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General information Home REIT plc (the \u201cCompany\u201d) is a closed-ended investment company, incorporated in England and Wales on 19 August 2020 and is registered as a public company limited by shares under the Companies Act 2006 with registered number 12822709. The Company is structured as an externally managed company with a board of non-executive directors (the \u201cDirectors\u201d or the \u201cBoard\u201d). The Company commenced operations on 12 October 2020 when its shares began trading on the London Stock Exchange. The Directors approved the Consolidated Annual Report and Accounts for the year ended 31 August 2022 on 10 October 2024. Since the Company did not comply with the rules under DTR 4 to publish its 2022 annual financial report within four months of its year-end, trading in its shares was suspended on 3 January 2023. Additionally, the Company did not meet the requirement to file its half-yearly accounts within three months of its 2023, 2024 or 2025 period ends or its annual reports within four months of its 2023, 2024 or 2025 year-ends. The Company intends to file its half-year accounts for the period to 28 February 2025 in the first quarter of 2026. Until the Company is current with all of its filings it cannot begin the process of applying to the FCA for the restoration of its listing and the recommencement of trading on the London Stock Exchange. The Group (the \u201cGroup\u201d) consists of the Company and its subsidiaries which are listed in Note [XX]. The principal activities of the Group and the nature of the Group\u2019s operations are set out in the Strategic Report on pages [XX] to [XX]. Going Concern The Directors, at the time of approving the financial statements, are required to consider whether they have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and whether it is appropriate to prepare the financial statements on a going concern basis. On 16 September 2024 Home REIT plc shareholders approved the New Investment Policy for the Managed Wind-Down of the Group\u2019s and the Company\u2019s operations. Part of that strategy was to sell enough properties through auctions to repay all amounts to Scottish Widows Limited (\u201cScottish Widows\u201d or the \u201cLender\u201d). On 27 November 2024, the Group repaid all outstanding Group loans and in December 2024, the Group paid all other amounts due. As a result Scottish Widows released its charge over the Group\u2019s and Company\u2019s assets. The Group is in exclusivity in respect of the sale of a majority of the remaining portfolio of investment
properties in one transaction for \u00a3123.0 million with the
remaining properties expected to be sold at auction
over four months to avoid a significant concentration of
properties from one area being sold in a single auction.
There can be no certainty that the portfolio transaction
will be completed. In the event that the portfolio sale
does not complete as expected, AEW and the Board
have prepared a contingency plan to dispose of those
properties through alternative avenues.
Cashflow projections for the Group and the Company
have been prepared by AEW and agreed with the Board
of Home REIT plc which consider:
1. Disposal of the remaining properties as
described above,
2. Modest capital expenditure has been forecast
through the sale period in order to ensure certain
buildings are made safe for sale. Such works are
under way and are required to comply with statutory
obligations,
3. Revenue will continue to be collected on tenanted
properties held by the Group up to the dates of sale,
4. Settlement of all amounts outstanding related to
properties managed by third parties once both
parties agree that invoices reflect the Group\u2019s
correct liability period, and
5. Corporate expenses for those services required to
maintain current operations through the wind-down
of the Group.
As of the date of these financial statements, the Group
has \u00a3{XX} of free cash. The Directors have forecast
expenditures over the next twelve months and are
comfortable that the cash on hand plus proceeds from
the sale of properties will be adequate to cover those
expenses. Properties which are not included in the sale
portfolio perimeter can be sold to raise additional cash
in the event that cash is required before the portfolio
sale is completed.
Home REIT plc has received a pre-action letter of claim
which asserts that the Company provided information
to investors which was false, untrue and/or misleading
and as a result investors suffered losses. The Company\u2019s
directors are not currently able to conclude whether
or when a formal claim may be issued and if a claim is
issued, what the quantum of such claim may be. Further,
on 7 February 2024, the Company was notified by the
FCA of its commencement of an investigation into the
Company, covering the period from 22 September 2020
to 3 January 2023. Home REIT plc and its Directors
are cooperating fully with the FCA in its investigation.
However, the Directors are not able to assess or
quantify what if any action may be taken. No allowance
has been made for potential settlement of either the
pre-action letter of claim or the FCA matter.
As a result of (i) the threatened litigation, (ii) the FCA
investigation and (iii) the Home REIT plc Directors\u2019
expectation for an orderly wind-down of its operations,
the Directors consider it appropriate to adopt a basis of
accounting other than as a going concern in preparing
these financial statements. No material adjustments
to the accounting policies or the valuation basis
have arisen as a result of ceasing to apply the going
concern basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-2": { "value": "Home REIT plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-163": { "value": "Home REIT plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-3": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-4": { "value": "public company limited", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-5": { "value": "The Company is structured as an externally managed company with a board of non-executive directors (the \u201cDirectors\u201d or the \u201cBoard\u201d). The Company commenced operations on 12 October 2020 when its shares began trading on the London Stock Exchange. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-199": { "value": "Going Concern The Directors, at the time of approving the financial statements, are required to consider whether they have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and whether it is appropriate to prepare the financial statements on a going concern basis. On 16 September 2024 Home REIT plc shareholders approved the New Investment Policy for the Managed Wind-Down of the Group\u2019s and the Company\u2019s operations. Part of that strategy was to sell enough properties through auctions to repay all amounts to Scottish Widows Limited (\u201cScottish Widows\u201d or the \u201cLender\u201d). On 27 November 2024, the Group repaid all outstanding Group loans and in December 2024, the Group paid all other amounts due. As a result Scottish Widows released its charge over the Group\u2019s and Company\u2019s assets. The Group is in exclusivity in respect of the sale of a majority of the remaining portfolio of investment properties in one transaction for \u00a3123.0 million with the remaining properties expected to be sold at auction over four months to avoid a significant concentration of properties from one area being sold in a single auction. There can be no certainty that the portfolio transaction will be completed. In the event that the portfolio sale does not complete as expected, AEW and the Board have prepared a contingency plan to dispose of those properties through alternative avenues. Cashflow projections for the Group and the Company have been prepared by AEW and agreed with the Board of Home REIT plc which consider: 1. Disposal of the remaining properties as described above, 2. Modest capital expenditure has been forecast through the sale period in order to ensure certain buildings are made safe for sale. Such works are under way and are required to comply with statutory obligations, 3. Revenue will continue to be collected on tenanted properties held by the Group up to the dates of sale, 4. Settlement of all amounts outstanding related to properties managed by third parties once both parties agree that invoices reflect the Group\u2019s correct liability period, and 5. Corporate expenses for those services required to maintain current operations through the wind-down of the Group. As of the date of these financial statements, the Group has \u00a3{XX} of free cash. The Directors have forecast expenditures over the next twelve months and are comfortable that the cash on hand plus proceeds from the sale of properties will be adequate to cover those expenses. Properties which are not included in the sale portfolio perimeter can be sold to raise additional cash in the event that cash is required before the portfolio sale is completed. Home REIT plc has received a pre-action letter of claim which asserts that the Company provided information to investors which was false, untrue and/or misleading and as a result investors suffered losses. The Company\u2019s directors are not currently able to conclude whether or when a formal claim may be issued and if a claim is issued, what the quantum of such claim may be. Further, on 7 February 2024, the Company was notified by the FCA of its commencement of an investigation into the Company, covering the period from 22 September 2020 to 3 January 2023. Home REIT plc and its Directors are cooperating fully with the FCA in its investigation. However, the Directors are not able to assess or quantify what if any action may be taken. No allowance has been made for potential settlement of either the pre-action letter of claim or the FCA matter. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-165": { "value": "2. Accounting policies The principal accounting policies applied in the preparation of the financial statements are set out below. Basis of Preparation These Consolidated Financial Statements have been prepared in accordance with UK-adopted International Accounting Standards (\u201cIFRS\u201d) and the requirements of the Companies Act 2006. The Consolidated Financial Statements of the Group have been prepared on a historical cost basis, as modified for the Group\u2019s accounting for investment properties, which have been measured at fair value. Gains or losses arising from changes in the fair value of investment property are included in the Consolidated Statement of Comprehensive Income. As discussed in Note 1, whilst the Directors are satisfied that the Group and the Company have adequate resources to continue in operation and to meet all liabilities as and when they fall due, the Directors consider it appropriate to adopt a basis other than as a going concern in preparing the financial statements because of the entry into a Managed Wind-Down of the Group. The preparation of financial statements in accordance with IFRS requires the Directors to make estimates and assumptions that effect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities at the reporting date. Differences between our estimates and the actual results will be recognised as they occur. Critical accounting estimates and key sources of estimation uncertainty in applying these accounting policies are disclosed in Note 3. The Group invests in residential property in the United Kingdom and receives revenue and pays expenses in Sterling. Therefore, the Directors have adopted Sterling as the presentation and functional currency in the Consolidated Financial Statements. Basis of Consolidation The Consolidated Financial Statements incorporate the financial statements of the Company and its subsidiaries. When the Company controls an investee,
it is considered a subsidiary. The Company controls
an investee if all three of the following elements are
present: power over the investee, exposure to variable
returns from the investee and the ability of the investor
to use its power to affect those variable returns.
The results of subsidiaries acquired or disposed of
during the year are included from the effective date of
acquisition or up to the effective date of disposal.
There are no accounting policies of subsidiaries which
differ from Group accounting policies. All intra-Group
transactions, balances, income and expenses are
eliminated in consolidation.
Investment Properties
Investment properties are those that are held to earn
income or for capital appreciation, or both. Investment
properties are initially measured at cost (including
transaction costs) and adjusted to their fair value, as
determined by an accredited independent external
valuer, at each subsequent balance sheet date. Gains
and losses arising from changes in the fair value of
investment property are included in profit or loss in the
period in which they arise.
Additions to properties include expenditures which
result in identifiable future economic benefits. All other
property expenditures are expensed as incurred.
Straight-line rent adjustments (as described
below under Rental Income) are offset against
investment property.
Investment property sales are recognised on the
completion date.
Properties Sold and Held for Sale
The Group presents investment properties as held
for sale if their carrying amount will be recovered
principally through a sale rather than through
continuing use as a rental property. For this to be
the case, the asset must be available for immediate
sale in its present condition subject only to terms
that are usual and customary for sales of such assets
and its sale must be highly probable. The sale would
be expected to complete within one year of the
balance sheet date.
Financial Instruments
The Group\u2019s accounting policy for each type of financial
instrument is as follows:
a) Financial assets
The Group\u2019s financial assets comprise tenant and
other receivables, restricted cash and cash and cash
equivalents. Financial assets are initially recognised
at fair value less directly attributable transaction
costs and subsequently measured at amortised cost
using the effective interest rate method. There are no
financial assets held at fair value through profit or loss.
The Group utilises the simplified approach to measuring expected credit losses (ECLs) within IFRS 9 using a provision matrix in the determination of the lifetime expected credit losses. The receivable is written off against the provision when it is deemed uncollectible. Any recoveries made are recognised in profit or loss when received. b) Financial liabilities Trade and other payables that are financial liabilities are initially recognised at fair value, net of directly attributable transaction costs and subsequently measured at amortised cost using the effective interest method. Costs associated with new financings are capitalised and amortised to finance costs over the fixed term of the loans using the effective interest method. Except as noted in c) below, bank borrowings are initially recognised at fair value net of directly attributable transaction costs and subsequently measured at amortised cost using the effective interest method. Interest expense includes amortisation of initial transaction costs. c) Loan modifications and revisions to estimates of cash flows Where a modification or exchange of a financial liability does not result in the derecognition of the financial liability or the group revises its estimates as to the amounts or timings of cash flows in respect of the financial liability, the Group recalculates the amortised cost of the modified financial liability by discounting the modified contractual cash flows using the original effective interest rate. Any adjustment to the amortised cost of the financial liability is recognised in the Consolidated Statement of Comprehensive Income at the date of the modification or exchange. Financing costs in the Consolidated Statement of Comprehensive Income are subsequently presented as the original effective interest rate multiplied by the new carrying value. Deferred Fees paid and the benefit applied as a reduction of the outstanding principal balance in the form of Break Gains were recorded directly against the previously recognised gain because they had been included in the revised cash flows. Cash and Cash Equivalents Cash and cash equivalents comprise cash at bank and short-term deposits with an original maturity of three months or less.
Restricted cash
Restricted cash represents:
\u2022 Cash held by third parties, primarily the Group\u2019s
solicitors, for a specific purpose such as retentions.
\u2022 Cash held in Lender controlled accounts which
are not available to the Group until released by
the Lender. This includes the \u2018Required Interest
Amount\u2019 which represents nine months of
interest to be held by the Lender as agreed in the
19 June 2023 waiver letters and cash held in Lender
controlled proceeds accounts pending allocation
as described more fully in Note 6.
Taxation
Current and deferred taxes are recognised on any
profit or loss not exempt under UK REIT regulations.
Current tax is expected tax payable on any non-REIT
taxable income for the year, using tax rates enacted or
substantively enacted at the balance sheet date.
Dividends Payable to Shareholders
Final dividend distributions to the Group\u2019s shareholders
are recognised as a liability in the Group\u2019s financial
statements in the period in which the dividends
are approved by the Group\u2019s shareholders. Interim
dividends are recognised when paid.
Rental Income\u2014 Leases with non-Occupant Tenants
The Group retains substantially all the risks and rewards
of ownership of the properties and accordingly, all
leases are classified as operating leases. Rental income
arising from the operating leases is accounted for on
a straight-line basis over the expected term of the
lease. The lease term is the non-cancellable period of
the lease together with any further term for which the
tenant has the option to continue the lease where, at
the inception of the lease, the Directors are reasonably
certain that the tenant will exercise that option.
Where the Company\u2019s leases with non-occupant
tenants contain annual inflationary increases with a
minimum uplift, the straight-line adjustment is rebased
each year and the rental income arising from such
uplifts is recognised on a straight-line basis over the
remaining lease term. Changes in the payment amount,
other than normal inflationary increases, or timing, or
the lease term made after the original lease agreement
was signed are accounted for as a lease modification.
Lease modifications are accounted for as a new lease
from the effective date of the modification, considering
any prepaid or accrued lease balance at that date.
In certain cases, the Group acquired properties which
were not considered habitable at the acquisition date
and simultaneously signed an operating lease. IFRS
16, \u201cLeases\u201d, defines a lease as \u201ca contract, or part of
a contract, that conveys the right to use an asset for
a period of time in exchange for consideration.\u201d If a
property is deemed unhabitable (as described more
fully in Note 3), the Directors have concluded that the
lease has not conveyed the \u201cright to control the use of
an identified asset\u201d and therefore the Group does not
recognise the associated rental revenue until property
improvement to a lettable standard is complete. Any
cash received from the tenant while the property is
judged to be unhabitable is applied as a reduction in the
cost of property or the debtor, as appropriate.
Income from Properties under Management Contracts
Supported Living
In order to be revenue generating, the Group, through
its Intensive Housing Manager (\u201cIHM\u201d), must receive
approval from each Local Authority (\u201cLA\u201d) in order
receive payments for providing homeless or supported
living accommodation. In order to become classified
as \u2018in payment\u2019, LAs carry out an assessment of the
individual requiring accommodation and due diligence
on the IHM, generally inspect the properties to ensure
they are of sufficient quality and appropriately located
then set rents in line with Local Housing Allowance
(\u201cLHA\u201d) rates. The Group recognises revenue for
properties which have been approved to be in payment,
and based on the number of occupants as submitted
to the LAs for reimbursement. The portion of the
reimbursements that relates to support services is
specific to the agreement between the IHM and the LA.
Accordingly, the Group does not recognise this amount
in rental revenue but instead as a reduction in the cost
of providing the service. In the year to 31 August 2025,
this totalled \u00a3494,000 and is included as a reduction
in management fees as described in Note 5 to the
Consolidated Financial Statements (2024: \u00a3nil).
Private Rental Sector (\u201cPRS\u201d)
The Group recognises revenue on PRS properties
managed by third party property managers from
the date on which the manager takes control of the
property. Transfer of control of the property occurs
as properties are surrendered to the Group from
non-performing lessees. Under most surrender
agreements, no written evidence of in place tenancies
was provided. Revenue is recognised when the
property in occupied, even if the tenancy is not
documented with an Assured Shorthold Tenancy (AST).
The Group considers a property is occupied on terms
unknown if the property is occupied and the tenant
is paying rent, even if there are no available written
terms. In order to determine occupancy, property
managers are instructed to inspect properties at least
every 21 days.
Net rental income includes amounts invoiced in
accordance with lease contracts including the impact
of recognising and impairing straight-lining rents
reduced by revenues associated with properties
deemed unhabitable.
Impairment of Non-Financial Assets
Non-financial assets including the straight-line rent
receivable assets are assessed for impairment at each
balance sheet date or whenever events or changes
in circumstances indicate that their carrying amount
may not be recoverable. Where the carrying value of
an asset exceeds its recoverable amount (the higher of
value in use and fair value less costs to sell), the asset
is impaired. The impairment test is carried out on the
smallest group of assets to which it belongs for which
there are separately identifiable cash flows, which is
on a tenant basis defined as the cash-generating unit
(\u201cCGU\u201d). As discussed in Note 4, impairment charges
of \u00a3626,000 were recognised during the year ended
31 August 2025 (2024: \u00a33,700,000).
Changes to Accounting Standards and Interpretations
At the date of authorisation of the financial statements,
there were a number of standards and interpretations
which were in issue but not yet effective. The Group
has assessed the impact of these amendments
and has determined that the application of these
amendments and interpretations in current and
future periods will not have a significant impact on its
financial statements.
There are several new standards and interpretations
which were effective for the first time for periods
beginning on or after 1 September 2024. These
standards have been assessed to have no significant
impact to the Group as they are either not relevant
to the Group\u2019s activities or require accounting
which is consistent with the Group\u2019s historical
accounting policies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-167": { "value": "
Basis of Preparation
These Consolidated Financial Statements have been
prepared in accordance with UK-adopted International
Accounting Standards (\u201cIFRS\u201d) and the requirements of
the Companies Act 2006. The Consolidated Financial
Statements of the Group have been prepared on
a historical cost basis, as modified for the Group\u2019s
accounting for investment properties, which have
been measured at fair value. Gains or losses arising
from changes in the fair value of investment property
are included in the Consolidated Statement of
Comprehensive Income.
As discussed in Note 1, whilst the Directors are satisfied
that the Group and the Company have adequate
resources to continue in operation and to meet all
liabilities as and when they fall due, the Directors
consider it appropriate to adopt a basis other than as
a going concern in preparing the financial statements
because of the entry into a Managed Wind-Down
of the Group.
The preparation of financial statements in accordance
with IFRS requires the Directors to make estimates
and assumptions that effect the reported amounts
of revenues, expenses, assets and liabilities, and the
disclosure of contingent liabilities at the reporting
date. Differences between our estimates and the
actual results will be recognised as they occur. Critical
accounting estimates and key sources of estimation
uncertainty in applying these accounting policies are
disclosed in Note 3.
The Group invests in residential property in the United
Kingdom and receives revenue and pays expenses
in Sterling. Therefore, the Directors have adopted
Sterling as the presentation and functional currency
in the Consolidated Financial Statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-200": { "value": "These Consolidated Financial Statements have been prepared in accordance with UK-adopted International Accounting Standards (\u201cIFRS\u201d) and the requirements of the Companies Act 2006.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-168": { "value": "Basis of Consolidation The Consolidated Financial Statements incorporate the financial statements of the Company and its subsidiaries. When the Company controls an investee, it is considered a subsidiary. The Company controls an investee if all three of the following elements are present: power over the investee, exposure to variable returns from the investee and the ability of the investor to use its power to affect those variable returns. The results of subsidiaries acquired or disposed of during the year are included from the effective date of acquisition or up to the effective date of disposal. There are no accounting policies of subsidiaries which differ from Group accounting policies. All intra-Group transactions, balances, income and expenses are eliminated in consolidation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-201": { "value": "Basis of Consolidation The Consolidated Financial Statements incorporate the financial statements of the Company and its subsidiaries. When the Company controls an investee, it is considered a subsidiary. The Company controls an investee if all three of the following elements are present: power over the investee, exposure to variable returns from the investee and the ability of the investor to use its power to affect those variable returns. The results of subsidiaries acquired or disposed of during the year are included from the effective date of acquisition or up to the effective date of disposal. There are no accounting policies of subsidiaries which differ from Group accounting policies. All intra-Group transactions, balances, income and expenses are eliminated in consolidation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-169": { "value": "Investment Properties Investment properties are those that are held to earn income or for capital appreciation, or both. Investment properties are initially measured at cost (including transaction costs) and adjusted to their fair value, as determined by an accredited independent external valuer, at each subsequent balance sheet date. Gains and losses arising from changes in the fair value of investment property are included in profit or loss in the period in which they arise. Additions to properties include expenditures which result in identifiable future economic benefits. All other property expenditures are expensed as incurred. Straight-line rent adjustments (as described below under Rental Income) are offset against investment property. Investment property sales are recognised on the completion date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-170": { "value": "Properties Sold and Held for Sale The Group presents investment properties as held for sale if their carrying amount will be recovered principally through a sale rather than through continuing use as a rental property. For this to be the case, the asset must be available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets and its sale must be highly probable. The sale would be expected to complete within one year of the balance sheet date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-202": { "value": "Properties Sold and Held for Sale The Group presents investment properties as held for sale if their carrying amount will be recovered principally through a sale rather than through continuing use as a rental property. For this to be the case, the asset must be available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets and its sale must be highly probable. The sale would be expected to complete within one year of the balance sheet date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-171": { "value": "Financial Instruments The Group\u2019s accounting policy for each type of financial instrument is as follows: a) Financial assets The Group\u2019s financial assets comprise tenant and other receivables, restricted cash and cash and cash equivalents. Financial assets are initially recognised at fair value less directly attributable transaction costs and subsequently measured at amortised cost using the effective interest rate method. There are no financial assets held at fair value through profit or loss.
The Group utilises the simplified approach to
measuring expected credit losses (ECLs) within IFRS
9 using a provision matrix in the determination of
the lifetime expected credit losses. The receivable is
written off against the provision when it is deemed
uncollectible. Any recoveries made are recognised in
profit or loss when received.
b) Financial liabilities
Trade and other payables that are financial liabilities
are initially recognised at fair value, net of directly
attributable transaction costs and subsequently
measured at amortised cost using the effective
interest method.
Costs associated with new financings are capitalised
and amortised to finance costs over the fixed term of
the loans using the effective interest method. Except
as noted in c) below, bank borrowings are initially
recognised at fair value net of directly attributable
transaction costs and subsequently measured at
amortised cost using the effective interest method.
Interest expense includes amortisation of initial
transaction costs.
c) Loan modifications and revisions to estimates
of cash flows
Where a modification or exchange of a financial
liability does not result in the derecognition of the
financial liability or the group revises its estimates as
to the amounts or timings of cash flows in respect
of the financial liability, the Group recalculates the
amortised cost of the modified financial liability by
discounting the modified contractual cash flows using
the original effective interest rate. Any adjustment to
the amortised cost of the financial liability is recognised
in the Consolidated Statement of Comprehensive
Income at the date of the modification or exchange.
Financing costs in the Consolidated Statement of
Comprehensive Income are subsequently presented
as the original effective interest rate multiplied by the
new carrying value.
Deferred Fees paid and the benefit applied as a
reduction of the outstanding principal balance in the
form of Break Gains were recorded directly against
the previously recognised gain because they had been
included in the revised cash flows.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-203": { "value": "a) Financial assets The Group\u2019s financial assets comprise tenant and other receivables, restricted cash and cash and cash equivalents. Financial assets are initially recognised at fair value less directly attributable transaction costs and subsequently measured at amortised cost using the effective interest rate method. There are no financial assets held at fair value through profit or loss. The Group utilises the simplified approach to measuring expected credit losses (ECLs) within IFRS 9 using a provision matrix in the determination of the lifetime expected credit losses. The receivable is written off against the provision when it is deemed uncollectible. Any recoveries made are recognised in profit or loss when received. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-204": { "value": "b) Financial liabilities Trade and other payables that are financial liabilities are initially recognised at fair value, net of directly attributable transaction costs and subsequently measured at amortised cost using the effective interest method. Costs associated with new financings are capitalised and amortised to finance costs over the fixed term of the loans using the effective interest method. Except as noted in c) below, bank borrowings are initially recognised at fair value net of directly attributable transaction costs and subsequently measured at amortised cost using the effective interest method. Interest expense includes amortisation of initial transaction costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-222": { "value": "Trade and other payables that are financial liabilities are initially recognised at fair value, net of directly attributable transaction costs and subsequently measured at amortised cost using the effective interest method. Costs associated with new financings are capitalised and amortised to finance costs over the fixed term of the loans using the effective interest method. Except as noted in c) below, bank borrowings are initially recognised at fair value net of directly attributable transaction costs and subsequently measured at amortised cost using the effective interest method. Interest expense includes amortisation of initial transaction costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-172": { "value": "
Cash and Cash Equivalents
Cash and cash equivalents comprise cash at bank and
short-term deposits with an original maturity of three
months or less.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-173": { "value": "Restricted cash Restricted cash represents: \u2022 Cash held by third parties, primarily the Group\u2019s solicitors, for a specific purpose such as retentions. \u2022 Cash held in Lender controlled accounts which are not available to the Group until released by the Lender. This includes the \u2018Required Interest Amount\u2019 which represents nine months of interest to be held by the Lender as agreed in the 19 June 2023 waiver letters and cash held in Lender controlled proceeds accounts pending allocation as described more fully in Note 6. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-174": { "value": "Taxation Current and deferred taxes are recognised on any profit or loss not exempt under UK REIT regulations. Current tax is expected tax payable on any non-REIT taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-205": { "value": "Taxation Current and deferred taxes are recognised on any profit or loss not exempt under UK REIT regulations. Current tax is expected tax payable on any non-REIT taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-175": { "value": "Dividends Payable to Shareholders Final dividend distributions to the Group\u2019s shareholders are recognised as a liability in the Group\u2019s financial statements in the period in which the dividends are approved by the Group\u2019s shareholders. Interim dividends are recognised when paid. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-176": { "value": "Rental Income\u2014 Leases with non-Occupant Tenants The Group retains substantially all the risks and rewards of ownership of the properties and accordingly, all leases are classified as operating leases. Rental income arising from the operating leases is accounted for on a straight-line basis over the expected term of the lease. The lease term is the non-cancellable period of the lease together with any further term for which the tenant has the option to continue the lease where, at the inception of the lease, the Directors are reasonably certain that the tenant will exercise that option. Where the Company\u2019s leases with non-occupant tenants contain annual inflationary increases with a minimum uplift, the straight-line adjustment is rebased each year and the rental income arising from such uplifts is recognised on a straight-line basis over the remaining lease term. Changes in the payment amount, other than normal inflationary increases, or timing, or the lease term made after the original lease agreement was signed are accounted for as a lease modification. Lease modifications are accounted for as a new lease from the effective date of the modification, considering any prepaid or accrued lease balance at that date. In certain cases, the Group acquired properties which were not considered habitable at the acquisition date and simultaneously signed an operating lease. IFRS 16, \u201cLeases\u201d, defines a lease as \u201ca contract, or part of a contract, that conveys the right to use an asset for a period of time in exchange for consideration.\u201d If a property is deemed unhabitable (as described more fully in Note 3), the Directors have concluded that the lease has not conveyed the \u201cright to control the use of an identified asset\u201d and therefore the Group does not recognise the associated rental revenue until property improvement to a lettable standard is complete. Any cash received from the tenant while the property is judged to be unhabitable is applied as a reduction in the cost of property or the debtor, as appropriate. Income from Properties under Management Contracts Supported Living In order to be revenue generating, the Group, through its Intensive Housing Manager (\u201cIHM\u201d), must receive approval from each Local Authority (\u201cLA\u201d) in order receive payments for providing homeless or supported living accommodation. In order to become classified as \u2018in payment\u2019, LAs carry out an assessment of the individual requiring accommodation and due diligence on the IHM, generally inspect the properties to ensure they are of sufficient quality and appropriately located then set rents in line with Local Housing Allowance (\u201cLHA\u201d) rates. The Group recognises revenue for properties which have been approved to be in payment, and based on the number of occupants as submitted to the LAs for reimbursement. The portion of the reimbursements that relates to support services is specific to the agreement between the IHM and the LA. Accordingly, the Group does not recognise this amount in rental revenue but instead as a reduction in the cost of providing the service. In the year to 31 August 2025, this totalled \u00a3494,000 and is included as a reduction in management fees as described in Note 5 to the Consolidated Financial Statements (2024: \u00a3nil). Private Rental Sector (\u201cPRS\u201d) The Group recognises revenue on PRS properties managed by third party property managers from the date on which the manager takes control of the property. Transfer of control of the property occurs as properties are surrendered to the Group from non-performing lessees. Under most surrender agreements, no written evidence of in place tenancies was provided. Revenue is recognised when the property in occupied, even if the tenancy is not documented with an Assured Shorthold Tenancy (AST). The Group considers a property is occupied on terms unknown if the property is occupied and the tenant is paying rent, even if there are no available written terms. In order to determine occupancy, property managers are instructed to inspect properties at least every 21 days. Net rental income includes amounts invoiced in accordance with lease contracts including the impact of recognising and impairing straight-lining rents reduced by revenues associated with properties deemed unhabitable. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-177": { "value": "Impairment of Non-Financial Assets Non-financial assets including the straight-line rent receivable assets are assessed for impairment at each balance sheet date or whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (the higher of value in use and fair value less costs to sell), the asset is impaired. The impairment test is carried out on the smallest group of assets to which it belongs for which there are separately identifiable cash flows, which is on a tenant basis defined as the cash-generating unit (\u201cCGU\u201d). As discussed in Note 4, impairment charges of \u00a3626,000 were recognised during the year ended 31 August 2025 (2024: \u00a33,700,000). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-206": { "value": "Impairment of Non-Financial Assets Non-financial assets including the straight-line rent receivable assets are assessed for impairment at each balance sheet date or whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (the higher of value in use and fair value less costs to sell), the asset is impaired. The impairment test is carried out on the smallest group of assets to which it belongs for which there are separately identifiable cash flows, which is on a tenant basis defined as the cash-generating unit (\u201cCGU\u201d). As discussed in Note 4, impairment charges of \u00a3626,000 were recognised during the year ended 31 August 2025 (2024: \u00a33,700,000). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-178": { "value": "Changes to Accounting Standards and Interpretations At the date of authorisation of the financial statements, there were a number of standards and interpretations which were in issue but not yet effective. The Group has assessed the impact of these amendments and has determined that the application of these amendments and interpretations in current and future periods will not have a significant impact on its financial statements. There are several new standards and interpretations which were effective for the first time for periods beginning on or after 1 September 2024. These standards have been assessed to have no significant impact to the Group as they are either not relevant to the Group\u2019s activities or require accounting which is consistent with the Group\u2019s historical accounting policies.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-207": { "value": "Changes to Accounting Standards and Interpretations At the date of authorisation of the financial statements, there were a number of standards and interpretations which were in issue but not yet effective. The Group has assessed the impact of these amendments and has determined that the application of these amendments and interpretations in current and future periods will not have a significant impact on its financial statements. There are several new standards and interpretations which were effective for the first time for periods beginning on or after 1 September 2024. These standards have been assessed to have no significant impact to the Group as they are either not relevant to the Group\u2019s activities or require accounting which is consistent with the Group\u2019s historical accounting policies.", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-179": { "value": "
3. Significant Accounting Judgements and Estimates
The preparation of financial statements in conformity
with IFRS requires the Directors to make judgements,
estimates and assumptions that affect the reported
amounts recognised in the financial statements.
Revisions to accounting estimates are recognised in the
period in which the estimates are revised.
In the course of preparing the Consolidated Financial
Statements, the Directors have had to make
assumptions and judgements especially in the areas
of valuation of investment property, the recoverability
of tenant related receivables and the classification
of investment property as assets held for sale. The
judgements, estimates and associated assumptions
that have had a material impact in the presentation
of assets and liabilities in these accounts are
outlined below:
Valuation of Investment Property (estimate)
As described more fully in Note 9, Investment Property,
a number of significant judgments were made by
the independent valuer in determining fair value of
investment properties, including:
\u2022 the credit quality of the tenant and the condition of
the property were considered in determining the
best valuation technique to value each property;
\u2022 the Group undertook an exercise to inspect each
property to determine its current condition which
occurred from August 2023 to May 2024. Absent any
new information, the condition of the property as
determined at the inspection date is assumed to be
the condition of the property for valuation purposes
at 31 August 2025 and 2024;
\u2022 For the majority of properties valued on investment
basis at 31 August 2025, rents were capped at five
years and overall value was capped at 110% to 125%
(2024: 113% to 154%) of the value as determined
on the Market Value-Vacant Possession (\u201cMV-VP\u201d)
basis. The full lease period of up to eight years was
considered for some tenants who are considered
financially viable; and
\u2022 For 145 properties operating as supported living and
managed by a third party manager, JLL have applied
a discount to MV-VP of 10%-15%, depending on
the IHM and location to account for the complexity
of gaining vacant possession of supported
living properties.
Recoverability of Tenant Related Receivables (estimate)
Because the Group considered that 6 of its 18 (2024: 12
of 20) direct tenants were a poor financial covenant and
fully non-performing, amounts outstanding in relation
to these tenants at 31 August 2025 were provided for in
full. Any recoveries made of tenant and tenant related
receivables after 1 September 2025 will be recognised
as received. For properties managed by a property
manager, any arrears from underlying occupants were
fully provided for unless received within a 30-day period
after the end of the financial year.
Assets as Held for Sale (judgement)
The Group presents investment properties as held
for sale if their carrying amount will be recovered
principally through a sale rather than through
continuing use as a rental property. While Shareholders
approved that the Company enter into a Managed
Wind-Down on 16 September 2025, it wasn\u2019t until the
Group had received confirmatory bids and had agreed
the outline of the deal structure in May 2025 that the
Board could consider the sale of assets to be highly
probable. The Board expects that the sales of these
assets will complete within one year of the balance
sheet date. Accordingly, the Group has presented all of
its investment properties as assets held for sale in the
31 August 2025 balance sheet.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-180": { "value": "
4. Income
For the year\ue003 For the year\ue003
ended 31 August\ue003 ended 31 August\ue003
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Amounts invoiced\ue003
in accordance with\ue003
lease agreements
10,072
35,185
Income from\ue003
properties under\ue003
management agreements
10,184
5,748
Effect of straight-lining rent
626
3,700
Rent not recognised because\ue003
properties were unhabitable
(198)
(3,243)
Rental income
20,684
41,390
Other income
1,302
279
Impairment of rent
straight lining
(626)
(3,700)
Net rental income
21,360
37,969
All properties subject to leases are based in the
UK. Rental income includes amounts receivable in
respect of tenant leases for those properties deemed
habitable and is measured at the fair value of the
consideration received or receivable. As discussed in
Note 3, in certain cases, the Group holds properties
which are not considered habitable, but which were
subject to a legacy operating lease. If a property is
deemed unhabitable, the Group does not recognise any
associated rental revenue until required improvements
are complete. Any cash received from the tenant while
the property is judged to be unhabitable is applied as
a reduction in the debtor established at acquisition or
the property carrying value, as appropriate. During the
year ended 31 August 2025, the Group sold 25 (2024:
154) properties which were not considered habitable,
such that there were 19 unhabitable properties at
31 August 2025 (2024: 44 properties). During the
year ended 31 August 2025, no properties formerly
considered unhabitable were improved to a state which
the Group considered habitable (2024: nil).
The Group assesses impairment of straight-line rent
receivables at the tenant levels. Impairment charges on
these assets of \u00a3626,000 were recognised during the
year ended 31 August 2025 (2024: \u00a33,700,000).
The future minimum rents receivable under non-
cancellable operating leases and excluding short-term
and overnight rentals associated with properties
managed by property managers, related to habitable
properties are:
As at\ue003 As at\ue003
Future minimum rents receivable\ue003 31 August 2025 31 August 2024
in the period: \u00a3\u2019000 \u00a3\u2019000
Year 1
6,606
12,828
Year 2
6,472
12,917
Year 3
6,481
13,049
Year 4
6,449
13,182
Year 5
5,363
13,201
> 5 years
33,726
134,157
Total
65,097
199,334
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-181": { "value": "
5. Operating expenses
Property operating expenses
The Group began incurring property operating
expenses directly as AEW negotiated lease surrenders
with non-performing tenants and inserted property
managers to manage each property until stabilised or
sold. The number of properties under management
by third parties has varied significantly since
1 September 2023. In some cases, property managers
were appointed only for a short period to manage the
property between the surrender date and the closing
of the sale. In the remaining cases, a property manager
have been in place since the surrender date. Expenses
payable directly by the Group are:
For the year\ue003 For the year\ue003
ended 31 August\ue003 ended 31 August\ue003
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Maintenance and compliance
4,921
2,301
Management fees
3,150
1,342
Utilities
1,804
788
Council tax
1,190
562
Other fees
78
166
Sub total
11,143
5,159
Irrecoverable\ue003
property insurance
119
624
Property consultancy fees
\u2013
568
Other property expenses
66
435
Total
11,328
6,786
The Group has primary responsibility for property
operating costs including council taxes, utilities,
repairs and maintenance and property management
fees where properties are managed by property
managers or an IHM. Some costs, such as council taxes
and utilities, may be paid directly by tenants, unless
they are the responsibility of the Group in the case
of vacant properties and those with inclusive leases
(which include supported living properties). The Group
deducts the portion of the payments from LAs that
relates to support services from management fees as
these are specific to the agreement between the IHM
and the LA and therefore are recognised as revenue.
In the year to 31 August 2025, this totalled \u00a3494,000
(2024: \u00a3nil). The Group auctions properties on a vacant
possession basis because it provides greater value and
is therefore responsible for all expenses between the
lease surrender date and the date on which the sale
is completed.
General and administrative expenses
For the year\ue003 For the year\ue003
ended 31 August\ue003 ended 31 August\ue003
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Legal fees
5,295
7,106
AEW property and\ue003
investment management\ue003
fees (Note 19)
5,200
5,000
Professional fees
4,540
4,608
Fees paid to the Group\u2019s\ue003
Independent Auditor
717
846
Valuation fees
168
300
Directors\u2019 fees
430
362
Other administrative
expenses
1,588
1,563
Total
17,938
19,785
Fees paid to the Group\u2019s Independent Auditor, BDO LLP,
include the following (all fees are inclusive of VAT):
For the year\ue003 For the year\ue003
ended 31 August\ue003 ended 31 August\ue003
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Fees payable to the\ue003
company\u2019s auditor for the\ue003
audit of the company\u2019s\ue003
annual accounts
645
772
Other fees payable to the\ue003
company\u2019s auditor:
Audit of the accounts of\ue003
subsidiaries
72
72
Fee payable for data\ue003
preservation
\u2013
2
Included in general and
administrative expenses
717
846
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-223": { "value": "5. Operating expenses Property operating expenses The Group began incurring property operating expenses directly as AEW negotiated lease surrenders with non-performing tenants and inserted property managers to manage each property until stabilised or sold. The number of properties under management by third parties has varied significantly since 1 September 2023. In some cases, property managers were appointed only for a short period to manage the property between the surrender date and the closing of the sale. In the remaining cases, a property manager have been in place since the surrender date. Expenses payable directly by the Group are:
For the year\ue003 For the year\ue003
ended 31 August\ue003 ended 31 August\ue003
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Maintenance and compliance
4,921
2,301
Management fees
3,150
1,342
Utilities
1,804
788
Council tax
1,190
562
Other fees
78
166
Sub total
11,143
5,159
Irrecoverable\ue003
property insurance
119
624
Property consultancy fees
\u2013
568
Other property expenses
66
435
Total
11,328
6,786
The Group has primary responsibility for property operating costs including council taxes, utilities, repairs and maintenance and property management fees where properties are managed by property managers or an IHM. Some costs, such as council taxes and utilities, may be paid directly by tenants, unless they are the responsibility of the Group in the case of vacant properties and those with inclusive leases (which include supported living properties). The Group deducts the portion of the payments from LAs that relates to support services from management fees as these are specific to the agreement between the IHM and the LA and therefore are recognised as revenue. In the year to 31 August 2025, this totalled \u00a3494,000 (2024: \u00a3nil). The Group auctions properties on a vacant possession basis because it provides greater value and is therefore responsible for all expenses between the lease surrender date and the date on which the sale is completed. General and administrative expenses
For the year\ue003 For the year\ue003
ended 31 August\ue003 ended 31 August\ue003
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Legal fees
5,295
7,106
AEW property and\ue003
investment management\ue003
fees (Note 19)
5,200
5,000
Professional fees
4,540
4,608
Fees paid to the Group\u2019s\ue003
Independent Auditor
717
846
Valuation fees
168
300
Directors\u2019 fees
430
362
Other administrative
expenses
1,588
1,563
Total
17,938
19,785
Fees paid to the Group\u2019s Independent Auditor, BDO LLP, include the following (all fees are inclusive of VAT):
For the year\ue003 For the year\ue003
ended 31 August\ue003 ended 31 August\ue003
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Fees payable to the\ue003
company\u2019s auditor for the\ue003
audit of the company\u2019s\ue003
annual accounts
645
772
Other fees payable to the\ue003
company\u2019s auditor:
Audit of the accounts of\ue003
subsidiaries
72
72
Fee payable for data\ue003
preservation
\u2013
2
Included in general and
administrative expenses
717
846
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-208": { "value": "5. Operating expenses Property operating expenses The Group began incurring property operating expenses directly as AEW negotiated lease surrenders with non-performing tenants and inserted property managers to manage each property until stabilised or sold. The number of properties under management by third parties has varied significantly since 1 September 2023. In some cases, property managers were appointed only for a short period to manage the property between the surrender date and the closing of the sale. In the remaining cases, a property manager have been in place since the surrender date. Expenses payable directly by the Group are:
For the year\ue003 For the year\ue003
ended 31 August\ue003 ended 31 August\ue003
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Maintenance and compliance
4,921
2,301
Management fees
3,150
1,342
Utilities
1,804
788
Council tax
1,190
562
Other fees
78
166
Sub total
11,143
5,159
Irrecoverable\ue003
property insurance
119
624
Property consultancy fees
\u2013
568
Other property expenses
66
435
Total
11,328
6,786
The Group has primary responsibility for property operating costs including council taxes, utilities, repairs and maintenance and property management fees where properties are managed by property managers or an IHM. Some costs, such as council taxes and utilities, may be paid directly by tenants, unless they are the responsibility of the Group in the case of vacant properties and those with inclusive leases (which include supported living properties). The Group deducts the portion of the payments from LAs that relates to support services from management fees as these are specific to the agreement between the IHM and the LA and therefore are recognised as revenue. In the year to 31 August 2025, this totalled \u00a3494,000 (2024: \u00a3nil). The Group auctions properties on a vacant possession basis because it provides greater value and is therefore responsible for all expenses between the lease surrender date and the date on which the sale is completed. General and administrative expenses
For the year\ue003 For the year\ue003
ended 31 August\ue003 ended 31 August\ue003
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Legal fees
5,295
7,106
AEW property and\ue003
investment management\ue003
fees (Note 19)
5,200
5,000
Professional fees
4,540
4,608
Fees paid to the Group\u2019s\ue003
Independent Auditor
717
846
Valuation fees
168
300
Directors\u2019 fees
430
362
Other administrative
expenses
1,588
1,563
Total
17,938
19,785
Fees paid to the Group\u2019s Independent Auditor, BDO LLP, include the following (all fees are inclusive of VAT):
For the year\ue003 For the year\ue003
ended 31 August\ue003 ended 31 August\ue003
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Fees payable to the\ue003
company\u2019s auditor for the\ue003
audit of the company\u2019s\ue003
annual accounts
645
772
Other fees payable to the\ue003
company\u2019s auditor:
Audit of the accounts of\ue003
subsidiaries
72
72
Fee payable for data\ue003
preservation
\u2013
2
Included in general and
administrative expenses
717
846
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-232": { "value": "General and administrative expenses
For the year\ue003 For the year\ue003
ended 31 August\ue003 ended 31 August\ue003
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Legal fees
5,295
7,106
AEW property and\ue003
investment management\ue003
fees (Note 19)
5,200
5,000
Professional fees
4,540
4,608
Fees paid to the Group\u2019s\ue003
Independent Auditor
717
846
Valuation fees
168
300
Directors\u2019 fees
430
362
Other administrative
expenses
1,588
1,563
Total
17,938
19,785
Fees paid to the Group\u2019s Independent Auditor, BDO LLP, include the following (all fees are inclusive of VAT):
For the year\ue003 For the year\ue003
ended 31 August\ue003 ended 31 August\ue003
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Fees payable to the\ue003
company\u2019s auditor for the\ue003
audit of the company\u2019s\ue003
annual accounts
645
772
Other fees payable to the\ue003
company\u2019s auditor:
Audit of the accounts of\ue003
subsidiaries
72
72
Fee payable for data\ue003
preservation
\u2013
2
Included in general and
administrative expenses
717
846
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-230": { "value": "General and administrative expenses
For the year\ue003 For the year\ue003
ended 31 August\ue003 ended 31 August\ue003
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Legal fees
5,295
7,106
AEW property and\ue003
investment management\ue003
fees (Note 19)
5,200
5,000
Professional fees
4,540
4,608
Fees paid to the Group\u2019s\ue003
Independent Auditor
717
846
Valuation fees
168
300
Directors\u2019 fees
430
362
Other administrative
expenses
1,588
1,563
Total
17,938
19,785
Fees paid to the Group\u2019s Independent Auditor, BDO LLP, include the following (all fees are inclusive of VAT):
For the year\ue003 For the year\ue003
ended 31 August\ue003 ended 31 August\ue003
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Fees payable to the\ue003
company\u2019s auditor for the\ue003
audit of the company\u2019s\ue003
annual accounts
645
772
Other fees payable to the\ue003
company\u2019s auditor:
Audit of the accounts of\ue003
subsidiaries
72
72
Fee payable for data\ue003
preservation
\u2013
2
Included in general and
administrative expenses
717
846
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-182": { "value": "6. Realised loss and cash flows related to disposal of investment properties
For the year\ue003 For the year\ue003
ended 31 August\ue003 ended 31 August\ue003
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Net proceeds from disposals\ue003
of investment property\ue003
during the year
93,433
140,621
Fair value at\ue003
beginning of the year
(99,350)
(151,373)
Realised loss on disposal of
investment properties
(5,917)
(10,752)
During the year ended 31 August 2025, the Group completed on the sale of 522 properties for gross proceeds of \u00a396,951,000 (2024: 1,098 properties and \u00a3147,915,000, respectively). Under the borrowing agreements discussed more fully in Note 10, the proceeds from property sales were fully under the control of the Lender and the Lender\u2019s agent. As agreed in various waiver letters between the Borrowers, Guarantors, Lender and Agent, all of the proceeds from the sale of properties were generally allocated 93% to the Agent controlled proceeds accounts and 7% to the Group to cover the cost of property sales and other general expenses. The amount allocated to the proceeds account was then allocated monthly in the following order: first, to repay the Lender for the allocated loan amounts related to each sold property, second, to the Lender to cover any unpaid interest or other amounts due and then last in accordance with an allocation as agreed in the periodic waiver letters. Because the portion of the net proceeds sent directly to the Agent controlled proceeds accounts were never under Group control, we have excluded the gross proceeds from property sales and the principal payments on the loans from the Consolidated Statement of Cash Flows. During the year ended 31 August 2025 and 2024, those cash flows were:
For the year\ue003 For the year\ue003
ended 31 August\ue003 ended 31 August\ue003
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Gross proceeds from
property sales
96,951
147,915
Amount allocated to cover\ue003
the cost of property sales
6,595
10,653
Amount allocated to\ue003
the Lender controlled\ue003
proceeds account
75,562
134,309
Amounts received in\ue003
unrestricted account
14,794
\u2013
Amount held by solicitors as\ue003
at 31 August
\u2013
2,953
96,951
147,915
Proceeds allocated to cover\ue003
the cost of property sales
6,595
10,653
Cost of property sales
1
(3,518)\ue003
(7,294)
Net proceeds distributed to\ue003
unrestricted account
3,077
3,359
Proceeds allocated to\ue003
the Lender controlled\ue003
proceeds account
75,562
134,309
Amount used to repay\ue003
principal and deferred fees\ue003
on outstanding loans
(86,497)\ue003
(100,665)\ue003
Receipt of monies\ue003
from solicitor
2,953
\u2013
Proceeds held in disposal\ue003
account as at 31 August
13,412
(13,412)\ue003
Remaining proceeds\ue003
distributed to\ue003
unrestricted account
5,430
20,232
Total proceeds distributed
to unrestricted account
23,301
23,591
1. Expenses of \u00a37,294,000 were paid out of gross proceeds (\u00a37,139,000) and out of the Group\u2019s General Account (\u00a3155,000).. As at 31 August 2025, proceeds of \u00a3nil (2024: \u00a32,953,000) related to completed sales had been received by the Group\u2019s solicitor but not yet received in a Group controlled account are included in other receivables. 9. Investment property (non-current) and investment property held for sale (current)
As at As at
31 August 2025 31 August 2024
\u00a3\u2019000 \u00a3\u2019000
Freehold investment\ue003
property at the\ue003
beginning year
265,432
412,720
Property\ue003
disposals in the year
(99,349)
(151,373)
Retentions received\ue003
during the year
(205)
(3,138)
(Decrease)/increase\ue003in\ue003fair
value of investment property
(10,970)
7,223
Fair value at the
end of the year
154,908
265,432
Investment property:
Investment property\ue003
\u2013\ue003non\ue003current
\u2013
236,325
Investment property held for\ue003
sale \u2013 current
154,908
29,107
Total investment property
154,908
265,432
As discussed in Note 6, during the year ended 31 August 2025, the Group sold 522 properties (year to 31 August 2024: 1,098) for gross proceeds of \u00a396,951,000 (2024: \u00a3147,915,000). The Group recognises investment properties at fair value at each balance sheet date in accordance with IFRS 13 which defines a variety of fair value inputs depending upon the nature of the investment. The valuations have been prepared in accordance with the RICS Valuation \u2013 Global Standards January 2025 (the \u201cRed Book\u201d) and incorporate the recommendations of the International Valuation Standards and the the current Red Book UK National Supplement which are consistent with the principles set out in IFRS 13. Specifically, IFRS 13 defines the fair value hierarchy as follows: Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities. Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable. Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. Property valuations are inherently subjective and rely on using transaction data which is similar but not directly comparable and is usually adjusted to account for any underlying differences. Accordingly, the valuation of all of the Group\u2019s investment properties are classified as Level 3. The investment properties have been valued as at 31 August 2025 and 2024 by Jones Lang LaSalle Limited (\u201cJLL\u201d), an accredited independent external valuer with relevant and recent experience of valuing residential properties of the type in which the Group invests. Fair value is the estimated amount for which a property would exchange on the date of the valuation in an arm\u2019s-length transaction and has been estimated using a combination of the investment approach and MV-VP. The investment approach involves applying a yield to the future income stream net of estimated voids and rent-free periods and then a reversion to MV-VP, which future cash flows are discounted back to the balance sheet date. The yield and estimated rental values are observed based on the valuers\u2019 judgment of comparable property and leasing transactions in the market. The primary factors which have been considered in assessing which valuation technique to use is the covenant strength of the tenant including their payment history and the property\u2019s condition. The other significant factors which are considered under both techniques include the property\u2019s type, its location and market conditions. The Group assessed property conditions (inspections occurred from August 2023 to May 2024) through a formal inspection programme, whereby Vibrant Energy Solutions Ltd (\u201cVibrant\u201d) was engaged to perform an internal inspection of most properties and issue a condition report. If properties were inspected by another party for another purpose during that period, those properties have been excluded from the Vibrant inspection process and instead JLL have made use of the report of the alternative provider. The condition of the properties as assessed in the inspection programme has been assumed to be the condition of the properties at the valuation dates.
To arrive at opinions of fair value, JLL divided the assets
into four categories and estimated rental value and
yield for each:
\u2022 Individual properties (suitable for occupation by
a single family);
\u2022 HMO\u2019s (properties with individual bedrooms but
common kitchen and other facilities);
\u2022 Residential investments (properties with individual
flats for occupation); and
\u2022 Development properties (properties which
are considered derelict and require substantial
re-development).
As discussed in Note 3, not all leases were deemed to
have commenced (for the purposes of recognising
revenue) as some of the associated properties
were deemed to be unhabitable. The security of the
unexpired term for these leases differs across the
portfolio depending on the covenant strength of the
tenant. For tenants with a weak covenant strength or
where a property was deemed unhabitable or not fit
for-purpose, JLL disregarded the leases and valued the
properties on the basis of MV-VP. All properties under
the control of property managers have been valued
on the basis of MV-VP. Where a property was deemed
to be in a reasonable condition, capable of beneficial
occupation, and let to a tenant who was likely to meet
its rent demands in the short-term, JLL adopted the
investment approach. For those tenants, JLL capped
the unexpired lease term at five years, even where the
actual unexpired lease term was for a longer period.
This was due to a lack of confidence in those tenants
being able to fulfil their lease obligations beyond five
years. For those properties which were let or sublet to
a tenant with a strong covenant, JLL considered the
in-place lease (or ignored the primary in-place lease and
instead capitalised the sublease passing rent) for its
remaining term of up to seven years. Where a property
has a high passing rent in comparison to JLL\u2019s opinion
of MV-VP, JLL capped the Fair Value at between 110%
and 125% of MV-VP, depending on the tenant (2024:
between 113% and 154%, depending on the tenant). JLL
also concluded that based on recent market evidence
that the Group would have challenges in gaining vacant
possession of supported living properties managed by
an IHM and has valued 145 properties at a discount to
MV-VP of between 10%-15% depending on the IHM and
the location of the property.
The fair value of investment property at 31 August 2025
and 2024 was split between the following valuation
techniques (both considered Level 3):
As at As at
31 August 2025 31 August 2024
\u00a3\u2019000 \u00a3\u2019000
Investment\ue003
valuation approach
31,825
30,216
Market value \u2013 vacant\ue003
possession approach
123,083
235,216
Fair value at the
end of the year
154,908
265,432
For the year ended 31 August 2025, 28 properties
were valued using the investment method valuation
technique, having previously been valued using MV-
VP (2024: nil). JLL considered this appropriate as the
properties were let to tenants under new leases. For
the year ended 31 August 2025, three properties were
valued using MV-VP having previously been valued
on the investment method (2024: 37). JLL considered
the change appropriate for property specific reasons
(2025) or after re-evaluating the credit strength of the
underlying tenant (2024).
For those properties valued using the investment approach only, unobservable inputs used in the valuations
are as follows:
Passing rent and yield range
Passing rent pa\ue003 Passing\ue003 Valuation\ue003 Valuation\ue003
31 August 2025\ue003 rent pa range\ue003 31 August 2025\ue003 yield range
Sector \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 %
Residential
4,685
6-188
31,825
8-31
Passing rent pa\ue003 Passing\ue003 Valuation\ue003 Valuation\ue003
31 August 2024\ue003 rent pa range\ue003 31 August 2024\ue003 yield range
Sector \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 %
Residential
3,726
6-181
30,216
7-25
For those properties valued using the investment approach, the average passing rent per annum per property was
\u00a318,000 for the year ended 31 August 2025 (2024: \u00a316,000) and the average valuation yield was 15% for the year
ended 31 August 2025 (2024: 12%).
Sensitivities of measurement of significant unobservable inputs
As noted above, the Group\u2019s property portfolio valuation is open to judgements and is inherently subjective by
nature. Because 596 of 853 (69.9% of properties) are valued using the MV-VP approach at 31 August 2025 (2024:
1,143 of 1,375 and 83% respectively) and those valued under the investment approach are capped at between
110% and 125% of MV-VP depending on the underlying tenant, changes in passing rents and initial yields do not
impact the fair value as much as general price movements in the property market. The table below shows the
sensitivities of measurement of the Group\u2019s investment property to those inputs (for properties valued using the
investment approach):
-5%\ue003in\ue003passing\ue003 +5% in passing\ue003 +100bps in net\ue003 -100bps\ue003in\ue003net\ue003
rent\ue003 rent\ue003 initial yield\ue003 initial yield\ue003
As at 31 August 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Investment property
(200)
200
(300)
300
-5%\ue003in\ue003passing\ue003 +5% in passing\ue003 +100bps in net\ue003 -100bps\ue003in\ue003net\ue003
rent\ue003 rent\ue003 initial yield\ue003 initial yield\ue003
As at 31 August 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Investment property
(300)
300
(500)
500
For 2025, a 5% increase/decrease in MV-VP (for all properties) would increase/decrease the overall value of
investment property by approximately \u00a37,600,000 (2024: \u00a313,000,000).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-183": { "value": "
7. Finance costs
For the year\ue003 For the yea r\ue003
ended 31 August\ue003 ended 31 August
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Loan interest
398
3,557
Total finance costs
398
3,557
Financing costs have been recognised for the years
ended 31 August 2025 and 2024 by multiplying the origin al
effective interest rate against the carrying cost of the
third-party loans as remeasured on 31 August 2023. As
presented in Note 10, the benefit of break gains received
and Deferred Fees imposed by and paid to the Lender
have been recognised as amortisation against the
previously recognised gain to the extent that they were
considered in the revised estimated cash flows.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-224": { "value": "7. Finance costs
For the year\ue003 For the yea r\ue003
ended 31 August\ue003 ended 31 August
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Loan interest
398
3,557
Total finance costs
398
3,557
Financing costs have been recognised for the years ended 31 August 2025 and 2024 by multiplying the origin al effective interest rate against the carrying cost of the third-party loans as remeasured on 31 August 2023. As presented in Note 10, the benefit of break gains received and Deferred Fees imposed by and paid to the Lender have been recognised as amortisation against the previously recognised gain to the extent that they were considered in the revised estimated cash flows.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-209": { "value": "7. Finance costs
For the year\ue003 For the yea r\ue003
ended 31 August\ue003 ended 31 August
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Loan interest
398
3,557
Total finance costs
398
3,557
Financing costs have been recognised for the years ended 31 August 2025 and 2024 by multiplying the origin al effective interest rate against the carrying cost of the third-party loans as remeasured on 31 August 2023. As presented in Note 10, the benefit of break gains received and Deferred Fees imposed by and paid to the Lender have been recognised as amortisation against the previously recognised gain to the extent that they were considered in the revised estimated cash flows.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-231": { "value": "7. Finance costs For the year\ue003 For the yea ended 31 August\ue003 ended 31 August 2025 2024 \u00a3\u2019000 \u00a3\u2019000 Loan interest 398 3,557 Total finance costs 398 3,557 Financing costs have been recognised for the years ended 31 August 2025 and 2024 by multiplying the origin effective interest rate against the carrying cost of the third-party loans as remeasured on 31 August 2023. As presented in Note 10, the benefit of break gains received and Deferred Fees imposed by and paid to the Lender have been recognised as amortisation against the previously recognised gain to the extent that they were considered in the revised estimated cash flows.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-184": { "value": "
8. Taxation
The Group is a real estate investment trust (\u201cREIT\u201d)
and as a result the profit and gains arising from the
Group\u2019s property rental business are exempt from UK
corporation tax provided it meets certain conditions
as set out in the UK REIT regulations. Profits arising
from any residual activities (e.g. trading activities and
interest income), after the utilisation of any available
residual tax losses, are subject to corporation tax at the
main rate of 25%.
For the year\ue003 For the year\ue003
ended 31 August\ue003 ended 31 August\ue003
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Current tax
\u2013
\u2013
Origination and reversal of
temporary differences
\u2013
\u2013
Total deferred tax
\u2013
\u2013
Tax charge
\u2013
\u2013
Reconciliation of the total tax charge
The reconciliation of loss before taxation multiplied
by the standard rate of corporation tax of 25% to the
total tax charge in the Consolidated Statement of
Comprehensive Income is as follows:
For the year\ue003 For the year\ue003
ended 31 August\ue003 ended 31 August\ue003
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Loss before taxation
(30,614)\ue003
(25,166)
Tax at the standard rate of\ue003
UK corporation tax\ue003
7,654\ue003
6,291\ue003
Effect of:
Revaluation of
investment properties
(2,743)
1,806\ue003
Losses not taxed for which\ue003
no benefit can be recognised\ue003
(4,911)\ue003
(8,097)
Tax charge
\u2013
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-210": { "value": "8. Taxation The Group is a real estate investment trust (\u201cREIT\u201d) and as a result the profit and gains arising from the Group\u2019s property rental business are exempt from UK corporation tax provided it meets certain conditions as set out in the UK REIT regulations. Profits arising from any residual activities (e.g. trading activities and interest income), after the utilisation of any available residual tax losses, are subject to corporation tax at the main rate of 25%.
For the year\ue003 For the year\ue003
ended 31 August\ue003 ended 31 August\ue003
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Current tax
\u2013
\u2013
Origination and reversal of
temporary differences
\u2013
\u2013
Total deferred tax
\u2013
\u2013
Tax charge
\u2013
\u2013
Reconciliation of the total tax charge The reconciliation of loss before taxation multiplied by the standard rate of corporation tax of 25% to the total tax charge in the Consolidated Statement of Comprehensive Income is as follows:
For the year\ue003 For the year\ue003
ended 31 August\ue003 ended 31 August\ue003
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Loss before taxation
(30,614)\ue003
(25,166)
Tax at the standard rate of\ue003
UK corporation tax\ue003
7,654\ue003
6,291\ue003
Effect of:
Revaluation of
investment properties
(2,743)
1,806\ue003
Losses not taxed for which\ue003
no benefit can be recognised\ue003
(4,911)\ue003
(8,097)
Tax charge
\u2013
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-185": { "value": "
10. Financial instruments
The Group\u2019s borrowings were comprised of two fixed
term loan facilities, one for \u00a3120 million and the other for
\u00a3130 million. Both facilities were with Scottish Widows.
The \u00a3120 million facility had an all-in rate of 2.07% per
annum for the duration of the loan and was due for
repayment in December 2032. The \u00a3100 million facility had
an all-in rate of 2.53% for the duration of the loan and was
due for repayment in December 2036. Both loans were
secured by investment property and other assets held
by the Group.
The Company and its subsidiaries were party to
agreements with (amongst others) Scottish Widows
including (in the case of two subsidiaries of the Company)
facility agreements and (in the case of the Company and
all subsidiaries) guarantees. Various breaches occurred
under those agreements. Since an initial waiver letter
dated 30 January 2023 waiving certain breaches, new
waiver letters were issued prior to the expiry of each
previous waiver period. The waiver letters related
to various matters including financial covenants, an
adverse change in the position of the Company and its
subsidiaries, a failure to deliver audited accounts and
other information, the suspension of the shares of the
Company on the London Stock Exchange and the tax
status of the Company.
On 19 June 2023, Scottish Widows imposed a Deferred
Fee of 0.5% of the aggregate amounts outstanding
on the two loans at each of 31 August 2023 and
30 November 2023, payable on the full and final
settlement of the loans. On 4 December 2023, Scottish
Widows imposed a further Deferred Fee effective from
30 November 2023 being the equivalent of 5% per
annum on the aggregate amounts outstanding on the
two loans as computed on a daily basis. On 2 July 2024,
Scottish Widows increased the Deferred Fee from 5% to
7% with effect from 1 July 2024 until the final repayment
of the loans.
The agreements provide that if the Borrowers repay
outstanding principal early, the Borrower pays or benefits
from a Break Gain. The Break Gain is the net amount
between the make whole amount on the margin of the
loan (Spens Costs) and the synthetic interest rate break
value which is the difference between the current swap
rate and the fixed rate embedded in the loan.
On 31 August 2023, as part of the periodic waiver update
and in response to a request by the Lender, the Directors
agreed to focus on repayment of both loans as soon
as possible with a target repayment date no later than
30 June 2024. While not a technical amendment to the
loans, the change in the estimated timing and amount
of cash payments required the Group to recalculate
the carrying value of the loans using new estimated
cash flows and discounted using the original effective
interest rate. The change in value resulted in a gain of
\u00a314,537,000 which was recorded in the Consolidated
Statement of Comprehensive Income in the year ended
31 August 2023. Meeting the initial target repayment
date of 30 June 2024 required the Group to refinance the
existing facilities. In June 2024, the Group announced that
it could not achieve a refinancing on terms that it could
recommend to shareholders and agreed with Scottish
Widows to sell additional properties in order to repay
the loans by 31 December 2024. After re-considering the
updates to the original assumptions for interest payable,
Break Gains and Deferred Fees, the Company recorded
a net loss of \u00a3369,000 in the Consolidated Statement of
Comprehensive Income in the year ended 31 August 2024.
There was no further gain or loss recorded in the year
ended 31 August 2025. The Group specifically considered
the expected forecasted payments, Break Gains and the
Deferred Fees in the revised cash flow estimates which
would reduce the balance of the loan at the determination
date to zero, discounted at the original effective
interest rate.
As a result of the property sales discussed above
and application of lockbox amounts against the loan
balance, the \u00a3120,000,000 loan was fully repaid on
25 September 2024, the \u00a3130,000,000 loan was fully
repaid on 27 November 2024 and the Deferred Fees were
paid on 16 December 2024. The reconciliation of the
principal owing to the Lender to the carrying value is:
For the year\ue003 For the year\ue003
ended 31 August\ue003 ended 31 August\ue003
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Principal owing to Lender at\ue003
end of the year
\u2013
93,822\ue003
Carrying value adjustments
\u2013
(2,784)\ue003
Carrying value at
end of the year
\u2013
91,038
Carrying Value Adjustments
For the year\ue003 For the year\ue003
ended 31 August\ue003 ended 31 August\ue003
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Beginning balance
(2,784)
(20,500)
Recognition of\ue003
remeasurement loss
\u2013
369
Reclassification of\ue003
Deferred Fee accrual
\u2013
1,100
Amortisation of\ue003
remeasurement gain
2,784
16,247
Ending balance
\u2013
(2,784)
Amortisation of remeasurement gain
For the year\ue003 For the year\ue003
ended 31 August\ue003 ended 31 August\ue003
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Break gains used to repay\ue003
bank borrowings
11,768\ue003
16,632\ue003
Payment of Deferred fees
(8,984)\ue003
\u2013
Adjustments to\ue003
carrying value
\u2013
(385)
2,784
16,247
Fair Value
The Group utilises the income method to value its bank
borrowings which is different than the approach used to
compute the gain or loss discussed above. The income
approach estimates the fair value of a debt instrument
by estimating the difference between contractual
and market debt service payments discounted at an
equity yield reflective of the risks inherent in the loan.
The income approach is considered Level 3 under the
fair value hierarchy. The Group estimated the market
replacement rate to be 5.89% for Home Holdings 1 and
6.19% for Home Holdings 2 as at 31 August 2024. If the
estimated replacement rate were to increase or decrease
by 1% at 31 August 2024, the resulting change in fair value
would have been a decease or increase in the fair value
adjustment of \u00a374,000.
Set out below is a comparison of the carrying value and fair value of the Group\u2019s financial instruments where a
difference exists. The fair value of financial instruments not included in the comparison is equal to carrying value.
As at 31 August 2025
As at 31 August 2024
Carrying value Fair value Carrying value Fair value
Bank borrowings \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Bank borrowings
\u2013
\u2013
91,038
93,551
14. Financial risk management
AEW have risk management procedures and processes
in place which enable them to monitor the risks of the
Group. The objective in managing risk is the creation
and protection of shareholder income and value. Risk
is inherent in the Group\u2019s activities, but it is managed
through a process of ongoing identification, impact
assessment, and monitoring and subject to risk limits
and other controls.
The principal financial risks facing the Group in the
management of its portfolio are as follows:
Credit risk
Credit risk is the risk that a tenant or another
counterparty will not meet its obligations under a
lease or other financial instrument which would cause
financial loss to the Group. The Group is exposed to
credit risk through its tenant leases and cash deposits
on account with its commercial bank and with solicitors
pending completion of Seller\u2019s Works or a return
to the Group.
It is the Group\u2019s policy to enter commercial banking
arrangements with reputable financial institutions.
The AIFM monitors the credit worthiness of banks
used by the Group by review of credit ratings, financial
statements and other public records and news on a
quarterly basis. Where the Group transfers funds to
its solicitors as a retention subject to completion of a
workstream, the associated law firms place those funds
in legally restricted client accounts.
In respect of tenant leases, in the event of a default
by a tenant, the Group suffers an income shortfall and
additional costs in reletting the property and vacancy
costs. Tenant defaults adversely impact the value
of investment property by either widening the yield
underpinning an investment-based valuation or change
the appropriate fair value technique from investment
basis to MV-VP.
Since its appointment, AEW has considered the long-
term viability of each tenant. In situations where the
tenant is not considered viable in the long-term, AEW
has agreed with the tenant to surrender the leases
to take back control of the underlying properties to
either let directly (either through a property manager
or IHM) or re-let to a Registered Provider for Supported
Living. Where lease surrenders could not be agreed
commercially, AEW has taken or is taking action against
the tenants which could include statutory demands,
forfeiture and winding up petitions. In the few instances
where the tenant is performing well, the leases remain
in place, although terms may be varied.
AEW continues to assess potential prospective tenants
and property managers, including quality providers
of social housing and support services for properties
suitable for occupation. Stringent covenant and
capability analysis are undertaken on all proposed
property managers and tenants in accordance with
AEW\u2019s rigorous processes. AEW provides regular
updates to the Board on its strategy by tenant and
property and the progress against business plans.
The table below shows the Group\u2019s exposure to
credit risk:
As at As at
31 August 2025 31 August 2024
\u00a3\u2019000 \u00a3\u2019000
Cash and cash equivalents
9,631
6,182
Restricted cash
205
15,688
Tenant receivables and other
financial assets
3,220
3,792
13,056
25,662
Liquidity risk
AEW manages the Group\u2019s liquidity and funding risks by
regularly updating short-term (13 week) and medium-
term (15 month) cash flow forecasts to ensure sufficient
unrestricted cash balances are held within the Group to
meet current and future needs, which is reviewed with
the Board monthly. AEW assesses the ability of tenants
to settle obligations within normal terms of credit
which supports both forecasts.
The following table details the Group\u2019s liquidity analysis in respect of its financial liabilities on contractual
undiscounted payments (assuming repayment of the debt under contractual terms):
3-12 1-5
< 3 months\ue003 months\ue003 years\ue003 5 years +\ue003 Total
31 August 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Retentions payable
1
205
\u2013
\u2013
\u2013
205
Trade and other payables\ue003
6,671
\u2013
\u2013
\u2013
6,671
6,876
\u2013
\u2013
\u2013
6,876
3-12 1-5
< 3 months\ue003 months\ue003 years\ue003 5 years +\ue003 Total
31 August 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Bank borrowings and interest
2
588
121,861
\u2013
\u2013
122,449
Deferred Fees
\u2013
7,910
\u2013
\u2013
7,910
Retentions payable
1
510
\u2013
\u2013
\u2013
510
Trade and other payables\ue003
7,844
\u2013
\u2013
\u2013
7,844
8,942
129,771
\u2013
\u2013
138,713
1. In some cases the Group has accounted for retentions on a cash basis as supporting documentation was not always available to support the release of amounts to vendors. Accordingly, all
amounts are presented as due within the next three months in the table above.
2. The bank borrowings and interest balance is represented as due in 3-12 months because it was the Group\u2019s intention to repay the loans by 31 December 2024 as at the date of the accounts .
Interest rate risk
Interest rate risk is the risk that the fair value or future
cash flows of a financial instrument will fluctuate
because of changes in market interest rates. As
discussed more fully in Note 26 and below, the Group
has fully repaid the loans and the Deferred Fees.
Capital management
The Group considers proceeds from share issuance,
bank borrowings and retained earnings as capital.
Until the announcement of the Managed Wind-Down
discussed in Note 1, the Board and AEW monitored the
Group\u2019s capital position to provide sustainable returns
for shareholders, to facilitate growth and to maintain an
optimal capital structure to reduce the cost of capital.
After receipt of Shareholders approval for the Managed
Wind-Down, the Company is focused on maximising
proceeds from property sales and minimising on-going
expenses and other liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-211": { "value": "10. Financial instruments The Group\u2019s borrowings were comprised of two fixed term loan facilities, one for \u00a3120 million and the other for \u00a3130 million. Both facilities were with Scottish Widows. The \u00a3120 million facility had an all-in rate of 2.07% per annum for the duration of the loan and was due for repayment in December 2032. The \u00a3100 million facility had an all-in rate of 2.53% for the duration of the loan and was due for repayment in December 2036. Both loans were secured by investment property and other assets held by the Group. The Company and its subsidiaries were party to agreements with (amongst others) Scottish Widows including (in the case of two subsidiaries of the Company) facility agreements and (in the case of the Company and all subsidiaries) guarantees. Various breaches occurred under those agreements. Since an initial waiver letter dated 30 January 2023 waiving certain breaches, new waiver letters were issued prior to the expiry of each previous waiver period. The waiver letters related to various matters including financial covenants, an adverse change in the position of the Company and its subsidiaries, a failure to deliver audited accounts and other information, the suspension of the shares of the Company on the London Stock Exchange and the tax status of the Company. On 19 June 2023, Scottish Widows imposed a Deferred Fee of 0.5% of the aggregate amounts outstanding on the two loans at each of 31 August 2023 and 30 November 2023, payable on the full and final settlement of the loans. On 4 December 2023, Scottish Widows imposed a further Deferred Fee effective from 30 November 2023 being the equivalent of 5% per annum on the aggregate amounts outstanding on the two loans as computed on a daily basis. On 2 July 2024, Scottish Widows increased the Deferred Fee from 5% to 7% with effect from 1 July 2024 until the final repayment of the loans. The agreements provide that if the Borrowers repay outstanding principal early, the Borrower pays or benefits from a Break Gain. The Break Gain is the net amount between the make whole amount on the margin of the loan (Spens Costs) and the synthetic interest rate break value which is the difference between the current swap rate and the fixed rate embedded in the loan. On 31 August 2023, as part of the periodic waiver update and in response to a request by the Lender, the Directors agreed to focus on repayment of both loans as soon as possible with a target repayment date no later than 30 June 2024. While not a technical amendment to the loans, the change in the estimated timing and amount of cash payments required the Group to recalculate the carrying value of the loans using new estimated cash flows and discounted using the original effective interest rate. The change in value resulted in a gain of \u00a314,537,000 which was recorded in the Consolidated Statement of Comprehensive Income in the year ended 31 August 2023. Meeting the initial target repayment date of 30 June 2024 required the Group to refinance the existing facilities. In June 2024, the Group announced that it could not achieve a refinancing on terms that it could recommend to shareholders and agreed with Scottish Widows to sell additional properties in order to repay the loans by 31 December 2024. After re-considering the updates to the original assumptions for interest payable, Break Gains and Deferred Fees, the Company recorded a net loss of \u00a3369,000 in the Consolidated Statement of Comprehensive Income in the year ended 31 August 2024. There was no further gain or loss recorded in the year ended 31 August 2025. The Group specifically considered the expected forecasted payments, Break Gains and the Deferred Fees in the revised cash flow estimates which would reduce the balance of the loan at the determination date to zero, discounted at the original effective interest rate. As a result of the property sales discussed above and application of lockbox amounts against the loan balance, the \u00a3120,000,000 loan was fully repaid on 25 September 2024, the \u00a3130,000,000 loan was fully repaid on 27 November 2024 and the Deferred Fees were paid on 16 December 2024. The reconciliation of the principal owing to the Lender to the carrying value is:
For the year\ue003 For the year\ue003
ended 31 August\ue003 ended 31 August\ue003
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Principal owing to Lender at\ue003
end of the year
\u2013
93,822\ue003
Carrying value adjustments
\u2013
(2,784)\ue003
Carrying value at
end of the year
\u2013
91,038
Carrying Value Adjustments
For the year\ue003 For the year\ue003
ended 31 August\ue003 ended 31 August\ue003
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Beginning balance
(2,784)
(20,500)
Recognition of\ue003
remeasurement loss
\u2013
369
Reclassification of\ue003
Deferred Fee accrual
\u2013
1,100
Amortisation of\ue003
remeasurement gain
2,784
16,247
Ending balance
\u2013
(2,784)
Amortisation of remeasurement gain
For the year\ue003 For the year\ue003
ended 31 August\ue003 ended 31 August\ue003
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Break gains used to repay\ue003
bank borrowings
11,768\ue003
16,632\ue003
Payment of Deferred fees
(8,984)\ue003
\u2013
Adjustments to\ue003
carrying value
\u2013
(385)
2,784
16,247
Fair Value The Group utilises the income method to value its bank borrowings which is different than the approach used to compute the gain or loss discussed above. The income approach estimates the fair value of a debt instrument by estimating the difference between contractual and market debt service payments discounted at an equity yield reflective of the risks inherent in the loan. The income approach is considered Level 3 under the fair value hierarchy. The Group estimated the market replacement rate to be 5.89% for Home Holdings 1 and 6.19% for Home Holdings 2 as at 31 August 2024. If the estimated replacement rate were to increase or decrease by 1% at 31 August 2024, the resulting change in fair value would have been a decease or increase in the fair value adjustment of \u00a374,000. Set out below is a comparison of the carrying value and fair value of the Group\u2019s financial instruments where a difference exists. The fair value of financial instruments not included in the comparison is equal to carrying value.
As at 31 August 2025
As at 31 August 2024
Carrying value Fair value Carrying value Fair value
Bank borrowings \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Bank borrowings
\u2013
\u2013
91,038
93,551
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-186": { "value": "
11. Trade and other receivables
As at As at
31 August 2025 31 August 2024
\u00a3\u2019000 \u00a3\u2019000
Tenant receivables\ue003
in accordance with\ue003
lease agreements
1,964
50,479
Rent not recognised because\ue003
properties were unhabitable
(198)
(3,243)
Tenant receivables
1,766
47,236
Receivable from solicitors for\ue003
property sales completed
\u2013
2,953
Receivable from
property managers
893
1,222
Other receivables
403
160
Prepaid expenses
266
78
Tenant receivables and other
financial assets
3,328
51,649
Provision for doubtful debts
(108)
(47,857)
Trade and other receivables
3,220
3,792
All trade and other receivable amounts are due
within one year. The net carrying value of trade
and other receivables classified at amortised cost
approximates fair value.
During the year ended 31 August 2025, the Group agreed
surrender deals with 10 tenants on 343 properties
(2024: 23 tenants on 1,839 properties). The tenants had
outstanding debtors from underlying occupants at the
date of surrender, which in some cases were transferred
to the Group as a condition of the surrender. Because the
records associated with the pre-control debtors were not
fully verifiable and the debtors generally not collectible,
the Board has not established these amounts as debtors.
Any subsequent collection of these debtors is recognised
when received.
As discussed more fully in Note 3, the Directors analysed
the expected credit loss and concluded that collection of
debtors of \u00a3108,000 was doubtful and provided for such
amounts at 31 August 2025 (2024: \u00a347,857,000).
Because the Group judged 6 of its 18 tenants as having
a poor financial covenant and non-performing due to
low or no cash received for rents, outstanding debtors
at 31 August 2025 were provided for in full. In addition,
certain legacy debtors related to tenants otherwise
current on their payments have also been provided in
full. Any recoveries made of tenant receivables after
1 September 2025 will be recognised when received. For
properties managed by a property manager, any arrears
from underlying occupants were fully provided for unless
received within a 30-day period after the end of the
financial year.
During FY25, the Group considered the prospects of
recovering any further cash from its current or past non-
performing tenants and judged that it had no reasonable
prospect of doing so for debtors totalling \u00a353,198,000.
These previously provided for balances have been
written off in FY25, even though the Group may continue
to pursue the collection of some of these balances.
Movements in the provision for expected credit loss for
the years ended 31 August 2025 and 2024 were as follows:
Impairment of trade receivables
As at As at
31 August 2025 31 August 2024
\u00a3\u2019000 \u00a3\u2019000
Opening provision\ue003
for impairment of
trade receivables
47,857
50,747
Increase during the year
5,449
29,109
Receivable written-off during\ue003
the year as uncollectable
(53,198)
(31,999)
At the end of the year
108
47,857
The following table sets out the ageing profile of trade
and other receivables that are financial assets:
As at As at
31 August 2025 31 August 2024
\u00a3\u2019000 \u00a3\u2019000
30 days or fewer
3,124
4,414
31 to 60 days
63
1,198\ue003
61 to 90 days
17
1,307\ue003
91 to 120 days
16
1,664
Over 120 days
108
43,066
3,328
51,649
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-212": { "value": "
As at As at
31 August 2025 31 August 2024
\u00a3\u2019000 \u00a3\u2019000
Tenant receivables\ue003
in accordance with\ue003
lease agreements
1,964
50,479
Rent not recognised because\ue003
properties were unhabitable
(198)
(3,243)
Tenant receivables
1,766
47,236
Receivable from solicitors for\ue003
property sales completed
\u2013
2,953
Receivable from
property managers
893
1,222
Other receivables
403
160
Prepaid expenses
266
78
Tenant receivables and other
financial assets
3,328
51,649
Provision for doubtful debts
(108)
(47,857)
Trade and other receivables
3,220
3,792
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-213": { "value": "Impairment of trade receivables
As at As at
31 August 2025 31 August 2024
\u00a3\u2019000 \u00a3\u2019000
Opening provision\ue003
for impairment of
trade receivables
47,857
50,747
Increase during the year
5,449
29,109
Receivable written-off during\ue003
the year as uncollectable
(53,198)
(31,999)
At the end of the year
108
47,857
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-187": { "value": "
12. Cash reserves
As at As at
31 August 2025 31 August 2024
\u00a3\u2019000 \u00a3\u2019000
Retentions held by solicitors\ue003
205
510
Required interest amount\ue003
classified as restricted
\u2013
1,766
Cash held in disposal account
\u2013
13,412
Restricted cash held by\ue003
third parties
205
15,688
Cash and cash equivalents\ue003
9,631
6,182
Total cash reserves
9,836
21,870
As a condition of a waiver letter, the Lender held back
an amount of up to nine months of interest in the
Lender-controlled rent accounts (\u201cRequired Interest
Amount\u201d) to be released fully at the Lender\u2019s discretion.
Cash held in the Disposal Account as at 31 August 2024
was controlled by the Lender and these amounts and
the Required Interest Amount were used to repay the
loans and Deferred Fees.
The Group\u2019s solicitors hold retention amounts
pending completion of works by original vendors.
Solicitors released \u00a373,000 of Seller\u2019s Works retentions
to vendors (2024: \u00a3689,000) and \u00a3205,000 to the
Group (2024: \u00a33,138,000) during the year ending
31 August 2025. There were \u00a327,000 of insurance
retentions released to the Group during the year ending
31 August 2025 (2024: \u00a3279,000). These were not
initially established as an asset so the Group recorded
a gain in that amount when the funds were received
which has been presented in Other Income in the
Consolidated Statement of Comprehensive Income.
As at As at
31 August 2025 31 August 2024
\u00a3\u2019000 \u00a3\u2019000
At beginning of the year
510
4,616
Retentions\ue003
released to vendors
(73)
(689)
Retentions released to\ue003
Home REIT Plc
(205)
(3,138)
Insurance retentions\ue003
released to Home REIT Plc
(27)
(279)
Retentions at the
end of the year
205
510
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-214": { "value": "12. Cash reserves
As at As at
31 August 2025 31 August 2024
\u00a3\u2019000 \u00a3\u2019000
Retentions held by solicitors\ue003
205
510
Required interest amount\ue003
classified as restricted
\u2013
1,766
Cash held in disposal account
\u2013
13,412
Restricted cash held by\ue003
third parties
205
15,688
Cash and cash equivalents\ue003
9,631
6,182
Total cash reserves
9,836
21,870
As a condition of a waiver letter, the Lender held back an amount of up to nine months of interest in the Lender-controlled rent accounts (\u201cRequired Interest Amount\u201d) to be released fully at the Lender\u2019s discretion. Cash held in the Disposal Account as at 31 August 2024 was controlled by the Lender and these amounts and the Required Interest Amount were used to repay the loans and Deferred Fees. The Group\u2019s solicitors hold retention amounts pending completion of works by original vendors. Solicitors released \u00a373,000 of Seller\u2019s Works retentions to vendors (2024: \u00a3689,000) and \u00a3205,000 to the Group (2024: \u00a33,138,000) during the year ending 31 August 2025. There were \u00a327,000 of insurance retentions released to the Group during the year ending 31 August 2025 (2024: \u00a3279,000). These were not initially established as an asset so the Group recorded a gain in that amount when the funds were received which has been presented in Other Income in the Consolidated Statement of Comprehensive Income.
As at As at
31 August 2025 31 August 2024
\u00a3\u2019000 \u00a3\u2019000
At beginning of the year
510
4,616
Retentions\ue003
released to vendors
(73)
(689)
Retentions released to\ue003
Home REIT Plc
(205)
(3,138)
Insurance retentions\ue003
released to Home REIT Plc
(27)
(279)
Retentions at the
end of the year
205
510
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-188": { "value": "
13. Trade and other payables
As at As at
31 August 2025 31 August 2024
\u00a3\u2019000 \u00a3\u2019000
Trade creditors
2,416
2,137
Accrued expenses
4,255
5,707
Retentions payable
205
510
Total trade creditors and
accrued expenses
6,876
8,354
All trade and other payables are due within one year.
The Directors consider that the carrying amount of
trade and other payables approximates fair value.
Retentions payable are amounts due to vendors
payable when they complete property improvements
which were agreed in the original SPA. See Note 12 for
more information on retentions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-215": { "value": "13. Trade and other payables
As at As at
31 August 2025 31 August 2024
\u00a3\u2019000 \u00a3\u2019000
Trade creditors
2,416
2,137
Accrued expenses
4,255
5,707
Retentions payable
205
510
Total trade creditors and
accrued expenses
6,876
8,354
All trade and other payables are due within one year. The Directors consider that the carrying amount of trade and other payables approximates fair value. Retentions payable are amounts due to vendors payable when they complete property improvements which were agreed in the original SPA. See Note 12 for more information on retentions.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-216": { "value": "14. Financial risk management AEW have risk management procedures and processes in place which enable them to monitor the risks of the Group. The objective in managing risk is the creation and protection of shareholder income and value. Risk is inherent in the Group\u2019s activities, but it is managed through a process of ongoing identification, impact assessment, and monitoring and subject to risk limits and other controls. The principal financial risks facing the Group in the management of its portfolio are as follows: Credit risk Credit risk is the risk that a tenant or another counterparty will not meet its obligations under a lease or other financial instrument which would cause financial loss to the Group. The Group is exposed to credit risk through its tenant leases and cash deposits on account with its commercial bank and with solicitors pending completion of Seller\u2019s Works or a return to the Group. It is the Group\u2019s policy to enter commercial banking arrangements with reputable financial institutions. The AIFM monitors the credit worthiness of banks used by the Group by review of credit ratings, financial statements and other public records and news on a quarterly basis. Where the Group transfers funds to its solicitors as a retention subject to completion of a workstream, the associated law firms place those funds in legally restricted client accounts. In respect of tenant leases, in the event of a default by a tenant, the Group suffers an income shortfall and additional costs in reletting the property and vacancy costs. Tenant defaults adversely impact the value of investment property by either widening the yield underpinning an investment-based valuation or change the appropriate fair value technique from investment basis to MV-VP. Since its appointment, AEW has considered the long- term viability of each tenant. In situations where the tenant is not considered viable in the long-term, AEW has agreed with the tenant to surrender the leases to take back control of the underlying properties to either let directly (either through a property manager or IHM) or re-let to a Registered Provider for Supported Living. Where lease surrenders could not be agreed commercially, AEW has taken or is taking action against the tenants which could include statutory demands, forfeiture and winding up petitions. In the few instances where the tenant is performing well, the leases remain in place, although terms may be varied. AEW continues to assess potential prospective tenants and property managers, including quality providers of social housing and support services for properties suitable for occupation. Stringent covenant and capability analysis are undertaken on all proposed property managers and tenants in accordance with AEW\u2019s rigorous processes. AEW provides regular updates to the Board on its strategy by tenant and property and the progress against business plans. The table below shows the Group\u2019s exposure to credit risk:
As at As at
31 August 2025 31 August 2024
\u00a3\u2019000 \u00a3\u2019000
Cash and cash equivalents
9,631
6,182
Restricted cash
205
15,688
Tenant receivables and other
financial assets
3,220
3,792
13,056
25,662
Liquidity risk AEW manages the Group\u2019s liquidity and funding risks by regularly updating short-term (13 week) and medium- term (15 month) cash flow forecasts to ensure sufficient unrestricted cash balances are held within the Group to meet current and future needs, which is reviewed with the Board monthly. AEW assesses the ability of tenants to settle obligations within normal terms of credit which supports both forecasts. The following table details the Group\u2019s liquidity analysis in respect of its financial liabilities on contractual undiscounted payments (assuming repayment of the debt under contractual terms):
3-12 1-5
< 3 months\ue003 months\ue003 years\ue003 5 years +\ue003 Total
31 August 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Retentions payable
1
205
\u2013
\u2013
\u2013
205
Trade and other payables\ue003
6,671
\u2013
\u2013
\u2013
6,671
6,876
\u2013
\u2013
\u2013
6,876
3-12 1-5
< 3 months\ue003 months\ue003 years\ue003 5 years +\ue003 Total
31 August 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Bank borrowings and interest
2
588
121,861
\u2013
\u2013
122,449
Deferred Fees
\u2013
7,910
\u2013
\u2013
7,910
Retentions payable
1
510
\u2013
\u2013
\u2013
510
Trade and other payables\ue003
7,844
\u2013
\u2013
\u2013
7,844
8,942
129,771
\u2013
\u2013
138,713
1. In some cases the Group has accounted for retentions on a cash basis as supporting documentation was not always available to support the release of amounts to vendors. Accordingly, all amounts are presented as due within the next three months in the table above. 2. The bank borrowings and interest balance is represented as due in 3-12 months because it was the Group\u2019s intention to repay the loans by 31 December 2024 as at the date of the accounts . Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. As discussed more fully in Note 26 and below, the Group has fully repaid the loans and the Deferred Fees. Capital management The Group considers proceeds from share issuance, bank borrowings and retained earnings as capital. Until the announcement of the Managed Wind-Down discussed in Note 1, the Board and AEW monitored the Group\u2019s capital position to provide sustainable returns for shareholders, to facilitate growth and to maintain an optimal capital structure to reduce the cost of capital. After receipt of Shareholders approval for the Managed Wind-Down, the Company is focused on maximising proceeds from property sales and minimising on-going expenses and other liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-225": { "value": "Credit risk Credit risk is the risk that a tenant or another counterparty will not meet its obligations under a lease or other financial instrument which would cause financial loss to the Group. The Group is exposed to credit risk through its tenant leases and cash deposits on account with its commercial bank and with solicitors pending completion of Seller\u2019s Works or a return to the Group. It is the Group\u2019s policy to enter commercial banking arrangements with reputable financial institutions. The AIFM monitors the credit worthiness of banks used by the Group by review of credit ratings, financial statements and other public records and news on a quarterly basis. Where the Group transfers funds to its solicitors as a retention subject to completion of a workstream, the associated law firms place those funds in legally restricted client accounts. In respect of tenant leases, in the event of a default by a tenant, the Group suffers an income shortfall and additional costs in reletting the property and vacancy costs. Tenant defaults adversely impact the value of investment property by either widening the yield underpinning an investment-based valuation or change the appropriate fair value technique from investment basis to MV-VP. Since its appointment, AEW has considered the long- term viability of each tenant. In situations where the tenant is not considered viable in the long-term, AEW has agreed with the tenant to surrender the leases to take back control of the underlying properties to either let directly (either through a property manager or IHM) or re-let to a Registered Provider for Supported Living. Where lease surrenders could not be agreed commercially, AEW has taken or is taking action against the tenants which could include statutory demands, forfeiture and winding up petitions. In the few instances where the tenant is performing well, the leases remain in place, although terms may be varied. AEW continues to assess potential prospective tenants and property managers, including quality providers of social housing and support services for properties suitable for occupation. Stringent covenant and capability analysis are undertaken on all proposed property managers and tenants in accordance with AEW\u2019s rigorous processes. AEW provides regular updates to the Board on its strategy by tenant and property and the progress against business plans. The table below shows the Group\u2019s exposure to credit risk:
As at As at
31 August 2025 31 August 2024
\u00a3\u2019000 \u00a3\u2019000
Cash and cash equivalents
9,631
6,182
Restricted cash
205
15,688
Tenant receivables and other
financial assets
3,220
3,792
13,056
25,662
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-226": { "value": "Liquidity risk AEW manages the Group\u2019s liquidity and funding risks by regularly updating short-term (13 week) and medium- term (15 month) cash flow forecasts to ensure sufficient unrestricted cash balances are held within the Group to meet current and future needs, which is reviewed with the Board monthly. AEW assesses the ability of tenants to settle obligations within normal terms of credit which supports both forecasts. The following table details the Group\u2019s liquidity analysis in respect of its financial liabilities on contractual undiscounted payments (assuming repayment of the debt under contractual terms):
3-12 1-5
< 3 months\ue003 months\ue003 years\ue003 5 years +\ue003 Total
31 August 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Retentions payable
1
205
\u2013
\u2013
\u2013
205
Trade and other payables\ue003
6,671
\u2013
\u2013
\u2013
6,671
6,876
\u2013
\u2013
\u2013
6,876
3-12 1-5
< 3 months\ue003 months\ue003 years\ue003 5 years +\ue003 Total
31 August 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Bank borrowings and interest
2
588
121,861
\u2013
\u2013
122,449
Deferred Fees
\u2013
7,910
\u2013
\u2013
7,910
Retentions payable
1
510
\u2013
\u2013
\u2013
510
Trade and other payables\ue003
7,844
\u2013
\u2013
\u2013
7,844
8,942
129,771
\u2013
\u2013
138,713
1. In some cases the Group has accounted for retentions on a cash basis as supporting documentation was not always available to support the release of amounts to vendors. Accordingly, all amounts are presented as due within the next three months in the table above. 2. The bank borrowings and interest balance is represented as due in 3-12 months because it was the Group\u2019s intention to repay the loans by 31 December 2024 as at the date of the accounts ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-227": { "value": "Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. As discussed more fully in Note 26 and below, the Group has fully repaid the loans and the Deferred Fees. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-228": { "value": "Capital management The Group considers proceeds from share issuance, bank borrowings and retained earnings as capital. Until the announcement of the Managed Wind-Down discussed in Note 1, the Board and AEW monitored the Group\u2019s capital position to provide sustainable returns for shareholders, to facilitate growth and to maintain an optimal capital structure to reduce the cost of capital. After receipt of Shareholders approval for the Managed Wind-Down, the Company is focused on maximising proceeds from property sales and minimising on-going expenses and other liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-189": { "value": "
15. Share Capital
As at
As at
31 August 2025
31 August 2024
Ordinary Shares of \u00a30.01 each
Balance at the beginning
Number
Number
and end of the year
790,570,465
790,570,465
Share capital is the nominal amount of the Company\u2019s
shares in issue which are fully paid.
16. Share premium account
As at As at
31 August 2025 31 August 2024
\u00a3\u2019000 \u00a3\u2019000
Balance at the\ue003
beginning of the year
595,733
595,733
Cancellation of share\ue003
premium and creation\ue003
of Special Distributable\ue003
Reserve B (Note 17)
(595,733)
\u2013
Balance at the\ue003
end of the year
\u2013
595,733
The share premium related to amounts subscribed
for share capital in excess of nominal value less
associated issue costs of the subscriptions. The
share premium has been cancelled in order to create
Special Distributable Reserve B as described more
fully in Note 17.
17. Special distributable reserve
As at As at
31 August 2025 31 August 2024
\u00a3\u2019000 \u00a3\u2019000
Special Distributable Reserve
A balance at the beginning
and end of the year
190,130
190,130
As at As at
31 August 2025 31 August 2024
\u00a3\u2019000 \u00a3\u2019000
Special Distributable\ue003
Reserve B balance at the\ue003
beginning of the year
\u2013
\u2013
Cancellation of\ue003
share premium and
creation of Special
Distributable Reserve B\ue003
595,733
\u2013
Special Distributable Reserve
B balance at end of year
595,733
\u2013
The special distributable reserves represent cancelled
share premiums less dividends paid from the Special
Distributable Reserve A. Both Special Distributable
Reserve A and Special Distributable Reserve B are
distributable reserves.
Special Distributable Reserve A was created on
18 December 2020 from the excess of the original
share capital subscription value over the nominal
value. Special Distributable Reserve B was created
from the excess of the follow-on share offerings
over the nominal value of the shares following
shareholder approval to cancel the Company\u2019s share
premium account passed on 20 February 2025. The
cancellation of the share premium account in the
amount of \u00a3595,733,000 was approved by the Court on
29 April 2025 and became effective with the registration
of the Court order at Companies House on 2 May 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-217": { "value": "15. Share Capital
As at
As at
31 August 2025
31 August 2024
Ordinary Shares of \u00a30.01 each
Balance at the beginning
Number
Number
and end of the year
790,570,465
790,570,465
Share capital is the nominal amount of the Company\u2019s shares in issue which are fully paid. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-218": { "value": "16. Share premium account
As at As at
31 August 2025 31 August 2024
\u00a3\u2019000 \u00a3\u2019000
Balance at the\ue003
beginning of the year
595,733
595,733
Cancellation of share\ue003
premium and creation\ue003
of Special Distributable\ue003
Reserve B (Note 17)
(595,733)
\u2013
Balance at the\ue003
end of the year
\u2013
595,733
The share premium related to amounts subscribed for share capital in excess of nominal value less associated issue costs of the subscriptions. The share premium has been cancelled in order to create Special Distributable Reserve B as described more fully in Note 17. 17. Special distributable reserve
As at As at
31 August 2025 31 August 2024
\u00a3\u2019000 \u00a3\u2019000
Special Distributable Reserve
A balance at the beginning
and end of the year
190,130
190,130
As at As at
31 August 2025 31 August 2024
\u00a3\u2019000 \u00a3\u2019000
Special Distributable\ue003
Reserve B balance at the\ue003
beginning of the year
\u2013
\u2013
Cancellation of\ue003
share premium and
creation of Special
Distributable Reserve B\ue003
595,733
\u2013
Special Distributable Reserve
B balance at end of year
595,733
\u2013
The special distributable reserves represent cancelled share premiums less dividends paid from the Special Distributable Reserve A. Both Special Distributable Reserve A and Special Distributable Reserve B are distributable reserves. Special Distributable Reserve A was created on 18 December 2020 from the excess of the original share capital subscription value over the nominal value. Special Distributable Reserve B was created from the excess of the follow-on share offerings over the nominal value of the shares following shareholder approval to cancel the Company\u2019s share premium account passed on 20 February 2025. The cancellation of the share premium account in the amount of \u00a3595,733,000 was approved by the Court on 29 April 2025 and became effective with the registration of the Court order at Companies House on 2 May 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-190": { "value": "
18. Dividends
On 16 February 2023, the Board announced that except
for any distributions that would be required to maintain
REIT status, that it has ceased paying any further
dividends until further notice. No dividends were paid in
the year ended 31 August 2025 (2024: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-219": { "value": "19. Related party transactions Investment Manager On 21 August 2023, AEW UK Investment Management LLP (\u201cAEW\u201d) was appointed as Alternative Investment Fund Manager (\u201cAIFM\u201d) and Investment Manager. The AIFM acts as investment manager with responsibility for the management of the Group\u2019s assets in accordance with the investment policy of the Group and the policies and directions of the Board and is regulated in the conduct of investment business by the FCA. Phase 1 of its engagement continued for two years from the date of appointment. During Phase 1, AEW is paid the following annual fee: 1. A fixed fee of \u00a33,000,000 from the commencement of the Transition Period and as increased at each successive anniversary by the lower of CPI, RPI and 5%; 2. A variable fee for disposal of investments of \u00a3422 per bed, as defined; and 3. A variable fee of 10% of rent collected by the Company from its investments. The maximum amount payable in any year under this agreement is \u00a35,000,000 (which is increased in year 2 to the extent that total fees in year 1 fall below \u00a35,000,000.) After the initial two year period expired on 21 August 2025, the Company was to pay a fee of 0.75% of NAV, subject to a minimum annual fee of \u00a33,000,000, which increased annually at the lower of CPI, RPI or 5% (from the commencement of the Transition Period.) During the year ending 31 August 2025, the Group incurred fees under the agreement with AEW of \u00a35,200,000 (2024: \u00a35,000,000). The 2025 fee includes VAT for a portion of the fees. At 31 August 2025, \u00a3158,000 (2024: \u00a3384,000) of these fees were unpaid. On 22 August 2025, the Company and AEW agreed a revised fee structure with immediate effect, as follows: \u2022 A fee of \u00a3167,000 per month to expire three months after the date on which the Company holds fewer than 10 properties. \u2022 Thereafter, \u00a3120,000 per month for a period of three months. \u2022 Thereafter, \u00a342,000 per month until termination of the revised IMA. \u2022 Subject to an annual cap of \u00a31 million, an additional 10% of gross rent collected from assets owned by the Company and 10% of rent arrears collected, including those recovered through liquidations
The revised IMA may be terminated on six
months\u2019 written notice and occur no earlier than
21 August 2026. The revised IMA includes other
immaterial amendments.
Directors
The Directors are entitled to receive a fee from
the Group at such rate as may be determined in
accordance with the Articles of Association. The
current directors\u2019 compensation is described more
fully in the Directors\u2019 remuneration report on pages 45
to 48. Michael O\u2019Donnell is paid a base fee of \u00a3100,000
and an additional variable fee of up to \u00a3100,000,
which is adjusted based on overall workload. This
additional variable fee was \u00a3100,000 from inception
until 31 December 2025 and decreased to an additional
\u00a375,000 from 1 January 2025 and to an additional
\u00a350,000 from 1 July 2025 and increased to an additional
\u00a3100,000 with effect from 1 October 2025. Peter
Williams is paid a base fee of \u00a360,000 and an additional
fee of \u00a310,000 in his role as Senior Independent
Director. Rod Day is paid a base fee of \u00a360,000 and an
additional fee of \u00a310,000 in his role as Audit Committee
Chair. Legacy directors were paid a base fee of \u00a336,000
with an additional fee of \u00a35,000 for the Chair of the
Audit Committee and an additional fee of \u00a315,000 for
the Chair. The highest paid director received \u00a3179,000
in the year ended 31 August 2025 (2024: \u00a3124,000).
During the year ended 31 August 2025, Directors\u2019 fees
of \u00a3369,000 (2024: \u00a3330,000) were paid, of which none
was unpaid at 31 August 2025 (2024: \u00a3nil). With the
publication of the 2023 Annual Report and Accounts
on 14 January 2025, Peter Cardwell, Lynne Fennah,
Simon Moore and Marlene Wood stepped down
from the Board.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-191": { "value": "19. Related party transactions Investment Manager On 21 August 2023, AEW UK Investment Management LLP (\u201cAEW\u201d) was appointed as Alternative Investment Fund Manager (\u201cAIFM\u201d) and Investment Manager. The AIFM acts as investment manager with responsibility for the management of the Group\u2019s assets in accordance with the investment policy of the Group and the policies and directions of the Board and is regulated in the conduct of investment business by the FCA. Phase 1 of its engagement continued for two years from the date of appointment. During Phase 1, AEW is paid the following annual fee: 1. A fixed fee of \u00a33,000,000 from the commencement of the Transition Period and as increased at each successive anniversary by the lower of CPI, RPI and 5%; 2. A variable fee for disposal of investments of \u00a3422 per bed, as defined; and 3. A variable fee of 10% of rent collected by the Company from its investments. The maximum amount payable in any year under this agreement is \u00a35,000,000 (which is increased in year 2 to the extent that total fees in year 1 fall below \u00a35,000,000.) After the initial two year period expired on 21 August 2025, the Company was to pay a fee of 0.75% of NAV, subject to a minimum annual fee of \u00a33,000,000, which increased annually at the lower of CPI, RPI or 5% (from the commencement of the Transition Period.) During the year ending 31 August 2025, the Group incurred fees under the agreement with AEW of \u00a35,200,000 (2024: \u00a35,000,000). The 2025 fee includes VAT for a portion of the fees. At 31 August 2025, \u00a3158,000 (2024: \u00a3384,000) of these fees were unpaid. On 22 August 2025, the Company and AEW agreed a revised fee structure with immediate effect, as follows: \u2022 A fee of \u00a3167,000 per month to expire three months after the date on which the Company holds fewer than 10 properties. \u2022 Thereafter, \u00a3120,000 per month for a period of three months. \u2022 Thereafter, \u00a342,000 per month until termination of the revised IMA. \u2022 Subject to an annual cap of \u00a31 million, an additional 10% of gross rent collected from assets owned by the Company and 10% of rent arrears collected, including those recovered through liquidations . The revised IMA may be terminated on six months\u2019 written notice and occur no earlier than 21 August 2026. The revised IMA includes other immaterial amendments. Directors The Directors are entitled to receive a fee from the Group at such rate as may be determined in accordance with the Articles of Association. The current directors\u2019 compensation is described more fully in the Directors\u2019 remuneration report on pages 45 to 48. Michael O\u2019Donnell is paid a base fee of \u00a3100,000 and an additional variable fee of up to \u00a3100,000, which is adjusted based on overall workload. This additional variable fee was \u00a3100,000 from inception until 31 December 2025 and decreased to an additional \u00a375,000 from 1 January 2025 and to an additional \u00a350,000 from 1 July 2025 and increased to an additional \u00a3100,000 with effect from 1 October 2025. Peter Williams is paid a base fee of \u00a360,000 and an additional fee of \u00a310,000 in his role as Senior Independent Director. Rod Day is paid a base fee of \u00a360,000 and an additional fee of \u00a310,000 in his role as Audit Committee Chair. Legacy directors were paid a base fee of \u00a336,000 with an additional fee of \u00a35,000 for the Chair of the Audit Committee and an additional fee of \u00a315,000 for the Chair. The highest paid director received \u00a3179,000 in the year ended 31 August 2025 (2024: \u00a3124,000). During the year ended 31 August 2025, Directors\u2019 fees of \u00a3369,000 (2024: \u00a3330,000) were paid, of which none was unpaid at 31 August 2025 (2024: \u00a3nil). With the publication of the 2023 Annual Report and Accounts on 14 January 2025, Peter Cardwell, Lynne Fennah, Simon Moore and Marlene Wood stepped down from the Board. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-192": { "value": "
20. Reconciliation of liabilities to cash flows from financing activities
As at 31 August 2025
As at 31 August 2024
Carrying Value of\ue003 Carrying Value of\ue003
Principal Borrowings Principal Borrowings
Borrowing (\u00a3\u2019000) Borrowing (\u00a3\u2019000)
Balance at beginning of year
93,822
91,038
220,000
199,500
Cash flows from financing activities
Principle payments from unrestricted cash
(4,541)
(4,541)
\u2013
\u2013
Loan arrangement fees paid
\u2013
\u2013
\u2013
(142)
Non-cash movements
Principal payments from restricted cash
(77,513)
(77,513)
(109,546)
(109,546)
Deferred fees paid from restricted cash
\u2013
(8,494)
\u2013
\u2013
Set-up and unwinding of debt fair value adjustment
\u2013
11,768
\u2013
16,781
Reclassification of Deferred Fee accrual
\u2013
\u2013
\u2013
1,100
Break gains used to repay bank borrowings
(11,768)
(11,768)
(16,632)
(16,632)
Loan arrangement fees accrual movement
\u2013
\u2013
\u2013
(23)
Balance at end of the year
\u2013
\u2013
93,822
91,038
Interest payments of \u00a3398,000 were made from restricted cash accounts during the year (2024: \u00a33,791,000).
", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-193": { "value": "
21. Contingent liabilities
Harcus Parker, a law firm specialising in claimant group
actions, is soliciting investors on a fully contingent
basis (\u2018no win no fee\u2019) to join together in bringing claims
against the following parties:
\u2022 the Company;
\u2022 the Directors Defendants (those directors who were
in office when the Shares were suspended);
\u2022 AHRA;
\u2022 Alvarium FM; and
\u2022 AlTi RE, the former principal of AHRA by way of an
Appointed Representative Agreement.
As of the date of this document, there has been no
claim issued by Harcus Parker. Harcus Parker has sent a
pre-action letter of claim (enclosing draft particulars of
claim) to the Company and Director Defendants (along
with the other defendant parties listed above) on behalf
of a number of shareholders in the Company, which
alleges that the Company and the Director Defendants
provided information to investors which was false,
untrue and/or misleading and as a result shareholders
suffered losses. The Board is not currently able to
conclude whether or when a formal claim may be
issued and, if a claim is issued, what the quantum of
such a claim may be. The Board has stated publicly
that both the Company and the Director Defendants
intend vigorously to defend the threatened claims. The
Company and the Director Defendants sent a lengthy
and detailed letter of response to Harcus Parker.
On 5 March 2024, the Company announced that it
intends to bring legal proceedings against those
it considers are responsible for wrongdoing. It
remains the Company\u2019s intention to pursue those
whom it considers may be liable for the losses it has
suffered, subject to a commercial assessment of
the cost-benefit analysis. To that end, the Company
sent pre-action letters of claim to Alvarium FM and
AlTi RE on 12 April 2024, and AHRA on 29 May 2024.
Both Alvarium FM and AlTi RE have been placed into
administration and AHRA is in liquidation, which
potentially complicates the ability of the Company to
achieve financial recovery from these entities directly.
The Company is also assessing the viability of seeking
recoveries directly from AHRA, Alvarium FM and AlTi
RE\u2019s insurers.
On 7 February 2024, the Company was notified by the
FCA of its commencement of an investigation into the
Company, covering the period from 22 September 2020
to 3 January 2023. The Directors are not able to assess
or quantify what if any action may be taken.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-229": { "value": "21. Contingent liabilities Harcus Parker, a law firm specialising in claimant group actions, is soliciting investors on a fully contingent basis (\u2018no win no fee\u2019) to join together in bringing claims against the following parties: \u2022 the Company; \u2022 the Directors Defendants (those directors who were in office when the Shares were suspended); \u2022 AHRA; \u2022 Alvarium FM; and \u2022 AlTi RE, the former principal of AHRA by way of an Appointed Representative Agreement. As of the date of this document, there has been no claim issued by Harcus Parker. Harcus Parker has sent a pre-action letter of claim (enclosing draft particulars of claim) to the Company and Director Defendants (along with the other defendant parties listed above) on behalf of a number of shareholders in the Company, which alleges that the Company and the Director Defendants provided information to investors which was false, untrue and/or misleading and as a result shareholders suffered losses. The Board is not currently able to conclude whether or when a formal claim may be issued and, if a claim is issued, what the quantum of such a claim may be. The Board has stated publicly that both the Company and the Director Defendants intend vigorously to defend the threatened claims. The Company and the Director Defendants sent a lengthy and detailed letter of response to Harcus Parker. On 5 March 2024, the Company announced that it intends to bring legal proceedings against those it considers are responsible for wrongdoing. It remains the Company\u2019s intention to pursue those whom it considers may be liable for the losses it has suffered, subject to a commercial assessment of the cost-benefit analysis. To that end, the Company sent pre-action letters of claim to Alvarium FM and AlTi RE on 12 April 2024, and AHRA on 29 May 2024. Both Alvarium FM and AlTi RE have been placed into administration and AHRA is in liquidation, which potentially complicates the ability of the Company to achieve financial recovery from these entities directly. The Company is also assessing the viability of seeking recoveries directly from AHRA, Alvarium FM and AlTi RE\u2019s insurers. On 7 February 2024, the Company was notified by the FCA of its commencement of an investigation into the Company, covering the period from 22 September 2020 to 3 January 2023. The Directors are not able to assess or quantify what if any action may be taken.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-220": { "value": "21. Contingent liabilities Harcus Parker, a law firm specialising in claimant group actions, is soliciting investors on a fully contingent basis (\u2018no win no fee\u2019) to join together in bringing claims against the following parties: \u2022 the Company; \u2022 the Directors Defendants (those directors who were in office when the Shares were suspended); \u2022 AHRA; \u2022 Alvarium FM; and \u2022 AlTi RE, the former principal of AHRA by way of an Appointed Representative Agreement. As of the date of this document, there has been no claim issued by Harcus Parker. Harcus Parker has sent a pre-action letter of claim (enclosing draft particulars of claim) to the Company and Director Defendants (along with the other defendant parties listed above) on behalf of a number of shareholders in the Company, which alleges that the Company and the Director Defendants provided information to investors which was false, untrue and/or misleading and as a result shareholders suffered losses. The Board is not currently able to conclude whether or when a formal claim may be issued and, if a claim is issued, what the quantum of such a claim may be. The Board has stated publicly that both the Company and the Director Defendants intend vigorously to defend the threatened claims. The Company and the Director Defendants sent a lengthy and detailed letter of response to Harcus Parker. On 5 March 2024, the Company announced that it intends to bring legal proceedings against those it considers are responsible for wrongdoing. It remains the Company\u2019s intention to pursue those whom it considers may be liable for the losses it has suffered, subject to a commercial assessment of the cost-benefit analysis. To that end, the Company sent pre-action letters of claim to Alvarium FM and AlTi RE on 12 April 2024, and AHRA on 29 May 2024. Both Alvarium FM and AlTi RE have been placed into administration and AHRA is in liquidation, which potentially complicates the ability of the Company to achieve financial recovery from these entities directly. The Company is also assessing the viability of seeking recoveries directly from AHRA, Alvarium FM and AlTi RE\u2019s insurers. On 7 February 2024, the Company was notified by the FCA of its commencement of an investigation into the Company, covering the period from 22 September 2020 to 3 January 2023. The Directors are not able to assess or quantify what if any action may be taken.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-194": { "value": "
22. Loss per Share
Loss per share per IFRS is calculated by dividing the loss attributable to ordinary equity holders of the Group by the
weighted average number of Shares in issue for the years ended 31 August 2025 and 2024. Amounts shown below
are both basic and diluted measures as there were no dilutive instruments in issue throughout the periods.
Year ended Year ended
31 August 2025 31 August 2024
Loss (\u00a3\u2019000)
(30,614)
(25,166)
Weighted average number of Shares in issue during year (\u2018000)
790,570
790,570
Loss per share (pence)
(3.87)
(3.18)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-195": { "value": "
23. Net asset value per Share
Net asset value per Share is calculated by dividing the consolidated net assets attributable to ordinary equity
holders of the Group by the number of Shares outstanding at the reporting date. Amounts shown below are
both basic and diluted measures as there were no dilutive instruments in issue throughout the current or
comparative periods.
As at As at
31 August 2025 31 August 2024
NAV (\u00a3\u2019000)
161,088
191,702
Number of Shares (\u2018000)
790,570
790,570
NAV per Share
20.38p
24.25p
", "dimensions": { "concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-196": { "value": "
24. Segmental information
Operating segments are identified on the basis of internal financial reports regarding components of the Group
that are regularly reviewed by the chief operating decision maker (which in the Group\u2019s case is the Board) in order to
allocate resources to the segments and to assess their performance.
The internal financial reports contain financial information at a Group level as a whole and there are no reconciling
items between the results contained in these reports and the amounts reported in the consolidated financial
statements.
The Group\u2019s property portfolio comprises investment property. The Board considers that all the properties have
similar economic characteristics. Therefore, in the view of the Board, there is one reportable segment.
All of the Group\u2019s properties are based in the UK and as such no geographical grouping is considered appropriate
for segmental analysis.
During the year the Group had three tenants, which were considered to be significant tenants contributing more
than 10% of the Group\u2019s contractual annualised August 2025 rents. The following presents major customers on
the rent roll as at the balance sheet date, which excludes tenants associated with properties that have been sold or
surrendered back to the Group.
As at 31 August 2025
As at 31 August 2024
% of total
\u00a3\u2019000
% of total
\u00a3\u2019000
Mears Limited
35.6%
2,400
15.0%
1,900
One CIC
20.0%
1,300
32.2%
4,100
Lifeline (NW)\ue003CIC
16.4%
1,100
0.0%
\u2013
LTG VISION CIC
0.0%
\u2013
15.6%
2,000
Other tenants (each\ue003less\ue003than 10%)
28.0%
1,800
37.2%
4,700
Contracted annual passing rent
100%
6,600
100%
12,700
25. Consolidated entities
The Company owns 100% of the equity shares of all subsidiaries listed below and has the power to appoint
and remove the board of directors of those subsidiaries. The relevant activities of the below subsidiaries are
determined by the respective directors based on simple majority votes. Therefore, the Board has concluded that
the Company has control over all these entities and all these entities have been consolidated within this set of
financial statements.
Name of entity
Principal activity
Country of incorporation
Ownership
Home Holdings 1 Limited
Property investment
UK
100%
Home Holdings 2 Limited
Property investment
UK
100%
Home Holdings 3 Limited
Property investment
UK
100%
Home Holdings 4 Limited
Property investment
UK
100%
The registered office of the Company and its subsidiaries is 4
th
Floor, 140 Aldergate Street, London EC1A 4HY
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-221": { "value": "25. Consolidated entities The Company owns 100% of the equity shares of all subsidiaries listed below and has the power to appoint and remove the board of directors of those subsidiaries. The relevant activities of the below subsidiaries are determined by the respective directors based on simple majority votes. Therefore, the Board has concluded that the Company has control over all these entities and all these entities have been consolidated within this set of financial statements.
Name of entity
Principal activity
Country of incorporation
Ownership
Home Holdings 1 Limited
Property investment
UK
100%
Home Holdings 2 Limited
Property investment
UK
100%
Home Holdings 3 Limited
Property investment
UK
100%
Home Holdings 4 Limited
Property investment
UK
100%
The registered office of the Company and its subsidiaries is 4 th Floor, 140 Aldergate Street, London EC1A 4HY", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-197": { "value": "
26. Post balance sheet events
Disposals
From 1 September 2025 to [XX] February 2026, the
Group exchanged on the sale of three properties for
gross sales proceeds of \u00a3270,000. Properties exchanged
since 31 August 2025 were presented in the Consolidated
Statement of Financial Position as at 31 August 2025
at \u00a3270,000.
Restricted cash
Of the retentions held by solicitors at 31 August 2025,
\u00a3165,000 has been released to the Company, and
\u00a340,000 has been released to the Vendor or the Crown
as appropriate. There are no further retentions held by
solicitors as at [XX] February 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-198": { "value": "
27. Controlling parties
There is no ultimate controlling party of the Group.
", "dimensions": { "concept": "homereitplc:DisclosureOfControllingParties", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } }, "fact-164": { "value": "4th Floor 140 Aldersgate Street London EC1A 4HY", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800A53AOVH3FCGG44", "period": "2024-09-01T00:00:00/2025-09-01T00:00:00" } } } }