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,
EX￿er 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 DIre￿or$ 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
be￿98n 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 mANAGEmE￿r 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 b1￿k 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 di￿usS 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 a￿ounts 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 inv￿1 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 $0 as to pay out
es grants the maximum amounts possible leaving minimal reserves. For both charities
unresirScted current assets at the year-end V￿uld cover almost 4 months expense$ 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 obje￿iveS.
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 knoWI￿ge 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 AVO￿ORs. 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 r￿ed 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 ASS￿8
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: aM￿nIS 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 sTATEmE￿r 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$9 basis on 31 D0￿mb8r 2013,
and this valuation was deemed cost when transitioning to FRS 102.
Freehold land is not depreciated. Depreciation is charged for each Component on a straig
line basis over the following useful econornic lives:
Building8
Kitchens
Boilerlheating
Bathrooms
Windowsldoors
Electrics
11)0 ye8r8
20 years
15 year¥
20 years
20 years
30 years
Lea$•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

Ill-

(0¢00
m(QOWO
or4C*f4ipof4f4¢YLPp mvo¢w
¢75
¢PVOOVJOV>ry*
38X=
f**in
a8X=

)r
Ji-21'.
00
l jsji.12

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 d68po￿l
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
4UrpluWld￿lC1t1
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 Ex*tsr Rall•f Adv•n¢wn•nt
B¥•n¢h
In N••d
inL
Totsl
R•8trf¢t•d Fundi. Endowm*Art
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 0￿mb•r 2023
2￿97￿73
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 2￿23
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$8¢BI
Tran5fors
6A23.
22.976
1233.5051
135,2401
315.702
7.232.634
22,976
1233.5051
1108.8461
128.1291
146A77
At 31 Oecembor 2022
6,177,294
465,740
270.225
6.913.259
unr••trI¢t￿ Funth
At l January 2022
Incom?
Expènditur
Gain￿1109$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 D￿ember 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$.

4y r4 r
211-
Ill. '1! I.
c£
ZILU ¢'_

Ill-
¢T)r￿0

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).