Company regi$lralion number.. 05812992 Charity registration number.. 202210 Torr Home IA company Ilmlted by guarantee) Annual Report and Flnancl81 Slatemgnl8 for the Year Ended 31 December 2024 WESTCOTTS CMARVSPED AC¢OUN7Atr4TI I BU8INE8• AD¥I$ERI Torr Home Referenc• and Adminlstrative Details Truslees Mr Neil Geoffrey Major- ChaIrpe￿On Mr John Martin Modley Mrs Bbdwèn Aknvorthy Mr Laurence A￿Orthy(sPpoinled 1 August 20241 Mrs Moir8 Johnson lapFointed 16 Aprll 20251 Mrs Diana Nayl)r SoGrntary Charlty Roglstratlon Numbor 202210 Company Rgglstratlon NuM￿r 05812992 The charlty is incorporotsd in England and Wales. Torr Home, The Drive, Hartl8y Plymouth PL3 5SY R•gl8t•r•d Offlce Audltor W8slcott8 (SW} LLP Chartered accountsnl$ Plym House 3 Longbridge Road Plymouth Marsh Mills Devon PL6 8LT Page 1 Torr Home Trustees Report The trustees, tho are directors for the purposes of company law, present the annual report together with the financial statements and auditors. r8POrt of the charitsble company fgr Ihg year ended 31 December 2024. Introductlon Torr Home Ltd a r8gist8red charity whose origins go back to 1860 and has operated out of Torr Home since 1929. We can care for up lo 60 people across sile aged 50 ygars and older. The Charity was established to care for the blind in Plymouth. In 1929 thé charity moved tts operallon to Torr Home wrth care fo¢u$ed, in those early years, entirely on the blind and visually impaired. We have widened our scope considerably to provide Nursing, Nursing DeTr￿n11a and Residential care. We a180 havg re11￿Man1 apartments for those over 55 years which ar¢ in the grounds of Torr Home. Whilst retsining the specialist skills in caring for tha visually impaired, Torr Home has a commitment to achieving the hlghest standards of professional care and service for those who, through the ageing process or Illness, are havlng trouble su8taining independonl Iwing and neèd continuing cara in the community. Torr Home's evolutionary 8pproa¢h lo caring, mean$ a￿ayS keeplng abreast of chang&s as wèll 8$ embracing and adopting any new st8ndards introduced in the Care Sector. Care 18 provided foi nursing and residential re5id8nls. We are commilled lo providing the highest standard of care in warm homely environment. W8 encourage our residents lo live with dignity. respect 8nd privacy whilst enabling residents lo lead an independent and active life, through promotion of choi¢¢ in all aspects of their care. Development of Torr Home The oper8llon comprlses of three 8elf- contained units namely Torr Home., the original and primary base for the Charity. which carès for people wf(h physical age-related illnè$$ and two purp08e built, demenlla nursing unf(s known as the Glenlor Centre and Bell-lorr Unil which is localed within Torr Home. The Glenlor Centre and 8ell Torr offer secure residential and nursing care 24 hours a day with an open -door policy for rolalives and visitors. There are also 16 Roliremenl apartments for pecple over 55 yoars which is suitable for independent living whilBt rèmaining in the cared for community ol Torr Hom8. Torr Home Charity employs over 100 nursin9 and ancillary staff and is commilled lo their continual troining and development. Notsbla Event8 During 2024 The death of our long Set￿n9 CEO David Davies on April 9th, 2024 Th¢ ¢omplelion of the 8811.Torr Day room extension. Fire protection upgrade commenced in September 2024 at Torr Home lo improve the safety of resident$ and adhere to new regulations, Introduction of a new pgrson-centred sofbNarg System for 8ervi¢• user8 Care re¢ords. Plannod Developments and Events for 2025 VE day celebrations on the 8th May 2025. Support group coffee momings for residents, relatives and staff. Family day with various entertainment and barbecue fot residents, relatwes. $laff and local community planned for July 2025. Planting of a tree with plaque and picnic area in remembrance of our late CEO. Reducing our carbon footprint for environmental suslainabilily for the future. Program of redecoration of office space and communal areas. Page 2 Torr Home Trustees Report The completion of the enclosed garden with comfortable seating and glass surTound offering views across Plymouth city and Plyinoulh Sound within the new Dementia unil. Continuation of th• Fire protection upgrade across site and fire suppresS￿n units in both kitchens on sile. Prlnclpal rf8k$ and uncortalntles Financial Cont￿1 Torr Homes operating performance i¥ driven by Effective fin8ncial controls. Monthly operating reports to dosely monrtor performance and earty warning of any polgnlial threats ahead. High 8tand8rds of ¢are delivery. A full understanding of the health and social care 8ector and needs of the communrty. Structur•, Govornanco and Managem•nt The charrty 1$ controlled by ils governing document, 8 deed of trust, and oper8les as a limitsd company. limited by 9uaranlee as defined by the Companies Act 012006. Thè governing document for the limited company 18 its memorandum and 8rt￿l&S of 888ocialion. Each Tru8lee promises. if the company 18 dissolved while helsho remains a Tru6188 or WTihin 12 months 9ften￿ardS. lo pay £10.00 towards costs of di8801ulion and the liabilities incurrèd by tho charity whilè he or sha was a Iruslee. Torr Home was incorporated a$ 8 company limlled by guarantee, a8 a 8ubsidi8ry of the Devonport and Vveslern Countles Association for promoting Ihg general welfare of the blind. On the 31st of July 2006, all assets bekjnging lo Devonport and Western Counties Association were transferred lo Toff Home. Devonport and W881ern Counties Associalfvjn for promollng the general Welfa￿ of the blind was retained for ils name and has no assets or liabilities, loaving Torr Home Ltd a$ the main charty, operating under Ils working name of Torr Home. Recruilmenl and appointment of new Iruslees, members $hall conduct the election of officers and committee members. Tru8te¢ nominations shall be made in wrlling and delivered lo the secretary. Each Trustee nomination musl be proposed and seconded by a voting member of the Association and accompanied by written consent of the nominee. The Charity u888 a °Tru¥tees Icolkil. program lo fomia119e the procodures of appoinlmenl. Page 3 Torr Home Trustees Report Organisational Structurg The mon8gemenl of the chanty 18 the re8pon8lbllty of the Management committee. The charity has been managed on a day-to-day ba81s by Mrs Suzanne Marsh Chief Executive Officer 8ince June 2024. There wa8 a quallfylng third-party indemnity policy in place for the Trustee8 Ihrough-oul the year and In the pre￿ou8 year. Inductlon and tralnlng of Tru8to89 TTusteg training has been introduced through th¢ subscription lo Governance magazine. This provides essential information to improve the effectiveness of Tru81ges. Further training need8 will bè fA>n$td6￿d and undertaken on an on-going basis. Objecllves and actlvltles The objeetive$ are the relief of 8icknes8 and disabllty by the provlsion of services and facilibes including accommod81ion for (11 Persons with visual impaimient {the principal beneficiariesl and 12) Surplu5 to the needs of the principal beneficiaries for other persons who have a need for such services and facilities by reason of infirmities associated with disease. disorder or injury. Pagè 4 Torr Home Trustses Report The main objective for the charity Ihis year is lo generate a Surplus by efficient financial management and direct control by the Board of Trustees, CEO and Head of Finance. Publlc ben•flt The Trustees consider the charty's objectivès and aclivrties lo be of public b8nefi( and have given due onsideration to Ihls in accordance wllh the guidance given under section 1715} of the 2011 Charities Act. Flnanclal revlow The main income of the Chanly 198%} 1$ achieved through resident's fees, erther bein9 pald for by private fees or Ihird-party local Aulhorf(ies. The percentage split 18 between 51>60% for prlvale fees and befv488n 5040% for Ihird.party foes. The financial slalement8 of Torr Home for the year ended 31 December 2024 show total income received of £3,830,801 12023 £3,726,653). Expondilure for the 88me period was £3.920,52412023 £3,669,648>. The charlty m8de an cperatSng deficit of £89,723 12023 £57,005 8urplu81, the main factor of this was the increase in staffing and agency costs which for 2024 was £3,105,432, {2023, £2,830,137). The Charity aims to be at leas190Oh occupied dunng 2025. Currently at the end of April 2025, our occupancy rale is 8bove 950A. We have achieved this by working c105ely with the local authorities and the bed bureau lo tske Discharge lo Assess residen18. usually from local hospitals. We are al80, actively advertising for pnvale residents by various soci81 m¢di8 plafforms. We are constanlty recruitin9 pemianent Staff lo rsdu¢• our dependency on Agency staff,. howover, this remains an ongoing ChaI￿nge. We anticipate that as we now have almost 100% staff omplO￿ as pemianenl 8tsff we 8re for&¢a$ling a saving of £1eO,000 in agency ¢osts for 2025. Cash at Bank The cash al bank 8t 31st 0oc•mber 2024 wa8 £314,12312023 £401.8611 thi¥ is a decrease in cash, bul the building of the Bell Torr lounge ha8 been funded enllr6ly from cash re8erve8, wlh a total Spend of approximately £275,000. Insuran¢0 The Charity has arranged, through 8 regulated In$ur•n¢e broker, for all appropriate insurances lo be taken out against any foreseeable risks, prol•cling the Charty agaSn81 any loss, darnage or liabilty arising from these risks. Inve8tments The Trustees have approvèd and implemented the Investment poI￿Y of the charity in line wth the recommend8tions of the Chority Commission. The purpose of the policy is for the Ch8rily to depos11 or invest in funds wrth the ultimate objective of generating income from dividends and increasing the value of the investments by capital growih. thu8, ensuring the Charity has a lolal investment fund that can 8UPPOrt our Reserve Policy. As al 3181 December 2024 the Charity had investments of £1,333,243 {2023 £1,179,%2). which had generated income of £37,75912023 £35.5011. all these fund8 are unrestricted income. Page 5 Torr Home Trusteos Raport Resenies Th¢ truste8$ have approved and implemented the re8erve$ poli¢y of the Charity in line wrth recommendations of the Charity Commission. As at 31 st December 2024 the Charity holds £1,333.243 in unrestricted reserves, {2023 £1,179,962). This figure 18 above our ￿seNe policy figure of £1,Cfj3.000. The charity noeds lo hold reserves for the following principal re860ns.' To produce Incom& to be used for funding such deficits a8 arise from the ChaW8 operation8. To enable the charity to continue its core operations for a period of 3 months evgn in the event of a significant decline in income. As al the 31st Dècèmber 2024 the charity has accumulated invested funds of £1,333.243 again813 month5 estimated required roserves of £1,083,000, To meat deficits not covered by income in any one y88r. To meet major r(ems of unforeseen axpendilure. To meet the costs of any necessary building r8lurbi8hmnl, repairs and r6new81$. Leg8cies will nomially be treated as income. The eharily will therefore gndeavour lo rnainlain a level of re8eNes appropriate lo Ihg finonGial climate in which il is op8rats.ng and the commitment to the many people il sew$. The charity con8ider8 that Ils present leval of re8eNes 3ali$fi8$ the criteria above and no action is deemed necessary at th58 pre8enl timè lo ¢hange these levels. The charity will review both the18vel of rts reserves and 118 policy on res8Ne$ annu811y. Golng forward 11 has been a challenging couple of year8, and li Is not expected to 9el g8$igr. with the main challenge8 being.. the government raising the national minimum wage In Aprfl 2025. the change8 in Employers National Insurance rates and bandlng. The rocently Imay 251 released ch8nges lo reduction in visas lor heatthcare staff. The increased fire safety measures, we expect this to cost the Charity around £100,000, We are expected lo fund all these of changes against a background of reducing feos being offered by the Ihird-party Local authorities, Idug to their own budget con8train181. ststorn•nt of trustsos. rosponslbllltlos The trustees (who are also the directors of Torr Home for the purposes of company lawl are responsiblg for pr8paring the Trustees Roport and the financial slalemenls in accordance with applicable law and Unrted Kingdom Accounting Stsndard5 (United Kingdom G8nerally Accepted Accounting Praclicel, including FRS 102 "The Financial Reporting Stsnd8rd applicable in the UK an Republic of Ireland" Company law rgquiros the trustees to prepare thnanci81 sL*8menl$ for each financial yoar. Und8r ompany law the trustees musl not approve the financial statements unless Ihoy are satisfied that they give a true and fair view ol the stste of affairs of the charitable company and of the incoming resources and appliCat￿n of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial slatemenls, the trustees are required to. Page 6 Torr Home Trustees Report select sullable 8rmunting pdirjes a￿AY them ci)nsislenlly; observe the method8 and Prinry￿es h the Chgrtties SORP,. make judgements and estlmatss that are rea80nabl¥ and pwdent", stst• whether applicable accounting standards, rompiising FRS 102 have bevn fdlowed, 8ubj&t 10 any material de￿rtU￿S disd08¢d and explolned in Ihe financial 81alements,' and Prepa￿ Ihe flnOnck?181aleN￿nts on the going concem bow8 unless 51 1$ Inapproprlate to wesume that the d￿ritable c4)mpany ￿11 continue in buslness. The Iruslees are fe$ponsSblg lor keepin9 proper accounting records that can dlGdos8 %￿lh reasonat4e ccufa¢y al any 1Sme the linandal position ol the ¢hadl8ble company and enable them to ensur¢ that the financial stot&men18 ¢0mply with the Companles Act 2006. They are a160 responsible for Sofegupidlng the ass&ts ol the charitable company and hence for tsking reason?ble 8tepB for the prevents.on and d¢l&ction of froud and othw irregulartties. The trustees ar8 rasponslblo for thè mantenance and Integrity ol the eorporalè and financlal Information Ir￿￿ded on the charitabl8 company8 ￿bsIte. Legisl8llon governlng the PTeparalion and dl88emlnaUcfi of finandol statemen18 may dlff•r from leo181etk>n in oth•r lurl8dl¢tk+n8. Dl$¢losuf• of Inlormatlon to audltor Each trustee haB taken 6t8P8 that they ought to have takers a8 8 trustee In order to make Ihembulves aware of any relevant audll Informatlon and to 881ablish that th8 chadty's audrtor i8 aware ol that InfoTmallon. ThB Ir¢Jslees confirm that there is no relevant Inlormalon that they know of and of wl*h tt)•y kn￿ thg audltor 15 unawar•. 2fyZ and $lgnèd on Its annual Tgport was apprmd by the Iru6tees of the ¢harity on behalf by.. Mr Nell Geoffrey Major- Chairpwson Truste? Torr Home Independent Auditorfs Report to the Members of Torr Horne Oplnlon We have audited thè financial ststemenls of Torr Home {the 'charily'l for the ye8r ended 31 December 2024, which comprise the Statement ol Financial Aclivilies, Balance Sheet, Slalemanl of Cash Flows. and Notès lo the Financial Statements, including a summary of significant accounting policies. The financial reporting framewot1( that has been 8pplied in their preparation is United Kingdom Accounting Stsndards, comprising Charities SORP - FRS 102 'The Financial Reporting Stsndard applicable in the UK and Republtc of Ireland. and applicable 18w lun￿ed Kingdom Generally Acopled Accounting Practice). In our opinion the financ￿1 8t8tement8'. give 8 Injè and fair view of the stale of the chgrily's affairs as al 31 December 2024 and of its incoming resources and application of r8$our¢es, including its income and expenditure, for th8 year then end8d-, have been proporty propared in accordance with Unil8d Kingdom Generally Accepted A¢¢ounling Practice., 8nd have been prepared in accordance with the requirement8 of Ihe Compan￿8 Act 2006. Bjsls for oplnlon We conducted our audit in 8ceordan¢e with Inlemalional Standards on Auditing IUKI IISAS IUKII and applSc8ble law. Our re8pon$ibilities under those 8tsndards are further described in the audttor responsibilities for the audtt of the financial st8temenls section of our report. We are independent ol the chanty in ac¢ordance wilh the ethical requirements that are rel8vant to our *udil of the financial statement9 in the UK, including the FRC'S Ethical Standard. and w8 have fulfilled our other ethical responsibllilio$ in accordance with thèse requirements. We believe that the audit evidence we have obtained is sufficient and approprlalè lo provKle a ba818 for our opinion. Concluslons rglatlng to golng concern In 8ud(ting the financial slatemenls, w& ho￿ concluded that the Irusle¢s u$e of the going concern bo$is of accounting in the preparation of the financial slalemenls 1$ appropriate. Based on the work we have performed, wa have not identified any material uncertalnlies relalino lo events or conditions that, inéividu811y or collectively, may c881 significant doubl on the charity's abS1ily lo continue as a going concern lor a period of al least twelv8 months from when the original fi'nancial slalemenls were authorised for issue. Our responsibilitie¥ and the responsibilities of the trustees wlh Te8p8cI lo going Concern are described in the rel8v8nl 8•clion8 of this report. Other Infomiatlon The trustees are re8pon$ible for the other infomallon. The other infomialion compris95 the information included in the annual report, other than the financial slalemenls and our auditorfs report thereon. Our opinion on the financial slalemenls d085 not cover the other infomalion and, except lo the extent otherwise explicitly staled in our roport, W8 do not exprass any fomi of assurance conclu$ion Ihereon. In connection with our audit of the financial slalemenls, our responsibiljty is lo read the other information 8nd, in doing so. consider whether the other infomialion is materially inconsislenl with the financial slalemenls or our knowledge obtained in the audit or otherwise appears lo be materially misslaled. If we idenlfy such material In￿nsisten￿e5 or 8pparent rnalorial misslalemenls, we are required lo delemine whether there is a material misslatèmenl in the financial statements gr material misslalemènl of the other infomialion. If, based on the work we have perfomed, we conclude that there 15 a material misslalemenl of Ihls other information, we are required lo report that fact. Page 8 Torr Home Independent Auditor's Report to the Members of Torr Home Wo have nothing to report in this regard. Opinion on other mattèr prescrlb•d by thè Compan1¢¥ Act 2006 In our opinion. based on the work undertaken in the course of the 8udil'. the information given in the Trusleas Report for the financial year for which the financial st8temenl8 are prepared is conslslenl with the financial statements., and the Trustees Report has been prepared in accordance with applicablo legal requirement8. Mattors on whlch wè are requlred to roport by gxceptlon In the light of our knowledge and understanding of the charity and 118 environment oblalned in the course of the audit, we have not idenlifkgd material rnisslalemenls in the TTuslee8 Report. We have nothing lo report in respect of the folk￿ing matter8 where thè Companitrs Act 200e requires us to report to you rf, in our opinion,. adequate accounting re￿rdS have not been kept, or returns adequate for our audit have not been received from branches not visited by us,. or the financi81 slal8m8nls are not in agreement with the accounting records and relurn8'. or certain dlsclosures of Iruslees remuneration specified by law 8re not made., or we have not received all the infomalion and explanations we requlre for our audit. R88pon#lbllltles of trustees As explained more fully in the Stalèmenl of trv$l•o5' respon8ibililK98 18et out on page 6 and 71. the Iru51ees are responsible for the preparation of the fin8ncial slalemenls and for being satisfied that they give 8 true and fair view, and for Such internal control as the Iruslees determine is noco8s8ry 10 8nable the preparation of fin8nci81 statements that are free from material misslalem¢nl. whether due lo fraud or error. In preparing the financi818t8tem8nt5, th¥ Iruslees are responsible for 8ssessing the eharTrty's ability to continue as a going conc8m, disclosing, as applicable, m8tters related lo going concern 8nd using the going concern basis of accounting unless the Iruslees either inl¢nd to liquidate the charty or to cease operations, or have no realislie allemalive bul lo do $0. Audltor ro$ponslbllltlo8 for the audlt of the flnanclal ststements Our objectives ale lo obtain reasonable assurance about whether the financial slalements as a whole are free from material mis81alemenl, whether due lo fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance 16 a hlgh level of 888uranee, bul 1$ not a guarantee that an audit conducted in accordance wrth ISAS IUKI will afways delecl a material misstslemenl when il exists, Misslatemenls can arise from fraud or grror and are considered material if. individually or in the aggregate, thèy could reasonably be expected to inlluence the economic decisions of u$ors taken on the basis of these financial slalemenls. The extent to which our procedures are Gapable of detecting irregularities. including fraud is dètailed below.. Identify and asses5 the risks of material misstatement of the financial stalemenls. whether due lo fraud or error, design and p¢rfomi audit procedur85 responsivo lo those risks, and obtain audit evidence that ts sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involv8 collusion, forgery, inlenlion81 omissions. misrepresentations, or the override of internal control. Page 9 Torr Home Independent Auditor's Report to tha Members of Torr Horne Obtain an understanding of internal control relevant to the audrt in order to design audr( procedure8 that are appropnale in the circumstances, but not for the purpose of expressing an opinion on the effectivenes8 of the charity's inlemal control. Evaluate the appropriateness of accounting policies used and the reasonabL•ness of accounting eslimale8 and related disclosures mat1e by the Irusleès. Conclude on the appropriateness of the Irusl805 use of the going concern basis of accounting and, based on the audit evidence obtained. whèther a material uncertainty exists related to events or condrtions that may cast signrficanl doubt on the charity's ability lo continue as a going Concern. If we conclude that a materi81 uncertainly exists, we are required lo draw attention in our audrtorfs ièport to tha ￿lated dlsclosureg in tha financial $1otements or, rf such di$closure8 are inadequole, lo modify our opinion. Our conclusions are basgd on the audit evidence obtained up lo the dale of our audilorfs raport. However, future evgnls or conditions may cause the charrty lo cease lo continue as a going concom. Evaluate the over811 presentation, structure and content of the flnanclal stalemonls, includlng the disclosures, and whether the financial slalemenls represent the underlying transactions and evenl$ in a manner that achieves fair presentation. We communicate wf(h th068 charged with govem8nca regarding, among other m8ttèrs, thè planned 8cope and liming of thè audlt and significant audit findings, including any signlflcanl dgficienGie$ in inlarnal control Ihol wa idèntify during our audit. Uso of our report Thi8 report is made 801ely lo the charitable company's Iruslees, as a body, in accordance with Chaplar 3 of Part 16 of the Companie$ Act 2006. Our audit work has been undertaken so that we might slate lo the charity's trustees those maller8 we are iequired tts slal8 to them in an auditor's report and for no other purpose. To the fullest extent pemilled by law, we do not accept or assume re8ponsibili(y to anyone other than the charltable company and its Iruslees a8 a body, for our audrt work, for thi$ ieport. or for the opinion$ we have ft>rrngd. CsL￿) LLf Addm Crongy ACA Isenior Statutory Audilorl For and on behalf of We51cotts ISWI LLP, Plym Hou$0 3 Longbridge Road Plyrno￿h M8rsh Mills Devon PL6 8LT Dale.. Page 10 Torr Home Statement of Financial Activities for the Year Ended 31 December 2024 (Includlng Income and Expenditure Account and Ststement of Total Recognlsed Galns and Losses) Total 2023 £IAs restst￿l Unrostrlcted funds Restrlcted lunds Total 2024 Note Income and Endowments from: Donations and legacieg Charitable activities Investment income 830 3.751.141 78,830 830 3,751,141 78,830 255 3,656.235 70,163 Totsl income 3,830,801 3.830.801 3,726,653 ExpÈndltur8 on.. Raising fund$ Charitable 8cliville8 {9,7241 3.910,800 19.7241 3,910,800 19,8881 3.659,7601 Totsl expenditure Nel lexpendrturellincome Othfrr r¢¢ognl••d gJln• and 105808 Other gainslllo8sesI Net movement in fvnd8 3.920,524 3,920.524 3,669,648 189,7231 {89,7231 57,005 153,280 1 $3,280 72.689 63,557 63,557 129.694 Roconclllatlon of fund• Total funds brought forward 22 Total lunds caffied foward 22 5,962,156 6,025,713 2,342 5.964,498 5,834,B04 2,342 6,028,055 5,964,498 All of the eharlly's actlvlllès derive from continulng Operat￿n5 during the above hvo perfods. The fund8 breakdown foT 2023 is shown in note 22. The noles on pages 14 to 25 fom an integral part of these financial statements. Page 11 Torr Home (Reglstration number: 05812992) Balance Sheet as at 31 December 2024 2023 £IAs restated) 2024 Not• Flxèd assots T8rKJible a880ts Inve8tments 14 15 4.768,064 1.333,243 6,101,307 4,626,347 1 179.982 5.806,309 Curr•nt Assets Debtor8 Cgsh al bank and In hand 16 17 61,061 314,123 375.184 128,478 401.861 530.339 Credltors.. Amounts 14lllng du• withln one y•ar Met eurrent {Ilabiliti•sllassèts 18 448.436 158189 N•t ass•t$ 6,028,055 5,964,498 Funds of th• charity: Restrlct•d incomo funds R8Strtcted funds 2,342 2,342 Unrnstricted In¢om• fund# Unreslrlcl8d fund8 Revaluotion re8e 4,454,832 1.570,881 4.352,gJ6 1,609 250 Total unrestrlcted ftJnd8 6,025 713 6.028 055 Total funds 5 964,498 The I￿￿¢181 sl8l$ments on pages 11 to 25 were oppm•d by the trusteeB, and authorl$•d for i58ue on*.....*. 2S#f4gned on Ih8lr b¢h8lf by. Mr Nail Geoffrey ma￿r- ChalrperBon Trustee The ml8s on p8geJ 14 to 25 fomi an Integral part of these finttncial statements. P8ge 12 Torr Home Statement of Cash Flows for the Year Ended 31 December 2024 2023 £IAs roststsdl 2024 Note Cash flows from operatlng actlvltles Net cash lexpenditufelfincomo {89,7231 57,005 Adlustment8 to ¢ash flowfj Irom non-cash item# Depreciation Loss on disposal of tangible flxed asset8 Dividends, inl8re81 and rents from investments Olher intere81 r¢¢oivable and similar income 128,892 133.156 2,623 161,017) 9,146 163,2651 15.565 (39,6611 122,621 Worklng capttal adjustrnents Dacie8sellincreas&l in debtors Increase in credllors 16 18 87,416 76,286 128,9521 60.277 Nel cash IIow8 from operating actiwti88 Cash flows from Inve$tlng actlvltl•• Dividends, inl8re81. and ￿nIS from Investmen18 Intere81 receiv6d Purchase of tangible fixed assets Nel cash flows from investing activitie8 Net {decr8a861lin¢rgase in cash and cash equivabnls C88h and cash equwalonls al 1 January Cash and cash eqU￿a￿nIS al 31 December 104.041 63,265 15,565 270.609 61,017 9,148 113 158 14 191,779 42,995 187,738) 401,861 110,951 290,910 314 123 401.861 The notes on page8 14 to 25 fom an integral part of Ihe8e financial statements. Pagg 13 Torr Home Notes to the Flnancial Statements for the Year Ended 31 December 2024 I Charlty status The charity 18 limited by guarantee, inc4)rporaled in England and Wates, and consequently does not have share capitsl. Each of the Irugtee8 is liable lo contribute an amount not axceeding £10 towards the ass81s of the charity in the event of liquidation. The address of its registered office is,. Torr Home. The Drivè, Hartley Plymouth PL3 5SY 2 Accountlng poll¢les Summary of Jlgnlficant accountlng pollclos and key accountlng 8Btlm•tes The principal accounting poli¢ie$ applied in the preparation of Ihfrse ftnancial sl8lement$ are set OLrt below. Th88e policies have bgon consistently applied lo all the years presented, unless otherwise $lated. Statsmènt of compllancg The financial s18temenls havg been prep8rèd in accordance wth Accounting and Reporting by Charities.. Statement of Recommended Practice (applicable lo charities PTeparing Ihelr accounts in cord8nce with the Financial Reporting Sland8rd applicable in tho UK and Republic of Ireland IFRS 10211 Ilssued in October 20191 Icharlties SORP IFRS 10211, the Financial R8POrting Standard applicable in tho UK and Republic of Ireland {FRS 102} 8nd tho Companies Act 2006. Ba818 of preparatlon Torr Home meets the definition of a public benefrt enlily under FRS 102. A$$e15 and liablli1Ses ara ini11811y recognised at histori￿1 cost or Iransadion value unless otherwise stated In the relevant accounting policy notes. Golng conc•m The trustee8 con¥ideT that the￿ are no material uncert8inli8s about the charity's abilty to continue a5 a going con￿r￿ nor any significant are88 of uncertainly that affect the carrying valu8 of assets held by the charity. Income and 8ndowm9nts All income is recognisgd On￿ the charity hès enlill8menl lo the income, it 1$ probable that the Inrnme will be reeeived and the amount of the inc¢Jme receivable can be measured reliably. Page 14 Torr Home Notes to the Financial Staternents for the Y8ar Ended 31 December 2024 Don8tlons and logacies Oonations are recognised when the charity has been notrfied in writing of both the amount and settlement dale. In the e￿nI that a donation is subject lo conditions that require a level of performance by the chariiy befor8 tho chariiy is enlilled lo Ihg funds, the income is d￿fer￿d and not recognised until either those conditions a￿ fully met. or the fvlfilment of those condilty?ns is wholly within the control of the ¢harity and rt is probable that Iheso conditions will be fulfilled in the reporting penod. Defernd Incomo Deferred income represents amounts received for lulure periods and 1$ released lo incoming resources in the period for which, 11 has been received. Such Income is only deferred when., Thè donor specifies th81 the grant 01 donat￿n musl only be used In future accounting periods.. or The donor ha8 imposed conditions which musl b8 rnel before the chartty has uncondilK)nal anlillement. Expenditure All expenditure 1$ recognis8d once ther¢ 1$ a legal or conslrucllve obligation to that expendf(ure, il is probable settlement is required and the amount can be me8sured reliably. All costs are allocated lo the applicable oxpenditure heading that aggregate similar c0818 to that category. Wh8re costs cannot be directly allribuled to particular headings they have been allocated on 8 basis consistent with th6 use of resources, wrth cèntral staff costs 811ocalèd on tho basis of lime spent, and depreciation charges allocated on tho portion of the 888el'$ use. Other sUPPOrt costs 8r8 allccaled bosed on the spread of staff costs. Ralslng funds These are costs incurred in attracting voluntary incom8, the management of inve8lmen18 and those incurred in Ir8ding 8divilie$ that raise funds. Charltabl• •ctlvltlo8 Charitable exponditure compri8e8 those co8t8 incurred by thè tharily in the delivery of ks aclivilio$ 8nd seNices for its beneficiaries. 11 includes both costs that can be allocated directly 10 Such activities 8nd those costs of an indire¢l nature necessary lo support them. Taxatlon The charity is considered lo pass the tests sel out in Paragraph 1 Schedule 6 of the Finance Act 2070 and therefore 11 meets the definition of a charitable company for UK eorporation lax purposes. Accordingly, the charity is potentially exempl from tsx81ion in respect of income or capital gains received within categor￿8 covered by Chaplef 3 Part 11 of the Co¥poralion Tax Act 2010 or Section 256 of the Taxation ol Chargeable Gains Act 1992, to thè éxtonl that such income or gains are applied exclusively to charitable purpose$. Tanglblo fixgd assgts Individual fixed assets costing £500 or more are initially recorded al cost, less any subsequent accumulated depreciation and 8ubsequenl accumulated impaimenl1088es. Page 15 Torr Home Notes to the Financial Statements for the Year Ended 31 December 2024 Dopreclatlon ond amortlsatlon Depreciation is provided on tsngible fixed assets so as lo wri(e off the cost or v81u81ion, less any eslimaled residual value, over their expectèd usaful economic life as ftillows.. Asset class Motor vehicles Furnitu￿ and equipment Improvements to propety Assets under construction Depreclatlon mothod and rnts 50A straight line 2 - 33% 8tralghl Ilne 2- 30% straight line Not depreciated All tangible assets are held al eo$l with the exception of freehold property. Prior lo 1 January 2015 freehold propety was recogni5ed al mark8t value. Under FRS102 the Trustees have chosen to hold this using the revaluation model. At the end of each year the Trustees revièw the valug, Al the end of the current period il was deemed that the fair valuè ol the propety is not malarially different than th8 Car￿ng value per the a¢counts and so no 8djuslrnenls have been mad¢ in respect of this. Flxed asset In¥￿tMentS Fixed osset inveslm8n15. other than programme reL4ted investments, are included al m8rkot value at the balance sheet date. Realised gains and losses on inveslm¢nts are calculated as the differ8nce between 88le$ proceed8 and their market value al the gtart of tho year, or their Subsequent cost, and are charged or credited lo the Slalemenl of Financial Activities in the period of disposal. Cash and cash equlvalents Cash and cosh equivalents Comprise cash on hand and Call deposi18, and olhgr short-tem hSghty Ilquid investmen18 that are reodily convertible to 8 known amount of cash and are 8ubj8Ct le an Ins￿nifiCant n8k of change in value. Fund 8tru¢tur• Unrestricted Ineomg funds 8r8 general funds that are available for UBe al the twstees di8crelion in furtherance of the objectives of the charity. Reslricl8d income funds ore those donated for use in a particular are8 or for specrfic purposes, the use of which 18 r¢$tricted ID that area or purpose. 3 Income from donatlons and legacl88 Unrestrietod funds Genornl Totsl 2024 Donations and lega¢igs', Donation$ from individuals 830 830 830 830 Page 16 Torr Home Notes to the Financial Statements for the Year Ended 31 December 2024 Unrostrlcted funds Genèral Total 2023 Donatlon$ ¥nd legacies., Donations from individuals 255 255 255 255 4 Incomè fiom ¢harllablo acttvltlo8 Unrestrlctod funds General Totsl 2024 Residents fees Ancillary 8eNices Shellared apartment rents 3,574.529 15,324 161.288 3,574,529 15,324 161,288 3,751,141 3751141 UnrèBtrlct•d funds General Total 2023 Resid•nl8 fees Anci118ry Services Shettered apartment rents 3,493.633 18.556 144,046 3.493.633 18,556 144.046 3,656.235 3,656,235 S Investment Incom• Unrestrlcted fvnds General Totsl 2024 Ronts received Income from quoted 8ecurili88 Sundry income 25.506 37,759 15,565 78,830 25,506 37,759 15,565 78,830 Page 17 Torr Home Notss to the Flnancial Statsments for the Year Ended 31 December 2024 Unrestrictsd funds General Total 2023 Rents received Incomè from quoted securitie8 Sundry income 25,516 35,501 9,146 70,163 25,516 35,501 9,146 70.163 6 Exp8ndfturo on ralllng fund• Unmtrl¢t lunds General Total 2024 Total 2023 other portfolio m8nag$m8nl c0818 9,724 9,724 9.724 9,888 9,724 9.888 7 Expèndlture on charltlblo a¢tlvlUes Unr•8trlctod fuTrds Genoral Totsl 2024 Notg Charttable 8cllvrti&s Allo¢aled ¥upport C0818 3,412,250 498,550 3,412,250 498,550 3,910,800 3,910.800 Unr•slrfctgd fund8 Gonoral Rfj8trlct•d funds Total 2023 Noto Charitable a¢tivilie Allocated yupport costs 3,253,998 405,662 3,659,660 100 3,254,098 405,662 3,659,760 100 Page 18 Torr Homo Notes to the Financial Statemants for the Year Ended 31 December 2024 2024 8 Analysls of support costs Unrestrl¢ted funds General Totsl 2024 Staff costs PPS & advertising Finance costs General offic8 Legal and professional fees TravellSng Tel8phon0 395,036 S7,813 1,668 7,152 26.138 574 10.169 395,036 57,813 1,668 7,152 26.138 574 10.169 498,550 498,550 Unrè9tricted funds Gèneral Total 2023 Staff costs PPS & 8dvertl$5ng Finance costs General office Leg818nd profe$$iong1 fees TTavelling Telephone 328,523 39,719 1,458 7,745 17,103 533 10,581 405 662 328,523 39,719 1,458 7,745 17,103 533 10,581 405 662 g Net Incomlngloutyolng r8•ource• Net {oulgoinglllncoming resources for the year in¢ludo'. 2024 2023 Los8 on disposal of tangible fixed a888ts Depreciation 2,623 133.156 128.892 10 Tru8t805 rèmungratlon and expenses No trustees, nor any persons connected with them, have received any remuneration from tho Gharty during the year. No trustees have received any reimbursed expgn$es or any olheir benefits from the charty dunng the year. Page 19 Torr Home Notes to the Financial Statements for the Year Ended 31 December 2024 11 Staff costs The aggregate payroll costs were a$ follows.. 2024 2023 Staff costs dur5ng the year w•ro: Wages and sal8ries Social Security costs Pension costs 2,839.319 216,265 49,848 2,592,082 194,615 43,440 2,830.137 3.105,432 Th$ monthty average number of p•rsons (including senior management I leadership team) employed by the charity during tho year was 8$ follows.. 2024 No 114 2023 No 106 Home staff The number of employa68 whose emoluments f611 within the folbwlng bands was.. 2024 No 2023 No £60,001 - £70,000 £70,001- £80.000 12 Audltor•' remuneratlon 2024 2023 Fee8 payable for audit of th8 flnancial slalomenls 12,500 9,060 13 Taxatkln The charity18 8 r¢gi$tsred chafily and Is therefora oxempl from taxation. Page 20 o to * o LTJ o) i 10 (D DJ ¢0 tr- o u) v) o N¢JJ Ln 11111111