Reglstered number: 0490690S Charity number: 1101626 STYLE ACRE TRUSTEES. REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 'ACFLV6WI* 0411112023 CC•APANIES HOUSE A13 #135 STYLE ACRE COIITENTS Page Reference and administTrlive details olthe Chaiity. its T￿￿ and advisws Tw$tse$' report Ind8pgnd•nl auditorfs report on the financlal $latwi•nts Consolidated slatefflent of financial activities 10-12 13 Consolidated balance sheet 14 Charity balance sheet Consolidated slatement of cash Ilows 15 16 Notss to the financial statements 17-43 STYLE ACRE REFERENCE ANO ADMINISTRATIVE D￿AlL8 OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023 Trustees Mr I C Boulton Ms L Fromings MrsSANye Mr N A Rawsth Mr K Tibbs Mr P Townsend Mr A R Vernon {resigned 22 September 2022) Mrs R M Cox lappoin¢ed 15 June 2023) Each Trustee shall offer their resignabon lo the Ch¥ity the expiry of three years from the date of last appointment. No Trustees are due to retire at the next General meets.ng in xcord8nce vAth the Artt¢les of Association. Company registered nurnber 04906985 Charity r•gister•d numbw 1101626 R•giSt•r•d offic• 1 London Street Reading 8erkshire RG1 4PN Cofflpany secrnlary Mrs E S Vandersteen Execubv? managpment and advice Chrislopher Ingram. Chief Executi¥e Rebecca Speight. Opeiab'ons Director Sarah Stuart. Finance Director The Trustees have delegated day to day management of the charity lo the executwe directors. and take adwee from them eonceming the management af the tharty. The execu¢i¥e directors are not directrjs of the comparw for slatul(bry PUryM>Ses. Ind•P￿dant auditor James Cowper Kreston Audit Charte￿d Accountants and StatLrtory Au¢*tor Reading Bridge House Georye Street Reading 8erkshire RG1 8LS Page 1 STYLE ACRE REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Bankers National We$lminster Bank Pk PO Box 13 30 Market Place Nebvbury Berkshire RG14 5AJ Solicitors Field Seymour Parkes 1 London Street Reading Berk5hiTe RG1 4PN Inv•slmont Advis8 Sarasin & Partner5 LLP Juxon House 100 St Paul's Churchyard London EC4M 8BU Page 2 STYLE ACRE TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2023 The Trustees present their Annual Report together wth the audrted financial statements of Style Acre for Ihe year 1 Apnl 2022 to 31 Maith 2023. The Annual Rem serves the purposes of both a Trustees, report and a directors, report under company law. The Trustees confinn that the Annual Report and ¢onsc4idated financial statements of the charitable company compty wth the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Sl*ement of Recommended Practice ISORPI applicable to chafities preparing their accounts in accordance Voith the Finanual Reporting StarKlard applicable in the UK and Republic ol Ireland {FRS102) {effecbve 1 January 2019). OBJECTIVES AND ACTIVITIES Charltsblo Objecti¥es The charity's objects are". 1. The support of perwns affected by leaming thsabilrtie5 and aub"5m by such means as the trustees see fit from time to bme induding tr￿t not limrted to the loregryng". al the provision of care and assistsnce to such per50ns in their homes or in sheltered or other accommodab"on. in parb.cukr not exdusively those are sKk, convalescent, disabled. handicapped or infirm", b) the provision of finan¢ial a$sislan¢e to such perS(￿S are in condib.ons of financial need. hardship or distress.. cl the support of such PersOr￿ by empowin9 them to make in their styts of living and to access facilities in the communrty. 2. The advancement of public educ*.(￿ by: al raising publi¢ a¥ra￿nesS and underslanding of learning dfficulb"esldisatxlty, promoting antj supporting reSea￿h bnto ihe ¢au$es of learning dIfficu￿"es1d1Sabi￿"ty. their needs and the 5UPPOrt of such people and the publication of the useful results of the same_ Charitable Activities s¢￿t A¢￿ support5 271 adults kaming disabAities and autism across Oxfordshire. People we support may have mild. moderate or severe and profound ￿arnIng d1satxl￿"es. Style Acre wr)rk5 dosely wth rts sister charity Acre Housing who provide speaalised housing for some of the people 5UPWrted by Style Aw. At March 2023. 109 peO￿e V•Ere accessing 5UPPOrt from our supwled living care teams in 37 households. In addition. 32 people ¥tho live more independently or v*th their famity in the community Istre supported from their homes by our Community support team. Approximately 95% of our households have 24-hour care. People a supported lo participate in the a¢ti¥thes of their choice in the community and can access our day opportunities, work programme and social enterprises. 162 people attended our day opportunib.es at March 2023. Our day OpportUn￿e$ indude three ￿mm￿nity hubs in Wallingford. Oidcot and Banbury, a shared market garden in Wanlage and a Work Programme. We also have our own social enterpnses to provtde ￿rk opportunib'es foi people we support- the S￿e Acre Tea Room in Blekntiury, the Style Acre Charity Shop in Walbngford and Green A￿. our garden maintenance business. We focus on prornoting and delivering acceSs￿e *ttfbeing aCti￿lIeS for the people we support and OUT employees through OUT Ways to Wdkne55 projecL STRATEGIC REPORT Achievement and perfomianc• Operating revew The year has seen Style A¢￿ largely relum lo 'normal' after the re3tn"ct￿ns brought in during the COMD-19 pandemic. Regular activities. hobbies, *Drk and outs.ngs have retumed. Our employees have gone above and beyonil to support the people we Supwt to enjoy the thing5 the re5tn"th"on5 prevented them from doing, lo build social conne¢ty'ons and to ￿COnneCt their communitses. Some peoF4e we 5UPPOrt were very keen lo return lo secialising and theFr usual acliV￿.es. but some people have experienced anxietie5 around this fc4lowng the long periods of lime at home. Our employees have provided outstsnding personalised support to manage these changes, lo hdp peO￿e re-adjust and lo enjoy life *ithout the restrith"ons. Page 3 STYLE ACRE TRUSTEES. REPORT ICONTINUEO) FOR THE YEAR ENDED 31 MARCH 2023 STRATEGIC REPORT Achievement and performance Operdlmg (continued) t￿r teams mairrtained COVItY19 hygiene, testing and PPE requirements during the first part of the year and welcomed the ￿laXatiOn of these reqUi￿rnents in December 2022." they have shovm great resilien¢e and high leve15 of care ond profe55ionalism through(yJL COVID-19 infedions have continued in both the people we support and employees in line ￿1h the 5e¥els seen in the general popukb'on during the year.. hthvever these have not resulted in serious dlness. Our communty hubs are back to delNering their nomial timeta￿es, with all activities having resumed in the year and new activrties started. C￿r Work Programme team has supported people to return to their V￿rk and voluntary placements during the year and new placements have started. Our garden project at Wantage Market Garden has continued to offer opportunth.es for 1."1 and group actswb.es for the people we 5UPPOrt working ak*ngside other communty groups. OUT enterprises (the Tea Room in Blewbury. Charity Shop in Wallingford and Green Acre, the gar(lening I￿sIneSS) have increased the rnjmber of opportunrties for Ihe people ￿ support during the year. Our Ways to Wellness project has gone frcth strength to strength durirvJ the year with new opportunth'es and acliwties being offered. We encourage our emFloyees and ihe Peop￿ we support to work towards goals lo improve their mental health. provKling extra support. acb"wts"es and resource5 to support and encourage them lo do so. People v* support and employees play a key rde in the prqect steering group to plan events and actNities and by voluntewng at sessi￿5 and events. The tailored %%tllbeing sessions - including gym. tennis. Zumba, accessible cooking. and sensory storytelling sessions, a buddying programme and a walking gTWP - have ￿￿tinUed and new opportunities for music and dance. connect and Create. s*imming. canoeing and cyding have begun. OUT healthy hearts programme in Banbury has helped peO￿e make Irfes￿e improvements to support their health. OUT mentsl health programme has continued duriftg the year and now have 34 welbeiny buddts a¢ross all of serNices supporting our employees and the people * SUFPOrt as needed. We have held a number of fundraising events such as a dog show, Queen's Jubilee Celebrabon. outdoor cinema, fiindraising bal and our annual Santa Dash. PeWe we support and supporters took part in Ihe Superhero Triathlcft. ran Blenheim 7K and the Oxford Haw Marathon for us. Those that ran the Oxford Half raised over £8,000 and this year ￿ pro¥ided 100% bKJdegradable meda15 al our Santa Dash. Public benefft Any adu￿ with a leaming diSa￿"1rtY andlor aub.sm caft be supported ty Styk A￿ and we support adults have other ¢ondib'ons in atj1￿.0n to their leaming disabilits'es. induding.. sensory impairment, dementia, and other mental health issues. Access to our seNices is via a local auth¢yty S￿la1 *rrker, Ca￿ Man￿er referral, or a direct referral from the individual or their famity. We use uJr chafitable fvnds to wowde additional services, vknich are not otherwise publicty fttnded to enhance the lives of people with disabilth'es. These include accessib￿ vehides. our Work Programrne , Garden Project, Ways to Wellness Programme, communication sUp￿rt. the prowsion of infonna￿n tethnokngy and training, friendship groups and communty development. The charity has a fuRy ovmed subsithary, St￿e Acre TradiThJ Limited. through it carries trjt a number of trading enterprises (social enterprises) and also delr¥ers some of rt5 charitable objectives. such a5 work training 0pp0rtunrt￿s. The taxable wofits of Style Aue Trading Limited we donated under gift aid to rts parent andlor to the charity Acre Housing. In preparing these finanaal statements and th￿r rem. the Trustees confwm that they have had regard to the Charity Commi$$KJn's guidance on pU￿1C benefrt and that they constder that the objectives and aclivrties of Style Acre have historically and continue to fall *thin the SCOFe of that guidance. Financial f￿10￿ Fina￿{￿1 perforn?ance Income has increased from £10.059,259 last year to £10.609.572 this year wtÈich in¢￿deS donab'ons and Page 4 STYLE ACRE TRUSTEES. REPORT {COMTINUEO) FOR THE YEAR ENOED 31 MARCH 2023 pledges in the year 01 £404.524 {2022= £716.3791. Our Supported LI￿n9 and Day opport￿￿"e5 semces are fvnded through grants local courrils and by local aulhorty contracts and direct pa￿ents. Income from these a¢lMtses tolalled £9.761.535 in the year 12022.. £8,940,911). The Trustees are satbsffied that our general fund. *thich totals £932.46512022'. £1,127.2961', is al level that V•ill sustain the charity for the foreseeable fvIU￿ as ￿tr￿g financial management is in place with current and fuiure funding bwng fegularty wieAed by Trustees. Tolal reser¥es amourrt to £3.036.493 12022.. £3,324,869) ReseTre$ polKy The charitys policy is to mwntain avadable ￿reSt￿.Cted funds al. or around. a level vthich enables the ongoing actiMthes of the charty to be funded for a period of appr0￿MatelY months looking forvrdrd. This amounts lo £2.012,800 {2022. £2,186.300). In deterniinry the level of funds reqLHred, con*deratbM Mill be given to planned exFenditure. the caprtal e￿endIture programme. antsty"paled revenue streams and Ihe risks and effects of any contsngenaes. The trustees are happy that keeping months. running costs in avaiPable reserves corth"nue$ to be a sensible policy. Approximately 82.4% 12022.. 105.4%) of the availatjle fun¢ts could be realised by cash or the.liquidalion of listed investrnents at the year end. The Twstees hove revie¥&ed the deS￿n0(1(￿S made tyrt of ils Un￿StrICted reseples thring the year. There have been no changes in the year io the other desiwated reserves. reseryes continue to be in place for. SABRe buikling in Banbury- futu￿ repairs and maintenance. The freehold of the SA8Re building is owned by our trading subsidiary, Style Acre Trading, let out parts of the building. A5 Part of their leasehold management tharge. Style A¢re TTadin9'S t￿ants make a payment towards future repairs and maintenance costs, vknich consequentialty increases S￿e Acre Trading's taxable Profts, paid away under gift aid. Style Acre Trading is therefo￿ unable lo rthn the fund ￿ U)w"r own balance sheet. The Truslees consider it prudent that the sinking fLSnd balance shouhl be held asKle within Stye Acre's reserves. PAain Office and Day Oppwlunrty Hub - a designated reserle is hekl for the costs assooated *ith a new main office building and day opportunity hub in Walh"ngford. The lease for our current properts"e5 at Howoery Park come5 to an end in October 2023 and diseussions are ¢urrentty underway vth the landlord lo extend this for the shcrt temi vthilst arttther twilding is found to meet Style Acre's future needs. The Trustees consider it appropn'ate lo hold a desrynated reserve of £600.00012022'. £600.000) lo hjnd the futuo costs associated thi5 new t￿lIdIng. £700,OL)O loan made to Style Acre Trading the pwchase and refurtx"shmenl of the SABRe building in 8anbury. As outlined alJo¥e. the Trustees and the directors of Style Acre Trading are agreed Ihal the intention of the payments made in 2014-15 and 2015-16 by Style Aue ￿re as a loan rather than a gift. The loan is repayable by Style Acre Trading to Style Acre in the event of a th"sp05al of the building. Due lo the long term nature of the loan. the reserves represented by the loan debtor are effethety illiquid. Replacement of fixed assets - The purpose of the reserve is to set aside SLrfficient funds IOT the replacement of assets, particularty motor vehicles. as they erther fail OT become beyond economic repair. The balance designated of £284.712 (2022". É261,6391 prowde5 fvnds lo replace assets_ Investmen¢ polKy and obJeCt￿e3 The charity's investment policy 15 to maximi5e the funds available lo the tharrty to fvrther the aims of the charity while limikn'ng the risk-profile of the investments. It aim5 to invest in funds that are ethically and envirMmentslty sound. Investrnenl incorne for Ihe year ended 31 march 2023 amounted to £36,302 {2022." £23.2101, comprising interest and dividends recavable of £3.759 12022.. £1241. and £32.543 12022." £23.0861 from invested fvnds. The value of the fund has been decreased by £98.151 {2022.' £6.875) in the year to 31 March 2023. Page 5 SME ACRE TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 STRATEGIC REPORT Financial review Princwl risks and unCertaint￿S The Trustees consider that the princpa r￿kS and uncerta￿3 facing the chanty are.. 1. The challenge of staff ￿cruitMent and retention in our k)Bal economy *Athich is yedominately an area Vlilh available job opportunthes. unernploymenl, and relab.vety high living heightened by the cost of Imng ¢risis", 2. Vacancies in households and the length of b.me rt may take to ￿Trtsfy and settle new household members., 3. The conts'nuing pressures on public spending. the bcal authority being unable to adequately address the finan￿￿ pressures which ￿ fa¢e r)ver staff ￿sts and rising inflation.. 4. Re•assessments of serwce users. r￿edS by Oxlordshire Social Services vthich reduce the financkil support provided for cu￿ent Support package; 5. The availabilty of surtaL4e affordaile proper*"es to enable us to delpRr a high qu81ty. sustainable seNce", 6. The prcpoton of the wor* we do, pa￿"¢YEar￿ *rthin day opptyIun￿"e$, *+hich relie$ on matching donalion and grant income., Our frjture plans are described below. Our strategies to manage the risks above are.. To continue to rewit and retain the best qualty slaff th* can afford. in paitwlar using existing staff as part of our recruitment eff(yt." To involve all cOl￿agUeS in he￿Ing to control expenditixe on 4ency staff.. To have a clear wcture of the househokl are tying to establish and the needs ￿ are seeking lo meet vthen ￿annIng for new ser¥i¢es'. Risk assessments and acts.on pLws ￿￿tinue managing the impact of evenl5. Future plans During the year ended 31 klar¢h 2021 the Truste￿ reviev*tt1 their strategy. given the challenges faced and uncertainty around COVIt>19 an inlerim 2-year strategy to 2023 *a$ prepared. The strategy is currenuy in the process of being updated for the three years frcm 2023 to 2026. Once completed. detai15 ￿111 be shared wth the Trustees of Acre Housing, because of the close relats.￿ShIp both charities maintain and because of Acre Housing's importance as the Mer of so many ofthe properts.es Ithere we provide supporL Acre Housing's Trustees have set the prowsion of new supported pr¢)perties to be tenanted by households supported by Style A¢re alongside the development of the Curfenl portfolio as thwr core gro￿ objectives for the next fve years. Over the coming year, our rnutU￿ focus wll be develowng properbes Cu￿enIty in the p￿￿0110 to better meet the needs ol those li￿ng in them and consi¢Jer new properts.es to allow (Jjrrent support provided lo te improved. Given the Current strains ￿ recrurtment, no add￿"Onal ser¥ices are planned as focus on maintsining the quality of support provhded in current service5. Devdopment by Acre Hou*ng at an existing propety 1$ planned to better meet the needs of Ihose lower mobih"ty. Our social entetprises and day opportunitses be a key focus during the coming year as we hjok at how VIE an develop our day opp¢ytunity offering and develop and gru* cyr￿nt and new social enterprise$. This wll increase the range and number of th￿rk opportUn￿e5 ￿ are able tr> offer allow'ng more of the people we support to leam new skills and benefft from the placements. The Way5 to Wellness programme will continue to form an integral part ol St>rfe Acre in the Csyning year vAlh the Wel￿e1ng activ￿"es, mental heath training and *Enness offering already offered planned to continue and th new opportun￿"e5 and actnntt.es added throughout the year. Page 6 STYLE ACRE TRUSTEES. REPORT fCONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 STRATEGIC REPORT Futurn plans Icontinu8d) Whilst the enwronmental impact of our athitses is ￿nsidered widely at Style Acre. we plan to build on thi5 during Ihe coming year thiough the devekyment of an environmental poI￿y. Our scKial enterprises and events will continue to consider the enwronmental impacts of their acts"Nib"es and we plan to start a new social enterprise during the year making and sell￿9 sustsinable medals for events during the coming year. Discussions continue vnth our landlord5 and other opporlunits.es in¥estig*ed around the longer term Flans for our marn offices and the Tumstyle day op￿rtUn￿"es hub at Hovknery Park when the lease ends in Oct 2023. It is antiupated Ihat the lease will be extended in the short lerm ¥thile a new building is found and developed for Stye Acre. Regular management seS￿On$ are held and Tnjstee update5 prov￿ed to ensuie that appropriate aftd b.mely decisions can be made in Tesponse lo the uncertw"n situatson and environment. Regular management reporb.ng and cash tlow moniton.ng ensure that irrfixmalion is available lo support decisTron making. STRUCTURQ GOVERNANCE AND IAAMAGEMENT Governing docume The charity is controlled by rt5 goveming document. a deed of trust arKI consbtutes a h'mrted ¢ompany, limited by guarantee. as ¢jefir￿ by the Ctynpanies Act 2￿. Siructure and Management S￿e Acre is run by a Board of Tntstees. are responsible for the 5trategK direction of the tharrty. They emptoy a Chief Exe￿Il¥t, vtho, together the Operab"ons Dire¢lty and Finance Directcrf. is responsible for delNering the objects of the charity. New Trustees are appointed by the Board and all Trustees must be at least 18 years of age and capable of managing his or her own affairs. Each TTUStee shall offer his or her resignabon lo the charity on the expiry of three years from the date of their appointment ststs.ng that he or she wshes to rets.￿ or continue for a fvrther period of 3 year5. Ail Trustees are required lo have a Di5c105ure arKI Barring SeThkce (DBSI theck and a prote¢lion of vulneratk adutt5 theck on appc4ntrnent and then every 3 years. The Trustees have a ￿lde range of skills pertinent to the charity. and ￿di￿OnallY are paired V•ith a number of operational managers in a mentoring capacrty to prowde coaching SUPPOrt Thi5 also enable5 Tru51ee5 to enhance their knO%￿e ofthe chanty thrcwh front4ine expenence. AJI TnJstee5 give their time voluntsrity and expense5 may be paid. No expenses were paid during the year ended 31 Ma￿h 202312022 £nil) The Board meets Lv) a regular basis, currenty four times arnuaty *ilh a separate strategic review meeb'ng. At each regular meeting, the Chief Execub've presenls lo the Board an overall report on our work. The Board also receives management accounts and analY￿S from the Finance Director to enable them lo monitor our financial posits'on. Reports from the Operations Director. coversng operational perfumance and infoTmab"on conceming the people we support, and from the Chair of Trustees. covenng govemance, a￿ also provided to these meetings. This enables the 8oard lo ensu￿ they are fully tiriefed on i55ues relating directly to our service users. The 8oard also approve the chaTWs annual finanual Ixrdgel in ao*ance of each financial yw. The Board of Trustees revbew the a￿"￿eS and our aims and objeth"¥es annualty. We assess our effeetiveness and achievements thrJJgh an amual appr&sal process and deude whbch ach'v￿e$ musl corrtinue and what else we could do to enhance the Ir¥e5 of people supprt The Chief Executive and the Board revtew the benefi15 that tyJr a￿"¥￿"e5 have brought to the people we 5UPPryt and thi$ helps us to stay f¢xused on our key objectives. The charity also normalfy optrale5 Wthin a >year stralegi¢ plan, **thi¢h ensures all our aCti¥￿'eS reflect the thanvs otyect$ and progress can be effectryely monrtored and evaluated. Because of the uncertaintie5 ift the external envIT￿￿nenI. the Board ha5 deo.ded th* the next strategy vlill cover a >year 12023-261 period. Page 7 STYLE ACRE TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 STRUCTURE. GOVERNANCE AND PJANAGEMENT Induction and training of truste•s All trustees are encouraged lo undertake ongoing training as approwiate. New Tru$tee$ are given a Job de$criptlQTI. an induction into ihe workn.ng of the chanty and provided *fjth training rf required. TnJstees are encouraged to get to kn￿# the peoOe we SUPPLNt and our staff. Risk management The Trustees have a duty to identrfy and review the risks 10 the chtyi is exposed and to ensure approprsate controls are in place to prowde reasonable as$uran¢e against fraud and error. The Chief Exe¢utrve ts ￿pOnsIble for undertaking an anwal risk assessmenl of the eharity and for drthing up a risk management plan for the Board's ￿leW and approval. Iwherever p)ssiLle. appropriate control$ and pro¢e¥Jures are pul in place to mitigate the risk$. The charity also employs the seNces of a Health and Safety Human Resources Consultancy in order to ensure our compliance with ap￿icable legislakn"on, to maintain awJrene$$ of best pra¢li¢e and to protect the wellbeing of its employees. volunteer5 and the pe￿e S￿￿rl Page 8 STYLE ACRE TRUSTEES. REPORT ICONTIMUEDI FOR THE YEAR ENDED 31 IIARCH 2023 STATEMENT OF TRUSTEES RESPONSIBIUTIES The Trustees17*tho a￿ also the directtys of the Charty fry the pwposes of wipany lawl are respon*ble for p￿panftg the Trustees. report including the Strategic report and the financial statements in accordance with applicable law and United Kmigdom A¢wtry Standards (Unrted KJ"ngdom Gener￿ty Accepted Accounting Practice). Company law requires the Truslees to prewe fThnaal sL7tements for each ffianrAal period. Under company law. the Tru$tee$ must not approve the finarrial slaternenls unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Charty and of their ir￿orning resources and applicatson of resources, including their income and expendrtuo. for that period. In p￿parIng these financtal st*ments, the Trustees are required to.. select Suitsble a¢¢ounling policies and then apply them consistenty.. obserye the melhods and pnnciples 01 the chanb.es SORP (FRS 1021.. make judgements and a¢¢ounb"ng estimafrs thal a￿ reasonable and pn￿ent.. state whether applicable UK Accounting Standards IFRS 1021 have been lolowed, subject lo any material departures disd05ed and exFlained in the ffinanc￿ statements. prepare the financial statements on the going co￿eM basis un￿sS il is inapproprrale to presume that the company ￿111 continue in business. The Trustees are responsi￿* for keeping adequate accounting records that are suffiaent to show and explain the Group and the Charity's transxtions and disdose with reasonable accuracy at ary time the financial position of the Group and the Charty and enabk them to ensure that the ffinawal statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Charity and hence for taking reascnat4e steps ftr the pre¥enb"M and detects.on of fraud and other irregulariti'es. Disclosure of inf(xmation to auditor Each of the persons are Tru$lees at the time when this Trnstees. rep(Yt is approved has confirmed that.. so fai as that Trustee 15 aware. there is no relevant audit informats.on ol vthich the charitsble group's auditor 1$ unavrnre, and that Trustee has taken al the steps that ought to have teen taken as a Trustee in or(ler to be aware of any Televant audrt informab.on arKI to e51abli5h that Ihe charrtable group'5 audltor is avrare of that inlcimation Audltor In a¢¢ordan¢e %Mth the Companies Act 2006. a re$dUt￿ proposing the appoinlment of James Cowper Kreston wa$ submitted to Trustees at the General Meeting on 22nd September 2022 and was carried animously. James Co%yr Kreslon ALvJi( *il be proposed lor r&app(xntment at the forthcoming Annual General Meeling. Appro rder of mem of the boar(l of Trustees and signed on ther behalf by.. r I C Boulton Trustee Oate.. ,Iqlt Page 9 SME ACRE INDEPENDENT AufMTOR'S REPORT TO THE MEMBERS OF STYLE ACRE Oplnion We have audited the finanGial 5tstements of Style kre (the 'parent ¢haritable companl) and its subsidiaries {the 'group'i for the year ended 31 Ma￿h 2023 vthich com￿'se the Consdidated statement of financial activities, the Consolidated balance sheet. the Chanty balance sheet. the Consdidated statement of cash flows and the rel*ed notes. including a summary of significant accounting poliaes. The financial reporting framework that has been appl*d in their preparation 1$ applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 The FinancLal Repothng Standard appI￿a￿le in the UK and Republic of Ireland, (United Kingdom Generalty Accepted Accwnbng Practice). In our opinion the finanual ststemerts". give a Irue and lair Mew of the state ol the Group's and of the parent ctwrtable companvs affairs as al 31 March 2023 and of the Group's incoming resources and application r)f resour￿, including its income and exwditure for the year then ended.. have been property pTepared in acc￿da￿￿ Vthith United Kmgdfyn Generalty Accepled kcounling Practice.. and have been pryjared in aCCor￿ce 7hith the requirements ol the Companie5 Act 2006 and the Charitses Act2011. Basis for *winion We conducted our audit in accordance wth 1ntemab.onal Stsndards on Audrting (UK) IISAS IUKI) and applicable law. Our re$wnsibililies under those slandards are further described in the Audf(orfs responsibilitie5 for the audit of the financ￿1 ststements section of our ￿port. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financ￿1 stalements in the United kn"ngdom. including the Financial Reporting Councifs Ethical StarKlard. and we ha¥e fvlfilled our other ethical responsibilities in ac¢ord8nce Voilh these requirements. We bdieve that the audit eMOen¢e we have obtained is sufficient and appropnate to provide a tAs¢ lor our opn1￿. Conclusions r•lating lo going conc•rn In auditing the financial sta¢￿ents, ha¥e ¢￿duded that the Tru$tee$' use of the going concem basis of accounting in the preparation of the financial statements is appropriate. 8ased on the *Drk Y￿ have perf￿med. VR have not identrf*ed any matwial unc¥ts"nties relating to events or condition5 that, individualty or colkcbvely. may cast significant doubt on the Group's or the parent charitable company's ability to conb.nue ès a going cmcem ftr a period of * ￿$1 t4¥elve months frcwn vthen the financial statements are authorised for issue. Our responsitshties and the respon%ts'lities of the Trustees %%ith res￿ to going concern are described in the relevant $e¢tions of this report. Page 10 SME ACRE INOEPENDENT AUD￿OR's REPORT TO THE MEMBERS OF STYLE ACRE ICONTINUEDI Oth¢r Inforniafjon The other inforniabon compnses the informakn.on induded in the Annual report other than the financial statements and our Audilorfs rep¢Jrt thereon. The Trustees are responsible for the other infonnation contained bvithin the Annual reporL Our opinion on the financial slatements d¢)es not cover the ¢)ther information and, except lo the extent otherwise ex￿iCrtty slated in our rewt, ￿ do not express any fomi of assurance condusion thereon. Our resp￿sibl1ty is lo ￿ad the other infomabon and, in doing so. consider vthether the other irrformalion is malerialty incmsislent with the financial slatemenls or our kno%￿￿ge obtained in the course of the audrt. or othevmse appears to be materially misstated. If 1der￿'fy such material ￿consIstenCYèS or apparent material mi$$latemenls, VE are required to detemiine vthether this give5 rise to a material missiatement in the ffinancsal statements themsefves. If. based on the have perfomied, we condude that there is a material misslatement of this other infonnakn"on. we are required to report that fact. We have nothing to report in this regard. Opinion on other matters prescribed by the Companies Act 2006 In our wnion. based on the Vrtvk undertaken in the cowse ofthe au¢*t'. 1nfryMat￿n given in the Trustees. Report fry the f￿￿¢141 yeaf fy vthi¢h the fmancial statements are prepared is consistent ￿1th the financi￿ statements. Ihe Trustees. Report has been prepared in accordance *ith appluble legal requirements. Matter5 on which we arn rwuir*d to rnport by exception In the light of our knovAedge and understanding of the charitable company and its environment obtained in the course of the audit. ￿ have not Identif￿ material misslatements in the Trustees, Repryt. We have nothing to report in respect of the folloAing matters in relatw to ¥thith Comparwes Act 2006 require5 u$ lo report to you if, in our opinion.. Ihe parent Charrtable company has not kept adequate and sufficient accounting reC(￿dS. or returns adequate for our audrt have not been received from branches not ￿5rted by v$", or the parent charrtable Company financial stolements ¥e not in agreemwrt v*th the accounting records and retums., or certain disdosures of Trustees. remunerats.￿ speafied by law are not made." or we have not ￿ceiVed all the infomation and explanab"on$ we require for our audit.. or the Trustees were not enbued to wepare the financial slatements in accordance the small companies regime and take advantage of the small companie5. exemptws in preparing the Trustee5' Report and Irom the requirement to prepare a Strategic Report. Rsspon$ibililies of tru$tse$ As explained more lulty in the Trustees. r￿p￿sIbilI￿eS statement. the Trustees (Mtho a￿ also the directors of the charitable company for the purposes of company law) are res￿nsIble foi the preparalion of the financial statements and for being satisfied that they give a true and fair wew, and fry such internal control as the Trustee5 delemiine is necessary to enable Ihe prepar*"on ol finanual ststements that are free from material misstatement. whether due to fraud or error. In prewing the financ￿ statements. the Trustee$ are responsille for assessing the GTOUP'S arHI the parent charitsble ¢ompanVs abilty to continue a$ a going ¢on¢em. disdo$ing. as applicable. matters related to going conetm and using the going concern basis of accountsng unless the Trustees either intend to I￿￿ldate the Group or the parent charita￿e company or lo cease operations, ty have no realistic altemative but lo th so. Page11 STYLE ACRE INDEPENDENT AUDITOR'S REPORT TO THE IAEMBERS OF STYLE ACRE (CONTINUEOI Auditorfs responsibilities lorthe audit olthe financial ststements Our objectives are lo obtain rea$onable assurance about the financial statements a5 a whole are free from material misststement. *thether due to fraud or error. and to issue an Audit￿$ report that indudes our opinion. Reasonable assurance is a high level of assurance, txrt is not a guarantee that an audit Conducted in accordance vrti ISAS {UK) wll always detect a material misstatement when rt exists. Misstatements can arise from fraud or eThoT and are constdered Matern￿ if, Indiv￿Ualfy or in the aggregate. they Could reasonably be expected to irrfluence the eCe￿orniC decisths of usws taken ￿ the basis ol these financral Slalements. Because of the In￿e￿nI limitatwis of an audit. there is a risk that V•ryll not detect all irregularibes, including those leading to a material misstatement in the finanaal statements or norKompliance regulation. This risk increases the more that cornplrance *ith a law or regulatKm is removed frorn the events and 1ransacb.ons rellecled in the finanaal statements. as be less likely to beciNne avare of instances of n￿￿OrnFI￿n¢e. The risk is also grealer ￿93rdIng irregulanb.es 0￿rring due to fraud rather than error, as fraud involves intentional concealmenL forgery. ¢ollu$w. Omiss￿ or mislep￿sentati￿. The specific procedures for this engagement that V￿ des19r￿d and performed to deteet material misstatements in ￿SpeCt ol iTregularitres. including Iraud. WETe as fol￿". Enquiry of managemenl. and those charged T*Ath g¢)vemance around actual and potential litigation and laim$', Enquiry of management and those charged *ith governance io idents.fy any material instances of r￿n- compliance ￿ryth laws and regulats"ons'. Reviewng financial statement disclosures tesbng to supporting do¢umentstTron to assess eomplian¢e with applicable laws and regulatsons," Performing audit 7AYxk to add￿$$ the risk of irregularities due to management override of conlrols. including tesb'ng of journal entn'e$ and other adjustments for appropriaieness. evaluating the business rationale of significant transactions (Mrtgde the nomial course of buyness and ￿vIe￿n9 accounting estimates for evidence of bia5. A fvrther descriptKJn of our ￿SpOns￿litieS for the audit of the financial statements is lo&*ed on the Financial Reports"ng C￿nCIl.S websrte at." whw.frc.o .uklauditorsres nsilx"Iits"es. This description foms part of our AuditOT'5 report Use of our report This report is made 501dy to the chantable company5 member5, as a budy, in ac¢ordance with Chapter 3 of Part 16.of the Cmipafties Act 20rA. and lo the ch*rtable companys tnjstees. as a body. Part 4 of the Chanties (Accounts and Reports) Regulab.￿S 2008. ¢)Jr audrt vKYk has been undertaken $0 Ihat might stste lo the charitable company's members those matters are reqUI￿d to stste to them in an Auditor's report and for no other purpose. To the fvllesl extent pennittett by law. * do not a¢¢epl or assume responsibility to anyone other than the charitsbje ￿MpanY and its members, as a body. f*y cwr audit vnrk. for this report. or for the opinions we have fomied. Darren O'connor 8Sc (Honsl FCCA ACA {Seniorstatutory auditorl for and on behalf of Jame5 Cowper Kveston Audit Chartered Accountants and StatUt￿Y Audrtor Readin9 Bridge House George Street Readin9 Berkshire RG18LS Page 12 STYLE ACRE CONSOLIDATED STATEPAENT OF FINANCIAL ACTNMES VNCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2023 Restricted Unr•stricted funds funds 2023 2023 Total fund5 2023 Total fijnds 2022 Income from: Oonab"¢Th arKI legacie5 Charitable aCtiV￿e$". Support Opportunities Inve5tsnents Other income 164.471 240.053 404.524 716,379 8.075.498 1.686.037 36.302 407.111 .075.498 1,686.037 36.302 407.211 7,485,256 1,455,655 23.210 378,759 Total incom• 164.471 10.445.101 10.609.572 10.059,259 Exwnditurn on: Raiswtg fvnds Charitsble activiti.es 63.566 10.557.184 63.566 10.735.873 68.603 9,945.791 178.689 Total expenditure 178,689 10.620.750 10.799,439 10,014.394 Net {expendituwellincom• b•for• n•t 1055e5 on investments Net losses on investments 114.2181 1175.649) 198.151) {189.867) 198.151) 44,865 {6,875) 13 Net lexp•nditure)fincome before taxation {14.2181 {273,8001 13581 (288.018) 1358) 37,990 1278) Tax on profit of subsidy N•t mov•m•nt in funds 114,2181 1274,158} (288.376) 37,712 Re¢onclllatlon of funds: Totsl fvnds brougfil foNftxd Net movement in funds 270.4 3.054.380 3.324.869 1208,376) 3.287,157 37.712 Total funds carried fo￿r￿ 256.271 2,780.222 3.036,493 3,324,869 Page 13 STYLE ACRE REGISTERED NUMBER: 04906985 CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2023 2023 2022 Note Fixed assets Tangible assets Investments 12 1,759,049 1,004,898 1.744.736 1.103.049 13 2,763,947 2.847.785 Current assets Debtors Cash at bank arKI in hand 14 450.735 6S2.602 340,485 1.200,930 1,103.337 1.541,415 Credrtors.. amounts faling due *ithin one year 1S I•JO.791) 11,064,331) N•t currnnt ass•ts 272.546 477.084 Total assots less curv•nt liabilities 3.036,493 3.324,869 Total net a55ets 3.036,493 3,324,869 Charity funds Restricted fund$ unresln.cted fvnds 16 16 256.271 2.780.222 270,489 3,054.380 Total funds 3.036,493 3,324,869 The financial 5tatemefts haNe be￿ prepared in accwdance *ith the provisiL￿S applicable to entities subject to the Sm￿1 companies regime. The ffinan¢ial ststements were approved and authorised for issue by the Tntstees and swned on their behalf by.. Mr I C Boullon Trustee Date.. Mr K Tibbs Trustee Iql. The notes on pages 17 to 43 fonn part ol these financial statements. Pa9e 14 STYLE ACRE REGISTERED NUMBER: 04906985 CHARITY BALANCE SHEET AS AT 31 MARCH 2023 2023 2022 Mote Fix•d assets Tangible assets Investments 12 392.984 1A04.900 377,418 1,503,051 13 1.797.884 1,880,469 Current a￿•ts Debtors Cash at bank and in hand 14 1.503,613 494.944 1.375.383 1.086,155 1.998.557 2,461.538 Creditors.. arn￿nts faming due *ilhin cffle year 15 1791,749) {1.021.243) 1206.808 1,440,295 Total ass•ts less curr•nt liabiliti•s 3.004.692 3,320,764 T¢)lal net •s¥•ts 3.004.692 3,320,764 Charlty funds Restricted fund$ Un￿striCted funds 16 256.271 1748,421 270.489 3,050.275 Totsl fund 3.004,692 3,320,764 The financial stalements have btteft prep¥ed in a¢¢ordan¢e the pro¥isioAs appl*able to entities subject to the small ¢omwies regime. The fina￿la1 statements ￿tre apprO￿d authorised tr issue ty the Trustees signed on their behaN by.. Mr I C Boulton Trustee Date". rKT Trustee ,1gJ The notes on pages 17 to 43 fonn part of these finanual Staterner￿. Page1S STYLE ACRE COMSOUDATEO STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023 2023 2022 Mote Cash flows from operating activities Nel cash generated frryn operating acliwbes 20 1481.55J) 700.983 Cash flows from inv•sting acti¥iti•s Diwdends. interests and rents from investments Proceed5 from the of Lingible fixed assets Purchase of tangible fixed assets Purchase of investments 36,302 6.800 (97.075) 23.198 13.707 (91.8541 1300,0001 Net cash used in investing activilies (53.973) 1354.9491 Cash flows from finan¢lng actlvlllos Bank tharges paid (12.802) (5,6831 Net ¢ash used in financing activities (12.802) 15,6831 Change in cash and cash equival•nts in th• year Cash and cash equivalents * the be9inning of the year (548.320) 340,351 1.200.930 860.579 Cash and cash equivalents at the end of the year 21 652.602 1,200,930 The note$ on pages 17 to 43 fomi part of these finanual statement5 Page 16 STYLE ACRE IIOTES TO THE FIMAMCIAL STATEMENTS FOR THE YEAR ENDED 31 IAARCH 2023 Accounting policies 1.1 Ba$1$ of prepar•tO¢)n 0lffin•ncial stat*nents The finantyal 5tstements have been prepared in a¢wdan¢e with the Charitwts SORP (FRS 102) - counting and Repth"ng by Chanb"es". Statement of Recommended Prath'ce applicable lo charrties prepafing their a¢¢ounts in ac￿rdance *fjth the Finan¢ial Reporting Standard applicable in the UK and RepuUic of Ireland {FRS 102) {effective 1 January 20191. the Financial Reporting Standard applica￿e in Ihe UK and RewblK of Ireland IFRS 1021 and the Companies Act 2006. Style Acre meets the defin￿"on of a p￿lIC b￿rrt enbty under FRS 102. Assets and I'8￿.1￿leS are initialty recognised at historical cost or tran&iction TAlue unless otheTh•ise stsled in the relevant accounting p￿ICy. The Consolidated statement of fift￿rA a￿1&￿treS ISOFA) and Consdidated balance sheet ¢￿$011dale the financial Statem￿t5 of the Charity and lis subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. The Charty has taken athantage of the exernpts.c￿ allo1￿1 undef secb.on 408 of the Companies Act 2006 and has not presented rts Slatement of finanGial activitss in these f￿ana31 statements. 1.2 In¢t)me All income is recognised once the CharTty has enbllement to the income, il is probable that the income *ill be received and the amount of incorne receivable cart be measured relthly. 1.3 Expendllwe Expenditure is recognised once there 1$ a legal or constructive Obl￿atrOn to transfer ecor￿mie benefit to a third paty, it is probable that a transfer of economic benefits wll be required in setuement and the amount ol the oblKJaty"on can be measured reliably. Expendrture is clas$ifed by a¢bvity. The Costs of each a¢b"¥ty are made up of the totsl of direct costs and sha￿d costs. IndLMling suppryt costs Inv￿ve(j in undertaking each aCti￿ty. Direct costs attributable to a single a¢ts'vty are ￿￿)Cated directy to Ihat acti¥Aty. Shared ¢osts *l)id) contn.bute to more than one ath.wty and support ￿$ts are r￿t attn'￿table to a sngle actmty are apportioned between those ath'vities on a basis consistent the use of resources. Central stsff Ccists are allocated ¢)n the ba￿S of time spent. and depreciation charges alkxated on the porb.on of the asset's use. EXpendilU￿ on raising funds indudes all expenditure incurretal 2023 9,761.535 9.761.535 8.940.911 In 2022 total I￿orne of £8,940.911 was uryestricted. In¥￿tr)ent In¢om• Unrestricted funds 2023 Total fvnds 2023 Totsl fvnds 2022 Dividends from fixed asset inveslment5 Bank interest rtteivable 32.543 3,759 32,S43 3.759 23,066 124 Tt>tal 2023 36.302 36.302 23,210 In 2022 total inccrfne 01 £23.210 was unrestrided. Other incoffling res(wrces Tot*1 fund5 2023 Total funds 2022 funds 2023 other income 67,332 339.879 67.332 339.879 B8.422 290.337 Trading income Total 2023 407,211 407.211 378.759 In 2022 total inetrne of £378.759 ￿reStr￿ted. Page 21 STYLE ACRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 MARCH 2023 Expenditur¢ on raising funds Raising funds Unwgstrict¢d funds 2023 Total funds 2023 Total fund$ 2022 General expenses Staff costs 9.783 53.783 9,783 53.783 11.599 57.004 Total 2023 63.566 63.566 68,603 In 2022 total expendriure of £68.603 VAS unrestricted. Analysis of expenthlwe ¢Jn charitable activilies Summary by fund type Restricted UnYestrl¢l¢d funds funds 2023 2023 Total 2022 2023 Support Opportun￿"eS 119,633 59.056 8.284,855 2.272.329 8.404.488 2.331,385 7.542,928 2.402.863 Total 2023 178,689 10,557,184 10.735.873 9.945,791 In 2022 lotsl expenditure of £449.989 vras restrided arwj £9,495.802 was unrestricted. Page 22 STYLE ACRE NOTES TO THE FINANCIAL STATEIIENTS FOR THE YEAR ENDED 31 MARCH 2023 Analysis of exp•ndltur• by athltl Governance Totsl funds 2022 Direct costs 2023 funds 2023 2023 Supwt Opportunibes 8.385.510 2.318,916 18.978 12.469 8.404,48J 2.331,385 7.542,928 2,402.863 Tot•1 2023 10.704.426 31.447 10.735.873 9.945,791 Total 2022 9.927,255 18.536 9.945,791 Analysis of dir•¢t cosls Opportuniti Total fund8 2023 funds 2022 2023 2023 Staff costs Premises Computer opefab'ng ￿515 M￿Or expense$ General expenses Purchases Depreciatson Loss on di$posal of tangit4e frxed assets Bank charges 7.661.9( 103.464 84.948 57,055 439.802 1.627.559 254.030 21.237 lo3,￿9 187,892 73.801 41,578 705 8.145 9.289.465 357.494 106.185 181.024 627.694 73.801 72.4J7 3,524 12.802 8.704,240 337,137 94,488 135,598 508,645 65,126 63.447 7,339 11.235 30.859 2.819 4.657 Total 2023 8,385.510 2.318.916 10.704.426 9,927,255 Totsl 2022 7.533,994 2.393,261 9,927.255 Page 23 STYLE ACRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Anatysis of expenditure by activities Iconllnuod) Anatysi$ of support costs Total funds 2023 Total fvnds 2022 Support Opportunities 2023 2023 ProfesS￿al fees 5.802 13.176 8,625 3.294 550 14.427 16.470 550 3,311 14,700 525 Auditors remunerati Auditors remunewabM - audit fees Total 2023 18.978 12,469 31.447 18,S36 Total 2022 8.934 9,602 18,536 10. Stsff costs Group 2023 Charity 2023 Charity 2022 2022 Wages and slarres Social security costs Contribution to defined contribution pensi Schemes 8.516.241 596.166 7.956.198 570.642 8,359.085 587.347 7,789.028 564,014 230.841 234,404 226.849 231.577 9,343.248 8.761.244 9.173.281 8,584,619 The average number of persons employed by the Chanty during the year was as followa.. Group 2023 Group 2022 No. Charity 2023 No. Charity 2022 No. Administration Support Opportunities Trading 27 280 27 235 23$ 280 54 30 370 391 342 361 Page 24 STYLE ACRE NOTES TO THE HNANCIAL STATEMENTS FOR THE YEAR ENDED 31 IAARCH 2023 10. Staff costs (continued) The nufflber of emFdoyees 7thtK￿e employee benefrts lexthding empbyer pensw costs) exceeded £60,000 wa5.. Gvoup 2023 Group 2022 In the barKI £70.001- £80.000 In the band £80.001 - £90,000 In the band £110,001- £120.000 Agency costs for promding temporary staff dumg the year amounted to £1.868,225 (2022." £668,219). Remuneration totsllmig £260.￿2 (2022." £247,087) ¥ras to key management personnel during the year ended 31 Mar¢h 2023. 11. Trustse5' remuneration and expenses During the year, rto Trustees rec￿Ve(l any remuneratson or other beneffts12022- £NILI. During the year ended 31 March 2023. no Trustee expense5 have been irKwTTed (2022- £NIL). Page 25 STYLEACRE f•JTESTO THE FI•AIIC14LSTATEIIEIITS FOR THE YEAR ENOED31 MARCH 2023 12. T•nWb1*fiX￿•￿•ts Gro ID￿•ho￿l Moioi FIxhrt• *nd CoMput•r Total 11W42022 Addith)ns Dw* 171J 67,6 2,197,033 •7,075 97,075 1 3t MArch 2023 171 1•,7T4 3,10S 1$7.411 17,194 2,J4J,17• t 1 Aw12022 ChArye forthe ye¥ On 714 210.331 42,532 78261 10.716 $5.00 2,572 $51287 71438 {40.6Q41 At 31 2023 74 10,714 684.121 N•t bookv•l Al 31 2023 1Jfj1.53fj 1,1 7QN11 1.759.049 Al 31 March2022 I.￿).636 112.737 177.320 1,744.73fj P4e26 f•)TES TOTHE FWWICiILSTATEIIENTS FOR THE YEAR ENOE031 IAARCH 2023 v•h*kns I4￿1pm•ThI Toril ¢￿torY4￿MI￿ At 1 Awl 2012 AddrtwM$ DIS￿5*5 171W 451.651 97.Q79 125,991 97,D75 150,9211 A131 Matth 2023 171.14J 50J.MS 13OJTI 05.019 2.13 At l Awl 2022 rgetrtrrf yo4r on Llsws 441,613 71,115 140,6041 15,ni 419Jl 140.M41 1179 At 31 2Q23 74n4 211661 M.612 .•02 47•.154 bDDkY*k* At 31 MArcTh 2023 *8J49 221.13* 16,269 392,904 At 31 2022 112.737 177.320 75.81S 377.418 Pa9227 STYLE ACRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 12. Tanglble fixed assets {¢onllnued) Group Freehold property relates lo the Banbury SupF#Jt Hub {SABRel. The D1￿clOr$ have considered the basis on which the SABRe building at Butchers Row should be accounted for under FRS 102. Hawng rewewed the rental income paid by the tenants in the building, the Directt￿ have concluded that the building is held Yor the prowwon of sotyal benefit and thal il qualifies as Propety, Plant and Equipment rather than as an Inveslmenl Prwerty." accordingty the building's carrying value is slated at historic cost. 13. Fix•d asset inv•skn•nls Listed Investments Group Cost ¢r Valuation At 1 April 2022 Revaluations 1.103,049 198,151 At 31 March 2023 1,004,898 Net book valu• Al 31 Marth 2023 1,004,898 At 31 March 2022 1.103.049 The cost of listed inveslments 1$ £976.367 (2022.. £976.36T). Invethnts subsidiary Listed companie5 investments Total Charity C¢st or valuation Al 1 April 2022 Revaluations 400,002 1,103,049 198.1511 1,503,051 {98,151) At 31 March 2023 41)0.002 1.004.898 1.404,900 Nel book Value At 31 March 2023 400.002 1.004.891 1.404,900 At 31 Marth 2022 400.002 1.103.049 1.503.051 Pa9e 28 STYLE ACRE NOTES TO THE FINAKCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 13. Fix•d ass•t inv•stm•nts Iconlinu•dl Principal subsidiaries The follo*ing a subsidiary undertaking of the Charity.. Name Ctynpany numbor Registered office or wincipal Principal activity place of business Style Acre Trading knmrted 07437203 1 Londcn Street. Reading. 8erkshire, RG14PN Laftdl￿d ser¥ices. operab'on of a charity shop an(1 tea room Class of Hokliny $hares Included In consolidation Ordinary 100% Yes The financial results of the subsidiary ￿ the year ￿￿e.. Name In¢om¢ Expenditur• prof￿{LoS5) I Surplu51 (Deficit) for the year Style kre Trading Limited 401,756 1369.955) 31.101 Net assets 431.803 Page 29 SME ACRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ¥ARCH 2023 14. Debto Group 2023 GroL 2022 Charity 2023 Chanty 2022 Du• aftor mov• than ong year Amounts ¢N*d by group undertakings 700.000 700,000 700.000 700,000 Du• wlthln one year Trade deblors Amounts rNRd by groLV undertakings Other debtors Prepayments and acclued 231,091 190,477 230.583 365.840 101,3S2 105,838 190,157 345,505 39,396 100,325 104.012 115.632 44.878 105,130 4SO.73S 340,485 1,503.613 1,375,383 The arnounts owed by group undertakings falling due after more than one year comprise 4nd amount of £700.000 paid by the charity to its ￿th01ty 04tyned trading subsidiary. Style Acre Trading Limited, for the purpose of purchasing and refurbishing the SABRe building at BLrtcherf5 Row in Banbury. The proJect was carried out by Stye Acre Trading Limrted. as this vrds more tsx efficient than the charity doing $0 itseK. The building is in active use and contributes to ddi¥ering our charitable objectives n the Banbury area. The amounts paid to Style Acre Trading Limrted to finance the projecl are a boan, wthich WTII be repayable to the charity in the event of the SABRe buikjing being disposed of or rf it ceases to be used to further the arita￿e objeclives of the charty. The Trustees have pmwded the Directors of Style Aue Trading knmited a commitment that the charity %4911 meet the continuing operating ￿$t$ of the substdiary for a perK#J of at least 12 months from the date of signing the firwi¢ial statements. and ¥thill ensure that rts liabilities and obl1gatK￿S lo all parb'es ide of the group tAfjII conts.nue to be met as they fall due. The trustees have considered *thether the loan falls under the dthib.on of a financing transadion under FRS 102. Under FRS 102. such a transaction should be staled at rts present ¥a￿t, measured by any future payment discfAnled at a market rate of inleresL There are no dear repayment terms or bmescale for the h)an," the tn"9ger for opayment is regarded as remote gNen the importance of the builcjing to expanding the support V&* offer in Banbury. A¢¢ordingty, the Trnstees are of the opinion that the fair value of the loan amount to be induded in the financial ststements is its original monetary value. 15. Cr•di¢ors: Amounts falling due within on• y•ar Group 2023 Group 2022 Charity 2023 Charity 2022 Trade creditLYS CO￿Oration tsx Other taxats.on and social secwty Other creditors Accrua15 and deferred income 189.445 306 158.905 278 178.446 145,853 141.575 32.637 466,828 193.571 43.040 668.537 132.426 32,637 448.240 187,219 43,040 645,131 Page 30 STYLE ACRE NOTES TO THE FIMAMCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 15. Credlloys: Amounts falllng due wlthln one year (continued) Group 2023 Group 2022 Charity 2023 Charity 2022 830.791 1.064,331 791,749 1.021.243 Page 31 STYLEACRE IKIT￿ TO THE FWIANCIAL STATEIIEMTS FOR THE YEAR EMDEO Jl fLARCN202J 16. siat•M•rt allwm . skt•m•nt oll￿d* th¢UINrty•¥ Balance ot JI M•rch 2J GaiMI Unre61dcted DDswJn•t•d fw DEswnated re¥￿Ul￿ rund SABRÈ HQ1￿#Y nome SABRe bLI￿￿19 27.297 9S,710 139.981 700,000 214,712 0000 {2.SQS) 261,539 I3￿73 IIM24 1,117,7S7 1.127J96 IllJ45.1•1 11ffjfj20,75Ql {li.J241 9JIM5 54.3•0 10A45,1QI 110,6X.7501 l•J,151) ,7UQ,22Z IIOTESTO THE R14AIICklL STATEIIEIIT5 FOR THEYEAR ENDED 31 IIARCH 2023 G•ln 2023 Sens(0 and rebjwdth IS759 31M43 42m T2Appeal IT.Ttchr*ts hdtFeThJErKe Work deve￿￿Tre￿I D￿0pp￿nIbE5. Prytyc GArden wojects 273 00,$•5 1.417 28A30 3.17 SN50 12,862 110.1741 1417 27J14 125,U31 OQ4 &Jpptsrted Lmng Socmlenterwses SOOC T2 F￿dIty DaYOwnLbi￿e&.Gener ¢ororravYus ￿L￿ffi Wapto W*kness OCC Pubk HeaRh. mer￿ HEalh 10.714 5211 P.122J 117121 15,3111 121.76 5.019 27,US 26.395 Jl.lOJ 15 OCC Pubk Heath- Hean 13 161N71 1174,619) 256.#1 Total of fw 3.32W 10,6•gAll 119,791 191.191> &Q36.493 Ptye 33 TE5TOTHE FINAMCIAL 8TATEWE•ITS FOR THE YEAR EMDED J1 IAARCH 202] Babnceat 31 14¥ch 2W22 ILos*esl Utht•Stri¢i*d lur Omfjgnated lund oes￿]￿aled 132.323 16.8751 125,448 97.521 142.476 700.000 281.839 600.WO 7,160 12,508) lthy home sA￿e bujhlry Flxed assets iepkcement M•n<)ffiCtar￿ DayOpwrb&*H 144.904 255.928 1,923.5 10,363 (6.8751 1,927.084 •n•r•l Iwxl Ge￿r￿ fuThJ 1.141.390 9,%1.D12 (9.564.40$1 Q74 110.3631 1,127.29S Toi*l unM¥knct•d 3￿.92 9.51.012 (9.561.405) (278) lfj,J751 3,D54.380 Pw3E 34 IIOTES TO THE RNAIICLIL STATEIIENTS FOR THEYEAR ENDED 31 MARCH 1•33 T￿r￿fer3 . Gwn {LO￿e$l 31 Marth 2022 Sensory aThY 1.130 854 42.678 {6.1281 18.29Jl T2 Appe IT. Techmknw toi 383 57.019 2.417 27.OU7 4.004 6DO S425 140.B3QI {1.rts)I 124.T591 t2.wl Day OppDrfy&itrs. Port¥*n G*rden wojecb 3.417 37.651 Supported Sowl enlerpnses soct T2 Fwding Oay Oppythd*5. Gerw* ca[￿￿¥￿ul P4ndÈm Waysiowelness OCC Pubhc kltrtAI Heal 375 12.705 275 iO.L 2.280 338.7T5 [2.2161 110.rixi [2.7221 {321.8311 (15.15TJ (13.367) lQ.764 4.134 13.959 14.88$ 3.692 31.1Q3 32.631 13.367 7,294 1.957 222231 498247 1449.989) 270,489 IIOTESTO THE FMIMCWLSTATEMEIITS FOR THE Y&4R ENDED31 MARCH 202) Total olluThdB 3.287,157 to.0592$9 110.014.394} 12781 16.8751 3,324,869 11. $urnrnary aflw Surn￿ry 011￿05 •¢umntTr rrfl 51 Ilar¢h ILOMM) 1023 rhiignatedfund¥ Generalf￿)IS 1.927M4 1.127216 I•A4&1QI II•M4.750) 270m 16W1 11n.6• 10.124 1.047.7S7 132.4ts6 256.271 J.324JS• 1•.fjQgA72 11Q.799.43 191.1511 3.036A93 NOTESTO THE FINANCLAL STATEIIEMTS FOR THEYEAR VIDEO J1 #ARCH 202J 17. surn￿ry 1¢or￿n￿d5 BaLirKe al Gainl 31 {LtsS*ÈSl Tmnsle 2022 Desvjnaied fvnd5 1.923. 1.141.J>J 222Xts1 10.363 110.3631 (6,875> 1,927.064 1,127.295 270.489 9.￿1.01? 1gW.4051 498247 {449.$891 (2711 Rt*triciedfun 3287.157 10.0$9.259 110.1114.3911 16.5751 3,324.869 11. ANtysls oltietA4*tts btts¥eethfww Anawls olmt asB•ts betswenfvnds•¢iwr•ntJ 2023 1023 23 124.434 1.634.61S 1.7S•.0 Fwd asset Irf*e5trnents Cwrfjnt ￿gets Credrtors due*l￿nCl￿>Wr 122.313 9.494 980.994 1.103.337 IW2J5) IlJO.7911 Tol 256.271 2.7W.22Z AQJ6,49J P•w 37 STYLE ACRE NOTES TO THE HNANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Analysis of net assets bel￿Tr funds (Contin￿dI Analysis of not assets bet￿9n funds- wior year Restricted un￿StrICted fvnd5 fvnds 2022 2022 Total fvnds 2022 Tangde fixed assets Fixed asset investments Current assets 152.391 1,592,345 1.744,736 1,103,049 1.103,049 130.409 1.411.006 1,$41.415 {12,3111 {1.052,020) 11,064,331) Creditors due *ithin one year Total 270,489 3,054,380 3,324,869 Page 38 STYLE ACAE MOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 19. Statem•nt of fi￿d9. nanative Pwpoge of Designated Funds: Designated Revaluation Fund The revaluafr'on reserve fund is required by the Companies Act 20(￿ and represents the amount by which investments exceed or fall short of hislorical cost. Designated Funds - SABR• Sinking Fund This designated fund is to prowde for fijture repairs and maintenance at the SABRe building in Banbury. vknich are received as part 01 the grfl aid donab.on of Stye Acre Trnding Limited distributsble profits. Dtsignated Funds . H¢liday Home The funds are deswJnated to provide a pemianent small holKlay home or cèravan lo allow our service users, vkno may require high levels of continuirmj 5UPPOrt ￿￿1151 they aTe awBy frDm home, to lake a break in a sell•cateiing base at modest COSL D•$ignated Funds- SABA• Building Loan These funds are de5ignale(I for the k)an made to Sfyrfe Acre Trading Limited for the purchase refurbishment of the SA8Re buikling in Banbury. As the loan is expected to be for the long temi, the corresponding reserves are i11￿uld. Designated Fund5- Fixed A55ets Replacement The majonty of the Charity's fixed assets are rtems vAth r￿at￿￿ty short lives, such ag motor vehrcles and Computer equipment Both of these are essents'al in running our charitable seNce5 and the reserves represented by Iheir book value are illNJuid and the assets themselves rheed regular replacement. These fvnds are designated to address both requirernents. Designated FwK15- Main Office and Day Opportunity Hub 8uilding This designated fund is to prowde for costs associated vAth a new matn office buikling and day opportunity hub in WaUin9ford and represents an amount for the development and fixtures and fith'ngs required. Purpo8• of Restrict￿ Funds: Sensory and Rebound Therapy These fvnds have been used to develcp a sens¢yy enNironment for the peop5e we support and provide equipment to support the rebound therapy acb¥ib"es. Funds utilised and caprtalised as tangible fixed a55e15 are beiig amortised to match the dep￿lation tharye in the finanaal statements. £213 (2022." £2841. Vehicle Appeal Some funds received in Tespect of the %*hides appeal have been utih'sed and caFXtalised as tangit4e fixed assets, and are b￿.￿9 amtrlised to match the dep￿la110n dwge in the fwlancial statements. £8.34412022 £6.1281. T2 Appeal These funds have been used lo asyst in the openiry and development of the drop in centre based in Didcol and kno¥m as T2. The facility 1$ aimed at individuals severe learning d1fficu1b.e￿dI$abil1Iie$. Fun¢Js restricted to the FKJrch8se of new ¥ehides for the use at T2. have been utih.sed and capitalised as tsngible fixed assets and are being amortised to match the depreciation charge in the financ￿ statements. £180 {2022." £2251. Funds restrKted to the Purchase of computer equipment at T2. have been ublised and capitalised as tangibte fixed assets and are being amc*lised to match the depreciaticffi tharge in the financ41 statements, £3712022". £49). Page 39 STYLE ACRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Funds restn.cted to the devdownent and refvthshmtsrt of the buddir4J at 'T2' have been ulih'sed and capitalised as tsngible fixed assets and ￿ being ¥nortised to match the depr￿￿?￿On Charge irF the financial ststements. £7.844 {2022. £7,844). IT- Technology f¢y Indgwndence These fvnds have been used to acquire techndogy f(Y the use of the people we support. The project ms to asses$ ini*yiduab to enrich their Ir4es and increase independeru through the use of technology. Funds ulilised and capitalised as tangible fixed assets are being arno￿"$ed to match the depreciats.on charge in the finanraal statements. £91 (2022". £121}. WO￿ De¥elopment These funds are used to lund staff salaries relating to the th￿rk (levelopment programme Oay Opportuniti•s - Portacabin These funds are in respect of a Portacabin that was donated for use bythe charrty. The market value of the Pcrftscabin has been capitalised as tangibk fixed assets and are being amortised lo malGh the depreciabon charge in the financial statemen15. £1,00012022". £1,000). Garden Pwojects These funds are in resF*Ct of garden projects and garden redevelopments. This includes the communty garden project in Wantage, gardening projects at the day opportunty hubs or vthin the 5UPPOrte(I liwng houses and G￿n Acre, ¢yJr gardening social enterpnse. Funds ub"Itsed to date and capilalised as tsngible fixed assets are b•"ng aMOrb"￿ to match the depreialion in the financial ststements. £121 12022. £701 In addition, the fvnds have been ulilised to redevelop the garden at our Henley property to aNow the people we support to access their garden and provHle a safe senscyy space for them to enioy. Funds ulili5ed to date and capiLilised a5 tangible fixed a55ets are bw.ng amorb.sed to makh the ¢Jepreci*'on in the ffinancial stslements, £2,02412022." £2,024)_ C¢)fflmuni¢atlons Prnle These funds are in respect of equipment to aKI comM￿lCation and continue lo be utilised. Fund5 ulilised to date and capitalised as tangible fixed assets we being amortised to matth the deweck?ts"on charge in the finanaal stalements, £705 (2022-. £940). Supported Lfvlng The fvnds held at 31 March 2023 will be used to fvnd equiwient for use ￿1n the supported liwng houses. Funds ublised and capitalised as tangibk fixed assets are being amryli$ed to match the" dewecwtirn charge fft the fina￿la1 Statements, £15012022.. £200). Social Enterprises The fsjnds were r￿Sed to fund the purchase of items for use al our Tea Room in Blevknury. the charty Shop In Wallingford, Green Acre. our gardening bu5ine5S OT for our new su5tsinable medal making sctial enterprise. Where donatsons a￿ received towards caprtal equipment. the funds are amortised lo match the depreciation charge in the financial statemerts. £52312022". £4601. SODC T2 Funding These lunds were used to supptrt the revenue costs of deh"vering sep¥ices at T2. Ixlf Didcol day hub. Day Opportunities- Gener•1 These fvnds have tjeen raised to fvnd general costs and a￿di￿n31 eqLMpmenl al our day opportunities hubs. Coronaviru$ P•nd¢mic These fvnds have been Teceived fri¥n O¥fordshire County Council 10 5UPPOrt the delivery of enhanced infection contro4. vaccination5 and increase *Drkforce recwilment and relenlion within social care serniices as part of the central government lunding in response lo the COVID-19 pandemic. Funds utilised lo date and capitalised as langible fixed assets are being amorb.sed to matth the depie¢iats"on in the financial statements. £3,417 {2022'. £3,070). Page 40 STYLE ACRE NOTES TO THE FINANCIAL STATEPJENTS FOR THE YEAR ENDED 31 IIARCH 2023 Ways to These lunds have been raised lo $upptht the Ways to Wellness programme enables the people y￿ SUPFOrt. our employees and vdunteers lo improve their health and vRllbeing. OCC Public Health- Mentsl Heallh These fvnds have been raised to ftmd supiMIrt the merrtal heath stream of ￿r Ways lo Wellness programme Ithich enables the peoF4e SUFPrt ow employee5 and volurrteers to improve Iheir heallh and vdlbeing. OCC Public Health- Heart Health These funds have been ra5ed to delpM acbwt*s focuswng on healthy hearts. healthy eab.ng and physical activty as Part ol our Ways to Wellness mramme *thi¢h enable5 the people we 5UPPOrt. our employees and vc4unleers lo improve their health and wellbeing. Others The funds r￿e1ved in respect crf other donations are utilised in accordance with the donor$ bmshes. Donations received towards captal equipment are l)th"ng amotrtised to match the depreciation charge in the financial ststemenls. £81612022". £914). 20. R•conciliat•on of not movement in funds to net cash Ilow fvom opernting a¢tivitl•s Group 2023 Group 2022 Net incomelexFendilure f￿ the Far (as pw Statement of Finwcol Activits"es) 1288,3761 37.712 Adjustments for: Oepfeciation charges Loss on investm•thts Dmijends, interests and rents frcKn irb¥eslments Loss on the sale offixed a5Ws Bank charges paid Decreasellincrea5el in debtor5 Increasel{decreasel in ¢re(1rtors Tax charge 72,437 98.151 136.3021 1.947 12,802 1110.250) 1232.3201 358 63.446 6.875 123,19BI 5.683 127.162 483,025 278 N•t cash PTovid•d byl(us•d in) operating actr¥ities 1481.SS31 700.983 21. An•tysi$ of ush and cash equivalenls Group 2023 Group 2022 Cash in hand 652,602 1,200,930 Totsl cash and cash equivalenls 652,602 1.200,930 Paye41 STYLE ACRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 22. Analysis of Changes in net d•bt At 1 Aprll 2022 Cash Ilows At31 March 2023 Cash at bank and in hand 1.200,930 (548.328) 652.602 1.200.930 (54B.328 652.602 Pension commitments The gr(yJp operates a defined c0ntrthrt￿ pen5w scheme. The assets of ihe scheme are held separately from those of the group in an independendy administered fund. The pension cost charge represents contributions paYa￿e by the group to the fund. During the year pension contributior15 charged in the Stalement of F￿ancial Actiyib'es amounts to £226.84912022." £234.4041. At the balance sheet date, outstanding contritiutions amounts lo £31.391 12022.. £32.8491 arKI are included ui tteditors. Op•ratlng lea$• c(thmltments At 31 March 2023 the Group and Ihe Charity had commilments to make firture minimum lease payments under non-cancellable operating leases as folh)ws'. GfOUP 2023 Group 2022 Charity 2023 Charity 2022 Not later than 1 year Later than 1 year and rNrt L3leT than 5 ye Later than 5 years 134.307 214,486 4.665 134.736 205.938 172,361 370,852 4S4.304 164,227 403,242 400,577 353,458 340,674 997.517 1.048.046 Page 42 STYLE ACRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 25. R•lat•d party transactions Some of the properties that Stye Acre use5 to prowde support sermces to people ¥*ilh learning difficulb.esldisabilrtses are ry•¥ned by Acre Housing formerty known as We Friends. On 1 April 2004 the supwt activth.es of Style Acre Fiiends were transferred to SWe A¢re. Duiing the year the follThM"TrJ tran&icb"ons took place betseen Style kre and kre Housing: Style Aue re¢harged administrnlion costs totslling £65.27512022'. £65,275) to Acre Housing. During the year Aue H¢)u$ing made an un￿*￿ted don*ion to sty￿ kn of £99.060 {2022". £98,999). As at 31 Marth 2023 an amount of £nl ¥Ms o*Ed by Acre Hou*ng (2022". £250). During the year the tharity traded rts subsid1￿. Style A¢re Twling Lrmited. Detailed transaclton$ between the charity •nd Style Acre Trading ￿Mited have not been disclosed as alkmtd under FRS 102 Secty'on 33. A dependent of the Twstee. Mr I C BO￿tOn. is a reCipi￿t of st￿ Acre's services. The Service package is contracted through Oxfordshire County C￿n￿l on the normal lems, ￿1¢h appty lo such a yowsion. The servKe user is not able to use th￿"r rela￿"OnSh.p to Mr I C Bo￿lOn to their advants9e. Page 43