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 a￿ayS 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 othe￿iSe 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