Reg1steV number: 02677365 Ch•rlty nwnber: 10107Q1 ACRE HOUSING TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 111 *AC92¢HIH' A16
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COMPANIES HOUSE
ACRE HOUSING COMTENTS Page Reference and adfflinistrativ• d•l¥ils of th• Company. its Trust••s and advise Trustees. report Independent auditorfs report on the financial statements ststement ol finan¢i•l 8¢ts"¥ities 10 Balance sheet St•t•ment of cash fl¢)*s 12 Notes to the financial statements 13-26
ACRE HOUSING REFERENCE AND AOMINISTRATIVE DETAILS OF THE COIAPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023 Truste ASBryan J Linlon lapptynted 7 December 2022) J P0220ni M Stoddart Lady J Thomson {resigned 22 February 2023) No Trustees rets'red in accordance the Artides of ASSatIon at the 2020 Annual General meeb"ng. The TTUStees retiring by rotation at the next AGM in accordance 7Mth the Arty"des of Assotyation is Andrew Bryan, vtho is eligible to offer himself for re-election. Compary registered number 02677365 Chaiity r•gistwed nUMr 1010701 Registered offKe 1 London Streel Reading Berkshire RG1 4PN coMnY ¢1?ry S E Vandersteen Executlve managemenl and ad¥l¢e Christopher Ingram, Chief Executive of Style Acre Sarah Stuart. Finance D1ctOr of Se Acre The Iruslees have engaged Style A to provKle Ihe day to day management of the Charity. AS such, they ho delegated the day to day management to Se A¢re's exetiVe directors trom %thom they take advice conceming the management of the charty. Independent auditor James Cowper Kre5ton Audrt Chartered A¢¢ountanls and Statutryy Auditor Reading Bndge House Grge Street Reading Berkshire RG1 8LS Bankers National Westminster Bank PIC POBox13 30 Market Place Nesvbury Berkshire RG14 5AJ Page 1
ACRE HOUSING REFERENCE AND AOMINISTRATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2Q23 Soll¢itors Fle Seymour Parkes The Old Cofoner's Court No. 1 London Street PO Box 174 Reading Berkshire RG1 4PN Pa9e 2
ACRE H¢)USING TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2023 The Trustees present their annual report logether vAth the autJrte<l financ4al statements of Aue Housing for the year 1 Apiil 2022 10 31 March 2023. The Annual report serves the purposes of both a TfUStees' report and a d1clOr$. report under company law. The Trustees confimi that the Annual report and finanaal stalemen15 of the charitable company comply V&ith the current statutory qUirements. the requirements of the charitable Companls govefning document and the prowsions of the Statement of Recommended Practice ISORPI appliGable to charities Preparing their accounts in accordance V•ith the Finan¢Jal Reporting Standard applicable in the UK and Republic ot Ireland IFRS1021 leffe¢b"ve 1 January 2019)- OBJECTIVES AND ACTIVITIES Charitable objects The charity is established to lve the nee(15 of persons Tmth leaming dtsablities by.. 1. the provision. maintenafi and management of SIdenal accommodation specfficalty for those individuals.. 2. the provision of advice and assistsrKe in mattws relabng to their housing needs. Charitabl? activities Operating in OxfoTd5hire, Acre Housing has been proNryth"ng SFcwli5ed housing for ats with leaming disabl1't5 sin¢e 2004. 8ertefiti•nes are ae to approach us diredy for help or Ma their care manager. At the year end, A¢re Housing t%ned or nted 39 properties prnM"din9 homes for 117 tenants. all of whom are adufts th learning disabilities and a wde variety of Cond"05 such as auissm. cerebral palsy, dementia and Do,$ sJTrdrome. Public benefit Acre Housing provides nted housing for adults aged over 18 years vAlh a learning disabihty regardless of sex. financial means, sexual orientation or ethn background. Potents"al tenants are able to ask the charity directly for housing or to approach us Ihrouyh their Ca manager. Being able to live in their own home is a great benefft to the people we support as, historically. they have been a group of peoF4e for vknom housing has been difficuh to obtain. Acre Hou%ng gives a new lease of life to rts tenants, wowding them specialty adapted accommodab.on to 5Urt their indiwdual needs and requirements. The charity is llY limited in its ability to pm¥ide housing by its income and donations. The provision of housing 15 also of great benefft to the families of the people VR house as they may have been the main carer5 for many years and this enaeS them to fed reassured for the long tenn fvture of their relative. We also promde tsngible benefits to local communities %thich gain from the overall experience of getting lo know people wth leaming disabilities {who now live amongst them) and cOgnISing that they have the same rights of access to the local community as every other member of society. If people 4ith leaming disabilities and other associated condition5 were not supported to h'¥e in ordinary houses they be at risk of being forced into more instilubonali5ed fomis of care. In preparing these financial ststemenls and their report. the Trustees confim that they have had regard to I Charity Commission's guidan¢e on public benefft and that they consider that the objectives and actiwties of Acre Housing have hisloricalty and continue lo fall ¥thin the scope of thal gUanCe. ACHIEVEMENT AND PERFORIJIANCE Operatin9 review The year end 31 March 2023 has been another successful year for Acre Housing all of our tenants trning to their normal live5 follovling the disruption the COVID-19 pandemic brought. Wh%15t able Its be out and about lots and retuming lo activibes they have also enj¢)yed the homely nature and 5pe¢ialist features of their homes. AN of the proptsties in r portlolio continue to be well maintained. The annual maintenance programme ha$ continued throughout the year and remedbal rrks and adaptab.ons have been rried out as needed. The charity has not cmducted any fundraising *i¥ilie$ dwrvj the ar, as there were no major projects to support. No propert$ were pur¢hased during the year as Style Arxe focused on maintaining the quality of the current seThices in light of P$S{lre5 on the re¢ruthient of staff". this was supported by development works at ol our properties. one in Didcot. the second in Carterton. The developments provided additional bedroom space to Page 3
ACRE HOUSING TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AIARCH 2023 better accommodate the needs of the tenant and the conve10 of o garage into a sensory room. 80th development5 have resulted in Ihe properties better meeting the needs of the tenanls and improvements in the SUPPYt able lo be provided. In addition. a rtew propety leased from families in Thame for Iw) tenants and in Akn"ngdon for fow tenants both for those wth low support needs. The tenants moved into Thame in April 2022 and tenants moved into Abingdon in March 2023 an addity.onal ts¥o tenants due io join over the coming months. As part of the Trustees annual review of the pryffdio it wa$ dlded that a bedroom pioperty in Didcol wa5 no longer required and as such it was sold. This property had becorne vacant due lo the tenant moving out and as such has no impact on any tenants. Feedback is given to the ¢harty rf there are any concerns about pmperties by the support promders who facilitsle tenant groups. There has been no negatNe feedback to date. The woperttes are wsrted a minimum of three times per annum to check their cOnditn arHI to establish a redecorabon and refurbishment programme. With ever InaSIng Lrtijty ¢osts artd a locus on u¢Vg enirironmental impa¢t a programme has started during the year for the installation of smart meters and smart thermostats. This forms the start of OUT environmental policy that is ikne to be developed over the coming year. FINANCIAL REVIEW Flnancial position The trustees ao very happy that robust financial procedures a in place and that the ¢harity is finanrAaNy secure. Detailed ffinanual information is made a¥adable al each trustee meeting, with performance against budget monitored closety. The majorrty of the charitls income 1$ denved from rerrtal in¢trne from the properts wthi¢h a let to people wlh leaming disabilities. This year this has amounted lo £1.072.871 and the remaining income has arisen from interest eamed of £3.767. A property VAS disposed of during the year for cash of £157.000. Cash reseNes have increased to £990,004 during the year. Additionally. the charity recg3nises a conb'nuing liabrlty of £180,000 in Didcot. This is for a grant made by the Secretary of State for Heath when the propety wa$ originalty purchased, which is secured by a covenant and charge over the property. The covenant slate5 Ihat the grant IS an interest free loan, Nvhieh is repayable in the event that the property is sold, unless the purchaser conb.nues to use Ihe property for the purpose of providing supporting living. In these circumstances. the ablty presented by the covenant and charge over the property can be transfeired lo a new (Mner. Resems policy Totsl fvThJs of Acre Housing stood at £11,898.226 at 31 March 2023.. The trustees have a pdicy of retaining unrestricted funds of £10.000 towards the Cost of mantaining the organisation's properties. Restricted designated funds are rec(xded and rewted separately. The free ser of the charity are £900,238 al 31 March 2023. The trustees bdieve that this level of free serves 1$ appropriate for the chartty and the level of operations. FUTURE PLANS During the year the Trustees reeWed their strategy for the next years, recognising the financial pressure$ ich the local authollty and care PTowders operate under. and how this may impact housing demand. both in the nature of the properties requiled and their locati. The Trustees also re¥iewed the ¢hanVs overall propety portlolio to consider how wem individual properb.es are perlom)ing and hv4¥ V•EII they fft housing demand from our target resident group. Part of our strategy 15 tg incorpoie seif-contsined annexes in our existing prylfolio ¥there $u¢h potential exists. This may be achieved by the wiversion of exisbng sparxs, such as lofts, garages or summerhouses, or by building separately where part of Ihe garden provides enough space and suitable access. This helps prowde single person accomrnodalion. %thi¢h would be unsustainable as an individual property. Page 4
ACRE H¢)USING TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENOEO 31 IAARCH 2023 Style Aue has informed Acre Houng that it will focus on the current 5eNtis rather than grovrth in the coming year and the requirements for new prope"e5 111 the10 te limrted. Acre Hou%r)g expects to purchase a bedroom bungalow for a tenant currently resing at a property wrth a 3rd party ndlOrd that will be relocating in the next year and. in add"on. redevelopment wcrtks at of the bungalo*s in DKlcot Is p4anned lo better meet Ihe needs of tenants Vth loww mots"lity. STRUCTURE. GOVERNANCE AND IIANAGEMENT Governlng document The charity is controlkd by its go¥eming documenL a ¢Jeed of trust and ¢onstitute$ a limited rAJmpany. limited by guarantee. as defined by the cOnieS Act 20. Indu¢tl¢)n •nd tr•ining of ntw trustees New Iwstees are gNen a thorough induction in line guidance from the Charty Commission. They are encouraged to meet tenants and to Ltnderstand IheiT par"cular needs. Tiaining 1$ organised as requifed and the trustees reeW their skills mix on an annual basis. sk m•nagement The twstees have a duty to thnbfy and re¥ie4V Ihe risks to vthich the tharity is expose(l and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The trustees aTe ponsib for undertakng an anntsal risk assessment of the chty. From this an annual development plan is dravm up and implemenled. A maintenance and refrjrbishment sChede is set each year to ensure the hOUn9 stock remains in good conditiort. Page 5
ACRE HOUSING TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 STATEMENT OF TRUSTEES RESPONSIBILfflES The trustees {vtho are also the directors of Afft Housing for the purposes of ¢ompany lawl are responsible for preparing the Report of the Twstees and the finanrial stslements in aC¢Ofdan¢e wlh applicable law and United Kingdom Accounting Standards (United ngdOM Genefalty Accepted Accounting Practice). including Financial Reporb"ng Standard 102 'The Finantsal Reporling Slatwjard appIlble in Ihe UK and Republic of Irelan(r. Company law requires the trustees to prepare finanual statements for each finantsal year which give a true and fair view of the state of affairs of the charrtatAe company and of the inGoming $oUrCeS and application of resource5, Including the tncome and expenditure. of the charrtable company for that period. In preparing those finantyal slatemenls. the Iwstees are wuired to select suitalAe accounb.ng policies and then appty them con5iStenty, observe the methods and principles in the Charity SORP.. make judgements and estimates that are reasonab and prudent". prepare Ihe finanual statements on the going nCern basis unless it is inapwopriate to presume that the charitable company wll conts'nue in bu%ness. The trustees are responsible for keeping proper accounting records vthich disdose wth reasonabte accuracy at any tsme the financial posib'on of the ¢hantable company and to enabbe them to ensure that Ihe financial statements cornpty wth the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for tth.ng reasonable 5tep5 for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware.. the is no rdevant audit inftymalim the ¢haritable mpaS •Jditors are unaware., and the trustees have taken all steps that they ought to have Liken to make themselves aware of any relevant audit infomiation and to estsblish that the audrttys are aware of that infomiation. AUDITORS James Cowper K$tOn Audrt be prwsed for re-appointmenl at the forthcoming Annual General Meeting. This report has been prepared in accordance viti the special provi5ion$ of Part 15 of the Gompanies Act 20(6 relatsng to small companies. Approved by order ofthe meeT5 ofthe board ofTwstee5 and signed w their behalf br. ASBryan Trustee Date.. 31 Page 6
ACRE HOUSING INDEPEIIOENT AUDITOR'S REPORT TO THE MEMBERS OF ACRE HOUSING Opinion We have audited the financial statement5 of Acre Housing (the '¢haritable companll for the year ended 31 March 2023 vknich comprise the Statement of finan¢ial acts'vibes. the 8alance sheet, the Ststement of cash flows and the related notes, indudirFg a summary of sgnfficant accounting poliaes. The finanrAal reporb.ng framework that has been applied in their preparati is applicab law and United "ngdorn Accounting Standards. induding Financial Repth'ng Standard 102 'The Financial Reporb"ng Standard applicatle in the UK and Republic of Ireland, (United 'ngdOM GenerlY Accepted Accounling Praclice). In ow opinion the ffinancial stslemertts" give a true and fair view of the $e of the Charitsble CoMpanS affairs as al 31 Marth 2023 and ol rts incoming resources and apF4ication of resources. widuding rts income and expenditure for the year then ended", have been property wepared in accordance United "ngdoM Generalty A¢¢epted Accounting Prackn"ce,' arHJ have been prepared in aance 1th the requirements ol the Companie$ kt 2006. Basis for opinion We C(dUCted OUT audit in accordance vAth IntemalK)nal Standards on Audth'ng IUK) {ISAs IUKII and applicable law. Our responsibilities under those stsndards a fvrther dewbed in the Auditorfs iespon5ibi1.eS for the audrt of the finan¢ial slatements seth'on of our report. We are independent of the charrtable ¢ompany in accordance with the ethical requirements that are relevant lo our audit of the finantyal ststements in the United Kingdom. induding the Financial Reporting Council's Ethi¢al Standard. and have futfilled our other ethical Tesponsibilitie5 in accordance these requirements. We believe that the audit evhjence have obtained is sufficient and appropnate to provide a basis for our opinion. Conclusions relating to going concern In auditing the finanua statements. we have conduded that the Trustees. use of the going concern basi5 of accounb.ng in the weparats.on ofthe financial statements is apyoprie. Based on the work have performed, have not identffied ary material uncertainties relats'ng to events or cOnd.0S that. indiwdualty or collectivety, may cast %gnfficant doubt on the chantable companls ability to cortlinue as a going Mn¢em for a peric¥J of * st ts¥el¥e months from vthen the financial 5tstements are aLrthorised for issue. Our re5ponsibilib.es and the re5pon5ibilib.es of the Twstees 1th respect to going concem are described in the relevant sections ol this repo Other information The other InfomlatiL ¢omprise$ the information induded in the Annual report other than the financial statements and our Auditorfs report theort. The Trustees are responsib for the other informat40n contsined vrthin the Annual report. Our opinion on the finanaal stalements does not cover the other informab.on and. except to the exient otherwise expliatty stated in our rewt, we do not expres5 any form Of assurance eonclusion thereon. Our responsibility is to read the other infonnation and. in doing so. consider vthether the other infomiation is materially inconsistent wrth the finanoal statements or our knovAedge obtsined tn the course of the audit. or otherwise appears to be materially misstaled. If V•t idenbfy such material inconsisten¢ie$ or apparent material misstatements, we are required to determine whether thi5 gives rise to a merial misstalemenl in the financial statements themselves. If, based on the work V•E have perfomed, condude Ihat there is a mateTsal misstatement of this other inf0rnutn. are required to report that fact. We have nothing lo report in this regard. Page 7
ACRE HOUSING INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ACRE HOUSING ICONTINUEDI Opinion on other matters prescriljed by th• Companies Act 2006 In our opinion, based on the work undertaken in the cowse of the au(lit.' Ihe inlom)ab"on gNen in the Tfustee$' Report for the financial year for Ihe financial statements are prepad is consistent wth the finanoal Statents. the Trustees, Report has been prepared in a¢crrtdan¢e applicable legal requirements. Matters on vthch we are wquirgd to rnport ty gx¢Wion In the h.ghl of our knowledge and underslanding of the charitsble company and its environment obtained in the urse of the audrt, * have not ertIed material misstatements in the Trustees. Report. We have nothing lo port in respect of trte following matters in relation lo thi¢h Companies Act 2006 requires us to report to you rf. in our opinion: adequate accountwlg red$ have not been kept. or retums adequate for our audit have not been received from branches not wsrted by us." or the financial stslements a not in agreement with the accounting fecNds and UM$.. or certain disdosures of Tnjstees. Temuneralion specffied by law are not made." or we have not ocwved au ihe informab.on and ewanations v* Tequi for our audit,. or the Tnjstees VI not entided to prepare the finanual statements in accordance wrth the small companies regime arvl take advantage ol the small companies. exempti¢)ns in preparing the Trustees. Report and from the requlrement to prepare a StrategK Report. Re5ponsibililies of trustees As explained more fully KTr the Trustees. responsily"lib"es statement. the Trustees are also the th"reetcrt of the charitae company for the Purposes of company lèwl are sponsible lor the preparatitsn of the financial statement5 and for being sab"sfied Ihal they gwe a true and fair wew. and for such intemal control as the Twslees deleimsne is necessary to enable the preparation of financial statements that are free from material misstatement, wthether due to fraud or effor. In preparing the finan¢ial statements. the Trustees are responsible fof assessing the charitable company's ability to continue as a gng wicern. discloyn9, as applicable, matters related to gn9 concern and using the going concem basis of accountsng unless the Trustees either intend to liquidate the charilable company or to cease operab"ons. or have no realistic aternalNe but to do so. Page 8
ACRE HOUSING INDEPENDENT AUDITOR'S REPCIRT TO THE IAEMBERS OF ACRE HOUSING (CONTINUED) Audotor's responsibillties for the audit of the fin•ncial statements Our obJ'e¢tives are to oblain reasonable assurance about vhether the financial statements as a %thole are free from material misstatement, vthether due to fraud or eOr. and to issue an Audrtis report that indu%Yes our opinion. Reasonable assurance is a high level of assurance, but is noi 3 guarantee that an audrt conducied in accordance ISAS IUKI wll always detect a material mi55tatemenl exists. Misslalements can arise from fraud or efror and are ¢onsidered material rf. individualty or in the aggregate. they could reasonably be expected to infvJence the econo¢ decigons of users laken on the bags of these finanaal statements. Because of the inherent limitatsons of an audit. there is a risk that we WN ntst dete¢t all irregularities. induding those le8ding lo a material mis51alement in the finan¢o1 ststements or nm-compliance vhth reguL4tion. This risk increases the MO that compliance a law or 9l¥ti is MoVed from the events and transactions rellected in the finanoal slatements. as we be less likely lo become aware of instsnces of non-compliance. The nsk is also greater regarding irregulanb.es occurring due to fraud rather than error. as fraud involves intenb.onal Concealment. forgery. collusion. omisyon or mivepresentabon. The specific procedures for thi$ engagement that we designed and perfornd lo detect maten.al misstatements in respect of iTwularities, including fraud. were as follows.. Enquiry of management and those charged with go¥emance around actual and potenb.al lth"gab"on and claims". Enquiry of management and those charged ith govemance to idenirfy any material instance5 of noncompliance wth laws and regulations". Reviewing financial slatement disdosures and testing to supporting documentation to assess compliance Vlrth applicable laws and regulab"ons". Perfoming audit Voork lo add$$ the risk of irregularitses due to management override of controls. induding testing ofjournal entries and other adjustrnents for appropriateness. evaluating the business rab"onaFe of signifi¢¥nl transactions thtside the nomwl course of ivsiness and remwng accounting estimates for evidence of bias. A fijrther description of our respJn5ib1les for the aLKIit of the financial ststements is located on the Financial Reportj'ng Council's Kltbsite at." vA.frc. .uklauditorsres nsibilibes. This descnption forms part of our Audiloffs report. Use of our report This report is made solety to the thantsble companys mernbews, a5 a bth, in a¢cldare wth Chapter 3 of Part 16 of the Companies Act 2006. Our audit h35 been undertaken 30 that V•E might slate lo the charrtable company's members those matters we are requi to stste to Ihem in an Audilorfs POrt and for no other purpose_ To the fvlle51 extent permffted by law, do not aGGepl or assume re$ppnsibility lo any¢)ne other than the ¢harilable Company and its members, as a trdy, for our audit woth, for Ihts report, or for the opinions we have fomied. Darren O'connor Bsc IHon51 FCCA ACA Iseniw statutory audit} for and on behalf of Jame5 Co*TJer Krt0 Audit Chartered kcountsnts and Statutory Audrtty Reading Bndge House George Street Reading Berkshire RG1 8LS Date.. 31 Pa9e 9
ACRE HOUSING STATEMENT OF FINANCIAL ACTMTIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023 Restricted Unrestrict•d fund5 funds 2023 2023 Total funds 2023 Total funds 2022 Income frem: Charitable aclivrfies Investment income 1.072,871 3.767 1,072.871 3.767 1,063,350 Total in¢ome 1,076.638 1.076.638 1,063,404 Expndlturn on: Charitable acti¥eS 585.512 585,512 593.751 Total •xp•ndityv• 585.512 S85,S12 593,751 Net income Transfers between fvnds 491,126 812 491.126 469.853 10 18121 N•t movement in fvnds {812) 491.938 491.126 469,653 Reconciliation of funds: Totsl fvnds brought forward Net movement in fwd$ 595.6J6 (812) 10.111.464 491.938 11.407.100 491,126 10.937,447 469.653 Total lunds carrted fovvArd 594,824 11.303,402 11.898.226 11,407.100 The Statement of FLnan¢ial A¢b"wb"es includes all gains and losses recogntsed in the year. The notes on pages 13 to 26 fomi part of these finanrAal Statemen Page 10
ACRE HOUSING REGISTERED NUMBER: 02677365 BALAMCE SHEET AS AT 31 MARCH 2023 2023 2022 Note Fixed 48sets Tan9.ble assets 12.277.547 12.320.652 Debtors Cash at bank and in hand 87.786 990.004 70,598 566,737 1.077.790 637.335 credito.. anN)unts falling due within one year (294.315) {269,398} Ilet current a8¥¢ts 783,405 367.937 Total assets less current liabilitie5 13.060,952 12,688,589 Creditors.. amounts falling due after more than one year 11.162.726} 11,281,489) Total net assets 11,198,226 11,407,11)0 Charity funds Restricted fiJn¢Js Unrestricted funds 10 10 594.824 11.303.402 595,636 10,811,464 Total fund5 11.898.226 11,407,100 The financial 5tstemen15 have been prepared in acc(Ydance T*kn the pwsions applKable to entities subject to the small companres regime. The financial statements were approved and authorised for issue ty the Trustees and sbgned on their behalf by.. ASBryan Trustee J Pozzoni Trustee The notes on pages 13 to 26 forni part of these finan1 statements. Page11
ACRE HOUSING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 PIARCH 2023 2023 2022 Cash flo from operating activities Net cash generated from operab.ng activ"e$ 13 S06.946 552,413 C•sh fl¢)m froffl investing activities Proceeds from the sale of langible fixed assets Purchase of tangible fixed assets Intere51 Teceived Bank Charges 157,000 (89.7051 3.767 11,78fj1 {377,8991 54 11,7471 Net cash provided tsyllused in) investing activiti•s 69.274 1379.592} Cash floY•7 fnxn financing activiti•s Repayrnents of bjrrwng Interest paid {142,818) (41.971} 138.0021 Net cash used in financing activities 1152.9531 1184.7891 Change In c*sh and cash equivalents in the year Cash and cash eqUivalts * the begnning of the year 423.267 111.9681 578,705 S66.737 C•sh and cash eqtsivalents at the end of the ye•r 14 990.004 566.737 The notes on pages 13 to 26 form part ol these financaal statements Page 12
ACRE HOUSIMG NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AIARCH 2023 A¢¢ounllng poli¢i•s 1.1 Basis of preparnlion of fiNn¢i•l $tstements The financial 5talement5 have been prepared in a¢¢ordan¢e the Charities SORP IFRS 1021- Accounting and Repo.ng ty Charities". Statement of Recommended Practsce applicable lo charth'es prepanng their accounts in accordance *ith the Finanaal Reporb"ng Standard applicable in the UK and Republic of Ireland {FRS 102) (effectwe 1 January 2019), the Financral Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the compan Act 2006. Acre Houng meets the definitiun uf a public benefft entsty under FRS 102. Assets and liabilth"e$ are inilialty COgnised at historical cost or transath'on value lesS othephise stated in the leVallt arGounting policy. 1.2 Income All income 1$ recognised on¢e the Company ha$ entthment to the income, it is probable that the income will be rKeived and the amount of income receivable can be measured reliabty. Incoming Tesources represent income recei¥able from fvnd raising. Donations and gifts. interest received, renlal income and housing benefits. Grants and OallOnS ceiVable are induded in Ihe year in tAthich the offer is conveyed to the Charity, except in those cases where the offer has Cond.0ns, such as grants and donation$ being recognised as income vthen the Cond"0n3 have been fuffilled. Grants and donations offered subject to condits.ons which have not been met at the year end are not induded in the financial statements. 1.3 Exp•ndltyre EXpendrtu is recognised once there i8 a gaI or constructive obligation lo transfer economic benefit lo a third party. it 15 probat)le that a transfer of economic benefits wll be required in settlement arKI the arnounl of ihe obligab.on can be measured reliabty. Expendrture is dassified by activity. The Costs of each 3th.vity a made up of the total of direct costs and shared costs, induding 5UPPOrt costs involved in undertakn'ng each activty. Direct costs attributable lo a Single activity are allocated directly to that ath'vty. Shared costs wh¢ch corrtritxrte lo more than one acbvity and suppc+rt costs which a not attnbutsble to a single actiwty are apporlioned between those aGti¥itie$ on a basis consistent wilh the use of resources. Central staff costs are alkxated the basis of time $penL and depreciats.on charges allocated on the of the asset's use. Expenditure on tharitable actrlrbes is Curred on directty undertakn.ng the a¢tiwb"e$ which further the Companys ok4'ectives, as VRII as any associated support costs. Grants payable are charged in Ihe year when the offer 1$ made except in those cases where the offer is condrtional, such grants being renIsed as expendrture vthen the condth'ons attaching are ffille(J. Grants offered subject to conditions which have not been met at the year end are noted as a conHnrtment, but not ac¢Ned 89 expenditu. All expenditu is indusi¥e of irre¢o¥erable VAT. 1.4 Interest rn¢eivabl• Interest fvnds held on deposit is induded revatIe aThJ the amount can be measured reliably by the Company,. this is normalFy nobficab.on of the interest paid or payable by Ihe instilulw Wth lthom the funds are depogted. Pa9e 13
ACRE HOUSING NOTES TO THE FIIIANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accounting policies Icontirndl 1.5 Tanglble fixed assets and depre¢latl¢n Tangible fixed assets a initialty recognised at cost. After recognition. under the cost model. tsngible fixed assets are measured at cost less accumulated depreaab.on and any accumulated impaim)ent losses. Ml costs incurred to bring a tangible fixed asset into rts irrtended working condition should be inCded in the measurement ol c05t Depreualion is charged so as to lo¢ate the cost of tangible fixed assets sS their residual value over their estimated useful INes, on a reducing balance basis. The ests"mated useful lives are as folb•S'. Long-temi leasehold properly - o¥ef the lemi of the lease Fixiures and frttings 15% reducing balance Deweciatton has not been pro¥Kled in respect ol freehold property. The company adopts a policy of ftjlly marntsining ils buildings and as such the resKlual value 15 50 high and the expeded useful life is $0 long, Ihal the depre¢iab"on charge be immaterial bolh In temis of the depreciats'on charged for the year and the cumulatrve charge to the balance sheet. The freehdd and long leasehold bUdingS are re¥iev•Èd annually for any signs of impaiment by the trustees. Items induded in ffixed assets are captslised vthere the purchase cost exceeds £1.000. vthere the expenditure is deemed to add to the market value of the pfoperty. Where works are carried out sperAficalty to meet the needs of current or incoming tenants the cost is vmtten off %then incurred. 1.6 Debtors Trade and other debtors are recognised at Ihe settlement amount after any trade discount offered. Prepayments are valued at Ihe amount prepaid net of any trade discounts due. 1.7 Cash at bank and in lund Cash at bank and tn hand includes cash and short-lerm highly liquid investment5 Wth a short maturity of three monlhs or less from the date ol acquisit or opening of the deposit (Y similar account. 1.1 Liabilits and pro¥i$i¢n$ Liabilities are recognised is an obligalion al the Balance sheel date as a result of a past event, it is probable that a transfer of economic benefft thill be required in settlernent. and the amount of the settlement can be estimated reliabty. 1.9 Financial instruments The Company ordy has financial assets [nCIal Ikibllrt5 of a .d that qualify as basic financial in51rument5. Basic financial instruments are inib.ally recognised at transocts.on value and 5ubsequentty rneasud al their settlement vdue the excepts.on of bank loans which are subsequently MeaSud at amortised Cost using the effedwe interest method. 1.10 Operating leases Rentsls paid under operabng leases are charged to the Statement of finantyal a¢ti¥ities on a straight line ba95 over the lease term. Page 14
ACRE HOUSING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 MARCH 2023 Accounting policies Icontinued) 1.11 Fund a¢¢ounting General funds are Un$trle1 funds are availab for use at ihe discrelion of the Trustees in fvrtheraftce of the geneol objeth'ves of the Company and vthich have not been deggnaled for other purposes. Designated funds crynprise unrestn.cted funds that have been set aside by the TTU5tee5 for particular purposes. The aim and use of each designated fvThl is set out in the notes to Ihe finanaal $tatements. Restncted fvnds are funds wthith a to be used in a¢cordan¢e wfjth specTfic restrictions imposed by donors or vknich have been wai5ed by the Company for particJJlar purposes. The cos15 of raising and administering such funds are charged against the specific ffijnd. The aim and use of each $tricted fund is set out in the notes lo the finanaal statements. Irwestmenl income. gain5 losses a allocated to Ihe appropriate fund. Critlcal accounting estimates and areas oljudgmont Estimates and judgments are continualty evaluated and are based on htstorical experience ar)d other factors, including expectatr.ons of future events that are belbeved to be reasonable under the rcumstances. Crilical accounting estimates and assuiwions.. In the applutton of the Charitys accounb"n9 policies. the trtsstees are required to make judgment5, eslim8les and assumpb"on$ aboLrt the Carrying amount of assets and liabilitie5 not readity apparent from other $our¢e$. The estsmates and assouated assumptions are based on histori¢al experience and other factors that are considered to be relevant. Actual resLIt5 may differfrom these estwnates. The Company makes estimates artd assumptions conmIng the future. The resutting accounting estimates and assumw'ons V•ill, by definition. seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabiljb.es wthin tr next ffinxièl yw are discussed belch¥. Critical areas of judgment.. The estimates and undety.ng 8ssumpb.ons a revied M an ongoing bas. Revssions to accounting e51imate5 are recognised in the pellod in %thich the esb.mate is revised Vthere the revision affects onty that period, or in the period of the rewsion and ftrture pericJs vknere the rewsion affects both current and futu periods. The most signfficant ests'mates and asSUmS affect the carrying amount of each assets and liabilrties In the accounts relates to.. Deprecialim - The annual depre¢atn ¢harge for propety. p&nt and equipment is sensrtive to change in the eslimaled useful economic lives and aU31 value of assets. These are reassessed annually and amended were necessary to reflect Current circumslances. Page 15
ACRE HOUSING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOEO 31 IMRCH 2023 Income from charitable aclivities Unrestrlcted funds 2023 Tolal funds 2023 Total fundy 2022 Accommodation pro¥ision and lated 5eNce5 1.072,871 1,072,871 1.063,350 Totsl 2022 1.063,350 1,063,350 Analysis of •xpenditswo on charitsbl? aGliviti•s Grant Oirect funding of Costs activiti•s 2023 2023 Support costs 2023 Total funds 2023 Total fund5 2022 A¢commodats"on proyision and related services 479,252 99,C60 7,200 585.512 593,751 Total 2022 487.932 98,999 6,820 593.751 Of the £585,5f2 experKled during the year £585,512 vras unrestricted (2022.. £593,751) A grant of £99,060 was paid during the year to Style AcTe12022.. £98.999). Page 16
ACRE HOUSING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Analysis of expenditure on charitabl• adi¥ities {continu•d) ATralysis of div•ct cyJts Total funds 202) Total lunds 2022 Rates and water Insurance 45.711 13.047 26,U2 26,551 280.965 65.275 38.898 12,613 25.764 26,953 240,806 65,261 12,522 21.397 Housing Tent Leasehold sendi¢e charges Repairs and renewals Adminislrats"on and housing management fees Legal and ProfeSOnal fees Depreciatron IGainlno$$ on sale of tsngible fixed assets Bank charges Loan interest 21,252 145.442) 1.788 38,002 1,747 41.971 479.252 487.932 Analysis ol support costs Totsl ftjnds 2023 Totsl funds 2022 Auditw, remunerati¢Jn General expenses 7.200 6.300 520 7.200 6,820 Trustees. remunerati¢)n and expenses During the year vJed 31 March 2023, no Trustees received any reMerab"On or other benefits12022 - £NILI. Dumg the year ended 31 Marth 2023. no Twstee eypenses have been inuJrred12022 - £NIL). Page 17
ACRE HOUSIIIG NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EIIOED 31 MARCH 2023 Tangible fix•d ass•ts Freehold property Long Fixtur•s and l•as•hold frttings Total Cost or valuation Al 1 April 2022 Add4tion$ Disposals 11,071.213 87.552 1,423,303 41.361 2.153 12.535.877 89,705 1132.5001 1132.500) At 31 Marth 2023 11,158,76S 1,290,803 43.514 12.493.082 Depreci•tion At 1 April 2022 Charge lor the year On disposals 201.430 16,841 120.9421 13.795 215,225 21,252 120.9421 At 31 March 2023 197.336 1fj,199 215.535 Net book valuè At 31 2023 11.158.765 1.093.467 25.315 12.277.547 AI 31 PAarth 2022 11.071.213 1.221,873 27.$66 12,320,852 The net book value represent5 fixed assets for direct thtle purposes. The trustees are of the oplOn that fehOld properties 7Aith a net book value of £11,158,765 have a market value giealef than or equal to thbs as at 31 March 2023. The freehold PTopertie5 a held at historic cost. The ITUStees are olthe opnion that leasehotd properties wlh a nel value of £1.093,467 have market value greater than Of equal lo this as at 31 March 2023. The long lease?Id properties are held at histori¢ ¢ost. The Directors have considered the basis on the properties ovmed by the Charity should be accounted for under FRS 102. Having reviewed the rental incorne paid by the tenants, the Directors have concluded that the properb.es are hdd for the prowyon of social beneffil and that they qualify as Propety (Tangible Fixed Assets) rather than as investrnent Properties." accordingty the building's carrying value 1$ slated al historic cost. Page 18
ACRE HOUSIIIG NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 2023 2022 Trade debtors Other debtS Prepayments and accrued income 7,266 1,615 61,717 10.633 54,113 87,786 70,598 Cr•dltovs". Amounts falling due *ithin on• yr 2023 2022 Bank loans Trade creditors Other CTe(lilor5 A¢wal$ and deferred income 116,833 24,822 138,966 13,764 113,021 14,341 124.285 17,751 294.38S 269.398 The bank knans are Secured against the freehc4d prop•e$ of the tharity. Page 19
ACRE HOUSING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Cr•ditors: Amounts falling du• aft•r mor• than onè year 2023 2022 Bank loans 982,726 180.000 1.101.489 180,000 Olher kians 1.162,726 1.281,489 Induded *hi¢P4n the atrYJve a amounts falling due as fojlm." 2023 2022 Beten one and two yea Bank loan$ 116.833 113,021 Betrhten tM> and five yeavs Bank loans 350.500 339,065 Over five yeavs Bank loans 515.393 180.000 649.403 180.000 Other loans The bank loan5 are secured against the freehold properb.es of the tharrty. Other loans relate to a continuing liabdty of £180.000 in Didcot. see page 4 of the Trustees. Report for lurlher details. Page 20
ACRE HOUSING NOTES TO THE FINANCIAL STATEftIENTS FOR THE YEAR ENDED 31 MARCH 2023 10. Statement of funds Statement of funds . cmnl year Balance al 31 March 2023 8alance at 1 April 2022 Transfers inllout) Itbctyne Expenditurn Unrestrl¢tsd funds O•signated funds Designated fvnds Designaled fvnd$- donated PTopwbes 7.087.177 610.655 7.698.532 3.713,587 1118,7171 3.594,870 10,801.464 491.938 11.293,402 General funds General fund 10.000 1,076,638 1585.512) 10.1)00 Tolal Unr¢strl¢ted funds 10,811.464 1,076.638 1585.512) 112 11.303.402 Restricted funds Charfes Road Hagboume Road Fir Te Avenue 201.470 71.083 25,000 82,299 41.$00 155.500 429 13.800 4,555 (1291 201.341 71.083 25.000 82.299 41.500 15S,SOO 429 8rad3tocks Way ade Road Bryan Way Slevenlon Road Virginia Way Ashfield Road 13.800 3.872 1683) 595.636 1812) 594,824 Total of fvnits 11.407.100 1.076,638 1585.512) 11,898.226 Page 21
ACRE HOUSING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 IIARCH 2023 10. Slatsm•nt ol funds (¢ontlnu•dl Statsm¢nt of fund$- prior year Balance at 31 March 2022 Balance at 1 Apiil 2021 Transfers inlthjt Inrne Expenditure Unrestri¢ted lundy D•signal•d funds Designated funds Designated fvnds- donated propert*s 6.609.250 478,627 7,087,877 3,721.605 18.0181 3.713,587 10.330.855 470.609 10,801,464 General funds General fund 10,000 1,062.869 1593,216) 1489,653) 10.000 Tolal Unrestvicted 10,340.855 1.062,869 1593.216) 956 10,811.464 RtrIcted funds Charfes Road Hagbourne Road Fir Tree Avenue Bradstock5 Way Slade Road Bryan Way Slevenlon Road Virginia Way Ashfield Road 201.622 71.083 25,000 82.299 41.$00 155.500 429 13.800 5.359 11521 201.470 71.083 25,000 82,299 41,500 155,500 429 13,800 4,555 (8041 596.592 1956) 595,636 Total of funds 10.937.447 1.062.869 (593,216) 11,407,100 Page 22
ACRE HOUSING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 10. Statem•nl of funds {continued) Purpose of rn%tricted furHI5: Charte5 Road: The fund5 received in respect of Charfes Road ha¥e been utilised and then capitalised within tsngible fixed assets underfreehold prq)ty. Included wthin restricted lunds in respect of Charfes Road is a donation for the pur¢hase of fixtures and fittings of £7.040. These lunds are being arno"$ed to matth the depreuatson being charged in the finanrjal statemen15 of £12912022." £152). Hagbwme Road: The funds recVed in respect ol Hagboume Road have been utsh5ed and then capitalise¢Y within tangible red assets under freehold property. Fir Tree Avènue: The funds received in respect of Fir Tree Avenue have been utilised and then calSed wthin tangible fixed assets under freehold property. Bradstocks Way: The lund$ e1ved in respect of Bradsiocks Way have been utih'sed then caprtalised 1n tsngiLle fixed assets under freehold property. Sl•de Road: The funds reiVed in respect of Skde Road have been uts'lised ar)d then caprtalised Tmthin tangit4e fixed assets under freehold propety. ryan Way." The funds received in respect of Bryan Way have been Lrtilsed and then caixtalised wthin tangible fixed assets under freehold propety. Steventon Road: The funds received in rey¢t of Slevenltr) Road have been utdised and then caimlalised V+ithin tangible fixed assets under freehdd propety. Viryinia Way: The fund5 received in respect of Virginia Way have Ixen uth.sed and then captslised wilhin tangible fixed assets under freehold property. Ashfield Road: Included within restrided funds in respect of Ashfield Road is a donats.¢ for the purthase of fixture$ fittings of £5,496. These funds are being amorb.sed to match Ihe deweaabon being Charged in Ihe finanual statements of £683 {2022'. £804). Page 23
ACRE HOUSING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 11. Summary Offd$ Summary offunds- cmnt y••r Balance at 31 March 2023 8alanc• at 1 April 2022 Tr4nsfevs inlout Income Expenditure Designated fvnd5 General fund$ Restricted fvnds 10.801.464 10.000 59S.636 491.938 11.293,402 1491.1261 10,000 (8121 594,824 1.076.638 1585.$12) 11,407.100 1.076.638 1585.5121 11,898.226 Summary of funds- prior year Balance at 31 March 2022 Balance at 1 Apnl 2021 Transfers inlout Inc¢xne Expenthlure Designated funds General fttnds Restricted fvnds 10,330,855 10,000 596.592 470.609 10.801,464 1469,6531 10.000 1956) 595,636 1.12,869 (593,216) 10,937.447 1,062.669 1593,2161 11.407.100 12. An•lysls of net assets betMn fwds Analy$i$ of nel assets beiween funds- cuvrent year Restricted Unrestricted fund5 fund$ 2023 2023 Totsl funds 2023 Tangle fixed assets Current assets Creditors due ithin one year Creditors due in more than one year 594,824 11,682,723 12,277,547 1,077.790 1.077.790 1294.385) 1294.3851 {1.162.7261 11.162.726) 594,624 11.303,402 11,898,226 Pa9e 24
ACRE HOUSING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 12. Analysis of net assets beteTh furKls Icontinuedl Analysis ol not ass•ts bet*pen funds- prior year Restrided Unrestri¢ted funds fund$ 222 2022 Total funds 2022 Tangible fixed assets Current assets 595.636 11,72S.016 12.320,652 637.335 637,335 1269.3981 (269,398) (1,281.4891 11,281,489) cditOrS due vthin one ye Credrtors due in more than one year Total 595.636 10.811,464 11,407,100 13. Reconc¢lialion of net mov¢ment In funds to n•1 ¢•sh flow from ¢)p•ratSng activlti 2023 2022 Nel income for the year las per Slatement of Financial Acb"vrties) 491.126 469.653 Adjustments for- DepreGialion tharges (Profit) on dispos Increase in debtor5 Increase in ¢reditOfS Inteiest received Interest paid Bk charges 21.2S2 145.442) 117.188) 21,175 13,767) 38,002 1,788 21,397 17,8471 25,546 (54) 41,971 1,747 Ilet cash provided by operating activities 506,946 552,413 14. Anatysls of c•$h and u$h equivalents 2023 2022 Cash in hand 990.1104 566.737 T¢)tal cash and cash equivalents 990.004 566.737 Page 25
ACRE HOUSING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 PURCH 2023 15. Analysis of changes in n•t debt At l April 2022 Cash flo At 31 March 2023 Cash at bank and in hd Debt due 7Mthin 1 year Debl due after I 566,737 1113,021) {1.281.489) 423.267 (3.812) 118.763 990,004 (116.8331 11.162.726) {827.773) 538.218 1289.5551 16. Operating lease commilments At 31 March 2023 the Company had commrtments to make ful minimum lease payments under non- ¢an¢ellable operating leases a$ fdlows". 2023 2022 Not later than 1 >Ear Later than 1 year and rLOt laterthan 5 year5 Later Ihan 5 years 31.636 42.510 91,743 25.911 38.247 93,198 165.889 157.356 17. Rèlated paty trans•clions Style Aue. a charitable company. provhje day to day executive managemerrt for Acre HOung and a deemed to be a related party. During the year the follth¥ing transacb.ons took place Imth Style Aue.. Administratson charges lotslling £65.275 (2022". £65,275) were charged by Slyle Acre in respect of general administration costs. induding hOUn9 and property management. Dunng the year Acre Housing made an unreslncted grant to Style kn of£99,06012022." £96,999). As at 31 PAarch 2023 8mount of £Nil was otd to st Aue (2022: £250). Style Acre Trading is a vtholty wied trading subsidiary of Style Acre. Style Acre Trading Limited have granted a tenancy to Housing for part of a buikling it own$. which Acre Housing in tum sublets 10 seNi¢e users in supported housing. During the year the folloing transactions took place Vliih Styrfe Acre Trading Limrted.. Hcwjsing rent and leasehdd serwce charges totalling £31.292 12022.. £30.9641 were charged by Style Acre Trathng Limited. Page 26