REGISTERED COMPANY NUMBER: 02337961 {England and Wale5) REGISTERED CHARITY NUMBER: 801035 HOUSING NUMBER: H3858 REPORT OF THE MANAGEMENT BOARD AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR IMPAKT HOUSING & SUPPORT LTD A COMPANY LIMITED BY GUARANTEE IMPAicf HOUSING e4 SUPPORT LTD CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page Report of the Management Board 1 to 22 Report of the Independent Auditors 23to 26 Statement of Comprehensive Income 27 Statement of Changes in Reserves 28 Statement of Financial Position 29 Statement of Cash Flows 30 Notes to the Statement of Cash Flows 31 Notes to the Financial Statements 32 to $7 IMPAicf HOUSING & SUPPORT LTD REGISTERED COMPANY NUMBER: 02337961 REPORT OF THE MANAGEMENT BOARD FOR THE YEAR ENDED 31 MARCH 2024 The Management Board present their report. including the strategic report and audited financial statements for the year ended 31 March 2024. Reference and Administrative Infom)ation Charity Name: IMPAKT Housing & Support Charity registration number. 801035 Company registration number: 2337961 (England & Wales) Housing number: H3858 Registered office.. 118 Bromham Road, Bedford, Beds. MK40 2QN Management Board The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report. Miss D Maggs. Mr A McKean MrsLJHunt' MsSBean' Mr P Hunt Mr S M Kearney'_ appointed 19 December 2023 MrMALymer' appointed 19 December 2023 Chair Directors of the company who are also Trustees of the charity. Company Secretsry & Chief Executive Officer Mr P Hunt Auditors Rawlinson Pryde Ltd. Argent House 5 Goldington Rd Bedford, Bedfordshire MK40 3JY Bankers CAF Bank Ltd. 25 Kings Hill Avenue Kings Hill West Malling, Kent ME19 4JQ HandeSsbanken plc 2nd Floor, Clifton House 4a Goldington Road Bedford MK40 3NK IMPAKT HOUSING 8t SUPPORT LTD (REGISTERED COMPANY NUMBER: 02337961) REPORT OF THE MANAGEMENT BOARD FOR THE YEAR ENDED 31 MARCH 2024 Our Aim5 and Objectives Pur 05es and Alms: The Organisational purposes as set out in the objects contained in the company's Memorandum of Association are to.. To provide or assist in the provision in the interests of social welfare of facilitie5 for recreation and other leisure time occupation for all persons with the object of improving their conditions of life; To provide housing, including social housing, and assistance to help house people and associated facilities. amenities, and services for people of limited means or for the relief of aged, disabled (whether physically or mentally), or chronically sick people; To carry out any other charitable object that may be carried out from time to time by a charitable company which is also registered as a provider of social housing with the Regulator. IMPAKT Housing & Support aims to help all people of all ages, particularly at times of need, regardless of gender, race, ability, or faith. The charitable company aims to work in partnership to help build communities within its projects, characterised by inclusiveness diversity, and mutual respect. Our aims fully reflect the purposes the charitable company was set up to further. Ensurin our work delivers our aims: We review our aims, objectives and activities each year. This review looks at what we have achieved and the outcomes of our work in the previous 12 months. The review looks at the success of each key activity and the benefits they have brought to those groups of people we have Set out to help. We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set. The focus of ourwork: Our main objectives for the year continued to be the provision of accommodation within our housing projects: Weaver House, Cornerstone House, The Foyer, Linden House. Midland House, and Number l O. We deliver a Domestic Abuse Outreach Resettlement Project focused on women, families. and men fleeing domestic violence. The project delivers 1-to-1 support, guidance on housing. 12 weeks. resettlement aftercare, signposting, safety plan, support in relocating, and providing household goods that support successful resettlement. This project is being delivered in Bedford, Cambridgeshire, and Peterborough. We have a contract with Bedford Borough Council to prowde 35 supported residential places for disadvantaged people aged between 16 and 65 yearsold,which isfunded through the Supporting People fund.The individua15 referred come from a wide range of backgrounds and with differing abilities. Bedford Borough Council also funds 5-bed spaces within the Supported Lodgings Scheme. IMPAKT HOUSING & SUPPORT LTD (REGISTERED COMPANY NUMBER: 02337961) REPORT OF THE MANAGEMENT BOARD FOR THE YEAR ENDED 31 MARCH 2024 The focus of our work (continued): We offer low-level needs housing to 188 individuals at Weaver House, The Foyer, Cornerstone House. Linden House, Midland House, and Number 10, with the eligibility criteria being the requirement to be involved in education, training or volunteering. We also provide 15 'Stage 2. one-bedroom flats in Luton, along with 3 three-bedroom houses used as temporary accommodation for a family fleeing domestic violence. Supported Lodgings provides 5 placements for young people who are leaving the care system. Supported Lodgings schemes involve the recruitment of individuals couples. and families from the local community to become 'Hosts' and provide a spare bedroom to a young person aged 16+. The Crash Pad scheme provides emergency accommodation for those young people aged 16117 who present as homeless to the local authority. IMPAKT skills is very simply about emp0V￿ring individuals with the knowledge and expertise they require to move forward and thrive. The staff of IMPAKT skills support those both leaving and entering our accommodation. All courses are flexible in their bespoke approach to each learner's needs and our tutor can be creative in their approach so that everyone learns and leaves stronger. IMPAKT Food, known as the Community Larder, distributes food that is nearing its sell-by date and provides vital seNice to families and individuals experiencing hardship. IMPAKT Interiors is a destination home interiors and gifts boutique and IMPAKT Preloved offers furniture and white goods. IMPAKT HOUSING & SUPPORT LTD (REGISTERED COMPANY NUMBEIL" 02337961 REPORT OF THE MANAGEMENT BOARD FOR THE YEAR ENDED 31 MARCH 2024 Our Values: In order to meet our mission and purpose, a new set of values was rolled out throughout the organisation. Value Belief Behaviour Aspirational We believe everyone can be the best they can be and dream big dreams. Believe in the good in everyone. Support every person to focus on their strength5. Support every person to achieve positive outcomes. Support every person to reach their fu51 potential. Lead by example. Show kindness. Be empathetic. Show an interest. Be forgiving. Give encouragement. Listen. Be patient. Tolerant. Positive. Persevere. Provide a safe environment. Caring We believe everyone should be cared for. Empowering We believe we should support and encourage people to take ownership of their issues to enable them to achieve positive change. IMPAKT HOUSING & SUPPORT LTD REGISTERED COMPANY NUMBER: 02337961) REPORT OF THE MANAGEMENT BOARD FOR THE YEAR ENDED 31 MARCH 2024 Public Benefit: Our mission is to end the revolving door of homelessness through our sUPPOrted accommodation seNices and to support victims fleeing domestic abuse to become suNivors. We are also committed to helping people in hardship, reducing food waste, and improving food security through our retail shops and community food larder. Housing We are committed to supporting people to recover from trauma and the devastating impact of homelessness in a safe and aspirational environment. We are ahead of the field in our commitment to deliver services in a psychologically informed (PIE) way to maximise successful outcomes for our residents. We provide a safe home for over 200 people aged 16-65 in a range of quality settings in Bedfordshire, offering varying levels of support. Focusing on strengths and aspirations, we recognise that each customerfs journey is different, and support is tailored to suit individual requirements. Our housing coaches encourage and inspire residents to evaluate their circumstances and lifestyle choices and to take control of their lives. Skills coaches provide therapeutic workshops and educational programs to develop the life skills that will enable successful move-on and financial independence. Overall, the accommodation projects continue to deliver over 30% of temporary accommodation across Bedfordshire together with two properties in Cambridgeshire. 29 bed spaces at Weaver House 25 bed spaces at Comerstone House 34 bed spaces at The Foyer 16 bed spaces at Linden House 78 bed spaces at Midland House 15 'Stage 2. Flats, Luton 6-bed spaces at Number 10 (St. Georges Road) 5 Supported Lodgings beds spaces in private homes across Bedford 1 Three-bedroom house- Bedfordshire 2 Three-bedroom houses - Cambridgeshire Develo ment and Trainin ortunities for Youn Peo IMPAKT skills focuses on teaching basic life skills. This has now been embedded in our Housing Projects as it is integral to the overall support of our residents. IMPAKT HOUSING & SUPPORT LTD REGISTERED COMPANY NUMBEK. 02337961) REPORT OF THE MANAGEMENT BOARD FOR THE YEAR ENDED 31 MARCH 2024 Who has benefited from our Housin service$7 In 2023124 we supported 391 residents- 177 in Bedford and 162 in Luton. Received 1,388 referrals for 183 vacancies. Occupancy was 99% against budgeted 96.7%. Rent arrears y￿re 0.4% against a budget of1%. Before accessing our housing, 16% were rough sleeping. 42% were sofa surfing or staying with friends, and 8% were in a B&B. 48% of residents had a mental health diagnosis and 54% had concerns about their mentsl health. 32% of residents felt that their substance misuse was detrimentsl to their health. 84% of residents achieved positive move-on. 41 % accessed employment during their stay. Resident feedback Some quotes from three of our residents. which echo comments re￿iVed from many other residents: 'The support I receivedhas changed my life." °IMPAKTpmwdes a realsense ofsupport where othersupportnetworks seeyou as a statistic and putyou in a category ofbeing not worthy ofhelp......I wouldn t be in (such) a greatplace ￿thin a short amount of time ifit wasn t for the team ￿thin WeaverHouse." "I love all the staff its love£v how we do things like ort andbninch. ItSjU5t nice to know lam safe here andstaffare always here for us if we need them." IMPAI￿ HOUSING & SUPPORT LTD (REGISTERED COMPANY NUMBER: 02337961 REPORT OF THE MANAGEMENT BOARD FOR THE YEAR ENDED 31 MARCH 2024 Domestic abuse We deliver a range of outreach support seNices across Bedfordshire. Cambridgeshire, and North Hertfordshire, helping women, men, and children to escape from abuse at the earliest opportunity, and providing the emotional and practical help needed for a smooth transition. Along with two safe houses in Cambridgeshire providing a sanctuary for families, we also administer the Flexi-fund to provide a range of goods and seNices for resettlement and to enable people to move on to a life free from fear. Who has benefited from our Domestic Abuse SeThices7 Supported 958 clients across 3 counties- 356 Bedfordshire, 553 Cambridgeshire & 49 Hertfordshire. Including 685 children- 367 Bedfordshire, 306 Cambridgeshire & 12 Hertfordshire 36% of clients had a mental health diagnosis and 33% had concerns about their mental health Average length oftime supported was 114 days 70% positive outcomes 238 safety plans completed Client feedback Some quotes from two of our client's which echo comments received from many other clients: ' The IMPAKT team has helpednpgain conlidence andbeliefin myself Theyhave helped me find ways to work on my 5elf-worth. Ino longer fee15caredin my own home." "Everyone working at IMPAKfis understanding ofyoursituatson regardless and tmfy haveyour best interestat heart. There was someone always available even ifyou were in a really hard time and didn t think that was a way out. Maccompaniedn7e to the hospital andshowed that there was a way to be okay, She went above andbeyond what I couldhave imaginedand lin reallygrateful.... Maintenance and re airs Our maintenance team is a vital part of IMPAKf ensuring that the necessary repairs and improvement work5 are carried out to a high quality whilst ensuring affordability for the relevant projects. The team work5 closely with both the Housing team and Domestic Abuse teams to ensure that the accommodation provided feels 'like a home,. Some of the details of their work is a5 follows.. The maintenance team continued to provide maintenance supportfor all the housing projects working closely with the housing team to respond to voids The team conducts cyclical and compliance works Major repairs are funded through revenue on a planned. cyclical basis. Improve the properties and enhance the aesthetics During the year1,900 maintenance jobs were completed including 183 void rooms with 18 being 'PIE' voids. IMPAicf HOUSING & SUPPORT LTD (REGISTERED COMPANY NUMBER: 02337961 REPORT OF THE MANAGEMENT BOARD FOR THE YEAR ENDED 31 MARCH 2024 Housin Voids Anal sis: Once again, performance on voids. maintenance. and lettable, across all projects was strong - being 0.9% against a target KPI of a maximum 2%. IMPAKT Housing & Support- Housing Void % 2023-24 ¥1.5 /// Bad Debt Provlsion: Another strong year of managing debts that have outperformed targets, being a very satisfactory 0.4% against budget of 1.0%. IMPAKT Houslng & Support- Bad debt % 2023-24 IIA)) 12.21 12.31 /// A24 Metik I RelrMestment% A: New SU delfvered%- B.. New su del￿ered￿- Gea EBITDA MRI Intetest Cover HEadlne soclal ￿l￿5￿n C+St tln Mar 13% Cost Chaln EINcle Cost chaln EIFectlver*ss Cost Chaln EfferI￿ene$S Cost Chln Effi¢ler Cost C￿1Th Effirlpn¢ Cost tholn EtoTh)m Cost thalTr EfflclenE Cost (hèln Efll¢len¢ Metrk 2 Soclal hjusl NoTrsocl•llYJ¥ nlts Metrlc 3 Metr1¢ 4 Metrlc 5 152% socl•l husl let o¥erall Metd¢ 6 Metric 1 Reinvestment: M•85ur•m•nt OIVIM Cost Chaln- Effkloncy 2023.24 DeVel0prr￿tOf N•w wokwiles ITotsl ￿uSIn6F￿pIr￿85} +Newly bullt proFthes acqulred (Total b)usln8propertks) +Works to ExLElln8 rfotsl wopertlesl +£ap4tallsed Inte￿$t(lots1 h)usln8properttes) +sc￿me$ com￿ete￿ (total ￿U$l￿8 propert1•51 619 504 0￿[ded by. TanBlt4e Ilxedassets: Hou51rg wu￿rtIeS atcost (Current perfod) Tal￿￿10 Ilxedassets: Houslrkg WDP*rtles atvaluatlon Icwrentperfod) 17 Motrfc l. P•lnv•Jtmont % 12.9% 14 IMPAKT HOUSING & SUPPORT LTD REGISTERED COMPANY NUMBER: 02337961 REPORT OF THE MANAGEMENT BOARD FOR THE YEAR ENDED 31 MARCH 2024 Metric 2 New Su l Delivered: AIIohlJb* Lr*cO￿ HOm¢¢)xnE Metric 3 Gearin M••suNm•nt ofvfm CO￿ Ch•ln- EffFekncv 2023.24 Sl¥)rt-tsrm loaTrJ Lo￿-te{M lo4 less cash & c8$heqthTalents n0lmtso￿d to youp wvJertalJry Flnance Lease oblFe4tl¢y 2 493 831 Tanlbte Ifxed assets.. Hovslr6 prO￿rI1•$It cost {¢ur(•nt FeTlodl T•nOblg Itxed •ss¢ts: Hou51rg properues at valuatton Icwmnt ￿rIDdl 4 786 917 Metric 4 - Earnin s before Interest. Tax. De reciation, Amortisation. Ma orRe alrs Metrk 4- Earnlnp before lrterest, faK Depretlatlon. ArwJrtbètk*Th. Major Repalrs OperatlngSurplus/ Idefklt) £63 19 lessyln I Ilossl on dlsposal of fixed assets (hous1￿ propertles) add Amorttsed govern￿￿nt grant less Government 4ronlstaken to Income add Interest recelvable less capltèlbed mafvr Rpalrs ex￿ndIt￿￿ for perh)d add total dttpreclalfv)n chafee for peFlod £45 473 £45 473 1rterestcap￿0ll5ed (ln ￿rIDdl Interest payable Iln perk>dl flnanclTr8tostsUn Fertodl £195652 £4 18 EBITDA MRI Interest cover % 152% 15 IMPAicf HOUSING & SUPPORT LTD REGISTERED COMPANY NUMBER: 02337961 REPORT OF THE MANAGEMENT BOARD FOR THE YEAR ENDED 31 MARCH 2024 Metric 5 Social Housin Cost: Mea5wem¢N ofV1MC05tC￿￿EtQn0rny eDJO ManayMen¢￿$ts Se1￿(e (harv t051S Rouilm Malnt¢narK• costs PlamedMaI￿th•nC¢ Costs lorRepalF5EypeNliwe C3rAta115¢dMalor Repa[￿ E¥pOr￿lI￿le oihei150ci4lh04jln8leith￿(o5ES Develorffjeni ¥trb4ce5 lope¥aliTrBsypetyliurel Commu¢ytyl￿IlMJ0U1ho0￿X￿IC¢s (Operatirryex￿ThhEUleI oihersoclal ￿￿￿n8￿¢t￿lIje$-. char8•sfow w•o¥i$eMc4s lop•Jyl E947 £7 £159 É341 Éi 08 We•varHDu*(wai$l Comerslon¢ lurats) TheFoyor lurltsl iknden F*)u5e I￿1$) st.Geor8e$HouM andHous¢ lurlts) gjworled Lod4n PeierF￿r0￿ Htsth lu￿n$TAc￿2 nais LuionWPPFlaii Total Ur115 29 25 16 78 io 210 Metrlc 6 0 eratln Mar in: MwiUT•M•nlolVIMCo￿ Chth. EWkl•ny. 202>24 &Or*ralJreMor8kn ¢ty*riln Ix 16 IMPAicf HOUSING e4 SUPPORT LTD IREGISTERED COMPANY NUMBER: 02337961 REPORT OF THE MANAGEMENT BOARD FOR THE YEAR ENDED 31 MARCH 2024 Value for mone continued): IMPAKT Housing & Support's on-going commitment to value for money and continuous improvement will remain a key priority given the challenges to income revenue that every social housing provider faces and the requirement to keep service users at the heart of the decision making. Specific on-going activities include". Performance management of outcomes and costs. Responding to seNices users need. Sustaining high occupancy with good rent levels of collection. Responding to reduced commissioner funding levels. Investing in the culture and values to maximise IMPAKf Housing & Support's potential, value for money and continuous improvement. In conjunction with IMPAKT Housing & Support's strategic objectives, we will build our foundation on value for money, continuous improvement together with efficiency developments. 17 IMPAI(r HOUSING & SUPPORT LTD (REGISTERED COMPANY NUMBER: 02337961 REPORT OF THE MANAGEMENT BOARD FOR THE YEAR ENDED 31 MARCH 2024 External Influences: We are a charity delivering community services; IMPAKT Housing & Support is influenced by Government policies towards social housing, welfare and voluntary sectors. We are regulated by Homes England which takes precedence for all areas of our operation over the Charity Commission. which monitors its charitable activity. The Trustee Board agreed its strategic objectives with a view to maintaining the financial health, on-going relevance and viability of each area as well as ensuring IMPArf Housing & Support's community impact, The charitable company certifies compliance with the Govemance and Financial Viability standard during the ourse of the year under review, and up to the date of approval of the financial statements. Trusted Charity Mark wa5 re-accredited in 2023 and continues to be an integral part of our internal Quality Management system, thus ensuring funders, stakeholders and the wider community that as an organisation we have sound governance, robust policies and effective monitoring in place, vAiich gives confidence we are a well-run organi5ation. Structure, Governance and Management Governin Document: IMPAKT Housing & Support is a charitable company limited by guarantee, incorporated in January 1989 and registered a5 a charity in January 1989. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its revised Articles of Association of January 2020. In the event of the company being wound up members are required to contribute an amount not exceeding £1. Recrultment and A olntment of the Mana ement Board: The directors of the company are also charity trustees for the purposes of charity law and under the Company's Articles of Association and are known as members of the Management Board. Under the requirements of the Memorandum and Articles of Association the members are elected to serve a period of three years, after which they must be re-elected at the next Annual General Meeting for a further period of three years. All members of the Management Board give their time voluntsrily and receive no benefits from the charitable company. 18 IMPAKT HOUSING & SUPPORT LTD REGisfERED COMPANY NUMBER: 02337961 REPORT OF THE MANAGEMENT BOARD FOR THE YEAR ENDED 31 MARCH 2024 Trustee Induction and Trainin Trusteesldirectors are already familiar with the work of the charitable company. New trusteesldirectors are required to attend an induction meeting to familiarise themselves with the charitable company and the context within which it operates. This meeting is jointly led by the Chair of the trustees and the Chief Executive Officer and covers: Tru5tee/Director obligations,- The constitutional and organisational structure; Financial review; Current operations Future plans and objectives In addition, the charitable company has a commitment to ensure that trustees/directors are supported in their roles and responsibilities, and they are advised in current best practice and legislation Risk Mana ement: The Management Board has conducted a review ofthe major risks to which the charitable company is exposed. A risk matrix has been established and services are reviewed on an ongoing basis with the risk matrix being regularly updated. The Management Board has identified the following key risks and the appropriate management and mitigation. Key Risk Economic conditions Adverse macroeconomic circumstances that may result in significant loss of income. increaser in costs or our failure to achieve our objectives. Key Management and Mitigation Sufficient reserves are maintained to contend with possible financial shocks or deterioration in the macro-economic climate. Financial budgets and plans are reviewed against adverse scenarios to assess the potential impact on cash flows. Environmental and Zero Carbon Challenge Failure to meet emerging environmental and zero carbon challenges in line with sector standards. There is a range of activity to ensure our new properties and existing stock continue to satisfy both the regulatory standards and the requirements of our residents. Government policies Changes to social housing regulatory standards and welfare policies impact our income, our costs and our resident's ability to pay. We are kept informed of the relevant Govemment policies and requirements along with emerging sector standards. We have effective income management processe5 and Systems to monitor performance. Health & Safety Failure to comply with legislation results in death, serious injury, regulatory investigation and penalties. Robust health and safety procedures and systems are in place. Appropriate staff are trained on a regular basis. Health & Safety policies and implementation is overseen by a dedicated specialist. 19 IMPAKT HOUSING 8t SUPPORT LTD (REGISTERED COMPANY NUMBER: 02337961) REPORT OF THE MANAGEMENT BOARD FOR THE YEAR ENDED 31 MARCH 2024 Key Risk Financial viability Ineffective financial planning and management results in a failure or inability to react to adverse financial event5 and a breach of a loan covenant. Key Management and Mitigation Robust approach to the governance of budget setting and financial planning for projects. Comprehensive financial policies and procedures are in place with appropriate staff trained so that potential issues are highlighted early. As and when we take on new service delivery, they will also be added to the risk matrix. The management of the charitable company have active risk assessment and internal Controls pro￿dureS and have taken all mitigating actions that have been identified to limit exposure to fraud and other risks. These procedures are periodically reviewed to ensure they meet the needs of the charitable company. Or anlsational Strudure". IMPAKT Housing & Support Management Board meets quarterly and is responsible for the strategic direction and policy of the charitable company. At present the Board has five members from a variety of professional backgrounds relevant to the work of the charitable company. The members of the Management Board are also the trustees and are appointed by unanimous agreement of the Board. The Secretary also sits on the Board, but ha5 no voting rights. A scheme of delegation is in place and dayto day responsibility for the provision oflMPAKT Housing & Support services rests with the Chief Executive, The Chief Executive is responsible for ensuring that the organisation delivers the seniices specified and that key performance indicators are met. Contribution of Volunteers: During the year the organisation had 14 volunteers that worked in different departments within the organisation who all donated their time and expertise. The trustees acknowledge the valuable contribution made by all its volunteers. Furthermore. the trustees appreciate any monetary donations given by many organisations, trusts and individuals. 20 IMPAKT HOUSING & SUPPORT LTD (REGISTERED COMPANY NUMBER: 02337961 REPORT OF THE MANAGEMENT BOARD FOR THE YEAR ENDED 31 MARCH 2024 Djlembers of the Mana ement Board: Members of the Management Board. who are directors for the purposes of company law and trustees for the purposes of charity law, who setved during the year and up to the date of this report are set out on page 1. Statement of the Board of Trustees. res onsibilities in res ect of the Re ort of the Mana ement Board and the financial statements: The Management Board are responsible for preparing the Management Report and the financial statements in accordance with applicable law and regulations. Company law requires directors to prepare financial ststements for each financial year. Under that law, the Management Board have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Management Board must not approve the financial statements unless they are satisfied that they gave a true and fair view of the stste of affairs of the charitable company and of the surplus or deficit of the charitable company for that period. In preparing these financial statements the Management Board are required to.. Select suitable accounting policies and then apply them consistently,. Make judgements and accounting estimates that are reasonable and prudent,. State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; Prepare the financial statements on the goin9 concern basis unle55 it is inappropriate to presume that the company will continue in business. The Management Board are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006, the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Provider of Soaal Housing 2022. The Management Board are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Each of the persons who is a director of IMPAKT Housing & Support Ltd at the date of approval of this report confirms that.. 1. So far as the director is aware, there is no relevant audit information of which the charitable company's auditors are unaware; and 2. The director has taken all the steps that helshe ought to have taken as a director in order to make themselves aware of any relevant audit information and establish the charitable company's auditors are aware of that infomiation. 21 IMPAKf HOUSING & SUPPORT LTD REGISTERED COMPANY NUMBER: 02337961) REPORT OF THE MANAGEMENT BOARD FOR THE YEAR ENDED 31 MARCH 2024 Auditors: A proposal to appoint Rawlinson Pryde Ltd as auditors to the charitable company will be put forward at the forthcoming Annual General Meeting. Approved by the Management Board on 30 September 2024 and signed on its behalf by: Paul Hunt Cornpany Secretary REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF IMPAI￿ HOUSING & SUPPORT LTD Opinion We have audited the financial Statements of IMPAKT Housing & Support Ltd (the 'charitable company,) for the year ended 31 March 2024 which comprise the Statement of Comprehensive Income, the Statement of Changes in Reserves, the Statement of Financial Position, the Statement of Cash Flows and Notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Stsndard5 (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial ststements: give a true and fairviewof the state of the charitsble company's affairs as at31 March 2024and ofits incoming resources and application of resources. including its income and expenditure, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practi￿,. have been prepared in accordance with the requirements of the Companies Act 2006, the Housing and regeneration Act 2008 and the Accounting Direction for Private registered providers of Social Housing 2022. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors. responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements. we have concluded that the trustees. use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively. may cast significant doubt on the charitable company's ability to continue as a going concem for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. other information The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. The trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not c¢)ver the other information and. except to the extent otherwise explicitly stated in our report. we do not express any form of assurance condusion thereon. 23 REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF IMPAKf HOUSING & SUPPORT LTD In connection with our audit of the financial statements, our responsibility is to read 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 otheTWiSe appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial ststements themselves or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information. we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the Report of the Management Board, including the Strategic Report, for the financial year for which the financial statements are prepared is consistent with the financial statements,. and the Report of the Management Board, including the Strategic Report, has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Management Board and the Strategic Report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: adequate accountin9 records have not been kept or returns adequate for our audit have not been received from branches not visited by us,. or the financial statements are not in agreement V•ith the accounting records and returns; or certain disclosures of trustees, remuneration specified by law are not made: or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Statement of Trustees, Responsibilities, set out on page 21, the trustees Iwho are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial ststements that are free from material misstatemenL whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern. disc105ing. as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial Statements We have been appointed under the Companies Act 2006, section 144 of the Charities Act 2011 and section 136 of the Housing and Regeneration Act 200& and report in accordance with those Act5. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material mi5Statement. whether due to fraud or error. and to issue a Report of the Independent Auditors that includes our opinion. 24 REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF IMPAKT HOUSING & SUPPORT LTD Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise froTn 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. Extent to which the audit was capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedure5 are capable of detecting irregularities, including fraud is detailed below: As part of designing our audi( we determined materiality and assessed the risks of material misstatement in the financial statements, including how fraud may occur, by enquiring of management of it5 own consideration of fraud. In particular, we looked at where management made subjective judgements, for example in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. We also considered potential financial or other pressures, opportunity and motivations for fraud. As part of this discussion, we identified the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations and how management monitor these processes. Appropriate procedures included the review and testing of manual journals and key estimates and judgements made by management. We gained an understanding of the legal and regulatory framework applicable to the charitable company and the environment in which it operates, drawing on our broad sector experience, and considered the risk of acts by the charitable company that were contrary to these laws and regulations, including fraud. We focused on laws and regulations that could have a direct impact and give rise to a material mi5Statement in the financial statements, including, but not limited to. the Companies Act 2006, Charities Act 2011, the Housing and Regeneration Act 2008, the Accounting Direction for private registered Providers of Social Housing 2022 and equivalent local laws and regulations, including tax compliance regulations. Significant laws and regulations that have an indirect impact on the financial statements, include. but are not limited to. the Health and Safety at Work Act 1974 and the Regulator of Social Housing regulatory standards (both Consumer and Economic standards). We made enquiries of management with fegards to compliance with the above laws and regulations and corroborated any necessary evidence to relevant information, for example, minutes of the Management Board meetings, legal reports provided to the Management Board and correspondence between the charitable company and its solicitors. However. it is the primary responsibility of managemenL viith the oversight of those charged with governance, to ensure that the charitable company. s operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud. We completed audit test sample reviews with a focus on the income, expenditure and bank balances throughout the period to ensure that activities were supported, and were in line with the charitable company. s rules, policies and procedures. Any unusual findings were raised viith the Management Board for further investigation. 25 REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF IMPAI(r HOUSING & SUPPORT LTD Our tests included agreeing the finanaal statements disclosures to underlying supporting documentation and enquiries with management. We did not identify any key audit matters relating to irregularities, including fraud. As in all of our audits, we also addressed the risk of management override of internal controls and completeness of revenue as these are areas where the financial statements can be most susceptible to material misstatements due to fraud. Audit procedures performed included, but were not limited to, testing journal and other adjustments, evaluating the business rationale in relation to any significant. unusual transaction5 and any transactions entered into outside the normal course of business and performing tests of detail on revenue recognised in the financial year and subsequent to the financial year end. Our audit engagement team also performed an evaluation as to whether there was evidence of bias by the Management Board that represented a risk of material misstatement due to fraud. Our audit procedures were designed to respond to risks of material misststement 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, as fraud may involve deliberate concealment by, for example, forgery. misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations 15 from the events and transactions reflected in the financial statements, the less likely we are to become aware of IL A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.or -uk/auditorsres onsibilities. This description forms part of our Report of the Independent Auditors. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and section 137 of the Housing and Regeneration Act 2008. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body. for our audit worl for this report, or for the opinions we have formed. David Rawlinson FCA FCCA (Senior Statutory Auditor) Rawlinson Pryde Limited Chartered Accountants and Statutory Auditors Argent House 5 Goldington Road Bedford Bedfordshire MK40 3JY Date.. 30 September 2024 26 IMPAKT HOUSING & SUPPORT LTD STATEMENT OF COMPREHENSIVE INCOME INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 31.3.24 31.3.23 Notes Turnover Operating costs Other operating income 16 5.708.666 4,871,279 (5.357,547) (4,620,232) Operattng Surplus 351,119 251,047 Donations Interest receivable Loss on disposal of fixed assets Interest payable 439 3,703 10,931 20.969 (200.785) (107.823) 10 (117,230) Surplus for the year 63,919 148,451 Total comprehensive income foy the year 27 63,919 148,451 The financial statements were approved and authorised for issue by the Board on 30 September 2024 and were signed on its behalf by.. D Maggs- rustee S Bean - Trustee The notes form part of these financial statements 27 IMPAKT HOUSING e4 SUPPORT LTD STATEMENT OF CHANGES IN RESERVES AT 31 MARCH 2024 Income & Restricted Expenditure Reserve Reserve TOTAL At 1 April 2022 Surplus/Deficit from Statement of Comprehensive Income 1,391,041 52,166 1.443,207 78.818 69,633 148.451 Total Comprehensive Income 1,469.859 121,799 1,591.658 Transfers At 31 March 2023 Surplusl(Deficitl from Statement of Comprehensive Income 1,469.859 121,799 1.591,658 92,152 (28.233) 63,919 Total Comprehensive Income 1,561011 93,566 1,655,577 Transfers At 31 March 2024 1,562.011 93,566 1,655.577 The notes form part of these financial statements 28 IMPAKT HOUSING 8t SUPPORT LTD REGISTERED COMPANY NUMBER: 02337961) STATEMENT OF FINANCIAL POSITION 31 MARCH 2024 31.3.24 31.3.23 Notes FIXED ASSETS Tangible assets 18 4.786,917 4,371,136 CURRENT ASSETS Stocks 19 Debtors: amounts falling due within one year 20 Debtors.. amounts falling due after more than one year Cash at bank and in hand 33.042 489.857 28,249 369,008 20 4,275 1.055.153 3,600 1,195,193 1,582.327 1,596.050 CREDITORS Amounts falling due within one year 21 (721.237) (735,095) NET CURRENT ASSETS 861.090 860,955 TOTAL ASSETS LESS CURRENT LIABILITIES 5.648.007 5,232,091 CREDITORS Amounts falling due after more than one year 22 (3,992,430) (3,640,433) NET ASSETS 1.655.577 1,591,658 FUNDS Unrestricted funds Restricted funds 27 1.562.011 93.566 1,469,859 121,799 TOTAL FUNDS 1.655.577 1,591,658 The financial statements were approved by the Board of Trustees and authorised for issue on 30 September 2024 and were signed on its behalf by.. D Maggs- S Bean - Trustee The notes form part of these financial statements 29 IMPAKT HOUSING 8L SUPPORT LTD STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 31.3.24 31.3.23 Notes Cash flows from operating activities Cash generated from operations Interest paid Finance costs paid 520.391 (195.652) (4.218) 1,040.915 (112,IM1) 5,189 Net cash provided by operating activities 320.521 934,063 Cash flows from investing actlvities Purchase of tangible fixed assets Sale of tangible fixed assets Interest received (823,284) {484,0431 20.969 10,937 Net cash provided by (used in) investing activities (802.315) 1473,1061 Cash flows from financing activitles Bank loan repayments in year New bank loans Loans redeemed Capital repayments on finance lease5 (49.095) 400,000 (97,202) 65,000 {415,0001 (3,0401 (9.151) Net cash (used in)/provided by financing activities 341,754 1450,242) Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period (140,040) 10,715 1.195.193 1,184,478 Cash and cash equivalents at the end of the reporting period 1.055.153 1,195,193 The notes form part of these finanaal statements 30 IMPAKT HOUSING e4 SUPPORT LTD NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 RECONCILIATION OF NEf INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 31.3.24 31.3.23 Net income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation charges Loss on disposal of fixed assets Interest received Interest paid Finance costs Government grants utilised in the year Increase in stocks {Increase)/decrease in debtors Increase in creditors 63,919 148,451 206,718 200.785 (20.969) 195,652 4,218 {45.473) (4.793) (121,524) 41.858 177,786 (10,937) 112.041 15,189) {40,1711 18,881 } 116,781) 684,596 Net cash provlded by/ (used in) operations 520.391 1,040,915 ANALYSIS OF CHANGES IN NET DEBT At 1.4.23 Cash flobvs Non-cash At 31.3.24 Cash and cash equivalents Cash at bank and in hand Cash equivalents 1,195.193 (140,040) 1,055.153 1,195.193 (140.040 1,055,153 Borrowings Finance leases Debts falling due within one year Debts falling due after one year {17.100) 7,949 (9.151) (96,928) (16.100) (112.928) (2,045.998) (334.908) (2.380,903) (2.160,026) (342.959) (2.502.982) Total (964.833) (482.999) (1,447.829) 31 IMPAKT HOUSING & SUPPORT LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES General Information and basis of preparing the financial statements IMPAKT Housing & Support Ltd is a company limited by guarantee incorporated in England and Wale5, a registered charity and a Registered Provider of Social Housing in UK. The company's registered number and registered Offi￿ address can be found in the Report of the Management Board. The nature of IMPAKT Housing & Support Ltd 's operations and principal activities can also be found in the Report of the Management Board. IMPAKT Housing & Support Ltd, constitutes a public benefit entity as defined by FRS 102, The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland IFRS 102), the Statement of Recommended Practice for Social Housing Providers 2018, and with Accounting Direction for private providers of social housing in England 2022. The financial statements are also prepared under the requirements of ihe Housing and Regeneration Act 2008 and the Companies Act 2006 and also in accordance with the Charities SORP {FRS 102) Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective 1 st January 2019) where it is not superseded by the Housing SORP 2018. The financial statements have been prepared on a going concern basis under the historical cost convention. The financial statements have been prepared in pound Sterling (£) which is the functional currency of the charity and rounded to the nearest pound. The significant accounting policies applied in the preparation of these financial statements are set out below, These policies have been consistently applied to all years presented unless otheNise stated. Going concern The Board has reviewed the charity's activities and financial position, together with factors likely to affect the future development. The budgets and cash flow forecasts for future activities were reviewed and along with the charitable company's existing free reserves it is reasonable to expect the charitable company to have adequate resources to continue in operation for the foreseeable future. Accordingly, the trustees consider it appropriate for the financial statements to be prepared on the going concern basis of accounting. 32 continued... IMPAKt HOUSING & SUPPORT LTD NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES - continued Income Income is recognised on a receivable basis. Income includes housing rental (including lodgings) and support seNices. income training contracts, together with grants, hire charges. fund raising activities and income from sale of upcycled item5. Rental and service charge income receivable in the year is net oflosses from void5. Income from support and training contracts is recognised by reference to the date at which the service was fully executed. Grants are recognised when the charity becomes entitled to the funds and it is probable that the income will be received and the amount can be measured reliably. Where there is uncertainty as to whether all the terms and conditions can be met is deferred as a liability until it is probable that terms and conditions can be met. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all c05t related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources. Allocation and apportionment of cost¥. Central costs have been allocated to activitie5 andlor projects on a usage basis determined by the trustees. Taxation The charity is exempt from corporation tax on its charitable activities. Estlmation uncertainty The management board is of the opinion that there are no areas of material estimation uncertainty in preparing the accounts which would be likely to give rise to a material adjustment to the carrying value of the assets and liabilities within the next financial year. Judgements No judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies. 33 continued... IMPAKT HOUSING & SUPPORT LTD NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES - continued Tangible fixed assets Tangible fixed assets (including social housing properties) are stated at cost less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended such as the cost of acquiring land and buildings development costs. interest charges on loans during the development period and expenditure on improvements. Expenditure on improvements will only be capitalised when it results in incrementsl future benefits such as increasing rental income, reducing maintenance costs or resulting in significant extension of the useful economic life of the property. Housing properties: Housing properties are available for rent and are stated at cost. The cost of these properties including identified components of the properties includes the folloviing: directly attributable development costs and expenditure incurred in replacing identified components of the properties. No depreciation is provided on freehold land. Other tangible fixed assets: Depreciation is calculated to write off other tangible fixed assets over their estimated useful lives as follows.. Freehold property Improvements to freehold property Improvements to short leasehold property Fixtures and Fittings Motor Vehicles 2% per annum on cost 20% per annum on cost 20% per annum on cost 10-33% per annum on cost 20% per annum on cost or over the period of the lease Stocks Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving item5. 34 continued... IMPAKT HOUSING & SUPPORT LTD NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES - continued Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustee& Major Repairs and Development Fund: The charity appropriates funds to a major repairs reserve to cover future major repairs expenditure on housing properties in so far as the major repairs. expenditure is not eligible for grants from Homes England or local authorities. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes, Designated funds are set up when specific projects are identified and the board wishes to set aside monies for their completion or where the board wishes to identify expenditure against monies raised through certain fund-raising events. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Hire purchase and leasing commitments Assets obtained under hire purchase contracts or finance leases are capitalised in the Statement of Financial Position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter. The interest element of these obligations is charged to the Staternent of Financial Activities over the relevant period. The capital element of the future payments is treated as a liability. Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight-line basis over the period of the lease. Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of the future finan￿ charges, are included in creditors. Rentals payable and receivable under operating leases are charged to the Statement of Financial Activities over the period of the lease. 35 continued... IMPAKT HOUSING & SUPPORT LTD NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES - continued Pension cost5 and other post-retirement benefits A defined contribution scheme is in place for some employees of the charitable company which is provided by Scottish Life. The majority of employees, and most new employees, are offered membership of a Royal Guardian Exchange managed workplace pension scheme. Contributions are charged to the income and expenditure account in line with salary payment recognition. Gifts and non-exchange transactions Acquisitions that a￿ in substance a gift of one business to anotherwhere the substance ofthe transaction is gifting the control of one entity to another are accounted for as non-exchange transactions in accordance with the SORP. The fair value of the gifted recognised assets and liabilities are recognised as a gain or loss in the ststement of financial activities in the year of the transaction. Donated land Donated land which is unconnected with any intended development is measured at current value and recognised in turnover with other donations, where the donation 15 from a non-public body and as a government grant where it Is from a public body. Where land is donated or transferred at a price les5 than its open market value, or where it has been donated as part of a development scheme, it is included at its current value on the date it is received. The difference between the current value and the transfer price of land transferred from central or local government or other public authorities is treated as a govemment grant. Where land is donated or transferred by a non-public body the difference 15 recognised in turnover. Donated goods and volunteer services IMPAKT Housing & Support Ltd receives donated goods for the following purposes: 1) Sale in our charity shop for the purpose of raising charitable funds.. 21 Use in the production of upcycled goods for sale in our shop, for the purpose of raising charitable funds; 3) Food supplies which are distributed to beneficiaries at no cost. Donated goods are not valued on re￿IPt, or held as 'stock" in the financial statements. Costs incurred in bringing the donated goods to sale are charged to operating costs in the Statement of Comprehensive Income, as incurred. The value of services provided by volunteers is not incorporated into these financial statements. 36 continued... IMPAi(r HOUSING & SUPPORT LTD NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES - continued Works to existing housing properties Expenditure on existing housing properties is capitalised when it is either capable of generating increased future rents, extends their useful economic lives or significantly reduces future maintenance costs. All other expenditure in respect of general repairs to the housing stock is charged to the income and expenditure accounts as it is incurred. Government grants Grants are recognised at the fair value of the asset received or receivable. Government grants are accounted for using the accruals model. The difference between the fair value of the grant and the consideration is recognised a5 a liability and amortised over the useful economic life of the grant. The amortisation is recognised within income. Government grants received as a contribution to revenue expenditure are recognised in the statement of comprehensive income on a systematic basis over the period in which the landlord recognises the related costs of which the grant is intended to compensate. The related expenditure is included under operating costs. Grants are recognised in the ￿me period as the related expenditure provided the conditions for receipt have been satisfied and there is reasonable assurance that the grant will be received. Impalrment Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists the recoverable amount of the asseL or the asset's cash generating unit is estimated and compared to the carying amount. Where the carrying amount exceed5 its recoverable amount. an impairment loss is recognised in the Statement of Financial Activities unless the asset is carried at a revalued amount where the impainnent loss is a revaluation decrease. Flnancial Instruments Financial instruments are classified and accounted for according to the substance of the contractual arrangemenL as either financial assets or equity. An equity instrument is any contract which evidences residual interest in the assets of the company after deduction of any liabilities. Basic financial instruments are initially recogni5ed at the transaction price unless the arrangement constitutes a financing transaction. Transaction price should also include transaction costs: transaction cost5 are those costs that are directly attributable to the acquisition of the debt instrument. If an arrangement constitutes a financing transaction it is measured at the present value of the future payment5 discounted at a market rate of interest for a similar debt instrument. The present value of a financial asset or financial liability that is repayable on demand is equal to the undiscounted cash amount expected to be paid or received. On subsequent measurement basic financial instruments are recognised at amortised cost. Amortised cost is calculated at the undiscounted amount expected to be paid or received for basic financial instruments payable or receivable within one year. 37 continued.. IMPAKT HOUSING e4 SUPPORT LTD NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 STATEMENT OF FINANCIAL ACTIVITIES 31.3.24 Total funds 31.3.23 Total funds Unrestricted funds Restricted funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 439 439 3.703 Charitable activities Housing and supported cost5 Trading Non-housing Other trading activities Investment income 5,113,104 135,686 162.643 26.937 268,801 5,275.747 162,623 268.801 1,495 20,969 4.426,457 102,968 335,249 6,605 10,931 1,495 20,969 Total 5.271,693 458.381 5.730,074 4,885.913 EXPENDITURE ON Raising funds 1,336 Charitable activities Housing and supported costs Trading Non-housing 4.815,142 357.456 6.943 334.918 40,166 111,530 5.150,060 397.622 118.473 4,286,369 315,403 134,354 Total 5,179.541 486,614 5,666.155 4,737,462 NET INCOME 92.152 (28,233) 63.919 148,451 Internal transfer of funds 27 Net movement in funds 92.152 (28.233) 63,919 148,451 RECONCILIATION OF FUNDS Total funds brought forward 1.469.859 121.799 1,591.658 1,443,207 TOTAL FUNDS CARRIED FORWARD 1,562.011 93.566 1.655,577 1,591,658 38 continued... IMPAKT HOUSING & SUPPORT LTD NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 STATEMENT OF FINANCIAL ACTIVITIES - continued Comparatives for the Statement of Financial Activities Unrestricted Restricted funds funds Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 3,703 3,703 Charitsble activities Housing and supported costs Trading Non-housing Other trading activities Investment income 4,272,615 71,847 188,430 6.605 10,931 153,842 31,121 146,819 4,426.457 102,968 355,249 6,605 10,931 Total 4,554,131 331.782 4,885,913 EXPENDITURE ON Raising funds 1,336 1,336 Charitable activities Housing and supported costs Trading Non-hou5ing 4,102.629 290,865 80,483 183,740 24,538 53,871 4,286,369 315,403 134,354 Total 4,475.313 261149 4,737,462 NET INCOME 78,818 69,633 148,451 Internal Transfer between fvnds Net movement in funds 78.818 69,633 148.451 RECONCILIATION OF FUNDS Total funds brought forward 1,391,041 52,166 1,443,207 TOTAL FUNDS CARRIED FORWARD 1.469,859 121.799 1,591,658 39 continued. IMPAKT HOUSING & SUPPORT LTD NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 DONATIONS AND LEGACIES 31.3.24 31.3.23 Donations 439 3,703 OTHER TRADING ACTIVITIES 31.3.24 31.3.23 Fundraising events Electricity and laundry income Key token income Government Apprentice scheme income Other income and trading activities 392 445 243 90 4,177 1,793 960 1,495 6,605 INVESTMENT INCOME 31.3.24 31.3.23 Deposit account interest 20.969 10,931 INCOME FROM CHARITABLE ACTIVITIES 31.3.24 31.3.23 Activity Housing and supported costs Housing and supported costs Room charges Rent- Supported lodgings General counselling and support: Supporting People Housing and supported costs Lodgings Housing and supported costs Grants Housing and supported costs Social Housing Grant Housing and supported costs Local Authority SUPPOrt contracts - other Housing and supported costs Grants Trading activities Sale of donated goods Trading activities Interiors/Pre-loved sales e4 seNices (non- Trading activities donated) Grants Other trading income (Note 4) Investment income (Note 5) 4.187,251 52,985 3,687,858 56,091 178.780 29,953 162,643 45.473 618.662 26.937 68.840 66.846 178,291 29,872 40,071 434,174 56,326 46,642 Non-housing Other trading activities 268.801 1,495 20.969 5,729.635 335,249 6,605 10,931 4,882,210 40 continued... IMPAKT HOUSING & SUPPORT LTD NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 INCOME FROM CHARITABLE ACTIVITIES- contlnued Included in the figures for ￿rants-. above. are amounts received under both national and local government initiatives, as follows: 31.3.24 31.3.23 National government Local government 123,404 198,582 121,835 85,210 321.986 207,045 RAISING FUNDS Raising donations and legacies 31.3.24 31.3.23 Fundraising event costs 1,336 CHARITABLE ACTIVITIES COSTS Support costs (See note 9) Dlrect COSts Totals Housing and supported costs Trading activities Non-housing 4,791.343 355.264 5.434 23,799 2,192 1,509 4.815,142 337,456 6,943 4,714.152 27,500 5.179,541 Included in the above are charges for Interest payable, a5 follows: 31.3.24 31.3.23 Mortgage interest Finance charges (NPV) vehicles Other interest 195,652 (4,218) 112,041 5,189 191.434 117,230 41 continued... IMPAKT HOUSING & SUPPORT LTD NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 SUPPORT COSTS Governance costs 31.3.24 31.3.23 Housing and supported costs Trading activities Non-housing 23.799 1,509 2,192 19,017 1,206 1,751 27.500 21,974 10. NET INCOME/(EXPENDITURE) Net incomel(expenditure) is stated after chargingl(crediting)'. 31.3.24 31.3.23 Auditors, remuneration Auditors, remuneration for non-audit work Depreciation - owned assets Depreciation - assets on hire purchase contracts and finance leases Other operating leases Loss on disposal of fixed assets- see note 30 Bad debts 15.620 11,880 199.828 6.890 981.353 200,785 16,066 12,674 9,300 166,451 11,335 928,796 42 continued... IMPAKf HOUSING & SUPPORT LTD NOTES TO THE FINANCIAL sfATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 11. BOARD AND KEY MANAGEMENT PERSONNEL REMUNERATION AND BENEFITS The aggregate remuneration for the key management personnel, which includes the Executive team. charged in the year is: 31.3.24 31.3.23 Key management peTsonnel remuneration Key management personnel pension contributions to money purchase scheme5 251.035 5,292 258,179 5,714 256.327 263,893 The Chief Executive was a member of the national YMCA'S pension scheme until August 2016. He was an ordinary member ofthe pension scheme and no enhanced or special terms apply.The charitable company does not make any further contributions to an individual pension arrangement for the Chief Executive. During the year, the aggregate compensation for loss of office of key management personnel was £nil {2023 £nil). Board members and Executive Directors The Directors of the company, for the purpose5 of this note, are those appointed under Company Law. This includes the Chief Executive and certain members of the Executive team. Some directors. appointed under Company Law, are also Trustees of the Charity. Trustees, roles are not remunerated. Dlrectors, remuneiation.. 31.3.24 31.3.23 Aggregate emoluments paid to Directors Social security costs Other pension costs 180,855 22,451 1,985 139.547 10,168 837 205.291 150,552 Total number of paid directors Total number of directors in money purchase pension scheme 43 continued... IMPAicf HOUSING & SUPPORT LTD NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 11. BOARD AND KEY MANAGEMENT PERSONNEL REMUNERATION AND BENEFITS - continued Trustees, remuneration and expenses Some Directors, appointed under Company law, are also Trustees of the charity. Trustee roles are not remunerated, therefore consideration paid to the Tnjstees for performing their roles during the year was £nil (2023: £nil). 31.3.24 31.3.23 Trustees, expenses The Chief Executive and the Director of Finance and Resources received expenses in the normal course of their employment. continued... IMPAicf HOUSING & SUPPORT LTD NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 12. STAFF COSTS 31.3.24 31.3.23 Wages and salaries Social security Costs Other pension costs 1,832.899 178.775 34.182 1,830,957 173,600 32,893 2.045.856 2,037.450 The average monthly number of employees during the year was as foll0v￿. 31.3.24 31.3.23 Management Administration Housing and support Domestic Abuse support Trading Training Maintenance Fundraising Re-cycling 24 23 14 18 10 77 74 The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was.. 31.3.24 31.3.23 £110,001- £120.000 £100,001 £110,000 £90,001- £100.00 £80,001- £90,000 £70,001- £80,000 £60,001- £70,000 The full-time equivalent of employees at 31 March 2024 was 74 (2023: 64). The calculation of full-time equivalent is based on a person working five days a week for a full 12 months. £49,247 (2023.. £47.709) of gross salaries and £nil (2023.. £nil) of employees National Insurance has been capitalised. as these costs relate to the internal maintenance department whilst making improvements to properties. The above staff costs are shown Gross of these amounts. 45 continued... IMPAKT HOUSING & SUPPORT LTD NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 13. INCOME FROM LEThINGS 31.3.24 31.3.23 Hostel rents receivable excluding service charges Service charges 4.158,005 121.958 3,611,086 113,172 Total hostel rents receivable Hostel rent losses voids 4.279.963 (39,727) 3,724,258 {36,400) Total hostel rents receivable Supported lodgings - rents receivable 4.240,236 52.986 3,687,858 56,091 Total rents receivable 4.293.222 3,743,949 During the year the charitable company had 210 room5 available (2023: 210 rooms available). It also had 5 supported lodging bed spaces (2023: 8). The total number of Housing properties from which the income is derived is 21 (2023.. 21). 14. SURPLUSI(DEFICIT) ON HOUSING 31.3.24 31.3.23 INCOME Total rents receivable 4,240,236 3,743,949 Support contracts- Housing Support contracts- Domestic abuse and Refuges Support contracts- Lodgings 178.780 618,662 29.953 178,291 434,174 29.872 Total support contracts 827,395 642,337 Grants Social housing grant 162,643 45,473 153,841 40,171 Total charitable income attributable to housing Other income including donations 5.275.747 1,495 4580,298 6,605 Total income attributable to housing 5.277.242 4.586,903 Costs including allocated overheads (Note 8) 4.815,142 4,286,369 Surplus on housing 462.100 300,534 continued... IMPAKT HOUSING & SUPPORT LTD NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 15. EXPENDITURE ON PROPERTIES Direct repairs expenditure to social housing properties of £176,89912023: £157,866) was incurred in the year and charged to the Statement of Comprehensive Income. This excludes allocated overheads including the wages and salaries of the maintenance department. Total labour cost of the maintenance department relating to housing properties amounted to £205,426 12023.. £195.130). 16. TURNOVER 31.3.24 31.3.23 Housing and supported activities Trading activities Non-housing activities Other trading activities 5,275,747 162.623 268.801 1,495 4,426,457 102,968 335,249 6,605 Total reported turnover 5.708,666 4,871,279 17. SOCIAL HOUSING GRANT 31.3.24 31.3.23 Social housing grant amortised during the year 45,743 40,171 Total amount amortised at the beginning of the year 579.428 539,257 Total amortised at the end of the year 625.171 579,428 Deferred social housing grant at the end of the year 1,502.928 1,468,401 Total amount of social housing grant received 2.128,099 2,047,829 47 continued... IMPAKT HOUSING & SUPPORT LTD NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 18. TANGIBLE FIXED ASSETS Freehold property Flxtures and Flttings Motor Vehlcles Assets under Construction Totals COST At l April 2023 Additions Tra nsfer Dlsposals 4,730,769 34,027 869,826 403,343 18,032 4,446 94,798 34,662 351,149 736,563 (874,272) 200,785} 5,580,060 823,284 12,955 1203,740) At 31 March 2024 5,634,622 425,821 126,505 12,655 6,199,604 DEPRECIATION At l April 2023 Charge for year Dlsposals 845,482 149,754 319,648 39,110 43,794 17,854 12,955) 1,208,924 206,718 12,955) At 31 March 2024 995,236 358,758 53,693 1,412,687 NEf BOOK VALUE At 31 March 2024 4,639,386 67,063 67,812 12,655 4,786,917 At 31 March 2023 3,885,287 83,695 51,004 351,149 4,371,136 Included in cost or valuation of land and buildings is freehold land of £588,500 (2023: £588,500) which is not depreciated. Freehold property relates to 20 housing properties (2023: 20) used for our residents. Assets under construction relates to Costs incurred in relation the existing properties which will be capitalised when the work is completed. The disposal within Assets under construction relates to costs incurred in relation to the proposed development of a 36 bed Stage 2 accommodation in Bedford. The planning application has been declined by Bedford Borough Council; therefore. the costs related to the proposed development have been written off. Borrowing costs of £139,084 12023.. £139,084) have been included in the cost of freehold land and buildings. continued... IMPAKT HOUSING & SUPPORT LTD NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 18. TANGIBLE FIXED ASSETS - Continued Fixed assets, included in the above, which are held under finance leases are as follows: Motor vehicles COST At 1 April 2023 and 31 March 2024 45,080 DEPRECIATION At 1 April 2023 Charge for year 25.130 6.890 At 31 March 2024 32,020 NET BOOK VALUE At 31 March 2024 13,060 At 31 March 2023 19,950 19. STOCKS 31.3.24 31.3.23 Stocks 33,042 28,249 49 continued... IMPAicf HOUSING & SUPPORT LTD NOTES TO THE FINANCIAL STATEMÉNTS - continued FOR THE YEAR ENDED 31 MARCH 2024 20. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.24 31.3.23 Trade debtors Rental debtors Other debtors Value Added Tax Accrued Income Prepayments 135.517 163.687 2,690 3,416 42,951 151,615 2,760 6,177 44,208 121,297 184,447 489,857 369,008 Amounts falling due after more than one year Prepayments and accrued income 4.275 3,600 Aggregate amounts 494.132 372,608 Rental debtors are net of bad debt provision of £61,508 (2023.. £67,535). 21. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.24 31.3.23 Bank loans and overdrafts (see note 23) Finance leases (see note 24) Trade creditors Other creditors Accruals and deferred income Deferred government 9rant5 112.928 7.949 159,034 169,358 239.023 32.945 96,928 8,021 220,978 153,373 224,450 31.345 721.237 735,095 22. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 31.3.24 31.3.23 Bank loans (Note 23) Hire purchase contracts and finance leases (see note 24) Accruals and deferred income Deferred government grants 2.380,903 1045,998 9,079 148,300 1,437,056 141.544 1.469.983 3,992.430 3,640,433 Accruals and deferred income include a lease incentive adjustment required under FRS 102 and will be released over the terms of the lease. 50 continued... IMPAI(r HOUSING & SUPPORT LTD NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 23. LOANS An analysis of the maturity of loans is given below: 31.3.24 31.3.23 Amounts falling due within one year on demand: Bank loans 112,928 96,928 Amounts falling between one and two years: Bank loans - 1-2 years 112.928 96,928 Amounts falling due between two and five yea Bank loans- 2-5 years 2.267,975 1,949,070 Capital repayments of the bank loans are profiled as if the loans are repayable over a 25-year period although the loan agreements are renewable every 5 years. Interest is charged at 2.95% and 3.25% ab¢)ve Bank of England's Base Rate. During the year, the charitable company took out a mortgage loan with Handelsbanken PIG as follows.. 22 June 2023 the Company took out a mortgage loan agreement with Handelsbanken for £200,000 towards the purchase of a house in Peterborough. 80% of the loan is repayable after 5 years. 22 August 2023 the Company took out a mortgage loan agreement with Handelsbanken for £200,000 towards the purchase of a house in Peterborough. 80% of the loan is ￿Payable after 5 years. 51 continued... IMPAKf HOUSING & SUPPORT LTD NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 24. LEASING AGREEMENTS Minimum lease payments fall due as foll0v￿. Finance leases 31.3.24 31.3.23 Net obligations repayable: Within one year Between one and five years 7.949 8,021 9,079 7,949 17,100 Non-cancellable operating leases 31.3.24 31.3.23 Within one year Between one and five years In more than five years 1,061.920 4,129.968 13.488.232 999,913 3,452,947 11,808,546 18.680.120 16,261,406 25. SECURED DEBTS The following secured debts are included within creditors: 31.3.24 31.3.23 Bank loan5 Finance leases 2,493.831 7.949 2,142,926 17,100 2.501.780 2,160,026 The bank loans are secured by way of legal mortgages on the freehold properties of the charitable company. The Finance leases are secured on the assets to which they relate, which can be seen in Note 18 (Tangible Fixed Assets). 52 continued.-. IMPAKf HOUSING & SUPPORT LTD NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 26. ANALYSIS OF NET ASSETS BETWEEN FUNDS 31.3.24 Total Funds 31.3.23 Total Funds Unrestricted funds Restricted funds Fixed assets Current assets Current liabilities Long-term liabilities 4.786,917 1,488,761 1721.23n (3.992,430) 4.786,917 1,582.327 {721.237) (3.992.430) 4,371,136 1,596,050 1735,0951 {3,640,433) 93,566 1.562,011 93,566 1.655.577 1,591,658 27. MOVEMENT IN FUNDS Net Transfers between funds movement In funds At 31.3.24 At 1.4.23 Unrestricted funds General fund Major Property Repairs Reserve 1,026,975 442,884 (14,071) 4,949 101,274 1.026.975 544.158 1,469,859 (14,071) 106,223 1.562.011 Restricted funds Skills4 4mation-charitable Domestic Abuse projects Community Food Larder Housing 12,133 13,229 39.591 35,663 21,183 {7.066) (13,229) 5,303 (13,456) 215 5.067 44,894 22.207 21,398 121,799 (28,233) 93.566 TOTAL FUNDS 1,591,658 (42.304) 106,223 1.655.577 53 continued... IMPAKT HOUSING & SUPPORT LTD NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 27. MOVEMENT IN FUNDS - continued Net movement in funds, included in the above, is as foll0v￿. Net Incoming resources Resources expended Movement in funds Unrestricted funds General fund 5,271,693 15,179.541 } 92.152 Restricted funds Skills4 InteriorslPre-Loved Domestic Abuse projects Community Food Larder Housing 20,531 26,937 198,324 70,477 142,112 (27,5971 (40,166) (195,2061 (83,9331 (139,712) (7.066) (13,229) 3.118 (13.456) 2,400 458,381 (486.614) {28,233) TOTAL FUNDS 5,730.074 (5,666,155) 63.919 Comparative Net mvement in funds: Net Transfers between funds Movement in funds At 1.4.22 At 31.3.23 Unrestricted funds General fund Major Property Repairs Reserve Welcome packs PIE Fund 1,041,006 345,672 1.522 1841 53,930 (67,961) 97,212 {1,522) P,8411 1,026,975 442,884 1,391,041 53,930 24,888 1,469,859 54 continued... IMPAicf HOUSING & SUPPORT LTD NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 27. MOVEMENT IN FUNDS - continued Net Transfers between funds Movement in funds At 1.4.22 At 31.3.23 Restrirted funds Skill54 4mation-charitable Domestic Abuse projects Community Food Larder Housing 6.520 5,613 6,583 23,952 30,510 2,975 12,133 13,229 39,591 35,663 21,183 15.639 5.153 18,208 51166 69,633 121,799 TOTAL FUNDS 1.443,207 123.563 24,888 1,591,658 Comparative Net movement in fvnds, included in the above, are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund 4,554.131 14,475,312) 78,818 4,SS4,131 14,475,312) 78,818 Restricted funds Skills4 Interiors/Pre-Loved Domestic Abuse projects Community Food Larder Housing 27.456 31,121 84,281 62,538 126.385 (21,843) (24,5381 (60,329) {32,028) 1123,410) 5,613 6.583 23,952 30,510 2,975 331.781 (262,149) 69.633 TOTAL FUNDS 4,885,912 14,767,460) 148,451 55 continued.. IMPAKT HOUSING & SUPPORT LTD NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 27. MOVEMENT IN FUNDS - continued The charitable company maintained designated funds for the future funding of major repairs of its properties. During the year, a net £101,274 (2023: £97.212) after expenditure of £5,670 {2023: £nill was transferred from the General Fund to increase these designated funds to £544,15812023: £442,884). Restricted Funds are as a result of grants received for specific projects and/or purposes as indicated above. 28. EMPLOYEE BENEFIT OBLIGATIONS Employees of IMPAKT Housing & Support Ltd are entitled to participate in a defined contribution pension scheme managed by Royal London. The best estimate of the contributions (Employee and Employer contributions) to be paid to the scheme next year is £55,000 (2023: £40,000). 29. RELATED PARTY DISCLOSURES There were no material related party transactions for the year ended 31 March 2024, with either any of the directors, or the trustees of the charitable company. The key management personnel of the charitable company are considered to be the Board and the Executive Team. Disclosures in relation to key management personnel are included in note 11. 30. POST BALANCE SHEET EVENTS On 30 April 2024 notification was given by Bedford Borough Council that they refused our planning application for the development of a 36-bedroom affordable housing accommodation at Bedford Heights, Brickhill Drive, Bedford. Costs incurred to 31 March 2024 of £200,785 had been capitalised as an "Asset Under Construction" The costs included professional fees and the cost of the planning application. This is considered a post balance sheet adjusting event and the costs have been written off within these financial statements. There were no other material post balance sheet events. 31. COMPANY LIMITED BY GUARANTEE IMPAKT Housing & Support Ltd is a company limited by guarantee and without a share capital. In the event of the company being wound up members are required to contribute an amount not exceeding £1. 56 IMPAKT HOUSING & SUPPORT LTD NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 32. FINANCIAL INSTRUMENTS The carrying amounts of the company'5 financial instruments are as follows: 31.3.24 31.3.23 Financial assets - measured at amortised cost: Debt instruments Debtors 305.410 247,711 Financial liabilities - measured at amortised cost Bank loans and overdrafts Creditors - other 2.493.831 336.341 2,142,926 391,451 2.830.172 2,534,377 57