EXEfER HOMES TRUST REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024
EXEfER HOMES TRUST SOLE CORPOFIATE TRUSTEE Exeter Homes Trust Ltd EX.OFFICIO DIRECTOR The Right Worshipful The Lord Mayor of Exeter NOMINATED DIRECTORS OF THE CORPORATE TRUSTEE (Nominated by Exetot City Coun¢ill Cllr R Branston- Resigned 1110712024 Cllr M Pearce- Resigned 0910512024 Cllr A Jobson Cllr M Snow Alderman A Williamson COQPTED DIRECTORS OF THE CORPORATE TRUSTEE Miss C Caldwell Mr S For¢e Mr D Henson- Resigned 1310ed2024 Cllr Y Henson - Resigned 1310612024 Mr R Panter (Chairman) Miss J Rhodes Mr R Barrett Mrs Heidi McLaughlin- Appointed 0910512024 PRINCIPAL ADDRESS 6 Southemhay West. Exeter, EX1 1JG BANKERS Lloyds Bank PIC 25 Gresham Street. London. EC2V 7HN SOLicrroRS Stephen Scowns LLP Curzon House. Southernhay West. Exeter. EX1 1 RS DISCRETIONARY INVESTMENT MANAGERS AND INVESTMENT NOMINEES RBC Europe Ltd. Vantage PoinL Woodwater Pari Pynes Hill, Exeter. EX2 5FD AUDrroRS Streets Audtt LLP Chartered Accountants & Registered Auditors, Tower House. Lucy Tower StreeL Lincoln. Lincolnshire. LN1 1XW HEALTH. SAFEfY AND WELFARE SPECIALIST Patricia Collins Collins Chartered SuTveyors, Lower Court Farm. Lower Courtsmoor. Church Stsnton. Taunton. TA3 700 RISK MANAGEmETr AND SECURITY SPECIAUST Bob Pennington MEPS. Penn¢all Ltd. Radiant House, Exeter EX2 8QN GENERAL MANAGER Steven Sitch HOUSING CORPORATION REGISTERED NUMBER A1921 CHARrrY COMMISSION REGISTERED NUMBER Exeter 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 2024 This report and the as$o¢iated financial statements cover the three separate charities being.. The Exeter Homes Trust-charity Number 201530 Exeter Relief in N88d - Charity Number 1002152 Ex8t8r Advancement in Life- Charity Number 1002151 All three charities are administered by the same Board of D1ctorS through a Corporate Tiust88. Exeter Homes Trust Limited and their financial organisation is inter-d8pendent, although the endowmont assets of each charity are kept separately. The following report relates to all three eharities as do th8 associated financial statements. Where appropriate there is analysis in the financial statements of the total balance for the three charities being divided between the three individual charilies. Statement of CoMph2n$1ve Income. the Balance Sheet, the Statement of Cash Flows, th8 Stalement of Financial Activities and the related notes all cover th8 combined balance5 for all three charitl8S. Th8 Corporate Trustee appointed to membership of the Charity in accordance with the Articles presents its Report and the Financial Siatements for the year ended 31 December 2024. The Trusts are administered under the various Charity Schemes as follows.. HOUSING TRUSTS The prin¢ipal scheme of 4 Ociober 1955 as altered or affected by the schemes of 12 September 1958, 17 March 1966. 30 December 1969, 19 October 1998, 30 October 2002 and 1 February 2013. At a meeting on l December 2016. it was resolved io change the name of the Almshouse branch to Exeter Homes Trust and to replace the existing structure with a Corporat8 Truste8 appointing the existing Trustees as directors of that company and the scheme was amended by ihe Charity Commission on l February 2017. ASSISTANCE TRUSTS Principal schemes of 4 October 1955. 28 October 1964, 5 October 1996 and 19 May 1998 as altered or affected by the schemes of 7 March 1974. 23 December 1975, 12 July 1984 and 23 November 1989. TRUSTEE The Corporate Trustee. Exettrr Homes Trust Limited acts as the sole Trustee for all three charities. The Exeter Homes Trust is administered by a tol81 when complete of 10 individuals who are directors of the limited company comprising: The Lord Mayor for the time being of the City of Exeter, the Ex-officio Trustee. Four appointgd by the Council of the City of Exeter. èa¢h for 8 term of 4 ye8rs at an 8ppropriate meeting of the Council. Six Co-opted by the Directors, each for a temi of 4 years. who must live or carry on bu$ines$ in or near Exet8r. General meetings of the Trust were held monthly to considgr the minut08, receive reports and decide on re¢ommendations 8s well as addressing urgent and other relevant business.
EXEfER HOMES TRUST TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 INVESTh1EKf MANAGEmETr AND PERFORMANCE Portfolio valuations were received and distributed to enable the Trustee to review the p8rformance of investments held in the various trusts. with the stockbrokers, r8psentatIve present to explain investment decisions where appropriate. 8lthough management of the funds continued on a di5cr8tionary basis. Monthly management accounts prepared and reviewed by the Trustee. PUBLIC BENEFrr In setting the Charities. aims and objectives and in measuring achievements and performance the Trustee has regard to the Charity Commission's guidance on public benefit. The provision of Almshouse accommodation confers an identifiable public benefit. which is directly in line with the Charities. aim to assist those in financial need who are drawn from thai section of the public which has been defined in the Scheme by the Charity Commission. The aims and objectives of the Charities are specifically dire¢t8d towards assisling individuals who are in need of housing and other help in the fomi of grants. TRUSTEE BENEF AND REMUNERATION No Director or Corporate Trustee received any benefit in money or in kind from the Charities in the year under vIeW. PAY AND REMUNERATION OF KEY MANAGEMENT PERSONNEL The General Managerfs pay and remuneration is set by an appraisal of suitsbly qualified directors of the Corporaie Trustee following advice from a local HR consultancy. PRINCIPAL AcnvmES AND OWECTIVES OF THE CHARtnES The Almshouse Charity provid accommodation for people of 55 and over, formerfy. or currently living in Ex8ter or wthin a ten mile radius. defined as the area of benefit. In some circumsiances. the requirements relating to age and place of SIdence may be relaxed, but applicants for accommodation must be in financial need measured against criteria. which are reviewed regularfy by the Trustee. The housing stock available for occupation was 141 dwellings. These are situated in groups of properties. some of which are ofFicially Lisied and sttuated in 8 locations within reach of the city centre. They comprise mainly self Contained one bedroom flats on ground or first floors with 9 two-storey cottages and a purpose buitt 3 storey block of 9 studio flats and 6 on bedmom flats. Residents are required to pay for their own utility costs. Council Tax and maintenance Charges for the management and upkeep and repair of the dwellings and Communal grounds. The Trustee is required to maintsin St Clare's Chapel on the Livery Dole estate primarily for worship. The chapel needs to be open to all persons for worship and for purpose5 which are commensurate with its nature as a sacred building even if that purpose is not specifically religious.
EXEfER HOMES TRUST TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Exeler Relief in Need Charity considers applications for financial assistance to obtsin clothing. furniture and other household equipment. including floor coverings, and to pav essential travelling expenses. haating costs, etc submitted by people who live in the Exeter area and who Could not afford them otherwise. The Exeter Advancement in Life Charity considers applications made by or on behalf of those in full or part-time education aged under 25 and resident within 15 miles of Exeter in order to help provide books. tools of trade, tuition fee5, unifom) or spla1 clothing and travel assistance. STRATEGY Our strategy follow on from our understanding of our objectives. For us to achieve our objectives we need to understand whal is irnportantto ourstakeholders enabling usto translate these expectations into strategy and expectation& Koy Stakoholdor Our Understsnding Expectation Safe, secure home maintenance of 8 vibrant community. responsive repairs. Compassion. companionship and community. Stakehold•rfs Residents- housing St8ff Secure job in a supportive environment. HE 4nvestor Regulator for for Social Housing Delivery to Homes EnglandlRegulator ot Social Housing standards and a financially stable organisation. Exeter Homes Trust has been Registered Provider A1921 since 1976. Charity Commission- wulator Delivery of our charitable objectives. ie our mission. demonstration of public benefit and 8 financially stable organisation. Almshouse Consortium Ltd Continually deliver remodelling programmes funded by Homes England Grants. Larger Almshouse Charity Network Group Pmvide an experienced and professional voica on the managernent of Almshouse Charities. Exeter City Council & Devon County Council Delivery of housing support that is in accordance with local strategies and meet required siandards. Almshouse Association ExeteT Homes Trust is one of the largest Almshouse charities in rnembership of the Almshouse Association.
EXEfER HOMES TRUST TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Consequently, when delivering our objectives. the Trustee and senior managernent rttogni8 that we should be aiming to maximise stakeholder value. because, by doing so. we are chieving 8im8. At trustee level we deliberate and define strategic direciion. taking into consideration both our two regu18tOTS and risks. We also discuss tactical management. in other words the options for transl8ting the strategi¢ direction into o delivery channel, reflecting on recommendations from senior management and independent professional advisors. if appropriate. At senior management level we deliver operationally on the activities that rosult from the strategic direction and also on those activities which are part of our normal deliv8ry to our beneficiaries and staff. At this level, our embedded value for money culture means we ar8 striving to obtain best Value by working efficiently and effectively. aiming to deliver a better service year on year while delivering higher quality homes and services. while being ever mindful of risk. HOW THE BOARD MONITORS DELIVERY OF VFM Exgtor Homes Trust is a performance driven organis¥iion. reporting monthly on financial performance and other Key Performance Indicators. usually within two weeks of the month end. The hands-on approach by the General Manager and Truee ensures that any i$sue$ aro identified and reported quickly. The Trustee holds the General Manager to account Bnd properly 8crutinisè8 hlm at board m88tlngs. TRUSTEE'S RESPONSIBIUTIES FOR THE ACCOUNTS The Truste6 is required io prepare accounts for each financi?1 year which give a true and fair review of the state of affairs of the Charities and of their financi81 activities for that period. In preparing those ac¢ouni$, lh8 Trusiee is required to: select suitable accounting policie$ and apply them con$TentlY,. make judgements and estimates that are reasonable and prudent- stote whether applicable accounting standards have been followed subjeci to material departures disclosed and explained in the accounts: and prep8re the accounts on the going concern basis unle$$ it is inappropriate to presume that the Charities will ntinUe in business. The Trustee 1$ responsible for keeping proper oc¢ounting record$ which disclose with reasonable accuracy at any time the financial position of the Charities and to enable them to ensure ihat the accounis complywith the Accounting Requirements for Registered Social Landlords General Deterniination 2014, the Statement of Recommended Practice for Social Housing Providers 2018 and the Chartties Act 2006 and FRS102. Due regard has also been taken lo comply with Section 4 of the 2006 Charities Act regarding public benefil. The detailed ways in which the charilies benefit the public 8re set out above under th8 heading "Principal Activities and Objectives. They are 81s0 responsible for safeguarding thg asset$ of the Charities and hence for taking reason8ble steps for th8 prevention and detection of fraud 8nd other irregularities.
EXEfER HOMES TRUST TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 In the Twstee's view the accounts comply with current statutory requir8ments and the Charities, governing documents. The Trustee's policy is noi to use current income to finance shortfalls on extraordinary repairs. but rather to allocate money to an Extr80rdinary Repair Fund for major alterations and improvements to the accommodation and services. TknXATION STATUS Exeter Homes Trust and affiliates are registered charities and as such are substantially exempt from taxation. INVEsfMENT POLICY AND PERFORMANCE The Trusteè has the power to invest in such stocks, shares. investments and propèrty 8S regulated by the Trustees Act. The Trustee has appoint8d RBC Brewin Dolphin Lid to act as discretionary investment fvnd managers for the year. to report quartedy in writÈng and also to appear in person at the meetings of the TnA$tee when invited. The inveslments for ihe two assistance charities have been combined Ibut are distinctly identifiable) to reduce administration costs and improve investment r&turns. In the Trustee's vKew the performance of the inveslmenl assets 1$ satisfactory given present market conditions. A detailed breakdown of the results is shown in the Statement of Financial Activities and the note5 to the accounts. RESERVES POUCY The policy for the Almshouse branch is to maintain sufficient funds excluding extraordinary 8nd cyclical repair funds to cover 6 months, expenditure. 6 months UnstrICted expenditure for 2024 was approximately £240,000. At the year end the Almshouse Branch held free reserves of £130.434 Inet curreni assets plus unrestricted listed investmentsl whi¢h below the reserves policy threshold. The reduction in free reserves to below six months. expenditure is primarily attributable to significant investment in the Grendon Road project. Free reserves are expected to increase in 2025, driven by higher occupancy levels and a reduction in forecast capital expenditure. As at 31 December 2024 the balance on the Extraordinary Repair Fund was £IOO.000 12023: £100,000) and on the Cy¢li¢al Repair Fund £50,00012023: £50,000). The Trustee has reviewed the level of the funds in light of the demands placed on it and consider that no change is required. For the two assistance charities. income and expenditure is budgeted each year $0 as to pav out as grants the maximum amounts possible leaving minimal reserves. For both charities unrestricted Current assets at the year*nd would cover almost 4 months expense5 ignoring grants paid. IDENTIFICATION OF BUSINESS RISKS The major risks to which the Charities are exposed are identified by the Trustee. They have been reviewed and systems have been established to mitigate those risks. The Buildings insurance cover was renewed in June 2024 at the revised reinstatement cost of £27,380,654 from Grout Insurance Brokers Ltd. The Livery Dole Chapel was separately insured for £316,980.
EXEfER HOMES TRUST TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 REVIEW OF THE YEAR The Financial Results- The m•in points: Gross income during the year excluding gains on investments deeaSed to £932,51812023: £945.1081. Total expenditure incre8$ed to £1.008.161 12023.. £764,335). The net movement in funds before invesiment gains and losses was a deficil of £75.64312023: surplus £180,773). The ch8rity menages 141 Almshouses and operates with 3.4 full time equivalent administrative employees, plus a full-time g8rdener tending 8 e$tat8 gardens. Of the Charity's Almshouses. 75 are Grade 2 listed. The Charity administers two grant-making charities, Advon¢em8nt in Life and Relief in Need. The Charity is solvent and effectively, efficiently and professionally managed. Corporate govern8nc8 is delivered by the board of 10 directors of the Corporate Tru$teg who mgot monthly and are universally informed of th6 Charity's risks and wllectivaly scrutinise Bnd democratically deliberate io imp19mgnt mitigation measures. There are no split r8sponsibilitig8 caused by a subcommittee System. The meeling Minuies 8re Concise and comprehensive in chronicling the Charity'8 activities and pmgres& The Almshouse Assoclatlon li8t8 Exeter Homes Trust in the top 3% of Alm8hou88 Groups bv size, in other words tho88 charities with 51 plus Alm8hou8e6. Schedulo of Exeter Home8 Trust's 141 Alm8house$, by10¢8tion, number and approximate era,. Culvorland Road, Ex8t8r EX4 SJJ IContempor8ry1 Livery Dole Fl818. Magdalen Road, Exeter EX2 SDT11980s1 Livery Dole Cottages, Magdalen Road, Exeter EX2 5DT11V C.) Grendon Road, Exeter EX1 2NJ11 C.) Magdalen Cottages. Magdalon Road, Exeter EX2 4SX11* C.) North Park Almshouses. Magdalen Road, Exor EX2 4Su{2 C.) Fair Park Almshouses, Fairpark Road. Exeier EX2 4HL1201h C.) Hurst Trumps Almshouses. Fairpark Road. Exeter EX2 4HL120th C.) Atwill Palmer, New North Road, Exeter EX4 4JT119th C.> 24 22 13 12 12 24 141
EXEfER HOMES TRUST TRUSTEE'S ANNUAL REPORT FOR ThE YEAR ENDED 31 DECEMBER 2024 Industry-wide Value for Money Mètrics This is produced in accordance with the standard issued by the Regulator of Soci81 Housing. The aim of siandardised Value for Money IVFMI reporting is to enable housing providers to demonstrate that they are using their resources effectively to achieve strategic objectives. By reporting against a consi5t8nt set of sector-wide metrics. organisations can assess and comp8re performance over time and across peers. This transparency supports internal decision-making, board oversight, and regulatory assurance. Exeler Homes Trust is committed to using these metric5 not only to meet compliance requirements, but also to ensure that its operations dtsliver meaningful impact for residents and represent sound stewardship of charitsble resources. Metric 1- Reinvestment % This metric takes housing additions and developments in the year and compares to existing housing. 2024 2023 2022 2021 2020 19.5% 14.0% 0.3% 0.9% 17.5% Metric 2- New supply dalivétod % Exeter Homes Trust. strategic goal is to redevelop existing properties before delivering new supply. Additional supply in planned in future years th the development 0119 new dwellings at their Fairpark Road site. 2024 2023 2022 2021 2020 Metric 3- Gèaring % This metric assesses th$ proportion of assets that are financed using debt. Non-repay8ble grants have been excluded from the calculation. The low gearing percent8ge is primarily due to the charity's strong cash position. 2024 2023 2022 2021 2020 7.4% 0.1% 0.0% 0.0% 3.1% M¢tri¢ 4- EBrrDA MRI Interest Cover % EBITDA MRI provid8$ an indication of financial sustainability by measuring the charl$ ability to cover its interest payments from operating cash flows. 2024 2023 2022 2021 2020 635% 756% 1316% 2422% 6.36 times 7.56 times 13.16 times 24.22 times 36.44 times
EXETER HOMES TRUST TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 M8tric 5 - Headline social housing cost per unit £ This is the total 8ttributable costs divided bythe number of housing units. This does not include d8preciation. 2024 2023 2022 2021 2020 15.568 10.034 1.389 1.282 11.764 Metric 6- Overall OP11n9 maryin % The Operating Margin demonstrates the profrtability of operating assets before exceptional item5. 2024 2023 2022 2021 2020 19.5% 22.1% 16.2% 31.5% 15.0% Metric 7- turn on eapital Omploy % As a charitable organisation, the primary objective is not to maximise financial returns but to deliver public benefit in line with our charitable purposes. Consequently, Exeter Homes Trust m8intain$ a low Return on Capital Employed IROCEI, which reflects our commitment to prioritising charitable impact over financi81 profrtability. 2024 2023 2022 2021 2020 1.5% 1.1% 2.3%
EXEfER HOMES TRUST TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Generalty Throughout 2024 the general manager. Stev8n Sitch. remained chairman of the Alrnshouse Consortium Ltd IACLI. ACL is an independent organisation that acts as a vehicle through which almshouses can ac¢ess grant funding from Homes England and the Greater London Authority. Since fom)ation 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 assistance from the Almshouso Association. Exeter Homes Trust has returned another very strong perfomiance, as evidenced by th&se Audited Accounis. 2024 has been a good year of consolÈdation with Income of £932.518 8 deficii of £35.565lafter the non-cash movement of a £222,705 loss on disposal of fixed assetsl. At year end, Weekly Maintenance Charge IWMCI arrears a low at r3,370. Exeter Homes Trust is well-placed having remodeled or developed 72No.151 %) of its stock of 141No. Almshouses and commen¢ed the remodel of 11No. Ireduced from 12No.l Almshouse5 at Grendon Road which will take the total to 61%. Planning consent for creating 31 No. lan exlra 19No.I new Almshouses at Fairpark Road was achieved in 2021. The planning consent adds value to the site to either build out or disposal and reinvestment of monies in providing more Almshouses, meeling Exet8r Homes Trust's public benefit I charitable objectives. Exeter Homes Trust is professionally. efficiently. effectively managed and is highly efficient in terms of staff complement gauged against Almshouses managed. BY ORDER OF THE TRUSTEE R Panter- Chair Date: 10
INDEPENDEp AUDrroRS' REPORT TO THE TRusfEE OF EXEfER HOMES TRUST YEAR ENDED 31 DECEMBER 2024 Opinion We have audited the financial Statements of Exeter Homes Trust (the -Charity"I for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, the Statement of Finan¢ial Activities, the Balance Shew. the Statement of Cashflows and notes to the financial statements, including the principal accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Siandard 102= The Financial Reporting Standard applicable in the UK and Republic of Ireland Iunited Kingdom Generally Accepted Accounting Practice). In our opinion. the financial statements- give a true and fair view of the state of the Charity's affairs as at 31 December 2024 and of its income and expenditure for the year th8n ended: have been properly prepared in accordan¢8 wtth United Kingdom Generally Accepted Accounting Practice- have been prepared in accordance with the requirements of the Charities Act 2011. Have been prepared in accordance with the requirements of the Housing SORP 2018. Basis for opinion We Conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the finan¢ral statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UL including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requir8m8nts. We believethat the audit eviden Y have obtained is sufficient and appropriate to provide a basis for our opinion. Use of our r8POrt This report is rnade $018ly to the Charity's Trustee. as a body. in accordance with section 144 of the Charilies Act 2011 and the regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the Charity's Trustee those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extgnt permitted by law, we do not accept or assume responsibility to anyone other than the Charity's Trustee 8$ a body. for our audit work, for this report. or for the opinions we havo formed. Conclusions relating to going eoncam In auditing the financial statements, have concluded that the trustee5' use of the going con¢ern basis of accounling in the p paration of the financial statements is appropriate. Based on the Vrk we have perf0rrn. we have not identified any rnat8rial uncertainties relating to events or conditions that. individually or collectively, may cast signifi¢ant doubt on the charity's abilily lo continue as a going concern for 8 period of at least twelve months from when the financial Statements are authorised for issue. Our responsibilities and the responsibilities of the trustees ¥th respect to going concern are described in the relevant sections of this report.
INDEPENDW AuDoRs. REPORT TO THE TRUSTEE OF EXETER HOMES TRUST YEAR ENDED 31 DECEMBER 2024 Other tnformation The Trustee is responsible for the other information. The other inforrnation comprises the information included in the annual report other than the financial statements and our auditorf8 report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent othenNise explicitly stated in our report. we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements. our responsibility is to read the other information and, in doing so. consider vthethgr the other information is materially inconsistent with the financi81 statements or our knovAedge obtained in the audit or otherwÈse appears to be materially misstated. If we identify such materi81 inconsistencies or apparent material misstatements, we are required to determine whether there is a material rnis$taiement in the financi81 statements or a material misstatement of the other information. If. based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to port that facL We have nothing to rekK)rt in this gard. Matters on which we •Y¢ requirod to report by exception In the light of the knowledge and understanding of the Charity and its environment obtarned in the course of the audil, we have noi identified material misstatements in the Trustee's Annual Report. W8 have nothing to report in respect of the following matters in relation to which tho Charities Act 201 I requires us to report to you if. in our opinion: the infom)ation given in the financial statements is inconsistent in any material respect with the trustees. report; or sufficient accounting records have not been kept: the financial statements are not in agreement with the ac¢ouniing records and returns,. or we have not obtsined all the information and explanations necessary for the purposes of our audit. Rosponsibiliti8s of the Trustee As explained more fully in the Trustee's responsibilities $t8tem8nt set out on page 5. the Trustee is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such intemal control as they determine is necessary to 8nable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In p paring the financial statements. the TrU8e is responsible for assessing the Charity's ability to continue as a going concern. dis¢losing. as applicable, matters related to going concern and using the going conc8m basis of accounting unless the Trustee either intends to liquidate the Charity or to Cease operations, or have no realistic alternative but to do so. 12
INDEPENDENT AUDrroRS' REPORT TO THE TRUSTEE OF EXETER HOMES TRUST YEAR ENDED 31 DECEMBER 2024 Our respon$ibilitios for tho audit of the financial stst¥m•nt$ Our objectives are to obtsin reasonable assurance about whether the financial stalements as a whole are free from material misstatement, whether due to fraud or error. and to issue an auditorfs report thal includes our opinion. Reasonable assurance is a high level of assurance, but is not 8 guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatomgnts can arise from fraud or error and are considered matorial if. individually or in the aggregate, Ihey could reasonably be expected to influence the economic decisions of users taken on the basis of these financial stalements. The extent to which our proc8dures are capable of detecting irregularities, including fraud, is detailed below. Enquiry of management. those charged with governance and review of legal and professional costs around actual and potential litigation and claims. Enquiry of entity staff in tax and compliance functions to identify any instances of non- compliance with laws and regulations. Reviewing minutes of meetings of those charged with governance. Reviewing financial statement disclosures and testing to supporting documentation to assess compliance wilh applicable laws and regulations. Auditing the risk of management override of controls, including through testing journal 8ntrie$ ènd other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the nomial course of business. A further description of our responsibilit188 for the audit of the financial statements is located on the Fin8n¢ial Reporting Council's website at: www.frc.org.ukl8uditorsresponsibilities. This description forms part of our auditorfs report. Streèts Audit LLP Chartered Accountants Statutory Auditors Tower House Lucy Tower Street Lincoln LN1 1XW Date.. L Streets Audit LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. 13
EXEfER HOMES TRUST STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notes Turnovor 866.252 806,952 Income from investments 377 Operating costs 1726,0681 1717.7391 Impairment loss 12 Other income 24,070 88,377 Op8rating SurplusllDeficitl 169,100 177,967 Profit on disposal of fixed assets 12 1222,7051 Dividends and interest receivable 37,350 49,402 Interest payable 159,3881 146.5961 Net gainslllossesl on investments 13 40.078 64,746 Comprnhonsiv8 income 11ownditUTe) for yaar 135.5651 246,519 All income and expenditure relate5 to continuing activities. The notes on pages 18 to 35 form part of the accounts 14
EXEfER HOMES TAUST FOH IHEVEAR EIXJED31 DECEMBER 2024 To Jrrf Jthshous• a¢¢OMrrn IrNxHn Gov8mrn0ntgrtrrts i•k•nts IrK4J oth•rtMdIrylyits •5fj252 22.976 952 2?.976 $77 hbY•th•hts Ilnol 13 147rJ TOTAL Y4CCthIE .518 R•knkngfvr 474161 17 997.7 511 IXty.161 14 4512 110 I?$3) IW.7n 17AS9 17.705 4J14 4078 6i740 I471•25 4512 17.705 1102 14 135*51 248.519 2m7A73 2U718 85? gA13AF 515261 9.624AO• 46f9 15
EXEfER HOMES TRUST BALANCE SHEEf AT 31 DECEMBER 2024 2024 2023 AXED ASSETS Tanoible Assets Investments 12 13 11.850.831 1.255.581 70,292.503 1,154,055 TOTAL AXED ASSETS 13.106.412 11,448,558 CURREKf ASSErs Debtors Cash at bank and in hand 14 15 46,491 428,CK17 37.022 709.507 474,49B 746.529 cREDoRs.. amounts falling duè within one year 16 327.295 186.746 NET CUFIRENT ASSErs 147.203 559.7 TOTAL ASSEfs LESS CURRENT UABIUTIES 13.253.615 12.006.338 I>IEDrfoRS: amounts falling due after more than one year 17 3,629.211 2.348.369 NET ASSETS 9.624.404 9.659.969 THE FUNDS OF THE CHARrrY Unrestricted funds General 3,327.396 2,914,168 Restricted funds Endowment 6.297.LK18 6,745.801 9.624,404 9,659.969 Approved by theTrustee on .. and signed on its behalf by: R Panter- Chairman S Sitch - Gènèral Manager The note5 on pages 18 10 35 form part of the accounts 18
EXEfER HOMES TRUST STATEME OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notes NEf CASH FLOW FROM OPERATING ACTivmES 511.905 475,604 CASH FLOW FROM INVESTING AcrivmES Purch8S8 of tangible fixed assets Proceeds from the sale of tangibl8 fixed assets Purchase of investments Proceeds from the sale of investments Interesl received Dividends received 12.012,1321 11,225.8561 1372,257 303,954 1386,6251 285.582 37,350 49.403 NEf CASH FLOW FROM INVESTING ACTIVMES 12.043,0851 11.277.496) CASH FLOW FROM FINANCING AcnvmES Interest paid Bank loan received Capital grant received Repayment of borrowing 159.3881 600.000 723,188 114.1201 146,5961 542.393 114,6661 NEf CASH FLOW FROM FINANCING ACTiwllES 1.249,680 481.131 CHANGE IN CASH AND CASH EQUIVALEKfs IN THE REPORTING PERIOD 1281,5001 1320,7611 CASH AND CASH EQUIVALEFifs AT THE BEGINNING OF THE REPORTING PERIOD 709,507 1.030.268 TOTAL CASH AND CASH EauNALENfs AT THE YEAR END 428.007 709,507 The notes on pages 18 10 35 forni part of the accounts 17
EXEfER HOMES TRUST NOTES TO THE STATEMEMf OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 RECONCILIATION OF COMPREHENSIVE INCOME TO NEf CASH FLOW FROM OPERATING AcfiviTIES 2024 2023 CASH FLOWS FROM OPERATING ACTlVtnES Surpluslldefi¢ttl for tho year Adjustments for. Depreciation of tangible fixed assets Iln¢reasel1de¢ase in debtors Increaselldecreasel in creditors IProfitllLoss on sale of tsngible fixed assets Govemment grants utilised in the year Release of onerous loan Interesl payable Inte$1 receivable Dividends Lossllgainl on investment 135.5661 246,519 231.099 19.4691 139,359 222.705 122,9761 12,0641 59.389 210,929 15,0711 107.770 122.9761 12.0411 46,597 137,3501 133.2231 149,4031 156.7201 NET CASH FLOW FROM OPEFIATING AcrivmES 511.905 475,604 ANALYSIS OF CASH AND CASH EQUIVALENTS 2023 Cash held at bank Cash held in investment portfolio 416.465 11,542 663,860 45,647 428.007 709,507 18
EXEfER HOMES TRUST NOTES TO THE AcCOUls FOR THE YEAR ENDED 31 DECEMBER 2024 PRINCIPAL AccouMnNG POUCIES The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the Charities. accounts. Est*blishment of Registered Social Landlord Exeter Homes Trust is a registered charity under the Charities Acts and a registered social landlord under the Housing Acts. Basis d Proparation The financial statements of the Charity are prepared in accordance wth applicable 8¢¢0unting standards and in 8ccordanc8 Wlith the accounting requirements included with the Determination of Accounting Requirements 2018, and under the historical cost accounling rules. modified to include the revaluation of properties held for letting and commercial properties. The financial statements have also been prepared in a¢¢ordance with the Siatement of Recommended Practice for Social house providers 20181-SORP 2018.1, i5$ued by the National Housing Federation and under FRS102. Fund Ae¢ounting The Charity is a consolidation of three original Charities. The Almshouse branch owns and maintains 143 Almshouses, along with investments and liquid funds to provide social housing for those individua15 who qualtfy in the City of Exeter. The Relief in Need branch holds investments and liquid funds to provide funds lo relieve poverty Èn Exeter. The Advancement in Life branch holds investments and liquid funds to help Exeter residents wth education and training costs. Unreslricted funds are available for use at the discretion of the Tnjstee in furtherance of ihe general objectives of the charities. The Trustee must continue to maintain the following reserve fund5- lal an Extraordinary Repair Fund to be used by them for the extraordinary repair, improvement or rebuilding of th8 homes and the other property of the charity. Ibl a Cyclical Maintenance Fund to be used by them for ordinary r8P8ir and maintenance of the homes and the other property of the charity. They must usethe Chari$ incometo do so and they rnust investthe funds in trustfor the charity- The Trustee must keep the size of the funds under review in the light of the demands which may be made upon the funds. Unrestricted funds indude a revaluation reserve representing the restatement at market value of investment assets held in these fund& The Endovment Funds include amounts given to the Charities by Deed or Will for specific purposes, legacies. bequests and amounts received from the redemption of r8nt-charggS and sale of investments. In¢omlng R8sourc8S All incoming resources ar6 induded in the statement of financial activities when the charity 18 entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income.. Tumov8r represents maintenance contributions receivable and fees and grants from local authorities. 19
EXEfER HOMES TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 PRINapAL AccourmNG POLICIES Icontinuedl Donations r8ceived are included in the relevant fund of the appropriate ch8rity. Legacies received are included in the endowment fijnds of the appropriate charity. Investment income is included on an accruals basis and included in the relevant funds of the appropriate charity. Rosourcas Expandod Costs are recognised on an a0$ basis as the liability is incUed. Charitable expenditure comprises those costs inCUd by the charity in the delivery of its activities and services for its beneficiaries. It include5 both costs that ¢an be allocated directly to such activities and those costs of an Indi¢t natur8 nacessary to support them. Grants made by the Relief in Need Fund are to reduce the effect of poverty on any person in Exeter. Individuals apply to the Trustee and if after an interview are considered to be in need will receive a55iStan¢e. This could be help with household energy bills. children'$ Clothing. or essential household appliances. Exeter Advan¢ement in Life awards are given to individuals to help with their edu¢ation or training. The same process of interview and recommendation for awards as forthe Relief in Need Fund is used. There are no material support costs associated wtth the grant awarding process. All costs are allocated between th8 expendtlure categories of the SOFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly. others are apportioned on an appropriate basis. Housing Proporties Housing properties are held at cost less depreciation and impairment. The housing properties were revalued at open market value for exisling use basis on 31 December 2013, and this valuation was deemed cost when transitioning to FRS 102. Freehold land is not d8pre¢iated. Depreciation is charged for 8a¢h component on a straight line basis over ihe following useful economic lives- Buildings Kitchens Boilerlheating Bathrooms Windowsldoors Electrics 100 years 20 years 15 years 20 years 20 years 30 years L•hOld Properties Leasehold properties are writtèn off over the period of the18aSe. Equipment Equipment is depreciated on a straight line basis over four years. Assets costing less than £500 are not capitalised. 20
EXETER HOMES TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 PRINCIPAL ACCOUNTING POLICIES l¢ontinufjdl Cyclical Repairs and Maintenanc• and Capltsl Improvamants Where appropriate the Charities update each almshouse property as it becornes vacant. This is part of a ¢y¢lical programme of upgrading the accommodation to comply with the Exeter Homes Trust standard. Costs are mainly ¢harged to the revenue account in the year in which they 8r8 in¢urr8d, If, as a result of the upgrading. Ihe rental income from the tenants in tho$e properties is increased a proportion of tho cost of the upgrade is capitalised to reflect the increased v8lu& of the underlying asset. Normal repairs are also ch8rgtrd to the revenue a¢¢ount in the year in which they ar6 incurred. Cipltall$ation of Improv8mont Judgement 18 applied in determining wh8thor 8xpenditure on propèrti88 con8titutes an anhanc8m8nl Icapitalisedl or repair Irevenuel. UBeful E¢onoml¢ Llves of Housing Compononts The determination of component lifespans for depr8ci8tion le,g. kilchons, boilers, etc.) r&quires judgement b88ed on hi8tOriC and 8XP8Ct8d p8rformance. lTrv•8tm•nt8 Inve8tm8nts are includod in tha accounts at fair value whlch Is deemed to bg the morkgt rate. Ca•h at bank and In hand C88h at bank and in hand includes cash and short term highly liquid investments with 8 short maturity of three monihs or less from the date of opening of lh8 deposit. Finfjncial Instruments Financial instruments which meet the critgria of a basic financial instrument a8 defined in Section 11 of FRS 102 ore accounted for under an amortl8ed historic cost modgl. 895ic fin8ncial in8trumenls are recognisgd at amortlS8d histori¢81 c08t. Dobtor• Short term debtors are measured at transaction price, less any impairment. Loans rgcoivablg are m8asur8d initially at fair value, net of transaction costs, and ara measured sub8equ8ntly at amortised ¢08t using the effgctivo interest method, less any impairmont. Where deferral of payment terms have bggn agre8d at the below market rate, and where material. the balance is shown al the present V81ue, di8count8d at a market rate. Credltors Short term trode ¢r8ditors are measured at the transaction price, Other financial liabilities, including bank loans. aro measured initially at fair value, net of tr8n$8Clion costs. and are mea8UT8d subsequently at amortised cost using ihe effective interest mgthod. Employee Benefits Short-tgrm employee benefits and contributions to defined contribution plans ar recognised as an expense in the period in which they arg in¢urr•d. Gov•rnment Gr•nts Government grants include grants receivable from the Homes England (the HEI, local outhorities and other government organisations. Government grants received for housing properties are recognised in incomtr ov&r tho useful life of the house property struciure and, where applicable. its individual components (excluding landl under the accrual8 model. 21
EXEfER HOMES TRUST NOTES TO THE Accouprrs FOR THE YEAR ENDED 31 DECEMBER 2024 Grants relating to revenue are r8cognised in income and expenditure over the same period at the expenditure to which they relate once reasonable assurance has been gained that the entity will comply with the conditions and thai the funds will be received. Grants due from govemment organisations or received in advance are included as current as$8t$ or liabilities. Post balance sheet wents The Trustees have assessed events ocujrring after the balance $heet date and up to the date of approval of these financial statements. There were no events that require adjustment to or disclosure in the financial statements for the year ended 31 December 2024. TURNOVER 2023 Almshouse Accommodation ineome Maintenance conlribulions Less- Rent10s$8s from voids 950.855 184,6031 893,106 186.1541 866.252 806,952 Income from investments 377 OPERATING SURPLUSIIDEFicm 2024 2023 Operating surpluslldeficitl is stated after charging.. Auditors. r8muneration.' In their capacity as audiiors For financial advice & accountan¢y Trustees. indemnity insurance 5,680 5.910 5,600 5,870 329 DIVIDENDS AND INTEREST RECEIVABLE 2023 Listed investrnents Interest 37,350 35.707 13.695 37,350 49,402 22
EXEfER HOMES TrUST PXITESTO THEAccoup¥rs EXPENorrLIiE OP4 RIISING FUNOS To1 1120 SuppOrt¢o%ts 1.704
EXEfER HOMES TRusr PKITESTO THEAccouiirs TWI Fund• OthBr C WIWrit¢s•nd Htirand lhbry 1& 177 30A47 75 20.9 199 fjpoirsand rn•IDiyr 18F.7$5 1.16 È.753 dryatt&tsco& Triv•l IntBrestPllY4t 118Y &1 251 78 B4¢ 718 and 1Znl 2A13 723D 177.163 Ziowg 4.IZO 188.041 47 12 2a754 222.X6 Y22.7 471161 511MI 9è7.7( )t•r•stp•y•bki 159.3WI 10A61 I2.7051 11 gAOI Prfiton d15p410ffWId¥•¥I 725.058 717.739
PXIIESTO THE ACCOUFirs Itè51 lDI1 11.&9) 157.1S0 IIA7V IOJ47 In I9fnd ChAritst4•4ctr•5D 17 177.163
EXEfER HOMES TRUST NOTES TO THE ACC0Uhs FOR THE YEAR ENDED 31 DECEMBER 2024 INTEREST PAYABLE On bank lo•n$. overdr•fts and oth•r lo•ns: Repayable wholly or partly in rn0 than 5 years Adjustment for onerous loan discounting Inote 171 61.452 12,0641 48,637 12.0411 59.388 46,596 KEY MANAGEMENT PERSONNEL The key rnanagem8nt personnel of the charity are the directors of the sole Corporate Trustee and the general manager of the charity. The direclors r8C8ived no remuneration or expenses in the year. The rqmuneration of the general manager in the year was.. 2024 61.533 7,236 1,321 2023 57,134 6,599 1.321 Basic salary Employerfs NIC Pension contributions 70.090 65.054 10. EMPLOYEE INFORMATION The monthly average number of persons employed during the year was: 2024 No Gardener Manager and assistants 2024 2023 STAFF COSTS (FOR THE ABOVE PERSONSI Wages and salaries Social security costs Employers pension contributions 157.212 10,317 3,420 146,793 8.853 3.225 170,949 158,871 26
EXEfER HOMES TRUST NOTES TO THE ACCOUF FOR THE YEAR ENDED 31 DECEMBER 2024 11. TAXATION Exeter Homes Trust. Exeter Relief in Need and Exeter Advancement in Life are registered charities. Their activities during the year did not give rise lo a tax liability. 11 TANGIBLE ASSErs Housiry undèr Construction Housing Equipment Total At 1 January 2024 Additions Interest capitalis8d Transfers Disposals 11.057.670 1,558,033 2.012.132 20.862 12,636.565 2.012.132 2.035.235 I421.5) 12.035.235) 1421,5801 At 31 December 2024 12,671.325 1,534.930 20,862 14,227,117 Depre¢iation and Impairment At 1 January 2024 Charge for year Elimin8tion on disposal 2.325.163 229,754 1198.8751 18,900 2.344.063 231,099 1198.8751 At 31 December 2024 2.356.042 20,245 2.376,287 Net Book Value At 31 December 2024 10J15.283 1,534,930 617 11,850.830 At 31 December 2023 8.732.507 1.558,033 1.962 10.292.503 27
EXEfER HOMES TRUST NOTES TO THE ACCOUTh5 FOR THE YEAR ENDED 31 DECEMBER 2024 13. INVESTMETrs 2ff24 sted investments Inote 13al 1.225.581 1.154,055 1,225,581 1.154,055 Blforward Additions at cost Disposals at value Revaluation Ideficitllsurplus 1.154.055 372.258 1303,9541 33.222 996,293 386,623 1285.5821 56,721 1,255,581 1,154,055 13a Listed Investments Exetsr 110S•f in NEed 2024 2023 Ex•tsr Advancement in Life 2024 2023 2024 Bnorward Additions at cost Disposals at V8lue Revaluation surplU(derI¢Ij 416m7 101.178 188,221 455.619 167A87 1133.2901 1,633 166.590 1123,7861 281,809 103.593 182.4431 241,614 103.039 176.5841 116.991 1852321 1566 20.819 109)8 22.182 6.748 13.720 Carried forward 445.150 416.627 500.724 45519 309.707 281%09 All the investments are held in the United Kingdom and Comprise listed securiti8S. ch8rity deposits. Government Stocks and Unit Trusts. The investments are held to provide an income to the Charities. 28
EXEfER HOMES TRUST NOTES TO THE Accoumrs FOR ThE YEAR ENDED 31 DECEMBER 2024 1 DEBTORS 2024 Maint8nane8 contributions in arr8ars Other debtors and prepayments 17,987 28,504 16,201 20,821 46.491 37.022 15. CASH AT BANK AND IN HAND 2024 Uoyds Bank- Trustees. ac¢ouryt Brewin Dolphin dealing account 416.465 11.542 663.860 45.647 428.007 709.507 16. CREDrroRS: Amounts falling duo within on• ¥1 2024 Trade creditors Other tax8s and social security costs Accruals Social house grant- current (note 181 Maintenance contributions in advance Bank loan 204,879 4.011 79,261 22.976 1,349 14.819 109,660 3,678 34,875 22.976 1,926 13.634 327,295 186,749 17. CREDrroRS: Amounts falling due after more than one year 2024 2023 Non-repayable Social Housing Grant Inote 181 Mortgage Bank loan (note 191 2.341,146 50.157 1.237,908 1,640.934 52.572 652,863 3.629,211 2,346.369 The Social Housing Grant 15 being amortised in line with the useful economic life of the housing properties which the grant helped to improve. 29
EXEfER HOMES TRUST NOTES TO THE ACCOUM FOR THE YEAR ENDED 31 DECEMBER 2024 17. CREDrroRS: Amounts falling du• •ft¢r moro than one year {continuedJ The mortgage outstanding as at 31 December 2024 is a long term annLsity loan from Crown Mortgage Marbagement Limited (formerly a Housing Corporation Loan= Or¢hardbrookl secured by a fixed charge on the 15 almshouses at Livery Dole. The mortgage bears interesi at 15% and may only be repaid in accordance with the originally agreed timetable. The final repayment is in 2040. Capital repayments falling due wtthin 5 year5 of the balance sheet date are immaterial in amount The bank loan is secured on 24 Almshouses at Culverland Road. 18. DEFERRED CAprrAL GRANTS 2024 2023 Capital grants blforward Capitsl grants received in the year Released to income in the year 1.663.910 723,188 122,9761 1,144,494 542,392 122.9761 HCA Grarrt clfoThvard 2.364.122 1,663,910 2024 2023 Amount to b8 releasèd within one year Amount lo be released in more than one year 22.976 2.341.146 22.976 1,640.934 2.364.122 1,663,910 19. BANK LOAN ANALYSIS Based on earliest repayment date. the bank loan is repayable as follows.. 2024 Amount due within one year Amount due within two to five year Amount due in more than five years 14,819 59.276 1,178,633 13,634 54.536 598,327 1.252,728 666,497
EXEfER HOMES TRUST NOTES TO THE ACCOUls FOR THE YEAR ENDED 31 DECEMBER 2024 SUMMARY STATEMENT OF MOvEMEs ON FUNDS 2024 MOVEMETrs Almshou8• Ex•t•r R•ll•f Ad¥ancement Brnn¢h in Need in Lif• Totsl Restrl¢ted Funds- Endowmont At 1 January 2024 Income Exp8nditure Gain(loS$e8I Transfer5 5.964,527 22.976 1511.8471 17,459 497.556 283.718 6.745,801 22,976 1511.8471 40,078 17.705 4,914 Ai 31 De¢emb8r 2024 5.493.115 515.261 288.632 6.297.008 unrestricted Funds At 1 January 2024 Income Expenditure Gainslllossesl Transfers 2.897,473 885.678 1479.0641 11.360 14.773 110.2611 5.335 9.091 16.9891 2.914,168 909.542 1496.3141 At 31 D8cember 2024 3.304.087 7572 7.437 3.327.396 TOTAL FUNDS 8,797.202 531.133 296,069 9.624.404 The Restricted Funds represent the assets which were originally invested in the charity. Profit or loss on disposal of investments and gains or losses on rgvaluation of these are included in each fund. All income generated in these funds is included in the Unrestricted Funds. Expenditure charged to the Restricted Funds is limited to property depreciation and expenses related to the protection of the asset5. The Unrestricted Funds of each branch of the charity are used for future repair costs and for the day to day activities of ihe Charity. Income from Almshouse5. dividends and bank interest received a credited to these funds. 31
EXEfER HOMES TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 SUMMARY STATEMEfu OF MOvEMEhs ON FUNDS Icontinuedl 2023 MOVEMETrirs Ex•t•r Exetsr Relief Ad¥an¢ement In Need in Lif8 Almshous• Br*n¢h Totsl R•stricted Funds. Endowrn At 1 January 2023 Income Expenditure Gainslllossesl Transfe 6,171.294 22.976 1256.7801 20.437 465.740 270.225 6,913.259 22.976 1256.1801 65.746 31.816 13.493 At 31 December 2023 5.964.527 497.556 283.718 6.745.801 Unrnstrlrtad Funds At 1 January 2023 Income Expenditur8 Gain5111ossesl Transfe 2.486,540 8.174 14.572 111.3861 5.477 9.014 19.1561 2,500,191 922.132 1508,1551 1487,6131 At 31 December 2023 2.897A73 11.3&J 5.335 2.914.168 TOTAL FUNDS 8,862,ClJO Y)8.916 289.053 9.659,969 21. FINANCIAL COMMrrMEKr As at 31 December 2024. there W8r8 no Comracted capital commitments. 32
EXETER HOMES TRUST rrnTOTHÈ ACU)LIN . AFiALYSISOF NEfASSETS BEfwEEN WNDS A¥••ty HousinE propBtb Housiry piop•rn•s UndWccrnlrL Equipmynt ?yisc4 15&0) 818 it•d In¥q¥lrn A707 1355Wi .1F4055 ToLilfixod •st41¥ 01• 1229k 141W12 11.416.W D•blor¥ h •t btrnkirOiffl h•nd 37.022 709.W7 IW WAIOJ 17263 121IJ751 474 741.529 $41 1*.748 1441W 147203 559.7 7JIB4A18 515361 1&2SI81S IB2Y211 1346 &49>115 15J12 515261 5.659
EXEfFI HOMES TRUST I)TESToniE ACCOUNTS Tot41 H¢urs pr¢wrt5 &TJi i.55833 Equipm47llt Lited InbT¥tmrt 41W I.154 Tot41fth•d 1Q7D7.1 281 37m2 •tb&ik4ndin hd 11(8 •13? 7CO.W7 •)7 74&518 ithITroMy•w 183•2 1.749 1749 IiC4135J 41J37 )1 2#>718 12m6 rd'4Mun1lr¥j rmornthinrmy••i 203.718
EXEfER HOMES TRUST NOTES TO THE AcCOUPs FOR THE YEAR ENDED 31 DECEMBER 2024 ANALYSIS OF NET ASSEfs BEfwEEN FUNDS l¢ontlnuad) The analysis of net assets between funds shovo negative current assets within the restricted Almshouse funds. This is due to the fact that unrestricted funds have been invested in the restricted fixed assets. Should the funds currently tied up in fixed assets be realised. this negative balance would be repaid into the unrestricted fund. ALMSHOUSE BRANCH ANALYSIS OF CU11REP ASss The total of the Almshousè Branch ujrrent assets as shown in note 22 is made up as follows- 2024 Extraordinary Repair Fund Cyclical Repair Fund General Fund 100.000 50,OC 305,797 100,000 50.000 533.757 455.797 683.757 There were no movements to the fvnds during the year. RELATED PARTIES Th8 Charity has a close relationship wtth Exeter City Council who appoini 4 of th8 10 directors of the Corporate Trustee. The Lord Mayor of Exeter is also one of the other 10 directors. There were no transactions with the Council during this, or the previous year. Exeter City Council under their ststutory obligations pay housing benefit on behalf of some of the residents. None of the directors of the Corporate Trustee were reimbursed for expenses during the ye8r12023= none). 35