REGISTERED COMPANY NUMBER: 08272357 (England and Wales) REGISTERED CHARITY NUMBER: 1152491 Re ort of the Trustees and Unaudited Financial Statements for the Year Ended 30 Se tember 2022 for ectations Uk Limited b Guarantee Acom Onyx Accountants Ltd Chartered Management Accountants Onyx House 12 Phoenix Business Park Avenue Close Birmingham West Midlands B7 4NU AC25UWFN 0410512023 COMPANIES HOUSE
Ex ectations Uk clentS of the Finanal Statements for the Year Ended 30 Se tember 2022 Page Report of the Trustees 1 to 11 Independent Examinerfs Report 12 to 13 Stalement of Financial Activities 14 Balance Sheet 15 to 16 Cash Flow Statement 17 Notes to the Cash Flow Statement 18 Notes to the Finanaal Slatements 19 to 26 Detailed Statement of Financial Activitses 27 to 28
ctalions Uk Re ort of the Trustees for the Year Ended 30 Se tember 2022 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report vthh the financial statements of the chartiy for the year ended 30 September 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities= Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) {effective 1 January 2019). OBJECTIVES AND ACTIVITIES Objects and a¢tivities Throughout the year the objeclives of the Charity are the lie1 of those in need, in particular {wthout prejudice to the generality) through the provision of and assistance with social housing. accommodation and assistance to help house people are in need of such housing by reason of: Poverty., Disability.. Handicap (whether physical or mental); or Sickness: and To prowde accommodalion. support provision and assistance to help people who are homeless, many of who have been leading chaotic lrfestyies often including drug and or alcohol misuse. sustained mental health issues or have been in and out of the criminal justice system. Page 1
ectations Uk Re ort of the Trustees for the Year Ended 30 Se tember 2022 OBJECTIVES AND ACTIVITIES Review of development, activities and achievements During Ihe period Expectations (UK) has achieved the following objectives set out in th8 Charitys business plan 2020 -2023= Expectations (UK) were founded in 2013 a wew to helping transform the lives of Ihose in need through helping them with supported housing. We wanted to hold the hands of our beneficiaries through the first hurdle of supported housing and then help them to map and enact on their transformation. We have helped hundreds if not thousands of our guests mov8 through this transformation and it is something that we are immensely proud of. This however hasn't been achieved easily- we have faced some major challenges along the way. Most recently the organisation has been through a massive transformation process wilh the implementalion of refreshed and new policies, procedures and processes. A new culture has been adapted wthin the organisation to offer enhanced services. improve ways of working, implemenling new processes, working with the local counol and the RSH to meet our residenis needs and requirements as a social landlord. Expectations (UK) Business Plan 2020 - 2023 sets out the objects over the next 4 years for the charity. At the end of this period we hope to have good compliance. strong structures, be financially stable and have developed a methodology on best practice. So thal we can play our role in creating Iransfomative change. Market Summary Homelessness wthin the Wesl Midlands has reached new levels. Shelter UK'S rewrt in Dember 2019 identifies that therè are almost 23.715 homeless people. This data demonstrates the need for supported housing within Bimingham. The Regulator of Social Housing report on Sector Risk Profile 2020 published in November 2020 has highlighted the need for specific responsibilities surrounding increased stock qualtty standards and accountability to tenants. The regulator has also stated that the sector faces a growing range of competing intemal and extemal pressures which will demand strategic control and decision-rnaking. The needs of current tenants must be balanced future demands" choices must be made between essential ongoing investrnent in the existing housing stock and contributing to new suppty. Bimiingham City Council. local MP'S and SIdents of Bimiingham have expressed their concerns for badly run supported accommodation, which has resulted in crime. dnJg5 and anti-social behaviour in the local areas. Registered Social Landlords have the responsibility in making sure the properties used for supported accommodation meet the dent home standard. all HMO regulations are in place and HHSRS guidance is followed but unfortunately this has not been completed by a handful of RSL'S. It has recenlly been reported that due to govemance and compliance issues. an RSL in Bimiingham Yiill be closed In July 2021. which wll leave 1600 vulnerable adults without accommodation in the Bimingham area. There is a high demand for quality aCmMOdatIOn and high levels of support to assist the 23.715 homeless people in Birmingham. Both data sets demonstrale the need to for supported housing within Biniingham. At Expectats'ons. we work wlh single adults and provide them wth b)th supp(Kt and accommodation in the hope that they can move forward in their lives. Page 2
ectations Uk Re ort of the Trustees for the Year Ended 30 Se tember 2022 OBJECTIVES AND AcnvmES Financial Summary Expectations IUKI has now consolidated its financials in the lasl 12 monlhs improving on the levels of conlrol from 2019. The balance sheel and net asset value has progress wth an increase of £14,810 to £225,584 to September 2022. Our main sources of income are generated from our housing activity. and this has continued with a good level of consistency in 202112022. We have reduced the amounl of debtors owed to the company along th reductions in trade creditors and prowsion due to better financial management. Our Vision To livè in a wodd where individuals in need can access lo support to transfomi their lives so we can live in a stronger more community Our Mission Provide services that are about more Ihan just providing a bed for the night. We want lo provide a Safe place to slay while you get support to move on with your life. Our Valuos - Customer- We want all of our services to be centred on our customers. helping them to take the next step. however or small. Community - we want lo create a peaceful and harmonies environment that encourages 9rowlh for everyone Integrity- We want to develop and rebuild thrust with all of our stakehoklers Innovation - we want lo ensure that we are always finding new ways of learning from others. If we can be the besl we can deliver the besl outcomes for our beneficiaries. Current Stalo Expectations {UK) has come a long way over the last 12 rnonths. wlh changes across the whole organisation. With a new experienced and professional board who have worked wilh the Charities Commission and the Regulator for Soaal Housing, the Charities Commission have.closed their case as they are satisfied wrth the new changes irnplemenled within Expectations UK. The board is committed to continue to work closely with the RSH to ensure that Expectations (UK) is fully compliant with Ihe gUlatOry standards. Our business plan is being refreshed to ensure that we consolidate our (xjrrent position and to grow our business'into diffent avenues of social housing. We currently have a team of 10 paid staff and a range of consutiants that are helping the organisation deliver its vision. Strategy 202W23 - 2025126 Business Plan Page 3
ctations Uk Re ort of the Trustees for the Year Ended 30 Se tember 2022 OBJECTIVES AND AcnvmES - Customer Engagement Strategy Risk Management Policy - Performance Management Equality Strategy - Financial Strategy & Procurement Development Plan HR Strategy - Asset Management - New Business models and options - Value money Our strategy will be delivered through a fobust business plan which W will ensu it allows the organisalion to deliver against its ambitious tsrgets. The organisats'ons processes have been redrafted to ensure that they are fit for purpose and help lo drive our ambition. We have also implemented a robust govemance structure in order to focus more on our beneficiaries. How we wll drive our direction through our people Executive KPI'S - CEO board reports & performance objedives - Team & Manager Objectives Individual Objectives Expectations (UK) ability to help those in need is not only dependent on the robustness of the organisalion itself but also on the lalenl we have in the organisation. We wanl to drive the whole team to deliver against the stralegic priorities over the next five years. Proposed Management Structure The board have recognised that we need to develop ¢)ur structure bringing in the nght expertise as and when required. There is also a recognition that the CEO needs to have more oversight of the entire organisalion and Expectations {UK) have also rewited an Operations Manager lo manage the day to day running of bu&ness. The structure we have has provided stsbilily to the organisation as we continue to enhan our services for our residents. Page 4
ectalions Uk rt of the Trustees for the Year Ended 30 Se tember 2022 OBJECTIVES AND ACTivmES Achieving Regulatory Standards The Trustees of Expectations (UK) are responsible for ensuring that the Charity achieves the outcomes required in the Regulatory Standards framework for Registered Providers of Social Housing. We also work to Meet the requirements of the West Midlands Regional offender Housing Protocol. Along with the requirements for good govemance and financial viability and contrc4s. the trustees have acted lo put systems in place to ensure that the Charity demonstrates value for money. sets rents in accordance with the Rent Standard and achieved the con5uffler Standards. The approach to, and achievement of these this year is summarised as: Value for Money Expectations (UK) are gathering baseline infomati¢)n to infom an intlial value for money performance assessment so as to be able to measure and report on year on year improvements. We are establishing arrangements to work th tenants to identify and deliver relevant value for money outcomes. Rant Standard We have reviewed our rent settings for all our properties by working with ext mal consullanls, who have provided new rent settings. which are in line th the Rent Standard or social housing. We are slill working closely wilh the RSH to ensure Ihese settings are fully compliant. The new rent settings have been applied lo all our properties with the help of the local council. We are still working to review our services provided to ensure these services are value for money and to reduce our rent settings further if possible. Tenant Involvement and Empowernient SeNico. choice & complaints Information provided to tenants has been reviewed. complaints procedures have been simplrfied and implemented and mechanisms to. m¢)nitor successful outcomes of complaints have been developed. Resident and neighbourho(xl forum has been implemented with the trustees. managernent leam and residents as members to voice their concerns with the services provided and to enhance and simplify our processes..poliaes and procedures within Expectations UK. This has been successful as many new ideas have been implemented and current ser¥i¢es improved. Involvement & Empowemient Effective methods of involving a transient lenant population wth consultation have included establishing residents meetings to consult on areas of service that require improvement. We are developing mechanisms to involve tenants in scrutiny. which wll be an integral part of the developmenl of our strategy for tenant involvement and engagement. Where possible, suggestions to improve services. in particular catering. have been implemented to meet a wide range of dietary requirements. Page 5
Ex ectations Uk Re ort of the Trustees for the Year Ended 30 Se tember 2022 OBJECTIVES AND AcnvmES Equality and Diversity The Tnjstees have adopled an appropriate Equality and Diversity policy and a developing procedures to embed the principles of equality and a positive approach to diversily across the organisation. We have also applied lo register the BVSC Charter of Rights and Quality Standards. which is lo review and implement new poliaes, procedures and processes for tenants rights and empowerment. We are working closely with Bimiingham City Council to complete this registration. Home Slandard Quality of Accommodalion Previously, all Properties held linceS to ensure compliance with standards for managing Houses in Multiple Occupation. We have worked with our advisors and tenants to improve the safety of ihe buildings. We have created a Quality control Framework to ensure all our properties are compliant with the HMO regulations. decent homes standards and HHSRS frameworks. Regular inspections are completed to highlight paIrS and to ensure our properties meet the quality standards. Repair and maintenance The Charity has a repair5 and mainlenance team and has procedures to ensure all repairs reported are completed lo appropriate timescales and 'right first time,. Tenancy Standard loealions Expectations (UK) has worked with strategic partners to provide housing that fils with local strategies and priorits'es and to allocate accommodation faidy and transparently. only excluding applicants who pose loo great a risk to themselves, staff or other tenants to be safely managed in shared accommodation. Tenure Properties are let using supporting licence agreements as the truslees feel this enables Expectations IUKI to make the best possible use of the properties in meeting the airns of the organisalion and meeting local needs. Neighbourhood Management Our staff works with tenants to maintain shared areas and exteriors to a high standard. Tenants have offered lo undertake management and development of gardenlcourtyard areas and are being encouraged and supported to do so. We are developing a partnership a local c(ynmunty projects to provide aclives for residenls in the forn of therapeutic support to aid residents recovery from substance misuse. Page 6
Ex eclalions Uk ort of the Trustees for the Year Ended 30 Se tember 2022 OBJECTIVES AND ACTIVITIES Expectations {UK) management also attend meetings ryth local organisations. such as Aston and Perry Barr Neighbourhood Forum. and the Homeless Forum to ensure are an integral patl of the community and lo address any concems the community may have with our project. Local Cowoperation We recognise the importance of effective partnership working to ensure that we can meel the holistic needs of our tenants, safeguard and protect vulnerable tenants. avoid duplication of services. and remain strategically relevant, well-connected and accountable to stakeholders. Achieving Regulatory Starbdards The Trustees and executive has working to ensu strong partnerships arrangements and good working latiOnshIpS are built Vlith the local authority, statutory sernices and voluntary and communily agencies and in particular with the police and probation seM¢e. Anlisoclal behavlour A major success has been in working constructively wth security and support staff and police partners to tackle anti-social behawour by and towards lenants. This has particularly included contributing to a reduction in retail crime. alcohol related crime and disorder and the supply of illegal drugs in the local vianity. Expectations {UKI have signed a Sharing of Information Agreement with West Midland5 Police to ensure that we knowlhave the appropriate residents in our properties and are not a risk to Ihe local communily. Social investments The Charity has subscribed to software to enable the board to gather baseline information and monitor and report on the social value. impacts and retum on investment for beneficiaries and funders as service develop. Expectations (UK) has a commitment to local employmenl and the developmenl of skills. with a staff structure based on 10 fijll-time posts-. crime reduction and reduced fear of crime among the wider community: a general tranche of savings to the public purse. not only through reducing the costs resulting from crirninal activities. but taking on roles often assigned. at far greater cost, to probation services. Page 7
ectations Uk Re rt of the Trustees for the Year Ended 30 Se tember 2022 STRATEGIC REPORT Achlevement and performance Key Performance Indicators The Trustees have identrfied Key Performance Indicatots that will be monitored. These will include, not exclusively.. Voids Rent collection Personal contribution collection Satisfactory complaint resolution Tenants supported to maintain their accommodation - Tenants supported to obtain suitable move on accommodation - Tenants accessing Primary Health Care services Tenants achieving training and education related outcomes The following Committees have been appointed by the board". Finance Committee Business Development and Management Commfftee Safeguarding and Quality Comrnittee Residents and Neighbourhood Forum These Committees appointed by the Board fS on specrfic areas and take informed decisions within the framework of delegated authority. and make specific recommendations to the Board on mallers in their areas. All decisions and recommendations of the committees are placed before the Board for infomiation or for approval. To enable belter and more focused attention on the affairs of the organisation. the board delegates particular matters to the committees of the board set up for the purpose. Committees review items in great detail before it is placed before ihe Board for its consideration. These committees prepare the groundwork for decision making and report at the subsequent board meeting. Quality Assurance The ITUStees aim to develop and Implement appropriate mechanisms of quality control and assurance based on the Charitys Key Perfomiance Indicators. This will include building upon information generated by previous reports. specific areas will include- Identifying tenant support needs Establishing whether tenants needs have been met Effectiveness of tenant risk management Page 8
ctations Uk Re ort of the Trustees for the Year Ended 30 Se tember 2022 STRATEGIC REPORT Financial review Financial posltion The Income and Expenditure for the year is set oul on page fourteen of the financial stalemenls. During the twelve month period ending 30 September 2022 the Chartty had a total housing income of £802,734 and total expenditure of £787.924 vthich resulted in a surplus of £14,810. Management accounts are produced monthly and rewewed monthly by the Finance Commitlee and all legacy debts have been paid. As a resutt. we are pleased to be able to report the charity Stngthening the solvent position. On-going restructure has taken place wilh regards the recruitment of trustees followed by an operational reslruclure. Investment policy Whilst funding is still stretched. the trustees. policy is to invest operating funds in easy access and relatively low risk bank accounts should free cash flow start to filter through however the main objective is to re-invest in operational growth. We are also working to raise funds and grants for the Charity going forward. Reserves policy The trustees, reserves policy is to manage the reserves in such a way as to have sufficient funds available for the orderly wnding up of the company wlhout liability should its future income be in such doubl that this is the only credible course of action. Now the charity is in a more solvent position with the oullook being more positive, the reseNes policy wll be something that will be reviewed in 2023. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its goveming document. a deed of trust. and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. Expectations (UK) is a company limited by guarantee, incorporated on 29 October 2012 and is registered as a Charity with the Charity Commission from 19 June 2013. The Charity commenced activities on 23 September 2013. The Charity also registered as a housing prowder wth the Homes & Communities Agency (HCA) from 16 September 2013. The Charitvs goveming document. the Memorandum and Arlicles of Association. was" adopted on 13 September 2013. Membership of thè company is open to anyone over the age of sixieen with the minimum number of members restricted to three and maximurn is restricted to frfleen. Appolntm•nt of Trustees Ordinarily. Trustees are appointed by members at the Annual General Meeting. Additional trustees may be co-opled between AGMS. The minimum number of trustees is restricted lo three and the maxirnurn is restricted to frfteen. A new skilled and experienced board of trustees has been recruited over the last 12 months. Page 9
Ex ectalions Uk rt of the Trustees for the Year Ended 30 Se tember 2022 STRUCTURE, GOVERNANCE AND MANAGEMENT Organisation The board of trustees meet quarterly to review the progress and activities of the Charity. Once a year trustees review and approve a five year businesslstrategic development plan and Ihe budgets for the following year. Meetings have been held monthly as we work wilh the Regulator of Social Housing to address the regulatory notices, which were issued previously in 2016 12019. Trustee induction and Iraining Following appointrnent. new Injstees are introduced to their role and given copies of Ihe goveming document and a guide to the policies and procedures adopted by the Charity. A number of publications from the Charity Commission are also provided including the guidance on charities and public benefrt and on the advancement of religion for the public benefit. This ensures that new trustees are aware of the scope of their spOnSIbl11t7eS urKler the Charitses Act. REFERENCE AND ADMINISTRATIVE DAlLs Reglstered Company number 08272357 (England and Wales) Registered Charity numbor 1152491 Registerod offi¢e Suite 323 The Jewdlery Business Centre 95 Spencer Street Birmingham West Midlands B18 6DA Trustees The board of trustees are: Mr Munawar Hussain.. Chair ofTruslees - Mr Hadar Zaman.. Vice Chair - Mr Mohammed Tufail Dawood.. Truslee Mr Kaiser Lone-. Trustee Mr Ashley Plummer. Trustee - Mrs Gousia Parveen.. Trustee Independent Examiner Onyx Account2nls Ltd Chartered Management Accountants Onyx House 12 Phoenix Business Park Avenue Close Birmingham West Midlands B7 4NU Page 10
ectations Uk Re ort ol the Trustees for the Year Ended 30 Se tember 2022 This report has been prepared in accordance with the special prowsions of Part 15 of the Companies Act 2006 relats'ng io small companies. Report of the trustees. incorporating a strategic report. approved by order of the board of trustees. as the company directors, on 27 February 2023 and signed on the board's behalf by: Mr M Hussain- Trustee Page11
Inde endent Examinerfs Re rt to Ihe Trustees of Ex ectalions Uk Independent examlner's report to the trustees of Expedatlons (Uk) fihe Company'l I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 September 2022. Responslblllties and basis of report As the charitls Irustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance wtlh the requirements of the Companies Act 2006 {'Ihe 2006 Act.). Having satisfied mysew that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respecl of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 {'the 2011 Act,). In carying out my examinats'on I have followed the Directions given by the Charity Commission under Section 14515) (bl of the 2011 Act. Page 12
Inde 8ndent Examinerfs Re ectalions Uk rt to the Trustees of Indopgndent examinerfs statement Since your charity's gross income exceeded £250.000 your examiner must be a member of a listed body. I can confim that l am qualified to undertake the examination because l am a registered member of Chartered Institute of Management Accountants which is one of the listed bodies. I have completed my examination. I confim) thal r)0 matters have come to my attention in connection with the examination giving me cause to believe.. accounting records were not kept in respect of Ihe Company as required by Section 386 of the 2006 Act.. or the accounts do not accord with those records.. or the accounts do not comply wtth the accounting requirements of Section 396 of the 2006 Act olher than any reqU1ment that the accounts give a true and fair view 1¢h is not a matter considered as part of an independenl examinalion- or the accounts have not been prepared in accordance vrilh Ihe methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance the Financral Reporting Standard applicable in the UK and Republic of Ireland (FRS 102>)- I have no concems and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Paresh Bojhani Chartered Institute of Management Accountants Onyx Accountants Ltd Chartered Management Accountants Onyx House 12 Phoenix Business Park Avenue Close Birmingham Wesl Midlands B7 4NU Date.. ..Ji li. |.101S...... Page 13
ectations Uk Statement of Financial Activities for the Year Ended 30 Se lember 2022 30.9.22 Unreslricted funds 30.9.21 Total fvnds Noles INCOME AND ENDOWMENTS FROM Donations and legacies 802.734 812,896 EXPENDITURE ON Raising funds 4.688 40,741 Charitable activllles Activities 783.236 712.507 Total 787.924 753,248 NET INCOME 14.810 59.648 RECONCILIATION OF FUNDS Total funds brought forward 210,584 150,936 TOTAL FUNDS CARRIED FORWARD 225,394 210,584 The notes form part of these financial statements Page 14
Ex ectations Uk Balance Sheet 30Se tember 2022 30.9.22 Unrestricted funds 30.9.21 Total funds Notes FIXED ASSETS Tangible assets 10 51,034 54.333 CURRENT ASSETS Debtors Cash at bank and in hand 11 59.762 134.968 128,621 51,113 194,730 179.734 CREDITORS Amounts falling due within one year 12 (20,3701 {23,483) NET CURRENT ASSETS 174,360 156.251 TOTAL ASSETS LESS CURRENT LIABILITIES 225.394 210,584 NET ASSETS 225.394 210.584 FUNDS Unrestricted funds 13 225,394 210.584 TOTAL FUNDS 225,394 210.584 The charitable company is ents'tled lo exemption from audri under seCn 477 of the Companies AGI 2006 for the year ended 30 September 2022. The members have not required the company lo obtain an audit of its financial statements for the year ended 30 September 2022 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their reswnsibilities for la) ensuring that the tharitsble company keeps accounting recdS that mplY wth Sedions 386 and 387 of the Companies Act 2006 and Ib) preparing financial statements which give a tnje and fair view of the state of affairs of Ihe charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwse comply with the requiremenis of the Companies Act 2006 relaling to financial statements. so far as applicable to the charitable company. The notes fomi part of these financial statements Page 15 continued...
clations Uk Balance Sheet - continued 30Se tember 2022 These financial stalemenls have been prepared in ac£ordance the prowsions applicable to charilable c(Nnpanies subject to the small cornpanies regime. The financial statements were approved by the Board of Trustees and authorised for issug on 27 February 2023 and were signed on its behalf by.. Mr M Hussain - Trustee The notes fomi part of these financial statements Page 16
Ex ectations Uk Cash Flow Statement for the Year Ended 30 Se tember 2022 30.9.22 30.9.21 Notes Cash flows from operating activilies Cash generated from operations Cash and Cash equivalents 93.570 14.579 {1) Net cash provided by operating activitie5 93.571 14,578 Cash flows from investlng activities Purchase of tangible fixed assets (9.716) (20.4631 Net Cash used in investing activities (9.716) {20,463} Change In cash and cash equivalents In the reporting period Cash and cash equivalents at the beginning of the reporting period 83.855 15,885) 51,113 56.998 Cash and cash equivalents at the end of the reporting period 134,968 51.113 The notes fomi part of these financial statements Page 17
ectations Uk Notes lo the Cash Flow Statement for the Year Ended 30 Se tember 2022 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 30.9.22 30.9.21 Net income for the reportlng perlod (as per the Statement of Financial Activities) Adjustments for: Depreciation charges Loss on disposal of fixed assets Decreasel{increase) in debtors Decrease in creditors 14.810 59.648 13.014 13,706 13.701 (54.217) {18,259) 68,859 (3.113) Net cash provided by operations 93,570 14,579 ANALYSIS OF CHANGES IN NET FUNDS At 1.10.21 Cash flow At 30.9.22 Net cash Cash at bank and in hand 51,113 83.855 134,968 51.113 83,855 134.968 Total 51,113 83.855 134.968 The notes form part of these financial statements Page 18
eclations Uk Notes to the Financial Statements for the Year Ended 30 Se tember 2022 ACCOUNTING POLICIES Basls of preparlng the financlal statements The financial statements of the Charitable company. vthich is a public benefit enlity under FRS 102. have been prepared in accordance wth the Charities SORP IFRS 102) 'Accounling and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 {effective 1 January 2019),, Financial Reporting Standard 102 'The Finanual Reporting Standard applicable in Ihe UK and Republic of Ireland. and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. The financial slatements for Expectations (UK) have been prepared under historical cost accounting rules to comply wilh Ihe Accounting Direction for Social Housing in England from Apnl 2012. the Financial Reporting Standard for Smaller Entities (effective April 2008) IFRSSE>, Accounting Requirements for Registered Social Landlords General Determination 2006, and the Statement of Recommended Practice "Accounting by regist8red social housing providers" updated in 2010 (SORP 2010). published by the National Housing Federation in 2010. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds. it is probable that the income will be CeiVed and the amount can be measured lIablY. Expendlture Liabilities a recognised as expenditure as soon a5 there is a legal or constructive obligation committing the charity to that expenditure. it is probable that a transfer of economic benefits wll be required in Settlement and the amount of the obligalion can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that agggate all cost related to the category. Where costs cannot be directly attributed lo particular headings they have been allocated to activitl8s on a basis consistent with the use of resources. Tanglble fixed assets Depreciation is promded at the following annual rates in order to write off each asset over its ests'mated useful lrfe. Fixtures and fittings Computer equipment 20% on reducing balance 20% on cost Taxallon The charity is exempt from corporalion tsx on its tharitable activitr'es. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the truslees. ' Restricted funds can only be used for particular restricted purposes within the objects of the charily. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Page 19 ontinued...
ectations Uk Notes to the Financial Statements - continued for the Year Ended 30 Se tember 2022 ACCOUNTING POLICIES - ¢onllnued Fund accounting Further explanation of the nalure and purpose of each fund is included in the notes to the financial statements. Hir¢ purchase and lèasing commitments Rentals paid under operating leases are charged to the Statement of Financial Actiwlies on a straight line basis over the period of the lease. Pension costs and other post-retirement beneffts The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable companls pension scheme are charged to the Statement of Financial Activities in the p8nixl to which they late. Legal status Expectations IUKI is a company incorporated under Companies Act 2006 as a company limited by guarantee and not having share capital. is a registered Charity under the Charities Act 1993. and is registered with the Homes & Communities Agency as a nol-for-profil Registered Provider of social housing defined by the Housing and Regeneration Act 2008. DONATIONS AND LEGACIES 30.9.22 30.9.21 Housing benefrt income 802.734 812.896 RAJSING FUNDS Other Irading actlvlties 30.9.22 30.9.21 Bad debts 4,688 40,741 CHARITABLE ACTIVITIES COSTS Support costs (see note 51 Direct Costs Totals Acliwts'es 573.531 209,705 783.236 Page 20 continued...
Ex ectations Uk Notes to the Financial Statements - continued for the Year Ended 30 Se tember 2022 SUPPORT COSTS Informatio technology Management Finance Activities 147.420 13,666 3.768 Human resources Governance costs Totals Activtlies 739 44,112 209,705 Support costs. induded in the above. are as follows: Management 30.9.22 30.9.21 Tolal activities Activtties HO Wageslother People Costs Subscriptions Training Costs HO Rent, Rates and Water HO Insurancè Light and heal HO Telephone HO Postage and ststionery HO Motor Costs 121.869 13 833 10,113 12.606 70.100 3,618 5,620 12,529 1.835 140 2.231 3.046 140 147.420 97,284 Finance 30.9.22 30.9.21 Total activities Activities Bank charges Depreciation of tsngible fixed assets Loss on sale of tsngible fixed assets 652 13,014 1,231 13.706 13,701 13.666 28,638 Page 21 continued...
ectations Uk Notes to the Financial Statements - continued for the Year Ended 30 Se tember 2022 SUPPORT COSTS - Continued Information le¢hnology 30.9.22 30.9.21 Total activities Activities Cornpuler costs 3,768 3,656 Human resourc•s 30.9.22 30.9.21 Total aclivities Activities Recruitment expenses 739 Governance cost5 30.9.22 30.9.21 Total activities Activities Accountancy Fees Legal fees 10.740 33,372 9.000 24.225 44.112 33.225 NET INCOMEI(EXPENDITURE) Net incomel(expendilure) is stated after Chargin(Crediting)'. 30.9.22 30.9.21 Depreciation - owned assets Hire of plant and machinery Other operating leases Deficit on disposal of fixed assets 13.015 2.210 42.535 13.705 4,601 31,552 13,701 TRUSTEES. REMUNERATION AND BENEFITS There were no trustees. remuneration or other benefrts for the year ended 30 September 2022 nor for the year ended 30 Seplernber 2021. Trustees. expens0$ There were no trustees, expenses paid for the year ended 30 September 2022 nor for the year ended 30 September 2021. Page 22 continued...
ectations Uk Notes to the Financial Statements - continued for the Year Ended 30 Se tember 2022 STAFF COSTS 30.9.22 30.9.21 Wages and salaries Social security cosls Other pension costs 286,171 16.794 9.242 211.327 13,498 9,153 312,207 233.978 The average monthly number of employees durin9 the year was as follows". 30.9.22 30.9.21 Housing, security and support staff Administration staff 12 11 No employees received emoluments in excess of £60.000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTivmES Unrestricle funds INCOME AND ENDOWMENTS FROM Donation5 and lega(aes 812.896 EXPENDITURE ON Raising fvnds 40.741 Charitable activities Activities 712,507 Total 753.248 NET INCOME 59,648 RECONCILIATION OF FUNDS Total funds brought forward 150.936 TOTAL FUNDS CARRIED FORWARD 210.584 Page 23 continued...
ectalions Uk Notes to Ihe Financial Statements - continued for the Year Ended 30 Se tember 2022 10. TANGIBLE FIXED ASSETS Fixtures and fittings Plant and machinery Computer equipment Tolals COST At 1 October 2021 Additions 250 80,267 8.418 27.631 1.298 108,148 9,716 At 30 September 2022 250 88.685 28.929 117,864 DEPRECIATION At 1 October 2021 Charge for year 109 36 27,782 12.181 25.924 798 53.815 13,015 At 30 September 2022 145 39.963 26,722 66,830 NET BOOK VALUE At 30 September 2022 105 48,722 2,207 51.034 At 30 September 2021 141 52.485 1,707 54.333 11. DEBTORS: AMOUNTS FALLING DUE WtTHIN ONE YEAR 30.9.22 30.9.21 Trade deblors Prepaymenls 37.534 22,228 101.331 27.290 59,762 128,621 12. CREDITORS: AMOUNTS FALLING DUE WIThIN ONE YEAR 30.9.22 30.9.21 Trade creditors Social security and other taxes Pensions Accrued expenses 13,388 5.293 1.449 240 12.710 3.537 772 6.464 20,370 23.483 Page 24 continued...
ectations Uk Notes to the Financial Statements - continued for the Year Ended 30 Se lember 2022 13. MOVEMENT IN FUNDS Net movement in funds At 1.10.21 At 30.9.22 Unrestrlcted funds General fund 210,584 14.810 225.394 TOTAL FUNDS 210.584 14,810 225.394 Net movement in funds. included in the above are as follows.. Incoming Resources Movement resources expended in funds Unrestrictod funds General fund 802.734 {787.924) 14,810 TOTAL FUNDS 802.734 {787.9241 14,810 Comparatlves for movement In funds Net movement in funds Al 1.10.20 At 30.9.21 Unrestricted funds General fund 150.936 59,648 210.584 TOTAL FUNDS 150.936 59,648 210,584 Comparalive net movement in funds. induded in the above are as follows= Incoming Resources Movemenl resources expended in funds Unrestricted funds General fund 812,896 (753,248) 59,648 TOTAL FUNDS 812.896 (753,248) 59,648 Page 25 continued...
ctations Uk Notes to the Financial Stalements - continued for the Year Ended 30 Se tember 2022 13. MOVEMENT IN FUNDS- continued A current year 12 months and prior year 12 months cornbined position is as follows: Net movement in fvnds At 1.10.20 At 30.9.22 Unrestricted fund5 General fund 150.936 74,458 225.394 TOTAL FUNDS 150.936 74.458 225,394 A current year 12 months and prior year 12 months combined net movement in funds. included in the above are as follows- Incoming Resources Movement resources expended in funds Unrestricted funds General fund 1.615.630 (1.541,172} 74,458 TOTAL FUNDS 1.615.630 (1.541,172) 74.458 14. RELATED PARTY DISCLOSURES In the year ended September 2022 the were no related party disdosures. Page 26
ectations Uk Detailed Statement of Financial Activities for the Year Ended 30 Se tember 2022 30.9.22 30.9.21 INCOME AND ENDOWMENTS Donations and legacies Housing benefit income 802.734 812.896 Total incoming resources 802.734 812.896 EXPENDITURE Other trading activities Bad debts 4.688 40.741 Charitablè activities Wages Social security Protective Clothing Household and deaning Hire of plant and machinery Routine maintenance Major repairs expenditure Rent. Rates and Water Insurance Light and heal Telephone Postage and stationery Advertising Tenant Catering Costs Motor expenses 163,563 16,794 141.227 13,498 9.242 2.197 9.153 983 41,702 282.727 5.122 37.681 59 2.019 25,932 315.974 4.656 21.616 660 1.737 130 8,621 5,517 8.779 3.646 573.531 549.704 Support costs Management HO Wageslother Pewe Costs Subscriplion5 Training Costs HO Rent. Rates and Water HO Insurance Light and heat HO Telephone HO Postage and stationery HO Motor Cosls 121,869 13 833 10,113 12,606 70,100 3,618 5.620 12,529 1.835 140 2.231 3,046 140 147,420 97.284 This page does not form part of the statutory financial slatements Page 27
ectations Uk Detailed Statement of Financial Activities for the Year Ended 30 Se tember 2022 30.9.22 30.9.21 Management Finance Bank charges Depreciation of tangible fixed assets Loss on sale of tangible fixed assets 652 13.014 1,231 13.706 13.701 13.666 28,638 Informatlon technology Computer costs 3.768 3.656 Human resources RecDJitment expenses 739 Governance cosls Accountancy Fees Legal fees 10.740 33.372 9,000 24.225 44,112 33.225 Total resources expended 787.924 753,248 Net income 14,810 59.648 This page does not fom part of the statutory financial statements Page 28