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 D1￿ctorS 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 CoMp￿h2n$1ve Income. the Balance
Sheet, the Statement of Cash Flows, th8 Stalement of Financial Activities and the related notes
all cover th8 combined balance5 for all three charitl8S.
Th8 Corporate Trustee appointed to membership of the Charity in accordance with the Articles
presents its Report and the Financial Siatements for the year ended 31 December 2024.
The Trusts are administered under the various Charity Schemes as follows..
HOUSING TRUSTS
The prin¢ipal scheme of 4 Ociober 1955 as altered or affected by the schemes of 12 September
1958, 17 March 1966. 30 December 1969, 19 October 1998, 30 October 2002 and 1 February
2013. At a meeting on l December 2016. it was resolved io change the name of the Almshouse
branch to Exeter Homes Trust and to replace the existing structure with a Corporat8 Truste8
appointing the existing Trustees as directors of that company and the scheme was amended
by ihe Charity Commission on l February 2017.
ASSISTANCE TRUSTS
Principal schemes of 4 October 1955. 28 October 1964, 5 October 1996 and 19 May 1998 as
altered or affected by the schemes of 7 March 1974. 23 December 1975, 12 July 1984 and 23
November 1989.
TRUSTEE
The Corporate Trustee. Exettrr Homes Trust Limited acts as the sole Trustee for all three
charities.
The Exeter Homes Trust is administered by a tol81 when complete of 10 individuals who are
directors of the limited company comprising:
The Lord Mayor for the time being of the City of Exeter, the Ex-officio Trustee.
Four appointgd by the Council of the City of Exeter. èa¢h for 8 term of 4 ye8rs at an
8ppropriate meeting of the Council.
Six Co-opted by the Directors, each for a temi of 4 years. who must live or carry on
bu$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, r8p￿sentatIve
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 sp￿la1 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 Tru￿ee 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$T￿entlY,.
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 Un￿strICted 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 dee￿aSed 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, Ex￿or 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 OP￿￿11n9 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 V￿rk 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 AuD￿oRs. 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 TrU￿8e 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¢¢OMrr￿￿￿n IrNxHn
Gov8mrn0ntgrtrrts i•k•nts IrK4J
oth•rtMdIry￿lyits
•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
40￿78
6i740
I471￿•25
4512
17.705
1102
14
135*51
248.519
2m7A73
2U718
8￿5?
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
cRED￿oRs.. 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 AcCOUl￿s
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 a￿￿0￿$ basis as the liability is incU￿ed.
Charitable expenditure comprises those costs inCU￿d 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
To￿1
1120
SuppOrt¢o%ts
1.704

EXEfER HOMES TRusr
PKITESTO THEAccouiirs
TWI
Fund•
OthBr C
WIWrit¢s•nd
H￿tir￿and l*hbry
1&
17￿7
30A47
75
20.9
1*99
fjpoirsand rn•IDiy￿r
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 d15p￿410ffWId￿¥•¥I
725.058
717.739

PXIIESTO THE ACCOUFirs
Itè￿51
l￿DI1
11.&9)
157.1S0
IIA7V
IOJ47
In
I￿￿9f￿nd
ChAritst4•4ctr•5D
17
177.163

EXEfER HOMES TRUST
NOTES TO THE ACC0Uh￿s
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 ACCOUTh￿5
FOR THE YEAR ENDED 31 DECEMBER 2024
13. INVESTMETr￿s
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
15￿66
20.819
109)8
22.182
6.748
13.720
Carried forward
445.150
416.627
500.724
455*19
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 ACCOUl￿s
FOR THE YEAR ENDED 31 DECEMBER 2024
SUMMARY STATEMENT OF MOvEME￿s ON FUNDS
2024 MOVEMETr￿s
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
75￿72
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 MOvEMEh￿s 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
1￿5&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¢u*rs pr¢wrt￿5
&TJi
i.558￿33
Equipm47llt
Li*ted InbT¥tm*rt*
41W
I.154￿
Tot41fth•d
1Q7D7.1
281
37m2
•tb&ik4ndin h￿d
1*1(8
•1￿3?
7CO.W7
•)￿7
74&518
ithITroMy•w
183•2
1.749
1*749
IiC4*135J
41J37
)1
2#>718
12m6
r￿d￿￿￿'4M￿un￿￿1lr¥j
rmornthinrmy••i
203.718

EXEfER HOMES TRUST
NOTES TO THE AcCOUP￿s
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￿ ASs￿s
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