REGISTERED COMPANY NUMBER.. 00738023 (England and Wales) REGISTERED CHARITY NUMBER: 220392 REPORT OF THE TRUSTEES AND FINANCIAL STATEMEIWts FOR THE YEAR ENDED 31 DECEMBER 2024 FOR ELM TREES RETIREMENT LIVING LIMITED ELM TREES REnREMEKf UVING UMITED CONTENTS OF ThE FINANCIAL STATEME￿r$ FOR THE YEAR ENDED 31 DECEMBER 2024 Page Report of the TnJstg08 Rfrport ofthe Independént Auditors 5 to 7 Ststament of Flnancial Actlvltles Balance Sheet Cash Fl¢)w Statement 10 Notes to thè Cash Flow Ststsment Notss to the Flnancial Statsmgnts 12 to 22 ELM TrEES REnREMENT UVING UMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEIABER 2024 The trustees who arg also directors of the charity br the purposes of the Companies Act 2006, FThent their report wi(h the fjnancial slalements of tho charity for the year ended 31 D*mber 2024. Th8 trustees have adopted the pmwsions of Accounb'ng and Reporting by Charits"es'. Ststemenl of Recommended Ppcb¢e applicable lo charf(ies prèparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireknd {FRS 102) leff￿tWe 1 January 2019}. OWECTIVES AND ACTIVITIES Objectives and aims The objectives of the Charity are set out in the Mission Statement. These indude the provision and management of prop8rtKgs, amenittes and senAees which 8UPPOrt independent liwng for th058 55 and The Charty shall have the p)werto do all things necessary, or exp8dienl. for the fulfilment of tts objective$. The Executive Committee have paid due lo regard lo guidance issued by the Charity Commissi)n in docidw)g wh8t activit￿$ the charrty should undertake. Achievements and Perfomiance Elm Trees Retirement Living IETRLI continued to provKle a high stsndard of Servi￿ to ts re8itYents during the peri¢)d despite ever increasing living costs. Wages w8re increased in ling with inflation and rent5 in line with the wsl of living incr6as8. All staff training is current and mainlain6d up to date. All Polic4es aftd Procedur2s w8re rewewed and updal8d as necessary. All Health and Safety issues have been addressed. The Trustees regularty ￿VIeW the financkgl srtuation. Lloyds bank remained very supportive during the year, continuing with the loan 'holidays'. After many months of uncertainty, the sale of tt)e Redbridge property was completed in September. Complication was uncovered during the precess, in that a grant from Homes England was found to be extsnl on the propety which was not regislefftd in any of the extant Elm Trees records. An agreement was reached with the buy8r, Portsmouth Cr(y Council, to tske on the grant (with the consent of Homes England) Sin￿ PCC Is a Registered Provider of Social Housing. After considerable discussion. including with Lk)yds banK it was agreed on how lo use the proceeds of thè sale to redu￿ the fixed and varTable rale loans which have existed for many years. The overdraft facility is no longer required,. a small contingency fund has l)een eslablish8d. Initial indications are that the changes were well chosen and ETRL is now in a much better financial poaition. It also has an improved overall position. with regards lo being a Going Concem. The occupancy levels had improved lo approximately 90% in the preV￿u8 year. This healthy position conb.nued into 2024 but had fallen to T7% by the end of the year due to naturdl wastage. Renewed advertising efforts have b￿ll made successfulty and an upturn in recruitment is anlicipaled. ETRL continues to seek suitable persons to becom8 TrusteeslDireclors. Oversight by the Regulator for Social Housing has continued bul is reducing as a result of the improved financial posilion,. this ￿pOrt is filed with them. Publlc b&nefft The Iruslees confirm that they have referred lo the guidance contained in the Charity Commission's general guidanc8 on public benefit when reviewing the charty's aims and ¢bje¢tives and in planning future ￿1VItIes. The trust￿ referto public benefit throughout this report. Page 1 ELM TREES RETIREMETrif LIVING LIHITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 FINANCIAL ￿lEw The Statement of Financial Activit￿$ rep￿ net Ineome of £29,138 {2023.' net expenditure £53,670) of which £nil {2023". £nil) is restricted n81 expenditure. At the 31st December 2024 the total unreslrided reservos of the charity stood at £2,329,958 12023.. £2,300,820), endowment funds Stood at £1.734.697 12023.. £1.734,6971 and restricted funds of £nil {2023.. £nil). Future Plans A Future StrategylAdk)n Plan has been in pla￿ for a number of years which is regularly reviewed by the Trustees, it is currently al Issue 7. Note.. The strategy is not an integral part of the Annual ReF)Ort but provides confidence that the Trustees 8re aetivèly managing the Charity going forward. Elm Trees Futuro StrategylActlon Plan. Issue 7: 1. To review all11 financial information, idenlfy cost savingslefficlentses,. expenditure increases ete. 2. Continue efforts lo maintain occupany levels. 3. Produce a budget and cashfiow models plans for firture action. 4. Maintsin liaison with Lloyds and provKle regular updates to thè eashfk)w forecasts. 5. Identify optDns for improving funding. 6. Con$KJerthe implutions ofselling more properties. Rlsk Mana9omfrnt Cornmitteè The Ex8cutive Committees has conducted rts own review of the major risks to which the society is exposed and systems have been 8slablished to miligale those risks. Internal risks are minimized by the implementatron of procedures for aulhorisalion of all transactions. These procedures are peri1)d￿allY rewewed to ensure that they still meet the needs of the charty. STRUCTURE, GOVERNANCE AND MANAGEMENT Goveming do¢um&nt Elms Trees Ret1￿ment Lwing Limited 15 a company limited by guarantee, ha)fing no Share capital, govemed by its Memorandum and Artides of Associabon. The company was incorporated on 17 October 1962. 11 registered as a charty on 5 December 1963 with the Charity commission. N also registered wrth the Regulator of Social Housing. In the vent of the company being would up M￿berS are required to contribute an amount not exceeding £1. Recrullment and appolntment of new committee members A nomination for election as an ordinary member ofthe Ex&culNe Committee may be put fo￿￿8rd.. al by the Execulwe Commrttee bl rf accompanies by a signed statement from the nominee that helshe is willing to act as suGh, by at least two ￿EMberS ofthe society who are entitles lo vote. Tha Executive Committee, which can have bekneen three and eighteen member, administers the Charity. The committee have appDinled a Gènèral Manager the day lo opèrations of the Charity under the supervision of the Executiv& Committee. The Committee have delegated authority of operab.onal matters to the administration staff. Inductlon and training of newtrustees New committee Members undergo on orpenlalion peiiod to brief Ih8m on the legal obligations under charity and wmpany law, the conlenl of the Memorandum and Artides of Association, the committee and decision making and processes and the recent financial performan￿ of the charty. During the inductM)n period they meet key employees and other committee membef5. Committee member are encouraged to attend appropriate external training events where these facilitsle the undertaking of th8 rol8. REFERENCE AND ADMINISTIi4TIVE DETAILS Registernd Company number 00738023 (England and INalesl Regrstored Charty number 220392 Page 2 ELM TREES RETIREMENT LIVING LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Registerèd office ELM Jane Gillel House 50 St. Edwards Road Southsea Portsmouth Hampshire P05 3DJ Trustees C Rodwell Mrs S E Love Iresi9ned 12.4.2024) J West Mrs J Giles E Bums Chief Executive Audltors MC Audit Limited Stalutory Auditors Station House North Street Havant Hampshire P09 1QU STATEMENT OF TRUSTEES. RESPONSIBILITIES The trustees (who are also the directors of Elm Trees Retirement Living Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial ststements in accordance with applicable law and United Kingdom Accounbng Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees lo prepare finanGial statements for each ff n8ncial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources. including the iT7Gome and expenditure, of the charitable company for that period. In preparing those financial ststements, the trustees are required to select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charity SORP., make judgements and estimates that are reasonable and prudent., prepare the financial statements on the going concem basis unless it is inapproprfate to presume that the charitable company will contsnue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy al any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safegu8rding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees arè aware.. there is no relevant audit information of which the charitable company's auditors are unaware., and the trustees have taken all sleps that they ought to have taken lo make themselves aware of any relevant audit information and lo estsblish that the auditors are aware of th21 information. AUDITORS The auditors, MC Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting_ Page 3 ELM TREE5 RETIREMENT LMNG UMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Approved by order of the board of ttu$t¢es on .... . and signed on its bahaw by.. odwell - Trustee Pagè 4 REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF ELM TREES RETIREMENT UVING UMITED Opinion We have audited the finanaal statements Elm Trees Retirement Living Limited (the 'charilable companll for the year ended 31 December 2024 which compris8 the Statemonl of Financial ActNits"es, the Balance Sheet. the Cash Flow Statement and nolas lo the financkql slalements. ifteluding a summary of signrficanl accounting policyds. The financial reporting framework that has been applied in their preparation is applicable w and Unlied Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practicel. In our opinh)n the financial stslements.. grve a true and fair view of the stale of the charitable companys affairs as at 31 D￿mb?r 2024 and of ts incoming resources and applulion of resources. including its income and expenditu￿, for the year then ended., have begn properfy prepared in acwrdance with United Kingdom Generalty Accepted Accounting Pracuee" and have been prepared in accordance wth the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Int8malional Stsndards on Audtiing (UK) (ISAS (UKI) and applicable law. Our responsibilities under those standards are fijrther desc￿h￿ in the Auditors. fEspDnsibililies for the audr( of the financial statemer￿ section of our report. We are independent of the charitable ccmp2ny in accordan￿ with the ethical reqU1￿MentS that are relevant to our audit of the finanaal statements in the UK. ineluding the FRC'S Ethical Standard, and we have fulfilled our other ethical r8sponsibililies in accordance with these requirements. We believe that the audit eviden￿ we have obtained is sufficient and appropriat6 to provide a basis for our opinion. Conclusions relating to going concern In auditing the finanaal state￿entS, we have concluded Ihat the trustees, use of the going concern basis of accounting in th8 preparation of the financial statements is appropriate_ Based on the work wa have performed, we have not identrfEd any material uncertainties relating to evants or conditions that, indwidually or collectively, may cast significant doubl on th8 charitable company's ability to continue as a going concem for a period of at least twelve months from when the financial statements are authorised for tssue. Our responsibilitres and the responsibiltties of the trustees wf(h respeet to going concern are descr*ed in the relavanl sections gf this reporL Other inforniation The trustees are responsible for the other information. The other information comprises the infomalion included in the Annual Report, other than the financial statements and our Report of the Independent Auditors Ihereon. Our opinion on the financ￿1 statements doès not cover the other inforrnation and, ex￿pt to the extent olheTWiS8 explicitty staled in our report, we do not express any fomi of a5suranc8 conclusion thereon. In connection wrth our audrt of the financial statemen15, our responsibilty is lo read the other infomialion and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our k￿￿edge obtained in tho audit or otherwise app8ars to be Material￿ misslated. If we idanlify such maleiial ineonsislencie5 or apparent material misslalemenls, we are required to determine wh8ther this givgs rise lo a matèrial misstatement in the financpal statemen15 themselv&s. If, bas8d on the woth we have perfomied, wo conclude that there is a material misstatement of this oth6r information. we are required to report that fact. We have nothing to raport in this regard. Opinlon5 on other matters prescrlbed by the Companies Act 2006 In ouropinion, based on the work undertaken in the course of the audit.. the informatlon given in the Report of the Trustees for the financkgl year for whith the financial statem8nls are prepared is consistent with the financial staten*nts", and the Report of the Trustees has been prepared in acmrdance with applicable legal requirements. Page 5 REPORT OF ThE INDEPENDENT AUDITORS TO THE MEMBERS OF ELM TREES RETIREMENT LIVING UMITED Matters on which we are requlrnd to report by excepuon In the light of the knowledge and understanding of th& charitabk company and ils envimnment obtained in the course of the audi(, we have not identffi8d n*terial misslatemenls in the Report of the Trustees. We have nothing to report in respe¢t of the followng matters Whe￿ tha Companies Act 20CE requires us lo report to you if, in our opinion.. adequate accounting record8 havt not tRen kept or retum$ adequate for our audii have not been re￿W&d from branches not vt5iled by us., or the financial slalements are llol in ag￿ement with the accounting reLKJrds and retums., or certain disclosures of trustees, remuneratKJn Sp￿[fied by law are not made,. or we have not receNed all the infomiation and explanations we require for our audit.. or the Iruslees were not entitled to take advantage of the small companies exemption from the r8quiremenl to prepare a Strategic Report or in preparing Ihe Report ofthe Trustees. Responslbllltl85 of trust￿$ As explained more fvlly in the Statement of Trustees, Responsibilfties, the trustees {who are also the directors of the charitable company for tho purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as th8 trustees detemiine is n￿SSary lo enable the preparation of finan￿al ststements that are free frrA material misslalemenl, whether due lo fraud or etroi. In preparing the finanei?I statements, the trustees are responsible for assessing the charitable company's abilrty lo continue as a going concern, disclosing, as applicable, matters re￿ted to going concem and using the going conceffl basis of accounting unless the trustees either intend to IiquKiate the charitable company or to C8ase operations, or have no r&alisb'c atternative but to do so. Page 6 REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF ELM TREES RETIREMENT UVING LIMITED Our responslblllties for the audit of the financial statsrnents Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from m*nal misstatement, whether due lo fraud or error, and to issu8 a Report of the Independent Auditors that indud8s our opinion. Reasonable assurance is a high level of assurancè. bul is not a guarantee that an audr( conducted in accordanc8 With ISAS {UKI will always detect a material misstatement when rt exists. Misstalemenls can arise from fraud or error and are considered material rf, indmdually or In the aggiegats, they Could reasonabty be expected to In￿UenCe the economic daci$ons of users tak8n on the basis of these ffnanci81 slalemenls. The extent to which our pro¢adures are capable of detecting irregularities, includlng fraud is detailed below.. From discussion with management and those Gharged with govemance infornialion about the entty is documented ID assess the activty wlhin the organisalion. We discuss management's assessment of risk in respect Df IrreguL8rit￿$, fraud and going coneern. Based on these discussions and our own assessments we detennined that the key risk areas were inccthe re￿gnitIOn in respect of cul off issues and management override conceming the size of the organisat￿)n. We sel financial statement materi81ity level based on the level of income. As a not for profil organisalion raising income ps its primary focus which is why income was used to d8lemiine the level of materialty. Our overall assessment of riskwas used to de18rmine perfO￿nanCe matsriality at an appropriate level. Substantive audit tests were designed after assessing and perfomiing walkthrough lesls. The walkthrough lesling confirmed documented systems which have been designed lo aGt as a preventative measur8 against fraud and error which appear lo be oporaling as documented. Substantive test'ng lesled a sample of the population, representab've of the wpulalion, to identrfy errors. The lesling did not idenlfy any material misslalements in areas tested. Audit subslantwe tests concluded no material errors over the key risk areas of irKome recognition a￿1 management override. The audit eonsiders the organisation is not exposed to rnaterial risk of error as a resurt of assessing laws and regulations that are appropriate to the organisalion. Management assessed there is no going concem rFSk. A fijrther description of our responsibilities for the audit of the financial stslements is located on the Financial Reporting Council's website al ww.frc.0rg.ukjaudrtorsresponsibilit￿$. This description forms part of our Report of the Independent Auditors. Use of our report This report 1$ made Sole￿ to the charitable company's members. as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audr( work has been undertaken so that we might state lo th& charTtable companvs members those matters we are required to slate lo them in an audttors. report and for no other purpose. To the fullesl extent permitted by law, we do not a￿ept or assume responsibility to anyone other than the charitable Company and the charitable company's members as a body, for our audit work, for this report, orfor the opinKJns wè have fortT*d. P UndepNood (S&nior StslutoryAuditorl for and on behawof MC Audit Limited Slatulory Auditors Slats'on Hovse North Street Havanl Hampshire P09 1QU Date". Page 7 ELM TREES RETIREMENT UVING UMITED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORAMNG AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024 2024 Total funds 2023 Total funds Unrestricted Endowment funds fvnds Notes INCOME AND ENDOWMENTS FROM Donab'ons and legacies 50 Charitablo actlvities Sheltered 8ccL)modation lorthe aGtNe eld8rty 526,173 526,173 511,998 Investment illcome 240 240 Totsl 526,413 526,413 512,102 EXPENDITURE ON Raising funds 151 151 71,016 Charitable actlvlties Sheltered accomodation for the active elderly 519,727 519,727 494,756 Total 519,878 519.878 565,772 NEf INCOMEIIEXPENDITUREI 6,535 6,535 153,670) RECONCILIAnON OF FUNDS Total funds brought forward 2,300.820 1,734,697 4.035,517 4,089.187 TOTAL FUNDS CARRIED FORWARD 2,307,355 1,734,697 4,042,052 4,035,517 The notes fom part ol these financial slat8ments Page 8 ELM TREES ReTIREMENT LMNG LIMITEO BALANCE SHEET 31 DECEMBER 2024 2024 2023 Notes FIXED ASs￿s Tangl￿8 assets 13 4.813,584 5.527,732 CURRENT ASSETS Debtors Cash al bank 14 5,g17 37.799 1,475 21.437 43,716 22,912 CRED￿oRs Amounts falling due within ono year 15 1131.724) {225,1761 NET CURRENT ASSETS {88,0081 1£02,2641 TOTAL I￿SETs LESS CURRENT LIABILITIES 4.725,576 5.325,468 CREDITORS Amounts falling due aft&r mre Ihan one year 16 {683,5241 11.289,9511 NET ASSETS 4,042.052 4,035,517 FUNDS un￿stri￿ funds En(fowment runds 2,307.355 1,734,697 2.300.820 1,734.697 TOTAL FUNDS 4,042,052 4,035,517 The8e financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small wrTTpanios rogimg. The finan¢kql statements were aPPFoved by ihe Board of Trustees 2nd authorised for Issie . and w8re sign8d on its behalf by.. cthll-T nASte8 The nol88 form part ol these flnanclal statements P89¢ Q ELM TREES RETIREMENT UIfjNG UMITED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notes Cash flov*S from operating activiti8s Cash general8d from operations Inlere5t paid 74,583 180,664} 121,326 {88,497) Net cash (used inyprovtded by cperaling activities 16,0811 32,829 Cash flows from Investing activltles sa￿ of tangible fixed assets Intsrest received 711.￿0 240 Nel cash prowded by investing activities 711,240 Cash flows from financing athittes Loan repayments in year 1682,8121 Net cash (used inyprovKled by financing activities 1682,812} Change in cash and cash equFvalgnts in the reportlng period Cash and cash equlval¢nts at the beglnning of the reporttng pgrlod 22,347 32,883 15,452 {17,4311 ash and cash equlvalents at the end of the reportlng pgriod 37.799 15,452 The notes form part of these financkgj statements Page 10 ELM TREES REllREMEfvrr UVING UVITED NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 RECONCILIATION OF NET INCOMEIIEXPENDITURE} TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net InconRllexpènditurg) for the reporting perfod (as per the Statemgnt of Flnanclal Adivttles} Adjustments for: DeprecBtion charges Loss on disposal offrKed assets Interest re￿ived Inler8sl paid Devaluation of propety Impaimient of propety lllcrease in debtors Decrease in credi(0 6,535 153,6701 2,998 151 (240) 80,664 3,905 (54) 88,497 26.897 71,016 {44) 115,221} (4.442) 111,0831 Net cash provldod by oporatlons 74,583 121.326 ANALYSIS OF CASH AND CASH EQUIVALENTS 2024 2023 Notice deposits (less than 3 rnonthsl Overdrafts included in bank bans and overtlraft5 falling due ￿￿thIn one year 37.799 21,437 15,9851 Total cash and cash equivalents 37,799 15,452 ANALYSIS OF CHANGES IN NET DEBT Al 1.1.24 Cash fiow At 31.12.24 Nèt eash Cash al bank Bank overdraft 21,437 (5.9851 16,362 5,985 37,799 15,452 22,347 37,799 Debts falling due within 1 year Debts falling due after 1 year (225,176) 11,289,951) 141,848 606,427 (83,3281 {683.524) {1,515,1271 748.275 (768,8521 Total 11,499,675} 770,622 1729,053) Thè notes form part of these financial statements Page11 ELM TREES RETIREMENT UVING UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES Charity infomation Elm Traes Retirement LDiing Limited 15 a company limrted by guarantèe, registered in England an<1 Wales. It is also a registered Charity and registered wrth the Regulator of Social Housing. The Socigty's registration numbers and registered office can ￿ found in the Legal and Admlnislration section of thèse financial slatemenls. Basis of preparlng the flnancial statements The financpal 51atemènts have been prepared in accordance wi(h the charit￿$ Memorandum and Articles of Association, the Companies Act 20(￿, FRS 102 'Tre Financial Reporting Standard applicable in the UK and Republic of Ireland" l FRS 102,1 and the Charitias SORP "Accounting and Raporting by Chanbes.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" n or other bènefits for the year end8d 31 December 2024 nor for the year ended 31 December2023. Page 16 continued... ELM TREES RETIREMETrif UVING LIMITED NOTES TO THE FINANCIAL STATEMENTS- Contlnued FOR THE YEAR ENDED 31 DECEMBER 2024 10. TRUSTEES. REMUNERATION AND BENEFITS- contlnued Trustees. expen¥es Expensès were rewnbursed to 8 committee member of £399 for mll8age.12023.. £1,031). 11. STAFF COSTS 2024 2023 Wages and salaries Sock?15eeurity costs Other pension costs 190,461 10,691 3.796 185,804 8,482 3,091 204,948 197.377 The average monthty number ofemployees during the Year￿d8 as follows.. 2024 10 2023 12 Staff The number of employees whose employee beneffts {exduding 8mployer pension costs) exceeded £60,Th)O was.. 2024 £60,001- £70,000 2023 The total reMUneral￿n and beneffts of the key m8nagemenl personnel of the charity, which consists of the trustees and the Group Manager was £63,82812023.. £55,514). 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Endowment funds funds Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 50 Charitable activities Sheltered accOmodat￿n for the active elderfy 511,998 511,998 Investmènt incclne Total 512,102 512,102 EXPENDITURE ON R8ising funds 71,016 71,016 Charftablè activltles ShetEered accomodatlon for the actwe elde 494,756 494,756 Total 565,772 565,772 NET INCOMEIIEXPENDITURE) (53,670) 153.6701 Page 17 continued... ELM TREES RETIREMENT LIVING LlhlTED NOTES TO THE FINANCIAL STATEMEMfs - contlnued FOR THE YEAR ENDED 31 DECEMBER 2024 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES . continuod Unrestricted Endovmient funds funds Total ds RECONCILIATION OF FUNDS Total funds brought fopNard 2,354,4 1,734.697 4,089,187 TOTAL FUNDS CARRIED FORWARD 2,300,820 1.734.697 4.035,517 13. TANGIBLE FIXED ASSETS FiXtu￿S and fittings Freehold propety Totsls COST OR VALUAMON Al 1 January 2024 DL8posals 5,514.404 1711.0001 116,124 158,7871 5,630,528 1769,7871 At 31 De¢ember 2024 4,803.404 57,337 4.860,741 DEPRECIATION At 1 January 2024 Charge for year Eliminated an disposal 102.796 2,998 {58,6371 102,79S 2,998 {58,6371 At 31 D￿mber 2024 47,157 47,157 NET BOOK VALUE Al 31 De￿mber 2024 4,803,404 10,180 4,813,584 At 31 December2023 5,514,404 13,328 5,527,732 Cost or valuation at 31 December 2024 is represented by.. Freehold property 5,612,317 197,9131 {711,000) Valuation in 2018 Valuation and impaiment in 2023 Disposals in 2024 4,803,404 The properties were revalued during January 2018 by independent valuers Sallies on a market value basis. Th8 Executive Committee have carried out a rewew of this oarfier valuation and have now updated the valuations within these financial stslements lo refflect what Ihoy believe lo be are cuttènt markat values of the properties within their portfolio. The histollcal cost of the properti&8 if they wgre not revalued 18 £295,015. In the 2024 year. the Redbridge Propety was sold for prO￿d$ of£711,000. Page 18 continued,.. ELM TREES RETIREMENT UVING UMITED NOTES TO THE FINANCIAL STATEMENTS - ¢ontinu8d FOR THE YEAR ENDED 31 DECEMBER 2024 14. DEBTORS: AMOUNTS FALUNG DUE WITHIN ONE YEAR 2024 2023 Trade debtors Prepayments 5,362 555 1.475 5,917 1,475 15. CREDrroRS: AMOUNTS FALUNG DUE WITHIN ONE YEAR 2024 2023 Bank loans and overdrafts (see n¢)te 17} Trade creditors Social securrty and 0th9rtsxes Other creditors Accruals and deferred In￿M& 83,328 7,497 5,020 165,697 5,763 4,804 18,464 30,448 35,879 131.724 225,176 16. CREDITORS: AMOUNTS FALLING DUE AFfER MORE THAN ONE YEAR 2024 2023 Bank k)ans {see note 17) 683,524 1,289,951 17. LOANS An ana￿ST5 of the maturity of loans is given bel¢w'. 2024 2023 Amounts falling due wf£hin one year on demand.. Bank overdrafts Bank loan$ 5.985 159,712 83.328 83,328 165,697 Amounts falling be￿een one and ￿ years: Bank loans- 1-2 years 83.307 83.329 Amounts falling due belween th and five yegrs: Bank loans- 2.5 years 249,984 249,984 Amounts falling due In more than five years.. Repayable by instalm8nls'. Bank102ns more 5 yr by instal 350,233 956.638 The balances above represent kn separate loans all of which are repayable by monthly inslalments and which are charged al a fLKed and variable rata of interest. Secured debts The bank kans are secured against the Charivs three prO￿rt￿12023'. Four propertiès). Page 19 ontinued... ELM TREES RETIREMENT LIVING LlhlTED NOTES TO THE FINANCIAL STATEME￿rs - continued FOR THE YEAR ENDED 31 DECEMBER 2024 LEASING AGREEMENTS Minimum lease payTnents under non-cancellable operating leases fall du8 as follows.. 2024 2023 Wrthin one year Btheen one and five years 4,4D2 7,336 3,856 11,738 3,856 19. ANALYSIS OF NEf ASSETS BETWEEN FUNDS 2024 Total funds 2023 Total fvnds Unrestricted En¢S)wment funds fvnd8 Frxed assets Current assets Current liabilities Long temi liabilities 3,078,887 43,716 1131,724) 1683,524) 1,734,697 4,813,584 5,527,732 43,716 22,912 1131,724} (225.1761 1683,5241 11,289,951) 2,307,355 1,734,697 4,042,052 4,035,517 20. MOVEMETrif IN FUNDS Net movement in fvnds At 31.12.24 At1.1.24 Unrestrictod funds General fijnd Revaluation reseNe 1.158,085 1,142,735 6.535 1,164,620 1,142,735 2,300,820 6,535 2.307.355 Endowment funds Property equity fund Revaluation reserve 124,217 1,610,480 124,217 1.610,480 1,734.697 1,734,697 TOTAL FUNDS 4,035,517 6,535 4,042,052 Net mov8menl in fvnds, included in the above are as follows". In￿mIng resources Re8our¢8S èxpended Movement in funds Unrestrfcted funds General fund 526,413 {519.878) 6,535 TOTAL FUNDS 526.413 1519,8781 6,535 Pagè 20 continued... ELM TREES RETIREMENT UVING LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2024 MOVEMETrif IN FUNDS- ￿ntinUed ComparatNg5 for movom9nt In funds Net movement in funds At 31.12.23 At1.1.23 Unrestrlcted funds General fund Revaluatk)n reserve 1,211,755 1,142,735 (53,670) 1,158,1)85 1,142,735 2.354,490 {53,6701 2,300,820 Endowment funds Property equity fund RevalualDn reseNe 124,217 1,610,480 124.217 1,610,480 1,734,697 1,734,697 TOTAL FUNDS 4.089.187 (53,6701 4,035,517 Comparative net movement in fvnds, included in the above are as follows: Incoming resources Resources Movement expended in ￿ndS Unr88trlGted funds General furKI 512,102 (565,772) (53,6701 TOTAL FUNDS 512,102 1565.7721 (53,6701 Revaluatlon reserve The revaluation reserve is required by the Companies Act 2006 and rEpre5ents the amount by which the Charitls properties exceed their historical cost 21. CAPITAL COMMITMENTS Al 31 December 2024 the charity had no capital commitments (2023.. Nill. 22. RELATED PARTY TRANSACTIONS During the year. Carolè Roywell, one of the trustees lent the chariiy £Nil 12023.. £10,000) to pay a oulstsnding HMRC liabilty. As at 31 December 2024 the fvll loan amount of £16,000 has now been repaid. Pagè 21 conlinued... ELM TREES RETIREMEKf LIVING LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2024 23. ULMPIATE CONTROLLING PARTY The charitabl8 company is ncrt underthe control of another entity or any one indmdual. GOING CONCERN As discussed within the future plans section gf the Report of the Trustees. the Trustees have been assessing the future financk41 viabilrty of the Charity given the surplus in the year of £6.5k {2023.' DefiGi( of £53,670) and nel Wofking ￿Pital deficit of£88,00812023.. £202,264) at 31 Dèeember 2024. The negalwe nel assets p)silion suggest that the Charty can not meet their working capital requirements. However. the management team have produced budgets that support the that the charity can meet their working capital requiremen15.This indicates the charity can conb'nue lo operate for a further 12 month5 from the approval of these arxounls and therefore the acLxJunts have been prepared on a going conc&m basis. Page 22