ANNUAL REPORT & ACCOUNTS MARCH 2025 ArÉ 7(ouJirgJ TruJ'l Ark Housing Trust 3 8ath Road, Buxton. Derbyshire SK17 6HH
Ar£ MouJ'iYJ TruJ'l Ar£ ouj'jii Tn4J'l Trustees, Annual Report - March 2025 This is the annual report for Ark Housing Trust, registered charity number 1166573. The principal office is 3 Bath Road. Buxton, Derbyshire, SK17 6HH. Chari Trustees Philip Delight (Chalrl David McKee (Secretaryl (resigned 8.12.251 Jane Rothery Angle Vaughan lappointed 01.7.241 Deborah Michaelis lappointed 12.5.251 Caitlin Bisknell (appointed 12.5.251 Andrew Start lappointed 12.5.251 Mark O'mullane (appointed 12.5.251 Director Jon Parsons Ileft July 20251 Chief Executive Officer Anita Birchall (appointed 14 July 20251 Bank Barclays Bank, 51 Mosley Street, Manchester, M60 2AU Auditors DLA Chartered Accountants Statutory Auditors 36A Market Street New Mills High Peak SK224AA Governance Ark Housing Trust is a Charitable Incorporated Organisation ICIOI, h35 a founding constitution. and is governed by board of trustees. Trustees are selected and appointed based on their skllls, experience and avail3bility to fulfil the roles for which they are appointed. Upon election to the board, trustees are provided with a detailed information pack and offered the opportunity to tour a selection of Ark Properties, meetin8 some of Ark's clients. The board meets regularly and takes overa11 responsibility for all governance decisions. This includes identifying and regularly reviewing the major financial risks the ¢hhrity faces, and ensuring those risks are managed appropriately. The board appoints and oversees a Direttor, who is responsible for the operational day-to-day running of the charity. At the end of this financial year the board have actively recruited four additional trustees who will be appointed at the first trustee meeting of the new financial year. Page 2
Risk Mana ement The trustees consider the major risk5 to which the charity is exposed and determine policies and procedures to mitigate those risks. The key risks identified during this period were.. Potential conflicts of interest on the board - these have been reviewed, and all current conflicts of interest are detailed and managed appropriately by the board. Simon Graham resigned from the board during the year whlch reTnoved the major conflict that existed. Financial risk caused by a change in Government policy- there is a risk that a significant change in policy may impact funding. As a lease based operating model the forthcoming changes to legislation and standards in supported housing cotsld negatively impact our finances if we are tied into leases for properties which do not Meet the new standards. We are Seeking external advice and are looking at ways to mitigate any impact. Reput3tional and financi31 risk arising from the closure of four proptrties in Buxton due to antisocial and criminal behaviour. The trustees instructed the Director to provide evidence of more robust procedures to mènage such incidents, and to minimise the length of time the properties are not IA use. Reputational risk due to disrepair in some propertie5 in Stoke. Trustees reqLFested improvements to compliance reporttng to ensure they can fulfil their obligations in monitoring key indicators regarding the quality of our properties. Financial risk.. inadequate controls which could expose the trust to potential financial risk. The trustees became aware of the authorisation of contractual agreements which commit us to a long-term fin8nci31 outl3y and which had not been approved at board level. The trustees and the new CEO have reviewed our financial procedures to ensure that we have better financial controls and improved monitoring. Operational risks.. Operational risk to Ark staff - the board are sEtlsfied that appropriate safety measures are taken by staff when in direct contact with clients. Operational Risk to Ark support- the board acknowledge that support staff fulfil a vitsl function delivering support to Ark residents. and that during the year there have been periods when the level of support has been impacted by Staff shortages. The board are assured that recruitment to limit thi5 impact is a priority for the Director. Reputational Risk caused by unprofessiDnal behaviour of staff - the board acknowledge that unprofessional attions by a staff member had 8 detrimental effect on Ark's reputation in one area with both the police and the council. The board have reviewed our procedures and are assured that conduct issues will be addressed more robustly in future. Financial risk caused by room vacancies- the board seek assurance that the supply of accommodation does not exceed the demand, in the different geographic31 areas we are operating. Ob ectives and Activities for the Public Benefit The objects of the charity are= to prevent or relieve poverty and to promote and protert good health of people over the age of 16 particularlv amongst people who are homeless or at risk of homelessness and who have mentsl health or addiction issues or who have experienced domestic 3buse, by the provision of social housing and sUPPOrt and such other services as shall be thought fit. The charity carrie5 OLrt these object5 by: providing housing specifically targeting people who are homeless or at risk of hpmelessness, for example those who are refiJ5ed accommodation by a private landlord or council. providing limited support to those housed, in the form of support with basic health & welfare needs, for example by supporting them to attend appointments. providing basic advice around manaw-ng money, hygiene. cooking etc. Providlng limited support to those housed, In the form of signposting to variou5 local services they may benefit from. providing limited sUPPOrt to those housed when it becomes time for them ro move on to Independent livsng. Histo Ark Housing Trust has been providing supported housing to vulnerable adults since 2016. It started with 13 units of PaEe3
accommodation across two registered houses of multiple occupancy IHMOI in Matlock, Derbyshire, followed by 42 units of accommodation across nine HMO'5 in Buxton, Derbyshire. o l-Bse pr-p_ l?Y*A!nrAs at +he , property management and maintenance. The majority of funding is provided through the statutory allowance5 paid by the government. rti< Within our charity's purpose we have the following objectlVÈS'. l. To provide accommodation and support to vulnerable people aged 16 and over 2. To promote physical and mentsl wellbeing 3. To promote & therapeutic approach to addictlDn and mental health 4. To prevent the cycle of homelessness and maintain attummodation effectively 5, To support clients in making a p051tive contribution including crime preventiori Our 5Ltpport workeys meet regularly and en8a8e with the many different issues that are facing our vulnerable clients- issues of addiction, mental health, ex-offenders, risk of homelessness. The support Ark provides encourages our clients to- access 311 the services they are entitled to engage wlth other clients to collaboratively work towards SLtpporting one another identifv their interests and talents, and access appropriate community groups to nurtvre and develop their self- e%teem and build a positive self-image Our hope is to see vulnerable adult5 taking positive steps towards actively engaging with their communities, and over time playing as full a part of their wider communities as they are able to. ecifics to Fin3ncial Year In both Buxton and Stoke the national Supported Housing Improvement Programme has continued. This has resulted in rècomméndations to changes ta some of Ark'5 operations. The governmenys supported Hovsing IRegulatory Oversight) Bill 2023 is eagerly awaited, but as yet there are nD firm detai15 over its final contents. In Buxton the police applled for and were gnted temporary closure orders of three months on fDLJr properties. The loss of revenue caused by these closures was absorbed by the charity, and the opportunity w3S taken to refurbish the propertie5 while they were closed. The Director informed the board of trustees of his intention to step down in the summer, and a successfvl recruitment process hès been concludèd resulting in the appointment of Anita 8irchall as Chief Executive Officer. Serious Incidents Inform3tion came to light in late 2025 regarding an incident that occurred in FY 24125. This incident highlighted protesses were not as robust as we had previously thought. Qvr 355essment w35 that it Was appropriate to report it to the Charity Commission to ensure transparency. It also prompted a review of Dur financial controls and monitoring frameworks, which has slnce been completed. Lookin Ahead The trustees are grateful to the charity Comrnission for their comprehensive recommendations following their review of the charity between Aprll and October 2025. We are confident that we will be able to implement these recommenaations and that they will make us stronger and better equipped for otjr next chapter. In the current climate of chan8es to legislation and stsndards related to supported housing we are developing a new strategy in whlch our newly appointed trustees and our new Chief Executive can get fully illvolved in shaping our aext chapter. Page 4
We plan to improve our imp3tt reporting so that we can tell a story of the posltive impact we can have Dn the residents, lives. Reserves Policy It is the policy of the trustees to maintain SLrfficient reserves- to avoid short-term cash flow issues, tD enable expansion of the charity'5 work, to enable the charity to respond to any unexpected event, SL*ch as a serious incident in a property resulting signific3nt loss of income for a time. The trustees are balancing the desire to expand the work, which has short-term costs, with the need to build financial reserves to protect the charity. This is a work in PTO8ress, with a projected increase to reserves of £38K at 31° March 2026. Trustees. Res in relation to the Financial Statements The Trustees are responsible for preparing the Trustees, Report and financial statements in accordance with the applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practlcel. Charity law requires the trustees to prepare financial statements for each financi35 year. Under that law, the trustees have elerted to prepare the financial statements in accordance with UnFted Kingdom Generally Atcepted Accounting Practice (United Kingdom Accounting Stèndards and applicable lawl. Under charity law the trustees must not approve the financial statements unless they are satlsfied that they givè 3 true and fair view of the stste of affairs of the charity and of the incominE resources and 3pplitation of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to select 5Ultable 3ccounting policies and then apply thèm ¢on51Stently,' observe the methods and principles in the Charities SORP,, make judgements 3nd estimates that are reasonable and prudent; state whethèr applicable accounting standards have been followed, subject to any mater131 departures disclosed and explained in the financial statement5,' prepare the financial statements on the going concern basis unless it Is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to Énsure th2t the financial statements comply with the Charities Act 2011 and The Charity (Accounts and Reports) Regulations 2CKJ8. They are also responsible for safeguarding the assets of the charity and hènce for taking reasonable steps for the preverition and detection of fraud and other irregularities. Approved by the trustees on 28 January 2026 and signed on their behalf by.. Si8ned.. Date.. 2810112026 Phil Delight, Chair of Trustees, Ark Housing Trust Pa8e5
ort of the Inde Ark Housin Trust et7dent Auditors to the Trustees of Opinion We have audited the financial statements of Ark Housing Trust Ithe 'tharity'j for the year ended 31 March 2025 which compr15e the Statement of Financial Activities, the Balance SheeL the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their prepzration is applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the charity's affairs a5 at 31 March 202S and of its incoming resources and application of resources, for the year then ended,. have been properly prepared in accord3nce with United Kingdom Generally Accepted Accountlng Practice,. and have been prepared in accordance with the requirements of the Charities Act 2011. Basss ftsr opinlon We condurted our audit in accordance with International Standards on Auditing IUKI (1S IUKII and applicable law. Our responsibilities under those Standards are further described in the Auditor5, responsibilitie5 for the audit of the financial statement5 5ertion of our report. We are independent of the charity in accordance with the ethical requirement5 that are relevant to our audit of the financial statement5 in the UK, irbcluding the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficiert and appropriate to prDvide a basis for our opinion. Conduslons relatlng to going concem In 3uditing the financial statements, we have concluded that the trustees, use of the Eolng concern basis of accountin8 in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertaintlES relating to events or conditions that, individu311y or collectively, may cast significont doubt on the charity's 2bility to continue as a going concern for a period of at least twelve months from when the firiancial Statements are authorised for issue. Our responsibilities and the responsibilities of the trustees Wlth respectto going concern are descrlbed in the relevant sertions of this report. Other Infomiation The trustees are respor>sible for the other information. The othgr information comprises the information included in the Annual Report. other than the financlal statements and our Report of the Independent Auditors thereon. Our opinion on the financlal statements does not cover the other inform3tion and, except to the extent otherwise explicit5y stBted in our report. we do not express any form of assurance conclusion thereon. In connettion with our audit of the fSnancial statements, our responsibility Is to ad the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated, If we identify such material incon515¥encies or apparent m3teri?I misstatements, we are required to determine whether this gives rise to a material mi55tatement in the financial statements themseÈves. If, based on the work we have performed, we conclude that there is a material mi55tatement of this Other information, we are required to report that fact. We have nothing to report in this regard. Page 6
Matters on which we are required to repart by exception We have nothing to report in respect of the followinE matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. the information given in the Report of the Trustees is inconsistent in any material respectwith the financial Statements: or sufficient accoLJnting records have not been kept,. or the financial statements are not in agreement with the accounting records and returns,. or vle havE not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fulw in the Statement of Tru5tees' Responsibilities, the trustees are responsible for the preparation of the fin2nci31 statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of fEnancial statements that are free from material misstatemEnt, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern b3SIS Df accounting unless the trustees either intend to liquidate the charity or to ce3se operations, or have no realistic alternative but to do so. Our iesponslbllltles for the audlt of the financlèl statements We have been appointed as auditors under Section 144 of the Charities Art 2011 and report in accordance with the Act and relevant regulations made or having effert thereunder. Our objectives are to obtain reasonable assurance about whether the financial staterrents as a whole are free from material misststement, whether due to fraL*d or error, ènd to Issue a Report of the Independent Auditors that includes our opinion. Reasonable 3Ssufdnce is a high level of assurance, but 15 not 3 guarantee that an audtt conducted in accDrdance with ISA5 IUKI will always detect 3 material misstatement when it exists. Misstatements arise from frèucl 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. The extent to which our procedures are tapable of detecting irregularities, including fraud is detailed below.. As part of designing our 3udit, we determined materiality and assessed the risks of material mi55tatement in the financial statements, including how fraud may occur by enquiring of managemer¢t of its own consideration of fraud. In p3rticul3r, we looked at where m3nagement made subjective judgèments 2nd considered future events that are inherently uncertain. We also considered potentièl financial or other pressures, opportunityand motivations for fraud. As part of thi5 discU10n we identifierj the internal controls established to mitigate risks relating to fraud or non-compliance with laws and regvlatirjns and how management monitor these processes. Appropriate procedures included the review and testing of rnanual journals, along Wlth income and expendlture testing to ensure actlvities were in line with rules and practices. Our tests included a8reein8 the financial 5taternent5 disclosures to underlying supportin8 documentation and enquiries with m3n3geMent. Our audit procedures wer@ designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, 35 fr6ud may involve deliberate concealment by, for example, forgery, misrepresent3tions or through collusion. There are inherent limitationg in the audit procedures performed and the further removed non-compliance with laws and reguSations is from the events and transaction5 reflected in the financial statements, the less likely we are to become aware of it. Afurther description of our responsibilities forthe audit of the financial statements is IoEated on the Financial Reporting Council's webslte 3t www.frc.org.uklaLJditorsresponsibilities. This description forms part of our Report of the Independent Auditors. Page 7
Use of our report This report is made solely to the charity's trustees, 35 a body, in accordance with Part 4 of the Charities IAccounts and Reports) Regulations 2008. Our audit work has been undert3ken so that we might state to the charity's trustees those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or 3SStJme responsibility to anyone other than the charity and the Charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. OLA Chzrtered Accountants Statutory Auditors 36A Market Street New Mills High Peèk SK22 4AA Date.. Page 8
ARK HOUSING TRUST Income and Expenditure Account 31 March 2025 2024-25 2023.24 Income Enhanced Housing Benefit Client Conlribtjtion Fundraising Interest 1,221,428 50,510 36,666 536 1,241,602 56,200 28,457 346 1,309.140 1,326,605 enditure Provision of Client Accommodatlon Property lease payments Void Propety Leases Council Tax Utilities & Water Repairs Cleaning Insurance 399,298 91,019 38,605 84,770 219,758 40,867 16,639 13,153 373,871 67,896 33,821 145,624 231,711 36,638 16,965 13,892 20,276 Sky & WFI Client Debt Wrtte-off 922.486 940.694 Client Mana Lettings Management Support Workers and Co-ordination Lettings Administrative Support Lettings Dire¢tors Remuneration Training Registration fees ar¢d Safety ement & Su ort 162,588 99.165 11,729 20,665 858 149,770 74,885 10,732 19,661 1,407 300,564 258,387 Head Office Costs OffiTr Rent Office Costs Head Office Directors Remuneration Legal Fees Accountancy Fees Head Office Adminislralive Support 14,925 14,966 20,665 322 1,572 11,729 14,088 25,498 19,661 2,784 64,179 72,763 Governance GovernanGe Dir¢¢tors Remuneration 20,666 19,661 20.666 19,661 Total Ex enditure 1.307,895 1,291,505 Su lus for the ear 1,246 35,100 Page 9
ARK HOUSING TRUST Balance Sheet 31 March 2025 Unrestrfcted Re5tr1ctpd EndowrneTrt Total thFS funds funds funds year Total last year Totalll¥edassets Currenta Debtors Cash at ljank and in hand Total currentAssetS 81A76 81,114 162,590 81,476 81,114 182,590 73,805 87,539 161A44 Creditors.. amounts falling due within one year Net currentassets/{llabilitie5) 162.59D 162,590 161,344 rotal netassetsorliabilities 162.590 162,590 161.344 of the charl Unrestricted funds 162.590 162.590 162.590 162,590 161,344 161.344 Totslfund5 Signed by one or0 trustees on beha (rf all the trustees Date of approval ddlmml Signature Print Name 80.1.2 Page 10
ARK HOUSING TRUST Statement of Assets & Liabilities 31 March 2025 2024Q5 2023-24 Current Assets Debtors Petty Cash Reserye A(OUnt Sank Balance 81,476 3,816 20 77,278 73,805 3,9 30,40D 53,230 162,590 161.344 Current Liabilities Accruals Total Currgnt Assets les$ Total Current Liabilities 162,590 161,344 Ca ital Account Balan Blfwd Surplus for the year 161,344 1,246 126,244 35.100 Sur 162,590 161,344 Page 11
ARK HOUSING TRUST statement of Financial Activities 31 March 2025 Unr¥stri¢tod Restrictsd Endowm8nt funds bJnds funds Total funds Prior yaar Incomin Donations Charitable activf(ies Total Resources 36,fj66 872,640 909,306 36,658 872,640 909.306 28.457 923,931 952.3B8 ResOU$S Ex nded Charitable activrfEies Total 908 S96 908,596 9C18 596 908.596 917,634 Net income/(expendittsreJ before investment gains/(losses) Net gainslllosses) on investrnents Net ineome/(expenditure) Net movemenf in funds 710 710 34.754 536 1,246 1,246 536 1.246 1,246 346 35,100 35,100 RcGonclliatlon of funds Total funds brought forward rolal funds carried fonvard 161,344 162.590 161,344 162,590 161.344 Page 12
ARK HOUSING TRUST Cash Flow Statement 31 March 2025 ai.3.2S 31.3.24 Notes Cash flows from operating actlvlties Cash generated from operations 16,4251 15,723 Net cash lused inllprovided by Dper3ting activitie5 16,4251 15,723 Change In cash and c?sh equivalents in the reporting period C35h and cash equivalents at the beglnning of the reporting period 16,4251 15,723 87,539 71,B16 Cash and cash equivalents at the end of the reporting period 81,114 87,539 Page 13
ARK HOUSING TRUST Note5 to the Cash Flow Statement 31 March 2025 RECONCILIATION OF NET INCOME TO CASH FLOW FROM OPERATING A1VtTEES 31.3.25 31.3.24 Net income for the reportlng period (as per the Statement of Flnancial Artlvlties) Adjustments for: Increase in debtors Decrease in creditors 1.246 35,100 17,6711 116.5291 12,8481 Net cash {u5ed Inllprovided by Oper10S 16,4251 15,723 ANALYSIS OF CHANGES IN NEf FUNDS At 1.4.24 Cash flow At 31.3.25 Net cash Cash at bank and In hand 87,539 16,4251 81,114 87,539 16,4251 81,114 Total 87,S39 16,4251 81,114 Page 14
ARK HOUSING TRUST YEAR ENDED 31 MARCH 2025 Notes to the Financial Statements I ACCOUNTING POLICIES Charity information Ark Housing TTUSt CIO Project is a Charitsble Incorporated Or8anisation. 1.1 Accountlng convention The accounts have been prep2red in accordance with the charity'5 governing document, the Charities Act 2011 and 'Accounting at)d Reporting by Charities.. 5t3tement of Recommended Practice applicable to ch3rities preparing thelr accounts in accordanco with the Fin3ncial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 las amended for accounting periods commencing from l January 20161. The charity is 3 Public Benefit Entity as defined by FRS 102. The charity has taken 3dvant2gè of the provisions in the SORP for charities applying FRS 102 Update Bulletin I not to prepare a Statement of Cash Flow5. The accounts have departed from the Charities (Accounts and Reports) Regulations 20)8 only to the extent required to provide a true and fair view. This departure ha5 involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred ta in the Regulations but which has since been withdrawn. The accounts are prepared in sterling, which is the funrtion31 currency of the charity. Monetary amounts in these finèntial statements are rounded to the nearest £. The accounts h3ve been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment propeTti2s and certain financial instrument5 at fair value. The principal accounting policies adopted are set out below. 1.2 Going concem At the ttme of approving the accounts, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeablÈ future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the accounts. 1.3 charitable fijnds Unrestrirted funds are available for use at the discretion of the trustees in furtherance of their charitable objÈrtives unless the funds have been designated for other purposes. Restricted fund$ arè subject to specific conditions by donors as to how they may be used. The purposes and uses of the restrictÈd funds are set out in the notes to the accounts. 1.4 Incoming resourtÈs Income is recognised when the chèrity is leEèlly entitled to It after any perforMan¢& conditions h3ve been met, the amounts can be measured reliably, and it Is probable that income will be received. Cash donations are recognised on receiktt. other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise If the charity has been notified of an Impending distribution, the amount is known, and receipt is expected. If thE amount is not known, the legacy is treated as a contingent asset Page 15
1.5 Tangible fixed a55ets None recorded. 1.6 Cash and cash equNalÈnts Cas4 and casb. eqdiv21-n:s iYclu.2"aS, .,n har,d, deposits Ield at call,. a+4 b2nks, other s4art-term liquid investY4. with original matuflties of three months or less, and bank ovèrdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.7 Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments15sues' of FRS 102 to all of its financial instruments. Financial instrurnent5 3re recognised in the charity's balance sheet when the charity becomes p3r¥rf to the corntrartU31 provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financi315tatements, when there is a legally enforceable right to set off the recognised amounts ?nd there is an intention to settle on a net basis or to realise the 3sset and settle the liability 5imLIIt?neou51v. Basicfint7ncial ossets Basic financial assets which include dèbtors and c3sh and bank balances, are initially measured at (transaction price including transaction costs and are subsequently c3rried at amortised cogr using the effective interest method unless the arrongement constitutes a financing transactlDn, where the transattion 15 measured at the present value of the future receipts discounted at a market rate of interest. Finarkcial assets classified as receivable within one year are not amurtised. Bosicfingncial liubilities Basic financi31 liabilities, including creéitors and b3nk loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present Value of the future payments discounted at a markei rate of interest. Financial liabilities classified 35 payable within one year are not 3morti5ed. Debt instruments are 5ubseouently carried at amorti5ed cost, using thè èffective interest r2te method. Trade creditors are obligations to pay for goods or services that h3ve been acquired in the ordinary course of operations from suppliers. Amount5 payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognisèd initially at transaction price and subsequently measured at amortised cost using the effettive interest method. Derecognition of financial liabilities Financial li3bilities are derecognised when the charity's contractual obligations expire or are discharged or tancelled. 2. uNRESTRlED DONATIONS Incomes derived from housirtg benefits are for the provision of housing and associated support to vulnerable tenants as re contributions from tenant5 and income from fundraising. In the opinion of the Trustees, these are unrettricted donations. 3. UNRESTRICTED EXPENDITURES Unrestricted expenditures are incurred for the provision of housing and associated support. 4. EMPLOYEES The average rkumber of employees during the year was 1512024- 141 5. PAID TRUSTEES There were no pald Trustees during the year12024 - NIL). All Trustees work on a voluntary basis. 6. GEOGRAPHICALAcfiviTY All activity takes place within the UK. Page 16
- TRANSACTIONS WITH TRUSTEES None.
- CONTINGENT LIABILITIES In the opinion of the Truste@s there are no outstanding contingent liabilities.
- posr BAL4NCE SHEET EVENTS In the opinion of the Trustees there are no post balance sheet events that have any bearing on these Financi31 Statements.
- ACCRUALS AND PREPAYMENTS Wherè necessary provisions have been made in line with generally accepted accounting principles.
- TAXATION The charity is exempt from tax on its charitable activities.
- LEASING AGREEMENTS Minimum lease payments under non-c8ncellable operating leases fall due as follows.. 31.3.25 31.3.24 Within one year Between one and five year5 725,249 683,580 716,872 1,389,830 1,408,829 2,106.702 Page 17