2021-03-31-accounts - The Exaireo Trust Limited

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Reference	and Administrative Details
Trustees'	Report	2to4
Statement	ofTrustees' Responsibilities
Independent's Examiner's Report
Statement	of Comprehensive Income
Statement	ofChanges in Reserves
Statement	of Financial Position
Statement	of Cash Flows	10
Notes to the Financial Statements		11to 26

Charity registration	Charity registration	number	1125402
Company	registration	number	6595498
Principal office			5The Coneries
			Loughborough
			Leicestershire
			LE11 1DZ
Registered	office		Northgate House
			North Gate
			New Basford
			Nottingham
			NG7 7BQ
Trustees			Mr M Millman - Chairman
			Mr G Bradshaw-Mays
			Mrs BWallington
			Mr T Farrar —resigned	14 May 2021
			Mr J Harper
			Mrs C Brady —appointed		08 March 2021
Secretary			Mr C York
Bankers			CAF Bank Ltd
			25 Kings Hill Avenue
			Kings Hill
			West Mailing
			Kent
			ME194JQ
Accountants			RWB CA Ltd
			Northgate House
			North Gate
			New Basford
			Nottingham
			NG7 7BQ

			2021	2020
		Note
Turnover		3	748,474	689,712
Operating Expenditure Other Income		3 3	(774,896) 164,966	(745,829) 131,732
Operating Surplus			138,544	75,615
Profit on disposal offixed assets				4,175
Interest receivable Interest and financing	costs	3	~9,745	~10,902
Surplus/(Deficit) before tax			128,799	68,888
Taxation
Total comprehensive	income for the year		128,799	68,888

		Unrestricted
		Income &
		Expenditure	Restricted
		Reserve	Reserve	Total
Balance as at 1 April	2019	128,058	4,354	132,412
Total comprehensive	income for the year	72,933	4,045	68,888
Balance as at 31 March 2020		200,991	309	201,300
Total comprehensive	income for the year	128,799		128,799
Balance as at 31 March 2021
		329,790	309	330,099

				2021	2020
			Note		E
Fixed Assets
Tangible fixed assets			7	265930	274 320
Current Assets
Trade 8 other debtors				84,104	72,581
Cash &cash equivalents				157,107	96,663
				241,211	169,244
Creditors: amounts	falling due within one year		9	~24,392	82,857
Net current assets				216,819	86,387
Total assets less current		liabilities		482,749	360,707
Creditors: amounts more than one year	falling due after		9	~152,650	159,407
Total net assets				330,099	201,300
Reserves
Income 8 expenditure Restricted reserve	reserve			329,790 309	200,991 309
Total reserves				330,099	201,300

				2021	2020
Net cash generated from operating		activities		130,057	70,296
Cash flow from investing	activities
Purchase oftangible fixed assets				(3,511)	(22,770)
Sale oftangible fixed assets					10,287
				(3,511)	(12,483)
Cash flow from financing	activities
Interest paid				(9,745)	(10,902)
New loans Repayments of borrowings				~56,357	~9,021
				(66,102)	(19,923)
Net change in cash and cash equivalents				60,444	37,890
Cash and cash equivalents	at beginning		ofthe year	96,663	58,773
Cash and cash equivalents	at end	ofthe	year	157,107	96,663

				2021
			Cost of	Operating	Operating
		Turnoverf	Sales F	expenditure	(deficit)
Social housing	lettings	748,474	(227,064)	(417,592)	103,818
Other social housing
activities
Charges for support services
Other
Activities other	than social	164,966	(216)	(139,769)	24,981
housing
		913,440	(227,280)	(557,361)	128,799
				2020
			Cost of	Operating	Operating
		Turnover F	Sales	Expenditure	surplusf
Social housing	lettings	689,712	(201,034)	(440,052)	48,626
Other social housing
activities
Charges for support services
Other
Activities other	than social
housing		131,732	216	111,254	20,262
		821,444	(201,250)	(551,306)	68,888

Particulars ofturnover,	Particulars ofturnover,	Particulars ofturnover,	cost	ofsales, operating costs and operating	ofsales, operating costs and operating	surplus (continued)
Homeless needs supported				housing		2021	2020
							f.
Rent receivable	net	of identifiable			service charges	748,474	689,712
Donations
Grant
Turnover from	social housing				lettings	748,474	689,712
Direct costs
Rent						149,021	136,002
Rates and water						16,158	12,279
Light, heat and power						37,540	29,884
Repairs and maintenance						13,459	18,562
Other direct costs						10,886	4,307
						227,064	201,034
Other operating	expenditure
Wages and salaries						256,884	253,612
Staff.NIC						12,454	10,082
Staff pensions						4,917	3,930
Trustee remuneration						36,369	38,308
Trustee NIC						3,543	3,532
Trustee pension						847	842
Travelling						3,812	11,170
Advertising						50	1,694
Rent						15,100	16,200
Rates and water						1,006	(1,587)
Light, heat &power						1,230	117
Insurance						9,900	9,539
Other expenses						9,209	8,963
Repairs &maintenance						12,481	14,261
Telephone						10,006	13,132
Office expenses Motor expenses						13,920 3,229	28,864 5,518
Training						457	1,256
Accountancy costs						3,082	2,568
Independent examiners			fees			2,880	3,120
Legal and professional fees						2,425
Depreciation of	housing		properties			3,627	3,627
Loan and mortgage		interest paid				9,745	10,902
Bank fees						419	402
						417,592	440,052

Activities other than social housing	2021	2020
		E
Donated goods and services	20,275	32,827
Donation income	61,645	52,527
Grants	66,171	30,892
Other revenue	16,875	15,486
Turnover from other activities	164,966	131,732
Fundraising costs	216	216
Wages and salaries	71,921	40,708
Staff NIC	2,738	2,646
Staff pensions	1,013	907
Depreciation ofother fixed assets	8,274	6,118
Profit on disposal offixed asset		(4,175)
Rent, rates and water	42,718	41,418
Light, heat and power	2,716	713
Personal support costs	10,389	22,919
	139,769	111,254

						2021	2020
						F	F
Depreciation of	housing	properties				3,627	3,627
Depreciation of	tangible	fixed assets				8,274	6,118
Surplus on disposal tangible fixed assets							(4,175)
Operating lease	rentals
Land and buildings						203,429	184,136
Employees
The average number ofpersons employed			by the charity	(including	trustees)	during the year was:
						2021	2020
						No.	No.
Administration						6	6
Housing, support and		care				26	26
						32	32
The aggregate	payroll	costs ofthese persons were as follows:
Wages and salaries						365,174	332,627
Social security	costs					18,735	16,260
Other pension	costs					6,777	5,679
						390,686	354,566

Tangible fixed assets
	Social	Plant and
	Housing	machinery
	Properties	including
	for letting	motor
		vehicles
		E
Cost
As at 1 April 2020	256,345	45,650
Additions		3,511
Disposals
As at 31 March 2021	256,345	49,161
Depreciation
As at 1 April 2020	10,881	16,794
Charge for the year	3,627	8,274
Disposais
As at 31 March 2021	14,508	25,068
Net book value
As at 31 March 2021	241,837	24,093
As at 1 April 2020	245,464	28,856

					2021	2020
					No.	No.
	Homeless	needs supported		housing	46	46
8.	Debtors				2021	2020
					F
	Trade debtors				47,788	43,526
	Other debtors				12,169	8,893
	Prepayments		and accrued income		24,147	20,162
					84,104	72,581
	Included	within Trade debtors are:
	Rent and	service charges			38,858	34,596
	Less provision		for bad debts
					38,858	34,596

Creditors: Amounts	falling due	falling due	within one year
					2021	2020
					E
Bank and other loans					3,300	2,900
Trade creditors					1,032	2,024
Taxation and social security					5,668	4,939
Other creditors					1,386	51,229
Accruals and deferred	income				13,006	21,765
					24,392	82,857
Accruals and deferred		income include the following		deferred income:
As at 01 April 2020
Resources deferred in Amounts released from		the period previous	periods		3,143 ~10,526	10,526
As at 31 March 2021					3,143	10,526
Creditors: amounts	falling due		after more than one year
					2021f	2020
Bank and other loans					152,650	159,407
The bank loan is repayable as follows:
Within one year					3,300	2,900
Within one to two years					3,300	2,900
Within two and five years					9,900	8,700
Five years or more					139,450	147,807
					155,950	162,307

Operating	leases which expire:	Land and	buildings
		2021	2020
		E
Within one	year	57,063	62,575
Within two	and five years	71,158	128,221
More than	five years
		128,221	190,796

Funds analysis	Funds analysis		At 1			At 31
			April	Incoming	Resources	March
			2020	Resources	Expended	2020
General funds			F
Unrestricted	income fund		200,991	898,100	(769,301)	329,790
Total unrestricted		funds	200,991	898,100	(769,301)	329,790
Restricted	funds
Residents	fishing	club	309			309
Crisis UK LCC Communities		Fund		10,440 4,900	(10,440) ~4,900
			309	15,340	(15,340)	309
			201,300	913,440	(784,641)	330,099

Cash flow from operating	activities			2021	2020
				F	F
Surplus for the year				128,799	68,888
Adjustments for non-cash	items:
Depreciation oftangible fixed assets				11,901	9,745
(Increase) in trade &other	debtors			(11,523)	(13,251)
Increase/ (decrease) in trade 8 other		creditors		(8,865)	(1,813)
Adjustments for investing	or financing		activities:
Net gain on sale offixed assets					(4,175)
Interest payable				9,745	10,902
Net cash generated from	operating	activities		130,057	70,296

IntroductIon	IntroductIon
As part of the Value for Money Standard:		The	Regulator	of Social Housing	has adopted a series of
regulatory metrics as a tool to keep a	consistent measure of			Value for Money	(VFM)across all providers.
Metric to Measure					Outcome
Reinvestment %(due to the nature ofthe project we have not developed new stock during this financial year)					NIA
New Supply Delivered %(due to the	nature	ofthe
project we have not developed new stock during			this		NIA
financial year)
Gearing (Housing Properties at cost)					60.8%
Earnings before interest, tax, depreciation,		amortisation,			1,443.8%
major repairs included Interest Cover	%
Headline social housing cost per unit					f13,935
Operating Margin % - social housing	only				15.66%
Operating Margin % - overall					14.1%
Return on capital employed					26.7%