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← The Housing Associations' Charitable Trust

2025-03-31-accounts

Registered Charity No.1096829 Registered Company No. 4560091 (England and Wales)

HOUSING ASSOCIATIONS’ CHARITABLE TRUST

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MARCH 2025

HOUSING ASSOCIATIONS’ CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

CONTENTS Pages
Legal and administrative details 3
Report of the trustees 4 - 28
Independent auditors’ report 29 - 32
Consolidated Statement of financial activities 33
Balance sheets 34
Statement of cash flows 35
Notes to the financial statements 36 - 52

HOUSING ASSOCIATIONS’ CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

LEGAL AND ADMINISTRATIVE DETAILS

The Housing Associations’ Charitable Trust Limited (HACT) is registered as a charity; charity registration number: 1096829; company registration no: 4560091.

The charity is governed by its Memorandum and Articles of Association.

Board members who served during the financial year (1 April 2024 – 31 March 2025) and up to the date of this report:

Gavin Cansfield (Chair) - resigned 27 November 2024 Sarah Thomas (Chair) - appointed 27 November 2024 Kalwant Grewal (Treasurer) - resigned 27 November 2024 Peter Marsh (Treasurer) - appointed 27 November 2024 Gemma Bell – appointed 21[st] May 2024 Jules Bickers Andrew Cowan – resigned 21[st] May 2024 Michelle Dawson Mary Gibbons Rachel Honey-Jones Shaun Holdcroft Michelle Levi – resigned 25 February 2025 Caroline Pillay Nigel Wilson

Other legal and administrative details Chief Executive & Company Secretary: Andrew van Doorn OBE

Key Management personnel: Andrew van Doorn OBE Jacqui Bateson (April to October 2024) Alex Lubbock (September 2024 to September 2025) Vicky Hoare (from September 2025) Matthew Grenier

Registered office: Canopi 82 Tanner Street London SE1 3GN Auditors: Sayer Vincent LLP 110 Golden Lane London EC1Y 0TG Bankers: Unity Trust Bank plc 9 Brindley Place Birmingham B1 2HB Solicitors: Bates Wells 10 Queen Street Place London EC4R 1BE

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HOUSING ASSOCIATIONS’ CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

CHAIR’S INTRODUCTION

I’m pleased to present HACT"s Annual Report for 2024-25 financial year. This is my first year as Chair having taken over from Gavin Cansfield following the AGM in November 2024. I would like to thank Gavin for his dedication, commitment and leadership at HACT over the past 9 years as Chair.

HACT is an organisation that I am incredibly proud to be the Chair of. We are passionate about the essential role that social landlords play in their communities and are delighted to champion all that they do. But we are not an organisation that rests on its laurels, having a voracious appetite for improvement, transformation and innovation.

The social housing sector, like our society, continues to face major challenges. The global pandemic, during which the UK left the European Union, shortly followed by the cost-of-living crisis, has taken its toll on organisations, communities and people living in poverty or with low incomes. This makes our work, and that of the social housing sector, even more important.

Over a year after the election of a new government, we are pleased to see a renewed and continued focus on housing and planning, and a commitment to investing in social housing and addressing the broader housing crisis. As long-term businesses, rooted in their communities, social landlords have a lot to do. And HACT stands ready to support them to deliver their strategic goals.

For many people working in social housing, often at the coalface of communities under pressure, it continues to feel tough. Resources are being squeezed as demands and expectations are placed on social housing providers from multiple directions. Relationships with tenants are being transformed as regulatory relationships are recast. Tenant expectations are being driven up with a stronger emphasis on speedy resolution and redress. The resilience of our organisations and our communities is constantly being tested.

Like many organisations, the past year has been a challenging one for HACT. We have had to dip significantly into our reserves to continue building and delivering our impact. Whilst it has had its challenges, the team have delivered some phenomenal outcomes, for housing associations and their residents.

Being focused on our Five-year Strategy and Corporate Plan, in 2025 we have continued to deliver on our vision for a vibrant and high-quality housing sector that provides great affordable homes and builds successful communities where people can thrive. Working in partnership with social landlords is at the core of our approach - supporting them to drive impact and unlock their full potential and social purpose is central to our mission.

Social Value continues to be an important focus for us. Usage of our UK Social Value Bank continues to grow, and we have launched a new suite of value outcomes as part of the UK Built Environment Bank. Housing and the wider built environment has a significant impact on all aspects of our lives. Our homes, our workplaces, our streets and our communities, when designed and managed well, support us to thrive. So having a way to measure, forecast and enhance our social value, means that we can make sure that every penny of investment, and every programme or renewal, drives up our wellbeing.

We continue to support the sector's response to the cost-of-living crisis though our Centre for Excellence in Community Investment. Having started our fuel voucher programme in 2022, we have now distributed over £7.9m to March 2025. This funding supported 53,100 households with fuel vouchers and debt write off. In the last financial year alone, we supported 14,197 households with around £3m of funds through our network of over 300 partnering housing associations.

The Centre has also supported and completed major work focused on older people through our Age Friendly Housing Programme. This has created partnerships across the country to demonstrate how the community investment focus of housing can better serve and benefit older people. The learning from this has been captured and widely shared.

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HOUSING ASSOCIATIONS’ CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

We continue to focus on the impact opportunities of supporting collaborations between housing and health. Health inequalities are growing in our society, and housing is not only a key determinant of this, but a place-based partner for the NHS to drive improved outcomes through. We have been proud to support new collaborations across the country, tackling issues such as damp and mould, food poverty, and improving outcomes for those with the most complex mental health challenges, learning disabilities, and Autistic people.

Our Retrofit Credits work has continued apace, bringing much needed resources into the sector to improve the energy efficiency of homes. Working in partnership with PNZ Carbon, this is the first carbon credit in the world that seeks to accelerate the decarbonisation of our homes. We have been able to support and test local pilots where social landlords can work with local business to help off-set their carbon, and invest in home improvements.

The decarbonisation challenge isn’t just one of funding, it is also one of skills. Working with local partners in Bournemouth, Christchurch and Poole, we’re also piloting new ways to support the residents of social housing with growing green skills, and into green jobs.

We ended the year initiating a collaboration of twenty leading social housing organisations from across the UK to look at creating a more collaborative future for our sector. The Sector Collaboration and R&D Programme launched its Roadmap in September, and we are now moving forward to create the UK HIVE (Housing Innovation and Value Exchange). This will no doubt be a major feature of my next annual report.

Social landlords are long-term, asset-based anchor institutions, and whilst they and their residents face many challenges, it’s through working collaboratively with each other and their partners in the public, private and voluntary sectors that they will deliver long-term solutions.

Delivering our impact takes commitment and dedication from all involved and on behalf of the Board, I want to acknowledge and thank the HACT team and leadership for their fantastic work over the year. Their expertise, enthusiasm and tenacity has ensured our continued success and ability to adapt and thrive. I want to thank my fellow board members for their commitment and passion and thank all our partners and supporters who continue to see the value of collaboration and transformation.

Sarah Thomas HACT Chair 25[th] November 2025

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HOUSING ASSOCIATIONS’ CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

The Trustees (Board), who are also directors under company law, present their report and financial statements for the year ended 31[st ] March 2025.

The Board confirm that the financial statements comply with current statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

OBJECTIVES AND ACTIVITIES

The Memorandum and Articles of Association give the board members discretion to do anything providing it is "charitable". The activities of HACT are not necessarily restricted to one particular field of work and can operate world-wide if desired.

We strongly believe that the non-profit social housing sector, which provides one in five homes across England, provides a unique and valuable route through which support can be provided to those who need it most, often people and families who find themselves homeless, those with additional vulnerabilities, older people, those in need of care and support, and those on low incomes. Most fundamentally through the provision of a home – a universal need – but also through investing in support for individuals and communities across the country.

We seek to fulfil our charitable mission by providing a focus for ideas and innovation, collaboration and insight. We create products and services and run UK-wide projects with the sole aim of helping social housing providers deliver more effectively to the individuals and communities they support. We are proud of having built a business capable of delivering that mission through everything that we do.

PUBLIC BENEFIT

HACTs vision is for a vibrant and high-quality housing sector that provides great affordable homes and builds successful communities where people can thrive.

Our mission is to support the sector to enable, enhance and unlock the full potential of its social purpose and respond creatively to the challenges faced by people and their communities.

We create collaborations in and outside of the sector that embrace innovation. By working creatively together, we drive impact for residents through their landlords and the partnerships they create.

We provide a focus for ideas, insight and leadership: creating projects, products and services that supports transformation and challenges ourselves in our drive for excellence.

HACT is a charity and social enterprise who partners with organisations across the housing sector to drive value for residents and communities through insight-led products and services which encourage innovation and foster collaboration.

We help them measure their social value, better understand the communities they serve and connect with like-minded organisations.

We are passionate and optimistic leaders in housing who fundamentally believe in the transformative potential of the social housing sector.

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HOUSING ASSOCIATIONS’ CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

HACT has supported the sector to develop and grow for sixty-five years. We are a dynamic and leading agency focused on unleashing the transformative power of the social housing sector. We have always believed in and focused our energy and resources on driving forward its social purpose.

We support people, communities and organisations to explore new ideas and develop the solutions for tomorrow. As we move forward in the next five years, our passion and optimism is undiminished, and our commitment to social housing and social justice is unwavering. We believe that residents and communities deserve nothing less than excellence, and we will challenge ourselves and support sector-wide transformation to achieve it.

The impact of the sector doesn’t end at the door of the homes they provide, and nor do we. There are many people and organisations who have a stake in creating successful places where people can thrive. These include local authorities, the NHS, the third sector, local businesses, investors, developers, tech providers, and those who provide services to housing providers.

Our collaborations drive value for organisations, residents and communities. And new partnerships are needed to address the challenges we face today and tomorrow. A connected and collaborative sector that embraces new ideas and opportunities, is at the core of our vision for housing.

The Trustees have paid due regard to the guidance issues by the Charity Commission in deciding what activities the charity should undertake. Inparticular the Trustees consider how planned activities will contribute to the aims and objectives they have set. The Trustees consider the current activities deliver public benefit. Details of the objects which form the basis of this are given in this report.

ACHIEVEMENTS AND PERFORMANCE

In 2022 the Board agreed its new Strategic Plan 2022 – 2027. Our Strategic Plan is a growth plan, in both impact and income, and we have set three Strategic Objectives:

  1. Grow our products, services and projects that deliver on our mission and builds our sector’s impact

  2. Build and engaged and high performing team

  3. Develop a more sustainable and agile business that invests in the future for HACT and the sector

These Accounts outline the results of the third year of our five-year plan.

HACT’s charitable activities and impact continues to be directed through the we work we do to support the sector to deliver on its social purpose.

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HOUSING ASSOCIATIONS’ CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

All this work is centred on the fundamental aim to help housing providers drive change within their own businesses, invest in their tenants and communities, and to unlock the ways they can achieve their social purpose.

We structure our work around six areas – Social Value, Community Investment, Health and Housing, our Insight tools, Data, and Net Zero Carbon. We also seek to innovate in new areas, both planned and opportunistically, as new issues and concerns arise, and include a research and development pipeline across all these areas of work. This is exemplified by the collaborative research and development engagement we have been delivering with the sector to determine a roadmap for collaboration and innovation for social housing.

We mainly work with large and medium sized social landlords and are increasingly expanding our work with those sectors and organisations that work with housing, where we play a significant brokerage role. This includes work with developers and organisations in the housing supply chain, NHS service providers, local authorities, the public sector, and the broader community and voluntary and social enterprise and faith sectors. Social landlords are at their best when they are collaborating and working together in the communities where they work.

Our networks and our breadth and depth of expertise enable us to support other sectors to understand the businesses and priorities for social housing and their tenants, explore how they can drive impact and social value, and to find ways of working creatively to generate impactful solutions.

Our approach can be conceptualised in several iterative stages:

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HOUSING ASSOCIATIONS’ CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

Social Impact and Valuation (HACT Value)

HACT has pioneered the Wellbeing Valuation approach in social value measurement for thirteen years. This ensures that our understanding of social value is about the impact and improvement that people experience in their lives. HACT is the leading social value advisor in the housing sector. We have a reputation for designing robust credible methodologies that provide powerful and actionable insights. With our Social Value Insight tool and the many Social Value Banks housed within it, we support organisations to place social value insights, understanding and evidence at the heart of decision making.

HACT works in partnership with Simetrica-Jacobs to develop and publish the repository of values within the UK Social Value Bank. Our robust, reliable, accessible and easy to use approach, means that it’s importance and recognition has grown significantly over the years. Wellbeing Valuation is now recognised in the supplementary guidance on valuing wellbeing to the Government’s Green Book and is growing in use to support project and programme evaluation across Government and its agencies.

Social Value is a maturing space in housing and the wider public sector and built environment. As such we are always looking to expand the banks with new value outcomes that can support impact measurement.

In June 2022 we launched a major new version of the UK Social Value Bank. This included updating all of the values available, creating new environmental outcome values, and adding Exchequer Valuation (the savings to the State). In July 2024 we launched the UK Built Environment Bank (UKBEB). This enables housing associations, developers, contractors, and construction firms to deliver and implement more meaningful, intentional long-term transformational social impact for people and communities.

We also launched Version 6.0 of the UK Social Value Bank which is fully aligned with the Treasury recommended WELBY, and continue to publish the UK Mental Wellbeing Bank (UKMWB).

UK Social Value Bank suite of values

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HOUSING ASSOCIATIONS’ CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

The Built Environment Bank suite of values

The three banks are housed in our Social Value Insight tool within the HACT online platform, subscriptions for which have increased by 22% over the year. The tool allows organisations to easily define, forecast, capture and record the social value they create across their business. Our approach makes it simpler to manage social value measurement across the whole organisation, including through procurement. It helps organisations to truly bring together a strategic organisational-wide approach to social value.

We provide a range of consultancy, training, certification, networks and guidance around social value. We have helped housing associations and others to develop impact and social frameworks, that inform medium to long-term corporate strategies. We work at all levels of organisations to help improve skills, knowledge and understanding of social value through support services and training.

We also launched in June 2024 a White Paper on Social Value and Assurance. Working with leading global professional services network Forvis Mazaars, we explored the critical role of social value and non-financial reporting in driving transformational impact in the UK.

As previously said, this is a maturing space and HACT is proud to be working with the social housing and other sectors to build the best and most robust approaches to measuring and valuing impact. We firmly believe that in so doing, we will make the case for further and enhanced investment in impact, for residents and communities. Social value and impact measurement is important to us and interest continues to grow from social housing to the wider housing supply chain and beyond.

Community Investment (HACT Local)

Community Investment is at the heart of HACTs work supporting housing associations to drive impact. Housing Associations invest hugely in their residents and their local communities. Our work supports them to maximise the impact they have in supporting sustainable lives and places. Through our consultancy, research, sharing of best practice and work to enable cross-sector partnerships, we will work to redefine holistic and sustainable community investment as a priority that works across the whole housing business.

Our key vehicle for collaboration and transformation is the Centre for Excellence in Community Investment. We set-up the Centre in 2018 to champion and supports community investment in the UK. It now involves over 240 organisations. Our approach to networks is increasingly focused on creating environments where specific areas of opportunity and challenge can be shared and examined, sometimes leading to major innovation projects to explore.

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HOUSING ASSOCIATIONS’ CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

We are proud to support networks focused on food poverty and insecurity, community assets, race equality, green skills, age friendly and intergenerational practice, digital inclusion, and youth involvement. We also support networks in Scotland, Wales and Northern Ireland.

During the year we held a successful Community Investment conference, the only event of its kind in UK Housing. We also secured funding for a new programme of work exploring how HAs drive forward their anti-poverty work.

The Cost-of-Living Crisis continues to impact acutely on people living in social housing, and their communities. The role of Community Investment has therefore never been more important. But so has the need to innovate and collaborate in this space. Providing a space to identify issues and solutions, and bring organisations together to collaborate, is at the core of our work.

During the year, through grants and donations we have worked on a number of projects which support communities:

Age Friendly Social Housing Programme – Completed in September 2024, this was a 2-year project in Southwark, Bradford, and Bournemouth, Christchurch and Poole, exploring how to embed a greater emphasis on supporting older people within the community investment programmes of housing associations. By creating vibrant local partnerships, we delivered support that helped older people stay in their homes for longer.

Green Skills – Now in year two of three and due to completes in 2026 – this project is locally based in Bournemouth, and is testing a number of ways in which housing associations can support their tenants into training, education and employment opportunities in the emerging green skills sectors. Alongside this local project, we have established a national Green Skills Network as part of the Centre for Excellence in Community Investment.

Rentflex – Now complete this pilot created a tool which enables residents to manage their rent payments to minimise the likelihood of arrears. A number of key stakeholders and partners were involved in this work and key learning captured through an independent evaluation.

Food Insecurity – HACT established a new network in London between housing associations and the Felix Project to address the growing concerns around food poverty and insecurity. The project is funded by one of London’s leading social landlords, Peabody, who have committed to a further three years support.

Anti-Poverty – Launched in March 2025, this is a two-year programme focussing on different areas of deprivation and poverty and designed around the need to provide tools, policy and best practice for housing associations to combat it. The first area of focus was on furniture poverty.

Addressing Fuel Poverty

Fuel poverty has been a significant feature since the pandemic and continues to be fuelled by high energy costs and the cost-of-living crisis. To ensure that people living in social housing can access the right support, the Centre formed a collaboration with housing organisations to channel fuel vouchers to those in greatest need. Over the course of the year, we have received and distributed vouchers through our UK based network of over 300 housing providers.

Since we started our fuel voucher programme in 2002, we have distributed over £7.9m to March 2025. This funding has supported 53,100 households. We have a further £2million to distribute in 2025/6 and hope to apply for further funding to increase our impact.

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HOUSING ASSOCIATIONS’ CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

The majority of support is in the form of fuel vouchers for those on pre-payment meters (from the Energy Redress Scheme). With support from Fusion 21 we have also delivered whole debt-write off, targeted at residents who live in the homes managed by their members. Across all funds, we supported 14,197 households in 2024/25 with around £3m of funds.

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HOUSING ASSOCIATIONS’ CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

Health and Housing (HACT Health)

The connection between housing and health has never been so important. HACT Health supports housing associations and NHS providers to develop new relationships that lead to major improvements in healthcare for their residents.

HACT unlocks the potential of provider led innovation. We believe that this is where longer-term improvement and transformation happens. Through brokerage, consultancy, improved evidence and learning we:

Our work with NHS Trusts and their commissioners continued to grow and evolve in 2024/5. We supported both shorter-term engagements to broker new relationships between the NHS and housing, and longer-term transformation to embed new expertise and approaches. We commonly work with NHS Trusts, Commissioners, Local Authorities (both social care and housing) and public health teams. We support them with strategy development, market engagement and brokerage, care pathway re-design, evaluation of services, and strategic partnership development.

A key focus of our work is on supporting people with acute mental ill health, learning disabilities, and autistic people, to live successful lives in the community. We are leading expert in this field and have worked extensively across the country in supporting care pathway redesign and pioneering new services. Over the year we supported work in Cheshire & Merseyside, Lincolnshire, Kent & Medway, South London, North East London and Coventry and Warwickshire.

With increasing demand on NHS services, we have also worked throughout the year to develop and support new collaborations and unlock the opportunities of more integrated care. We have supported collaboration in Cheshire & Merseyside developing a major Health and Housing partnership. We have also worked in Bedford, Luton and Milton Keynes, Worcestershire, South Yorkshire, and in the Black Country. These collaborations place health inequalities at the forefront of their work and work creatively to expand the impact that housing associations have through their community investment roles.

Increasingly, issues of damp and mould and the impact that this has on respiratory health are becoming a focus of local collaborations.

Insight Tools (HACT Insight)

We focus on providing affordable and easy to access and use insight products for staff in housing and their partners. These tools are designed to help organisations to invest in their communities, demonstrate their impact and improve the services for tenants.

Social Value Insight is the vehicle through which we deliver the UK Social Value Bank and the new UK Built Environment Bank. It provides organisations with a platform through which they can plan, monitor and manage and report on their social value activity. SVI not only houses the UKSVB and UKBEB, it also provides learning modules, guidance and use cases for applying social value

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HOUSING ASSOCIATIONS’ CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

measurement to a whole range of activity. This includes developing and managing homes, addressing homelessness, delivering community investment, resident involvement and support, and many more. It also helps organisations with their procurement of goods and services, and partnerships for major regeneration programmes.

At the beginning of 2024 we started to develop Local Data Insight, a tool for understanding local need based upon open data sets, such as the Indices of Multiple Deprivation, DWP data, and the Census. Having invested in its development, we were not satisfied with the user experience and had little resource to continue further development. As a result, and with a product that was not meeting our subscribers needs, we decided to close it down. This was an important decision, and it was important for us to ensure that investment was directed to our more successful tool, Social Value Insight. Many new, free to use, local needs mapping tools have come onto the market, including from organisations such as ONS. Whilst we have closed down the tool, we have maintained the functionality within the HACT Platform for future use.

Our research activity is also a key part of HACT Insight. As well as undertaking evaluations for housing associations of their work and impact, we aim is to look at bigger issues of wider relevance to the sector. This includes work with organisations like Shelter to understand the value of affordable housing. With Shelter Scotland and fourteen Scottish housing associations, we published new analysis of the social impact and value of affordable housing. By understanding the real experiences of new social housing tenants, our research showed that £11,027 of social value is generated in the first three to six months of moving into a new social home.

Digital (HACT Digital)

We have been working since 2016 to provide an answer to the perennial complaint of ‘bad’ data in the sector. The UK Housing Data Standard is our answer to improving data quality. The standard now covers eight domains covering everything from core customer data; voids allocation; income and service charge collection and care and support, to all things related to the building; planned and reactive repairs and development handover.

We worked closely with our strategic partner Data Futurists to ensure we have the right tools and services in place to support organisations in creating and using good quality data. We formed a Data Practitioners Group, whose focus is on moving the sector forward, and we are planning the expansion of our work and support to housing providers, so that they can meet their new statutory and regulatory responsibilities around building safety and tenant engagement.

We saw a bit of a renaissance of our Data Standards work this year, working with Data Futurists on a more comprehensive package of support to organisations on implementing the UKHDS and improving data quality and insights. In January Lincolnshire Housing partnership became the first landlord to receive certification for the UKHDS, a new product created to help organisations implement the standards. We have worked alongside the Ministry for Housing, Communities and Local Government (MHCLG) to develop and plan the update for adoption and implementation across the housing sector. This has culminated in the development of a new module to support the sector to address Awaab’s law. This will be consulted on in 2025 and we hope will invigorate investment in the adoption of the UK Housing Data Standards by the sector. We have been supported by our strategic partner Data Futurists to ensure we have the right tools and services in place to support organisations in creating and using good quality data.

We have also opened up conversations with the Welsh Government to support the sector in Wales.

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HOUSING ASSOCIATIONS’ CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

Retrofit Credits (Net Zero Carbon)

The Climate Crisis is a significant challenge for our people, places and planet, For housing, there is a need to decarbonise our homes, which could cost around £300bn in the next 20 years. Achieving Net Zero is a key challenge, and a key opportunity for social landlords, and is a new area of our focus and innovation.

Having completed our first pilot in 2023/24 we moved our ground-breaking Retrofit Credits product forward in partnership with PNZ Carbon. This is a voluntary carbon crediting scheme which supports the de-carbonisation of homes through retrofit activity. It combines a carbon reduction methodology with our UK Social Value Bank, demonstrating that retrofit activity not only reduces carbon, but also improves wellbeing of the people living in them.

Our 2024 crediting cycle will produce around 25,000 new credits, which equates to 25,000 tonnes of carbon reduced through retrofit activity. This equates to around 41,000 annualised tonnes of carbon reduced.

With support from the Energy Savings Trust, we also started to test a local a Place Based Model for decarbonisation, incorporating Retrofit Credits. This involved looking at how local business can support the local retrofitting work of social landlords though off-setting. This hyper local approach has become a key selling point to stakeholders looking to serve their communities more locally through offsetting.

During the year we also secured positions as part of a number of frameworks developed for offsetting, most notably National Grid’s nationwide framework and the North East Combined Authorities regional framework. We expect this type of activity to continue as the recognition of Retrofit Credits, its integrity and unique social valuation become key features as the market matures.

Following our award of the a prestigious Ashden Award for Energy Innovation (UK) in 2023, we were delighted to be nominated for the Earthshot Prize. Although we didn’t reach the shortlist, this has continued to open up our work to global networks of climate innovators.

Research and Development

HACT has a long and distinguished history of innovation within social housing. As we entered our 65[th] year, we wanted to look at how we could support the sector into the future, to meet head on its many challenges it faces, unlock new opportunities and ensure that it works more collaboratively to drive excellence and impact for social housing residents and communities.

To do this we launched a new piece of work on sector collaboration and R&D. We secured over a £100k of investment from a partnership of 20 organisations from across the UK. This included all of the sector Federations and the CIH. Our engagement started in the 2024/25 financial year and resulted in the launch of a Sector Roadmap for Collaboration, Innovation and R&D in September 2025. This is a major piece of strategic development for HACT and will lay down a future programme of work for us and our partners. We will report more on this in our next annual report.

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HOUSING ASSOCIATIONS’ CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

Events, masterclasses and learning

We continue to run a range of events, seminars and learning programmes. With all activity now online, we have been able to reach a much wider audience and engage more people in more frequent learning activity. Other than our longer-term learning development programmes and our social value masterclasses, all other events and webinars were free to attendees.

Our social value conference continues to be popular with attendance at c. 800 during the year. We also ran an in person Community Investment conference for 200 people. Throughout the year we put on masterclasses and webinar on a range of social value topics, and worked with organisations like the NHS Confederation to run learning webinars on housing and health.

Our approach to events and learning has translated to an increase in demand for in- house training and consultancy that is increasingly workshop-based, providing the same feel for attendees as our other events, but with more focus on specific challenges.

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HOUSING ASSOCIATIONS’ CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

FINANCIAL REVIEW

Income generated during 2024-25 was 4% lower than 2023-24.

Earned income has continued to increase at a steady rate and is 8% higher than the previous year. HACT Insight, HACT Health, and HACT Digital have all shown growth during the year.

As a charity, our funds are classified as either Unrestricted funds or Restricted funds. Restricted funds are a reserve of money that can only be used for specific purposes. Restricted funds provide reassurance to donors/grantees that their contributions are used in a manner they have chosen. The timing of grant funds results in a positive income carried forward for unrestricted funds.

Income generated and raised during 2024-25 was £4,821,943 with £1,793,912 (37%) available for unrestricted purposes. Total expenditure was £5,749,278 with expenditure for unrestricted purposes of £1,949,519 (33%).

2025 2024
Income
Earned income 1,793,91 1,667,197
2
Unearned income 3,028,03 3,379,234
1
Total 4,821,94 5,046,431
3
Expenditure
Raising funds 58,895 43,330
Charitable Activities 5,823,43 4,718,115
4
Adjusted for:
IP tool amortisation* (219,404) (196,904)
Pension costs** 86,353 81,746
Total 5,749,27 4,646,287
8
Net result on normal activity (927,335) 400,144

** The pension cost figure is the net of the employer contribution of £115,595 actually paid for the year and the defined benefit costs of £29,242 recognised as expenditure in SOFA both of which are set out in note 20 to the accounts.

HACT ended the year with a deficit of £927,335 on normal activities (as outlined in the table above). Together with the pension costs, IP amortisation and actuarial gain on the pension of £51,496 there is a total deficit of £721,674 as shown on the SOFA.

Investment Policy and Performance

In accordance with HACT’s governing document the Trustees have the power to invest in such stocks, shares, investments and property in the UK, as it deems appropriate. HACT had no investments during the 2024-25 financial year.

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HOUSING ASSOCIATIONS’ CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

Pension

HACT participates in the Social Housing Pension Scheme (the Scheme), a multi- employer scheme which provides benefits to some 500 non-associated employers. The Scheme is a defined benefit scheme in the UK. From April 2013 staff have access to the defined contribution scheme. Before this date staff were members of the defined benefits scheme.

The Scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK.

The last completed triennial valuation of the scheme for funding purposes was carried out as at 30 September 2023. This valuation revealed a deficit of £693m. A Recovery Plan has been put in place with the aim of removing this deficit by 31 March 2028.

The Scheme is classified as a 'last-man standing arrangement'. Therefore the company is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the Scheme. Participating employers are legally required to meet their share of the Scheme deficit on an annuity purchase basis on withdrawal from the Scheme.

For accounting purposes, a valuation of the scheme is carried out with an effective date of 30 September each year. The liability figures from this valuation are rolled forward for accounting yearends from the following 31 March to 28 February inclusive.

The latest accounting valuation was carried out with an effective date of 30 September 2024. The liability figures from this valuation were rolled forward for accounting year-ends from the following 31 March 2025 to 28 February 2026 inclusive.

The liabilities are compared, at the relevant accounting date, with the company’s fair share of the Scheme’s total assets to calculate the company’s net deficit or surplus.

The pension liability is now £422,240 and this appears on our balance sheet. This is lower than our liability last year (£560,089) due to payments into the scheme, payments out of the scheme (benefit payments and expenses) and investment return over the period. The performance of investment assets is subject to market conditions and can fall as well as rise. However, it is important to note that our operational position remains viable.

The pension scheme is not expected to crystallise at a single point in time and is affordable as long as annual contributions can be met. If the scheme were to crystalise, HACT’s estimated debt on withdrawal as at 30 September 2024 is £1,021,355. The Trustees are aware of the risks of the pension scheme and have taken steps to ensure that a member of staff remains a member at all times.

The trustees of SHPS have communicated that an ongoing benefits review has identified that certain historic changes to scheme member benefits require clarification on whether scheme rules have been followed. The main issue is linked to the application of inflation changes and TPT is seeking direction from a Court ruling as to the correct interpretation of scheme rules with a ruling not expected in the Autumn 2025. An indicative assessment from TPT is that the impact on scheme liabilities could be an increase of approximately 3.9%. No provision has been made within the pension liability for this amount.

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HOUSING ASSOCIATIONS’ CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

HACTHAL

HACT has a fully owned trading subsidiary HACTHAL and the accounts include the results of HACTHAL, which includes licences for the UK Social Value Bank, UK Built Environment Bank, Retrofit Credits and sponsorship. The influence on the 2024-25 financial year is more material than previous years due to the sale of Retrofit Credits and this is expected to continue. Ongoing development of Retrofit Credits and Social Value Insight provides income opportunities which are growing over the coming years. As a result, the Trustees agreed at their meeting in May 2024 to appoint an Independent Director to the Board of HACTHAL, Andrew Cowan, following his resignation as a Trustee.

INTELLECTUAL PROPERTY

The Intellectual Property consists of our online data tools used by Housing Associations. Currently only one tool is valued, Social Value Insight.

Social Value Insight is an online product and a social value calculation, forecasting and reporting tool, used mainly by housing associations and others from related industries. It’s basic functionality – measuring and forecasting social value – is not unique. However, some aspects are unique – access to the UK Social Value Bank, the UK Mental Wellbeing Bank, and now the UK Built Environment Bank.

It is the policy of HACT that Intellectual Property is only recognised as Intangible asset if it is probable that the expected future economic benefits that are attributable to the asset will flow to HACT and the cost or value of the asset can be measured reliably. The Intellectual Property was revalued in April 2025, with Social Value Insight valued at £1,032,000. (Please note, the valuation was higher than this figure but the valuation recorded includes the shared intellectual property with SimetricaJacobs of the content banks and this represents HACT’s portion only).

Every three years we re-value the Intellectual Property, however, if we recognise a material impact in sales activity for any reason the Trustees may decide to do this earlier, given the development of new tools in the platform, however, this is not an immediate need. The next valuation of the platform is now due in 2028.

The investment in the platform continued across 2024/25 and with a number of features added to the solution. This included the incorporation of an AI Agent to help us educate and train users, the update and incorporation of version 6 of the UK Social Value Bank as well as the launch of the UK Built Environment Bank. Over the year, some historical investment in the Local Data Insight and Retrofit Credits platform have been amortised fully and written down as their useful life was completed from an IP valuation perspective. The costs associated with these investments has been allocated to a designated fund, the IP Reserves fund, with a value of £202,375

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HOUSING ASSOCIATIONS’ CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

RESERVES POLICY

The Board are fully aware of the need to ensure HACT’s ongoing and future viability. In order to provide consistently high quality and reliable services and innovation programmes, HACT must have at all times sufficient resources to finance planned activities, deal effectively with unexpected setbacks, and should also aim to have sufficient resources to take advantage of opportunities for expanding and improving its work.

The enterprise and innovation nature of HACT’s business requires sufficient funds to manage cash flow risk, as well as adequate resources to invest in ongoing development and innovation. Any business heavily invested in Research and Development will require adequate reserves to invest upfront in new products and services.

HACT’s policy is reviewed annually by the Board. HACT’s policy covers the following areas:

  1. The types of funds or reserves which HACT will retain and the reasons why;

  2. How to assess and determine the required level of retained funds or reserves; and

  3. What steps will be taken to create and maintain the required funds.

Assessment of Reserves Needs

For HACT we have two categories of funds:

In addition to ongoing organisational activity, HACT is required to carry the value of the Social Housing Pension Scheme, (SHPS) liabilities on its Balance Sheet. The Board aims to move to a position where the pension deficit is ‘paid off’ by 2030. It is important to note that the SHPS reserve provision indicates a shortfall, however the pension scheme is not expected to crystallise at a single point in time and is affordable as long as the agreed annual deficit contributions can be met, and HACT continues to use the scheme for at least one member of staff.

On the basis that there is not a short-term risk of crystallisation of the pension deficit, nor is there a short-term opportunity for the value of the SVI to be released (i.e. these are not ‘liquid’ reserves) the board has chosen not to set ‘targets’ for either of these reserves / funds.

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HOUSING ASSOCIATIONS’ CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

The board has agreed to target to hold a cash-backed general reserve of £400,000 in order to have sufficient resources to cope with unexpected financial shocks and set-backs. The board has aims to further build its financial resilience and has set a medium term goal to hold a designated reserve of £275,000 to allow it to respond to new opportunities and/or invest in research and innovation in support of its wider mission.

Finally, the board has adopted the policy that it should not be in a position where restricted grants are being used to fund unrestricted activity and if, at any time, the levels of cash held in the business are such that restricted funds have to be used to cover operating costs, a plan must be agreed to rectify this situation within no more than 90 days.

Below is details for the reserves from the audited accounts for year end, 31[st] March 2025.

Fund and Basis of calculation Reserves held Reserves held
Purpose on 31.03.2025 on 31.03.2024
1) Restricted funds
As specified bythird parties Amounts received / outstanding £268,577 £1,106,762
2) Unrestricted funds
a) General Reserves Past experience, risk analysis / £6,010 £230,160
scenario planning – aim to hold a
Covers the need for day-to- minimum level equal to the close

day working capital;		 down costs required less

unavoidable budget		 designated reserves.
shortfalls; disruption of
business; loss of income,
etc.
b) Revaluation Reserves Future amortization of Intellectual £829,625 £554,834
Property
c) Designated Funds
IP Reserves Designated for IP development £202,375 £274,354
costs capitalised
R&D Reserve Provide investment into new £0 £0
products at risk
Total unrestricted funds, £1,038,587 £1,059,348
excluding pension

reserve
Total funds, excluding

pension deficit		 £1,306,587 £2,166,110
3) Pension Reserve The NPV of the SHPS Pension (£422,240) (£560,089)
deficit payment liability. Provided by
SHPS Actuary
Total reserves including

pension liability		 £884,347 £1,606,021

Of our current net assets of £1.3m, £269k is in our restricted fund with £1m sitting in the unrestricted reserves, of which £6k are cash reserves, £202k is historical costs invested in IP and £830k is in the Revaluation reserve. Board recognises that the total pension liability does not translate to a cash payment and that we will be able to cover payments on an ongoing basis. As such, unrestricted general funds will not be designated to cover this liability.

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HOUSING ASSOCIATIONS’ CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

With a robust and realistic annual budgeting process in place, the Executive and Leadership teams scrutinise budget and cashflow on a weekly and monthly basis. The Trustees recognise that the depletion of cash reserves over the last financial year create a significant risk for the organisation, and are confident that HACT is building its reserves in the short, medium and long term.

HACT has procedures in place to mitigate the risk of the pension liability crystallising. With the understanding that the liability will only crystallise at the point at which no member of staff is enrolled in the current scheme, Board and the Executive have agreed therefore that HACT will, if it becomes necessary, absorb the cost of a junior member of staff to join the existing scheme.

This policy is reviewed annually by the Board at the first meeting after the fiscal year end.

Our continuous improvement process for our policy follows the following steps:

Going concern

The Trustees have reviewed HACT’s financial performance, forecasts and cashflow projections for 12 months from the date of approval of these financial statements and are satisfied that the charity has adequate resources to continue operating for the foreseeable future. The level of unrestricted free cash reserves at the end of March 2025 was lower than expected when the 2024/25 budget was approved and the Trustees have worked with the management team to address this concern over the last 12 months. The organisation has strengthened its financial controls, improved forecasting accuracy and embedded regular oversight by the Finance and Performance Committee into its Governance processes.

The Board recognised that the level of general funds reserves as at 31[st] March 2025 was lower than target and have resolved to strengthen the liquidity and financial resilience of the organisation. As part of this strategy HACT secured a bridging loan facility of £250K to support its liquidity. This was executed in October 2025 and is available for a period of six months and can be drawn down when needed. HACT has traditionally seen stronger performance in quarter three and four than the first half of the year and this facility has enabled the organisation to have the headroom to meet immediate cash flow needs whilst longer term resilience is rebuilt.

Significantly improved performance of Retrofit Credits forecast for 2025/26 and into 2026/27, following our successful tender onto the National Grid framework, and other major deals led by our partners PNZ, will help to replenish the low free cash reserve towards the end of the 2025/26 financial period.

A comprehensive reforecast for 2025/26 and a detailed draft budget for 2026/27 have been built up based on a conservative set of assumptions. Scenario testing has been completed to test the dependency and resilience in relation to more vulnerable income streams; and, across all scenarios, HACT maintains a positive cash position, strong liquidity, and sufficient reserves to meet commitments for the next twelve months.

Based on this assessment, the Trustees consider that HACT’s financial and operational resilience supports the conclusion that the Annual Accounts 2024/25 can be signed on a going concern basis.

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HOUSING ASSOCIATIONS’ CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

Fundraising

The Trustees take their responsibility under the Charities (Protection and Social Investment) Act 2016 seriously and have considered the implications on their activities. HACT does not raise funds directly from the general public and does not actively solicit donations. We do not work directly with commercial sponsors but where commercial sponsorship is arranged for an event a clear contract is in place between the trading company (HACTHAL) and the commercial sponsor. The Trustees are not aware of any complaints made in respect of fundraising during the period.

Safeguarding

HACT believes that everyone we come into contact with, regardless of age, gender identity, disability, sexual orientation or ethnic origin has the right to be protected from all forms of harm, abuse, neglect and exploitation. HACT will not tolerate abuse and exploitation by staff or associated personnel.

HACT commits to addressing safeguarding throughout its work, through the three pillars of prevention, reporting and response.

In November 2018, the Trustees agreed a new Safeguarding policy which is reviewed annually. The policy is designed to protect people, particularly children and at-risk adults from any harm that may be caused due to their coming into contact with HACT. This includes harm arising from:

The policy lays out the commitments made by HACT and informs staff and associated personnel of their responsibilities in relation to safeguarding.

In support of our approach to safeguarding, we also have policies and procedures on bullying and harassment, and whistleblowing.

PRINCIPAL RISKS AND UNCERTAINTIES

The Board reviewed the risk register in February 2024 and review it throughout the year. Risks are reviewed against our strategic plan and assesses and monitors the level of risk arising in the following areas, which the Executive Team recognises as interdependent:

  1. Governance and management risks: HACT has a strong Board, supported by a small Executive Team with extensive experience in organisational development and leadership. It meets regularly to review business strategy, and receives regular reports on business performance, both in relation to its activities and its financial management. HACT undertook a governance review against the new Code of Governance in the 2018-19 financial year and as a result the membership of the Board has diversified to ensure it has both depth and breadth of experience, as complementary to the executive and leadership teams. HACT has also strengthened the expertise of its senior management and leadership team. We are now 3- years through the current strategic plan and the Board have robust oversight in place to monitor performance against the plan, ensuring HACT continues to be a sustainable business for the future.

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HOUSING ASSOCIATIONS’ CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

  1. Operational risks: The Board monitors closely HACT’s capacity and credibility, including ensuring the resources and expertise are in place to deliver on our mission effectively. Key operational risks include the tension between immediate product sales and growth of key products and a longer-term development pipeline. As an organisation focused on innovation, protecting time and resources to develop new ideas and projects is important to ensure this is not completely subordinated by immediate cash flow pressures. These interdependent risks ultimately impact on sustainability, the viability of our partnerships and management of these relationships, over-stretch of existing capacity, staff retention and customer relationship management. We continue to assess our resource requirements and, where necessary, add new roles to the staff team. Partnership working, with existing and new partners, helps address capacity needs and ensures flexibility. We have reviewed all partnership agreements and are entering into new agreements where necessary.

  2. Financial risks: With a fully embedded social enterprise model, HACT’s primary financial risks are now two-fold: securing sufficient income and sales to deliver an operating surplus that delivers the mission and business plan; and delivering a strong credit control regime that ensures sufficient cash flow. With the reduction in cash reserves over the past 12 months, cash flow risk has been heightened and is a major area of focus of both Management and Trustees. The Finance and Performance Committee, a formal Board subcommittee, continues to operate effectively, supporting the Treasurer and Executive in managing the organisational finances, reviewing cash flow forecasts and managing deposits and investments. Income and sales targets have been set for key areas of work and are reviewed weekly, monthly and quarterly against the business plan. We continue to review and ensure our Credit Control system is effective to improve cashflow.

  3. External risks: Ensuring HACT’s continued relevance to and support from the social housing sector, including productive relationships with other sector bodies, is critical to the delivery of HACT’s mission, and the sustainability of its income streams. HACT continues to invest heavily in building the necessary relationships with housing associations as the supporters, funders and customers of HACT. HACT also undertakes periodic market reviews, identifying major changes and new market entrants and products. The perception and reputation of HACT within the sector is another key area of focus. With significant attention on securing income and delivering projects, we also recognise the importance of explicitly communicating our impact and relevance to the sector through various media. HACT continues to invest in communications and marketing support as well as attendance at key events.

  4. Compliance with law and regulation: The Board reviews HACT’s Standing Orders periodically to ensure that the reporting framework and delegation of powers meet compliance requirements. The Board completed a fundamental review to ensure that HACT is operating within the new Code of Governance. Financial Policies and Procedures are also reviewed annually, and further improvements made to operational reporting arrangements in the last year.

PLANS FOR THE FUTURE

We are now in year four of our Strategic Plan. We continue to focus on growing the products, services and workstreams that are most successful, also reflecting on our role as a trusted partner and thought leader in the social housing sector, and what this means for the future. How we conceptualise our work, what we do, and how we relate to housing providers is more important than ever.

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HOUSING ASSOCIATIONS’ CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

With a new Government in place there is a renewed focus on housebuilding and planning reform, together with a longer-term settlement on rents for social housing tenants. Whilst it is too early to say what the impact of legislation and the impact of the spending review commitments to housing will be, we know that this is bringing forward new opportunities for HACT, the housing sector, and our communities.

We have reflected on HACT’s work now and into the future, working alongside our partners and social housing organisations to address the challenges and opportunities ahead. We will continue to grow our offer, champion and enhance the social purpose of social landlords, and place social justice and social impact at the heart of our work.

Whilst we have seen positive changes in the policy environment for social housing, the operating environment continues to challenging. Our work looking at enhancing collaboration and innovation within social housing, the launch of our Roadmap for sector innovation and collaboration and the launch of the new UK HIVE (Housing Innovation and Value Exchange) are all major programmes of future work that will drive innovation, sustainability and impact for social landlords.

Social Value Insight is proving to be an essential tool for all those who want to plan, record and report on the impact that they make. With the launch of the new UK Built Environment Bank, we will continue to seek ways to expand our reach and relevance in this area.

The importance and challenge of meeting Net Zero Carbon for social landlords is of critical concern. How we avert environmental catastrophe and ensure that our homes and our communities are sustainable for the future is an area that HACT will continue to explore. Our Retrofit Credits scheme will scale further this year, and we will continue to deliver on our place-based approach following the successful conclusion of pilot works with Energy Savings Trust.

With a renewed focus on our digital workstream, we will work with the sector to embed the UK Housing Data Standards through our sector collaboration. This is a critical area of work if landlords are to meet new regulatory and statutory requirements, improve services to their tenants and fully embrace the potential of digital transformation.

We will continue to deliver essential support to tenants through our Energy Hardship Fund. Having received a £3m allocation from the Energy Redress Scheme, we are keen to ensure that this essential support is available all year round. With energy costs having risen again in 2025, this will be needed now more than ever.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Housing Associations’ Charitable Trust Limited (HACT) is registered as a charity; charity registration number: 1096829; company registration no: 4560091.

The charity is governed by its Memorandum and Articles of Association.

HACT’s Standing Orders specify the planning and delivery framework and powers delegated to the Chief Executive.

HACT works throughout the United Kingdom predominantly in England and Wales, but also with partners in, Northern Ireland and Scotland.

HACT has a fully owned subsidiary (100% share capital) – HACT Housing Action Ltd (Company Registration Number 3616766).

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HOUSING ASSOCIATIONS’ CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

HACT’s Memorandum and Article of Association make provision for 15 Board Members to be appointed, although it is the Board’s policy to not exceed 11 members. The Board brings knowledge and experience in governance, financial and organisational management, marketing, communications and strategic development. It is mainly comprised of senior professionals working within social housing organisations.

HACT’s Standing Orders explain the policy and procedures underpinning the appointment and conduct of the Board and robust procedures for Board induction.

The Board seeks to ensure a diverse group of Board Members given HACT’s values and focus. This is achieved by monitoring and targeting groups to recruit a board which includes: women and black and minority ethnic representation; seeking younger people and people with fresh ideas and ways of thinking; and monitoring sexual orientation. Ideally at least one third of HACT’s Board should be housing chief executives and/or senior housing personnel from across the regions.

HACT seeks to welcome new Board Members with an induction process that is both informative and supportive. The Board Member Induction, Support and Development policy and procedure outlines this process. A letter confirming the appointment will be sent with induction materials and information.

HACT recognises that Board and committee members are valuable assets and offers Board members a number of support mechanisms intended to assist them achieve and exceed its minimum standards of competency and contribution, and to facilitate continuous improvement in members’ individual and collective performance.

The overall objective of Board Member induction, support and development is to optimise the contribution of the board to the work of HACT. This is achieved by:

The Board has established the Finance and Performance Committee, a sub-committee of the Board, with responsibility to oversee and scrutinise all financial and financial performance matters. The Finance and Performance Committee is chaired by the Treasurer.

The Board also established the Retrofit Credits Board Working Group. This was formed to provide greater oversight and involvement by the Board in the emerging Retrofit Credit product. This will continue until the end of 2025/26 and is then considered as business as usual activity under the oversight of the Finance and Performance Committee and the Main Board.

All day-to-day operational and management decisions of the organisation are delegated to the Chief Executive, Andrew van Doorn OBE, the Operations Director, Vicky Hoare and the Business Development Director, Matthew Grenier. HACT has in place comprehensive and robust financial management and control procedures with clearly defined delegated authorities and expenditure approval limits that are reviewed annually by the Treasurer.

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HOUSING ASSOCIATIONS’ CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

During 2019-20 the Trustees completed a review of governance in line with the Charity Governance Code published in July 2017. Board is satisfied that we are compliant with the Code and took this opportunity to also review standing orders and publish a new Governance Handbook, which has now been operationalised.

Remuneration policy for key management personnel

HACT has a remuneration policy for all staff which includes the Chief Executive, Operations Director and Business Development Director. In 2023 HACT undertook a salary benchmarking exercise to check that staff remuneration is fair and supports the recruitment and retention of high performing staff. The policy considers both internal and external factors and are reflected in the following Statement of Policy:

Salary levels are therefore set based on decisions which reflect the overall movement in ‘cost of living’ and pay trends in the marketplace, reviewed annually and are based on the Charity’s ability to pay. HACT sets its own pay structure, and considers arrangements in other sectors, particularly the voluntary and housing sectors. HACT does not pay below the London Living Wage.

STATEMENT OF RESPONSIBILITIES OF THE TRUSTEES

The Trustees (who are also directors of charitable company for the purposes of company law) are responsible for preparing the Trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period.

In preparing these financial statements, the Trustees are required to:

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HOUSING ASSOCIATIONS’ CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006 and the Charities Act 2011. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The total number of such guarantees at 31 March 2025 was 10 (2024: 11). The Trustees are members of the charity, but this entitles them only to voting rights. The Trustees have no beneficial interest in the charity.

Statement as to disclosure to our auditors

In so far as the Trustees are aware:

AUDITORS

Sayer Vincent LLP was appointed as auditor for the 2024-2025 financial year.

The Trustees’ annual report has been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.

The trustees’ annual report has been approved by the trustees on 25[th] November 2025 and signed on their behalf by;

……………………………………. Sarah Thomas Chair

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HOUSING ASSOCIATIONS' CHARITABLE TRUST

Independent Auditor Report

For the year ended 31 March 2025

Opinion

We have audited the financial statements of The Housing Associations’ Charitable Trust (the ‘parent charitable company’) and its subsidiary (the ‘group’) for the year ended 31 March 2025 which comprise the consolidated statement of financial activities, the group and parent charitable company balance sheets, the consolidated statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the group financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on The Housing Associations’ Charitable Trust's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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HOUSING ASSOCIATIONS' CHARITABLE TRUST Independent Auditor Report

For the year ended 31 March 2025

Other Information

The other information comprises the information included in the trustees’ annual report, other than the group financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the group 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the group financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the group 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 nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report,

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and Charities Act 2011 requires us to report to you if, in our opinion:

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HOUSING ASSOCIATIONS' CHARITABLE TRUST Independent Auditor Report

For the year ended 31 March 2025

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees (who are also the directors of the parent charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and the parent 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 unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed auditor under the Companies Act 2006 and section 151 of the Charites Act 2011 and report in accordance with those Acts.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that 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) will 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

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HOUSING ASSOCIATIONS' CHARITABLE TRUST Independent Auditor Report

For the year ended 31 March 2025

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more 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 occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities . This description forms 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 with Chapter 3 of Part 16 of the Companies Act 2006 and section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. 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 the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Joanna Pittman (Senior statutory auditor)

27 November 2025

for and on behalf of Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y 0TG

Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006

Page 32

HOUSING ASSOCIATIONS' CHARITABLE TRUST Consolidated statement of financial activities

(incorporating an income and expenditure account)

For the year ended 31 March 2025

Unrestricted
Income from:
Note
£
Donations and legacies
3
1,286
Charitable activities:
4
HACT Local
83,909
HACT Insight
957,696
HACT Health
247,828
HACT Value
287,661
HACT Digital
113,883
HACT R&D
72,000
Charitable projects
27,991
Total charitable activities
1,790,968
Other income
5
1,658
Total income
1,793,912
Expenditure on:
Raising funds
6a
58,895
Charitable activities:
HACT Local costs
55,270
HACT Insight costs
1,128,604
HACT Health costs
224,292
HACT Value costs
337,395
HACT Digital costs
172,768
HACT R&D costs
31,190
Charitable projects costs
-
Total charitable activities
1,949,519
Total expenditure
2,008,414
7
(214,502)
Gains on revaluation of
intellectual property
10
413,499
Write-off IP costs
10
(126,283)
Transfer between funds
16
(7,699)
Net movement in funds
116,511
Balances brought forward
499,259
Total funds carried forward
615,770
Net income/ (expenditure) for
the year
Actuarial gains/(losses) on
defined benefit pension schemes
20
51,496		 Restricted
£
-
-
-
-
-
-
-
3,028,031
3,028,031
-
3,028,031
-
-
-
-
-
-
-
3,873,915
3,873,915
3,873,915
(845,884)
-
-
7,699
(838,185)
1,106,762
268,577
-		 2025
Total
£
1,286
83,909
957,696
247,828
287,661
113,883
72,000
3,056,022
4,818,999
1,658
4,821,943
58,895
55,270
1,128,604
224,292
337,395
172,768
31,190
3,873,915
5,823,434
5,882,329
(1,060,386)
413,499
(126,283)
-
(721,674)
1,606,021
884,347
51,496		 £
96
35,620
830,765
225,445
331,803
66,758
137,000
39,256
1,666,647
454
1,667,197
43,330
32,968
830,558
311,742
306,540
70,292
47,453
-
1,599,553
1,642,883
24,314
-
-
51,279
(19,051)
518,310
499,259
(94,644)
Unrestricted		 Restricted
£
-
-
-
-
-
-
-
3,379,234
3,379,234
-
3,379,234
-
-
-
-
-
-
-
3,118,562
3,118,562
3,118,562
260,672
-
-
(51,279)
209,393
897,369
1,106,762
-		 2024
Total
£
96
35,620
830,765
225,445
331,803
66,758
137,000
3,418,490
5,045,881
454
5,046,431
43,330
32,968
830,558
311,742
306,540
70,292
47,453
3,118,562
4,718,115
4,761,445
284,986
-
-
-
(94,644)
190,342
1,415,679
1,606,021

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. The attached notes form part of these financial statements.

Page 33

HOUSING ASSOCIATIONS' CHARITABLE TRUST Balance sheet As at 31 March 2025

Company registration no. 4560091

Note
Fixed assets:
10
11
12
Current assets:
13
Liabilities:
14
Net assets excluding pension liability
Defined benefit pension scheme liability
20
16
Total unrestricted funds
Pension reserves
Revaluation reserve
Total funds excluding pension deficit liability
Restricted funds
General funds
Designated funds
Unrestricted funds:
Total funds
Debtors
Total net assets / (liabilities)
Intellectual property
Tangible assets
Investments
Cash at bank and in hand
Creditors: amounts falling due within one year
Net current assets
Funds		 Group
2025
£
1,032,000
82
-		 Charity
2025
£
1,032,000
82
10,000		 Group
2024
£
829,188
331
-		 Charity
2024
£
829,188
331
10,000
1,032,082
597,244
222,085		 1,042,082
527,575
157,406		 829,519
694,711
1,314,085		 839,519
641,416
1,286,222
819,329
(544,824)		 684,981
(420,476)		 2,008,796
(672,205)		 1,927,638
(601,047)
274,505 264,505 1,336,591 1,326,591
1,306,587
(422,240)		 1,306,587
(422,240)		 2,166,110
(560,089)		 2,166,110
(560,089)
884,347 884,347 1,606,021 1,606,021
268,577
202,375
6,010
829,625		 268,577
202,375
6,010
829,625		 1,106,762
274,354
230,160
554,834		 1,106,762
274,354
230,160
554,834
1,038,010 1,038,010 1,059,348 1,059,348
1,306,587
(422,240)		 1,306,587
(422,240)		 2,166,110
(560,089)		 2,166,110
(560,089)
884,347 884,347 1,606,021 1,606,021

The financial statements have been prepared in accordance with the special provisions for small companies under Part15 of the Companies Act 2006.

The parent charity's gross income and the results for the year are as follows:

Gross income
Net (expenditure)/ income for the year		 2025
£
4,483,740
(799,598)		 2024
£
4,855,024
130,685

Approved by the trustees on 25th November 2025 and signed on their behalf by:

Sarah Thomas Chair

Peter Marsh Treasurer

The attached notes form part of the financial statements.

Page 34

HOUSING ASSOCIATIONS' CHARITABLE TRUST Consolidated statement of cash flows For the year ended 31 March 2025

Note
Cash flows from operating activities:
Net cash provided by operating activities
a
Cash flows from investing activities:
(Purchase) of fixed assets
Pension contributions payments
Cash (used in) investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
b
a)
Net (expenditure)/ income for the reporting period
(as per the statement of financial activities)
Depreciation
Amortisation
(Increase)/decrease in debtors
Increase /(decrease) in creditors
Pension costs
Net cash provided by / (used in) operating activities
b) Analysis of cash and cash equivalents
Cash at bank and in hand
Total cash and cash equivalents
Reconciliation of net income / (expenditure) to net
cash flow from operating activities		 2025
£
(135,000)
(115,595)		 2025
£
(841,405)
(250,595)		 2024
£
(249,425)
(109,753)
2025
£
(1,060,386)
250
219,404
97,467
(127,382)
29,242
(841,405)
£
-
-
Other
changes		 2024
£
657,331
(359,178)
£
1,314,085
At 1 April
2024
(1,092,000)
1,314,085		 298,153
1,015,932
222,085 1,314,085
Cash flows
£
(1,092,000)		 2024
£
284,986
285
196,904
(71,146)
218,295
28,007
657,331
£
222,085
At 31 March
2025
1,314,085 (1,092,000) 222,085

Page 35

HOUSING ASSOCIATIONS' CHARITABLE TRUST Notes to the financial statements For the year ended 31 March 2025

1 Accounting policies

Basis of preparation

The financial statements have been prepared in accordance with 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) - (Charities SORP FRS 102). The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The charitable company meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

These financial statements consolidate the results of the charity and its wholly-owned subsidiary HACTAL on a line by line basis. Transactions and balances between the charity and its subsidiary have been eliminated from the consolidated financial statements. Balances between the two entities are disclosed in the notes of the charity's balance sheet. A separate statement of financial activities, or income and expenditure account, for the charity itself is not presented because the charity has taken advantage of the exemptions afforded by section 408 of the Companies Act 2006.

Going concern

HACT has generated a net surplus on unrestricted funds of £116,511, after pension gain of £51,496 and revaluation gains on IP of £287,216. Net operating deficit on normal activities was £927,335. At the end of the financial year there were defined benefit pension scheme liabilities of £422,240. Following the year end a thorough and detailed review of the financial position and future prospects was undertaken to safeguard the charity's future. The trustees believe that the pension's deficit shown on the balance sheet will not crystallise in the short term but is expected to be funded as necessary over the service lives of the related employees, through annual contributions. The trustees therefore consider it appropriate to prepare the financial statements on a going concern basis.

Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Income received in advance for the provision of specified service is deferred until the criteria for income recognition are met.

Income from the sale of tooling subscriptions is recognised at the point of invoice. Subscriptions are normally for a twelve month period so the whole of the income is recognised. Where a subscription is for a period greater than one year then part of the income falling outside of the current period is deferred.

Donations of gifts, services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the trustees’ annual report for more information about their contribution.

On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the

Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Page 36

HOUSING ASSOCIATIONS' CHARITABLE TRUST Notes to the financial statements For the year ended 31 March 2025

1 Accounting policies (continued)

Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity’s work or for specific projects being undertaken by the charity.

Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make 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:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

Grants payable

Grant expenditure is recognised where there is a legal or constructive obligation to pay. All grants are recognised in the financial statements as liabilities after they have been approved, the recipients have been notified and there are no further terms and conditions to be fulfilled which are within the control of the charity.

Allocation of support costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the Charity'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 6.

Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £300. Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Fixtures and fittings 10 - 20% Computer equipment 33%

Intellectual Property

Intellectual property is initially measured at cost and subsequently revalued and is included at valuation less accumulated amortisation and any accumulated impairment losses.

Software development costs are recognised as intellectual property when all of the following criteria are demonstrated: the technical feasibility of completing the software so that it will be available for use or sale; the intention to complete the software and use or sell it; the ability to use the software or to sell it; how the software will generate probable future economic benefits; the availability of adequate technical, financial and other resources to complete the development and use or sell the software; the ability to measure reliably the expenditure attributable to the software during its development.

The trustees consider a policy to revalue over a three years cycle as realistic and latest revaluation took place this year. The intellectual property is expected to have a further useful life of 6 years and will be amortised on a straight line basis over this period of time.

Investments

Investments in the subsidiary company are held at cost.

Page 37

HOUSING ASSOCIATIONS' CHARITABLE TRUST Notes to the financial statements For the year ended 31 March 2025

1 Accounting policies (continued)

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term 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.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Pensions

Pensions: defined contribution

The charity operates a defined contributions pension scheme. The assets of the scheme are held separately for those of the charity in an independently administered fund. The pension cost charge represents contributions payable under the scheme by the charity to the fund. The charity has no liability under the scheme other than for the payment of these contributions.

Pensions: defined benefit

The charity operates a defined benefit pension scheme. The cost of providing pension and related benefits is charged to the statement of the financial activities over the employees' service lives on the basis of a constant percentage of earnings which is an estimate of the regular cost. variations from regular cost, arising from periodic actuarial valuations are allocated over the expected remaining service lives of current employees on the basis of a constant percentage of current and estimated future earnings. any difference between the charge to the statement of financial activities and the contributories payable to the scheme is shown as an asset or liability in the balance sheet.

Financial instruments

The charity 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 exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Operating leases

Rental charges are charged on a straight line basis over the term of the lease.

Page 38

HOUSING ASSOCIATIONS' CHARITABLE TRUST Notes to the financial statements For the year ended 31 March 2025

3 Income from donations and legacies
Donations
4 Income from charitable activities
Invoiced sales
HACT Local
HACT Insight
HACT Health
HACT Value
HACT Digital
HACT R&D
Total invoiced sales
Charitable projects
Abri Group
Arctica Partners
Ashden
Barrow Cadbury Trust
Clarion Housing Group
David & Ruth Lewis Family Charitable Trust
Family Fund Business Services
Fusion 21 Ltd
Gloucester City Homes
Hexagon Housing Association
Hyde Group
Independent Age
Joseph Rowntree Foundation
JP Morgan Chase Foundation
Metropolitan Thames Valley
Orbit Group
Peabody Community Foundation
Places for People Homes
PNZ Carbon
Scottish Federation of Housing Associations
Sovereign Network Group
St Ives Community Land Trust
Wandle Housing Association
Yorkshire Housing Limited
Other grants and misc income
Total charitable projects
Total charitable activities
5 Other income
Other income
Energy Saving Trust		 £
1,286
Unrestricted		 £
-
Restricted		 2025
Total
1,286		 Unrestricted
96		 Restricted
£
-		 2024
Total
£
96
1,286 - 1,286 96 - 96
Unrestricted
£
83,909
957,696
247,828
287,661
113,883
72,000		 Restricted
£
-
-
-
-
-
-		 2025
Total
£
83,909
957,696
247,828
287,661
113,883
72,000		 Unrestricted
£
35,620
830,765
225,445
331,803
66,758
137,000		 Restricted
£
-
-
-
-
-
-		 2024
Total
£
35,620
830,765
225,445
331,803
66,758
137,000
1,762,977
-
-
-
-
-
-
-
-
25,000
-
-
-
-
1,500
-
-
-
-
-
-
-
-
1,491
-
-
-		 -
-
-
-
920
20,000
-
2,364,254
5,000
305,000
-
-
2,000
-
225,000
10,199
12,500
50,000
-
-
-
20,000
-
-
-
13,158		 1,762,977
-
-
-
920
20,000
-
2,364,254
5,000
330,000
-
-
-
2,000
1,500
225,000
10,199
12,500
50,000
-
-
-
20,000
1,491
-
-
13,158		 1,627,391
-
-
-
-
10,000
-
-
-
5,000
-
-
-
-
-
-
-
2,000
6,000
5,000
-
-
-
4,470
-
3,000
3,786		 -
10,000
9,214
10,000
15,080
20,000
100,000
2,039,780
-
650,000
-
-
-
18,000
-
100,000
-
-
-
-
68,085
300,000
-
5,000
-
34,075		 1,627,391
10,000
9,214
10,000
15,080
30,000
100,000
2,039,780
-
655,000
-
-
-
18,000
-
100,000
-
2,000
6,000
5,000
68,085
300,000
-
4,470
5,000
3,000
37,861
27,991 3,028,031 3,056,022 39,256 3,379,234 3,418,490
1,790,968 3,028,031 4,818,999 1,666,647 3,379,234 5,045,881
Unrestricted
£
1,658		 Restricted
£
-		 2025
Total
£
1,658		 Unrestricted
454		 Restricted
-		 2024
Total
£
454
1,658 - 1,658 454 - 454

Page 39

HOUSING ASSOCIATIONS' CHARITABLE TRUST Notes to the financial statements For the year ended 31 March 2025

6a Analysis of expenditure - current year

Analysis of expenditure - current year
Basis of allocation
Staff costs
Direct/ Turnover
Grants award
Direct
HACT Local costs
Direct
HACT Insight costs
Direct
HACT Health costs
Direct
HACT Value costs
Direct
HACT Digital costs
Direct
HACT R&D costs
Direct
Direct Project costs
Direct
Fundraising costs
Direct
Support costs
Turnover
Amortisation costs
Direct
Governance costs
Turnover
Support costs allocated
Total expenditure 2025
Total expenditure 2024
Grants award
Corporate grants awards paid in the year		 Cost of
raising
funds
£
-
-
-
-
-
-
-
-
-
58,895
-
-
-		 Charitable activities Support
costs
£
321,010
-
-
-
-
-
-
-
-
-
174,145
-
17,017
512,172
(512,172)
-
-		 2025
Total
£
1,493,303
3,085,621
7,511
437,179
112,717
88,345
109,762
-
78,430
58,895
174,145
219,404
17,017
5,882,329
-
5,882,329
4,761,445
2025
£
3,085,621
3,085,621		 2024
Total
£
1,389,447
2,299,701
1,518
212,823
98,282
45,025
26,300
5,000
200,415
43,330
222,838
196,904
19,862

Charitable
projects
£
592,694
3,085,621
-
-
-
-
-
-
78,430
-
-
-
-		 Cost of
Programme
Sales
£
579,599
-
7,511
437,179
112,717
88,345
109,762
-
-
-
-
219,404
-
1,554,517
395,002
1,949,519
1,599,553
58,895
-		 3,756,745
117,170		 4,761,445
-
58,895 3,873,915 4,761,445
43,330 3,118,562 2024
£
2,299,701
2,299,701

Details of the grants awards can be found in the Trustees' report.

Page 40

HOUSING ASSOCIATIONS' CHARITABLE TRUST Notes to the financial statements For the year ended 31 March 2025

6b Analysis of expenditure - prior year

Basis of allocation
Staff costs
Direct/Turnover
Grants award
Direct
HACT Local costs
Direct
HACT Insight costs
Direct
HACT Health costs
Direct
HACT Value costs
Direct
HACT Digital costs
Direct
HACT R&D costs
Direct
Direct Project costs
Direct
Fundraising costs
Direct
Support costs
Turnover
Amortisation costs
Direct
Governance costs
Turnover
Support costs allocated
Total expenditure		 £
-
-
-
-
-
-
-
-
-
43,330
-
-
-
Cost of
raising
funds		 Charitable activities Charitable activities Support
costs
£
286,867
-
-
-
-
-
-
-
-
-
222,838
-
19,862
529,567
(529,567)
-		 2024
Total
£
1,389,447
2,299,701
1,518
212,823
98,282
45,025
26,300
5,000
200,415
43,330
222,838
196,904
19,862
Charitable
projects
£
483,945
2,299,701
-
-
-
-
-
-
200,415
-
-
-
-
 Cost of
Programme
Sales
£
618,635
-
1,518
212,823
98,282
45,025
26,300
5,000
-
-
-
196,904
-
1,204,487
395,066
1,599,553
43,330
-		 2,984,061
134,501		 4,761,445
-
43,330 3,118,562 4,761,445

Page 41

HOUSING ASSOCIATIONS' CHARITABLE TRUST Notes to the financial statements For the year ended 31 March 2025

7
Net expenditure for the year
This is stated after charging :
Depreciation
Amortisation of IP
Auditor's remuneration (excluding VAT) :
Audit fees
8
Staff costs were as follows:
Salaries and wages
Social security costs
Employer’s contribution to defined contribution pension schemes
Defined benefit pension schemes costs
Redundancy and termination costs
Life insurance costs
Analysis of staff costs, trustee remuneration and expenses,
and the cost of key management personnel		 2025
£
250
219,404
14,100
2025
£
1,256,922
139,883
60,276
29,242
2,704
4,276
1,493,303		 2024
£
285
196,904
13,425
2024
£
1,171,050
128,212
58,400
28,007
-
3,778
1,389,447

The following number of employees received employee benefits (excluding employer pension) during the year between:

between:
2025 2024
No. No.
£70,000 - £79,999 1 2
£100,000 - £109,999 - 1
£110,000 - £119,999 1 -

The total employee benefits including employer NIC and pension contributions of the key management personnel were £330,063 (2024: £303,121).

The charity trustees were not paid or received any other benefits from employment with the Trust or its subsidiary in the year (2024: £nil). No charity trustee received payment for professional or other services supplied to the charity (2024: £nil). Trustees' expenses represent the payment or reimbursement of travel and subsistence costs totalling £1,939 (2024: £4,826) incurred by 11 (2024: 11) members relating to food and travelling to meetings.

Staff numbers

The average number of employees (head count based on number of staff employed) during the year was as follows:

Charitable activities
Support and raising funds
Governance		 2025
No.
23
2
1
26		 2024
No.
24
2
1
27

9 Taxation

The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

Page 42

HOUSING ASSOCIATIONS' CHARITABLE TRUST Notes to the financial statements For the year ended 31 March 2025

10 Intellectual property

Value at the start of the year
Additions during the year
Write-off IP costs
Revaluation during the year
Amortisation at the start of the year
Amortisation charge for the year
Write-off IP amortisation
Net book value at the end of the year
Historical Cost		 2025
£
1,181,425
135,000
(189,425)
413,499		 2024
£
932,000
249,425
-
-
1,540,499
352,237
219,404
(63,142)		 1,181,425
155,333
196,904
-
508,499 352,237
1,032,000 829,188
294,750 349,175

The intellectual property consists of the social value insight platform and the content banks contained within the platform. SVI is an impact measurement and valuation platform supporting the Housing, Charity and wider built environment sector. The IP was professionally valued as at 31st March 2025 by Valuation Consulting LLP, an independent valuation firm, at £1,032,000. Over this last three year period we have now fully amortised the LDI and Retrofit Credits platform investments with no residual IP retained within this valuation. The Historic cost of Intellectual Property is £294,750.

The trustees consider a policy to revalue over a three years cycle as realistic. The intellectual property is expected to have a useful life of 6 years and will be amortised on a straight line basis over this period of time.

11
Tangible fixed assets
Cost
At the start and at the end of the year
At the end of the year
Depreciation
At the start of the year
Charge for the year
At the end of the year
Net book value
At the end of the year
At the start of the year
All of the above assets are used for charitable purposes.		 £
6,344
Fixtures and
fittings		 £
1,868
Computer
equipment		 Total
£
8,212
6,344 1,868 8,212
6,343
-		 1,537
250		 7,880
250
6,343 1,787 8,130
1 81 82
1 330 331

Page 43

HOUSING ASSOCIATIONS' CHARITABLE TRUST Notes to the financial statements For the year ended 31 March 2025

12a Investments

Investments at cost:
100% share capital of HACT Housing Action Ltd
10,000 ordinary £1 shares		 2025
£
10,000		 2024
£
10,000

The charitable company owns the whole of the issued share capital of HACTHAL, a company registered in England. The subsidiary is used for non-primary purpose trading activities. All activities have been consolidated on a line by line basis in the statement of financial activities. Available profits are gift aided to the charitable company. The subsidiary is exempt from audit by virtue of Section 479a of Companies Act 2006. A summary of the results of the subsidiary is shown below:

Turnover
Cost of sales
Gross Profit
Administrative expenses
Profit for financial year
Retained earnings
Total retained earnings brought forward
Profit for the financial year
Distribution under Gift Aid to parent charity
Total retained earnings carried forward
The aggregate of the assets, liabilities and reserves was:
Assets
Liabilities
Capital & Reserves		 2025
£
338,203
(260,207)		 2024
£
191,407
(131,677)
77,996
(72)		 437
(73)
77,924 336
-
77,924
(77,924)		 -
59,657
(59,657)
- -
151,381
(141,381)		 83,920
(73,920)
10,000 10,000

Amounts owed to/from the parent undertaking are shown in note 18.

12b Parent Charity

The parent charity's gross income and the results for the year are as follows:

Gross income
(Deficit)/Surplus for the year
13
Debtors
Trade debtors
Other debtors
Prepayments
Accrued income		 Group
2025
£
574,168
2,052
21,024
-		 Charity
2025
£
506,834
2,052
18,689
-		 2025
£
4,483,740
(799,598)		 2024
£
4,855,024
130,685
Group
2024
£
663,350
2,052
16,309
13,000		 Charity
2024
£
610,055
2,052
16,309
13,000
597,244 527,575 694,711 641,416

Page 44

HOUSING ASSOCIATIONS' CHARITABLE TRUST Notes to the financial statements For the year ended 31 March 2025

14
Creditors: amounts falling due within one year
Trade creditors
Taxation and social security
Other creditors
Accruals
Deferred income
Amount due to subsidiary
Deferred income
Balance at the beginning of the year
Amount released to income in the year
Amount deferred in the year
Balance at the end of the year		 Group
2025
£
203,010
197,201
1,582
110,530
32,501
-		 Charity
2025
£
141,922
190,978
1,582
36,460
32,501
17,033		 Group
2024
£
346,135
175,607
2,252
89,136
59,075
-		 Charity
2024
£
339,749
175,607
2,252
21,602
59,075
2,762
544,824 420,476 672,205 601,047
2025
£
59,075
(34,907)
8,333		 2024
£
42,300
(24,300)
41,075
32,501 59,075

Deferred income comprises of future subscriptions invoiced in 2024/25 but relating to future periods and investments in projects which will commence in 2025/26.

15
Analysis of net assets between
Tangible fixed assets
Intellectual property
Net current assets
Defined benefit pension (liability)
Net assets
Analysis of net assets between
Tangible fixed assets
Intellectual property
Net current assets
Defined benefit pension (liability)
Net assets		 funds - current year
Restricted
Reserves
Unrestricted
Reserves
£
£
-
82
-
202,375
268,577
5,928
-
-
268,577
208,385
funds - prior year
Restricted
Reserves
Unrestricted
Reserves
£
£
-
331
-
274,354
1,106,762
229,829
-
-
1,106,762
504,514		 funds - current year
Restricted
Reserves
Unrestricted
Reserves
£
£
-
82
-
202,375
268,577
5,928
-
-
268,577
208,385
funds - prior year
Restricted
Reserves
Unrestricted
Reserves
£
£
-
331
-
274,354
1,106,762
229,829
-
-
1,106,762
504,514		 Revaluation
Reserve
£
-
829,625
-
-		 Pension
Reserve
£
-
-
-
(422,240)		 Total
funds
£
82
1,032,000
274,505
(422,240)
208,385 829,625 (422,240) 884,347
Revaluation
Reserve
£
-
554,834
-
-		 Pension
Reserve
£
-
-
-
(560,089)		 Total
funds
£
331
829,188
1,336,591
(560,089)
504,514 554,834 (560,089) 1,606,021

Page 45

HOUSING ASSOCIATIONS' CHARITABLE TRUST Notes to the financial statements For the year ended 31 March 2025

16
Movements in funds
Current Year
Restricted funds:
Energy Redress - Fuel vouchers
Centre for Excellence
Rentflex
Age Friendly
Retrofit Credits
GreenSkills
Poverty Series
Total restricted funds
Unrestricted funds:
Designated funds:
IP reserves
Total designated funds
General funds
Revaluation reserves
Total unrestricted funds
Movements in funds
Prior Year
Restricted funds:
Energy Redress - Fuel vouchers
Centre for Excellence
Rentflex
Age Friendly
Retrofit Credits
GreenSkills
Total restricted funds
Unrestricted funds:
Designated funds:
R&D reserves
IP reserves
Total designated funds
General funds
IP Revaluation reserve
Total unrestricted funds
Pension fund
Pension fund
Total funds excluding pension
fund
Total funds including
pension fund
Total funds excluding pension
fund
Total funds including
pension fund		 £
968,644
-
3,381
98,000
(23,264)
60,001
-
1,106,762
274,354
274,354
230,160
554,834
1,059,348
2,166,110
(560,089)
1,606,021
£
574,701
63,954
68,946
91,250
-
98,518
897,369
75,000
-
75,000
313,584
676,917
1,065,501
1,962,870
(547,191)
1,415,679
As at the start
of the year
As at the start
of the year		 £
2,496,889
135,856
920
12,000
117,366
225,000
40,000
Income &
gains		 £
3,339,414
135,856
12,000
110,000
161,010
110,275
5,360
Expenses
& losses		 Transfers
£
-
-
7,699
-
-
-		 £
126,119
-
-
-
(66,908)
174,726
34,640
At the end
of the year
3,028,031 3,873,915 7,699 268,577
- 206,979 135,000 202,375
- 206,979 135,000 202,375
1,793,912
413,499		 1,759,768
138,708		 (258,294)
-		 6,010
829,625
2,207,411 2,105,455 (123,294) 1,038,010
5,235,442 5,979,370 (115,595) 1,306,587
51,496 29,242 115,595 (422,240)
5,286,938 6,008,612 - 884,347
£
2,914,054
51,375
15,080
183,200
115,525
100,000
Income &
gains		 £
2,520,111
115,329
80,645
176,450
87,510
138,517
Expenses
& losses		 Transfers
£
-
-
-
-
(51,279)
-		 £
968,644
-
3,381
98,000
(23,264)
60,001
At the end
of the year
3,379,234 3,118,562 (51,279) 1,106,762
-
-		 -
58,196		 (75,000)
332,550		 -
274,354
- 58,196 257,550 274,354
1,667,197
-		 1,417,972
138,708		 (332,649)
16,625		 230,160
554,834
1,667,197 1,614,876 (58,474) 1,059,348
5,046,431 4,733,438 (109,753) 2,166,110
- 122,651 109,753 (560,089)
5,046,431 4,856,089 - 1,606,021

Page 46

HOUSING ASSOCIATIONS' CHARITABLE TRUST Notes to the financial statements For the year ended 31 March 2025

16 Movements in funds (continued)

Restricted funds purpose:

The income of the charity includes grants received for specific restricted projects. The trustees' report includes a description of the activities of each project.

The balance for Retrofit Credits project is in negative, due to funds being received in arrears from the grant funder. Returns are submitted in arrears following the previous quarter, as such salary and support cost allocations have been made against the project in Q4 (Jan – Mar 25) and a claim submitted in June and funds received in July to cover the deficit.

17 Legal status of the charity

The charity is a company limited by guarantee incorporated in the UK and has no share capital. The registered office is 7-14 Great Dover Street, London. Each member is liable to contribute a sum not exceeding £1 in the event of the charity being wound up.

18 Related party transactions

There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.

At 31 March 2025 an amount of £17,033 (2024: £2,762) was due to HACTHAL, the subsidiary of the Charity.

19 Operating lease note

The charity had no annual commitments under non-cancellable operating leases.

20 Defined benefit pension scheme liability

Brought forward pension liability
Pension contributions paid during the year
Pension costs recognised during the year
(Gains)/ losses on defined benefit pension scheme		 2025
£
560,089
(115,595)
29,242
(51,496)		 2024
£
547,191
(109,753)
28,007
94,644
422,240 560,089

Page 47

HOUSING ASSOCIATIONS' CHARITABLE TRUST

Notes to the financial statements

For the year ended 31 March 2025

20 Defined benefit pension scheme liability (continued)

` 2025 2024
£ £
Social Housing Pension Scheme 422,000 560,000
The Growth Plan 240 89
422,240 560,089

EMPLOYER: E3488 - HACT

PLAN: SOCIAL HOUSING PENSION SCHEME

Fair value of plan assets, present value of defined benefit obligation, and defined benefit asset (liability)

31 March 2025 31 March 2024
(£000s) (£000s)
Fair value of plan assets 2,277 2,386
Present value of defined benefit obligation 2,699 2,946
Surplus (deficit) in plan (422) (560)
Unrecognised surplus - -
Defined benefit asset (liability) to be recognised (422) (560)

Reconciliation of opening and closing balances of the defined benefit obligation

Period from 31 March 2024
to 31 March 2025 (£000s)
Defined benefit obligation at start of period 2,946
Current service cost -
Expenses 4
Interest expense 138
Member contributions -
Actuarial losses (gains) due to scheme experience 135
Actuarial losses (gains) due to changes in demographic assumptions -
Actuarial losses (gains) due to changes in financial assumptions (276)
Benefits paid and expenses (248)
Defined benefit obligation at end of period 2,699

Page 48

HOUSING ASSOCIATIONS' CHARITABLE TRUST Notes to the financial statements

For the year ended 31 March 2025

20 Defined benefit pension scheme liability (continued)

Reconciliation of opening and closing balances of the fair value of plan assets

Period from 31 March 2024 Period from 31 March 2024
to 31 March 2025 (£000s)
Fair value of plan assets at start of period 2,386
Interest income 113
Experience on plan assets (excluding amounts included in interest income) - gain (loss) (89)
Employer contributions 115
Member contributions -
Benefits paid and expenses (248)
Fair value of plan assets at end of period 2,277

The actual return on plan assets (including any changes in share of assets) over the period from 31 March 2024 to 31 March 2025 was £24,000.

Defined benefit costs recognised in statement of comprehensive income (soci)

Period from 31 March 2024
to 31 March 2025 (£000s)
Current service cost
Expenses 4
Net interest expense 25
Defined benefit costs recognised in Statement of Comprehensive Income (SoCI) 29

Defined benefit costs recognised in Other Comprehensive Income (OCI)

Period from 31 March 2024 Period from 31 March 2024
to 31 March 2025 (£000s)
Experience on plan assets (excluding amounts included in net interest cost) - gain (loss) (89)
Experience gains and losses arising on the plan liabilities - gain (loss) (135)
Effects of changes in the demographic assumptions underlying the present value of the
defined benefit obligation - gain (loss) -
Effects of changes in the financial assumptions underlying the present value of the
defined benefit obligation - gain (loss)		 276
Total actuarial gains and losses (before restriction due to some of the surplus not being
recognisable) - gain (loss)		 52
Effects of changes in the amount of surplus that is not recoverable (excluding amounts
included in net interest cost) - gain (loss) -
Total amount recognised in Other Comprehensive Income - gain (loss) 52

Page 49

HOUSING ASSOCIATIONS' CHARITABLE TRUST Notes to the financial statements For the year ended 31 March 2025

20 Defined benefit pension scheme liability (continued)

Assets

31 March 2025 31 March 2024
(£000s) (£000s)
Global Equity 255 238
Absolute Return - 93
Distressed Opportunities - 84
Credit Relative Value - 78
Alternative Risk Premia - 76
Liquid Alternatives 422 -
Emerging Markets Debt - 31
Risk Sharing - 140
Insurance-Linked Securities 7 12
Property 114 96
Infrastructure - 241
Private Equity 2 2
Real Assets 273 -
Private Debt - 94
Opportunistic Illiquid Credit - 93
Private Credit 279 -
Credit 87 -
Investment Grade Credit 70 -
High Yield - -
Cash 31 47
Corporate Bond Fund - -
Liquid Credit - -
Long Lease Property 1 15
Secure Income 38 71
Liability Driven Investment 689 972
Currency Hedging 4 (1)
Net Current Assets 5 4
Total assets 2,277 2,386

None of the fair values of the assets shown above include any direct investments in the employer’s own financial instruments or any property occupied by, or other assets used by, the employer.

Key Assumptions

31 March 2025 31 March 2024
%per annum %per annum
Discount Rate 5.73% 4.87%
Inflation (RPI) 3.13% 3.19%
Inflation (CPI) 2.76% 2.76%
Salary Growth 3.76% 3.76%
Allowance for commutation of pension for cash at retirement 75% of maximum
allowance		 75% of maximum
allowance

Page 50

HOUSING ASSOCIATIONS' CHARITABLE TRUST Notes to the financial statements

For the year ended 31 March 2025

20 Defined benefit pension scheme liability (continued)

SCHEME: The Pensions Trust – The Growth Plan

Present values of provision

31 March 2025 31 March 2024 31 March 2023
(£s) (£s) (£s)
Present value of provision 240 89 191

Reconciliation of opening and closing provisions

Period Ending Period Ending
31 March 2025 31 March 2024
(£s) (£s)
Provision at start of period 89 191
Unwinding of the discount factor (interest expense) 2 7
Deficit contribution paid (91) (109)
Remeasurements - impact of any change in assumptions 2 0
Remeasurements - amendments to the contribution schedule 238 -
Provision at end of period 240 89

Income and expenditure impact

Period Ending Period Ending
31 March 2025 31 March 2024
(£s) (£s)
Interest expense 2 7
Remeasurements – impact of any change in assumptions 2 0
Remeasurements – amendments to the contribution schedule 238 -
Contributions paid in respect of future service* * *
Costs recognised in income and expenditure account * *

Assumptions

31 March 2025 31 March 2024 31 March 2023
% per annum % per annum % per annum
Rate of discount 4.84 5.31 5.52

Page 51

HOUSING ASSOCIATIONS' CHARITABLE TRUST Notes to the financial statements For the year ended 31 March 2025

20 Defined benefit pension scheme liability (continued)

Deficit contributions schedule

The following schedule details the deficit contributions agreed between the company and the scheme at each year end period:

Year ending 31 March 2025
(£s)		 31 March 2024
(£s)		 31 March 2023
(£s)
Year 1 86 91 109
Year 2 86 - 91
Year 3 86 -
-
Year 4 - -
-
Year 5 - -
-

The company must recognise a liability measured as the present value of the contributions payable that arise from the deficit recovery agreement and the resulting expense in the income and expenditure account i.e. the unwinding of the discount rate as a finance cost in the period in which it arises.

It is these contributions that have been used to derive the company's balance sheet liability.

Page 52