Registered number: 04906985 Charity number: 1101626 STYLE ACRE TRUSTEES. REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 *ADEZJYDY• 0111112024 COMPANIES HOUSE A16
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STYLE ACRE CONTENTS Page Reference and admlnlstratlve d•talls of the Charlty, Its Trustees and advisers Trustees. report Independent auditor's report on the financial statements Consolidated statement of financial activlties 3-10 14 Consolidated balance sheet 15 Charity balance sheet Consolidated statement of cash flows 16 17 Not¢8 to the flnanclal statements 18-43
STYLE ACRE REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees Mr I C Boulton Ms L Fromings MrsSANye Mr N A Rawslhome Mr K Tibbs Mr P Townsend Mrs R M Cox (appointed 15 June 20231 Mrs J E Marsan (appointed 30 November 20231 Mr P Brice (appointed 13 June 2024) Each Trustee shall offer their resignats'on to the Charity on the expiry of three years from the date of last appointment. Ms L Fromings, Mr K Tibbs and Mr P Townsend are due to retire at the next General Meeting in accordance vith the Articles of Association. The appointment of Mrs J E Marsan and Mr P Brice will also be approved at the next general meeting in accordance wth the Articles of Association. Company re9lStered number 04906985 Charlty registered numbor 1101626 Registered office 1 London Street Readin9 Berkshire RG14PN Company secretary Mrs E S Vandersteen Executlve management and advice Chris Ingram, Chief Executlve Rebecca Spei9ht, Operations Director (left employment 30 June 20241 Sarah Stuart, Finance Director The Trustees have delegated day to day manageTnent of the charity to the executive directors, and take advice from Ihem conceming the management of the charity. The executlve directors are not directors of the company for statutory purposes. Independent audltor James Cwer Kreston Audit Chartered Accountants and Statutory Auditor Reading Bridge House George Street Reading Berkshire RG18LS Page 1
STYLE ACRE REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Bankers National Westminster Bank PIC PO Box 13 30 Market Place Newbury Berkshire RG14 5AJ Solicitors Fleld Seymour Parkes 1 London Slreet Reading Berkshire RGI 4PN Investment Advisers Sarasin & Partners LLP Juxon House 100 St Paul's Churchyard London EC4M 88U Page 2
STYLE ACRE TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees presenl their Annual Report together with the audited financial slatements of Style Acre for the year 1 April 2023 to 31 March 2024. The Annual Report serves the purposes of both a Trustees, report and a directors, report under company law. The Trustees confirm that the Annual Report and consolidated financial slatements of the charitable company comply wth the current statutory requirements, the requirements of the charitable company's goveming document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). OBJECTIVES AND ACTIVITIES Charltable ObJectlve8 The charity's objecls are.. 1. The support of person5 affected by learning disabilities and autism by such means as the trustees see fit from time to time including but not limited to the foregoing.. a) the provision of care and assistance to such persons in their ovm homes or in sheltered or other accommodation, in particular bul not exclusively ihose who are sick, convalescent, disabled, handicapped or infirni., b) the provision of financial assistance to such persons vkno are in condition5 of financial need, hardship or distress. c) the support of such persons by empowering them to make choices in their style of living and to access facilities in the comrnunily. 2. The advancement of public education by.. a) raising public awarenes5 and understanding of learning difficultiesldisability, promoting and supporting research into the causes of learning difficultiesldisability, Iheir needs and the support of such people and the publication ol the useful results of the same. Charitable Activities Style Acre supports 267 adults with leaming disabilities and aulism across Oxfordshire. People we support may have mild, moderate or severe and profound learning disabilities. Style Acre vrkS c105ely with its sister charity Acre Housing vtho provide specialised housing for some of the people supported by Style Acre. At March 2024. 115 people were accessing support from our supported living care teams in 38 household5. In addition, 32 people who live more independently or V•ith their family in the community were supported from their homes by our community support team. Approximately 95% of our households have 24-hour care. People are supported lo participate in the activities of their Choice in the community and can acces$ our day opportunities, work programme and social enterprises. 163 people attended our day opportunits'es at March 2024. Our day opportunities include three community hubs in Wallingford. Didcot and Banbury, a shared market garden in Wantage and a Work Pfogramme. We also have our own 50Gial enterprises lo provide work opportunities for people we support- the Style Acre Tea Room in 8leUry, the Style Acre Charity Shop in Wallingford and Green Acre, our garden maintenance busines$. We focus on promoting and delivering accessible wellbeing activities for the people we support and our employees through our Ways-to-wellness project. STRATEGIC REPORT Achievement and perfomiance Operating revpw Style Acre has had a very busy and active year Vth the people we support taking part in a wide variety of activities, hobbies, work opportunities, outings and holidays. The people we employ have gone above and beyond to provide supportive, creative and dynamic environments for all of the people VR support to enable them to fulfil their potential and live the lrfe they choose. Page 3
STYLE ACRE TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 STRATEGIC REPORT Achievement and porfonnance Operating reVW (continued) The people we support have had the opportunity to Vrk in fulfilling jobs, learn new skills. engage with their natural environment and focus on their health and happiness. This has enabled people to gain the independence. skills and connections that make for a good, purposeful life filled wtth smiles and joy. These opportunities have been made possible through great support, our Work Programme. our Gardening Project and our Ways-tovwellness Programme. Our Work Programrne removes barrters to employment faced by adults vhth learning disabilitie5 by providing employment support lo those wanting to work or volunteer. AS a result of the programme. approx. 107 of the people we support undertake paid or voluntary placements either wthin Style Acre or with local companies. Our garden project at Wantage Market Garden has continued to offer opportunities for 1.. 1 and group activities for the people we support working alongside other community groups. Our social enterprises have grown and developed during the year. Alongside the nevly refurbished Tea Room in Blewbury, the Charity Shop in Wallingford and Green Acre, we have opened a sustainable medal making social enterprise and an eBay business. This has increased the variety and number of placements available allowlng more of the people we support to access the benefits work opportunities bring. Our Ways-lo-Wellne$s project has continued to go from strength to strength during the year wlth many new opportunities and activities being offered. We encourage the people we employ and Ihe people we support to reflect on what wellbeing means to them, consider how they can improve their own wellbeing, set goals, tske action, and inspire others by sharing their experiences. People we support and employ play a key role in the project steering group to plan events and activities and by volunteering at sessions and events. The activities offered as part of the Ways-tovwellness programme have continued to grow during the year and include gym, karale, tennis, Zumba, accessible cooking, sensory storytelling sessions, bell boating, triathlon. connect and create, music and dance, swimming, cycling, canoeing and a walking group. Our Healthy Hearts programme in Banbury ha5 conlinued during the year, helpin9 people make lifestyle improvements to 5UPPQrt their health. Our mental health programme has Continued to deliver mental health awareness training and we now have approx. 30 Wellbeing Buddies across all of our service5 who are trained in mental health first aid. We have also continued to work in partnerships wlh several third parties organisations to create further opportunities to enhance heatth and happiness of the people we support. Several fundraising events have been held during the year including a fundraising ball, Style Acre's Got Talent, Rock-and-Roll Bingo, and our annual Sanla Dash. We have also fundraised al a number ol community events and been supported by a number of organisalions in our community. The people we support and our supporters took part in the Superhero Triathlon, ran the Blenheim 7K, and the Oxford Half Marathon to raise lunds for the Charity. Public benefit Any adult Vth a learning disability andlor auts'sm can be supported by Style Acre. We support adults who have other conditions in addition to their learning disabilities, Including.. sensory impairment, dementia, and otlier mental health issues. Access to our services is via a local authority Social worker, care manager referral, or a direct referral from the individual or their family. We use our Charitable funds to provide additional services, which are not otherwise publicly funded to enhance the lives of people Vth disabilities. These include accessible vehicles, our Work Programme, ihe Garden Project, the Ways-to-wellness Programme, communicalion support, the provision of information techno109y and training, friendship groups and community development. The charity has a fully owned subsidiary. Style Acre Trading Limited, through which li Carries out a number of Irading enterprises (social enterprises) and also delivers some of rts charitable objectives. such as work training opportunities. The taxable profits of Style Acre Trading Limited are donated under Gift Aid to Style Acre. In preparing these financial statements and their report, the Trustees confirm that they have had regard to the Page 4
STYLE ACRE TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charity Commission's guidance on public benefit and that they consider that the objectives and aclivities of Style Acre have historically and continue to fall within the scope of that guidance. Flnanclal review Financial perfomiance Income has increased from £10,609,572 last year to £11,.987,934 this year which includes donations and pledges in the year of £423,574 (2023.. £404,524). Our Supported.Living and Day Opportunities services are funded through grants from local councils and by local authority conlracts and direct payments. Income from these activities totalled £11,077,055 in the year {2023'. £9,761,535). The Trustees are salisfied that our general fund, which lotals £789,678 (2023.. £932,465),. is at level that viill sustain the charity for the foreseeable future as strong financial management is in place with current and future funding being regularly reviewed by Trustees. Totsl reserves amount to £2,915,135 (2023.. £3,036,493). ReseN8s policy The charity's policy is to maintain available unrestricted funds at, or around, a level which enables the ongoing activities of the chanty to be funded for a period of approximately Iwo months looking forward. This amounts to £1,891,921 {2023.' £2,012,800). In determining the level of funds required, consideration will be given to planned expenditure, the capital expenditure programme, anticipated revenue Streams and the risks and effects of any conlingencies. The trustees are happy that keeping two months, running costs in available reserves conlinues lo be a sensible policy. Approximately 88.4Q/o12023'. 82.40A) of the available lunds could be fealised by cash or the liquidation of listed investments at the year end. The Truslees have reviewed the designations made oul of its unrestricted resenies during Ihe year. There have been no changes in the year to the other designaled reserves. resenles continue to be in place for.. SABRe building in Banbury - future repairs and maintenance. The freehold of the SABRe building isowned by our trading subsidiary. Style Acre Trading, who let out parts of the building. As part of their leasehold management charge, Style Acre Trading's tenants make a payment lowards future repairs and maintenance cost8, thich consequentially increases Style Acre Trading's iaxable profits, paid away under Gift Aid. Style Acre Trading is therefore unable to relain the fund on their owm balance sheet. The Trustees consider it prudent thal the sinking fund balance should be held aside Wbthin Style Acre's reserves. Main Office and Day Opportunity Hub - a designated reserve is held for the costs associated vAth a new main office building and day opportunity hub. The lease on our main offices and the Turnstyie day opportunilies hub at Hoyloery Park ends in Oct 2024. Discussions continue with our landlords as well as other opportunities investigated for the longer term. 11 is anticipated that the lease will be extended in the short term while a new building is found and developed for Style Acre. The lease for our current properties at Howbery Park came to. an end in October 2023 and has been extended for the short-term vthile another building is found to meet Style Acre's future needs. The Trustees consider it appropriate to hold a designated reserve of £600,000 {2023'. £600,000) to fund the future costs associated with this new building. £700,000 loan made lo Style Acre Trading for the purchase and lUrbl$hrnent of the SABRe building in Banbury. As outlined above, the Trustees and the directors of Style Acre Trading are agreed that the intention of the payments made in 2014-15 and 2015-16 by Style Acre were as a loan rather than a gift. The loan is repayable by Style Acre Trading to Style Acre in the event of a disposal of the building. Due to the long tenn nature of the loan. the reserves represented by the loan debtor are effectively illiquid. Replacement of fixed assets - The purpose of the reserve is to set aside sufficient funds for the replacement of assets, particularly motor vehicles, as they either fail or become beyond economic repair. Page 5
STYLE ACRE TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The balance designated of £304,743 (2023: £284,712) provides funds to Teplace assets. Investmenl poIY and objectives The charity's investment policy is to maximise the funds available to the charity to further the aims of the charity while limiting ihe risk-profile of the investments. It aims to invest in fund5 thal are ethically and environmentally sound. Investment income for the year ended 31 March 2024 amounted to £43,772 (2023.. £36,302), comprising interest and dividends receivable of £10,264 (2023.. £3,759). and £33,50812023.' £32,543) from invested funds. The value of the fund has been increased by £50,824 (2023.. decrease £98,151) in Ihe year to 31 March 2024. Page 6
STYLE ACRE TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 STRATEGIC REPORT Flnanclal review Princip81 risks and uncertainties The Trustees consider that the principal risks and uncertainties facing the charity are.. The challenge of staff recruitmenl and retention in our local economy which is predominately an area wth many altemative lob opportunities, low unemployment, and relatively high livin9 Costs heightened by the current cost of living crisis; 2. Vacancies in households and the length of time it may take to identify and settle new household members., 3. The continuing pressures on public spending, wth the local authority being unable to adequately address the financial pressures which we face over staff costs and rising inflation., 4. Re-assessments of service users. needs by Oxfordshire Social Services which reduce the financial support provided for current support package., 5. The availability of suitable affordable properties lo enable us lo deliver a hlgh quality. sustainable service., 8. The proportion of the work we do, particularly within day opportunities, which relies on matching donation and grant income., Our future plans are described below. Our strategies to manage the risks above are.. To continue to recruit and retain the best quality Staff thal we can afford, in particular using existing staff as part of our recruitrnent effort., To involve all colleagues in helping to control expenditure, especially for the usage of agency staff., To have a clear picture of the household we are trying to establish and the needs we are seeklng to meet when planning for new ser4ices', Risk assessments and action plans continue managing the impact of events. Future plans The Trustees have reviewed their strategy during the year, and a new 3-year strategy though lo 2026 was adopted by the Board. Details of the updated strategy have been shared with the Trustees of Acre Housing, due to the close relatsonship both Chanties maintain and because of Acre Housing's importance as the owner of so many of the properties Nthere we provide support. Acre Housing's Trustees have set the provision of new supported propertie5 to be tenanted by households supported by Style Acre alongside the development of the curreni Portfolio as their core growth for the next few years. Over the coming year, our mutual focus will be developlng properties currently in the portlolio to better meet the needs of those liwng in them and consider new properties to allow current support provided to be improved. Given the current strains on recruilment, no additional services are planned as we focus on maintaining the quality of support provided in current seprfices. Acre Housing plans to purchase new properties to allow two individuals that are currently supported by Style Acre in prope.e5 rented from two 3td party landlords to move to Acre Housing properties that will better support their needs in the longer term. Our soclal enterprises and day opportunities Nvill be a key focus during the coming year. We plan to look at how we can develop our day opportunity offering and establish new social enterprises. This will increase the range and number of work opportunities we are able to offer, allowing more of the people support to learn new skills and benefit from the placements. The Ways-to-wellness programme wll continue to form an integral part of Style Acre in the coming year. The wellbeing activities. mental health training, and wellness offering already in place are planned to continue alongside new opportunilies and activities to be added throughout the year. Whilst the enwronmental impact of our activities is considered wdely at Style A¢re-, we plan to build on this during the coming year through the development of an environmental policy. Our social enterprises and events will conlinue to consider the environmenlal impacts of their activities. The lease on our main offices and the Turnstyle day opportunities hub at Howbery Park ends in Oct 2024. Discussions continue with our landlords as well as other opportunities investigated for the longer term. It is Page 7
STYLE ACRE TRUSTEES, REPORT ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 anticipated that the lease V11 be extended in the short term while a new building 15 found and developed for Style Acre. Regular management sessions are held and updates provided to the TNstees to ensure thal appropriate and timely decisions Can be made. This is especially needed in response to the current uncertain situation and environment. Regular management repo.n9 and cash flow monitoring ensure that information is available to support timely decision making. STRUCTURE. GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document, a deed of trust and consts'tutes a limited company, limited by guarantee. as defined by Ihe Companies Act.2006. Structurn and Management Style Acre is run by a Board of Trustees, who are responsible for the strategic direction of the charity. They employ a Chief Executive, who. together with the Operations Director and Finance Director. is responsible for delivering 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 Trustee shall offer hls or her resignats'on to the charity on the expiry of three yearg from the date of their appointment stats'ng that he or she Yshe5 to retire or continue for a further period of 3 years. All Trustees are required to have a Disclosure and Barring Service (DBS) check and a protection of vulnerable adults Check on appointment and Ihen every 3 years. The Trustees have a wide range of skills pertinent to the charity. In addition, Trustees are assigned as Board "Leads. on specific issues (such as safeguarding) to ensure adequate Board over-sight on these critical issues. This also allow for Goaching and mentoring support to managers. Trustees are able to enhance their knovAedge of the charity through this front-line experience. All Trustees give thelr time voluntarily and expenses may be paid. No expenses were paid during ihe year ended 31 March 2024 {2023'. £nil). The Board meets on a regular basis, currently four times annually wth a separate strategic review meeting. At each regular meeting, the Chief Executi've presents to the Board an overall report on our work. The Board also receives management accounts and analysis from the Finance Director to enable them to monitor our financial position. Reports from the Operations Director, covering operational performance and information concerning Ihe people we support, and ffom the Chalr of Trustees, covering governance, are also provided to these meetings. This enables the Board to ensure they are fully briefed on issues relating directly to our service users. The Board also approve the charty's annual financial budget in advance ol each financial year. The Board of Tru5tee5 review annually the Articles of Association and our aims and objectives. We assess our effectiveness and achievements through an annual appraisal process vthich informs our decisions on which activities must continue and what else we could do to enhance the lives of people V support. The Chief Execulive and the Board review the benefits thal our activits'es have brought to the people we support and this helps us to Stay focused on our key objectives. The charty normally operates 1th1n a 5-year strategic plan, which ensures all our activitses reflect the charity's objects and progress can be effectively monitored and evaluated. Because of the current uncertainties in the external environment, the Board has decided that the currenl strategy viill only cover a 3-year (2023-26) period. Page 8
STYLE ACRE TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Induction and training of trustees All trustees are encouraged to undertake ongoin9 training as appropriate. New Trustees are given a job description, an induction into the working of the charty and provided with training if required. Trustees are encouraged to get to know the people we support and our staff. Rlsk management The Trustees have a duty to idenbfy and review the risks to lch the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The Chief Execulive is responsible for undertaking an annual risk assessment of the charity and for drawng up risk management plan for the Board's review and approval. Wherever possible. appropriate controls and procedures are put in place to mitigate the risks. The charity also employs the services of a Health and Safety and Human Resources consultancy in order to ensure our compliance 1th applicable legislation, lo mainlain awareness of best practice and to protect the wellbeing of ils employees. volunteers and the people we support. Page 9
STYLE ACRE TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 STATEMENT OF TRUSTEES RESPONSIBILITIES The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees, report including the Strategic report and the financial statements in accordance Vth applicable law and United Kingdom Accounting Standards (United 'ngdorn Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial period. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the slate of affairs of the Group and the Charity and of their incoming resources and application of resources. including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently; observe the method5 and principles of the Charities SORP IFRS 102), make judgements and accounting estimates that are reasonable and prudent., state vthether applicable UK Accounting Standards {FRS 102) have been foll0vd, subject to any rnaterial departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company wll continue in business. The Trustees are responsible for keeping adequale accountin9 records that are sufficient to show and explain the Group and the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Charity and enable them to ensure that the financial statements comply with the Companies Act.2006. They are also responsible for safeguarding the assets of Ihe Group and the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other IegUlar1ties. Disclosur• of Infomiatlon to audltor Each of the persons are Trustees at the tirne when this Trustees, report is approved has confirmed that.. $0 far as thal Truslee is aware, there is no relevant audit information of vthiGh the charitable group's auditor is unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable group's auditor is aware of that information Audilor In accordance wth the Companies Act 2006, a resolution proposing the appointment of James C¢)voer Kreslon was submitted lo Tru3tee$ at the Annual General Meeting on 22nd September 2022 and was carried unanimously. James Cowper Kreston Audit. will be proposed for re-appointment at the forthcoming Annual General Meeting. Approv order of the members of the board ol Trustees and signed on their behalf by.. Mr I C Boulton Trustee Date.. Mr N A Rawsthorne Iqfq /£L Page 10
STYLE ACRE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STYLE ACRE Opinion We have audited the financial statements of Style Acre {the 'parent charitable company'> and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Con501idated ststement of financial activities, the Consolidated balance sheet, the Charity balance sheel, Ihe Consolidated slatement of cash flov and the related notes, 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 Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic ol Ireland, {Unlted Kingdom Generally Accepted Accounting Practs'ce), In our opinion the financial statements: give a true and fair view of the state of the Group's and of the parent charitable company's affairs as at 31 March 2024 and of the Group's incoming resources and application of resources, including it5 income and expenditure for the year then ended., have been property prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance wlth the requirements of the Companies Act 2006. Basls for oplnlon 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 financial statements section of our report. We are independent of the Group in accordance wilh the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance wlh Ihese requirements. We believe Ihal the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relallng to golng 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 Group's or the parent charitable company's ability to continue as a going concern for a period of at least fftlve Months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees wih respect to going concem are described in the relevant Sections of this report. Page11
STYLE ACRE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STYLE ACRE {CONTINUED) Other infomiation The other information comprises the information included in the Annual report other than the 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 financial statements does not cover the other informats'on and. except to the extent otherNise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibilty is to read the other infomiation and, in doing so, consider whether the other information is materially inconsistent wth the financial statements or our knowledge obtained in the course of the audit. or other¥Mse appears to be materially misstated. If we identity such material inconsistencies or apparent material misstatements, we are required lo detemine whether this gives rise to a malerial misstatement in the financial statements themselves. If, based on the work we have performed, conclude that there is a material mlsslatemenl of this other information, we are required to report that fact. We have nothing to report in this regard. Opinlon on other matters proscribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of the audit.. the information given in the Trustees, Report including the Strategic Report for the financial year for wfiich the financial slatemenls are prepared is consistent with the financial statements. the Trustees, Report and the Strategic Report have been wepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of our knedge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, Report including the Stralegic Report. We have nothing to report in respect of the lollowng matters in relation to whlch Companies Act 2006 requires us lo report to you if, in our opinion.. the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or the parent charitable company financial statements are not in agreement with the accounling records and returns., or certain disclosures of Trustees, remuneration specified by law are not made; or we have not received all the informalion and explanations we require lor our audit. Responsibilities of trustees As explained more fully in the Tru5tees' responsibilits'es statement, the Trustees (who are also the directors of the charitable company for the purposes of ¢ompany law) are Te5ponsible 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 detemiine is necessary to enable the preparation of financial statements that are free from material misstatement, vthelher due to fraud or error. In preparing the financial statements. the Trustees are responsible for assessing the GfOUP'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 Twstees eithér intend to liquidate the Group or the parent charitable company or to cease operations. or have no realistic altemative but to do so. Page 12
STYLE ACRE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STYLE ACRE ICONTINUED) Audito5 responslbillties for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are Iree 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) wll always detect a material misstatement when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Because of the inherent limitations of an audit, there is a risk that. we V¥ill not delect all irregularities, including those leadin9 to a material misstatement in the financial statements or non-compliance vthlh regulation. This risk increases the rnore that compliance with a law or regulation is removed from the events and transaction5 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. The specific Pfocedures for this engagement thal vle designed and perfonned to detect material misstatements in respect of irregularilies, including fraud, were as follows.. Enquiry of management and those charged vith governance around actual and potential litigation and claims; Enquiry of management and those charged with governance to identify any material instances of non- compliance th laws and regulations., Reviewng financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulalions. Performing audit work to address the risk of irregularities due to management override of controls, including lestsng of journal enlries and other adjustsnenls for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and revieNMng accounting estimates for evidence of bias, A further descnption of our responsibilities for the audit of the financial statements Is located on the Financial Reporting Council's website at.. vMw.frc.or .uklauditorsres onsibilities. This description forms part of our Auditor's report. Usfr of our report This report is made solely to the charitable company's members, as a body, in accordance Viith Chapter 3 of Part 16 of Ihe Companies Act 2006. Our audit Vrk has been undertaken so that we might stale to the charitable company's members Ihose matters we are required to stale to them in an Auditols report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than Ihe charitable company and rts members, as a body, for our audit work, for this report, or for the opinions we have formed. Darren O'connor 8Sc (Hons) FCCA ACA (Senlor statutory auditor) for and on behalf of James Cowper Kreston Audit Chartered Accountants and Statutory Auditor Reading Bridge House George Street Reading Berkshire RG18LS Date.. Page13
STYLE ACRE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legacies Charitable activities Investments Other income 158,485 265,089 11,077,055 43,772 443,533 423,574 11,077,055 43,772 443,533 404.524 9,761.535 36,302 407,211 Total income 158,485 11,829,449 11,987,934 10,609,572 Expendlture on: Raising funds Charitable activities 81,578 11,874,075 81,S78 12.078.538 63,S66 10,735,873 204,463 Total expenditure 204,463 11,955,663 12,160,116 10,799,439 Net expenditure before net gainslllossesl on investments Nei gainsl(losses) on investments 145,978) 1126,204) 50,824 1172,182) 50,824 (189,867) (98,151) Not expenditure before taxatlon Taxation 145,978) 175,380 (121,358) (288,018) (358> Net expendltur• after taxatlon Transfers between funds 146,978) 12,817) 175,3801 2,817 (121,368) (288,376) 16 Net movement in funds (48,795) 172,563) (121,358) (288,376) Reconciliatlon of funds: Total funds brought forward Net movement in funds 2S6,271 (48,795) 2,780,222 (72,S63) 3.036,493 (121,368) 3,324.869 (288.376) Total funds carried forward 207,476 2,707,659 2,915,135 3,036,493 The Consolidated Slatement of Financial Acb'vities includes all gains and losses recognised in the year. The noles on pages 18 to 43 form part of these financial statements. Page 14
STYLE ACRE REGISTERED NUMBER: 04906985 CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Fixed assets Tangible assets Investments 12 13 1,874,972 1.055,722 1,759,049 1,004,898 2.930,694 2,763,947 Current a$gets Debtors Cash at bank and in hand 14 348,889 61 S,903 450,735 652.602 964,792 1,103.337 Creditors.. amounts falling due wthin one year 15 (980,351) {830,791) Net current liabilities l assets (15,559 272,546 Total as$•ts1••8 Current Ilabilitieg 2,915,135 3,036,493 Total net assets 2,915,135 3,036,493 Charity funds RestTlCted funds Unrestricted funds 16 207,476 2,707,659 256,271 2,780,222 16 Total funds 2.915,135 3,036,493 The Trustees acknowledge Iheir responsibilitie5 for complying wth the requirements of Ihe Act with respect lo accounting records and preparalon of financial statements. The finan statemenls were approved and authorised for issue by the Trustees and signed on their behalf by.. Mr I C Boufton Trustee Date.. Mr N A Rawsthorne Trustee Iq /q Iz(t The notes an pages 18 to 43 fomi part of these financial statements. Page 15
STYLE ACRE REGISTERED NUMBER: 04906985 CHARITY BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Fixed assets Tangible assels Investments 12 13 394,667 1,455,724 392,984 1,404,900 1.850.391 1,797.884 Current assets Debtors Cash at bank and in hand 14 1,452,537 563,920 1,503,613 494,944 2,016.457 1,998,557 Creditors.. amounts fallin9 due within one year 15 1930.047 (791,749) Net current assets 1,086,410 1,206,808 Total 8$gets le$• Cufrent Ilabllltles 2,936,801 3,004,692 Total net assets 2,936,801 3,004.692 Charity funds Restricted funds Unrestricted funds 16 16 207,476 2,729,325 256,271 2,748,421 Total funds 2,936,801 3,004.692 The Trustees ackno%*ledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The fina I slatements Yre approved and authorised for issue by the Trustees and signed on their behalf by= Mr I C Boulton Truslee Date.. Mr N A Rawsthom• Trustee The notes on pages 18 to 43 form part of these financial 5tatement5. Page 16
STYLE ACRE CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Note Cagh flows from operallng actlvltles Net cash generated from operating activities 20 148,546 1481,553) Cash flows from investing activities Dividends, interests and rents from investrnents Proceeds from the sale of tangible fixed assets Purchase of tangible fixed assels 43.772 6,528 1222,295) 36,302 6,800 (97,075) Net cash used In Investing actlvltles (171,995) 153,973) Cash flow8 Irom financlng actlvltles Bank charges paid (13,250) (12.802) Net cash used in financing activities {13.250) (12,802) Change In cash and Cagh equlvalents In the y•ar Cash and cash equivalents at the beginning of the year {36,699) 1548,328) 652,602 1,20D,930 Cash and cagh •quivalents at the end of the year 21 615,903 652,602 The notes on pages 18 to 43 form part of these financial statement5 Page 17
STYLE ACRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies 1.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP (FRS 102) Accounting and Reporting by Charities.. Statement of Recommended Pracb'ce applicable to charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Ad 2006. Stye Acre meets the definits'on of a public benefit entity under FRS 102. Assets and liabililies are initially recogni5ed at historical cost or transaction value unless otherb*ise Stated In the relevant accounting policy. The Consolidated statement of financial activities (SOFA) and Consolidated balance Sheet consolidate the financial statements of the Charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. The Charity has taken advantage of the exemption allowed under seclion 408 of the Companies Act 2006 and has not presenled its own Statement of financial activities in these financial statements. 1.2 Incom• All income is recognised once the Charity has entidement to the income, it Is probable that the income will be received and the amount of income receivable can be measured reliably. 1.3 Expenditure Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by aclivity. The costs of each activity are made up of the total of direct costs and shared costs, including support cosls involved in undertaking each activity. Direct costs attributable lo a single activity are allocated directly to that activity. Shared costs thieh contribute to rnore than one activity and support costs leh are not attributable to a single activity are apportioned beeen those activities on a basis consistent wlh the use of resources. Central stsff costs are allocated on the basis of lime spent, and depreciation charges allocated on the portion of the asset's use, Expenditure on raisin9 funds includes all expenditure incurred by the Group to raise funds for its hantable purposes and includes costs of all fundraising activities events. Expenditure on charitable activities is incurred on directly undertaking Ihe acts'vities vthich further the Group's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. Expenditure on charitsble activities is incurred on directly undertaking the activities vthich further the Group's objectives, as vrfell as any associated support costs. 1.4 Taxation The Charity is considered to pass the tesls set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. AcGordingly, Ihe Charity is polentialty exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to ihe extent Ihal such income or gain5 are applied exclusively to charitable purposes. Page18
STYLE ACRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (continuedl 1.5 Tangible fixed assets and depreclatlon Tangible fixed assets are initially recognised al cost. After recognition. under the c05t model, tangible fixed assets are measured al cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into rt$ intended working condib'on should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. Depreciation is provlded on the followng bases.. Long-term leasehold propety Short-term leasehold property Motor vehicles Fixtures and fittings Computer equipment over the period of Ihe lease 1 Ooh straight line 200h on reducing balance at varying rates on cosl 25% on reducing balance Depreuation has not been provided in respect of freehold property vthich is held within Style Acre Trading Limited (subsidiary cornpany). The Group adopts a policy of fully maintaining its buildings and as such the residual value is so high and the expected useful life is so lon9, that the depreciation charge wuld be immaterial both in terms of the depreciation charged for the year and the cumulallve charge to the balance sheet. The buildings are revIevd annually for any signs ol impairment by the trustees. Items included in fixed assets are capitalised vthere the purchase cost exceeds £1,000, %there Ihe expenditure is deemed to add to the market value of the property. 1.6 Investments Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet dale, unless Ihe value cannot be measured reliably in lett case it is measured al cost less impairment. Investment gains and losses, vA)ether realised or unrealised. are combined and presented as 'Gainsl(Losses) on investments, in the Consolidated statement ol financial aclivities. Investments in subsidiaries are valued at cost les5 provision for impairment. 1.7 Cash al bank and in hand Cash at bank and in hand includes cash only. 1.8 Liabilities and provisions Liabilities are recognised vthen there is an obligation al the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. 1.9 Financial Instruments The Group only has financial assets and financial liabilities of a kind that qualrfy as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Page 19
STYLE ACRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Icontirbued) 1.10 Operating leases Rentals paid under operating leases are charged to the Consolidated statement of financial activities on a straight line basis over the lease terni. 1.11 P•n$lon$ The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respecl of the year. 1.12 Fund accounting General funds are unrestricted funds which are available for use at the discretion ol the Trustees in furtherance of the general oblectlves of the Group and thIch have not been designated for other purposes. Designated funds comprise unrestricted fvnds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fvnd 15 set out in the notes to the financial statements. Restrlcted lunds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and adminislering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income, gains and losses are alb¢ated to the appropriate fund. 1.13 In klnd fundlng and support The Charity benefrts from the services of volunteers vtho spend many hours managing the charity. the trustees are of the opinion that the volunteers, seplices are not reasonably quantifiable or measurable and thérefore no cost is represented in the financial statements. Crltlcal accountlng •stlmate8 and areas of Judgment Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectstions of future events that are believed to be reasonable under the circumstances. Critical accounting eslimates and assumptions- In the application of Ihe Charity's accounting policies, the Trustees are required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities not Teadily 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 Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will. by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adiuslmenl to the carrying amounts of assets and liabilities within the next financial year are discussed below. The most significant estimates and assumptions which affect the carying amount of each assets and liabilities in the accounts relates to depreciation which is covered in note 1.5. Page 20
STYLE ACRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from donations and legacies Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Donatlons and grants Other donations Sensory and rebound therapy SODC T2 Funding Work Development Garden projects Supported Living Social Enterprises Day Opportunities - General Olher Coronavirus grants Ways to Wellness Vehicle appeal 265.089 265,089 253,603 34,799 63,333 4,600 63,333 4,600 53,750 27,314 7,450 5,220 4.909 1,950 15,529 32,644 1,191 32,644 1.191 15,717 41,000 15,717 41,000 Total Donations and Grants 158,485 265,089 423,574 404,524 Total 2024 158,485 265,089 423,574 404,524 Total 2023 164,471 240.053 404,524 Income from charltable activiti88 Unrestricted funds 2024 Total funds 2024 Tntal funds 2023 Support fees Opportunities income 9,243,481 1,833,574 9.243,481 1,833,574 8,075,498 1,686,037 11,077,055 11,077,055 9,761,535 Totsl 2023 9,761,535 9.761,535 Page 21
STYLE ACRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Investment income Unrestricted funds 2024 Total funds 2024 Total fund$ 2023 Dividends from fixed asset investmenls Bank Interest receivable 33.508 10,264 33,508 10,264 32,543 3,759 43,772 43.772 36,302 Total 2023 36,302 36,302 Other Incomlng rosourc•• Unrestricted funds 2024 Total funds 2024 Total funds 2023 Other income Trading income 114,266 329,267 114.266 329,267 67,332 339,879 Total 2024 443,533 443,533 407,211 In 2023 total income of £407,211 vms unrestricted. Page 22
STYLE ACRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 MARCH 2024 Expenditure on raising funds Raising funds Unrestrlcted funds 2024 Total funds 2024 Total funds 2023 General expenses Slaff costs 24,254 57,324 24,254 57,324 9,783 53,783 81,578 81.578 63,566 Total 2023 63,566 63.566 Analysis of expenditure on charitable aclivities Summary by fund typ• Restrlcled Unrestrlcted funds funds 2024 2024 Tolal 2024 Total 2023 Support Opportunities 146,733 57,730 9.277,824 2.596,251 9,424,557 2,653,981 8,404,488 2,331,385 Total 2024 204,463 11.874,075 12,078,538 10.735,873 In 2023 totsl expenditure of £178,689 vms restricted and £10,557.184 was unrestricted. Page 23
STYLE ACRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of expenditure by activities Governanc• costs 2024 Total fund¥ 2024 Total funds 2023 Dlrnct costs 2024 Support Opportunities 9,413,750 2,644,572 10,807 9,409 9,424,557 2,653,981 8,404,488 2,331.385 Total 2024 12,058,322 20,216 12,078,538 10,735,873 Total 2023 10,704.426 31,447 10,735,873 Analysis of direct costs Total funds 2024 Total funds 2023 Support Opportunlties 2024 2024 Staff costs Depreciation Premises Computer costs Miscellaneous motor expenses General expenses (Gain)Iloss on disposal of tangible fixed assets Bank charges Purchases 8,687,313 37,503 101,766 111,320 52,938 405,135 12,450 5,325 1,913,012 10,600,325 46,777 84,280 270,112 371,878 27,830 139.150 119,655 172,593 185,326 590,461 3,112 15,562 7,925 13,250 70,823 70,823 9,289.465 72.437 357,494 106,185 161,024 627,694 3,524 12,802 73,801 Total 2024 9,413,750 2,644,572 12,058,322 10,704.426 Total 2023 8,385,510 2,318,916 10,704,426 Page 24
STYLE ACRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of expenditure by activities (contlnued) Analysis of support cost• Total funds 2024 Totsl funds 2023 Support Opportunities 2024 2024 Professional lees Auditors remuneration Auditors remuneration - non audit fees 14,427 16,470 550 10,807 8,839 570 19,646 570 Total 2024 10,807. 9,409 20,216 31,447 Total 2023 27,603 3,844 31,447 10. Staff costs Group 2024 Group 2023 Charity 2024 Charity 2023 Wages and salaries Social security costs Contribution to defined contribution pension schemes 9,707,739 680,135 8,516,241 596,166 9,523,564 673,733 8,359,085 587,347 269,775 230,841 265,690 226,849 10,657,649 9,343,248 10,462,987 9,173,281 The average number of persons employed by the Charity during the year VRS as follow.. Group 2024 Group 2023 Charlty 2024 Charity 2023 Administration Support Opportunities Trading 30 261 29 235 78 28 30 261 76 29 235 78 29 396 370 367 342 Page 25
STYLE ACRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. Staff costs Icontinuedl The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was.. Group 2024 Group 2023 No. In the band £60,001- £70,000 In the band £80,001- £90,000 In the band £90,001- £100,000 In the band £110.001- £120.000 In the band £120,001- £130,000 Agency cosls for providing temporary staff during the year amounted to £1,442,207 {2023'. £1,868,225). Remuneration totalling £278,461 (2023.. £260,562) was paid to key management personnel during the year ended 31 March 2024. 11. Trustees, remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2023 - £NIL). During the year ended 31 March 2024, no Trustee expenses have been incurred (2023- £NIL). Page 26
JTYLE ACRE NOTES TO THE FINANCIAL STATEIAENTS FOR THE YEAR EWOED 31 MARCH 2024 12. T•nglbl• Ilx•d ¥•Mts Group Long-t•rm leaffsohold prop•rty Short-t•mi 18888hold prop•rty Fr••hold prop•rty Motor Flx¢ur•• •nd ¥•hl¢l ttlng• Comput•r •wlpm•nt r¢)t•l Co•t or v•luatlon At 1 April 2023 Additions Di5P05als 1,381,6J8 5,Q22 1S7,884 80,774 103,926 603,806 104,639 146,1801 171.J77 8,709 126,0871 67.694 2.343,170 222,295 178,2641 15.6171 At 31 March 2024 1,360,650 157.084 184.899 501.504 154.199 02.177 2,487,201 D•pr•clatlon At 1 April 2023 Chorge lor the year On dlapo8al8 74,194 15,708 80.774 3,464 212.606 51,949 126,4401 17.007 10,925 126,6061 Sil.700 2,IS6 16,2291 514.121 14.282 156,1741 At 31 Mar£h 2024 90,882 84,238 309,175 72,427 $5.707 812,229 N•t I0k valu• At 31 M•rch 2024 1,386,668 67,202 100,461 262,409 81,772 6,470 1,874,972 At 31 March 2023 1,361.630 82,990 221.139 84.370 8.914 1.759.049 Page 27
STYLE ACRE IIOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 MARCH 2024 12. Tanglbl• fix•d ••••t• l¢ontlnu•dl Chaflty Long.t•rm l•*••hold prop•rty Motor Flxtui•• Ind v•hl¢l•• Comput•r •qulpm•nt Totsl Co•t or ¥4lu4tlon Al 1 April 2023 Addition• Dl$posAI8 157,184 603,806 92,4J9 146,8601 144,130 1,709 126,8171 172,138 101,140 178,2141 IS,8171 Al 31 M•r¢h 2024 157.084 549.514 127,652 80,102 896,022 D•pr•sl•llon At 1 April 2023 Charge lor th¥ y••r On diipo1•11 74.194 10,708 282.661 49,712 125.4401 64.612 9,780 125,5051 479,114 77.JYS 156,1741 15,2291 At 31 Mareh 2024 90,882 JO8,938 48,895 53,840 500,355 N•t book v•lu• Al 31 March 2024 67,202 242,446 78,757 6,263 394,167 At 31 March 2023 82,990 221,139 80,218 8,e37 392,984 Page 26
STYLE ACRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12. Tangible fixed assets (continued) Group Freehold property relates lo Ihe Banbury Support Hub (SABRe). The Directors have considered the basis on which the SABRe building at Butchers Row should be accounted for under FRS 102. Having reviewd the rental income paid by the tenanls in the building, the Directors have concluded that the building is held for the provision of social benefit and that it qualifies as Property, Plant and Equipment rather than as an Investment Property,, accordingly the building's carrying value is stated at historic cost. 13. Flxed a$$ot Investments Llsted Investments Group Cost or valuatlon At 1 April 2023 Revaluations 1,004,898 50,824 At 31 March 2024 1,055,722 Net book value At 31 March 2024 1,055,722 At 31 March 2023 1,004,898 The cosl of115ted investmenls is £976,367 {2023.' £976,367). Investments in subsldlary Listed companies investments Total Charlty Cost or valuatlon At 1 April 2023 Revalualions 400.002 1.004,898 50,824 1,404,900 50,824 At 31 March 2024 400,002 1,OSS,722 1,455,724 Net book value At 31 March 2024 400,002 1,055,722 1,4S5.724 At 31 March 2023 400,002 1,004,898 1,404,900 Page 29
STYLE ACRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Principal subsidiaries The following was a subsidiary undertaking of the Charty: Name Company number Registered office or principal Principal a¢tlvity place of business Slyle Acre Trading Lirnited 07437203 1 London Street, Reading, Berkshire. RG14PN Landlord sen4ices, operalion of a charity shop and tea room Class of 8harns Holding Included in consolidation Ordinary 100% Yes The financial results of the subsidiary for the year Yre- Name Incom• Expendlture Profitl(Loss) I Surplusl (Deficltl lor the year Style Acre Trading Limited 382,083 (403,749) (21,6661 14. Debtors Group 2024 Group 2023 Charlty 2024 Charity 2023 Due after more than one year Amounts owed by group undertakings 700,000 700,000 700.000 700,000 Due within one yoar Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income 190,338 231,091 188,385 414.858 57,093 92,201 230,583 365,840 101,352 105,838 62,149 96,402 104,012 115,632 348,889 450,735 1,452,537 1,503,613 Page 30
STYLE ACRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14. Debtorg Icontlnued) The amounts owed by group undertakings falling due after more than one year comprise and amount of £700,000 paid by the Gharity to its wholly owned trading subsidiary, Style Acre Trading Limited, for the purpose of purchasing and refurbishing the SABRe building at Butcher's Row in Banbury. The project was carried out by Style Acre Trading Limited, as this vms more tax efficient than the charity doing SO itself. The building is in active use and contributes to delivering our charitable objectives in the Banbury area. The amounts paid lo Style Acre Trading Limited to finance the project are a loan, which will be repayable to the charity in the event of the SABRe building being disposed of or if it ceases to be used to further the charitable objectives of the charity. The Trustees have provided the Directors of Style Acre Trading Limited bmlh a commitment thal the charity V•ill meet the continuing operating costs of the subsidiary for a period of at least 12 months from the date of signing the financial statements, and will ensure that its liabilities and obligations to all parties outside of the group will continue to be mel as they fall due. The Irustees have considered wthether the loan lalls under the definition of a financlng Iransaction under FRS 102. Under FRS 102, such a transaction should be stated at its present value, measured by any future payment discounted at a market rate of interest. There are no clear repayment terms or timescale for the loan: the trigger for repayment is Tegarded as remote given the importance of the building to expanding the support we offer in 8anbury. Accordingly, the Trustees are of the opinion that the fair value of the loan amount to be included in the financial statements is its original monetary value. Page 31
STYLE ACRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 15. Creditors: Amounts falling due wilhin ono year Group 2024 Group 2023 Charfty 2024 Charity 2023 Trade creditors Corporation tax Other taxation and social security Other creditors Accruals and deferred income 198,470 189,445 306 184,562 178,446 177,406 37.874 566,601 141,575 32,637 466,828 165,836 37.874 $41,77S 132,426 32,637 448,240 980,351 830,791 930,047 791,749 Page 32
STYLE ACRE NOTES TO THE FIMANCIAL ST ATEMENTS FOR THE YEAR eNDeD 31 MARCH 2024 16, Stst•m•nt offundi St*¢•m•nt ollundi- curr•nt ymr 8•linc• •t 31 March 2024 Trnn•f•r8 Inlout Giln•l Aprll 2023 Incom• Expendltur• Unrestilctsd fvn D•8lgn•t•d fund D¢slgnated revaluation fund SABRe slnking fund Holid•y hom¢ SABRe bullding loan Fixed a$sei$ repla¢tment Main Offi0• •nd O•y Opportunlty Hub 27,2•7 93.780 139.960 700.000 284,712 600,000 60,124 78,121 97,657 137,410 700,000 304,743 600,000 1,877 12,6081 20,031 1,147,757 19.400 50,824 1,917,981 O•n•ral fund G¢ner•l fund 932,465 11,829,449 111,9SS,6631 116,6831 789,678 Tot•1 unr••trl¢tsd fund• 2,780,222 11,829,449 111,gS6,6S31 2,117 50,024 2,707,659 Page 33
8TYLE ACRE NOTES TO THE FINANCIAL STATÉMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. St•t•m•nt of fund• l¢ontlbw•dl e•lanc• •t 31 Mir¢h 3024 B•l•n¢• •11 Apvll 2025 Tr•n•l•rn Inlout G•ln•l In¢om• E)tp•ndltur• R••trlcl•d fvnd• Sensory and rebourtd ther•py Vehicl•¥ 4ppB#l T2 Appeal IT- Technology fèr Independen¢• Work developrneni Dgy Opportunilies. Part•ubin Gardon projecti Communkalion? proje¢1 Support¢d Living S¢¢kql enterpiises Day Opportuniii¢3- G¢ner41 Coronavirv¥ pandemi¢ Ways lo Wellness OCC Public Health- Heart H•iMh Others 15,759 31,84J 40.046 27J 50,696 1,417 28,438 3,170 5.450 12.162 6,819 27,686 28,Jg8 4.078 116,2711 18,7011 18,01S1 1681 l•J,9911 11.0001 114,6641 11.5831 41,000 64,142 32,OJ1 206 19,gJ7 83,333 4,800 12.1171 16,667 1,587 J30 35,350 6,077 24,268 6,791 636 680 32,144 1,191 110,1561 19331 13,4171 lj6,J211 14.J431 19811 18,717 256.271 158,405 1204,4631 12,8171 207,476 Totsl ol fundB 3.036,493 11,987,gJ4 112.180.1161 50.B24 2,915,13S Page 34
STYLE ACRE NOTE8 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEP 31 MARCH 2Q24 11. St•t•m•nt ol fund• Itontlnu•dl Stat•m•nt ol fund•. prfor y••r l•n¢• •1 31 March 2023 8alance il 1 April 2022 Tran*fers Gain¥1 ILos8eil Income Exp•ndilur• Taxation Unr•slrlct8d lund• D••lgnat•d lund• D•$i9n•ied revaluallon fvnd SA8Re sinking fund Holiday horne SA8Re building10on Fixed a58els replacement Main Offi¢• •nd Day Qpportunw H 125,44e 97,521 142,476 700,000 261,839 600,000 77,297 95,780 139.9ee 700.000 284.712 600.000 12.5081 23.073 1.927,084 18,824 1,047,757 G•n•r•l lund Gener81 lund 1.127,296 10,445,101 110,820,760) 13681 118,8241 932.465 Tot41 unr•¥twlct•d fund• 3,054,380 10,445,101 110.620,7501 13581 198,1511 2,780.222 PagB 35
STYLE ACAE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AIARCH 2024 st•t•m•nt olfvnd$1¢ontlnu•dl B•lance 4t 31 Marc 2023 Balance èt 1 April 2022 Transfers G4ln IL¢iiesl In¢om• Expenditure T4xalion R••t*l¢t•d lund• Sen$¢ry and rebound IrapY V.ehrles appeal T2 Appo81 IT- Technology lor Indopenden WO devdopmanl D•y Opportunitie•. Port¥¢•bln G•rd¢n projects Communicationi pl011 Supported Livin9 Social enlorprises Day OpportuniliM- Goner41 Coronfivirus pandemic Ways lo Welln•8B OCC Publlc He•lth- Heart Heatth Other$ 854 42,678 48,ID6 363 57,019 2.417 27,007 4.004 600 10.784 3.692 31,103 32,631 7.294 1,957 34.799 119.8941 110.8351 18.0801 1901 160.1741 11.0001 125.8831 18341 12,6001 lJ,1221 12,7821 15.3661 121.7651 12.4161 113,8661 15,759 J1,843 40.046 273 50.$95 1.417 28.438 3.170 5.450 12,882 5,819 27.685 20.395 4,878 1,641 53,750 27.314 7,450 S,220 4,909 1,950 15,529 13,550 27Q,489 164.471 1178.6891 250,271 Totsl ot fund• 3,324,669 10,609.572 110.799.4391 13581 198,1511 3,038.493 Po9e 36
STYLE ACRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARGH 2024 18. Stat•m•nt of lund¥1¢ontlnu•dl 17. Summ•ry ¢tlund• Summ•ry of lund•. ¢yrr•nt y•or 8ahnco at 1 Aprll 2023 Trnn•l• Inlout 31 M•r¢h 2024 Incom• Exp•ndlturn Designal•d lundi General funds Reslricled fundi 1,147,7S7 •J2,465 11,129,449 111,966,16Jl 2S6,271 168,486 1204,4831 19,400 116,6831 12,1171 00,824 1,917.981 789,678 207,476 J,OJ6,413 11,987,gJ4 112,160,116) 60,824 2,915,135 Summ4ry of fund•. prfory••f 8alance at 31 March 2023 Balance 01 1 April 2022 Trnn&f•rs irt10uI Galnsl ILossiJl In¢¢rfie Exp¢ndrfUfe Designiled fund• General fund$ R•slricled lund* 1,927.084 1,127,296 10,445.101 110.620.7501 270,489 184.471 1178,8891 18,824 118.8241 1.847,757 932,465 256,271 3,224,869 10,6D9.572 110.799,4391 IJ561 198,1511 3,036,493 Paye 37
STYLE ACRE NOTES TO THE FINANCIAL STATEPIIENTS FOR THE YEAR ENDED 31 MARCH 2024 18. Analys1$ of net assets between funds Analysis of net assets between funds - current period Restricted Unrestricted funds funds 2024 2024 Tolal funds 2024 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year 161,383 1,713.589 1,874,972 1,055.722 1,055,722 58,404 906,388 964,792 (12,311) (968,040) 1980,351) Total 207,476 2,707,659 2,915,135 Analysis of net assets betwoon funds - prior period Restricted Unrestricted funds funds 2023 2023 Totsl funds 2023 Tangible fixed assets Fixed asset investments Currenl assets Creditors due thin one year 124,434 1,634,615 1,004,898 980,994 (840,285) 1,759,049 1,004,898 1,103,337 (830,791) 122,343 9,494 Total 256,271 2,780,222 3,036,493 Page 38
STYLE ACRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 19. Statement of funds - narrative Purpose of Designated Funds: Designated Revaluatlon Fund The revaluation reserve fund is required by the Companies Act 2006 and represents the amount by which investments exceed or fall short of historiGal cost. Deslgnated Funds- SA8Re Slnklng Fund This designated fund is lo provide for future repairs and maintenance at the SABRe building in Banbury, vthich are received as part of the gift aid donation of Style Acre Trading Limited distributable profits. Deslgnated Funds- Holiday Home The funds are designated to provide a permanent small holiday home or caravan to allow our seNee users, who may require high levels of continuing support vthilst they are away from home, to take a break in a self-catering base at modest cost. Deslgnated Funds - SABRe Bulldlng Loan These funds are designated for the loan made to Style Acre Trading Limited for Ihe purchase and refurbishment of the SA8Re building in Banbury. As the loan is expected to be for the long term. the corresponding resep4es are illiquid. Designated Funds - Fixed Assets Replacement The majority of the charity's fixed assets are items with relatively short lives, such as motor vehicle5 and compuler equipment. Both of these are essential in running our charitable seNices and the reserves represenled by their book value are illiquid and the assets themselves need regular replacement. These funds are designated to addres5 both requirements. Designated Funds- Main Office and Day Opportunity Hub Building This designated fund is lo provide for costs associated with a new main office building and day opportunity hub in Wallingford and represents an amount for the development and fixtures and fittings required. Purpose of Re$trlGled Funds: Sensory and Rebound Therapy These funds have been used to develop a sensory environment lor the people we support and provide equipment to support the rebound therapy activities. Funds utilised and capitalised as tangible fixed assets are being amortised to match the depreciation charge in the financial statements, £102 {2023.. £213). Vehicle Appeal Some funds received in respect of the vehicles appeal have been utilised and capitalised as langible fixed assets, and are being amortised to match the depreciation charge in the financial statemenls, £8,251 (2023.. £8,344). T2 Appeal These funds have been used to assist in the opening and development of the drop in centre based in Didcot and kno¥ as 'T2'. The facility is aimed at individuals less severe learning diffi¢ultiesldisabilitie$. Funds restricted to the purchase of new vehicles for the use at'T2' have been utilised and capitslised as tangible fixed assets and are being amortised to match the depreciation charge in the financial statements. £144 (2023: £180). Funds restricted to the purchase of computer equipment at 'T2' have been utilised and capitalised as tangible fixed assets and are being amortised to match the depreciation charge in the financial statements, £27 (2023.. £37). Page 39
STYLE ACRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Funds restricted to the developmenl and Tefurbishment of the building at 'T2' have been utllised and capitalised as tangible fixed assets and are being amortised to match the depreciats'on charge in the financial statements, £7.844 (2023.. £7,844). IT . Technology for Independence These funds have been used to acquire technology for the use of the people we support. The projecl aim5 to asse55 individuals to enrich their lives and increase independence through the use of technology. Funds utilised and capitalised as tangible fixed assets are being amortised to match the depreciation charge in the financial statements. £68 (2023.. £91). Work Development These funds are used to fund staff salaries relats'ng to the work development programme Day Opportunltles - Porta¢abln These funds are in respect of a Portacabin that was donated for use bythe charity. The market value of the Portacabin has been capitalised as tangible fixed assets and are being amortised to match the depreciation charge in the financial statements, £1,000 (2023.. £1,000). Garden Projects These funds are in respect of garden projects and garden redevelopments. This includes the community garden project in Wantage, gardening projects at the day opportunity hubs or within the supported living houses and Green Acre, our gardening social enterprise. Funds utilised to dale and capilalised as tangible fixed assets are being amortised to match the depreciation in the financial stalemenls, £121 {2023.' £121). In addition, the funds have been utilised lo redevelop the garden at our Henley property to allow the people we support lo access their garden and provide a safe sensory space for them to enjoy. Funds utilised lo date and capitalised as tangible fixed assets are being amortised to match the deprecialion in the financial statemen1$, £2,024 {2023. £2.0241. Communlcallons Project These funds are in respect of equipment to aid communication and continue to be utilised. Funds utilised to date and capitalised as tangible fixed assets are being amortised to match the depreciats'on charge in the financial ststements, £529 (2023.. £706). Supported Llving The funds held at 31 March 2023 will be used to fund equipment for use within the supported living houses. Funds ulili5ed and capitalised as tangible fixed assets are being amortised to match the depreciation charge in the financial statements, £112 (2023. £150). Social Enterprises The funds were raised to fund the purchase of items for use at our Tea Room in Blewbury. the charity shop in Wallin9ford, Green Acre, our gardening business or for our new sustainable medal making social enterprise. Where donations are received towards capital equipment, the funds are amortised to match the depreciation charge in the financial statements, £1,635 (2023.. £523). Day Opportunities - General These funds have been raised to fund general costs and additional equipment at our day opportunities hubs.Where donations are received toward5 Capital equipment, the funds are amortised to match the depreciation charge in the financial statements. £225 {2023.' £nil). Coronavirus Pandemic These funds have been received from Oxfordshire County Council lo support the delivery of enhanced infection control, vaccinations and increase workforce recruitment and retention within social care services as part of the central govemment funding in response to the COVID-19 pandemic. Funds utilised to date and capitalised as tsngible fixed assets are being amortised to match the depreciation in the financial statements, £3,417 (2023: £3.417). Page 40
STYLE ACRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Ways-to- Wellness These funds have been raised lo support the Ways-tovwellness programme vthich enables the people we support, our employees and volunteers to Improve their heallh and wellbein9. OCC Publlc Health- Heart Health These funds have been raised to deliver activities focussing on healthy hearts, healthy eating and physical activity as part of our Ways to Wellness programme which enables the people we support, our employees and volunteers to improve their health and wellbeing. Others The funds received in respect of other donations are utilised in accordance with the donors wishes. Donatsons received towards capital equipment are being amortised to match the depreciation charge in the financial statements, £816 {2023.' £816). 20. Reconciliatlon of n•t movement In funds to net c•$h flow from op8ratlng activltlos Group 2024 Group 2023 Net expenditure for the period (as per Statement of Financial Activities) 1121,358) (288.376) Adjustments lor: Depreciation charges (Gain)ILoss on investments Dividends, interests and rents from investments Loss on the sale of fixed assets Bank charges paid Decreasel(increase) in debtors Increasel {decrea5e) in creditors Tax charge Tax paid 84,282 150,824) 143,772) 1S,562 13,250 101,846 149,866 72,437 98.151 (36,302) 1,947 12,802 1110,250) 1232,320) 358 1306) Not cash provlded byl(used In) operatlng actlvltles 148,546 (481,553) 21. Analysis of cash and cash equivalents Group 2024 Group 2023 Cash in hand 615,903 652,602 Total cash and cash equivalents 615,903 652,602 Page41
STYLE ACRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 22. Analysis of changes in net debt At 1 April 2023 Cash flows At 31 March 2024 Cash at bank and in hand 652,602 (36,699 615,903 652,602 (36,699) 615,903 23. PensSon commltments The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund. During the year pension contributions charged in the Statement of Financial Activities amounts lo £269.775 (2023.- £230,841). At the balance sheet date. outstanding contribution5 amounts to £37,67812023'. £31.391) and are included in creditors. 24. Operating lease commitmonts At 31 March 2024 the Group and the Charity had commitments to make future minimum lease payments under non-can¢ellable operating leases as follows: Group 2024 Group 2023 Charity 2024 Charity 2023 Not later than 1 year Later than 1 year and not later Ihan 5 years Later than 5 years 153,510 225,613 134,307 214,486 4,665 177,424 341,327 415,539 172,361 370,852 454,304 379,123 353,458 934,290 997,517 Page 42
STYLE ACRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 25. Relat•d party transactlons Some of the properties thal Style Acre uses.to provide support services to people wth leaming difficultiesldisabilities are owned by Acre Housing formerly known as Style Acre Friends. On 1 April 2004 the support activities of Style Acre Friends were Iransferred to Style Acre. Dunng the year the following transactions took place befyveen Style Acre and Acre Housing.. Style Acre recharged administration costs totalling £65,274 (2023.. £65,275) lo Acre Housing. During the year Acre Housing made an unrestricted donation to Style Acre of £115,478 (2023.. £99,060). As at 31 March 2024 an amount of £nil was owed by Acre Housing (2023.. £Nil). During the year the charity traded with Its subsidiary, Style Acre Trading Limited. Detailed transactions betr¥veen the charity and Style Acre Trading Limited have not been disclosed as allowed under FRS 102 Sectr'on 33. A dependent of the Trustees. Mr I C Boullon, Mrs J E Marsan and Mr P Brice are recipients of style Acre's seplices. The service packages are contracted through Oxfordshire County Council on the normal terms, which apply to such a provision. The service user is not able to use their relati¢)nship to Mr I C Boulton, Mrs J E Marsan or Mr P Brice to their advantage, Page 43