Greensleeves Homes Trust

Investor Update September 2024

GREENSLEEVES HOMES TRUST (Operating as Greensleeves Care)

Disclaimer

The information contained in this investor presentation including the presentation slides and any related speeches made or to be made by the management of Greensleeves Homes Trust (“Greensleeves”), any questions and any answers thereto or any related verbal or written communications in respect thereof (the “ Presentation”) has been prepared to assist interested parties in making their own evaluation of Greensleeves. This Presentation is believed to be in all material respects accurate and does not purport to be all inclusive. This Presentation and its contents are strictly confidential and subject to change without notice, its accuracy is not guaranteed, and it may be incomplete and is condensed. The Presentation are intended for use by the recipient for information purposes only and may not be reproduced in any form or further distributed to any other person or published, in whole or in part, for any purpose. Failure to comply with this restriction may constitute a violation of applicable securities laws. This Presentation is made to and is directed only at persons who are (a) “investment professionals” as defined under Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 as amended (the “Order”) or (b) high net worth entities falling within article 49 2 (a) to (d) of the Order (all such persons together being referred to as “relevant persons”) . Any person who is not a relevant person should not act or rely on this Presentation or any of its contents. Any investment or investment activity to which this Presentation relates is available only to and will only be engaged in with such relevant persons. By reading this Presentation, you agree to be bound by the following limitations. The information contained in this presentation is subject to updating, completion, revision or change, verification and amendment without notice. No representation or warranty, express or implied, is made by or on behalf of Greensleeves or any of its Trustees , officers or employees or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this presentation and no responsibility or liability is accepted for any such information or opinions save that nothing in this paragraph shall exclude liability for any representation or warranty made fraudulently. No representation or warranty is given as to the achievement or reasonableness of any projections, estimates, prospects or returns contained in this Presentation or any other information. The accuracy and completeness of all such statements, is not warranted or guaranteed. By their nature, forward looking statements involved risk and uncertainty because they relate to events and depend on circumstances that may occur in the future. Although Greensleeves believes that the expectations reflected in such statements are reasonable, no assurance representation or warranty can be given that such expectations will provide to be correct. These are a number of factors which could cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements. The information presented herein does not comprise a prospectus. This Presentation does not constitute or form part of, and should not be construed as, an offer to sell, or the solicitation or invitation of any offer to buy or subscribe for, bonds in any jurisdiction or an inducement to enter into investment activity. No part of this Presentation, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. The distribution of this Presentation and other information in certain jurisdictions may be restricted by law and persons into whose possession this Presentation or any document or other information referred to herein comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. This Presentation and any materials distributed in connection with this Presentation are not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction Greensleeves does not accept any liability to any person in relation to the distribution or possession of this presentation in or from any jurisdiction

Presenting Team

Chris Doherty (Chief Finance Officer)

Chris joined GHT as Chief Financial Officer in September 2014. Previously Chris has operated at a senior level in a number of blue chip multinational and financial services organisations, including Rolls-Royce Power Ventures, Bank of America, Midland Bank and Kleinwort Benson. Chris has responsibility for the Finance, Digital Transformation and IT, Property and Programme Management functions and leads on all acquisition and new care home development activity.

Jennifer Ansell (Head of Finance)

Jenny joined GHT in March 2022 as Head of Finance. Previously Jenny worked in senior financial management roles within the education sector. Jenny qualified as an ACA in 2015 after graduating from Jesus College, Cambridge in 2012. Jenny oversees the Trust’s day -to-day Finance function taking responsibility for management reporting, budgeting and forecasting and cash management. Toma Omoma (Director of HR & Company Secretariat) Toma joined GHT in April 2012 initially as HR Manager. She was promoted to the role of Director of HR & Company Secretariat in July 2021. Previously Toma worked in a variety of organisations to include HCA International and The Medical Research Council, where she managed the HR function. Toma has responsibility for the provision of a comprehensive and professional HR service to Trustees, Senior Executive Team, and all employees throughout the organisation to include Payroll and Recruitment. Toma also acts as the Company Secretary for the Trust.

Performance in 2023/2024

Return to profitability

▪ 2024 saw Greensleeves move back on track as it started to recover from the impact of Covid and the sharp increases in costs that followed it. ▪ These coincided with a period of heavy investment with the number of homes growing over 5 years from 24 to 28 and places rising from 971 to 1,275 ▪ This had a particularly strong impact on performance during the two years to 31 st March 2023 undermining levels of occupancy and affecting staffing ▪ Greensleeves is recovering with record turnover and underlying EBITDAyear to 31st March 2024 showing the benefits of its investment programme ▪ These benefits will continue to be felt as Greensleeves moves forward with a further improvement anticipated during 2024/25. ▪ In the process Greensleeves has been careful to maintain its focus on delivering positive social impact with

Total Homes 28

Places 1,275

▪ Substantial investment in staff training

▪

Strong CQC scores, and

Revenue £79.9M

▪

High levels of client satisfaction

Delivering exceptional Social Impact

As a charity, Greensleeves has a clear mission and focus, unaffected by the pressures of the last three years.

▪ To provide high quality care and support for older people, promoting their health, wellbeing and happiness while combating social isolation

▪ Our aim is to positively impact our residents, their families, our colleagues and the environment

Home for Life

High CQC scores

Strong Client Satisfaction

Increasing Provision

Available to all residents

8% of homes ‘outstanding’

23 extra places in 23/24

96%of residents happy with care

Top 20 group in England

Significant subsidy from operations

85% ‘good’ or ’outstanding’

304 extra places in the last 5 years

3 awards for excellence

Community involvement

Journey to Net Zero 100% LED lighting installed 100% renewable energy supply 74% recycling rate

Sustainability

Staff Investment/EDI Apprentices, Graduates Sponsored Students Nearly 1 in 4 staff aged 50-59 159 long service awards

Campaigns to demystify care and support families making care decisions Outreach to lonely elderly in wider community in winter

Recycling increased from 49% to 73%

2 EV charge points at all new builds

Greensleeves-Care-Social-Impact-Report-2024.pdf (rcb-bonds.com) For our 2023/24 Social Impact Report, click here

Summary 3-year performance

▪ Set out below are the summary figures for Greensleeves over the last 3 years

▪ They show a steady rise in turnover despite the impact of Covid on occupancy

▪ With operating earnings adversely impacted by the sharp rise in costs

2022

2023

2024

2024 Incr. on 2022

2024 Incr. on 2023

No. of beds

1,188

1,252

1,275

Occupancy

87.7%

86.9%

88.9%

1.2%

2.0%

Turnover

£53.6m

£65.1m

£79.9m

49.1%

22.7%

Underlying EBITDA Exceptional items Development impact

£1.1m

£7.3m

£8.4m

663.6%

15.1%

n.a.

(£4.8)m

(£2.0)m

-58.3%

(£2.8)m (£4.8)m

(£4.9)

75.0%

2.1%

EBITDA*

£1.1m

(£2.3)m

£1.5m

36.4%

165.2%

Surplus/(loss) on asset sales

(£0.04)mm

£0.8m

Loan interest

(£3.1)

(£3.3)m

£0.2m

*(excl. asset sales and revaluation impact)

Growth of Greensleeves over the last 10 years

Investment in the Portfolio

Expanding and upgrading the estate

Number of Homes

▪ In 2013 the Board of Greensleeves embarked on a strategy designed to maximise social impact by investing in its estate. ▪ This involved an investment over the last 5 years of £41.3m in acquiring and upgrading homes ▪ In the process Greensleeves has disposed of 3 homes, acquired 14 and completed a significant redevelopment of 1 home. ▪ During FY24 £3.6m was invested in the estate through general upkeep and major upgrades continuing the trend of previous years

2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24

Investment in the Estate (CAPEX) since 2020 (£000’s)

Number of Places (beds)

1,275

60,000

1,252

53,288

1,188

1,081

50,000

1,037

41,688

971

36,568

872

40,000

790

29,072

30,000

638

16,229

20,000

12,843

11,600

7,496

10,000

5,119

2020

2021

2022

2023

2024

Capex

Cumulative Capex

2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24

Occupancy

Moving back to pre-Covid occupancy levels

Target

▪ Between 2019 and 2023 Greensleeves expanded places by 281 raising capacity by 29%. ▪ This reflected opening or re-opening 5 homes after development or major refurbishment. ▪ As a result, resident numbers actually rose steadily except at the height of Covid in 2020/21. ▪ At the same time, temporary Covid induced home closures meant occupancy fell from 93%+ to a low of 76.5% in 2021. ▪ Staff shortages further impacted occupancy in the period during and immediately after Covid in 2021/22 and 2022/23. ▪ One consequence of this was to increase the time it took for new homes to reach capacity by up to a further 12 months. ▪ Occupancy has started to recover in 2023/24 with the objective of returning to 92% (its previous level) by March 2025.

94.8%

100.0%

92.3% 93.4% 93.2% 93.5% 91.9% 92.6%

92.0%

87.7% 86.9% 88.9%

90.0%

76.5%

80.0%

70.0%

60.0%

50.0%

40.0%

30.0%

20.0%

10.0%

0.0%

2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25

Number of Residents

1,133

1,200

1,088

1,042

960

909

1,000

892

815

738

736

800

589

600

400

200

2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24

Individual home performance

Occupancy levels and number of homes

Better but impacted by shorter stays

▪ At the same time, performance was affected by two other issues.

▪ While resident numbers have risen steadily, the length of stay has shortened as residents enter later in life. ▪ It means Greensleeves is admitting increasing numbers of residents each month as occupancy numbers rise. ▪ In addition, respite care has increased though premium fees are not charged for this as part of Greensleeves charitable mission. ▪ Greensleeves now admits 63 new residents per month with 57% of homes now over 90% occupied and 29% over 95%. ▪ Fees for private payers have increased in line or ahead of costs and average £1,461 pw. ▪ Meanwhile the gap between private and public payers is widening because of LA funding pressures (see p15). ▪ This impacts Greensleeves through LA contracts and Home for Life commitments though the mix of public/private payers is stable.

under 80

80 to 85

85 to 90

90 to 92

92 to 95

over 95

Mix of Public and Private residents

75.1% 75.8% 76.7% 74.1% 74.0% 74.4% 73.5% 75.9% 77.2% 75.7%

24.9% 24.2% 23.3% 25.9% 26.0% 25.6% 26.5% 24.1% 22.8% 24.3%

2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24

Publicly funded residents

Private or other Funding

Resultant Growth in Revenue

Turnover & CAGR since 2013

Strong top line growth – only slowly benefiting the bottom line

Covid Recovery

▪ The Investment in upgrading and investing in new homes has led to a steady rise in gross assets at Greensleeves. ▪ At the same time, turnover has risen from £20.1m to £79.9m in 10 years (4x), supported by rising resident numbers and fees.

18.9%

90,000

20.0%

79,970

18.0%

80,000

15.6%

16.0%

15.4%

14.0%

16.0%

14.6%

65,155

70,000

13.7%

14.0%

60,000

54,168

53,662

11.9%

14.6%

12.0%

47,865

50,000

10.0%

39,604

▪ It has been accompanied by a rise in underlying EBITDA from £2.4m to £8.5m (3.5x) over the same period.

40,000

34,646

8.0%

20,137

28,806

30,000

23,986

6.0%

20,000

4.0%

▪ Extraordinaries and home openings have impacted the reported bottom line though they are now expected to decline significantly in 2024/25.

5.1%

10,000

2.0%

0.0%

2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24

Underlying EBITDA* (£000’s)

Gross Assets (Balance Sheet) Since 2014 (£000’s)

9,000

8,498

140,000

8,000

119,761 117,013

111,692

7,347

120,000

7,000

106,013

96,031

6,000

100,000

5,000

73,894

69,572

80,000

68,492

4,180

4,000

3,996

4,913

60,000

46,001

43,065

3,000

2,826

36,722

3,415

40,000

2,000

1,000

20,000

2017/18

2018/19

2019/20

2020/21

2021/22

2022/23

2023/24

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

*Adjusted for development drag and exceptional items

The Pricing Model

Pricing Model

Dynamic model reflecting local market

Weekly Fees* (£) & Benchmarking

1,000 1,200 1,400 1,600

10.0% 12.0% 14.0% 16.0% 18.0%

1,323 1,461

▪ Greensleeves sets fees for each home after a detailed budgeting exercise and by reference to the local market ▪ This generally results in a common percentage increase across most homes which takes place in April each year. ▪ Its objective is to set fees that reflect the quality of its provision and sit within the top quartile of the local care home market. ▪ However, policy allows for flexibility on individual fee rises in response to the local market and home upgrades ▪ Pricing is based on industry data such as Carterwood, demographic data and local knowledge of charges at other homes ▪ New homes may offer some incentives to encourage applications during the build up of occupancy.

1,142

1,077

1,019

15.8%

942

871

805

735

684

10.4%

0 200 400 600 800

0.0% 2.0% 4.0% 6.0% 8.0%

9.5%

8.2%

7.5%

8.2%

5.7% 6.0%

2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24

Average weekly fee (£)

Growth YoY

*Average weekly fee across all homes and type of care

1,600

1,400

1,200

1,000

800

600

400

200

East of England

London

Sout East

South West

West Midlands

Greensleeves

Index

Index (all UK)

Greensleeves (All Homes0

Data Source: Knight Frank Research 2023

Home for Life Commitment

Public & Private Fees

The gap between Private and Public fees

▪ Part of our charitable mission is to provide a “Home for Life” commitment to our residents ▪ Private fee payers undergo a financial assessment prior to admission to verify they have sufficient funds to meet fees for (generally) two years ▪ When a resident’s wealth declines so they can no longer afford the private fee rate, they will move across on to a publicly funded rate ▪ We never ask a resident to leave on financial grounds – only if we can no longer safely meet their care needs.

1695

1000 1200 1400 1600 1800

1563

1397

1240

1190

1,183

1142

1016

0 200 400 600 800

958

842

Private

Publically funded

% differential between Public & Private Fees

▪ Each home has a resident mix KPI that they work to.

10% 15% 20% 25% 30% 35% 40% 45% 50%

43.3%

41.3%

37.5%

36.9%

▪ The consolidated KPI equates to publicly funded residents making up approximately 25% of the total.

29.4%

▪ This 25% includes Home for Life residents.

▪ Each home manages this by changing the mix of publicly and privately funded residents admitted to the home.

0% 5%

% Differential between public and private fees

Our team and operating model

Head Office and Regional Structure

Head Office Costs as % of total staff costs

▪ The Trust operates a devolved structure in which each care home operates as an independent business within a divisional structure. ▪ Two Divisional Directors oversee the operations of care homes within each of four geographic areas. ▪ They have two areas each and are supported by Divisional Support Teams including Property, HR and training resource. ▪ Strategic direction is provided from the senior management team supported by central Quality & Compliance, Property, HR, H&S, Finance, Marketing, Digital Transformation/IT, Programme Management and Business Development teams.

2.9%

2.8%

2.7%

2.6%

2.5% 2.5%

2.5%

2.3% 2.3% 2.3%

2.0%

▪ This holds head office costs at a low level.

2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24

Head Office Costs per Bed (£ per annum)

1,200

10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0 50.0

1,107

897

954

1,000

45.1

851

828

41.6

729

800

36.4

643

556

600

472

463

23.0

362

400

15.5

14.3

12.1

200

9.4

0.0 5.0

5.3

2.8

1.6

2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24

Head office cost per bed

Cumulative RPI (%)

Head Office

Paul Newman

Chief Executive Officer

Shona King

Julie Clarges

Toma Omoma

Chris Doherty

Director of Quality & Compliance

Director of Business Development

Chief Financial Officer

Director of HR & Company Secretariat

Tracy Nelson

Sue Walker

Mandy Whittingham

Divisional Director (North Region)

Divisional Director Digital Transformation

Divisional Director (South Region)

Divisional Support Manager 1

Divisional Support Manager 2

Investing in our staff

Retention

Looking after our team

▪ High quality care is labour intensive so as we grow, we need highly trained staff to service our clients. ▪ As part of its impact mission Greensleeves has approximately 2 staff members per resident, well above the industry average. ▪ Investment in staff has increased substantially following the challenging economic environment in 2021-2023. ▪ We are an accredited Real Living Wage employer with a range of benefits including subsidies for mental health support and biking to work. ▪ The increase in staff costs has averaged 18.5% over the last 3-year period with turnover well below industry averages.

76.1% 78.4%

81.3% 83.0% 79.1%

81.5%

82.0%

83.5%

85.2%

85.5%

23.9% 21.6%

18.5% 14.5% 18.7% 17.0% 20.9%

18.0%

16.5%

14.8%

2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24

Staff Turnover

Staff Retention

Total Staff Spend & YoY Growth

Total Staff

60,000

30.0%

26.4%

1,699

1,800

50,000

25.0%

1,542

1,600

22.8%

1,422

1,419 1,407

21.2%

18.9%

1,304

1,400

18.2% 18.3%

40,000

20.0%

1,128

1,200

1,009

926

16.1%

1,000

11.8%

30,000

15.0%

798

780

11.3%

800

600

20,000

10.0%

6.2%

400

55,913

200

10,000

5.0%

33,284 37,202 47,008

22,816 27,002 31,349

11,656 12,971 15,927 19,301

0.0%

2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24

The Cost of Agency Staff

Total Staff Cost as % of Turnover

▪ To ensure good staff retention and high-quality staff Greensleeves pays at the upper end of the local market:

74%

72%

▪ However, expansion leads to higher employee numbers in recent years

72%

71%

70%

69%

70%

▪ Depressing levels of staff retention in the short term.

68%

67%

68%

66%

▪ In addition, staff shortages meant use of agency staff rose sharply in 2022 – 24 in line with the rest of the sector ▪ Greensleeves is committed to reducing this in absolute numbers and as a percentage of total staff costs

66%

64%

62%

61%

60%

▪ Agency costs amounted to £9.25m in 2024

58%

▪ Representing approximately £3.8m in extra cost

56%

54%

▪ This includes some exceptional costs arising from a home closure, as well as backfilling new openings. ▪ Greensleeves has invested in its human resources to address this during 2023 and 2024 both in terms of training and staff support.

2013/14

2014/15

2015/16

2016/17

2017/18

2018/19

2019/20

2020/21

2021/22

2022/23

2023/24

Agency Costs

582 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 1,112 1,637 1,991 2,019 2,252 2,187 2,409 4,160 9,226 9,247 5% 9% 10% 10% 9% 8% 7% 7% 11% 20%

25%

▪ Engagement and Mental Health support

20%

▪

Apprenticeships

17%

▪

Training

15%

▪ Investment in IT (see next page) will also improve Staff efficiency and welfare introducing

10%

▪ SONA, to make rostering more agile and responsive, and

▪ Neuven, an agency management system platform, to control cost.

▪ It is anticipated agency use will decline as a result

Cost as % turnover

Agency cost % Total cost

Investing in our Digital Transformation Strategy

▪ To ensure we deliver the best possible care and improve efficiency and usefulness of management information, £0.7m has also been invested in our digital transformation project to date

▪ The new systems will greatly enhance the quality of care that we provide to our residents through:

▪ improved efficiency in care planning processes thereby freeing frontline carers up to provide more 121 interactions

▪ enhanced and more efficient recruitment and utilisation of care colleagues

▪ better management information to better inform care providers

▪ improved journey for potential residents and relatives during the care home selection process.

▪ A number of individual projects are underway that will link to form an integrated system:

▪ Nourish – electronic care planning

▪ Sona – time and attendance and rostering

▪

ADP – payroll

▪

Found – CRM and billing

▪ Xledger – finance and management information

The Property Portfolio

Property Strategy

▪ Our property strategy is driven by our strategic Values

▪ Putting quality first, Inspiring our people and Growing sustainably

▪ This means there are three strands to the strategy

▪ Investment in existing homes to ensure we deliver high quality care and a good working environment ▪ Redevelopment of existing homes that are past their best and extending smaller homes; and ▪ Acquiring new build assets ▪ Over the last 5 years our Business Strategy has involved investing in 3 new homes every two years. ▪ This has been paused in 2024/25 as we address performance and financial strength ▪ After this period of consolidation, we would expect to return to the same growth profile ▪ while the impact of new openings on group performance should decline as the number of existing homes grows

▪ Meanwhile we remain committed to a tight geographic spread so we can respond to the needs of our network of homes efficiently

Capital Expenditure in New Builds and Existing Homes (£m)

10.0 12.0 14.0

11.7

8.3

7.6

0.0 2.0 4.0 6.0 8.0

3.8

4.1

7.9

4.1

5.2

3.6

0.5

0.3

2018

2019

2020

2021

2022

2023

2024

New builds & acquisitions

Existing homes general upkeep and major upgrades

Locations

Regional focus driving economies of scale

▪

Four regional divisions:

▪

East of England & Midlands

▪

London & Central

▪

Nursing & Kent

▪

South & West

▪

East of England & Midlands

▪

7 homes, 349 places

▪

London and Central

▪

7 homes, 248 places

▪

Nursing & Kent

▪

7 homes 395 places

▪

South & West

▪

8 homes, 283 places

▪

20 freehold properties, and

▪

8 leasehold properties

▪ Freehold properties valued by Knight Frank in 2022 at £100.4m

Acquisitions & Disposals

Change in Total Beds

Adapting our portfolio over time

▪ The charts show the net changes to our portfolio as we have grown and modernised the estate ▪ Expanding our reach in supporting those in need, while maintaining high quality service, and ▪ Taking hard decisions if a home is not working for us ▪ This has added 637 beds across the group since 2014 ▪ Growth in beds also represents the increasing size of each home ▪ Since 2014, average beds per home has increased 21% from 38 to 46

Changes in Total Beds (YOY) FY13/14 shows total beds

▪ With new homes generally having 60 - 80 beds

Change in Total Homes

▪ While we have been active in home expansion and disposal.

Changes in Home Numbers (YOY) FY13/14 shows total homes

▪ In the year to 31 March 2024, we: ▪

Reopened renovated Mt. Ephraim House in Tunbridge Wells ▪ Opened Broadacres, a residential care home in Norfolk ▪ Closed one home – St Cross in Winchester ▪ Sold and leased back one home with an institutional investor ▪ Investing the proceeds in a new freehold home ▪ With the balance earmarked for our site at Newport Pagnell

New Home Model – impact of development on earnings

Annual Development Impact by Home

▪ Opening a new home creates a “development drag” on earnings a s homes build up to capacity ▪ To ensure high quality care Greensleeves allows 18-24 months to reach full capacity ▪ This has risen to 36 months over covid ▪ Following greater competition for staff due to the national workforce shortages ▪ This allows management to phase room opening as staff are recruited and trained

The chart to the right demonstrates the annual change in development impact

▪

to provide appropriate resident care

Years impacted

▪ Development drag increased in 2022/23 and 2023/24, reflecting Covid and the aftermath ▪ New homes tend to lose money during the first year of operation, moving up to full earnings 2.5 – 3 years later. ▪ We set out the homes involved in Development Drag and their removal form this category

Home

2018

2019

2020

2021

2022

2023

2024

De Lucy House Lavender Fields

240,093

1,586,264

345,216

1,289,056

315,086

The Orchards

Henley House

336,678

393,103

Clarendon Lodge Buckler's Lodge

544,633

571,522

668,780

1,913,786

2,232,322

2,404,286

906,281

1,383,740

Meadowcroft

Mount Ephraim

1,055,786

1,130,193

Impact

240,093

1,586,264

1,634,272

1,196,397 2,878,411

4,863,169

4,918,219

Tenure of Property Portfolio

Lease Payments

Making use of leases

▪ Greensleeves makes use of a mixed ownership model with 20 of its homes owned leasehold, and 8 on leases.

6,000

5,000

▪ The decision to lease or buy is driven by a range of factors ▪ Availability of the asset, often only available with a lease ▪ Cost of lease v. debt ▪ Impact on cashflow

4,000

3,000

2,000

3,640

2,823

5,086

2,165

1,623

1,000

▪

Leases can ▪

693

273

448

459

incorporate attractive features feature like initial rent-free period as the home is filling up ▪ Selling an existing asset can provide the opportunity to acquire a new freehold home and/or invest in existing assets ▪ Over the last few years leases have risen as a % of turnover in common with the rest of the sector ▪ We have a policy of 2 new freehold homes for 1 leased ▪ All Greensleeves leases have a number of common characteristics ▪ The RPI inflation element will be collared ▪ Covenants will be minimized ▪ Preferably with trusted developer

2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24

Leasehold rents

Number of homes - leasehold

Lease Payments as a % of Turnover

7.0%

6.4%

5.6%

6.0%

5.3%

4.5%

5.0%

4.0%

3.0%

1.7%

1.6%

2.0%

1.3%

1.1%

1.0%

0.0%

2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24

Sustainability strategy and spending

Given the importance of physical assets in our activity, we have had a Net Zero Carbon Strategy overseen by the Property Committee of the Board for some years. A Sustainability Working Group has been established to regularly review the policies and procedures to ensure energy efficiency and sustainability goals are achieved and prioritsed.

2024 Sustainability Measures

The ongoing sustainability measures implemented in 2024 are: ▪ Lighting upgrades and replacement done using LED. ▪ Installed smart meters and water meters across the Trust.. ▪ Electricity contracts renewed with REGO-backed contracts, resulting in 100% renewable energy supply. ▪ Gas dryers replaced with electric dryers as units fail. ▪ Operating a cycle to work scheme to reduce staff reliance on cars. ▪ Moved to a centralized waste management contract to increase recycling percentages.

The above measures have resulted in consumption of gas and electricity, and the electricity emissions (tCO2e) reduced from 925.74 to 716.61.

Future Net Zero Carbon Targets

The future measures to achieve our Net Zero Carbon targets include:

• Installation of minimum of 2 EV charge points at all new build homes. • Replacement of single use products with reusable alternatives. • Food waste action plans to reduce food waste in homes. • Solar (PV) units to be installed wherever possible in homes. • Homes surveys to assess energy assessment and produce a strategy for improvement. • Electric systems for heating and hot water.

Environmental ambitions and progress

Target

Date Set Achieved so far

Building Standards

100% of new build capital projects achieving BREEAM Excellent from January 2024

2022

Completed

100% of refurbishment capital projects achieving BREEAM Very Good or mitigation actions implemented where BREEAM not applicable

2022

Completed

Energy Efficiency

Install energy and meters in homes linked to BMS system by end 2026

2022

Ongoing

Install 100% LED lighting in homes by end 2026

2022

Ongoing

Install timeclock/sensors technology for external lighting in homes by end 2026

2022

Ongoing

All new build and refurbishment projects designed to accommodate low carbon heating systems wherever technically feasible by end 2022 2022

Completed

Care homes to be fossil fuel free by 2030 • Renewable power • Solar (PV) units to be installed wherever possible in homes. • Homes surveys to assess energy assessment and produce a strategy for improvement. • Electric systems for heating and hot water.

2022

All power contracts 100% renewable. No new gas boilers or gas dryers

Waste

Moved to a centralized waste management contract to increase recycling percentages. Food waste action plans to reduce food waste in homes. Replacement of single use products with reusable alternatives Zero waste to landfill for all capital projects by 2030

2022

Complete

Ongoing

Transportation

100% of all new build projects to install min. 2 EV charge points

Complying

Operating a cycle to work scheme to reduce staff reliance on cars.

Completed

CQC and industry awards

Maintaining a high standard of care

CQC Scores

Industry Awards & Customer Satisfaction

▪ Prioritising a high standard of care for our people

▪ Greensleeves have won a number of industry awards and customer satisfaction, which is testimonial to Greensleeves’ high standard of care for people and high customer satisfaction.

▪ Through ensuring high CQC standards are met

▪ Currently 86% of inspected homes are rated ‘good’ or ‘outstanding’ ▪ As we increase the size, it is important to have sufficient resource to service the needs of our clients ▪ This is reflected in the growth of investment in our skilled workforce

▪ Top 20 Care Home award for 7 th year running

▪

National Care Awards 2024

▪

Care Home of the Year

▪

Dignity & Respect

▪

Home of the Year

▪ Furthermore, Greensleeves is also a member of 5% Club to boost recruitment of apprentices, graduates and sponsored students. ▪ Implemented the Gold Standards Framework for exemplary palliative care across all homes. 8 homes have been awarded this standard, while the rest going through accreditation. ▪ Greensleeves has also taken a role as advocate, campaigning to develop BSI and ISO care standards.

CQC Scores (Inspected Homes) over time

5% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 11% 14% 8% 9% 8% 8% 8% 100% 84% 79% 73% 75% 86% 84% 77% 77% 11% 11% 14% 17% 5% 8% 15% 15%

▪ Investors In People Gold Accreditation achieved.

Outstanding Good Requires Improvement

Financial performance

Summary Income & Expenditure

£m

2019

2020

2021

2022

2023

2024

No. of beds

971

1,037

1,081

1,188

1,252

1,275

Occupancy

91.9%

92.6%

84.1%

87.7%

86.9%

88.9%

Turnover

£53.6

£65.1

£79.9

£39.6

£44.5

£47.7

Underlying EBITDA

£4.9

£3.4

£2.8

£4.0

£7.3

£8.4

Exceptional items

n.a.

(£4.8)

(£2.0)

Development impact

(£1.6)

(£1.2)

(£2.8)

(£4.8)

(£4.9)

EBITDA*

£3.3

£1.7

£1.6

£1.1

(£2.3)

£1.5

Surplus/(loss) on asset sales Loan interest & Charges

(£0.04)

£0.8

£0.2

£9.7

£0.15

(£1.4)

(£2.0)

(£2.3)

(£3.1)

(£3.3)

*(excl. asset sales and revaluation impact)

Balance Sheet

£m

2019

2020

2021

2022

2023

2024

Fixed Assets

64.78

79.55

88.69

93.92

113.77

104.17

Current Assets

9.12

16.48

17.33

17.77

6.0

12.84

Current Liabilities

(4.91)

(6.10)

(4.64)

(5.03)

(5.15)

(6.85)

Net Current Assets

4.2

10.37

12.68

12.74

0.84

6.0

Total Assets Less Current Liabilities

68.98

89.93

101.37

106.67

114.61

110.17

Non-Current Liabilities

(35.56)

(49.58)

(64.33)

(74.72)

(74.79)

(74.86)

Net Assets

33.42

40.35

37.04

31.95

39.82

35.31

Unrestricted General Funds

23.03

29.62

26.31

22.13

6.52

7.43

Revaluation Reserve

10.25

10.15

10.04

9.19

32.19

26.85

Restricted Funds

0.14

0.58

0.69

0.63

0.62

1.02

Total Funds

33.42

40.35

37.04

31.95

39.82

35.31

Cash Flow

£m

2019

2020

2021

2022

2023

2024

Cash flows from operating activities

3.26

0.21

(2.42)

(1.16)

(6.03)

(1.75)

Net cash used in investing activities

(10.27)

(7.46)

(11.69)

(8.38)

(6.86)

7.62

Net cash provided by financing activities

3.0

14.02

14.76

10.39

0.07

Change in cash and cash equivalents

(4.02)

6.78

0.65

0.84

(12.82)

5.94

Cash and cash equivalents at beginning of period

10.85

6.83

13.61

14.26

15.10

2.28

Cash and cash equivalents at end of period

6.83

13.61

14.26

15.10

2.28

8.22

Strategic Objectives 2023-2026 Values: Respect, Openness and Responsibility

Strategic Objective 1: Quality First

Strategic Objective 2: Inspiring People

▪ Recruiting and retaining high-performing colleagues

▪ Ensuring CQC ratings Good or above across all our homes

▪ Fostering a diverse workforce and an inclusive workplace

▪ Embedding a culture of continuous improvement

▪ Keeping turnover below sector average and agency use low

▪ Maintaining high satisfaction levels among residents and relatives

▪ Helping to develop and grow our skills, maintaining high compliance with training ▪ Supporting the wellbeing of colleagues through dedicated strategies and tools

▪ Investing more in quality assurance, auditing and risk management

▪ Transforming how we harness digital technologies to deliver great care

Strategic Objective 3: Sustainable Investment

▪ Increasing the number of homes under our management, and their quality

▪ Extending our charitable impact to over 1,300 residents across 28 homes

▪ Reducing our environmental footprint including through lower carbon emissions

▪ Expanding our programme of home refurbishments

▪ Moving to new facilities at our Westfield and Newport Pagnell locations

Appendices

Board of Trustees and Committees

▪ Greensleeves Care has a very simple corporate structure with a single dormant subsidiary.

▪ It is governed by a Board of Trustees with five committees overseeing principal areas of activity

▪ Currently there are nine Trustees

Dallas Pounds

Board of Trustees

Des Kelly

Kim Davis

Remuneration Committee Dallas Pounds

Finance & Audit Committee Charles Spence

Nominations Committee

Care & Quality Improvement Committee

Property Committee

The Property Portfolio

Leasehold (8)

Freehold (20)

Opening/Acquisition Date

Home

Location

Last Major updade

Home

Location

Last Major updade

Meadowcroft

Tooting, South London

Feb-23

Clarendon Lodge Croxley Green, Herts

Feb-21

Bucklers Lodge

Crowthorne, Berks

Feb-22

Gloucester House

Sevenoaks, Kent

Jun-15

2023

The Orchards

Ely, Cambs

Jul-19

Queen Elizabeth House Bromley, Kent

Pre 2014

2022

Henley House**

Ipswich, Suffolk

Dec-20

Kingston House

Calne, Wilts

Pre 2014

Lavender Fields

Sevenoaks, Kent

Jul-18

2022

Rose Cottage

Broughton, Cambs

Feb-18

2024

De Lucy House

Diss, Norfolk

Aug-15

2020

Broadacres

Barton Turf, Norwich

Feb-24

2024

The Manor Care Home

Windsor, Berks

Nov-21

2023

Broadlands

Oulton Broad, Lowestoft

Pre 2014

2005

Viera Gray House***

Barnes, SW London

Nov-15

2023

Borovere

Alton, Hants

Pre 2014

2020

The Briars

Sandown, IoW

Pre 2014

2021

Leasehold/Freehold Split

Whitegates

Westfield, Sussex

Jul-18

Speirs House

New Malden, Surrey

Pre 2014

2018

Harleston House

Lowestoft

Pre 2014

Torkington House

Acton, London

Pre 2014

2020

Glebelands

Wokingham, Berks

Jun-17

2021

28.6%

Grosvenor House St Leonards, Sussex

Pre 2014

2020

Pelsall Hall

Pelsall, West Mids

Pre 2014

71.4%

Arden House Leamington Spa, Warcs

Pre 2014

2018

Sharnbrook House

Sharnbrook, Beds

Pre 2014

2022

Tickford Abbey Newport Pagnell, Bucks

Pre 2014

2017

Leasehold Freehold

Mount Ephraim House Tunbridge Wells, Kent

Jun-23

2023

** Henley House sale and leaseback completed Jan-24 *** Viera Gray House held on peppercorn lease

END

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