EXETER HOMES TrUST REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023
EXETER HOMES TRUST SOLE CORPORATE TRUSTEE Exeter Homes Tru Ltd EX-OFFICIO DIRECTOR The Right Worshipful The Lord Mayor of Exeter NOMINATED DIRECTORS OF THE CORPORATE TRiISTEE INominated by Exeter City Counclll Cllr R Branston - Resigned 1110712024 Cllr M Pearce- Appointed 1910112023, Resigned 0910512024 Cllr A Jobson - Appointed IW0112023 Cllr M Snow- Appointed 2510712023 Alderman A Williamson CtsOPTED DIRECTORS OF THE CORPORATE TRUSTEE Miss C Caldwell Mrs Forc6 Mr D Henson- Reslgned 1310612024 Cllr Y Henson - Resigned 1310612024 Mr R Panter (Chairman) Miss J Rhodos Mr R Barrett- Appolnted OW712023 Mrs Heid5 McLaughlin - Appointed 0910512024 PRINCIPAL ADDRESS 6 Southemhay W88t, Exeter, EX1 1JG BANKERS Lloyd8 Bank Pl¢ 26 GT88ham Stree( London. EC2V 7HN soucrroRS Stephen Scowns LLP Curzon Hou88. Southernhay West. Exeter, EX1 1 RS DISCRETIONARY INVESTMEMr MANAGERS AND INVESTMENT NOMINEES RBC Europe Ltd. V#nlage Point. Woodwater Parl Pynes Hill, Exeter, EX2 5FD AUDITORS 8ush & Co Ltd Chartered Accountsnts & Registerad Auditor8. 2 Barnfield Crescent, Exeter, EX1 1QT HEALTH, SAFEfY AND WELFARE SPECIAUST Patricia Collin$ Collins Chartared Surveyors. Lower Court Farm. Lower Courtsmoor. Church Stsnton, Taunton. TA3 7QQ RISK MANAGEMENT AND SECURITY SPECIALIST Bob Pennington MEPS. Penncall Ltd, Radi8nt House, EXer EX2 8QN GENEIIAL MANAGER Stevgn Sitch HOUSING CORPORATION REGISTERED NUMBER A1921 CHARITY COMMISSION REGISTERED NUMBER Exet8r Homes Trust- 201530 Exeter Relief in Need- 1002152 Exeter Advancement in Life- 1002151
EXETER HOMES TRUST TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 This report and the associatod fin8nclo1 ststements cover the three separats ¢h8riti88 b8ing'. The Exgtor Homos Trust- Charity Number 201530 Exeter Relief in Need- Charity Number 1002152 Exeter Advancement in Life- Charity Number 1002151 All three charities are administertrd by the sam8 Board of DIreor$ through a Corporate Trustee. Exeter Homes Trust Limited and their financial organisation 15 inter-dependent. although the endowment a$sats of each charity are kept separately. The following report relat88 to all thr9• charities as do the associated financial stai¥ment$. Whare appropriate there is analysis in the financial siatemenis of the total balance for the three charities bging dividgd be98n the three individual charities. Statement of Compr8hensiva Income, th8 Balance Sheet, the St8tement of Cash Flows. the Statement of Financial Activities and th8 related notes 11 cover the combined balances for all three charities. Tha Corporate Trustee appoinied to membership of th8 Chartty in accordance with the Articles presents its Report and the Financial Ststement8 for tha year ended 310ac8mb8r 2023. The Trusts Bre administered under the various Charity Scheme8 as foll0v. HOUSING TRUSTS The princip81 scheme of 4 O¢tober 1955 as altered or affected by tho 8ehemè8 of 12 September. 1958. 17 March 1966. 30 December 1969, 19 October 1998, 30 October 2002 and l Febiuary 2013. At a meeting on 1 December 2016 it was resolved to change the name of thg Alm$hou$e branch io Exeter Homes Trusl and to r8pla¢e tho oxisting structure wilh a Corporate Trustee appointing the existing Tru$tee8 8$ directors of that ¢ompany ond thg $chem8 was amended by the Charlty Comm1861on on l Fobruary 2017. ASSISTANCE TRUSTS Principal gchemes of 4 October 1955, 28 October 1964, 5 O¢tob8r 1996 and 19 May 1998 a8 altered or affected by the scheme8 of 7 March 1974. 23 Decomber 1975. 12 July 1984 and 23 November 1989. TRUSTEE The Corporate Tru8tee, Exeter Homes Tru Limited acts as the sole Trustee for 811 threa chariti9$. The Exeter Homes Trust is administered by a total when complote 0110 individuals who ar8 directors of the limited company comprising: The Lord Mayor for the time being of the City of Exeter. the Ex-officio Trustee. Four appointtsd by the Council of the City of Exeter. each for a term 014 years at an appropriate moeting of the Council. Six co-opted by th8 Directors. each for a tami of 4 years. who must liv8 or carry on business in or ne8r Exeter. General meetings of the Trust were held monthly to consider the minutes. receive reports and decide on recommendatlons 85 well 8$ addressing urgent and other relevani business.
EXEfER HOMES TRUST TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 INVESTMEMf mANAGEmEr AND PERFOAMANCE Portfolio valuations wère received and distributed to enable the Trustee to review the performance of investrnents held in the various trusts, with the stockbrokers, representative presgnt to explain investment decisions wher8 appropriate. although management of the funds continued on a discretionary basis. Monthly management accounts prepar8d and reviewed by the Trust8e. PUBUC BENEFrr In sotting the Charities, aims and objectives 8nd in measuring a¢hievem¢nts and perform8nc the Trustee has regard to the Charity Commission's guidance on public benefit. The provision of Almshousé ae¢ommod8tion Confers an identifiable public benefit. which 18 directly in line with the Charities. aim to assist th08e in financial need who are drawn from that section of the public which has been defined in the Scheme by th8 Charity Commission. The aims and objedives of the Charities are specifically directgd towards assisting individuals who are in need of housing and other help in the fomi of grèntg. TRUSTEE BENEfff AND REMUNERATION No Director or Corporate Tru8t86 receivod 4ny benefit in money or In klnd from thg Chariti88 in the year under revlew. PAY AND REMUNERATION OF KEY MANAGEMENT PERSONNEL The Gen8r81 Man808rf6 pay and r8muneratlon 18 set by an appralsal of sultably qualifled directors of the Corporate Trustee following advice frorn a local HR con6ultanty. PRINCIPAL ACTIVMES AND OWECTIVES OF THE CHARmes The Almshouse Charity provides accommodation for people of 55 8nd over, formerly, or currently living in Exeter or within a ten mile T8diu$. defined as the area of benefit. In some cir¢um8tances. Ihe requiremgnt$ rglating to agg and place of residence may be relaxed, but applicants for accornmodation must be in financial need moasured 8galn8t criteria. which are reviewed regularly by the Twstee. The housing Siock 8vailabl8 for occupation was 141 dwellings. These are situated in groups of properties, some of which are officialty Listed and $iluat¢d in 8 locations within reach of the city c8ntro. They comprise mainly self contained one bedroom flats on ground or first floors with 9 two-stor8y cottages and a purposo built 3 Storey b1k of 9 Studio flats •nd 6 ong- b9droom flats. Residents are required to pay for their own utility costs. Council Tax and maintenance ch8rge8 forihe management and upkeep and repair ofthe dwellings and Communal grounds The Trust99 is requirod to maintain St Clare's Chapol on the Livery Dole estate primarily for worship. The chapel needs to be open to all persons for worship and for PUTPOS88 which ar8 cornmen8uraie with its nature as a sacred buildkng evon if that purpose is not specifically religious.
EXETER HOMES TrUST TRUSTEE'S ANNUAL REPORT FOR ThE YEAR ENDED 31 DECEMBER 2023 The Ex8t6r Relief in Need Charity considers applications for financial assistsnce to obtain clothing. furniture and other household equipment including floor coverings, and to pay essential tr8velling expenses. h•ating costs, etc submittod by people who live in the Exeter area and who could not afford them otherwisè. The Exet8r Advancement in Life Charity consid8rs applications made by or on behalf of those in full or part-time education aged under 25 and resident within 15 miles of Exeter in order to help provide books, tool8 of trade. tuition fèe8. uniform or special clothing and travel assistance. STrATEGY Our Strategy follow8 on from our understanding of our objectives, For us to achieve our objectlves we n&ed to understand what is important io our stsk8holders enabling us to translate the$e expectations into strategy and expe¢lation$. Koy Stskehold Und•r•tandlng St•k•hold8r's Re8idents- housing Safe, secure hom8 maintenance of a vibrant community, responsiv8 repairs. Compa$sion. companionship and community. Staff Se¢urg job in a supportive environment. HE~Investor Regulator for for Social Hou$ing Delivery to Homes EnglandlRegul8tor of Social Housing standards and 8 financially 8tabl8 organisation. Exeier Homes Trust h8$ b6en Reoistered Provlder A19218ince 1976. CharSly Commission - regulator Delivery of our charitable objectives, le our mission. demonstr8tion of publlc benefit and o financially stsble organisation. Almshouse Con80rtiurn Ltd Continually deliver remodelling programme8 funded by Homes England Grant8. Larger Almshou88 Charity Nefv40rk Group Provide an experienced and professional volce on the management of Alrnshouse Charities. Exgtor City Council & Devon County Council Daliv8ry of housing support that is in 4ccordanc8 with local $trategies and meet requlrod standards. Almshouse Association Exeter Homes Trust 1$ one of the largest Almshouse ch8ritiès in membership of the Almshouse Association.
EXEfER HOMES TRUST TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Cons6quently, Nvhen delivering our objectives. the Trustee and senior management r8cognise Ihai 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 two regulators and risks. We also diusS tactical managemenL in othér words the options for translating the strategic direction into a delivery channel, reflecting on recommendations from Senior management and independent professional advisors. if appropriate. At senior management level VR deliver operationally on the èctivlties that result from the strategic direction 8nd also on those activities which are part of our normal delivary to our beneficiarie8 and siaff. At this level. our embedded value for money culture means w8 are striving to obtain bost value by working efficiently and effectively. aiming to delivor a bettor sfjrvice year on y8ar while delivering higher quality homes and Services, while being ever mSndful of r18k. HOW THE BOARD MOMTORS DEUVERY OF VFM Exetor Home$ Trust is a performance driven organisation, reporting monthly on fin8nci81 performance and other Key Performance Indicators. u$u8lly within tsvo weeks of ihe month end. The hands-on approach by the General Manager and Trustee ensures that any issues are idontifigd and reported quickly. Th& Trustee holds the Genoral Manager to account and properly scrulinisas him ai board meetings. TrUSTEE'S RESPONS181LmES FOR THE ACCOUNTS The Trustee is required to prepare accounts for each financial year which give a true and fair rèvièw of the $t8te of affairs of the Ch8ri1ies ¥nd of their financial adivities for thal pgriod. In prep8ring those accounts, the Trustee is required to: 80lect $ultablo accountlng pollci88 and apply them con8i8tsntlv; make judgements and estimates that are re88on8ble and pTudenL state whether applicable ¥¢¢ounting 818nd8rds have beon followed subjo¢t to material departure$ di$closed and explained in the accounts; and prepare the accounts on the going concern ba$18 unless it Is Inappropriat8 to presume that ihe Charities will continue in business. Th& Trustee is responsible for keeping proper accounting records which di8close with reasonable accuracy at any time the fin8n¢ial position of th8 Charities and to enablg thom to ensu that the ¥¢¢ounts comply with the Accounting Requirements for Registered Soci81 Landlords General Determination 2014. the Statement of Recommended Practlco for Social Housing Providers 2014 and the Charities Act 2006 and FRS102. Due regard has also been taken to comply with Section 4 of the 2006 Charilies Act regarding publ ic benefit. The detailed ways in which ihe charities benefit the public are set out above undèr the heading 'Princip81 Activities and Objectives. They 8re 8180 responsible for s8f8guarding the assets of the Chariii8s and hence for taking reasonable steps for the prevention and detection of fraud and other irregularitie5.
EXEfER HOMES TRUST TRUSTEE'S ANNUAL REpoKr FOR THE YEAR ENDED 31 DECEMBER 2023 In the Trustee's view the aounts comply with current statutory requirements and. the Ch8rities' governing documents. The Trustee's policy is not to use current incorne to finance Shortfalls on extraordinary r8p81rs. but rather to allocate fnoney to an Extraordinary Repair Fund for major alterations and improvements to the accommodation and services. TAXATION STATUS Exetgr Homgs Trust and affiliate$ aro registored charities and a5 such are substantially exempt from taxation. INVESTMENT POUCY AND PERFORMANCE The Trustee h88 the power to inv1 in such stocks. 8h8Te8. investmonts and property a regulated by the Trustees Act. The Trusiee has appointed RBC Brewin Dolphin Ltd to act as dis¢rgtionary investment fund managers for the year, to report quarterly in writing and al$0 to appear in person at ihe meeiings of the Trustee when invited. Thg inve8tmentg for th• two assist8n charities havo b•8n combined Ibut arg di8tinctly identlfiablel to rgduc8 administration Costs and improve invostment returns. In the Trust88'8 view the performancè of thè investment a88ets 18 satisfactory given prè#8nt market conditions. A detailed breakdown of the results is shown in the Statement of Flnancial Actlvities and the note$ to th8 accounts. RESERVES POUCY The policy for the Almshou8e br8nch is to maintain sufficient funds excluding èxtr8ordin8ry and cyclic81 repair fundg to cover 6 months. expenditurg. 6 months unreylricted expenditure for 2023 was approximately £253,OIXI. At the year end the Almshouse Branch held free reserve$ of £499,239 (net currenl assets plus unrestricled listed investments) which is in excess of the r8s8rves policy. The excess reserves will be usod toward$ th8 Grendon Road projecL As at 31 December 2023 ihe balance on the Extraordinary Repair Fund was £100.00012022.' £100.00018nd on Ihe Cyclical Repair Fund £50.00012022- £50.0¢)01. The Trustee has reviewed tho level of thè fiJnds in lighi of the demands placod on it and consider th8t no change 16 required. For the Iwo a$$istsnce chartties income and expenditure is budgeted each year $0 as to pay out es grants the maximum amounts possible leaving minimal reserves. For both charities unresirScted current assets at the year-end Vuld cover almost 4 months expense$ ignoring grants paid. IDETrmFICATION OF BUSINESS RISKS The major risks to which the Charities are exposed are identtfied by the Trustee. They h8ve been reviewed and systems have boen establi$h8d to mitigate those risks. The BLsildings insurance cover w89 renewed in June 2023 81 the revi$9d reinstatement cost of £22,414,349 from Grout Insurance Brokers Ltd. The Livery Dole Chapel was separately insured for £267.088.
EXEfER HOMES TRUST TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 REVIEW OF THE YEAR Tho financial Results- Th• maln points: Gross income during the year ex¢luding gains on investments increased to £945,10812022- £855,638). Total expenditure increased 10 £764,335 12022: £713.8171. The net movement in funds before investment gains and losses w88 8 surplus of £180.77312022: £141,8211. The charity manages 141 Almshouses and operates with 3.4 fijll time equivalent administrative employees. plus a full-time gardener tending 8 estate gardens. Of the Charity'$ Almshouses, 75 are Grade 2 listed. The Charity administsrs two grant-making charities, Advancement In Llfe and Relief in Need. The Charity 18 solvent and effethively. efficiently and professionally managed. Corporate governance 1$ deliv8r&d by the boord of 10 directors of the Corporate Trustee who meet monthly and are universally informed of the Charity's risks and collectivèly 8crutinisg and democratically deliberate to implement mitigation measures. There are no 8plit responsibiliti¢$ caused by a subcommittee system. The m88ting Minutes Bre concise and comprehensive In chronicling the Charity'8 activities and progres8. The Alm$house A88OCi81ion lists Exel8r Homo$ Trust in the top 3% of Alm$housg Groups by size, in other words Ih088 ch8riti88 vthh 51 plus Almshou89s. hedult of Exeter Hom•$ Trust'8 141 Alm$hou$e8. by location. number ond ?pproxim8t8 8r8: Culv&rland Road, Exeter EX4 6JJ IContompor8ry1 Livery Dole Flats. Magdalan Road, Exeter EX2 5DT11980sl Livery Dole Cottages, Magdal8n Road. Exeter EX2 5DT119th C.) Grendon Road. Exeter EX12NJ1191h C.} Magdalen Cottsg88, Magdalen Road, Exetor EX2 4SX119th C.) North P8rk Almshouses, Magdalen Road, Exeter EX2 4SU120ty GI Fair Park Almshouses, Fairp8rk Rood. Exeter EX2 4HL1201h C.} Hurst Trumps Almshouses, Fairpark Road, Exeter EX2 4HL120th C.) Ats¥ill Palmor, New North Road. Exoter EX4 TI79th C.) 24 15 22 13 12 12 24 141 G•nerallv Throughotrt 2023 the general manager, Steven Sitch. remained chairman of tha Almshou8e Consortium Ltd IACLI. ACL is an independent organisation that acts as a vehiclethroL5gh which almshouses can access grant funding from Home5 England and th¢ Greater London Authority. Since formation in 2008 ACL has delivered investment from Homes England or GLA in over 1200 individual properties with more than r36,000,000 in grants. with support assistancefrom theAlmshouseAs$ociation.
EXEfER HOMES TRUST TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Exetef Homes Trust has returned another vory strong performance. as evidenced by these Audited Accounis. 2023 has be6n a good y88r of consolidation with Income of £945,108 8 surplus of £246,519. At year end, Weekly Maintenance Charge IWMCI arrears are low at £2.7. Exeter Homes Trust is well-pla¢fjd having remodeled or developed 61 No.142.6%1 of its stock of 141No. Almshouses and commenced the remodel of 22No. (reduced from 24No.l Almshouses at Grendon Road which will take the total to 61%. Planning consent for creating 31No. lan gxtra 19No.I new Almshou888 at F8irpark Road was achieved in 2021. The planning ¢on$ent adds value to the site to either build out or disposal and reinvestment of monies in PTovldlng more Almshouses, meeting Exeter Hom88 Trust'8 public bgnofit I charitable objeiveS. Exeter Homes Trust is professionally, efficiently. effectiv8ly managed and is highly efficient in terms of staff complemant gauged against Aimshou80s managod. BY ORDER OF THE TRUSTEE R Panler- Chairman ,171 Lt
INDEPENDE AUDtroRS' REI>ORT TO THE TRusfEE OF YEAR ENDED 31 DECEMBER 2023 Opinion We hav8 audited the financial statements of Exeter Homes Trust Ithe -Charlty"I for the Y88T ended 31 Docember 2023 which comprise the Ststement of Comprehensive Income, the Statement of Financial Activities. the B&l8nce Sheet, the Ststement of Cashflows and notes to the finan¢i81 st¥iemenis. including the principal a¢¢ouniing policies. The financial reporting framework th8t 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 Iunited Kingdom Gènérally Accepted Accounting PractiC81. In our opinion. the fin8nc181 ateMents. give a true and fair view of the st8te of the Charity's aflairs a$ at 31 0ec8mb8r 2023 and of its income and oxpenditur& for tho year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practica,. have been prepared in èccord*nce wilh the requirements of the Charities Act 2011. Have been prepared In 8ccord8nee with the requirements of thè Housing SORP 2018. B•sl• lor oplnk•n We Conducted our audit in accordance wlth International Standards on Auditlng IUKI IISA8 IUKII and applicable law. Our responsibilities under Iho$e stand¥rd8 8re further described in lh8 Auditorf8 r8spon5ibilitie$ for the audtt of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirement6 that ar8 relevant to our audit of the finoncijl st8temeni$ in the UK, including ihe FRC'5 Ethical Standard. and w& have fulfi118d our other ethical responsibilities in accordance with these requlremènts. We believe that the audit evidence we have obtained is sufficieni and 8ppropriale lo provide a bas1$ lor our opinion. ol our r•port Thi8 report 18 made solely to the Charity's Trust88. 88 8 body. in accordance wlth section 144 of the Charities Act 2011 and ihe regulations made under gection 154 of that Act. Our audit work ha9 been undertaken so that we might state to the Charity'$ Trustee those matters we ar8 required to state to them in an auditor'5 report and lor no other purpose. To the full8St exteni permitted by law. we do not accept or assume responsibility to anyone oiher th8n the Charity's Trustee as a body, for our audit work, for this repor¢ or for the opinions we have formed. Coneluslon$ relallng to golng concern In auditing the financial 818tements, we have concluded thèt the trustoe$' use of the going. con¢grn basis of aeeounting in the preparation ol the financial $tatem8nts is appropriate. Bas8d on the work we have performed, we have not identifigd any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue 8s a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities 8nd the responsibilities of the trustees with respect to going concern aro described in the relevant sections of thi$ reporL
INDEPENDEMf AUDrroRS' REpoKf TO TTrE TRUSTEE OF EXETER HOMES TRUST YEAR ENDED 31 DECEMBER 2023 Oth•r inforrnatlon The Trustee is responsible for the other information. The other information wmprises the informalion included in the annual report other than the financial ststements and oui 8uditorfs report thereon. Our opinion on the financial ateMents does not ¢ovor the other information and, except lo the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In conngction with our audit of the financial 8t8t8ments. our r88ponsibility is to raad the other information and. in doing 80. consider whether the oiher information is materially inconsistent with the financial statements or our knoWIge obtalned In the audit or oth8rwi88 appears to be materially mi$st8ted. If we identify such material inconsistencies or apparent material mi$gtat8m8nts. 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 tho work. we have performed, we conclude that there is 8 material misstatoment of this other Information, we arg rgqulrgd to report that fact. We havg nothing to report in this regard. M•tt•r8 on whlch w• •r• r•qulr•d to r•port by •xG•ptlon In the light of ihe knowledge and understanding ol the Charity and its onvlronment obtained in. the cours8 of the audil. we hove not idenlified material misstatements in the Trustee's Annu81 R6port. We havo nothing to roport in respect of the following mattèrs In relatlon to which the Charltl88 Act 2011 requir83 US to report to you if. in our opinion: the information given in the finandal statements 1$ inconsistent in any materlal rospert with the trustees. report: or sufficienl accounting records have not been kept: the financial statements are not in agreement with the acwunting records and returns.. or we have not obtsined ?11 the inform•tion and explanatlons nece$$ary for thg purpo8e8 of our audit. Re8ponslbSlltles of the Trustoe A8 gxplained more fully in tho Tru8tae'8 rg$pon8ibilitie$ 8tat8m8nt 88t out on pag8 6. tho Trustee is responsible for ihe preparalion of the financial statements and for being 581isfied thbt they give a true and fair view, and for such internal control as they determine 18 necessary to enable the Preparation of financial statements that are fre8 from material misststement, whothar due to fraud or error. In preparing the financial statements, the Trustee is responsible for assessing the Charity, ability io continu8 8s a going concern, disclosing, as applicable, m8tter$ re18ted to going concern and using ihe going concem basis of accounting unless the Trust88 either intends to liquidate the Charity or to cease operations. or have no realistic alternative but to do so. 10
INDEPENDEMf AVOORs. 5IEPoF TO ThE TRUSTEE OF EXETER HOMES TRUST YEAR ENDED 31 DECEMBER 2023 Our rnsponsibilrti•g for th• audrt of the finthnci statsments Our objectives are to obtatn rea$onabla assurance about whether the financial statement5 8s a whole are free from material misstatement, whether due to fraud or error, and to i$$ue an auditor's report that includes our opinion. Reasonable assuran¢e 1$ a high level of assurance, but is not a guaraniee thal an audit ¢onducted in accordance with ISAS IUKI will always detect a material misstatement vthen it exists. Misstatements C8n arise from fraud or error and are considered material if. indlvidually or in ihe aggregate. they could reasonably be expected to influen¢8 tho economic d8Ci8ions of users tsken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. Enqulry of managemeni. those charged with governance and review of log81 and professional Costs around actual and potential litigation ènd clalm8. Enquiry of entity staff in tax and compliance functions to identify any instances ol non- compliance with laws and r8gul8tion$. Reviewing minutes of meetings of those charged wlth oovernance. Reviewino financial ateMent disclosures and iesting to supporting documentatlon to 889885 compli8nc8 Wlth 8pplicabl8 laws ond regulations. Audltlng the risk of management override of controls, including through testlng Sourn81 entries and other 8djusiments for 8ppropr1818ne88, and evaluating the busines¥ rationale of signiflcant transactions outside the nomal course of bu$ines¥. A further description of our responsibilities for the audit of the financial statements is located on the Financlal Reportlng Council's website at: W.tr¢.0rg.kI3udltor$re$pQnslbllltIes. Thi8 description forms part of our auditorfs report. Bush & Co Limited Chartered Accountants Statutory Auditors 2 Barnfifjld Croscent Exeter EX1 1QT Dats. IS11011 Bush & Co Limlted is eligible for appointment as ouditor of the charity by virtue of its eligibility for oppointmont 0$ auditor of a company undar soction 1212 of the Companiès Act 2006.
EXETER HOMES TRUST STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2023 2022 Notss Tumov•r 806.952 795,639 Income from investments 377 377 Operating costs 1717,7391 1689,9961 Impairment1088 12 Other income 88J77 22,976 Oporating Surplu*llDdlcitl 177.967 128,976 Profit on disposal of red a68el$ 12 100 Dividends ond inter8St receivable 49A02 38.648 Inierest payable 146,5961 123,9211 gainslllo8se81 on investments 13 65.746 1108,8461 Compr•h•n•lv• Incom• Il•xp•ndlturnl for yMr 246.519 32,975 All income and expenditure relates to continulno activities. The notes on pages 18 to 35 fomi part of the accounts 12
ITJ ¢4 11 Zu<¢J5a_
EXEfER HOMES TRUST BALANCE SHE AT 31 DECEMBER 2023 2022 FIXED ASS8 Tangible Assets Inve8tmènts 12 13 10.292.503 1.154.055 9,277.578 996,293 TOTAL FIXED A&SErs 11.446.558 10,271869 CURRENT ASSETS Debiors Cash 81 bank and In hand 14 15 37.022 709.507 31,951 1.030268 746,529 1.062219 CREDITORS: aMnIS fallin9 due wSihln one year 16 188.749 80.748 559,780 .981A71 TOTAL ASSETS LESS CUARENY UABILMES 12,006,338 11.265.340 CREDITORS: amounts falling due after more than one year 17 2.346269 ASSErs 9.659. 9A13A50 ThE FUNDS OFThe CHAAffY Unre8tricted fund$ Gènèral 2.914.168 2,SOO.191 Restricted funds Endowmant 6.745.801 6,913,259 9,6S9.969 9.413.450 Approved by the Trustee on ......... and signed on its behalf bv.. R Panter- Chairman S Sitch - General M•nager The notes on pages 18 to 35 form part ol the accounts 14
EXEfER HOMES TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEM8ER 2023 2023 NET CASH FLOW FROM OPERATING AcrivmES 475.604 279.831 CASH FLOW FROM INVESTING ACTivmES Purchase of tangible fixed assets Proceeds from thg $a18 of tsngible fixed assets Purchase of investments Proceeds from the sal8 of investments Interest received Dividends received 11.225,8561 128.3891 100 1192,4201 196.858 2.471 34,175 1386.6251 285,582 49.403 NET CASH FLOW FROM INVESTING AcnvmES 11.277.496> 12,795 CASH FLOW FROM FINANCING AcnvmES Interest paid Capital grani rec8lv8d Repayment of borrowing 146,5961 542.393 114,6661 123,9211 119.4081 NET CASH FLOW FROM FINANaNG ACTivmES 481.131 143,3271 CHANGE IN CASH AND CASH EoulliALENTS IN THE REPORTING PERIOD 1320,7611 249,299 CASH AND CASH EauivALENTS AT THE BEGINNING OF THE REPORTING PERIOD 1.030,268 780,969 TOTAL CASH AND CASH EauNALENTS AT THE YEAR END 709,607 1,030,268 The notes on page$ 18 to 35 form part of the accounts 15
EXETER HOMES TRUST NOTES TO THE sTATEmEr OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 RECONCIUAMON OF COMPREHENSIVE INCOME TO NEf CASH FLOW FROM OPERATING ACTivmES 2023 2022 CASH FLOWS FROM OPERATING AcnvmES Surplu(defi¢ttj for th• y••r Adjustm8nts for. Depreciation of tangible fixed assets Ilncreaselldecrease in d8btors Increagelld&creasel in creditors IProfitllLos8 on $8le of tangible fixed a88ets Government grants utilised in the year Release of onerous loan Interest payable Intorest rec¥ivablo Dividends Lo8811g8inl on investment 246.519 32,975 210.929 15,0711 107.770 211.286 18,2901 126,0601 11001 122,9761 13,1271 23.922 12,4711 134,1751 108.847 122.9761 12.0411 46,597 149A031 156,7201 NEf CASH FLOW FROM OPERATING ACTivmES 475.604 279.831 I ANALYSIS OF G4SH AND CASH EauivALEpirs 2023 2022 Cash hold at bank Cash held in inv8Stm8nt portlolio 863.860 45,647 968.623 61.645 709,507 1.030,268 16
EXEfER HOMES TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 PRINCIPAL ACCOUNTING POLICIES The followino accounting policies have been applied consistently in dealing with items whl¢h are considered m8t8rial in relation to the Charities, accounts. Estsbllshmènt of Regl8t¢red So¢lal L•ndlo Exeter Homes Trust is a registered charity under the Charities Acts and a registered social landlord under the Housing Acts. Basls ot Proparntlon The financial statements of the Charity are prepar8d in accordance with applicable accounting andardS and in accordancg with the accounting requirèm8nts included with th8 Determination of Accounting Requirement8 2018. and under the hislorical cost a¢counling rules, modified to include the rtrv8lu8tion of properties hèld for letting and commercial propertieg. The fin8ncial statements have 8180 been prepared in accordance with the Statement of Recommended Practice for social house providers 20181-SORP 2018.1, issued by the National Housing Federation and under FRS102. Fund Ac¢ountlng The Charity is a consolld8tSon of thr88 original Ch8riti88. The Alm8hou88 br8nch own8 8nd maintains 143 Almshouses. olong with invgstmenls and liquid funds to provide social housing for those individuals who qualify in the City of Exeter. The Relief in Need branch hold5 investrnents and liquid funds to provide funds to relieve poverty in Exetsr. The Advancement in Life branch hold$ investments and liquid funds to help Exeter rosidents with education and training costs. Unrestricted funds are available for u88 at the discretion of the Tru$toe in furtherance of the general objectiv85 of the chariti88. The Trustee must continue to maintain tha following reserve funds: lal an Extraordinary Repair Fund to be used by them for the extraordinary repair, improvement or rebuilding of tho homes and tho other property of the charity. Ibl 8 Cycllcal Malntenance Fund to be used by ihem for ordinary repalr and maintenanco 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 chJrity. The Trustee must keep the si28 of the funds under review in the light of the d8mands which may mada upon thg funds. Unrestricted funds include a revaluation reserye representing the restat8mont at markot value of Investment 8$98ts held in these fund$. The Endowment Funds include amounts given to the Ch&rities by Deed or Will for $pecifi¢ purposes, legacies, bequests and arnounts received from the redemption of rent-charges and sale of investments. Incomlng R•soureos All incoming resources are included in the ststomgnt of financial octivities whgn the ¢hority is entitled to the income and the amount can be quantified with reasonable accurary. The following specific policies are applied to panicular categories of income: Turnover represents maintenance contributions receivable and fees and grants from local authorities. 17
EXETER HOMES TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 PRINCIPAL ACCOUNTING POLICIES leontInu) Donatlons recelved are included in the re18vant fvnd of tho appropriate ch8rlty. Logacies received are includeil in the endowment funds of the approprlate charlty. Investment income is included on an accruals basis and included in the relevant funds of the appropriate charity. R•8our¢M Exp•nd•d Cost8 are recognised on an accruals b8618 88 th6 liability is Incurred. Charitable expenditure comprises those costs incurred by the ch8rlty In the delivery of its activities and services for lis beneficiaries. It includes both co$t$ that can be 8lloc8ted directly to such octivities and those costs of an indirect nature necessary to Support them. Grants made by the Flelief in Need Fund are to reduce the effect of poverty on any pgrson in Exeter. Individuals apply to the Trusiee 8nd if after an inteNiew are ¢onsid8f8d to be in need will receive assistance. Thi$ could be holp with household energy bllls. childr8n'8 clothing* or ossential household appliance8. Exeter Advancement in Life awards arè given to individu818 to help with their education or training. The same process of interview and recommendation for award$ as for the Relief in N88d Fund 1$ used. There 8re no materlal support Costs 8880cl8ted with the grant awardlng proce$$. All costs ar8 allocated between the expenditure categories of the SOFA on 8 basis designed to reflect the use of the resource. Costs relating to 8 particular activity are 811ocaied directly, othors 8r• 8PPOrtionèd on an appropriat• b89i8. Hou•lng Prop•rtl Housing properties are held at cost less d8preciation and impairment. Th& hou8ing properties were revalued at open market value for existing u$9 basis on 31 D0mb8r 2013, and this valuation was deemed cost when transitioning to FRS 102. Freehold land is not depreciated. Depreciation is charged for each Component on a straig line basis over the following useful econornic lives: Building8 Kitchens Boilerlheating Bathrooms Windowsldoors Electrics 11)0 ye8r8 20 years 15 year¥ 20 years 20 years 30 years Lea$•hold Properties Leasohold properties are wrinen off over the period of the lease. Equipment Equipment 1$ depreciated on a straight line ba$18 over four years. Assets costing less than £500 are not capitalised. 18
EXETER HOMES TRUST NOTES TO THE ACCOUFItS FOR THE YEAR ENDED 31 DECEMBER 2023 PRINCIPAL AccoupillNG POUCIES leontinu•dl CydT¢al Repalys and M•lnten•n¢e and Capltsl Improv•m•nts Where appropriate the Charities update each almshouse propertv as it becomes vacant. This is part of a cyclical programme of upgrading the accommodation to comply with the Exeter Homes Trust standard. Costs are mainly charged to the revenue account in the year in which they ara incurred. If. as a result of the upgrading. the rèntal incom8 from thè tènants in those properties is increased a proportion of the cost of the upgrade is capitalised to reflect the Increased value of the undertying a88aL Normal repairs are also charged to the revenue account in the year in which they are incurred. InvoStm•nts Inv88tments are Included in the 8ccount8 81 fairvalue which Is do8m8d to be th8 mark8t rate. Cash at b8nk and In h•nd Cash at bank and in hand includes cash and short term highly Ilquid investment8 wlth a short maiurlty of three month8 or188s from the date of openlng of the deposit. Flnanelal In•trurn•nts Finoncial instrum¢nt$ which meet th8 criteria of 8 basic financial instrument a8 defined in Sectlon 11 of FRS 102 are 8ccounied for under an amortl8ed hl8toric c08t mod81. B881c fln8ncl81 In8trument8 are recogni88d at orn0rti8od historical cost. 0obtor• Short term debtors are meosured at tr8ns8Ction price.1888 any impairmènt. L08n8 recèivabl8 are measured initially at f8ir value. net of transaction costs, and are measured 8ubseqLr6nilv at amortised cost using the effective interest mgthod,1g$¥ any imp8imient. Where deferral of payment terms have been agreed at the below market rats. and whèr6 mat8ri41. th8 balance is shown at the present value. discounted at a mark8t rate. Cr•dltor• Short term irade ereditors are mettsured at the transaction price, Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs. and ar measured subsequently at amortised cost using the effective inter8St method. Employ•• 8•n•fits Short-term employee benefits and contribution$ to dgfinod contribution plan8 are recognised as an expen8e in the period in which they are incurred. Government Gr•nts Government grants include grants receivable from the Homes Eng18nd Ith8 HEI, local authorilies and othor government organisation$. Government grants recgivod for housing propertl88 are recognised in income over the useful life of the house propety structure and, where applicable. its individu•l components (excluding landl under the accruals model. Grants relating to revenue are recognised in income and expenditure over the same period at the expenditure to which they relate once reasonable assurance has been gained that the entity will comply bwth the conditions and that the funds will be received. Grants due frorn government organisation$ or received in advance are included as current assets or liabilities. 19
EXETER HOMES TRUST NOTES TO THE AccouKrs FOR THE YEAR ENDED 31 DECEMBER 2023 TURNOVER 2022 Almshou AKomm¢)d•llon In¢om• Maintenanco contributions Less.. Rent losses from voids 893,106 186.1541 845,116 149,4771 806,952 795,639 Income from inve$tment8 377 377 OPERATING SURPLUSIIDEHCM 2023 Oper8tlng 8urplu811deficitl is stated after charging: Auditors. remuner8tion: In their capacity as auditors For financial advice & accountttnty Trustees. indemnity in8uran¢e 5.600 5,870 329 5,600 5,700 329 DIVIDENDS AND INTEREST RECEIVABLE 20tJ Listed investments Interest 35,707 13.695 34,175 2.471 49.402 36,646 20
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EXEfER HOMES TRUST NOTES TO THE Accouhrrs FOR THE YEAR ENDED 31 DECEM8ER 2023 INTEREST PAYABLE 2022 On bank loans. overdrafts and other 1o•ns: Repayable wholly or partly in more than 5 years Adjustment for onerous loan diseounting Inote 171 48.637 12,0411 27,048 13,1271 46.596 23.921 KEY MANAGEMENT PERSONNEL The key management personnel of the Charity are th8 director8 of the 8018 Corporatg Trustèe and the general manager of the ch8Tlty. Th8 directors r8ceiv8d no remungration or expenses in the year. The remuneration of the general m8n8geT in th8 year was: Basic $010ry Employer's NIC Pension contribution8 57,134 6.699 1,321 53,798 8,504. 1.321 65.054 61,623 10. EMPLOYEE INFORMATION The monthly average number of p8r8on8 employed during the year wa8: 2023 Gardener M8nagfjr8nd a88istsnts 2023 STAFF COSTS IFOR THE ABOVE PERSONS) Wagès and salaries Social security costs Employers pension contribution$ 146,793 8.853 3.225 144.137 9.345 3.259 158.871 156,741 All employees receive le5S than £60.OCKJ per annum. 24
EXETER HOMES TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 11. TAXATION Exetor Homes Trust, Exetsr Relief in Need and Exeter Advancoment in Lifg are registered charities. Their activities during the year did not giv8 rise to è t8x liability. 12. TANGIBLE ASSErs Houilng und•r Equlpm•nt Tot•1 Cost At 1 January 2023 Addition8 Intoro$t ¢8pitali8ed Tran8f6rs Di$posal3 11.057.670 332.177 1.225.856 20.862 11,410,709 1.225.856 At 31 Oecomber 2023 11.057.670 1,558,033 20,862 12,638,565 D•pr•clatlon and Imp•lrm•rrt At 1 January 2023 Charge for year Ellminotion on d68pol 2.115.578 209.584 17,566 2.133.133 210,929 At 31 Decembor 2023 2.325.162 18,900 2.344.062 N•t Book V•lu• Ai 31 December 2023 8.732,SC 1.558.033 1.962 10,292,603 At 31 December 2022 8.942.092 332,177 3.307 9,277,578 25
EXEfER HOMESTRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 13. INVESTMENTS Listed investments Inot8 13è1 1,154.055 996,263 1.154.055 996,263 2023 81foTward Additions at cost Disposals at value Revaluation Ideficitllsurplu8 996.293 386,623 1285.5821 56.721 1.109,580 192,420 1196.8591 1108,8481 1,154.055 996,293 13a U•t•d Inv••tm•nts Ex•t•r Ad¥inMm•ffl In Lll• 2023 2022 2023 2023 2022 Pnorward AdditioAi ¢o•t D16P08818 ai value Rov8luation 4UrpluWldlC1t1 364.Oa6 4O).753 56.567 168,0341 39),633 ie6.59J 1123,7861 437.947 83.938 186,7721 241.614 103.039 176,5641 270,880 51,915 153,0531 I,232)
),819 1352401 21182 145A801 13.720 128,1281 C•rriod foFw•r 418.627 3e4.1146 455,619 281.809 241,814 All the investments are held in the Uniigd Kingdom and comprise Ilsted securitle#. charity deposits, Government Stocks and Unit Trusts. The Investments aro held to provido an inc0rn0 to th8 Charities. 26
EXETER HOMES TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 14. DEBTORS 2023 Maintenance contributions in arrears Other debtors and prepayments 16,201 20,821 13,931 18,020 37.022 31,951 15. CASH AT BANK AND IN HAND 2023 Lloyd8 88nk- Tru$tee8' 8¢count Brewin Dolphin dealing account 663.860 45N7 968,623 61.645 709,507 1.030.268 1& CREDrroRS.. Amounts falllng due wlthln on• y••r 2022 Trade creditors Othgr taxo8 and social security costs A¢crual8 Social hou$9 grant- Current (note 181 M8inienance contribution8 in advèn¢è Bank loan 109.660 3,678 34,875 22.976 1.926 13.634 8,839 3,396 27,210 22.970 2,923 15,404 186,749 80,748 17. CREDITORS: Amounts f•lllng due •ft•r mor• than on• y•ar 2023 2022 Social Housing Grant Inote 181 Mortgage Bank loan Inote 191 1.640,934 52,572 652.863 1.121,518 S4,918 665.454 2.346,369 1.841.890 The Social Housing Grant 15 being amortised in line with the useful ¢¢onomi¢ life of the housing properties which the grant helped to improve. 27
EXEfER HOMES TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 17. CREDITORS: Amounts falllng du• after morn than one y•ar l¢ontinu•dl The mortgage outstanding as at 31 December 2023 is a long term annuity loan from Crown Mortgage Management Limited Iformerly a Housing Corporation Loan.. Or¢hardbrookl secured by a fixed charge on the 15 almshouses at Livery Dole. Th8 mortgage bears intgrest at 15% and may only bo repaid in accordance with the originally agreed timetable. The final repayment is in 2040. Capital repayments falling due within 5 y8ar8 of the balance sheet d8te ère immaterièl in amount. The bènk108n 1$ secured on 24 Amshouses at Culverland Road. 18. DEFERRED CAPITAL GRANTS 2023 2022 Capital grants blforward Capital grants received in the year Released to income in the year 1.144,494 542.392 122,9781 1,167,470 122,9761 HCA Grant ¢lloThvard 1,663.910 1.144,494 2022 Amount to be released within one ye8r Amount to be released in more than one year 22.976 1,640,934 22.976 1.121,518 1,863.910 1.144.494 19. BANK LOAN ANALYSIS B88ed on e8rli88t repayment date, the bank loan is repayable 8$ follows: 2022 Amount du8 within one year Amount du& within two to five year Amount due in More than five years 13,634 54.536 598.327 15,404 61,616 603,838 666.497 680,858 28
EXEfER HOMES TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 20. SUMMARY STATEMEfu OF MOVEMEMfs ON FUNDS 2023 MOVEMENTS Ex•t•r Almshouw Extsr Rall•f Adv•n¢wn•nt B¥•n¢h In N••d inL Totsl R•8trf¢t•d Fundi. EndowmArt At 1 January 2023 Incom8 Expenditur• G8inpJl10$8e81 Transl8¥5 8.177294 22.976 1256.1801 20.437 485.740 270225 8.913,259 22,976 1256,1801 86,746 31.816 13.493 At 31 D8e¢mbgr 2023 5.964,527 497.558 283.718 6.745,801 Unr•strf¢t•d Fund* At 1 J¥nuary 2023 Income Exp8nditur8 Gain8lllosM81 Tr¥n8tsrs 2.486.540 8,174 14.572 5.477 9.014 19,1681 2.500.191 922.132 1508,166> 1487.6131 Ai 31 0mb•r 2023 29773 11.3 5.335 2.914.188 TOTAL FUNDS 8,862,IMMJ 508.916 289.053 9,659.969 The Restrlcted Fund8 represent the assets whieh werè originally invgstgd in the charity. Profit or lo$$ on di$po881 of investments and gains or losses on revaluation ol these are included in each fund. All income generated in thg$e fund$ is included in th8 Unrestricted Funds. Expenditure charged to the Restricted Funds is limited to property depreciation and expenses related lo the protection of the 8888t8. The Unrestricled Fund8 of each branch of the charity are used for future repair costs and for the day to day activities of the charity. Income from Alm9hou8e8. dividends and bank interest received are credited to these funds.
EXEfER HOMES TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 223 SUMMARY STATEMENT OF MOVEMEi¥fs ON FUNDS Icontlnu•dl 2022 MOVEMENTS Almshouw Ex•t•r Rel¢ Ad¥anc•mwit Branth In Need in Lrf? Totsl RestriEted Funds. Endowm•rt At l January 2022 Income Expenditur• G8inpJllo$8¢BI Tran5fors 6A23. 22.976 1233.5051 135,2401 315.702 7.232.634 22,976 1233.5051 1108.8461 128.1291 146A77 At 31 Oecembor 2022 6,177,294 465,740 270.225 6.913.259 unr••trI¢t Funth At l January 2022 Incom? Expènditur Gain1109$eSj Tran8fern 2.140.218 808.768 1462.4461 4.479 14.763 111.0681 3,144 9.131 16.7981 2,147,B41 832,662 1480.3121 Ai 31 Dember 2022 2.4186.540 8.174 5.477 2,500,191 TOTAL FUNDS 8,863 473.914 276.702 9.413 21. ANANCIAL COMMrrMENT As at 31 December 2023. there were no contractsd capit81 ¢ommitment$.
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EXEfER HOMES TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 ANALYSIS OF ASSETS BEfwEEN FUNDS IMnllnu•d) Th8 analysis of net ¥ets between funds shows negativtr current assets within the restricted Almshouse funds. This is due to the fact that unrestricted funds have been invested in the restricted fixèd assets. Should the funds currently tted up in fixed assets be realised, thi8 negative balance would be repaid into the unrestricted fund. 23. ALMSHOUSE BIIANCH ANALYSIS OF CURREpif ASSETS The totsl of the Almshouse Branch current a$sets as shown in note 22 is made up ès follows:. Extraordinary Repair Fund CyclSc81 Repair Fund General Fund 100.000 50,0¢)0 533,757 100,OC 60,t%YJ ?91,527 083,757 941,527 Ther8 were no movom6nt8 to the funds durlng ihe year. 24 RELATED PARTIES Th¢ Charity hai 8 clos8 relailon$hlp wlih Exeter City Council vtho appoint 4 of the 10- directors of the Corporate Trustee. The Lord Mayor of Exeter 1$ also ona of th8 oiher 10 ' directors. There were no transaction8 with tho Council during this. or the prevlous year. Exeter City Council under thelr 8tatytory obligation8 pay housing benefit on behalf of some of tho residents. None of the dirgrtors of the Corporate Trustee were reimbursed for expen8•s during th8 year12022.' none).