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 g￿nted 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 discU￿10n 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 or￿0 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 A￿1VtTEES
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 Oper￿10￿S
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. uNRESTRl￿ED 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

7. TRANSACTIONS WITH TRUSTEES
None.
8. CONTINGENT LIABILITIES
In the opinion of the Truste@s there are no outstanding contingent liabilities.
9. 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.
10. ACCRUALS AND PREPAYMENTS
Wherè necessary provisions have been made in line with generally accepted accounting principles.
11. TAXATION
The charity is exempt from tax on its charitable activities.
12. 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