Company number: 06595498 Charity registration number.. 1125402 Thè Exalreo Trust Ltd (A ￿MpanY Iwnited by guarantee} Annual Report and Financial Statements For the YeaT Ended 31 March 2025 THE EXAIREO TRUST LTD CONTENTS Referenc8 and Administrative Details Trustees, Report 2to4 Statement ol TnJste8s' Responslbilitie5 Independent's Auditors Report 6t08 stalernent of Comprehensive Income Stalernent of Changes in Reserves 10 Stgt8m8nt of Financial Position Statement of Cash Flows 12 Notes to th• Financlal Stslemenls 13to28 THE EXAIREO TRUST LTD REFERENCE ANO ADMINISTRATIVE DETAILS Charlty regi•tratlon numb•r 1125402 Company regi¥tration numbor 06595498 The Charity is incorporated in England & Wales Prfnclpal offlco 5 The Coneries Loughborough Leiceslershire LEI1 1DZ R•gl8t•rod offlco Northgale House Norlh Gale New Basford Nottingham NG7 78Q TruAle•8 Mrs C BrRdy- Chair Mr G Bradshaw-mays Mrs B Wallington Mr M Millman Mr 5 Scogglns MrA Aiman Secretary Mr C York 8•nk• CAF 8aftk Ltd 25 Kings Hill Avenue Kings Hill Wesl Malling Kent ME19 4JQ AsFDuntant RWB CA Lt Norlhg8te House North Gale New Basforu Noth'ngham NG7 76Q Audttor TAG Assur8nce Services Limited 8 Pendeford Place P8nd8ford Businéss Park Wolverhampton Wesl Midlands WV9 5HD THE EXAIREO TRUST LTD TRUSTEES REPORT The trustees, who are directors for th8 purposes of company law, present the annual report together with the financial slalements and audilors, report of th8 Gharilable company for Ihe year ended 31 MarGh 2025. This report includ8s the narrative reportt'ng requyements of the Housing SORP 2018. Ref8rence and admlnlstratlvé d•talls Referenc8 and 8dministraliv8 details are shown in the schedul8 of members of the board and profes$ional advisors on page 1 of the financial staleffl8nts. Governlng document The Exalreo Trust Ltd is r8gistered as a cornpany Ilmlt8d by guarantee, governed by Its Memorandum and Articles of Associeilon. It is also a charity reglstered for charitablé purposes with the Cttarity Commi8sion. Tha charity also operate8 under the nam8 'Exaireo Reuse.: specrficaly, at it's back to work project based at th8 Wèldon Road site. Tru8t¢ès The trusieos have a range of professSonal and business skllls and experlene0 approprlat8 to the needs of the ch8rty. Full trustees, meetlngs are held at least slx monthly, usually quarterly, with the day to day operatlons b8lng delegated to sub groups as appropriate. New trusl8ès arè sought in the event of a currant trustee retirlng and invit8d lo join Ihe Trust8e body11 they C8n fill any nècèÈs8ry professional skllls gap8. New trustees are provlded wilh 8 copy of Iha Memorandum and Artlcles of Assoclalion. the lal•st flnancial statements and th8 Charlty Commission publlcalion The E888ntlal Truslee.. What You Need to Know. The trustees are encouragad to undertake the approprl2te training and are glven tha opFortunlty to visft the Ch8rlty's properties 8nd meet the residents. The company provides truste8 indemnity insurance for all tru8tees. Rlsk review The Trustees have assessed the major r￿kS to which the charfty Is expo$ed and are satisfied that systems are in pla￿ to mitigat8 exposure to tliose risks. The Trustees are Confident that the reserves held by ihe Chartty are sufficlent to enable it5 continued operations. Oblectlve• and actlvltles Under it8 Memor8ndum th8 Charity is empowered to house, support, Gare and treat por80ns in need who are homeless and suffering from the 8ffecls of povety. sickn968. disabillty, old age. alcohollsm, drug addiction, offending behaviour or any other rnental or physic81 infirmity, as an expression of Chrlstian falth. The objectives ol the Charity are wilhin the Charity Commisslon's guidance on public benefit, The company is managed by the Irustees, two of whom have execullve roles. Fundra181ng disclosures Th8 eharily does not cary out significant fundraising acb'vities that requi￿ di8closure under the Charilles Act 2011. Publlc ben•llt The trustees Confimi that they have complied with the requlremenls of section 17 of the Charlties Act 2011 to have due regard to the publiG benefit guldance published by the Charity Comfflisslon for England and Wales. THE EXAIREO TrUST LTD TRUSTEES REPORT Achlevements and porfomiance The charily. now h8vlng completed 16 years of operation, has main18ined a diverse range of courses and activities for resldents, as well as offering a high quality of support and accommodation. The Charity has 54 bed-spaces for Clients in need. Strong ongoing contro18 on collectlon of ineligible rent and Housing Benefit continued Ihe good levels of income seen during this financial year. Void levels remained low. improving this year to 5.5%. AS a Regi8tered Provider of Social Housing the trustees are keen to a861st smalbr charities around the UK to start up sirnilar temporary supported housing prqects. We are pleas6d lo report that the projects in Manchester, Worc8St8r, Loughborough, Mansf181d and Covenlry continued to provide help to those in n88d. We are still in discussions with olh8r similar proj80ts to expand this side of (Mjr work grBdually. This work helps the charity to meet it's alms of supporting a larger number homeless adults than would be pas￿ble just in Loughborough. Throvghoul the year, all slaff contlnued to deliver courses and aclivilie5 to residents, most continue to b8 in the areas of anger management and lifestyle, but others catered for special inlerests, crafts and general18i$ure time. Induding gam8s evenings, art courses, craft. music and sport. The charity's allotment plot has continued to be an ar8a of development, provldlng a safe spa¢¢ for Som8 of our most vulnerable rosldents. The charlty has been very f¢rtunate to obtain the support of addillonal volunteers to help with a numbèr of areas of our work Including working In recapllon at th? office, 5UPPOrting resiéents al the Reu88 Project and accompenying our residents to appoinlments. We also ran 8 SUCC8ssful oU￿ard.bound week in Edale lor residants. Our main office in Loughborough has conllnued lo b8 an e55ential tool In Ihe provislon of support to our residents and olheTS in need in the local comrnunity alongside the Reuse Project. The 'Exalreo Reuse, back to work program for residents has contlnuéd to develop and grow, off8ring largele 8upport to residents, helping tfvem lo find educ8tion and work experience that le8ds lo worthwhile ernploymenl. The prolect boasts an excellent reputation and social medla followlng and has proved very popular wlth our residents. Signiflcant amounts of furnlture and p81nl have been saved from landflll or incineration and the local community are bgnafittin9 by purchasing low cost quality items. The Pallet Project has been successful. recycling old wooden pallets into garden furnlture, Christmas decoratlons and other household items. Ovèr the year, we continued to Show a positive level of suecèss in the rehabilitation of our r8sldent$. We received 472 roferrel8 for ac￿MmodatIOn during the year la 30Vo increase on previou8 yearl and 52 new resldents were housed by the Trust, 104 unique resldènts Iivod with us in total durlng the year, Around 40% of th08e who left us dlé so sucGessfully as part of a planned rnove￿n. Even for those whom we had lo evict, (rnainly for non-payment of their renll. a signific8nt proportion had made considerable improvemenls in Ihoir kfestyle, while with us. We have 8een increased levels of reftsrrals recently ￿sUltIng from the ongoing cost ol living cri8is and the 81gnificant number of asylum seekers and refugees housed locally in temporary ac￿MModa￿.0ll as they are given leave to remain. The Exair80 Trusl has adopted thè CharitSes Commission Code of Goc4J Governance and the tru8tee8 confirm compliance with the Gov8mance 8nd Financial Viability Standard. The Trustees have r8viewed the Internal control systems in place and are satlsfled thal they provlde strong wntrols over the resources Df the tharly. Flnanclal revlgw The trustees are pleased to report the increase in core tumover to £938,70212024'. £881,855). There have also been strong increases in grant and donation incom8 and 8 Steady rise in fees 8arned from supporting umbrella organis81l￿s. With the inGreas8d expendilure, partiCLblarly slafl wages and salaries and rent this year shows a deficit of £38,466 compared to the surplus of £47,007 in last year. THE EXAIREO TRUST LTD TRUSTEES REPORT Rgseryg¥ policy The charity has total reserves of £218.80312024.' £257,269). Of these reservès £6.010 is restricted {2024: £25.465) therafore free reserves ar8 £212.793 (2024: £231,804). The trust888 will r8view the18vel ol reserves ennuallywhen approving tho annual accounts and business plan. The policy is for the charity to grow and malntaln lis free reserves to 250/0 of lumover, thls provldlng a reasonoblg Gu$hlon against the possibility of some proporties bgin9 relinquished back to their landlord8 and againsl any future exiraordinary property mainlenance needs or business fluGtuatlon. The Iruslees, intention Is that this goal wlll be achreved each year, but of necesslty this may have to be lempered by Ihe costs incurred in further grovAh as well as the ongoing social objective ofthe ch8rfty to provide ft)r the personal, heatth and sklll-relatèd rehabilitation of the résidents, Where possible this latter objectNe will be resourced by grants 8nd donations, bul som8 asp8cts will need to be funded from retained revenue. Investfflont pollcy There are no restrlcllons on the Charlty's power to invest. The trustses will detormino tho raqu1￿MentS of the Charity in the short, medium and long temi. It wlll make, change or malntaln Its Inve81m8nt6 in thé light of these reqU1￿MentS and the advlc8 of sultably qualified advisors Futur• d•v•lopmonts The Charity continu68 to support other charltsble organi8ation8 around the UK to provldè temporary supported accommodatlon In the areas that they operate. Th8 ehartty plans to purcha86 propertia8 in future to r6duce the relioncg onlondlords, Any growth in thig are8 will be gradual, Dl*clo8ur• ol Infonnatlon to audltor Each trustee has taken 8teP8 that they ought to have iaken as 8 trustee In orOer10 make themselves aware of any relevant audlt Inform8tlon and to estsbllsh that the Charily's audltor Is Aware of that inform81ion. The trustees confirm that there Is no relevant Informaiion that they know of and of whlch they know ihe audrtor Is unaware. Small comp?nl?s provlgl¢n •tat•m•nt Thls report has been prepared in accordance with the small companies, reglme under thé Companies Act 2006. The annual report was gpproved by the tru$tge6 of the Charity on 191h January 2026 and signed on its behair by., Mrg C 8rady Chair of Trust•O8 Mr G 8radshaw-May5 Trusto THE EXAIREO TRUST LTD STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees (who are also directors of The Exaireo Trust Ltd for the purposes of company law) are fesponslble for prgparing th6 twst88s' report and th8 financial stJt8m8nts in accord8nce with applicable law and United Kingdom Accounting Standards (Unlt8d Kingdom Generally Accepted Acujuntin J Pra¢tiC8), Induding FRS 102 The Financial Reporting skndard applicable in the UK and Republ1¢ ol Iieiand". Company law requires Ihe trustees to prepare financial statements for eath financial year. Under company law the trustees must nol approve the Ilnanclal statements unless they are satisfied that Ihey give a tnje and fair view of the state of affairs of the charitable company and of Ihe incnming resources and applicatson of r8sources, including the income 2nd expenditure. of the charitable company for thai period. In preparing thes8 financi81 statements, the trust8es ara required lo.. select suitsble accounting policles and then apply them consist8ntly', obse￿8 the méthods and principlas in the Housing SORP make judgements and estima103 that are re830n8ble and prudent; 8t8te whether applicabl8 accounting standards. comprising FRS 102 hav8 beèn followéd, subject to any material departures disclo$ed and explained In the financlal $latèments', and prepar6 the flnandal statements on the golng concern ba818 unless ft18 Inapproprfate to pr88ume th81 the charltable company will contlnue in busSne$s. The trustées are responsible for keéping proper accourbting records that can dlscioge wllh r88son8ble accuracy at any time the financi81 posllion of the charitable company and ènable them to ensure Ihal the financial 8tat6ments comply wtih the Companies Act 2006. They are also r88pon8ible for 88feguarding the asset8 of lh8 GharitBble company and h8nc8 for taking reasonable slep$ for the prevention and detection of fraud and other Irregularltles. The trustees are responslble for the malntenance and Integrily of the corporate and flnanclal Informatlon included on the charitable company's website. Legislation governing the preparation and dlssemination of financlal ststemenls may differ from leglslation in other jurisdictions. Approved by the trustéès of the Charlty on 19th January 2026. and signed on Its behalf by., frrk Mrs C Brady Chalr ol Trustees Mr G Bradshaw-May5 Trust8e THE EXAIREO TRUST LTD INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE EXAIREO TRUST LTD Oplnlon We have audlted thé flnancial statements of The Exaireo Trust Ltd (the 'Charilable Company,) for the year ended 31 March 2025, which comprise the Statement of Comprehensive Income, Slaternenl of Changes in R6seNes, S1atement of Financlai positlon, Stslement of Cash Flows and Notes to the Flnanclal Ststements, Including a summary of signifi¢ant aC￿Unting pollcles in note 2. The financial reportlng fr8mework that has been applied in their preparation is United Kingdom Accounting Standards. inclLtding FRS 102 'The Flnanaal Reporting Standard applicable in Ihe UK and Republic of Ireland, and applicable law (United Kingdom Generally Accepted Accounling Practice). In our opinion the flnanclal statements.. giv@ a trua and fsir vi6w of tho state of tha ChariLqble Companys affair8 a8 at 31 March 2025 and of its income and expenditure for the year than énded; have been properfy prepared in accordan￿ with United Kingdom Generally Accepted Accounting Pr8Ctice,' and hav8 b88n prèparod in accordan¢8 wilh the requir8m8nt8 of th8 Companies Acl 2006, the Housing and Regeneratlon Act 2008 and Ihe A¢coundng Dlreclion for Prlvate R8gls18r8d Provld8r8 of Soclal Housing 2019. B•818 for oplnlon We conduct8d Our audlt in accordanc6 Wlth Inlematlonal Standards on Auditlng {UKI IISA6 (UKI} and applicable law. Our responsibililies unoer those standards ara further described in the auditor respon8ibili1188 for the audll of the flnancial slalements section of our report. We are independent of the Charltable Company In aGGordan¢e with the ethical requirernents Ihal are relevant to our audit of the flnancial statements In the UK, including the FRC'S Ethical Stsndard, and we have fulfilled our other ethical re8ponsibililies in aGcordance with these requlr&mentB. We believe that the audit evidence we have obtained 1$ Sufficient and approprlate to provide a basi8 lor our opinion. Conclu81on8 ralatlng to golng GonGern In auditing the financial statements, we have concluded that the Board's use of the going ¢oncem ba818 01 accounting in the preparation of the financial slalements is appropriate. Based on the work w8 havo performed, we have not Identttlad any m8tert81 uncertalnllés relating to evènts or corTdilion8 that, Indlvidually or collectively, may cast gignificant doubt on the Charltable Cofflpany's ablllty to continue as a going concern for a period of al least twelve months from when the orlglnal Ilnancial statements Were authorised for issue. Our responsibilltle5 and the responsibilitles of Ihe trustees wrlh respèct to going ¢oncem are descrfbed in the relevant secuons of thls report. Other Infonnatlon The other informalluTTr comprl$es the inforrnallon included In the Trustees, Report, other than the financial ststements and aur audltor's report thereon. The Board Is responslble for thè other infomation. The other information contained within in the annual report. Our opinion on the financial sL8lements does not cover the other information and. except to the extent otherwise explicilly staled in our report, we do nol exp￿88 any form of assurance conLlusion Ih8r80n. In connection with our audEt of the financial statements. our respon6ibility is to read the other information and, In doing so, consider whelher the other Informadon is materially inconslstent wllh the financlal 5telemenls, or our knowledoe obtained in the audit or otherwise appears Lo be materially misstated. If we identify Such malerial inconsistencies or apparenl material misstatements, we 8re required lo delemine whether there is a material misslatomant In the financial statements or a material rni88talement of the other inforrnation. If, based on tho work w8 have performed, we Cc￿clude that there is 8 material misstatement of this other information, we are requir8d lo report that fact. THE EXAIREO TRUST LTD INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ÉXAIREO TRUST LTD We have nothlng to report in thls regard. Oplnion on other matter prescribed by the Companies Act 2006 lrn our opinion, based on the work undertaken In the course ol the audit: the information given in Ihe Trustees, RepoTt the financial year for which the fina￿la1 slat8ments are prepared Is consistent with the financial statements,. and thg Trustees, Report hes been prepared in 9ccordance with applicable legel requirements. Matters on whlch we are roqulred to report by exc•ptlon In the light of our knowledge and understanding of the Charitable Company and its environment obtained in the ttJuf8e of the audit, we have not identified material misstatements In the Trustees, Report. We have nothing to report in r88P8Ct of the following mattgrs where the Companies Act 2008 requires us to report to you if, in our opinion: a¢Jequ8te accountlng records have not been kept, or relums adequate for our audit have not been received from branches not Vlsiled by u8; or the financlal ¥talements are not in agreernent wlth the arxountlng records and returns. or certain disclosures of direclors, remun8ralion specified by law are noi rnade; or W8 have not r8C8ived all the informatlon and explanatlons we r8quire for our audit. Rosponglbllltles of dlreclors As explained more fully in the Statement of Trustees. Responsibililles (set Dul on page 5), the truslees are responsible for the pfftparation of the financial statements and for being satisfied that they give a true and fair view, and for such intemal control as the Irustees determine is necessary to enable Ihe preparation of financlal statements that 8re free from material m18818tement, whether due lo fraud or error. In preparlng the flnanclal statemenls, the trustees are responslble for assÈssing the Charitable Company's ability to continue as a going concern, disdosing, as applicable, matters rélatéd to going concarn and using the going concern basis of accounting unless the tnjslees either intend to liquidate the Charitable Company or to cease operations, or have no realistic allemative but lo do so. Audllor rn8pon8ibllltles for the audlt of the flnanclal statements Our oblectlves are to obl8in reasonable assurance about whether the financlal statements 88 a whDle 8re free from matèrfal misstatement, whether due to fraud or error, and to ISSU8 an auditorfs report that includes our opinion. Reasonable assurance is a high level of as8uranc8 but is not 8 guaranlee that an audit conducted in accordan￿ wilh ISAS (UK) will a￿ayS delect a material rnisstat8ment when it 8xists. Misstatements can arise from fraud or error and are considered material if, individyamy or in the aggregate, they could reasonably be OXPeCted to influence the economic decisions of users taken on the basls of these flnanci81 s18t8m8nls. Extent to whl¢h the audlt was capable af detecting Irregularltigs, Includlng fraud Irregularities, Including fraud, are insl8nces of non-compliance with laws and regulations. We design procedures in line with our responsibilitl8s, Outlined above, to delecl malerlal misstalemenls in respect of irregulartlle5, Including fraud. The extent lo which our procedures are capable of detecting irregularlties. including fraud is detailed below- Our audit procedures were designed to respond lo risks of matenal misstatement in the financial statements. recognising that Ihe rtsk of not detecllng a mdtertal misslatem8nt due lo fraud is higher than the rlsk of not detecting one resulting from error. as fraud m8y involve deliberate concealrnent by. for example, forgery, misrepresentations or Ihrough collusion. There are inherenl Ilmltations in the audit procedures performed and the further removed non-compliance with laws and regulalions is from the 8vents and transactions reflected in the fin8nGial staternents, the less likely we are to becomè awar8 01 it. THE EXAIREO TRUST LTD INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE EXAIREO TRUST LTD A further descriptlon of our responsibilities is available on th8 Financial Reporting Council's webslte gl- www.frc.org.uklauditorsresponsibilities. This des¢rlplion forms part cf our auditor's report, As part of 8n audit in accord8nce with ISAS {UK), w6 8X8rcis8 professional judgament 8nd mainlain professianal SGepticism Ihroughout the audlt. We also.. Idenlify and assess the risks ol material misslatemenl of the financial statement5, whelher due to fraud or error, design and perform audit procedures respon8lve lo those risks, and obt8in audit evidence that is sufficient and appropriate to provide a basi5 for our opinion. The risk of nol detectlng a material misstatement resulting from fraud is higher than for ono rgsulling froTn 8rroT, 8s fraud may involve collLtsion, forgery, intentional omissions, misrepresentations, or the ovérride of interns control. Obtaln an understanding of internal control relevant lo Ihe audil in order lo design audll proGedures that are 8ppropriat8 in the ¢1r¢umstsnces, but not for the purpose of expressing an opinion on the effectiveness of the Charity's Internal control. Evaluat8 the appropriateness of accounting policies used and the reason8bl8n8ss of accountlng estimate$ and r8lat8d disclosures made by the trustges. Con¢lude on thè appropriateness of the trustee's use of the going concern basls of accounting and, based on the audit evidence obtained, whether a matenal uncertainly exists related lo events or conditions that may cast signrficant doubl on the Charlty's ability to continue as a going conc8m. If we conclud8 that a material uncertainty exists, we are required to draw atténtion in our auditor's report lo the related dis¢losure8 in the financial slalements or, if sJch di8¢108ure8 are inad8quate. lo modify our opinion. Our conclusions are based on the audit ovidenGg obtained up lo the d8le of our auditor's report. However, future events or condilions May cause the Charity lo cease to continue as a going concern. Evaluat8 th8 overall presentation, slfUCtur8 and content of the financial slat8ments. including the disGlosures, and whether tha f1nancial slatgmenls represent the underlying transactions gnd events In a manner that achieves falr presentation. Obtain sufflcienl appropriate audil evidence regarding the flnanGial informallon of the entities or bu8iness activities within the Charlly lo express an opinion on the flnancial statements, We are responsibl8 for the direction, supervision and performance of the Charity audit. W6 remain solely responsibl8 for our audil opinion, We camfflunic818 wllh Ih08e charged with governance regarding, arnong other matters, the planned scope ané Ilmlng of the audlt and sionificant Gudll findings, including any significant deficlencles in int8mal control that we Idonlify during our avdll. Use of our r•port This r8PQrt is made solely lo the Charitable Company's members, a5 a body, In accordance wlth Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state lo the Charflable Company's members those matters we are requlred lo slate to Ihem In an 8udilor's report and for no other purpose. To the fullest exlenl permitt8d by law, we do not accept or assume responsibility to 8nyone other than the charitable carnpany and ils trustees as 8 body, for our audit work, for this report, or for the opinions we have formed. pott FCA (Senior Statutory Audltor) For and on behalf of TAG Assurance Servlco8 Limited, Statutory Audltor 8 Pendeford Place Pendeford Business Park Wolverhampton West MidlaNds WV9 5HD 191h January 2026 THE EXAIREO TRUST LTD STATEMENT OF CQMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Not• Tumover Operatlng Expenditure Other Incomè 938,702 11,203,433) 237 597 881.855 11,136,027) 313 713 Op•rallng SurplusllDeficil) (27,1341 59,541 Profit on disposal of fixed assets Interest r8cèivable Interest and flnanclng costs 11,332 12.534 Surplusl(Deflcitl before tax TaxatSon (38,4661 47,007 Total compr•h•nslve Income for the year <38.466) 47,007 The Charity's results relat8 wholty to continuing activities. The accompanying nolÈ$ form perl cf thesa financial slatem8nts. The financial slaternents were approved by the Board on 19th January 2026 Mrs C Brady Chalr of frustw• Mr G Bradshaw.Mays Tru$tae THE EXAIREO TRUST LTD STATEMENT OF CHANGES IN RESERVES AS AT 31 MARCH 2025 Unre•trlctod Incomo & Exponditure R886Ne Re6trlcted Reserrfe Total Balance as at 1 April 2023 210,013 249 210,262 Total comprehenslve incorne lor the year 21,791 2S,216 Balance as gt 31 M8rch 2024 231,804 25,465 257,269 Total comprehensive income for the year 19,011 19,455 38,466 Balance a8 at 31 March 2025 212,793 6,010 218,803 io THE EXAIREO TRUST LTD (REGISTRATION NUMBER 065954981 STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025 2025 2024 Nots Fixéd Assets Tangible fixed assets Current Agsets 272 574 263 890 Trade & other debtors Cash & cash equivalents 79,388 51,179 89,310 130,567 175,782 Crndlttsra: amaunta falllng du• wlthln one year Not current a98ets 86,828 136,342 Tolal assets legs current118bililiès 359,402 400,232 Cr•dltorg: amounts falllng du• Ifter more than ono year 140 599 142 963 Total net 3S8ets 218,803 267,269 Res•Nes Inwme & expenditure reserve Reslrlcted re8eNe 212,793 231,804 Total reserves 218,803 2S7,269 The financial st8t8m8nts on pages 1110 28 w8re approved by the trustegs. and avthorised for issua on 19th January 2026 and signed on Iheir behalf., Mrs C Brady Chalr of Trustees Mr G Brad$haw-May8 Trustee li THE EXAIREO TRUST LTD STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 Note 2025 2024 Net cash generated from operatlng actlvltles 16 719 53,807 Cash Ilow from Inv•8tlng aetlvltles Purch¥8e of tangible fixeo assets Sale of tangible fExed assets (21,920) (5,9Q5) 400 (21,201) 48.302 Cash fl¢)w from flnJnclng a¢tivilies Interest paid New loans Loans paid (11,332) (12,534) Repayments of borrowlngs (14,0921 (14,579) N•t Chang• In cash and cash •qulvalents 135,2931 33,723 Cash and cash equlvalgnts at beglnning of the yoar 86,472 Ca8h •nd cg8h •qulv8l•nt8 81 ond of tho year 51,179 86,472 The accornpanying notes form part of the¥e financial sLltements. 12 THE EXAIREO TRUST LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Legal slatu• The Exaireo Trust Lld Is registered under the Companle5 Act 2006 8nd is a reglstered provlder of so¢lal housing and a registerèd charlty. Ac¢ountln9 PollGle8 Basis of accountlng The financial 8tstements of the Charity are prepared in eccordance wlth UK Generally Accept8d Accountlng Praclice (UK GAAP) including Financial Rew)rtlng Siandard 102 (FRS 102) and thé Houslng SORP 2018.. Statement of Recommended Pr8clice lor Regi8tered Soclal Housing Provider$ and comply with the Accounting Oir8dion for Private Registarad Provid8rs of Social Housing 2019. Ba8ls of pr•parAtlon The Exaireo Trust Ltd meets the definition of a public beneflt entity In accordance with FRS 102. The finan¢i81 statements are presenled In Slerling (£1. Golng concern The Charity's business adlvilies, its Current linancial posltlon and faclors Ilkely to affect tts fulure development arè $61 out withln th8 report from Ihe board. The Charlly has in p18C8 long-term debt facilities which provide adequate resources to finance committed d8Yelopment progmmme8, along with the Charity's Day to day oper811ons, As part of the g0Sng conGern assessrnent and conclu8Son, tha tru31ee¥ believe they have strong controls wilhln a vèry detalled rlsk assessmenl to rnlnlmlsè the risks to staff and resid8nts. On thls basis. the board has a reasonable expectstlon that the charity has 8der4U8le resources to contlnue in operational existence for the foreseeable futUfE, beinll a period of al least ￿e1ve months 8fter the date on which the report and fin8n¢ial Statements are signed. The l)oard have considered the foreseeable future for their going concem assessment to cover the period to 31 It January 2028. On this basis, the board Continues to 8dopl the golng eoncem b88iS in the financial statements. SlgnlflcantJudg•rnents and esllmates Preparation of the financial slatemenis requi￿$ managemenl to make 6ignlfjcant ludgrnents and estlmate¥, Us•ful Ilv•8 of deproclable assots Management reviews its estimate of the usefvl Iiv8s of daprgciable assets 8t each reporting date based upon the 8xpected utility oflhe assets inGluding any Components. Uncertainties of these estimales relate to technologlcal obsolescence that may change the utilily of certain so￿are and IT equlpment, changes to Decent Homes Standards and changes to energy efficiéncy requlrements which may require more frequent replacèment of key components. Accumulated depreciation of hou$ing properlies as at 31 March 2025 was £29.016. The carrying arnounl of the housing prope￿.e$ was £227,329 at thè yèar end8d 31 March 202S. Turnovor and rov•nu6 recognltlon Turnover comprises rental income receivable in Ihe year, and Oiher services included at the Invoiced value of goods and $8rvices supplied in the year and grants rèceivable in the year. 13 THE EXAIREO TRUST LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng poll¢l•s Icontlnuedl Don8tlons are recognlsed when the charity has been notified In wrftlng of both the amount and settlemsnl date. In ihe evenl that a donation is subject to ¢c￿ditiOnS that requlre a level of p6rfom)anee by the charity before Ihe charlty is enljlled lo Ihe funds. the income Is defa￿ett and not recognlsed until either those condltions are lully met. or the fuifiiment of those conditions is wholty withln the control of the charity. and it is probabl8 that th8s8 conditions will be fulfilled in thè rèporting period. Donated seNlces and facllltles are included in income at a valuation whlGh is an estimate of the financlal cost borne by the donor where such a cosl 18 quantifiable and measurable, No income is recc¥3nised when there is no financial cost borne by a third paty, T Axatlon The Ex8ireo Trust Ltd is a r8gist8r8d charity and is, th8r8fore, exempt from taxation upon profits arising from its charitable activities. Debtoro Short term debtors ar? rneasured al the transaction price. Loans receivables are measured initlally at falr v81ue. CY•dftors Short term trad8 Greditors ara rn&8surod al tho transaction price. Other financial liabllities, indudillg bank loans, are rneasured initially 81 lair value. net of transactlon cost5, and are measured subsequently at amortised cost using the effective Inlerest method, Ernploy•a 8•n•flta short.term amploye8 benefits and contributions to defined contribution plans aro rocoonised 98 en xpense in the period in which they are incurred. Hou8lng properties- Propertie8 h81d al cost Housing propetlies a￿ properlies held for the provislon of social houslng or10 olhewise provide $ocial benefit. Housing properties ar8 prlncipally properties avallable for rant and ar8 slated at cost less accumulated d8pr8aation and. Cost in¢lude¥ the ¢08ts of awuiring land and buildings. Govornmant 9rant• Govemm8nt grants Include grants recelv8ble from Ioc81 aulhorilles, and other government organl$alions. Grants relating to revenue are recognised in income and expenditure over the same period as the expendllure lo which they relaté once reasonable assurance has bèen gained that the entity will comply with the condllions and that the funds wlll be received. Grants due from govemment organisalions or received in advance are included as current assets or IiabSlltles. Other grants Grants received from non-government sources are recognised using the pgrfomianco model. A grant whlch does not impos8 specified future PerfOrrnan￿ (xJnditlOnS is recogniseil as revenue when th8 grant proceeds are received or rec8ivable. A grant that imp05es specified future performance-relale onditions on Iho a8soualion is rocognised onty when these condition5 are met. A grant rec91V8d befor8 the revenue recognition Gtiteria ar8 salisfied is recognlsed as déferred income. 14 THE EXAIREO TRUST LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcl•8 (continued) Deferred income represent3 amounts received for future period8 and is releas8d to incomlng re80urces In the period for which it has been received. Such incomè Is onty dèferred when.. The donor Specifies that the grant or donation must only be used in future accountlng periods; or The donor has Imposed condltlons whlch must bp met before the Trust has unconditional 6ntitlem8nL Depreclotlon of housing properties Where possibl8 th8 major compon8nts of housing propertl8s ar8 8eparatety identified and d8pr8ciated to write down the cost of each componenl to its estimated residual value on a straighl-line basls over its 8stlmated useful economic life. Un￿sS idantifieé at acquisitlon, newly acquired propertles are treatsd as a slngie structure untll 8ub8equent valuations andlor repl￿ement expendilure is quantified, The charlty depreclates the major components of its houslng propertte8 at the followng annual rates: Stnjcture and rools Kltchen and bathrooms 10¢/9 Freehold land is not d8proclal8d. Othfjr tanglble flxed ￿se18 Other langlble fixed assets are measured at cosl le&8 accumulated depreclation and any accumulat8d impairment losse6. DeprÈciation is provided evenly on the cost of18ngiblè fixed assets lo writ8 thom down to Ih6ir estimated rosidual values over Ihelr expected uselul economic Ilves. No depreciation is provlded on freehold18nd. The principal annual rates used for other assets are: Motor Vehicles Computer Equlpment Fixtures. Fltllngs & Equlpment 250A r8ducing balance 33.330/0 straight line 16.67Q/o 5traighl line L•a808 R8ntals p8id under operating leases are charged to inGome and expenditure on 8 Straight-line basis over the 18AS8 term. R•8er4e8 Unreslrlctéd income funds are general funds that are 8vailable for Use at the truste8'5 dlscretion In furtheranc8 of the objective6 of Ihe ¢harity. Flestrict8d Income funds ar6 those donated for use in a partlcular area tx for specific purposès. the use of which is re5trict8d lo that area or purpose. 15 THE EXAIREO TRU8T LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Particulars of tumover, cost of sal•s, op8ratino costs and operating surplu81(d•llelt) 2025 Oparntlng Surplusl (deflclt) C08t of Sales Operatlng expandlture Tumover Soclal houglng l•ttln9S 938,702 (308,480) (638,119) {7.897) Other soclal hou81ng actlv111•8 Charges fDr 8UPPOrt serviGe5 Other Actlvltles other than soclal houslng 237,597 (216) (267.550) (30,569) 1,178,299 (308,896) (904,5691 (38.468) 2024 Oyratlng Surplu81 (doflclt) Cost of Sal83 Turnover Op•ratlng Exp•ndttur¢ Soclal houslng l•ttlng8 881,855 (293,2341 1701,$85) (112.9621 Other soclal housing activltles Charg05 for support servic88 Other Actlvltlo$ olhar than soclal houslng 312,713 1216) 1153,528) 159,969 1,195,568 (293,4481 (855,1131 47,007 16 THE EXAIREO TRUST LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Particulars of turnover, cost of sales, oporatlng costs & operatlng surplusl(deficlt) (contlnued) Hom•l¢ss neod¥ support•d houslng 2025 2024 Rent receivable net of identifiable service charges Donations Granl 938,702 881,855 Turnov•r frorn social hou8lng lottlng8 938,702 881,855 Dlr•ct CO8ts Ront Ral8s and wal8T Light, heat and power Repairs and maintenance Other direct eosls 145,527 22,654 68,451 42.145 29,703 143,608 21,802 63,138 32,737 31,949 308,480 293.234 Olher oporating exp•ndltur• Wages and s818ries Staff NIC Slaff p8nsion8 Trustets remuneration Trustee NIC Trustee pensionB Travelling Rent Rate8 and water Llght, heat & power Insurance oth8r exp8n8es Repalrs & maintenance Telephone Office expenses Motor expen8es Training Personal support costs Accounlancy cosls Ind9pend8nl examiners fee8 Legal and professional fees Deprecialion of housing properties Loan and mortgage inter8st paid Bank fees 410,429 25,678 8,686 56,381 5,897 1,411 4.061 16,250 1,775 1,010 6.380 22,256 10,654 6,221 19,516 3,643 1,836 3,488 2,683 11.280 3,056 3,627 11,332 569 452,875 28,433 9,275 70,153 7,170 1,730 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 3,627 12,$34 522 638,119 701,585 17 THE EXAIREO TRUST LTD NOTES TO ThE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Partlculars of tumover. cost of sales. operating costs & operatlng surplug1(deficit) {continuedl 2025 2024 Actlvllles other than social housing Donated goods and services Donation incowne Grants other ￿VenUe 44.388 57,289 8,250 127,670 40.483 80,247 66,232 126,751 Turnover Irom oth•t aetlvltl•8 237.597 313,713 Fundralsing costs 216 216 Wages arKI salaries Statt NIC Staff pensions Trustee remuneration TTUStee NIC Trustee pension Rent, ral8s and water D8preciation of other fixed 88sets Light, heat and pow¢r Telephone Insurance Motor expenses 8ad debt Loss on asset dlsposal Tr8velling Trainlng Bank fees Personal support costs Donation 143,163 10.611 3,060 15,928 1,570 65,553 3,897 1,113 48,895 9,609 4,646 40.414 8,103 6,022 492 550 424 3,668 406 551 263 4,073 20 150 24,072 1,500 22,335 267.950 153,528 18 THE EXAIREO TRUST LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Operatlng surplusl(dollclt) The oper81ing surplus1(deflclt) is arrived at after charglngi(credrtlng) 2025 2024 Depredallon of hDuslng properties Depreciallon of tsngible flxed a38els Deficit on dispos81 tangible fixed assets Operating le858 rentals Land and buildings 3,627 9,609 3,627 8,103 406 210,672 200,272 Employee8 The average number of persons employed by the charity (induding Irusle8s) during the year was: 2025 2024 Admlnlstr8tlon Housing, SUPPDrt and care 16 28 30 44 38 The 8ggrog818 payroll cost8 of these persons wer8 as follow8: Wages and salarles Social security costs Other pension costs 625,901 43,756 588,582 39,499 683,198 640,199 Mrs B Wallington received remuneration of £40.454 (2024.. £38,909), employer pension conlribution of £1.026 {2024'. £9801 and travel expenses of £Nil (2024.. £Nil) in her capacity as Support manager. Mr G Bradsh8w-Mays received remuneration of £31,85S12024.. £31,245) for 8UPPOrt worklng, and travèl and general oxpens8 reimbursgrnents of £1,55512024'. £2,518). No direjelors reeeived ramunoration for their role as trustees. No employ88 received ernolum8nts of more than £60,000 during the year (2024 - No. Nil) Taxatlon The company is 8 register8d charity and is, tharoforè, exempt from taxation. 19 THE EXAIREO TRUST LTD NOTES ro THE FINANCIAL ST ATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Credltorg: Amounts falllng due wlthln on• year 2025 2024 Bank and other loans Tr8de creditors Taxatlon and social security Other creditors Accruals and deferred income 1,729 3,992 11,495 8,785 17.738 2,125 1.336 9.878 10,954 43,738 39,440 10. Cr•dltor#: arnounts falllng due after moro than one year 2025 2024 Bank and 0th8r loans 140,599 142,963 The bank loan Is repayable as follows.. Within one year Wthin one lo Iwo years Within and fivè years Flve years or moro 1,729 1,729 5,187 133683 2,125 2,125 6.374 134 464 142,328 145,088 The bank loan is repayable by rnonthly instalments, with IntÉrèst charged at 8.45Q/D, the loan is secured by a charge over the propety. 11. Qp•ratlng lea80 Gommitrnents As at 31 March 2025 the ch8rlty has annual Commltmenls under nonoancellatrje operating le8ses as follows.. Operating leases: Land and bulldlngs 2025 2024 Total operatlng laases 257 220 290,399 257,220 290,399 21 THE EXAIREO TRUST LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 12. Capltal Cornmltment Caplt81 commitment of £NII existed at the y8ar-end (2024: £4,551). 13. R?lated partleg Conlrolllng entlty The charfty is wnlrolled by the trustees who are also diredors of the company. Rélat•d party tran9actlon$ G & S Servlces {E.Mld$> Communlty Int•r••t Company Mrs B Wallington Is a director of thls company. During thg year The Exaireo Trust Ltd p8Sd £Nil (2024: £Nil) to this company for goods and services supplled. There is an outstandlng balance of £NII12024.. £NII) induded in creditots. During the year The Exalreo TNSI Ltd received £Nil (2024.. £NII) from this company for tho supply of goods and servI￿s. There is an outslanding balance of £NII {2024-. £250) includ•d in trade debtors. Included wilhin olher debtors is a loan of £1,51112024'. £2,711). Thls is due Irom the company lo The Exalreo TNSI Ltd. Mrs B Walllngton (Tru8te8> During the year, Mrs B Wallington made a dcn8llon of £10,000 (2024: £Nil). MrB Tra¢y 8radShaW￿*Y* During the year, Mrs 8rad8haw-Mays received a salary of £22,18012024.' £18,123). 14. Members Ilablllty The charlty is 8 prlvat• company 1Smltgd by gugrantge and consequently doe¥ not have Shere capltal. Each of the members is liable to Contrlbule an arnount not exceedln9 £1 towerd5 the liabllili85 of Ihp charlly in the event of liquldation. 22 THE EXAIREO TRUST LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 15. Funds analysls At1 Aprll 2024 At31 March 2025 In¢omlng Rosourc•g Resources Expendod Transtèrs Gènèral fvnds UnrestriGt8d income fund 231,804 1,150,129 (1,169,140) 212.793 Total unrestricted funds 231,804 1,1SO,129 (1,169.140) 212,793 R•gtrlrt•d funds Residents Fl8hing Club Women'8 Reeovèry Hou8a Clothworkers Trust St Martin & Tenant Deposlt8 Edel6 trip Garfield W8Ston Foundation Drug & Qutre8ch work 177 5,000 4.334 954 177 3,320 2,513 11,680) {1 ,821) 12,204) 16.320) (27,600) 6,000 1,250 6,320 12,600 6.000 15,000 25,465 26,170 (45,625) e,010 257,289 1,176,299 11.214,765) 218,803 Residents Fishing Club was establish8d by a grant from Charnwood 8orough Council. Drug & Outreach work - funding to contribute Iow8rds staff G05t of the project. Women's recovery House - To purchase a vehide. Clothworkers TNst- Purchase of Minibus. St Martln In the Flelds - Resident deposit. Gartleld Weston Foundatlon - Outreach work8r $81ary and the Reuso Project costs. 16. Cash flow from operatlng actlvltl•s 2025 2024 Surplusl (Deflcltl for the year Adjustment8 lor non-¢aih Il•ms'. Oepreciation of tangible fixed assets (Incr8ase) in trade & other deblors Incre8sel (decrease) in Irade & other creditors AdJu8tm•nts for investing or flnanclng actlvitles: Nel Ios5 On sale of fixed assets Interest payable (38,466) 47,007 830 22,329 4,e94 11,730 18,015) 19,855) 406 11.332 Nat cash consum•d by op•rntlng actlvltlé$ 719 53.807 23 THE EXAIREO TRUST LTD NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 MARCH 2025 17. CA•h fiow from op•rnUng •dMtl•• (contlnu¢d) Atl Aprfl 2024 Oth•r non- At31 March 2025 C••h flow• mov•m•nts (36,293) 61,179 (1,729) Cash Bank k)8n8 due 4*lthln one yoar Bank bans due greater than one year 86,472 (2,125) <140,599) (142,963) 2,780 (390) Tot•1 (SB,616) 132,533) {11,149) 18. Valu• lor Mon•y 8tandard Intmductlon As part of the Value for Money Standfjrd: Th• Regulator of Soclal Hou81ng ha8 adopted o Berle8 Qt regulatory rnetr1￿ a8 a tool to keep a consl8t8nl m83Nure of Valu8 for Money (VFM) acros8 all provlders, M•p•urè Outcom• Relnvostrn8nt % (due to the nature of the prolect we have not develop8d new 8tock durtng thi8 flnanelal yoar) Now Supply Dallverad % (due to the naturg 01 the prolect W8 have not developed new 8toth durfng thli financlal yo8r> NIA NIA Ge8ring (Housing Propertleg at costl 62.61% Earnlngs belor8 Interest, tax. depreciatlon, amortl88tlon, major repalr8 Included Intsre8t Cover % (209.21)% Hèadllne sodal Pouslng cost per unll £15,777 Operatlng Margln % - 8odal h¢Ju8lng onty (2.73)% Operatlng Margln % - overall (3.14)% R•tum on ca￿1 employed (10.24)% ne In add￿lon to the 7 core M￿riC8, set by the Regulator, organ188tlons can choose other rn8trics that best define their othos. All these metrlc% 8r6 reported In, or wlth, the annu81 acciHJnls. 24 THE EXAIREO TRUST LTD NOTES TO ThE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 VFM A¢hl•vwnent In 20￿23 For th18 yearf8 fJJtcome6, agalnst our chosen metrlcs, please see tsble 2 below, M•irf¢ to la•••ur• our VFM Aohl•v•m•nt Outaoml VOID managemenl: Ocojpan 94,6% OccupanGy Rate of unlts avallable to let Avérage Resldent hours per week Work Experl8nc8 I Volunteerlng hours Meetlng the D8cent Homes Stsndard (DHS) 98.1% Unlts mootlng the DHS quallty mea8ur8 Resldents elther Véry or Falrty Satlsfied wlth the Overall Exalreo service Overall Sati8factlon Complalnt Resolutlon loo% Complalnts resolved ¥Mthln the target tlmescalo Exqbo oncour*g•$ a work •tho8 through rnthlent ky)lunt•orfng whlht bulldlrw work expertenco and other n8fBffablé 8kllh e.g. teamwork. W¢ keep 8tstlfj￿￿ to domon•trate th18 unlque uxtra value wovlded, not only lo Iho rgoki•nt th?mgelvo5, bul aloo to Exalroo and Indeed tha wldor communty. Our are hmtted to wr Reu80 unm only, at the pr088nt tlmo. and so do not Inclu￿ oxtemal or oth•r Intomal p*cam•nts Ihal •16p tsklng F4a¢•. Honce QVerAM yo￿nIO0r1ng 18 8 d•gr•8 larger. [Noto; the hour8 flgure8 appty purety to t2that: Vo￿nI0•￿ I work ￿perfonCe and doe8 not include the nvm•rou$ oxtemalty 8ourc•d hour8 provld•d to ow charlty by pwou8 rnomb8rn of our I￿xI c