Company registration number: 08272357 Charity registration number: 1152491 Expectations (UK) {A Company limited by guarantee) Annual Report and Financial Statements for the Year Ended 30 September 2024
Expectations (UK) Contents Reference and Administrative Detsils Strategic Report 2to3 Trustees, Report 4t013 Independent Examtner's Report 14 Statement of Financial Activities 15to 16 Balance Sheet 17 Statement of Cash Flows 18 Notes to the Financial Statements 191029
Expectations (UK) Reference and Administrative Details Ch8rity Registrition Number 1152491 Company ReEiStration Number 08272357 The charity is incorporated in England. Registered Offlce Suit¢ 323 The JewelLery Business Centre 95 Spencer Street Bimingham West Midlands B186DA Page I
Expectations (UK) Strategic Report for the Year Ended 30 September 21)24 The trLlStees, who are directors for the purposes of company law, present their strategic report for the year ended 30 September 2024. in compliance with s414C of the Companies Act 2006. Achievements and performance The Trustees have identified Key Perforniance Indicators that will be monitored. These will include, not exclusively- Voids Rent collection Personal contribution ¢olleclion Satisfactory complaint resolution Tenants supported to maintain their accommodatton Tenants siipported to obtain suitable move on accommodation - Tenants accessing Primary Hcalth Care servi¢es - Tenants achieving training and education related outCOTne5 The following Committees have been appointed by the board: - Finance Comrniltee - Blisiness Development and Management Committee Safeguarding and Qiiality Committee - Resident5 and Neighbourhood Foru These Committees appointed by the Board focus on specific areas and take infornled decisions within tbe framework of delegated auihotity. and make specific recommendations to the Board on matters in their areas. All decisions and recommendations of the committees arc placed before the Board for infomiation or for approval. To enable better and more focused attention on the affairs of thc organisation. the board delegates particular maltcrs to the committees of the board set up for the purpose. Collllnittees review items in great detail bcforc it is placed before the Board for its consideration. These committees prepare the groundwork for decision making and report at the subsequent board meeting. Quality Assurance The trLiStees aim to develop and Implement appropriate mechanisms of quality control and assurance based on the Charity's Key Perfortnance Indicators. This will include building upon inforniation gcncratcd by previous reports, specific areas will incliide.. Identifying tenant support needs Establishing whether tenants needs have been met Effectiveness of tcnant risk tnanagement Financial revie The Income and Expenditure for the year is sel out on page fourteen of the financial ststements. Diiring the twelve month period ending 30 September 2024 the Charity had a total housing income of £1.043,042 and total expenditure of £1,001,585 which resulted in a 5uTplus of £41,457. Management accounts are produced and reviewed moThthly by the Finance Comtllittee and all debts are up to date. Page 2
Expectations (UIQ Strategic Report for the Year Ended 30 September 2024 Policy on reserves The trustees, reserve5 policy is to manage the reserv¢s Tn such a way as to have sufficient funds available for the orderly winding up of the company wiihout liability Should its fure income be in such doubt that this is the only credible course of action. IHvesthienkpolicy and objectives The trustees, policy is to invest operaling funds in easy access and relatively low risk bank aeeounts should free cash flow start to filter through however the main objective is to re-invesl in operational growth. We are also working lo raise funds and grants for the Charity going forward. The strategic report was approved by the IteeS of the charity on 31 March 2025 and signed on ils behalf by.. r Munawar Hussain Trustee Page 3
Expectations (UK) Trustees, Report The trnstees, who are directors for the purposes of company law, present the annual report together with the financial statements and auditors, report of the Charitsble company for the year ended 30 September 2024. Objectives and activities Objecls and dinis Throughout the year the objectives of tbe Charity are the relief of those in need. in particular (without prejudice to the gcnciality) through the provision of and assistance with social housing, acwnunodation and assistance to help house people who are in need of such housing by reason of.. • Age,. Disability. Handicap (whether physical or mental). or Sickness,. and To providc accomrnodation, support provision and a5SlStance to help people who are homeless, many of who have beeT) leading chaotic lifestyles often incliiding drug and or alcohol misuse. sustained mental health Issues or have been and out of the Criminal justice system. Revieiv of development, #etivities and achievements Expeclalions (UK) were founded in 2013 with a view to helping transform the lives of those in need through helping them with supported housing. We wanted to hold the hands of our beneficiaries tlirough the first hurdle of supported housing and then help them lo map and enact on their transforn]ation. We have helped hundreds if not thousands of our guests move through this transforniation and it IS something that we are immensely proud This howevcr hasn't been achieved easily- we have faced sotne major challenges along the way. Most recently the organisation has been through a massive transfonnation process with the implementation of refreslied and new policies, procedures and processes. A new culturc ha5 been adapted within the organisation to offer etth&nccd scrvic¢s. improve ways of working. implementing new PToc¢sse5. working with the local council and the RSH to meet our resid¢nts needs and requiretllents as a Social landlord. Expeclatiolls (UK) current Business Plan is active and we are working closely with our providers to achieve our growth targets set out for the next 3 years. TkLiS will increase our exempt accommodation and our general needs portfolio. Wc have also worked closely with the Regulator OF Social Housing for a number of years and now we are in a position of fiill compliancy with Ihe regulaiory standard5. We requested the RSH to remove the regulatory notice issiied in ?019 and provided a Voluntary Undertaking (VU) for the next 3 years. This was successfully accepted by the RSH and our regulatory notice wa5 removed on the l 8th Deceinber 2024. The VU is broken down into 3 phases and we have successfully completed phase l. We are working lo complete phase 2 and we are Confident that all phases will be completed successfully. Page 4
Expeetations (UK) Trustees, Report Market Summary Homelessness in Binningham. has seen a major increase in recent yeaTs, reflecting broader national trends. In the 2022123 financial year, 6,212 households approached Binningham City Council as homelcss or threatened with homelessness, marking a 14.3 /0 rise from the prevTrous year. As of July 2024, approximately 5,850 households were residing in temporary accommodation. with an additional 24,452 households seeking more suitable housing through the Housing Register. An estimated 8,470 housebolds were "sofa surfitLg' as of January 2024. and on any given night, about 36 individuals were sleeping rough in the city. The West Midlands region, encompassing Birniingham. reported 26,420 individuals living in temporary accommodation as of June 2024, equating to one in cvery 21 I people. This figure is higher than the national average, with England seeing one in 160 people homeless. A significant factor contributing to homelessness in Bimiingham is the acute shortage of affordable housing. In 2023, research by Crisis and Zoopla indicated ihat only 3.28/0 of two-bedri)om properties and 1.79% of three-bedroom properties in Birmingham were available at rents covered by Local Housing Allowance (LHA) rates. This hlghlights the cballenges low-income households lace in securing affordable accommodation. In response lo the escalating crisis, Birniingham City Council has developed the "Homelessness & Rough Sleeping Prevention Strategy 2024-2029." This strategy outlines key priorities and actions lo address homelessness over th¢ next five years. emphasising prevention. support. And the provision of affordable housing. Despite these effort5, the financial strain on local authorities remains substantial. In 2022-23, local authorities in England spent over £1.6 billion on temporary accommodation. with proje¢tion5 indicating a rise to around £2.] billion in 2023-24. Bimiingham City Council. facing significant budget deficils, has been compelled to make dIs¢U11 decisions, including the sale of over 700 homes initially built for the Comtnonwealth Games athletes, village at a loss exceeding £3(K) million. The homelessness situation in Bim]ingbam is complex of rising demand. limited affordable housing supply. and financial constraints on local authorities. Addressing this multifaceted issue requires sustained efforts, strategic planning, and collaboration among various stakeholders to ensuTe thai wlnerable populations receive the support and housing they need towards reducing homel¢s5n¢ss rates in Birniingham. The Regulator of Social Housing report on Sector Risk Profile 2020 published in November 2020 has highlightcd the need for specific responsibilities surrounding increased stock quality standaFds and accoiintability to tenants. The regulator has also stated thal the sector faces a growing range of compeling internal and external pressures which will dcmand strategic control and decision-making. The needs of current tenants must be balanced with future d¢mands; choices must be made between essential ongoing investment in the exisling housing stock and contributing to new supply. Birmingham City Council. local MP'S and residents of Bimiingham have expressed their concerns for badly run supported accommodation. which has resulted in Crime, drugs and anli-social behaviour in the local are2S. Registered Social Landlords have the responsibility in making sure the properties used for supported accommodation meet the decent home standard, all HMO regulaiions are in place and HHSRS guidance is followed but unfortunalely this has not been completed by a handfiil of RSL'S. Page 5
Expectations (UK) Trustees, Report Both data sets demonstrate the need to for supported housing within Birnlingham. At Expectations, we work with single adults and provide them with both support and accommodation in the hope tbat they can move fonvard in their lives. FinanciAI Summary Expectations (UK) has now consolidated its financials in the last 12 months improving on the levels of control from 2023. The balance sheet and net asset value has progress with an increas¢ of £230,765 to £272,222 to September 2024. Our rnain sources of income are generated from our housing activity. and this has continued with a good level of consistency in 202312024. We have rediiced the amount of debtors owed to the company along with rediictions in trade creditors and provision due lo better financial management. Our Vision To live in a world where individuals in need can access to support to transfomi their lives so we can live in a stronger more community Our Mission Provide services that arc about more than just providing a bed lor the night. We want to provide a safe place to stay while yoii get support to move on with your life. Our Values CltOMer - We want all of our services lo be centred on our customers. helping them lo take the next step, however big or small. - Community - we want to create a peaceful and harnionies environment that encourages growth for everyone llltegrity - We want to develop and rebuild tbrnsl with all of our Stakeholders Innovation - we want to ensure that we are always finding new ways of learning from others. Ifwe can be Ihe besl we can deltver the best outcomes for our beneficiaries. Strategy 2023124 - 2038139 Business Plan - Ciistomer Engagement Strategy Risk Management Policy - Performance Management Eqiiality Strategy - Financial Strategy & Procuremcnt Developrnent Plan - HR Strategy Asset Managernent - New BiLsiness models and options Value for money Page 6
Expectations (UK) Trustees, Report Our strategy will be delivered through a robust business plan which we will ensure it allows ihe organisation lo deliver against ils ambitious targets. The organi5ations processes have bcen redrafted to ensure that they ale fit for purpose and help to drive our ambition. We have also implemented a robust governance stnL¢ture in order to focus more on our bcn¢fi¢iaries. How we will drive our direction through our people Executive KPI'S CEO board report5 & perfomiancc objectives Team & Manager Objectives Individual Objectives Expectations {UK) ability lo help thos¢ in need is llot only dependent on the robustness of the organisation itself but also on the talent we have in the organisatioTh. We want to drive the whole team to deliver against the strategic prioritl¢s over the next five years. Achieving Regulatory Standards The Trustees of Expectations {UK) are responsible for ensuring that the Charity achieves the outeomes required in the Regulatory Standards framework for Registered Providers of Social Housing. We also work to meet the reqiiÉrements of the Wesl Midlands Regional offender Ilousing Protocol. Along with the requtrements for good governance and financial viability and controls. the trustees have acted lo put systems in place to ensure that the Charity demonstrates value for moThey, sets renls in accordance with the Rent Standard and achieved the consumer standards. The approach to, and achievement of tbese this year is summarised as: Value for Money Expectations (UK) are gathering baseline infonnation to inforni an initial value for money perfonnance assessment so as to be able to m¢asure and report on year on year improvements. We are establishing arrangements to work with tenanls to identify and deliver relevant value for money outcomes. Rent StandgTd We have reviewed our rcnt settings for all our pr()perties by working with external consultanls, who have provided new rent settings, which are in line with the Rent Standard for soctal housing. The new rent 5etliDg5 have been applied to all our propertÈes with the help of the local council. We are still working to review our services provided to ensure these sViCeS are value for nioney and lo reduce our rent settings further if possible. Page 7
Expectations (UK) Trustees, Report Involvement & Empowerment Effective methods of involving a transient tenant population with consultation have included establishing residents meetings lo consult on areas of service Ihal require improvetnellt. We aTe developitlg njechanisms lo involve tenants in scrutiny. which will be an integral part of the development of our strategy for tenant involvement and engagement. Where possible, suggestions to itnprove services. ID particular catering, have been implemented to meet a wide rdnge of dietary requirements. Equality and Diversity The Tnislees bave adopted an appropriate Equaltty and Diversity policy and are developing procedures to embed the principles of equality and a positive approach lo diversffity across the orgaDisation. Home Standard Quality of A¢¢ommodatio Previously, all Properties held licences lo ensure compliance with standards for managing Houses in Multiple Occupation. We have worked with our advisors and tenants to improve the safety of the buildings. We have created a Quality conlrol Framework to ensure all our properties are compliant wiih Ihe HMO reglilations, decent homes standards and HHSRS frameworks. Regular inspections are completed lo highltghi repairs and to ensure our propertics mect the quality standards. Repair maintenance The Charity has a repairs aTJd maintenance team and has procedures to ensure all repairs rcportcd are cotnpleted to appropriate timescales and 'righi first time,. Tenancy Standard Alloeations Expectations (UK) has worked with strategic partners lo provide housing Ihal fits with local slralegies and priorities and lo allocate accomTnodalion fairly 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 trustees feel thi5 enablcs Expcctations (UK) to make the best possible use of the properties in meeling the aims of the organisation and meeting local needs. Neighbourhood Management Our staff works with tenants to maintain shared areas and exteriors to a high standard. Tenants have offered to undertake management and development of gardenlcourtyard area5 and are being encourdged and supported to do so. We are developing a partnership with a local community projects to provide actives for residents in the fomi of therapeutic support to aid residents r0Very from substance misuse. Page 9
Expectations (UK) Trustees, Report Expectations (UK) management also attend meetings with lo¢al organisations, such as Aston and Perry Ba Neighbourhood Forum. and the Homeless Fornm to ensure we are an integral part of the community and to address any concerns the community may have with our projecl. LOCAI co-operation We recognise the importance of effective parinership working lo cnsure Ihat we can meet 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 Standards The Truslees and executive has working to ensure strong partnerships aTrdngetnents and good working relationships are built with the local authority. statutory Services and voluntory and community agencies and in particular with Ibe police and probation service. Antisocial behaviour A major success has been in working coTJ5tructively with security and support staff and police partners to tackle anti-social behaviour by and towards tenants. This has particularly included contributing to a reduction in retail crime, alcohol relalcd crime and disorder and the supply of illegal drugs in the local vicinity. Expectations (UK) have sied a Sharing of Infornialion Agreement with West Midlands Police to ensure thai we knowthave the appropriate residents in our properties and are not a risk to the local community. Public benefil The trnstees confirni that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard lo the public benefit guidance published by the Charity Commission for England and Wales. Social investmentpolicies The Charity has subscribed lo software to enable the Ixwd to gather baseline infornlation and monitor and report on the social value, impacts and return on investment for beneficiaries and nderS as service develop. Expectations (UK) has a commitment to local employmenl and the development of skills, with a staff StruCre based on 10 full-time posts. crime reduction and reduced fear of crime among the wider community. a general tranche of savings to the public purse, nol only through reducing the costs resulting from criminal activities, but taking on roles often assigned. al far greater cost. to probation services. Page 9
Expectations (UK) Trustees. Report Trustees and officers The trustees and officers serving during the year and since the year end were as follows.. Trustees= Mr Mohammed Tufail Dawood Mr Hadar Zaman Mr Ashley Plummer Mrs Goiisia Parveen Mr Munawar Hussain Mr Kaiser Lone Structure? governance and managemellt Natiire ofgoverning document The charity is controlled by ils governing document, a deed of trnsl. aDd CODstithtes a limit¢d company, limited by guarantee. as defined by the Companies Act 2006. Expectations (UK) is a company limited by guaranlee, incorporated on 29 October ?012 and is registered as a Charity with the Charity Commission from 19 Jltne 2013. The Charity comrnenced activities on 23 September 2013. The Charity also registcred a5 a housing provider wilh the Homes & Comtnunilies Agency (HCA) from 16 September 2013. The Charity's governing docuuient. th¢ Memorandum and Articles of Association. was adopted on 13 September 2013. Membership of the company is open to anyone over the age of sixteen with the minimum number of members restricted lo three and maximum is restricted to fifteen Recriiitiiienl and appoinlnienl of Irus¢ees Ordinarily, Tnistees are appointed by Tnembers at the Annual General Meeting. Additional trustees tnay be co-opted between AGMS. The minimum number of trustees is restricted to thrtt and the maximum is restri¢l¢d to fifteen. Inductioii aiid traiiiing of iriistees Following appoinlmenl, new trustees are inlroduccd lo their role and given copies of the governing document and a guide to the policies and procediires adopted by the Charity. A number of publications frovn the Charity Commission are also provided including the guidance on charities and public benefit and on tlie advancement of religion for the public benefil. This ensiires that new trustees are aware of the scope of their responsibilities under the Charities Act. Organisalional slpiiclure The board of trustees meet quarterly to review the progress and activities of the Charity. Once a year trnstees review and approve a five year bUsinesstrategiC development plan and the budgets for tlie following year. Meetings have been held quartely as we work with the Regulator of Social Housing to address the regulatory notices, which were issued previously in 2016 12019. Page 10
Expectations (UK) Trustees, Report Orgnnisa¢ional structure 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 busine5slstrat¢gi¢ developmenl plan and th¢ budgets for the following year. Meetings have been held quartely as we WO with the Regulator of Social Housing to address the regulatory notsces, whlch were issued previously in 2016 12019. Statement of trttstees, responsibilities The trustees (who are also Ihe dire¢tors of Expectations (UK) for the purposes of company law) are responsible for preparing the tDJstees' report and the financial statements in ac¢ordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). including FRS 102 The Financial ReportÈng Standard applicable in the UK and Republic of Ireland" Company law requires the trustees to prepare fu]ancial statcments for each financial year. Under company law the trustees must not approve the flnancial statements unl¢ss 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 reSoUes, including ils income and expenditure. of the charitable company for thal period. In preparing these Iinancial statements. the trustees are required to.. select suitable accounting poli¢ies and apply them consistently. observe the methods and principles in the Charities SORP- make judgements and estimates that are reasonable and prudent. slate whether applicable accounling standards, cotnprising FRS 102 have been followed, subject to any material departures disclosed 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 pioper accounting records that can disclose with reasonable accuracy at any lime the financial position of the chariiable company and enablc them lo ensure that the financial statements comply with the Companies Act ?006. They are also responsible for safeguarding the assets of the charitable ompany and hence for tsking reasonablc Steps for the prevenlion and detection of fraud and other irregularities. The trustee5 are responsible for the maint¢nan¢e and integrity of the corwjrdte and financial information included on the charitable company's web5Lte. Legislation governing the preparation and dissemination of financial stst¢mentS Enay differ from legislation in other jurisdictions. Di$¢losure of information to auditor Each trustee has taken steps that they ought to have Liken as a trustee in order to make themselves aware of any relevant audit infonnation and to establish thai the charity's auditor is aware of thal infonTJation. The lrnstees confirm that Ihcrc is no relevant infomiation that they know of and of which they know the auditor is unaware. The annual report was approved by the trustees of the charity on 31 March 2025 and signed on its behalf by.. Mr Munawar Hussain Trustee Pagell
Expectations (UK) Kndependent Examiner's Report to the trustees of Expectations (UK) ('the Company,) report to the Charity trnstees on my examination of the accounts of the Company for the year ended 30 September 2024. Responsibilities and basis of report As the charity's trustees of Ihe Company (and also its direclors for the purposes of company law) you are responsible for the preparation of the accoiints in accordance with the requirevnents of the Companies Act 2(K)6 ('thc 2006 Act,). Having saltsfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Acl and are eligible foi independent examination, I report in resp¢ct of my examination of your charity's accounts as carried out undcr section 145 of the Charities Act 2011 ('the 2011 Act.). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examiner's statement Since the Company's gros5 incon]e exceeded £250.000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confimi that l am qualified to undertake the examination because l am a mcmber of CGMA, which is one of the li5t¢d bodies. I have completed my ¢xamination. I confllm that no matters have come to my attention in connection with the examination giving me cause to believe.. accounting records were not kepl in respect of Expectations (UK) as required by section 386 of the 2006 Act., or 2. the accolts do not accord with tbose record5- or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any reqiiirement that the accounls ve a 'lrue and fair view, which is nol a maltcr considered as part of ali indcpcndent examination. or 4. the accoun15 have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities lapplicable to chaiities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. I have no concerns and have come across no other matters in connection with the cxamination to wliich attention shoiild be drawn in this report in order to enable a proper underslanding of the accounts to be reached. Paresh Bodhani CGMA 31 March 2025 Page 12
Expectations (UK) Statement of Financial Activities for the Year Ended 30 September 2024 {Including Income and Expenditure Account and Statement of Total Recogni5ed Gains and Losses) Unreslricted funds Total 2024 Note Income and Endowments from: Donations and legacies 1,043,042 1.043,042 Total income 1.043,042 1,043.042 Expenditure on: Raising funds Charitable activities (1,081) 1000.504 (1.081) 1,000,504 Totsl expenditure 1.001.585 1001585 Net income 41,457 Net movement in funds 41,457 41,457 Reconciliation of funds Total thnds brought forward 230,765 230,765 Total ndS carried fonvard 14 272,222 272,222 Unrestricted funds Total 2023 Note Income and Ettdowments from: Donations and legacies 861.460 861,460 Total income 861.460 861,460 Expenditure on: Raising ndS Charitable activities (18,673) 837 416 (18,673) 837,416 Total expenditure 856,089 856.089 Nel income 5,371 5.371 Net movement in funds 5,371 5.371 Reeonciliation of lunds Total funds brought forward 225.394 225 394 Total funds carried forward 14 230,765 230,765 The notes on pages 17 to 27 form an inlegral part of these financial statements. Page 13
Expectations (UK) Statement of Financial Activities for the Year Ended 30 September 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds General Total 2024 Note Income 2nd Endowment5 from: Donations and legacies 1,043.042 1,043,042 Total Income 1.043,042 1,043,042 Expendlture on: Raising funds Charitable activities (1,081) 1.000,504 (1,081) 1,000,504 Total Expenditure 1001,585 1001585 Net income 41,457 41,457 Nel movement Tn fiinds 41,457 41,457 Reconciliation of funds Total funds brought forward 230,765 230.765 Total ndS carried forward 14 272.222 272 222 All of the charity's activities dcrivc from continuing operntions during the above two periods. The funds breakdown for 2023 15 shown in note 14. The notes on pages 17 to 27 fomi an integral part of these financial statements. Pag¢ 14
Expectations (UK) (Registration number: 08272357) Balance Sheet as at 30 September 2024 2024 2023 ote Fixed assets Tangible assets Inveslments 35.387 67,856 103,243 44,456 67,856 112,312 Current g5set5 Debtors Cash at bank and in hand 10 107,285 103,343 210,628 69,633 59,918 129.551 Creditors: Amounts falling due Ivithin one yegr 12 41.649 11,098 Net current assets 168,979 118453 Net assets 272,222 230,765 Funds of the charity: Unrestritted Intome funds Unr¢5tricted fidS 272 922 230,765 Total funds 14 272,222 230,765 For the financial year ending 30 September 2024 the charity was entiiled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Dire¢tors' responsibilities.. The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476. and The directors acknowledge thetr responsibililies for eomplying with the requirements of the Act with respect to accounting records and the preparation of accounts. These financial slatemenls have been prepared in accordance with the special provisions relating to companies subject to thc small companies regime within Part 15 of the Cornpanies Act 2006. The finan¢ial statements on pages 15 to 29 were approved by the trnstees. and authorised for issue on 31 March 2025 and signed on their behalf by: Mr Munawar Hu5sain Trustee The notes on pages 17 10 27 forn) an integral part of these financial statements. Page 15
Expectations (UK) Statement of Cash Flows for the Year Ended 30 September 2024 2024 2023 Note Cash floivs from oper*¢ing activities Net ¢a5h income 41.457 5,371 Adjustments to cash floivs from non-¢ash items Deprccialion 11,997 50,786 Working capital adjustments Increase in debtors io (37,652) 30.551 (9,871) 9,274 Increa5e/{decrease) in creditors 12 Nel cash flows from operating activilies 43,685 Cash flojvs from investing activities Piirchase of tangible fixed assets Purchase of investments (260) (5,417) 67,856 Net cash flows from investing activities 260 73,273 Net increas¢l(decrease} in casb cash equivalents 43,4?5 (75,0501 Cash and cash eqiLivalents at l October 59,918 134,968 Cash and cash equivalents al 30 September 103,343 59,918 All of the cash flows are derived from continuing operations during the above two periods. The notes on pages 17 to 27 fonn an integrnl part of these financial statements. Page 16
Expectations {UK) Notes to the Financial Statements for the Year Ended 30 September 2024 I Charity status The charity is limited by guarantee. incorporaied in Englan and ¢onsequently does not have share capital. Each of the trustees is liable to contribute an amount not excttding £Nil towards the assets of the charity in the event of liquidation. The address of its registered oifice is- Suite 323 The Jewellery Business Centre 95 Spen¢er Street Birmingham West Midlands B186DA These financial statements were authorised for issue by the trustees on 31 March 2025. 2 Accounting policies Summary of significant #ccounting policies and key accounting estimates The principal accounting poltcies applied in the preparation of these financial statements are set oul below. These policies hav¢ been consistently applied to all ihe years presented. unless otherwise stated. Statement of eompliance The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statcment of Recommended Practice (applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in thc UK and Republic of Ireland (FRS 102)) (issued in October 2019) (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Basis of preparation Expectations (UK) meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. Going concern The trustees ¢onsider that theie are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainly that affect the carrying value of assets held by the charity. Income and endowments All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be tncasured reliably. Page 17
Expeetations (UK) Notes to the Financial Statements for the Year Ended 30 September 2024 Expenditure All expenditure is recognised once there is a legal or constructive obligalion to that expenditure. it is probable settlement is required and the amount can be measured r¢liably. All costs are allocated to the applicable expenditure heading that aggregaie sivnilar costs to that category. Where costs cannot be dÉrectly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with ceiitral staff costs allocated on the basis of time spent. and depreciation charges allocaled on the portion of Ihc asset'5 Use. Other siipport costs are allocaled based on the SPTead of staff costs. Raisingfunds These are eosis lilcued in attracting voluntary income. the management of investments and those incurred in trading activities that raise fuiids. Charitable aL'livilies Charitable expendire comprises those cos15 incurred by the charity in the delivery of its activities and services for ils beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nattire necessary to siipport them. Support costs Support costs incliide central fiinctions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example. allocating property Costs by floor areas, or per capita. staff costs by the time spent and other costs by their usage. Taxatio The charity is considered lo pass the tests set out in Paragraph I Scbcdule 6 of the Finance Act 2010 aiid Iherefore il meets the definition of a charitable company for UK cotporation tax purposes. Accordingly, the charity is polentially excmpt froin taxation in respect of income or capital gains received within categories covered by Chaplei 3 Part I l of the Corporation Tax Acl 2010 or Section 256 of the Taxalion of Chargeable Gains Act 1992, to the extent that siich in¢ome or gains are applied exclusively to charitable piirposes. Tangible fixed assets Individual fixed assets costing £1 00.00 or more are initially recorded at cost. less any subsequent accumulated depreciatioii and siibsequent accumulated impainnent losses. Depreciation and 4mortisation Depreciation is provided on tangible fixed assets so as lo write off the cost or valuation, less any estimated residual value, over their expe¢ted useful economic life as follows-. Asset clll5$ Plant and machinery Coniputer equipment Fixtures & fittings Depreciation method and rate 250/0 on reducing balance 200/0 on straighi line 20 /0 on reducing balatkce Investment properties Investment property is carried at fair value, derived from the current market prices for comparable real estste delerniined annually by external valuers. The v&lueTS use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss. Page 18
Expectations (UK) Notes to the Financial Statements for the Year Ended 30 September 2024 Trade debtors Trade debtors are amowits due from customers for merchandise sold or services perfornied in the ordinary course of business. Trade debtors are recognised inilially at the transaction price. They are subsequently measured at amortised cosl using the effective interest method, less provision for irnpairtnent. A provision for the impairnient of trade debtors is established when there is objective evidence that the charity will noi be able to collect all amounts due according to the original ternis of the receivables. Cosh and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits. and otber short-terni highly liquid investmellts th&t are readily convertible to a known amount of casb and are sUbJt to an insignificant risk of change in value. Trade creditors Trade creditors are obligations to pay for gi)IK15 or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabillties if the charity does not have an unconditional right, at ihe end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting dat¢, they are presented as non-current liabilities. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effcctive interest method. Borrowings Interest_b¢aring borrowings are initially recorded at fair value, nei of transaction Costs. Interest-bearing borrowings are subsequently carried at arnortised cost. with the diffcrence between the proceeds. net of transaction costs, and the amouni due on redemption being recognised as a charge to ihe Statement of Financial Activities over the period of the relevant borrowing. Interest expense is recognised on the basis of the effectiv¢ interest method and is included in interest payable and similar charges. Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reFM)rting date. Page 19
Expectations (UK) Notes to the Financial Statements for the Year Ended 30 September 2024 Foreign exchange Transactions in foreign curr¢n¢ies are recorded al the rate of exchange al the date of the Iransaclion. Monetary assets and liabilities denominated in foreign ¢urren¢ies at the balance sheet date aTe reported al the rates of exchange prevailing al that date. The results of overseas operdtions are translated at the average rates of exchange during the period and their balance shcc15 al the rates ruling at the balance sheet date. Exchange differences arising on translation of the opening net assets and results of ovcrseas operations are reported in other comprchen5ive income and accumulated in equity (attributed lo non4ontrolling interests as appropriate). Other exchange differences are recognised in the Statement of Financial Activities in tbe period in whi¢h they arise except for.. l ) exchange differences on transactions entered into lo hedge certain foreign currency risks (see above). 2) exchange differences arising on gains or losses on non-monelary items which are recognised in other comprehensive income. and 3) in the case of the consolidated financial slalements. exchange differences on monetary items receivable from or payable to a foreign operation for which settlemenl is neither planned nor likely lo occur (therefore fom)ing part of the net investment in Ihe foreign operation), which are recognised in other cotnprehensive income and reported linder eqiiity. Fund structure Unrestricted income fiinds are general funds that are available for use ai Ihe trustees discretion in fiirtheran¢e of the objectives of the charity. Financial instrument5 Classification Ftnancial assets and financial liabilities are recognised when the charity becomes a party to Ilie contractual provisions of the instrument. Finaiicial liabilities and equity instruments are classified according to the substance ol the conlractual arrangements cnlered into. An equity instrument is any contract that evidences a residual inlerest in the assets of the eharily after deducling all of ils liabililies. Page 20
Expectations (UK) Notes to the Financial Statements for the Year Ended 30 September 2024 Recognition and nieasurenient All financial assets and liabilities are initially measured al transaction price (including transaction costs), except for those financial a5s¢ls ¢lassified as at fair value through profit or loss. which are initially measured at fair value (which As nonnally the transaction price excluding transaction c05ts), unless the arrangem¢nt ¢on5titutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured ai the present valu¢ of the future payments discounted at a market rate of interest for a similar debt insttumenl. Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforccable right to set off the recognised amounts and the charity intends either to settle on a nel basis, or to realise the asset and settle the liability simultaneously. Financial assets are dere¢ognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity trnnsfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity. despite having retained some. but not all, significant risks and rewards of ownership, has transferred control of the asset to another party. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, can¢¢lled or expires. Page21
Expectations (UK) Notes to the Financial Statements for the Year Ended 30 September 2024 Debi instruments Debt ins¢rnments which meet the following conditions are subsequently measured at amortised cost using the cffective interest method.. (a) The contractual return to thc holdcr is (i) a fixed aTnount- (li) a positive fixed rate or a positive variable rate. or (iii) a combination of a positive or a negative fixed rdte and a positive variable rate. (b) The contract may provide for repaymenf5 of the principal or the return lo the holder (biit not both) to be linked to a single relevant observable index of general prtce inflation of the currency in which the debi instrurnent is denominated, provided such links are not Icveraged. {c) The contract may provide for a delem)inable vartation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies eondition {a) and the variation is not contingent on fiiture events other than ( l) a change of a contractual variable rate. (2) to protect the holder against credit deterioratio of the issuer. (3) changes in levies applied by a eentral bank or arising from changes in relevant taxation or law; or (li) the new rate is a market rale of inlerest and satisfies condilion (a). (d) There is no contracttial provision that could. by its tern. result in the holder losing tbe principal amount or any inlerest attributable to the cuffent period or prior perii)ds. (e} COntracttl provisions that perniit the issuer to prepay a debt instrument or perniit the holder to put it back to the i55uer before maturity are not conlingenl on future event5. Other than to protect the holder against the credil deterioration of the issuer or a change in control of the issuer, or to prote¢t the holder or issuer against changes in levies applied by a cenlial bank OT arising from changes in relevant taxation or law. (D Contracttial provisions may pemil the extension of the tertn of the debt instrument. provided that the retum to the holder and any other Contracal provisions applicable during the extended terni satisfy the conditions of paragraphs (a) to (c). Debt insthiments that are classified as payable or reccivable within one year on initi21 recognition and which meet the above conditions are measured at Ihc UDdiscounted amount of the cash or otber consideration expected to be paid or received, net of impaimient. With the exception of some hedging instrunients. otber debt instrumenls not meeting these conditiolls are measured al fair value through profit or loss. Commitments to make and receive loans which meet th¢ conditions mentioned above are measured at cost (which may be nil) Icss impairnienl. Inves¢Nients Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are piiblicly Iraded or their fair value is reliably measurable) are nieasured at fair value througb prolit or loss. Where fair value cannot be measured reliably, investments are measured at Cost less impairnienl. Investments in 5ub5idiaries and associates are measured al cost less impairment. For investments in subsidiaries acquired for consideration including Ihc is5uc of shares qualifying for merger relief, cost is measured by reference lo the nominal value of the shares issued pliis fair value of other consideration. Any premium is ignored. Page 22
Expectations (UK) Notes to the Financial Statements for the Year Ended 30 September 2024 Derivalivefinancial inslrumenls The charity uses derivative financial instrumcnts to reduce exposure to foreign exchange risk and interest rate movem¢nts. The charity does not hold or issue derivative financial instruments for speculative puvposes. Derivatives are initially recognised ai fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting dale. The resulting gain or loss is recognised in statement of financial activities immediately unless the derivative is designated and effective as a hedging instrument, in which event the ttming of the recognition ill statetnent of financial activitAes depends on the nature of the hedge relatiotiship. Fair value measurement The best evidence of fair value is a quoted price for an identical asset in an active market. When quoled pric¢s are iinavailable, the pric¢ of a recent traDsaction for an identical asset provides evidence of fair value as long as there ba5 not been a signtfi¢ant change in economic circumstances or a significant lapse of time stnce the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique. 3 Income from donations and legacies Unrestricted funds General Total funds Regular giving and capital donations 1,043.042 1,043,042 Total for 2024 1,043,042 1043,042 Total for 2023 861,460 861.460 4 Expenditure on raising fund5 Costs of trading activities Unrestricted funds General Total funds Iyote Other direct costs of activities for generating funds 1,081 1,081 TotAI for 2024 1,081 1.081 Total for 2023 18.673 18,673 Page 23
Expectations (UK) Notes to the Financial Statements for the Year Ended 30 September 2024 5 Net incomingloutgoing resources Net incoming resouwes for the year include= 2024 2023 Operating leases - plant and machincry Depreciation of fixed assets 3.360 9,329 3,339 11,997 6 Trustees remuneration and expenses No ttuslees, nor any persons connected with them. have received any remuncration from the charity during the year. 7 Taxation The Charity is a registered charity and is therefore exempl from taxation. 8 Tangible fLxed assets Furniture and equipment Total Cost Ai l October 2023 Additions 123,282 260 123.282 260 At 30 September 2024 123,542 123.542 Depreciation Ai l October 2023 Charge for the year 78.826 9,329 78,826 9,329 At 30 September 2024 88,155 88,155 Net book value AI 30 Septemb¢r 2024 35,387 35,387 AI 30 September 2023 44,456 44,456 9 Fixed asset investment5 2024 2023 Investment properties 67.856 67,856 Page 24
Expectations (UK) Notes to the Financial Statements for the Year Ended 30 September 2024 Investment properties Investment properties Cost or Valuotion Ai l October 2023 67.856 Provision At 30 September 2024 Net book value At 30 Septernber 2024 67,856 At 30 September 2023 There bas been no valuation of investment property by an independent valuer. 67,856 10 Debtors 2024 2023 Trade debtors 86,814 20,471 107,285 45.069 24.564 69.633 Prepayments I I Cash and Cash equivalents 2024 2023 Cash on hand Cash at bank 605 605 59,313 102,738 103,343 12 Creditors: amount5 fallEng due within one year 2024 2023 Trade creditors Other taxation and social security Other creditors A¢crua15 8,209 6,624 668 26,148 41,649 5,459 4,941 698 11,098 Page ?5
Expectations (UK) Notes to the Financial Statements for the Year Ended 30 September 2024 13 Pension and other Schemes Defined contribution pension scheme The charity operates a defined contribution pension scheme. The peD5ion c05t charge for the year represents coutributions payable by the charity to Ihc scheme and amounted lo £Nil (2023 - £Nil). 14 Funds Balance at I October 2023 Incoming resourees Resources expended Balance at 30 Septetnber 2024 Unrestricted funds General 230,765 1.043,042 1,001,585 272.222 Balance at I Oetober 2022 Incoming resources Resources expellded Bglance at 30 September 2023 Unrestricted funds General ?25,394 861,460 856,089) 230,765 15 Analysis of net #55ets behveen lunds Unrestricted Total funds at 30 (unds September General 2024 Tangible fixed assets Fixed asset investments Current assets Current liabilities 35,387 67,856 210.628 41,649 35,387 67,856 210.628 41,649 Total net assets 272,222 272,222 Unrestricted Total fund5 at 30 funds September Genergl 2023 Tangible fixed assets Fixed asset investments Current assets Current liabilities 44,456 67,856 129,551 11.098 44.456 67,856 129,551 11,098 Total net assets 230.765 230.765 Page 26
Expectations (UK) Notes to the Financial Statements for the Year Ended 30 September 2024 16 Analysis of net funds At l October At 30 September 2023 2024 Cash at bank and in hand 59,918 Net debt 59,918 59.918 At l October At 30 September 2022 2023 Cash at bank and in hand 134.968 134.968 Net debt 134.968 134968 17 Related party transactions There were no related party transaetions in the year. Page 27
Expectations (UK) Statement of Financial Activities by fund for the Year Ended 30 September 2024 Unrestricted Funds Total Total Unrestricted Unreslricted Funds Funds 2024 2023 Incolne and Endowments from: Donations and legacies 1,043,042 861,460 Total income 1.043,042 861.460 Expenditure on: Raising funds Charitable activities (1,081) 1.000,504 (18,673) 837,416 Total expenditure 1.001.585 856,089 Net income 41,457 5.371 Net movement in funds 41,457 5,371 Reconciliation of funds Total Thd$ brought forward 230,765 225,394 Total funds carried forward 272,222 230,765 This page does not forni part of tlie statutory finan¢ial statements. Page 28
Expectations (UK) Detailed Statement of Financial Activities for the Year Ended 30 September 2024 Total 2024 Total 2023 Income and Endowments from: Donations and legacies (analysed below) 1,043,042 861460 Total income 1.043,042 861.460 Expenditure on: Raising fund5 (analyscd below) Charitable activities (analysed below) (1,081) 1,000,504 (18,673) 837,416 Total expenditure 1.001,585 856.089 Net income 41.457 5,371 Net movement in fidS 41,457 5,371 Reconciliation of funds Total funds brought forward 230,765 225,394 Total funds carried foTrvard 272,222 230,765 This page does not forni part of the statutory financial statements. Page 29
Expectations (UK) Detailed Statement of Financial Activities for the Year Ended 30 September 2024 Total 2024 Total 2023 Donations apirf legacies Committed giving 1043,042 1043 042 861,460 861.460 Raisinglunds Building repairs 1,081) {1,081) 18.673 (18,673} Charitable aLlivilie5 Wages and salaries Staff NIC {En]ployers) Staff pensions (Defined contribution) - pension scheme I Subcontract cosl Staff training HO Wages/Oth¢r People Costs Rent and rates Light. heat and power Insurance (208.074) (20,889} (1.945) (7,868) (259) (106,831) (389,231) (78.810) (22.346) (43,318) (1.836} (1.155) {192) {1.442) (1,425) (11,562) (17,165) (191,626) (17,450) {2,098) (11.592) (104.212) (282,445) {42,860) {16,517} (68,386) {1,535) (3,203) (237) (773) (1,699) {11,272} {14,8801 (2681 (6531 {482) (11,172) 15,994) (35,462) (603) Repairs and maintenance Telephone and f8X Computer softtvare and maintenance costs Printing, Postage and stationery Trade subscriptions Hire of plant and machinery (Operating leases) Cleaning Travel and 511bsistence Advertising PromolioThal expenses Ciistomer entertaining (disallowable for tax) Accountancy fees Solicitors fces Legal and professional fees Bank charges Bank inlercst payable Depreciation of plant and tnachinery Depreciation of fixtures and fittings Depreciation of office equipment (723) {11,190) (64,2791 (590) (45) (52) (8,550) 727) 1,000.504 {69) (11,108} {820) {837,416 This page does noi forn] part OF the slatulory financial slalements. Page 30