REGISTERED COMPANY NUMBER. 02357285 (England and Wales) REGISTERED CHARITY NUMBER: 701331 ort of the Trustees and Financial Statements for the Period Ended 18-Month Period Ended 31 M reh 2023 ect Ltd. Limited b Cu8rantee Alexander Myerson & Co Limited (Statutory Auditor) Alexander House 61 Rodney Street Liv¢rpool Meeys1de LI 9ER
ect Ltd. al and Administrative Inforrnation for the 18-Mon h Period Ended 31 March 2025 Truslees A Gilinore D Broad C Graham J Hooper (appoinled 1714124) Company Seerelary T Pritchard (appointed 1019125) Charity Number 701331 c.ompany Number 02357285 Registered office 151 Si&nley Road Bootle L20 3DL Auditor Paul Burn5 Bsc Hons BFP FCA Alexander Myerson & Co Limited Alexander House 61 Rodney Street Liverpool Merseyside LI 9ER
ec¢ Ltd. Contents of the Financial Statemenls or the 18-Month Period F.nded 31 March 2025 Page Report of the Trustees Statement of Trustees, Re5pon5ibilities Report of the Independent Auditors Consolidated Statement of Financial Activities Consolldated Balance Sheet Charity Balance Sheet 12 Con$olidited Cash Flow Statemenl 13 Notes to the Cash Flow Statemen¢ 14 Notes to the Financlal Statement$ 15 to 28
ect Ltd. Re ort of the Trustee5 for tlie 18-Month Periijd F.nded 31 March 2025 The trustees present their report and financial statements for the 18-Month Period Ended 31 March 2025. The financial stalements have been prepared in accordance with the accounling policies set out in note I to the financial slalemenls and comply with the charity's governing document, the Companies Act 2006 and Accounting and Reporting by Charilies., Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Irelaiid (FRS 102)" (as amended for accounting periods commencing from l January 2019). ObjectlV¢5 and activities The ¢ha rity's objects are to:. 1) promote the value of ordinary living opportunities and to eliininate the segregation and stiginatisation of people who consider themselves to be disadvantaged by reason of their physical ill health, mental health or learning disability. 2) provide support services with the aim of preserving and protecting the health and well-being of people with physical health needs, mental health needs andlor learning disabilities. 3) undertake the Inanageineni of housing projects, including the responsibi lities of a manageinent agent, which provide an alternative to institutionalised care for pcople with physical health needs, tnental health needs and/or learning disabilities, In setting our objectives and planning our activities tl)e trustees have given careful consideration to the Charity Commission's guidance on public benefit. Our Vision A world where disability has no limitations. Our Mlsslon To deliver person-centered support to people wilh disability, proilloting and enabling independent choice and integration inlo the cotniiiunity. Our Vfilues Collaborate. Challenge, Care. Our PersonAlity Expert. Bngaging. Down to Earth. Inclusive, The charity aims to Achieve its objects through the provision of the following services: l ) Supported Living Schemes - the provision of supported living housing and support services to enable people to live as indLpcndcntly a5 possible in homes of their choice. 2} Day Ceiitre Services - the provisioii of support, advice and structured activity for people experiencing mental ill health. 3) Domiciliary care - the provision of ongoiiig outcomes-based int¢rvenlions and short-terni crisis Inanageinent. 4) Cotninunily Support - provision of support to enable individuals to access the coinmunities in which they liv¢.
ect Lld. ort of the Trustees for the 18-Monlh Period Eiidcd 31 March 2025 Achievements and performance Expect r¢main5 committed to delivering high quality services desplte the ongoing challenges in the Adult Social Care sector. Our ethos is around empowering people to live the lives that they choose whilst ensuring that appropriate safeguards are always in place. We encourage people to access community-based activities and peer on peer support so that they are able to develop friendships with like-minded individuals. We are alinost at the ¢nd of the 2020 - 2025 Business plan and trustees will soon be approving the new three-year plan, During the course of the plan the Charity has continued to be a provider of choice by funders, in particular around working with p¢ople with coinplex necds. The Charity's Day Service, which runs from the Bowersdale Resource Centre provides a safe space in which service users can get involved in ineaiiingful activities that have a positive iinpacl on their lives, Inental heallh and well-being. The service is essentially a partnership between Expect and the Cheshire and Merseyside Integrated Care Board ICB) and the work of the Centre continues to be support¢d via a grant from this Board, which is reviewed on an annual basis. During this period, this grant was successfully retained. In addition lo the grant Expect has received funds from various donors for specific projects, such as a gardening project, druin sessions and the setting up of a gym at the Centre, with service users educated around all aspects of health and well-being. The organisation remains cominitted to the ethos of the Real Living Wage. however, this has not been possible during the period and support staff are on one of two different pay scales,. the NMW and a liigher rale that takes into account relevant qualifications and workirtg for ihe charity for 24 months or more, All support staff are encouraged to achieve as a minimum the Level 2 Diploma in Health and Social Care during the first year of employment. Officers of Expect have conlinued to play an active role in the maintenance and developinent of broader cominunity-based services aiid ren]ain coinrnitted to offering assistance and support to the umbrella organisation Sefton Council for Voluntary Services, of whicli it is a formal member. Expert's CEO and Senior Managem¢nt Team ivork closely with the leaders of other similar organi5ations operaiing in the geograpliical area and Colleagues in Local Council Commissioning leams* particularly those in Cot)way, Denbighshire, Sefton, Knowsley and Liv¢rpool to drive up standards and maxiin ise knowledge through effective partnerships. Whilst th¢ recruitment of suitable staff who share the organisation's values remains a significant challenge, we have been successful in Inanaging lo reduce our agency costs and tlie aini is to reduce this even rther in the coming years, Expect Lid. underwent a rebrand in August 2024 with new logos and einail addre5s¢s and we received very positive feedback around this projecl. The new bi'anding is professional and reinforces the ethos and values of the charity and its purpose.
eet Ltd. orl of the Trustees ror the 18-Month Perlod Lnded 31 Mareh 2025 Our workforce receive a full company Ènduction and a comprehensive ti'aining programine of skill and knowledge-based learning, which is delivered both face-to-face and digitally. In addition. the organisation accesses free training provided by tlie local authorities with whom we work and managers also deliver training that is aligned lo specific strengths that they have. The Expect Board of trusiees haiye Continued to meei regularly. In addition lo bi-monthly meetings trust¢es are kept updated on a regular basis around any serious issues, including safeguarding. Financial review The operational deficit for the group during the period was £3k (2023.. £441 k). The main reason for the deficit is a consequence of accounting for the amortisation of goodwill for the year of £18k (2023., £61 k) and bad debts of £3 Ik. Additionally, 11)ere has been the use of agency staff, capacity building and slrengihening the operational management learn. Expect have also sadly lost a number of service users throughout the year, Ivho either passed away or whose needs had changed, and funders Considered that other placements were more appropriate for them. As at 31 March 2025 total group funds of £1.8M (2023.. £1.8M) were held all in unrestricted funds available for the general purposes of the charity. OLir primary sources of funding are the fees received from Local Authority Social Services Departments or from Integrated Care Boards, depending iipon which body is responsible for financing the care needs of the individual client, Upon referral clients are assessed and a Care Plan agreed with the funders. LA)cal Authorities pay set rntes for services, and these are not open to negolialion, which is why one of the stsaiegic aims of the Charity is to diversify its income stream5 so that it is Able to provide support packages al rates that are set by Bxpect and agreed with the individual or other funder. Our financial slralegy remains focused on groi¥ing our income. we have already sel lh¢ foundalions for growth by exploring other income streams such as local fundraising, legacies and grants and ive are also looking to influence the sector and become involved in research around Adult Social Care. This ivill maximise the polenlial of th¢ Group to remain sustainable moving forward. Reserves Policy Given the well-do¢umented difficulties faced by Adult Social Care Providers il remains difficuli to maintain reserves. However, trustees give priority lo the organisation being able to maintain an appropriate level of reserves for the charity and hav¢ ¢oncluded th81 we should aim for the folloiying: The trustees wish 10 have 3 Inonihs running costs, based on the18513 }rears ger)erAI fund expenditure in case of a major problem or d¢la)'s in payments from our funders, The group's fo¢us ivill remain on organic growth, Inveslment Strategy and Performance The challenges that the sector is still facing folloiving the pandemic mean the Irusiees Ii&ve not yct been able to consider making inveslmenls, Hoivever, this remains a priority for Trustees lo explore in the upcoming financial years. Rlsk Management The trustees have a risk Imanagement slralegy which compri5es'. an annual review of the principal risks and uncertainties that the charity faces. the establishment of polici¢s, s}Islems and procedure5 to miligale those risks identified in the arjnual review. and • the iimplementalion of proredures designed lo miAimise or Inaiiage any poteiilial impact on the charity should tliose risks materiali5e. Financial svstainabilit), continues to be a major risk for the chariij,, bul the managemeiil of this risk ensures that w'e maintain Su1Clent ivorking capital. Atteiilion has also been focused on non-financial risks, which are managed througli relevant processes, accreditations and exlei'nal advice and consultancy.
ect Ltd. ort of the TteeS for the 18-Month Periud Ended 31 March 2025 Future Plans The Expect Grap conlinues to ivorL in line iviih is lafrst five-year Strategic Business Plan, which is regularly revieived by and updated as appropriate. We continue to build on the robust platform that has been eslablished in recent years and the plan relains our strong ethical underpinnings Ind values. The inain aspirational tenets during the five years will be: To coiitinue in the provision of service5 of the highest quality To nurture and 5upporl the Expect Group's ethical and sociall}, sen51tiv¢ approach 10 delivering and commissioning serviees. To seek opportunities to ivork in partnershiplcollaboralively with commissioners, service userslcilizens and other relevant stakeholders. To be an employer of ¢lioice for both current and prospective employees by having a genuine intent lo pay the highest possible rates of pay which will prove a strong inducement to recruitment. To give investment in local communities a high.level status To continue lo ¥vork for & social Care rnark¢lplace where the choices and preferences of individuals are givei) the highest level of imporlan¢e, Where choice is seen as a key driver lo the design and delivery of services. To place Ihe maximisalion of indiwiduals, bolh Service Uscrs, Ciliicns and cmployccs as a high.level objective. To acknowledge opporlunilies lo acquire suilable potential Inembers of the Expect Group bul to give priority lo the consolidation, slrengihening and development of those services and in areas ivhere the Group currently operates. To ensure that the Group's business evolution lakes place iyiihin a strategic frameNvoTk that places the highest valu¢ on retaining light conlrol over quality as il is a central belief thai this provides the most effective nieans of securing the best. Structure? governance and management Governing Document Expect Ltd. is a company limited guaranlee governed by ils Memorandum and Arlicl¢s of Association dated 20th May 2005. It is registered with Companies House {No. 2357285) and iviih the Charity Cominission (No. 701331). Anyone over the age of18 can become a member of the charitable company and there are ¢urrenll> 4 members (5 in 2023), each of whom agrees lo contribute £1 O in rhe event of ihe ¢hariry winding The trustees, Ivho are also the directors for the purpose of company lai¥, and who served during th¢ year and up to the date of signature of Ihe financial stalemen15 w¢re'. Anthony Gilmore Damon Broad Claire Graham Jeremy Hooper Appointment of trustees As sel out in the Articles of Association the Iruslees are elected by the members of the charitable coinpan}' attending any Board Meeting or the Annual General M¢eling. OrgFani$alion The Board of Trustees, Ivhich shall be no les5 than 3 members, administers lh¢ charity. The board norinally meets bi-monthly. A Chief Executive is appointed by the Irust¢¢s lo manage the day-lo-da), operations ofihe charity. To facililale effective operations, th¢ Chief Executive has delegated authority,, Ivithin Ihe terms of delegation approved by the Iruslees, for operational matteTS including service delivery activity, finan¢e, human resource5 and health and safety. Trustee induction and training Nei¥ Iruslees are provided with an Induction Pack to brief Ih¢m on. their legal obligations undei, charity and company law; the Charity Commission guidan¢¢ on public benefit; the cont¢nt of the Nlemorandum and Articles of A5socialion,' the board and the decision-making process. the strategic plan. recent fillancial performance. During lh¢ induction process they m¢el key employees and other Irustees, Trustees are encouraged to attend appropriate exl¢rnal Iraining events ivhere these will facilitate Ihe urtderlaking of their role. Pay policy for senlor stAff The trustees consider that the board of trustees and the senior managernent team coniprise the key management personnel olthe charity it) charge of directing and controlling, running and operating lh¢ charity on a day.lo.day basis. All Iruslees give of Ih¢ir lim¢ fr¢¢ly and no Irust¢¢s r¢¢¢ived remuneration in the year.
ect Ltd. ort of the Trijstees for the 18-Moiitli Perio(1 r.nilc(131 March 2025 The pa), of the senior staff. eicluding the Chief Eie¢ulive, are revieii'ed aniiuall), in line il'iih Eip¢ct's remuneration polic),. The pa), of the Chief Eieciilive is rei'ieiied ai)i)uall)' Ihrough discussioii beliieen and Chair and CEO and 15 approved b). Ilie iloard of Trustees. Auditor Alexander Myerson & Co Limited ii'ere appointed as auditor to the coinpany. Diselosure of iiiformation lo auditor Each of the trustees has confirin¢d that there is no infortnation of ii.'hich 11)cy are ai¥'are ivhich is rcleiianl lo Ihc aiidil, bul of ivhich the auditor is uiiaivare. The), hai'e further confirmed Ihal Ihe}' haiie iakeii appropriate steps lo id¢nlif)' sucli relevanl infornialion aiid lo establish that the auditor is aivare of such information. Small company provisions This rcporl l)as bceii prep1( red iii ac¢oTdance ii'ilh the special provisions relating lo sinall coinpani¢s iviihiiiPart 15 of Il)e Coinpanies Act 2006. Tl)e Iruslees, report ivas approved by Ilie Board of Triislees. Trustee - Mr A G ilinore
ect Ltd, statement of Trustee's Rcs onsibilities for tlie 18-Munth Pcriod Ended 31 March 2025 The Iruslees (who are also the dire¢lors of Expect Ltd. for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial 5taleinents in accordan¢e with applicable law and United Kingdom Accounling Standards (United Kingdom Generally Accepted Accounting Practice). Coinpany law requires the trustees to prepare financial statemeii15 for each financial year which give a true and fair view of the state of affairs of the charitable Company and of the irLcoming resources aiid application of resources, including the income and expenditure, of the cl)aritable company for that periocS. In pr¢paring those financial slateinenls, Ihe trustees are required to select suitable accounting policies and then apply them consistently, observe the tnethods and principles in the Charity SORP. make judgernents and esiimales Ihat are reasonable and prudent. state whether applicable accounting sthndards have been followed, subject to any material departure5 disclosed and explained in the finanLial slatemenls, prepare the financial sialLments on the going concern basis unless it is inappropriate to presume that the charilable company will continue in business. Tlie Iruslees are responsible for keeping propel. accounting records which disclose with reasonable accuracy at any time the financial position of the charilable coinpany and to enable them to ensure that the financial statements coinply witl) the Conipanies Act 2006. They are also Irsponsible for safeguarding Ihe assets of the charitable compaiiy and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities,
ort of the liide ¢ndent Auditors to the Members of ect Ltd. Opinio We have audited the financial Statements of Expect Limited (the 'charitable company,) and its subsidiary (the group) for the 18-Month Period Ended 31 March 2025 which coinprise the Consolidated Statement of Financial Activities, the Consolidated and Parent Balance Sheets, the Consolidated Statement of Cash Flows and noles to the financial staiements, including a sumniary of significant accounting policies. The financial reporting framework Ihai has been applied in their preparation is applicable law and United Kingdoin Accoumtillg Slatldards (United Kingdorn Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fail. view of the stal¢ of the group's and charitable coinpany's affairs as at 31 March 2025 and of the group's incotning resources and application of resources, including its income and expenditure, for the period then ended-, have been properly prepared in accordance with United Kingdoin Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Int¢rnational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, respon5Lbilities for the audit of the financial stateinents section of our report. We are independent of the charitable company in accordance with the ethical requirernenis that are relevant to our audit of the financial slaleinents in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe thai the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to golng concern In auditii)g the financi41 stalemenls, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the finan¢ial stalement5 is appropriate. Based on Ihe work we have performed, we have not identified any material uncertainties relating to events or conditions that. individually or collectively, may cast significant doubl on the charitable company's ability to Continue as a going concern for a period of at least twelve months froin when the financial statements are authorised for issue. Our responsibilities and the responsibililies of the trustees with respect to going concern are described in the relevant sections of this report. Other Information The trustees are responsible for the other information, The other information romprises the inforniation included in the Annual Report, other than the financial statements and our Report of the ITJdependent Auditors Ihereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financilll statements, our responsibility is to read ihe other information and. in doing 50, consider whether the other inforiiilltion is materially inconsistent willi the financial slateinents or our knowledge obiain¢d in the audit or otherwise appears to be Inaterially Inisstated. If we idenlify such material inconsistencies or apparent material misstateinents, we are required to determine whether this gives rise to a material misstatement in IhL financial statements themselves. If, based on the work we have p¢rfonned, we conclude thai there is a material misstateinent of this other inforination, we are required to report that fact, We have nothing to report in ihis regard. Opinions on other m&¢ter$ preseribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. Ihe informalion given in the Report of the Trustees for the financial period for which the financial statements are prepared is consistent wilh the financial statements. and Ihe Report of the Trustees has been prepared in accordance with applicable legal requirements,
Re ort of the Inde endent Auditors to the Members of ect Ltd. Matters on wliich we are required to report by exception In the light of the knowledge and understanding of the charitable company and it5 environment obtsined in the course of the audit, we have noi identified materffial misstatements in the Report of the Trustee5. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to repoit to you if, in our opinion: adequate accounting recordg have noi been kept or returns adequate for our audit have not been received from branches not visited by us. or the financial statements are not in agreement with the accounting records and returns; or rxrtain disclosures of trustees, reinuneration specified by law are not inade. or we have not r¢ceived all the infom)ation and explanations we require for our audit. Responsibillties of trustees As explained more fully in the Stateinent of Truslees, Responsibilities, the trustees (who are also the directors of the hariiable company for the purposes of company law) are responsible for the preparation of ihe fanCIal 5tatemLnts and for being satisfied that they give a true and fair view, and for such internal control as the trustees det¢rniine is nccessary to enable the preparation of financial statemenls that are free froin inaterial misstatement, whether due lo fraud or error, In preparing rhe financial stat¢rnents, the trustees are responsible for assessing Ihe charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unles5 the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Our responslbllltles for the audit of the financial statements Our objectives ar¢ to obiain r¢asonable assurance about whether the financial statements as a whole are free froin material misstatement, whether due to fraud or error, at)d to issue a Report of the Indcpcndent Auditors that includes our opinion. Rea5()nable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a malerial misslalemenl when it exists. Misstal¢meiits can arise froiii fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the econoinic decision5 of users taken on the basis of these financial statements. The extent lo which our procedures are capable of detecting irregularities, including fraud 18 detailed below: As part of designing our audit, we detei'mined materiality and assessed the risks of material Inisstatenient in the rinancial statenients, including how fraud Inay occur by enquiring of manageinent of its own considcratioii of fraud. In particular, we looked where niiilldgcm¢iit niade subjective judgements, for ¢xainple in respeLI of significant accounting estimates that involved making assumptions and considering future events Ihal are inherently uncertain. We also considered potential financial or other pressures, opportunity and inotivations for fraud. As part of this discussion, we identified the internal controls established to mitigate risks related to fraud or noncoiiipliance with laws and regulations and how managem¢nt monitoi. these processes. Appropriate procedures included tlie review and testing of journals and key estimates and judgemeilts made by management. We gained an understanding of the legal regulatory framework applicable lo the con)pany and the indiistry in which it operates and considered the risk of acts by the company that were in breach of these laws and regulation5, including fraud. We Inade enquiries of rnanagement with regards to compliance with the above laws and regulations to ensure thal there were no breaches. As part of our audit we perfomied s&niple testing, agreeing the financial statements disclosures to underlying supporting docum¢ntation and enquiries with management. We did not identify any key audit matters relating to irregulariti¢s, including fraud. We addressed the risk of managem¢nt override of intemal controls including testing journals and evaluation whether there was evid¢nc¢ of bias by ihe directors that represented a risk of material misstatement due to fraud. Our audit procedures were designed to respond to risks of rnaterial niisstateinenl in the financial statements, recognising that the risk of not detecting a malerial mi55tatemenl due to fraud is higher than the risk of not detecting one resulting froni error, as fraud may involve deliberate concealment. A further description of our responsibilities for Ihc audit of the financial stateinents is located on the Financial Reporting Council's website at www.frc.org.uklauditorsresponsibilities. This description forms part of our Report of the Independ¢nl ALiditors.
orl of the Inde endent Auditors to the Members of eet Ltd. Use off our report This report is Inade solely to the charitable company's mernbers, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charilable company's members ihose matters we are required to State to them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, fol. this report, or for the opinions we have fonned. Paul Burn5 Bsc Hons BFP FCA (Senior Statutory Auditor) for and on behalf of Alexander Myerson & Co Lirnit¢d (Statutory Auditor) Alexand¢r House 61 Rodney Street Liverpool Merseyside LI 9ER Date: I f I1£12f,,.,,,.,...,,..,
ect Ltd. CoD¥i)lidated Slxlement of Financial Activities Includin J IneoIiie and Ex cnditure Account for the 18-Monlli Period Ended 31 March 2025 31.3.25 30.9.23 Unrestricted Unrestricted funds funds Notes INCOME AND ENDOWMENTS FROM Doi)ations and legacies 19,521 1,592 Charitable Activities Residential Care Services Supported Living Services Doiniciliary Care Services Day Services 121,349 5,406,472 199,950 3,166,006 242,185 154,746 Other trading activities Investment income Other income 1,982,887 2,231 1,499,160 2,959 Tot41 7 821284 5,051 181 F,XPEIYDITURE ON Raising funds 1,669,214 1,240,897 Charltable activltles Residential Care Services Supported Living Services Doiniciliary Care Services Day Services 166,034 5,652,750 521,196 3,536,338 336 620 193 564 Total 7824618 5 491995 NET INCOMEI(EXPENDITURE) (3,334) (440,814) RECONCILIATION OF FUNDS Total funds brought forward 1,742,513 2,183,327 TOTAL FUNDS CARRIED FORWARD 1739 179 1742 513
ect Ltd. Coiisolidated Balance Sheet 31 March 2025 31.3.25 Tolal fuiids 30.9.23 Total funds Note5 FIXED ASSETS Iiitai)gible assets Tangible assets 12 13 24,910 1651,871 25,598 1,850,525 1,676,781 1,876,123 CURRENT ASSETS Debtoi's Cash at bank aiid iii haiid 15 639,499 181.660 646,779 185,063 821,159 831,842 CREDITORS Aiiiouiils falliiig due williin one year 16 (392,929) (449,702) iYET CURRENT ASSETS 428 230 382 140 TOTAL ASSETS LESS CURRENT LIABILITIES 2,105,011 2,258,263 CREDITORS Ainouiils falling diie after iiiore Ilian one year (365,832) (515,750) NET ASSETS 1739 179 1742513 FUNDS Uiiresti'icted t'ui)ds 20 1739 179 1742 513 TOTAL FUNDS 1739 179 1742513 The financial slal iiienls were approved by tlie Board of Ti'ustees aiid auihorised for issue on and were sigi)ed oli ils bel)alf by.. Trustee - Mi. A Giliiiore Conipany registration number.. 02357285
ect Limited Charit Ilal¥ince Sheet 31 Marcli 2025 31.3.25 30.9.23 Uiirestricted Unrestricted rliiids funds Notes FIXED ASSETS Intangible assets I'angible assets Invesli)ients 12 24,910 686,701 1 124 308 7,366 709,277 1 124,308 14 1,835.919 1,840,951 CURRENT ASSETS Debtors Cash at baiik 15 432,217 471.377 52.459 459.416 523.836 CREDITORS Ai)iounls lalliiig due within one year 16 (491,731) (467.546) NET CURRII NT (LIABJLITIES)/ASSETS 32315) TOTAL ASSETS LESS CURRENT LIABILITIES 1,803,604 1.897,241 NET ASSETS 1,803 604 1897241 FUNDS Uiiresli'icted tiii)ds 20 1803 604 1897241 TOTAL FUNDS 1803,604 1897241 Th¢ financial statei)ienls were appi'oved by the Board of Trustees aiid auil)orised for issue on .i.o.l.iii.i<.......... and were signed 011 its behalf by: Ti'uslee - Mr A Giliiiore Coiiipaiiy RegJislralion No.: 02357285
ect Ltd. C011501idatcd Cash Flow Sl*tement 18-Month Period Ended 31 March 2025 31,3,25 30,9.23 Notes Cash flows from oper&ting activltles Cash generated from operations 41747) Net cash (used in}Iprovided by operating a¢tiviti¢s 41747) Cash llows from investing activities Purchase of tangible/intangible fixed assets Proceeds of sale of propety Interest received (51,609) 233.333 {41.702) Net cash (used in)/provided by investing activities 183 955 18 743) Cash flows from finaneing lctivitles New loans in year Loan repayments in year 145 611) 57 039) Nel cash (used in)Iprovid¢d by financing activities 145 611) 57 039) Ch4nge in Cash ond co$h equlvalents In lhe reporting period Cfish and chsh equivHl¢nt¥ at the beginning of the reporting period (3,403) (100.035) 185063 285 098 Cash and cash equivalents At the end of (h¢ reporting perlod 181,660 185,063
eel Ltd. Notes to the Cash Flnw S¢atement 18-Monlh Period Ended 31 March 2025 RECONCILIATION OF IYET EXPENDITURE TO NET CASH FLOW FROM OPERA TING ACTIVITIES 31.3.25 30.9.23 Net expenditure for the J'eporting period (as per the Statemenl of Financial Activities) Adjustment5 for: Depreciation and amortisalion charges Profit on disposal of fixed assets nterest received D¢¢rease in debtors Increasel (Decrease) in creditors (3,334) (440,814) 117,333 (99,7 l5) (2,231) 7,280 132,349 (2,959) 178,681 128 490 Net cash (used In)Iprovided by operations 41747) ANALYSIS OF CHANGES IN NET DEBT At 30.9.23 Cash flow At 31.3.25 Net eash Cash at bank and in hand 185 063 181660 185 063 181660 Debt Debts falling due within l year Debt5 falling due after l year {58,475) 515 750) (4,307) 149918 (62,782) 365 832 574 225) 145611 428614 Tolal 389 162) 142 208 246 954
ect Ltd. 'otes to the Financial Stalemenls 18-Month Period Lnded 31 March 2025 ACCOUNTING POLICIES Basis of preparing the finaneial statements The financial statements of the charitable company. which is a public benefit entity under FRS 102. have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities., Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic Of Ireland (FRS 102) (effectiv¢ l Jalluary 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial stateinents have been prepared under the historical cost convention. Consolldation The group financial stateinenls consolidatg those of tlie charity and its wholly owned subsidiary undertaking8 drawn up to 31 March 2025. The results of the charity's subsidiaries have been incorporated on a lin¢-by-line basis, separate Statement of Financial Activities aild Incorne and Expenditure Account for the parent charitable company lias not been presented because the Charity has taken advaniage of th¢ exemption afforded by section 408 of the Companies Act 2006, Income All incoine is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the iniome will be received, and the amount can be rneasured reliably. Income from govemment and oth¢r graiits, whether 'capital' grants or 'revcnue' grants. is recognised when the charity has entitlement to the funds, any pei'foi'mance conditions attached to the ilcm(s) of income have been n)et, it is probable that the incorne will be received, and the amount can b¢ measured reliably and is not deferred. Interest on funds held on deposit is included wl)en receivable and the amount can be measured reliably by the ¢harity; this 15 normally upon notification of tlie interest paid or payable by the bank, Dividend incorne is I'e¢ognised when lh¢ right to receive payment is established, usually when the investment is declared ex-dividend, Trading income is the ainount derived froin the provision of services by the subsidiary, and stated after trade discounts, other sales taxes and net of V AT. Expenditure Expenditur¢ is recognised once there is & legal or constructive obligation to Inake a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings: Residential Care Supported Living Domiciliary Care Day Services Irrecoverable VAT is charged as a cost against th¢ activity for which the expenditure was incurred. Support cosls are those functions that assist the work of the charity but do not directly uiidertake charitable activities. Support costs include back-olCe costs, finance, personnel, payroll and governance cosls which support the chariti¢s programmes and activities, These costs have been allocated between cost of raising funds and expenditure on charitable activities. The bases on which support costs have been allocated are set out in note
ect Ltd. Notes to the Financial Statements - continued 18-Month Period Ended 31 March 2025 ACCOUNTING POLICIES- continued Intangiblc fixed assets - goodwill Goodwill represents th¢ excess of tl)e cost of acquisition of IncoOrated businesses over the fair value of iiet asset5 acquired. It 15 initially recognised as an asset at cosl and is subsequently measured at C05t less accumulated amortisation and accumulated impairnlent losses. Goodwill shall be considered to have a finite Useful life and shall b¢ amortised on a straight line basis over five years. Any negative goodwill is written off to the SOFA iz) the year of acquisition. Intangible fixed assets other Ihan goodwill Iiilangible assets are stated at cost less accumul8ted amortisation and accumulated impainnent105ses. Intangibl¢ asset5 are amortised over their estimated useful life. on the following basis: Software - 250/0 per annum reducing balance Rebrand Costs_ 25Q/o per annum reducing balance Where factors such as technological advancement or changes in market price, indicate that residual value or useful life ii)ay have changed. the residual value, useful life or aniortisation rate are amended prospectively to reflect the new circumstances. The assels are reviewed for impairment if the above factors indicate thal the carry amount may be iinpaired. Costs associated with maintaining computer software are recognised as expenses, as incurred. Impairment of nxed assels At each reporting Lnd datc, the charity reviews the carrying amounts of ils tangible and intangible assets to deteiinine whether there is any indication that those assets have suffered an impairinent loss. If any such indication exists, the recoverable amount of the asset is estimated in order lo determine the exteni of the impaimient loss (if any). Tangible fixed assets Depreciation is provided at the following annual rates in order to wrile off each asset over its estimated useful life. Freehold propety Long leasehold Improvements to propety Plant and machinery Fixtures and fittings Motor vehicles Computer equipmenl 20/0 on cost 20/0 on cost 200/0 on cost 25 % on reducing balance 15 % on reducing balance 25 % on reducing balance 33Q/o on reducing balance Tangible fixed assets are stated at cost less accuinulated depreciation and accumulated impairnienl losses, Cost includes the original purchase price, costs directly attributable to bringiiig Ihe asset into its working condition for its intended use. dismantling and restoration costs and borrowing costs capitalised. Land and buildings include freehold offices and cominunity centres. Land and buildings are stated at cost less accumulated depreciation and accuinulated impainnent105ses, The charitable company previously adopted a policy of revaluing freehold land and buildings, and they were stated at their revalued amount less any subsequent depreciation and accumulated impairment losses. The difference between depreciation based on the deemed cost charged in the Statement of Financial Activities and the assets original cost is charged to the Revaluation Reserve. Plant and machinery and fixtures and fittings and motor vehicles are stated at cost less accumulated depreciation and accumulated impairment10sses.
ect Ltd. Notes to the Fliiancial Statements - eontinued 18-Month Period Ended 31 March 2025 ACCOUNTING POLICIES - eontinued Tangible fixed assets Subsequent costs are included in the assets carrying amount or recognised as a separate asset, as appropriate. only when it is probable that economic benefits associat¢d wilh th¢ item will flow to lh¢ charitable company and Ibe cost can be Ineasured reliably. Repairs. maintenance and minor inspection costs are expensed, as incurred. Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in the Statement of Financial Activities. Investments Investments are recorded at cost less any impairinent required. Taxation The charity is exempt from corporation tax on ils charitable activities, Charitable fund5 All incom¢ and expenditure together with gains and105ses are allocated lo a specific charitable fund. Unrestricted funds are available for use at the discretion of the Irustees in furtherance of their charitable objectives unless the fltnds have been designated for other purposes. Designated funds are unrestricted funds of tl)e charity which the trustees have decided at their discretion to Set aside 10 use for a specific purpose. Fuilher details of designated funds together with their purpose are set out in note 20. Restricted funds are donations which ihe donor has specified are to be used solely for particular areas of the eharity's work or for specific projects being undei1aken by the ¢harity. Lea.%es Reiital.s payable under operating leases, including any lease incentives received, are charged as an expense on a strdi&yht.linL basiq ovcr thc tenn of the relevunt lease. RevAluotion reserve Gains or losses arising on the revaluation of individual fixed assets other than investment properties are credited or debited to a non-distribiitable reserve knowii a5 the revaluation reserve (see note 20). Pension eosts And other post-retlrement benefits The charitable company operates a defined Contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Aclivities in the period to which they relate, Group relief The financial statements hav¢ been prepared on the assuinption that group relief will be used to facililate ihe transfer of corporation tox losses between companies in ihe group. No compensation is made in respect of any loss relief between companies, Going eoneern At the time of approving the financial statemeiits, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the trustees continue to &dopt the going concern basis of accounting in prarIng the financial statements.
Ex eet Ltd. Notes to the Fiiiancial Statements - continued 18-Mnnth Period nded 31 Mareh 2025 DONATIONS AND LEGACIES 31.3.25 30.9.23 Unreslricled Unrestricted funds funds Donations and gifts Grants 9,677 1.592 Grants received. included in the above, are as follows: 31.3.25 30.9.23 General grant OTHER TRADING ACTIVITIES 31.3,25 30.9.23 Unrestricted Unrestricted funds funds Young People's Support Supported Living Housing support Domiciliary Care 564,696 988,979 211,342 217 870 445,115 702,336 145,520 206 189 1982 887 1499 160 INVESTMENT INCOME 31,3,25 30.9.23 Unrestricted Unrestricted funds funds Deposit accouiit interest INCOME FROM CHARITABLE ACTIVITIES Residential Care Services Supported Living Services Domiciliary Care Services Care Package Income Client Contribulions Property Managemeiil fees Other income Service charge income 121,349 5,279,787 13,680 22,342 8,611 121349 5 406 472
eet Ltd. Notes to the FinAnciAI Statements - eontinued 18-Moiilh Perind F.nded 31 March 202 INCOME FROM CHARITABLE ACTIVITIES - Continued 31.3.25 Total activities 30.9.23 Total activities Day Services Care Package Income Client Contributions Property Management fees Otl)er income Service charge income 233,351 2,068 5,634,487 15,748 22,342 15,377 82,052 3.447,488 11.516 7.089 5,314 6,766 242 185 5,770 006 3 520 702 RAISING FUNDS 31.3.25 30.9.23 Unrestricted Unrestricted funds funds Staff costs Other costs - non-charilable Other costs - Charitable Depreciation Profit on sale of assets 1,444,966 175,590 105,072 43.301 99 715) 1,028,710 118,820 61,358 32,009 1669214 1240 897 CHARITABLE ACTIVITIES COSTS Support costs (see note 8) Direct Costs Tolals Residential Care Services Supported Living Services Doiniciliary Care Services Day Services 90,419 4,203,508 75,615 1,449,242 166,034 5,652,750 206 170 130 450 336 620 4 500 097 655 307 6 155404
ect Ltd. ]Yotes to the FinaiiciAI Statements - conlii)ued 18-Month Pcriod Ended 31 Mareh 2U25 SUPPORT COSTS Governance costs Mat)agement Totals Residential Care Services Supported Living Services Domiciliary Care Services Day Services 36,015 1.409,642 39,600 39,600 75,615 1.449,242 90.851 130,450 1536 508 118799 1655 307 NET INCOMEI(EXPENDITURE) Net income/(¢xpenditure) is slated after charging/(crediling): 30.9.25 30.9.23 Auditors, remuneration Depreciation - owned assels Profit on disposal of fixed assets Goodwill amortisation Coiiiputer softwarelrebrand amortisation 12,000 84,255 (99,715) 18,232 12,000 68,921 60,972 io. TRUSTEES, REMUNERATION AND BENEFITS There wer¢ no trustees, reinuneration or other benefits for tlie 18-Month Period Ended 31 March 2025 nor for the year ended 30 September 2023. Tru5t¢es' expenses There w¢r¢ no trustees, expenses paid for th¢ 18-Month Period Ended 31 March 2025 nor for the year ended 30 September 2023. STAFF COSTS 31.3.25 30.9.23 Wages and salaries Social security Costs Other pension costs 6,052,408 582,371 125 747 3,974,497 372,836 101448 6 760 526 4448 781 The average nionthly number of employees during the period was as follows: 31.3.25 30.9.23 Key management personnel Other inanagement & administration Client Care and suppoit 22 113 22 129 138 154
ect Ltd. Notes ¢0 the Financial Statements - continued 18-Mon¢h Period Ended 31 March 2025 STAFF COSTS- continued The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 p.a. was: 31.3.25 10.9.23 £60,001- £70,000 £70,001- £80,000 £80,001- £90,000 12. INTANGIBLE FIXED ASSETS- GROUP Computer softwar¢} Rebrdnd Goodwill Totals COST At l October 2023 Additions 733,318 14.864 748,182 At 31 March 2025 733318 780 572 AMORTISATION Al l October 2023 Charge for period Eliiniiiated on disposal 715,086 18,212 7,498 14,846 722,584 33,078 At 31 March 2025 733318 755 662 NET BOOK VALUE At 31 Mai'Lh 2025 At 30 September 2023 INTANGIBLE FIXED ASSETS- CHARITY Computer Software/ Rebrand COST At l October 2023 Additions 14,864 At 31 March 2025 AMORTISATION At l October 2023 Charge for period Eliininaled on disposal 7,498 14,846 At 31 March 2025 NET BOOK VALUE At 31 Marcli 2025 24,910 At 30 Septernber 2023 7,366
ect Ltd. Notes to the Financial Statements - eontinued 18-Month Perii)d F.nded 31 March 2025 13. TANCIBLE FIXED ASSETS- GROUP Improvements to property Freehold propety Long leasehold Plant and Inachinery COST At l October 2023 Additions Disposals 1,733,606 655,086 123,924 6,054 20,278 840 182 529) Al 3 l March 2025 1551077 655 086 129978 DEPRECIATION Ai l October 2023 Charge for period Disposals 394,662 45,482 48 911) 179,803 19,653 116,323 5,617 17,749 1,013 At 31 March 2025 391233 199456 121940 NET BOOK VALUE At 31 March 2025 1 159 844 455 630 At 30 September 2023 1.338 944 475 283
ect Ltd. Note5 to the Financlal Statements - continued For tlie 18-Month Period Elided 31 Mareh 2025 13. TANGIBLE FIXED ASSETS- continued Fixtures and fillings Motor vehicles Computer equipment Totals COST At l Octobei. 2023 Additions Disposals 103,996 12,325 16,503 990 2.654,383 19,219 182 529) At 31 March 2025 116321 990 2491073 DEPRECIATION At l October 2023 Charge for period Disposals 81.070 11,476 13,475 908 776 106 803,858 84,255 48911) At 30 September 2025 882 839 202 NET BOOK VALUE At 31 March 2025 23,775 108 ,651871 At 30 September 2023 214 850 525 Two of Expect Ltd,'s freehold properties were revalued on an open market basis as at 31 March 2014 by Sutton Kersh, Chartered Valuation and Building Surveyors. The freehold and leasehold properties held by Housing Initiatives (U,K.) Limited were valued on 31 March 2009 by Collertons Surveyors and were valued at inarket value assuining vacant possession. The trustees are not aware of any material changes in value since the last valuation. There is a first legal Charge over 7 St Ldmond's Road, 14115 TarbroLk Court and 445 Siaiiley Road. The bank loans secured on ihe properties amounted to £407,016 wliich is 48Q/o of the nel book value of th¢ properties. Social Investment Business {forinerly Futurebuilders England Liinited) has a first legal charge ovei. 2-8 Gainsford Road, TANGIBLE FIXED ASSETS- CHARITY Improven]ents to property Fixtures and rittiiigs Freehold property Motor vehicles Totals COST At l October 2023 Additions 800,082 123,924 101,593 16,503 1,042,102 At 31 March 2025 800 082 129 978 113917 1060 480 DEPRECIATION Ai l October 2023 Charge for period 124,359 22,953 116,323 78,668 13,475 908 332,825 At 31 March 2025 147312 121940 373 779
ect Lld. Notes to the Fin&nci&l Statements- eontinued For the 18-Month Period Ended 31 March 2025 NET BOOK VALUE At 31 March 2025 652 770 23.773 686 701 At 10 September 2023 675.723 7,601 22,925 3,028 709,277 The carrying value of land included in Freehold Property 15 £35.000 (2023: £35,000) Two of Expect Ltd.'s freehold properties were revalued on an open market basis a5 at 31 March 2014 by Sutton Kersh, Chartered Valuation and Building Surveyor5. The trustees are not aware of any material changes in value since the last valuation. 14. FIXED ASSET INVESTMENTS- CHARITY Unli51¢d investments MARKET VALUE At l October 2023 and 31 March 2025 1124 308 NET BOOK VALUE At 31 March 2025 1 124 308 At 30 September 2023 1 124 308 There were no investment assets outside the UK. The total ainounl of £1,124,308 comprises of inv¢slments in Group Subsidiaries. Details of the charity's subsidiaries at 31 March 2025 are as follows.. Nrne of undertaking Reg. office Access lo Care Ltd England & Wales Natiire of business Housing Support For Young People Domiciliary Care Supported Liviiig Doiiiiciliary Support Housing Support for People with Learning Disabilities and Other vulnerable people CIAss of sh8res •/• Held Ordinary £1 100 Rowaii Care Ltd Focus Care Wales Ltd England & Wales England & Wales Ordinary £1 Oi'dinary £1 100 100 Housing Initiative5 (UK) England & Wales Ltd Coinpany Limited by Guarantee 100 Name of undertaking Access to Care Ltd Rowan Care Ltd Focus Care Wales Ltd Housing Initiatives (UK) Ltd Profit/(loss) £ CApital & Reserves £ 46.386 106.430 70,202 77.168 82,192 218,609 88,664 657,676
ect Ltd. Notes to the Financial Statements - continued For the 18-Moiitli Period Ended 31 March 2025 Is. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR- CROUP 31.3.25 30.9.23 Trade debtors Other debiors Tax Prepaynients 392,085 233.989 343.296 288.964 639 499 646 779 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR- CHARITY 31.3.25 30.9.23 Trade debtors Aniounts owed by group und¢rtakings Other debtors Pr¢paymenls 238,818 10,896 172,886 142,616 89.118 226,839 432217 471377 16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR- GROUP 31,3.25 30.9.23 Bank loan5 and ovcrdrafts (see note 18) Trade creditors Social security and olher taxes OlhLr crediinrs Accruals and deferr¢d income 62,782 84,023 173,467 36,534 58,475 176,218 152.285 29.780 32,944 392 929 449 702 A nuniber of our clients have been unable to open personal bank accounts due to difficulty in appointing suitably independent advocates. As a result, Expeci Ltd continues to receive all benefits and monies due lo some clients. In order to protect the long-teni) financial position of these clients. Expect Ltd. has operated a specially dcsignated Client Money Account with ihe Buckinghan) Building Society lo hold these balances. As al 31 March 2025 £55,910 (2023.. £105,864) was held for clients and this amount has been excluded from the cash at bank and in hand figure and from trade creditors. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR- CHARITY 31.3.25 30.9.23 Trade creditors Amounts owed to group undertakings Social security and other taxes Other creditors Accruals and deferred income 81.403 211.456 149.728 33.144 166.846 127,291 129,490 27,919 491731 467 546
ect Ltd. Notes to the Financial Statements - eontSnued For the 18-Month Period Ended JI March 2V25 17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR- GROUP 31.3.25 30.9.23 Bank loans (see noie 18) 365 832 515750 18. LOANS-GROUP An analysis of the Inaturity of loans is given below., 31.3.25 30,9.23 Ainounts falling due within one year on deinand: Bank loans 62.782 Amounts falling between two and five years,, Bank loans - 2-5 years 275,358 248,655 Amounts falling due in more than five years,. Repayable by instalments: Bank loans more 5 yr. by instal 90,474 267,095 Security has been given in respect of bank loans and ovei'drafts of £407,016 (2023: £537,761), The bank borrowings with Lloyds Bank of £220,288 (2023., £333,186) are secured by a fixed and floating charge over the four of the freehold properties, The bank borrowings with Social Investment Business {forinerly Fulurebuilder5 England LiiKited) of £186,728 (2023: £204,575) are secured by a fixed and tloating charge over the leasehold properties. 19. LEASIIYG AGREEMENTS- GROUP Miniinum leas¢ payments under non-cancellable operating leases fall due as follows: 31.3.25 30.9.23 Wiihin one year Between one and five years 21,245 21,245
ect Ltd. Notes to the Financlal Statements - continued For the 18-Monlli Period Ended 31 March 2025 20. MOVEMENT IN FUNDS- GROUP Net movement in fuT)ds At 1.10.23 At 31.3.25 Unrestricted funds General fund Revaluation reserve Fixed asset fund Project d¢velopment fund 347,383 411,347 908,783 44.031 (15,892) (31,473) 391,414 395,455 877,310 ,742 513 1739 179 TOTAL FUNDS 742513 1739 179 The trustees have designated certain funds lo asslst in the financial management of the charitable company. In order to assist the trustees to identify Ihe free cash reserves, a d¢signaied Fixed Asset Fund should hold the value of boih intangible (excluding goodwill) and tangible fixed assets less any loan balance used to acquire fixed assets and less the Revaluation Reserve as at each year end. The Project Developinent Fund is to fund initial costs in exploring and siarting new projects. MOVEMENT IN FUNDS- CHARITY Net movement in funds At 1.10,23 At 3.3,25 Unreslrieted funds G¢neral fund Revaluation reserve Fixed asset fund Project developinent fund 1,105,598 59,747 656,896 (88,605) {2,213) {2,819) 1,016,993 57,534 654,077 1897241 1803 604 TOTAL FUNDS 1897241 1803 604 The Irustees have designaied certain funds to assist in lh¢ financial n)anagem¢nt of the charitable coinpany. In order to assist tlie trustees to identify the free cash reserves, a designated Fixed Asset Fund should hold the value of botli intangible (excluding goodwill) and tangible fixed assets less any loan balance used to acquire fixed assets and less th¢ Revaluation Reserve as al each year end. The Projeci Development Fund is to fund ii)itial costs in exploring and starting new projects. 21. ANALYSIS OF IYET ASSETS BETWEEN FUNDS- CROUP Unrestricted Designated Revaluation Reserv¢ Total Intangible Fixed Ass¢ts Tangible Fixed Asset5 Current Assetsl(Liabilitie5) Long tenn Liabilitie5 24,910 1,256.416 59.129 (388.145) 24,910 1,651,871 428,230 (365,832) 395,455 369,101 22,313 TOTAL FUNDS 391414 9523lO 395 455 1739 179
ect Ltd. Notes to the Fingneial Statements - eoiitinued For the 18-illonth Period Ci nded 31 Mgrch 2025 ANALYSIS OF NET ASSETS BETWEEN FUNDS- CHARITY Unrestricted Designated Revaluation Reserve Total Iniangible Fixed Assets Tangible Fixed Assets Investments Current Assetsl(Liabilities) 24,910 629,167 24,910 686,701 ,124,308 (32,315) 57,524 ,124,308 (107,315) 75,000 TOTAL FUNDS 1016 993 729,077 1803 604