Company number: 06595498 Charity registration number-. 1125402 The Exaireo Trusl Ltd IA company limiled by guarantee) Annual Report and Financial Stalements For the Year Ended 31 March 2024 FIWB CA Limited Northgato House North Gate New Basford Nottingham NG7 7BQ
THE EXAIREO TRUST LTD CONTENTS Reference and Administrative Details Trustees. Report 2to4 Statement of Trustees, Responsibilities Independent's Auditors Report 6t08 Statement of Comprehensive Income Statement of Changes in Reserves 10 Statement of Financial Position Statement of Cash Flows Noles to the Financial Statements 13to27
THE EXAIREO TRUST LTD REFERENCE AND ADMINISTRATIVE DETAILS Charlty Teglstratlon number 1125402 Company reglstratlon numbor 06595498 The Charity is incorporated in England & Wales Prlnclpal offlce 5 The Coneries Loughborough Leicestershire LE11 1DZ Reglstered offlce Northgate House North Gate New Basford Nottingham NG7 7BQ Truslees Mr M Millman - Chairman Mr G Bradshaw-mays Mrs B Wallington Mr J Harper (Resigned 1 January 2024) Mrs C Brady Mr S Scoggins Secretary Mr C York Bankers CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Auditor RWB CA Ltd Northgate House North Gate New Basford Nottingham NG7 7BQ
THE EXAIREO TRUST LTD TRUSTEES REPORT The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements and auditors, report of the charitable company for the year ended 31 March 2024. This report includes the narrative reporting requirements of the Housing SORP 2018. Reference and adminlstratlve detalls Reference and administrative details are shown in the schedule of members of the board and professional advisors on page 1 of the financial statements. Governing document The Exaireo Trust Ltd is registered as a company limited by guarantee, governed by its Memorandum and Articles of Association. It is also a charity registered for charitable purposes with the Charity Commission. The charity also operates under the name 'Exaireo Reuse,; specifically. at it's baGk to work project based at the Weldon Road site. Trustees The trustees have a range of professional and business skills and experience appropriate to the needs of the charity. Full trustees, meetings are held at least six monthly, usually quarterly, with the day-to-day operations being delegated to subgroups as appropriate. New trustees are sought in the event of a current trustee retiring and invited to join the Trustee body if they can fill any necessary professional skills gaps. New trustees are provided with a copy of the Memorandum and Articles of Association. the latest financial statements and the Charity Commission publication 'The Essential Trustee: What You Need to Know,. The trustees are encouraged to undertake the appropriate training and are given the opportunity to visit the Charity's properties and meet the residents. The company provides trustee indemnity insurance for all trustees. Rlsk revlew The Trustees have assessed the major risks to which the charity is expos8d and ar8 satisfied that systems are in place to mitigate exposure to those risks. The Trustees are confident that the reserves held by the charity are sufficient to enable its continued operations. Objectives and activities Under its Memorandum the Charity is empowered to house, support. care and treat persons in need who are homeless and suffering from the effects of povety, sickness, disability, old age, alcoholism, drug addiction, offending behaviour or any other mental or physical infirmity. as an expression of Christian faith. The objectives of the Charity are within the Charity Commission's guidance on public benefit. The company is managed by the trustees, ts¥o of whom have executive roles. Fundralslng disclosures The charity does not carry out signtficant fundraising activities that require dlsclosure under the Charities Act 2011. Publlc benefit The trustees confirm that they have complied with the requirement5 of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
THE EXAIREO TRUST LTD TRUSTEES REPORT Achievements and pertormance The charity, now having completed 15 years of operation, has maintained a diverse range of courses and activities for residenls. as well as offering a high quality ol support and accommodation. There was significant investrnenl in the refurbishment ol one property during the year and one additional propety was taken on. This property will be for residents that are working and not claiming Housing Benefit. They will be supported to save to be able lo provide a deposil for their own property within twelve months where possible. This development exlends the support we can give to homeless adults. The charity now has 54 bedspaces for clients in n88d. Strong ongoing controls on colleclion of ineligible rent and Housing Benefil continued the good levels of income seen during this financial year. Void levels remained low, this year below 70/0 {partly increased due to one property refurbished and unoccupied lor 6 weeks). As a Registered Provider of Social Housing the trustees are keen to assist smaller charities around the UK to start up similar temporary supported housing projects. We are pleased to report that the projects in Manchester, Worcester, Loughborough, Mansfield and Coventry continued to provide help to those in need. We are still in discussions with other similar projects to expand this side of our work gradually. This work helps the charity to meet its aims of supporting a larger number of homeless adults than would be possible just in Loughborough. Throughout Ihe year. all staff continued to deliver courses and activities to resid8nts, most continue to be in the areas of anger management and lifestyle. bul others catered for special interests, crafts and general leisure time. including games evenings, art courses, craft, music and sport. The charity's allotment plot has conlinued to be an area of significant developmenl. providing a safe space for some ol our most vulnerable residents. The charily has been very fortunate to obtain the support of additional volunteers to help with a number of areas of our work including working in reception at the office, supporting residents at the Reuse Projecl and accompanying our residents to appointments. We also ran a successful outward-bound week in Edale for residents. Our main office in Loughborough has continued to be an essential tool in the provision of support to our residenls and others in need in Ihe local community alongside the Reuse Project. The 'Exaireo Reuse, back to work program for residents has continued to develop and grow, offering targeted supportto residents, helping them to lind education and work experience that leads to worthwhile employment. The project boasts an excellent reputation and social media following and has proved very popular with our residents. Significant amounts of furniture and paint have been saved from landfill or incineration and the local community are benefitting by purchasing low-cost quality items. The Pallet Project has been successful, recycling old wooden pallets into garden furniture, Christmas decorations and other household ilems. Over the year, we continued to show a positive level of success in the rehabilitation of our residents. We received 368 referrals for accommodalion during the year and 70 new residents were housed by Ihe Trust, 114 residents lived with us in total during the year. Around 320/0 of those who left us did so successfully as part of a planned move-on. Even for those whom we had to evict, (mainly for non-payment of their rent), a significani proportion had made considerable improvements in their lifestyle, while with us. We have seen increased levels of referrals recently which may have been as a result of the cost-ol-living crisis. We are also aware of a significant number ol asylum seekers and refugees housed locally in lemporary accommodation.. we anticipate further increases in demand as their applications are processed. The Exaireo Trust has adopted the Charities Commission Code of Good Governance, and the trustees confirm compliance with the Governance and Financial Viability Standard. The Trustees have reviewed the internal control systems in place and are satisfied thal they provide strong controls over the resources of the charity.
THE EXAIREO TRUST LTD TRUSTEES REPORT Flnanclal revlew The trustees are pleased to report the increase in core turnover to £881,855 {2023'. £824,629). There have also been strong increases in grant and donation income and a steady rise in lees earned from supporting umbrella organisations. This combined with careful conlrol of expenditure, particularly staff wages and salaries £65,55312023:1£77,531) have contributed to a return lo surplus this year. This is despite significant increases in rent costs, utility charges and a significant investment in refurbishing one property with the resultant increase in repairs and maintenance costs. The net incomel lexpenditurel for Ihe year was £47,007 (2023.. £{72,854)). Rèserves pollcy The charity has total reserves of £257,26912023- £210,262). Of these reserves £25,465 is restricted (2023: £2491 therefore free reserves are £231.804 (2023.. £210.0131. The trustees will review the level of reserves annually when approving the annual accounts and business plan. The policy is for the charity to grow and maintain its free reserves to 25Q/o of turnover, this providing a reasonable cushion against the possibility of some properties being relinquished back lo their landlords and against any future extraordinary propety maintenance needs or business fluctuation. The trustees, intention is that this goal will be achieved each year. but of necessity this may have to be tempered by the costs incurred in furthergrowth as well as the ongoing social objective of the charity to provide for the personal, health and skill-related rehabililation of the residents. Where possible this latter objective will be resourced by grants and donations, but some aspeds will need to be funded from retained revenue. Investment pollcy There are no restrictions on the Charity's POW8r to invest. The truslees will delermine the requirements of the Charity in the short, medium and long term. It will make, change or maintain its investments in the light of these requirements and the advice of suitably qualified advisors Future developments The Charity continues to support other charitable organisations around the UK to provide temporary supported accommodation in the areas that they operate. The charity plans to purchase properties in fulure to reduce the reliance on landlords. Any growth in this area will be gradual. Dlsclosure of inlormation to auditor Each trustee has taken steps that they ought to have laken as a trustee in order lo make themselves aware ol any relevant audit information and lo establish that the Charily's auditor is aware of that information. The trustees confirm that Ihere is no relevant information that they know of and of which they know the audilor is unaware. Small companles provlslon statement This report has been prepared in accordance with the srnall companies, regime under the Companies Act 2006. The annual report was approved by the trustees of the Charity on 5 December 2024 and signed on its behalf by: Mr G Bradshaw-May8 Trustee Mrs C Brady Chalr of Trustees
THE EXAIREO TRUST LTD STATEMENT OF TRUSTEES. RESPONSIBILITIES The trustees (who are also directors of The Exaireo Trust Ltd for the purposes of cornpany law) are responsible for preparing the trustees, report and the linancial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Slandard applicable in the UK and Republic of Ireland.. Company law requires the trustees lo prepare financial stalements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of r8sources. including the income and expenditure, of the charitable company for thal period. In preparing these linancial statements, the trustees are required lo: select suilable accounting policies and then apply them consistently- observe Ihe methods and principles in the Housing SORP make judgements and estimates that are reasonable and prudenl., state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclos8d and explained in the financial statements. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that Ihe financial statements comply with the Companies Act 2006. They are also responsible lor safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible tor the maintenance and inlegrty of the corporate and tinancial information included on the charitable company's website. Legislation gov8rning the preparation and dissemination of financial statements may differ from legislalion in other jurisdictions. Approved by the trustees of the Charity on 5 D8cember 2024 and signed on its behalf by: Mr G Bradshaw-mays Trustee Mrs C Brady Chalr ol Trustees
THE EXAIREO TRUST LTD INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE EXAIREO TRUST LTD Opinion We have audited the financial statements of The Exaireo Trust Ltd (the 'Charitable Company,) for the year ended 31 March 2024, which comprise the Statement of Comprehensive Income, Statement of Changes in Reserves, Statement of Financial Position, Statement of c.ash Flows and Notes to the Financial Statements, including a summary of significant accounting policies in note 2. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Stsndards, including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and applicable law (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the Charitable Company's affairs as at 31 March 2024 and of its income and expenditure for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006, the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing 2019. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the Charitable Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. The comparative financial statements for the year ended 31 March 2023 were unaudited. Concluslons relating to going concern In auditing the financial statements, we have concluded that the Board's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast sigriificant doubt on the Charitable Company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concem are described in the relevant sections of this report. Other information The other information comprises the information included in the Trustees, Report, other than the financial statements and our auditor's report thereon. The Board is responsible for the other information. The other information contained within in the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent othejwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements. our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a matorial misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
THE EXAIREO TRUST LTD INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE EXAIREOTRUST LTD We have nothing to report in this regard. Oplnlon on other matter prescrlbed by Ihe Companles Acl 2006 In our opinion, based on the work undertaken in the course of Ihe audit: the information given in the Trustees, Report for the financial year for which the financial slatements are prepared is consistent with the financial statements. and the Trustees, Report has been prepared in accordance with applicable legal requirements. Matters on which we are requlred lo report by exception In the light of our knowledge and understanding of the Charitable Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, Report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us- or the financial statements are not in agreemenl with the accounting records and returns., or certain disclosures of directors. remuneration specified by law are not made. or we have not received all the information and explanations we require for our audit. Responsibillties of dlreclors As explained more fully in the Statement of Truslees, Responsibilities (set out on page 51, the Irustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and lor such internal control as the trustees determine is necessary to enable the preparalion of financial statements that are free from material misstalement, whether due lo fraud or error. n preparing the financial statements, the trustees are responsible for assessing the Charitable Company's abilily to continue as a going concern, disclosing. as applicable. matters relatad to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Charitable Gompany or to cease operations, or have no realistic alternative but io do so. Audltor responslbllllles for the audlt of the flnanclal stalemenls Our objectives are to oblain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee Ihat an audit conducted in accordance with ISAS (UK) will aayS detecl a malerial misstatemenl when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on Ihe basis of these financial statements. Extent to whlch the audlt was capable of detectlng irregularltles, Includlng fraud Irregularities, including Iraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo detect material misslatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecling irrogularities, including fraud is detailed below.. Our audit procedures were design8d to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the 8vents and Iransaclions reflected in the financial statements, the less likely we are to become aware of it.
THE EXAIREO TRUST LTD INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE EXAIREO TRUST LTD A further description of our responsibilities is available on the Financial Reporting Council's website at: www.Irc.org.ukJauditorsresponsibilities. This description lorms part of our auditor's report. As part of an audit in accordance with ISAS (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also.. Identify and assess the risks of material misstatement of the financial stalements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is 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 Irom error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audii procedures that are appropriate in the circumstances, but nol for the purpose ol expressing an opinion on the effectiveness of the Charity's internal control. Evaluate the appropriateness of accounting policies us8d and Ihe reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the Irustee's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubl on the Charily's abilily to continue as a going concern. If we conclude that a malerial uncertainty exists. we are required lo draw attention in our auditor's report to the related disclosures in Ihe linancial stalemenls or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future evenls or conditions may cause the Charity to Gease to continue as a going concern. Evaluat8 Ihe overall presentalion, structure and contenl of the financial statements. including the disclosures, and whether the financial stalements represent the underlying transactions and events in a manner that achieves fair presentation. Oblain suff icient appropriate audit evidence regarding the financial information of the entities or business activities within the Charity to express an opinion on the financial statements. We are responsible for the direction, supervision and performance ol the Charity audit. We rernain solely responsible for our audit opinion. We communicate with those charged with governance regarding. among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report This report is made solely to the Charitable Company's members, as a body, in accordance with Chapler 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might stale to the Charitable Company's members those matters we are required to slate to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do noi accepl or assume responsibility to anyone olher than the charitable company and its trustees as a body, for our audit work, for this report, or for the opinions we have t ed. Nell Coupland CA (Senlor Statutory Auditor) For and on behalf of RWB CA Llmlt8d, Statutory Audllor Northgate House North Gate New Basford Nottingham NG7 7BQ 5 December 2024
THE EXAIREO TRUST LTD STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Nole Turnover Operating Expenditure Other Income 881,855 11.136.027) 313,713 824,629 {1,052,4641 165,176 Operatlng Surplusl(Deflcit} 59,541 164.0091 Profit on disposal of fixed assets Interest receivable Interest and linancing costs 12,534 10,195 Surplus/{Deficitl before tax Taxation 47,007 172,8541 Tolal comprehenglve Income tor the year 47.007 (72,854} The Charty's results relate wholly to continuing activities. The accompanying notes form part of these financial statements. The financial statements were approved by the Board on 5 December 2024 Mr G Bradshaw.Mays Trustee Mrs C Brady Chalr of Trustees
THE EXAIREO TRUST LTD STATEMENT OF CHANGES IN RESERVES AS AT 31 MARCH 2024 Unreslrlcted Income & Expenditure Reserve Restrlcled Reserve Total Balance as at 1 April 2022 282,028 1,088 283,116 Total comprehensive income for the year 72,015 839 72,854 Balance as at 31 March 2023 210,013 249 210,262 Total comprehensive income lor the yaar 25.216 Balance as at 31 March 2024 231,804 25,465 257 269 io
THE EXAIREO TRUST LTD (REGISTRATION NUMBER 06595498) STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2024 2024 2023 Note Flxed Assets Tangible fixed assets 263 890 270 521 Current Asséts Trade & other debtors Cash & cash equivalents 89,310 81,296 175,782 134,045 Credltors: amounls falllng due wlthin one year Net current assets 136,342 83,078 Total assets less current liabilities 400,232 353,599 Credltors: amounts falllng due after more than one year 142 963 143,337 Tolal net assets 257,269 210,262 Reserves Income & expenditure reserve Restricted reserve 231,804 210,013 249 Total reserves 257,269 210,262 The financial statements on pages 11 to 27 were approved by the trustees, and authorised for issue on 5 December 2024 and signed on their behalf: Mr G Bradshaw-mays Truslee Mrs C Brady Chalr ot Trustees li
THE EXAIREO TRUST LTD STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Net cash generated from operating aclivilies 53,807 115.118) Cash flow from Investlng actlvltles Purchase of tangible fixed assels Sale of tangible fixed assets (5,9051 400 {14,0911 48,302 129,209) Cash flow from flnanclng acllvltles Interest paid New loans Loans paid (12,534) 110,195) Repayments of borrowings 5.114 {14,579) 115,309) Nel change In cash and cash equlvalents 33,723 144,5181 Cash and cash equlvalents at beglnnlng of the year 97,267 Cash and cash equlvalents at end ol the year 86,472 52,749 The accompanying notes form part of these financial statements. 12
THE EXAIREO TRUST LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Legal siaius The Exaireo Trust Ltd is registered under the Companies Act 2006 and is a registered provider of social housing and a registered charity. Accounting Pollcle8 Basls of accountlng The financial statements of the Charity are prepared in accordance with UK Generally Accepted Accounting Practice (UK GAAPI including Financial Reporting Standard 102 (FRS 1021 and the Housing SORP 2018: Statement of Recommended Praclice for Registered Social Housing Providers. and comply with the Accounting Direction for Private Registered Providers of Social Housing 2019. Basls of preparatlon The Exaireo Trust Ltd meets the definition of a public benefit entity in accordance with FRS 102. The financial statements are presented in Sterling (£1. Golng concarn The Charity's business aclivities, its current linancial position and factors likely to affect its future development are sel out within Ihe report Irom the board. The Charity has in place long-term debt facilities which provide adequate resources to finance committed development programmes, along with the Charity's Day to day operations. As part of the going concern assessment and conclusion, the truslees believe they have strong controls within a very detailed risk assessment to minimise the risks to staff and residents. On this basis, the board has a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future, being a period of at leasl twelve months after the date on which the report and financial statements are signed. The board have considered the foreseeable future for their going concern assessmenl to cover the period to 30 September 2024. On this basis, the board continues to adopt the going concern basis in the financial statements. Slgnlflcant judgements and esiimates Preparation of the financial statements requires manag8m8nt to make significant judgments and estimates. Useful Ilves ot depreclable assets Management reviews its eslimale of Ihe uselul lives of depreciable assels al each reporting date based upon the expected ulility oflhe assets including any components. Uncertainlies of these estimates relate to technological obsolescence Ihat may change the utility of certain software and IT equipment, changes to Decent Homes Standards and changes to energy efficiency requirements which may require more frequent replacement of key components. Accumulated depreciation ot housing properties as at 31 March 2024 was £25,389. The carrying amount of the housing properties was £230,956 at the year ended 31 March 2024. Turnover and revenue recognltlon Turnover comprises rental income receivable in the year, and othar s8rvic8s included at the invoiced value of goods and services supplied in the year and grants receivable in the year. 13
THE EXAIREO TRUST LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Aceountlng pollcles (contlnued) Donations are recognised when the charity has been notrfied in writing of both the amount and settlement dale. In the evenl that a donalion is subject to conditions that require a level of performanc& by the charity before the charity is enlitled to Ihe funds, the income is deferred and not recognised until elther those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity, and it is probable that these conditions will be fulfilled in the reporting period. Donated services and facililies are included in income at a valuation which is an estimate of the linancial cost borne by the donor where such a cost is quantifiable and measurable. No income is recognised when there is no financial cost borne by a third paty. Taxaiion The Exaireo Trust Ltd is a registered Charity and is, therefore, exempt from taxation upon profits arising from its charitable activities. Debtors Short term debtors are measured at the transaction price. Loans receivables are measured initially at fair value. Credilors Short term Irade credilors are measureLI at the transaction price. Olher financial liabilities, including bank loans, are measured inilially at fair value, nel of transaction costs, and are measured subsequently at amortised cost using the effective interesl method. Employee Benellts Short-term employ8e benefits and contributions to define(J contribution plans are recognised as an expense in the period in which they are incurred. Hou¥lng propertle8 - Propertles held al cost Housing properties are properties held for the provision of social housing or to otheiSe provide social benefit. Housing properties are principally properties available for rent and ar8 Stated at cost less acLumulaled depreciation and. Cost includes the costs of acquiring land and buildings. Government grants Government grants include grants receivable from local authorities, and other government organisations. Grants relating to revenue are recognised in income and expenditure over the same period as the expendilure lo which they relale once reasonable assurance has been gained that the entity will comply with the conditions and that the funds will be received. Grants due from government organisations or received in advance are included as current assets or liabililies. Other grants Grants received from non-government sources are recognised using the performance model. A grant which does not impose specified future performance conditions is recognised as revenue when the grant proceeds are received or receivable. A grant that imposes specified future performance-related conditions on the association is recognised only when these conditions are met. A grant received before the revenue recognilion criteria are satisfied is recognised as deferred income. 14
THE EXAIREO TRUST LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles (contlnued) Deferred income represents amounts received for future periods and is released lo incoming resources in the period for which il has been received. Such income is only deferred when: The donor specifies that the grant or donation must only be used in future accounting periods., or The donor has imposed conditions which must be met before the Trust has unconditional entillement. Depreclalion of houslng propertles Where possible the major components of housing properties are separately identified and depreciated to write down the cost of each component to its estimated residual value on a straight-line basis over its estimated useful economic life. Unless identified at acquisition, newly acquired properties are treated as a single structure until subsequent valuations and/or replacement expenditure is quantified. The charity depreciates the major components of its housing properties al the following annual rates.. Structure and roofs Kitchen and bathrooms 100/0 Freehold land is not depreciated. Other tanglble flxed assels Other tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided evenly on the cost oftangible fixed assets to write them down to their estimated residual values over their expected useful economic lives. No depreciation is provided on treehold land. The principal annual rates used for other assets are: Motor Vehicles Computer Equipment Fixlures, Fittings & Equipment 25¥0 reducing balance 33.330/0 straight line 16.670/0 Slraight line Leases Rentals paid under operating leases are charged to income and expenditure on a straight-line basis over the lease term. Reserve8 Unrestricted income funds are general funds thai are available for use at the trustee's discretion in furtherance ol the objectives of the charity. R8Stricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose. 15
THE EXAIREO TRUST LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Partlculars of turnover, cost of sales, operatlng costs and operallng surplusl(defl¢lt) 2024 Operaling expendilure Cost of Sales Operatlng (deflclt) Turnover Soclal hou8lng lettlngs 881,855 1293,2341 (701.5851 1112,962) Other social housing actlvltles Charges for support services Olher Acllvltles other than soclal houslng 313,713 (216) {153,5281 159.969 1,195,568 {293,448} 1855,113) 47,007 2023 Operatlng Expenditure Cost ol Sales Operatlng (deficit) Turnover Social housing lettings 824,629 {217,058) 1680,898) (73,3271 Other soclal houslng actlvltles Charges for support Services Other Actlvltles other than soclal houslng 165 176 216 164487 473 989,805 1218,6241 (845,385) (72,8541 16
THE EXAIREO TRUST LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Particulars of turnover, cost ot sales, operating costs & operatlng surplu81{detlclt) (contlnued) Homeless needs supported houslng 2024 2023 Rent receivable net of identifiable service charges Donations Grant 881,855 824,629 Turnover from 80clal hou81ng lettlng8 881,855 824.629 Dlrecl costs Rent Rates and water Light, heat and power Repairs and mainlenance Other direct costs 143,608 21,802 63,138 32,737 31,949 128,661 19.195 46,221 7,882 15,099 293,234 217,058 Olher operatlng expendlture Wages and salaries Staff NIC Staff pensions Trustee remuneration Trustee NIC Travelling Rent Rates and water Light, heat & power Insurance Other expenses Repairs & maintenance Telephone Off ice expenses Motor expenses Training Personal support costs Accountancy costs Independenl examiners fees Legal and professional fees Depreciation of housing properties Loan and mortgage inl8rest paid Other interesi paid Bank fees 452,875 28,433 9,275 71,883 7,170 5,250 16,250 1,667 4,101 7,721 14,433 12,341 8,537 24,419 4,419 1,011 1,941 2,436 10,740 423,178 24,642 7,972 67,624 6,955 14,010 26,380 2,183 1,385 9,680 19,997 11,614 12,931 21,911 4,791 1,071 3,356 3,180 3,600 3,627 10,195 3.627 12,534 522 616 701,585 680,898 17
THE EXAIREO TRUST LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Partlculars of iurnover, cosl of sales, operatlng costs & operatlng surplusl(detlclt) (contlnued) Actlvltles other than social housing 2024 2023 Donaled goods and services Donation income Grants Other revenue 40,483 80.247 66,232 126 751 34,567 32,821 5,695 92,093 Turnover from olher actlvltl•s 313,713 165,176 Fundraising costs 216 216 Wages and salaries Staff NIC Staff pensions Depreciation of other fixed assets Rent, rates and water Light, heat and power Telephone Insurance Motor expenses Bad debt Loss on asset disposal Travelling Personal support costs 65.553 3,897 1.113 8,103 40.414 6,022 492 550 424 3.668 406 551 22,335 77,531 3,742 1,261 13,237 31,277 5.467 31,972 153,528 164,487 18
THE EXAIREO TRUST LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Operatlng surplusl(detlclt) The operaling surplusl{deficit) is arrived at after chargingl(creditingJ 2024 2023 Depreciation of housing properties Depreciation of tangible fixed assets Deficit on disposal tangible fixed assels Operating lease rentals Land and buildings 3,627 8,103 406 3,627 13,237 200,272 184,699 Employees The average number of persons employed by the charity (including truslees) during the year was- 2024 2023 No. Adminislration Housing, support and care 30 31 38 42 The aggregate payroll costs of these persons were as follows: Wages and salaries Social security costs Other pension costs 588,582 39,499 12,118 566,778 35,340 10,787 640,199 612.905 Mrs B Wallington received remuneration of £38,909 (2023: £36,817), employer pension conlribution of £980 (2023: £917) and travel expenses of £Nil12023'. £Nil} in her capaciiy as Support manager. Mr G Bradshaw-mays received remuneration of £31,245 (2023: £29,251) for support working, and travel expenses of £2,51812023: £1,167). No directors received remuneration for their role as trustees. No employee received emolum8nts of more than £60.000 during the year12023- No. Nil) TaxatSon The company is a registered charity and is, therefore, exempl from taxation. 19
THE EXAIREO TRUST LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Tanglble flxed assets Soclal Houslng Propertles tor lettlng Plant and machlnery Including molor vehicle8 Cosl As al 1 April 2023 Additions Disposals 256.345 83,988 5.905 12,589 As at 31 March 2024 256.345 77,304 Depreclatlon As at 1 April 2023 Charge for the year Disposals 21,762 3,627 48,050 8,103 As at 31 March 2024 25,389 44,370 Nel book value As at 31 March 2024 230,956 32,934 As at 1 April 2023 234,583 35.938 The number of units managed by the charity at the start and end ol the period were: 2024 No. 2023 No. Homalass ne8ds supported housing 51 Dobtors 2024 2023 Trade debtors Other debtors Prepaymenls and accrued income 50,143 8,635 30,532 52,875 9.253 19.168 89,310 81,296 Included within Trade deblors are: Rent and service charges Less provision for bad debts 40,143 43.702 38,543 43,702 20
THE EXAIREO TRUST LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Credltors: Amounts falllng due wllhln one year 2024 2023 Bank and olher loans Trade creditors Taxation and social security Other creditors Accruals and delerred income 2,125 1.336 9,678 10,954 15,347 3,797 6.284 9,870 12,233 18,783 39,440 50,967 Accruals and deferred income include the following deferred income.. As at 01 April 2023 Resources deferred in the period Amounts released from previous periods 5,833 779 5,833 779 5.833 As at 31 March 2024 5.833 10. Credltors." amounts talllng due after more Ihan one year 2024 2023 Bank and other loans 142,963 143,337 The bank loan is repayable as follows: ithin one year Within ono to two years Within and five years Five years or more 2,125 2.125 6.374 134,464 3,797 3.797 11,391 128,149 145.088 147,134 The bank loan is repayable by monthly instalments. with interesl charged at 8.45¥.' the loan is secured by a charge over the property. 11. Operatlng lease commllments As at 31 March 2024 the charty has annual commitments under non-cancellable operating leases as lollows.. Operating leases: Land and bulldlngs 2024 2023 Total operating leases 290 399 252.474 290,399 252,474 21
THE EXAIREO TRUST LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12. Capital Commitment Capital commitmenl of £4.551 existed at the year-end (2023: £Nil). 13. Related partles Controlllng entlly The charity is conlrolled by the trustees who are also directors of the company. Related party transactlons G & S Servlces (E.Mlds) Communlty Inlerest Company Mrs B Wallington is a director of this company. During the year The Exaireo Trust Ltd paid £Nil12023: £Nill to this company for goods and services supplied. There is an outstanding balance of £Nil (2023.. £Nil) included in creditors. During the year The Exaireo Trust Lld received £Nil (2023- £Nil) from this company lor the supply of goods and seNices. There is an outslanding balance of £25012022.. £250) included in trade debtors. Included within other debtors is a loan of £2,711 (2023.. £3,911). This is due from the company to Exaireo Trust Ltd. Mrs J Mlllman Iwife of the Chairman} During the year, Mrs J Millman received a salary of £15,872 (2023. £14,950). Mrs Tracy Bradshaw-mays During the year, Mrs Bradshaw-mays received a salary of £18.123 {2023: £1.6641. Mr Barry Mays During the year, sale of £800 was made to Barry Mays and the debt outstanding is included within accounts. 14. Members Ilablllty The charity is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amounl not exceeding £1 towards the liabilities ol the charity in Ihe event of liquidation. 22
THE EXAIREO TRUST LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 15. Funds analysls At1 April 2023 At31 March 2024 Incomlng Resources Resources Expended Transfers General funds Unrestricted income fund 210,013 1,151,497 11 ,132,9431 3,237 231,804 Total unrestrlcted lunds 210,013 1,151,497 11,132,943) 3,237 231,804 Restrlcled funds Residents Fishing Club Women's Recovery House Clothworkers Trust St Martin in the Fields Nutrition Course Garfield Weston Foundation Drug & Outreach work 249 172) 177 5.000 4,334 954 5,000 10,000 954 2,284 20,000 5,833 (2,429) 13,237) (2,284) (5,0001 5,833 15,000 249 44,071 (15,618) (3,237) 25,465 210,262 1,195,568 {1,148,561) 257,269 Residents Fishing Club was established by a grant from Charnwood Borough Council. Drug & Outreach work- funding to contribute towards staff cost of the project. Women's recovery House- To purchase a vehicle. Clothworkers Trust- Purchase of Minibus. St Martin in the Fields- Resiclent deposit for G Sinclair & T Bennett. Nutrition Course - Leicester & Rutland Community Foundation for Manna & Artem courses. Gartield Weslon Foundation - Outreach worker salary and the Reuse Project costs. 16. Cash flow from operallng actlvltles 2024 2023 Surplusl (Deficit) for the year Adluslments for non.cash Items: Depreciation ol tangible fixed assets (Increase) in trade & other debtors Increase/ (decrease) in trade & olher creditors Adjuslments lor Investlng or flnanclng actlvltles: Net loss on sale of fixed assets Interest payable 47,007 (72,8541 11,730 18.015) 19,8551 16,864 10.497 20,180 406 12,534 10,195 Net cash consumed by operatlng actlvllles 53,807 {15,118) 23
THE EXAIREO TRUST LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. Cash flow trom operatlng actlvltles (contlnued) At1 April 2023 Olher non- cash movements A131 March 2024 Cash flows Cash Bank loans due within one year Bank loans due greater than one year 52.749 (3,797) 33,723 86,472 (2,125) 1,672 1143.337) 2,045 (1 ,6721 (142,964) Total (94,385) 35,768 (58,617) 18. Value lor Money Standard Intmduction As part of the Value for Money Standard.. The Regulator of Social Housing has adopied a series of regulatory metrics as a tool to keep a consistent measure of Value for Money (VFM) across all providers. Melrlc to Measure Ouicome Reinvestment°/. (due to the nature of the project we have not developed new stock during this financial year) NIA New Supply Delivered •/. (due to the nature of Ihe project we have not developed new stock during this financial year) NIA Gearing (Housing Properties at cost) 22.8Tr Earnings before inlerest, tax, depreciation, amortisation, major repairs included Interest Cover /• 471.86% Headline social housing cost per unit £18,422 Operating Margin ¥. - social housing only (12.81)% Operating Margin O/. overall 3.930 Return on capital employed 11.75% Valu for Mone Standard - Exalreo, wnme In addition to the 7-core metrics, sel by the Regulalor, organisations can choose other metrics that b8St define their ethos. All these metrics are reported in, or with, the annual accounts. 24
THE EXAIREO TRUST LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Chooslng What Exaireo Wlll Measurn Exaireo specialises in Supported Housing for homeless persons many of whom have life controlling issues such as mental heatth. drug or alcohol dependency, offending behaviour or other issues which affect their ability to successfully mainlain a lenancy. Our aims are not only to provide somewhere lo live, but lo address the causes of homelessness. A major part of this is for residents to develop new routines and keep active with positive activities. Therefore, alongside meeting the raw homelessness ne8d, as effectively as possible, by providing a good standard of housing. Exaireo has always had Ihe ethos of keeping resident active, in positive ways, to help their recovery and 'move them on, in their lives, rather than just provide Ihe accommodation for a'steady stale, existence. This has been with a 'vision' for future work readiness, as working is a major part of future independence and builds self-esteem in the meantime. Exaireo has developed an innovative Work Ladderprogram to move residents on from just somewhere io live (the bottom rung), stepping-up through volunteering, ESA Permitted Work, etc, to eventual full employment (the top rung}. We have translated these objectives into our own Metrics- see table 1 below. Exalreo's Slraleglc Oblectlve Meirlc lo Measure our VFM Achlevemenl Meeting the homelessness need in the loGal community as effectively as possible VOID management". Occupancy Keeping residenls positive & active and building work-readiness Work Experience I Volunteering hours Providing a good standard of housing Meeting the Decent Homes Standard IDHS) Overall Satisfaction Providing an excellenl service lo make a real difference in the lives of our residents Complaint Resolution 25
THE EXAIREO TRUST LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 VFM Achlevement In 2023-24 For this year's outcomes, against our chosen metrics, please see table 2 below. Mèlrlc to Measure our VFM Achlevement 20¥J-24 Oulcome Measure VOID management: Occupancy 93.3% Occupancy Rale of unils available lo let Work Experience I Volunteering hours 109.6 Average Resident hours per weekl Meeting the Decent Homes Slandard IDHS) 100% Units meeting the DHS quality measure Residents either Very or Fairly Satisfied with the overall Exaireo service Overall Satisfaction 90.9% Complaint Resolution Complaints resolved within the target timescale Exaireo encourages a work ethos Ihrough resident volunteering whilsl building work experience and other transferrable skills e.g. teamwork. We keep statistics to demonstrate this unique extra value provided, not only to the resident themselves, but also to Exaireo and indeed the wider community. Our statistics are limi18d to our Reuse unit only, at the present time, and so do nol include external or other internal plac8ments that ar8 also taking place. Hence overall volunleering is a degree larger. INote: the hours figures apply purely to resident volunteers / work experience and does not include the numerous externally sourced hours provided to our charity by generous members of our local communityl. Tenant Satlsfactlon Measure (TSMI standardised survey question on overall satisfaction from the 2024 TSM Exaireo Resident Survey. Tenant Satlsfactlon Measures (TSM s) The overall satisfaction measure has been taken frorn our 2024 TSM Exaireo Resident Survey and used as a metric here as we have historically always reported on that measure. There are 11 other TSM'S, via survey questions, along with 10 TSM'S generaled from management information. The Decent Homes Standard metric is related lo one of the latter TSM'S. It has been decided that our overall TSM'S will be reported separately. This is because the Tenant Satisfaction Measures ara part of a different Standard: the new Transparency, Influence and Accountability Standard, not the Value for Money Standard Ihat these metrics are part of. It was felt that to include all 22 TSM'S here would blur the respective Standards reporting, although there is a degree of overlap. To combine the two may also risk the document becoming too cumbersome, less specialist and so less readable. Hence the 22 overall TSM'S will be reported separately, in a new area of Exaireo's website. 26
THE EXAIREO TRUST LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Comparlson th 2022-23, Benchmarklng and Targets for 2024-25 Exaireo is a member of the Acuity Small Provider Benchmarking {SPBMI service. This helps us to benchmark (compare) the various elements and oulcomes of our service with other similar organisations or peer groups. Not all aspects ol our service can be benchmarked, due to the bespoke nalure of our service. Where benchmarking data is held by SPBM, il is given in relalion to each of OUT chosen melrlcs. With reference to the prevlous tables, the benchmarking data, together with our existing and proposed targets for the torthcoming 2024-25 reporting year, are summarised in table 3 below. The table also allows comparison with our outcomes for the previous 2022-23 reporting year. 2022-23 2023-24 202*25 Metrlc 2023-24 Outcome Outcome Benchmark Target Targel Occupancy Rate 96.1% 93.3% 92.07°/. 90P Resident Volunt8ering (hours per week) 162.1 109.6 100 NJA 100 Meeting DHS 100% 100% I OO°/• 97% 97% Overall Satisfaction 90.3% 90.9% 85.65°h Complaints Resolution 100% 100% 100°/. Benchmarking obtained via Acuity Small Provider Benchmarking, peer group & Acuily medians for 2023124. Tar The Resident Volunteering target for 2023-24 had been reduced to 100 average resident hours per week as external and other internal activities {e.g. Exaireo's allotment, placement with the Maintenance Team, etc) are no longer being robustly measured. Hours are now only being recorded for our Reuse Warehouse Unit hence, also, the reduction when compared with the previous year. Although stats are no longer being robustly captured for other residenl activities, these activilies are indeed still carrying on. The volunteering target will remain in place, at the same level. even though we only just met it this year. This should provide incentive for growing this area of service. Other targets remain the same and are realistic allhough they look low. This is due to the very low sample- sizes involved as Exaireo is a very small provider, wilh just 54 directly managed units as of 3151 March. Hence it would only take 1 actual failing to radically change an outcome. E.g. Exaireo received only 6 complaints in this year. 27