**EXETER HOMES TRUST REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020**
## **EXETER HOMES TRUST**
**SOLE CORPORATE TRUSTEE**
Exeter Homes Trust Limited
**EX-OFFICIO DIRECTOR**
The Right Worshipful The Lord Mayor of Exeter
**NOMINATED DIRECTORS OF THE CORPORATE TRUSTEE (Nominated by Exeter City Council)**
Cllr R Branston Cllr L Robson Resigned 6 June 2020 Cllr D Henson Mr A Williamson (Chairman) Cllr C Buswell Appointed 4 July 2019 **CO-OPTED DIRECTORS OF THE CORPORATE TRUSTEE** Miss C Caldwell Mr S Force Cllr Y Henson Mr G Richards Mr G Palmer Mrs P Lawford Resigned 9 January 2020 Cllr R Newby Resigned 6 February 2020 Mr R Panter **PRINCIPAL ADDRESS** 6 Southernhay West, Exeter, EX1 1JG **BANKERS** Lloyds Bank Plc 25 Gresham Street, London, EC2V 7HN **SOLICITORS** Kitsons The Forum, Barnfield Road, Exeter, EX1 1QR **DISCRETIONARY INVESTMENT** Brewin Dolphin **MANAGERS AND** Vantage Point, Woodwater Park, **INVESTMENT NOMINEES** Pynes Hill, Exeter, EX2 5FD **AUDITORS** Bush & Co Ltd Chartered Accountants & Registered Auditors, 2 Barnfield Crescent, Exeter, EX1 1QT **HEALTH, SAFETY AND** Patricia Collins **WELFARE SPECIALIST** Collins Chartered Surveyors, Lower Court Farm, Lower Courtsmoor, Church Stanton, Taunton, TA3 7QQ **RISK MANAGEMENT AND** Bob Pennington MEPS, Penncall Ltd, Radiant House, **SECURITY SPECIALIST** Exeter EX2 8QN **GENERAL MANAGER** Steven Sitch **HOUSING CORPORATION REGISTERED NUMBER** A1921 **CHARITY COMMISSION** Exeter Homes Trust – 201530 **REGISTERED NUMBER** Exeter Relief in Need – 1002152 Exeter Advancement in Life – 1002151
1
## EXETER HOMES TRUST
## **TRUSTEE’S ANNUAL REPORT**
## **FOR THE YEAR ENDED 31 DECEMBER 2020**
This report and the associated financial statements cover the three separate charities being:
The Exeter Homes Trust – Charity Number 201530 Exeter Relief in Need – Charity Number 1002152 Exeter Advancement in Life – Charity Number 1002151
All three charities are administered by the same Board of Directors through a Corporate Trustee, Exeter Homes Trust Limited and their financial organisation is inter-dependent, although the endowment assets of each charity are kept separately. The following report relates to all three charities as do the associated financial statements. Where appropriate there is analysis in the financial statements of the total balance for the three charities being divided between the three individual charities. Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Financial Activities and the related notes all cover the combined balances for all three charities.
The Corporate Trustee appointed to membership of the Charity in accordance with the Articles presents its Report and the Financial Statements for the year ended 31 December 2019.
The Trusts are administered under the various Charity Schemes as follows:
## **HOUSING TRUSTS**
The principal scheme of 4 October 1955 as altered or affected by the schemes of 12 September 1958, 17 March 1966, 30 December 1969, 19 October 1998, 30 October 2002 and 1 February 2013. At a meeting on 1 December 2016 it was resolved to change the name of the Almshouse branch to Exeter Homes Trust and to replace the existing structure with a Corporate Trustee appointing the existing Trustees as directors of that company and the scheme was amended by the Charity Commission on 1 February 2017.
## **ASSISTANCE TRUSTS**
Principal schemes of 4 October 1955, 28 October 1964, 5 October 1996 and 19 May 1998 as altered or affected by the schemes of 7 March 1974, 23 December 1975, 12 July 1984 and 23 November 1989.
## **TRUSTEE**
The Corporate Trustee, Exeter Homes Trust Limited acts as the sole Trustee for all three charities.
The Exeter Homes Trust is administered by a total when complete of 14 individuals who are directors of the limited company comprising:
- The Lord Mayor for the time being of the City of Exeter, the Ex-officio Trustee.
- Four appointed by the Council of the City of Exeter, each for a term of 4 years at an appropriate meeting of the Council.
- Eight co-opted by the Directors, each for a term of 4 years, who must live or carry on a business in or near Exeter.
General meetings of the Trust were held monthly to consider the minutes, receive reports and decide on recommendations as well as addressing urgent and other relevant business. Also, at the meeting held in June the Trustee adopted the Annual Report and Financial Statements.
2
## **EXETER HOMES TRUST**
## **TRUSTEE’S ANNUAL REPORT**
## **FOR THE YEAR ENDED 31 DECEMBER 2020**
## **INVESTMENT MANAGEMENT AND PERFORMANCE**
Portfolio valuations were received and distributed to enable the Trustee to review the performance of investments held in the various trusts, with the stockbrokers’ representative present to explain investment decisions where appropriate, although management of the funds continued on a discretionary basis. Monthly management accounts prepared and reviewed by the Trustee.
The Assistance Panels, each consisting of a director of the Corporate Trustee, held regular meetings to interview applicants and award grants, or make other arrangements for assistance, as appropriate, subject to delegated authority forced by Covid 19 emergency.
## **PUBLIC BENEFIT**
In setting the Charities’ aims and objectives and in measuring achievements and performance the Trustee has regard to the Charity Commission’s guidance on public benefit. The provision of Almshouse accommodation confers an identifiable public benefit, which is directly in line with the Charities’ aim to assist those in financial need who are drawn from that section of the public which has been defined in the Scheme by the Charity Commission. The aims and objectives of the Charities are specifically directed towards assisting individuals who are in need of housing and other help in the form of grants.
## **TRUSTEE BENEFIT AND REMUNERATION**
No Director or Corporate Trustee received any benefit in money or in kind from the Charities in the year under review.
## **PAY AND REMUNERATION OF KEY MANAGEMENT PERSONNEL**
The General Manager’s pay and remuneration is set by an appraisal of suitably qualified directors of the Corporate Trustee following advice from a local HR consultancy.
## **PRINCIPAL ACTIVITIES AND OBJECTIVES OF THE CHARITIES**
The Almshouse Charity provides accommodation for people of 55 and over, formerly, or currently living in Exeter or within a ten mile radius, defined as the area of benefit. In some circumstances, the requirements relating to age and place of residence may be relaxed, but applicants for accommodation must be in financial need measured against criteria, which are reviewed regularly by the Trustee.
The housing stock available for occupation was 143 dwellings. These are situated in groups of properties, some of which are officially Listed and situated in 9 locations within reach of the city centre. They comprise mainly self contained one bedroom flats on ground or first floors with 9 two-storey cottages and a purpose built 3 storey block of 9 studio flats and 6 onebedroom flats.
Residents are required to pay for their own utility costs, Council Tax and maintenance charges for the management and upkeep and repair of the dwellings and communal grounds. Charges for the use of water services, where the charity is a reseller of water, are met from revenue income, as decided by the Trustee.
The Trustee is required to maintain St Clare’s Chapel on the Livery Dole site primarily for worship. The chapel needs to be open to all persons for worship and for purposes which are commensurate with its nature as a sacred building even if that purpose is not specifically religious.
3
## **EXETER HOMES TRUST**
## **TRUSTEE’S ANNUAL REPORT**
## **FOR THE YEAR ENDED 31 DECEMBER 2020**
The Exeter Relief in Need Charity considers applications for financial assistance to obtain clothing, furniture and other household equipment, including floor coverings, and to pay essential travelling expenses, heating costs, etc submitted by people who live in the Exeter area and who could not afford them otherwise.
The Exeter Advancement in Life Charity considers applications made by or on behalf of those in full or part-time education aged under 25 and resident within 15 miles of Exeter in order to help provide books, tools of trade, tuition fees, uniform or special clothing and travel assistance.
## **STRATEGY**
Our strategy follows on from our understanding of our objectives. For us to achieve our objectives we need to understand what is important to our stakeholders enabling us to translate these expectations into strategy and expectations.
**Key Stakeholder Our Understanding of Stakeholder’s Expectation** Residents – housing Safe, secure home maintenance of a vibrant community, responsive repairs. Staff Secure job in a supportive environment. HE – Regulator/Investor Regulator for Delivery to the Homes England/Regulator of for Social Housing Social Housing standards and a financially stable organisation. Charity Commission – regulator Delivery of our charitable objectives, ie our mission, demonstration of public benefit and a financially stable organisation. Almshouse Consortium Ltd Continually deliver remodelling programmes funded by Homes England Grants. Larger Almshouse Charity Network Group Provide an experienced and professional voice on the management of Almshouse Charities. Exeter City Council & Devon County Council Delivery of housing support that is in accordance with local strategies and meet required standards. Almshouse Association Exeter Homes Trust is one of the largest Almshouse charities in membership of the Almshouse Association.
Consequently, when delivering our objectives, the Trustee and senior management recognise that we should be aiming to maximise stakeholder value, because, by doing so, we are achieving aims.
At trustee level we deliberate and define strategic direction, taking into consideration both our three regulators and risks. We also discuss tactical management, in other words the options for translating the strategic direction into a delivery channel, reflecting on recommendations from senior management and independent professional advisors, if appropriate.
4
## **EXETER HOMES TRUST**
## **TRUSTEE’S ANNUAL REPORT**
## **FOR THE YEAR ENDED 31 DECEMBER 2020**
At senior management level we deliver operationally on the activities that result from the strategic direction and also on those activities which are part of our normal delivery to our beneficiaries and staff. At this level, our embedded value for money culture means we are striving to obtain best value by working efficiently and effectively, aiming to deliver a better service year on year while delivering higher quality homes and services, while being ever mindful of risk.
## **HOW THE BOARD MONITORS DELIVERY OF VFM**
Exeter Homes Trust is a performance driven organisation, reporting monthly on financial performance and other Key Performance Indicators, usually within one week of the month end. The hands-on approach by the General Manager and Trustee ensures that any issues are identified and reported quickly. The Trustee holds the General Manager to account and properly scrutinise him at board meetings.
## **TRUSTEE’S RESPONSIBILITIES FOR THE ACCOUNTS**
The Trustee is required to prepare accounts for each financial year which give a true and fair review of the state of affairs of the Charities and of their financial activities for that period. In preparing those accounts, the Trustee is required to:
- select suitable accounting policies and apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed subject to material departures disclosed and explained in the accounts; and
- prepare the accounts on the going concern basis unless it is inappropriate to presume that the Charities will continue in business.
The Trustee is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charities and to enable them to ensure that the accounts comply with the Accounting Requirements for Registered Social Landlords General Determination 2014, the Statement of Recommended Practice for Social Housing Providers 2014 and the Charities Act 2006 and FRS102. Due regard has also been taken to comply with Section 4 of the 2006 Charities Act regarding public benefit. The detailed ways in which the charities benefit the public are set out above under the heading "Principal Activities and Objectives". They are also responsible for safeguarding the assets of the Charities and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In the Trustee’s view the accounts comply with current statutory requirements and the Charities’ governing documents. The Trustee’s policy is not to use current income to finance shortfalls on extraordinary repairs, but rather to allocate money to an Extraordinary Repair Fund for major alterations and improvements to the accommodation and services.
## **TAXATION STATUS**
Exeter Homes Trust and affiliates are registered charities and as such are substantially exempt from taxation.
## **INVESTMENT POLICY AND PERFORMANCE**
The Trustee has the power to invest in such stocks, shares, investments and property as regulated by the Trustees Act. The Trustee has appointed Brewin Dolphin to act as discretionary investment fund managers for the year, to report quarterly in writing and also to appear in person at the meetings of the Trustee held twice yearly.
5
## **EXETER HOMES TRUST**
## **TRUSTEE’S ANNUAL REPORT**
## **FOR THE YEAR ENDED 31 DECEMBER 2020**
The investments for the two assistance charities have been combined (but are distinctly identifiable) to reduce administration costs and improve investment returns.
In the Trustee’s view the performance of the investment assets is satisfactory given present market conditions. A detailed breakdown of the results is shown in the Statement of Financial Activities and the notes to the accounts.
## **RESERVES POLICY**
The policy for the Almshouse branch is to maintain sufficient funds excluding extraordinary and cyclical repair funds to cover 6 months’ expenditure. 6 months unrestricted expenditure for 2020 was approximately £183,000. At the year end the Almshouse Branch held free reserves of £245,675 (net current assets plus unrestricted listed investments) which is in excess of the reserves policy by £62,675. The excess reserves will be used towards the renovation of Atwill Palmer and Grendon Road.
At 31 December 2020 the balance on the Extraordinary Repair Fund was £100,000 (2019: £100,000) and on the Cyclical Repair Fund £50,000 (2019: £50,000). The Trustee has reviewed the level of the funds in light of the demands placed on it and consider that no change is required.
For the two assistance charities income and expenditure is budgeted each year so as to pay out as grants the maximum amounts possible leaving minimal reserves. For both charities unrestricted current assets at the year end would cover almost 4 months expenses ignoring grants paid.
## **IDENTIFICATION OF BUSINESS RISKS**
The major risks to which the Charities are exposed are identified by the Trustee. They have been reviewed and systems have been established to mitigate those risks.
The Buildings insurance cover was renewed in June 2020 at the revised reinstatement cost of £16,773,941 from Group Insurance. The Livery Dole Chapel was separately insured for £217,657.
## **REVIEW OF THE YEAR**
## **The Financial Results – The main points:**
Gross income during the year excluding gains on investments decreased to £712,081 (2019: £748,515). Total expenditure increased to £1,033,086 (2019: £534,054) however this includes a loss on disposal of £448,588. This loss relates to the disposal of part of the building at Atwill Palmer as part of the renovation project there. The net movement in funds before investment gains and losses was a loss of £329,456 (2019: gain of £214,461).
The charity owns and manages 143 Almshouses and 6 market rent dwellings and operates with 2.15 full time equivalent administrative employees, plus a full-time gardener tending 9 estate gardens. Of the Charity’s Almshouses, 75 are Grade 2 listed. The Charity administers two grantmaking charities, Advancement in Life and Relief in Need.
The Charity is solvent and effectively, efficiently and professionally managed. Corporate governance is delivered by the board of 10 directors of the Corporate Trustee who meet monthly and are universally informed of the Charity’s risks and collectively scrutinise and democratically deliberate to implement mitigation measures. There are no split responsibilities caused by a subcommittee system. The meeting Minutes are concise and comprehensive in chronicling the Charity’s activities and progress.
6
## **EXETER HOMES TRUST**
## **TRUSTEE’S ANNUAL REPORT**
## **FOR THE YEAR ENDED 31 DECEMBER 2020**
The Almshouse Association lists Exeter Homes Trust in the top 3% of Almshouse Groups by size, in other words those charities with 51 plus Units.
Schedule of Exeter Homes Trust’s 143 Almshouses and 6 market rent properties (sold July 2020), by location, number and approximate era:
Lord Mamhead Homes, Matford Road, Exeter EX2 4PD (20[th] C.) (Open market, sold July 2020) Culverland Road, Exeter EX4 6JJ (Contemporary) 24 Livery Dole Flats, Magdalen Road, Exeter EX2 5DT (1980s) 15 Livery Dole Cottages, Magdalen Road, Exeter EX2 5DT (19[th] C.) 11 Grendon Road, Exeter EX1 2NJ (19[th] C.) 24 Magdalen Cottages, Magdalen Road, Exeter EX2 4SX (19[th] C.) 13 North Park Almshouses, Magdalen Road, Exeter EX2 4SU (20[th] C.) 12 Fair Park Almshouses, Fairpark Road, Exeter EX2 4HL (20[th] C.) 12 Hurst Trumps Almshouses, Fairpark Road, Exeter EX2 4HL (20[th] C.) Atwill Palmer, New North Road, Exeter EX4 4JT (19[th] C.) 24 ____ 149 ____
## **Atwill Palmer Remodelling of 24 Almshouses**
Works started on site in December 2018 and was completed in August 2020.
## **Generally**
Throughout 2020 the general manager, Steven Sitch, remained chairman of the Alms house Consortium Ltd (ACL).
ACL is an independent organisation that acts as a vehicle through which almshouses can access grant funding from Homes England and the Greater London Authority. Since formation in 2008 ACL has delivered investment from Homes England or GLA in 1,184 individual properties with £35,274,352 of total grant, with support assistance from the Almshouse Association.
## **COVID-19 Emergency 2020**
Exeter Homes Trust is not complacent about the impact of the COVID-19 Emergency, however, operationally the provision of charitable housing has continued unabated. WMCs (weekly maintenance charges), whether paid by housing benefit (of which at this juncture EHT receives about £220,000 annually, some 29% of income from Almshouses) or from Beneficiaries own income, have remained consistent to date. The office at 6 Southernhay West has been staffed by two to three key workers throughout the emergency.
From 23[rd] March 2020, the year was dominated by the COVID-19 Emergency universal curfew. Notwithstanding Exeter Homes Trust has been staffed every day and business continuity has been maintained.
During that time EHT’s significant events encompass:
- the death of beneficiary Mr Philip Coombes from COVID-19 Pneumonia on 31[st] March 2020,
- a trespasser / squatter incursion by 7 persons at Lord Mamhead Homes was successfully ended without mishap,
7
## **EXETER HOMES TRUST**
## **TRUSTEE’S ANNUAL REPORT**
## **FOR THE YEAR ENDED 31 DECEMBER 2020**
- the sale of LMH house realising the second tranche of monies in EHT’s favour (totalling £1.65 Million, less costs and expenses, of which £845k was realised this year) was completed,
- procured the completion of EHT’s £3,060,700, plus professional & technical fees, investment in 24 remodelled almshouses at Atwill Palmer,
- the routine professional management of 143 Almshouses.
## **Staffing since COVID-19 Emergency Universal Curfew commenced on 23/03/2020.**
On the cusp of the Universal Curfew, Exeter Homes Trust was advertising for a Charity Housing Officer to supplement the Colleague going on maternity leave and one who had resigned earlier in 2020. In the event the recruitment process was aborted. This left the general manager working on his own. The ERiN and AiL Grants Administrator was shielding and working remotely one day per week. There was a national lockdown, Exeter being no exception, universal closure.
To demonstrate the professional efficiency and effectiveness of Exeter Homes Trust, hereunder is a table of comparative staffing in [nigh-on] peer almshouse charities.
|**Institution**|**No. of**
**Alms-**
**Houses**|**No. of Staff**|**FTE**|**Care**
**Homes?**|**Care**
**Home**
**Units**|**Alms-**
**Houses /**
**FTE**|
|---|---|---|---|---|---|---|
|EHT|143|4|3.94|0|0|36.29|
|Pathways|250|10|9|0|0|27.77|
|Liversage Trust|160|10|9.1|0|0|17.58|
|Cutbush & Corral|148|4|4
(5.7)|0|0|25.96|
|Thorngate|138|95|69|1|44|2|
|St John & St Anne|102|5|4|0|0|25.5|
|EJJ Charity|78|4|3|0|0|26|
|Eventide Homes|74|3|2.3|0|0|32.17|
|Southwark Charities|66|3|2.3|0|0|28.69|
|Wyggestons|56|10|6.4|1|26|8.75|
|Taunton Heritage Trust|66|8|8|0|0|8.25|
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## **EXETER HOMES TRUST**
## **TRUSTEE’S ANNUAL REPORT**
## **FOR THE YEAR ENDED 31 DECEMBER 2019**
## **Objectives are being systematically achieved (including from the Strategy) despite the Covid19 emergency:**
- Colleagues as part of continuous improvement have upgraded service delivery focusing on local contractors and service providers.
- The Annual Residents Meeting offers a strong voice for residents, although postponed for 2020.
- KS Engineering Ltd continue to provide an exemplary out of hours call-out / responsive service.
- Voids have been kept well below the acceptable level (between 5% and 12%) cited by the Almshouse Association, taking into account Covid-19 on Atwill Palmer’s 24No. dwelling being out of commission.
- Grant funding has been procured from the Homes England to help complete the remodelling of Atwill Palmer.
- Long term loan of £1,718,656 was procured from Charity Bank Ltd. £1,120,000 was drawn down in 2020 using 24No. Culverland Road Almshouses as collateral. This has been reduced to £700,000.
## **Strategy within the period ending 31 December 2021:**
- Realise asset in vacant site at Atwill Palmer.
- Prepare to commence remodelling of 24No. Grendon Road Almshouses.
- Embark on feasibility study, procuring statutory consents and grant-funding to facilitate redevelopment of Fair Park.
- Present regionally and nationally the Exeter Homes Trust as an exemplar of progressive Almshouse governance, including profile raising in the locality.
- Investigate wider collaborative alliances for the benefit of beneficiaries, possibly by encouraging 21st century benefactors/philanthropists to fund new eponymous Almshouses.
## BY ORDER OF THE TRUSTEE
A Williamson – Chairman
Date: 16/06/2021
9
## **INDEPENDENT AUDITORS' REPORT TO THE TRUSTEE OF EXETER HOMES TRUST YEAR ENDED 31 DECEMBER 2020**
## **Opinion**
We have audited the financial statements of Exeter Homes Trust (the “Charity”) for the year ended 31 December 2020 which comprise the Statement of Comprehensive Income, the Statement of Financial Activities, the Balance Sheet, the Statement of Cashflows and notes to the financial statements, including the principal accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
- give a true and fair view of the state of the Charity’s affairs as at 31 December 2019 and of its income and expenditure for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **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’s 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.
## **Use of our report**
This report is made solely to the Charity ʼ s Trustee, as a body, in accordance with section 144 of the Charities Act 2011 and the regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the Charity ʼ s Trustee those matters we are required to state to them in an auditor ʼ s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity ʼ s Trustee as a body, for our audit work, for this report, or for the opinions we have formed.
## **Conclusions relating to going concern**
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
- the Trustee’s use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
- the Trustee has not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Charity’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
## **Other information**
The Trustee is 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.
10
## **INDEPENDENT AUDITORS' REPORT TO THE TRUSTEE OF EXETER HOMES TRUST YEAR ENDED 31 DECEMBER 2020**
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.
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustee’s Annual Report.
We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:
- sufficient accounting records have not been kept;
- the financial statements are not in agreement with the accounting records and returns; or
- we have not obtained all the information and explanations necessary for the purposes of our audit.
## **Responsibilities of the Trustee**
As explained more fully in the Trustee’s responsibilities statement set out on page 5, the Trustee is 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 they 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 Trustee is 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 Trustee either intends to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.
## **Our 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.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Bush & Co Limited 2 Barnfield Crescent Chartered Accountants Exeter Statutory Auditors EX1 1QT
Date: 16/06/2021
Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006
11
## **EXETER HOMES TRUST**
## **STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2020**
|**Notes**
**Turnover**
2
Income from investments
2
Operating costs
5/6
Impairment loss
12
Other income
**Operating Surplus/(Deficit)**
3
Loss on disposal of fixed assets
Dividends and interest receivable
4
Interest payable
8
Gains on investments
13
**Comprehensive income /(Expenditure) for Year**|**2020**
**£**
663,927
890
(585,218)
-
20,078
________
99,677
(448,588)
27,186
(7,731)
(13,659)
________
(343,115)
________|**2019**
**£**
689,580
12,618
(530,498)
-
6,552
________
178,252
(1,667)
39,765
(1,889)
180,864
________
395,325
________|
|---|---|---|
All income and expenditure relates to continuing activities
The notes on pages 17 to 33 form part of the accounts
12
## **EXETER HOMES TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020**
|**Notes**
**INCOME FROM:**
**Charitable Activities**
Almshouse accommodation income
2
Government grants taken to income
**Other trading activities**
2
**Donations and legacies**
**Investments (inc)**
4
**TOTAL INCOME**
**EXPENDITURE ON:**
**Raising funds**
5
**Charitable activities**
6
**TOTAL EXPENDITURE**
**Net income before investment (losses)/gains**
Net gains/(losses) on investments
13
**NET INCOME/(EXPENDITURE)**
Reserves brought forward
Reserves carried forward|**Almshouse Branch**
**Exeter Relief in Need**
**Exeter Advancement in Life**
**Unrestricted**
**Restricted**
**Unrestricted**
**Restricted**
**Unrestricted**
**Restricted**
**Funds**
**Funds**
**Funds**
**Funds**
**Funds**
**Funds**
**£**
**£**
**£**
**£**
**£**
**£**
663,927
-
-
-
-
-
20,078
-
-
-
-
379
-
511
-
-
-
-
-
-
-
-
-
8,876
-
11,313
-
6,997
-
________
________
______
______
______
______
673,182
20,078
11,824
-
6,997
-
________
________
_______
_______
_______
_______
3,948
-
2,782
-
1,721
-
361,907
657,858
8,133
-
5,188
-
________
________
_______
_______
_______
_______
365,855
657,858
10,915
-
6,909
-
________
________
_______
_______
______
_______
307,327
(637,780)
909
-
88
-
-
(21,790)
-
5,024
-
3,107
__________
__________
_______
_______
_______
_______
307,327
(659,570)
909
5,024
88
3,107
1,369,559
7,249,939
1,464
444,139
1,727
284,940
___________
__________
______
________
______
________
1,676,886
6,590,369
2,373
449,163
1,815
288,047
___________
__________
______
________
_____
________|**Total**
**Funds**
**2020**
**£**
663,927
20,078
890
27,186
__________
712,081
_________
8,451
1,033,086
________
1,041,537
________
(329,456)
(13,659)
________
(343,115)
9,351,768
__________
9,008,653
__________|**Total**
**Funds**
**2019**
**£**
689,580
6,492
12,513
60
39,765
__________
748,515
_________
9,397
524,657
________
534,054
________
214,461
180,864
________
395,325
8,956,443
__________
9,351,768
__________|**Total**
**Funds**
**2019**
**£**
689,580
6,492
12,513
60
39,765
________
748,515
________
9,397
524,657
________
534,054
________|
|---|---|---|---|---|
13
## **EXETER HOMES TRUST**
## **BALANCE SHEET AT 31 DECEMBER 2020**
|**Notes**
**£**
**FIXED ASSETS**
Tangible Assets
12
Investments
13
**TOTAL FIXED ASSETS**
**CURRENT ASSETS**
Debtors
14
31,495
Cash at bank and in hand
15
460,230
__________
491,725
__________
**CREDITORS:**amounts falling due
within one year
16
163,792
__________
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS**
**CURRENT LIABILITIES**
**CREDITORS:**amounts falling due after
more than one year
17
**NET ASSETS**
**THE FUNDS OF THE CHARITY**
Unrestricted funds -
General
18
Restricted funds
-
Endowment
18
|**2020**
**£**
**£**
9,586,807
1,023,687
__________
10,610,494
23,893
273,044
__________
296,937
__________
368,845
__________
327,933
__________
10,938,427
1,929,774
__________
9,008,653
__________
1,681,074
7,327,579
__________
9,008,653
__________
|**2019**
**£**
8,591,526
1,894,226
__________
10,485,752
(71,908)
__________
10,413,844
1,062,076
__________
9,351,768
__________
1,372,750
7,979,018
__________
9,351,768
__________|
|---|---|---|
Approved by the Trustee on 16/06/2021 and signed on its behalf by:
A Williamson – Chairman
C Caldwell
S Sitch - General Manager
The notes on pages 17 to 33 form part of the accounts
14
## **EXETER HOMES TRUST**
## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2020**
|||**2020**|**2019**|
|---|---|---|---|
||**Notes**|**£**|**£**|
|**NET CASH FLOW FROM OPERATING ACTIVITIES**|1|48,957|1,255,783|
|**CASH FLOW FROM INVESTING ACTIVITIES**||||
|Purchase of tangible fixed assets||(1,645,960)|(2,015,139)|
|Purchase of investments||(159,103)|(232,049)|
|Proceeds from the sale of investments||1,015,983|447,386|
|Grants received||210,000|-|
|Interest received||5|2,308|
|Dividends received||27,181|37,457|
|||________|________|
|**NET CASH FLOW FROM INVESTING ACTIVITIES**||(551,894)|(1,760,037)|
|||________|________|
|**CASH FLOW FROM FINANCING ACTIVITIES**||||
|Interest paid||(7,731)|(1,889)|
|Repayment of borrowing||(2,146)|(2,074)|
|Cash inflows from new borrowings||700,000|-|
|||__________|__________|
|**NET CASH FLOW FROM FINANCING ACTIVITIES**||690,123|(3,963)|
|||__________|__________|
|**CHANGE IN CASH AND CASH EQUIVALENTS IN THE**||||
|**REPORTING PERIOD**||187,186|(508,217)|
|**CASH AND CASH EQUIVALENTS AT THE BEGINNING**||||
|**OF THE REPORTING PERIOD**||273,044|781,261|
|||________|________|
|**TOTAL CASH AND CASH EQUIVALENTS AT THE YEAR**||||
|**END**|2|460,230
________|273,044
________|
The notes on pages 17 to 33 form part of the accounts
15
## **EXETER HOMES TRUST**
## **NOTES TO THE STATEMENT OF CASH FLOWS**
## **FOR THE YEAR ENDED 31 DECEMBER 2020**
## **1. RECONCILIATION OF COMPREHENSIVE INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES**
## **2.**
|**CASH FLOWS FROM OPERATING ACTIVITIES**
**Surplus/(deficit) for the year**
**Adjustments for:**
Depreciation of tangible fixed assets
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Carrying amount of tangible fixed asset disposals
Government grants utilised in the year
Interest payable
Interest receivable
Dividends
Loss/(gain) on investment
**NET CASH FLOW FROM OPERATING ACTIVITIES**
**NALYSIS OF CASH AND CASH EQUIVALENTS**
Cash held at bank
Notice deposits (less than 3 months)
Cash held in investment portfolio|**2020**
**£**
(343,115)
202,091
(7,602)
(212,306)
448,588
(32,903)
7,731
(5)
(27,181)
13,659
_________
48,957
_________
**2020**
**£**
183,733
-
26,492
_________
210,225
_________|**2019**
**£**
395,325
168,743
628,903
285,278
1,667
(6,492)
1,889
(2,308)
(37,457)
(179,765)
_________
1,225,783
_________
**2019**
**£**
255,634
-
17,410
_________
273,044
_________|
|---|---|---|
## **ANALYSIS OF CASH AND CASH EQUIVALENTS**
16
## **EXETER HOMES TRUST**
## **NOTES TO THE ACCOUNTS**
## **AT 31 DECEMBER 2020**
## **1. PRINCIPAL ACCOUNTING POLICIES**
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the Charities’ accounts.
## **Establishment of Registered Social Landlord**
Exeter Homes Trust is a registered charity under the Charities Acts and a registered social landlord under the Housing Acts.
## **Basis of Preparation**
The financial statements of the Charity are prepared in accordance with applicable accounting standards and in accordance with the accounting requirements included with the Determination of Accounting Requirements 2014, and under the historical cost accounting rules, modified to include the revaluation of properties held for letting and commercial properties. The financial statements have also been prepared in accordance with the Statement of Recommended Practice for social house providers 2014 (“SORP 2014”), issued by the National Housing Federation and under FRS102.
## **Fund Accounting**
The Charity is a consolidation of three original Charities. The Almshouse branch owns and maintains 143 Almshouses, along with investments and liquid funds to provide social housing for those individuals who qualify in the City of Exeter. The Relief in Need branch holds investments and liquid funds to provide funds to relieve poverty in Exeter. The Advancement in Life branch holds investments and liquid funds to help Exeter residents with education and training costs.
Unrestricted funds are available for use at the discretion of the Trustee in furtherance of the general objectives of the charities. The Trustee must continue to maintain the following reserve funds:
- (a) an Extraordinary Repair Fund to be used by them for the extraordinary repair, improvement or rebuilding of the homes and the other property of the charity.
- (b) a Cyclical Maintenance Fund to be used by them for ordinary repair and maintenance of the homes and the other property of the charity.
They must use the charity’s income to do so and they must invest the funds in trust for the charity. The Trustee must keep the size of the funds under review in the light of the demands which may be made upon the funds.
Unrestricted funds include a revaluation reserve representing the restatement at market value of investment assets held in these funds.
The Endowment Funds include amounts given to the Charities by Deed or Will for specific purposes, legacies, bequests and amounts received from the redemption of rent-charges and sale of investments.
## **Incoming Resources**
All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
Turnover represents maintenance contributions receivable and fees and grants from local authorities.
17
**EXETER HOMES TRUST**
## **NOTES TO THE ACCOUNTS**
## **AT 31 DECEMBER 2020**
## **1. PRINCIPAL ACCOUNTING POLICIES (continued)**
Donations received are included in the relevant fund of the appropriate charity. Legacies received are included in the endowment funds of the appropriate charity.
Investment income is included on an accruals basis and included in the relevant funds of the appropriate charity.
## **Resources Expended**
Costs are recognised on an accruals basis as the liability is incurred.
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.
Grants made by the Relief in Need Fund are to reduce the effect of poverty on any person in Exeter. Individuals apply to the Trustee and if after an interview are considered to be in need will receive assistance. This could be help with household energy bills, children's clothing, or essential household appliances.
Exeter Advancement in Life awards are given to individuals to help with their education or training. The same process of interview and recommendation for awards as for the Relief in Need Fund is used.
There are no material support costs associated with the grant awarding process.
All costs are allocated between the expenditure categories of the SOFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis.
## **Housing Properties**
Housing properties are held at cost less depreciation and impairment. The housing properties were revalued at open market value for existing use basis on 31 December 2013, and this valuation was deemed cost when transitioning to FRS 102.
Freehold land is not depreciated. Depreciation is charged for each component on a straight line basis over the following useful economic lives:
|Buildings|100 years|
|---|---|
|Kitchens|20 years|
|Boiler/heating|15 years|
|Bathrooms|20 years|
|Windows/doors|20 years|
|Electrics|30 years|
## **Leasehold Properties**
Leasehold properties are written off over the period of the lease.
## **Equipment**
Equipment is depreciated on a straight line basis over four years. Assets costing less than £500 are not capitalised.
18
**EXETER HOMES TRUST**
## **NOTES TO THE ACCOUNTS AT 31 DECEMBER 2020**
## **1. PRINCIPAL ACCOUNTING POLICIES (continued)**
## **Cyclical Repairs and Maintenance and Capital Improvements**
Where appropriate the Charities update each almshouse property as it becomes vacant. This is part of a cyclical programme of upgrading the accommodation to comply with the Exeter Homes Trust standard. Costs are mainly charged to the revenue account in the year in which they are incurred. If, as a result of the upgrading, the rental income from the tenants in those properties is increased a proportion of the cost of the upgrade is capitalised to reflect the increased value of the underlying asset.
Normal repairs are also charged to the revenue account in the year in which they are incurred.
## **Investments**
Investments are included in the accounts at fair value which is deemed to be the market rate.
## **Cash at bank and in hand**
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of opening of the deposit.
## **Financial Instruments**
Financial instruments which meet the criteria of a basic financial instrument as defined in Section 11 of FRS 102 are accounted for under an amortised historic cost model.
Basic financial instruments are recognised at amortised historical cost.
## **Debtors**
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Where deferral of payment terms have been agreed at the below market rate, and where material, the balance is shown at the present value, discounted at a market rate.
## **Creditors**
Short term trade creditors are measured at the transaction price, Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
## **Employee Benefits**
Short-term employee benefits and contributions to defined contribution plans are recognised as an expense in the period in which they are incurred.
## **Government Grants**
Government grants include grants receivable from the Homes England (the HE), local authorities and other government organisations. Government grants received for housing properties are recognised in income over the useful life of the house property structure and, where applicable, its individual components (excluding land) under the accruals model.
Grants relating to revenue are recognised in income and expenditure over the same period at the expenditure to which they relate once reasonable assurance has been gained that the entity will comply with the conditions and that the funds will be received.
Grants due from government organisations or received in advance are included as current assets or liabilities.
19
## **EXETER HOMES TRUST**
## **NOTES TO THE ACCOUNTS**
## **AT 31 DECEMBER 2020**
## **2. TURNOVER**
|**2.**|**TURNOVER**|||
|---|---|---|---|
|||**2020**|**2019**|
|||**£**|**£**|
||**Almshouse Accommodation income**|||
||Maintenance contributions|774,988|732,230|
||Less: Rent losses from voids|(111,061)|(42,650)|
|||________|________|
|||663,927|689,580|
|||________|________|
||Income from investments|890|12,618|
|||________|________|
||Six properties at Matford Road were let on a commercial basis during last||year. These|
||were sold during the year as per Note 13a|||
|**3.**|**OPERATING SURPLUS/(DEFICIT)**|||
|||**2020**|**2019**|
|||**£**|**£**|
||Operating surplus/(deficit) is stated after charging:|||
||Auditors’ remuneration: In their capacity as auditors|5,600|5,500|
||For financial advice & accountancy|6,520|9,500|
||Trustees’ indemnity insurance|329|340|
|||______|______|
|**4.**|**DIVIDENDS AND INTEREST RECEIVABLE**|||
|||**2020**|**2019**|
|||**£**|**£**|
||Listed investments|27,181|37,457|
||Interest|5|2,308|
|||_______|_______|
|||27,186
_______|39,765
_______|
20
## **EXETER HOMES TRUST**
## **NOTES TO THE ACCOUNTS AT 31 DECEMBER 2020**
## **5. EXPENDITURE ON RAISING FUNDS**
|**EXPENDITURE ON RAISING**|**FUNDS**|||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
||**Note**|**Almshouse**|**Branch**||**Exeter Relief**|**in Need**||**Exeter Advancement in Life**||**Total**|**Total**|
|||**Unrestricted**|**Restricted**||**Unrestricted**|**Restricted**||**Unrestricted**|**Restricted**|**Funds**|**Funds**|
|||**Funds**|**Funds**||**Funds**|**Funds**||**Funds**|**Funds**|**2020**|**2019**|
|||**£**|**£**||**£**|**£**||**£**|**£**|**£**|**£**|
|Investment portfolio costs||2,476||-|2,782||-|1,721|-|6,979|7,868|
|Insurance costs||-||-|-||-|-|-|-|160|
|Support costs|7|1,472||-|-||-|-|-|1,472|1,369|
|||______|______||______|______||______|______|______|______|
|||3,948
______|-
______||2,782
______|-
______||1,721
______|-
______|8,451
______|9,397
______|
21
## **EXETER HOMES TRUST**
## **NOTES TO THE ACCOUNTS AT 31 DECEMBER 2020**
## **6. EXPENDITURE ON CHARITABLE ACTIVITIES**
|**Notes**
**Almshouse Branch**
**Exeter Relief in Need**
**Exeter Advancement in Life**
**Total**
**Unrestricted**
**Restricted**
**Unrestricted**
**Restricted**
**Unrestricted**
**Restricted**
**Funds**
**Funds**
**Funds**
**Funds**
**Funds**
**Funds**
**Funds**
**2020**
**£**
**£**
**£**
**£**
**£**
**£**
**£**
Other Employee Costs
22,275
-
-
-
-
-
22,265
Water rates and council tax on voids
25,370
-
-
-
-
-
25,370
Heating and lighting
15,616
-
-
-
-
-
15,616
Insurance
14,319
-
-
-
-
-
14,319
Repairs and maintenance
103,641
-
-
-
-
-
103,641
Garden maintenance
3,192
-
-
-
-
-
3,192
Cleaning
6,534
-
-
-
-
-
6,534
Almshouse subscriptions
3,004
-
-
-
-
-
3,004
Sundry estate costs
1,218
-
-
-
-
-
1,218
Travel
30
-
-
-
-
-
30
Major repairs
-
-
-
-
-
-
-
Interest payable
8
-
7,731
-
-
-
-
7,731
Bad debts
-
-
-
-
-
-
-
Bank charges
-
-
-
-
-
-
-
Professional and legal fees
20,457
-
-
-
-
-
20,457
Grants
-
-
6,543
-
3,598
-
10,141
Support costs
7
145,699
-
1,590
-
1,590
-
148,879
Depreciation
12
552
201,539
-
-
-
-
202,091
Impairment
-
-
-
-
-
-
-
Loss on disposal of fixed asset
-
448,588
-
-
-
-
448,588
________
________
________
________
________
________
________
**Charitable expenditure per Statement**
**of Financial Activities**
361,907
657,858
8,133
-
5,188
-
1,033,086
Interest payable
-
(7,731)
-
-
-
-
(7,731)
Cost of raising funds
3,948
-
2,782
-
1,721
-
8,451
Loss on disposal of fixed asset
-
(448,588)
-
-
-
-
(488,588)
________
________
________
________
________
________
________
**Operating cost per Statement of**
**Comprehensive Income**
365,855
201,539
10,915
-
6,909
-
585,218
________
________
________
________
________
________
________|**Total**
**Funds**
**2019**
**£**
21,327
21,171
17,923
14,359
101,692
4,694
6,026
2,203
1,238
1,100
-
1,889
1,282
15
8,595
10,210
140,523
168,743
-
1,667
________
524,657
(1,889)
9,397
(1,667)
________
530,498
________|
|---|---|
22
## **EXETER HOMES TRUST**
## **NOTES TO THE ACCOUNTS AT 31 DECEMBER 2020**
## **7. ALLOCATION OF SUPPORT COSTS**
|**Almshouse**
**Branch**
**Exeter Relief**
**in Need**
**Exeter**
**Advancement**
**in Life**
**Basis of**
**Unrestricted**
**Unrestricted**
**Unrestricted**
**Allocation**
**Funds**
**Funds**
**Funds**
**£**
**£**
**£**
Office costs
Usage
128,548
630
630
Auditors fees
Usage
10,920
600
600
Bookkeeping
7,703
360
360
________
______
______
147,171
1,590
1,590
________
______
______
Raising funds
1,472
-
-
Charitable activities
145,699
1,590
1,590
________
______
______
147,171
1,590
1,590
________
______
______|**Funds**
**2020**
**£**
129,808
12,120
8,423
________
150,351
________
1,472
148,879
________
150,351
________|**Funds**
**2019**
**£**
121,504
15,000
5,388
________
141,892
________|
|---|---|---|
|||1,369
140,523
________
141,892
________|
23
## **EXETER HOMES TRUST**
## **NOTES TO THE ACCOUNTS**
**AT 31 DECEMBER 2020**
## **8. INTEREST PAYABLE**
|**2020**
**£**
**On bank loans, overdrafts and other loans:**
Repayable wholly or partly in more than 5 years
23,720
Interest capitalised
(14,040)
Adjustment for onerous loan discounting (note 17)
(1,949)
______
7,731
______|**2019**
**£**
3,792
-
(1,903)
______
1,889
______|
|---|---|
## **9. KEY MANAGEMENT PERSONNEL**
The key management personnel of the charity are the directors of the sole Corporate Trustee and the general manager of the charity. The directors received no remuneration or expenses in the year. The remuneration of the general manager in the year was:
|Basic salary
Employer’s NIC
Pension contributions|**2020**
50,715
5,792
1,314
_______
57,821
_______|**2019**
48,300
5,482
1,150
_______
54,932
_______|
|---|---|---|
## **10. EMPLOYEE INFORMATION**
The monthly average number of persons employed during the year was:
|Gardener
Manager and assistants
**STAFF COSTS (FOR THE ABOVE PERSONS)**
Wages and salaries
Social security costs
Employers pension contributions|_
_|**2020**
**No**
1
7
_______
**2020**
**£**
119,452
6,882
2,515
_______
128,849
_______|_
_|**2019**
**No**
1
5
_______
**2019**
**£**
112,124
6,480
1,352
_______
119,956
_______|
|---|---|---|---|---|
All employees receive less than £60,000 per annum.
24
## **EXETER HOMES TRUST**
## **NOTES TO THE ACCOUNTS**
**AT 31 DECEMBER 2020**
## **11. TAXATION**
Exeter Homes Trust, Exeter Relief in Need and Exeter Advancement in Life are registered charities. Their activities during the year did not give rise to a tax liability.
## **12. TANGIBLE ASSETS**
|**Cost**
At 1 January 2020
Additions
Interest capitalised
Transfers
Disposals
At 31 December 2020
**Depreciation and**
**Impairment**
At 1 January 2020
Charge for year
Elimination on disposal
At 31 December 2020
**Net Book Value**
At 31 December 2020
At 31 December 2019|**Housing**
**Housing under**
**Construction**
**Equipment**
**£**
**£**
**£**
7,842,865
2,372,087
16,261
4,230
1,627,690
-
-
14,040
-
3,789,179
(3,789,179)
-
(578,604)
-
-
__________
__________
_______
11,057,670
224,638
16,261
__________
__________
_______
1,624,887
-
14,800
201,539
-
552
(130,016)
_
_
__________
__________
_______
1,696,410
-
15,352
__________
__________
_______
9,361,260
224,638
909
__________
__________
_______
6,217,978
2,372,087
1,461
__________
__________
_______|**Total**
**£**
10,231,213
1,631,920
14,040
-
(578,604)
__________
11,298,569
__________
1,639,687
202,091
(130,016)
__________
1,711,762
__________
9,586,807
__________
8,591,526
__________|
|---|---|---|
25
## **EXETER HOMES TRUST**
## **NOTES TO THE ACCOUNTS**
**AT 31 DECEMBER 2020**
## **13. INVESTMENTS**
|Listed investments (note 13a)
Investment property (note 13b)
B/forward
Additions at cost
Disposals at value
Revaluation (deficit)/surplus|**2020**
**£**
1,023,687
-
__________
1,023,687
__________
**2020**
**£**
1,894,226
159,103
(1,015,983)
(13,659)
_________
1,023,687
_________|**2019**
**£**
1,019,226
875,000
_________
1,894,226
_________
**2019**
**£**
1,929,798
232,049
(447,386)
179,765
_________
1,894,226
_________|
|---|---|---|
## **13a Listed Investments**
|B/forward
Additions at cost
Disposals at value
Revaluation
surplus/(deficit)
At 31 December 2020|**Almshouse Branch**
**2020**
**2019**
**£**
**£**
352,064
344,763
65,952
135,541
(61,191)
(177,316)
7,722
49,076
_________
__________
364,547
352,064
_________
__________|**Exeter Relief**
**2020**
**£**
412,204
57,553
(67,533)
5,024
_________
407,248
_________|**in Need**
**Exeter Advancement in Life**
**2019**
**2020**
**2019**
**£**
**£**
**£**
356,897
254,958
220,798
59,627
35,598
36,881
(49,212)
(41,771)
(30,438)
44,861
3,107
27,748
_________
_________
_________
412,204
251,892
254,958
_________
_________
_________|
|---|---|---|---|
All the investments are held in the United Kingdom and comprise listed securities, charity deposits, Government Stocks and Unit Trusts.
The investments are held to provide an income to the Charities.
## **13b Investment Property**
||**Held for rent**|
|---|---|
||**£**|
|B/forward|875,000|
|Disposals at value|(845,488)|
|Revaluation surplus/(deficit)|(29,512)|
||_________|
|C/forward|-|
||_________|
26
## **EXETER HOMES TRUST**
## **NOTES TO THE ACCOUNTS**
## **AT 31 DECEMBER 2020**
|**14.**
**DEBTORS**
Maintenance contributions in arrears
Other debtors and prepayments
Grants receivable
**15.**
**CASH AT BANK AND IN HAND**
Lloyds Bank – Trustees’ account
Brewin Dolphin dealing account
**16.**
**CREDITORS: Amounts falling due within one year**
Trade creditors
Other taxes and social security costs
Accruals
Social house grant – current (note 18)
Maintenance contributions in advance
**17.**
**CREDITORS: Amounts falling due after more than one year**
Social Housing Grant (note 18)
Mortgage
Bank loan (note 19)|**2020**
**£**
15,411
16,084
-
________
31,495
________
**2020**
**£**
433,738
26,492
________
460,230
________
**2020**
**£**
9,748
2,725
123,194
20,078
8,047
_______
163,792
_______
**2020**
**£**
1,170,368
59,406
700,000
_________
1,929,774
_________|**2019**
**£**
11,009
12,884
-
_______
23,893
_______
**2019**
**£**
255,634
17,410
________
273,044
________
**2019**
**£**
168,959
2,612
195,878
7,253
1,396
_______
376,098
_______
**2019**
**£**
993,271
61,552
-
_________
1,054,823
_________|
|---|---|---|
The Social Housing Grant is being amortised in line with the useful economic life of the housing properties which the grant helped to improve.
27
## **EXETER HOMES TRUST**
## **NOTES TO THE ACCOUNTS AT 31 DECEMBER 2020**
## **17. CREDITORS: Amounts falling due after more than one year (continued)**
The mortgage outstanding at 31 December 2019 is a long term annuity loan from Crown Mortgage Management Limited (formerly a Housing Corporation Loan: Orchardbrook) secured by a fixed charge on the 15 almshouses at Livery Dole. The mortgage bears interest at 15% and may only be repaid in accordance with the originally agreed timetable. The final repayment is in 2040. The above amount is the net present value of future cashflows, which is higher than the balance repayable as at the year end of £25,156 (2018: £25,327) due to the discount rate used being lower than the interest rate on the mortgage. Capital repayments falling due within 5 years of the balance sheet date are immaterial in amount.
The bank loan is secured on 24 Almshouses at Culverland Road.
## **18. DEFERRED CAPITAL GRANTS**
|**DEFERRED CAPITAL GRANTS**|||
|---|---|---|
|Capital grants b/forward
Capital grants received in the year
Released to income in the year
HCA Grant c/forward
Amount to be released within one year
Amount to be released in more than one year|**2020**
**£**
1,000,524
210,000
(20,078)
_________
1,190,446
_________
**2020**
**£**
20,078
1,170,368
_________
1,190,446
_________|**2019**
**£**
1,007,016
-
(6,4920)
_________
1,000,524
_________|
|||**2019**
**£**
7,253
993,271
_________
1,000,524
_________|
## **19. BANK LOAN ANALYSIS**
Based on earliest repayment date, the bank loan is repayable as follows:
|Amount due within one year
Amount due within two to five year
Amount due in more than five years|**2020**
**£**
-
95,664
604,336
_________
700,000
_________|**2019**
**£**
-
-
-
_________
-
_________|
|---|---|---|
28
## **EXETER HOMES TRUST**
## **NOTES TO THE ACCOUNTS AT 31 DECEMBER 2020**
## **20. SUMMARY STATEMENT OF MOVEMENTS ON FUNDS**
|**2020 MOVEMENTS**
**Almshouse**
**Branch**
**Exeter Relief**
**in Need**
**Exeter**
**Advancement**
**in Life**
**£**
**£**
**£**
**Restricted Funds - Endowment**
At 1 January 2020
7,249,939
444,139
284,940
Income
20,078
-
-
Expenditure
(657,858)
-
-
Gains/(losses)
(21,790)
5,024
3,107
Transfers
-
-
-
_________
________
________
At 31 December 2020
6,590,369
449,163
288,047
__________
________
________
**Unrestricted Funds**
At 1 January 2020
1,369,559
1,464
1,727
Income
673,182
11,824
6,997
Expenditure
(365,855)
(10,915)
(6,909)
Gains/(losses)
-
-
-
Transfers
-
-
-
__________
_______
_______
At 31 December 2020
1,676,886
2,373
1,815
__________
________
________
**TOTAL FUNDS**
8,267,255
451,536
289,862
__________
_________
________
|**Total**
**£**
7,979,018
20,078
(657,858)
(13,659)
-
_________
7,327,579
________
1,372,750
692,003
(383,679)
-
-
__________
1,681,074
__________
9,008,653
__________|
|---|---|
The Restricted Funds represent the assets which were originally invested in the charity. Profit or loss on disposal of investments and gains or losses on revaluation of these are included in each fund. All income generated in these funds is included in the Unrestricted Funds. Expenditure charged to the Restricted Funds is limited to property depreciation and expenses related to the protection of the assets.
The Unrestricted Funds of each branch of the charity are used for future repair costs and for the day to day activities of the charity. Income from Almshouses, dividends and bank interest received are credited to these funds.
29
## **EXETER HOMES TRUST NOTES TO THE ACCOUNTS AT 31 DECEMBER 2019**
## **20. SUMMARY STATEMENT OF MOVEMENTS ON FUNDS (continued)**
|**2019 MOVEMENTS**
**Almshouse**
**Branch**
**Exeter Relief**
**in Need**
**Exeter**
**Advancement**
**in Life**
**£**
**£**
**£**
**Restricted Funds - Endowment**
At 1 January 2019
7,306,939
399,278
257,192
Income
6,492
-
-
Expenditure
(171,747)
-
-
Gains/(losses)
108,255
44,861
27,748
_________
________
________
At 31 December 2019
7,249,939
444,139
284,940
__________
__________
_________
**Unrestricted Funds**
At 1 January 2019
992,236
1,533
(735)
Income
719,652
13,862
8,509
Expenditure
(342,329)
(13,931)
(6,047)
__________
_______
_______
At 31 December 2019
1,369,559
1,464
1,727
__________
________
________
**TOTAL FUNDS**
8,619,498
445,603
286,667
__________
_________
________
|**Total**
**£**
7,963,409
6,492
(171,747)
180,864
_________
7,979,018
__________
993,034
742,023
(362,307)
__________
1,372,750
__________
9,351,768
__________|
|---|---|
## **21. FINANCIAL COMMITMENT**
At 31 December 2020 there was no contracted for capital.
At 31 December 2019 the Trustee had contracted for capital work for the renovation of the Atwill Palmer property. The total contracted for cost was £2,447,964 plus VAT, of which £1,308,762 plus VAT had been invoiced for by 31 December 2019.
30
## **EXETER HOMES TRUST**
## **NOTES TO THE ACCOUNTS AT 31 DECEMBER 2020**
## **22. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
|**2020 NET ASSETS**
**Almshouse**
**Unrestricted**
**Funds**
**£**
**FIXED ASSETS**
**Tangible Assets**
Housing properties
-
Housing properties under construction
Equipment
909
**Investments**
Listed Investments
-
Investment properties
-
________
Total fixed assets
909
________
**CURRENT ASSETS**
Debtors
31,495
Cash at bank and in hand
2,426,205
_________
2,457,700
**Creditors:**amounts falling due
within one year
81,723
________
**Net current assets/(liabilities)**
2,375,977
________
**TOTAL NET ASSETS**
2,376,886
**Creditors:**amounts falling due
after more than one year
700,000
________
1,676,886
________|**Branch**
**Exeter Relief in Need**
**Exeter Advancement in Life**
**Restricted**
**Unrestricted**
**Restricted**
**Unrestricted**
**Restricted**
**Funds**
**Funds**
**Funds**
**Funds**
**Funds**
**£**
**£**
**£**
**£**
**£**
9,361,260
-
-
-
-
224,638
-
-
-
-
-
-
-
-
-
364,547
-
407,248
-
251,892
-
-
-
-
-
__________
______
________
______
________
9,950,445
-
407,248
-
251,892
__________
______
________
______
________
-
-
-
-
-
(2,051,958)
4,538
41,915
3,375
36,155
__________
______
________
______
________
(2,051,958)
4,538
41,915
3,375
36,155
78,344
2,165
-
1,560
-
__________
______
________
______
________
(2,130,302)
2,373
41,915
1,815
36,155
__________
______
_________
______
________
7,820,143
2,373
449,163
1,815
288,047
1,229,774
-
-
-
-
__________
______
_________
______
________
6,590,369
2,373
449,163
1,815
288,047
__________
______
_________
______
________|**Total**
**Funds**
**2020**
**£**
9,361,260
224,638
909
1,023,687
-
__________
10,610,494
__________
31,485
460,230
__________
491,725
163,792
__________
327,933
__________
10,938,427
1,929,774
__________
9,008,653
__________|
|---|---|---|
31
## **EXETER HOMES TRUST**
## **NOTES TO THE ACCOUNTS AT 31 DECEMBER 2020**
## **22. ANALYSIS OF NET ASSETS BETWEEN FUNDS (continued)**
|**2019 NET ASSETS**
**Almshouse**
**Unrestricted**
**Funds**
**£**
**FIXED ASSETS**
**Tangible Assets**
Housing properties
-
Housing properties under construction
-
Equipment
1,461
**Investments**
Listed Investments
-
Investment properties
-
________
Total fixed assets
1,461
________
**CURRENT ASSETS**
Debtors
23,893
Cash at bank and in hand
1,535,229
________
1,559,122
**Creditors:**amounts falling due
within one year
191,024
________
**Net current assets/(liabilities)**
1,368,098
________
**TOTAL NET ASSETS**
1,369,559
**Creditors:**amounts falling due
after more than one year
-
________
1,369,559
________|**Branch**
**Exeter Relief in Need**
**Exeter Advancement in Life**
**Restricted**
**Unrestricted**
**Restricted**
**Unrestricted**
**Restricted**
**Funds**
**Funds**
**Funds**
**Funds**
**Funds**
**£**
**£**
**£**
**£**
**£**
6,217,978
-
-
-
-
2,372,087
-
-
-
-
-
-
-
-
-
352,064
-
412,204
-
254,958
875,000
-
-
-
-
__________
______
________
______
________
9,817,129
-
412,204
-
254,958
__________
______
________
______
________
-
-
-
-
-
(1,330,039)
3,540
31,935
2,397
29,982
__________
______
________
______
________
(1,330,039)
3,540
31,935
2,397
29,982
175,075
2,076
-
670
-
__________
______
________
______
________
(1,505,114)
1,464
31,935
1,727
29,982
__________
______
_________
______
________
8,312,015
1,464
444,139
1,727
284,940
1,062,076
-
-
-
-
__________
______
_________
______
________
7,249,939
1,464
444,139
1,727
284,940
__________
______
_________
______
________|**Total**
**Funds**
**2019**
**£**
6217,978
2,372,087
1,461
1,019,226
875,000
__________
10,485,752
__________
23,893
273,044
__________
296,937
368,845
__________
(71,908)
__________
10,413,844
1,062,076
__________
9,351,768
__________|
|---|---|---|
32
## **EXETER HOMES TRUST**
## **NOTES TO THE ACCOUNTS AT 31 DECEMBER 2019**
## **22. ANALYSIS OF NET ASSETS BETWEEN FUNDS (continued)**
The analysis of net assets between funds shows negative current assets within the restricted Almshouse funds. This is due to the fact that unrestricted funds have been invested in the restricted fixed assets. Should the funds currently tied up in fixed assets be realised, this negative balance would be repaid into the unrestricted fund.
## **23. ALMSHOUSE BRANCH ANALYSIS OF CURRENT ASSETS**
The total of the Almshouse Branch current assets as shown in note 22 is made up as follows:
|Extraordinary Repair Fund
Cyclical Repair Fund
General Fund|**2020**
**£**
100,000
50,000
255,742
_________
405,742
_________|**2019**
**£**
100,000
50,000
79,083
_________
229,083
_________|
|---|---|---|
There were no movements to the funds during the year.
## **24. RELATED PARTIES**
Steven Sitch (general manager) is the former step father of Charlie Rose, who received a gross salary of £9,852 during the year for administrative work. Angela Rose is Steven Sitch’s ex-wife and received a gross salary of £1,723 during the year as an auxiliary. Technically neither individuals are considered related parties under the Charities SORP (FRS 102), but the transactions have been disclosed for full transparency.
The Charity has a close relationship with Exeter City Council who appoint 4 of the 10 directors of the Corporate Trustee. The Lord Mayor of Exeter is also one of the other 10 directors. There were no transactions with the Council during this, or the previous year.
Exeter City Council under their statutory obligations pay housing benefit on behalf of some of the residents.
None of the directors of the Corporate Trustee were reimbursed for expenses during the year (2019: none).
33