 bo looking at a similar percentage. In addition lo a room rale increase maintalnlng good occupancy levels and miniml$lng employment of Ageney18bour will also be key to a Satisfactory financial performance for the Charity. Perfor nces edule OPERATING PERFORMANCE December, 2023 CUMULATIVE Prev Y8ar Cum Act ACTUAL BUDGET REVENUE INCOME FROM OPERATIONS 3,665,152 100.0 3.743,621 100.0 3, 161,020 PRODUCTIVE LABOUR PROVISIONS & FOODSTUFF CONTRIBUTION BEFORE OVERHEADS VARIABLE OVERHEADS 2,427.270 125.944 66.2 2,333,693 121,286 62.3 2, 166,496 95, 690 1,111,938 175,243 30.3 1,288,642 196,637 898, 834 767,878 COWRIBUTION TO FIXED COSTS 936,695 25.6 1,092,005 29.2 730,956 FIXED EXPENSES 405,143 11.1 405,534 10.9 361, 969 NET CONTRIBUTION GENERAL ADMINISTRATION 531,552 448,521 14.5 12.2 686,471 463,999 18.3 12.4 368,987 423,254 OPERATING SURPLUS I LOSS
Torr Home Trustses. Report A reeoneiliation of operating performance highlighilng the major performance varrances and cost savln98 is summarised below. RECONCIUATION OF OPERATING PROFIT-12 Month8 to 31.12.23 CUM£ BUOGETED OPERATING INCOME I (LOSS) VARIANCES: 222,472 Occupancy level at Torr (including The Belltorl was 80.470/0 against budget of 83.30/0 regulling in an unfavourable variance of £181,157}. The cumulative Glenlor occupancy was 93.50/0 against a budget of 87.50A generatsng a positive variance of £66.897. ACTIVITY LEVEL 114,2601 PRICE I MIX Effect on oporation. A negative variance reflecting th8 ¢urrent deals lo fill beds. Agency Labour spend down to £331,249 against a 2022 cost of £403,599. An Improvement on 2022 bul still a major drain on resources and still up on budget. This is a major area for improvemènt in 2024 but the scarcity of good labour resource will make il a difficult task. Expenditure well controlled despite relentless inflationary pressures. Overall cost 29Q up on 2022 but partly due lo increased activit lev•l. {63.0331 PRODUCTIVE LABOVR 193,8181 PROVISIONS 14,845} Laundry £5,032, Water Rates £10,783, Energy £6,958, TTansportalion £{2811, Resident's welfare £161141. Medi¢al ¢o$ls £11,213), Waste Disposal £2,539, Other costs below budget £2,942. Maintenanc8 Salaries- down on budget £7283, Training costs £15851, General rates £ 566, Insuranceg £112641. Repairs & Maintenance £ 5792, Cleaning £3448, Energy £6324, Revenue equipment £ 115131, Caredocs £ 4387, Registration fees £882, Garden I premises maintenance £1308561, Health & Safety £1463}, Mise. l others including sundry ex enses £ 57. De recialion £6333. Admin salaries £8,591, employment costs inlroduetion fees elc. £12,191, Telephones £15,963), Prfnting, and stationery £ {1,2731, Advertising £1,686. Travelling Expenses £591. ProfiU{Los31 on disposal of fixed assets £11,623), Bad debts £1,385, Auditors £ 439, Legal & Professional £ Others £1,088. VARIABLE EXPENSES- 20.646 FIXED EXPENSES- 391 GENERAL ADMINISTRATION 15,478 ACTUAL OPERATING PROFITI LOSS
Torr Home Trustees, Report 2.2.2- Torr Home including Belltor & Sheltered Apartments An operallng1099 of £(38,056} was recorded at Torr for the year to 31 December, 2023. This compared to a budgeted surplus of£144,069 and a previous yeaT loss of £1145,6191. Included in Torr Home's figures is a surplus of £67,283 from the Sheltered Apartsnents. The reasons for the operating loss are wall undor$tood'. Agency Labour c09ts at £209.543 for the year. M8fginally up on 2022 and a refltIOn of the diuLt labour issues faGing the Sector. There doès not seem too much appetite al Government level lo addfess the problem so gets left for another day or for another person to addres9. Strange how billion$ can be found and wasted on unnettssary projects such as the HS2 infrastructure program. Maintaining good OGGupall¢y 1$ Still a challenge currently made more difficult by the Discharge lo AswJs Residents dominating admissions. Despito all the issues occupancy increased to 80% in 2023 wth a further improvement expected in 2024 following completion of the Belllor Day Lounge expected during the first half of the year. The cost of occupan¢y shortfall against budget for 2023 was £81 K. We continue to drive for an occupancy level of 850h or higher. Recent history showg that TO Nursing improved to 78010 for 2023 wlth the Belllor exPted lo average in the region of 90°/0 following completion of the Day Lounge. 2.2.3 - The Glentor Centr8 The Glenlor Centre performance goes from ¥trenglh to strength with an operating surplus of £121,091 recorded for 2023. This was again81 a budget of £78,403 and a previous year surplus of £91.349.
Torr Home Trustees. Report 2.3- Cash flow5 Nel Cash flow for the year lo 3161 December, 2023 was a generation of £ 110,947 against a budgeted cash absorption of £14,648}. Please see analysis below. Performan¢e was largely driven by the operating surplus and non-operating inGome arising frorn investment5 and rental being offset by fixed capital additions and expenditure ors Special Revenue projects: OPERATING CASH FLOW GENERATION I IABSORPTION} PREV YR ACT ACTUAL BUDGET OPERATING SURPLUS I ILOSSI DEPRECIATION NET CAPITAL EXPENDITURE STOCK DEBTORS CREDITORS OPEFiATING CASH FLOW- GIIA) 83,031 91,969 222,472 98.302 (54,267) 98, 145 1110,3361 1240,0001 (56,595) 132,8211 67,587 99,430 30,457 94,363 16,868 f17,802) 31,77T 1,348 BANK INTEREST INVESTMENTS INCOME RENTAL INCOME NON OPER. STAFF COSTS SPECIAL REVENUE PROJECTS DONATIONS I LEGACIES RESIDENTS WELFARE INCOME ADD BACK DEPREC INVESTMENTS - INon- Cashl INvESTMEs - {Sales Proceed8 le88 purchases) (437) 37,593 25,524 (9,067) (85,305) 138 (248) 233 35,501 25.516 18,4231 141.5821 484 30,000 20,000 111,5181 160,000} 100,564 NON OPER. CASH FLOW- GI{AI TOTAL CASH FLOW- GI 70,344 Donations l Legacies included in the account.. 1. Donations in memory of Mr G. Webb 2. S Keeping 3. B Stable £19 £30 £435
Torr Hom• Trustees. Report 2.4- Investments Toff Home Investments valuation al the close of aY on th8 31 Decemb8r, 2023 was £1,179,963 being 6.6°A up on the opening position of £1,107,273. The year end valuation represents the strongest valuallon since early March of 2023- Un$lat4e economi¢ drivers are 5ti11 very much in force, so rt is good to see the Improvement. Valuation of Torr Home Investments 2023 1179963 1200C#)0 -.1178910 1180000 1164587 - 1157119 116(x 1125232 1107448 1106532 1116380 1140C -1108498 "-""- 1108739 1103069" "" 1120000 li(Kty)CwJ 104057 1106147 I08c .1110176.._. 1107496 1095167 "1111460 1084510 1093982 1060000 If07273"" 10400 102(fAX)
Torr Home Trustees, Report 2.5 Capltal Expenditura Additions for the full year to 31st December 2023 were £110,336 again¥t a budget of £240,000. See below.. PROJECT TORR CAPITAL EXPENDITURE 2023 12 MONTHS SPEND TO Dec'23 PRE CUMULATIVE ESTIMATED 2022 SPEND OUTSTANDING EXPENDITURE DEC'23 REF NO PROJECT DESCRIPTION SPEND TO Dec'23 B&QL- (above £50KI 015 Oementsa Day Room 45,107.59 1,084.00 46,191.59 110,000.00 Ell£QI&- {above £10K and up to £50KI Main House Top Floor Capital Improvem•nts apartment upgrades SUB TOTAL 15 45 6,480.00 39 183.80 45,663.60 5.667.00 12,147.00 39 183.00 COIAPLETE COMPLETE 5 667.00 51330.00 EBQIEGI&-1£2K up to £1 OK) 1 cabinet door freezer-Glenlor lincal convection oven lift replacemenl-Torr new Air condrtioning 25 30 30 013 2.039.98 3,071.98 2,451.36 2 388.49 2,039.98 3,071.98 2.451.36 2,388.49 9951.81 coMPLE COMPLETE COMPLETE COMPLETE SUB TOTAL 9,951.81 0.00 ne Eament lup to £2KI. Torr cabinet fridge Torr lincal oven CCTV x5 cameras Xerox A3 printer laplop4dmin prlnter-compliance manager laplop-HP pro Casa elitg bed chairs x 8 office chairs x 3 bedside cabinel 20 20 20 030 030 030 030 040 040 040 040 1,823.98 1,319.98 1,801.00 896.99 518.96 362.00 484.13 700.70 3,478.25 337.18 514.97 1,823.98 1,319.98 1,801.00 896.99 518.98 362.00 484.13 700.70 3,476.25 337.18 514.97 COMPLETE COMPLETE COMPLETE COMPLETE COMPLETE COMPLETE COMPLETE COMPLETE COMPLEtE COMPLEfE COMPLEfE SUB TOTAL 12 236.14 0.00 12,236.14 Total capital Spend Jan to Dec Assets disp05ed @WDBV Nel Ca ital Ex nditure 112,959.14 -2,623.00 110,336.14 212,818.27 270,116.27 110,000. 212 818.27 270,116.27 156 000.C
Torr Home Trustees, Report 2.6 Special Revenue Expendlture Special Revenue expenditure for 2023 was £41,562.. Torr Home ecial Revenue Pro ecls 2023 Full Year Expenditure December CHART OF ACCOUNT BRIEF DESCRIPTION OF EXPENDITURE COMMENTS Special Revenu8 Torr Building Work Temporary connecting walkway between Torr & Belllor Bedrooms Refurbishment Torr.. 8302 6.224 8313 3,000 8320 Room1 6,809 Room 2 Room 4 Room 9 Room 10 Sub Total 4,610 1.306 2.448 9,153 24,326 Bedroom Refurbishment Belllor.. Room 25 3,445 Total Ex enditure 27,771 8323 pecial Flevenue Projects A artments Apartment 43 Apartment 55 - Vvater Dam Apartment 59 408 3,896 228 Total Ex endilure 4,532 35 8351 Storm Eunice Damage Not covered by insurance Re8idual Balance Total Expenditure 35 TOTAL EXPENDITURE 41,562
Torr Home Tru3tee3' Report 3.0 Notable Events During 2023 There are no major events to report for 2023. There remain operational difficulties outslde our control brought about ty several issues both Domestic and Global. Vve contlnue to grapple wth major st8ffing shortages in the Health and Care sectors. Very high inflation caused by Global event$ inGluding the Russian and Ukrainian war impacted on operating costs with food, energy, staff c09ts and insurance all showin9 large increases. Torr Home keeps 8 tight control on all matters relating to operatlng costs l)ut in the current climate it is impossible to fully escape the financial implications of operating under such difficult condilong. Going forward the main challenge for the Charity Is lo malntain our hlgh operaung standards and r&build cash reserves. Torr Home Still ha8 long temi asplratlons to expand Its activilles bul reslorfng the charity's fbnancial ba88 15 the short-term priority- 4.0 Prlnclpal Rlsks, Opportunllles and uertaInt19S 1 Flnanclal Control Torr Home'8 operating performance Is drlven by., Sound Financial Controls. A discipline of monthly operating reports to that ¢103ely monitor performance and serve as an &ady warning of any potential threats ahead. High operating Care standard5 with no ¢omproml$e. A thoTough understanding of the Sector including the Publi¢ Sector Operation. 2 Nurslng Staff The shortage of staff is a growng and huge problem for the Care Sector. There Is clearly a major need to recruit and train new Nurses and Care Assistants for both the Publi¢ and Private Sectors in the UK. Torr Home Is going through a proce53 of restruclurlng its own work force. Senlorl Lead Care Praclilioner8 have been selected and trained to lead the Shift Care Teams and dispense medication. They report to the Duty Nurses for guidance and lo ensure clinical excellence in the dellvery of care. In addition to ensuring clSnical excellence the Duty Nurse Is also responsible for timely care p18n audlts and good governance across the nursing operation. 3 Th• Future AS we look lo the future Torr Home's plans for expan8ion are unchanged but can only ba pursued after a return to normal" operating conditions - exact tsming is difficult to assess. 4.3.1 Short Term Plan for 2023 is lo fully implement the new nursing I care Structu thereby reducing our reliance on costly Agency Labour and focus efforts on maxlmising occupancy.
Torr Home Trustees. Report 5.0 Structure govemance, and management 5.1 Govemlng document The charity is controlled by its governing d(xument, a deed of trust. and operates as a limited company. limited by guaTantee, as defined by the Companies Act 2006. The governing document for the limited company is ils memorandum and artlcles of asswiatson. Each member promises, if the company is dissolved while he, she or il remains a member or wthin 12 months afterwards, lo pay £10 towards costs of dissolution and the liabilities incurred by the charf(y wh519 he or She wag a member. Torr Home was incorporated as a company limited by guarantee, 88 a Subsidiary of Devonport and Western Counbes Association for Promoting the General Welfare of the Blind. On 31 July 2006. all assets belonging to Oevonport and Weslem Counties Association were transferred to Torr Home. Devonport and Western Counties Association for Promoting the General Welfare of the Blind 15 now only retained for its name and has no assets or liabilities, leaving Torr Home Ltd as the main charity. operating under Its worklng name of"Torr Home Recruitment and appointment of new trustees The members shall carry out the election of the officers and committee members at the Annual General Meeting. Nominations ghall be made in writing and delivered lo the Secretary. Each nominallon mu31 bo proposed and seconded by a voting member of the A$8ocialion and accompanied by the wrillen consent of the nominee. The charity useg a"Tru51ees Toolkit program to formallse the procedure$ of appointment. 6.2 Oryanlgatlonal 8trucluro The assets of the charity ar8 vested in the Trustees. The management of the charity 1$ the responsibility ol the Management Committee. The charity has been managed on a day-to-day basis by David Davies, Chief Executive Officer ol the charity, prior lo his sudden, sad and untimely death on 9 April 2024 There was a qualifying third-party indemnity policy in place for the Trustees throughout the year and in the previous year. Induction and training of new trustees Trustee tralnlng is introduced through 8 subgcrlplion to the Govemance Magazlne. This provldes esgential information lo improve the effectiveness of Trustees. Further trainlng needs will be Considered and undertaken on an ongoing basis. 5.3 Re•erv The Trustees have approved and implemented the reserves pollcy of the Charity in Ilne wlth the recommendations of the Charity Commlgsbn. The Charity needs lo hold reserves for the following princSpal reasons-. To produce income lo be used foT funding such deflcits as arise from the Charlty's operation& To meet any deficits not covered by in¢ome in any one year. To meet major items of unforeseen expenditure. To meet the costs of necessary building refurbishment, repairs, and renewal¥. To enable the Charity lo continue rts core operations for a period of al least six months, even in the event of a signrfeant decline in income. To this end the Charity have accumulated funds invested of £1,179,983 against 6 months non-escapablg operating running costs estimated at £900.000. For the purposes ofthis illustration income is assumed at £ zero and all labour costs excluding Agency labour and overtime payments are Irealed as nonscapable. Legacies will normally be treated as income.
Torr Hom6 Trustees. Report The Charity will therefore endeavour to maintain a level of ReseNes appropriate to the financial climate in which it is operating, with reference to wtenlial major financial risks (such as logs of funding) and the Charfty's commitment to the many people it serves. The Charity recognises that investments held within its unrestricted funds are technically available lo be spent on the general purposes of the Charity bul recognis85 also that the usage of the investments in this manner would correspondingly reduce their income eaming capacity. The Charlty considers that its present levels of reseNes satisfy the criteria set out above, and no action is deemed to be nece99ary at the pre9enl time to change these levels. The Charity will review both the level of its Reserves and its policy on reserves 8nnually, normally at the time of consideration of the Annual Budget. 6.0 Objectives and activities The oblects are the relief of sickness and disabillty by the provision of services and facilities, including accommodation, foT persons with visual impairment {'Ihe Prlncipal BeneflarieS"I and 2 ingofar as the charity ha8 capaclly that18 surplus to the need8 of the Principal B8n&ficlarles, for other persons have need of guch services and facilities by reason of infirmities associated th old age. The main objectsve for th• charity this year was to generate a gurplus which it h8s managed lo achieve prior lo taking accounl of the unrealised gains on inve¥tmgnts. The objectlve was achieved by efficient financial management and direct control by the rnanagement Committee. 7.0 Publ1¢ bonefft The Trustee$ consider the charity's objectlves and activities to be for public benefrt and have gfven duo consideration lo this in accordance with the guidance given under $tIon 17151 of the 2011 Charities Act
Torr Home Trustees. responsibilities ststoment The trustees, who are a150 directors for the purposes of company law. are responsible for preparing the trustees, report and the financial statements In accordance wth applicable law and Unlted Kingdom Accounting Standards (United Kingdom Generally ACpted Accounting Practice). Company law requires the charity trustee5 to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, in¢luding the income and expenditure, for that period. In preparing these financlal statements, the trustees are required to: select suitable accounling policies and then apply them consislenlly. observe the methods and principles in the applicable Charities SORP. make judgments and accounting estimates that are reasonable and prudent. stale whether applicab18 UK Accounting Standards have been followed, ¥ubject to any material departures disclosed and explained in the financial statement9. prepare the financial statements on the going concern basis unless il is Inappropriate lo presume that the charity wll continue business. The trustees are responsibl@ for keeping adequate accounting recordg that are suffi¢ient to show and explain the charity's transactions and disclose with reasonable 8ceuracy al any time the financial poslllon of the charity and enable them to ensure that the financi81 statement8 comply with the Companies Act 2008. They are also responsible for safeguarding the assets of the ¢barily and hencè for t8klng reasonable steps for the prevention and detectson of fraud and other irregularitie8. Auditor Each of the persons who is a trusteg 81 the dale of approv81 of this rert Gonfirms that.. $0 f8r as they are aw8re. there Is no relevant audit information of which the charity's audrtor Is un8w¥e'. and they have taken all steps that they ought lo have taken as 3 trustee lo make themselves aware of any relevant audii Inform811on and lo establish tha the charity's audrtor is aware of that information. The trustees, annual report and the strateglc report were approved on.... and signed on behalf of the board of trustees by.. Mr N Major
Torr Homo Independent Auditorfs Report to the Members of Torr Homo Oplnion We have audited the financial slalemenls of Torr Home Ilhe'charity'l for the year ended 31 December 2023, which comprise the Statement of Financial Activflies, Balance Sheet, Slatemenl of Cash Flow$. and Notes to the Financial Stalemenls, including a summary of significant accounting policies. Th8 financial reporting Iramework that has been applied in their preparation is United Kingdom Accounting standards, comprising Charities SORP- FRS 102 'The Financial Reporting Standard appllcable in thè UK and Republic of Ireland, and applieable law Iunlled Kingdom Generally Accepted Accounting Practice). In our opinlon the financial stalemenls.. give a true 8ntl faif view of the $lale of the Gharily's affalrs a8 at 31 Dec8mber 2023 and of Ils in¢oming resource8 and appllcalion of rgsour¢es, Including Income and expenditure, for the year then end8d.. have bean proper prepared in accordanc6 wtth Unf(ed Kingdom Generally Accepted Accounting Pr8cllce'. and have been prgpargd in accordance with the requirements of the Companie5 Ad 2006. Basls foi oplnlon We conducted our Budll in accordanc8 wrth Inlernallonal Standards on Auditing IUK) IISAS IUKII and appllcable 18w. Our responsibllilies under thosè standards are further dgscribgd in the auditor responsibilities for the audit ol the financial slalemenls section of our report. We are independent of th8 charity in 8ccordance with the ethical requirements that ar6 levant lo our audit of the financial statèm8nt8 In the UK, includlng the FRC'S Ethical Standard, and we have fulfilled our other elhical responsibilities in accordance with those requiromonls. We believ8 that Ihe audit evidence we have oblaingd Is Sufficient and appropriate lo provlda a basis for our opinion. concluslons relating to golng concern In audKing tho financlal 8tat8ments, we have concluded that tho tru51888 us• of thè going concern basis of accounting in the preparation of the financial 81alements is appropriate. Based on the work we have performgd. we have not Identified any material uncertainties rèlating to events or condlllons that, Individually or collectivety, may cast significant doubt on the charity's ability lo continue as a going concern for 8 period of al least tsvefve months from when the orSginal financial slalemenls ware aulhorised for Issua. Our responslbllllles and the responsibiliti8$ of the Iruslees wllh respect lo golng concem are d8scr*ed in the relevant sections of this report. Other Informatlon The trustees are responsible for the other information. The other information comprises the Infomiation included in the annual report. other than the financbal slalemenls and our auditor's report thereon. Our opinion on the financial slalements does not cover the other infomialion and, excepl to the extent olhewi6e expli¢rtty slated in our report, we do not express any fomi of assurance on¢lusion Ihereon. In connection with our audll of tha financial 81alemenls. our responstiility is to read the other infomiation and, in doing 50, consider whether the other infomialion is materially inconsistent with the financial statements or our knowlgdge obtained in the audit or olheTwise appears to be matèrially misstated. If we idenlrfy guch material inconsistencies or apparent material misslatemenls, we are required to determine whether there is a material misslalemenl in the financial statements or 8 material misslalemenl of the other infomiation. If, based on the work we have performed, we conclude th8t there is a material misstatement of this other infomialion, we are required to report that fact. Page 2
Torr Home Indopendent Auditorfs Report to thè Members of Torr Home We have nothing to report in thi$ gard. Oplnlon on othor matter prescrfbed by the Companles Act 2006 In our opinlon, bas8d on the wot1( undertaken in th8 course of the audit.. the information given in the for the financial year for whh the financial statements are prepared is consislenl wilh the financial statements., and the has been prepared in accordance with applicable legal requirements. Matt•rs on whlch we aro r•qulred to report by oxc•ptlon In the light of our knowledge and understanding of the charity and ils environment obtaln8d In the course of the audit, we have not klenllfied material misslalemenls in thè . We have nothing to report In respect of the follcwlng matters where the Companies Act 2006 requires us lo report lo you if, in our opinion.. ad8quale accounting records have not been kept. or returns adequate for our audk have not been reeeived from branches not vlsKed by us- or Ihe financial slalement5 are not In agreement wrth tho accounting records and returns- or certain disclosures of trustees remunarallon specified by law are not made., or we have nol rocoived all the infounalion and explanations we r8quire for our audrt. Responsibilities of tru$t••8 As explalned more fully in the l$el out on page J, the trustees aré rosponsible for the preparation of the financial slalemenls and lor being satisfied that they givè a true and fair viow. and for Such internal control as the Iruslees determine is necessary lo enable the preparation of financial st8lementg that are fTee from material misslalemenl, whether due lo fraud or error. In preparing the financial slalements, the trustees are responsible for ass8s9ing the chafily's ability to onlinue as a golng concem, disclosing, 85 applicable, matters related lo going concem and u81ng the going con¢orn basis of accounting unless the trustees either intend to liquidate the ch8rity or to cease operations, or have no realistic aliernallve bul lo do w. Audltor YponSIbl1111•S for th9 •udlt of th• flnanclal statements Our objectives are lo obtain reasonable assurance about whether the financial s18lemenls as a whole aro free from malerlal misslalement, whether due to fraud or error. and to Issue an audrtorfs repori that includes our opinion. Reasonable assurance is a hioh level of assurance, but is not a guaianlee that an audit conducted in accordanGe with ISAS IUKI will always delecl a material misslatemenl when il exists. Misstatèments can arise from fraud or orror and are considered material11. individually or in the aggfegale, they could reasonably be expected lo influence the economic decislon$ of users taken on the basi$ of Ih8s8 financial stslemenls. The extent to which our procedures are capable of delectlng irregularities, including fraud is detailed below.. We idenlrfied areas of laws and Tegulalions that Could Tea80nably be expected lo have a material offecl on the financial slalemenls ffom our general cornmercial and Sgdor experience and through discussion with thè diieclors and other managemgnl, and inspection of the company's regulatory COesp9ndencfj. We communicated identrfied laws and regulations throughout our team, and remained alert lo any IndicatnS of nonrycompli8nce throughout the audit. Page 3
Torr Home Independent Auditor's Report to the Members of Torr Home The company 18 subject to laws and regulallons that govern the prepBration of the financlal statements, induding financlal reportlng legislation, and other companies legislation. The company is also subject to other laws and regulations where the consequences of non4ompliance could have 8 material imp8cI on the amounts or disclosures wf(hin the financial stalemenls, including employThent. anti-bribery, anli-mney laundering and certain asp8ds of companies legislation. ing to the inherent limitations of an audit. there is an unavoidable risk that we may not have detected some material misslalemenls in the financial statemènts, even though we have properly planned and performed our audit in accordance with auditing standards. In any audit. there remains a higher risk of non-deteclion of irregularities. as these may invofve eollusion, forgery. intentional omi55ions, misrepTesenl8li)ns, or the overrid8 of internal controls. We are not responsible for preventing nonw¢ompllan¢e and cannot be expected lo delecl non<ompliance wlth all laws and regulations. Uso of our report This report is made solely lo the charitsb18 COmP8ny's trustees, as a body. In aecordance wlth Ch8Pt8r 3 of Part 16 of the Companies Act 2006. Our eudil work has been undèrtaken 80 that we ml9ht stalè lo the charity's tru8le88 those matt8r8 we are required lo sl*8 lo them In an auditor'$ report and for no other purpose. To the fullest extent pemilled by law, we do not accept or a$$ume responsibility to anyone other than the charitable company and its trustees a8 a body, for our audit work, for thi8 report, or lor the opinions we have lornied. bl-IM (YJ LLI Adam Croney ACA (Senior Slalulory Audllorl For and on behalf of Westcotts (SWI LLP, Stslulory Auditor Plym House 3 Longbridgg Road Marsh Mills Ptymoulh Devon PL6 8LT Date.. Page 4
Torr Home Statement of Financlal Activities for the Year Ended 31 December 2023 Ilncluding Income and Expenditure Account and Statement of Total Recognlsed Gains and Losses) Total 2022 £IAs rastatedl Unrestrlcted funds Restrlcted funds Total 2023 Note Income and Endowments from: Donal*)ns and legacies Charitable activities Investment income 255 3.656,235 70,163 255 3,656.235 70,163 278 3,113,C65 111,072 Total Income 3,726,653 3,726,653 3,224.415 Expendlture on: Raising funds Charflable actlvities 19.8881 3,618.673 19.8881 3,818,773 19,4721 3.304,6651 1100 Total expendllure Gainslllo¥se81 on Investment a5$81$ 13,628.561) {1001 (3.628,661} (3,314.137 6S,965 Net incomel{expenditurel othor recognl8od galns and losse$ Other gainslllossesl Nel movement in funds 98,092 1100} 97,992 123,7571 72,689 72.689 275,861 170,781 11001 170,881 (299.6181 Reconclll•tlon of fund• Totsl funds brought forward Tot81 funds carrigd fOalj 22 5,99S,310 6,167,091 2,442 5,998,752 6,298,370 5,998,752 2,342 6,169,433 All of the charty'8 aclivilKg$ derNe from continuing QPeTalion8 during the ab¢)ve perlods. Thè funds breakdown lor 2022 is sh¢)wn in note 22. The notes on pages 8 to 19 form an integral part of these financial statoments. Pa9e 5
Torr Home {Registration number: 05812992) Balance Sheet as at 31 December 2023 2022 £IAs restated) 2023 Not8 Flxed assets Tangible assels Investments 14 15 4.831,282 1,179.962 4.812,916 1,107,273 5,920,189 6,D11,244 Currenl assets Debtors Cash al bank and in hand 16 17 128.478 401,861 99,$26 290.910 530,339 390,436 Credltors.. Amounts falllng duè wlthln one year 18 372,150 311,873 Nel currant assets 158,189 76,563 Net assets 6,169,433 5.998.752 Fund5 of the charity.. Restricted income funds Reslricled funds 2,342 2,442 Unr8strlcted Income funds Unre51ricled fund5 Revaluation reserve 4,404,367 1,762,724 4,233,586 1,762,724 Total unreslricled funds 6,167,091 5,996.310 5,998,752 Total funds 22 6,1 $9,433 The financial slalemenls on pages 5 10 19 were appmved by the Irusleès, and authorised for issue on i*. .Pre.rvl.. and signed on their behalf by., Mr Neil Geoffrey Major Trustee The note5 on pag8s 8 10 19 form an inl4ral part of these financial slalements. Page 6
Torr Home statement of Cash Flows for the Year Ended 31 December 2023 2022 £IAs restatsdl 2023 Noto Cash flows from operatlng actlvltltss Nel cash incornellexp8ndilur81 97.992 123,75n Adjustmonts to cash flows from non-cash Items Deprfrcialion Gainslllossesl on investment assets Loss on disposal of tsngible fixed assets Dividends, interest and rgnls from investments Other inlere8t rec8ivable and similar income 92,169 98,378 165,%51 2,623 161.0171 9,146 163,11n 47,955 1102,4161 122,621 Worklng capltal adlustmgnts Increase in debtors Incr9389 in creditors 18 18 128,9521 60,277 {9.4641 27.Og1 Ng1 cash flows from operating a¢tivilie8 84,789 Cash Ilows from Invostlng actlvltlos Oividgnds, inl8resl. and rents from investments Interest received Purchase of tangible fixod assets Purchase of investments Sale ol investments Realised gainslllossesl on Investment asset8 Nel cash flows from investing acliwlies 61,017 9,146 113,1581 63,117 47,955 156,5051 159,7561 94,354 65,965 14 15 142,9951 155,130 Cash flows from flnanclng actlvlllos Repayment of loans and borrowings Nel increase in Cash and cash eqvivalents 18 55,763 110,951 14,578 Cash and cash equivalents at 1 January Cash and cash equiv81enls at 31 December 290,910 276,332 401 861 290,910 All of the cash fiows are derived from continuing operations during the above I0 pertods. The notes on pag8s 8 to 19 form an inlagral part of these financial slalemenls. Page 7
Torr Home Notes to the Financlal Statements for the Year Ended 31 December 2023 1 Charlty statu8 The charty is limited by guarantee, incorporated in England and Wales, and consoquenY does not have share capital. Each of the trust&es is liable lo contribute an amount not exceeding £10 tOW8rds the assets of the chsrlly in the event of liquidation. The address of Ils registered office is.. Torr Home. The drive, Hartley Plymouth PL3 5SY 2 Actounllng pollclè8 Summary of ¥lgnllleant accountlng pollcles and key accountlng o$tlmateJ The principal accounting policies applied in th¢ pr¢paralion of these financial statements are set out bglow. Thes8 policiès have been consistently applied lo all the years presented, unless otherwise staled. stat•m•nt of compllanc• Thg financlal statèments have been prepared in accordance wrth Accounting and R8porting by Charilie5.' Statement of Recomm6nded Praelice (applicable lo charrties preparing Ihelr accounts in accordance with the Finan¢ial Reporting Standard applicable in the UK and Republic of Iraland IFRS 102}I Ilssued in Octob8r 2019} - (Charilles SORP (FRS 10211. the FinancSal RgPQrting Standard applicable in the UK and RepublK of Ireland IFRS 1 021 and the Companies Act 2006. Bas1¥ of pr•paratlon Torr Home meets the definltion of a public benellt enllty under FRS 102. Asse18 and liabilitSes are initially recognised al historical cost or transaction value unless oth8Mi$e Slated In the relevant ac¢ounting policy notes. Prlor perlod restatement The prior year ho$ been rostalad lo remve depreclallon ch8rged on land and buildings, whtch had been incorrectly recognised in conflict with thé charitls revaluatlon policy in relation to land and buildings. Golng concorn The trustees consld8r that Ihefe afe no malerlal uncertainties about thè charity's abllty to conllnue as a going concern nor any significant areas of uncertainly that affect the Carrying value of a$$ets held by the charity. Incorne and endowments All income Is recognised once the charity has grilill9rn8nt to the income, k Is plobable that the income wll be received and the amount of the income receivable can be measured reliably. Page 8
Torr Hom• Notes to the Financial Statements for the Year Ended 31 December 2023 Donations and legacles Donations are recognised when th8 Charity ha5 been notifd in writing of both the amount and 8elllemenl dalo. In the event that a donation is subjecl to conditions that require a level of performance by the charity before the chafily is entffled to the funds, the income is deferred and not tecognised until eilh8r those conditions are fully met, or the fulfilmenl of those conditions is wholly within the control of the charity and it Is probable that these conditions wlll be fulfilled in the reporting perltjd. Dofernd Income Deferred income represents amounts received for future periods and is released to Incoming resources in the period for which, il has been received. Such income is only deferrod when.. The donor specrfieg that the grant or donatlon mu8t onty be usod In future acc¢unting penods., or The donor has imposed conditions which must be mel before the chartty has unconditional enlttK8ment. Expondlturg All expenditur8 Is recognised once IheTe is a legal or conslrudlve obligation lo that expendiluro, it18 probable settlement Is required and the amount can be measured rellably. All costs are allocated to the applicable expenditure heading that oggr8gate 51mi18r cost8 lo that category. Where costs cannot be direetly 8ttribuled lo particular headings they havg bgen allocated on a ba81$ consistent with the us8 DI resourc88. wilh cgnlral staff costs allocated on the basis ol time spent, and dgprecialion charges allocated on the portion of the asset's use. Other support costs are allocated based on thè gpraad of staff costs. Ralslng funds These are costs incurred in allracling voluntary Income. the managemenl of Investments and those Incurred In trading activllie8 that raSse funds. Charltabh a¢tlvltles charitab expenditure Gomprl3es tho88 cost8 incurred by the charf(y in the delivery of it8 activities nd sèNices for rts benoficiari8s. 11 includes both costs that can be allocated direclty lo Such 8clivitie8 and those costs of an indirect nature necessary lo support them. Taxatlon The charity is considered to pass the tests Sèl out in Paragraph 1 Schedule 6 of the Flnance Ad 2010 and therefore K meets the definltion of a charitable company for UK corporation tax purposgs. Accordingly, the charity is potentially exempl from laxalion in resped ol income or capital gains received wrthin categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusivety to charitable purp03es. Tangibl• fixed assets Individual fixed assets costing £500 or more are initially recorded at cost, less any subsequent accumulalod depreciation and subsequent aUmUlated impairment losses. Page 9
Torr Home Notes to the Financial Statements for the Year Ended 31 December 2023 Depreclatlon and amortl8atlon Depreclation Is provided on tangible fixed assets so as lo vmte off the rnst or valuatlon. less any estimated residual value. over their expected useful economic life as follows.. Asset clas8 Motor vehicles Flxtures and fittings Improvemènts lo property Assets under construction DepTe¢iatlon method and rate 5% straight line 2. 300h stralght line 2 30.kn straight line Not depreckgled All tangible assets are held at cost with the 8xception of fre8hokl property. Prior lo 1 January 2015 Freehold property was recognlsed al market value. Undèr FRS102 the Trustees have chosen to hold thls using the r8valualiDn model. Al the end of oach year the Trustees review the value. Al the end of the current period il was deemed that the fair value of the propety Is not materfally different thon th• car.ng value per the accounts and ¥0 no adjuslmenls have been made in respect of this. Flx•d ass•t Inv9Stm8nts Fixgd 0s9o1 Invaslments, othef Ihan pro9rammo related inveslmenls. are Included al market value at the balance sheet dale. Realised gains and losses on Inve8tmenls are calculated as the difference be8@n sales proceeds and their maTkel value al the start of the year, or thelr subsequent cost, and are charged or credi18d to the Slalemenl of Financial AGlivilie5 in the perlod ol disposal. Cish and cash equlvalonts Cash and cash equThialenls comprise cash on hand and call deposits, and other short-lerm highly liquid investments that are readity convertlble lo a known amount of cash and are sublgd lo an Insignfficant r18k of change in value. Fund structure Unreslricled incc4ne lunds are gener81 funds that are avallable for u$9 al th• trustees dlscrellon in furtherancè of the objectNes of th8 charlty. Restricted Income funds are those donated for usg in a particular area or for specrfic purpose$. tha use ol which is roslricled lo that area or purpose. 3 Income from donatlons and legacle8 Vnrestricted funds Genorol Total 2023 Donations and legacies.. DonalKJns from indiwdua18 255 255 255 255 Page10
Torr Hom• Notes to the Financial Statements for th8 Yoar Ended 31 December 2023 Unmtrlctsd funds Gènèral Restrlctgd funds Total 2022 Donations and legacie¥-, Donations from individuals 138 140 278 138 140 278 4 Income from ¢harlt•blo activiti Unrestrlcted lunds Gen8ral TrAal 2023 Reskl¢nts fees Anclllary service8 Sheltered apartment rent$ 3,493,633 18,556 144,046 3.493.633 18,556 144,048 3,656,235 3,656,235 Unreslrlct•d funds Genoral Total 2022 Re¥idènl8 fees Anclllary 89rvices Shgltered apartment rents 2,961.471 8.4S1 143,143 3,113,C65 2,9S1,471 8,4S1 143.143 3.113.065 S Investment Incom• Unrestrlctgd fund8 G•naral Total 2023 Rents received Income from quoted securitios Sundry income 25.516 35,501 9,146 25,516 35,501 9.146 70,163 70,163 Pagg 11
Torr Home Notes to the Financial Statements for the Yoar Ended 31 December 2023 Unrestrlctèd fund$ Ggn•ral Total 2022 Rents receed Income from quoted &ecuriti&s Sundry Income 25,524 37.593 47.955 111,072 25,524 37,593 47 955 111,072 6 Expendlture on r•lglng lunds Unrtrict•d funds General Total 2023 Total 2022 Other portlolio management costs 9.888 9,888 9.888 9,472 9.472 9.888 7 Exp•ndltur• on charltablo a¢llvltl•8 Unre$trlcled funds Goneral R•strlGt funds Total 2023 Not• Charilabla actlvllles Alloca18d 8UPPOrt costs 3,213,011 405.662 100 3.213.111 405,662 3,618.773 3,618,673 100 Unr06trlcted funds Goner81 RMtrlcted lunds Total 2022 Note Chartsble activiti9$ Allocated support costs 2,968,466 335,951 233 15 2,968,699 335,966 3,304,665 3,304,417 248 Pa3e 12
Torr Home Not•s to the Financial Statements for the Year Ended 31 December 2023 8 Analysi$ of support costs Unregtrlctsd funds Goneral Totsl 2023 staff costs PPS & advertising Finance costs General office Legal and professional feeB Travèlling Telephone 328,523 39.719 1,458 7,745 17,103 533 10.581 328,523 39,719 1,458 7,745 17,103 533 10,581 405,662 405.662 Unr•strlct•d funds General Restrl¢t•d funds Total 2022 Staff cost8 PPS & advertising Finance costs General office Legal and profe$$ion81 fees Travelling Telephon8 270.393 36,265 2,797 7,406 13,960 932 4,198 335,951 15 270.408 36,265 2,797 7,406 13,960 932 4,198 15 335.966 9 Nèt Incomlngloutgolng resource8 Nel ineomingl(outgoing} resources for the year include.. 2023 2022 Lo¥$ on dlsposal of tangSble fixed assets Depreciation 2.623 92,169 98,378 10 Tw$t•è# r8muneratlon and exponses No tru8lee$, nor any persons connected with them, have recelved any Temuneralion from the charlty dUrg the year. No trustees have received any reimbursed expenses or any other benefits from the charity during the yoar. Pagg 13
Torr Home NotOS to the Flnan¢ial Ststements for tho Year Ended 31 December 2023 11 Staff eosts The aggregate payroll costs were a8 follows.. 2023 2022 Slaff costs durlng th• year wern: Wages 8nd salari&s Social security costs Pension cost8 2,592,082 194,615 43,440 2.330.619 199,762 37,465 2.567.846 2,830,137 The monlhty aveiage number of p6rson8 Ilncludlng 8enlor management I leadershlp t8aml employed by the charlty durlng the year expressed a$ full tlm8 equhJaienl8 was as follows.. 2023 No 106 2022 No 98 Home staff The number of empbyeej who89 emolumènts fell within the following bands wa8.. 2023 2022 No £60.001- £70.000 £70,001- £80,000 12 Audltorn. remunoratlon 2023 2022 Fe88 payable for audit of the financial statements 9,C60 7,260 13 Taxatlon The charity is a rogistered ¢harlty and 1$ Ihereft)re exempl from laxalion. Page 14
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Torr Home Notss to the Flnanclal Statements for the Year Ended 31 December 2023 16 Flxed assgt Investmènt8 Lisl¢d Invostments Total Cost or Valuallon At 1 January 2023 Revaluation 1,107,273 1.107.273 72.689 72,689 Al 31 December 2023 1,179,962 1,179,962 Net book valu8 At 31 December 2023 1.179.962 1,179,962 At 310ecember 2022 1.107,273 1,107,273 The investmènls are publicly traded and therefore arg mea8ured reliab. 16 Debtorn 2023 2022 Tr8do debtors Prepayments 109,339 19,139 128,478 91,279 8,247 99,526 17 CJ$h and ¢agh equlvalonts 2023 2022 Cash on hand Cash at bank 1.057 400,804 401.861 854 290,056 290,910 18 Crgdltorn- amounts falllng due wlthln ono year 2023 2022 Trade credrtors Payments on account on long term contracts Other laxalion and social security Other Cf9dAor¥ Accruals Deferred income 53,220 13,100 S0,(69 15,263 143,236 97,262 372,150 57.889 13,100 52,519 3,526 112,021 72,818 311 873 Page 16
Torr Homo Notes to the Financial Statements for the Year Ended 31 December 2023 2023 2022 Deferred income at 1 January 2023 Resources dèferred in the period Amounts released from previous periods 172,818) (97,262) 72,818 142,4401 172,8181 42,440 72,818 Defeed income at year end {97,262 Dgf8Tred Incomè is related lo fee$ pald In advance. £95,632 relate8 lo resld8nts f888 and £1,630 relatas to Sheltered apartment rents 19 Obllgatlons under leas•8 and hlre purchas• contracts Opèratlng loaso commltmonti Total future mlnimum lease p8ymen18 under non-canc8llablg operallng leases are as follows- 2023 2022 Other Wthin one year Beeen one and flve years 18,284 29,229 18,284 47,513 65.797 47,513 20 Penslon and othor $¢h6m88 D•flned contrlbutlon p•n•lon schgmg The charity op8rate5 9 defined contribution pension ¥¢h¢me. The pension cost charge for the year repr6sen18 conlribullons payabla by the charlty to thg scheme 8rKI amounted to £43,440 12022 £37,465}. Conlributiony lotslling £9,15012022 - £7,894) were payablè to the scheme at the end of thè year and are Included in creditors. 21 Related party tran8actlon$ There were no relalod party transactions in the year. P8ge 17
Torr Home Notes to the Financlal Statements for th• Year Ended 31 December 2023 The specwk purposes for whkh the funds are lo be applied af• as follcw4s'. Tho re$lricted fvnds are to be used for Residenvs Wellare purpose8. 23 Analysls of not assots betw••n funds Total funds at31 D8cember 2023 Unr•strict•d funds General R8¥trl¢ted funds Tangibla fixgd ass$ Flxed asset investments Current as8818 Curr8nt liabiliti8$ 4,831.282 1,179,962 527,997 372,150 4.831.282 1,179.962 530,339 1372.150 2,342 Total nel ass8t8 6,167.091 2,342 6,169,433 Total fund# t31 Dacfrmf 2022 £IA8 re3taledl 4,812,916 1,107,273 390,436 311,873 iJnmtrlct•d fund8 Restrlct•d G•neral lund8 T8nglbl8 fixed assets Fixwj asset Inveslmnls Current a$$ety Currant liabilities 4,812,916 1,107.273 387,994 311873 2,442 Total net 8ssets 5,996,310 2,442 5.998.752 24 Analy$l8 of net funds At31 Oecembgr 2023 At l January 2023 Flnanclng cash Ilows Cash at bank and in hand 290,910 110,951 401,861 Net dgbt 29Q,910 110,951 401,861 At31 December 2022 At 1 January 2Q22 Flnanclng cash flows Cash at bank and in hand Debt due within one year 276,332 55,763 14.578 55,763 290.910 Net debt 220,569 70,341 290,910 Pag6 19