Registered number: 02677365 Charity number: 1010701 ACRE HOUSING TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 *ADBW6NE9• 18109r2024 COMPANIES HOUSE A32 #223 ACRE HOUSING CONTENTS Page Reference and admlnistrntive details of the Company, its Trustees and advisers Trnsteas. report Independent audito￿$ report on the financial statements Statement of financial activities 10 Balance Shoot Ststement of cash flow• 12 Notes to the financlal statements 13-26 ACRE HOUSING REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees ASBryan J Linton J Pozzoni M Sloddart Andrew Bryan retired in accordance with the Articles of Association at the 2023 Annual General meeting. The Trustee$ retlrlng by rotation at the next AGM in accordance ￿ryth the Articles of Association is Mark Stoddart. who is eligible to offer himself for re-elects'on. Company regl$t•red number 02677365 Charlty reglstered number 1010701 Reglstered office 1 London Street Reading Berkshi RG14PN Company Secretary S E Vandersteen Executlv• manag•m•nt and advice Chris Ingram, Chief Executive of Style Ac Sarah Stuart, Finance Director of Style Acre The trustees have engaged Style Acre to provide the day to day management of the Charity. As such, they have delegated the day to day management to Style Acre's executive directors Irom vthom they take advice concerning the management of the charity. Independent audltor James Cowper Kreston Audit Chartered Accountants and Ststulory Auditor Reading Bridge House George Street Reading Berkshire RG18LS Bankers National Westminster Bank PIC PO Box 13 30 Market Place Nevlbury Berkshire RG14 5AJ Page 1 ACRE HOUSING REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS (CONTINUEO FOR THE YEAR ENDED 31 MARCH 2024 Sollcitors Fleld Seymour Parkes The Old COrone￿S Court No. l London Street PO Box 174 Reading Berkshire RG14PN Page 2 ACRE HOUSING TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present Ihelr annual report together with the audited flnancial statements of Acre Housing for the year 1 April 2023 to 31 March 2024. The Annual report serves the purpose5 of both a Trustees, report and a directors. report under company law. The Trustees confirm that the Annual report and financial statements of Ihe charitable company comply with the current statutory requirement5, the requirements of Ihe charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance vmth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). OBJECTIVES AND ACTIVITIES Charitable objects The Charity is established to relieve the needs of persons wilh leaming disabilities by.. 1. the provision, maintenance and management ol residential accommodation specifically for those individuals: 2. the provision of advice and assistance in matters relating to their housing needs. Charltablo •ctlvltles Operating in Oxlordshire, Acre Housing has been providin9 specialised housing for adults with learning disabilits'es since 2004. Beneficiaries are able to approach us directly for help or via their care manager. At the year end, Acre Housing owned or rented 42 properties that provide homes for 127 lenants, all of bthom are adults with learning disabilities and a wide variety of Conditions such as autl$m, cerebral palsy, dementia and Down's syndrome. Publ1¢ b•n•flt Acre Housing provides rented housing for adults aged over 18 years with a learning disability regardless of sex, financial means, sexual orientation or ethnic background. Potential tenants are able to ask the charity directly for housing or to approach us through their care manager. Being able to live in their own home is a great benefit to the people we support as, historically, they have been a group of people for vthom housing has been difficult to obtain. Acre Housing gives a new lease of life to its tenants, providing them with specially adapted accommodation to suit their individual needs and requirements. The charity is only limited in rts ability to provide housing by its income and donations. The provision of housing is also of greal benefit to the families of the people we house as they may have been the main carers for many years and this enables them to feel reas$ured for the long term future of their relative. We also provide tangible benefits to local communities which gain from the overall experience of getting io know people wth leaming disabilities (vtho now live amongst them) and recognising that they have the same rights of access to the local community as every other member of society. If people with learning disabilities and other associated conditions were not SUPPOrted to live in ordlnary houses Ihey would be at risk of being forced into more institutionalised fomis of care. In preparing these financial statements and their report, the Trustees confirm that they have had regard to the Charity Commission's guidance on public benefit and that they consider that Ihe objects'ves and actsvities of Acre Housing have historically and continue to fall wthin the scope of that guidance. ACHIEVEMENT AND PERFORMANCE Operatlng review The year end 31 March 2024 has been another successful year for Acre Housing with all of our tenants enjoying lots of activities and enjoying the homely nature and specialist features of their homes. All of the properties in our portfolio continue to be Y￿11 maintained. The annual maintenance programme has continued throughout the year and remedial v￿rkS and adaptations have been carried out as needed. The charity has not conducted any fundraising activities during the year, as there were no major projects to 5UPPQrt. Page 3 ACRE HOUSING TRUSTEES, REPORT ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 During the year, Acre Housing purchased one property in Didcot for someone who was already supported by Style Acre to move into vthen they came to the end of a private lease with a third party landlord. In addition, a new property was leased in Wallingford to temporary house a tenant vthile repairs from flooding were carried out on the property they lived in. No other properties were purchased or leased during the year as Style Acre focused on maintaining the quality of the cu￿ent services in light of pressures on the recruitment of staff. This was supported by refurbishment and development works at a number of houses across ihe portfolio, in particular at one of our properties in Didcot. All refurt)ishments and developments have resulted in the properties better meets'ng the needs of the tenants and improvements in the support able to be provided. The Trustees revlew the portfolio each year to determine if all properties are required going forwards to meet the objectives of the Charity. No properties were sold during the year however one has been identified to be sold in the coming year due to flood risk. Feedback is given to the charity if there are any concerns about properties by the support providers vtho facilitate tenani groups. There has been no negalive feedback to date. The properties were visited a minimum of three times per annum to check their condition and to establigh a redecoration and refurbishment programme. With ever increasing utility costs and a focus on reducing environmenlal impact we continued V￿th the installation of smart meters and smart thermostats. In addition, fire risk assessments a have been carried out and remedial works if needed are underway. FINANCIAL REVIEW Financial posltlon The trustees are very happy that robu81 Ilnancial procedures are in place and that the charity Is financially secure. Detailed financial infomation is made available at each trustee meeting, with perfomiance against budget monitored closely. The majority of the charity's Income is derived from Tental income from the properties vthich are let to people with learning disabilrties. Thls year this has amounted to £1,080,528 and the remaining income has arisen from interest earned of £17,127 and other income of £nil. No properties were disposed of during the year. One property VRS acquired during the year. Cash reserves have increased to £848,345 during the year. Addltlonally, the charity recognises a continuing liability of £180,000 in Didcot. This is for a grant made by the Secretary of State for Heallh ￿en the property wa5 originally purchased, which is secured by a covenant and charge over the propety. The covenant states that the grant is an interest free loan, which is repayable in the event that the property is sold, unless the purchaser continues to use the property for the purpose of providing supporting living. In these circumstances, the liability represented by the covenant and charge over the property can be transferred to a new owner. Reserves pollcy Total funds of Acre Housing Stood at £12,285,866 at 31st March 2024. The trustees have a policy of retaining unrestricted funds of £10,000 towards the cost of maintaining the organisation's properties. Restricted and designated funds are recorded and reported separately. FUTURE PLANS During the prior year the Trustees reviewed their strategy for the next two years, reco9nising the financial pressures vthich the local authonty and &ire providers operate under, and how this may irnpact housing demand. both in the nature of the properties required and their location. The Trustees also reviewed the charity's overall property portfolio to consider how well individual properties are performing and how well they fit with housing demand from our target resident group. Part of our strategy is to incorporate self IISAS (UKI) and appllcable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in Ihe Unlted Kingdom. including ihe Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance wilh these requirements. We believe that the audit evidence we have oblained is 5ufficlent and appropriate to provlde a basis for our opinion. Conclusions relating to going concern In audlting the financial statements, we have concluded thal the Trustees, use of the going concern basis of accounting in the preparation of the financial statements 15 appropriate. Based on the work y￿ have performed, V￿ have nol identified any materlal uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least bNelve months from ￿en the financial statements are authorised for issue. Our responsibilitses and the responsibilities of the Trustee$ with respect to going concern are described in the relevant sections of ihis report. Other infomatlon The other infomiation comprises the information included in the Annual report other than the financial statements and our Auditors report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on Ihe financial slatemenls does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any fomi of assurance conclusion thereon. Our responsibility is to read the other information and, in doing $0, consider whelher the other information is materially inconsistent V￿th the financial statements or our knovAedge obtained in the course of the audit, or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to delermine thelher this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nolhing io report in this regard. Page 7 ACRE HOUSING INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ACRE HOUSING (CONTINUED) Opinion on other matters prescribed by the Companies Act 2006 In our opinion. based on the V￿rk undertaken In the course of the audil.. the information given in the Trustees. Report for the financial year for which the financial statements are prepared is Consistent with the financial statements. the Trustees, Report has been prepared In accordance wth applicable legal requirements. Matters on whlch we are requlred to report by exceptlon In the Ilght of our knowledge and understanding of the charitable company and its envlronment obtained in the course of the audrt, we have not identified material misstalemenls in the Trustees, Report. We have nothing lo report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if. in our opinion.. adequate accounting records have not 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 certain disclosures of Trustees, remuneration Specified by law are not made; or we have not received all Ihe information and explanations V￿ require for our audit., or the Trustees were not entitled to prepare the financial statements in accordance wth the small companies regime and take advantage of the small companies, exemptions in preparing the Trustees, Report and from the requiremenl lo prepare a Strategic Report, Respon$lbllltleg of trustees As explained more fully in the Trustees, responsibilities statement, the Trustees {who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of Ihe financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees delermine is necessary to enable the. preparation of financial statements that are free from material misstatement, vthether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the chartsble company's ability lo continue as a going concern, disclosing, as applicable, matter$ related to going concern and using the going concern basis of accounting unless Ihe Trustees eilher intend to liquidate the charltable company or to cease operations, or have no realistic aliernative but to do so. Page 8 ACRE HOUSING INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ACRE HOUSING ICONTINUED) Auditovs responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material rnisslatement, whether due to fraud or error, and to issue an Auditor's report Ihat includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) wll always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Because of Ihe inherent limitations of an audit, there is a risk that we will not delecl all irregularities, including those leading to a material misslalement in the financial statements or non-compliance Mlh regulation. This risk increases the rnore that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurrin9 due to fraud rather than error, as fraud involves intentional concealment. forgery, collusion, omission or misrepresentation. The specific procedures for thi5 engagement that we designed and perfonned to detect material misstatements in respect of irregularitses, including fraud. were a$ follobVS'. Enquiry of management and those charged with governan¢e around actual and potential litigation and claims., Enquiry of management and those Charged with governance to identify any material instances of noncompliance with laws and regulations., Reviewing financial statemenl disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations., Performing audit vnrk to address the risk of irregularities due to management override of controls, including testing of journal entrie5 and other adjustments for appropriateness. evaluating the business rationale of significant transactions outside the normal course of business and reviewing ac¢ountlng estimates for evidence of bias. A further description of our responsibilities for the audit of the financial slalements is located on the Finan¢lal Reporting Council's website at.. vMw.frc.or .uklauditorsres onsibililies. This descripiion loms part of our Auditor's report. Use of our report This report is made solely to the charitable Company's members, as a body, in accordance viith Chapter 3 of Part 16 of the Companies Acl 2006. Our audit work has been undertaken so that we might State to the charitable company's members those matters we are required to state to them in an Auditor's 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 its members, as a body, for our audit vnrk, for this report, or for the opinions we have fomed. Darren O'connor Bsc (Honsl FCCA ACA (Senior statutory audltor for and on behalf of James Cowpèr Kroston Audlt Chartered Accountants and Statutory Auditor Reading Bridge House George Street Reading Berkshire RG1 8LS Date.. Page 9 ACRE HOUSING STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 Restricted Unrestricted lunds funds 2024 2024 Total funds 2024 Total funds 2023 Note Income from: Charitable activities Irbvestment income 1,080,528 17,127 1.080,528 17,127 1,072,871 3,767 Total income 1,097,65S 1,097,655 1.076,638 Expenditure on: Charitable activities 710.015 710,015 585,512 Total expendlture 710,015 710.015 585,512 N•t Income Transfers between funds 387,640 691 387,840 491,126 10 1691) Not movement In lunds 1691} 388,331 387.640 491.126 Roeonclllatlon of funds: Total funds brought forward Net movement in funds 594.824 (691) 11,303,402 388,331 11,898,226 387,640 11,407,100 491,126 Total fund8 carrled forward 594,133 11,691,733 12,285,866 11,898,226 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 13 to 26 fomi part of these financial statements. Page 10 ACRE HOUSING REGISTERED NUMBER: 02677366 BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Not• Fixed assets Tan9ible assets Current assets 12,659,691 12,277,547 Debtors Cash at bank and in hand 80,965 848,345 87,786 990,004 929,310 1,077,790 Creditors.. amounts falling due wothin one year 1320,803) 1294,385> Net current assets 608,507 783,405 Total a8$ets lass current Ilabilitlo$ 13,268,198 13,060,952 Creditors.. amounts falling due after more than one year (982,332) (1,162,726) Total net assets 12,285,866 11,898,226 Charlty funds Restricted funds Unrestricted funds 10 10 594,133 11,691,733 594,824 11,303,402 Total funds 12,285,866 11,898,226 The financial statements have been prepared in accordance with the provisions applicable to entits'es subjecl to the small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. M Stoddart Trustee Trustee The notes on pages 13 to 26 form part of these financial statement5. Page11 ACRE HOUSING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Note Cash flows from operatlng activities Net cash generated from operating activitie$ 13 450,739 506,946 Cash flows from investlng activities Proceeds from the sale of tangible fixed assets Purchase of tangible fixed assets Interest received Bank charges 157,000 189,705) 3.767 {1.788) 1385,2271 17,127 Nat cash lusod In)Iprovlded by Investlng acllvltle• 1368,100) 69,274 Cash flows from finan¢lng actSvitles Repaymentg of borrowing Interest paid 1192,951) 131,347) (114,951) (38,002) Net cash us•d In financing a¢tlvltl•8 1224.298) (152,953) Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning oflhe year 1141.659 990,004 423,267 566.737 Cash and cash equlvalents at th• •nd of the year 14 848,345 990.004 The notes on pages 13 to 26 form part of these financial statements Page 12 ACRE HOUSING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policlos 1.1 Basis of preparation of financial statements The financial slalements have been prepared in accordance with the Charilies SORP (FRS 102) Accounting and Reportlng by Charities. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance wrth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Stsndard applicable in the UK and Republic of Ireland {FRS 102) and the Companies Act 2006. Acre Housin9 meets the definition of a public benefit entity under FRS 102. A55ets and liabilities are initially recognised at historical cost or transaction value unless Otherw￿Se stated In the relevant accounting policy. 1.2 Incomo All income is recognised once the Company has enliuement to the income, it is probable that the income viill be received and the amounl of income receivable can be measured reliably. Incoming resources represent income receivable from fund raising, donations and gifts, interest received. rental income and housing benefits. Grants and donations receivable are included in the year in ￿thIch the offer 15 conveyed to the Charity, except in those cases where the offer has conditions, such grants and donations being recognised as income when the conditions have been fulfilled. Grants and donations offered subject to conditions %thich have not been met at the year end are not included in the financial statements. 1.3 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and Ihe amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute lo more than one aclivity and support costs which are not attributable to a single activity are apportioned between those aclivilies on a basi$ consistent with the use of resources. Central staff costs are allocated on the basis ol time spent. and depreciation charges allocated on the portion of the assel'5 use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associaled support costs. Grants payable are charged in the year %then the offer is made except in those cases where the offer is condikn'onal, such grants being recognised as expenditure vlhen the condition5 attaching are fulfilled. Grants offered subject to Conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. l expenditure is inclusive of irrecoverable VAT. 1.4 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company; Ihis is normally upon notificats'on of the interest paid or payable by the institution with whom the funds are deposited. Page13 ACRE HOUSING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcies {contlnued) 1.5 Tangible fixed assets and dèpreciation Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate Ihe cost of tangible fixed assets less their residual value over their estimated useful lives, on a reducing balance basis. The estimated useful lives are as follows: Long-term leasehold property Fixtures and fittings over the term of the lease 15% reducing balance Depreciation has not been provided in respect of freehold property. The company adopts a policy of lully maintaining Its buildings and as such the residual value 1$ so high and the expected useful life 13 so long, thal Ihe depreciation charge would be immaterial both in terms of the depreciation charged for the year and the cumulative charge to the balance sheet. The freehold and long leasehold buildings are reViev￿d annually for any signs of impaimient by the trustees. Ilems included in fixed assels are capitalised vhjere the purchase cost exceeds £1,000, ￿ere the expenditure is deemed to add to the market value of the property. Where works are carried out specifically to meet the needs of current or Incoming tenants the cost is written off 4then incurred. 1.6 Debtorn Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayment5 are valued at the amount prepaid net ol any irade discounls due. 1.7 Cash at bank and In hand Cash at bank and in hand includes cash and short-tem) highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 1.8 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlemenl, and the amount of the settlement can be estimated reliably. 1.9 Flnanclal instruments The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exceplion of bank loans )thi¢h are subsequently measured at amortised cost using the effective interest method. 1.10 Operating leases Rentals paid under operating leases are charged to the Statement of financial activities on a straight line basis over the lease term, Page 14 ACRE HOUSING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles (continued) 1.11 Fund accounting General funds are unreslricted funds which are available for use al the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance V*ith specific restrictions imposed by donors or vthich have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restn'cted fund is Set out in the notes to the financial slatemenls. Investment income, gains and losses are allocated to the appropriate fund. Crltlc•l •¢countlng estlmates and areas of Judgment Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circum$lan¢es. Criti'cal accountin9 estimates and assumptions: In Ihe application of the Charity's accounting policies, the trustees are required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities not readily apparent from other sources. The estimates and associated assumption$ are based on historical experience and other factors thal are considered to be relevant. Actual results may differ from these estimates. The Company makes estimates and assumptions concerning the future. The resulting accounting eslimate5 and assumptions will, 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 amount$ of assets and liabilities vththin the next financial year are discussed below. Crits'cal areas of judgment.. The estimates and underlying assumption5 are reviewed on an ongoing basls. Revisions to accounting estimates are recognised in the period in ￿lch the estimate is revised ￿ere the revision affects only that period, or in the period of the revision and future periods vthere Ihe revision affects both current and future periods. The most significant estimates and assumptions which affect the carrying amount of each assets and liabilities in the accounts relates to.. Depreciation The annual deprecation charge for property, plant and equipment IS sensitive to change in the estimated useful economic lives and residual value of assets. These are reassessed annually and amended wRre necessary to reflect current circumstances. Page 15 ACRE HOUSING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from charitable actlvitles Unre$trfcted funds 2024 Total funds 2024 Total funds 2023 Accommodation provision and related services 1,080,528 1,080,528 1,072,871 Tolal 2023 1,072.871 1,072,871 Analysls of oxpendlture on ch•rltable activilles Grant Direct funding of costs activitieg 2024 2024 Support costs 2024 Total funds 2024 Total lunds 2023 Accommodation provision and related services 587,121 115,478 7,416 710,015 585,512 Total 2023 479,252 99.060 7,200 585,512 Ofthe £710,015 expended during the year £710,015 was unrestricted {2023'. £585,512) A 9ranl of £115,478 was paid during the year to Style Acre {2023.' £99.060). Page 16 ACRE HOUSING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysls of èxpenditurn on charltable activltl88 (continued) Analysis of direct Costs Total funds 2024 Total fund5 2023 Depreciation Rale5 and waler Insurance Housing rent paid Leasehold seNice charges Repairs and renewals Administration and houslng rnanagement fees Legal and professional fees (Gain>llos5 on sale of tangible fixed assets Bank charges Loan interest 3,083 42,709 14,919 34,318 26,329 365,332 65,274 2,098 21,252 45,711 13,847 26,842 26,551 280,965 65,275 4,461 {45,4421 1,788 38,002 1,712 31.347 587,121 479,252 Analysls of support CO8ts Total fund• 2024 Total fund$ 2023 Auditors, remuneratlon 7,416 7,200 Trustoos, remuneratlon and expen$•s During the year ended 31 March 2024, no Tnjstees received any remuneration or other benefits (2Q23 - £NIL). During the year ended 31 March 2024, no Trustee expenses have been incurred (2023- £NIL). Page 17 ACRE HOUSING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Tangible flxed assets Freehold property Long Flxtures and leagehold flttlngs Total Cost or valuatlon At 1 April 2023 Additions 11,158,765 385,227 1.290,803 43,514 12,493,082 385,227 At 31 March 2024 11,$43,992 1,290.803 43,514 12,878,309 Depreclatlon At 1 April 2023 Charge for the year 197,336 1667) 18,199 3.760 215,635 3,083 At 31 March 2024 196,669 21,949 218,618 Not book value At 31 March 2024 11,543,992 1,094,134 21,565 12,659,691 At 31 March 2023 11,158,765 1,093,467 25,315 12,277,547 The net book value represents fixed asset5 used for direct charitable purposes. The Irustees are of the opinion that freehold properties with a net book value of £11.$43,992 have market value greater Ihan or equal to this as at 31 March 2024. The freehold propertses are held at historic cost. The trustee5 are of the opinion that long leasehold properties with a net book value of £1,094,134 have market value greater than or equal to this as at 31 March 2024. The long leasehold properties are held at historic cost. The Directors have considered the basis on which the properties owned by the Charity should be accounted for under FRS 102. Having reviewed the rental income paid by the tenant5, Ihe Directors have concluded that the properties are held for the provision of social benefit and that they qualify as Property (Tangible Fixed Assels) rather than as investment Properties., accordingly the building's carrying value is stated at historic cost. Page 18 ACRE HOUSING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Debtors 2024 2023 Trade debtors Other debtors Prepayments and accrued income 14,230 7,150 59,585 23,040 10,633 54,113 80,965 87,786 Credllors: Amount• falllng due wlthln on• year 2024 2023 Bank loans Trade creditor8 Other creditors Accruals and deferred income 104,276 13,200 155,164 48,163 116,833 24,822 138,966 13,764 320,803 294,385 The bank loans are secured against the Ireehold properties of the charity. Page 19 ACRE HOUSING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Creditors: Amounts falling due after more than one year 2024 2023 Bank loans Other loans 802.332 180.000 982.726 180,000 982.332 1,162.726 Included within the above are amounts falling due as follows.. 2024 2023 8•tw•en on• and two yoarn Bank loans 104,277 116,833 Between two and five years ank loans 312,830 350,500 Over flve years Bank loans Other loans 385,225 180,000 515,393 180.000 The bank loans are secured against the freehold properties of the charity. Other loans relate to a contlnuing liability of £180,000 in Old¢ot, see page 4 of the Tru5tees' Report for further details. Page 20 ACRE HOUSING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. Stalement of funds Statement of funds - current year Balance at 31 March 2024 Balance at 1 Aprll 2023 Transfers inl{out) Income Expenditure Unrestricted funds Designated funds Designated funds Designated funds- donated propertie$ 7,698,532 394,278 8,092,810 3,594,870 15,947) 3,588,923 11,293,402 388,331 11,681,733 General fund8 General fund 10,000 1,097,65S {710,015) 1387,640) 10,000 Total Unrestricted funds 11,303.402 1,097,655 1710.015) 691 11,691,733 Reslrlct•d funds Charles Road agbourne Road Fir Tree Avenue Bradstocks Way Slade Road Bryan Way Steventon Road Virginia Way Ashfield Road Loyd Road 201,341 71,083 25,000 82,299 41,500 155,500 429 13,800 3,872 1731) 200,610 71,083 25,000 82,299 41,500 155.500 429 13.800 3,291 621 {5811 621 594,824 {691 694,133 Total of funds 11,898,226 1,097,655 1710,01 S) 12,285,866 Page 21 ACRE HOUSING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. Statemont of funds Icontinued) Statemont of funds - prior y•ar Balance at 31 March 2023 Balance at 1 April 2022 Transfers inlout Income Expenditure Unrestrlctod fund• Designated funds Designated funds Designated funds - donated properties 7,087,877 610,655 7,698,532 3,713,587 <118,717) 3,594,870 10,801,464 491,938 11.293,402 Gonoral funds General fund 10,000 1,076,638 (585,512) (491,126) 10,000 Total Unrestrictod lunds 10,811,464 1,076,638 (585,512) 812 11,303,402 Restricted funds Charles Road Hagbourne Road Fir Tree Avenue Bradstocks Way Slade Road Bryan Way Steventon Road Virginia Way Ashfield Road 201,470 71,083 25,000 82,299 41,500 15S,500 429 13,800 4,555 (129) 201,341 71,083 25,000 82,299 41,500 155,500 429 13,800 3,872 {683) 595,636 {812) 594,824 Totsl of funds 11,407,100 1,076,638 (585,512) 11.898,226 Page 22 ACRE HOUSING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. Statement ol lunds Icontinued) Purpose of restricted funds: Charlos Road: The funds received in respect of Charles Road have been utilised and then capitslised vththin tangible fixed assets under freehold property. Included within restricted funds in respect of Charles Road is a donation for the purchase of fixtures and fittlngs of £7,040. this was Iransferred to Loyd Road during Ihe year. These funds have been amortised to match the depreciation being charged in Ihe financial statements of £nil (2023: £129). Hagbourne Road: The funds received in respect ol Hagbourne Road have been utilised and then capitalised within tangible fixed assets under freehold property. Fir Tree Avenu•: The funds received in respect ol Fir Tree Avenue have been utilised and then capitalised within tangible fixed assets under freehold property. Bradstocks Way: The funds received in respect of 8radstocks Way have been utilised and then capitalised wrthln tangible fixed assets under freehold property- Slade Road: The funds received In respect of Slade Road have been utilised and then capilali$ed within tangible fixed assets under freehold property. Bryan Way: The funds received in respect of Bryan Way have been utilised and then capitallsed within tangible fixed assets under freehold property. Stevonton Road: The funds received in respect of Steventon Road have been utilised and then capitslised wthin tangible fixed assets under freehold propety. Vlrglnia Way: The funds received in respect of Virginia Way have been utilised and then capitalised wthin tangible fixed assets under freehold property. Ashfield Road: Included wthin restricted funds in respect of Ashfield Road is a donation for the purchase of fixture5 and fittings of £5,496. These funds are being amortised to match the depreciation being charged in the financial statements of £581 {2023'. £683). Loyd Road: Included within restricted funds in respect of Lloyd Road is a donation for the purchase of fixtures and fittings of £7,040 transferred from Charles Road during the year. These funds are being amortised to mal¢h the depreciation being charged in the financial stalements of £11012023.. £nil). Page 23 ACRE HOUSING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 11. Summary of funds Summary of fund5 - ¢urrent year Balance at 31 March 2024 Balance at 1 April 2023 Transfers inlout Income Expendituro Designated funds General funds Restricted funds 11,293,402 10,000 594,824 388,331 11,681,733 1387,640) 10,000 16911 594,133 1,097,655 (710,015) 11,898,226 1,097,655 1710,0151 12,28S,866 Summary of fund• - prlor y•ar Balance at 31 March 2023 Balance at 1 April 2022 Transfers inlout Income Expendilure Designated funds General funds Restricted funds 10,801,464 10,000 595.636 491,938 11,293,402 (491,126) 10,000 <812) 594,824 1,076,638 (585,512) 11,407,100 1,076,638 <585.5121 11,898,226 12. Analysls of net assets between funds Analys18 of n•t a8S•tg botwoen funds - current p•rlod Restricted Unrestrlcted funds funds 2024 2024 Total funds 2024 Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year 594,133 12,065,558 12,659,691 929,310 929,310 (320,803) 1320,803) (982,3321 1982,332) Total 594,133 11,691,733 12,285,866 Page 24 ACRE HOUSING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12. Analysis of net assets between funds (continued) Analysls of net assets botween fund¥ - prlor period Restricted Unrestricted funds funds 2023 2023 Total funds 2023 Tangible fixed assets Current assets Creditors due within one year Creditors due in more Ihan one year 594,824 11,682,723 12,277,547 1,077,790 1,077,790 (294,3851 (294,385) (1.162.726) (1.162,726) Total 594,824 11.303.402 11,898.226 13. Reconciliation of net movement In funds to net cash flow from op•ratln9 activities 2024 2023 Net income for the period (as per Statement of Flnancial Activities) 387,640 491,12S AdJustmont• for: Depreciation charges (Profit) on disposal Decreasel(increase) in debtors Increase in creditors Interest received Interest paid Bank chargeg 3,083 21,252 {45,442) (17,188) 21,175 (3,767) 38,002 1,788 6,821 38,975 117,127) 31.347 Net cash provlded by operatlng activiti•$ 450,739 506,946 14. Analysls of cash and cash equlvalents 2024 2023 Cash in hand 848,345 990,004 Total cash and cash equivalents 848.345 990,004 Page 25 ACRE HOUSING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 1 S. Analysls of changes in net debt At 1 Aprll 2023 Cash flows At 31 March 2024 Cash at bank and in hand Debt due within 1 year Debt due after 1 year 990,004 (116,833) {1.162,726) (141,659) 12,557 180,394 848,345 (104,276) (982,332) (289,555) 51,292 (238.263) 16. Operatlng1oas• commitments At 31 March 2024 the Company had cornmitments to make future minimum lease payments under non- cancellable operaling leases as follows.. 2024 2023 Not later than 1 year Later than 1 year and not laler than 5 years Later than 5 years 15,468 46,749 86,181 31,636 42,510 91,743 147,398 165.889 17. Related party transactions style Acre, a charitable company, provide day to day executive management for Acre Housing and are deemed to be a related party. During the year the following transactions took place with Style Acre.. Administration charges totalling £65,275 <2023: £65,275) were charged by Style Acre in respect of general administration costs. including housing and property management. During the year Acre Housing made an unrestricted grant to Style Acre of £115,478 {2023'. £99,060). Style Acre Trading 15 a wholly owned trading subsidiary of Style Acre. Style Acre Trading Limited have granted a tenancy to Acre Housing for part of a building it ovms, vthich Acre Housing in turn sublets to service users in supported housing. During the year the following transactions took place with Style Acre Trading Limited.. Housing rent and leasehold service charges totalling £32,273 (2023.. £31.292) vRre Charged by Style Acre Trading Limited. Page 26