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2025-09-30-accounts

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 2025

Onyx Audit Ltd Onyx House 12 Phoenix Business Park Avenue Close Birmingham West Midlands B7 4NU

Expectations (UK)

Contents

Reference and Administrative Details 1
Strategic Report 2 to 3
Trustees' Report 4 to 11
Independent Auditors' Report 12 to 14
Statement of Financial Activities 15 to 16
Balance Sheet 17
Statement of Cash Flows 18
Notes to the Financial Statements 19 to 26

Expectations (UK)

Reference and Administrative Details

Charity Registration Number 1152491 Company Registration Number 08272357 The charity is incorporated in England. Registered Office Suite 332 The Jewellery Business Centre 95 Spencer Street Birmingham West Midlands B18 6DA Auditor Onyx Audit Ltd Onyx House 12 Phoenix Business Park Avenue Close Birmingham West Midlands B7 4NU

Page 1

Expectations (UK)

Strategic Report for the Year Ended 30 September 2025

The trustees, who are directors for the purposes of company law, present their strategic report for the year ended 30 September 2025, in compliance with s414C of the Companies Act 2006.

Achievements and performance

The Trustees have identified Key Performance Indicators that will be monitored. These will include, not exclusively:

The following Committees have been appointed by the board:

These Committees appointed by the Board focus on specific areas and take informed decisions within the framework of delegated authority, and make specific recommendations to the Board on matters in their areas.All decisions and recommendations of the committees are placed before the Board for information or for approval.

To enable better 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 the Board for its consideration. These committees prepare the groundwork for decision making and report at the subsequent board meeting.

Quality Assurance

The trustees aim to develop and Implement appropriate mechanisms of quality control and assurance based on the Charity's Key Performance Indicators. This will include building upon information generated by previous reports, specific areas will include:

Financial review

The Income and Expenditure for the year is set out on page 17 of the financial statements.

During the twelve month period ending 30 September 2025 the Charity had a total housing income of £2,453,548 and total expenditure of £2,229,032 which resulted in a surplus of £224,516. Management accounts are produced and reviewed monthly by the Finance Committee and all debts are up to date.

Page 2

Expectations (UK)

Strategic Report for the Year Ended 30 September 2025

Policy on reserves

The trustees' reserves policy is to manage the reserves in such a way as to have sufficient funds available for the orderly winding up of the company without liability should its future income be in such doubt that this is the only credible course of action.

Investment policy and objectives

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.

The strategic report was approved by the trustees of the charity on 10 July 2026 and signed on its behalf by: SIGNED SECURELY

30/07/2026 at 3:16:18 PM UTC

......................................... Mr Munawar Hussain Trustee

Page 3

Expectations (UK)

Trustees' Report

Objectives and activities

Objects and aims

Expectations UK continues full compliance with the NHF Code of Governance 2020. Board effectiveness has been strengthened further through updated committee structures, completion of the Voluntary Undertaking (VU), and strategic recruitment of experienced board members.

The charity’s objectives remain focused on relieving those in need through supported housing, wrap‑around services, and strategic partnerships supporting vulnerable adults. During 2025-2026, we expanded service provision, enhanced digital access, and strengthened resident engagement mechanisms.

Review of Development, Activities and Achievements

Throughout this reporting year, Expectations UK continued transformational work across governance, operational performance, service quality, and strategic partnerships.

C. Strengthened partnership with Birmingham City Council and statutory agencies.

D. Improved compliance outcomes with four successful BCC audits.

E. Increased investment in property quality, repairs, and resident wellbeing programmes.

F. Regulatory Compliance: Maintained "Compliant" status with Regulator of Social Housing and Charity Commission

G. Digital Transformation: Oversaw successful website redevelopment and digital service enhancement initiatives

H. Partnership Development: Strengthened collaboration with Birmingham City Council and local stakeholders I. Service Innovation: Approved and monitored onsite CGL substance misuse support services

Market Summary

Birmingham continues to face some of the most significant homelessness pressures in the country, with demand for safe, secure, and supported accommodation rising sharply throughout 2024-2025. More than 5,100 households are currently living in temporary accommodation, reflecting both sustained housing shortages and increased levels of vulnerability among those seeking support. During the first quarter of 2024 alone, the city recorded 1,904 homelessness presentations, a figure that illustrates the scale and persistence of the crisis as the year progressed into 2025.

The primary causes of homelessness in Birmingham remain consistent with national trends: the breakdown of informal living arrangements-such as friends or family no longer able to accommodate-accounts for a large proportion of relief duty cases, while domestic abuse remains one of the most significant drivers of housing instability across the city. These factors highlight that homelessness is not solely the result of economic pressures but is often rooted in complex personal, social, and safeguarding circumstances.

Birmingham also has a disproportionately high reliance on affordable housing, with approximately 24% of residents dependent on affordable accommodation, compared with a national average of 18%. This imbalance places additional pressure on an already stretched housing system and underscores the importance of organisations like Expectations UK in delivering safe, compliant, and supportive environments for vulnerable individuals.

Page 4

Expectations (UK)

Trustees' Report

Rough sleeping remains a visible and concerning issue across the West Midlands Combined Authority area. While numbers fluctuate due to seasonal and outreach factors, the data indicates continued need for proactive, trauma-informed responses and accessible support pathways.Against this backdrop, Expectations UK plays a critical role in helping the city address both immediate housing need and long-term pathways away from homelessness. Our supported housing model, combined with welfare, health, and recovery-focused interventions, directly responds to the structural challenges present across Birmingham’s housing landscape.

The financial performance of Expectations UK for the year-to-date to August 2026 demonstrates continued consolidation, improved operational control, and resilience during a period of significant organisational growth and increased demand for supported housing services. The latest management accounts show year-to-date total income of approximately £2,884,096, with the majority generated through supported housing provision, particularly the Aston Hotel operation and wider Social Housing portfolio.

Across the organisation, the financial position reflects strengthened monitoring, better cost discipline, and more robust financial systems introduced during the past twelve months. Property-level reporting indicates that several schemes-including Aston Hotel and core supported housing assets-continue to perform strongly, generating positive operating margins and sustaining organisational liquidity. Year-to-date performance shows a positive net operating contribution, with multiple service areas demonstrating margin improvements compared with the prior year as a result of tighter budgetary oversight and clearer cost allocation.

The management accounts also reflect the impact of increased governance and financial controls implemented following internal audit recommendations. Delegated authority levels have been reviewed and strengthened, financial reporting is now more accurate and timely, and reconciliation processes-particularly in relation to debtor tracking-have improved significantly. The updated aged debt position reported to the Board indicates that historic variances are continuing to reduce, supporting a more accurate cashflow forecast and enhanced budget confidence for the remainder of the financial year.

Page 5

Expectations (UK)

Trustees' Report

Our Vision

To live in a world where individuals in need can access to support to transform their lives so we can live in a stronger more community

Our Mission

Provide services that are about more than just providing a bed for the night. We want to provide a safe place to stay while you get support to move on with your life.

Our Values

Strategy 2023/24 - 2038/39 Business Plan

Our strategy will be delivered through a robust business plan which we will ensure it allows the organisation to deliver against its ambitious targets. The organisations processes have been redrafted to ensure that they are fit for purpose and help to drive our ambition. We have also implemented a robust governance structure in order to focus more on our beneficiaries.

How we will drive our direction through our people

Expectations (UK) ability to help those in need is not only dependent on the robustness of the organisation itself but also on the talent we have in the organisation. We want to drive the whole team to deliver against the strategic priorities over the next five years.

Page 6

Expectations (UK)

Trustees' Report

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 governance and financial viability and controls, the trustees have acted to put systems in place to ensure that the Charity demonstrates value for money, sets rents in accordance with the Rent Standard and achieved the consumer standards.

The approach to, and achievement of these this year is summarised as:

Value for Money

Expectations (UK) are gathering baseline information to inform an initial 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 with tenants to identify and deliver relevant value for money outcomes.

Rent Standard

We have reviewed our rent settings for all our properties by working with external consultants, who have provided new rent settings, which are in line with the Rent Standard for social housing.

The new rent settings have been applied to 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 Empowerment

Service, choice & complaints

Information provided to tenants has been reviewed, complaints procedures have been simplified and implemented and mechanisms to monitor successful outcomes of complaints have been developed.

Resident and neighbourhood forum has been implemented with the trustees, management team and residents as members to voice their concerns with the services provided and to enhance and simplify our processes, policies and procedures within Expectations UK. This has been successful as many new ideas have been implemented and current services improved.

Involvement & Empowerment

Effective methods of involving a transient tenant population with 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 will be an integral part of the development 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.

Equality and Diversity

The Trustees have adopted an appropriate Equality and Diversity policy and are developing procedures to embed the principles of equality and a positive approach to diversity across the organisation.

Page 7

Expectations (UK)

Trustees' Report

Home Standard

Quality of Accommodation

Previously, all Properties held licences to 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 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 repairs and to ensure our properties meet the quality standards.

Repair and maintenance

The Charity has a repairs and maintenance team and has procedures to ensure all repairs reported are completed to appropriate timescales and 'right first time'.

Tenancy Standard

Allocations

Expectations (UK) has worked with strategic partners to provide housing that fits with local strategies and priorities and to allocate accommodation fairly and transparently, only excluding applicants who pose too 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 this enables Expectations (UK) to make the best possible use of the properties in meeting 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 garden/courtyard areas and are being encouraged and supported to do so.

We are developing a partnership with a local community projects to provide actives for residents in the form of therapeutic support to aid residents recovery from substance misuse.

Expectations (UK) management also attend meetings with local organisations, such as Aston and Perry Barr Neighbourhood Forum, and the Homeless Forum to ensure we are an integral part of the community and to address any concerns the community may have with our project.

Local co-operation

We recognise the importance of effective partnership working to ensure that 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 Trustees and executive has working to ensure strong partnerships arrangements and good working relationships are built with the local authority, statutory services and voluntary and community agencies and in particular with the police and probation service.

Page 8

Expectations (UK)

Trustees' Report

Antisocial behaviour

A major success has been in working constructively 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 related crime and disorder and the supply of illegal drugs in the local vicinity.

Expectations (UK) have signed a Sharing of Information Agreement with West Midlands Police to ensure that we know/have the appropriate residents in our properties and are not a risk to the local community.

Public benefit

The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Social investment policies

Expectations UK’s work generates considerable social value beyond housing provision. Through our support model, we help reduce pressure on statutory services, including:

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 Lloyd Plummer Mrs Gousia Parveen Mr Munawar Hussain Mr Kaiser Masood Lone (appointed 31 March 2026) Miss Bushra Nazir (appointed 1 October 2025) Mr Shabir Hussain Rachyal (appointed 1 October 2025)

Page 9

Expectations (UK)

Trustees' Report

Structure, governance and management

Nature of governing document

The charity is controlled by its governing 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 provider with the Homes & Communities Agency (HCA) from 16 September 2013.

The Charity's governing document, the 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 to three and maximum is restricted to fifteen

The charity is governed by its Memorandum and Articles of Association. The governing document was last amended and updated on 10th February 2022.

Recruitment and appointment of trustees

Ordinarily, Trustees are appointed by members at the Annual General Meeting. Additional trustees may be co-opted between AGMs. The minimum number of trustees is restricted to three and the maximum is restricted to fifteen.

Induction and training of trustees

Following appointment, new trustees are introduced to their role and given copies of the governing 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 benefit and on the advancement of religion for the public benefit. This ensures that new trustees are aware of the scope of their responsibilities under the Charities Act.

Organisational 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 business/strategic development plan and the budgets for the 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 / 2019.

Statement of trustees' responsibilities

The trustees (who are also the directors of Expectations (UK) for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

Page 10

Expectations (UK)

Trustees' Report

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Disclosure of information to auditor

Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The trustees confirm that there is no relevant information 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 10 July 2026 and signed on its behalf by:

SIGNED SECURELY 30/07/2026 at 3:16:18 PM UTC

......................................... Mr Munawar Hussain Trustee

Page 11

Expectations (UK)

Independent Auditor's Report to the Members of Expectations (UK)

Opinion

We have audited the financial statements of Expectations (UK) (the 'charity') for the year ended 30 September 2025, which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 12

Expectations (UK)

Independent Auditor's Report to the Members of Expectations (UK)

Opinion on other matter prescribed by the Companies Act 2006

Responsibilities of trustees

As explained more fully in the Statement of trustees' responsibilities , the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

To address the risk of fraud through management bias and override of controls, we:

• assessed whether judgements and assumptions made in determining whether the accounting estimates were indicative of potential bias;

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

• agreeing financial statement disclosures to underlying supporting documentation; reading the minutes of meetings of those charged with governance;

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Page 13

Expectations (UK)

Independent Auditor's Report to the Members of Expectations (UK)

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

SIGNED SECURELY

30/07/2026 at 2:29:53 PM UTC

...................................... John Hegney (Senior Statutory Auditor) For and on behalf of Onyx Audit Ltd, Statutory Auditor

Onyx House 12 Phoenix Business Park Avenue Close Birmingham West Midlands B7 4NU

10 July 2026

Page 14

Expectations (UK)

Statement of Financial Activities for the Year Ended 30 September 2025 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Income and Endowments from:
Housing/rental income
3
Total income
Expenditure on:
Charitable activities
Total expenditure
Net income
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
16
Note
Income and Endowments from:
Housing/rental income
3
Total income
Expenditure on:
Raising funds
4
Charitable activities
Total expenditure
Net income
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
16		 Unrestricted
funds
£
2,453,548
2,453,548
(2,229,032)
(2,229,032)
224,516
224,516
333,557
558,073
Unrestricted
funds
£
1,104,377
1,104,377
(1,081)
(1,000,504)
(1,001,585)
102,792
102,792
230,765
333,557		 Total
2025
£
2,453,548
2,453,548
(2,229,032)
(2,229,032)
224,516
224,516
333,557
558,073
Total
2024
£ (As restated)
1,104,377
1,104,377
(1,081)
(1,000,504)
(1,001,585)
102,792
102,792
230,765
333,557

The notes on pages 19 to 26 form an integral part of these financial statements. Page 15

Expectations (UK)

Statement of Financial Activities for the Year Ended 30 September 2025 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Income and Endowments from:
Housing/rental income
3
Total Income
Expenditure on:
Charitable activities
Total Expenditure
Net income
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
16		 Unrestricted
funds
General
£
2,453,548
2,453,548
(2,229,032)
(2,229,032)
224,516
224,516
333,557
558,073		 Total
2025
£
2,453,548
2,453,548
(2,229,032)
(2,229,032)
224,516
224,516
333,557
558,073

All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2024 is shown in note 16.

The notes on pages 19 to 26 form an integral part of these financial statements. Page 16

Expectations (UK)

(Registration number: 08272357) Balance Sheet as at 30 September 2025

Note
Fixed assets
Tangible assets
9
Investments
10
Current assets
Debtors
11
Cash at bank and in hand
12
Creditors: Amounts falling due within one year
13
Net current assets
Net assets
Funds of the charity:
Unrestricted income funds
Unrestricted funds
Total funds
16		 2025
£
27,781
67,856
95,637
284,425
337,443
621,868
(159,432)
462,436
558,073
558,073
558,073		 2024
£ (As restated)
35,387
67,856
103,243
168,620
103,343
271,963
(41,649)
230,314
333,557
333,557
333,557

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The financial statements on pages 15 to 26 were approved by the trustees, and authorised for issue on 10 July 2026 and signed on their behalf by:

SIGNED SECURELY

30/07/2026 at 3:16:18 PM UTC

......................................... Mr Munawar Hussain Trustee

The notes on pages 19 to 26 form an integral part of these financial statements. Page 17

Expectations (UK)

Statement of Cash Flows for the Year Ended 30 September 2025

Note
Cash flows from operating activities
Net cash income
Adjustments to cash flows from non-cash items
Depreciation
4
Working capital adjustments
Increase in debtors
11
Increase in creditors
13
Net cash flows from operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
9
Net increase in cash and cash equivalents
Cash and cash equivalents at 1 October
Cash and cash equivalents at 30 September		 2025
£
224,516
7,606
232,122
(115,805)
117,783
234,100
-
234,100
103,343
337,443		 2024
£ (As restated)
102,792
9,329
112,121
(98,987)
30,551
43,685
(260)
43,425
59,918
103,343

All of the cash flows are derived from continuing operations during the above two periods.

The notes on pages 19 to 26 form an integral part of these financial statements. Page 18

Expectations (UK)

Notes to the Financial Statements for the Year Ended 30 September 2025

1 Charity status

The charity is limited by guarantee, incorporated in England, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £Nil towards the assets of the charity in the event of liquidation.

The address of its registered office is: Suite 332 The Jewellery Business Centre 95 Spencer Street Birmingham West Midlands B18 6DA

These financial statements were authorised for issue by the trustees on 10 July 2026.

2 Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared in accordance with 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 (FRS 102)) (issued in October 2019) - (Charities SORP (FRS 102)), for Registered Social Housing Providers (‘Housing SORP’), 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 at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty 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 measured reliably.

Page 19

Expectations (UK)

Notes to the Financial Statements for the Year Ended 30 September 2025

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

Raising funds

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Support costs

Support costs include central functions 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.

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Tangible fixed assets

Individual fixed assets costing £100.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class Depreciation method and rate Plant and machinery 25% on reducing balance Computer equipment 20% on straight line Fixtures & fittings 20% on reducing balance

Investment properties

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers 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 20

Expectations (UK)

Notes to the Financial Statements for the Year Ended 30 September 2025

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the 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 date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.

3 Income from donations and legacies

Housing/rental income
Total for 2025
Total for 2024		 Unrestricted
funds
General
£
2,453,548
2,453,548
1,104,377		 Total
funds
£
2,453,548
2,453,548
1,104,377

Page 21

Expectations (UK)

Notes to the Financial Statements for the Year Ended 30 September 2025

4 Expenditure on raising funds

a) Costs of trading activities

Note
Total for 2025
Total for 2024
5
Net incoming/outgoing resources
Net incoming resources for the year include:
Operating leases - plant and machinery
Depreciation of fixed assets		 Unrestricted
funds
General
£
-
1,081
2025
£
-
7,606		 Total
funds
£
-
1,081
2024
£
3,360
9,329

6 Trustees remuneration and expenses

No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.

7 Staff costs

The monthly average number of persons (including senior management / leadership team) employed by the charity during the year expressed as full time equivalents was as follows:

Employees 2025
No
12		 2024
No
11

No employee received emoluments of more than £60,000 during the year.

Page 22

Expectations (UK)

Notes to the Financial Statements for the Year Ended 30 September 2025

8 Taxation

The charity is a registered charity and is therefore exempt from taxation.

9 Tangible fixed assets

Cost
At 1 October 2024
At 30 September 2025
Depreciation
At 1 October 2024
Charge for the year
At 30 September 2025
Net book value
At 30 September 2025
At 30 September 2024
10 Fixed asset investments
Investment properties
Investment properties
Cost or Valuation
At 1 October 2024
Provision
At 30 September 2025
Net book value
At 30 September 2025
At 30 September 2024		 Furniture and
equipment
£
123,542
123,542
88,155
7,606
95,761
27,781
35,387
2025
£
67,856		 Furniture and
equipment
£
123,542
123,542
88,155
7,606
95,761
27,781
35,387
2025
£
67,856		 Total
£
123,542
123,542
88,155
7,606
95,761
27,781
35,387
2024
£
67,856
123,542
88,155
7,606
95,761
27,781
35,387
2025
£
67,856
Investment
properties
£
67,856
-
67,856
67,856

The investment property was last professionally valued in 2023. The trustees have reviewed market conditions and consider that the carrying value at the balance sheet date is not materially different from its fair value.

Page 23

Expectations (UK)

Notes to the Financial Statements for the Year Ended 30 September 2025

11 Debtors

Trade debtors
Prepayments
Accrued income		 2025
£
67,663
18,237
198,525
284,425		 2024
£ (As restated)
86,814
20,470
61,336
168,620

The prior year amounts for Accrued income has been restated to accurately reflect the accrual basis of income receivable.

12 Cash and cash equivalents

Cash on hand
Cash at bank
13 Creditors: amounts falling due within one year
Trade creditors
Other taxation and social security
Other creditors
Accruals		 2025
£
605
336,838
337,443
2025
£
2,640
8,107
399
148,286
159,432		 2024
£
605
102,738
103,343
2024
£
8,209
6,624
668
26,148
41,649

14 Obligations under leases and hire purchase contracts

The total value of future minimum lease payments was as follows:

The total value of future minimum lease payments was as follows:
Within one year
In two to five years		 2025
£
(258,000)
(1,032,000)
(1,290,000)		 2024
£
(171,891)
(1,010,314)
(1,182,205)

15 Pension and other schemes

Defined contribution pension scheme

The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to £2,237 (2024 - £1,945).

Page 24

Expectations (UK)

Notes to the Financial Statements for the Year Ended 30 September 2025

16 Funds

16 Funds
Unrestricted funds
General
Unrestricted funds
General		 Balance at 1
October 2024
£
333,557
Balance at 1
October 2023
£
230,765		 Incoming
resources
£
2,453,548
Incoming
resources
£
1,104,377		 Resources
expended
£
(2,229,032)
Resources
expended
£
(1,001,585)		 Balance at 30
September
2025
£
558,073
Balance at 30
September
2024
£
333,557

17 Analysis of net assets between funds

Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Total net assets
Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Total net assets		 Unrestricted
funds
General
£
27,781
67,856
621,868
(159,432)
558,073
Unrestricted
funds
General
£
35,387
67,856
271,963
(41,649)
333,557		 Total funds at
30 September
2025
£
27,781
67,856
621,868
(159,432)
558,073
Total funds at
30 September
2024
£ (As restated)
35,387
67,856
271,963
(41,649)
333,557

Page 25

Expectations (UK)

Notes to the Financial Statements for the Year Ended 30 September 2025

18 Analysis of net funds

18 Analysis of net funds
Cash at bank and in hand
Net Funds
Cash at bank and in hand
Net Funds		 At 1 October
2024
£
103,343
103,343
At 1 October
2023
£
59,918
59,918		 Financing cash
flows
£
234,100
234,100
Financing cash
flows
£
43,425
43,425		 At 30
September
2025
£
337,443
337,443
At 30
September
2024
£
103,343
103,343

19 Related party transactions

There were no related party transactions in the year.

Page 26

Expectations (UK)

Statement of Financial Activities by fund for the Year Ended 30 September 2025

Unrestricted Funds

Unrestricted Funds
Income and Endowments from:
Housing/rental income
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Net income
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Total
Unrestricted
Funds
2025
£
2,453,548
2,453,548
-
(2,229,032)
(2,229,032)
224,516
224,516
333,557
558,073		 Total
Unrestricted
Funds
2024
£
1,104,377
1,104,377
(1,081)
(1,000,504)
(1,001,585)
102,792
102,792
230,765
333,557

This page does not form part of the statutory financial statements. Page 27

Expectations (UK)

Detailed Statement of Financial Activities for the Year Ended 30 September 2025

Income and Endowments from:
Housing/rental income (analysed below)
Total income
Expenditure on:
Raising funds (analysed below)
Charitable activities (analysed below)
Total expenditure
Net income
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Total
2025
£
2,453,548
2,453,548
-
(2,229,032)
(2,229,032)
224,516
224,516
333,557
558,073		 Total
2024
£ (As restated)
1,104,377
1,104,377
(1,081)
(1,000,504)
(1,001,585)
102,792
102,792
230,765
333,557

This page does not form part of the statutory financial statements. Page 28

Expectations (UK)

Detailed Statement of Financial Activities for the Year Ended 30 September 2025

Donations and legacies
Committed giving
Raising funds
Building repairs
Charitable activities
Wages and salaries
Staff NIC (Employers)
Staff pensions (Defined contribution) - pension scheme 1
Subcontract cost
Staff training
HO Wages/Other People Costs
Rent and rates
Light, heat and power
Insurance
Repairs and maintenance
Telephone and fax
Computer software and maintenance costs
Printing, postage and stationery
Trade subscriptions
Hire of plant and machinery (Operating leases)
Cleaning
Travel and subsistence
Promotional expenses
Customer entertaining (disallowable for tax)
Accountancy fees
Legal and professional fees
Bank charges
Bank interest payable
Depreciation of plant and machinery
Depreciation of fixtures and fittings
Depreciation of office equipment		 Total
2025
£
2,453,548
2,453,548
-
-
(226,561)
(23,090)
(2,237)
(1,299)
(848)
(110,177)
(1,575,678)
(58,427)
(23,131)
(49,291)
(3,310)
(4,463)
(140)
(2,105)
(1,715)
(23,582)
(19,058)
(288)
(605)
(11,963)
(82,831)
(591)
(36)
(39)
(6,840)
(727)
(2,229,032)		 Total
2024
£
1,104,377
1,104,377
(1,081)
(1,081)
(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)
(723)
-
(11,190)
(64,279)
(590)
(45)
(52)
(8,550)
(727)
(1,000,504)

This page does not form part of the statutory financial statements. Page 29