2021-03-31-accounts - Waythrough

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						Page
Reference and administrative				details ofthe Charity,	its Trustees and advisers	1-2
Trustees' report						3-13
Independent	auditors'		report	on the financial statements		14 —17
Consolidated	statement		offinancial activities			18
Consolidated	balance	sheet				19-20
Charity balance sheet						21 —22
Consolidated	statement		ofcash flows			23
Notes to the	financial	statements				24-53

							2021	2020
Metric	1	Reinvestment '/o					18'/o	16'/o
Metric	2A	New supply delivered	'/o (social housing		units)		8yo	24o/o
Metric	2B	New supply delivered	'/o (non-social	housing		units)	00/	go/o
Metric	3	Gearing '/o					-23o/o	-145o/o
Metric	4	EBITDA MRI interest	cover ok				1 116o/o	32,845'/o
Metric	5	Headline social housing cost per unit					68,797	67,658
Metdic Metric	6A 6B	Operating margin '/o Operating margin '/o	(social housing (overall)	lettings		only)	40/ 4o/o	5'/o 9'/o
Metric	7	Return on capital employed					1go/o	50'/o

			Unrestricted	Restricted	Total	Total
			funds	funds	funds	funds
		Note	2021 6	2021 6	2021	2020f
Income from:
Donations and legacies			37,516	40,400	77,916	5,153,245
Charitable activities			50,228,633	14,741,625	64,970,258	44,898,374
Other trading activities			56,089		56,089	34,742
Investments			863		863	20,759
Other income			7,854		7,854	18,750
Total income			50,330,955	14,782,025	65,112,980	50,125,880
Expenditure on:
Raising funds			251,347		251,347	234,989
Charitable activities		8	47,146,142	14,728,927	61,875,069	45,363,592
Other expenditure		9	(1,032,828)		(1,032,828)	161,000
Total expenditure			46,364,661	14,728,927	61,093,588	45,759,581
Net income			3,966,294	53,098	4,019,392	4,366,299
Transfers between funds		23	(8,237)	8,237
Net movement in funds before other
recognised gains/(losses)			3,958,057	61,335	4,019,392	4,366,299
Other recognised gains/(losses):
Actuarial (losses)/gains	on defined
benefit pension schemes		29	(60,000)		(60,000)	67,000
Net movement in funds			3,898,057	61,335	3,959,392	4,433,299
Reconciliation offunds:
Total funds brought forward			8,496,185	173,641	8,669,826	4,236,527
Net movement in funds			3,898,057	61,335	3,959,392	4,433,299
Total funds carried forward			12,394,242	234,976	12,629,218	8,669,826

						Note	2021	2021 6	2020	2020f
Fixed assets
Intangible assets						15
Tangible assets						16		8,517,543		7,329,952
Investments						17		1		35,001
								8,517,544		7,364,953
Current assets
Stocks						18	129,143		58,945
Debtors						19	6,713,956		8,555,935
Cash at bank and	in hand						10,669,327		4,850,960
							17,512,426		13,465,840
Creditors: amounts		falling due within one
year						20	(10,830,132)		(10,122,636)
Net current assets								6,682,294		3,343,204
Total assets less	current			liabilities				15199838		10,708,157
Creditors: amounts		falling due after more
than one year						21		(2,355,702)		(1,928,331)
Provisions for liabilities						22		(42,918)
Net assets excluding			pension		liability			12,801,218		8,779,826
Defined benefit pension			scheme		liability	29		(172,000)		(110,000)
Total net assets								12,629,218		8,669,826
Charity funds
Restricted funds						23		234,976		173,641
Unrestricted funds
Unrestricted funds	excluding			pension asset		23	12,566,242		8,606,185
Pension reserve						23	(172,000)		(110,000)
Total unrestricted	funds					23		12,394,242		8,496,185
Total funds								12,629,218		8,669,826

									2021		2020
							Note		6
Fixed assets
Tangible assets							16		8,450,420		7,329,952
Investments							17		1,032,830		35,002
									9,483,250		7,364,954
Current assets
Stocks							18	128,278		57,129
Debtors							19	6,199,624		8,741,688
Cash at bank and		in hand						8,832,719		4,817,181
								15,160,621		13,515,998
Creditors: amounts		falling due within				one
year							20	(9,890,197)		(10,082,732)
Net current assets									5,270,424		3,533,266
Total assets less		current		liabilities					14,753,674		10,898,220
Creditors: amounts		falling due after				more
than one year							21		(2 355 702)		(1,928,331)
Net assets excluding			pension		liability				12,397,972		8,959,889
Defined benefit pension			scheme		liability		29		(172,000)		(110,000)
Total net assets									12,225,972		8,859,889
Charity funds
Restdicted funds							23	234,976		173,641
Restricted funds							23		234,976		173,641
Unrestricted funds
Unrestricted funds		excluding		pension		liability	23	11,130,168		8,796,248
Pension reserve							23	(172,000)		(110,000)
Total unrestricted	funds						23		11,990,996		8,885,248
Total funds									12,225,972		8,859,889

					2021	2020
					6
Cash flows from operating		activities
Net cash used in operating		activities - Note		25	7,690,144	(1,084,08/)
Cash flows from investing		activities
Dividends, interests and rents from investments					14,188	20,769
Purchase oftangible fixed assets					(1,889,718)	(1,256,392)
Proceeds from sale ofinvestments					35,000
Net cash used in investing		activities			(1,840,530)	(1,235,623)
Cash flows from financing		activities
Repayments of borrowing					(31,247)	(31,434)
Cash received on merger						1,528,323
Net cash (used in)/provided		by financing		activities	(31,247)	1,496,889
Change in cash and cash		equivalents	in	the year	5,818,367	(822,815)
Cash and cash equivalents	at the beginning			ofthe year	4,850,960	5,573,775
Cash and cash equivalents		at the end	of	the year	10,669,327	4,850,960

	Unrestncted	Restncted	Total	Total
	funds	funds	funds	funds
	2021f	2021 8	2021f	2020f
Donations	37,516	40,400	77,916	5,153245
Total 2020	5,110,013	43,232	5,153,245

		Unrestricted	Restricted	Total	Total
		funds	funds	funds	funds
		2021 E	2021 6	2021f	2020f
Central support services		9,673,834	187,387	9,861,221	25,002
Young people and families		1,204,205	82,372	1,286,577	1,384,055
Health		32,902,033	12,065,826	44,967,859	35,171,218
Criminal justice					564,177
Housing and independent	living	6,133,371	67,441	6,200,812	6,332,760
Education and employment		315,190	2,338,599	2,653,789	1,421,162
Total 2021		50,228,633	14,741,625	64,970,258	44,898,374
Total 2020		30,043,195	14,855,179	44,898,374

		Unrest	d cted	Total	Total
			funds	funds	funds
			2021	2021	2020
			6	6
More Time	(UK) Limited		56,089	56,089	34,742
Total 2020			34 742	34 742
Investment	income
		Unrestricted		Total	Total
			funds	funds	funds
			2021	2021	2020
			6	F
Investment	income		863	863	20,769
Total 2020			20,769	20,769

				Unrestricted	Restricted	Total	Total
				funds	funds	funds	funds
				2021 8	2021 F	2021 6	2020f
Central	support services			9,082,541	187,387	9,269,928	1,213,466
Young	people and families			1,096,311	82,373	1,178,684	1,309,673
Health				30,807,107	12,007,051	42,814,158	34,761,370
Criminal	justice						524,001
Housing	and	independent	living	5,687,628	109,005	5,796,633	6,102,935
Education and employment				472,555	2,343,111	2,815,666	1,452,147
				47,146,142	14,728,927	61,875,069	45,353,592
Total 2020				30,425,861	14,937,731	45,363,592
Other expenditure
					Unrestricted	Total	Total
					funds	funds	funds
					2021 6	2021 E	2020f
Pension	fund	liability					161,000
Goodwill	on consolidation				(1,032,828)	(1,032,828)
					(1,032,828)	(1,032,828)	161,000
Total 2020					161,000	161,000

					Activities
					undertaken	Support	Total	Total
					directly	costs	funds	funds
					2021	2021	2021	2020
						6	6
Central support services					9,085,815	184,113	9,269,928	1,213,466
Young people and families					1,053,416	125,268	1,178,684	1,309,673
Health					39,330,272	3,483,886	42,814,158	34,761,370
Criminal	justice							524,001
Housing	and independent	living			5,395,753	400,880	5,796,633	6,102,935
Education	and employment				2,665,991	149,675	2,815,666	1,452,147
					57,531,247	4,343,822	61,875,069	45,353,592
Total 2020					40,320,112	5,043,480	45,363,592
Auditors'	remuneration
							2021	2020
							6	6
Fees payable to the Charity's			auditor and its		associates for the	audit ofthe
Charity's	annual accounts						39,500	19,500
Fees payable to the Charity's			auditor and its		associates in respect of:
All non-audit services not included				above				1,000
Staff costs
					Group	Group	Company	Company
					2021 6	2020 5	2021f	2020
Wages and salaries					34,627,165	25,308,753	29,339,617	25,218,546
Social security costs					2,948,296	2,171,799	2,517,927	2,156,513
Contribution to defined contribution				pension
schemes					1,422,994	068898	1 177298	968,358
Operating	costs ofdefined	benefit		pension
schemes					(1,000)	12,000	(1,000)	12,000
					38,997,455	28,551,450	33,033,842	28,365,417

		Group	Group	Company	Company
		2021	2020	2021	2020
		No.	No.	No.	No.
Charitable	activities	1,272	887	1,044	887
Governance		2	2	2	2
Support activities		100	97	100	97
Generating	funds	36	29
		1,410	1,015	1,146

Group	Group
2021	2020
No.	No.

Income and expenditu	re fro	m s	oci	a	l housing
						2021	2020
						E
Income from social housing		letting			activities
Rent receivable						2,624,613	2,349,159
Service charge income
Gross rent receivable						2,624,613	2,349,159
Rent losses from voids						(357,970)	(300,807)
Net rents receivable						2,266,644	2,048,352
Amorlised government	grants					96,868	88,117
Other income						6,944	13,880
Total income from social housing				letting activities		2,370,456	2,150,349
Expenditure on social housing			letting activities
Management						398,593	333,515
Other costs						1,437,114	1,321,699
Maintenance						272,334	239,513
Depreciation						165,502	145,855
Total expenditure on social		housing			letting activities	2,273,543	2,040,582
Operating surplus on	social	housing			letting activities	~813	~f097 7
Accommodation in Management
Supported housing —No. of units

		Negative
	Goodwillf	goodwill f	Total f
Cost
At 1 April 2020	42,000		42,000
Additions		(1,032,828)	(1,032,828)
At 31 March 2021	42,000	(1,032,828)	(990,828)
Amortisation
At 1 April 2020	42,000		42,000
Charge for the year		(1,032,828)	(1,032,828)
At 31 March 2021	42,000	(1,032,828)	(990,828)
Net book value
At 31 March 2021
At 31March 2020

							Social
							housing
		Freehold	Long-term leasehold	Motor	Fixtures and	Computer	properties held for
		property	property	vehicles 8	fittings 8	equipment 8	letting 8	Total 8
Cost or
valuation
At 1 April 2020		5,393,520	4,155,713	143,646	1,532,415			11,225,294
Additions		829,560	520,559	3,587	329,357	125,743		1,808,806
On acquisition	of
subsidiaries				26,280	262,920			289,200
Disposals					(88,866)			(88,866)
Transfers
between classes		3,866,905)	(808,555)				4,675,460
At 31 March 2021		2,356,175	3,867,717	173,513	2,035,826	125,743	4,675,460	13,234,434
Depreciation
At 1 April 2020		589,885	1,950,226	84,810	1,270,421			3,895,342
Charge for the
year		174,676	292,915	30,927	197,893	5,716		702,127
On disposals					(88,866)			(88,866)
Transfers
between classes		(366,357)	(453,461)				819,818
On acquisition	of
subsidiaries				26,280	182,008			208,288
At 31 March 2021		398,204	1,789,680	142,017	1,561,456	5,716	819,818	4,716,891
Net book value
At 31 March 2021		1,957,971	2,078,037	31,496	474,370	120,027	3,855,642	8,517,543
At31March 2020		4,603,635	2,205,467	56,636	261,994			7,329,952

						Social
		LOI19				housing
		term		Fixtures		properties
	Freehold	leasehold	Motor	and	Computer	held for
	property 5	property 5	vehicles 5	fittings 5	equipment 5	letting 5	Total 5
Cost or valuation
At 1 April 2020	5,386,800	4,155,713	143,646	I,527,317			11,213,476
Additions	829,560	520,559	3,587	281,952	125,743		1,761,401
Transfers between
classes	'3,866,905)	(808,555)				4,675,460
At 31 March 2021	2,349,455	3,867,717	147,233	1,809,269	125,743	4,675,460	12,974,877
Depreciation
At 1 April 2020	583,165	1,950,228	84,810	1,265,323			3,883,524
Charge for the
year	174,676	292,915	30,927	136,699	5,716		640,933
Transfers between
classes	(366,357)	(453,461)				819,818
At 31 March 2021	391,484	1,789,680	115,737	1,402,022	5,716	819,818	4,524,457
Net book value
At 31 March 2021	1,957,971	2,078,037	31,496	407,247	120,027	3,855,642	8,450,420
At 31March 2020	4,803,535	2,205,487	58,838	281,994			7,329,952

	Investments
Group	E
Cost or valuation
At 1 April 2020	35,001
Disposals	(35,000)
At 31 March 2021
Net book value
At 31 March 2021
Af31 March 2020	35,001

	Investments
	in
	subsidiary
Charity	companies 8
Cost or valuation
At 1 April 2020	35,002
Additions	1,032,828
Disposals	(35,000)
At 31 March 2021	1,032,830
Net book value
At 31 March 2021	1,032,830
At 37 March 2020	35,Q02

The following were subsidiary undertaki	ngs ofthe Charity:
Names		Company	Charity	Holding
		number	registration
			number
More Time (UK) Limited		07738729		1QQ'/
The Sector Group Limited (dormant)		07738950		1QQ'/
E D P Drug 5 Alcohol Services		2145656	0297370	1QQ'/
The financial results ofthe subsidiaries	for the year were:
Names	Income	Expenditure	Profit/(Loss)	Net assets
	6	6	ISurplus/	6
			(Deficit) for
			the year
More Time (UK) Limited The Sector Group Limited (dormant)	293,194	263,011	30,183	(267,684) 1
ED P Drug 8 Alcohol Services	9,616,943	9,053,817	563,126	1,595,954

		Group	Group	Company	Company
		2021	2020	2021	2020
		E	8		6
Raw materials	and consumables	865	1,816
Finished goods	and goods for resale	128,278	57,129	128,278	57,129
		129,143	58,945	128,278	57,129

				Group	Group	Company	Company
				2021	2020 k	2021 6	2020f
Due within one year
Trade debtors				4,189,833	5,410,020	3,628,845	6,397,774
Amounts owed by group undertakings						110,408	f14,169
Amounts owed by participating			interests			68,712	83,775
Other debtors				238,336	49,331	209,151	49,331
Prepayments	and accrued income			2,285,787	2,096,584	2,182,508	2,095,638
				6,713,956	8,555,935	6,199,624	8,741,688
Creditors: Amounts		falling due within one year
				Group	Group	Company	Company
				2021	2020	2021	2020
				8	8	6	5
Bankloans				31,742	32,599	31,742	32,599
Trade creditors				3,653,579	1,858,373	3,339,564	1,855,754
Other taxation	and social security			991,457	783,493	869,141	760,715
Other creditors				467,315	412,125	380,888	411,929
Accruals and deferred		income		5,686,039	7,035,045	5,268,862	7,021,735
				10,830,132	10,122,536	9,890,197	10,082,732

					Group	Group	Company	Company
					2021 6	2020 f	2021 6	2020
Deferred	income at		1 April 2020		5,546,346	4,494,482	5,029,202	4,493,942
Resources deferred			during the year		3,476,504	5,545,346	3,342,038	5,029,202
Amounts	released	from previous		periods	(5,546,346)	(4,494,482)	(5,029,202)	(4,493,942)
					3,476,504	5,546,345	3,342,038	5,029,202

		Group	Group	Company	Company
		2021	2020	2021	2020
				6	5
Bank	loans	226,020	256,410	226,020	256,410
Other	creditors	2,129,682	1,671,921	2,129,682	1,671,921
		2,355,702	1,928,331	2,355,702	1,928,331

						Balance at
	Balance at 1			Transfers	Gains/	31 March
	April 2020	Income 6	Expenditure 6	in/out f	(Losses) 6	2021
Unrestricted
funds
Designated
funds
Fixed Asset
Reserve	80,912		(61,194)	47,405		67,123
General funds
Unrestricted
funds	8,525,273	50,330,955	(46,301,467)	(55,642)		12,499,119
Pension reserve	(110,000)		(2,000)		(60,000)	(172,000)
	8,415,273	50,330,955	(46,303,467)	(55,642)	(60,000)	12,327,119
Total
Unrestricted
funds	8,496,185	50,330,955	(46,364,661)	(8,237)	(60,000)	12,394,242

						Balance at
	Balance at 1			Transfers	Gains/	31 March
	April 2020 F	Income f	Expenditure 8	in/outf	(Losses) f	2021 8
Restricted
funds
Big lottery	73,856	437,669	(437,669)			73,856
Independent
living	21,290	73,006	(70,838)			23,458
Drugs and
alcohol	478	11,628,550	(11,569,382)			59,646
Health, young
people and
families	78,017	82,372	(82,373)			78,016
Work and skills		2,338,799	(2,343,111)	4,312
Humankind
housing		34,242	(38,167)	3,925
Central		29,998	(29,998)
QPCC		12,500	(12,500)
Sport England		48,806	(48,806)
Teignbridge
rough sleeper
initiative		17,227	(17,227)
Avon and
Somerset PCC		18,750	(18,750)
Petroc College		14,999	(14,999)
Exeter City
Council		14,742	(14,742)
National Lottery
Community
Fund		30,365	(30,365)
	173,641	14,782,025	(14,728,927)	8,237		234,976
Total offunds	8,669,826	65,112,980	(61,093,588)		(60,000)	12,629,218

Statement offun	ds - prior year
						Balance at
	Balance at			Transfers	Gains	31March
	1April 2019 6	Income 8	Expenditure f	in/out 6	(Losses)	2020f
Unrestricted
funds
Unrestricted
funds	4,052,672	35,227,469	(30,644,850)	(29,106)		8,606,185
Defined benefit
pension scheme			(177,000)		67,000	(110,000)
	4,052,672	35,227,469	(30,821,850)	(29,106)	67,000	8,496,185
Restricted
funds
Big lottery	73,850	1,221,241	(1,221,235)			73,856
Independent
living	21,084	68,812	(68,606)			21,290
Drugs and
alcohol	2,490	12,189,178	(12,191,190)			478
Health, young
people and
families	86,431	189,717	(198,131)			78,017
Work and skills		1,164,870	(1,192,070)	27,200
Humankind
housing		39,591	(41,497)	1,906
Central		25,002	(25,002)
	183,855	14,898,411	(14,937,731)	29,106		173,641
Total offunds	4,236,527	50,125,880	(45,759,581)		67,000	8,669,826

Analysis	of net assets between funds - current year
		Unrestricted	Restricted	Total
		funds	funds	funds
		2021	2021	2021
			6	8
Tangible	fixed assets	5,874,573	2,642,970	8,517,543
Fixed asset investments		1		1
Current assets		12,796,067	4,716,359	17,512,426
Creditors	due within one year	(5,835,461)	(4,994,671)	(10,830,132)
Creditors	due in more than one year	(226,020)	(2,129,682)	(2,355,702)
Provisions	for liabilities and charges	(214,918)		(214,918)
Total		12,394,242	234,976	12,629,218
Analysis	of net assets between funds - prior year
		Unrestricted	Restricted	Total
		funds	funds	funds
		2020	2020	2020f
Tangible fixed assets		5,737,972	1,591,980	7,329,952
Fixed asset investments		35,001		35,001
Current assets		9,135,790	4,330,050	13,465,840
Creditors	due within one year	(5,525,205)	(4,597,431)	(10,122,635)
Creditors	due in more than one year	(777,373)	(1,150,958)	(1,928,331)
Provisions	for liabilities and charges	(110,000)		(110,000)
Total		8,496,185	173,641	8,669,826

							Group	Group
							2021	2020
							6
	Net income for the year (as per Statement				ofFinancial Activities)		4,019,392	4,366,299
	Adjustments for:
	Depreciation charges						702,127	839,164
	Goodwill amortisation						(1,032,828)
	Gains on investments						1,032,828
	Dividends, interests	and rents		from investments			(14,188)	(20,769)
	Loss on the sale offixed assets							8,032
	Decrease/(increase)	in stocks					(70,198)
	Decrease/(increase)	in debtors					1,841,979	(2,013,095)
	Increase in creditors						1,209,032	663,353
	Pension fund resources expended						2,000	177,000
	Donation on merger							(5,f04,065)
	Net cash provided	by/(used		in) operating	activities		7,690,144	(1,084,081)
26.	Analysis ofcash and		cash equivalents
							Group	Group
							2021	2020
							6
	Cash in hand						10,669,327	4,850,960
	Total cash and cash		equivalents				10,669,327	4,850,960
27.	Analysis ofchanges		in net debt
						At 1 April		At 31 March
						2020	Cash flows	2021
						8	6	6
	Cash at bank and in	hand				4,850,960	5,818,367	10,669,327
	Debt due within 1 year					(32,599)	857	(31,742)
	Debt due after 1 year					(256,410)	30,390	(226,020)
						4,561,951	5,849,614	10,411,565

			Group	Group	Company	Company
			2021 8	2020 f	2021 8	2020
Contracted	for but not provided	in these
financial statements
Acquisition	ofsoftware and training			132,046		'132,046

Principal actuarial assumptions at the Balance shee	t date (expressed as weighted averages)	:
	At 31 INarch	At 31March
	2021	2020
	0/
Discount rate	2.10	2.30
Future salary increases	3.85	3.05
Future pension increases	2.60	1.80
CPI inflation	2.60	1.80

	At 31 March	At 31March
	2021	2020
	Years	Years
Mortality rates (in years)
-for a male aged 65 now	21.9	21.8
-at65fora male aged 45 now	22.6	22.5
-forafemale aged 65 now	24.7	24.6
-at 65for a female aged 45 now	25.8	25.7

				At 31 March	At 31March
				2021 f	2020
Discount	rate +0,1%			300,000	201,000
Discount	rate -0.1%			320,000	215,000
Mortality	assumption	- 1 year increase		299,000	201,000
Mortality	assumption	- 1 year decrease		321,000	215,000
CPI rate +0.1%				303,000	213,000
CPI rate -0.1%				317,000	203,000
The Group's share of		the assets	in the scheme was:
				At 31 March	At 31March
				2021	2020
				E
Equities				111,000	75,950
Gilts				12,000	9,408
Corporate	bonds			6,000	4,998
Property				5,000	4,410
Cash and	other liquid	assets		3,000	1,862
Other				2,000	2,372
Total fair value ofassets				139,000	99,000

			2021 E	2020f
Current service cost			13,000	13,000
Past service cost				6,000
Interest income			(2,000)	(3,000)
Interest cost			5,000	7,000
Total amount recognised	in the Consolidated	statement offinancial
activities			16,000	23,000

Moveme	nts in the present value ofthe defined benefit oblig	ation were as follows:
		2021f	2020
Opening	defined benefit obligation	202,000	261,000
Contributions by scheme participants		2,000	2,000
Current	service cost	13,000	13,000
Interest	cost	5,000	7,000
Past service costs			6,000
Actuarial	(gains) / losses	82,000	(67,000)
Closing	defined benefit obligation	304,000	202,000

Movemen	ts in the fair value ofthe Group's share ofscheme	assets were as follows:
		2021	2020
		6
Opening	fair value ofscheme assets	99,000	103,000
Expected	return on assets	2,000	4,000
Contributions by scheme participants		2,000	2,000
Contributions by employer		14,000	7,000
Actuarial	gains / (losses)	22,000	(14,000)
Adjustment to prior year by actuary			(3,000)
Closing	fair value ofscheme assets	139,000	99,000

under non	-can	cellable operating leases as foll	ows:
			Group	Group	Company	Company
			2021	2020	2021	2020
			6			6
Not later than		1 year	1,016,294	742,779	823,492	742,779
Later than	1 year and not later than 5years		2,385,225	1,942,862	1,941,147	1,942,862
Later than	5years		819,445	533,012	746,745	533,012
			4,220,964	3,216,653	3,511,384	3,218,653