Home REIT plc
Annual Report — For the year ended 31 August 2023
Home REIT plc Annual Report — For the year ended 31 August 2023

Home REIT plc (“the Company”) and its subsidiaries
(together the “Group”)
The board of non-executive directors of Home REIT plc (ticker: HOME)
(the “Board” or the “Directors”) reports its annual results for the year
ended 31 August 2023 (“FY23”).
The Group had the investment objective in the period to seek to
contribute responsibly to the alleviation of homelessness in the
UK, deliver tangible social impact. This was to be achieved through
targeting inflation-protected income and capital returns, by funding
the acquisition and creation of a diversified portfolio of high-quality,
well-located accommodation across the UK. On 21 August 2023, the
Amended Investment Policy (defined as the investment policy approved
by shareholders on 21 August 2023) was approved by shareholder
resolution, which is summarised on page 33. On 16 September 2024,
shareholders approved the New Investment Policy for the Managed
Wind-Down of the Group. The Group, a real estate investment trust
(“REIT”), is listed on the Official List of the Financial Conduct Authority
and was admitted to trading on the premium segment of the main
market of the London Stock Exchange on 12 October 2020. As the
Group did not publish its annual financial report for the year ended 31
August 2022 (“FY22”) within four months of the end of its financial year
(as required by the Financial Conduct Authority’s Disclosure Guidance
and Transparency Rule 4.1.3) the listing of the Company’s ordinary
shares (each a “Share” and together, the “Shares”) was suspended on
3January 2023. The FY22 accounts were approved on 10 October 2024.
As non-executive directors, the Board relies upon information reported
to it by the investment adviser, alternative investment fund manager
(“AIFM”) and other external parties including information regarding
the quality of the Group’s assets and tenants. During the period
and subsequently, material information has come to light which is in
contradiction to the reporting previously provided to the Board at the
time. The Directors have provided as much detail as they are able to
within this Annual Report in order to provide a true and fair view of the
financial statements, however in preparing the financial statements
a number of judgements/assumptions have had to be made by the
Directors, the details of which are included in Note 3 to the Group’s
consolidated financial statements (the “Consolidated Financial
Statements”).
The Company intends to bring legal proceedings against those parties
it considers are responsible for wrongdoing. The Company has issued
a pre-action letter of claim to Alvarium Home REIT Advisors Limited
(“AHRA” or “Investment Adviser”) (in liquidation), its former investment
adviser. Shortly before issuance of the pre-action letter of claim, the
Company was made aware that AHRA had appointed joint liquidators for
the purpose of winding up the company. Notwithstanding this event, it
remains important that all means of potential financial recovery are fully
considered and that any wrongdoing is thoroughly investigated. The
Company has also issued pre-action letters of claim to Alvarium Fund
Managers (UK) Limited (its former AIFM) (“Alvarium FM”) and AlTi RE
Limited (“AlTi RE”), AHRA’s former principal by virtue of an Authorised
Representative Agreement. The Board cannot comment any further
at this stage, as to do so may prejudice the Company’s position in any
potential proceedings. Any relevant announcements in this regard will
be made to the market at the appropriate time.
Contents
Overview
1 Introduction and highlights
2 Financial overview
3 Portfolio and operating overview
Strategic report
7 Chair’s statement
15 Management report
25 ESG report
28 Key performance indicators
29 Strategic overview
34 Principal risks and uncertainties
42 Going concern and viability statement
Governance
44 The Board
46 Directors’ report
51 Corporate governance statement
56 Report of the Audit Committee
65 Report of the Management
Engagement Committee
68 Report of the Nomination Committee
72 Directors’ remuneration report
76 Statement of Directors’ responsibilities
77 Independent Auditor’s report
Financial statements
99 Consolidated Statement of
Comprehensive Income
100 Consolidated Statement of Financial Position
101 Consolidated Statement of Changes
in Shareholders’ Equity
102 Consolidated Statement of Cash Flow
103 Notes to the Consolidated Financial Statements
129 Company Statement of Financial Position
130 Company Statement of Changes
in Shareholders’ Equity
131 Notes to the Company Financial Statements
Additional information
138 Appendix 1 – Key Regulatory News
Services Announcements 1 September
2022 to 13 January 2025
144 Appendix 2 – Governance and Internal Control
147 Glossary
152 Company information
Overview

 HomeREITplc | AnnualReport | Fortheyearended31August2023 1
ThisAnnualReportcoverstheresultsfortheyear
ended31August2023(“FY23”)andthebelowsetsout
thebackgroundthatisrelevantforshareholdersto
reviewsincetheyearended31August2022(“FY22”).
TheseFY23AnnualReportandAccountshave
beendelayedasaresultofthetimeandeffortin
investigatingandresolvingtheissuesdiscussedin
theFY22AnnualReportandAccounts.TheFY22
auditedaccountshadinitiallybeendelayed,following
thepublicationofareportandallegationsfromthird
parties,toallowtheGroup’sauditor,BDOLLP(“BDO”)
toundertakeanenhancedsetofauditprocedures
inrespectofFY22,andfortheBoardtoinstruct
Alvarez&MarsalDisputesandInvestigations,LLP
(“A&M”)toconductaninvestigationintoallegations
ofwrongdoing.Withoutwaiveroflegalprivilege,the
keyfindingsofthisreport,includingthearrangements
forrefurbishmentofproperties,settlementofrent
arrearsandarrangementswithtenantswhichhadnot
beenbroughttotheBoard’sattentionbyAHRA,(in
additiontochallengesraisedbyBDO)causedtheBoard
toreviewtheaccountingtreatmentforacquisitions
andrevenuerecognitionanddeterminethatrevised
accountingpolicieswererequiredtoappropriately
accountforthesubstanceofhistoricalacquisitions
andleasecontracts(refertoNotes2and3tothe
ConsolidatedFinancialStatements).
TheBoarddetermineditwasnecessarytoapplythe
revisedaccountingpoliciesbacktoinception;review
allhistoricalacquisitionandleasedocumentation;
instructthirdpartiestoundertakeaninternal
inspectionprogrammetodeterminetheconditionof
theproperties;andappointJonesLangLaSalleLimited
(“JLL”)toundertakevaluationsoftheentireportfolio,
onthebasisoffairvalueasat31August2022and
subsequentperiods.
AsummaryofkeyeventsfromRegulatoryNews
Services(“RNS”)announcementsisincludedin
Appendix1.ThereisaGlossaryofDefinedTermson
pages147to151.
Duringtheperiod,therewasachangetothe
investmentmanagementoftheGroup:
• AHRAwastheappointedInvestmentAdviseruntil
30June2023andAlvariumFMwastheappointed
AIFMuntil21August2023.
• On22May2023theBoardofHomeREITplc
appointedAEWUKInvestmentManagementLLP
(“AEW”orthe“InvestmentManager”)toprovide
propertyadvisoryservicesandannounceditsintent
toengageAEWasInvestmentManagerandAIFM
afterreceiptofFCAandshareholderapprovalof
theAmendedInvestmentPolicy.On21August2023
shareholdersapprovedtheAmendedInvestment
PolicyandtheBoardappointedAEWasInvestment
ManagerandAIFM.
• AEWisnotresponsibleforthehistorical
performanceoftheGrouppriorto21August2023.
AEW’sroleasInvestmentManageristomanagethe
Groupinaccordancewiththeapplicableinvestment
policy.TheAmendedInvestmentPolicy,effective
from21August2023,hadtheinvestmentobjective
ofstabilisingtheGroup’sfinancialconditionthrough
initiativestomaximiseincomeandcapitalreturns
byinvestinginaportfolioofUKresidentialreal
estate.TheNewInvestmentPolicyeffectivefrom
16September2024hastheinvestmentobjective
torealiseallexistinginvestmentsintheGroup’s
portfolioinanorderlymanner,withaviewto
ultimatelyreturningavailablecashtoshareholders,
followingtherepaymentoftheGroup’sborrowings.
FulldetailsoftheNewInvestmentPolicyareon
pages29and30.
Overview
Introduction and Highlights

2 HomeREITplc | AnnualReport | Fortheyearended31August2023
• TheGroupacquired234investmentpropertiesfor
£104.1million(includingpurchasecosts)duringthe
year(2022:1,528for£597.4million),increasingthe
Group’sportfolioto2,473propertiesintotal.
• Theportfoliowasindependentlyvaluedat£412.7
millionasat31August2023(2022:£414.3million).
Thepropertieshavebeenvaluedonanindividual
basis.Noportfoliopremiumhasbeenapplied.
• Decreaseinfairvalueofpropertiesof£71.4million
to£412.7million,whichrepresents40.7%ofthe
historicalacquisitioncostsof£1,014.3million
(includingpurchasecosts)(2022:decreaseof
£452.9millionto£414.3million,whichrepresents
49.8%ofthehistoricalacquisitioncostsof
£910.2million).
• 88.3%oftheportfolio(bynumberofproperties,
88.3%byvalue)(2022:39.1%bynumberof
properties,46.3%byvalue)wasvaluedonavacant
possessionbasis(“MV-VP”).JLLvaluedproperties
onaMV-VPbasiswhenatenantwasjudgedtobe
inpoorfinancialconditionorworseorwhenthe
propertyconditionwasjudgedtobeverypoor
orworse.
• TheGrouprepaid£30millionduringtheyear,
reducingtotalborrowingto£220million.This
comprisedofa12-yeardebtfacilityof£120million
anall-infixedrateof2.07%andafurther15-year
debtfacilityof£100millionwithanall-infixedrate
of2.53%perannum.
• 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repaymentoftheloan.
• TheLoan-to-Valueratio(“LTV”)asat
31August2023was53.3%(2022:60.3%(excluding
cashheldinescrowpendingdeliveryofsecurity
acceptabletotheLender))comparedtotheGroup’s
borrowingpolicycapof35%andloancovenants
of50%.
• TheGroupheldunrestrictedcashbalancestotalling
£0.8millionattheyearend(2022:£74.5million).
• Lossbeforetaxfortheyearof£118.2million
(2022:£474.8million).
• NodividendswerepaidinrespectofFY23
(2022:5.50penceperShare).
• A37.3%decreaseinnetassetvalue(“NAV”)
perShareto27.43penceasat31August2023
(2022:57.5%decreaseto43.76pence),primarily
resultingfrom:i)thedecreaseinthefairvalueof
investmentpropertyreflectingthere-assessment
oftenantcovenantstrengthandconditionofthe
assetspurchasedduringFY23;ii)theprovisionfor
doubtfuldebts;iii)thewrite-offofleaserelated
assets;iv)write-offofSeller’sWorks;v)gainon
revaluationofbankborrowingsandvi)dividends.
Overview
Financial overview

 HomeREITplc | AnnualReport | Fortheyearended31August2023 3
• 2,473propertiesasat31August2023
(31August2022:2,239properties).
• TheGroupexchangedonthesaleof41properties
for£4.8millionon4August2023.Nosaleshad
completedasat31August2023.
• Theconditionofthepropertiesheldasat
31August2023havebeenassessedbyJLLorby
otherpartiesengagedbytheGroupsuchasVibrant
EnergyMattersLtd(‘Vibrant”)whosereportswere
madeavailabletoJLL.Ofthe2,473properties82.2%
wereinspectedinternally(fromAugust2023toMay
2024)andthesehavebeenassessedas0.1%very
good,9.3%good,64.1%fair,19.6%poorand6.9%
verypoor.Ofthosepropertiesnotinspected,72%
havebeensoldsubsequentto31August2023.
• 8.0%ofpropertiesweredeemedunhabitableasat
31August2023(31August2022:7.7%)whichincludes
thepropertiesdeemedasverypoorfollowingthird
partyinspectionsaswellaspropertiesdeemed
uninhabitablebasedoninformationprovidedby
tenantsandAEW’sassetmanagementteam.
• TheGroup’sportfoliowasletto29different
registeredcharities,communityinterest
companiesandotherregulatedorganisations.
Asat31August2023,theDirectorsconsider
that28ofthesetenantstobeofweakcovenant
strength,withthreetenantsinadministration
(31August2022:16ofthese29tenantsare
consideredtobeofweakcovenantstrength,
withonetenantinadministration).
• Ofthe£50.8milliontradedebtorsoutstandingasat
31August2023,£50.7millionwasfullyprovidedfor
(2022:£7.8millionand£1.9millionrespectively).
Dividends
On12December2022,theCompanydeclaredan
interimdividendof1.38pencepershareinrespectof
theperiodfrom1June2022to31August2022,which
waspaidon20January2023toshareholdersonthe
registerasat22December2022.Thisdividendwaspaid
asapropertyincomedistribution(“PID”).
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.
InvestmentAdviser,InvestmentManagerandAIFM
On4January2023,theCompanyannouncedthat
AlvariumRELimited(nowcalledAlTiRELimited)had
solditswhollyownedsubsidiary,AHRA,toAHRA’s
managementinexchangeforapromissorynotewhich
waseffectiveon30December2022.
On15March2023,theCompanyagreedwithAHRAto
terminatetheInvestmentAdvisoryAgreementdated
22September2020(the“IAA”)(whichgovernedthe
relationshipbetweentheCompanyandAHRA)with
effectfrom30June2023.
On22May2023,theCompanyappointedAEWto
providepropertyadvisoryservicesandannounced
itsintenttoengageAEWasInvestmentManagerand
AIFMafterreceiptofFinancialConductAuthority
(“FCA”)andshareholderapprovalforanamended
investmentpolicy.
On21August2023,theCompanyterminatedthe
InvestmentManagementAgreement(the“IMA”)(which
governedtherelationshipbetweentheCompany
andAlvariumFM)andAlvariumFMceasedtoactas
AIFMfollowingshareholderapprovaloftheAmended
InvestmentPolicy.ThesamedaytheCompanyformally
appointedAEWasInvestmentManagerandAIFM.
Overview
Portfolio and operating overview

4 HomeREITplc | AnnualReport | Fortheyearended31August2023
OtherAdviserUpdates
On29October2022,theCompanyappointedJefferies
InternationalLimitedasjointbroker.Theagreement
withJefferiesInternationalLimitedwasterminated
on1February2023.Asdescribedmorefullyin
Note18totheConsolidatedFinancialStatements,
AlvariumSecuritiesresignedascorporatebrokeron
8February2023.
On5July2023,theCompanyappointedLiberum
CapitalLimited(“Liberum”)(nowPanmureLiberum
CapitalLimited)asCapitalMarketsAdviserduringthe
periodinwhichtheCompany’ssharesaresuspended
fromtradingandwillactastheCorporateBroker
totheCompanycommencingonthedateatwhich
theCompany’sSharesarere-admittedtolisting
onthepremiumlistingsegmentoftheOfficialList
andtotradingonthemainmarketoftheLondon
StockExchange.
On13February2023,theCompanyappointedSmith
SquarePartnersLLP(“SSP”)asfinancialadviserand
therelationshipwasterminatedon24August2023with
effectfrom24November2023.
On18January2023,theCompanyannouncedthat
AHRAhadengagedsectorspecialist,SimpactGroup,
toperformadetailedreviewoftheGroup’sportfolio
andtomonitorandassistwithmanagingtheGroup’s
tenants,includingrentcollectionandrecoveryof
arrears.Thecontractwassubsequentlyassignedtothe
Companyfrom1July2023andtheengagementwas
terminatedwitheffectfrom31October2023.
Tenantmattersandleaseamendments
On29September2022,AHRAenteredintodeedsof
variationonbehalfoftheGroupwithN-TrustHomes
CICandSelectSocialHousingCIC(bothwithoutBoard
knowledge)suchthatallleaseswithbothtenants
receivedarent-freeperiodwithretroactiveeffect
from1March2022andextendingeighteenmonths
to31August2023inexchangeforchangingthelease
extensionagreementfromfiveyearstotenyears.
On4October2022,AHRAenteredintoadeedof
variationonbehalfoftheGroupwithICDEHomes
CIC(withoutBoardknowledge)suchthatallleases
withICDEHomesCICreceivedarent-freeperiodwith
retroactiveeffectfrom1March2022andextending
eighteenmonthsto31August2023inexchangefor
changingtheleaseextensionagreementfromfive
yearstotenyears.
ViceroyResearchReportandSubsequent
AppointmentofA&M
On23November2022,theCompanyacknowledged
thatViceroyResearchLLP(“ViceroyResearch”)had
issuedashort-sellerreportdated23November2022
(the“ViceroyResearchReport”).On30November2022,
theCompanypublishedadetailedrebuttal,whichwas
supportedbyafullverificationprocessconducted
byStephensonHarwoodLLP,theCompany’s
primarylegaladvisersatthetime,basedonformal
representationsfromAHRAandAlvariumFM.Alsoon
30November2022,ViceroyResearchissuedaresponse
totherebuttal.
InlateDecember2022,theBoardreceivedinformation
whichresultedintheBoardconsideringitappropriate
toinstructA&Mtoconductaninvestigationinto
allegationsofwrongdoing,includingmattersraisedin
theViceroyResearchReportandtheresponsethereto
issuedbytheCompany.On5May2023,A&Mdelivered
totheCompanyadetailedreport.Withoutwaiverof
privilege,thekeyfindingsofthereportwere:
• arrangementswiththeGroup’scorporatetenants
andvendorsrelatingtothecostofrefurbishment
ofpropertieswerenotbroughttotheattentionof
theBoardbyAHRA,sothattheBoardwasunableto
considerwhetherareleaseofavendor’sliabilities
forrefurbishmentofpropertieswasappropriate.
Thesearrangementsincludedarepresentativeof
AHRA,withouttheknowledgeorauthorityofthe
Board,enteringintoasettlementagreementon
8December2022betweentheGroupandvarious
propertyvendors(the“Aggregators”)wherebythe
Companywouldpay£0.7millionandpurportedly
waiveanyrefurbishmentclaimsagainstthe
Aggregatorsinrelationto488propertiesheldbythe
Group;
• theBoardhadnotapprovedorbeenprovidedwith
informationregardingalternativearrangements
tosettleoutstandingrentarrears(asdiscussed
inNotes4and10totheConsolidatedFinancial
Statements);
• therewaslimitedevidenceofdetailedongoing
monitoringoftenantsbeingundertakenbyAHRA;
• AHRAprovidedinaccurateinformationabout
occupancyratestoTheGoodEconomyPartnership
Limited(“TheGoodEconomy”),whohadbeen
commissionedbytheCompanytoproducean
independentreportontheGroup’sperformance
andsocialimpactonanannualbasis;
• certainconnectionsbetweentenantsexistedthat
werenotdisclosedtotheBoard;and
• thereexistedcertainundisclosedpotentialoutside
businessinterestsandundeclaredpotential
conflictsofinterestbetweencertainpersons
associatedwithAHRAandthirdparties.
Overview
Portfolio and operating overview—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2023 5
Post year end highlights
DirectorChanges
On18January2024,theCompanyannouncedthe
appointmentofMichaelO’Donnellasanindependent
non-executivedirectorsucceedingLynne
Fennahasindependentnon-executivechairwith
immediateeffect.
On2April2024,theCompanyannouncedthe
appointmentofPeterWilliamsasseniorindependent
non-executivedirectorwithimmediateeffectand
ManagementEngagementCommitteeChairelect.
On7June2024,theCompanyannouncedthe
appointmentofRodDayasanindependentnon-
executivedirectorwithimmediateeffectandAudit
CommitteeChairelect.
Disposals
From4August2023to13January2025,theGroup
exchangedonthesaleof1,622propertiesforgross
salesproceedsof£244.1million,ofwhich1,606
propertieshadcompletedwithgrosssalesproceeds
of£239.8million.Propertiesexchangedwere
presentedontheConsolidatedStatementofFinancial
Positionat31August2023at£248.8million.Ofthe
proceedsreceivedoncompletions,£182.7millionwas
appliedagainsttheoutstandingloanbalances.Asof
13January2025,16propertieshaveexchangedbutnot
completedwithatotalgrosssalesvalueof£4.3million.
Restrictedcash
Ofthecashheldinlockboxaccountsasat
31August2023,thefull£8.9millionappliedagainst
outstandingborrowingsinDecember2023.
Ofthecashretentionsheldbysolicitorsasat
31August2023,£3.3millionhasbeenreleasedto
theGroup,£0.7millionhasbeenreleasedtovendors
and£0.6millionisstillheldwithsolicitorsasat
31December2024.
Debt
On4December2023ScottishWidowsimposeda
furtherDeferredFeeeffectivefrom30November2023
beingtheequivalentof5.0%perannumonthe
aggregateamountsoutstandingonthetwoloans
ascomputedonadailybasis,payableattheearlier
of28June2024orthefullandfinalrepaymentofthe
loans.On2July2024,theDeferredFeewasincreased
from5%to7%witheffectfrom1July2024untilthefull
repaymentoftheloan.
On27November2024,theGroupmadeitsfinal
paymentontheloansoutstandingtoScottish
Widowsandon16December2024theGrouppaidthe
outstandingDeferredFeeof£9.0million.
Tenantmattersandleaseamendments
Since31August2023,furthertenantshavesurrendered
leasesorgoneintocreditorsvoluntaryliquidation.
Ofleasesassociatedwiththetenantsinplace
onthe2,473propertiesownedbytheGroupon
31August2023,52arestillinplace,371propertieshave
beenturnedovertoapropertymanagerresultinginthe
Grouphavingdirectleaseswiththeoccupants,447are
re-tenanted,and1,603havebeensold.
PotentialLitigation/FCAInvestigation
Apre-actionletterofclaimhasbeensenttothe
CompanybyHarcusParkerLimited(“HarcusParker”)
onbehalfofcertainshareholdersoftheCompany.
On5March2024,theCompanyannouncedthatit
intendstobringlegalproceedingsagainstthose
partiesitconsidersareresponsibleforwrongdoing.
On12April2024,theCompanyissuedpre-action
lettersofclaimtoAlvariumFMandAlTiRE.On
29May2024,theCompanyissuedapre-actionletter
ofclaimtoAHRA.
On12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.
Alternative performance measures
TheGrouppresentedvariousEuropeanPublic
RealEstateAssociation(“EPRA”)Performance
MeasuresandotherKeyPerformanceIndicators
intheManagementReportfortheperiodended
31August2021.Giventhesignificantnumberand
quantumofnon-recurringadjustmentsrecordedin
the2022and2023financialstatements,theBoard
concludedthatsuchperformancemeasurements
wouldnotbenefittheuserofthesefinancial
statementsandaccordingly,isnotpresentinganyEPRA
PerformanceMeasuresintheseReportandAccounts.
Overview
Portfolio and operating overview—continued

6 HomeREITplc | AnnualReport | Fortheyearended31August2023
Strategic report
7 Chair’sstatement
15 Managementreport
25 ESGreport
28 Keyperformanceindicators
29 Strategicoverview
34 Principalrisksanduncertainties
42 Goingconcernandviabilitystatement

 HomeREITplc | AnnualReport | Fortheyearended31August2023 7
Dearshareholder,
Aspreviouslyannounced,theGrouphasfaced
unprecedentedchallengesduringtheperiodandpost
periodendincluding:
• investigationsintoallegationsofwrongdoing;
• substantialtenantarrears;
• tenantliquidations;
• theterminationofAHRAastheInvestmentAdviser
andAlvariumFMastheAIFM;
• suspensionofitsshares;
• apotentialgroupactionagainsttheCompany
andthedirectorsatthetimethattheshareswere
suspended;
• appointmentofanewvaluer;
• acomprehensiveinspectionprogramme;
• thecommencementofanFCAinvestigationintothe
Company;
• ademandbytheGroup’sLender,ScottishWidows,
fortherepaymentofitsloans;and
• substantialdelaystothepublicationoftheGroup’s
AnnualReportforFY22.
TheFY22accountswereapprovedon10October2024.
Withthedeteriorationintenantcovenantstrengths
andsubstantialtenantarrearsduringFY23,significant
lossesandafurtherdecreaseofNAVhaveoccurred
duringtheperiod.
InsimilarformattoFY22accounts,Ihavesetoutbelow
statementsoffact,withoutwaiveroflegalprivilege,
andalthoughthisprovidesatrueandfairviewof
thestateoftheCompanyandGroup,Iamunableto
elaboratewithfurtherdetailsastodosomayprejudice
theCompany’spositioninanypotentialproceedings.
Legalprivilegeincludesconfidentialdocumentsand
communicationsbetweenlawyers,clients,and/orthird
parties,whichcomeintoexistenceforthedominant
purposeofbeingusedinconnectionwithactualor
pendinglitigationorforthedominantpurposeof
seekinglegaladvice.Legalprivilegecreatesanabsolute
righttoprotectandwithholdinspectionofsuch
documentsandcommunications.
Corporate Governance
TheCompanyisanexternallymanagedREITandhas
noemployeesandonlynon-executivedirectors.The
non-executiveBoardisresponsibleforleadingand
controllingtheGroupandhasoverallauthorityforthe
managementandconductoftheGroup’sbusiness,
strategyanddevelopment.Inordertofulfilthese
obligations,theBoardappointedAlvariumFMand
AHRAtoprovide(amongstotherthings)investment
managementandadvisoryservices.
TheBoardhassubstantialrealestate,financial
andcommercialexperienceandhasestablished
appropriatecommittees(includingAuditCommittee
andManagementEngagementCommittee),which
meetonaregularbasis.FurtherdetailontheGroup’s
governanceisprovidedintheCorporateGovernance
Statementonpages51to55andinAppendix2.
The AIFM and the Investment Adviser
AlvariumFMwastheAIFMduringtheperioduntil
21August2023,bywayoftheIMA.AlvariumFMwas
responsible,interalia,formanagingtheassetsofthe
GroupinaccordancewiththeOriginalInvestment
PolicyandforensuringthattheCompanycomplied
withitsOriginalInvestmentPolicy.TheCompanyand
theAlvariumFMappointedtheInvestmentAdviser,
AHRA,bywayoftheIAA,until30June2023,toprovide
certainservicesinrelationtotheGroup,including
sourcingandadvisingoninvestmentsforacquisition,
duediligenceinrelationtoproposedinvestmentsand
on-goingtenantandpropertymonitoring.
InJanuary2023,theBoardinstructedA&Mtoconduct
aninvestigationintoallegationsofwrongdoing,
includingmattersraisedintheViceroyResearch
Report.On5May2023,A&MdeliveredtotheCompany
adetailedreport.Withoutwaiverofprivilege,thekey
findingsofthisreportwere:
• arrangementswiththeGroup’scorporatetenants
andvendorsrelatingtothecostofrefurbishment
ofpropertieswerenotbroughttotheattentionof
theBoardbyAHRA,sothattheBoardwasunableto
considerwhetherareleaseofavendor’sliabilities
forrefurbishmentofpropertieswasappropriate.
ThisincludedarepresentativeofAHRA,without
theknowledgeorauthorityoftheBoard,entering
intoasettlementagreementon8December2022
betweentheGroupandtheAggregatorswhereby
theGroupwouldpay£0.7millionandpurportedly
waiveanyrefurbishmentclaimsagainstthe
Aggregatorsinrelationto488properties.
• theBoardhadnotapproved,orbeenprovidedwith
informationregardingalternativearrangementsto
settleoutstandingrentarrears;
Strategic report
Chair’s statement

8 HomeREITplc | AnnualReport | Fortheyearended31August2023
• therewaslimitedevidenceofdetailedongoing
monitoringoftenantsbeingundertakenbyAHRA;
• AHRAprovidedinaccurateinformationabout
occupancyratestoTheGoodEconomy;
• certainconnectionsbetweentenantsexistedthat
werenotdisclosedtotheBoard;and
• undisclosedpotentialoutsidebusinessinterests,
andundeclaredpotentialconflictsofinterestas
betweencertainpersonsassociatedwithAHRAand
thirdparties.
Duetoinformationthatcametolightwhichwasin
contradictiontoreportingpreviouslyprovidedtothe
BoardbyAHRAandAlvariumFM,togetherwithlowrent
collectionandfurtherevidenceofmaterialinformation
beingwithheldfromtheBoard,on15March2023,the
BoardagreedwithAHRAbywayofletterofagreement
thattheCompanywasentitledtoterminatetheIAA
onorbefore30June2023.On30June2023,theIAA
wasterminated.On25May2023,theCompanyand
AlvariumFMagreedbywayofvariationagreement,
asfurthervariedon18July2023,thattheIMAwould
bevariedtoallowforterminationimmediatelyupon
theCompanygivingnoticeinwritingtoAlvarium
FM,providedsuchnoticewasgivenbynotlaterthan
31August2023,oruponeitherpartygivingnotless
thansixmonths’noticeinwriting.On21August2023,
theCompanyterminatedtheIMA.
ContrarytoAHRA’sreportingtotheBoardat
acquisitionanduptothepointofAHRA’stermination,
investigationsbyAEWhavedeterminedthefollowing:
• mostofthepropertiesacquiredwerenothigh-
qualityaccommodationandmostwereacquired
subjecttoSeller’sWorksobligations.Postperiod
end,JLL,basedonitsowninspectionsandthework
ofVibrantandothers,hasassessedthecondition
of90.6%ofpropertiesasfairorworse(ofthose
propertieswhichwereinternallyinspected);
• noreliabledataexistedformonitoringunderlying
occupancy.AsatthedateofinspectionbyVibrant
(fromAugust2023toMay2024),ofthe2,473
propertiesownedat31August2023,49.8%were
consideredoccupied,14.2%wereconsidered
unoccupied,18.2%wereinspectedbyafirmother
thanVibrant(whomadenocommentonoccupation)
and17.8%remainuninspected(ofwhich72.3%have
beensoldsubsequenttoyear-end);
• nodataexistedfordeterminingthemonitoringof
accommodationbackedbyexemptrentfromlocal
authorities;and
• themajorityoftenantswerepoorlycapitalised
andlackedlong-termoperatingtrackrecords,
orthebenefitoflocalauthoritysupport.Insome
instances,forexamplesinglefamilyhomes,the
rentburdenundertheoriginalleasewasconsidered
unsustainablebasedonthelocation,lay-out,use
andconditionoftheproperty.
TheCompanyhasnowissuedapre-actionletterof
claimtoitsformerInvestmentAdviser,AHRA.Shortly
beforeissuanceofthepre-actionletterofclaim,the
CompanywasmadeawarethatAHRAhadappointed
jointliquidatorsforthepurposeofwindingupthe
company.Notwithstandingthisevent,itremains
importantthatallmeansofpotentialfinancialrecovery
arefullyconsideredandthatanywrongdoingis
thoroughlyinvestigated.TheCompanyhasalsoissued
pre-actionlettersofclaimtoAlvariumFM(itsformer
AIFM)andAlTiRE.TheBoardcannotcommentany
furtheratthisstage,astodosomayprejudicethe
Company’spositioninanypotentialproceedings.
The Investment Manager
Followingarigorousselectionprocess,theBoard
appointedtheAEWasPropertyAdviseron22May2023
andasInvestmentManageron21August2023
followingshareholderapprovaloftheAmended
InvestmentPolicy.
AmendedInvestmentPolicyandStabilisationperiod
TheAmendedInvestmentPolicychanges,effective
from21August2023,aimedtoensuretheGroupwas
abletocontinuetooperateinthesectorandpreserve
itslonger-termsocialobjectiveofhelpingtoalleviate
homelessnessintheUK.Theprincipalchangeswere:
• providingtheflexibilitytostabilisetheGroup’s
financialposition,withafocusonmaximising
incomeandcapitalreturnsfromtheexisting
portfolioofassets;
• allowingtheflexibilitytoexploredemandforall
residentialusesintheStabilisationPeriod(defined
astheperiodpertheAmendedInvestmentPolicy,
beginningfrom21August2023andendingon
21August2025,orsuchlaterdate(notbeinglater
than21August2026)approvedbytheBoard,during
whichtheCompanywouldhavetheobjectiveof
stabilisingtheGroup’sfinancialconditionthrough
initiativestomaximiseincomeandcapitalreturnsby
investinginaportfolioofUKresidentialrealestate
andfromotherSocialUseoccupiergroups;and
• aligningtheAmendedInvestmentPolicywiththe
demandsandneedsoftheunderlyingoccupants
togetherwithLocalAuthorities,Charities,
RegisteredProvidersandHousingAssociations,
particularlyinrespectofleaseterms.
Strategic report
Chair’s statement—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2023 9
Post Balance Sheet Activities and Findings Impacting
Reporting Annual Results
Thefollowingisahigh-levelsummaryofsignificant
mattersimpactingfinancialresultswithfurtherdetail
providedintheManagementReport.
Accountingpolicies
Asaconsequenceofinformationthatcametolight
duringtheperiod,theBoardreviseditsaccounting
policiesaspartofthepreparationoftheFY22financial
statementsinrespectofthetreatmentofacquisition
ofinvestmentproperties,rentalpropertyincome
andleaseinducements.Therevisedaccounting
policieswerearesultofareviewofallhistorical
acquisitionagreements(eachan“SPA”),assessment
ofacquisitionsurveyorreports,verificationagainst
thecurrentpropertyinspectionprogrammeand
reviewoftherelationshipbetweenvendorandtenants.
TheaccountingpoliciesaredetailedinNote2tothe
ConsolidatedFinancialStatementswithNote3tothe
ConsolidatedFinancialStatementsprovidingfurther
detailonthesignificantaccountingjudgementsbased
oninformationavailabletotheGroup.
Qualityoftenants
InlinewiththeOriginalInvestmentPolicy,the
Grouphadintendedtoacquireassetsletorpre-let
totenantswithrobustfinancialsandaprovenlong-
termtrackrecordoperatingacrossadiverserange
ofhomelesssubsectorsandlocations.Following
furtherinvestigationbytheBoardandAEW,ithasbeen
determinedthatthemajorityoftenantshadlimited
experience,lackedlong-termoperatingtrackrecords
andwerenotfinanciallyrobust.Theywereoperating
assets,manyofwhichwereofaconditionwhichmeant
theycouldnotachieveapprovaltoobtainexempt
rents,andthismadepayingrentverydifficultwithout
support.TheCompanyandtheDirectorswerenot
aware,andindeedhadnotbeeninformed,ofthisatthe
relevanttime.TheBoardunderstoodatthetimethat
AHRAhadcloselinkstothelocalauthoritiesandithas
sincebecomeapparentthatthiswasnotthecase.
Subsequentto31August2023,ninetenantsentered
intoadministration,whichtogetherwiththreetenants
inadministrationat31August2023,represent63.1%
ofpropertiesand68.1%ofannualcontractedrentas
at31August2023.Rentcollectionhaddeteriorated
throughouttheperiodwithrentarrearsof£50.8million
(2022:£7.8million)ofwhich£50.7million(2022:£1.9
million)wasprovidedforasat31August2023(see
Note10totheConsolidatedFinancialStatements).
28ofthe29tenantsareconsideredtobeof
weakcovenantstrengthrepresenting99.8%of
propertiesand99.8%ofannualcontractedrentasat
31August2023.Thepoorfinancialconditionofcertain
tenantsalsocontributedtothereductioninthevalueof
thepropertyportfolio(seefurthercommentarybelow).
Qualityofassets
AlthoughtheBoardwasnotrequired,andindeed
wasnotasked,toapprovetheproposedacquisitions,
prospectivepropertyacquisitionswerepresented
totheBoard(andtovaluersandinsurers)asbeing
highqualitypropertiessuitableforhomeless
accommodationinlinewiththeOriginalInvestment
Policy.AfterdetailedreviewsoftheSPAsbyAEW,the
Boardnowunderstandsthatmostpropertieswere
acquiredsubjecttoavendorobligationtocomplete
Seller’sWorks.Acquiringpropertiesrequiring
significantimprovements/redevelopmentrequired
BoardapprovalasavariationfromtheOriginal
InvestmentPolicy,whichwasneverrequestedand
thereforenevergranted.UnderthestandardSPA,the
vendorhadacontractualrequirementtomakethe
necessaryimprovementswithinaspecifiedperiod
oftime.Thecontracts,however,generallyprovided
limitedrecourseagainstthevendorifthevendordid
notcompletethenecessaryimprovementspost-
acquisition.Manyvendorsdidnotcompletethe
workswhichresultedintheCompanyoverpayingfor
propertiesduetotheircondition.
JLLhasassessedtheconditionoftheportfoliopost
periodend,basedonitsexternalinspectionsandthe
findingsofthecomprehensiveinspectionprogramme
carriedoutbetweenAugust2023andMay2024.The
conditionofthepropertieswereclassifiedaseither
verygood,good,fair,poororverypoor(seeNote3to
theConsolidatedFinancialStatements).Ofthe2,473
propertiesownedat31August2023,82.2%havebeen
internallyinspectedwith90.6%ofthesehavingbeen
assessedasfairorworse.Thisre-assessmentofthe
qualityoftheassetshascontributedtothereduction
invaluationofthepropertiesacquiredduringtheyear
ended31August2023.
Strategic report
Chair’s statement—continued

10 HomeREITplc | AnnualReport | Fortheyearended31August2023
Strategic report
Chair’s statement—continued
PortfolioValuation
JLLhasindependentlyvaluedtheGroup’sportfolio
inaccordancewiththeRICSValuation–Professional
Standards.Asat31August2023,theGroup’sportfolio
hadamarketvalueof£412.7million(2022:£414.3
million)representing40.7%ofthehistoricalacquisition
costsof£1,014.3million(includingpurchasecosts).
Thereductioninthepropertyvaluationisprincipally
aresultofre-assessmentofthecovenantstrengthof
thetenants,severalofwhichenteredintoliquidation
duringandpostperiodendandforacquisitionsinthe
periodasresultofare-assessmentofthequalityof
theassets,Theassessmentofthecovenantstrength
oftenantsandtheconditionofthepropertiesasat
31August2023resultedin88.3%(2022:39.1%)(by
numberofproperties,88.3%(2022:46.3%)byvalue)of
theportfoliobeingvaluedonavacantpossessionbasis
forthe31August2023valuation.Whereavaluation
hascontinuedtobepreparedonaninvestmentbasis,
limitationsonthedurationoftheincomestreamshave
beenappliedtoaccountforthecovenantstrengths
ofthetenants,andthehighrentlevelsdemanded
undertheleases,seefurtherdetailinNote8tothe
ConsolidatedFinancialStatements.
Equity Issues
TheGroupcommencedbusinessoperationson
12October2020whentheSharesoftheCompanywere
admittedtotradingonthepremiumsegmentofthe
mainmarketoftheLondonStockExchange,withgross
proceedsof£240millionbeingraisedintheGroup’s
IPO,followedbyequityissuesinSeptember2021
raisinggrossproceedsof£350million,andinMay2022
raisinggrossproceedsof£263million.Thetotalgross
proceedsraisedsinceIPOwere£853million.
Financial Results
Netassetvalue
TheNAVhasdecreasedfrom£345.9millionasat
31August2022to£216.9millionasat31August2023.
Significantitemsleadingtothedeclineinclude:
(i) decreaseinfairvalueofinvestmentpropertyof
£71.4million(Note8totheConsolidatedFinancial
Statements),reflectingtheassessmentoftenant
covenantstrengthandtheconditionoftheassets
fornewacquisitionsasdetailedabove;
(ii) provisionfordoubtfuldebtsof£49.5million
(Note10totheConsolidatedFinancialStatements);
(iii)write-offofleaserelatedassetsof£31.0million;
(iv)write-offofSeller’sWorksof£14.2million;
(v) dividendspaidof£10.9million;and
(vi)gainonrevaluationofbankborrowingsof
£14.5million.
TheNAVperSharehasdecreasedto27.43pence
asat31August2023,adecreaseof37.3%fromthe
43.76penceasat31August2022.
Earnings
ThelossbeforetaxoftheGroupfortheperiodto
31August2023was£118.2million(2022:£474.8million).
Dividends
Therewerenodividendsdeclaredinrespectofthe
financialyearend31August2023.
Aninterimdividendof1.38penceperShare
wasdeclaredon12December2022andpaidon
20January2023inrespectofthequarterended
31August2022.Dividendsdeclaredinrelation
tothefinancialyearto31August2022equalled
5.50penceperShare.
TheBoardapproveddistributionsbasedondraft
financialstatementsandforecastsprovidedby
AHRAandtoensureitdistributedPropertyIncome,
asdefined,inordertocomplywithREITregulations.
Inaddition,theBoardconsideredthatithadthe
substantialSpecialDistributableReserve(Note16to
theConsolidatedFinancialStatements)whichcould
coveranyimprecisioninAHRA’sestimates.
TheBoardhassincereviewedthedecisiontodeclare
theinterimdividenddeclaredon12December2022;had
theBoardbeenprovidedwithallmaterialinformation
knownbyAHRAandAlvariumFMatthetimeincluding
thepoorrentcollectionandthedeterioratingfinancial
positionofthetenants,theDirectorswouldnothave
declaredthisdividend.
Financing
TheGrouphadtwoloanswithScottishWidowsbeing
a12-yearloanagreementfor£120millionatanall-in
rateof2.07%perannumforthedurationoftheloan
term,dueforrepaymentinDecember2032anda
15-year,interestonly,£130millionloanagreement
atanall-infixedrateof2.53%perannum,expiring
inDecember2036.Thelatterloanwasfullydrawn
downon28February2022,butfullusewassubject
tomeetingconditionsonassigningcollateral.The
facilityarrangementswereintendedtoprovide
protectionagainsttheprevailingenvironmentof
increasinginterestrates,giventhelong-termfixed
rateofinterest.

 HomeREITplc | AnnualReport | Fortheyearended31August2023 11
Strategic report
Chair’s statement—continued
CertainfinancialpenaltieswereimposedbytheLender
inrespectoftheloanfacilitiestoincentiviserepayment
oftheloansassoonaspossible.Afterreporting
loancovenantbreachesinJanuary2023,theLender
extendedtheinitialwaiverletterdated29January2023
andhasissuednewwaiverletterspriortotheexpiry
ofeachpreviouswaiverperiod.Thewaiverletters
relatedto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.
TheGroupincurredthefollowingDeferredFees
of£9.0million:
• 0.5%oftheaggregateamountsoutstanding
onthetwoloansateachof31August2023and
30November2023;and
• 5.0%perannumontheaggregateamounts
outstandingonthetwoloansascomputedonadaily
basisfrom30November2023andincreasedto7%
from1July2024untiltheloanwasfullyrepaid.
DuringFY23theGrouprepaid£30.0millionof
borrowings,reducingtheoutstandingbalanceat
31August2023to£220million.On27November2024,
theGroupmadeitsfinalpaymentontheloansandon
16December2024paidtheDeferredFees.
Limitations of scope in audit opinion
Theauditorswereunabletoexpressanopinionon
theConsolidatedStatementofComprehensive
Income,theConsolidatedandCompanyStatementsof
ChangesinShareholders’EquityortheConsolidated
StatementofCashFlowsfortheyearended
31August2023asaresultofthelimitationsinscope
relatingtoaninabilitytoobtainsufficientaudit
evidenceinrelationtomattersdiscussedmorefullyin
thereportoftheAuditCommittee.Detailsonthese
limitations,theareasoftheFinancialStatements
affectedandhowthesehavebeenconsideredby
theDirectorsareincludedinthereportoftheAudit
Committeebeginningonpage56.
Post-balance sheet matters
ThepostbalancesheeteventsaredetailedinNote25
totheConsolidatedFinancialStatementsand
furtherdetailprovidedintheManagementReport
frompage22.
InvestmentManagerassetmanagementinitiatives
AEWastheInvestmentManagerhascontinued
itseffortstostabilisethefinancialpositionofthe
Groupandrationalisetheportfolio.Keyinitiativesare
outlinedbelow:
• AspartofthestabilisationstrategyAEWundertook
acomprehensivepropertyconditionreviewand
datacollectionexerciseofthepropertyportfolio;
• Analysisoftheunderlyingpropertyconditionwas
paramounttodeterminepropertysuitability,capital
expenditurerequirementsandincomeandcapital
returnprospects;
• AEWengagedintenant-by-tenantrestructuring
negotiationstounlockaccessandinformationon
theconditionoftheunderlyingproperties;
• AEW’sprimaryfocuswasonobtainingcontrolof
theportfoliowithlegalactionbeingtakenagainst
selectednon-performingtenants.TheCompany
hasprogressednegotiationswithanumberof
tenantstofacilitaterestructuringofleasesand
rationalisationoftheportfolio;
• Theinspectionprogrammewaswounddown
with82.2%oftheportfoliointernallyinspected
asat31May2024onthebasisthattheremaining
propertieshavebeendifficulttoaccess.Ofthose
propertiesnotinspected,72.3%havebeensold
subsequentto31August2023;
• ThespeedatwhichAEWcanre-tenantproperties
hadbeenhamperedbythelackofinformation
ontheunderlyingpropertiesandleasesinplace
tonon-performingtenants.Withtheinspection
processeffectivelycompleted,AEWexpectedthe
re-tenantingprogramwouldaccelerate;
• AEWcontinuedtoengage,wherepossible,with
providersofvariousformsofSocialUse.Social
Useincludesrealestateusedtohousevulnerable
individualsincludingbutnotlimitedto:the
homeless,ex-servicemenandwomen,individuals
fleeingdomesticabuse,vulnerablewomen,
prisonleavers,asylumseekers,refugees,foster
careleavers,careleavers,anyoneexperiencing
substancemisuse,mentalillness,ordisability;

12 HomeREITplc | AnnualReport | Fortheyearended31August2023
Strategic report
Chair’s statement—continued
• Rentcollectedonoperatingleasesincluding
arrearsrepresentsanaverageof15%ofthe
rentinvoicedfortheperiod1September2023to
31December2024.AEWcontinuestoworkwith
selectedtenantsonpaymentplans.Itisanticipated
thatrentcollectionwillfluctuatemonthonmonth
intheneartermasAEWcontinuestoworkon
stabilisingtheportfolioandpursueslegalaction
wherenecessary;
• AEWcontinuesengagementwiththeCompany’s
shareholders,whichincludedquarterlyretail
shareholderwebinarandmonthlyupdates
distributedbyRNSuntilOctober2024.During
theManagedWind-DownRNSannouncements
willbedrivenbyevents(suchasinrespectof
materialdisposalsandconsequentialreductionsin
borrowings);
• FromAugust2023to13January2025,theGroup
hascompletedonthesaleof1,606propertiesand
exchangedonafurther16properties.Thegross
proceedsfrompropertiessoldandexchangedtotals
£244.1million,whichinaggregateisinlinewiththe
August2023valuation.
FCAinvestigation/Potentiallitigation
TheCompanyannouncedon13February2024the
commencementofaninvestigationbytheFCAinto
theCompany.TheCompanyandtheDirectorswill
cooperatefullywiththeFCAinitswork.
Apre-actionletterhasbeensenttotheCompany
byHarcusParkeronbehalfofcertainshareholders
oftheCompany.Nolegalproceedingshavebeen
issuedatthisstage.Theletterallegedthatthe
Company,alongwithcertainotherparties,provided
informationtoinvestorswhichwasfalse,untrueand/or
misleading.TheCompanyhasissuedacomprehensive
responsetoHarcusParkerandcorrespondence
iscontinuingbetweentheparties.TheCompany
intendstovigorouslydefenditselfinrespectofthe
threatenedlitigationandhasdeniedtheallegations
madeagainstit.
TheCompanyintendstobringlegalproceedings
againstthosepartiesitconsidersareresponsiblefor
wrongdoing.Tothatend,theCompanyhasitselfissued
pre-actionlettersofclaimtoAlvariumFM,AlTiRE
andAHRA.TheCompanycannotcommentfurtherat
thisstage,astodosomayprejudicetheCompany’s
positioninanypotentialproceedings.
Directors
IwasappointedtotheBoardon18January2024,to
succeedLynneFennahasIndependentNon-Executive
Chair.PeterWilliamswasappointedon2April2024as
SeniorIndependentNon-ExecutiveDirectorandas
ManagementEngagementCommitteeChairdesignate
replacingSimonMooreinthisrole.RodDaywas
appointedasIndependentNon-ExecutiveDirector
on7June2024andistheAuditCommitteeChair
designate.TheCompanyhaspreviouslyannouncedthe
intentionofthefourDirectorsinofficeatIPOtostep
downonpublicationoftheaccountsfortheyearended
31August2023.
Managed Wind-Down and New Investment Policy
On5February2024,theGroupannouncedthatit
hadcommencedare-financingprocesstoconsider
alternativefinanceoptionsfortheCompany.On
17June2024,theCompanyannouncedthatithad
beenunabletosecureare-financingofitsexisting
debtfacilityontermsthatitcouldrecommend
toshareholders,despiteextensiveandadvanced
discussionswithapotentiallender.There-financing
ofthedebtwasakeycomponentofthecontinued
advancementofthestabilisationstrategydiscussed
aboveandasadoptedinAugust2023.Asthere-
financinghadnotbeenpossible,theCompanyalso
announcedthatitwasconsideringanumberofoptions
bothtore-paytheoutstandingdebtandprovidean
optimisedresolutionforshareholders,whichmay
includeamoreextensiverealisationstrategy.The
BoardandAEWcontinuedtoengagewithScottish
Widowswhichadvisedthatitsobjectiveisfor
repaymentoftheloanbalanceintheshorttermand
nolaterthan31December2024.
Subsequenttoconcludingthatthere-financingwas
nolongerviable,theBoardconductedafullreviewof
thestabilisationstrategyandwhilstitrecognisedthat
thereisanopportunitytoaddvaluetotheportfolio
atapropertylevel,itconcludedthatthisstrategy
facedconsiderablechallenges.Theseincludedahigh
fixedcorporatecostbase,requiredduetotheREIT
structureandasaresultoftheissuesbeingdealtwith
bytheCompanyatthistime,andtherequirement
forcapitalexpendituretodriveanincreaseinrental
value.Inaddition,theBoardwasawarethatthesize
ofthevehiclefollowingtherepaymentofdebtmay
beconsideredtoosmallbymanyinvestorswhen
consideringitsfutureasalistedREIT.

 HomeREITplc | AnnualReport | Fortheyearended31August2023 13
Strategic report
Chair’s statement—continued
Asaresultofthesefactorsandhavingcarefully
consideredtherangeofoptionsavailableforthe
Company,theBoardconcludedthatitwasinthebest
interestsofshareholderstoproposeamanagedwind-
downstrategyfortheCompanypursuanttowhichthe
assetsoftheGroupwouldbesoldwiththeobjectives
ofoptimisingremainingshareholdervalueandrepaying
theGroup’sloanbalance(the“ManagedWind-Down”).
TheimplementationoftheproposedManagedWind-
DownrequiredafurtherchangetotheCompany’s
investmentpolicy.Accordingly,on16September2024,
shareholdersapprovedtheNewInvestmentPolicy,
whichisintendedtoallowtheCompanytorealiseall
theassetsinitspropertyportfolioinanorderlymanner
withtheviewtorepayingborrowingsandmakingtimely
returnsofcapitaltoshareholderswhilstaimingto
optimisethevalueoftheGroup’sassets.
FulldetailsoftheNewInvestmentPolicyareon
pages29and30.
OutlookandApproachtotheManagedWind-Down
ItisexpectedthattheCompany,viaAEW,willadopt
abroadandmanagedapproachtothedisposalof
assets,withaviewtooptimisingvalueforshareholders.
Althoughitwasnecessarytorealiseaproportionofthe
propertyportfoliobefore31December2024tomeet
therequirementsofScottishWidowsandrepaythe
outstandingdebt,salesareotherwiseexpectedtobe
structuredandexecutedwiththeintentionofachieving
bestvalueandminimisingdisruptiontotheunderlying
occupiersoftheproperties.Adecisiononthepreferred
methodofdisposalwillbedeterminedbyanumberof
factors,includingpropertycondition,location,tenant
typeandleaseterms.
DuringtheManagedWind-Down,assetmanagement
initiativeswillbefocusedonaddingvaluetoproperties
andpreparingthemforsaletomaximiseliquidity.
Inaddition,giventheCompany’soriginallystated
objectiveofprovidingaccommodationforthe
homeless,therealisationprocesswillbemanagedina
waytominimiseimpactanddisruptiontounderlying,
vulnerableoccupiers.Inthatrespect,aspreviously
announced,alargerthanexpectedproportionofthe
portfolioisPRSratherthanhomelessaccommodation
backedbyexemptrentsfromlocalauthorities.
TheCompanywillprovideupdatestoshareholders,
butthiswillbedrivenbyeventssuchasmaterial
disposalsduringtheManagedWind-Downinorderto
protecttheCompany’scommercialinterestsandallow
disposalstobecompletedinamannerthatpreserves
shareholdervalue.
Returnofcapitaltoshareholders
ItistheintentionoftheBoardfollowingtherepayment
oftheGroup’soutstandingdebtfacilitiesthatcapital
willbereturnedtoshareholdersuponthecompletion
oftherealisationstrategy.However,shareholders
shouldbeawarethattheabilityoftheCompanyto
makedistributionstoshareholderswillbeconstrained
whilsttheCompanyfacespotentialgrouplitigationand
anFCAinvestigation.Atpresent,theBoardisunableto
assessproperlyitsabilitytomakedistributionsunder
theapplicablelegalrequirements.Inaddition,the
Companyexpectstoretaincapitaltomeetcorporate
costsandallowittopursuelegalactionagainstthoseit
considersresponsibleforwrongdoing.
Themostappropriatetimingandmechanismto
returncapitaltoshareholderswillbedetermined
induecourse.

14 HomeREITplc | AnnualReport | Fortheyearended31August2023
Strategic report
Chair’s statement—continued
Financialstatementsandrestorationoflisting
Theinterimresultsfortheperiodsto28February2023
and29February2024andtheauditedannualresults
fortheyearended31August2024areexpectedto
bepublishedduringthefirstquarter2025.Following
publicationofalloutstandingfinancialinformation,
theCompanywillthenbeabletoapplytotheFCAfor
arestorationofitslistingandtherecommencement
oftradingontheLondonStockExchange.
Furtherdetailsregardingtheexpectedtimetable
forrestorationoflistingwillbeannouncedupon
publicationoftheabovefinancialinformationandthe
Companyexpectstoengagewithshareholdersahead
ofthisimportantevent.
TheBoardsharesshareholdersfrustrationsonthe
progressoftheCompanyanddespitesubstantial
effortstostabilisethebusiness,theCompany
continuestofaceextensivefinancialandoperational
challenges.Againstthisbackdropandinlightofthe
expectedreducedsizeoftheCompany’sportfolio,
theBoardconcludedthatthebestcourseofactionto
optimiseremainingshareholdervaluewastheManaged
Wind-Down.Iwouldagainliketothankshareholders
fortheirongoingpatienceandsupportaswestrive
toaddress,andseekredressfor,theissuesfacing
theCompany.
Michael O’Donnell
Chair
13January2025

 HomeREITplc | AnnualReport | Fortheyearended31August2023 15
Strategic report
Management report
Introduction
AHRAwastheappointedInvestmentAdviseruntil
30June2023andAlvariumFMwastheappointedAIFM
until21August2023.
On23May2023theBoardofHomeREITplcappointed
AEWtoprovidepropertyadvisoryservicesand
announceditsintenttoengageAEWasInvestment
ManagerandAIFMafterreceiptofFCAandshareholder
approvalforanAmendedInvestmentPolicy.On
21August2023shareholdersapprovedtheAmended
InvestmentPolicyandtheBoardappointedAEWas
InvestmentManagerandAIFM.
AEWisnotresponsibleforthehistoricaleventsand
performanceoftheGrouppriortoitsappointment.
AEW’sroleasInvestmentManageristomanagethe
Groupinaccordancewiththeapplicableinvestment
policy,initiallybeingtheAmendedInvestmentPolicy.
Thispolicyhadtheinvestmentobjectiveofstabilising
theGroup’sfinancialconditionthroughinitiatives
tomaximiseincomeandcapitalreturnsbyinvesting
inaportfolioofUKresidentialrealestateduringthe
StabilisationPeriod.TheStabilisationPeriodwas
intendedtobetwoyearsfrom22August2023orsuch
laterdate(notbeinglaterthanoneyear)approved
bytheBoard.
Thebelowdetailisintendedtoprovidestakeholders
withanunderstandingofthekeymattersandkey
accountingtreatmentwhichhasimpactedthese
financialstatements.Theaccountingpoliciesare
detailedinNote2totheConsolidatedFinancial
StatementswithNote3totheConsolidatedFinancial
Statementsprovidingfurtherdetailonthesignificant
accountingjudgementsbasedoninformationavailable
totheGroup.
AspertheIPOprospectus,theBoardengagedAHRA
andAlvariumFMtoacquireadiversifiedportfolioof
high-qualitypropertiesinaccordancewiththeOriginal
InvestmentPolicyandinvestmentrestrictionswiththe
followingkeyinvestmentconsiderations:
1. propertiesprovidehigh-qualityaccommodation
tohomelessandvulnerableindividualsin
needofhousing;
2. propertiesdemonstratestrongresiduallandvalue
characteristics;
3. propertiesareletorpre-lettorobusttenantson
long-termleases(typically20to30yearstoexpiryor
firstbreak);
4. leasesare‘triplenet,fullrepairingandinsuring
leases’;and
5. rentsaretobesupportedbyLocalHousing
Allowancepaymentsandrentreviewsareinflation
linkedorcontainfixeduplifts.
UndertheOriginalInvestmentPolicyatIPO,
theCompanywastobededicatedtotackling
homelessnessintheUKtargetingawiderangeof
sub-sectorswithinhomelessnessincluding,butnot
limitedto,womenfleeingdomesticviolence,people
leavingprison,individualssufferingfrommentalhealth
ordrugandalcoholissuesandfostercareleavers.
TheCompanywouldneitherundertakeanydirect
developmentactivitynorassumeanydevelopment
risk.However,theCompanycouldinvestinfixed-price
forwardfundeddevelopments,providedtheywerepre-
lettoanacceptabletenantandfullplanningpermission
wasinplace,bothatsigning.
Thesecharacteristicswererequiredinorderto
provideincomesecurity,valuationstabilityandlow
costfinancing.
Investment Properties
Acquisitionofproperties
TheGroupacquired234propertiesduringtheperiod
totalling£104.1million(includingpurchasecosts)with
atotalof2,473propertiesheldasat31August2023.
Eachacquisitionwassupportedbyavaluationfrom
KnightFrank.
FollowingAEW’sreviewofallhistoricalacquisition
agreements,assessmentofthebuildingconditionat
acquisitionandreviewoftherelationshipsbetween
vendorsandtenants,aportionofthepurchaseprice
wasallocatedtoSeller’sWorksandeitheralease
incentiveasset(whereapropertywasconsidered
habitableatacquisition)oradebtor(wherethe
propertywasconsideredunhabitableatacquisition).
FurtherdetailisprovidedinNote2and3tothe
ConsolidatedFinancialStatements.

16 HomeREITplc | AnnualReport | Fortheyearended31August2023
Strategic report
Management report—continued
UnauthorisedSettlementAgreement
On8December2022,arepresentativeofAHRA,acting
withouttheknowledgeorauthorityoftheBoard,
enteredintoasettlementagreementonbehalfofthe
Companyandtwoofitswhollyownedsubsidiaries
HomeHoldings1LimitedandHomeHoldings2Limited
withtheAggregators.TheDirectorswerenotmade
awareofthesettlementagreementbeforeitwas
signed.TheagreementrequiredtheCompanytopay
£0.7millionandpurportedlywaivedanyclaimsagainst
theAggregatorsarisingfromallsalescontractsandany
non-performanceofanyrefurbishmentworksfor488
propertiesinexchangeforanyclaimstheAggregators
mayhavehadagainsttheCompany.Thisamount,
alongwiththewrite-offofanyprepaidSeller’sWorks
balancesrelatedtotheaffectedproperties,hasbeen
chargedtotheP&Lintheperiod.
TenantSettlement
TheGroupsettledadisputewithatenantwhich
requiredaninitialpaymentof£680,000andan
additionalamountof£45,000,payableasthetenant
meetscertainconditions.
Seller’sWorks
AlthoughtheBoardwasnotrequired,andindeed
wasnotasked,toapprovetheproposedacquisitions,
completedorprospectivepropertyacquisitions
werepresentedtotheBoard(andsubsequentlyto
valuersandinsurers)asbeinghigh-qualityproperties
suitableforhomelessaccommodationinlinewiththe
OriginalInvestmentPolicy.Afterdetailedreviewsof
theSPAsbyAEW,theBoardnowunderstandsthat
mostofthepropertiesacquiredweresubjecttoan
obligationforthevendortocompleteSeller’sWorks
withinaspecifiedperiod.Thevendorwastypically
givenbetween6and12monthstocompletetheSeller’s
Works(the“Seller’sWorksLongstopDate”or“SWLD”).
UnderthestandardSPAs,theGrouphadlimited
recourseagainstthevendorifitdidnotfulfil
contractualobligationstoimprovetheproperty
post-acquisition.
Postyearend,extensivereviewbyAEWhasidentified
thatsufficientdocumentationwasnotalways
maintainedoravailable,intermsofbuildingsurveyor
conditionreportsasatthedateofacquisitionsandas
suchtheBoardhasmadeanumberofassumptionsand
estimatesindeterminingtheamounttobeallocated
topre-paidSeller’sWorks.Furtherinformationis
containedinNote3totheConsolidatedFinancial
Statements.
AsdiscussedinNote10totheConsolidatedFinancial
Statements,theGroupwrote-off£14.2millionin
respectof650propertiesforthefinancialyearended
31August2023and£11.9millioninrespectof608
propertiesfortheyearended31August2022forwhich
thevendorhadnotcompletedtheSeller’sWorksbythe
SWLD.Intotal,theGrouphaswrittenoffallofthe£29.7
millionofSeller’sWorksestablishedsinceinception.
TheGrouphadlimitedlegalorfinancialrecourseto
enforcethevendortocompletetheworks.
Retentions
InsomeSPAs,aretentionwasrequiredtobeheld
byanindependentpartyattheacquisitiondateto
bereleaseduponcompletionofthecontractual
obligationsoratfixeddatesinthefuture.Theentryis
reverseduponeitherthesatisfactorycompletionofthe
contractualobligationoratthefixeddates(iftheonly
conditionforreleaseisthepassageoftime)orreversed
uponreceiptoftheretentioncashifthenecessary
conditionforreleasewasnotmet.ThishadnoP&L
impactinthecurrentorpriorperiod.
Propertycondition
TheGroupappointedVibrantinAugust2023to
undertakeaninternalpropertyinspectionprogramme
andappointedJLLinJuly2023astheindependent
valuer.Thecomprehensiveinspectionprogramme
ledtoasignificantre-assessmentofthequalityof
thepropertyassets.Ofthe2,473propertiesowned
at31August2023,JLLexternallyinspected2,391
properties,comprising96.7%oftheGroup’sproperty
portfolio.Oftheseexternallyinspectedproperties,
JLLinternallyinspected195properties.Vibrantor
otherthirdpartiesalsoundertookinternalinspections
Thebelowprovidesareconciliationofthetotalacquisitioncostfrominceptionto31August2023of£1,014.3million.
Asat
31August2023
£million
31August2022
£million
31August2021
£million
Total
£million
Investmentproperty(includingpurchasecosts) 92.2 543.5 289.7 925.4
PrepaidSeller’sWorksrecognisedasreceivable 5.9 19.0 4.8 29.7
Leaseinducementswherebuildingisconsideredashabitable 5.4 32.0 16.7 54.1
Leaseinducementwherebuildingisconsidered
asunhabitable 0.6 2.9 1.6 5.1
Total acquisition cost (including purchase costs) 104.1 597.4 312.8 1,014.3

 HomeREITplc | AnnualReport | Fortheyearended31August2023 17
Strategic report
Management report—continued
of2,033propertiesfromAugust2023toMay2024.
Basedontheresultsoftheinspectionprogramme,
JLLhasassessedtheconditionofthepropertiesas
0.1%verygood,9.3%good,64.1%fair,19.6%poor
and6.9%verypoor.Ofthepropertieswhichwerenot
inspected318propertieshavebeensold,ofwhich317
havecompleted.
JLLhasconsideredthequalityoftheassetsinreaching
itsassessmentofvalue,withpropertieswhichwere
inverypoorconditionbeingvaluedonavacant
possessionbasis.Further,manypropertieswerefound
tobeinneedofextensiverenovationbeforebeing
capableofoccupationorreconfigurationtoprovide
anappropriatenumberofroomstosuitthelocal
market.Insuchcases,themarketvaluewasadjusted
downwardsaccordingly.
Propertyvaluation
TheGroup’sportfoliohasbeenindependently
valuedbyJLLinaccordancewiththeRICSValuation
ProfessionalStandards.Asat31August2023,the
Group’sportfoliohadamarketvalueof£412.7million
(2022:£414.3million)representing40.7%ofthe
historicalacquisitioncostsof£1,014.3millionincluding
purchasecosts(2022:45.5%and£910.2million
respectively).Thereductioninthepropertyvaluationis
principallyaresultofare-assessmentofthecovenant
strengthofthetenants,severalofwhichhavegoneinto
liquidationduringtheperiodandpostperiodend,and
thequalityoftheassets.
Indeterminingthefairvalueasat31August2023,JLL
hasusedacombinationofvaluationbases,adoptingan
investmentvaluationfor11.7%oftheportfolioandMV-
VPvaluefor88.3%oftheportfolio(2022:Investment
value60.9%andMV-VP39.1%).Inallcases,JLLhas
consideredtherentalvaluefortheexistingusesofthe
propertiesandLocalHousingAllowance(“LHA”)rates.
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JLLdisregardedtheleasesandvaluedthe
propertiesonthebasisofMV-VP.
Whereavaluationhasbeenpreparedonaninvestment
basis,limitationsonthedurationoftheincome
streamshavebeenappliedtoaccountforthecovenant
strengthsofthetenants,andtheabove-marketrent
levelsdemandedunderthein-placeleases.JLLcapped
theunexpiredleasetermat5yearsduetothelackof
confidenceinthosetenantsbeingabletofulfiltheir
leaseobligations.Furthermore,forthoseproperties
whicharesublettoatenantwithastrongcovenant,
JLLignoredtheprimaryin-placeleaseandinstead
capitalisedthesubleasepassingrentforitsremaining
term(uptoeightyears).Whereapropertyhasahigh
passingrentincomparisontoJLL’sopinionofMV-VP,
JLLcappedthefairvalueat110%to150%ofMV-VP
(2022:150%).
Thebelowtableshowsthebreakdownofpropertiesandvaluebyvaluationapproach.
31August2023 31August2022
Asat
Number
ofproperties
FairValue
£millions
Number
ofproperties
FairValue
£millions
Investmentvaluationapproach 289 48.1 1,363 222.4
Marketvalue–vacant
possessionapproach 2,184 364.6 876 191.9
Total 2,473 412.7 2,239 414.3
Asat31August2023,198propertiesofthe2,473
wereconsideredunhabitable(2022:172of2,239
properties).Theannualcontractedrentandfairvalue
inrespectofthesepropertiesasat31August2023was
£4.9millionand£27.1millionrespectively(2022:£4.6
millionand£27.2millionrespectively).Subsequentto
31August2023,181propertieswhichwereconsidered
unhabitableat31August2023weresold,ofwhich179
havecompleted.
Tenants
Tenantarrangements
TheBoardreviseditsaccountingpoliciesintheprior
periodtoappropriatelyaccountforalevelofdirect
interactionbetweentenantsandvendorsandfor
propertieswhichareunhabitableassummarised
below(leaseinducements,leasecommencement
dateandpaymentsto/onbehalfoftenants).Further
detailisprovidedinNotes2and3totheConsolidated
FinancialStatements.
Leaseinducements
TheGroupdidnotprovideleaseinducement
considerationtotenantsdirectly;however,the
Directorshaveconsideredtherelationshipbetween
thevendorandtenantandAHRA’sexpectationthat
thevendorsgenerallyprovidethetenantwithcashin
theamountofthefirstyear’srentfundedthroughthe
originalacquisitionpaymentmadebytheGrouptothe
vendor.TheDirectorsconcludedthatthesubstanceof
thesetransactionsissuchthattheleaseandtheSPA
shouldbeaccountedforasasinglecontractassetforth

18 HomeREITplc | AnnualReport | Fortheyearended31August2023
Strategic report
Management report—continued
inIFRS16,paragraphB2resultinginanamountequal
totwelvemonthsofrentpayablerecognisedaseither
aleaseinducementassetoradebtor(forhabitable
andunhabitablepropertiesrespectively)representing
thefirstyearofrentandreductiontotheinvestment
propertypurchasepriceaccordingly.
Leasecommencementdate
Thecommencementdateofaleaseisusuallythe
leaseinceptiondate,andthisisthecaseforhabitable
properties.Forthosepropertiespurchasedwhich
wereinverypoorconditionorboardeduporrequired
conversion,theDirectorsconsiderthatthese
propertieswereunhabitableandthereforedidnot
meetthecriteriafortherecognitionofanoperating
leaseatitscommencementdate.Accordingly,revenue
recognitiononlybeginswhenthepropertyisina
habitablecondition.Anycashreceivedfromthetenant
whilethepropertyisjudgedtobeunhabitableisapplied
asareductioninthecostofthedebtororthecarrying
valueoftheproperty.
Paymentto/onbehalfoftenants
On18June2021,AHRA,onbehalfoftheCompany,
withouttheknowledgeorauthorityoftheBoard,
enteredintoanescrowagreementwithNobleTree
FoundationLimited,atenant,andIntertrustTrustee
3(Jersey)LimitedwherebyanaffiliateofKarla
AssetManagementLimited(‘KAM”)(KAMisnowin
liquidation)provided£0.7milliontoanescrowaccount
intheCompany’snamewithsuchfundstobeusedas
approvedbytwoAHRAfundmanagers.Theescrow
fundscouldbeaccessedbytwotenants,NobleTree
FoundationLimitedandBigHelpProject,asapproved
bythetwoAHRAfundmanagers.Therewasnoimpact
ontheFY23resultsashalfwasdistributedduringboth
theFY21andFY22periods.
DuringtheperiodfromSeptember2021toOctober
2022,withoutknowledgeorauthorityoftheDirectors,
debtorsweresettledinseveralnon-traditional
waysasfollows:
• Asnotedabove,atacquisitionvendorsusually
hadanobligationtoimproveapropertytoagood
lettablestandardandinsomecases,vendorspaid
tenantstotransfertheobligationtothetenants.
Inseveralcasesthesettlementagreementsto
transitiontheseobligationsfromvendorstotenants
resultedincashof£1.7millionbeingtransferredto
theGrouptobeusedtosettledebtorsinsteadof
paidtothetenantsbythevendors.Cashinexcessof
outstandingdebtorsatthetimewasreceivedinthe
amountof£0.3millionandtheexcessfundswere
reimbursedtotheassociatedtwotenants;
• Vendorsmadepaymentsonbehalfof14tenantsin
theamountof£7.2million;
• Onetenantsettledamountsonbehalfoftwoother
tenantsintheamountof£1.6million;and
• TheGroupwithheld£2.1millionfromtheacquisition
ofpropertieswithanagreedpriceof£17.0million,
suchthatfundstransferredatacquisitionwere
£14.9million.Thefundswithheldwereoffsetagainst
debtorsfromthreetenants.
Thesetransactionswereusedtosettledebtorsfrom
specifictenantsinrelationtorentsinvoicedduring
theyearended31August2022asdirectedbyAHRA.
TheDirectorshaveconsideredwhetherthemore
appropriateaccountingwouldbetoapplythecash
receiptsasareductioninthecarryingvalueofthe
propertyorasacreditor.Thedebtorbalanceswould
thenbewrittenoffasuncollectibleunderIFRS9.
However,therewascorrespondencebetweenAHRA
andcounterpartieswhichprovidedevidenceofthe
intentofthecashtransfers.Further,therewereno
signednotesorotheragreementsexecutedwhich
wouldsignifyanylendingarrangements.Accordingly,
theDirectorshaveconcludedthatapplyingthecash
receivedagainstoutstandingdebtorswasin-linewith
theintentofthetransaction.
Rentfreeperiods
WithoutBoardknowledgeorconsent,theGroup,
enteredintodeedsofvariationsfor87leases
representingrentalincomeof£1.2millionperannum
withN-TrustHomesCIC,SelectSocialHousingCIC
andICDEHomesCIC.Thosetenantsreceivedrentfree
periodsonalloftheirleasesretroactiveto1March2022
andextending18monthsto31August2023inexchange
forchangingtheleaseextensiontermfromfiveyearsto
tenyearsintheagreement.Furtherdetailisprovidedin
Note4totheConsolidatedFinancialStatements.

 HomeREITplc | AnnualReport | Fortheyearended31August2023 19
Strategic report
Management report—continued
Tenantconcentration
Asat31August2023,115propertiesweremanagedbytwothirdpartymanagersand2,358propertieswere100%
letto29tenants.Thebelowtablesummarisesrentalexposureforthosepropertiesunderleaseasapercentageof
annualcontractedrentasat31August2023:
Top10tenants
Number
ofproperties Rentalexposure
Contractedrent
£million
OneCIC 234 11.9% 6.4
RedemptionProjectCIC 152 11.1% 6.0
SupportiveHomesCIC 209 11.0% 6.0
BigHelpProject 346 9.5% 5.1
GenLivUKCIC 107 6.5% 3.5
BloomSocialHousingCIC 94 5.5% 3.0
CGCommunityCouncil 54 5.2% 2.8
Dovecot&PrincessDriveCommunityAssociation 52 4.6% 2.5
NobleTree 143 4.6% 2.5
LTGVisionCIC 200 4.2% 2.3
Top10tenants 1,591 74.1% 40.1
19othertenants 767 25.9% 14.0
Total 2,358 100.0% 54.1
Connectedtenants
Whilsttenantsdidnotformagroupforthepurposesofmeasuringexposuretoasingletenant,manyofthetenants
wereconnectedbycommondirectors/trustees.BasedoninformationnowreceivedbytheBoard,thebelowtable
summarisestheconnectedtenantsandconnectedtenantconcentrationat31August2023asiftheydidmeetthe
criteriaofagroup:
Connectedtenantsasat31August2023 Rentalexposure Connectedrelationships
Connectedtenanttotal
exposure
BigHelpProject
CGCommunityCouncil
DovecotandPrincessDrive
CommunityAssociation
9.5%
5.2%
4.6%
Commontrustees–someorallof:
ColetteGoulding,JosephGoulding,
PaulBanksandPeterMitchell
24.4%
BigHelpHomesCIC
N-TrustHomesCIC
SelectSocialHousingCIC
1.7%
2.2%
1.2%
RedemptionProjectCIC
EdenSafeHomesCIC
11.1%
2.3%
Commondirector–
GurpaalSinghJudge
13.4%
AshwoodHousingSolutionsCIC
SerenitySupportCIC
3.1%
1.3%
Formercommondirector–
GabrielleDuberry
4.4%

20 HomeREITplc | AnnualReport | Fortheyearended31August2023
Strategic report
Management report—continued
Tenantcovenantstrengthandliquidations
Asat31August2023,2,358oftheGroup’s2,473
propertieswerelettoregisteredcharities,housing
associationsandcommunityinterestcompanies.In
linewiththeOriginalInvestmentPolicy,theGrouphad
intendedtoacquireassetsletorpre-lettoawiderange
oftenantswithrobustfinancialsandaprovenlong-
termoperatingtrackrecordacrossadiverserangeof
homelesssub-sectorsandlocations.Rentallevelsfor
theGroup’stenantswereconfirmedbyAHRAtobea
sustainablelevelwithsignificantheadroombetween
propertyrentandhousingbenefitallowancereceived
fromthelocalauthority.Theheadroombetween
coreleaserentpayableontheGroup’spropertiesand
housingbenefitwasintendedtocoverthetenant’s
managementchargeandthecostofintensivehousing
management/buildingsupkeepassociatedwiththe
provisionofaccommodationtohomelesspeople.
AEWhasdeterminedthatthemajorityoftenantswere
poorlycapitalisedandlackedlong-termoperatingtrack
records,orthebenefitoflocalauthoritysupport.In
someinstances,forexamplesinglefamilyhomes,the
rentburdenundertheoriginalleasewasunsustainable
basedonthelocation,lay-out,useandconditionof
theproperty.
AEWandtheBoardhavedeterminedthatasat
31August2023,28ofthe29tenantswereofweak
covenantstrengthrepresenting99.8%ofproperties
and99.8%ofannualcontractedrentasatthattime
(2022:68.3%and66.6%respectively).Threetenants
wereinadministrationasat31August2023(2022:one
tenant),andafurtherninetenantshaveenteredinto
voluntaryadministrationpostperiodend,representing
63.1%ofpropertiesand68.1%ofannualcontracted
rentasat31August2023.
Anumberoftenantshavesurrenderedleasesor
enteredintocreditorsvoluntaryliquidationor
administration.Ofleasesassociatedwiththetenants
inplaceforthe2,473propertiesownedbytheGroup
on31August2023,52arestillinplace,371properties
havebeenturnedovertoapropertymanagerandthe
Grouphasdirectleaseswiththeoccupants,447arere-
tenanted,and1,603havebeensold.
Rentcollection
Rentcollectiondeterioratedsignificantlyduring
theperiodwitharrearsat31August2023of
£50.8millionofwhich£50.7millionwasfullyprovided
for(2022:£7.8millionand£1.9millionrespectively)
asdetailedabove.
Rentcollectionpostperiodendforrentcollectedunder
operatingleasesincludingarrearsof£6.0millionfrom
1September2023to31December2024comparedto
rentdemandedof£40.1million.
OccupancyandSocialUse
Whilstpropertieswere100%lettotenants,thepost
periodendinspectionprogrammehasidentified
198propertieswhichwereunhabitableasat
31August2023(2022:172).Contrarytoreportingby
AHRAtotheBoard,theGrouphadnoreliabledata
formonitoringunderlyingoccupancyofpropertiesas
at31August2023andtheDirectorshavetherefore
madeassumptionsbasedonthepostperiodend
inspectionprogramme.
Theinspectionprogrammewhichwasinitiatedin
August2023providessomereferencepointasat
thedateofinspection,however,thisisinregardsof
occupation(beingoneormorebedroomoccupied)
comparedtowholebuildingsvacancy(nobedrooms
occupied).AsatthedateofinspectionbyVibrant,of
the2,473propertiesownedat31August2023,49.8%
wereconsideredoccupied,14.2%wereconsidered
unoccupied,18.2%wereinspectedbyafirmotherthan
Vibrant(whomadenocommentonoccupation)and
17.8%remainuninspected.
AEWcontinuedtoundertakeacomprehensivereview
anddatacollectionexerciseofthepropertyportfolio.
Analysisoftheunderlyingpropertyconditionanduse
wasparamountaspartofanexercisetodetermine
suitability,capitalexpenditurerequirements,andthe
prospectsforincomeandcapitalreturnsprospects
asAEWworkstorationalisetheportfolioduringthe
ManagedWind-Down.
Whilstalltenantshadtheintentiontoprovidehomeless
accommodation,AEWcontinuestoobtainreliable
datafromtenantsthatthemajorityoftheoccupants
intheportfoliohascurrentlybeenidentifiedasPRS
ratherthanhomelessaccommodationbackedby
exemptrentsfromlocalauthorities.PRSoccupiers,
however,couldbeatriskofhomelessnessandmeet
thecriteriaofbroaderSocialUse,asdefinedinthe
AmendedInvestmentPolicy,basedonthelocation
ofthepropertiesandthetypeofaccommodation
theyprovide.
DebtFinanceandRepayment
DuringFY23theGrouprepaid£30.0millionof
borrowings,reducingtheoutstandingbalanceat
31August2023to£220million.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.Further
detailisprovidedinPostPeriodEndActivity–Debt
financeandrepaymentsectionbelow.

 HomeREITplc | AnnualReport | Fortheyearended31August2023 21
Strategic report
Management report—continued
General and administrative expenses
TheGrouphasincurredsignificantexpensesintheyear
to31August2023.Thebroadcategoriesofexpenses
areasfollows:
Fortheyear
ended31August
2023
£’000
Fortheyear
ended31August
2022
£’000
AHRAinvestmentadvisory
fees(Note18) 5,094 5,322
Legalfees 3,502 20
Professionalfees 3,395 276
Valuationfees 2,165 764
AggregatorandTenant
Settlementagreements 1,419 –
AEWpropertyand
investmentmanagement
fees(Note18) 1,085 –
FeespaidtotheGroup’s
IndependentAuditor 1,076 2,280
BoardandDirectors’fee 176 176
Otheradministrative
expenses 1,247 1,025
Total 19,159 9,863
• Legalfeesincreasedasaresultof:1-activities
supportingtheresponsetoallegationsmadein
November2022andtheassociatedcorporate
actionsof£1.0million,2-theinvestigationof
wrongdoing,thepreparationofdefensiveactionon
behalfoftheCompanyandthepursuitofthosethe
Companyconsidersresponsibleforthewrongdoing
of£1.2millionand3-forensicsupportforthelegal
advisersof£0.9million.
• Professionalfeeshaveincreasedprimarilyasaresult
oftheengagementofSmithSquarePartners,who
wereappointedastheCompany’sfinancialadviser
inFebruary2023totalling£2.5millionaswellas
accounting,PRandtaxsupport.
• AHRAandAEWfeesarediscussedmorefullyin
Note18totheConsolidatedFinancialStatements.
• ValuationfeesincludeamountspaidtoJLLfor
inspectionandvaluationservicesaswellasVibrant
andotherthirdpartieswhoperformedproperty
inspectionstosupportthevaluationprocess.
• TheAggregatorsettlementisdescribedmorefully
onpage4.TheGroupsettledadisputewithatenant
whichrequiredaninitialpaymentof£680,000and
anadditionalamountof£45,000,payableafterthe
tenantmeetscertainconditions.
Losses before tax
Thelossbeforetaxfortheyearended31August2023
was£118.2million(2022:£474.8million).Theprimary
driversofthelossin2023were:
• adecreaseintheFVofinvestmentpropertyof
£71.4million(2022:£452.9million),
• grossrentalincomeof£57.6million(2022:
£38.2million)againstwhichtheGrouprecognised
provisionsfordoubtfuldebtsof£49.5million
(2022:£1.9million)sothatnetamountofrents
recognisedwere£8.1million(2022:£36.3million),
• write-offofSeller’sWorksnotinitiatedof
£14.2million(2022:£11.9million),
• impairmentchargesonleaseinducements
andstraight-lineassetsof£31.0million(2022:
£31.3million),and
• generalandadministrativeexpensesof£19.2million
(2022:£9.9million).
AmendedInvestmentPolicy
On21August2023,theCompany’sshareholders
approvedtheAmendedInvestmentPolicy.The
AmendedInvestmentPolicyaimedtoensurethe
Companywasabletocontinuetooperateinthesector
andpreserveitslonger-termsocialobjectiveofhelping
toalleviatehomelessnessintheUK:
• aStabilisationPeriodwasintroduced,duringwhich
time,theCompanywouldhavetheobjectiveof
stabilisingtheGroup’sfinancialconditionthrough
initiativestomaximiseincomeandcapitalreturns.
TheStabilisationPeriodwasforaperiodof2years
from22August2023orsuchlaterdate(notbeing
laterthanoneyear)approvedbytheBoard;
• thepermittedusesofpropertieswerediversified
toincludeduringtheStabilisationPeriodany
formofresidentialuse.Poststabilisationthe
Companywouldtargetpredominantlyhomeless
accommodationassetsandassetswithanySocial
Use;and
• anewleasingmodelwasadoptedwhichwasbetter
alignedtotheneedsofLocalAuthorities,Charities,
RegisteredProvidersandHousingAssociations
andtheneedsoftheunderlyingoccupantsofthe
properties.

22 HomeREITplc | AnnualReport | Fortheyearended31August2023
Strategic report
Management report—continued
Post period end activity
NewInvestmentPolicy–ManagedWind-Down
On5February2024,theGroupannouncedthatit
hadcommencedare-financingprocesstoconsider
alternativefinanceoptionsfortheCompany.On
17June2024,theCompanyannouncedthatithad
beenunabletosecureare-financingofitsexisting
debtfacilityontermsthatitcouldrecommend
toshareholders,despiteextensiveandadvanced
discussionswithapotentiallender.There-financing
ofthedebtwasakeycomponentofthecontinued
advancementofthestabilisationstrategydiscussed
aboveandasadoptedinAugust2023.Asthere-
financinghadnotbeenpossible,theCompanyalso
announcedthatitwasconsideringanumberofoptions
bothtore-paytheoutstandingdebtandprovidean
optimisedresolutionforshareholders,whichmay
includeamoreextensiverealisationstrategy.The
BoardandAEWcontinuedtoengagewithScottish
Widowswhichadvisedthatitsobjectivewasfor
repaymentoftheloanbalanceintheshorttermand
nolaterthan31December2024.
Subsequenttoconcludingthatthere-financingwas
nolongerviable,theBoardconductedafullreviewof
thestabilisationstrategyandwhilstitrecognisedthat
thereisanopportunitytoaddvaluetotheportfolio
atapropertylevel,itconcludedthatthisstrategy
facesconsiderablechallenges.Theseincludeahigh
fixedcorporatecostbase,requiredduetotheREIT
structureandasaresultoftheissuesbeingdealtwith
bytheCompanyatthistime,andtherequirementfor
capitalexpendituretodriveanincreaseinrentalvalue
andvaluationoftheportfolio.Inaddition,theBoard
wasawarethatthesizeofthevehiclefollowingthe
repaymentofdebtmaybeconsideredtoosmallbymany
investorswhenconsideringitsfutureasalistedREIT.
Asaresultofthesefactors,andhavingcarefully
consideredtherangeofoptionsavailableforthe
Company,theBoardconcludedthatitwasinthe
bestinterestsofshareholderstoproposeamanaged
wind-downstrategyfortheCompanypursuantto
whichtheassetsoftheCompanywouldbesoldwith
theobjectivesofoptimisingremainingshareholder
valueandrepayingtheCompany’sloanbalance.The
implementationoftheproposedManagedWind-
DownrequiredanotherchangetotheCompany’s
investmentpolicy.Accordingly,on16September2024,
shareholdersapprovedtheNewInvestmentPolicy,
whichisintendedtoallowtheCompanytorealiseall
theassetsinitspropertyportfolioinanorderlymanner
withtheviewtorepayingborrowingsandmaking
returnsofcapitaltoshareholderswhilstaimingto
optimisevaluefortheCompany’sassets.
InvestmentManageractivity
AEWhasundertakenthefollowingactivitysince
appointment:
Propertydisposals
SinceAugust2023theGrouphasundertakenaseries
ofauctionsalesinordertorepaybankdebtandprovide
workingcapital.Asatthedateoftheseaccounts,1,622
propertieshavebeensoldatauctionfortotalgross
proceedsof£244.1millionofwhich1,606properties
havecompletedfor£239.8millionand16remain
exchangedforsalefor£4.3million.Theproceedsfrom
thesaleofthesepropertiesrepresentanaverageof
39.1%oftheirpurchasepriceand98.1%oftheirAugust
2023valuation.
Assetmanagementinitiatives
SinceAEWbeganasInvestmentManager,they
havecompletedthefollowingsignificantasset
managementinitiatives:
i. On23August2023,One(Housing&Support)CIC
(“OneCIC”)agreedtosurrenderitsleaseson100
properties.MearsLimited(“Mears”),whichhad
beenasub-tenant,becameadirecttenantforits
remainingleaseterm.Thesurrenderagreement
allowedtheGrouptoreceiveasustainableincome
streamof£0.9millionperannumfromastrong
tenantcovenantwiththeexpectationtogenerate
significantlyhigherrentcollectionthanhad
previouslybeenreceivedfromOneCICinrelation
totheproperties,despitealowerheadlinerent
(previously£1.2millionperannum).
ii. InSeptember2023,leasesurrenderswere
completedon146propertiespreviouslyleasedto
RedemptionProjectCIC.Thesub-tenantMears
becametheCompany’sdirecttenanton77ofthese
properties.Theremaining69propertieswere
leasedtoCommunityAccommodationGroup.
iii. InNovember2023,leasesurrenderswerecompleted
withEdenSafeCICon38properties.Centrickwere
appointedaspropertymanagersontheproperties
identifiedaslettoPRStenants.
iv. InApril2024,HomeREITsignednew5-yearleases
oneightpropertieswithaspecialistproviderof
socialuseaccommodation.
v. InMay2024,theCompanyreachedanagreement
withentitiesassociatedwithPeterMitchell,
ColletteGoulding,JosephGouldingandPaulBanks
comprising:BigHelpProject,BigHelpHomesCIC,
CGCommunityCouncil,Dovecot&PrincessDrive
CommunityAssociation,N-TrustHomesCICand
SelectSocialHousingCIC)forthesurrenderof
itsleaseson605properties.TheBoardandAEW
believethisachievedthebestsolutionforthe
CompanybyenablingtheCompanytogaincontrol

 HomeREITplc | AnnualReport | Fortheyearended31August2023 23
Strategic report
Management report—continued
oftheproperties,appointpropertymanagers,
collecttheunderlyingrentalincomeandremove
theseentitiesastenantsfromtheportfolio.
vi. NobleTreeFoundationLimited(“NobleTree”),a
non-performingtenantof143propertiesinthe
Company’sportfolioenteredintoadministrationon
3June2024.TheCompanyandAEWworkedclosely
withtheappointedadministrator,CBWRecovery
LLP,toarrangethesurrenderofNobleTree’sleases
andahandoverofitstenancies.
vii.InJune2024,theCompanyreachedanagreement
withBloomHousingCICforthesurrenderof
76propertiesenablingtheCompanytoaccess
PRSrent,gainpossessionofvacantstockand
takeonthedirectcontractualrelationshipof26
underleasesofexistingsupportedaccommodation
withConcept,JulianHouseandGateway2House.
BloomHousingCICretainedsevenproperties
whichtheydirectlymanageandareinpayment
underanewflexibleleasestructure.
viii.InAugust2024,theCompanyreachedan
agreementwithMansitHousingCIC,anon-
performingtenant,forthesurrenderofits
leaseson68propertiesenablingtheCompany
todirectlycollecttheunderlyingincomefrom
theseproperties,increasingrentcollectionand
facilitatingassetmanagementopportunities.
Themajorityofthepropertieswereoccupiedby
PRStenants.
ix. FollowingOne(Housing&Support)CIC,atenant
of110properties,enteringintovoluntary
administration,on5August2024,MyshonLimited,a
specialistintensivehousingmanagerwithaspecific
focusonspecialistsupportedhousing,supported
housingandaffordablehousing,wasappointed
bytheadministratortomanagethehandoverof
properties,focusedonminimisinganypotential
disruptiontounderlyingoccupantsandsupport
services,aswellasfacilitatingcollectionofrent.
x. AEWremainsinactivedialoguewithanumberof
housingproviderswhohavesignificantdemand
forbedswithablendofregionalandnationwide
requirements.
xi. AEWcontinuestoengagewithprovidersofvarious
formsofSocialUseaccommodation.SocialUse
includesrealestateusedtohousevulnerable
individualsincludingbutnotlimitedto:Homeless,
ex-servicemenandwomen,individualsfleeing
domesticabuse,vulnerablewomen,prisonleavers,
asylumseekers,refugees,fostercareleavers,care
leavers,anyoneexperiencingsubstancemisuse,
mentalillnessordisability.
xii.Aspartofare-tenantingstrategyAEWhas
developedagrowinglistofproviderswith
relationshipswithLocalAuthoritiescapableof
receivingexemptrent.
xiii.AEWhasdevelopedaframeworkleaseand
managementagreementtoaccommodate
theonboardingofpropertiesandthere-
tenantingstrategy.
Debtfinanceandrepayment
TheGrouphadenteredintothefollowingloan
agreements(the“Facilities”)withScottishWidows:
• a12-yearinterest-only,fixed-rate,£120millionterm
loanagreementon11December2020.Thefacility
wasrepayableinDecember2032andhasafixedall-
inratepayableof2.07%perannum,fortheduration
ofthe12-yearloanterm.Theloanwasfullypaidon
25September2024,and
• a15-yearinterest-only,fixedrate,£130millionterm
loanagreementon1December2021(£100million
at31August2023).Thefacilitywasrepayablein
December2036andhasafixedall-inratepayable
of2.53%perannum,forthedurationofthe
15-yearloanterm.Thisloanwasfullyrepaidon
27November2024.
ThesubsidiariesoftheCompanyandtheCompanyare
partytoagreementswith(amongstothers)Scottish
Widowsincluding(inthecaseofthesubsidiariesofthe
Company)facilityagreementsand(inthecaseofthe
Company)guarantees.Sinceaninitialwaiverletter
dated30January2023waivingcertainbreaches,new
waiverlettershavebeenissuedon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earlierof
28June2024orthefullandfinalrepaymentofthe
loan.On4December2023,ScottishWidowsimposed
afurtherDeferredFeebeingtheequivalentof5.0%
perannumontheaggregateamountsoutstanding
onthetwoloansascomputedonadailybasisfrom
30November2023.On2July2024theLender
increasedtheDeferredFeeto7%from1July2024
untiltheloanswerefullyrepaid.TheDeferredFeesof
£9.0millionwerepaidon16December2024.

24 HomeREITplc | AnnualReport | Fortheyearended31August2023
Strategic report
Management report—continued
Outlook
Asnotedabove,shareholdersapprovedtheNew
InvestmentPolicyfortheManagedWind-Downon
16September2024.
ApproachtotheManagedWind-Down
ItisexpectedthattheCompany,viaAEW,willadopt
abroadandmanagedapproachtothedisposalof
assets,withaviewtooptimisingvalueforshareholders.
Althoughitwasnecessarytorealiseaproportionofthe
propertyportfoliobefore31December2024tomeet
therequirementsofScottishWidowsandrepaythe
outstandingdebt,salesareotherwiseexpectedtobe
structuredandexecutedwiththeintentiontoachieve
bestvalueandtominimisedisruptiontotheunderlying
occupiersoftheproperties.Adecisiononthepreferred
methodofdisposalwillbedeterminedbyanumberof
factors,includingpropertycondition,location,tenant
typeandleaseterms.
DuringtheManagedWind-Down,assetmanagement
initiativeswillbefocusedonaddingvaluetoproperties
andpreparingthemforsaletomaximiseliquidity.
Inaddition,giventheCompany’soriginallystated
objectiveofprovidingaccommodationforthe
homeless,therealisationprocesswillbemanagedina
waytominimiseimpactanddisruptiontounderlying,
vulnerableoccupiers.Inthatrespect,aspreviously
announced,alargerthanexpectedproportionofthe
portfolioisPRSratherthanhomelessaccommodation
backedbyexemptrentsfromlocalauthorities.
TheCompanywillcontinuetoprovideupdates
duringtheManagedWind-Downtoshareholders,
butthiswillbedrivenbyeventssuchasinrespectof
materialdisposals.
Returnofcapitaltoshareholders
ItistheintentionoftheBoardfollowingtherepayment
oftheCompany’soutstandingdebtfacilitiesthat
capitalwillbereturnedtoshareholdersuponthe
completionoftherealisationstrategy.However,
shareholdersshouldbeawarethattheabilityofthe
Companytomakedistributionstoshareholderswillbe
constrainedwhilsttheCompanyfacespotentialgroup
litigationandanFCAinvestigation.Atpresent,the
Boardisunabletoassessproperlyitsabilitytomake
distributionsundertheapplicablelegalrequirements.
Inaddition,theCompanyexpectstoretaincapitalto
meetcorporatecostsandallowittopursuelegalaction
againstthoseitconsidersresponsibleforwrongdoing.
Themostappropriatetimingandmechanismto
returncapitaltoshareholderswillbedetermined
induecourse.
Financialstatementsandrestorationoflisting
Theinterimresultsfortheperiodsto28February2023
and29February2024andtheauditedannualresults
fortheyearended31August2024areexpectedtobe
publishedinthefirstquarter2025.Followingpublication
ofalloutstandingfinancialinformation,theCompany
willthenbeabletoapplytotheFCAforarestorationof
itslistingandtherecommencementoftradingonthe
LondonStockExchange.
Furtherdetailsregardingtheexpectedtimetable
forrestorationoflistingwillbeannouncedupon
publicationoftheabovefinancialinformationandthe
Companyexpectstoengagewithshareholdersahead
ofthisimportantevent.
AEW UK Investment Management LLP
13January2025

 HomeREITplc | AnnualReport | Fortheyearended31August2023 25
ThisEnvironmental,SocialandGovernancePolicy
appliestotheCompanyandtheGroup.
TheBoardtogetherwithAEWfromtheirappointment
inAugust2023(together,“we”forthepurposesofthis
ESGreportonly),havearesponsibilitytoconductthe
Group’sinvestmentbusinessinasociallyresponsible
wayandrecognisethatourinvestorsmayhavethe
samevalues.
TheGroupisnotformallyrequiredtoreportunderthe
TaskForceforClimate-RelatedFinancialDisclosures.
Environmental, Social & Governance (“ESG”)
TheBoardbelievesthatESGshouldbeakeyprinciple
ofAEW’sapproachtoResponsiblePropertyInvesting
(RPI)andthatasustainableandsociallyresponsible
approachtorealestateinvestmentmanagementboth
protectsandenhancesthevalueofourassets,nowand
inthefuture.
AEWisfullyawareoftheimpactofouractivities
onenvironmentalandsocialissuesbothfromour
businessandourinvestment,assetmanagementand
developmentactivities.TothisendAEWiscommitted
toimplementingacomprehensiveSociallyResponsible
Investment(SRI)policy.BydoingsoAEWexpectto
meetourstakeholders’expectations,whetherthey
areclients,tenants,providers,employees,oranyother
individualwithwhomweinteract.
AEW’spolicyisalignedwiththeinternationalclimate
agreementsignedinParisinDecember2015asclimate
changeisamajorchallengeforhumanitythatposes
importantrisksandcreatesopportunitiesforthe
realestateindustry.TherealestatesectorinEurope
accountsforsome40%oftotalenergyconsumption
andabout25%ofgreenhousegas(GHG)emissions.
Overthecomingyearswebelievethatbothoccupiers
andinvestorswillincreasinglyfocusonthewayinwhich
ESGissuesaremanaged.Inturn,thisisexpectedto
impactonbuildingobsolescence,lettability,ratesof
leaserenewalsandultimatelytherentalandcapital
valuesforindividualassetsifESGissuesareignored.
However,theBoard’sandAEW’sfiduciarydutyto
investorsmustalwayscomefirstinallinvestment
decision-making.AEWengagewithclientswherever
possibletoeducateontheimportanceofESG.Where
wefeelitisimportanttodosoandcostscanbejustified
intermsofperformanceobjectives,orarerequiredto
complywithUKlegislation,wewillseektoincorporate
oradoptbestpractice.
Environmental
Bylawallrentedresidentialpropertymusthavean
energyperformancecertificate(EPC)ratingof“E”
orabove.Thegovernmenthaveproposedthatby
December2028,allexistingprivatelyrentedproperties
willneedanEPCratingof“C”orabove.AspartofAEW’s
inspectionprogramme,includingtheVibrantsurveys,
complianceisbeingmonitoredandwillberegularly
reportedtotheBoard.
Ofthepropertiesheldasat31August2023theGroup’s
currentEPCratingsareasdetailedbelow:
Rating
Numberof
Properties %
A 2 0.1
B 8 0.3
C 578 23.4
D 1,455 58.8
E 413 16.7
F 7 0.3
G 10 0.4
Total 2,473 100.0
Social
Wehaveidentifiedthemajorstakeholdersinthe
Group’sbusinessandendeavourtoconsidertheimpact
ofourdecisionsuponthese.
Shareholders:AsapublicgrouplistedontheLondon
StockExchange,theGroupissubjecttotheListing
RulesandtheDisclosureGuidanceandTransparency
Rules.TheListingRulesincludealistingprinciplethat
alistedgroupmustensurethatittreatsallholdersof
thesameclassofsharesthatareinthesameposition
equallyinrespectoftherightsattachingtosuch
shares.Weuseourbestendeavourstoabidebythe
ListingRulesatalltimes.
Employees:Asanexternallymanagedrealestate
investmenttrust,theGroupdoesnothaveany
employeesasallitsfunctionsarecarriedoutbythird
partyserviceproviders.However,theGrouphas
aBoardofDirectorscomprisedofnon-executive
Directorswhoreceivefixedfeeremuneration.The
Group’sBoardreceiveregularmarketandregulatory
updatesfromitsprofessionaladviserssuchasAEW,
theBrokerandtheCompanySecretaryandattend
seminarswhererequired.
Strategic report
ESG report

26 HomeREITplc | AnnualReport | Fortheyearended31August2023
Tenants:AEWperformsextensiveduediligencebefore
atenantisselected,andduringthetenancyagreement
weaimtomaintainaconstructiverelationship.Wetake
intoaccountourtenants’changingneedsanduseour
expertisetoassisttheminanywaywithinourability.
Service Providers:AlistoftheGroup’skeyservice
providerscanbefoundintheCompanyInformation
onpages47to49.TheGroupconductsallitsbusiness
throughitskeyserviceproviders.Beforethe
engagementofaserviceprovider,weaimtoensure
thatourbusinessoutlookaswellasourvaluesare
similar.TheGroupperformsanannualevaluationofall
ofitskeyserviceproviderstoensureinteraliathatour
valuesremainaligned.
Governance
AHRAandAlvariumFMwereexpectedtowork
togethertoensuretheexecutionoftheCompany’s
investmentstrategy,overseenbytheBoard.
Accordingly,theBoardexpectedthattheCompany’s
investmentactivitywouldbeconsistentwiththe
Company’spoliciesandcompliantwithitsprocedures
andwithlocalandregionalregulatoryrequirements.
Duringtheperiod,theBoardofDirectorshave
determinedthat,significantandmaterialinformation
hascometolightwhichisincontradictiontoreporting
providedtotheBoardandotheradvisersbyAHRA
andAlvariumFM.TheBoardhasappointedanew
InvestmentManagerandAIFMwitheffectfrom
21August2023.
Compliance
TheCompanywasincorporatedandregisteredin
EnglandandWalesasapubliccompanylimitedby
shares.TheGroupisnotauthorisedorregulatedasa
collectiveinvestmentschemebytheFCA,however
itissubjecttotheListingRulesandtheDisclosure
GuidanceandTransparencyRules.Theprincipal
legislationunderwhichtheGroupoperatesisthe
CompaniesAct2006.WhiletheGroupholdsincome
producingpropertyassets,theDirectorsintend,at
alltimes,tocontinuetoconducttheaffairsofthe
GrouptoenabletocontinuetoqualifyasaREITfor
thepurposesofPart12oftheCTA2010(andthe
regulationsmadethereunder).
TheGroupseekstocomplywiththeAICCodeof
CorporateGovernance(the“AICCode”)andwillreport
onitscompliancewiththeAICCodeeachyearinits
AnnualReport.
Risk Management
Ourgovernancemodelisdesignedtomanage
investmentriskandoperationalrisk.Therisk
managementprocessandsystemsofinternalcontrol
aredesignedtomanageratherthaneliminatetherisk
offailuretoachievetheCompany’sobjectives.Itshould
berecognisedthatsuchsystemscanonlyprovide
reasonable,notabsolute,assuranceagainstmaterial
misstatementorloss.
TheBoardhasreviewedtheriskmanagement
governancemodelduringtheperiodandpostperiod
endandhasmademinoramendmentstothemodel.
i. InternalinspectionofpropertiesbyJLL,Vibrantand
otherthirdparties;
ii. EnhancementoftheGroup’swhistleblowingpolicy
forthirdpartiesincludingacontactaddressfor
theChairandrequestforkeyserviceprovidersto
providerelevantemployeescontactdetailsofChair
toraiseconcerns;
iii. Health&Safety–AsaresultoftheAmended
InvestmentPolicywhichincludesanewleasing
modelremovingtherequirementforallleasesto
befullyrepairingandinsuring(FRI),theGroupis
exposedtoincreasedhealthandsafetyrisk.Health
&safetyisastandardpriorityitemontheBoard’s
agendawithAEWhavinganestablishedHealth&
SafetyCommitteewhichregularlyreportsmaterial
matterstotheBoard.
InvestmentRisk
TheGroupwillnotatanytimeconductanytrading
activitywhichissignificantinthecontextofthe
businessoftheGroupasawhole.TheGroupandthe
Boardhadintended,atalltimes,toinvestandmanage
itsassetsinawaythatwasconsistentwithitsobjective
ofspreadinginvestmentriskandinaccordancewith
itspublishedOriginalInvestmentPolicyandfrom
21August2023inaccordancewiththeAmended
InvestmentPolicy.
AsdetailedinManagementReportbeginningonpage
15,duringtheperiodandsinceperiodend,significant
investmentriskhasbeenidentifiedthatwasnot
disclosedtotheBoardconcerning:
• qualityoftheassets,includinguncompletedSeller’s
Worksandunhabitableproperties;
• tenantsuitabilityandconnectionsbetweentenants;
and
• underlyingvacancy/occupancyofproperties.
Strategic report
ESG report—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2023 27
OperationalRisk
AHRAhadundertakentofollowEPRAbestpractice
recommendationsassessingoperationalriskona
continuousbasisandreportingregularlytotheGroup’s
Board.TheBoardofDirectorshasdeterminedthat
significantandmaterialinformationhascometolight
whichisincontradictiontoreportingprovidedtothe
Boardduringtheperiod.
AEWsinceappointmenton21August2023continues
toassesstheoperationalriskonacontinuousbasis
andreportregularlytotheBoardonoperational
riskmatters.
Responsible investment
Ownership
TheGroup’sInvestmentManagerwastheownerofthis
policyatthereportingperiodend.Thepolicyissubject
toannualreview.
AEW,appointedon21August2023,iscommittedto
creatinglong-termvalueforshareholdersandadheres
toapolicyofsustainableandresponsibleinvestment.
AEW’sSRIpolicycanbefoundwithintheCorporate
ResponsibilityareaontheGroup’swebsitewww.
homereituk.com.AEWreviewsitsSustainabilityPolicy
onanannualbasis,andthepolicyisapprovedbythe
BoardofAEW.
Strategic report
ESG report—continued

28 HomeREITplc | AnnualReport | Fortheyearended31August2023
TheGrouppresentedvariousEPRAPerformanceMeasuresandotherKeyPerformanceIndicatorsinthe
ManagementReportfortheperiodended31August2021.Giventhesignificantnumberandquantumofnon-
recurringadjustmentsrecordedinthe2023and2022financialstatements,theBoarddidnotconsiderthat
theEPRAandotherkeyperformancemeasurementswouldbenefittheuserofthefinancialstatementsand
accordingly,wearenotpresentinganyEPRAPerformanceMeasuresintheseReportandAccounts.However,
theBoardwillcontinuetokeepthepresentationofEPRAmeasurementsunderreview.
InlieuofEPRAmetrics,theBoardconsidersthefollowingkeyperformanceindicators(“KPIs”)asappropriate
fortheuseroftheseReportandAccounts:
SetoutbelowaretheKPIsthatareusedtotracktheGroup’sperformance.
KPI and definition Relevance to strategy
Performance
Results2023 2022
1. Total expense ratio
Thepercentageoftotaloperating
expenses,includingmanagement
feesandadministrativeand
operationalcostsexpressedasa
percentageoftheNAV.
Thetotalexpenseratioisa
keymeasureoftheGroup’s
operationalperformanceand
canbeusedtomeasureGroup
performanceagainstpeer
companies.
9.1% 3.0% Asdescribedonpage21,the
expenseratiogrewasthe
Groupincurredexceptional
levelsoflegaland
professionalfeesandother
administrativeexpenses.
2. NAV per Share
TheNAVattributableto
shareholdersdividedby
averagesharesoutstanding
duringtheperiod.
NAVpershareprovides
shareholderswithan
indicationofGroupvalue.
27.43
pence
43.76
pence
Decreaseof37.3%,primarily
resultingfrom:
i)decreaseintheFVof
investmentpropertyof
£71.4million,
ii) provisionfordoubtful
debtsof£49.5million,
iii)write-offofSeller’s
Worksof£14.2million,
iv)impairmentcharges
onleaseinducements
andstraight-liningof
£31.0million,
v)dividendspaid
of£10.9million,and
vi)gainonrevaluation
ofbankborrowingsof
£14.5million.
3. Loan-to-Value
Ratioofgrossdebtasa
percentageofthevaluationof
investmentproperty.
LTVmeasuresthe
prudenceofbalancing
highershareholderreturns
andadditionalportfolio
diversificationagainstthe
additionalriskofleverage.
53.3% 60.3% GroupLTVdecreased
duetothe£30.0million
repaymentmadefrom
restrictedcashin2023.
Strategic report
Key performance indicators

 HomeREITplc | AnnualReport | Fortheyearended31August2023 29
Strategic report
Strategic overview
Purpose, business model and strategy
TheBoardisresponsiblefortheoverallmanagement
oftheGroupand,inaccordancewiththeAICCode,
theBoardestablishestheGroup’spurpose,valuesand
strategy,andreportstoshareholdersonthedetailof
howthisisachieved.
Asaninvestmentgroup,theGroup’spurposeis
expressedinitsinvestmentobjective.Itsinvestment
policydescribesthestrategyadoptedbytheGroup
toachieveitsobjective.Theinvestmentobjectiveand
policystatedbelowshouldbeconsideredinconjunction
withtheChair’sstatementandtheotherdisclosures
withintheStrategicReportwhichprovideanin-depth
reviewoftheGroup’sperformanceandfuturestrategy.
TheAmendedInvestmentPolicy,whichissummarised
onpage33,wasapprovedbyShareholderson
21August2023.TheNewInvestmentPolicywas
approvedbyshareholderson16September2024.In
accordancewiththeAICCode,thecurrentinvestment
objectiveandpolicy,whichwaseffectivefrom
16September2024,isdetailedbelow.
Investment objective
TheCompany’sinvestmentobjectiveistorealiseall
existinginvestmentsintheCompany’sportfolioin
anorderlymanner,withaviewtoultimatelyreturning
availablecashtoshareholders,followingthesettlement
ofallamountsduetotheLender.
New Investment Policy
TheCompanywillendeavourtorealiseallof
theCompany’sinvestmentsinamannerthat
achievesabalancebetweenmaximisingthevalue
ofitsinvestmentsandmakingtimelyreturnsto
shareholders.
TheBoardintendsthattheproceedsofanyasset
realisationswillbeusedtosettleallamounts
outstandingtotheLenderbeforeanysuchproceeds
aredistributedtoshareholders.
TheCompanywillnotmakeanyfurtherinvestments.
Capitalexpenditurewillbepermittedwhereitis
deemednecessaryordesirablebytheInvestment
ManagerinconnectionwiththeManagedWind-Down,
primarilywheresuchexpenditureisnecessaryto
protectorenhanceanasset’srealisablevalue,orin
ordertocomplywithstatutoryobligations.
DiversificationofRisk
Thenetproceedsfromassetrealisationshavebeen
usedtosettleallamountsoutstandingtotheLender
andwillbereturnedtoshareholders(netofprovisions
fortheCompany’scosts,expensesandpotential
liabilities)insuchmannerastheBoardconsiders
appropriateandwhenitisabletodoso.
Excesscashwillbeheldinsterlingonlyandplacedon
depositand/orheldascashequivalentsecurities,other
cashequivalents,cashfundsorbankcashdeposits,
pendingitsreturntoshareholders.
Borrowingpolicy
Thenetproceedsfromrealisationshavebeenused
tosettleallamountsoutstandingtotheLender.
TheCompanywillnottakeonanynewborrowings.
AnymaterialchangetotheCompany’sinvestment
policysetoutabovewillrequiretheapprovalof
shareholdersbywayofanordinaryresolutionata
generalmeetingandtheapprovaloftheFinancial
ConductAuthority.Non-materialchangestothe
investmentpolicymaybeapprovedbytheBoard.
Approach to the Managed Wind-Down
ItisexpectedthattheCompany,viaAEW,willadopta
broadandmanagedapproachtothedisposalofassets,
withaviewtooptimisingvalueforshareholders.Sales
willbestructuredandexecutedtoachievebestvalue
andtominimisedisruptiontotheunderlyingoccupiers
oftheproperties.Adecisiononthepreferredmethod
ofdisposalwillbedeterminedbyanumberoffactors,
includingpropertycondition,location,tenanttypeand
leaseterms.
DuringtheManagedWind-Downassetmanagement
initiativeswillbefocusedonaddingvaluetoproperties
andpreparingthemforsaletomaximiseliquidity.
Inaddition,giventheCompany’soriginallystated
objectiveofprovidingaccommodationforthe
homeless,therealisationprocesswillbemanagedin
awaytominimiseimpactanddisruptiontounderlying,
vulnerableoccupiers.Inthatrespect,aspreviously
announced,alargerthanexpectedproportionofthe
portfolioisPRSratherthanhomelessaccommodation
backedbyexemptrentsfromlocalauthorities.

30 HomeREITplc | AnnualReport | Fortheyearended31August2023
Return of capital to shareholders
ItistheintentionoftheBoard,followingthesettlement
ofallamountsoutstandingtotheLender,thatcapital
willbereturnedtoshareholdersuponthecompletion
oftherealisationstrategy.However,shareholders
shouldbeawarethattheabilityoftheCompanyto
makedistributionstoshareholderswillbeconstrained
whilsttheCompanyfacespotentialgrouplitigationand
anFCAinvestigation.Atpresent,theBoardisunableto
assessproperlyitsabilitytomakedistributionsunder
theapplicablelegalrequirements.Inaddition,the
Companyexpectstoretaincapitaltomeetcorporate
costsandallowittopursuelegalactionagainstthose
itconsidersresponsibleforwrongdoing.
Themostappropriatetimingandmechanismto
returncapitaltoshareholderswillbedetermined
induecourse.
Financial statements and restoration of listing
Theinterimresultsfortheperiodto29February2024
andtheresultsfortheyearended31August2024are
expectedtobepublishedinthefirstquarterof2025.
TheCompanywillthenbeabletoapplytotheFCAfor
arestorationofitslistingandtherecommencement
oftradingontheLondonStockExchange.
Furtherdetailsregardingtheexpectedtimetable
forrestorationoflistingwillbeannouncedupon
publicationoftheabovefinancialinformationandthe
Companyexpectstoengagewithshareholdersahead
ofthisimportantevent.
Business and status of the Company
TheCompanyisregisteredasapubliclimitedcompany
andisaninvestmentcompanywithinthetermsof
section833oftheCompaniesAct2006.TheCompany
isaREITforthepurposesofPart12oftheCorporation
TaxAct2010.ItwillbetreatedasaREITsolongasit
continuestomeettheREITconditionsinrelationtoany
accountingperiod.
TheCompanymadedistributionsforthe2021and2022
financialyearsasdocumentedinitspropertyincome
distribution(PID)trackerassubmittedtoHMRevenue&
Customs(“HMRC”)basedonestimatesofitsProperty
Income,whichisrequiredtomaintainREITstatus.
Comprehensiveincomefor2021hadbeenrevisedtoa
lowerlevelandtheresultfor2022wasacomprehensive
loss.TheCompanyhasagreedwithHMRCthatitwill
reviseitsPIDtracker,butitwillnotrecallpastPIDsand
reissueordinarydividends.BecausePIDsareassessed
annually,thisoverpaymentofPIDforthefinancialyear
2022isnotexpectedtoimpactfutureperiods.
TheCompanywasincorporatedon19August2020.
ItsSharestradeonthePremiumSegmentoftheMain
MarketoftheLondonStockExchange.Thelistingof
theCompany’sordinaryshareswassuspendedon
3January2023duetothenon-publicationofitsannual
financialreportwithinfourmonthsaftertheendofits
financialyearforFY22,contrarytotheFCA’sDisclosure
GuidanceandTransparencyRule4.1.3.
Employees,humanrights,socialand
community issues
TheBoardrecognisestherequirementunder
CompaniesAct2006todetailinformationabouthuman
rights,employeesandcommunityissues,including
informationaboutanypoliciesithasinrelationto
thesemattersandtheeffectivenessofthesepolicies.
Theserequirements,whichmayapplytotheGroup’s
investments,donotapplytotheCompanyasithasno
employees,alltheDirectorsarenon-executiveandit
hasoutsourcedallitsfunctionstothirdpartyservice
providers.TheCompanyhasthereforenotreported
furtherinrespectoftheseprovisions.
AEWisanequalopportunitiesemployerwhorespects
andseekstoempowereachindividualandthediverse
cultures,perspective,skillsandexperienceswithinits
workforce.ForfurtherinformationonAEW’sprinciples
inrelationtopeopleincludingdiversity,genderpay,
employeesatisfactionsurveys,wellbeingandretention,
pleaserefertotheESGlinkwithintheCorporate
Responsibilityareaatwww.homereituk.com.
ModernSlaveryAct2015,BriberyAct2010and
CriminalFinancesAct2017
TheDirectorsaresatisfiedthat,tothebestoftheir
knowledge,theGroup’sprincipalsupplierscomply
withtheprovisionsoftheModernSlaveryAct2015
andmaintainadequatesafeguardsinkeepingwith
theprovisionsoftheBriberyAct2010andCriminal
FinancesAct2017.AEWispartoftheNatixisGroup
whosestatementonSlaveryandHumanTrafficking
hasbeenpublishedinaccordancewiththeModern
SlaveryAct2015.https://natixis.groupebpce.com/
wp-content/uploads/2022/11/Modern-Slavery-Act-
statement-2024.pdf.
DetailsabouttheGroup’sapproachtoESGaresetout
onpages25to27.
Gender diversity
Asat31August2023,theBoardofDirectorsofthe
GroupcomprisedtwofemaleandtwomaleDirectors.
Followingtheyearend,threenewDirectors(male)were
appointedtotheBoard.Theappointmentofanynew
DirectorismadeinaccordancewiththeCompany’s
diversitypolicyasdetailedonpage70.
Strategic report
Strategic overview—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2023 31
Strategic report
Strategic overview—continued
Stakeholder engagement
StakeholdersareintegraltothesuccessoftheGroup.
TheBoardrecognisesthat,bothindividuallyand
collectively,itsoverarchingdutyistoactingoodfaith
andinawaythatismostlikelytopromotethesuccess
oftheCompanyandtheGroup.Assetoutinsection
172oftheCompaniesAct2006,theDirectorsactfor
thebenefitofshareholdersandintheinterestsof
stakeholdersasawhole,havingregard,amongstother
matters,to:
• thelikelyconsequencesofanydecisioninthe
longterm;
• theneedtofostertheGroup’sbusiness
relationshipswithsuppliers,customersandothers;
• theimpactoftheGroup’soperationsonthe
communityandtheenvironment;
• thedesirabilityoftheGroupmaintaininga
reputationforhighstandardsofbusinessconduct;
and
• theneedtoactfairlybetweenshareholdersof
theGroup.
AllBoarddiscussionsincludeconsiderationofthe
longer-termconsequencesofanykeydecisionsand
theirimplicationsfortherelevantstakeholders.
Agroup’sstakeholdersarenormallyconsideredto
compriseitsshareholders,employees,customers,
suppliersaswellasthewidercommunityinwhich
theGroupoperatesandimpacts.TheGroupdiffers
asitisanexternallymanagedinvestmenttrustithas
noemployeesand,intermsofsuppliers,itreceives
professionalservicesfromanumberofdifferent
providers,principalamongthembeingAEW(or
previouslyAHRAasappropriate).
Throughregularengagementwithitsstakeholders,
theBoardaimstogainaroundedandbalanced
understandingoftheimpactofitsdecisions.Feedback
fromstakeholdersisgatheredbyAEW(orpreviously
AHRAasappropriate)inthefirstinstanceand
communicatedtotheBoardinitsregularquarterly
meetingsandotherwiseasrequired.
Theimportanceofstakeholdersistakenintoaccount
attheboardmeetings,withdiscussionsinvolving
carefulconsiderationofthelonger-termconsequences
ofanydecisionsandtheirimplicationsforstakeholders.
DetailsofhowtheBoardseekstounderstandthe
needsandprioritiesoftheGroup’sstakeholders
andhowthesearetakenintoaccountduringallofits
discussionsandaspartofitsdecision-makingare
setoutbelow:
Shareholders
TheBoardwelcomesshareholders’viewsand
iscommittedtomaintainingopenchannelsof
communicationswiththem.TheBoardisresponsiblefor
thecontentofcommunicationregardingcorporateissues
andforcommunicatingitsviewstoshareholders.Itaims
toensurethatshareholdersareprovidedwithsufficient
informationtounderstandtherisk/rewardbalanceto
whichtheyareexposedbyinvestingintheGroup.The
channelsofengagingwithshareholdersinclude:
Annual General Meeting
Allshareholdersareencouragedtoattendandvote
attheAnnualGeneralMeeting(“AGM”)andatany
generalmeetingsoftheCompany,duringwhichthe
BoardandAEWareavailabletodiscussissuesaffecting
theGroupandtoprovideanoverviewontheGroup’s
performanceanditsfutureoutlook.TheCompany
valuesanyfeedbackandquestionsitmayreceivefrom
shareholdersaheadofandduringtheAGMandtakes
action,asappropriate.
Meetings with shareholders
AEW,alongwiththeBroker,regularlymeetswiththe
Company’sshareholderstoprovideGroupupdates
andtofosterregulardialogue.Feedbackfromall
shareholdermeetings,andshareholders’views,are
sharedwiththeBoardonaregularbasis.Shareholders
wishingtocommunicatedirectlywiththeBoardshould
contacttheCompanySecretaryattheregisteredoffice
address.TheChairandtheotherDirectorsareavailable
throughouttheyeartomeetwithshareholdersto
understandtheirviewsontheGroup’sperformance
andgovernancewheretheshareholderswishtodoso.
Publications
TheAnnualandHalf-YearlyReportsaremadeavailable
ontheCompany’swebsite.Thesereportsintendto
provideshareholderswithaclearunderstandingofthe
Group’sportfolioandfinancialposition.Inadditiontothe
AnnualandHalf-YearReports,theinvestorpresentations
madehistoricallybyAHRAandanyprospectusesand
circularsissuedbytheGrouparealsoavailableon
thewebsite.TheCompanyprovidesregularupdates
onportfolioacquisitions,capitalraises,disposals,
tenantupdatesandanyotherrelevantmatterbyway
ofmarketannouncements.Duetothedelayinthe
publicationoftheFY22andFY23annualreports,AEW,
sinceitsappointmentinAugust2023,wasproviding
monthlyupdatesbywayofmarketannouncements
andquarterlyshareholderwebinars.WiththeFY22
annualreportspublishedontheCompany’swebsite
on11October2024andtheadoptionofaManaged
Wind-Downstrategy,theCompanywillcontinueto
provideupdatestoshareholdersbutthiswillbedriven
byevents(suchasinrespectofmaterialdisposalsand
consequentialreductionsinborrowings)ratherthan
afixedmonthlyrelease.

32 HomeREITplc | AnnualReport | Fortheyearended31August2023
Strategic report
Strategic overview—continued
Shareholder concerns
Intheeventthatshareholderswishtoraiseissuesor
concernswiththeBoardorAEW,theyarewelcome
towritetotheCompanyattheregisteredoffice
address.TheSeniorIndependentDirectorand
othermembersoftheBoardarealsoavailableto
shareholdersiftheyhaveconcernsthathavenotbeen
addressedthroughthenormalchannels.Shareholders
canalsowritedirectlytotheChairoftheCompany
throughtheCompanySecretary,asdetailedonthe
Company’swebsite.
Tenants
AEWhasbeenactivelyengagingwithalltenantsas
itassessestheirsuitabilityanddevelopsitstenant
specificstrategyforre-tenantingassets.AEW
hasattemptedtoworkwithtenantstorationalise
portfoliosandwhereappropriatenegotiatesurrenders
ofleasesinordertotakebackcontroloftheassets.
AEW,morespecificallyitsassetmanagementteam,
maintainsanongoingdialoguewithtenantseither
directlyorinthecaseofoccupiersonASTsthroughits
appointedpropertymanager.AEWcontinuestoengage
withprospectivetenantsaspartofthestrategytore-
tenanttheportfolioduringtheManagedWind-Down.
Lenders
RegularmeetingsareheldbetweentheLender,the
BoardandAEWtodiscussandassesstheCompany’s
compliancewithbankingcovenantsandagreean
appropriatestrategyincludingwaivers,partial
repaymentofloanfacilitiesandadditionalfeespayable.
TheoutstandingloanbalancesandDeferredFeeswere
repaidinNovemberandDecember2024,respectively.
Societyandtheenvironment
Asaninvestorinrealestate,theGroup’sassetshave
animpactonthebuiltenvironment.TheGrouphasan
ESGpolicywhichisincludedonpages25to27ofthis
AnnualReport.
Key decisions made during the year
Dividends
TheBoarddeclaredaninterimdividendof1.38pence
perShareon12December2022andpaidthison
20January2023inrespectofthequarterended
31August2022basedonthedraftfinancialstatements
andforecastsprovidedbyAHRAandtoensureit
distributedPropertyIncome,asdefined,inorder
tocomplywithREITregulations.Inaddition,the
BoardconsideredthatithadthesubstantialSpecial
DistributableReserve(Note17totheConsolidated
FinancialStatements)whichcouldcoverany
imprecisioninAHRA’sestimates.
However,hadthefull,accurateinformationregarding
thematerialcorrectionsmadetothedraftfinancial
statementsbeenprovidedtotheBoardatthetimeof
approvingthedistribution,theBoardwouldnothave
approvedthedistribution.
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.
Repaymentofdebt
TheBoardapprovedrepaymentofloansforatotalof
£30.0millionduringtheperiod.
TheBoardagreedtopayDeferredFees,payableonfull
andfinalrepaymentoftheloans,onloanbalancesof
0.5%oftheaggregateamountsoutstandingonthetwo
loansateachof31August2023and30November2023.
RepaymentoftheloansandpaymentoftheDeferred
Feesweremadepostyearend.
AppointmentofAlvarez&Marsal
InJanuary2023,theBoardinstructedAlvarez&Marsal
DisputesandInvestigations,LLP(“A&M”)toconductan
investigationintoallegationsofwrongdoing,including
mattersraisedintheViceroyResearchreportdated
23November2022.On5May2023,A&Mdeliveredto
theCompanyadetailedreport.
AppointmentofAdvisers
On29October2022,theCompanyappointedJefferies
InternationalLimitedasjointbroker.Theagreement
withJefferiesInternationalLimitedwasterminatedon
1February2023.
On19January2023,theCompanyannouncedthat
AHRAhadengagedsectorspecialist,SimpactGroup,
toperformadetailedreviewoftheGroup’sportfolio
andtomonitorandassistwithmanagingtheGroup’s
tenants,includingrentcollectionandrecoveryof
arrears.Thecontractwassubsequentlyassignedtothe
Companyandtheengagementwasterminatedwith
effectfrom31October2023.
On13February2023,theCompanyappointedSmith
SquarePartnersLLPasfinancialadviserandthe
relationshipwasterminatedon24August2023with
effectfrom24November2023.
TerminationofIAandAIFM
Duetoinformationthatcametolightwhichwasin
contradictiontoreportingpreviouslyprovidedtothe
BoardbyAHRAandAlvariumFM,togetherwithlowrent
collectionandfurtherevidenceofmaterialinformation
beingwithheldfromtheBoard,on15March2023the
BoardagreedwithAHRAbywayofletterofagreement
thattheCompanywasentitledtoterminatetheIAA

 HomeREITplc | AnnualReport | Fortheyearended31August2023 33
Strategic report
Strategic overview—continued
onorbefore30June2023.On30June2023,theIAA
wasterminated.On25May2023,theCompanyand
AlvariumFMagreedbywayofvariationagreement,
asfurthervariedon18July2023,thattheIMAwould
bevariedtoallowforterminationimmediatelyupon
theCompanygivingnoticeinwritingtoAlvarium
FM,providedsuchnoticewasgivenbynotlaterthan
31August2023,oruponeitherpartygivingnotless
thansixmonths’noticeinwriting.On21August2023,
theCompanyterminatedtheIMA.
AppointmentofInvestmentManager&AIFM
On22May2023theBoardappointedAEWtoprovide
propertyadvisoryservicesandannounceditsintent
toengageAEWasInvestmentManagerandAIFM
afterreceiptofFCAandshareholderapprovalfor
anamendedinvestmentpolicy.On21August2023
shareholdersapprovedtheAmendedInvestment
PolicyandtheBoardappointedAEWasInvestment
ManagerandAIFM.
Changeofinvestmentpolicy
TheBoardproposedanAmendedInvestmentPolicy
whichwasapprovedbyshareholderson21August2023.
TheAmendedInvestmentPolicyaimedtoensurethe
Companywasabletocontinuetooperateinthesector
andpreserveitslonger-termsocialobjectiveofhelping
toalleviatehomelessnessintheUK,specifically:
• aStabilisationPeriodwasintroduced,duringwhich
time,theCompanywouldhavetheobjectiveof
stabilisingtheGroup’sfinancialconditionthrough
initiativestomaximiseincomeandcapitalreturns.
TheStabilisationPeriodwasforaperiodof2years
from21August2023orsuchlaterdate(notbeing
laterthanoneyear)approvedbytheBoard;
• thepermittedusesofpropertieswerediversified
toincludeduringtheStabilisationperiodany
formofresidentialuse.Poststabilisationthe
Companywouldtargetpredominantlyhomeless
accommodationassetsandassetswithanySocial
Use;and
• anewleasingmodelwasadoptedwhichwasbetter
alignedtotheneedsofLocalAuthorities,Charities,
RegisteredProvidersandHousingAssociations
andtheneedsoftheunderlyingoccupantsofthe
properties.
Cessationofpropertyacquisitions
TheCompanyannouncedthatitwouldnolongerbe
makingacquisitions.
Appointmentofvaluer
JonesLangLaSalleLimitedwereappointed
IndependentValuertotheGroupon18July2023to
undertakevaluationsinaccordancewiththeRICS
ValuationProfessionalStandards.Theinstruction
includedretrospectivevaluationsasat31August2022.
Key decisions made during post period end
Repaymentofdebt
ScottishWidowsimposedDeferredFees,payable
onfullandfinalrepaymentoftheloansof5.0%per
annumontheaggregateamountsoutstandingon
thetwoloansascomputedonadailybasisfrom
30November2023,whichincreasedto7%from
1July2024.On27November2024,theGroupmadeits
finalpaymentontheloansandon16December2024
paidtheDeferredFeestotalling£9.0million.
Changeofinvestmentpolicy
TheBoardproposedaNewInvestmentPolicyfor
theManagedWind-DownoftheGroupwhichwas
approvedbyshareholderson16September2024.
TheNewInvestmentPolicyisintendedtoallowthe
Grouptorealisealltheassetsinitspropertyportfolio
inanorderlymannerwiththeviewtorepaying
borrowingsandmakingtimelyreturnsofcapitalto
shareholderswhilstaimingtooptimisethevalueofthe
Group’sassets.
AppointmentofNon-ExecutiveDirectors
TheBoardapprovedtheappointmentofMichael
O’DonnellastheChairoftheCompanywitheffect
from18January2024andPeterWilliamsasthe
SeniorIndependentDirectorfrom2April2024andas
ManagementEngagementCommitteeChairdesignate.
RodDaywasappointedasIndependentNon-Executive
Directoron7June2024andasAuditCommittee
Chairdesignate.

34 HomeREITplc | AnnualReport | Fortheyearended31August2023
TheBoard,throughdelegationtotheAuditCommittee,hasundertakenarobustassessmentandreviewofthe
emergingandprincipalrisksfacingtheCompanyandtheGroup,togetherwithareviewofanynewriskswhichmay
havearisenduringtheyear,includingthosethatwouldthreatenitsbusinessmodel,futureperformance,solvency
orliquidity.TheserisksareformalisedwithintheGroup’sriskmatrix,whichisregularlyreviewedbytheAudit
Committee.Aspartofitsriskmanagementprocess,theAuditCommitteeseekstoidentifyemergingrisksto
ensurethattheyareeffectivelymanagedastheydevelopandrecordedintheriskmatrix.
Asaresultoftheeventsduringtheperiod,asdetailedonpage32to33,theBoardhasupdatedregularlytherisk
matrixtobetterrepresentthecurrentprincipalrisksandtheriskmitigationtoeffectivelymanagetheserisks.
TheprincipalrisksanduncertaintieswhichtheGroupfacesundertheNewInvestmentPolicyasapprovedby
shareholderson16September2024aresetoutbelow.
InformationabouttheGroup’sinternalcontrolandriskmanagementproceduresaredetailedintheCorporate
GovernanceStatementbeginningonpage54.TheprincipalfinancialrisksandtheGroup’spoliciesformanaging
theserisks,andthepolicyandpracticewithregardtothefinancialinstruments,aresummarisedinNote13tothe
ConsolidatedFinancialStatements.
Risk Mitigation
Investment strategy and operations
Ability to meet objectives:
TheCompanymaynotachieveitsinvestment
objectivetorealiseallexistinginvestmentsin
theGroup’sportfolioinanorderlymanner,with
aviewtoultimatelyreturningavailablecash
toshareholders,followingsettlementofall
remainingamountsowingtotheLender.
TheCompany’sreturnsaresubjecttosignificant
uncertaintiesandcontingenciesandthe
Company’sabilitytomakedistributionsmaybe
constrainedwhilsttheCompanyfacespotential
grouplitigationandanFCAinvestigation.
TheBoardregularlyreviewstheGroup’sperformanceagainstitsstated
objectiveandAEW’sbusinessplans.
TheBoardwillcontinuetoreviewperformanceinrelationtoreturnsto
shareholders.TheBoardseekregularadvicefromitsadvisers.Themost
appropriatetimingandmechanismtoreturncapitaltoshareholderswill
bedeterminedinduecourse.
TheBoardhassignificantandrelevantexperienceofdirectinglistedfunds
and/ormanagingbusinessesincludingrestructuring.
DuringtheManagedWind-Down,theCompany
willendeavourtorealisealloftheCompany’s
investmentsinamannerthatachievesabalance
betweenmaximisingvalueandmakingtimely
returnstoshareholders.
Sinceitsappointment,AEWhasundertakenextensiveanddetailed
stepstoimprovetheviabilityandperformanceoftheGroup’sassetsand
therebyprovidingafirmerplatformforitsoperations.Thishasinvolved
substantialtenantengagement,theremovalofnon-performingtenants,
theappointmentofpropertymanagersandre-tenantingofassetswhere
appropriate.Throughtheseactivities,theGrouphasgainedcontrolof
themajorityofitspropertiesfromthetenantsandtherebyenhancedthe
liquidityofthePortfolio.Inaddition,approximately90%.ofthePortfoliohas
beensubjecttointernalinspectioneitherbyAEW,JLL,Vibrantorothers,
therebysignificantlyimprovingthelevelofunderstandingofthePortfolio.
Analysisoftheunderlyingconditionandoccupationofeachpropertyhas
beenparamounttodeterminesuitability,capitalexpenditurebudgets,
prospectsforincomeandcapitalreturnsandforformulatingstrategiesto
driverentcollection.
DuringtheManagedWind-Down,assetmanagementinitiativeswillbe
focusedonaddingvaluetopropertiesandpreparingthemforsaleto
maximiseliquidity.
TheCompanymaynotachieveitsobjectiveof
maximisingreturnswhilstrealisingassetsinan
orderlymanner.
Theimpactofbringingassetstomarketaspart
ofapublicwind-downstrategyandthetime
requiredtoexecutedisposalsmayalsohave
animpactondisposalproceeds.Assetsmay
thereforeberealisedatvalueswhichrepresenta
materialdiscounttothemostrecentlypublished
independentvaluations.
SalesoftheGroup’sassetsmaytakelonger
thananticipated.
Therealisationprocesswillbecarriedoutinawayintendedtominimise
impactanddisruptiontovulnerableoccupiers.Itisintendedsaleswill
bestructuredandexecutedtoachievebestvalueandtheCompanywill
considervariousformsofpropertysalesincludingviaauction,private
treaty,portfolioandindividualassetsales.Adecisiononthepreferred
methodofdisposalwillbedeterminedbyanumberoffactors,including
propertycondition,location,tenanttypeandleaseterms.
Strategic report
Principal risks and uncertainties

 HomeREITplc | AnnualReport | Fortheyearended31August2023 35
Risk Mitigation
Return of capital may be delayed and reduced:
TheCompanymaynotachieveitsinvestment
objectiveofreturningavailablecashto
shareholdersinatimelymannerandreturnsmay
beimpacted.
Thereturnofcapitaltoshareholdersmaybe
delayedbyanumberoffactors,including,without
limitation,theavailabilityofthedistributable
reservesnecessaryfortheCompanytomeet
applicablerequirementsundertheCompanies
Act2006toreturncapitaland/ormake
distributionstoshareholders.
Thereturnsthatshareholdersmayreceive
willbesubjecttodeductionsfor,amongother
things,directdisposalcosts,tax,management
feesandcostsassociatedwiththereviewand
implementationofstrategicoptionsaswellas
themeansofreturningcapitaltoshareholders.
Thesecostsmayreducethesumsavailablefor
distributiontoshareholdersinthefuture.
TheDirectorsintend,followingrepaymentofallamountsoutstandingto
theLender,toreturncapitaltoshareholdersuponthecompletionofthe
realisationstrategy.
TheCompany’sabilitytomakedistributionsmaybeconstrainedwhilst
theCompanyfacespotentialgrouplitigationandanFCAinvestigation.
Inaddition,indeterminingthesizeofanydistributions,theBoardwilltake
intoaccounttheCompany’songoingcosts,andtheeventualliquidation
costs.Shouldthesecostsbegreaterthanexpectedorshouldcash
receiptsfortherealisationsofinvestmentsbelessthanexpected,thiswill
reducetheamountavailableforshareholdersinfuturedistributions.
Themostappropriatetimingandmechanismtoreturncapitalto
shareholderswillbedeterminedinduecourse.
Dividend:
TheCompanycurrentlyhasinsufficient
distributablereserves.
TheDirectorsdonotintendtodeclaredividendsintheshortterm.
Borrowing risk:
TheGrouphasbeenoperatingunderperiodic
debtcovenantwaiversfromandwiththe
supportofScottishWidows.
On27November2024,theGroupmadeitsfinalpaymentontheloans
outstandingtoScottishWidows.On16December2024,theGrouppaid
theremainingDeferredFeeof£9.0million.
Portfolio concentration may significantly affect the
Company’s performance:
AlloftheGroup’sassetsareinvestedinUK
propertyandwithinasinglesector:residential.
DuringtheManagedWind-Down,thevalueofthe
portfoliowillbereducedasassetsarerealisedand
concentratedinfewerholdings,andthemixof
assetexposurewillbeaffectedaccordingly.
Assetmanagementinitiativeswillbefocusedonaddingvalueto
propertiesandpreparingthemforsaletomaximiseliquidity.In
addition,giventheCompany’soriginallystatedobjectiveofproviding
accommodationforthehomeless,therealisationprocesswillbe
carriedoutinawayintendedtominimiseimpactanddisruptionto
vulnerableoccupiers.
TheGroupismarketingtheremainingportfolioforsaleasasingle
portfolio.However,adecisiononthepreferredmethodofdisposalwill
bedeterminedbyanumberoffactors,includingpropertycondition,
location,tenanttype,leaseterms,thenatureofinterestedpurchasers
andmarketconditions.
Strategic report
Principal risks and uncertainties—continued

36 HomeREITplc | AnnualReport | Fortheyearended31August2023
Risk Mitigation
Performance of the portfolio – property condition,
capital expenditure and non-recoverable
propertycosts:
Investorreturnswillbedependentuponthe
performanceoftheGroup’sportfolio.
Thereareincreasesinoperatingandother
expensesandcashneedsassociatedwithtenant
vacanciesandunforeseencapitalexpenditure
affectingproperties.
Thecomprehensivepostperiodendinspection
programmehasalsoledtoasignificant
re-assessmentofthequalityandsuitabilityofthe
propertyassets.Manypropertiesareinneedof
extensiverenovationbeforetheycanbeoccupied
orreconfiguredtoprovideanappropriatenumber
ofroomstobesuitableforPRSorSupportedLiving.
UnderthestandardSPAcontracts,theGrouphad
limitedrecourseagainstthevendorifthevendordid
notcompletethecontractualobligationstoimprove
thepropertypost-acquisition.Furthermore,there
wereinsufficientretentionsavailabletofacilitatethe
completionofworks.
ThereisariskthattheGroupdoesnothave
sufficientliquiditytoundertakeallrequiredcapital
expendituretoimprovethepropertyconditionto
ensureallpropertiesaretothestandardrequiredfor
occupationbyPRSorsupportedliving/SocialUse.
Theconditionofthepropertiesimpactsthe
valuation,rentalincome,propertycostsand
thereforeearningsandtheNAVoftheGroup.
TheGroupmayincurvacantpropertycostson
leasessurrenderedbynon-performingtenants
includingutilitycosts,repairsandmaintenanceuntil
propertiescaneitherbebroughtuptostandardand
re-letorsoldtomitigatefurtherexpenses.
Aspartofitsstrategytorationalisethepropertyportfolio,AEWhad
undertakendisposalswithinitialfocusonthosepropertiesthatwere
inpoorcondition,werelargelyvacantandrequiredsignificantcapital
expenditureinordertobebroughtuptospecification.
AEWhasundertakenacomprehensiveinspectionprogrammeto
ascertainpropertycondition.Analysisoftheunderlyingconditionofthe
propertiesisparamounttodeterminesuitability,capitalexpenditure
requirementsandincomeandcapitalreturnprospectsforeachassetas
AEWworkstorationalisetheportfolio.
Capitalexpenditurerequirementsandpropertybudgetsareincludedin
businessplansandcashflowforecasts.AEWagreespropertybudgets
withappointedpropertymanagersandapprovesexpenditure.TheBoard
monitorscashflowandperformanceagainstbusinessplanswithregular
updatesprovidedbyAEW.
CapitalexpenditureispermittedundertheNewInvestmentPolicy
whereitisdeemednecessaryordesirablebyAEWinconnectionwiththe
ManagedWind-Down,primarilywheresuchexpenditureisnecessaryto
protectorenhanceanasset’srealisablevalue,orinordertocomplywith
statutoryobligations.
Strategic report
Principal risks and uncertainties—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2023 37
Risk Mitigation
Liquidity risk:
ThereisarisktheGroupwillhaveinsufficient
cashtomeetitsliabilitiesduetothecurrentlow
levelsofrentcollection,tenantliquidationand
thechangeinleasingmodelresultingintheGroup
beingresponsibleinsomeinstancesforrepairs
andmaintenanceandvacantpropertycosts.
Theimpactofbringingassetstomarketas
partofapublicwind-downstrategymayalso
resultinchangesinrentcollectionlevelsand
there-tenantingprocessduetooccupiersand
tenantsbeinguncertainoverwhotheirfuture
landlordwillbe.
TheCompanyisfurtherincurringhighcorporate
costsasaresultoftheissuesbeingdealtwith
bytheCompanyincludingsignificantlegal,audit
andprofessionalfees(includinginrespectofthe
financing),anddirectorandofficerinsurance.
Capitalexpenditureisalsopermittedunder
theNewInvestmentPolicywhereitisdeemed
necessaryordesirablebyAEWinconnectionwith
theManagedWind-Down,primarilywheresuch
expenditureisnecessarytoprotectorenhancean
asset’srealisablevalue,orinordertocomplywith
statutoryobligations.
TheGroup’sinvestmentsareilliquidandmay
bedifficulttorealiseataparticulartimewhich
couldputtheGroup’scashrequirementsunder
furtherstrain.
TheGrouphasrepaidbothloanfacilitiesandtheDeferredFeesto
theLender.
TheBoardandAEWhasaprocedurefortheapprovalofsignificantcapex
andunbudgetedexpenses.
Netproceedsfromremainingpropertysaleswillbeplacedonsterling
onlydepositsand/orheldascashequivalentsecurities,othercash
equivalents,cashfundsorbankcashdeposits,pendingitsreturn
toshareholders.
Political and regulatory risk:
Changesinlawsorregulationsgoverningthe
Company’soperations,includingchangesto
homelessnesslegislation,mayadverselyaffect
theCompany’sbusiness.
Changeingovernmentfundingaroundhousingbenefit(forexample)is
consideredanunlikelyriskatthisstage,however,theGroupwillcontinue
tomonitoranypotentialchange.
Strategic report
Principal risks and uncertainties—continued

38 HomeREITplc | AnnualReport | Fortheyearended31August2023
Risk Mitigation
Real Estate sector
Property market – residential including Social Use
and Supported Living:
Performancewillbesubjecttothecondition
ofpropertymarketsintheUKincludingsector
sentimentonresidentialincludingSocialUse
andSupportedLiving.Asignificantdownturnin
theunderlyingvalueoftheGroup’sinvestment
propertywouldimpactthereturnoffundsto
shareholders.
Factorsincludeinteraliageneraleconomic
climate,excesssupplyorfallindemandfor
propertiesandchangesinlawsorgovernment
regulations.
Sinceappointment,AEWhasundertakenacomprehensiveinspection
programmeviathirdpartiestoassessthequalityandsuitabilityofthe
assets.AEW’sassessmentofeachpropertyincludingsuitability,capital
expenditurerequirementsandincomeandcapitalreturnprospectstakes
intoaccountfactorssuchaspropertylocation,localdemandandquality
operatingpartnersandtenants.
AEWreportsitsstrategyandprogressagainstbusinessplansforportfolio
rationalisationandre-tenantingtotheBoardonaregularbasis.
Tenant default and liquidation:
Failurebytenantstocomplywiththeirrental
obligationsandtenantliquidationsaffectsthe
Group’sabilitytogeneratecashandnegatively
impactsassetvaluation.
Asat31August2023,28ofthe29tenantsare
ofweakcovenantstrengthrepresenting99.8%
ofpropertiesand99.8%ofannualcontracted
rentasatthattime.Threetenantshadentered
administrationasat31August2023anda
furtherninetenantshadenteredintovoluntary
administrationpostperiodend,representing
63.1%ofpropertiesand68.19%ofannual
contractedrentasat31August2023.
Theimpactofbringingassetstomarketas
partofapublicwind-downstrategymayalso
resultinchangesinrentcollectionlevelsand
there-tenantingprocessduetooccupiersand
tenantsbeinguncertainoverwhotheirfuture
landlordwillbe.
AEWdeterminedthatthemajorityoftenantswerepoorlycapitalised
andlackedlongtermoperatingtrackrecords.Fortenantsconsidered
non-performingorunsuitable,AEWseekstonegotiatesurrenderof
theleasestotakebackcontroloftheunderlyingpropertiestoeither
letdirectlyasPRSorre-lettoahousingproviderforSupportedLiving.
Materialdecisionsinrespectofleasesurrendersandanywriteoffsof
arrearsareapprovedbyAEW’sInvestmentManagementCommitteeprior
toapprovalbytheBoard.
Whereleasesurrenderscannotbeagreedcommercially,AEWhas
takenactionagainstthetenantswhichcanincludestatutorydemands,
forfeitureandwindinguppetitions.Inthefewinstanceswherethe
CICisperformingwell,theleaseswillremaininplace,althoughterms
maybevaried.
AEWiscontinuingtoidentifyandassesspotentialprospectivetenants
andqualityprovidersofsocialhousingandsupportservicesforproperties
suitableforoccupation.InaccordancewithAEW’sprocesses,itwill
seektoundertakestringentcovenantanalysisandduediligenceonall
proposedtenants.
AEWprovidesregularupdatestotheBoardonitsstrategybytenantand
theprogressagainstbusinessplans.
Property Valuations:
Propertyvaluationisinherentlysubjectiveand
uncertain.Valuationsaresubjecttouncertainty
andmaynotreflectactualsalespricesrealised
bytheGroup.
Realisationswillvary,anditisanticipatedthat
therewillbebothpositiveandnegativevariance
fromsalespricestovaluationsduringthe
ManagedWind-Down.Thereasonsforsucha
varianceareconsiderationssuchaschanges
inthehousingmarket,changesincondition
oroccupationofthepropertysincevaluation,
methodofsale(portfolio,auction,privatetreaty),
tenant,rentpayment,leasestructureand
informationavailability.
TheBoardhasappointedanexperiencedindependentexternalvaluer,
JLL,withrelevantandrecentexperience.JLLconsidersthequalityand
thesuitabilityoftheassets,thecovenantstrengthofthetenantandthe
rentalvaluefortheexistinguseandLHArates.JLLusesacombinationof
theinvestmentapproachandMV-VP.Whereavaluationispreparedonan
investmentbasis,limitationsonthedurationoftheincomestreamsare
appliedtoaccountforthecovenantstrengthsofthetenants,andtherent
levelsdemandedundertheleases.
Theperformanceofkeyserviceprovidersisregularlyreviewed
bytheBoard.
Strategic report
Principal risks and uncertainties—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2023 39
Risk Mitigation
Shares
Restoration of trading of shares:
ThelistingoftheShareswassuspendedon
3January2023duetotheCompanynotfiling
accountswithinfourmonthsofyearend.
ThereisariskthattheSharesarepermanently
delistedfromtheLondonStockExchange.
OncetheSharesarerelisted,thereistheriskof
significantsaleofSharesbyinvestorsmaycause
themarketpriceoftheSharestofall.
TheBoardanditsadvisersregularlyengagewiththeFCAand
CompaniesHouseinrelationtothecontinueddelaystothefilingofthe
Group’saccounts.
TheBoard,AEWandLiberumhavebeenactivelyengagingwith
shareholdersduringtheperiodofsuspensionincludingmonthlyupdates
andshareholderpresentations.InadvanceofrelistingoftheShares,
theChairandAEWwillengagewithshareholdersthroughaseries
ofmeetings.
Volatility of share price during the
ManagedWind-Down:
TheCompanymayexperiencevolatilityinits
shareprice,bothasafunctionofvolatilityinits
netassetvalueandareductioninshareliquidity
ascapitalisreturnedtoshareholders,whichmay
resultinacontinuedorpossiblywiderdiscountto
netassetvalue.
TheBoard,AEWandLiberumhavebeenactivelyengagingwith
shareholdersincludingmonthlyupdatesandshareholderpresentations.
TheCompanywillcontinuetoprovideregularupdatesduringthe
ManagedWind-Down,however,thelevelofdisclosureincludedwillbe
reviewedthroughouttheprocessinordertoprotecttheCompany’s
commercialinterestsandallowdisposalstobecompletedinamanner
thatpreservesshareholdervalue.
Shareholders ability to continue to hold shares:
IftheCompanyceasestomaintainREITstatus
theCompany’sshareswillalsoceasetobe
“excludedsecurities”undertheFCA’sruleson
non-mainstreampooledinvestmentswhichmay
haveanimpactontheabilityofcertaininvestors
tocontinueholdingtheCompany’sshares.
AEWandtheCompany’sspecialisttaxadvisermonitorcompliancewith
theREITregimeandliaiseregularlywithHMRC.
TheCompanywillmakeappropriateannouncementsintheeventofthe
CompanyceasingtomaintainitsREITstatus.
Engagements with third party service providers
Reliance on the performance of AEW and other key
service providers:
TheCompanyhasnoemployeesandisreliant
upontheperformanceofAEWandotherthird
partyserviceproviders.FailurebyAEWand/or
anyserviceprovidertocarryoutitsobligationsto
theCompanyinaccordancewiththetermsofits
appointmentcouldhaveamateriallydetrimental
impactontheoperationoftheCompany.
ThefutureabilityoftheCompanytosuccessfully
pursueitsinvestmentobjectiveandinvestment
policymay,amongotherthings,dependonthe
abilityofAEWtoretainitsexistingstaffand/
ortorecruitindividualsofsimilarexperience
andcalibre.
Followingarigorousselectionprocess,theBoardappointedAEWas
PropertyAdviseron22May2023andasInvestmentManagerandAIFM
on21August2023followingshareholderapprovaloftheAmended
InvestmentPolicy.InordertoalignAEW’sinterestwiththoseof
shareholders,AEW’sfeeincludesperformanceelementsinrelationto
rentcollectionanddisposalsduringtheStabilisationPeriodsubjecttoan
overallcap.
AEW’sperformanceiscloselymonitoredbytheBoardwithregularreview
includingkeystaffandgeneralresourcing.
PerformanceofthekeyserviceprovidersismonitoredbytheBoard
throughitsManagementEngagementCommittee(“MEC”).TheMEC
performsaformalannualreviewoftheongoingperformanceofAEWand
otherkeyserviceprovidersandmakesrecommendationstotheBoard
abouttheircontinuingappointment.
TheBoardwillundertakearigorousselectionprocessforanynewkey
serviceproviderappointments.
Replacementofkeyserviceproviderscould
disruptthebusiness,causingpotentialissuesand
delaysinreporting.
Withdueconsiderationtotheeventsthathaveoccurredandthefailureof
severalkeyserviceproviderstoraisematerialmattersorconcernswiththe
Board,forgoodgovernance,theBoardexpectedtotenderallkeyservices
providersexceptAEW,JLLandLiberum.TheBoardexpectedtoundertake
aphasedreplacementofkeyserviceprovidersinordertoensure
continuityofserviceandreducethepotentialimpactonthebusiness.
AEWcommencedtenderingofseveralkeyserviceproviders,however
duetotheManagedWind-Down,theBoardisconsideringwhetherthe
currentserviceprovidersshouldremaininplace.TheMECandtheBoard
willcontinuetomonitortheperformanceofkeyserviceprovidersand
determinewhethercontinuedengagementremainsappropriate.
Strategic report
Principal risks and uncertainties—continued

40 HomeREITplc | AnnualReport | Fortheyearended31August2023
Risk Mitigation
Intensive Housing Managers (IHM) and property
managers Risk:
AspartoftheAmendedInvestmentPolicy,the
Grouphasappointedthirdpartyspecialists
includingIHMandpropertymanagers.Thiswill
resultinadditionalcosttotheGroup.
AEWagreesbudgetsandcontrolsaroundexpenditurewiththeIHM
andpropertymanagersinaccordancewithcontractualagreements.
AEWmonitorsexpenditureagainstbudgetsandprovidesregular
reportingtotheBoardonpropertiessubjecttoIHMandproperty
managementagreement.
Insomeinstances,propertymanagersused
bynon-performingtenantsmaybeappointed
bytheCompanyduetotheirknowledge
oftheunderlyingpropertiesandexisting
relationshipswithoccupiersinordertofacilitate
rentalcollection.
Wherepossible,AEWnegotiatescontractswithIHMandproperty
managersonaflexiblebasistoprovidestabilityandcontinuityofservice
untillongertermstrategiescanbeimplemented.
AEWmaynothavehadpreviousexperienceor
relationshipswiththeseserviceprovidersandthe
qualityoftheservicemaybeunknown.
AEWundertakesappointmentsinaccordancewithitssupplierselection
andmonitoringproceduresincludingundertakingduediligenceonservice
providers,negotiatingservicelevelagreementsandmonitoringkey
performanceindicators.
Business interruption:
Cyber-attacksonAEW’sand/orotherservice
providers’ITsystemscouldleadtodisruption,
reputationaldamage,regulatory(includingGDPR)
orfinanciallosstotheCompany.
TheCompany’skeyserviceprovidershavebusinesscontinuityplans
inplace.AEWandotherserviceproviders’staffarecapableofworking
remotelyforanextendedtimeperiod.AEW’sandotherserviceproviders’
ITsystemsareprotectedbyanti-virussoftwareandfirewallsthatare
updatedregularly.
Taxation
Compliance with REIT rules:
FailuretocomplywiththeREITrulesandother
regulationsmayhaveanegativeimpacton
theCompany.
TheBoardexpectsthattheCompanywill
continuetofulfiltherelevantconditionstoqualify
forUKREITstatusintheshortterm.However,
therequirementsformaintainingREITstatus
arecomplex.
AstheManagedWind-Downprogresses,the
Companycannotguaranteethatitwillmaintain
continuedcompliancewithallofsuchconditions,
particularlyinitslatterstageswhentheportfolio
hasbeenfullyrealised.Thebasisoftaxationofany
shareholder’sshareholdingintheCompanymay
differorchangemateriallyiftheCompanyfailsor
ceasestomaintainitsREITstatus.
AEWandtheCompany’sspecialisttaxadvisermonitorcompliancewith
theREITregimeandliaiseregularlywithHMRC.
Strategic report
Principal risks and uncertainties—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2023 41
Risk Mitigation
Governance, regulatory compliance and litigation
FCA regulations and investigation:
FailuretocomplywithFCAregulationsand
adversefindingsfrompendinginvestigationsmay
haveamaterialadverseimpactontheCompany’s
profitability(becauseofpossiblefines),theNAV
andthepriceoftheShares.
AsaresultoftheFCAinvestigationintothe
Company,(becauseofthepossiblefines),the
abilityoftheCompanytomakedistributions
toshareholdersmaybeconstrained,in
wholeorinpart.
TheBoardseeksregularadvicefromitsadvisersandhasconfirmedthe
Boardwillco-operatefullywiththeFCAinvestigation.
Risk of potential litigation from shareholders
oragroup action against the Group:
Asaresultofthepotentialshareholder
grouplitigationagainsttheCompanyandthe
Company’sDirectorswhowereinofficeatIPO,
theabilityoftheCompanytomakedistributions
toshareholdersmaybeconstrained,in
wholeorinpart.
TheCompanyintendstodefenditselfvigorouslyinrespectofthe
threatenedlitigationandhasdeniedtheallegationsmadeagainstit.
TheBoardisregularlyengagingwithitsadvisersonpotentialexposure
tolitigation.
TheBoardhasappropriateD&OInsuranceinplace.
Board – replacement, experience and succession:
AlloftheBoardmemberswhowereinoffice
atIPOhaveannouncedtheirintentionto
standdownafterthepublicationoftheannual
resultsfor2023.
ThenewDirectorsmaylackhistoricalknowledge
ofissuesencounteredbytheGroup.
SinceJanuary2024,theCompanyhasappointedanewIndependentNon-
ExecutiveChair,aSeniorIndependentNon-ExecutiveDirector(andMEC
chairdesignate)andaNon-ExecutiveDirectorwhowillbecomeauditchair
induecourse.
InassemblingthenewChairandDirectors,carefulconsiderationhasbeen
giventotheappropriateskills,experience,knowledge,culture,capacity
andindependenceoftheincomingBoardmembers.
Postresignation,LynneFennahwillbeemployedonapart-timebasisto
provideadditionalsupporttotheBoardinrespectvariousmatters.
TheBoard,throughitsNominationCommittee,willreviewits
compositiononaregularbasisandwilldevelopasuccessionplanatthe
appropriatetime.
Health and Safety (H&S) risk:
TheGroupandtheBoardhaveresponsibilityfor
certainH&Smatters.Failuretohaveappropriate
H&Sproceduresandprocessesmayresultin
regulatoryfinesandreputationalrisk.
H&SisastandardpriorityagendaitemforBoardmeetings.TheBoard
hasreceivedasummaryofitsresponsibilitiesundervariousscenarios
giventhechangeinleasingmodelwhichnowincludesdirectleasing
tooccupiers.
AEWhasanestablishedH&SCommitteeandreportsregularlyon
H&SmatterstotheBoard.AEWalsonotifiestenantsregularlyoftheir
responsibilitiesandcommunicatesanynon-complianceissuesidentified
requestingevidenceofremediation.
PropertymanagersareobligatedtoprovideregularreportingonH&S
compliance.AEWwillundertakespotchecksofcompliance.
Strategic report
Principal risks and uncertainties—continued

42 HomeREITplc | AnnualReport | Fortheyearended31August2023
Strategic report
Going concern and viability statement
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and
theGrouphaveadequateresourcestocontinuein
operationalexistencefortheforeseeablefutureand
donotconsidertheretobeanythreattotheirgoing
concernstatus.
AsdiscussedinNote25totheConsolidatedFinancial
Statements,on16September2024shareholders
approvedanewinvestmentpolicyforaManagedWind-
DownoftheGroup’soperations.Partofthatstrategy
wastosellenoughpropertiesthroughauctionsto
repayallamountsoutstandingtoScottishWidows.
On27November2024,theGrouprepaidtheloansand
inDecember2024,theGrouppaidtheDeferredFees
of£9.0millionandScottishWidowsreleaseditscharge
overtheGroup’sassets.
PursuanttotheManagedWind-Down,theGroupwill
sellitsremainingportfolioofinvestmentproperties
andwillnotmakeanyfurtherrealestateacquisitions.
Nofurtherinvestmentwillbemadeunlesssuch
expenditureisnecessarytoprotectorenhancean
asset’snetrealisablevalueorinordertocomplywith
statutoryobligations.
CashflowprojectionsfortheGrouphavebeenprepared
byAEWandagreedwiththeBoardwhichconsider:
1. Thedisposalofallremainingpropertiesinasale
oftheportfolioinoneormoretransactions.Such
transactionsareexpectedtocompleteinthesecond
quarter2025.
2. Revenuewillcontinuetobecollectedonproperties
heldbytheGroup.
3. Expensesareforecasttocontinuetobeincurred
atthecurrentlevelforthoseservicesrequired
forthecontinuedoperationoftheGroup.Notice
periodshavebeenconsideredwherenecessaryand
themajorityofoperationsareexpectedtohave
concludedby31December2025,whentheGroup
annualreportandaccountsfortheyearended
31August2025arerequiredtobefiled.
Asofthedateofthesefinancialstatements,theGroup
hasapproximately£13.2million(including£0.8millionof
cashintransitfromcompletedpropertysales)offree
cashandexpectsafurther£4.3millionofnetproceeds
fromexchangedbutnotcompletedpropertysales.For
purposesofthegoingconcernanalysistheDirectors
haveassumednilcashrentnetofpropertyexpenses
untilthepropertiesaresold.TheDirectorshave
forecastexpendituresoverthenexttwelvemonths
andarecomfortablethatthecashonhandplusthenet
proceedsonexchangedbutnotcompletedproperty
saleswillbeadequatetocoverthoseexpenses.In
theeventthatexpendituresexceedthoseestimates,
theGroupcanselladditionalpropertiestocoverany
unforeseenexpenses.
TheCompany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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
12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CompanyandtheDirectors
arecooperatingwiththeFCAinitsinvestigation.
However,theyarenotabletoassessorquantifywhat,
ifany,actionmaybetaken.UntiltheDirectorshave
bettervisibilityintotheultimateexposureofthese
andanyothercontingentliabilities,theywillnotbe
abletosatisfythemselvesastowhatifanyamounts
willberequiredtosettlethesematters.Whenthe
Directorsareabletoestimatetherangeofexposure,
theCompanymayreturnanyestimatedsurpluscapital
toinvestors,whilstmaintainingaprudentlevelofcash
towinddowntheCompanyandGroupandconsidering
anyothereventualities.
Asaresultofthethreatenedlitigation,theFCA
investigationandtheDirectors’expectationforan
orderlywind-downoftheCompany’soperations,the
Directorsconsideritappropriatetoadoptabasisof
accountingotherthanasagoingconcerninpreparing
thefinancialstatements.Nomaterialadjustmentsto
accountingpoliciesorthevaluationbasishavearisenas
aresultofceasingtoapplythegoingconcernbasis.
Approval of the Strategic Report
TheStrategicReportwasapprovedbytheBoardof
Directorsandsignedonitsbehalfby:
Michael O’Donnell
Chair
13January2025

 HomeREITplc | AnnualReport | Fortheyearended31August2023 43
Governance
44 TheBoard
46 Directors’report
51 Corporategovernancestatement
56 ReportoftheAuditCommittee
65 ReportoftheManagementEngagementCommittee
68 ReportoftheNominationCommittee
72 Directors’remunerationreport
76 StatementofDirectors’responsibilities
77 IndependentAuditor’sreport

44 HomeREITplc | AnnualReport | Fortheyearended31August2023
AlltheDirectorsarenon-executiveandindependent
ofAlvariumFM,AHRAandAEW.TheDirectorsofthe
Companywhowereintheofficeduringtheperiod
(exceptasnoted)anduptothedateofsigningthe
AnnualReportandfinancialstatementswere:
MichaelO’Donnell,ChairoftheBoardandthe
NominationCommittee(appointed18January2024)
MichaelO’DonnellisChairoftheBoardsincehis
appointmenton18January2024.HeisalsoaNon-
ExecutiveDirectorandChairoftheRemuneration
CommitteeofBigYellowGroupPLC,aFTSE250
self-storagecompany.Michaelhasover30yearsof
experience,15ofwhichhasbeendedicatedtoNon-
ExecutiveDirectorrolesatarangeofcompaniesacross
thehealthcare,realestate,residential,education
andbusinessservicessectorsincludingHelicalplc
(wherehealsochairedtheRemunerationCommittee),
BMIHealthcare,CygnetHealthcare,EslandCareand
DentalPartners.
Michaelhasextensiveexperienceincomplex
restructuringsituationsincludinginsolvencyprocesses
andhasheldseveralcreditorsideboardappointments.
PriortorolesasaNon-ExecutiveDirector,hespent
11yearsinprivateequityatLGVCapital(asubsidiary
ofLegal&General)andpriortothateightyearsin
corporatefinanceatMorganGrenfellandBZW.Michael
hasaBachelorofCommercedegreefromUniversity
CollegeDublin.
Peter Cardwell
PeterCardwellservedasaSpecialAdviserintheUK
governmentfrom2016to2020.Heworkedforfour
Cabinetministersinfourdepartments:theNorthern
IrelandOffice;theHomeOffice;theMinistryof
Housing,Communities&LocalGovernment;andthe
MinistryofJustice.AttheMinistryofHousing,he
advisedHousingSecretaryRtHonJamesBrokenshire
MPonhomelessness.Roughsleepingdroppedby2%
andthen9%annuallyasaresultofthepoliciesonwhich
Peteradvised.Healsoundertookoutreachshiftswith
sectorcharitieswhilstadvisingonhomelessnessand
hadfrequentinteractionswithorganisationssuchas
Shelter,ThamesReachandCrisis.
AfterbeingeducatedinNorthernIreland,Peterstudied
atStHugh’sCollege,Oxford,beforewinningaFulbright
ScholarshiptoColumbiaSchoolofJournalism,New
York.NowPoliticalEditorandpresenteratTalkRadio,
hehasworkedfortheBBCinLondon,WashingtonDC,
NewYorkandBelfast,aswellasforSkyNews,Channel
5News,UTVandITV.
RodDay(appointed7June2024)
RodDayisanIndependentNon-ExecutiveDirector
oftheBoardandAuditCommitteeChairdesignate.
AqualifiedaccountantwithanMBAfromLondon
BusinessSchool,hehasover30yearsofbusiness
experiencehavingheldseniorrolesinstrategy
andfinanceforanumberofleadinginternational
organisations.Inanexecutivecapacityhiscareer
highlightsincludeworkingforIronMountainInc(2008-
2016),wherehelatterlyactedasGlobalCFOleading
strategicM&Aandwasinstrumentalinitsconversionto
aREIT;AOLEurope(2001-2008),whereheactedasCFO
inhisfinaltwoyearsatthebusiness,andatKingfisher
plcinvariousstrategyandbusinessplanningroles
(1994-2001).Healsoworkedforanumberofyearsat
OC&Cstrategyconsultants.
Since2017Rodhasundertakenaseriesofbusiness
advisoryandboardroles.HehasbeeninterimCFOand
Boardmemberatanumberofcompaniesincluding
RWSplc,aUKlistedtranslationcompany;Cobham
Group,theUK’slargestaerospaceanddefence
companywherehewasfinanceleadonvarious
divestitures;andVShips,aworldleadingshipping
suppliescompany.Hehasalsoactedasasenioradviser
toCerberusCapital.
Lynne Fennah
LynnewastheChairoftheCompanyandthe
NominationCommitteeuntil18January2024.She
joinedEmpiricStudentPropertyplcinJune2017andhad
heldthepositionofChiefFinancialandSustainability
OfficeruntilherretirementinMay2023.Duringher
tenureatEmpiric,sheoversawallfinancialandtaxation
mattersandledontheoperationaltransformation
ofthebusinessincludinganextensivein-sourcing
programme.LynnewasalsotheViceChairofthe
StudentAccommodationCommitteeoftheBritish
PropertyFederation.In2012,shejoinedPalmerCapital,
anFCAauthorisedrealestateinvestmentmanagement
company,asCFOwithresponsibilityforoverseeing
thecompany’sfinancialandtaxationmatters.Lynne
becameEuropeanCFOfortheTogaGroupin2008,
withresponsibilityforthedevelopmentofhotelsand
managementofcommercialpropertyinvestments.
LynnejoinedTheGoodwoodEstatebeingpromotedto
FinanceandITDirectorin2005,aboardpositionwith
responsibilityforthefinancesofallgroupcompanies
acrossaportfolioofprimarilyhospitalityfocused
operations.In1995,LynnejoinedAmericanExpressand
duringhertenureheldpositionsincorporateauditand
travelbusinessreporting,bothrolescoveringtheEMEA
region,andagloballyfocusedprocessre-engineering
projectrole.Afterobtainingadegreeinfinanceat
LiverpoolJohnMooresUniversity,LynnejoinedMoore
StephensandqualifiedasaCharteredAccountant,
whereshecoveredallaspectsofgeneralpracticewith
aparticularfocusonaudit.
Governance
The Board

 HomeREITplc | AnnualReport | Fortheyearended31August2023 45
SimonMoore,ChairoftheManagement
Engagement Committee
SimonMoorewastheSeniorIndependentDirector
until2April2024.Hehasover30years’experience
intheUKfinancialsectorincludingatNatWestBank,
WilliamsdeBroë,Teather&GreenwoodandCollins
Stewart.HewasSeniorInvestmentManageratSeven
InvestmentManagementandHeadofResearchat
TilneyBestinvest.Simonhasbeenalong-standing
memberoftwoimportantcommitteesatthe
AssociationofInvestmentCompanies:theStatistics
CommitteeandthePropertyandInfrastructureForum
(hewasChairmanofthelatter).HehasbeenaDirector
ofAthelneyTrust(LSE:ATY)since2015.
HehasaBiochemistryBScfromImperialCollegeand
anMScinComputerModellingofMoleculesfrom
BirkbeckCollege.
PeterWilliams,SeniorIndependentDirector
(appointed2April2024)
PeterWilliamsistheSeniorIndependentNon-
ExecutiveDirectoroftheBoardandManagement
EngagementCommitteeChairdesignate.Aqualified
CharteredAccountant,hehasover30yearsofBoard
levelexperienceachievedinbothanexecutiveand
non-executivecapacity.PeteriscurrentlyChairman
ofACSClothing,thesustainablefashionenabler,a
non-executivedirectoratSGSGroup,theownerof
shoppingandleisurecentresatLakeside,Watford,
NottinghamandBraehead;andisatrusteeofboth
SomersetHouseinLondonandtheArchitecturalFund.
Duringhiscareerhehasbeeninvolvedinsignificant
corporateactivityinrelationtobuyingandselling
companies,IPOsandrestructuring.Peter’sexperience
incapitalreconstructionsincludethoseofJJB,Blacks,
EMIandJaegerworkingwithbothequityshareholders
anddebtproviders.Hehasledorplayedaleadingrole
infiveIPOsincludingSelfridges(towhichhewasChief
FinancialOfficerandsubsequentlyChiefExecutive),
Cineworld,boohoo,Domino’sinTurkey,andMister
Spex.Hisextensivenon-executiveexperienceincludes
BoardrolesatRightmove,Superdry,Cineworld,Gcap
Media,CapitalRadio,U+I,SophiaWebster,Sportech,
Silverstone,ErnoLaszloandMintoA/S.
MarleneWood,ChairoftheAuditCommittee
MarleneWoodisacharteredaccountantwithabroad
rangeofexperienceinboththeprivateandpublic
sectors.Sheiscurrentlyanon-executivedirector
andchairoftheauditcommitteeofRMInfrastructure
IncomePLC.Shewasformerlyanon-executivedirector
andchairoftheauditcommitteeofGCPStudentLiving
plcandAtratoOnsiteEnergyplc.
Until2019,shewasDeputyChairandChairofthe
FinanceCommitteeoftheScottishFundingCouncil
forFurtherandHigherEducation.Shespent20
yearswiththeMillerGroup,amajorUKproperty
business,predominantlyasfinancedirectorfor
MillerDevelopments,thepropertydevelopmentand
investmentarm,andlatterlyasgroupaccountingand
treasurydirector.
Governance
The Board—continued

46 HomeREITplc | AnnualReport | Fortheyearended31August2023
TheDirectorspresenttheirreportfortheyearended
31August2023.InaccordancewiththeCompaniesAct
2006(the“Act”),theListingRulesandtheDisclosure
GuidanceandTransparencyRules,theCorporate
GovernanceStatement,Directors’Remuneration
Report,ReportsfromtheAuditCommittee,
NominationCommitteeandManagementEngagement
Committee,andtheStatementofDirectors’
Responsibilitiesshouldbereadinconjunctionwithone
another,andtheStrategicReport.Aspermittedby
legislation,someofthemattersnormallyincludedin
theDirectors’Reporthaveinsteadbeenincludedinthe
StrategicReport,astheBoardconsidersthemtobeof
strategicimportance.Theseincludethebelow:
• Descriptionofthebusinessmodelcanbefound
beginningonpage29.
• Likelyfuturedevelopmentsandoutlookare
containedwithintheChair’sStatementonpages12
and13.
• ImportanteventsaffectingtheGroupwhichhave
occurredsincetheendofthefinancialyearare
setoutonpages11to12andinNote25tothe
ConsolidatedFinancialStatements.
Directors
TheDirectorsinofficeatthedateofthisReport
areasshownonpages44and45.LynneFennah,
MarleneWood,PeterCardwellandSimonMoorewere
appointedtotheBoardon3September2020.Lynne
FennahsteppeddownasChairon18January2024
whenMichaelO’DonnellwasappointedasChair.Peter
Williamswasappointedon2April2024andRodDaywas
appointedon7June2024.
DetailsoftheDirectors’termsofappointmentcanbe
foundintheDirectors’RemunerationReport.
Corporate governance
TheCorporateGovernanceStatementonpages51to
55formspartofthisDirectors’Report.
Dividends
On12December2022,theCompanydeclaredan
interimdividendof1.38penceperShareinrespectof
theperiodfrom1June2022to31August2022,which
waspaidon20January2023toshareholdersonthe
registerasat23December2022.Thisdividendwas
paidasaPID.
Therewerenodividendsdeclaredorpaidinrespect
oftheyearended31August2023.
Capital structure
IssueofShares
NonewShareswereissuedduringtheyear.
PurchaseofShares
AttheAGMheldon27January2022,theDirectors
weregrantedauthoritytopurchaseupto14.99%of
theGroup’sordinarySharecapitalinissueatthatdate
onwhichtheNoticeofAGMwaspublished,amounting
to84,194,540Shares.Thisauthorityexpiredatthe
conclusionoftheAFMheldinFebruary2023.Shares
boughtbackbytheCompanymaybeheldintreasury,
fromwheretheycouldbereissuedatorabovethe
prevailingnetassetvaluequicklyandcosteffectively.
ThisprovidestheCompanywithadditionalflexibilityin
themanagementofitscapitalbase.TheCompanydid
notpurchaseanyofitsSharesduringtheyearpursuant
tothisauthority,nordidanynomineeorthird-party
withtheGroup’sassistanceacquireanyShareson
behalfoftheCompany.NoShareswereheldintreasury
duringtheyearorattheyearend.
Currentsharecapital
Asat31August2023,andatthedateofthisReport,the
Group’sissuedsharecapitalcomprised790,570,465
Shares,eachof1pnominalvalue.Atgeneralmeetings
oftheGroup,ordinaryshareholdersareentitledtoone
voteonashowofhandsand,onapoll,toonevotefor
everyShareheld.At31August2023,andatthedateof
thisReport,thetotalvotingrightsintheGroupwere
790,570,465.
Significantshareholders
Asat31August2023,theCompanyhadbeennotifiedof
thefollowingdisclosableinterestsinthesharecapital
oftheGroup:
Name NumberofShares
%oftotal
votingrights
M&GInvestment
ManagementLimited 124,703,853 15.77
BlackRockInvestment
Management(UK)Limited 76,276,862 9.65
LiontrustAsset
ManagementPLC 45,273,414 5.73
Sarasin&PartnersLLP 45,549,484 5.38
VangaurdGroupInc. 35,467,207 4.49
Governance
Directors’ report

 HomeREITplc | AnnualReport | Fortheyearended31August2023 47
Since31August2023anduptothedateofthisReport,
theCompanyhasbeeninformedofthefollowing
notifiableshareholdingsinthesharecapitalof
theCompany:
Name
Numberof
Shares
%oftotal
votingrights
M&GInvestment
ManagementLimited 124,703,853 15.77
BlackRockInvestment
Management(UK)Limited 75,234,633 9.52
LiontrustAsset
ManagementPLC 45,273,414 5.73
Sarasin&PartnersLLP 41,308,072 5.23
VanguardGroupInc. 35,555,157 4.50
Shareholder rights
Thefollowinginformationisdisclosedinaccordance
withTheLargeandMediumsizedCompaniesand
Groups(AccountsandReports)Regulations2008
andDTR7.2.6oftheFCA’sDisclosureGuidanceand
TransparencyRules:
• theGroup’scapitalstructureandvotingrightsand
detailsofthesubstantialshareholdersintheGroup
aresetoutinthepreviouspageofthissection;
• anamendmenttotheCompany’sarticlesof
association(the“Articles”)andthegivingof
powerstoissueorbuybacktheCompany’sShares
requiresanappropriateresolutiontobepassed
byshareholders.Proposalstograntpowerstothe
BoardtoissueandbuybackShareswillbesetout
inthenoticeoftheGeneralMeetingatwhichthese
accountswillbelaidinfrontofshareholders;and
• therearenorestrictionsconcerningthetransfer
ofsecuritiesintheCompany;norestrictionson
votingrights;nospecialrightswithregardtocontrol
attachedtosecurities;noagreementsbetween
holdersofsecuritiesthatmayrestricttheirtransfer
orvotingrights,asknowntotheCompany;andno
agreementswhichtheGroupispartytothatmight
affectitscontrolfollowingasuccessfultakeoverbid.
Requirements of the Listing Rules
ListingRule6.6.1requirestheCompanytoinclude
specifiedinformationinasingleidentifiablesectionof
theAnnualReportoracrossreferencetableindicating
wheretheinformationissetout.Theinformation
requiredunderListingRule6.6.1(6)inrelationto
allotmentsofSharesissetoutonpage46.The
Directorsconfirmthatnoadditionaldisclosuresare
requiredinrelationtoListingRule6.6.1.
Independentprofessionaladvice,insurance
and indemnity
Detailsregardingindependentprofessionaladvice,
insuranceandindemnityaresetoutintheCorporate
GovernanceStatementbeginningonpage51.
Energy and Carbon reporting
TheGroupisrequiredtodisclosetheannualquantity
ofemissionsaspertheLargeandMedium-sized
CompaniesandGroups(AccountsandReports)
Regulations2008,asamendedbyTheCompanies
Act2006(StrategicReportandDirectors’Reports)
Regulations2013,andTheCompanies(Directors’
Report)andLimitedLiabilityPartnerships(Energy
andCarbonReport)Regulations2018.TheGroup
howeverbelievesthatitdoesnothaveanyreportable
emissionsasthispredominantlyfallsunderthetenant’s
responsibilityaspartoftheirFRI,whilsttheemissions
fromotherareassuchasGroupofficesfallunderthe
responsibilityofotherparties.Notwithstandingthat,
theGrouphadintendedtoundertakeanemissionsdata
collectionexercisewithitstenantstounderstandthe
energyintensityofthepropertiesandtoultimately
agreeenergyusereductiontargetswiththetenants.
GiventheissuestheGrouphasfaced,thishasnotbeen
pursuedwithtenants.
TheGroupisalsonotformallyrequiredtoreport
undertheTaskForceforClimate-RelatedFinancial
Disclosures.Thiswillbeconsideredforfuture
reportingperiods.
Management arrangements
AIFM
Duringtheyearunderreview,AlvariumFMwasthe
Company’sAIFMuntil21August2023.AlvariumFM
isregulatedintheconductofinvestmentbusiness
bytheFCAandwas,forthepurposesoftheAIFMD
andtherulesoftheFCA,a‘fullscope’UKalternative
investmentfundmanagerwithaPart4Apermissionfor
managingAIFs,suchastheCompany.
Governance
Directors’ report—continued

48 HomeREITplc | AnnualReport | Fortheyearended31August2023
TheCompanyandAlvariumFMhadenteredintothe
IMAunderwhichAlvariumFMhadagreedtoprovide
theCompanywithportfoliomanagementandrisk
managementservices.UndertheIMA,AlvariumFM
receivedafeeof£40,000perannum.Noperformance
feewaspayabletoAlvariumFM.
TheIMAcouldbeterminatedon12months’written
notice,suchnoticetoexpireonoratanytimeafter
thefifthanniversaryofthefirstadmissionofthe
Company’sSharestotheFCA’sOfficialListandtrading
ontheLondonStockExchange’smainmarket,which
becameeffectiveon12October2020.
On25May2023,theCompanyandAlvariumFMagreed
bywayofvariationagreement,asfurthervariedon
18July2023,thattheIMAwouldbevariedtoallow
forterminationimmediatelyupontheCompany
givingnoticeinwritingtoAlvariumFM,providedsuch
noticewasgivenbynotlaterthan31August2023,
oruponeitherpartygivingnotlessthansixmonths’
noticeinwriting.On21August2023,theCompany
terminatedtheIMA.
InvestmentAdviser
AHRAwasappointedundertheIAAastheInvestment
Advisertoprovidecertainservicesinrelationto
theCompanyanditsportfolio,includingsourcing
investmentsforacquisitionbytheGroupanddue
diligenceinrelationtoproposedinvestments.
UnderthetermsoftheIAA,AHRAwasentitledtoafee
payablemonthly.Theinvestmentadvisoryfeewasan
amountcalculatedinarrearsinrespectofeachmonth,
ineachcasebaseduponthenetassetvalueofthe
Companyonthefollowingbasis:
a) One-twelfthof0.85%,percalendarmonthofnet
assetvalueuptoandincluding£500million;
b) One-twelfthof0.75%percalendarmonthofnet
assetvalueabove£500millionuptoandincluding
£750million;and
c) One-twelfthof0.65%percalendarmonthofnet
assetvalueabove£750million.
NoperformancefeewaspayabletoAHRA.Thefees
paidtoAHRAduringtheyearisdetailedinNote6tothe
ConsolidatedFinancialStatements.
TheIAAcouldbeterminatedon12months’written
notice,suchnoticetoexpireonoratanytimeafterthe
fifthanniversaryofthefirstadmissionoftheSharesto
theFCA’sOfficialListandtradingontheLondonStock
Exchange’smainmarket,whichbecameeffectiveon
12October2020.
On15March2023,theBoardagreedwithAHRAbyway
ofletterofagreementthattheCompanywasentitled
toterminatetheIAAonorbefore30June2023.On
30June2023,theIAAwasterminated.
InvestmentManager&AIFM
On22May2023,AEWwasappointedasProperty
AdviserfortheTransitionPeriodandsubsequently
on21August2023,onexpiryoftheTransitionPeriod
asAIFMandInvestmentManager(seeAIFMsection
below).TheTransitionPeriodlastedfromthedate
ofappointmentuntiltheCommencementofPhase
1.Phase1continuesfortwoyearsfromthedateof
commencement,atwhichtimePhase2commences.
Phase1commencedwhenthefollowingoccurred:
1. AlvariumFMandAHRAceasingtoactfortheGroup;
2. FCAapprovaloftheappointmentofAEWasAIFMfor
theCompany;and
3. TheadoptionoftheAmendedInvestmentPolicy.
AEWisregulatedintheconductofinvestmentbusiness
bytheFCAandis,forthepurposesoftheAIFMD
andtherulesoftheFCA,a‘fullscope’UKalternative
investmentfundmanagerwithaPart4Apermissionfor
managingAIFs,suchastheCompany.
DuringtheTransitionPeriod,AEWwaspaid£3,000,000
perannum.AEWispaidanannualfeeinPhase1:
a) afixedbaseassetmanagementandAIFMfeeof
£3millionperannum(increasingannuallyinlinewith
inflationbyamaximumof5percent.perannum);
b) avariablemanagementfeefordisposalsof£422per
bedforeverypropertysold;and
c) avariablemanagementfeetoincentiviserent
collectionof10%ofallrentcollected.
Theaboveissubjecttoanaggregatecapof£10million
fortheInitialPeriod.
FollowingtheInitialPeriod,AEWwillinsteadbecome
entitledtoaninvestmentmanagementfeeequalto
0.75%ofNAVperannumonanongoingbasis,subject
toaminimumfeeof£3millionperannum(increasing
annuallyinlinewithinflationbyamaximumof5percent
perannum).
Undercertaincircumstances,includingatakeover
oftheCompanycompletingduringtheInitialPeriod,
AEWwillbeentitledtoreceiveaterminationpayment
of£9million,lessanyfeesalreadypaidorpayableto
AEWundertheagreement.
Governance
Directors’ report—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2023 49
Theappointmentwillcontinueuntilterminatedby
eitherpartygivingtotheothernotlessthanthree
months’noticeinwritingtoterminatethesame,such
noticenottoexpireearlierthanthesecondanniversary
ofAEW’sappointmenton21August2023.
Otherserviceproviders
Detailsofthetermsofengagementbetweenthe
Companyanditsotherkeyserviceproviders,such
astheAdministrator,theCompanySecretary,the
DepositaryandtheRegistrar,aresetoutinthe
ProspectusissuedbytheGroupon2September2021.
On1November2022,theCompanyannouncedthat
ithadappointedJefferiesInternationalLimitedas
JointCorporateBrokerinexchangeforanannual
retainerof£50,000.On1February2023,theagreement
wasterminated.
SmithSquarePartnerswereappointedasfinancial
adviserfrom13February2023until24November2023
onthefollowingterms:
a) Aworkfeeof£185,000permonth
b) IneventofanofferfortheCompany,atransaction
feeof1.1%ofthevalueoftheoffersubjecttoa
minimumof£2.5m
c) Atransactionfeeof1.1%ofthevalueofeach
transactionsubjecttoanaggregateminimumof
£2.5mifamajorityoftheCompany’sassetsaresold
d) Afeeinrespectofappointmentofanewinvestment
adviserof£750,000
e) Afeeoncompletionofrefinancingormaterial
amendmenttotheGroupindebtedness,afee
equalto75basispointsnewdebtcapitalraisedor
refinancedsubjecttoaminimum£750,000
Feesb)andc)aboveremainpayableforaperiodof
24monthsfollowingtermination.
LiberumCapitalLimited(nowPanmureLiberum
Limited“Liberum”)wasappointedcorporatebroker
andCapitalMarketsAdvisor(“CMA”)on5July2023.
Liberumwillinitiallybepaidanannualcorporatebroking
feeof£150,000untiltheoneyearanniversaryofthe
Companybeingreadmittedtotradingonthemain
marketoftheLondonStockExchange(‘readmission’).
Afterthatdate,Liberumwillbepaidanannualretainer
of£100,000,withadditionalfeesofupto£50,000
dependingoncertaincriteria.Liberumwillbeinitially
paidaCMAfeeof£200,000until31December2023.
WhenReadmissiondidnotoccurby31December2023,
theannualretainerwasincreasedto£240,000.
JLLwasappointedIndependentValuertotheGroup
on18July2023.Thebelowfeesarepayableinrespect
ofvaluations:
• Fortheyearended31August2022£900,000with
initialinternalinspectionfeesof£25,000and
externalinspectionfeesof£100perproperty
• Fortheperiodended28February2023£75,000
• Fortheyearended31August2023£50,000
• Fortheperiodended29February2024£100,000
1
• Fortheyearended31August2024£150,000
1
Continuing appointment of the Investment Manager
TheBoardkeepstheperformanceoftheInvestment
Adviser(orInvestmentManager)undercontinual
review.TheManagementEngagementCommittee
(“MEC”),comprisingallDirectors,conductsanannual
reviewoftheInvestmentAdviser’s(orInvestment
Manager’s)performanceandmakesarecommendation
totheBoardaboutitscontinuingappointment.
TheinformationreportedtotheMECandtotheBoard
byAHRA,AlvariumFMandotherexternalparties
providedtheBoardwithcomfort,atthetime,that
AHRAhadexecutedtheGroup’sinvestmentstrategy
accordingtotheBoard’sexpectations.InJanuary2023,
theBoardinstructedA&Mtoconductaninvestigation
intoallegationsofwrongdoing.Duetoinformationthat
cametolightwhichwasincontradictiontoreporting
previouslyprovidedtotheBoardbyAHRAandAlvarium
FMduringtheperiodtogetherwithlowrentcollection
andfurtherevidenceofmaterialinformationbeing
withheldfromtheBoard,theBoardreviewedthe
continuedappointmentofAlvariumFMandAHRAand
on15March2023agreedwithAHRAbywayofletterof
agreementthattheCompanywasentitledtoterminate
theIAAonorbefore30June2023.On30June2023,
theIAAwasterminated.On25May2023,theCompany
andAlvariumFMagreedbywayofvariationagreement,
asfurthervariedon18July2023,thattheIMAwould
bevariedtoallowforterminationimmediatelyupon
theCompanygivingnoticeinwritingtoAlvarium
FM,providedsuchnoticewasgivenbynotlaterthan
31August2023,oruponeitherpartygivingnotless
thansixmonths’noticeinwriting.On21August2023,
theCompanyterminatedtheIMA.
Asdetailedabove,AEWwasappointedInvestment
ManagerandAIFMon21August2023.TheMEC,
comprisingallDirectorsatthetime,havereviewedthe
performanceofAEWsinceitsappointmentandthe
Directorsbelievethatthecontinuingappointmentof
AEW,onthetermsagreed,isinthebestinterestsofthe
Groupanditsshareholdersasawhole.
Governance
Directors’ report—continued
1. As varied in an updated fee letter dated 26 July 2024.

50 HomeREITplc | AnnualReport | Fortheyearended31August2023
FurtherdetailsaresetoutintheReportfrom
theManagementEngagementCommittee
beginningonpage65.
Financial risk management
InformationabouttheGroup’sfinancialrisk
managementobjectivesandpoliciesissetoutin
Note13totheConsolidatedFinancialStatements.
Auditor
TheDirectorsconfirmthat,sofarastheyareeach
aware,thereisnorelevantauditinformationofwhich
theCompany’sAuditorisunaware;andeachDirector
hastakenallthestepsthatoughttohavebeentaken
asaDirectortomakethemselvesawareofanyrelevant
auditinformationandtoestablishthattheCompany’s
Auditor,BDO,isawareofsuchinformation.
BDOLLPhasexpresseditswillingnesstocontinue
inofficeastheCompany’sAuditorandresolutions
foritsre-appointmentandtoauthorisetheAudit
Committeetodetermineitsremunerationwillbeput
toshareholdersataGeneralMeetingoftheCompany.
ByorderoftheBoard
Apex Fund and Corporate Services (UK) Limited
13January2025
Governance
Directors’ report—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2023 51
ThisCorporateGovernanceStatementformspartof
theDirectors’Report.
Introduction
InthisCorporateGovernancestatement,theCompany
reportsonitscompliancewiththeAICCode,setsout
howtheBoardanditsCommitteeshaveoperated
duringtheyearanddescribeshowtheBoardexercises
effectivestewardshipovertheCompany’sactivitiesin
theinterestsofshareholders.TheBoardisaccountable
toshareholdersforthegovernanceoftheCompany’s
affairsandiscommittedtomaintainingthehighest
standardofcorporategovernanceforthelong-term
successoftheCompany.
TheCompanyreviewsitsstandardsofgovernance
againsttheprinciplesandrecommendationsoftheAIC
Code,aspublishedin2019.TheBoardconsidersthat
reportingagainsttheprinciplesandrecommendations
oftheAICCodeprovidesbetterinformationto
shareholdersasitaddressesalltheprinciplessetout
intheUKCodeofCorporateGovernance(the“UK
Code”),aswellassettingoutadditionalprinciples
andrecommendationsonissuesthatareofspecific
relevancetoinvestmentcompaniesandisendorsedby
theFinancialReportingCouncil(“FRC”).Thetermsof
theFRC’sendorsementmeanthatAICmemberswho
reportagainsttheAICCodefullymeettheirobligations
undertheUKCodeandtherelateddisclosure
requirementscontainedintheListingRulesofthe
FCA.AcopyoftheAICCodecanbefoundatwww.
theaic.co.uk.AcopyoftheUKCodecanbeobtainedat
www.frc.org.uk.
Statement of compliance
PursuanttotheListingRulesoftheFCA,theCompany
isrequiredtoprovideshareholderswithastatementon
howthemainandsupportingprinciplessetoutinthe
AICCodehavebeenappliedandwhethertheCompany
hascompliedwiththeprovisionsoftheAICCode.The
Boardrecognisestheimportanceofastrongcorporate
governancecultureandhasestablishedaframework
forcorporategovernancewhichitconsiderstobe
appropriatetothebusinessoftheCompanyasaREIT
andtheCompanyasawhole.
TheUKCodeincludesprovisionsrelatingto:
• theroleofthechiefexecutive;
• executivedirectors’remuneration;and
• theneedforaninternalauditfunction.
TheBoardconsiderstheseprovisionsarenotrelevant
totheCompany,beinganexternallymanaged
investmentcompany.TheCompanyhasthereforenot
reportedfurtherinrespectoftheseprovisions.
TheBoardhasreviewedtheprinciplesand
recommendationsoftheAICCodeandconsiders
thatithascompliedthroughouttheyear,except
thattheChairoftheBoardisamemberoftheAudit
Committee,contrarytoProvision29oftheAICCode.
TheBoardbelievesitisappropriatefortheChairof
theCompanytobeamemberoftheAuditCommittee
asboththecurrentandpreviousChairoftheBoard
(MichaelO’Donnellsince18January2024andLynne
Fennahrespectively)haverecentandrelevantfinancial
experienceandprovideavaluablecontributiontothe
Committee’soperationsanditsinteractionwiththe
Board.WiththeDirectorsinofficeatIPOintendingto
stepdownonpublicationofthe2023annualreport
andaccounts,thecurrentChair’sinvolvementinthe
operationsoftheCommitteewillprovideessential
continuity.
Giventhematerialeventsthathaveoccurredduring
theyear,theBoardhasconsidereditscompliancewith
principlesandrecommendationsoftheAICCode.The
Boardconsidersthatitconsistentlymetthelevelof
oversightandgovernancethatwasrequiredbytheAIC
Code.TheBoardhassubstantialrealestate,financial,
commercialandsectorexperienceandhasestablished
appropriatecommittees(includingAuditCommittee
andManagementEngagementCommittee),which
met,andcontinuetomeet,onaregularbasis.As
wasspecificallydrawntotheattentionofinvestors
intheIPOprospectus,asanexternallymanaged
investmentcompany,theCompanydelegateskey
executivefunctionstothird-partyserviceproviders.
TheCompanyandtheBoardisreliantuponthe
performanceofthesethird-partyserviceproviders
tocarryouttheirobligationstotheCompanyin
accordancewiththetermsoftheirappointment.
FurthertoallegationsofwrongdoinginNovember
andDecember2022,theBoardinstructedA&Mto
investigateallegationsofwrongdoinginearlyJanuary
2023.Subsequently,asdetailedfurtheronpages56to
58,materialinformationhascometolightwhichisin
contradictiontothereportingprovidedtotheBoard
andBoardCommitteesduringtherelevantperiod.
TheBoardhasfurtherconsidereditsriskmanagement
framework,internalcontrolsystems,proceduresand
processesasaresultofthematerialeventsthathave
takenplace.Furtherinformationisprovidedbelowin
theRiskManagementandInternalControlsectionand
furtherdetailontheCompany’sgovernanceisprovided
inAppendix2.
Governance
Corporate governance statement

52 HomeREITplc | AnnualReport | Fortheyearended31August2023
The Board
UndertheleadershipoftheChair,theBoardis
collectivelyresponsiblefortheeffectivestewardshipof
theCompany’saffairsandthelong-termsuccessofthe
Group,generatingvalueforshareholders.Itestablishes
thepurpose,valuesandstrategicaimsoftheCompany
andsatisfiesitselfthattheseanditsculturearealigned.
TheBoardensuresthatthenecessaryresourcesarein
placefortheCompanytomeetitsobjectivesandfulfil
itsobligationstoshareholderswithinaframeworkof
highstandardsofcorporategovernanceandeffective
internalcontrols.TheDirectorsarerequiredtoactwith
integrity,leadbyexampleandpromotethisculture
withintheCompany.
TheDirectorspossessawiderangeofbusinessand
financialexpertiserelevanttothedirectionofthe
Groupandconsiderthattheycommitsufficienttime
totheaffairsoftheGroup.AllDirectorsactinanon-
executivecapacity.
BriefbiographicaldetailsoftheDirectors,including
detailsoftheirsignificantcommitments,canbefound
onpages44and45.
Chair
LynneFennahwastheChairoftheCompanyduring
theyear.TheChairleadstheBoardandisresponsible
foritsoveralleffectivenessindirectingtheCompany.
TheChairdemonstratesobjectivejudgement,
promotesacultureofopennessanddebate,and
facilitateseffectivecontributionsbyallDirectors.In
liaisonwiththeCompanySecretary,theChairensures
thattheDirectorsreceiveaccurate,timelyandclear
informationtotheextentpossiblewiththelimitation
ontheaccuracyandcompletenessoftheinformation
providedbyAHRA.
Postperiodend,on18January2024,MichaelO’Donnell
wasappointedtotheBoardasanon-executive
DirectorandtheChairoftheCompany.LynneFennah
andMichaelO’Donnellwerebothindependentof
theAHRAandAEW,respectively,atthetimeoftheir
appointmentsandaredeemedbytheirfellowBoard
memberstocontinuetobeindependentincharacter
andjudgementandtohavenoconflictingrelationships.
TheChairconsidershimselftohavesufficienttime
tocommittotheCompany’saffairs.Theroleand
responsibilitiesoftheChairoftheBoardareclearly
definedandsetoutinwriting,acopyofwhichis
availableontheCompany’swebsite.
SeniorIndependentDirector
SimonMoorewastheSeniorIndependentDirector
duringtheyear.TheSeniorIndependentDirector
providesasoundingboardfortheChairandserves
asanintermediaryfortheotherDirectorsand
shareholders.TheSeniorIndependentDirectoralso
providesachannelforanyshareholderconcerns
regardingtheChairandtakestheleadintheannual
evaluationoftheChairbytheotherDirectors.Therole
andresponsibilitiesoftheSeniorIndependentDirector
areclearlydefinedandsetoutinwriting,acopyof
whichisavailableontheCompany’swebsite.
Postperiodend,on2April2024,PeterWilliamswas
appointedasanon-executiveDirectorandtheSenior
IndependentDirectoroftheCompany.
MattersreservedfortheBoard
TheCompany’sinvestmentpolicyandstrategyare
determinedbytheBoard.TheBoardisresponsible
forinvestmentdecisions,otherthantotheextent
delegatedtoAlvariumFMand/orAHRAduringtheir
periodofappointmentandAEWfrom21August2023,
andtheappointment,supervisionandmonitoring
oftheGroup’skeyserviceproviders,including
amongstothers,AlvariumFMand/orAHRAandAEW
asapplicable.TheBoardestablishestheCompany’s
borrowingpolicy,dividendpolicy,approvespublic
documentssuchastheannualandinterimreports
andfinancialstatements,andcorporategovernance
matters.Aformalscheduleofmattersreservedfor
decisionbytheBoardhasbeenadoptedandisavailable
ontheCompany’swebsite,withasummaryinAppendix
2onpages144to146.
Independentprofessionaladvice,insurance
andindemnity
TheBoardhasformalisedarrangementsunderwhich
theDirectors,inthefurtheranceoftheirduties,may
seekindependentprofessionaladviceattheexpenseof
theCompany.TheCompanyalsomaintainedDirectors’
andOfficers’liabilityinsuranceduringtheyear.The
ArticlesprovidetheDirectorsoftheCompany,subject
totheprovisionsofUKlegislation,withanindemnity
inrespectofliabilitieswhichtheymaysustainorincur
inconnectionwiththeirappointment.Apartfrom
this,therearenoqualifyingthirdpartyindemnity
provisionsinforce.
OtherthantheirlettersofappointmentasDirectors,
noneoftheDirectorshasacontractofservicewith
theCompanynorhastherebeenanyothercontractor
arrangementbetweentheCompanyandanyDirector
atanytimeduringtheyear.
TheBoardhasagreedaprocedurefortheinduction
andtrainingofnewBoardappointeesandtraining
requirementsaredealtwithasrequired.
Governance
Corporate governance statement—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2023 53
Informationregardingtheannualevaluationofthe
Board,itsCommittees,theindividualDirectorsandthe
Chair;diversitypolicy;compositionoftheBoard;tenure
oftheDirectors;andtheDirectors’re-electionisset
outintheReportfromtheNominationCommitteeon
pages68to71.
Board Committees
Duringtheyear,theCompanyhadthreeCommittees
inoperation,namely,theAuditCommittee,the
ManagementEngagementCommitteeandthe
NominationCommittee.GiventhesizeoftheBoard,it
isnotconsideredappropriatetoestablishaseparate
remunerationcommittee.Thefunctionsthatwould
normallybecarriedoutbythiscommitteearedealtwith
bythefullBoard.
ThetermsofreferenceoftheCommitteesareavailable
ontheCompany’swebsite.
AuditCommittee
TheGrouphasestablishedanAuditCommittee
whichischairedbyMarleneWoodandconsistsofall
Directors.TheBoardconsidersthatthemembers
oftheAuditCommitteehaverecentandrelevant
financialexperienceandtheCommitteeasawhole
hascompetencerelevanttothesectorinwhichthe
Companyoperates.TheAuditCommitteeincludes
individualswithsubstantialexperienceofthefinancial
mattersoflistedcompaniesandthepropertysector.It
isconsideredappropriatefortheChairoftheCompany
tobeamemberoftheAuditCommittee,inviewofthe
DirectorsinofficeatIPOintendingtostepdownon
publicationofthis2023annualreport,hisinvolvement
intheoperationsoftheCommitteewillprovide
essentialoperationalcontinuitybetweenthecurrent
andtherevisedcompositionoftheAuditCommittee.
ThereportoftheAuditCommitteeissetouton
pages56to64.
ManagementEngagementCommittee
TheManagementEngagementCommitteecomprises
allDirectorsandwaschairedbySimonMooreduring
theyear.TheCommitteemetduringtheperiod
underreviewtoconsidertheperformanceofthe
AIFMandtheInvestmentAdviser,undertheIMAand
theIAArespectively,andtofurtherconsidertheir
replacementandappointingAEWastheInvestment
ManagerandtheAIFM.Inaddition,theManagement
EngagementCommitteereviewstheperformance,
termsofappointmentandfeespayabletotheother
keyserviceprovidersoftheCompanyandmakes
recommendationstotheBoardregardingtheir
continuingappointment.
ThereportoftheManagementEngagement
Committeeissetoutonpages65to67.
NominationCommittee
TheCompanyhasestablishedaNomination
Committee.Duringtheyearunderreview,thiswas
chairedbyLynneFennahandsubsequentlyMichael
O’Donnellsincehisappointmenton18January2024.
TheCommitteereviewstheBoard’ssuccessionplan
andidentifiesandnominatescandidatesfortheoffice
ofdirectoroftheCompany.Italsoreviewstheresults
oftheannualevaluationprocessoftheBoard,its
Committees,theDirectorsandtheChair,andmakes
recommendationstotheBoardinrespectofthe
election/re-electionoftheDirectors.
ThereportoftheNominationCommitteeisincludedon
pages68to71.
Meetings held during the year
TheCompanyhasfourscheduledBoardmeetingsa
yearwithadditionalmeetingsarrangedasnecessary.
AteachBoardmeeting,theDirectorsfollowaformal
agendawhichiscirculatedinadvancebytheCompany
Secretary.AHRAorsinceitsappointmentAEW,the
AdministratorandtheCompanySecretaryregularly
providetheBoardwithfinancialinformation,including
anannualexpensesbudgetorbusinessplans,together
withbriefingnotesandpapersinrelationtoacquisition
anddisposalofinvestments,investmentrestrictions
andcomplianceandtenantandassetmonitoring
andupdates,changesintheCompany’seconomic
andfinancialenvironment,statutoryandregulatory
changesandcorporategovernancebestpractice.
ThenumberofscheduledBoard,AuditCommittee,
ManagementEngagementCommitteeandNomination
Committeemeetingsheldduringtheyearended
31August2023andtheattendanceoftheindividual
Directorsinofficeattheyearendisshownbelow:
Board
Audit
Committee
Management
Engagement
Committee
Nomination
Committee
Number entitled to attend 20 2 2 1
LynneFennah 20 2 2 1
PeterCardwell 18 2 2 1
SimonMoore 18 2 2 1
MarleneWood 20 2 2 1
Governance
Corporate governance statement—continued

54 HomeREITplc | AnnualReport | Fortheyearended31August2023
AnumberofadditionalBoardmeetingshavebeenheld
sincetheyearend.MichaelO’Donnell,RodDayand
PeterWilliamsarenotlistedintheabovetableasthey
wereappointedfollowingtheyearend.
ConflictsofInterest
ItistheresponsibilityofeachindividualDirectorto
avoidanunauthorisedconflictarising.Directorsmust
requestauthorisationfromtheBoardassoonasthey
becomeawareofthepossibilityofaninterestthat
conflicts,ormightpossiblyconflict,withtheinterests
oftheCompany(a“situationalconflict”).TheArticles
authorisetheBoardtoapprovesuchsituations,where
deemedappropriate.
TheBoardisresponsibleforconsideringDirectors’
requestsforauthorisationofconflictsandfordeciding
whetherornotthesituationalconflictshouldbe
authorised.Thefactorstobeconsideredwillinclude:
whetherthesituationalconflictcouldpreventthe
Directorfromproperlyperformingtheirduties;
whetherithas,orcouldhave,anyimpactonthe
Company;andwhetheritcouldberegardedaslikely
toaffectthejudgementand/oractionsoftheDirector
inquestion.WhentheBoardisdecidingwhetherto
authoriseasituationalconflict,onlyDirectorswho
havenointerestinthematterbeingconsidered
areabletotaketherelevantdecision,andintaking
thedecision,theDirectorsmustactinawaythey
consider,ingoodfaith,willbemostlikelytopromote
theCompany’ssuccess.TheBoardareabletoimpose
limitsorconditionswhengivingauthorisationifthey
thinkthisisappropriateinthecircumstances.The
Directorsmustalsocomplywiththestatutoryrules
requiringtheDirectorstodeclareanyinterestinan
actualorproposedtransactionorarrangementwith
theCompany.
TheCompanySecretarymaintainstheRegisterof
Directors’ConflictsofInterestswhichisreviewed
ateachBoardmeeting,toensurethatauthorised
conflictsremainappropriate.TheDirectorsadvise
theCompanySecretaryandtheBoardassoonasthey
becomeawareofanyconflictsofinterest.Directors
whohaveconflictsofinterestdonottakepartin
discussionswhichrelatetoanyoftheirconflicts.
Risk management and internal control review
TheDirectorsacknowledgethattheyhaveoverall
responsibilityfortheCompany’sriskmanagement
andinternalcontrolsystemsandforreviewingtheir
effectiveness.
Anongoingprocess,inaccordancewiththeFRC
GuidanceonRiskManagement,InternalControl
andRelatedFinancialandBusinessReporting,has
beenimplementedforidentifying,evaluatingand
managingtheprincipalandemergingrisksfacedbythe
CompanyandtheGroup.Thisprocesshasbeeninplace
throughouttheyearended31August2023andupto
thedatethefinancialstatementswereapprovedand
isregularlyreviewedbytheBoard,throughtheAudit
CommitteeifscheduledorataregularBoardmeeting.
Keyproceduresestablishedwithaviewtoproviding
effectivefinancialcontrolhavealsobeeninplacefor
theyearunderreviewanduptothedatethefinancial
statementswereapproved.
Theriskmanagementprocessandsystemsofinternal
controlaredesignedtomanageratherthaneliminate
theriskoffailuretoachievetheCompany’sinvestment
objective.Itshouldberecognisedthatsuchsystems
canonlyprovidereasonable,notabsolute,assurance
againstmaterialmisstatementorloss.
TheCompanyhascontractuallydelegatedthe
managementoftheinvestmentportfolio,the
registrationservices,administrationservicesandother
servicestothirdpartyserviceprovidersandreliance
isthereforeplacedontheinternalcontrolsofthose
serviceproviders.
Theinternalfinancialcontrolsystemsaimtoensure
themaintenanceofproperaccountingrecords,the
reliabilityofthefinancialinformationuponwhich
businessdecisionsaretaken,reportsarepublishedand
theassetsoftheCompanyaresafeguarded.
Thekeyproceduresincludereviewofmanagement
accounts,monitoringofperformanceoftheCompany
andAHRAorAEW(asapplicable)atquarterlyBoard
meetings,segregationoftheadministrativefunction
frominvestmentmanagement,maintenanceof
appropriateinsuranceandadherencetophysical
andcomputersecurityprocedures.Theinternal
controlsattheserviceprovidersarereviewedbythe
AuditCommittee.
TheBoardhasundertakenareviewoftheeffectiveness
oftheCompany’sriskmanagementandinternalcontrol
systemsastheyhaveoperatedovertheyearandupto
thedateoftheapprovaloftheAnnualReport.
Duetoinformationthatcametolightduringthe
periodwhichwasincontradictiontoreporting
previouslyprovidedtotheBoardbyAHRAand
AlvariumFMuptothedateoftheirtermination,
togetherwithlowrentcollectionandfurtherevidence
ofmaterialinformationbeingwithheldfromthe
Board,theBoardhasconsidereditsriskmanagement
framework,internalcontrolsystems,proceduresand
processes.Asaresultofthatsignificantandmaterial
informationthefollowingamendmentstotherisk
managementframeworkandinternalcontrolssystems
havebeenmade:
• Rigorousselectionprocessfortheappointment
ofanewInvestmentManagerandAIFM;
Governance
Corporate governance statement—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2023 55
• InternalinspectionofpropertiesbyVibrant,JLLand
otherthirdparties;
• ProvisionofacontactaddressfortheChairon
theGroup’swebsiteandrequestforkeyservice
providerstoproviderelevantemployeescontact
detailsofChairtoraiseconcernswiththeGroup’s
whistleblowingpolicyupdatedaccordingly;
• Health&SafetyconsiderationwithAEWhaving
establishedaHealth&SafetyCommitteewhich
regularlyreportstotheBoard.Health&safety
isastandardpriorityitemontheBoardagenda’s
recognisingthenewleasingmodelsuchthatleases
arenolongerlimitedtoFRIleasesandtheGroup
havingleases(ASTs)withoccupiersduringthe
StabilisationPeriodandManagedWind-Down;
• TheBoardhasapprovedarevisedexpensepayment
policytoreflectthefinancialpositionofthe
CompanyandtheStabilisationPeriod;and
• A13weekcashflowforecastismaintainedand
updatedregularlybyAEWandreviewedwith
theBoard.
Robustriskassessmentsandreviewsofinternal
controlsareundertakenregularlyinthecontextof
theCompany’soverallinvestmentobjective.The
Board,throughtheAuditCommittee,hascategorised
riskmanagementcontrolsunderthefollowingkey
headings:investmentstrategyandoperations;real
estatesector;risksrelatingtoShares;engagements
withthirdpartyserviceproviders;taxation;accounting,
operationalandfinancialreporting;governanceand
regulatorycompliance;andemergingrisksincluding
climaterisk.Inarrivingatitsjudgementofwhat
riskstheCompanyfaces,theBoardhasconsidered
theCompany’soperationsinthelightofthe
followingfactors:
• thenatureandextentofriskswhichitregardsas
acceptablefortheGrouptobearwithinitsoverall
businessobjective;
• thethreatofsuchrisksbecomingreality;
• theCompany’sabilitytoreducetheincidenceand
impactofriskonitsperformance;and
• thecosttotheCompanyandbenefitsrelated
tothereviewofriskandassociatedcontrolsof
theCompany.
Ariskmatrixisinplaceagainstwhichtherisks
identifiedandthecontrolstomitigatethoseriskscan
bemonitored.Therisksareassessedonthebasisof
thelikelihoodofthemhappening,theimpactonthe
businessiftheyweretooccurandtheeffectiveness
ofthecontrolsinplacetomitigatethem.Thisrisk
registerisreviewedatleasteverysixmonthsbythe
AuditCommitteeandatothertimesasnecessary
bytheBoard.
Themajorityoftheday-to-daymanagementfunctions
oftheCompanyaresub-contracted,andtheDirectors
thereforeobtainregularassurancesandinformation
fromkeythirdpartyserviceprovidersregarding
theinternalsystemsandcontrolsoperatingintheir
organisations.Inaddition,eachofthethirdpartiesis
requestedtoprovideacopyofitsreportoninternal
controlseachyear,whereavailable,whichisreviewed
bytheAuditCommittee.
Relations with shareholders
DetailsregardingtheGroup’sengagementwith
itsshareholdersaresetoutwithintheStrategic
Reportonpage31.
Governance
Corporate governance statement—continued

56 HomeREITplc | AnnualReport | Fortheyearended31August2023
IpresentthereportoftheAuditCommittee(the
“Committee”forpurposesofthisReportoftheAudit
Committeeonly)fortheyearended31August2023.
Composition
ThecompositionoftheCommitteeissetoutinthe
CorporateGovernanceStatementonpage53.Details
ofhowitsperformanceevaluationhasbeenconducted
areincludedonpages68and69.
Meetings
TheCommitteemettwiceduringtheyearunder
review.TheDirectors’attendanceissetoutonpage53
intheCorporateGovernanceStatement.
Role of the Audit Committee
TheprimaryresponsibilitiesoftheCommitteeare:
• monitoringtheintegrityofthefinancialstatements
oftheCompany,anyformalannouncements
relatingtotheCompany’sandtheGroup’sfinancial
performance,andreviewingsignificantfinancial
reportingjudgementscontainedtherein;
• advisingtheBoardonwhethertheAnnualReport
andAccounts,takenasawhole,arefair,balanced
andunderstandable,andprovidetheinformation
necessaryforshareholderstoassessthe
Company’spositionandperformance,business
modelandstrategy;
• considerreportsfromtheindependentvaluerofthe
Companytovalueitsinvestments;
• keepunderreviewtheeffectivenessofthe
Company’sinternalfinancialcontrolsandinternal
controlandriskmanagementsystems;
• reviewingandmonitoringtheexternalauditor’s
independenceandobjectivity;
• reviewingtheeffectivenessoftheexternalaudit
process,takingintoconsiderationrelevantUK
professionalandregulatoryrequirements;
• conductingthetenderprocessandmaking
recommendationstotheBoardaboutthe
appointment,re-appointmentandremovalofthe
externalauditor,andapprovingtheremuneration
andtermsofengagementoftheexternalauditor;
and
• developingandimplementingpolicyonthe
engagementoftheexternalauditortoprovide
non-auditservices,ensuringthereispriorapproval
ofnon-auditservices,consideringtheimpactthis
mayhaveonindependence,takingintoaccount
therelevantregulationsandethicalguidancein
thisregard,andreportingtotheBoardonany
improvementoractionrequired.
Activities during the year under review
ThedelaysinissuingtheAnnualReportandAccounts
fortheyearending31August2022severelyimpacted
thepreparationandauditofthefinancialstatements
fortheyearending31August2023.Manyofthe
activitiesundertakenduringtheyearto31August2023
impactedbothFY22andFY23,sothissummarywillin
partcoverbothperiods.
InJanuary2023,theBoardinstructedA&Mtoconduct
aninvestigationintoallegationsofwrongdoing.On
5May2023,A&MdeliveredtotheCompanyadetailed
report.Withoutwaiverofprivilege,thekeyfindingsof
thisreportconcludedthat:
• arrangementswiththeGroup’scorporatetenants
andvendorsrelatingtothecostofrefurbishment
ofpropertieswerenotbroughttotheattentionof
theBoardbyAHRA,sothattheBoardwasunableto
considerwhetherareleaseofavendor’sliabilities
forrefurbishmentofpropertieswasappropriate.
Thesearrangementsincluded,arepresentativeof
AHRA,withouttheknowledgeortheauthorityof
theBoard,enteringintoasettlementagreement
withtheAggregatorsandtheCompanypaying
£0.7millionandpurportedlywaivingany
refurbishmentclaimsagainsttheAggregatorsin
relationto488propertieson8December2022;
• theBoardhadnotapprovedorbeenprovidedwith
informationregardingalternativearrangementsto
settleoutstandingrentarrears(asdiscussedinNote
4and10totheConsolidatedFinancialStatements);
• therewaslimitedevidenceofdetailedongoing
monitoringoftenantsbeingundertakenbyAHRA;
• AHRAprovidedinaccurateinformationabout
occupancyratestoTheGoodEconomy;
• certainconnectionsbetweentenantsexistedthat
werenotdisclosedtotheBoard;and
• thereexistedcertainundisclosedpotentialoutside
businessinterestsandundeclaredpotential
conflictsofinterestasbetweencertainpersons
associatedwithAHRAandthirdparties.
AsaresultofthefindingsreceivedfromA&M,theBoard
undertookthefollowingactivities:
• On6February2024,theBoardrevokedtheauthority
toapprovepaymentsfromAHRAwithoutthe
expressauthorityoftwodirectors;
• AEWwereengagedasPropertyManageron
22May2023andasInvestmentManagerandAIFM
on21August2023;
• On23May2023andsubsequently,theBoard
engagedindependentaccountingexpertsto
Governance
Report of the Audit Committee

 HomeREITplc | AnnualReport | Fortheyearended31August2023 57
reviewhistoricaltransactionsandreconsiderthe
appropriatenessofallaccountingpolicies;
• Afteracompetitivetenderprocessandonthe
recommendationofAEW,on18July2023theBoard
engagedJLLtopreparetheannualvaluationfor
theyearsended31August2022and2023andthe
6-monthperiodended28February2023toreplace
KnightFrankwhohadresignedon3May2023;
• Afterconsideringvariousalternativesandonthe
recommendationofAEW,theBoardengaged
VibrantEnergySolutionstoinspectallproperties
towhichitcouldgainaccess.Theinspection
programmewasintendedtoprovidegreaterclarity
onthecompositionandoccupancyoftheproperty
portfolioandalsotosupportJLL’svaluation.Vibrant
oranotherthirdpartyultimatelyinternallyinspected
2,033propertiesor82.2%oftheportfoliowhenthe
programmewasconcludedinMay2024;
• TheCompanyengagedsolicitorstoreviewthetitle
positionwiththeLandRegistryforallproperties;
• TheCompanyengagedsolicitorstoreviewvarious
legalagreementstounderstandtheGroup’s
positiononenforcingagainstcounterparties.
Activities post the year end under review
Afterinputfromvariousworkstreamsdescribedabove,
theBoarddeterminedthatrevisedaccountingpolicies
wererequiredforacquisitionaccountingandrevenue
recognitiontoappropriatelyaccountforthesubstance
ofhistoricalacquisitionsandleasecontracts.The
Boardalsodetermineditwasnecessarytoapplythe
revisedaccountingpoliciesbacktoinceptionwith
reviewofallhistoricalacquisitionsandleasecontracts.
Theapplicationofrevisedaccountingpoliciesback
toinceptionresultedintherestatementofthe2021
comparativesinthe2022ReportandAccounts.
Atthemeetingon29May2024theAuditCommittee
consideredtheupdatedauditplanfortheyearended
31August2022andthepreliminaryauditplanforthe
yearended31August2023.
TheCommitteeagreedthe2023auditplanwiththe
Auditor,includingtheprincipalareasoffocusbeing
managementoverrideofcontrols,revenuerecognition
andinvestmentpropertyvaluationandrelatedparty
transactionsincludingtheInvestmentAdviserand
InvestmentManager.TheCommitteealsoreviewed
andagreedtheauditfeesforthestatutoryauditofthe
Companyanditssubsidiaries.TheCommitteealso
discussedandconsideredtheAuditor’sperformance,
objectivityandindependenceandtheeffectivenessof
theexternalaudit.
Atthemeetingon30August2024theCommittee
consideredtheupdatedriskregisterforthe
proposedManagedWindDown.Inrelationtothe
yearended31August2022,theCommitteereviewed
JLL’svaluationreportandBDO’sdraftauditreport
totheCommittee.TheGoingConcernpaperand
draftannualaccountsinrespectoftheyearended
31August2022werealsopresented.
Atameetingconductedon12November2024,the
AuditCommitteeconsideredanupdatedmateriality
metricpresentedbyBDOandconsideredthe
preliminary2024AuditPlan.
Becausethevariousactionsdescribedaboveoccurred
afterAugust2023,mostoftheAuditCommittee’s
activitiesastheyrelatetothe2023financialyear
occurredaftertheyear-end.Thoseactivitiesinclude
thefollowing:
• conductedareviewoftheinternalcontrolsandrisk
managementsystemsoftheCompanyanditsthird
partyserviceproviders;
• conductedareviewoftheCompany’sriskregister
asupdatedbyAEW;
• reviewedtheannualpropertyvaluationasat
31August2023andrecommendedthesetothe
Board.Indoingso,theCommitteemonitoredthe
effectivenessoftheCompany’svaluationpolicies
andmethodsbasedonnewinformationregarding
theconditionofthepropertiesandthefinancial
conditionofthetenants;
• reviewedtheCompany’sdraftannual
consolidatedfinancialstatementsfortheperiod
to31August2023aspresentedtotheCommittee
on13January2025andrecommendedtheseto
theBoard.Inparticular,theCommitteeadvised
theBoardthattakenasawhole,theAnnual
Reportisfairandbalancedandprovidesthe
informationnecessaryforshareholderstoassess
theCompany’sperformance,businessmodel,
strategyandgoingconcernstatement;
• receivedanddiscussedwithBDOtheauditreport
ontheresultsoftheauditfortheyearended
31August2023andconsideredthedraftaudit
opinionanddraftletterofrepresentationasat
13January2025;
• discussedandconsideredtheAuditor’s
performance,objectivityandindependenceand
theeffectivenessoftheexternalaudit;and
Governance
Report of the Audit Committee—continued

58 HomeREITplc | AnnualReport | Fortheyearended31August2023
• reviewedwhetheraninternalauditfunction
wouldbeofvalueandconcludedthatthiswould
provideminimaladdedcomfortatconsiderable
extracosttotheCompany.Theexistingsystem
ofmonitoringandreportingbythird-partyservice
providersremainsappropriate.TheCommittee
keepstheneedsforaninternalauditfunctionunder
periodicreview.
Atthemeetingon10October2024,theCommittee
consideredtheupdatedFinancialPositionand
ProspectsProceduresmemorandum(“FPPP”);the
updatedriskregisterfortheManagedWind-Down;
theGoingConcernandviabilitystatementandREIT
taxcompliancereport;JLL’svaluationreportforthe
yearended31August2022;BDO’sfinalauditreport
totheCommittee;andreviewedtheCompany’sdraft
annualconsolidatedfinancialstatementsforthe
periodto31August2022andrecommendedtheseto
theBoard.Inparticular,theCommitteeadvisedthe
Boardthattakenasawhole,the2022AnnualReport
isfairandbalancedandprovidestheinformation
necessaryforshareholderstoassesstheCompany’s
performance,businessmodel,strategyandgoing
concernstatement.
Financialstatementsandsignificant
accounting matters
TheCommitteehastakenintoaccountthemost
significantrisksandissues,bothoperationaland
financial,whicharelikelytoimpacttheCompany’s
financialstatements.Itconsideredthefollowing
keyissuesinrelationtotheCompany’sfinancial
statementsduringtheyearandpostyearend:
Valuationofinvestmentproperty
TheCommitteeconsidersthevaluationofinvestment
propertytobeasignificantareaofjudgmentwhich
couldmateriallyimpactthefinancialstatementsfor
theperiodended31August2023.JLLwasappointed
inJuly2023astheindependentvaluertovaluethe
Group’spropertyportfolioinaccordancewiththeRICS
requirementsonabi-annualbasis.
TheGroup’sportfoliohasbeenindependently
valuedbyJLLinaccordancewiththeRICSValuation
ProfessionalStandards.Asat31August2023,the
Group’sportfoliohadamarketvalueof£412.7million
representing40.7%ofthehistoricalacquisitioncosts
(includingpurchasecosts).Thereductioninthe
propertyvaluationfortheyearended31August2023
wasprincipallyasaresultofdeteriorationoftenant
covenantstrengthandtheassessmentofthequalityof
theassetspurchasedduringthefinancialyear.JLLhave
determinedtheconditionofthepropertiesthrough
externalinspectionof2,391propertiesandinternal
inspectionof195propertiessupportedbythirdparty
conditionreportson924properties.
Indeterminingthefairvalueasat31August2023,JLL
hasusedacombinationoftheinvestmentapproach
(11.7%oftheportfoliovalue)andMV-VP(88.3%ofthe
portfoliovalue).RefertoNote8totheConsolidated
FinancialStatementsforfurtherdetail.
Whilst2,358ofthe2,473propertieswithintheportfolio
weresubjecttoaleaseasat31August2023,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.
Whereavaluationhascontinuedtobepreparedonan
investmentbasis,limitationsonthedurationofthe
incomestreamshavebeenappliedtoaccountforthe
covenantstrengthsofthetenant,andtherentlevels
demandedundertheleases.JLLcappedtheunexpired
leasetermatfiveyearsduetothelackofconfidencein
thosetenantsbeingabletofulfiltheirleaseobligations.
Furthermore,forthosepropertieswhicharesublettoa
tenantwithastrongcovenant,JLLignoredtheprimary
in-placeleaseandinsteadcapitalisedthesublease
passingrentforitsremainingterm(uptoeightyears).
Whereapropertyhasahighpassingrentincomparison
toJLL’sopinionofMV-VP,JLLcappedthefairvalue
atbetween110%and150%ofMV-VPdepending
onthetenant.
TheCommitteereviewedthedetailedvaluationreport
fromJLLandtheassumptionsunderlyingtheproperty
valuationsandconcludedthatthevaluationatthe
Company’syearendisappropriate.
Significantaccountingjudgementsandestimates
Thejudgements,estimatesandassociated
assumptionsthathavehadamaterialimpactinthe
presentationofassetsandliabilitiesintheseaccounts
havebeenmadeinrelationtotheacquisitionof
investmentproperty(includingSeller’sWorks,lease
inducementpaymentsandretentions),valuationsof
investmentproperty,rentalrevenuerecognitionand
loanmodifications.ThesearedetailedinNote3tothe
ConsolidatedFinancialStatements.
Governance
Report of the Audit Committee—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2023 59
Limitationsofscope
BDOwereunabletoexpressanopiniononthe2022
ConsolidatedandCompanyFinancialStatementsand
NotestotheFinancialStatementsasaresultofcertain
limitationsinscoperelatingtoaninabilitytoobtain
sufficientauditevidenceinrelationtothemattersset
outbelow.Becausethoselimitationsimpactedopening
balancesasat1September2022,BDOwereunableto
expressanopinionontheConsolidatedStatement
ofComprehensiveIncome,theConsolidatedand
CompanyStatementsofChangesinShareholders’
Equity,theConsolidatedStatementofCashFlowsand
therelatednotestothefinancialstatementsforthe
yearended31August2023.TheDirectorsconsider
thattheywereunabletoprovideauditevidenceto
BDOprincipallydueto:
• AHRA’sfailuretoobtain,maintainandretain
adequateandaccurateaccountingrecords;
• AHRA’sfailuretosufficientlyhandoverallapplicable
materialtoAEWontransition;
• AHRA’sfailuretofollowproceduresaroundthe
declarationofandapprovalforenteringintorelated
partytransactions;and
• AHRA’sactingonbehalfofandwithouttheapproval
oftheDirectorsinenteringintocontractsand
transactionswhichrequiredBoardapproval.
Inaddition,becauseoftheterminationofAHRA,BDO
werenotabletomakeinquiriesoftheAHRAemployees
whoparticipatedintheday-to-dayoperationsand
thosewhowereexpectedtofollowtheinternalcontrol
structureestablishedatinceptionanduptothedate
theAHRAandAlvariumFMcontractswereterminated.
Thisabsenceofcompleteaccountingrecordsledto
theBoardmakingestimatesinsignificantareas.The
areaswheretheDirectorshavehadtomakeestimates
andassumptionsarediscussedindetailinNote3
totheConsolidatedFinancialStatements.BDO’s
limitationsofscopeintheConsolidatedFinancial
Statementsfortheyearended31August2022and
fortheConsolidatedStatementofComprehensive
Income,theConsolidatedandCompanyStatements
ofChangesinShareholders’Equity,theConsolidated
StatementofCashFlowsandtherelatednotestothe
financialstatementsfortheyearended31August2023
primarilyresultfromthefollowingareas:
1. ManyofthepropertiesAHRAacquiredonbehalf
oftheGroup,requiredsignificantimprovements
tobecompletedbythevendor.Acquisitionsof
thisnaturerequiredBoardapproval.Withoutthe
knowledgeorapprovaloftheBoard,mostofthe
SPAsrelatedtotheseacquisitionsdidnotcontain
customaryprotectionsfortheGrouptoensure
thatthevendorscompletedtheworkwithinthe
agreedtimeframe,suchasagreeingthescopeand
costofworkstobecompletedandwithholding
adequatelevelsofacquisitionfundsuntiltheworks
werecompletedandanaccompanyingcertificateof
practicalcompletionwasreceivedandverified.
2. Theconditionofthepropertieswasunknown
bytheDirectorsat31August2022asaresultof
theinadequaterecordsthatweremaintainedas
describedin1aboveandthelackofmonitoring
byAHRAontheprogresstowardcompletion
ofSeller’sWorks.Toremedythesituation,the
DirectorsengagedVibrantandotherstoinspect
asmanypropertiesaspossiblesothatJLLhad
appropriateinformationtosupporttheproperty
conditionassumptionunderpinningitsvaluationas
at31August2023.BecauseVibrantwasnotengaged
untilAugust2023andtheprogrammecontinued
untilMay2024,theresultscouldonlybeusedasa
proxyfortheconditionasat31August2022.
3. TheDirectorshaveretrospectivelyestimated
that8%ofthepropertieswereconsideredto
beunhabitableatacquisition.Thisimpactedthe
classificationoftheleaseinducementandthe
recognitionofrevenue.
4. AsdisclosedinNotes4and10totheConsolidated
FinancialStatements,cashwasreceivedinseveral
non-traditionalmannersandtheapplicationof
thereceiptswasatthedirectionofAHRAand
notaccompaniedbyinformationtosupportthe
applicationoffundsreceivedtospecificinvoices.
ThissectiondetailshowtheDirectorsspecifically
consideredeachlimitationofscopefortheyearto
31August2022andfortheConsolidatedStatement
ofComprehensiveIncome,andtheassociatedimpact
ontheConsolidatedandCompanyStatementsof
ChangesinShareholders’Equity,theConsolidated
StatementofCashFlowsandtherelatednotestothe
financialstatementsfortheyearended31August2023
whichrelatedtoboththeGroupandtheCompany,
asapplicable:
Governance
Report of the Audit Committee—continued

60 HomeREITplc | AnnualReport | Fortheyearended31August2023
Financial
Statement
Area Impacted Limitation in the Scope of the audit How Considered
Changes in
fair value of
investment
property
Thepropertyconditionwasunknownbythe
Directorsuptothedateoftheinspection
programme,whichwasundertakenbetween
August2023andMay2024,whichimpactsthe
valuationofinvestmentpropertyatthebalance
sheetdateandtheestimatesofthevalueof
Seller’sWorks.BDOwerethereforeunable
toobtainsupportforthepropertycondition
assumptionunderpinningtheJLLvaluation.
Accordingly,thereisalimitationofscopeas
tothecostrecognisedforthepropertyat
acquisitionandthevalueofinvestmentproperty
at31August2022whichimpactstherecognition
ofvaluemovementofinvestmentpropertyin
FY22andFY23intheConsolidatedStatementsof
ComprehensiveIncome.
RefertoNote3totheConsolidatedFinancial
Statementsforjudgementsandestimatesin
relationtotherecognitionofthecostofacquisitions
andsubsequentvaluationofinvestmentproperty
atthebalancesheetdateincludingtheestimate
ofamountsallocatedtoSeller’sWorksatthe
acquisitiondate.
Prepaid Seller’s
Works – write -off
of Seller’s Works
not initiated or
completed in
theyear
TheGrouppurchasedpropertiesrequiring
significantrefurbishmentworktobecompleted
bythevendorbeforethepropertieswereinan
appropriatestatefortheirintendedusebythe
Group’stenants.Duetoalackofauditevidence
andaccountingrecords,theDirectorsmade
assumptionsastothevalueoftheseworksand
thetimingforwriteoffofworksnotcompletedin
bothFY22andFY23.BDOwereunabletoobtain
sufficientsupportinrespectoftheamount
allocatedtoSeller’sWorksandthetimingand
amountoftheassociatedwrite-off.
Asnotedabove,AHRAeitherdidnotobtainand
maintainadequatepropertyconditioninformation
asattheacquisitiondateordidnotpassthose
recordstoAEWinordertobeabletoassessthe
valueoftheSeller’sWorksattheacquisitiondate.
Themethodologyfollowedtoestimatethevalueof
theSeller’sWorkshasbeendetailedinNote3tothe
ConsolidatedFinancialStatements.
Lease incentive or
lease inducement
for unhabitable
properties
Rental income
TheDirectorsreviewedthesubstanceofthe
agreementsenteredintowithtenantsandvendors
anddeterminedthataleaseincentiveorlease
inducementforunhabitablepropertiesshould
havebeenestablishedonacquisition.Duetoa
lackofaccountingrecordsbothoverthecondition
ofthepropertyonacquisition,togetherwiththe
Groupnotbeingpartytoanyagreementbetween
thetenantandthevendor,theDirectorshadto
makeassumptionsastotheamountofanytenant
incentiveprovidedbythevendor,whichimpacted
computationoftheoriginalallocationandthe
subsequentimpairmentoftheasset.Thisresults
inalimitationofscopeonwhethertheasset
resultsinaleaseincentiveoraleaseinducement
forunhabitablepropertiesandtheamount
recognisedfortheassets.
TheDirectorsconcludedthattheleaseagreement
andSPAshouldbeaccountedforasasingle
contract.TheDirectorsthereforeconsideredthat
thepaymentfromthevendortothetenantshould
beaccountedforasaleaseincentiveoralease
inducementforunhabitableproperties,depending
onwhetherthepropertywashabitable.The
assumptionsaroundthebasisforthisconclusion
andtheclassificationastowhetherthepaymentisa
leaseincentiveoraleaseinducementforunhabitable
propertiesisdescribedinNote3totheConsolidated
FinancialStatements.
Governance
Report of the Audit Committee—continued

HomeREITplc | AnnualReport | Fortheyearended31August2023 61
Financial
Statement
Area Impacted Limitation in the Scope of the audit How Considered
Rent
commencement
date – rental
income
Duetoalackofevidenceovertheconditionof
thepropertyonacquisition,theDirectorshadto
makeassumptionsastotherentcommencement
datewhichleadstoalimitationofscopeoverthe
recognitionofrevenueandtherecognitionand
impairmentoftheassociatedleaseincentive.
AsoutlinedinNote3totheConsolidatedFinancial
Statements,judgementsweremadewithregardto
theconditionofthepropertyatacquisitionandthe
appropriaterentalrevenuerecognitionstartdate
basedonwhenpropertiesweredeemedtobeina
habitablecondition.
Cost capitalisation
at the
acquisition date
– Administrative
expenses
Theindependentinvestigationcarriedoutbythe
Directors(the“‘Investigation”’)identifiedpotential
relatedpartytransactionswithindividualsviewed
asformingpartofkeymanagementwhichhadnot
beendisclosedtotheDirectorsnortotheauditors.
BDOwereunabletoascertainwhetherornotthese
potentialrelatedpartytransactionsoccurredand
iftheydidwhethertheywerecarriedoutonan
arms-lengthbasis.Asaresultofthis,theDirectors
havenotbeenabletoprovidetheauditorswith
theevidencetodeterminewhetheranelement
ofthepurchasepriceshouldhavebeenexpensed
asitdidnotmeetthecriteriaforcapitalisation
inaccordancewiththerelevantaccounting
standards,resultinginalimitationofscope.
TheDirectorshavenotbeabletoprovewhetherany
ofthepurchasepricewasusedbythevendortopay
commissionsandifsowhethertheywerepaidtokey
employeesofrelatedparties.Accordingly,theGroup
recordedtheentireamountpaidtothevendorto
transacttheacquisitionwithallocationstoSeller’s
WorksandleaseincentivesasdescribedinNote3to
theConsolidatedFinancialStatements.
Tenant receivables
– Provision for
expected credit
losses of trade
receivables
DuringtheperiodfromSeptember2021toOctober
2022cashwasreceivedinseveralnon-traditional
mannersandtherewasalackofevidenceand
accountingrecordstosupporttheapplicationof
fundsreceivedtospecificinvoices.Asaresult,
therewasinsufficientevidencetothesupport
theageingoftradereceivables,resultingina
limitationofscope.
Notes4and10totheConsolidatedFinancial
Statementsdescribetheassumptionsmadebythe
Directorssupportingtheaccountingtreatmentfor
non-traditionalpayments.
Notes to the
financial
statements
relating to the
Consolidated
Statement of
Comprehensive
Income
Asaresultofthelimitationsoutlinedabove,
BDOwereunabletoobtainsufficientappropriate
auditevidenceinrespectoftheNotestothe
ConsolidatedFinancialStatementsasatandfor
theyearended31August2022andtheNotesto
theConsolidatedStatementofComprehensive
Incomefortheyearended31August2023.
AmountsassociatedwithFinancialStatement
amountsdiscussedaboveshouldbeconsidered
byreferencetoNote3totheConsolidated
FinancialStatements.
Governance
Report of the Audit Committee—continued

62 HomeREITplc | AnnualReport | Fortheyearended31August2023
Goingconcernandviabilitystatement
TheDirectors,atthetimeofapprovingthefinancial
statements,arerequiredtoconsiderwhetherthey
haveareasonableexpectationthattheCompanyand
theGrouphaveadequateresourcestocontinuein
operationalexistencefortheforeseeablefutureand
donotconsidertheretobeanythreattotheirgoing
concernstatus.
AsdiscussedinNote25totheConsolidatedFinancial
Statements,on16September2024shareholders
approvedanewinvestmentpolicyforaManagedWind-
DownoftheGroup’soperations.Partofthatstrategy
wastosellenoughpropertiesthroughauctionsto
repayallamountsoutstandingtoScottishWidows.
On27November2024,theGrouprepaidtheloansand
inDecember2024,theGrouppaidtheDeferredFees
of£9.0millionandScottishWidowsreleaseditscharge
overtheGroup’sassets.
PursuanttotheManagedWind-Down,theGroupwill
sellitsremainingportfolioofinvestmentproperties
andwillnotmakeanyfurtherrealestateacquisitions.
Nofurtherinvestmentwillbemadeunlesssuch
expenditureisnecessarytoprotectorenhancean
asset’snetrealisablevalueorinordertocomplywith
statutoryobligations.
CashflowprojectionsfortheGrouphavebeenprepared
byAEWandagreedwiththeBoardwhichconsider:
1. Thedisposalofallremainingpropertiesinasale
oftheportfolioinoneormoretransactions.
Suchtransactionsareexpectedtocompletein
thesecondquarter2025.
2. Revenuewillcontinuetobecollectedonproperties
heldbytheGroup.
3. Expensesareforecasttocontinuetobeincurred
atthecurrentlevelforthoseservicesrequired
forthecontinuedoperationoftheGroup.Notice
periodshavebeenconsideredwherenecessaryand
themajorityofoperationsareexpectedtohave
concludedby31December2025,whentheGroup
annualreportandaccountsfortheyearended
31August2025arerequiredtobefiled.
Asofthedateofthesefinancialstatements,theGroup
hasapproximately£13.2million(including£0.8millionof
cashintransitfromcompletedpropertysales)offree
cashandexpectsafurther£4.3millionofnetproceeds
fromexchangedbutnotcompletedpropertysales.For
purposesofthegoingconcernanalysistheDirectors
haveassumednilcashrentnetofpropertyexpenses
untilthepropertiesaresold.TheDirectorshave
forecastexpendituresoverthenexttwelvemonths
andarecomfortablethatthecashonhandplusthenet
proceedsonexchangedbutnotcompletedproperty
saleswillbeadequatetocoverthoseexpenses.In
theeventthatexpendituresexceedthoseestimates,
theGroupcanselladditionalpropertiestocoverany
unforeseenexpenses.
TheCompany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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
12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CompanyandtheDirectors
areco-operatingwiththeFCAinitsinvestigation.
However,theyarenotabletoassessorquantifywhat,
ifany,actionmaybetaken.UntiltheDirectorshave
bettervisibilityintotheultimateexposureofthese
andanyothercontingentliabilities,theywillnotbe
abletosatisfythemselvesastowhatifanyamounts
willberequiredtosettlethesematters.Whenthe
Directorsareabletoestimatetherangeofexposure,
theCompanymayreturnanyestimatedsurpluscapital
toinvestors,whilstmaintainingaprudentlevelofcash
towinddowntheCompanyandGroupandconsidering
anyothereventualities.
Asaresultofthethreatenedlitigation,theFCA
investigationandtheDirectors’expectationforan
orderlywind-downoftheCompany’soperations,the
Directorsconsideritappropriatetoadoptabasisof
accountingotherthanasagoingconcerninpreparing
thefinancialstatements.Nomaterialadjustmentsto
accountingpoliciesorthevaluationbasishavearisenas
aresultofceasingtoapplythegoingconcernbasis.
Internal controls
TheCommitteecarefullyconsiderstheinternalcontrol
systemsbymonitoringtheservicesandcontrolsofits
third-partyserviceproviders.Itreviewedand,where
appropriate,updatedtheriskmatrixduringtheyear
underreview.Thisisdoneonabi-annualbasisormore
frequentlyifrequired.TheCommitteereceivedareport
oninternalcontrolsduringtheperiodunderreview
fromAHRAandtheCompany’sotherkeyservice
providersandnosignificantmattersofconcernwere
identifiedatthetime.TheBoardcontinuestoregularly
reviewandupdatetheriskmatrixwithAEW.TheBoard
hasconsideredtheinternalcontrolsandriskmatrixand
determinedthatthesewereappropriatebasedonthe
informationreportedtotheBoardandallCommittees
atthetime.Theriskregisterhasbeensubstantially
amendedpostperiodendduetotheincreasedrisk
andtypeofriskstheCompanyisnowexposedto
andtoreflecttheactivitiesoftheGroupduringthe
StabilisationPeriodandtheManagedWind-Down.
Governance
Report of the Audit Committee—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2023 63
Auditor’s remuneration
FeespaidtotheGroup’sIndependentAuditorincludethefollowing:
Serviceprovided
Yearended
31August2023
£’000’s
Periodended
31August2022
£’000’s
FeespayablefortheauditoftheCompany’sannualaccounts
1,004
2,164
FeespayableinrespectofthereviewoftheInterimReport – 44
FeespayablefortheauditoftheCompany’ssubsidiaries 72 72
FurtherdetailsoftheAuditor’sremunerationaresetoutinNote5totheConsolidatedFinancialStatements.
Non-audit services provided by the Auditor
TheCommitteehasanon-auditservicespolicyinplace.Thesupplyofnon-auditservicesprovidedbytheAuditor
isconsideredonacase-by-casebasisandmayonlybeprovidedtotheCompanyifapprovedbytheCommittee,the
provisionofsuchservicesisatareasonableandcompetitivecostanddoesnotconstituteaconflictofinterestor
potentialconflictofinterestwhichwouldpreventtheAuditorfromremainingobjectiveandindependent.BDOwas
paidfeesinrespectofthefollowingnon-auditservicesasfollows:
Non-auditserviceprovided
Yearended
31August2023
£’000’s
Yearended
31August2022
£’000’s
ReviewofInterimReport – 44
TheindependenceoftheAuditorwasconsideredpriortotheprovisionofthisservice.TheAuditCommittee
believesthattheprovisionoftheaboveservicedidnotaffecttheindependenceofBDOLLPastheCompany’s
externalAuditor.
Effectivenessoftheexternalaudit
TheChairoftheCommitteemetwiththeleadauditpartnertoagreetheauditplanfortheyearended
31August2023andtodiscussanyissuesarisingfromtheprioryearaudit.TheChairoftheCommitteealsomet
withtheleadpartner,priortothefinalisationoftheauditoftheAnnualReportandAccountsfortheyearended
31August2023withouttheAEWbeingpresent,todiscusshowtheexternalauditwascarriedout,thefindings
fromsuchauditandwhetheranyissueshadarisenfromtheAuditor’sinteractionwiththeCompany’svarious
serviceproviders.
Followingitsreviewpriortotheapprovaloftheseaccounts,theAuditCommitteehaschallengedtheAuditor
andconcludedthattheAuditorhasdemonstratedagoodunderstandingofthestructureandoperationsofthe
Companyandhadidentifiedandfocusedontheareasofsignificantfinancialreportingrisk.Theexternalaudit
processwasconsideredtohavebeeneffective.
Independence and objectivity of the Auditor
BDOwasselectedastheCompany’sexternalAuditoratthetimeoftheCompany’slaunchin2020followinga
formaltenderprocessandreviewoftheAuditor’scredentials.ThecontinuingappointmentoftheAuditoris
reviewedannuallybytheCommittee,whichgivesconsiderationtotheAuditor’sfeesandindependence,alongwith
themattersraisedduringeachaudit.
TheCommitteehasconsideredtheindependenceandobjectivityoftheAuditorandhasnotedthattherewere
nonon-auditservicesprovidedduringtheyearunderaudit.TheCommitteereceivesannualassurancefrom
theAuditorthatitsindependenceisnotcompromisedbytheprovisionofnon-auditservices.TheCommittee
issatisfiedthattheAuditor’sobjectivityandindependenceisnotimpairedbytheperformanceofthenon-audit
services(inFY22)andthattheAuditorhasfulfilleditsobligationstotheCompanyanditsshareholders.
Governance
Report of the Audit Committee—continued

64 HomeREITplc | AnnualReport | Fortheyearended31August2023
Re-appointment of the Auditor
BDOwereappointedonIPOasexternalauditorin
2020afteracompetitiveprocess.Inconsiderationof
theperformanceoftheAuditor,theservicesprovided
duringtheyearandareviewofBDO’sindependence
andobjectivity,theCommitteehasrecommended
totheBoardthere-appointmentofBDOfortheyear
ended31August2024.
Fair,balancedandunderstandable
financialstatements
TheCommitteehasconcludedthattheAnnualReport
fortheyearended31August2023,takenasawhole,
isfair,balancedandunderstandableandprovidesthe
informationnecessaryforshareholderstoassessthe
Company’sbusinessmodel,strategyandperformance.
TheCommitteehasreporteditsconclusionstothe
Board.Itreachedthisconclusionthroughaprocessof
reviewofthedraftfinancialstatementsandenquiries
tothevariouspartiesinvolvedintheproductionofthe
AnnualReport.
Marlene Wood
ChairoftheAuditCommittee
13January2025
Governance
Report of the Audit Committee—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2023 65
IpresentthereportoftheManagementEngagement
Committee(the“Committee”forpurposesofthis
ReportoftheManagementEngagementCommittee
only)fortheyearended31August2023.
Composition
ThecompositionoftheCommitteeissetoutinthe
CorporateGovernanceStatementonpage53.Details
ofhowitsperformanceevaluationhasbeenconducted
areincludedonpages68and69.
Meetings
TheCommitteemettwotimesduringtheyearunder
reviewandthreetimespostyearend.TheDirectors’
attendanceissetoutonpage53intheCorporate
GovernanceStatement.
Role of the Management Engagement Committee
ThekeyresponsibilitiesoftheCommitteeare:
• monitoringandannuallyevaluatingtheAlvarium
FMandAHRA’sinvestmentperformanceandtheir
compliancewiththetermsoftheIMAandIAA,
respectivelyandfollowingAEW’sappointment,its
investmentperformanceandcompliancewiththe
termsofAEW’sIMA;
• reviewing,atleastannually,theperformance
oftheAlvariumFMAHRAandAEWfollowing
thelatter’sappointmentandconsideringtheir
continuedappointmentonthetermssetoutintheir
respectiveagreementswiththeCompany;
• reviewingthelevelandmethodofremuneration,
thebasisofperformancefees(ifany)andthenotice
periodoftheAlvariumFM,AHRAandAEWfollowing
thelatter’sappointmentandtoensurethatthese
remaininthebestinterestsoftheshareholders;
• ensuringthatprocesseshavebeenputinplace
toreviewtheCompany’sriskmanagementand
internalcontrolsystemsdesignedtosafeguard
shareholders’investmentandtheGroup’sassets;
and
• monitoringandevaluatingtheperformanceof
theotherkeyserviceprovidersoftheCompany
toensuretheircontinuedcompetitivenessand
effectiveness.
Activities during the year
Followingitsreviewduringtheyear,theCommittee,
relyinguponinformationreportedtoitandtheBoard
byAlvariumFM,AHRAandotherexternalparties,
tookcomfortatthetimethatAHRAhadinvested
availablefundsduringtheyear,inlinewiththeGroup’s
OriginalInvestmentPolicytobuildadiverseportfolio
ofhighqualityassets,lettotenantswithexpertise
insupportingvulnerablehomelesspeople,that
shouldhaveprovidedgrowingandsecurereturnsto
theCompany’sshareholdersaswellaspromoting
independentlivingskillsforthoseinneed.
TheCompanyannouncedon1November2022that
GarethJones,co-fundmanager,wouldstepback
fromtherolewhilsthetookaperiodofleaveforhealth
reasons.Further,JamesSnapewasappointedas
ChiefFinancialOfficerandAlexBakerwaspromoted
toco-fundmanageralongsideCharlotteFletcher.The
Committeeheldseveralfollow-ondiscussionswith
AHRAregardingitssuccessionplanning,proposed
managementchanges,andthesupportAHRAreceives
fromseniorAlvariumInvestmentsLimited(nowAlTi
AssetManagementHoldings2Limited)employees.
TheDirectorsweresatisfied,atthetime,thatthe
collectiveskillsetofAHRA’steamcontainedall
thenecessaryskillsandexperiencetobestserve
theinterestsoftheshareholdersinperformingits
delegatedresponsibilities.
Asawhole,theCommitteewassatisfied,atthetime,
thatAHRAandAlvariumFMhadthesuitableskills
andexperiencetomanagetheGroup’sinvestments
andtosupportourtenants,andconsideredthatthe
continuingappointmentofAHRAandAlvariumFMwas
inthebestinterestsofshareholdersasawhole.
TheperformanceoftheCompany’sserviceproviders
iscloselymonitoredbytheBoard,throughthe
Committee.TheCommittee’sreviewofthekey
serviceproviderscomprisedopenandclosed-ended
questionsandincludedareviewofthequalityoftheir
servicesandfeestoensuretheyremainedeffective
andcompetitive.Thisprocessalsoincludedreviewing
eachserviceprovider’spoliciesandproceduresto
ensurethattheyhadadequatecontrolsandprocedures
inplace.Additionallytheprocessincludesholding
individualin-personreviewmeetings,tobeconducted
bytheDirectors,witheachoftheCompany’smain
serviceprovidersonanannualbasis.Severalreview
meetingswereheldduringtheyearandaformalscoring
systemhadbeenadoptedbytheDirectorsinrespectof
theperformanceofeachserviceprovider.
Governance
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66 HomeREITplc | AnnualReport | Fortheyearended31August2023
Followingacomprehensivereviewon28October2022,
theCommitteehadconcludedthattheperformance
ofalltheCompany’skeyserviceprovidershadbeen
satisfactoryandrecommendedtheircontinuing
appointmentonthecurrentterms.
TheCommittee,on25April2023,notedthekeyevents
inrespectoftheCompany’sserviceprovidersthathad
occurredsinceNovember2022including:
• AHRAbeingsoldbyitsparentAlvariumRELimited
(nowAlTiRELimited)on30December2022to
themanagementofAHRAfundedbywayofa
promissorynote.
• InJanuary2023,theappointmentofA&Mto
conductaninvestigationintoallegationsof
wrongdoing.On5May2023,A&Mdeliveredto
theCompanyadetailedreport.Withoutwaiverof
privilege,thekeyfindingsofthisreportwere:
– arrangementswiththeGroup’scorporate
tenantsandvendorsrelatingtothecostof
refurbishmentofpropertieswerenotbroughtto
theattentionoftheBoardbyAHRA,sothatthe
Boardwasunabletoconsiderwhetherarelease
ofavendor’sliabilitiesforrefurbishmentof
propertieswasappropriate.Thesearrangements
included,thatarepresentativeofAHRA,
withouttheknowledgeandauthorityofthe
Board,enteredintoasettlementagreementon
8December2022betweentheCompanyand
the‘Aggregators’wherebytheCompanywould
pay£0.7millionandpurportedlywaivedany
refurbishmentclaimsagainsttheAggregatorsin
relationto488propertiesheldbytheGroup.
– theBoardhadnotapproved,orbeenprovided
withinformationregardingalternative
arrangementstosettleoutstandingrentarrears;
– therewaslimitedevidenceofdetailedongoing
monitoringoftenantsbeingundertakenby
AHRA;
– AHRAprovidedinaccurateinformationabout
occupancyratestoTheGoodEconomy;
– certainconnectionsbetweentenantsexisted
thatwerenotdisclosedtotheBoard;and
– undisclosedpotentialoutsidebusinessinterests
andundeclaredpotentialconflictsofinterest
betweencertainpersonsassociatedwithAHRA
andthirdparties.
• Duetoinformationthatcametolightwhichwas
incontradictiontoreportingpreviouslyprovided
totheBoardbyAHRAandAlvariumFMduringthe
period,togetherwithlowrentcollectionandfurther
evidenceofmaterialinformationbeingwithheld
fromtheBoard,on15March2023,theBoardagreed
withAHRAbywayofletterofagreementthatthe
CompanywasentitledtoterminatetheIAAonor
before30June2023.On30June2023,theIAAwas
terminated.On25May2023,theCompanyand
AlvariumFMagreedbywayofvariationagreement,
asfurthervariedon18July2023,thattheIMAwould
bevariedtoallowforterminationimmediatelyupon
theCompanygivingnoticeinwritingtoAlvarium
FM,providedsuchnoticewasgivenbynotlater
than31August2023,oruponeitherpartygiving
notlessthansixmonths’noticeinwriting.On
21August2023,theCompanyterminatedtheIMA.
• FollowingtheCompanyannouncementon
15March2023thattheCompanywasinitiating
aprocesstoconsidercandidatesasInvestment
Adviser,theCommitteeshortlistedthree
candidatesandselectedAEWasitspreferred
candidate.
• Thefollowingappointmentswerealsonotedbythe
Committee:
– JefferiesInternationalLimitedwasappointedas
jointbrokeron29October2022.Theagreement
withJefferiesInternationalLimitedwas
terminatedon1February2023,
– AlvariumSecuritiesresignedascorporatebroker
on8February2023,
– SmithSquarePartnersLLPwasappointed
asfinancialadvisertotheCompanyon
13February2023followingtheBoard’sreview
ofproposalsandshortlistinterviewswith
potentialproviders.Therelationshipwas
terminatedon24August2023witheffectfrom
24November2023.
Governance
Report of the Management Engagement Committee—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2023 67
AEWwasinitiallyappointedon22May2023asProperty
AdvisertotheCompanyandwasappointedon
21August2023astheInvestmentManagerandAIFMof
theCompany.Followingtheyearend,theCommittee
reviewedtheperformanceofAEWfromthedateof
theirappointment.TheCommitteeissatisfiedthat
theInvestmentManagerhasthesuitableskillsand
experiencetomanagetheGroup’sinvestmentsin
accordanceinitiallywiththeAmendedInvestment
PolicyandnowwiththeNewInvestmentPolicyand
consideredthatthecontinuingappointmentof
theInvestmentManagerisinthebestinterestsof
shareholdersasawhole.
TheChairisindependentofAEW.
TheCommitteealsonotethefollowingappointments
andterminationsintheperiod:
• KnightFrankLLPwasappointedtovaluethe
investmentpropertiesat31August2022but
resignedon5May2023.
• JonesLangLaSalleLimited(“JLL”)asthe
IndependentValuertotheGroupon18July2023.
JLLwasappointedtoundertakethevaluationasat
31August2022,28February2023andsubsequent
valuationpoints.
• LiberumCapitalLimited(nowPanmureLiberum
CapitalLimited)(“Liberum”).Liberumwas
appointedascorporatebrokerandCapitalMarkets
Adviser(”CMA”)on5July2023.
AcomprehensivereviewoftheCompany’skeyservice
providerswaspreparedpriortoandreviewedina
meetingwiththecommitteeon26October2023.With
dueconsiderationoftheeventsthathaveoccurred
duringtheperiodandthefailureofseveralkeyservice
providerstoraisematerialmattersorconcernswith
theBoard,theCommitteedeterminedforgood
governanceallkeyservicesshouldbetenderedexcept
therecentappointmentofAEW,JLLandtheBroker.
Anyreplacementofkeyserviceprovidersrequires
significantplanningtoensurecontinuityofserviceand
efficiencyofhandoverduringaphasedreplacement
programme.AEWcommencedtenderingofseveral
keyserviceproviders,howeverduetotheManaged
Wind-Down,theBoardisconsideringwhetherthe
currentserviceprovidersshouldremaininplace.The
CommitteeandtheBoardwillcontinuetomonitorthe
performanceofkeyserviceprovidersanddetermine
whethercontinuedengagementremainsappropriate.
Simon Moore
ChairoftheManagementEngagementCommittee
13January2025
Governance
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68 HomeREITplc | AnnualReport | Fortheyearended31August2023
IpresentthereportoftheNominationCommittee
(the“Committee”forpurposesofthisReportofthe
NominationCommitteeonly)fortheyearended
31August2023.
Composition
ThecompositionoftheCommitteeissetoutinthe
CorporateGovernanceStatementonpage53.Details
ofhowitsperformanceevaluationhasbeenconducted
areincludedbelow.
Meetings
TherehasbeenonemeetingoftheCommittee
duringtheyear.TheDirectors’attendanceatthis
meetingissetoutintheCorporateGovernance
Statementonpage53.
Role of the Nomination Committee
TheprimaryresponsibilitiesoftheCommitteeare:
• reviewingthestructure,sizeandcompositionofthe
Board;
• ensuringplansareinplacefororderlysuccession
totheBoardandensuringthatsuchplanspromote
diversityofgender,socialandethnicbackgrounds,
cognitiveandpersonalstrengths;
• reviewinglengthofserviceofeachDirectorand
assessingifthisimpactsontheirindependence;
• consideringtheuseofopenadvertisingand/oran
externalsearchconsultancyforeachappointment;
• consideringjobspecificationsandwhetherthe
candidateshavethenecessaryskillsandtime
availabletodevotetotheCompany;
• arrangingforanynewDirectorstobeprovidedwith
trainingandinduction;
• makingrecommendationstotheBoardregarding
theCompany’spolicyonthetenureoftheChairof
theBoard;
• makingrecommendationstotheBoardregarding
theCompany’spolicyondiversityandinclusion;and
• performingaformalandrigorousevaluationof
theBoard,itsCommittees,theChairoftheBoard
andindividualDirectorsonatleastanannualbasis,
including,ifappropriate,consideringengagementof
anexternalevaluatortofacilitatetheevaluation.
Activities
Duringtheyear,theCommittee:
• revieweditstermsofreferenceandconsidered
whethertheseremainedappropriate;
• consideredtheresultsoftheevaluationofthe
Board,itsCommittees,theindividualDirectorsand
theChair;
• aspartoftheevaluationprocess,consideredthe
Board’scompositionwithreferencetothemixof
skills,diversity,knowledgeandexperience,andhow
thesealignedwiththeGroup’sstrategicobjectives
andtheopportunitiesandchallengesfacedbyit;
• agreedthepolicyregardingthetenureoftheBoard
members;
• reviewedthesignificantcommitmentsofthe
Directorsandthetimededicatedbythemtothe
affairsoftheCompany;
• maderecommendationstotheBoardregardingthe
Directors’annualre-electionbyshareholdersatthe
AGM;and
• discussedthesuccessionplansfortheBoardto
ensureitsprogressiverefreshing.
Performance evaluation
Aformalannualperformanceevaluationprocess
isundertakenfortheBoard,theCommittees,the
individualDirectorsandtheChair.TheDirectors
areawarethattheycontinuallyneedtomonitorand
improveBoardperformanceandrecognisethatthiscan
beachievedthroughregularBoardevaluation,which
providesavaluablefeedbackmechanismforimproving
Boardeffectiveness.
TheDirectors,inthepreviousfinancialyear,undertook
aninternalperformanceevaluationbywayof
completingwrittenquestionnaires,ledbytheformer
Chairduringtheperiod,LynneFennah,specifically
designedtoassessthestrengthsandindependenceof
theBoardandtheperformanceofitsCommittees,the
ChairandtheindividualDirectors.Thequestionnaires
arealsointendedtoanalysethefocusofBoard
meetingsandassesswhethertheyareappropriate,orif
anyadditionalinformationmayberequiredtofacilitate
Boarddiscussions.Anytrainingneedsidentifiedaspart
oftheevaluationprocessarealsoconsideredbythe
Board.TheevaluationoftheChairwascarriedoutby
theotherDirectorsoftheCompany,ledbytheSenior
IndependentDirector.
Governance
Report of the Nomination Committee

 HomeREITplc | AnnualReport | Fortheyearended31August2023 69
TheresultsofthisBoardevaluationprocesswere
reviewedanddiscussedbytheNominationCommittee
on28October2022.TheCommittee’sdeliberations
concludedthatasawholetheBoardfunctions
effectivelyandthecurrentCommitteestructure
remainedappropriate.TheformerChairduringthe
period,LynneFennah,ledtheBoardeffectivelyand
promotedacultureofopennessanddebate,and
facilitatedconstructiveBoardrelationsandthe
effectivecontributionofallDirectors.Inliaisonwiththe
CompanySecretary,sheensuredthattheDirectors
receivedaccurate,timelyandclearinformationtothe
extentpossiblewiththelimitationontheaccuracyand
completenessoftheinformationprovidedbyAHRA;
andalloftheDirectorsinofficeatthetimemadean
effectivecontributionandhadtherequisiteskillsand
experiencetocontinuetoprovideableleadershipand
directionfortheGroup.AllDirectorswereconsidered
tobeindependentofAHRAinbothcharacter
andjudgement.
Certainareasofimprovementwereidentifiedatthe
time.Theseareasandrecommendationsofnextsteps
asagreedatthetimeareoutlinedbelow:
Keyarea Recommendations
Board
composition
WiththeGroup’sgrowthsinceIPO
anditsadmissiontotheFTSE250,the
Committeeidentifiedaneedtoappoint
anadditionalBoardmember.TheGroup
wouldengageaspecialistexternal
executivesearchagencytoidentifyan
independentnon-executiveDirector
forappointmentin2023.
Board
training
Beginningin2023,theDirectors
received,andwouldcontinuetoreceive,
individualtrainingplansandwould
recordaformaltraininglog.TheGroup
expectedtoleverageitskeyservice
providersforperiodictrainingsessions,
andaformalinductionfornewDirector
appointmentswouldbeundertaken.
ESG
Committee
FormaltermsofreferenceoftheESG
Committeewouldbeapprovedand
uploadedtotheGroup’swebsitein
2023.TheDirectorswouldreceiveESG
trainingandwouldbenefitfromAHRA’s
recentlyappointedHeadofESG.
Strategy
day
In2023,theGroupwouldholda
StrategyDaywithAHRAandotherkey
serviceproviders.Theeffectsoffuture
potentialmacroeconomicevents,
enhancingstakeholdercommunication
andtheGroup’sESGobjectiveswere
possibleareasfordiscussion.
Duetotheverysignificantchallengesexperiencedby
theCompany,theBoarddidnotprogressthestrategy
dayortheESGcommittee.Newboardappointments
aredetailedbelow.Inviewoftheexceptional
circumstancestheCompanywasexperiencing,aformal
performanceevaluationprocesswasnotundertaken
inrespectoftheyearended31August2023.Itwasthe
Board’sintentionthatoncethenewDirectorswerein
placeandtheDirectorsinofficeatIPOhadtransitioned,
aninternalperformanceevaluationwouldbecarried
outbywayofcompletingwrittenquestionnaires.
Thesequestionnaireswouldbespecificallydesignedto
assessthestrengthsandindependenceoftheBoard
andtheperformanceofitsCommittees,theChair
andtheindividualDirectors.Thequestionnairesare
alsointendedtoanalysethefocusofBoardmeetings
andassesswhethertheyareappropriate,orifany
additionalinformationmayberequiredtofacilitate
Boarddiscussions.Anytrainingneedsidentifiedas
partoftheevaluationprocessarealsoconsidered
bytheBoard.TheevaluationoftheChairwascarried
outbytheotherDirectorsoftheCompany,ledbythe
SeniorIndependentDirector.Anevaluationofthe
newDirectorswascarriedoutinJuly2024withits
resultsbeingdiscussedinSeptember2024.TheChair’s
evaluationwasconductedbyMrDayandMrWilliams
andwasledbyMrWilliamsastheSeniorIndependent
DirectoroftheCompany.TheresultsoftheBoard
evaluationprocesswerereviewedanddiscussedbythe
NominationCommittee.Therecommendationsmade
aspartoftheevaluationprocesswerediscussedby
theDirectorstoensurethatallpointswereaddressed
appropriatelyandtoenablecontinuousimprovement
oftheBoard.
InaccordancewiththeAICCode,beingaFTSE250
constituent,theGroupisrequiredtohaveanexternally
facilitatedBoardevaluationatleasteverythree
years.Itwasintendedthatin2023,anexternalagency
wouldbeengagedtoconductthisprocess,however
duetounexpectedeventsthathavearisenandthe
subsequentchangeinBoardpersonnelthisprocesshas
beenruninternallyin2024andtheuseofanexternal
agencywasnotdeemedtothebestuseofShareholder
resourcesatthistime.
Governance
Report of the Nomination Committee—continued

70 HomeREITplc | AnnualReport | Fortheyearended31August2023
Appointment of Directors
Followingtheyearend,aformal,phasedsuccession
processwasinitiatedbytheCompanyinSeptember
2023,withtheaimthatthemajorityoftheDirectorsin
officeatIPOwillhavedepartedatoraroundthepoint
ofrestorationoftradingintheCompany’ssharesand
thattheBoardtransitionentirelywithin12months,
allowingaperiodofhandover.Accordingly,Michael
O’DonnellwasappointedastheChairoftheCompany
witheffectfrom18January2024andPeterWilliams
astheSeniorIndependentDirectorfrom2April2024.
RodDaywasappointedasIndependentNon-Executive
Directoron7June2024.InassemblingthenewBoard,
carefulconsiderationwasgiventotheappropriate
skills,experience,knowledge,culture,capacityand
independenceoftheincomingBoardmembers.The
CommitteeworkedalongsidetheBoardinthisprocess
andmaderecommendationstotheBoardregardingthe
appointmentofthenewDirectors.
FidelioPartners,anindependentexternalexecutive
searchagencywithnoconnectiontotheCompany
oritsDirectors,wasengagedbytheCompanyforthe
purposesofidentifyingpotentialcandidatesfrom
adiverserangeofexperience,skills,backgrounds,
andethnicities.
Election and Re-election of Directors
MichaelO’Donnell,althoughonlyappointedon
18January2024,retiredandstoodforre-election
asrequiredundertheArticles,attheAGMon
29February2024.PeterWilliamsandRodDay
areexpectedtostandforre-electionatthe2025
AnnualGeneralMeeting.
Board diversity
TheBoard’sdiversitypolicyisbasedonitsbelief
thattheBoardshouldhaveadiverserangeof
experience,skillsandbackgrounds.Whenmaking
recommendationsfornewappointmentstothe
BoardandplanningforBoardsuccession,the
NominationCommitteewilltakeintoconsideration
therecommendationsoftheAICCode,theParker
Reviewandotherguidanceonboardroomdiversity
andinclusion.
TheBoardsupportstherecommendationsofthe
FTSEWomenLeadersReviewongenderdiversity
anditsvoluntarytargetforFTSE350boardstohavea
minimumof40%ofwomenonboards.TheCompany
alsosupportstheParkerreview’srecommendations
toincreaseethnicandculturaldiversityoncompany
boards.WhilsttheBoarddoesnotconsiderit
appropriatetousespecificdiversitytargetsgivenits
smallsize,itacknowledgesthatdiversityisimportant
toensurethattheCompanycandrawonabroadrange
ofperspectives,skills,experience,knowledgeand
backgroundstoeffectivelyleadtheCompany.
Asat31August2023,theBoardcomprisedtwofemale
(50%)andtwomaleDirectors.AllDirectorsare
membersofeachoftheBoardCommittees,therefore,
thegenderrepresentationsetoutbelowisthesame
fortheBoardanditsvariousCommittees.
Thefollowingtablessetoutthegenderandethnic
diversityoftheBoardasat31August2023:
Genderdiversity
Number
ofBoard
members
Percentageof
theBoard
Numberof
senior
positions
ontheBoard
1
Men 2 50 1
Women 2 50 2
Other – – –
Notspecified/
prefernottosay
– – –
Ethnicdiversity
Number
ofBoard
members
Percentageof
theBoard
Numberof
senior
positions
ontheBoard
1
WhiteBritish
orotherWhite
(includingminority-
whitegroups)
4 100 3
Mixed/Multiple
EthnicGroups
– – –
Asia/AsianBritish – – –
Black/African/
Caribbean/
BlackBritish
– – –
Otherethnic
groups,
includingArab
– – –
Notspecified/
prefernottosay
– – –
1 Senior positions include Chair of the Board, Senior Independent Director and Chair of the
Audit Committee.
Governance
Report of the Nomination Committee—continued

HomeREITplc | AnnualReport | Fortheyearended31August2023 71
Asanexternallymanagedinvestmentcompanywith
solelyindependent,non-executiveDirectors,the
CompanydoesnothaveaChiefExecutiveoraChief
FinancialOfficerandhasnoemployeesorinternal
operations.Accordingly,therearenodisclosuresabout
executivemanagementpositionstobeincluded.The
roleoftheAuditCommitteeChairisconsideredtobe
aseniorpositionandhasbeenincludedintheabove
tables.WiththreeBoardappointmentspostyear
end,theCompanyrecognisesthatitiscurrentlynot
meetingthetargetonethnicandgenderdiversity.
WhilsttheBoardunderstandstheimportanceof
diversityandinclusion,itiscognisantthattheCompany
isunabletomeetthediversityandinclusiontargets
owingtoimplementationofthewind-downstrategy.
AsaresultofthedecisiontoentertheManaged
Wind-DownandthechangeinBoardpersonnelfurther
appointmentsareunlikelytobemade.
Tenure and succession planning
TheCompanyhasnoemployees,andAEWisexternal
totheCompany,thereforetheBoard’soversightof
successionplanningisrestrictedtotheBoardlevel.The
Boardwill,fromtimetotimeandwhereappropriate,
discussthesuccessionplansofAEWthroughits
ManagementEngagementCommittee.
TheBoard’ssuccessionplanisguidedbyitspolicy
ontenure.TheBoardhasagreedonalimitofnine
yearsonthetenureoftheDirectors,inlinewiththe
recommendationsoftheAICCode.Itbelievesthatthe
tenureshouldbalancetheneedtoprovideandmaintain
continuity,knowledge,experienceandindependence,
againsttheneedtoperiodicallyrefreshtheBoard
composition,inordertomaintainanappropriatemixof
therequiredskills,experience,knowledgeandlengthof
service.TheCompanyensuresthatitssuccessionplan
isbasedonmeritandobjectivecriteriaandpromotes
diversityofgender,socialandethnicbackgrounds,
cognitiveandpersonalstrengths.
TheCommitteemayuseopenadvertisingand/orthe
servicesofexternaladviserstofacilitatethesearchfor
diversecandidatesforanewDirectorrole.Therewere
noappointmentstotheBoardduringtheyearended
31August2023.Followingtheyearend,asannounced
on4September2023,theBoardinitiatedaformaland
phasedBoardsuccessionprocess,withthreenew
directorssubsequentlyappointedanditremainsthe
intentionoftheDirectorsinofficeatIPOtostanddown
onpublicationofthe2023annualreport.
Michael O’Donnell
ChairoftheNominationCommittee
13January2025
Governance
Report of the Nomination Committee—continued

72 HomeREITplc | AnnualReport | Fortheyearended31August2023
Governance
Directors’ remuneration report
Annual report on Directors’ remuneration
TheDirectors’RemunerationReportfortheyearended
31August2023issetoutbelow.
Statement from the Chair of the Board
AstheBoardconsistsentirelyofindependentnon-
executiveDirectors,itisnotconsideredappropriate
fortheCompanytoestablishaseparateremuneration
committeeandtheremunerationoftheDirectors
isthereforedealtwithbytheBoardasawhole.No
Directorisresponsiblefordeterminingtheirown,
individualremuneration.
Duringtheyearended31August2023,thefees
werepaidattherateof£50,000fortheChairofthe
Boardand£36,000fortheotherDirectors,withan
additionalpaymentof£5,000totheChairoftheAudit
Committee.TheDirectors’feesarefixedwithno
variableelement.Followingreview,itwasdecidedthat
thecurrentlevelsofremunerationfortheDirectors
remainedappropriateandnochangeswereproposed
forthefinancialyearended31August2024inrespect
ofDirectorsinofficeatIPO.Followingtheyearend,
MichaelO’DonnellwasappointedastheChairofthe
Companywitheffectfrom18January2024atabase
feeof£100,000withasupplementaryprorataannual
feeof£100,000owingtotheadditionalworkhewould
undertakeastheChairoftheCompany,untilthe
Companystabilised.PeterWilliamswasappointedasa
Directorfrom2April2024,atabasefeeof£60,000and
anadditionalfeeof£10,000forhisroleastheSenior
IndependentDirector.RodDaywasappointedasa
Directorwitheffectfrom7June2024,atabasefeeof
£60,000.ItisintendedthatRodwouldreplaceMarlene
WoodastheAuditCommitteeChairofCompanyonce
shestepsdownfromtheBoardandwouldreceive
anadditionalfeeof£10,000onhisappointmentto
thisposition.
ThefeespayabletotheDirectorswillbereviewed
onanannualreview,asdetailedintheDirectors’
RemunerationPolicyonpage74.
TheCompanyisrequiredtoobtainformalapproval
fromshareholdersoftheDirectors’Remuneration
Policyonceeverythreeyearsandinanyyearifthere
areanychangesproposedtothepolicy.Shareholders
arerequestedtoapprovetheDirectors’Remuneration
Reportonanannualbasis.ThevoteontheDirectors’
RemunerationPolicyissubjecttoabindingvote,while
thevoteontheDirectors’RemunerationReportisan
advisoryvote.
TheDirectors’RemunerationPolicywasapproved
byshareholdersattheAGMheldon27January2022.
Nosignificantchangesareproposedtothewayin
whichthiscurrent,approvedDirectors’Remuneration
Policywillbeimplementedduringthecourseofthe
nextfinancialyear.Anordinaryresolutionwillbe
puttoshareholdersatthe2023accountsgeneral
meetingoftheCompanytobeheldassoonaspossible
followingthepublicationofthe2023AnnualReport
andAccounts,toreceiveandapprovetheDirectors’
RemunerationReport.
Performance of the Company
Thefollowinggraphcompares,sinceAugust2021,
thetotalshareholderreturnoftheGroup’sShares
relativetoareturnonahypotheticalholdingover
thesameperiodintheFTSEEPRA/NAREITUKIndex
andtheFTSEAllShareIndex.Theseindiceshave
beenchosenbytheBoardasthemostappropriateto
comparetheGroup’sperformance.Totalshareholder
returnisthemeasureofreturnsprovidedbyaGroup
toshareholdersreflectingsharepricemovementsand
assumingreinvestmentofdividends.
AUG
21
MAY AUGJAN
22
NOVAUGMAYJAN
23
AUG MAYJAN
24
Home REIT FTSE ALL SHARE FTSE EPRA/NAREIT UK
0
20
40
60
80
100
120
140

 HomeREITplc | AnnualReport | Fortheyearended31August2023 73
Directors’ remuneration (audited)
Fees Expenses Total
Forthe
yearended
31August2023
£
Forthe
periodended
31August2022
£
Forthe
yearended
31August2023
£
Forthe
periodended
31August2022
£
Forthe
yearended
31August2023
£
Forthe
periodended
31August2022
£
Percentage
changeinfees
%
Lynne Fennah (Chair) 50,000 50,000 793 – 50,793 50,000 0
Peter Cardwell 36,000 36,000 – – 36,000 36,000 0
Simon Moore 36,000 36,000 – – 36,000 36,000 0
Marlene Wood (Chair of
the Audit Committee)
41,000 41,000 4,509 870 45,509 41,870 0
163,000 163,000 5,302 870 168,302 163,870 0
TherearenovariableelementsintheremunerationpayabletotheDirectors.Noneoftheabovefeeswaspaidto
thirdparties.TherehasbeennochangeintheremunerationpaidtoDirectorsfrominceptionto31August2023.
Relative importance of spend on pay
Thefollowingtablesetsout:
• theremunerationpaidtotheDirectors;
• thedistributionsmadetoshareholdersbywayof
dividends;and
• theinvestmentadvisoryandinvestment
managementfeesincurredbytheGroup.
Yearended
31August2023
£’000
Periodended
31August2022
£’000
Change
%
Directors’
fees*** 163 163 0
Investment*
Adviser’s
fee (until
30June2023) 5,094 5,322 (4.3)
Investment
Manager’s
Fee** (From
21August2023) 910 – N/A
Dividends 10,910 28,321 (61.5)
* Total fees incurred of £5,822,000 less credits negotiated by the directors of £728,000.
** Fee excludes £900,000 paid to AEW in capacity as Property Adviser from 22 May 2023 to
20 August 2023.
*** The difference of £13,000 to the amount presented in the Consolidated Statements of
Comprehensive Income is due to U.K. National Insurance.
Note: the items listed in the table above are as required by the Large and Medium-sized
Companies and Groups (Accounts and Reports) (Amendment) Regulations 2013, with
the exception of the investment advisory/investment management fee, which has been
included because the Directors believe it will help shareholders’ understanding of the relative
importance of the spend on pay. The figures for this measure are the same as those shown in
Note 5 to the financial statements.
Directors’ shareholdings (audited)
ThereisnorequirementundertheArticles,or
thetermsoftheirappointment,forDirectorsto
holdSharesintheGroup.TheDirectorshadthe
followingshareholdingsintheGroupallofwhichare
beneficiallyowned.
Directors 31August2023 31August2022
Lynne Fennah 55,000 55,000
Peter Cardwell 10,000 10,000
Simon Moore 56,000 56,000
Marlene Wood 30,000 30,000
Therehavebeennochangestotheseinterests
between31August2023andthedateofsigning
thisReport.NoneoftheDirectorsoranypersons
connectedwiththemhadamaterialinterestin
theCompany’stransactions,arrangements,or
agreementsduringtheyear.
Governance
Director’s remuneration report—continued

74 HomeREITplc | AnnualReport | Fortheyearended31August2023
Governance
Director’s remuneration report—continued
Voting at AGM
TheAnnualReportandAccounts,togetherwiththereportsoftheDirectorsandBDOandtheDirectors’
RemunerationReportfortheperiodended31August2022werepresentedtoshareholdersattheGeneralMeeting
heldon5December2024.Thevotescastbypollwereasfollows:
2022AnnualReportandAccounts Directors’ Remuneration Report
Numberofvotes %ofvotescast Numberofvotes %ofvotescast
For
196,861,578 45.25 472,949,024 87.94
Against
238,233,187 54.75 64,833,524 12.06
Total votes cast
435,094,765
100.00 537,782,548 100.00
Number of votes withheld
102,787,803 100,200
TheBoardrecognisesthat,ofthe55%oftheshareholdersthatvoted,amajorityofthoseshareholdersvoted
againsttheresolutiontoreceivetheCompany’sAnnualReportandAccountsfortheyearended31August2022
andalsonotesthatashareholderadvisoryconsultancy(ISS)recommendedthatshareholdersvoteagainst
theresolution,duetothedelayinpublishing,andqualifiednatureof,theaccounts.InaccordancewiththeAIC
CorporateGovernanceCode,theCompanyintendstoconsultfurtherwithrelevantshareholderstounderstand
thereasonsbehindtheresult,beyonddiscussionsthathavealreadytakenplacepriortotheGeneralMeeting.
AresolutiontoapprovetheDirectors’RemunerationReportfortheyearended31August2023willbeput
toshareholdersattheGeneralMeetingtoapprovetheAnnualReportandAccountsfortheyearended
31August2023.
Directors’ remuneration policy
Introduction
TheDirectors’RemunerationPolicyisputtoa
shareholders’voteeverythreeyearsandinanyyear
ifthereistobeachangeinthepolicy.Aresolution
toapprovethisRemunerationPolicywasapproved
attheCompany’sAGMheldon27January2022.The
resolutionwaspassed,andtheRemunerationPolicy
provisionssetoutbelowwillapplyuntiltheyarenext
puttoshareholdersforrenewalofthatapproval.Inthe
eventofanyproposedmaterialvariationtothepolicy,
shareholderapprovalwillbesoughtfortheproposed
newpolicypriortoitsimplementation.
Policy
Fees
TheDirectors’feesaredeterminedwithinthelimitsset
outintheArticlesandtheyarenoteligibleforbonuses,
pensionbenefits,sharebenefits,shareoptions,long-
termincentiveschemesorotherbenefits.
TheDirectors’feesarepaidatfixedannualratesanddo
nothaveanyvariableorperformancerelatedelements.
TheBoardmaydeterminethatadditionalremuneration
maybepaid,fromtimetotime,toanyoneormore
DirectorsintheeventsuchDirectororDirectorsare
requestedbytheBoardtoperformextraorspecial
servicesonbehalfoftheCompany.
Thenon-executiveDirectorsshallbeentitledtofees
atsuchratesasdeterminedbytheBoardsubjecttothe
maximumaggregatefeelimitof£500,000setoutin
theArticles.
TheDirectorsshallalsobeentitledtobereimbursed
forallexpensesincurredinperformanceoftheir
duties.Theseexpensesareunlikelytobeofa
significantamount.Feesarepayablefromthedateof
appointmentasaDirectoroftheCompanyandcease
ondateofterminationofappointment.
TheBoardwillnotpayanyincentivefeestoany
persontoencouragethemtobecomeadirectorof
theCompany.TheBoardmay,however,payfeesto
externalagenciestoassisttheBoardinthesearchand
selectionofDirectors.

HomeREITplc | AnnualReport | Fortheyearended31August2023 75
Current and future policy
Component Director Purposeofreward Operation
Annual fee ChairofBoard Feesforservicesaschairofaplc DeterminedbytheBoard
Annual fee OtherDirectors Feesforservicesasnon-executive
directorsofaplc
DeterminedbytheBoard
Additional fee ChairofAuditCommittee Foradditionalresponsibilitiesand
timecommitment
DeterminedbytheBoard
Expenses AllDirectors Reimbursementofexpensesincurred
intheperformanceofduties
Submissionofappropriate
supportingdocumentation
NoDirectorisinvolvedinsettingtheirown
remunerationandtheCompany’sconflictofinterest
policyandprocedures(seepage54)applytotheBoard
whenundertakingtheirduties.
Statementofconsiderationofconditionselsewhere
intheCompany
TheCompanyhasnoemployees.Therefore,the
processofconsultingwithemployeesonthesetting
oftheremunerationpolicyisnotapplicable.
Review
TheDirectors’remunerationwillbereviewedonan
annualbasisbytheBoardandanychangesaresubject
toapprovalbytheBoard.
TheremunerationpayabletotheDirectorswilltakeinto
accountanumberoffactors,interalia,theexperience
oftheDirectors,thecomplexityoftheCompanyand
prevailingmarketratesfortherealestateinvestment
trustsector.
Directors’servicecontracts
TheDirectorsdonothaveservicecontractswith
theCompany.
TheDirectorsarenotentitledtocompensationon
lossofoffice.TheDirectorshaveappointmentletters
whichdonotprovideforanyspecificterm.However,
inaccordancewiththeAICCode,theyaresubjectto
annualre-election.
Statementofconsiderationofshareholders’views
TheCompanyiscommittedtoengaginginongoing
shareholderdialogueandtakesanactiveinterestin
votingoutcomes.Iftherearesubstantialvotesagainst
resolutionsinrelationtoDirectors’remuneration,
theGroupwillseekthereasonsforanysuchvoteand
willdetailanyresultingactionsinthenextDirectors’
remunerationreport.
Approval
TheDirectors’RemunerationReportwasapprovedby
theBoardandsignedonitsbehalfby:
Michael O’Donnell
Chair
13January2025
Governance
Directors’ remuneration report—continued

76 HomeREITplc | AnnualReport | Fortheyearended31August2023
TheDirectorsareresponsibleforpreparingtheAnnual
Reportandthefinancialstatementsinaccordancewith
applicablelawandregulations.
CompanylawrequirestheDirectorstoprepare
financialstatementsforeachfinancialyear.Under
thatlaw,theyarerequiredtopreparetheGroup
financialstatementsinaccordancewithUKadopted
internationalaccountingstandardsandhaveelected
topreparetheCompanyfinancialstatementsin
accordancewithUnitedKingdomGenerallyAccepted
AccountingPractice(UnitedKingdomAccounting
Standards,comprisingFRS101“ReducedDisclosure
Framework”,andapplicablelaw).
Undercompanylaw,theDirectorsmustnotapprove
thefinancialstatementsunlesstheyaresatisfiedthat
theygiveatrueandfairviewofthestateofaffairsof
theGroupandtheCompanyandoftheprofitorlossof
theGroupandtheCompanyforthatperiod.
Inpreparingthesefinancialstatements,theDirectors
arerequiredto:
• selectsuitableaccountingpoliciesandthenapply
themconsistently;
• makejudgementsandaccountingestimatesthat
arereasonableandprudent;
• statewhetherapplicableUK-adoptedinternational
accountingstandardshavebeenfollowedforthe
GroupfinancialstatementsandUnitedKingdom
AccountingStandards,comprisingFRS101,
havebeenfollowedfortheCompanyfinancial
statements,subjecttoanymaterialdepartures
disclosedandexplainedinthefinancialstatements;
and
• Preparethefinancialstatementsonthegoing
concernbasisunlessitisappropriatetopresume
thattheGroupandtheCompanywillcontinuein
business.AsstatedinNote1totheConsolidated
andCompanyFinancialStatementsthedirectorsdo
notconsidertheGrouporCompanytobeagoing
concernandhavepreparedthefinancialstatements
onabasisotherthanthatofagoingconcern.
TheDirectorsareresponsibleforkeepingadequate
accountingrecordsthataresufficienttoshowand
explaintheGroup’sandCompany’stransactionsand
disclosewithreasonableaccuracyatanytimethe
financialpositionoftheGroupandtheCompanyand
enablethemtoensurethatthefinancialstatements
complywiththeCompaniesAct2006.Theyarealso
responsibleforsafeguardingtheassetsoftheGroup
andtheCompanyandhencefortakingreasonable
stepsforthepreventionanddetectionoffraudand
otherirregularities.
Website publication
TheDirectorsareresponsibleforensuringtheAnnual
Reportandthefinancialstatementsaremadeavailable
onawebsite.Financialstatementsarepublishedon
theGroup’swebsiteinaccordancewithlegislationin
theUnitedKingdomgoverningthepreparationand
disseminationoffinancialstatements,whichmayvary
fromlegislationinotherjurisdictions.Themaintenance
andintegrityoftheGroup’swebsitehasbeendelegated
toAEW,buttheDirectors’responsibilityextends
totheongoingintegrityofthefinancialstatements
containedtherein.
Directors’responsibilitiespursuanttoDTR4
TheDirectors,tothebestoftheirknowledge,
confirmthat:
• theGroupfinancialstatements,whichhave
beenpreparedinaccordancewithUKadopted
internationalaccountingstandards,giveatrueand
fairviewoftheassets,liabilities,financialposition
andprofitoftheGroup;
• theCompanyfinancialstatements,whichhave
beenpreparedinaccordancewithUnitedKingdom
AccountingStandards,comprisingFRS101,give
atrueandfairviewoftheassets,liabilitiesand
financialpositionoftheCompany;and
• theAnnualReportincludesafairreviewofthe
developmentandperformanceofthebusinessand
thefinancialpositionoftheGroupandtheCompany,
togetherwithadescriptionoftheprincipalrisksand
uncertaintiesthattheyface.
TheDirectorsconsiderthattheAnnualReport
andfinancialstatements,takenasawhole,are
fair,balancedandunderstandableandprovidethe
informationnecessaryforshareholderstoassessthe
Group’sandCompany’spositionandperformance,
businessmodelandstrategy.
Approval
ThisDirectors’responsibilitiesstatementwas
approvedbytheBoardandsignedonitsbehalfby:
Michael O’Donnell
Chair
13January2025
Governance
Statement of Directors’ responsibilities

 HomeREITplc | AnnualReport | Fortheyearended31August2023 77
Governance
Independent auditor’s report to the members of Home REIT plc
Disclaimer of opinion on the Consolidated Statement
ofComprehensiveIncomeandQualifiedopinion
onthecorrespondingfiguresandNotestothe
Financial Statements
WehaveauditedthefinancialstatementsofHome
REITplc(“theCompany”)anditssubsidiaries(together,
the“Group”)fortheyearended31August2023
whichcomprisetheConsolidatedStatementof
ComprehensiveIncome,theConsolidatedand
CompanyStatementsofFinancialPosition,the
ConsolidatedandCompanyStatementsofChanges
inShareholders’Equity,theConsolidatedStatement
ofCashFlowsandnotestothefinancialstatements,
includingasummaryofsignificantaccounting
policies.Thefinancialreportingframeworkthat
hasbeenappliedinthepreparationoftheGroup
financialstatementsisapplicablelawandUK-adopted
internationalaccountingstandards.Thefinancial
reportingframeworkthathasbeenappliedinthe
preparationoftheCompanyfinancialstatements
isapplicablelawandUnitedKingdomAccounting
Standards,includingFinancialReportingStandard
101ReducedDisclosureFramework(UnitedKingdom
GenerallyAcceptedAccountingPractice).
Wedonotexpressanopinionontheaccompanying
ConsolidatedStatementofComprehensiveIncome,
theConsolidatedandCompanyStatementsof
ChangesinShareholders’EquityortheConsolidated
StatementofCashFlowsfortheyearended
31August2023.Becauseofthesignificanceofthe
mattersdescribedinthesectionofourreportheaded
‘BasisfordisclaimerofopinionontheStatementof
ComprehensiveIncomeandQualifiedopinionon
thecorrespondingfiguresandNotestotheFinancial
Statements’,wehavenotbeenabletoobtain
sufficientappropriateauditevidencetoprovide
abasisforanauditopinionontheStatementof
ComprehensiveIncome.
Notwithstandingthis,inouropinion,andexceptfor
thepossibleeffectsonthecorrespondingfiguresof
themattersandnotestothefinancialstatements
setoutinthe‘Basisfordisclaimerofopiniononthe
StatementofComprehensiveIncomeandQualified
opiniononthecorrespondingfiguresandNotestothe
FinancialStatements’:
• thefinancialstatementsgiveatrueandfairview
ofthestateoftheGroup’sandoftheCompany’s
affairsasat31August2023;
• theGroupfinancialstatementshavebeen
properlypreparedinaccordancewithUKadopted
internationalaccountingstandards;
• theCompanyfinancialstatementshavebeen
properlypreparedinaccordancewithUnited
KingdomGenerallyAcceptedAccounting
Practice;and
• thefinancialstatementshavebeenprepared
inaccordancewiththerequirementsofthe
CompaniesAct2006.
Basis for disclaimer of opinion on the Consolidated
StatementofComprehensiveIncomeandQualified
opiniononthecorrespondingfiguresandNotestothe
Financial Statements
Asaresultofthedisclaimerofopinionissuedinrespect
oftheConsolidatedandCompanyStatementsof
FinancialPositionsasat31August2022,duetoan
inabilitytoobtainsufficientappropriateauditevidence
inrelationtothematterssetoutbelowandwhich
formtheopeningbalancesasat1September2022for
thefinancialstatementsasatandfortheyearended
31August2023,wewereunabletoexpressanopinion
ontheConsolidatedStatementofComprehensive
Incomefortheyearended31August2023.
InpreparingtheGroupandCompanyFinancial
Statementsfortheyearended31August2022,the
Directorsattemptedtoobtaininformation,and
provideuswithexplanations,thatweconsidered
necessaryforthepurposesofouraudit.However,in
somecasestheDirectorswerenotabletoobtainthe
informationorprovideuswiththeseexplanations
andasaconsequence,theDirectorshadtomake
anumberofassumptionsinordertopreparethe
GroupandCompanyfinancialstatementsfortheyear
ended31August2022asdetailedinNote3tothese
ConsolidatedFinancialStatementsandNote2tothese
CompanyFinancialStatements.Duringthecourseof
ouraudit,wesoughttoobtainsufficientappropriate
auditevidenceinrespectofanumberofpervasive
and/ormaterialareasofthefinancialstatements
andrelatednotestothefinancialstatementsbutfor
thereasonsoutlinedbelow,thisinformationwasnot
providedand/oravailabletous.
Wesetoutbelowthelimitationswhichledtothe
disclaimerofopinionontheConsolidatedand
CompanyStatementsofFinancialPositionsasat
31August2022thatarerelevanttoandresultinthe
disclaimerofopinionontheConsolidatedStatement
ofComprehensiveIncomefortheyearended
31August2023.

78 HomeREITplc | AnnualReport | Fortheyearended31August2023
Financial statement
areas impacted
Limitations in the scope of our audit
which led to the disclaimer of opinion
on the Consolidated and Company
Statements of Financial Positions as at
31August2022
Impactonthefinancialstatementsasat
andfortheyearended31August2023
Changeinfairvalueof
investmentproperty
Theconditionofthepropertieswas
unknownbytheDirectorsuptothedate
oftheinspectionprogrammewhichwas
undertakenbetweenAugust2023andMay
2024.Thelackofaccurateinformation
regarding,andadequatemonitoringof,the
conditionandoccupancyoftheproperties
combinedwiththeappointmentofanew
independentvaluerafterthebalance
sheetdateledtotheindependentvaluers
havingtomakeassumptionsregarding
thephysicalconditionofpropertiesasat
31August2022.
Asaresultofthelimitationofscopeover
thevaluationofinvestmentpropertyasat
31August2022,thereisalimitationofscope
overthechangeinfairvalueofinvestment
propertyintheyearended31August2023.
PrepaidSeller’sWorks
–write-offofSeller’s
Worksnotinitiatedor
completedintheyear
TheGrouppurchasedanumber
ofpropertieswheresignificant
refurbishmentworkwasrequiredtobe
completedbythevendorbeforethe
propertieswereinafitstatefortheir
intendedusebytheGroup’stenants.
Duealackofauditevidenceand
accountingrecords,theDirectorsmade
assumptionsastothevalueofthese
worksandthetimingforwriteoffofworks
notcompleted.
Thislimitationinthescopeofouraudit
remainsandasallprepaidSeller’sWorks
havebeenwrittenofftotheConsolidated
StatementofComprehensiveIncomeas
at31August2023,wehavebeenunableto
obtainsufficientappropriateauditevidence
inrespectoftheamountswrittenoffinthe
yearended31August2023.
Leaseincentiveor
leaseinducementfor
unhabitableproperties
Rentalincome
TheDirectorsreviewedthesubstance
oftheagreementsenteredintowith
tenantsandvendorsanddeterminedthat
aleaseincentiveorleaseinducement
forunhabitablepropertiesshouldhave
beenestablishedonacquisition.Duea
lackofaccountingrecordsbothoverthe
conditionofthepropertyonacquisition,
togetherwiththeGroupnotbeingparty
toanyagreementbetweenthetenant
andthevendor,thedirectorshadtomake
assumptionsastothelengthofanytenant
incentiveprovidedbythevendor.
Thislimitationinthescopeofouraudit
remainsontheamountsallocatedin
thefinancialstatementsfortheyear
end31August2022onacquisitionof
investmentpropertiestoaleaseinducement
receivableforunhabitableproperties.As
at31August2023,allamountshavebeen
fullyprovidedbut,wehavebeenunableto
obtainsufficientappropriateauditevidence
inrespectoftheamountsprovidedforinthe
yearended31August2023.
Rentcommencement
date–Rentalincome
Duealackofevidenceoverthecondition
ofthepropertyonacquisition,the
directorshadtomakeassumptionsas
totherentcommencementdatewhich
impactstherecognitionofrevenueand
therecognitionandimpairmentofthe
associatedleaseincentive.
Thereremainsalimitationinthescopeof
ourauditinrespectoftheConsolidated
StatementofComprehensiveIncomeforthe
yearended31August2023.
Governance
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 HomeREITplc | AnnualReport | Fortheyearended31August2023 79
Financial statement
areas impacted
Limitations in the scope of our audit
which led to the disclaimer of opinion
on the Consolidated and Company
Statements of Financial Positions as at
31August2022
Impactonthefinancialstatementsasat
andfortheyearended31August2023
Costcapitalisationat
theacquisitiondate–
Administrativeexpenses
Theindependentinvestigationcarried
outbytheDirectors(the“‘Investigation”’)
identifiedpotentialrelatedparty
transactionsofindividualsviewedas
formingpartofkeymanagementwhich
hadnotbeendisclosedtotheDirectors
nortousasauditors.Wewereunableto
ascertainwhetherornotthesepotential
relatedpartytransactionsoccurredand
iftheydidwhethertheywerecarriedout
onanarms-lengthbasis.Asaresultof
this,theDirectorshavenotbeenableto
provideuswiththeevidencetodetermine
whetheranelementofthepurchase
priceshouldhavebeenexpensedasitdid
notmeetthecriteriaforcapitalisation
inaccordancewiththerelevant
accountingstandards.
Thereremainsalimitationinthescopeof
ourauditastowhetheranyfurtheramounts
neededtohavebeenexpensedinthe
ConsolidatedStatementofComprehensive
Incomefortheyearended31August2023.
Tenantreceivables–
Provisionforexpected
creditlossesof
tradereceivables
DuringtheperiodfromSeptember2021to
October2022cashwasreceivedinseveral
non-traditionalmannersandtherewasa
lackofevidenceandaccountingrecordsto
supporttheapplicationoffundsreceived
tospecificinvoices.Asaresult,therewas
insufficientevidencetothesupportthe
ageingoftradereceivables.
Thereremainsalimitationofscopeasto
theexistenceoftradereceivables,lease
inducementreceivablesforunhabitable
propertiesandrentnotrecognisedbecause
propertieswereunhabitable.Asthemajority
oftheseamountsasat31August2023have
beenfullyprovidedforintheConsolidated
StatementofComprehensiveIncomeinthe
yearended31August2023,wehavebeen
unabletoobtainsufficientappropriateaudit
evidenceoftheamountsincludedinthe
Provisionforexpectedcreditlossesoftrade
receivablesintheConsolidatedStatement
ofComprehensiveIncome.
Notestothefinancial
statementsrelating
totheConsolidated
Statementof
ComprehensiveIncome
Asaresultofthelimitationsoutlined
above,wewereunabletoobtainsufficient
appropriateauditevidenceinrespectof
theNotestothefinancialstatementsasat
andfortheyearended31August2022.
Thislimitationinthescopeofouraudit
remainsinrespectofthenotestothe
ConsolidatedStatementofComprehensive
Incomefortheyearended31August2023.
Governance
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80 HomeREITplc | AnnualReport | Fortheyearended31August2023
Notwithstandingthisandthelimitationsofscopein
respectofthecurrentyearassetoutabove,inrelation
totheConsolidatedandCompanyStatementsof
FinancialPositionasat31August2023,webelievethat
theauditevidencewehaveobtainedissufficientand
appropriatetoprovideabasisforouropiniononthose
statementsonly.
Inaddition,asaresultoftheabovelimitations,wewere
unabletoobtainsufficientappropriateauditevidence
overcertainitemsdisclosedintheConsolidatedCash
FlowStatementandtheConsolidatedandCompany
StatementsofChangesinShareholders’Equityfor
theyearended31August2023,andtheassociated
notestotheConsolidatedCashFlowStatementand
ConsolidatedandCompanyStatementsofChangesin
Shareholders’Equity.OuropinionontheConsolidated
StatementofCashFlows,ConsolidatedandCompany
StatementsofChangesinShareholders’Equityand
associatednotesisthereforedisclaimedasaresultof
theabovematters.
Ouropiniononthecurrentperiod’sfinancial
statementsisadditionallymodifiedinrespectofthe
notestotheConsolidatedandCompanyStatements
ofFinancialPositionasaresultofthematterssetout
above.Notwithstandingtheabove,ouropinionin
respectoftheConsolidatedandCompanyStatement
ofFinancialPositionasat31August2023isunmodified.
Ouropiniononthecurrentperiod’sfinancial
statementsisfurthermodifiedbecauseofthe
possibleeffectsoftheabovemattersonthe
comparabilityofthecurrentperiod’sfiguresandthe
correspondingfigures.
Independence
Followingtherecommendationoftheaudit
committee,wewereappointedbythedirectorson
17September2020toauditthefinancialstatements
fortheperiodfromincorporationto31August2021
andsubsequentfinancialperiods.Theperiodoftotal
uninterruptedengagementincludingretendersand
reappointmentsisthreeyears,coveringtheperiod
from19August2020to31August2023.Weremain
independentoftheGroupandtheCompanyin
accordancewiththeethicalrequirementsthatare
relevanttoourauditofthefinancialstatementsinthe
UK,includingtheFRC’sEthicalStandardasapplied
tolistedpublicinterestentities,andwehavefulfilled
ourotherethicalresponsibilitiesinaccordancewith
theserequirements.Thenon-auditservicesprohibited
bythatstandardwerenotprovidedtotheGroupor
theCompany.
Emphasisofmatter–financialstatementspreparedon
abasisotherthangoingconcern
WedrawyourattentiontoNote1totheConsolidated
FinancialStatementsandNote1totheCompany
financialStatementswhichexplainthatasaresult
ofthethreatenedlitigation,theFCAinvestigation
andtheDirectors’expectationforanorderlywind-
downoftheGroupandCompany’soperations,the
Directorsconsideritappropriatetoadoptabasisof
accountingotherthanasagoingconcerninpreparing
theConsolidatedandCompanyFinancialStatements.
Accordingly,thesefinancialstatementshavebeen
preparedonabasisotherthangoingconcernas
describedinNote1totheConsolidatedFinancial
StatementsandNote1totheCompanyFinancial
Statements.Ouropinionisnotmodifiedinrespectof
thismatter.
Overview
Key audit matters
Key Audit Matter 2023 2022
Investmentpropertyvaluations
P P
Propertyacquisitioncost,Seller’sWorksand
leaseinducements
P P
Revenuerecognition
P P
Managementoverrideofcontrols
P P
Tenantreceivables
P P
Relatedpartytransactions
P P
Annualreportpreparationanddisclosures
P P
Materiality Groupfinancialstatementsasawhole
£4.3mbasedon2%ofnetassets
Governance
Independent auditor’s report to the members of Home REIT plc—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2023 81
An overview of the scope of our audit
OurGroupauditwasscopedbyobtainingan
understandingoftheGroupanditsenvironment,
includingtheGroup’ssystemofinternalcontrol,and
assessingtherisksofmaterialmisstatementinthe
financialstatements.Wealsoaddressedtheriskof
managementoverrideofinternalcontrols,including
assessingwhethertherewasevidenceofbiasbythe
Directorsthatmayhaverepresentedariskofmaterial
misstatement.
TheGroupoperatesintheUnitedKingdominone
segment,investmentproperty,structuredthrough
anumberofsubsidiaryentities.Wedeterminedthat
theGroupoperatesasasinglecomponentandassuch
theauditapproachincludedundertakingauditwork
onthekeyrisksofmaterialmisstatementsidentified
fortheGroup.TheGroupauditengagementteam
performedfullscopeauditsinordertoissuetheGroup
andCompanyauditopinion,includingundertakingall
oftheauditworkontherisksofmaterialmisstatement
identifiedinthekeyauditmatterssectionbelow.As
aresultofourauditapproach,weplannedtoobtain
coverageof100%ofrentalincomeand100%of
investmentpropertyvaluations.
Climatechange
Ourworkontheassessmentofpotentialimpactson
climate-relatedrisksontheGroup’soperationsand
financialstatementsincluded:
• EnquiriesandchallengeoftheInvestmentAdviser
andtheGroup’sindependentpropertyvaluerto
understandtheactionstheyhavetakentoidentify
climate-relatedrisksandtheirpotentialimpactson
thefinancialstatementsandadequatelydisclose
climate-relatedriskswithintheannualreport;
• Ourownqualitativeriskassessmenttakinginto
considerationthesectorinwhichtheGroup
operatesandhowclimatechangeaffectsthis
particularsectorandpropertyassetclass;
• ReviewoftheminutesofBoard,AuditCommittee
andothercommitteemeetingsandotherpapers
relatedtoclimatechangeandperformedarisk
assessmentastohowtheimpactoftheGroup’srisk
assessmentmayaffectthefinancialstatementsand
ouraudit;
• Wealsoassessedtheconsistencyofmanagement’s
disclosuresincludedas‘StatutoryOther
Information’withintheStrategicReportwithour
knowledgeobtainedfromtheaudit.
Basedonourriskassessmentprocedures,wedidnot
identifytheretobeanyKeyAuditMattersmaterially
impactedbyclimate-relatedrisks.
Keyauditmatters
Keyauditmattersarethosemattersthat,inour
professionaljudgement,wereofmostsignificancein
ourauditofthefinancialstatementsofthecurrent
periodandincludethemostsignificantassessed
risksofmaterialmisstatement(whetherornotdue
tofraud)thatweidentified,includingthosewhichhad
thegreatesteffecton:theoverallauditstrategy,the
allocationofresourcesintheaudit,anddirectingthe
effortsoftheengagementteam.Thesematterswere
addressedinthecontextofourauditofthefinancial
statementsasawhole,andinformingouropinion
thereon,andwedonotprovideaseparateopinionon
thesematters.
Thekeyauditmattersinclude,inadditiontothe
matterssetoutbelow,themattersoutlinedinthe
‘BasisfordisclaimerofopinionontheStatementof
ComprehensiveIncomeandQualifiedopiniononthe
correspondingamountsandNotestotheFinancial
Statements’sectionofourreportabove.Thisisnota
completelistofallrisksidentifiedbyouraudit.
Governance
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82 HomeREITplc | AnnualReport | Fortheyearended31August2023
Key audit matter
How the scope of our audit addressed the key
audit matter
Investment
property valuations
RefertoNotes2to3
totheConsolidated
FinancialStatements
andNotes2to3tothe
CompanyFinancial
Statementsin
relationtosignificant
judgements,
estimatesand
accountingpolicies.
RefertoNote8tothe
ConsolidatedFinancial
StatementsandNote
5totheCompany
FinancialStatements
inrelationto
investmentproperties.
Thevaluationofinvestment
propertyrequiressignificant
judgementandestimation
bytheDirectorsand
theindependentvaluer
appointedbytheCompany
andisthereforeconsidered
akeyauditmatterduetothe
subjectivenatureofcertain
assumptionsinherentin
eachvaluation.
Wherethevaluerhasdeemed
apropertytobeunhabitable
orthetenanttobeofvery
poorcovenantstrength,
theyhaveassumedthat
ahypotheticalpurchaser
followingduediligencewould
havedisregardedthelease
andvaluedthemonthebasis
ofMarketValue–Vacant
Possession(“MV-VP”).In
thisscenariovaluationsare
basedoncomparablemarket
transactionsconsidering
primarilycapitalvalues.
Wherethevaluerhasdeemeda
propertytobeinareasonable
condition,capableofbeneficial
occupationandlettoatenant
whoislikelytomeettheir
obligationsintheshortterm,
thevaluershaveadoptedan
investmentapproach.Inthis
scenario,thevaluermakes
assumptionsastoyield,
thelengthofcapitalisation
periodandtheMV-VPvalue
onreversionattheendofthe
capitalisationperiod.
Experienceoftheindependentpropertyvaluerand
relevanceofitswork
• Weobtainedthevaluationreportpreparedbythe
independentpropertyvaluer,JonesLangLasalle
Limited(‘JLL’),anddiscussedthebasisofthe
valuationswiththem.Wedeterminedwhetherthe
basisofthevaluationswasinaccordancewiththe
requirementsofaccountingstandards.
• WeassessedJLL’sexperience,qualifications,
competency,independenceandbasisof
thevaluation.
• Weobtainedacopyoftheengagementletterwith
JLLandreviewedforanylimitationsinscopeorfor
evidenceofmanagementbias.
Dataprovidedtotheindependentvaluer(“JLL”)
• WecheckedtheunderlyingdataprovidedtoJLL
bytheDirectors.Thisdataincludedinputssuchas
currentrentandleaseterm,andweagreedasample
totheexecutedleaseagreementsaspartofour
auditwork.
• JLLinspectedasampleofpropertiesinternallyand
externallybutreliedontheDirectors’assessment
ofthephysicalconditionofthepropertiesacross
theportfolio.TheDirectorsengagedtheirown
expert,VibrantEnergySolutionsLtd(“Vibrant”),to
reviewtheinternalandexternalphysicalcondition
ofcertainoftheGroup’sproperties(seeNote8to
theConsolidatedFinancialStatementsonpages
114to116).TheinspectionsbyVibranttookplace
betweenAugust2023andMay2024.Weassessed
theexperience,qualifications,competencyand
independenceoftheDirectors’expert,Vibrant.In
addition,weobservedVibrantperformingasite
inspectiontoenableustoassesstheprocessaspart
ofourevaluationoftheirwork.Weconsideredthe
levelofcoveragethattheDirectorsachievedthrough
theirprogrammeofinspectionsandtestedasample
ofdataprovidedtoJLLtotheinspectionreportto
testtheaccuracyofdata,suchastheconditionofthe
propertyandthenumberofbedrooms.
Governance
Independent auditor’s report to the members of Home REIT plc—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2023 83
Key audit matter
How the scope of our audit addressed the key
audit matter
Investment
property valuations
continued
Anyinputinaccuracies(such
asthephysicalconditionof
properties)orunreasonable
basesusedinthevaluation
judgements(suchasinrespect
ofvacantvalueandyield
profileapplied)couldresult
inamaterialmisstatementof
theConsolidatedStatement
ofComprehensiveIncomeand
theConsolidatedStatementof
FinancialPosition.
Thereisalsoariskoffraudin
relationtothevaluationof
thepropertyportfoliowhere
theDirectorsmayinfluence
thesignificantjudgements
andestimatesinrespectof
propertyvaluationsinorderto
managemarketexpectations.
Assumptionsandestimatesusedbytheindependent
propertyvaluer(“JLL”)–MV-VPbasis
• Weobtainedthecomparablemarketevidence
usedbyJLLtoformthebasisoftheirvaluations
forasampleofproperties.Withtheassistanceof
ourin-houseRICSqualifiedvaluationexperts,we
performedourownmarketresearchofsoldproperty
pricesusingavailableindependentindustrydata,
reportsandcomparabletransactionsinthemarket,
aswellastheGroup’spostyear-endauctionsalesto
considerwhetherthereisanycontradictorymarket
evidence.Weconsideredwhethertheindependent
expectationssetbytheauditteamcorroboratedor
contradictedinformationpresentedbyJLL.Where
contradictoryevidencewasidentified,wechallenged
JLLonthesemattersandobtainedsupporting
explanationsanddocumentationforthevariances.
• Forasampleofresidentialinvestmentassets,
inadditiontotheproceduresperformedabove,
weenquiredofJLLastohowthegrossyieldand
conditionadjustmentsweredeterminedandobtained
corroboratingevidence.Wealsoconsideredwhether
anycontradictoryevidenceexisted.
• Inrespectofthesampleselected,wediscussedthe
assumptionsusedandthevaluationmovementinthe
periodwithbothAEWUKInvestmentManagement
LLP(‘AEW’)andJLL.Wherethevaluationwas
outsideofourexpectedrange,wechallengedJLL
onspecificassumptionsandcorroboratedtheir
explanationswhererelevant,includingagreeingto
thirdpartyevidence.
Governance
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84 HomeREITplc | AnnualReport | Fortheyearended31August2023
Key audit matter
How the scope of our audit addressed the key
audit matter
Investment
property valuations
continued
Assumptionsandestimatesusedbytheindependent
propertyvaluerJLL–investmentapproach
• Weobtainedthediscountedcashflow(“DCF”)
model,preparedbyAEWonbehalfoftheDirectors,
whichhadbeenproducedtomirrorJLL’smodel.We
comparedthevaluationpertheDirectors’model
toJLL’svaluationsandinvestigatedanydifference
greaterthan10%eitherindividuallyorinaggregate.
Wedeterminedthatathresholdof10%was
appropriatebasedonRICSguidancewhichstates
thatthepermittedmarginoferrorwhencarryingout
avaluationofpropertybasedoncaselawreferstoa
marginoferrorbetween10%and15%dependingon
thefacts.
• Forallpropertieswetestedthekeyinputsinto
themodel.
• Forasampleofproperties,weperformedthe
proceduressetoutaboveinrelationtoMV-VP
properties(asMV-VPwasusedastheexitvalue
withinthemodel).
• Withassistancefromourin-houseRICSqualified
valuationexperts,weconsideredtherelationship
betweenMV-VPvalueandfairvalue.
• Wediscussedtheassumptionsusedwithboth
AEWandJLL.Wherethevaluationwasoutsideof
ourexpectedrange,wechallengedJLLonspecific
assumptionsandcorroboratedtheirexplanations
whererelevant,includingagreeingtothird
partyevidence.
Forallpropertiesselectedfordetailedtesting,we
obtainedtheJLLvaluationpackandinspectionform.
WeperformedaGoogleimagessearchandcompared
thistotheJLLpacksolelyasafirststeptocorroborate
thephysicalstateofthepropertyandchallengedJLL
wheredifferenceswerenoted.Inaddition,asnoted
above,theDirectorsengagedVibranttoreviewthe
internalandexternalphysicalconditionofcertainof
theGroup’sproperties(seeNote8totheConsolidated
FinancialStatementsonpages114to116.Inaddition,
weattendedasampleofsiteinspectionswithVibrantto
observetheDirectors’expertaspartofourevaluation
ofcompetencyandtheirworkassessingtheinternaland
externalphysicalconditionofinvestmentproperties.
Wealsoobtainedprevioussalesdataforeachproperty
sampledandwhererecentsaleshistorywasavailable,we
comparedthistotheJLLvaluationandchallengedJLL
wheredifferencesarose.
Governance
Independent auditor’s report to the members of Home REIT plc—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2023 85
Key audit matter
How the scope of our audit addressed the key
audit matter
Investment
property valuations
continued
FromdiscussionswithJLL,weascertainedthatJLLhad
analysedpostyear-endsalesdataforassetssoldfrom
theGroup’sportfolio.Wecomparedthesalesprices
achievedforpropertiessoldpostyear-endtotheAugust
2023JLLvaluation.Wherethedifferencewasoutside
ofourexpectedrange,wediscussedthiswithJLLand
challengedtheyear-endvaluationaccordingly.
Forallpropertiesweconsideredtheadequacy
ofthedisclosureswithregardstoinvestment
propertyvaluations.
WechallengedtheDirectorsandJLLtoconsiderthe
impactoftheresultsofthefinalinspectionprogramme
onthevaluationoftheGroup’sproperties.
Weconsideredtheadequacyofthedisclosureswith
regardstoinvestmentpropertyvaluations.
KeyObservations
Basedonourworkwehavenotidentifiedanymaterial
instanceswhichmayindicatethattheassumptions
adoptedbytheDirectorsinthevaluationwere
unreasonableorthatthemethodologyapplied
wasinappropriateinrespectofthevaluationsasat
31August2023.
Governance
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86 HomeREITplc | AnnualReport | Fortheyearended31August2023
Key audit matter
How the scope of our audit addressed the key
audit matter
Property acquisition
cost,prepaid
Seller’s Works and
lease inducements
RefertoNotes2to3
totheConsolidated
FinancialStatements
andNotes2to3tothe
CompanyFinancial
Statementsin
relationtosignificant
judgements,
estimatesand
accountingpolicies.
RefertoNote8tothe
ConsolidatedFinancial
StatementsandNote
5totheCompany
FinancialStatements
inrelationtoallocation
ofpurchaseprice
betweenproperty
acquisitioncost,
Seller’sWorksand
leaseinducements.
AsdetailedinNote3to
theConsolidatedFinancial
Statements,theGroup
purchasedanumberof
propertieswheresignificant
refurbishmentworkwas
requiredtobecompleted
bythevendorbeforethe
propertieswereinastate
wheretheywerefitfortheir
intendedusebytheGroup’s
tenants.Theseproperties
wereletonfullyrepairing
leaseswherebyitwasthe
responsibilityofthetenant
tomaintaintheupkeepof
thepropertiesinastate
fitforuse.TheGrouphad
historicallyaccountedforthese
acquisitionsinaccordance
withthelegalformofthelease
andpurchaseagreements.
Significantjudgementwas
requiredwhenconsidering
thesubstanceofthese
transactionsandwhetheror
nottheaccountingforsuch
transactionsshouldfollowthe
legalformorthesubstance.
WechallengedtheDirectorsastotheappropriateness
ofthehistoricaccountingforthesetransactions.We
obtainedtheDirectors’originalpaperontheaccounting
forthetransactions.WeassessedtheDirectors’
competenceandindependencewithregardstotheir
assessmentofthehistoricalaccountingforsuch
transactionsandasaresultweadvisedtheDirectorsto
appointanexperttoassistthemwiththeaccountingfor
suchtransactions.
Weassessedthecompetenceandindependenceofthe
Directors’expert.WeobtainedtheDirector’spaper
ontheaccountingfortheacquisitionofinvestment
propertiesandchallengedtheconclusions.
KeyObservations
AsperNote10totheConsolidatedFinancialStatements,
allamountsrecognisedhavebeenwrittenoffinthe
financialstatementsfortheyearended31August2023
andassuchnoSeller’sWorksremainincludedinthe
ConsolidatedStatementofFinancialPositionasat
31August2023.
Governance
Independent auditor’s report to the members of Home REIT plc—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2023 87
Key audit matter
How the scope of our audit addressed the key
audit matter
Revenue recognition
RefertoNotes2to3
totheConsolidated
FinancialStatements
andNotes2to3tothe
CompanyFinancial
Statementsin
relationtosignificant
judgements,
estimatesand
accountingpolicies.
RefertoNote4tothe
ConsolidatedFinancial
Statementsinrelation
toRentalIncome.
Asaresultofthelackof
accountingrecordsand
informationavailabletothe
Directors(seepages108to
110,anumberofjudgements
andmanualadjustmentshave
beenmadebytheDirectorsto
revenueincluding:
• Whetherapropertywas
habitableonacquisition
andthusabletogenerate
rentalincome.
• Therentcommencement
date(whichmaybe
differenttothelease
commencementdate).
• Whetherlease
inducementshadbeen
grantedtotenants.
WechallengedtheDirectorswithregardstothe
assumptionsmade,theirbasisandsoughtevidence.Due
tothelackoftheexistenceofcontractualobligations
and/orevidenceoftheexistenceofsuchcontractual
obligations,therewasalimitationoverourwork.
WeobtainedtheDirectors’schedulewithregardsto
thephysicalstatusofinvestmentproperties.Giventhe
lackofcontemporaneousevidencewithregardstothe
conditionofinvestmentpropertiesatacquisition,we
wereunabletoconcludeastothereasonablenessof
theDirectors’assumptionsappliedincalculatingrental
incomewithregardtothehabitabilityoftheproperty,
thelengthandthestartdateofthelease.
WemadeenquiriesoftheDirectorsastodetailsof
anyleaseinducementsenteredinto.Werevieweda
sampleofleasesforevidenceofleaseinducements.
WemadeenquiriesoftheGroup’slawyersfordetailsof
anyamendmentstoleasesduringtheperiodandpost
year-endthattheyhadbeenpartyto.Weconsidered
statementsmadeinthepublicdomainbytheCompany,
astotheexistenceofleaseinducements.Wereadand
consideredtheresultsoftheforensicinvestigation
undertakenbytheDirectors’expertforevidenceoflease
inducementsenteredinto.Giventhelackofcontractual
obligationsandauditevidenceavailable,wewere
unabletoconcludeastothevalueandaccountingofthe
leaseinducements.
Weobtainedalistingofjournalspostedtorevenue
outsideofthetransactionalrevenueentriesand
attemptedtoobtainsupportingexplanation/
documentationasapplicabletoensureappropriate.
GiventhelimitationsdetailedintheBasisfordisclaimer
ofopinion,wewereunabletocorroboratejournalsto
supportingdocumentation.
Wesetexpectationsfortherentalincomeinvoiced
intheperiodbasedonthetenancyschedulesasat
31August2022and31August2023.Wecomparedour
expectationsforthetotalrentalincomeintheperiod,
beforethemanualadjustmentsnotedabove,tothat
includedintheConsolidatedFinancialStatementsand
investigatedtheresultingdifferences.
Weobtainedthetenancyscheduleandagreedasample
ofamountstosupportingleasedocumentation.Asa
resultofthelimitationsaroundtheallocationofcash
receipts,wewereunabletoagreewhethertheallocation
ofcashreceiptshadbeenappropriatelyallocatedto
specificinvoicesandtenants.
Wetestedasampleofrentalincomefornewleasesinthe
periodtotheunderlyingleaseagreement.
KeyObservations
OurobservationsandfindingsaresetoutintheBasis
fordisclaimerofopinionontheConsolidatedStatement
ofComprehensiveIncomeandQualifiedopinionon
thecorrespondingfiguresandNotestotheFinancial
Statements’sectionabove.
Governance
Independent auditor’s report to the members of Home REIT plc—continued

88 HomeREITplc | AnnualReport | Fortheyearended31August2023
Key audit matter
How the scope of our audit addressed the key
audit matter
Management
override of controls
Thereisevidencefromthe
Investigation,andouraudit
work,thatcertaincontrols
inplaceappeartohavebeen
overriddenduringtheperiod
from1September2022to
30June2023,whenAlvarium
HomeREITAdvisorsLimited
(‘AHRA’)ceasedtobeengaged
bytheCompany.Asaresult,
thereisariskthatcontrols
maynothaveprevented
ordetectedandcorrected
materialmisstatementsin
theConsolidatedFinancial
Statementsfortheyear
ended31August2023.
Weinvolvedourforensicspecialistsinourresponseto,
andourauditof,thefindingsoftheInvestigation.
Weevaluatedthetermsofengagement,competence
andindependenceoftheGroup’sappointedforensic
investigators.
Wecriticallyassessedthedetailedfindingsandusing
ourforensicspecialistsconsiderediftheapproachtaken
wasreasonableandchallengedtheDirectorswherewe
consideredanyadditionalprocedureswerenecessary.
Wealsoconsideredthenatureofthefindingsand
undertookadditionalproceduresandtestingtosatisfy
ourselveswhereweconsidereditwasnecessary.
InlightoffindingsfromtheInvestigationweconsidered
theworkperformedinrespectofITsystemsandIT
generalcontrolsanddeterminedthatITgeneralcontrols
wereeffectivesolelyforthepurposesofourworkon
informationprovidedbytheentityfromtheITsystems.
OtherthanrelianceonITgeneralcontrolsforthesole
aspectofourauditasnoted,weplacednorelianceonany
otherinternalcontrolsforourauditandourfinalaudit
approachwasentirelysubstantiveinnaturewiththe
Directors’explanationsbeingassessedagainstavailable
evidencethatwasconsideredtobereliable.
Ananalysiswasalsoperformedoverjournalentries
withhigherriskcriteriaandasampleofotherjournals
thatdidnotmeetourriskcriteria,whichweagreed
backtosupportingevidencewherepossible.Wewere
howeverunabletocorroboratealljournalsweselected
fortestingtosupportingevidenceduetothelimitations
inthescopeofourworkasoutlinedintheBasisfor
disclaimerofopinionontheConsolidatedStatement
ofComprehensiveIncomeandQualifiedopinionon
thecorrespondingfiguresandNotestotheFinancial
Statementssectionabove.
Further,weappliedadditionalchallengeandscepticism
inallareasoftheaudit.Wesoughtalternative
representationsandrequiredadditionalproceduresto
beperformedtosupportthoserepresentationswherein
ourjudgement,thesewereconsideredtobenecessary.
WeconsideredthemanagementfeestructureforAEW
andwhetherornotthisprovidedanincentivetooverride
controlsandmanipulateresults.
Keyobservations
OurobservationsandfindingsaresetoutintheBasis
fordisclaimerofopinionontheConsolidatedStatement
ofComprehensiveIncomeandQualifiedopinionon
thecorrespondingfiguresandNotestotheFinancial
Statementsabove.
Governance
Independent auditor’s report to the members of Home REIT plc—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2023 89
Key audit matter
How the scope of our audit addressed the key
audit matter
Tenant receivables
RefertoNote10to
theConsolidated
FinancialStatements
TheGrouphasexperienced
asignificantdownturninrent
collectionssinceNovember
2022andanumberoftenants
areinfinancialdistressorhave
goneintoadministration.
Assuch,thereisariskthat
tenantreceivablesasat
31August2023maynot
berecoverable.
Asdetailedabove,ourworkonthisareawassubject
tomultiplelimitations.Assuch,wewerenotableto
performanyprocedurestotesttherecoverabilityof
individualtenantreceivablesaswewereunabletoobtain
sufficientappropriateauditevidenceovertheageing
profileofthetenantreceivablesasreceiptsfromtenants
didnotincluderemittancestatements,andassuchthe
basisforallocationofcashtoindividualdebtorswas
thereforeunclear.
WeevaluatedandassessedtheDirectors’IFRS9
expectedcreditlossaccountingpolicychoiceadopted
andapplicationthereof.
KeyObservations
AsperNote10totheConsolidatedFinancialStatements,
themajorityoftenantreceivableshavebeenwritten
offintheyearended31August2023withonlytrivial
amountsremainingincludedintheConsolidated
StatementofFinancialPositionasat31August2023.
Related party
transactions
RefertoNote18to
theConsolidated
FinancialStatements
Theallegationsmadeinthe
ViceroyResearchReport,
issuedbyViceroyResearchLLP
inNovember2022,includeda
claimthattheGroupmayhave
paidinflatedacquisitionprices
foritsproperties.
Furthermore,theInvestigation
identifiedpotentialrelated
partytransactionsnot
previouslydisclosedtothe
Directorsortousasauditors.
Asaresultofthechangein
InvestmentAdviserasdetailed
inNote18totheConsolidated
FinancialStatements,the
Directorsdonothaveaccess
toallaccountingrecordsand
information,includingaccess
torelevantindividuals.
Asaresultoftheabove,there
isariskthatnotallrelated
partytransactionshave
beenidentified,correctly
accountedforandarenot
appropriatelydisclosed.
Withoutawaiverofprivilege,wewereprovidedwith
acopyofthereportbyAlvarez&MarsalDisputesand
InvestigationsLLPdated3May2023whichdetailedthe
conclusionsoftheInvestigation.
Wecriticallyassessedthedetailedfindingsandusingour
forensicspecialistsconsiderediftheapproachtakenwas
reasonableandwhetheranyadditionalprocedureswere
considerednecessary.Wealsoconsideredthenature
ofthefindingsandundertookadditionalprocedures
andtestingtosatisfyourselveswhereweconsideredit
wasnecessary.
Weevaluatedthecontrolsinplacesurroundingrelated
partytransactions.
Weobtainedalistingofanyknownrelatedpartiesand
anyknowntransactionsthathaveoccurredintheyear
andagreedthesetosupportingdocumentation.We
ensuredthattheseareappropriatelydisclosedinthe
AnnualReport.
Weconsideredwhetherthedisclosuresmadeinthe
AnnualReportappropriatelyaddressthevarious
allegationsmadeagainsttheGroupregardingrelated
partytransactions.
KeyObservations
OurobservationsandfindingsaresetoutintheBasis
fordisclaimerofopinionontheConsolidatedStatement
ofComprehensiveIncomeandQualifiedopinionon
thecorrespondingfiguresandNotestotheFinancial
Statementssectionabove.
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Key audit matter
How the scope of our audit addressed the key
audit matter
Annual Report
preparation
and disclosures
Giventhepressuresthe
Groupisfacing,thereisarisk
thattheDirectorscouldtry
topresentamorepositive
pictureoftheGroupinorder
toreduceshareholdertension.
Assuch,thereisariskthat
theAnnualReport(including
theotherinformation)
wouldnotbefair,balanced
andunderstandableorthat
informationmaybeincorrect
orincorrectlypresented.
WeagreedtheFinancialStatements(includingeach
oftheprimarystatementsandaccompanyingnotes),
presentationanddisclosurestotheunderlying
accountingrecordsandcheckedthearithmeticaccuracy
oftheFinancialStatements.
Weperformedauditprocedurestoensurethatthe
overallpresentationoftheConsolidatedFinancial
StatementsisinaccordancewithUK-adopted
InternationalAccountingStandardsandapplicablelaws
inrespectoftheConsolidatedFinancialStatements,and
inaccordancewithUKGAAPinrespectoftheCompany
FinancialStatements.
Weevaluatedandassessedthedisclosuresmadearound
thevariousassumptions,judgementsandestimates
madebytheDirectors,includingbutnotlimitedto:
• Rentcommencementdate
• Leaseterm
• Valueofrentcover
• Conditionofproperties
• Qualityoftenantsandvaluationoftenantreceivables
• Habitabilityofproperties
• ThevalueandstatusofSeller’sWorks
Weconsideredwhetheranappropriatelevelofdisclosure
hasbeenmadeaddressingthevariousallegations
againsttheGroupandthattheAnnualReportisfair,
balancedandunderstandable.
Inadditiontotheabove,wechallengedtheDirectors
astotheappropriatenessforinclusionofalternative
performancemeasuresintheAnnualReport.
KeyObservations
OurobservationsandfindingsaresetoutintheBasis
fordisclaimerofopinionontheConsolidatedStatement
ofComprehensiveIncome,andQualifiedopinionon
thecorrespondingfiguresandNotestotheFinancial
Statementssectionabove,andourconclusionon
whethertheDirectors’statementonfair,balancedand
understandableismateriallyconsistentwiththeFinancial
Statementsorourknowledgeobtainedduringtheaudit,
notwithstandingourdisclaimerofanopiniononthe
financialstatements,issetoutintheOtherInformation
sectionbelow.
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Our application of materiality
Weapplytheconceptofmaterialitybothinplanningandperformingouraudit,andinevaluatingtheeffectof
misstatements.Weconsidermaterialitytobethemagnitudebywhichmisstatements,includingomissions,could
influencetheeconomicdecisionsofreasonableusersthataretakenonthebasisofthefinancialstatements.
Inordertoreducetoanappropriatelylowleveltheprobabilitythatanymisstatementsexceedmateriality,we
usealowermaterialitylevel,performancemateriality,todeterminetheextentoftestingneeded.Importantly,
misstatementsbelowtheselevelswillnotnecessarilybeevaluatedasimmaterialaswealsotakeaccountofthe
natureofidentifiedmisstatements,andtheparticularcircumstancesoftheiroccurrence,whenevaluatingtheir
effectonthefinancialstatementsasawhole.
Basedonourprofessionaljudgement,wedeterminedmaterialityforthefinancialstatementsasawholeand
performancematerialityasfollows:
Groupfinancialstatements
£m
Companyfinancialstatements
£m
Materiality 4.3
4.3
Basis for determining
materiality
MaterialityfortheGroup’sandCompany’sfinancialstatementswassetat2%of
netassets.Thisprovidesabasisfordeterminingthenatureandextentofourrisk
assessmentprocedures,identifyingandassessingtheriskofmaterialmisstatementand
determiningthenatureandextentoffurtherauditprocedures.
Rationale for the
benchmark applied
DuetotheuniquecircumstancesthattheGroupisnowin,theusersofthefinancial
statementsprimaryfocuswillbeonthenetassetvalueoftheGroupasshareholders
looktorealisetheremainingvalueoftheGroup.Nofurtheracquisitionswillbemadeby
theGroupandthustheremainingvalueissolelybaseduponthevalueoftheinvestment
properties,lesstheoutstandingborrowingsandliabilities.
Performance
materiality
2.15
2.15
Basis for determining
performance
materiality
Performancematerialityissetatanamounttoreducetoanappropriatelowlevelthe
probabilitythattheaggregateofuncorrectedandundetectedmisstatementsexceeds
materiality.Onthebasisofourriskassessment,togetherwithourassessmentofthe
Group’soverallcontrolenvironment,ourjudgementwasthatoverallperformance
materialityfortheGroupshouldbe50%(Company:50%)ofmateriality.
WedeterminedthatthesamemeasureastheGroupwasappropriatefortheCompany.
Rationale for the
percentage applied
forperformance
materiality
Wedeterminedthat50%ofmaterialitywouldbeappropriatebasedonourrisk
assessment,togetherwithourassessmentoftheGroup’sandCompany’soverallcontrol
environment,thenumberofaccountswhereamountsaresubjecttoestimationandthe
expectedtotalvalueofknownandlikelymisstatementsbasedonpreviousexperience.
Reportingthreshold
WeagreedwiththeAuditCommitteethatwewouldreporttothemallindividualauditdifferencesinexcessof
£86,000.Wealsoagreedtoreportdifferencesbelowthisthresholdthat,inourview,warrantedreportingon
qualitativegrounds.
.
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Other information
TheDirectorsareresponsiblefortheotherinformation.Theotherinformationcomprisestheinformationincluded
intheAnnualReportotherthanthefinancialstatementsandourauditor’sreportthereon.Ouropiniononthe
financialstatementsdoesnotcovertheotherinformationand,excepttotheextentotherwiseexplicitlystated
inourreport,wedonotexpressanyformofassuranceconclusionthereon.Ourresponsibilityistoreadtheother
informationand,indoingso,considerwhethertheotherinformationismateriallyinconsistentwiththefinancial
statementsorourknowledgeobtainedinthecourseoftheaudit,orotherwiseappearstobemateriallymisstated.
Ifweidentifysuchmaterialinconsistenciesorapparentmaterialmisstatements,wearerequiredtodetermine
whetherthisgivesrisetoamaterialmisstatementinthefinancialstatementsthemselves.If,basedontheworkwe
haveperformed,weconcludethatthereisamaterialmisstatementofthisotherinformation,wearerequiredto
reportthatfact.
InthelightoftheknowledgeandunderstandingoftheGroupandCompanyanditsenvironmentobtainedinthe
courseoftheauditperformedsubjecttothelimitationsdescribedabove,basedontheworkundertakenaspart
ofourauditandhavingconsideredtheongoingFCAinvestigationandpotentiallitigationagainsttheCompany
andtheDirectors,weareunabletoconcludeonwhethertheOtherInformationismateriallyconsistentwiththe
FinancialStatements.
Corporate governance statement
TheUKListingRulesrequireustoreviewtheDirectors’statementinrelationtogoingconcern,longer-term
viabilityandthatpartoftheCorporateGovernanceStatementrelatingtotheCompany’scompliancewiththe
provisionsoftheUKCorporateGovernanceCodespecifiedforourreview.
InthelightoftheknowledgeandunderstandingoftheGroupandCompanyanditsenvironmentobtainedinthe
courseoftheauditperformedsubjecttothepervasivelimitationdescribedabove,basedontheworkundertaken
aspartofouraudit,andhavingconsideredtheongoingFCAinvestigationandpotentiallitigationagainstthe
CompanyandtheDirectors,weareunabletoconcludeonwhethereachofthefollowingelementsofthe
CorporateGovernanceStatementismateriallyconsistentwiththeFinancialStatements:
Going concern and
longer-term viability
• InrelationtotheCompany’sreportingonhowithasappliedtheUKCorporate
GovernanceCode,otherthanthe‘Emphasisofmatter–FinancialStatements
preparedonabasisotherthangoingconcern’includedabove,wehavenothing
elsethatismaterialtoaddordrawattentiontoinrelationtothestatementonthe
Directors’assessmentofthelonger-termviabilityoftheCompanyandwhetherthe
Directorsconsidereditappropriatetoadoptthebasisotherthangoingconcern;
and
• TheDirectors’explanationastotheirassessmentoftheGroup’sprospects,the
periodthisassessmentcoversandwhytheperiodisappropriatesetoutonpage42.
Other Code provisions • Directors’statementonfair,balancedandunderstandablesetoutonpage76;
• Directors’confirmationthattheyhavecarriedoutarobustassessmentofthe
emergingandprincipalriskssetoutonpage76;
• ThesectionoftheAnnualReportthatdescribesthereviewofeffectivenessofrisk
managementandinternalcontrolsystemssetoutonpages54to55;and
• ThesectiondescribingtheworkoftheAuditCommitteesetoutonpages56to58.
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OtherCompaniesAct2006reporting
Basedontheresponsibilitiesdescribedbelowandourworkperformedduringthecourseoftheaudit,weare
requiredbytheCompaniesAct2006andISAs(UK)toreportoncertainopinionsandmattersasdescribedbelow.
Strategic report and
Directors’ report
Becauseofthesignificanceofthemattersdescribedinthe‘Basisfordisclaimerof
opinionontheStatementofComprehensiveIncomeandQualifiedopiniononthe
correspondingamountsandNotestotheFinancialStatements’sectionofourreport
above,wehavebeenunabletoformanopinion,whetherbasedontheworkundertaken
inthecourseoftheaudit:
• theinformationgivenintheStrategicreportandtheDirectors’reportforthe
financialyearforwhichthefinancialstatementsarepreparedisconsistentwiththe
financialstatements;and
• theStrategicreportandtheDirectors’reporthavebeenpreparedinaccordance
withapplicablelegalrequirements.
NotwithstandingourdisclaimerofopinionontheStatementofComprehensive
IncomeandQualifiedopiniononthecorrespondingamountsandNotestotheFinancial
Statement,inthelightoftheknowledgeandunderstandingoftheGroupandCompany
anditsenvironmentobtainedinthecourseoftheauditperformedsubjecttothe
pervasivelimitationdescribedabove,wehavenotidentifiedmaterialmisstatementsin
theStrategicreportortheDirectors’report.
Directors’ remuneration
Inouropinion,thepartoftheDirectors’remunerationreporttobeauditedhasbeen
properlypreparedinaccordancewiththeCompaniesAct2006.
Corporate
governance statement
Becauseofthesignificanceofthemattersdescribedinthe‘Basisfordisclaimerof
opinionontheStatementofComprehensiveIncomeandQualifiedopiniononthe
correspondingamountsandNotestotheFinancialStatement’sectionofourreport
above,wehavebeenunabletoformanopinionwhether,basedontheworkundertaken
inthecourseoftheaudittheinformationaboutinternalcontrolandriskmanagement
systemsinrelationtofinancialreportingprocessesandaboutsharecapitalstructures,
givenincompliancewithrules7.2.5and7.2.6intheDisclosureGuidanceand
TransparencyRulessourcebookmadebytheFinancialConductAuthority(theFCA
Rules),isconsistentwiththefinancialstatements.
NotwithstandingourdisclaimerofopinionontheStatementofComprehensive
IncomeandQualifiedopiniononthecorrespondingamountsandNotestotheFinancial
Statement,inouropinion,basedontheworkundertakeninthecourseoftheauditthe
informationaboutinternalcontrolandriskmanagementsystemsinrelationtofinancial
reportingprocessesandaboutsharecapitalstructures,givenincompliancewithrules
7.2.5and7.2.6intheDisclosureGuidanceandTransparencyRulessourcebookmadeby
theFinancialConductAuthority(theFCARules),hasbeenpreparedinaccordancewith
applicablelegalrequirements.
Becauseofthesignificanceofthemattersdescribedinthe‘Basisfordisclaimerof
opinionontheStatementofComprehensiveIncomeandQualifiedopiniononthe
correspondingamountsandNotestotheFinancialStatement’sectionofourreport
above,wehavebeenunabletoconcludewhetherinthelightoftheknowledgeand
understandingoftheGroupandtheCompanyanditsenvironmentobtainedinthe
courseoftheaudit,thereareanymaterialmisstatementsinthisinformation.
NotwithstandingourdisclaimerofopinionontheStatementofComprehensive
IncomeandQualifiedopiniononthecorrespondingamountsandNotestotheFinancial
Statement,inouropinion,basedontheworkundertakeninthecourseoftheaudit
informationabouttheCompany’scorporategovernancecodeandpracticesandabout
itsadministrative,managementandsupervisorybodiesandtheircommitteescomplies
withrules7.2.2,7.2.3and7.2.7oftheFCARules.
Wealsohavenothingtoreportarisingfromourresponsibilitytoreportifacorporate
governancestatementhasnotbeenpreparedbytheCompany.
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Matters on which we
arerequiredtoreport
byexception
Arisingfromthelimitationofourworkreferredtointhe‘Basisfordisclaimerof
opinionontheStatementofComprehensiveIncomeandQualifiedopinionon
thecorrespondingamountsandNotestotheFinancialStatement’sectionofour
reportabove:
• wehavenotobtainedalltheinformationandexplanationsthatweconsidered
necessaryforthepurposeofouraudit;and
• inouropinion,adequateaccountingrecordshavenotbeenkeptbytheCompany.
Wehavenothingtoreportinrespectofthefollowingmattersinrelationtowhichthe
CompaniesAct2006requiresustoreporttoyouif,inouropinion:
• returnsadequateforouraudithavenotbeenreceivedfrombranchesnotvisitedby
us;or
• theCompanyFinancialStatementsandthepartoftheDirectors’remuneration
reporttobeauditedarenotinagreementwiththeaccountingrecordsandreturns;or
• certaindisclosuresofDirectors’remunerationspecifiedbylawarenotmade.
Responsibilities of Directors
AsexplainedmorefullyintheDirectors’responsibilitiesstatement,theDirectorsareresponsibleforthe
preparationofthefinancialstatementsandforbeingsatisfiedthattheygiveatrueandfairview,andforsuch
internalcontrolastheDirectorsdetermineisnecessarytoenablethepreparationoffinancialstatementsthatare
freefrommaterialmisstatement,whetherduetofraudorerror.
Inpreparingthefinancialstatements,theDirectorsareresponsibleforassessingtheGroup’sandtheCompany’s
abilitytocontinueasagoingconcern,disclosing,asapplicable,mattersrelatedtogoingconcernandusingthe
goingconcernbasisofaccountingunlesstheDirectorseitherintendtoliquidatetheGrouportheCompanyorto
ceaseoperations,orhavenorealisticalternativebuttodoso.
Auditor’sresponsibilitiesfortheauditofthefinancialstatements
Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawholearefreefrom
materialmisstatement,whetherduetofraudorerror,andtoissueanauditor’sreportthatincludesouropinion.
Reasonableassuranceisahighlevelofassurance,butisnotaguaranteethatanauditconductedinaccordance
withISAs(UK)willalwaysdetectamaterialmisstatementwhenitexists.Misstatementscanarisefromfraudor
errorandareconsideredmaterialif,individuallyorintheaggregate,theycouldreasonablybeexpectedtoinfluence
theeconomicdecisionsofuserstakenonthebasisofthesefinancialstatements.
Extenttowhichtheauditwascapableofdetectingirregularities,includingfraud
Irregularities,includingfraud,areinstancesofnon-compliancewithlawsandregulations.Wedesignprocedures
inlinewithourresponsibilities,outlinedabove,todetectmaterialmisstatementsinrespectofirregularities,
includingfraud.Theextenttowhichourproceduresarecapableofdetectingirregularities,includingfraudis
detailedbelow:
Non-compliancewithlawsandregulations
BasedonourunderstandingoftheGroupandtheindustryinwhichitoperates;discussionwithAEWandthose
chargedwithgovernance;obtainingandunderstandingtheGroup’spoliciesandproceduresregardingcompliance
withlawsandregulations;and,weconsideredthesignificantlawsandregulationstobetheUKCompaniesAct
2006,theUKListingRulesandtheUKRealEstateInvestmentTrust(“REIT”)regime.
TheGroupisalsosubjecttolawsandregulationswheretheconsequenceofnon-compliancecouldhaveamaterial
effectontheamountordisclosuresintheFinancialStatements,forexamplethroughtheimpositionoffinesor
litigations.WeidentifiedsuchlawsandregulationstobeUKVATregulations.
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Ourproceduresinrespectoftheaboveincluded:
• Weidentifiedareasoflawsandregulationsthatcouldreasonablybeexpectedtohaveamaterialeffectonthe
FinancialStatementsfromoursectorexperiencethroughdiscussionwiththeDirectorsandAEW(asrequired
byauditingstandards).
• WehadregardtolawsandregulationsinareasthatdirectlyaffecttheFinancialStatementsincludingfinancial
reporting(includingrelatedcompanylegislation)andtaxationlegislation.Weconsideredthatextentof
compliancewiththoselawsandregulationsaspartofourproceduresontherelatedfinancialstatementitems.
• Wecommunicatedidentifiedlawsandregulationsthroughoutourteamandremainedalerttoanyindications
ofnon-compliancethroughouttheaudit.
• WereviewedBoardandCommitteemeetingminutesforanyinstancesofnon-compliancewithlaws
andregulations.
• WereviewedareportfromtheGroup’sexternaltaxadviser,detailingtheactionsthattheGrouphas
undertakentoensurecompliance.Withtheassistanceofourinternaltaxexperts,thispaperwasreviewed
andtheassumptionschallenged.
• Wereviewedlegalexpenditureaccountstounderstandthenatureofexpenditureincurredandobtained
confirmationsfromtheGroup’ssolicitorsastoanyongoinglegalaction.
Fraud
Weassessedthesusceptibilityofthefinancialstatementstomaterialmisstatement,includingfraud.Ourrisk
assessmentproceduresincluded:
• ReviewoftheallegationsmadeintheViceroyResearchReportandanyfurtherallegationsmadeinthepress
andtheDirectors’investigationsthereinto;
• EnquirywithAEWandthosechargedwithgovernanceregardinganyknownorsuspectedinstancesoffraud;
• ObtaininganunderstandingoftheGroup’spoliciesandproceduresrelatingto:
– Detectingandrespondingtotherisksoffraud;and
– Internalcontrolsestablishedtomitigaterisksrelatedtofraud.
• Reviewofminutesofmeetingsofthosechargedwithgovernanceforanyknownorsuspectedinstancesof
fraud;
• Discussionamongsttheengagementteam,withassistancefromourinternalforensicspecialists,astohow
andwherefraudmightoccurinthefinancialstatements;
• Performinganalyticalprocedurestoidentifyanyunusualorunexpectedrelationshipsthatmayindicaterisksof
materialmisstatementduetofraud;and
• ConsideringremunerationincentiveschemesandperformancetargetsoftheGroup’sexternaladvisersand
therelatedfinancialstatementareasimpactedbythese.
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Basedonourriskassessment,weconsideredthefollowingareastobemostsusceptibletofraud:
Areaidentified Details and audit response
Significanttransactions
outside the normal
course of business
Weareawareofcertaintransactionsthathaveoccurredthatareconsideredtobe
outsideofthenormalcourseofbusiness.
Inparticular,weareawareofrent-freeperiodsandsettlementagreementswith
vendorshavingbeengrantedwhichwehavebeeninformedwaswithouttheknowledge
oftheDirectors(asdetailedinNote4totheConsolidatedFinancialStatements),aswell
assettlementoftenantreceivablesinnon-traditionalways(asdetailedinNotes3,4and
10totheGroupConsolidatedFinancialStatements).
Ourproceduresinrespectoftheaboveincluded:
• Weinvolvedourforensicspecialistsinourresponseto,andourauditof,thefindings
oftheInvestigation;
• Wereviewedthecontractualagreementsfortherent-freeperiodsandsettlement
agreementsthatwerenowknowntotheDirectorsandconsideredtheaccounting
treatmentthereof;
• Inrespectofthesettlementoftenantreceivablesinnon-traditionalways:
– WeobtainedananalysisfromtheDirectorsofallcashreceiptsmadefromthe
Group’sinceptiondatetoOctober2022andconsideredwhethertheanalysiswas
accurateandcomplete;
– Furthermore,inrespectoftheamountof£2.1mwithheldfromtheacquisitionof
propertieswhichwasthenoffsetagainstdebtorsfromthreeseparatetenant,
weobtainedthecompletionstatementforsaidtransaction.Wewereunableto
determinewhatthecommercialrationaleforthistransactionwas.
Provisions,
commitmentsand
contingencies
WeareawarethattheGroupiscurrentlythreatenedwithlegalactionandhasalso
stateditsintentiontopursuelegalactionagainstvariouspartiesitsuspectsof
undertakingwrongdoingagainsttheGroupandCompany.Assuch,thereisarisk
thatunrecordedliabilities,provisions,contingentliabilitiesorotherexpensesarenot
appropriatelyidentifiedand/orrecordedatthebalancesheetdate.
Ourproceduresinrespectoftheaboveincluded:
• ObtainingthirdpartyconfirmationsfromallsolicitorsengagedbytheGroup
toconfirminformationofopencasesoflitigationandthepotentialfinancial
implicationsthereof;
• ObtainingtheDirectors’assessmentofthestatusofallcasesoflegalactionagainst
themaswellasplannedlegalactionagainstotherpartiesandconsideringwhether
anyofthemattersindicatepotentialprovisionsorcontingentliabilitiestobe
disclosedinthefinancialstatements;
• ReadingminutesofBoardandCommitteemeetings,riskregisters,public
announcementsissuedandsolicitors’confirmationsobtainedinordertoidentify
anynon-compliancewithlawsandregulations.
• Consideredtheadequacyofthedisclosuresinrelationtocontingentliabilities.
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HomeREITplc | AnnualReport | Fortheyearended31August2023 97
Going concern
Pleaserefertothe“EmphasisofMatter-financialstatementspreparedonabasisother
thangoingconcern“sectionabove.
Investment Property
Valuations; Property
acquisitioncost,
Seller’s Works and lease
inducements; Revenue
recognition; Management
override of controls;
Tenant receivables;
Related party
transactions; and Annual
Report preparation
and disclosures
PleaserefertotherelevantKeyAuditMattersandtheBasisfordisclaimerofopinionon
theConsolidatedStatementofComprehensiveIncomeandQualifiedopiniononthe
correspondingfiguresandNotestotheFinancialStatementssectionabove.
Ourauditproceduresweredesignedtorespondtorisksofmaterialmisstatementinthefinancialstatements,
recognisingthattheriskofnotdetectingamaterialmisstatementduetofraudishigherthantheriskofnot
detectingoneresultingfromerror,asfraudmayinvolvedeliberateconcealmentby,forexample,forgery,
misrepresentationsorthroughcollusion.Thereareinherentlimitationsintheauditproceduresperformedandthe
furtherremovednon-compliancewithlawsandregulationsisfromtheeventsandtransactionsreflectedinthe
financialstatements,thelesslikelywearetobecomeawareofit.
AfurtherdescriptionofourresponsibilitiesisavailableontheFinancialReportingCouncil’swebsiteat:
www.frc.org.uk/auditorsresponsibilities.Thisdescriptionformspartofourauditor’sreport.
Use of our report
ThisreportismadesolelytotheCompany’smembers,asabody,inaccordancewithChapter3ofPart16ofthe
CompaniesAct2006.OurauditworkhasbeenundertakensothatwemightstatetotheCompany’smembers
thosematterswearerequiredtostatetotheminanauditor’sreportandfornootherpurpose.Tothefullestextent
permittedbylaw,wedonotacceptorassumeresponsibilitytoanyoneotherthantheCompanyandtheCompany’s
membersasabody,forourauditwork,forthisreport,orfortheopinionswehaveformed.
Thomas Edward Goodworth (Senior Statutory Auditor)
ForandonbehalfofBDOLLP,StatutoryAuditor
London
UnitedKingdom
13January2025
BDOLLPisalimitedliabilitypartnershipregisteredinEnglandandWales(withregisterednumberOC305127).
Governance
Independent auditor’s report to the members of Home REIT plc—continued

98 HomeREITplc | AnnualReport | Fortheyearended31August2023
Financial Statements
99 ConsolidatedStatementofComprehensiveIncome
100 ConsolidatedStatementofFinancialPosition
101 ConsolidatedStatementofChangesinShareholders’Equity
102 ConsolidatedStatementofCashFlows
103 NotestotheConsolidatedFinancialStatements
129 CompanyStatementofFinancialPosition
130 CompanyStatementofChangesinShareholders’Equity
131 NotestotheCompanyFinancialStatements

 HomeREITplc | AnnualReport | Fortheyearended31August2023 99
Consolidated Statement of Comprehensive Income
Note
4
5 7,6 3 9
38, 249
4
(2 2,0 10)
(2 8, 3 4 8)
4
(9,01 6)
(2,92 2)
Net rental income
26,61 3
6,979
5
(754)
–
5
(1 9,1 59)
(9,8 6 3)
10
(49, 5 02)
(1 , 850)
11
–
(37 5)
(69, 41 5)
(1 2 ,0 88)
8
(7 1 , 36 0)
(452,87 3)
10
(14 ,178)
(11 ,922)
Operating loss for the year
(1 28 , 34 0)
(469, 90 4)
9
14, 537
–
9
2 ,70 6
–
6
(7 ,063)
(4 ,9 4 0)
Loss before taxation
(118,16 0)
(4 74 , 8 4 4)
7
–
–
Loss and total comprehensive loss for the year attributable
toshareholders
(118,16 0)
(4 74 , 8 4 4)
21
(14.95)
(79.52)
*Based on the weighted average number of Shares in issue for the years ended 31 August 2023 and 2022.
Allitemsintheabovestatementderivefromcontinuingoperations.
Thenotesonpages103to128formpartofthesefinancialstatements.
Financial Statements
Consolidated Financial Statements

100 HomeREITplc | AnnualReport | Fortheyearended31August2023
Consolidated Statement of Financial Position
8
4 0 7, 9 3 2
41 4, 27 0
4 0 7, 9 3 2
414 ,2 70
8
4 ,788
–
10
116
16 ,1 39
11
17,265
101,8 43
11
814
74 , 5 1 4
22 ,983
192 , 496
4 30,9 1 5
606 ,766
9
199,500
245 ,047
12
14, 547
1 5,7 81
21 4 ,047
260,828
21 4 ,047
260,828
216,868
345,938
14
7 ,906
7 ,906
15
595,7 33
595,7 33
16
1 9 0,1 3 0
2 01 ,0 4 0
Accumulatedlosses
(576,901)
(458,7 41)
Total capital and reserves attributable to equity holders of the company
216,868
345,938
22
2 7. 4 3p
4 3.76p
Thenotesonpages103to128formpartofthesefinancialstatements.
The consolidated financial statements of Home REIT plc were approved and authorised for issue by the Board
of Directors on 13 January 2025 and signed on its behalf by:
Michael O’Donnell
Chair
Companynumber12822709
Financial Statements
Consolidated Financial Statements—continued

HomeREITplc | AnnualReport | Fortheyearended31August2023 101
Consolidated Statement of Changes in Shareholders’ Equity
Fortheyearended31August2023
Note
Openingbalanceat1September2022
7 ,906
20 1 ,04 0
(458,7 41)
34 5,93 8
yearattributabletoshareholders
–
–
–
(1 18 ,16 0)
(11 8,1 60)
16
–
–
(10,910)
–
(10,910)
Balanceat31August2023
7 ,906
595, 733
190,130
(57 6,901)
216,868
Fortheyearended31August2022
Note
Openingbalanceat1September2021
2,406
–
2 2 9, 36 0
16,1 03
2 4 7, 8 6 9
yearattributabletoshareholders
–
–
–
(4 74 , 8 4 4)
(4 74 , 8 4 4)
16
–
–
(28, 320)
–
(28,320)
14,15
5, 50 0
6 0 7, 7 3 4
–
–
61 3, 2 34
15
–
(12,001)
–
–
(12,001)
Balanceat31August2022
7 ,906
 595 ,733
20 1 ,04 0
(458,7 41)
345,938
Thenotesonpages103to128formpartofthesefinancialstatements.
Financial Statements
Consolidated Financial Statements—continued

102 HomeREITplc | AnnualReport | Fortheyearended31August2023
Consolidated Statement of Cash Flows
Lossfortheyear
(11 8,1 60)
(4 74 , 8 4 4)
8
7 1, 360
452,873
9
(14,537)
–
9
(2 ,706)
–
6
7, 0 6 3
4,940
4
2 5,93 3
2 9, 2 5 8
Otherexpenses–Escrowaccount
–
375
Operating result before working capital changes
(31,047)
10
2 7, 7 4 5
2,1 35
12
(2, 33 4)
10,92 5
Netcashflows(usedin)/generatedfromoperatingactivities
(5, 636)
8
(85,865)
(5 97 ,420)
11
1,95 1
–
8
548
–
11
–
(18, 260)
Net cash used in investing activities
(83,366)
14,15
–
61 3, 2 34
15
–
(12,001)
16
(10,910)
(28,320)
Interestpaid
(5 , 394)
(4,4 7 2)
19
(1, 56 7)
(2 , 74 3)
6
–
(141)
9
2 ,70 6
–
19
30, 4 67
92,7 57
Netcashgeneratedfromfinancingactivities
1 5, 302
Net(decrease)/increaseincashandcashequivalents
(7 3,70 0)
68, 296
Cashandcashequivalentsatbeginningoftheyear
74 , 5 1 4
6, 21 8
11
81 4
74 , 5 1 4
Thenotesonpages103to128formpartofthesefinancialstatements.
Financial Statements
Consolidated Financial Statements—continued

HomeREITplc | AnnualReport | Fortheyearended31August2023 103
1. General information
Home REIT plc (the “Company”) 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 “Directors” or
the “Board”). 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 or 2024 period ends or its 2023
or 2024 annual reports within four months of its 2023
and 2024 year ends. The suspension of the Company’s
shares cannot be lifted until its financial statement
filings are brought up to date and the Company satisfies
any other requirements of the Financial Conduct
Authority (“FCA”).
The Group (the “Group”) consists of the Company and
its subsidiaries which are listed in Note 24.
The principal activities of the Group and the nature
of the Group’s operations are set out in the Strategic
Report on pages 29 to 42.
As discussed more fully in Note 18, on 15 March 2023,
the Company and its former Investment Adviser,
Alvarium Home REIT Advisors Limited (“AHRA”) (now in
liquidation), agreed by way of letter of agreement that
the Company was entitled to terminate the Investment
Advisory Agreement dated 22 September 2020 (the
“IAA”) (which governed the relationship between
the Company and AHRA) on or before 30 June 2023.
On 23 May 2023, the Company appointed AEW UK
Investment Management LLP (“AEW”) to provide
property advisory services and announced its intent to
engage AEW as Investment Manager and Alternative
Investment Fund Manager (“AIFM”) after receipt of
FCA and shareholder approval for a revised investment
policy. On 25 May 2023, the Company and Alvarium
Fund Managers (UK) Limited (“Alvarium FM”) agreed
by way of variation agreement, as further varied
on 18 July 2023, that the Investment Management
Agreement dated 22 September 2020 (the “IMA”)
(which governed the relationship between the
Company and Alvarium FM) would be varied to allow
for termination immediately upon the Company giving
notice in writing to Alvarium FM, provided such notice
was given by not later than 31 August 2023, or upon
either party giving not less than six months’ notice
in writing. On 30 June 2023, the IAA was terminated.
On 21 August 2023, the Company terminated the IMA,
the Company’s shareholders approved the revised
investment policy and the Company appointed AEW
as Investment Manager and AIFM.
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 and
the Group have adequate resources to continue in
operational existence for the foreseeable future and
do not consider there to be any threat to their going
concern status.
As discussed in Note 25, on 16 September 2024
shareholders approved a new investment policy for a
Managed Wind-Down of the Group’s operations. Part
of that strategy was to sell enough properties through
auctions to repay all amounts outstanding to Scottish
Widows Limited (“Scottish Widows” or the “Lender”).
On 27 November 2024, the Group repaid the loans and
in December 2024, the Group paid the Deferred Fees
of £9.0 million and Scottish Widows released its charge
over the Group’s assets.
Pursuant to the Managed Wind-Down, the Group will
sell its remaining portfolio of investment properties
and will not make any further real estate acquisitions.
No further investment will be made unless such
expenditure is necessary to protect or enhance an
asset’s net realisable value or in order to comply with
statutory obligations.
Cashflow projections for the Group have been prepared
by AEW and agreed with the Board which consider:
1. The disposal of all remaining properties in a sale
of the portfolio in one or more transactions. Such
transactions are expected to complete in the second
quarter 2025.
2. Revenue will continue to be collected on properties
held by the Group.
3. Expenses are forecast to continue to be incurred
at the current level for those services required
for the continued operation of the Group. Notice
periods have been considered where necessary and
the majority of operations are expected to have
concluded by 31 December 2025, when the Group
annual report and accounts for the year ended
31 August 2025 are required to be filed.
As of the date of these financial statements, the Group
has approximately £13.2 million (including £0.8 million of
cash in transit from completed property sales) of free
cash and expects a further £4.3 million of net proceeds 
Financial Statements
Notes to the Consolidated Financial Statements

104 HomeREITplc | AnnualReport | Fortheyearended31August2023
Financial Statements
Notes to the Consolidated Financial Statements—continued
from exchanged but not completed property sales. For
purposes of the going concern analysis the Directors
have assumed nil cash rent net of property expenses
until the properties are sold. The Directors have
forecast expenditures over the next twelve months
and are comfortable that the cash on hand plus the net
proceeds on exchanged but not completed property
sales will be adequate to cover those expenses. In
the event that expenditures exceed those estimates,
the Group can sell additional properties to cover any
unforeseen expenses.
The Company 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 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
12 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 Company and the Directors
are cooperating with the FCA in its investigation.
However, they are not able to assess or quantify what,
if any, action may be taken. Until the Directors have
better visibility into the ultimate exposure of these
and any other contingent liabilities, they will not be
able to satisfy themselves as to what if any amounts
will be required to settle these matters. When the
Directors are able to estimate the range of exposure,
the Company may return any estimated surplus capital
to investors, whilst maintaining a prudent level of cash
to wind down the Company and Group and considering
any other eventualities.
As a result of the threatened litigation, the FCA
investigation and the Directors’ expectation for an
orderly wind-down of the Company’s operations, the
Directors consider it appropriate to adopt a basis of
accounting other than as a going concern in preparing
the financial statements. No material adjustments to
accounting policies or the valuation basis have arisen as
a result of ceasing to apply the going concern basis.
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 (“IFRS”) and
with the requirements of Companies Act 2006. The
Consolidated Financial Statements of the Group have
been prepared on a historical cost basis, as modified
for the Group’s 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.
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 going concern in preparing
the financial statements because of the entry into a
Managed Wind-Down for 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.
Acquisition of Investment Property
The Group acquired properties directly and through
the purchase of property-owning companies. On
completion, the Group considers whether each
acquisition represents a business or an asset. Under the
requirements of IFRS 3, to be considered a business,
an acquired set of activities and assets must include,
at a minimum, an input and a substantive process that
together significantly enhance the ability to create
outputs. All purchase transactions to date have met the
criteria of an asset acquisition. The Group recognises
acquisitions on completion.
1.Generalinformation—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2023 105
The cost of an asset acquisition includes direct
transaction costs and is allocated between the
identifiable assets and liabilities acquired based upon
their relative fair values at the transaction date.
Goodwill and deferred taxes are not recorded in the
purchase price allocation.
Purchased or prospective property acquisitions
were presented to the Board as being high quality
properties suitable for homeless accommodation in
line with the Original Investment Policy (as defined on
page 34 of The Company’s prospectus for the Initial
Public Offering dated 22 September 2020). However,
most of the properties acquired were subject to an
obligation for the vendor to complete certain works
(“Seller’s Works”), to ensure that the property was fit
for purpose (which was undefined) within a specified
period as defined in the SPAs. The vendor was typically
given between 6 and 12 months to complete the
Seller’s Works (the “Seller’s Works Longstop Date” or
“SWLD”). As more fully described in Note 3, because
the acquisition price was paid in full on completion
except where a retention was retained, the Group
retrospectively estimated the value of the Seller’s
Works based on available information and allocated
that portion of the purchase price as a prepayment for
future enhancements to be made. Where it was not
possible to estimate the value of the Seller’s Works the
Group recorded the acquisition at cost. If the work was
completed and a certificate of practical completion
was provided by the SWLD, the prepayment was
reclassified into Investment Property. If the work was
not completed by the SWLD, the prepaid balance
was written off to the income statement. The Group
wrote-off £14,178,000 and £11,922,000 during the
years ending 31 August 2023 and 2022 respectively of
prepaid capital expenditures when the vendor did not
complete the Seller’s Works by the SWLD. See Note 3
Significant Accounting Judgements and Estimates for a
full discussion of the techniques used and assumptions
made in determining the value of these Seller’s Works.
In some cases, a retention was required to be held
by the Group’s solicitor at the acquisition date to
be released upon receipt of a practical completion
statement from a qualified surveyor or at fixed dates
in the future. Where the only condition of release is the
passage of time, then the amount is initially recorded as
a payable, which is reversed when the cash retention is
released to the vendor. For those retentions associated
with the performance of Seller’s Works, the solicitor
would generally release the retention upon receipt
of the Practical Completion Statement or otherwise
at the direction of the Investment Adviser. If the
requirements were not met by the SWLD, the cash
should have been released back to the Group. However,
because certificates of practical completion were not
obtained or retained by AHRA, retentions have been
recorded on a cash basis.
As discussed more fully in the Acquisition of Investment
Property section of Note 3, Significant Accounting
Judgements and Estimates, a portion of the purchase
price was allocated to either a lease incentive asset
(where the lease inception date is the same as the
lease commencement date) or a debtor (where the
property was not considered habitable at acquisition
and therefore the lease was not considered to have
commenced). The lease incentive is amortised as a
reduction of gross rental income on a straight-line basis
over the term of the lease. The debtor was reduced
as cash was received from the tenant. The debtor and
the lease incentive asset are assessed for impairment
at each balance sheet date in line with the accounting
for Financial Assets and Impairment of Non-Financial
Assets respectively, as outlined in this note.
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.
Lease incentives and 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 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,
have received Board approval and Lender consent
for sale 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’s accounting policy for each type of financial
instrument is as follows:
Financial Statements
Notes to the Consolidated Financial Statements—continued
2.Accountingpolicies—continued

106 HomeREITplc | AnnualReport | Fortheyearended31August2023
a) Financial assets
The Group’s 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.
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 and an
allocation of any premium payable on redemption.
c) Embedded derivatives
The Company evaluates financial and non-financial
instruments for embedded derivatives at origination.
If an embedded derivative is identified, the Directors
consider whether it is closely related to the host
contract (ie the loan agreements) to determine
whether it should be accounted for separately from
the host contract. If the embedded derivative requires
separation, the Group would mark the instrument to
market at each balance sheet date.
The Group evaluated whether the prepayment options
embedded in the loans should be considered embedded
derivatives and concluded that they should not.
d) 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.
Cash and Cash Equivalents
Cash and short-term deposits in the balance sheet
comprise cash at bank and short-term deposits with an
original maturity of three months or less.
Restricted cash
Restricted cash represents:
• Cash withheld by the lender on drawdown
borrowings. The Group only has access to this cash
when acceptable security is provided and the Lender
releases the restriction.
• Cash held by third parties, primarily the Group’s
solicitors, for a specific purpose such as future
acquisitions and retentions.
• The ‘Required Interest Amount’ which represents
nine months of interest to be held by the Lender as
agreed in the 19 June 2023 waiver letters.
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’s shareholders
are recognised as a liability in the Group’s financial
statements in the period in which the dividends
are approved by the Group’s shareholders. Interim
dividends are recognised when paid.
Rental Income
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. The
Directors have concluded that due to the length of
time to the option exercise date (19 years), none of
the options to extend were reasonably certain to
be exercised.
The Company’s leases contain annual inflationary
increases which are collared and capped at 1% and 4%
respectively. Because of this change in annual rent, 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 or timing, or the lease
term made after the original lease agreement was
signed are accounted as a lease modification. Lease
modifications are accounted for as a new lease from
Financial Statements
Notes to the Consolidated Financial Statements—continued
2.Accountingpolicies—continued

HomeREITplc | AnnualReport | Fortheyearended31August2023 107
the effective date of the modification, considering any
prepaid or accrued lease balance at that date.
The standard lease agreement includes requirements
that the tenants establish:
• A sinking fund deposit account in the tenant’s name
to pay in on the rent payment date an amount of up
to 7.5% of the rent due to fund a planned and costed
programme of major repairs, maintenance and
improvements, and
• A Void Surcharge Fund in the tenant’s name to pay
in on the rent payment date an amount of up to 7.5%
of the rent due to be used in the event of a void in
the property.
Because these amounts are established and
controlled by and for the benefit of the tenant, we
have not accounted for these amounts in these
financial statements.
In certain cases, the Group acquired properties which
were not considered habitable at the acquisition date
and simultaneously signed an operating lease. IFRS
16, Leases, defines a lease as ‘a contract, or part of a
contract, that conveys the right to use an asset for
a period of time in exchange for consideration.’ If a
property is deemed unhabitable (as described more
fully in Note 3), the Directors have concluded that the
lease has not conveyed the ‘right to control the use of
an identified asset’ 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 and as
described in Acquisition of Investment Property above.
Impairment of Non-Financial Assets
Non-financial assets including lease incentives and
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. As more fully
described in Note 4, Rental Income, the Company
has received payments to settle debtors in several
non-traditional ways as well as receiving cash from
tenants which don’t exactly tie to invoiced amounts.
Accordingly, 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 units
(“CGUs”). The Group assesses impairment of individual
lease related assets, such as lease incentives and
straight-line rent receivables, at the tenant levels. As
discussed in Note 4, impairment charges of £31,026,000
and £31,270,000 were recognised during the years
ended 31 August 2023 and 2022.
Finance Costs
Costs associated with new financings are capitalised
and amortised to finance costs over the fixed term of
the loans using the effective interest method.
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.
Description
Effective Date
Amendment to IAS 21
1 January
Amendment to IFRS 7 and IFRS 9
1 January
There are several new standards and interpretations
which were effective for the first time for periods
beginning on or after 1 September 2022. The new
standards impacting the Group are:
Onerous Contracts – Costs of Fulfilling a Contract,
an amendment of IAS 37 clarified the requirements of
costs to be considered when assessing whether they
are associated with fulfilling a contract. The Group does
not assess that any of its contracts are onerous.
Reference to Contractual Framework (Amendments to
IFRS 3) – provides clarifying guidance to the recognition
of contingent assets and liabilities in the application of
the acquisition method of IFRS 3. The Group has only
acquired assets and not applied acquisition accounting
since inception and does not expect to do so.
Financial Statements
Notes to the Consolidated Financial Statements—continued
2.Accountingpolicies—continued

108 HomeREITplc | AnnualReport | Fortheyearended31August2023
Property, Plant and Equipment – Proceeds before Intended
Use – requires that proceeds from selling items generated
from assets not yet fully in operations to be recognised,
along with the associated expense in profit and loss. The
Group holds investment property and no property, plant
and equipment so the standard is not applicable.
Classification of Liabilities as Current or non-current –
clarifies when a liability should be presented as current.
The Group complies with the requirements of the
standard in the presentation of its liabilities.
These standards have been assessed to have no
significant impact to the Group as they are either
not relevant to the Group’s activities or require
accounting which is consistent with the Group’s
accounting policies.
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.
Because AHRA is no longer involved with the Group,
the Directors have had to reconsider judgements based
on factors which were present at each balance sheet
date and, as far as possible, remove hindsight from
its decisions.
In the course of preparing the Consolidated Financial
Statements, the Directors have had to make
assumptions and judgements especially in the areas
of rental revenue recognition and the recoverability
of tenant related receivables, valuation of investment
property, purchase price allocation related to the
acquisition of investment property, and the value
and timing of recording loan modifications. 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:
Acquisition of Investment Property
As discussed above under Accounting Policies, the
Directors have reconsidered the purchase price
allocation for every acquisition since inception and
corrected previous errors. Because documentation
was not always maintained or otherwise made available
by AHRA, the Directors made a number of assumptions
and estimates in order to make certain allocations
which can be summarised as follows:
Seller’s Works
Purchased or prospective property acquisitions were
presented to the Board as being high quality properties
suitable for homeless accommodation in line with the
Original Investment Policy. The Board now understands
that most of the properties acquired were subject to an
obligation for the vendor to complete Seller’s Works, to
ensure that the property was fit for purpose (which was
undefined) within a specified period as defined in the
SPAs. The vendor was typically given between 6 and 12
months to complete the works, the SWLD. The Group
paid the full purchase price on completion except as
discussed below under Retentions. Under most of
the SPA contracts the Group had limited recourse
against the vendor if the vendor did not complete the
Seller’s Works. Accordingly, the portion of the price
paid at the acquisition date related to the Seller’s
Works is presented as a prepayment until the works
are complete and then reclassified into Investment
Property. If the Seller’s Works are not completed by
the Seller’s Works Longstop Date, the prepayment
is written off to the Consolidated Statement of
Comprehensive Income.
AHRA was required to obtain a building condition report
at the acquisition date. However, our use of these
reports for the preparation of these accounts was
limited because of the following:
1. The reports were prepared by the Seller’s advisers
and the Group did not obtain a reliance letter
which would allow the Directors to rely on the work
performed or conclusions reached,
2. The scope of the report and/or the expected
standard of property was not clear or was
undefined, or
3. The report did not contain a detailed cost estimate
of works required.
The Directors therefore used these reports as follows:
1. Where these reports provide an estimate of the
improvement works required to bring the property
into an acceptable condition (even if the Group
does not have reliance), the Directors have used
the budget associated with the works proposed for
the first five years of ownership as our estimate of
Seller’s Works. The Directors used the first five years
because those works presented after five years were
generally not of a nature which would impact the
current use of the property.
2. For properties where building inspections contained
information about the condition of the property,
but no cost estimate of works required to bring the
property into an acceptable condition (even if the
Group do not have reliance), the Directors have
estimated the value of those Seller’s Works. Our
estimate required an understanding of:
1. the type of property acquired (from single-family
homes, Houses in Multiple Occupation (‘HMO’) or
residential investments).
Financial Statements
Notes to the Consolidated Financial Statements—continued
2.Accountingpolicies—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2023 109
2. the condition of the property from building surveys completed at the time of the acquisition (from
conversion, boarded up, very poor, poor, fair, good and very good). The Directors classified any property
deemed in Very Poor condition, or as a Conversion or Boarded-up as unhabitable.
3. The number of bedrooms in the property.
Using this information, the Directors estimated the value of the Seller’s Works using the following formula:
1. If the building condition is very good or good, then the Seller’s Works value was £0. For single-family homes,
the Directors computed an ‘expected spend’ as the greater of £25,000 or 10% of the property’s Market
Value – with a special assumption of Vacant Possession (‘MV-VP’), which was increased by a factor of 50% if
the property is located in the South (‘South’ has been defined generally as the area south of the M4). If the
property condition was assessed as Fair, then the Directors used 50% of the expected spend; if assessed as
poor, then the Directors used 100% of expected spend and if very poor then the Directors used 125% of the
expected spend.
2. For HMOs and residential investments, the Directors used the following costings to estimate the Seller’s Works:
Type
Condition
North
South
HMO
Fair
Each bedroom
£5,000
£5,000
HMO
Poor
Each bedroom
£7,500
£7,500
Residential Investment
Fair
1st bedroom
£5,000
£7,500
Residential Investment
Fair
Additional bedroom
£2,500
£2,500
Residential Investment
Poor
1st bedroom
£7,500
£10,000
Residential Investment
Poor
Additional bedroom
£5,000
£5,000
If a building survey report could not be found or when an internal inspection was not able to be completed, then the
Directors could not make a determination as to whether Seller’s Works were required and accordingly recorded the
acquisition at cost and revalued the property to market value at the next balance sheet date through unrealised
gain or loss (2023 – 38 and 2022 – 542).
Lease Inducement Payments
The Group did not provide lease inducement consideration to tenants directly. However, AHRA expected the
vendors to provide, and they generally did provide, the tenant with cash in the amount of the first year’s rent, which
was funded through original acquisition payment made by the Group to the vendor as part of the acquisition price.
Based on the following factors, the Directors concluded that the substance of the transactions is such that the
lease and the SPA should be accounted for as a single contract as set forth in IFRS 16, paragraph B2:
• Every property was acquired with a tenant already identified and ready to sign a standard Home REIT lease
agreement (no property was acquired subject to a pre-existing lease),
• AHRA had publicly stated that they expected each property vendor to provide cash representing at least one
year of rent in advance to the tenant at the acquisition date,
• The vendor and tenant had significant interactions, and in some cases previous or existing connections, both
before and subsequent to the acquisition, and
• The SPA and lease contracts were signed on the same day.
If the contracts were to be considered a single contract, the portion of the payment to the vendor which funded
the tenant would be considered an inducement to enter into the lease for a habitable property or a debtor in lieu
of a lease inducement asset for an unhabitable property.
Retentions
In certain circumstances, a retention for a portion of the Seller’s Works was deducted from the cash paid to
the vendor as protection against the vendor not completing the Seller’s Works. Retentions are recorded as a
restricted cash asset with an equal and offsetting payable which is reclassified into Investment Property when
approved by the lessee or reversed upon receipt of cash if the necessary condition for release was not achieved 
Financial Statements
Notes to the Consolidated Financial Statements—continued
3.SignificantAccountingJudgementsandEstimates—continued

110 HomeREITplc | AnnualReport | Fortheyearended31August2023
prior to the Seller’s Works Longstop Date. The release
of the retention did not always follow the receipt of
a certificate of practical completion. The Directors
therefore have recorded the release of retentions on
a cash basis which does not always fully align with the
accounting for Seller’s Works as above.
Valuation of Investment Property
As described more fully in Note 8, Investment Property,
a number of significant judgments were made by
the independent valuer in determining fair value of
investment properties, including:
• the credit quality of the tenant and the condition of
the property were considered in determining the
best valuation technique to value each property;
• the Group undertook an exercise to inspect
each property to determine its current condition
which occurred from August 2023 to May 2024.
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 2023 and 2022; and
• For properties valued on investment basis at
31 August 2023, rents were capped at five years and
overall value was capped at 110% to 150% (2022:
150%) of vacant possession value (except for certain
subtenants where the full sublease was considered).
Rental Revenue Recognition
If a property was deemed habitable at acquisition,
then rents are recognised on a straight-line basis over
the life of the lease. For those properties that the
Group purchased that were in very poor condition
or boarded up, or required conversion, the Directors
have now concluded, based upon review by AEW
of the original surveyor reports as crosschecked
against recent inspection reports, that these
properties were not habitable and therefore did not
meet the criteria under IFRS 16 Leases for the lease
to reach its Commencement Date. Accordingly,
the Directors’ concluded that revenue recognition
would only begin when the associated properties
were put, at a minimum, into a habitable condition
and did not recognise any rental revenue for the
year ended 31 August 2023 and 2022. The Directors
instead recorded any cash received from a tenant
(or a party on its behalf) associated with this lease to
reduce the debtor set up as discussed above under
Lease Inducement Payments. If a property was
considered habitable at the acquisition date, then
the Commencement date was the same as the lease
inception date.
The Recoverability of Tenant Related Receivables
Because the Group considered that 28 of its 29 tenants
were a poor financial covenant and non-performing,
amounts outstanding in relation to these tenants at
31 August 2023 were provided for in full. Any recoveries
made of tenant and tenant related receivables after
1 September 2023 will be recognised as received.
As discussed more fully in Notes 4 and 10, during the
period from September 2021 to October 2022, without
the knowledge or authority of the Directors, debtors
were settled in several non-traditional ways.
Any outstanding debtors at 31 August 2022 after
making the above cash applications were provided
for in full.
Loan Modifications
The Group has adjusted the carrying value of its
third party loans using revised estimated cash flows
discounted at the original effective interest rate. The
estimated cash flows used were variable principal
payments through to the revised expected repayment
date of 30 June 2024 which the Group considered
reasonable as at 31 August 2023 based on potential
property sales through auction as well as the expected
refinancing of the remaining balance of £100,000,000
(after property sales) at the end of the second quarter
which was the assumption at the time. Assumptions
were made regarding the estimated break gains as this
impacts the quantum and timing of principal payments.
The Group also considered other fees and charges
which might be levied in preparing its estimate.
The estimated cash flows used in our estimates
assumed the timing and quantum of principal payments
through to 30 June 2024 when the loan was assumed to
have been refinanced and paid off. As noted elsewhere,
we did not complete a refinancing and the principal
payments varied from our expectations with auctions
carried out from August 2023 to November 2024 in
order to ensure adequate proceeds to repay the Lender
before 31 December 2024. Estimated break gains also
varied from our expectation because of the variation
in the principal payments and movements in interest
rates from the date the original forecast was prepared.
Financial Statements
Notes to the Consolidated Financial Statements—continued
3.SignificantAccountingJudgementsand
Estimates—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2023 111
4. Income
lease agreements
56,501
38,336
agreements
366
–
Effect of straight-lining rent
7,1 35
3,753
properties were unhabitable
(4,832)
(2,099)
amortisation
(1,531)
(1,741)
Rental income
57,639
38,249
lease inducement
(22,010)
(28,348)
straight-lining
(9,016)
(2,922)
Net rental income
26,613
6,979
Rental income includes amounts receivable in respect
of tenant leases for those properties deemed habitable
(see Note 3) and is measured at the fair value of the
consideration received or receivable. All properties
subject to leases are based in the UK.
As discussed in Note 3, in certain cases, the Group
acquired properties which were not considered
habitable at the acquisition date but which were
subject to an 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 (in
lieu of a lease incentive) or the property carrying value,
as appropriate and as described in the Acquisition
of Investment Property section of Note 3. During
the years ended 31 August 2023 and 2022, the Group
purchased 26 and 120 properties, respectively, which
have retrospectively been deemed unhabitable at
acquisition. Payments received of £1,195,000 and
£2,169,000 in 2023 and 2022 respectively associated
with the in-place leases for unhabitable properties
have been applied against the debtor established at
acquisition in the years ended 31 August 2023 and 2022.
During the years ended 31 August 2023 and 2022, no
unhabitable properties were improved to a state which
the Group considered habitable.
Between 29 September 2022 and 4 October 2022,
AHRA entered into deeds of variation on behalf of the
Group with N-Trust Homes CIC, ICDE Homes CIC and
Select Social Housing CIC (without Board knowledge)
such that all leases with these tenants received a rent-
free period with retrospective effect from 1 March 2022
to 31 August 2023 in exchange for changing the lease
extension agreement from five years to ten years. In
accordance with the Group’s accounting policy, rent
amounts outstanding at the modification date were
written off. All leases associated with these tenants
were accounted for as lease modifications from the
agreement date.
During the period from September 2021 to October
2022, without the knowledge and authority of the
Directors, debtors were settled in several non-
traditional ways, including:
• As noted above, at acquisition vendors usually
had an obligation to improve a property to a good
lettable standard and in some cases, vendors paid
tenants to transfer the obligation to the tenants.
The settlement agreements to transition capex
obligations on properties from vendors to tenants
resulted in cash of £1,748,000 being transferred to
the Group to be used to settle debtors instead of
being paid directly to the tenants to improve the
properties. Cash in excess of outstanding debtors
at the time was received in the amount of £282,000
and the excess funds were reimbursed to the
associated two tenants;
• Vendors made payments on behalf of 14 tenants in
the amount of £7,166,000;
• One tenant settled amounts on behalf of two other
tenants in the amount of £1,614,000; and
• The Group withheld £2,142,000 from the acquisition
of properties with an agreed price of £17,040,000,
such that funds transferred at acquisition were
£14,898,000. The funds withheld were offset against
debtors from three tenants.
These receipts of cash were used to settle specific
debtors from specific tenants in relation to rents
invoiced during the year ended 31 August 2022 as
directed by AHRA. The Directors considered whether
the more appropriate accounting would be to reduce
the carrying value of the property for the cash payment
or as a creditor. The debtor balances would then be
written off as uncollectible under IFRS 9. However,
there was correspondence between AHRA and vendors
which provided evidence of the intent of the cash
transfers. Further, there were no signed notes or other
agreements executed which would signify any lending
arrangements. Accordingly, the Directors concluded
that applying the cash received against outstanding
debtors was in-line with the intent of the transaction.
Financial Statements
Notes to the Consolidated Financial Statements—continued

112 HomeREITplc | AnnualReport | Fortheyearended31August2023
Any outstanding debtors at 31 August 2022 after
making the above cash applications were provided
for in full.
The Group assesses impairment of individual lease
related assets, such as lease incentives and straight-
line rent receivables, at the tenant levels. Impairment
charges of £31,026,000 and £31,270,000 were
recognised during the years ended 31 August 2023
and 2022 respectively.
The future minimum rents receivable under non-
cancellable operating leases related to habitable
properties are:
Year 1
49,66
4
49,824
Year 2
5
0,184
50,323
Year 3
50,
703
5
0,826
Year 4
5
1,224
51,334
Year 5
51,749
51,848
> 5 years
7
16,844
806,
460
Total
970,368
1,060,615
Because only one tenant representing four leases
was considered performing, we have included
rents associated with unhabitable properties in the
above table.
5. Operating expenses
Property operating expenses
management agreements
502
–
Property consultancy fees
200
–
Other property expenses
52
–
Total
754
–
The Group has begun to take control of properties
previously let to non-performing tenants. If the
property is PRS, a property manager is appointed which
manages the occupants and day to day operations.
Under this type of arrangement, the property manager
is paid a fee and the Group is responsible for the
operating expenses including council taxes, repairs
and utilities.
General and administrative expenses
fees (Note 18)
5,094
5,322
Legal fees
3,502
20
Professional fees
3,395
276
Valuation and survey fees
2,165
764
settlement agreements
1,419
–
fees (Note 18)
1,085
–
Independent Auditor
1,076
2,280
Directors’ fees
176
176
administrative expenses
1,247
1,025
Total
19,159
9,863
On 13 February 2023, the Company appointed Smith
Square Partners as financial advisor and the relationship
was terminated on 24 August 2023 with effect from
24 November 2023. The Company expensed £2,537,000
during the year ended 31 August 2023 associated with
the Smith Square Partners contract which are included in
professional fees.
On 8 December 2022, a representative of AHRA,
without the knowledge or authority of the Board,
entered into a settlement agreement between
the Group and various property vendors (the
“Aggregators”) whereby the Group would pay £675,000
and purportedly waive any refurbishment claims
against the Aggregators in relation to 488 properties
held by the Group.
The Group settled a dispute with a tenant which
required an initial payment of £680,000 and an
additional amount of £45,000 payable after the tenant
meets certain conditions expected in February 2025.
Financial Statements
Notes to the Consolidated Financial Statements—continued
4.Income—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2023 113
Fees paid to the Group’s Independent Auditor, BDO
LLP, include the following (all fees are inclusive of VAT):
annual accounts*
1,004
2,164
subsidiaries
72
72
–Interim review
–
44
Total
1,076
2,280
* The FY22 audit fee is £1,906,000 in excess of the original audit fee agreed as a result
of additional audit procedures.
6. Finance costs
Loan interest
5,462
4,481
Deferred Fees
1,100
–
Non-utilisation fees
–
141
arrangement fees
501
318
Total
7,063
4,940
On 19 June 2023 Scottish Widows imposed a Deferred
Fee of 0.5% of the aggregate amounts outstanding on
the two fixed term loans (referred to in Note 9) at each of
31 August 2023 and 30 November 2023, payable on the
full and final repayment of the loan. As discussed more
fully in Note 25, the loans and the Deferred Fee were
repaid in November and December 2024 respectively.
7. Taxation
The Group is a real estate investment trust (“REIT”)
and as a result the profit and gains arising from the
Group’s 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
blended main rate of 21.5% (being 7 months at 19% and
5 months at 25%) for the year.
Current tax
–
–
Origination and reversal of
temporary differences
–
–
Total deferred tax
–
–
Tax charge
–
–
The Company did not make any distributions for the
2023 financial year. The Company made distributions
for the 2022 financial year based on internally
reported profit and loss data produced by AHRA and
as documented in its PID tracker as submitted to HM
Revenue & Customs (‘HMRC’). To the extent that
the Group reports Property Income, it is required to
distribute no less than 90% of it in order to maintain
its REIT status. As a result of significant adjustments
made to Property Income for FY22 after the end
of the financial year, the result for 2022 is now a
comprehensive loss. The Company has agreed with
HMRC that it will revise it’s original PID tracker,
but it will not recall past PIDs and reissue ordinary
dividends. Because PIDs are assessed annually, this
overpayment of PID for FY22 is not expected to impact
future periods.
Reconciliation of the total tax charge
The reconciliation of loss before taxation multiplied by
a blended standard rate of corporation tax for the year
of 21.5% (being 7 months at 19% and 5 months at 25%)
to the total tax charge in the Consolidated Statement
of Comprehensive Income is as follows:
Loss before tax
(118,160)
(474,844)
UK corporation tax
25,404
90,220
Revaluation of
investment properties
(15,342)
(86,046)
no benefit can be recognised
(10,062)
(4,174)
Tax charge
–
–
Financial Statements
Notes to the Consolidated Financial Statements—continued
5.Operatingexpenses—continued

114 HomeREITplc | AnnualReport | Fortheyearended31August2023
8. Investment property (non-current) and investment
property held for sale (current)
beginning year
414,270
320,932
in the year
104,125
597,420
is considered as habitable
(5,408)
(32,001)
is considered as unhabitable
(588)
(2,918)
considered as unhabitable
(548)
–
recognised as receivable
(5,883)
(19,034)
lease inducement
11,089
34,014
lining and lease inducement
(31,026)
(31,270)
during the year
(1,951)
–
investment property
(71,360)
(452,873)
Total investment property
412,720
414,270
Presented in the
Consolidated Statement of
for sale – current
4,788
–
year – non current*
407,932
414,270
* Included within the carrying value of investment property is £96,000 (2022 £20,034,000)
in respect of lease inducements and rent-free periods which are allocated on a linear basis
over the lease term.
The Group recognises investment properties at fair
value at each balance sheet date in accordance with
IFRS 13 which recognises a variety of fair value inputs
depending upon the nature of the investment. The
valuations have been prepared in accordance with
the RICS Valuation – Global Standards July 2017 (the
“Red Book”) and incorporate the recommendations
of the International Valuation Standards and the RICS
Valuation – Professional Standards UK January 2014
(Revised April 2015) 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
are made by the valuer based on assumptions which
may not be accurate. Accordingly, the valuation of
investment property is classified as Level 3.
The investment properties have been valued as at
31 August 2023 and 2022 by Jones Lang LaSalle Limited
(“JLL”), 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’s-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’ 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’s condition.
The other significant factors which are considered
under both techniques include the property’s type, its
location and market conditions. The Group has been
assessing the current condition (inspections occurred
from August 2023 to May 2024) of each property
through a formal inspection programme, whereby
Vibrant Energy Solutions Ltd (“Vibrant”) 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.
Financial Statements
Notes to the Consolidated Financial Statements—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2023 115
To arrive at opinions of fair value, JLL divided the assets
into four categories and estimated rental value and
yield for each:
• Individual properties (suitable for occupation
by a single family);
• HMO’s (properties with individual bedrooms
but common kitchen and other facilities);
• Residential Investments (properties with individual
flats for occupation); and
• 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. 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
sublet to a tenant with a strong covenant, JLL ignored
the primary in-place lease and instead capitalised the
sublease passing rent for its remaining term (up to
eight years). Where a property has a high passing rent
in comparison to JLL’s opinion of MV-VP, JLL capped
the Fair Value at between 110% and 150% of MV-VP,
depending on the tenant (2022: 150%).
The Group classifies all assets measured at fair value as below:
Fair value hierarchy
Investment property
412,720
1
–
–
412,720
Investment property
414,270
2
–
–
414,270
1. Total acquisition cost including lease inducements for habitable and unhabitable properties and Seller’s Works of £1,014,300,000.
2. Total acquisition cost including lease inducements for habitable and unhabitable properties and Seller’s Works of £910,200,000.
Financial Statements
Notes to the Consolidated Financial Statements—continued
8.Investmentproperty(non-current)andinvestment
propertyheldforsale(current)—continued

116 HomeREITplc | AnnualReport | Fortheyearended31August2023
The fair value of investment property at 31 August 2023 and 2022 was split between the following valuation techniques:
Investment valuation approach
48,160
222,380
Market value – vacant possession approach
364,560
191,890
Fair value at the end of the year
412,720
414,270
For the years ended 31 August 2023 and 2022, 1,080 and 182 properties were valued using the MV-VP valuation
technique, having previously been valued using the investment method. JLL considered the change appropriate
after re-evaluating the credit strength of the underlying tenant.
For those properties valued using the investment approach, unobservable inputs used in the valuations
are as follows:
Passing rent and yield range
Residential
6,076
6-178
48,160
7.7-29.7
Residential
23,409
3-324
222,380
2.6-32.6
For those properties valued using the investment approach, the average passing rent per annum was £21,000 and
£17,000 and the average valuation yield was 13% and 11% for the years ended 31 August 2023 and 2022 respectively.
Sensitivities of measurement of significant unobservable inputs
As noted above, the Group’s property portfolio valuation is open to judgements and is inherently subjective by
nature. Because 2,184 of 2,473 and 876 of 2,239 properties (88% and 39% of properties respectively) are valued
using the MV-VP approach at 31 August 2023 and 2022 respectively, and those valued under the investment
approach are capped at between 110% and 150% 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’s investment property to those
inputs (sensitivities exclude those properties valued using MV-VP):
Investment property
(300)
200
(1,100)
600
Investment property
(3,300)
3,600
(6,800)
6,900
For 2023 and 2022 a 5% increase/decrease in MV-VP (for all properties) would increase/decrease the overall value of
investment property by approximately £20,300,000 and £16,500,000 respectively.
As described in the Lease Inducement Payments section of Note 3, lease incentives of £5,408,000 and £32,001,000
were allocated at each acquisition totalling 208 and 1,408 leases to acquired properties in the years ended
31 August 2023 and 2022, respectively.
Financial Statements
Notes to the Consolidated Financial Statements—continued
8.Investmentproperty(non-current)andinvestmentpropertyheldforsale(current)—continued

HomeREITplc | AnnualReport | Fortheyearended31August2023 117
9. Financial instruments
Set out below is a comparison of the carrying value and fair value of the Group’s 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 2023
As at 31 August 2022
Bank borrowings
199,500*
184,940
245,047
231,746
* The outstanding amount of bank borrowings is £220,000,000, see below for further discussion of carrying value.
The following table sets out the fair value of those financial liabilities measured at amortised cost where there is a
difference between book value and fair value.
Borrowings
Date of valuation
Borrowings
31 August 2023
184,940
–
–
184,940
Borrowings
Date of valuation
Borrowings
31 August 2022
231,746
–
–
231,746
The Group’s borrowings comprise two fixed term loan facilities, one for £120 million and the other for £130 million
(£100 million after principal repayment of £30,000,000 in April 2023). Both facilities are with Scottish Widows. The
£120 million facility has an all-in rate of 2.07% per annum for the duration of the loan term and was due for repayment in
December 2032. The £130 million facility (£100 million at 31 August 2023) has an all-in rate of 2.53% for the duration of the
loan and was due for repayment in December 2036.
The Company and its subsidiaries are party to agreements with (amongst others) Scottish Widows including (in the
case of the subsidiaries of the Company) facility agreements and (in the case of the Company) guarantees. Various
breaches have occurred under those agreements. Since an initial waiver letter dated 30 January 2023 waiving certain
breaches, new waiver letters have been issued on 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. As discussed in Note 25, the term loans have been repaid in full in
Septemberand November 2024.
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 loan. As discussed
in Note 25, the Deferred Fees have been fully paid in December 2024.
The agreements provide that if the Borrower repays outstanding principal early, the Borrower pays or benefits from
a Net Break Gain. The Net 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. During the year ended 31 August 2023, the Company recognised £2,706,000 in Net
Break Gains which were received in cash at the date of the early repayment in April 2023.
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 of 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 as discounted using the original
effective interest rate. The change in value resulted in a gain of £14,537,000 which has been recorded in the Consolidated
Statement of Comprehensive Income in the year ended 31 August 2023.
The Group utilises the income method to value its bank borrowings. 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 Group estimated the market replacement rate to be 6.27%
(2022: 4.78%) for Home Holdings 1 and 6.46% (2022: 4.97%) for Home Holdings 2, as at 31 August 2023. If the estimated
replacement rate were to increase or decrease by 1%, the resulting change in fair value would be a decease/increase in
the fair value adjustment of £6,526,000 and £9,576,000 respectively (2022: £10,939,000 and £12,757,000 respectively).
Financial Statements
Notes to the Consolidated Financial Statements—continued

118 HomeREITplc | AnnualReport | Fortheyearended31August2023
10. Trade and other receivables
lease agreements
55,627
9,916
properties were unhabitable
(4,832)
(2,099)
Tenant receivables
50,795
7,817
Other receivables
45
426
Prepaid expenses
23
40
other financial assets
50,863
8,283
Provision for doubtful debts
(50,747)
(1,850)
other financial assets
116
6,433
for unhabitable properties
–
1,411
Prepaid Seller’s Works
–
8,295
Trade and other receivables
116
16,139
Debtors
All trade and other receivable amounts are due within one
year. The carrying value of trade and other receivables
classified at amortised cost approximates fair value.
As discussed more fully in Note 3, the Directors analysed
the expected credit loss and concluded that collection of
debtors of £50,747,000 and £1,850,000 was doubtful and
provided for such amounts at 31 August 2023 and 2022.
During the period from September 2021 to October 2022,
without the knowledge or authority of the Board, debtors
outstanding as at 31 August 2022 were settled in several
non-traditional ways, including as follows:
• As noted above, at acquisition vendors usually
had an obligation to improve a property to a good
lettable standard and in some cases, vendors paid
tenants to transfer the obligation to the tenants.
The settlement agreements to transition capex
obligations on properties from vendors to tenants
resulted in cash of £1,748,000 being transferred to
the Group to be used to settle debtors instead of
being paid directly to the tenants to improve the
properties. Cash in excess of outstanding debtors
at the time was received in the amount of £282,000
and the excess funds were reimbursed to the
associated two tenants;
• Vendors made payments on behalf of 14 tenants in
the amount of £7,166,000;
• One tenant settled amounts on behalf of two other
tenants in the amount of £1,614,000; and
• The Group withheld £2,142,000 from the acquisition
of properties with an agreed price of £17,040,000,
such that funds transferred at acquisition were
£14,898,000. The funds withheld were offset against
debtors from three tenants.
These receipts of cash were used to settle specific
debtors from specific tenants in relation to rents invoiced
during the year ended 31 August 2022 as directed by
AHRA. The Directors considered whether the more
appropriate accounting would be to reduce the carrying
value of the property for the cash payment or as a
creditor. The debtor balances would then be written
off as uncollectible under IFRS 9. However, there was
correspondence between AHRA and vendors which
provided evidence of the intent of the cash transfers.
Further, there were no signed notes or other agreements
executed which would signify any lending arrangements.
Accordingly, the Directors concluded that applying the
cash received against outstanding debtors was in-line
with the intent of the transaction.
As the Group judged 28 of its 29 tenants as having a
poor financial covenant and non-performing due to
low or no cash received for rents, outstanding debtors
at 31 August 2023 (and 31 August 2022 after making
the above cash applications) were provided for in
full. Any recoveries made of tenant receivables after
1 September 2023 will be recognised as received.
The following table sets out the ageing profile of trade
and other receivables that are financial assets:
30 days or fewer
4,216
2,839
31 to 60 days
4,186
1,140
61 to 90 days
4,137
3,146
91 to 120 days
4,123
831
Over 120 days
34,201
327
50,863
8,283
Prepaid Seller’s Works
As discussed more fully in Note 3, a portion of the
purchase price in the amount of £5,883,000 and
£19,034,000 were allocated to Seller’s Works in the
years ended 31 August 2023 and 2022, respectively.
This is the estimated amount of capital expenditures
to improve the property to a lettable standard. In the
years ended 31 August 2023 and 2022 £14,178,000
and £11,922,000 respectively were written off when
the Vendor did not complete the Seller’s Works
by the SWLD. 
Financial Statements
Notes to the Consolidated Financial Statements—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2023 119
Movement in the Prepaid Seller’s Works account during
2023 and 2022 was as follows:
beginning of the year
8,295
1,183
during the year
5,883
19,034
not initiated or completed
(14,178)
(11,922)
Prepaid Seller's Works at
the end of the year
–
8,295
Lease Inducement for unhabitable properties
As discussed more fully in Note 3, a portion of the
purchase price in the amount of £588,000 and
£2,918,000 in the years ended 31 August 2023 and
2022, respectively were allocated to a receivable for
non-habitable properties in lieu of a lease inducement
because the associated properties were not
considered habitable at acquisition. In the years ended
31 August 2023 and 2022, £647,000 and £2,169,000,
respectively of cash was received associated with all
leases associated with unhabitable properties. The
balance of £1,352,000 was considered impaired and
written off in the year ended 31 August 2023.
11. Cash reserves
Lockbox accounts
8,881
73,115
property acquisitions
–
18,260
Retentions held by solicitors
4,616
10,468
classified as restricted
3,768
–
third parties
17,265
101,843
Cash and cash equivalents
814
74,514
Total cash reserves
18,079
176,357
Of the cash held in Lockbox accounts as at
31 August 2022, £34,234,000 was released to the Group
when approved security was provided to the Lender.
Of the remainder, £30,000,000 was applied against the
outstanding principal balance of the loans in April 2023
and the balance of £8,881,000 was applied against
the outstanding principal balance in December 2023.
Cash of £18,260,000 held by the Group’s solicitors
at 31 August 2022 was used to complete investment
property acquisitions during the year ended
31 August 2023.
A new condition in the waiver letter agreed on
19 June 2023 allowed the Lender to hold back an
amount of up to nine months of interest in the Lender-
controlled rent accounts (“Required Interest Amount”).
Retentions of £1,465,000 and £12,089,000 were
withheld from the acquisition of properties in the year
ended 31 August 2023 and 2022, respectively. AHRA
authorised the release of £5,364,000 and £5,282,000
retentions to vendors in the year ended 31 August 2023
and 2022, respectively and £1,951,000 was released
to the Group during the year ended 31 August 2023
(2022: none).
At beginning of the year
10,468
3,661
New retentions on
acquisitions in the year
1,464
12,089
released to vendors
(5,365)
(5,282)
Home REIT plc
(1,951)
–
Retentions at the
end of the year
4,616
10,468
On 18 June 2021, the Company entered into an
escrow agreement with Noble Tree Foundation
Limited, a tenant, and Intertrust Trustee 3 (Jersey)
Limited whereby an affiliate of Karla Asset Management
Limited provided £750,000 to an escrow account in
the name of the Company with such funds to be used
as approved by two AHRA fund managers, acting
without the authority of the Directors. During each
of the years ended 31 August 2022 and 2021, £375,000
was distributed to the tenants.
Financial Statements
Notes to the Consolidated Financial Statements—continued
10.Tradeandotherreceivables—continued

120 HomeREITplc | AnnualReport | Fortheyearended31August2023
12. Trade and other payables
Trade creditors
1,340
375
Accrued expenses
8,591
4,938
Retentions payable
4,616
10,468
Total trade creditors and
accrued expenses
14,547
15,781
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 11 for
more information on retentions.
13. Financial risk management
The Group’s activities expose it to a variety of financial
risks: credit risk, liquidity risk and interest rate risk.
AEW, and prior to AEW’s appointment on
21 August 2023, Alvarium FM and AHRA had risk
management procedures and processes in place which
would have enabled 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’s 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 acquisitions or Seller’s Works.
It is the Group’s 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 pending acquisitions or 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 as well as
vacancy costs. A default by a tenant would 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.
The Board was not presented with any information
by AHRA that indicated that tenants were in financial
difficulty. Since its appointment, AEW has undertaken
an assessment of existing tenants classifying each
tenant into the following categories: liquidation
(now or expected), replacement/rationalised and
potential long-term tenants. In situations where the
tenant is not considered long-term, AEW have been
working to surrender the leases to take back control
of the underlying properties to either let directly
as PRS (through a property manager) or re-let to a
housing provider for Supported Housing. Where lease
surrenders could not be agreed commercially, AEW 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 will remain in place, although terms
may be varied.
AEW is continuing 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’s rigorous processes. AEW provides regular
updates to the Board on its strategy by tenant and the
progress against business plans.
The table below shows the Group’s exposure to
credit risk:
Cash and cash equivalents
814
74,514
Restricted cash
17,265
101,843
Tenant receivables and other
financial assets
116
6,433
18,195
182,790
Liquidity risk
AEW manages the Group’s liquidity and funding risks
by regularly updating a short-term (13 week) cash flow
forecast to ensure sufficient unrestricted cash balances
are held within the Group to meet current and future
needs. To assess longer term requirements, AEW
prepares a medium-term cash flow forecast which is
reviewed with the Board. AEW assesses the ability of
tenants to settle obligations within normal terms of
credit which supports both forecasts.
Financial Statements
Notes to the Consolidated Financial Statements—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2023 121
The following table details the Group’s liquidity analysis in respect of its financial liabilities on contractual
undiscounted payments (assuming repayment of the debt under contractual terms):
Bank borrowings and interest
1,251
3,767
20,099
251,560
276,677
Deferred loan fees
–
1,100
–
–
1,100
Retentions payable
1
4,616
–
–
–
4,616
Trade and other payables
8,106
–
725
–
8,831
13,973
4,867
20,824
251,560
291,224
Bank borrowings and interest
1,440
4,337
23,124
293,622
322,523
Retentions payable
1
10,468
–
–
–
10,468
Trade and other payables
5,313
–
–
–
5,313
17,221
4,337
23,124
293,622
338,304
1. As discussed in Note 3, 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.
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 25 and below, the Group
has fully repaid the loans and the Deferred Fees.
Capital management
Until the announcement of the managed wind-down
discussed in Note 1, the Board and AEW monitored the
Group’s capital position to provide sustainable returns
for shareholders, to facilitate growth and to maintain an
optimal capital structure to reduce the cost of capital.
The Group considers proceeds from share issuance,
bank borrowings and retained earnings as capital. The
Group historically targeted aggregate borrowings of
35% of the value of the Group’s assets with a maximum
level of 50%. However, with the unrealised losses on
investment property of £71,360,000 and £452,873,000
in the years to 31 August 2023 and 2022, the LTV has
risen above 50%. As noted above, the Group has fully
repaid the loans and the Deferred Fees. The dividend
policy of the Group is to distribute up to 90% of its
tax-exempt profit.
The Company and its subsidiaries are party to
agreements with (amongst others) Scottish Widows
Limited including (in the case of the subsidiaries of the
Company) facility agreements and (in the case of the
Company) guarantees. Various breaches have occurred
under those agreements. Since an initial waiver letter
dated 30 January 2023 waiving certain breaches, new
waiver letters have been issued on 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.
The Group has evaluated the covenant compliance
for both fixed term loans (referred to in Note 9 above)
and concluded that the loan-to-value, historic interest
cover and projected interest cover covenants were
breached as of 31 August 2023 (2022: re-evaluated
based on restated financial information). The
Lender had waived the breaches on 31 July 2023 but
because the waiver was only for a 45-day period,
the 2023 loan payable is presented as current. The
2022 bank borrowings balance is also presented as
current after considering the retrospective covenant
compliance position.
Financial Statements
Notes to the Consolidated Financial Statements—continued
13.Financialriskmanagement—continued

122 HomeREITplc | AnnualReport | Fortheyearended31August2023
14. Share Capital
As at
As at
31 August 2023
31 August 2022
Ordinary Shares of £0.01 each
Balance at the
Number
Number
beginning of the year
790,570,465
240,570,465
during the year
–
550,000,000
Balance at end of year
790,570,465
790,570,465
Share capital is the nominal amount of the Company’s
shares in issue.
On 27 September 2021, the Group raised £350 million
through an initial issue of 321,100,917 new Shares at an
issue price of 109 pence per new Share.
On 31 May 2022, the Group raised £263 million through
an initial issue of 228,899,083 new Shares at an issue
price of 115 pence per new Share.
15. Share premium account
beginning of the year
595,733
–
equity issuance
–
607,734
Share issue costs
–
(12,001)
Balance at end of year
595,733
595,733
The share premium relates to amounts subscribed for
share capital in excess of nominal value less associated
issue costs of the subscriptions.
16. Special distributable reserve
Balance at beginning of year
201,040
229,360
Dividends distribution
(10,910)
(28,320)
Balance at end of year
190,130
201,040
The special distributable reserve represents the
cancelled share premium (from the initial share
issuance) less dividends paid from this reserve.
This is a distributable reserve.
17. 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.
On 12 December 2022, the Company declared an
dividend of 1.38 pence per share in respect of the period
from 1 June 2022 to 31 August 2022, which was paid on
20 January 2023 to shareholders on the register as at
22 December 2022. This dividend was paid as a property
income distribution.
On 4 August 2022, the Group declared a dividend which
was paid on 9 September 2022 to shareholders on the
register as at 12 August 2022. This dividend was paid as
a property income distribution. The Group’s accounting
policy is that interim dividends should be recorded
as paid so the dividend should have been presented
in the 2023 and not the 2022 Consolidated Financial
Statements. While the amount is quantitatively
material, the Directors consider that the NAV as at
31 August 2023 is most important to users of the
financial statements, and correcting for this error
would have no impact on the NAV as at 31 August 2023.
There was no impact on compliance with debt
covenants (see Note 9) or other rules or regulations, or
compensation to any party. Accordingly, the Directors
have not corrected this error by posting a prior period
adjustment in these financial statements.
On 5 May 2022, the Group declared a dividend of
1.37 pence per Share, which was paid on 10 June 2022
to shareholders on the register as at 13 May 2022. This
dividend was paid as a property income distribution.
On 27 January 2022, the Group declared a dividend
of 1.37 pence per Share, which was paid on
25 February 2022 to shareholders on the register as at
4 February 2022. 0.10 pence of this dividend was paid
as a non-property income distribution. The remaining
balance of 1.27 pence was paid as property income
distribution.
On 15 September 2021, the Group declared an ordinary
dividend of 0.84 pence per Share, which was paid on
22 October 2021 to shareholders on the register as
at 24 September 2021. This dividend was paid as a
property income distribution.
The Board approved these distributions based on
financial statements and forecasts provided by
AHRA and to ensure it distributed Property Income,
as defined, in order to comply with REIT regulations.
In addition, the Board considered that it had the
substantial Special Distributable Reserve (Note 16)
which could cover any imprecision in AHRA’s estimates.
However, had the full, accurate information regarding
the material corrections made to the 2022 financial
statements been provided to the Board at the time of
approving the distributions, the Board would not have
approved the distributions.
Financial Statements
Notes to the Consolidated Financial Statements—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2023 123
18. Related party transactions
Investment Adviser
AHRA was originally appointed as the investment
adviser to the Group by entering into the IAA with
the Company. Under this agreement, AHRA was to
advise the Group in relation to the management,
investment and reinvestment of the assets of the
Group. As at 31 August 2022, AHRA was a subsidiary of
Alvarium RE Limited (now AlTi RE Limited (‘AlTi Re’)). On
4 January 2023, the Company announced that AlTi RE
had sold AHRA, its wholly-owned subsidiary, to AHRA’s
management in exchange for a promissory note.
Initially, the IAA could be terminated on 12 months’
written notice, such notice to expire on or at any
time after the fifth anniversary of 12 October 2020.
Additionally, the IAA could be terminated with
immediate effect on the occurrence of certain events,
including insolvency or in the event of a material and
continuing breach. On 15 March 2023, the Company
and AHRA agreed to terminate the IAA with effect from
30 June 2023.
Under the IAA, the investment advisory fees were
calculated in arrears in respect of each month, in each
case based upon the net asset value (adjusted for
undeployed cash) of the Group on the following basis:
a One-twelfth of 0.85%, per calendar month of net
asset value up to and including £500 million;
b One-twelfth of 0.75% per calendar month of net
asset value above £500 million up to and including
£750 million; and
c One-twelfth of 0.65% per calendar month of net
asset value above £750 million.
During the year ending 31 August 2023, the Group
incurred fees with AHRA under the IAA of £5,822,000
(2022: £5,322,000), offset by credits negotiated by the
Directors of £728,000 for a net expense of £5,094,000.
At 31 August 2023 no amount of the fee was unpaid
(2022: £582,000).
Investment Manager
On 22 May 2023, AEW was appointed as Property
Adviser for the Transition Period and subsequently
on 21 August 2023, on expiry of the Transition Period,
as AIFM and Investment Manager (see AIFM section
below). The Transition Period lasted from the date of
appointment until the Commencement of Phase 1.
Phase 1 continues for two years from the date of
commencement, at which time Phase 2 commences.
Phase 1 commenced when the following occurred:
1. Alvarium FM and AHRA ceasing to act for the Group;
2. FCA approval of the appointment of AEW as AIFM for
the Company; and
3. The adoption of the Amended Investment Policy.
During the Transition Period, AEW was paid £3,000,000
per annum. AEW is paid an annual fee in Phase 1:
1. A fixed fee of £3,000,000 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
£422 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 £5,000,000 (which is increased in
year 2 to the extent that total fees in year 1 fall below
£5,000,000.) In Phase 2, the Company shall pay a
fee of 0.75% of NAV, subject to a minimum annual
fee of £3,000,000, which increases annually at the
lower of CPI, RPI or 5% (from the commencement
of the Transition Period.) During the year ending
31 August 2023, the Group incurred fees under the
agreement with AEW of £1,085,000 (2022: nil). At
31 August 2023, all of this fee was unpaid (2022: nil).
AIFM
The AIFM acts as investment manager with
responsibility for the management of the assets of the
Group 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. Under the terms of the IMA, Alvarium FM was
appointed as the AIFM of the Company. Alvarium FM
is a subsidiary of Alvarium Investments Limited (now
AlTi Asset Management Holdings 2 Limited). Under the
IMA, Alvarium FM received a fee of £40,000 per annum.
No performance fee was payable to Alvarium FM as at
31 August 2023 or 2022. The IMA was terminated on
21 August 2023. On the same day, AEW was appointed
as AIFM. Compensation for AEW’s role as AIFM is
included in its fee discussed above.
Corporate Broker
Alvarium Securities Limited (now called Ellora
Partners Limited) (’Alvarium Securities’) was
appointed on 22 September 2020 as corporate broker
to the Group. Alvarium Securities is a subsidiary
of Alvarium Investments Limited (now called AlTi
Asset Management Holdings 2 Limited). Alvarium
Securities was paid an annual retainer fee in the amount
of £50,000 by the Group. During the year ending
31 August 2022, the Group incurred additional fees
of £10,413,000 from Alvarium Securities in relation
to equity raises in September 2021 and May 2022.
No additional fees were paid in 2023. These costs have
been treated as a reduction in equity as share issue
costs. The corporate broking agreement with Alvarium
Securities was terminated on 8 February 2023.
Financial Statements
Notes to the Consolidated Financial Statements—continued

124 HomeREITplc | AnnualReport | Fortheyearended31August2023
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 fees are £36,000
for each Director and £50,000 for the Chair per
annum. The Chair of the Audit Committee receives an
additional fee of £5,000 per annum. During the year
ended 31 August 2023, Directors’ fees of £176,000
(31 August 2022: £176,000) were paid, of which none was
payable at the 31 August 2023 and 2022.
As at 31 August 2023 and 2022, the Directors had the
following shareholdings in the Group all of which are
beneficially owned:
Number of Shares held
% of Shares in issue
Lynne Fennah
55,000
0.007
Simon Moore
56,000
0.007
Marlene Wood
30,000
0.004
Peter Cardwell
10,000
0.001
19. Reconciliation of liabilities to cash flows from financing activities
Balance at beginning of year
24
5,047
117,528
Net bank borrowings drawn down
30,467
92,757
Bank borrowing held in restricted account
8,881
73,115
Restricted cash transferred to unrestricted account
(39,348)
(35,872)
Loan arrangement fees paid
(1,567)
(2,743)
Amortisation of loan arrangement fees
501
318
Gain on revaluation of bank borrowings
(14,537)
–
Restricted cash balance used to repay borrowings
(30,000)
–
Loan arrangement fees accrual movement
56
(56)
Balance at end of the year
199,500
245,047
Financial Statements
Notes to the Consolidated Financial Statements—continued
18.Relatedpartytransactions—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2023 125
20. Contingent liabilities
Harcus Parker Limited (‘Harcus Parker’), a law firm
specialising in claimant group actions, soliciting
investors on a fully contingent basis (‘no win no
fee’) to join together in bringing claims against the
following parties:
• the Company;
• the Directors Defendants (those directors who were
in office when the Shares were suspended);
• AHRA;
• Alvarium FM; and
• 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. 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.
On 12 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.
21. 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 2023 and 2022. Amounts shown below
are both basic and diluted measures as there were no dilutive instruments in issue throughout the period.
Loss (£’000)
(118,160)
(474,844)
Weighted average number of Shares in issue during year (‘000)
790,570
597,121
Loss per share (pence)
(14.95)
(79.52)
Financial Statements
Notes to the Consolidated Financial Statements—continued

126 HomeREITplc | AnnualReport | Fortheyearended31August2023
22. 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.
NAV (£’000)
216,868
345,938
Number of Shares at year end (‘000)
7
90,570
790,570
NAV per Share
27.43p
43.76p
23. 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’s 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’s 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’s 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 major customers, contributing more
than 10% of the Group’s contractual annual passing rent. The Directors understand that certain tenants have
common directors, however, they do not have enough information to consider whether they would be considered
companies under common control. The Group has not aggregated the tenants with common directors in
this disclosure.
For the year ended 31 August 2023
For the year ended 31 August 2022
% of total
£’000
% of total
£’000
One CIC*
11.9%
6,400
–
–
Redemption Project CIC*
11.1%
6,000
–
–
Supportive Homes CIC
11.0%
6,000
10.4%
5,585
Lotus Sanctuary CIC**
–
–
12.2%
6,593
Other tenants (eachlessthan 10%)
66.0%
3
5,700
77.4%
41,737
Contracted annual passing rent
100.0%
54,100
100.0%
53,91
5
* In the prior period One CIC and Redemption Project CIC annual rent was shown as a part of other tenant’s balance (as less than 10%).
** In the current period, Lotus Sanctuary CIC annual rent is shown as a part of other tenant’s balance (as less than 10%).
Financial Statements
Notes to the Consolidated Financial Statements—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2023 127
24. 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
On 25 May 2022 the below subsidiary entities were put into a members voluntary liquidation. The net assets
of these entities were transferred to Home Holdings 1 Limited. The entities were subsequently dissolved on
the date noted.
Fox Alpha SPV Limited (22 August 2023)
Fox Bravo SPV Limited (22 August 2023)
FPI Co 417 Limited (22 August 2023)
FPI Co 418 Limited (22 August 2023)
FPI Co 419 Limited (25 August 2023)
Grolar Developments SPV 9 Limited (22 August 2023)
Grolar Developments SPV 11 Limited (22 August 2023)
Pathway Homes Group (Exeter) Limited (22 August 2023)
Pathway Homes Group (Luton) Limited (22 August 2023)
Pathway Homes Group (Morecambe) Limited (10 January 2024)
Pathway Homes Group (Plymouth) Limited (22 August 2023)
Pathway Homes Group (Stoke) Limited (22 August 2023)
Financial Statements
Notes to the Consolidated Financial Statements—continued

128 HomeREITplc | AnnualReport | Fortheyearended31August2023
25. Post balance sheet events
Change in strategy
On 16 September 2024, Shareholders approved the
New Investment Policy which is intended to allow
the Company to realise all the assets in the property
portfolio in an orderly manner.
Director Changes
On 18 January 2024, the Company announced the
appointment of Michael O’Donnell as an independent
non-executive director succeeding Lynne Fennah as
independent non-executive chair with immediate effect.
On 2 April 2024, the Company announced the
appointment of Peter Williams as senior independent
non-executive director with immediate effect.
On 7 June 2024, the Company announced the
appointment of Rod Day as an independent non-
executive director with immediate effect.
Disposals
From 1 September 2023 to 13 January 2025, the Group
exchanged on the sale of 1,582 properties for gross
sales proceeds of £239,295,000. Together with the
40 properties exchanged in the year to 31 August 2023
(of which none had completed as at that date), 1,606
properties have completed for total gross proceeds
of £239,816,000. Properties exchanged since
31 August 2023 were presented in the Consolidated
Statement of Financial Position as at 31 August 2023 at
£243,947,000. Of the proceeds received on completions,
£182,729,000 was applied against the outstanding loan
balances. As of 13 January 2025, 16 properties have
exchanged but not completed with a total sales value
of £4,327,000.
Restricted cash
Of the retentions held by solicitors at 31 August 2023,
£3,303,000 has been released to the Company, £686,000
has been released to vendors and £627,000 is still held
with solicitors as at 31 December 2024.
Tenant updates
A number of tenants have surrendered leases or gone
into creditors voluntary liquidation. Of leases associated
with the tenants in place in the 2,473 properties owned
by the Group on 31 August 2023, 52 are still in place, 371
properties have been turned over to a property manager
and the Group has direct leases with the occupants,
447 are re-tenanted, and 1,603 have been sold.
Lender discussions
On 4 December 2023, Scottish Widows imposed a further
Deferred Fee effective from 30 November 2023 being the
equivalent of 5.0% per annum on the aggregate amounts
outstanding on the two loans as computed on a daily
basis, payable at the earlier of 28 June 2024 or the full and
final repayment of the loans. On 2 July 2024 the Deferred
Fee was increased from 5% to 7% with effect from
1 July 2024 until the full repayment of the loan.
As a result of the property sales discussed above
and application of lockbox amounts against the
loan balance, the £120,000,000 loan was fully repaid
on 25 September 2024, the £130,000,000 loan was
fully repaid on 27 November 2024. The Deferred Fee
was paid on 16 December 2024.
Potential litigation/FCA investigation
A pre-action letter of claim has been sent to the
Company and the Director Defendants by Harcus Parker
on behalf of certain shareholders. On 5 March 2024,
the Company announced that it intends to bring
legal proceedings against those parties it considers
are responsible for wrongdoing. On 12 April 2024,
the Company issued pre-action letters of claim to
Alvarium FM and AlTi RE Limited, AHRA’s principal.
On 29 May 2024, the Company issued a pre-action letter
of claim to AHRA.
On 13 February 2024, the Company announced that it
had been notified by the FCA of its commencement of an
investigation into the Company covering the period from
22 September 2020 to 3 January 2023.
Other
Pathway Homes Group (Morecambe) Limited was
dissolved on 10 January 2024.
26. Controlling parties
There is no ultimate controlling party of the Group.
Financial Statements
Notes to the Consolidated Financial Statements—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2023 129
Company Statement of Financial Position
Companynumber:12822709
Note
Asat
31August2023
£’000
Asat
31August2022
£’000
Non-current assets
Investmentinsubsidiaries
4 – –
Investmentproperty
5 2,250 3,447
Amountsduefromsubsidiaries
6 218,930 329,499
Total non-current assets 221,180 332,946
Current assets
Amountsduefromsubsidiaries
6 – 13
Investmentpropertyheldforsale
5 1,060 –
Tradeandotherreceivables
6 23 161
Cashandcashequivalents
7 308 16,581
Total current assets 1,391 16,755
Total assets 222,571 349,701
Non-current liabilities
Amountsduetosubsidiaries
8 – –
Total non-current liabilities
– –
Current liabilities
Tradeandotherpayables
8 5,703 3,796
Total current liabilities 5,703 3,796
Total liabilities 5,703 3,796
Net assets 216,868 345,905
Capital and reserves
Sharecapital
9 7,906 7,906
Sharepremium
10 595,733 595,733
Specialdistributablereserve
11 190,130 201,040
Accumulatedlosses (576,901) (458,774)
Total capital and reserves attributable to equity
holders of the company 216,868 345,905
Thelossandtotalcomprehensivelossattributable
totheshareholdersoftheparentCompanyforthe
yearended31August2023amountedto£118,127,000
(2022:£456,353,000).
Thenotesonpages131to136formpartofthese
financialstatements.
TheCompanyfinancialstatementsofHomeREIT
plcwereapprovedandauthorisedforissuebythe
BoardofDirectorson13January2025andsignedon
itsbehalfby:
Michael O’Donnell
Chair
Financial Statements
Company Financial Statements

130 HomeREITplc | AnnualReport | Fortheyearended31August2023
Company Statement of Changes in Shareholders’ Equity
Fortheyearended31August2023 Note
Share
capital
account
£’000
Share
premium
account
£’000
Special
distributable
reserve
£’000
Accumulated
losses
£’000
Totalequity
attributableto
ownersofthe
Company
£’000
Openingbalance 7,906 595,733 201,040 (458,774) 345,905
Lossfortheyear – – – (118,127) (118,127)
Transaction with owners:
Dividenddistribution
11 – – (10,910) – (10,910)
Balanceat31August2023 7,906 595,733 190,130 (576,901) 216,868
Fortheyearended31August2022 Note
Share
capital
account
£’000
Share
premium
account
£’000
Special
distributable
reserve
£’000
Accumulated
losses
£’000
Totalequity
attributableto
ownersofthe
Company
£’000
Openingbalance 2,406 – 229,360 (2,421) 229,345
Lossfortheyear – – – (456,353) (456,353)
Transaction with owners:
Dividenddistribution
11 – – (28,320) – (28,320)
Sharecapitalissued
9,10 5,500 607,734 – – 613,234
Shareissuecosts
10 – (12,001) – – (12,001)
Balanceat31August2022 7,906 595,733 201,040 (458,774) 345,905
Thenotesonpages131to136formpartofthesefinancialstatements.
Financial Statements
Company Financial Statements—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2023 131
1. Basisofpreparation
HomeREITplc(the“Company”)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“Directors”
orthe“Board”).Thissetoffinancialstatementshas
beenpreparedinaccordancewithFinancialReporting
Standard101‘ReducedDisclosureFramework’(“FRS
101”).Wherereferredtoherein,theGroup(the
“Group”)consistsoftheCompanyanditssubsidiaries
whicharelistedinNote24totheConsolidated
FinancialStatements.
Disclosureexemptionsadopted
InpreparingthesefinancialstatementstheCompany
hastakenadvantageofdisclosureexemptions
conferredbyFRS101andthereforethesefinancial
statementsdonotinclude:
• CertaindisclosuresregardingtheCompany’scapital;
• Astatementofcashflows;
• Theeffectoffutureaccountingstandardsnot
yetadopted;
• Thedisclosureoftheremunerationofkey
managementpersonnel;and
• Disclosureofrelatedpartytransactionswithwholly
ownedsubsidiariesoftheCompany.
TheCompanyhastakenadvantageoftheexemption
allowedunderSection408oftheCompaniesAct2006
andhasnotpresenteditsownprofitandlossaccountin
thesefinancialstatements.
Goingconcern
AsdiscussedinmoredetailinNote1tothe
ConsolidatedFinancialStatements,theDirectors
consideritappropriatetoadoptabasisofaccounting
otherthanasagoingconcerninpreparingthese
financialstatements.
2. Significantaccountingjudgementsandestimates
Thepreparationoffinancialstatements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tothe
ConsolidatedFinancialStatements.
Valuationofinvestmentproperties
TheCompanypresentsitsinvestmentpropertyat
fairvalue.Significantassumptionsandmethodsof
valuationsareconsistentwiththeGroupdisclosures
forwhichdetailsaregiveninNote8oftheConsolidated
FinancialStatements.
Impairmentofinvestmentsinandamountsdue
fromsubsidiaries
TheCompanyusesthenetassetsoftheinvesteesto
supportboththeinvestmentsinandamountsduefrom
subsidiaries.Whenanimpairmentofaportion(ienotall)
ofthosebalancesisconsideredtohaveoccurred,the
Companyimpairstheinvestmentinsubsidiarybalance
firstandthenanyamountsduefromsubsidiariessecond.
Inestimatingthenetassetsavailableforassessing
impairment,balancesduefromotherrelatedpartiesare
consideredafterotherimpairmentshavebeenrecorded.
3. Principalaccountingpolicies
Theprincipalaccountingpoliciesadoptedinthe
preparationoftheCompanyFinancialStatementsare
consistentwiththeGroupwhicharedescribedinNote2
totheConsolidatedFinancialStatements.Policies
adoptedinthepreparationoftheCompany’sFinancial
StatementsthatarenotincludedintheConsolidated
FinancialStatementsaregivenbelow:
a Impairmentofinvestmentsinandamountsdue
fromsubsidiaries
Investmentinsubsidiariesandamountsduefrom
subsidiariesareincludedinthestatementoffinancial
positionatcostlessprovisionforimpairment.
Thebalances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.
Becausethenetassetsoftheinvesteessupportboth
theinvestmentsinandamountsduefromsubsidiaries,
whenanimpairmentofaportion(i.e.notall)ofthose
balancesisconsideredtohaveoccurred,theCompany
impairstheinvestmentinsubsidiarybalancefirst
andthenanyamountsduefromsubsidiariessecond.
Inestimatingthenetassetsavailableforassessing
impairment,balancesduefromotherrelated
partiesareconsideredafterotherimpairmentshave
beenrecorded.
b Guarantor
TheCompanyactsasaguarantortotheloanfacilities
oftwoofitssubsidiariesasdescribedinNote9to
theConsolidatedFinancialStatements.Atinception,
theCompanyrecognisestheguaranteeatcostand
subsequentlymeasurestheliabilityatthehigherof:
Financial Statements
Notes to the Company Financial Statements

132 HomeREITplc | AnnualReport | Fortheyearended31August2023
a. Theinitialcostoftheguarantee;and
b. Theexpectedcreditlossesofthefinancial
guaranteeoverthelifeoftheunderlyingcontract.
TheCompanydidnotreceiveanyremunerationforthe
guaranteeanddoesnotexpectanycreditlossesrelated
totheguaranteeoverthelifeoftheunderlyingcontract.
Accordingly,theCompanyhasnotrecognisedaliability.
4. Investmentinsubsidiaries
Investmentinsubsidiariesisincludedinthe
statementoffinancialpositionatcostlessprovision
forimpairment.
Asat
31August2023
£’000
Asat
31August2022
£’000
Balanceatbeginningofyear – 10,390
Impairmentofbalance – (10,390)
Balance at end of year – –
Afterconsideringtherecoverabilityofitsinvestments
insubsidiaries,theCompanyhasfullyimpairedthe
balanceasat31August2023and2022.
AlistoftheCompany’ssubsidiaryundertakings
isincludedinNote24totheConsolidated
FinancialStatements.
5.InvestmentProperty
Asat
31August2023
£’000
Asat
31August2022
£’000
Freeholdinvestment
propertyatthe
beginningyear 3,447 8,793
Receiptsrelatingtobuildings
consideredunhabitable (53) –
Rentstraightliningand
leaseinducement 101 35
Impairmentofrentstraight
liningandleaseinducement – (238)
Decreaseinfairvalueof
investmentproperty (185) (5,143)
Fairvalueatthe
endoftheyear 3,310 3,447
PresentedintheStatement
ofFinancialPositionas:
Investmentproperty
non-current 2,250 3,447
Investmentproperty
heldforsale–current 1,060 –
At31August2023and2022,theinvestmentproperties
havebeenvaluedbyJonesLangLaSalleLimited
(“JLL”),anaccreditedindependentexternalvaluerwith
relevantandrecentexperienceofvaluingresidential
propertiesofthetypeinwhichtheCompanyinvests.
Detailedinformationaboutthevaluationofinvestment
propertyisincludedinNote8totheConsolidated
FinancialStatements.
6.Tradeandotherreceivables
Asat
31August2023
£’000
Asat
31August2022
£’000
Tenantreceivables
inaccordancewith
leaseagreements 456 148
Rentnotrecognisedbecause
propertieswereunhabitable (156) (27)
Tenantreceivables,net 300 121
Otherreceivables 45 –
Prepaidexpenses 23 40
Tenant receivables and
otherfinancialassets 368 161
Provisionfordoubtfuldebts (345) –
Trade and other receivables 23 161
Amountsdue
fromsubsidiaries
repayableondemand 102,598 47,675
Provisionfordoubtfuldebts (102,598) (47,662)
Amounts due from
subsidiaries (net
of provision) – 13
Trade and other
receivables – current 23 174
Amountsduefrom
subsidiaries–non-current 651,339 713,909
Provisionfordoubtfuldebts (432,409) (384,410)
Amounts due from
subsidiaries (net of
provision) – non current 218,930 329,499
Trade and other receivables
– non-current 218,930 329,499
Total trade and
other receivables 218,953 329,673
Financial Statements
Notes to the Company Financial Statements—continued
3. Principalaccountingpolicies—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2023 133
Allcurrenttradeandotherreceivablesaredue
withinoneyear.
Amountsduefromsubsidiariesareinterestfreeand
repayableondemand.TheCompanyhasclassified
theoutstandingbalancesinlinewiththetimingofthe
expectedrecoveryoftheseamounts.
Afterconsideringtherecoverabilityofamounts
duefromsubsidiaries,theCompanyhasrecognised
creditlossesintheamountof£535,007,000asat
31August2023(asat31August2022:£432,072,000).
TheDirectorsconsiderthattheremaining
carryingamountoftradeandotherreceivables
approximatesfairvalue.
7.Cashandcashequivalents
Asat
31August2023
£’000
Asat
31August2022
£’000
Cashheldatbank 308 16,581
Total cash and
cash equivalents 308 16,581
8.Tradeandotherpayables
Asat
31August2023
£’000
Asat
31August2022
£’000
Amountsduetosubsidiaries – –
Non-current liabilities – –
Asat
31August2023
£’000
Asat
31August2022
£’000
Tradeandotherpayables 5,703 3,796
Current liabilities 5,703 3,796
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.
9.Sharecapital
OrdinarySharesof£0.01each
Asat
31August2023
Number
Asat
31August2022
Number
Atthebeginning
oftheyear 790,570,465 240,570,465
FurtherSharesissued
duringtheyear – 550,000,000
Issuedandfully
paidatyearend 790,570,465 790,570,465
Detailedinformationaboutthesharecapitalofthe
CompanyisincludedinNote14totheConsolidated
FinancialStatements.
10.Sharepremium
Asat
31August2023
£’000
Asat
31August2022
£’000
Balanceatthe
beginningofyear 595,733 –
Sharepremiumarisingon
equityissuance – 607,734
Shareissuecosts – (12,001)
Balance at the end of year 595,733 595,733
Thesharepremiumrelatestoamountssubscribedfor
sharecapitalinexcessofnominalvaluelessassociated
issuecostsofthesubscriptions.
11.Specialdistributablereserve
Asat
31August2023
£’000
Asat
31August2022
£’000
Balanceatthe
beginningofyear 201,040 229,360
Dividenddistribution (10,910) (28,320)
Balance at the end of year 190,130 201,040
Thespecialdistributablereserverepresentsthe
cancelledsharepremium(forthefirstshareissuance)
lessdividendspaidfromthisreserve.Thisisa
distributablereserve.
Financial Statements
Notes to the Company Financial Statements—continued
6.Tradeandotherreceivables—continued

134 HomeREITplc | AnnualReport | Fortheyearended31August2023
12.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.
On12December2022,theCompanydeclaredan
dividendof1.38pencepershareinrespectoftheperiod
from1June2022to31August2022,whichwaspaidon
20January2023toshareholdersontheregisterasat
22December2022.Thisdividendwaspaidasaproperty
incomedistribution.
On4August2022,theCompanydeclareda
dividendof1.38penceperShare,whichwaspaidon
9September2022toshareholdersontheregisteras
at12August2022.Thisdividendwaspaidasaproperty
incomedistribution.Thisdividendwaspaidasa
propertyincomedistribution.TheGroup’saccounting
policyisthatinterimdividendsshouldberecorded
aspaidsothedividendshouldhavebeenpresented
inthe2023andnotthe2022ConsolidatedFinancial
Statements.Whiletheamountisquantitatively
material,theDirectorsconsiderthattheNAVasat
31August2023ismostimportanttousersofthe
financialstatements,andcorrectingforthiserror
wouldhavenoimpactontheNAVasat31August2023.
TherewasnoimpactoncompliancewithGroup
debtcovenants(seeNote9totheConsolidated
FinancialStatements)orotherrulesorregulations,or
compensationtoanyparty.Accordingly,theDirectors
havenotcorrectedthiserrorbypostingapriorperiod
adjustmentinthesefinancialstatements.
On5May2022,theCompanydeclaredadividendof
1.37penceperShare,whichwaspaidon10June2022
toshareholdersontheregisterasat13May2022.This
dividendwaspaidasapropertyincomedistribution.
On27January2022,theCompanydeclaredadividendof
1.37penceperShare,whichwaspaidon25February2022
toshareholdersontheregisterasat4February2022.
0.10penceofthisdividendwaspaidasanon-property
incomedistribution.Theremainingbalanceof1.27pence
waspaidaspropertyincomedistribution.
On15September2021,theCompanydeclaredan
ordinarydividendof0.84penceperShare,whichwas
paidon22October2021toshareholdersontheregister
asat24September2021.Thisdividendwaspaidasa
propertyincomedistribution.
TheBoardapprovedthesedistributionsbasedon
financialstatementsandforecastsprovidedby
AHRAandtoensureitdistributedPropertyIncome,
asdefined,inordertocomplywithREITregulations.
Inaddition,theBoardconsideredthatithadthe
substantialSpecialDistributableReserve(Note11)
whichcouldcoveranyimprecisioninAHRA’sestimates.
However,hadthefull,accurateinformationregarding
thematerialcorrectionsmadetothesefinancial
statementsbeenprovidedtotheBoardatthetimeof
approvingthedistributions,theBoardwouldnothave
approvedthedistributions.
13.Guaranteeofsubsidiarydebt
AsdescribedinNote9totheConsolidatedFinancial
Statements,theCompanyprovidedaguarantee
toScottishWidowsLimitedontwofixedtermloan
facilitieswherewholly-ownedsubsidiariesare
theborrowers.On27November2024,theGroup
madeitsfinalpaymentontheloansoutstandingto
ScottishWidows.TheGrouppaidtheDeferredFee
of£9.0millionon16December2024.
14.Contingentliabilities
HarcusParkerLimited(“HarcusParker”),alawfirm
specialisinginclaimantgroupactions,soliciting
investorsonafullycontingentbasis(‘nowinno
fee’)tojointogetherinbringingclaimsagainstthe
followingparties:
• theCompany
• theDirectorsDefendants(thosedirectorswhowere
inofficewhentheSharesweresuspended);
• AHRA;
• TheCompany’sformerAIFM,AlvariumFund
Managers(UK)Limited(“AlvariumFM”);and
• AlTiRE,theformerparentofAlvariumFMand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.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.
TwooftheCompany’ssubsidiariesissuedstatutory
demandstoatenantinAugust2024.Inresponse,
thetenantdisputedthestatutorydemandsand
Financial Statements
Notes to the Company Financial Statements—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2023 135
subsequentlyfiledaclaimincourtagainst8different
parties,includingtheCompanyandtwosubsidiaries.
TheclaimhasbeenissuedbyCourtandthetenant
hasservedtheproceedingsontheCompanyand
subsidiaries.Theotherdefendantsincludeother
companiesandindividuals,oneofwhichisaformer
directorofthesubsidiaries.Theclaimallegesdamages
forconspiracy,misrepresentation,rescissionof
theleasesandinterestandcourtcosts.Thetenant
hasnotprovidedparticularsofitslossesbutclaims
tohavesufferedaprimaryloss(fromallparties)of
approximately£1million.Oneoftheremediesbeing
soughtbythetenantisrescissionoftheleases,which
wouldnullifytheeffectsoftheleasesfrominception.
Further,theDirectorsbelievethatifanydamageshave
beenincurredbythetenant,theyarelowerthanthe
rentowedtothegroup(andwhicharesupportedby
paymentsitisreceivingfromunderlyingoccupants)
However,theDirectorscannotestimatewhatifany
amountswouldbepayableuntiltheparticularsof
thelossesaredisclosedindetail.TheBoardintendto
vigorouslydefendtheirpositionifandwhentheclaimis
issuedbythetenant.
On12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.
15.Relatedpartytransactions
InvestmentAdviser
AHRAwasappointedastheinvestmentadviser
totheCompanybyenteringintotheInvestment
AdvisoryAgreementwiththeCompany.Under
thisagreement,theInvestmentAdviseradvised
theCompanyinrelationtothemanagement,
investmentandreinvestmentoftheassetsofthe
Company.Asat31August2022,AHRAwasasubsidiary
ofAlvariumInvestmentsLimited,theultimateparent
companyoftheAIFMandtheBrokertotheCompany.
On4January2023,theCompanyannouncedthat
AlvariumRELimitedsolditswholly-ownedsubsidiary,
AlvariumHomeREITAdvisorsLimited,toits
managementinexchangeforapromissorynote.
Initially,theInvestmentAdvisoryAgreementcouldbe
terminatedon12months’writtennotice,suchnotice
toexpireonoratanytimeafterthefifthanniversary
of12October2020.Additionally,theInvestment
AdvisoryAgreementcouldbeterminatedwith
immediateeffectontheoccurrenceofcertainevents,
includinginsolvencyorintheeventofamaterialand
continuingbreach.On15March2023,theCompanyand
AHRAagreedtoterminatetheInvestmentAdvisory
agreementwitheffectfrom30June2023.
TheinvestmentadvisoryfeespayabletoAHRAwere
calculatedinarrearsinrespectofeachmonth,ineach
casebasedupontheadjustednetassetvalueofthe
Grouponthefollowingbasis:
a One-twelfthof0.85%,percalendarmonthofnet
assetvalueuptoandincluding£500million;
b One-twelfthof0.75%percalendarmonthofnet
assetvalueabove£500millionuptoandincluding
£750million;and
c One-twelfthof0.65%percalendarmonthofnet
assetvalueabove£750million.
Duringtheyearending31August2023,theCompany
incurredfeeswithAHRAundertheIAAof£5,822,000
(2022:£5,322,000),offsetbycreditsnegotiatedbythe
Directorsof£728,000foranetexpenseof£5,094,000.
At31August2023,noamountofthefeewasunpaid
(2022:£582,000).
InvestmentManager
On22May2023,AEWUKInvestmentManagement
LLP(“AEW”)wasappointedasPropertyAdviserforthe
transitionperiodandsubsequentlyon21August2023,
onexpiryofthetransitionperiodasAIFMand
InvestmentManager(seeAIFMsectionbelow).The
transitionperiodlastedfromthedateofappointment
untiltheCommencementofPhase1.Phase1continues
fortwoyearsfromthedateofcommencement,at
whichtimePhase2wouldhavecommenced.Phase1
commencedwhenthefollowingoccurred:
1. TheadoptionoftheAmendedInvestmentPolicy,
2. AlvariumFMandAHRAceasingtoactfortheGroup,
3. FCAapprovaloftheappointmentofAEWasAIFM
fortheCompany.
Financial Statements
Notes to the Company Financial Statements—continued
14.Contingentliabilities—continued

136 HomeREITplc | AnnualReport | Fortheyearended31August2023
DuringtheTransitionPeriod,AEWwaspaid£3,000,000
perannum.AEWispaidanannualfeeinPhase1of
theagreement:
1. Afixedfeeof£3,000,000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£422per
bed,asdefined;and
3. Avariablefeeof10%ofrentcollectedbytheGroup
fromitsinvestments.
Themaximumamountpayableinanyyearunder
thisagreementis£5,000,000(whichisincreasedin
year2totheextentthattotalfeesinyear1fallbelow
£5,000,000.)InPhase2,theCompanyshallpayafee
of0.75%ofNAV,subjecttoaminimumannualfeeof
£3,000,000,whichincreasesannuallyatthelowerof
CPI,RPIor5%(fromthecommencementoftheofthe
TransitionPeriod.)
Duringtheyearending31August2023,theCompany
incurredfeesundertheagreementwithAEWof
£1,085,000(2022:nil).At31August2023,allofthisfee
wasunpaid(2022:nil).
AIFM
UnderthetermsoftheInvestmentManagement
Agreementdated22September2020,Alvarium
FundManagers(UK)Limitedwasappointedasthe
AlternativeInvestmentFundManager(AIFM)tothe
Company.TheAIFMactsasinvestmentmanager
withresponsibilityforthemanagementoftheassets
oftheCompanyinaccordancewiththeinvestment
policyoftheCompanyandthepoliciesanddirections
oftheBoardandisregulatedintheconductof
investmentbusinessbytheFCA.AlvariumFund
Managers(UK)LimitedisasubsidiaryofAlvarium
InvestmentsLimited(nowAITiAssetManagement
Holdings2Limited),theultimateparentcompanyofthe
BrokerandtheInvestmentAdvisertotheCompany.
UndertheInvestmentManagementAgreement,
theAIFMreceivedafeeof£40,000perannum.No
performancefeewaspayabletotheAIFMasat
31August2023and2022.TheAIFMagreementwith
AlvariumFundManagers(UK)Limitedwasterminated
on21August2023.Onthesameday,AEWUK
InvestmentManagementLLPwasappointedasAIFM.
CompensationforitsroleasAIFMisacomponentof
theInvestmentAdvisoryfeediscussedabove.
CorporateBroker
AlvariumSecuritiesLimited(nowcalledElloraPartners
Limited)(’AlvariumSecurities’)wasappointedon
22September2020ascorporatebrokertothe
Company.AlvariumSecuritiesisasubsidiaryof
AlvariumInvestmentsLimited(nowcalledAlTiAsset
ManagementHoldings2Limited).AlvariumSecurities
waspaidanannualretainerfeeintheamountof
£50,000bytheCompany.Duringtheyearending
31August2022,theCompanyincurredadditionalfees
of£10,413,000fromAlvariumSecuritiesinrelationto
equityraisesinSeptember2021andMay2022(none
in2023).Thesecostshavebeentreatedasareduction
inequityasshareissuecosts.Thecorporatebroking
agreementwithAlvariumSecuritieswasterminatedon
8February2023.
Directors
TheDirectorsareentitledtoreceiveafeefrom
theCompanyatsuchrateasmaybedeterminedin
accordancewiththeArticlesofAssociation.Thefees
are£36,000foreachDirectorand£50,000fortheChair
perannum.TheChairoftheAuditCommitteereceives
anadditionalfeeof£5,000perannum.Duringtheyear
ended31August2023,Directors’feesof£176,000
(31August2022:£176,000)werepaid,ofwhichnonewas
payableatthe31August2023and2022.
Asat31August2022,theDirectorshadthefollowing
shareholdingsintheCompanyallofwhichare
beneficiallyowned.
Numberof
Sharesheld
%ofShares
inissue
LynneFennah 55,000 0.007
SimonMoore 56,000 0.007
MarleneWood 30,000 0.004
PeterCardwell 10,000 0.001
16.Postbalancesheetevents
PostbalancesheeteventsoftheCompanyareincluded
inNote25totheConsolidatedFinancialStatements.
17.Ultimatecontrollingparty
ThereisnoultimatecontrollingpartyoftheCompany.
Financial Statements
Notes to the Company Financial Statements—continued
15.Relatedpartytransactions—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2023 137
Additional information
138 Appendix1–KeyRegulatoryNewsServicesAnnouncements
1September2022to13January2025
144 Appendix2–GovernanceandInternalControl
147 Glossary
152 Companyinformation

138 HomeREITplc | AnnualReport | Fortheyearended31August2023
Regulatory News Service Announcements 1 September 2022 to 13 January 2025
Date Title Key
13-Sep-22
Home REIT acquires 158 properties for £57.4m
Acquired158propertiesforanaggregatepurchasepriceof£57.4m.
PROP
01-Nov-22
Trading update
CircleHousing,atenantwasplacedintovoluntaryadministrationinJuly2022.
AHRAUpdate:appointedJamesSnapeasCFO;GarethJonessteppingbackfromhis
roleasfundmanagerwhilsthetakesaperiodofleaveforhealthreasons.Charlotte
Fletcherremainsasco-fundmanagerwhilstAlexBakerhasbeenpromotedfrom
assistantfundmanagertoco-fundmanager.
T,IA
23-Nov-22
Response to inaccurate short selling report
RTP
25-Nov-22
Full year results delay
TheCompanyisrequiredtodelaypublicationofitsResultswhileBDOcompletesan
additionalverificationexercise.
RES
30-Nov-22
Full response to short selling report
RTP
12-Dec-22
Dividend announcement and further update
Interimdividendof1.38penceperOrdinarySharedeclaredandtakesthetotal
dividendspaidanddeclaredinrespectofthefinancialyearended31August2022to
5.5penceperOrdinaryShare.TheCompany’sauditorBDOiscarryingoutenhanced
auditprocedures.
SA,RES
03-Jan-23
Temporary share suspension
ThelistingoftheCompany’sordinaryshareshasbeentemporarilysuspendedwith
effectfrom7.30a.m.on3January2023.
SN
04-Jan-23
Statement re Alvarium Home REIT Advisors Limited
AlvariumRELimited(nowcalledAlTiRELimited)enteredintoanagreementtosell
AHRAtoanewlyformedentityownedbythemanagementofAHRAfundedbywayof
apromissorynote.
IA
12-Jan-23
Response to media reports
TheCompanyhasseenageneraldeteriorationinitsrentcollectionpositionandneither
BigHelpGroupnorNobleTreeFoundationhaspaidrentcontractuallydueforthe
quarterto30November2022.
T
19-Jan-23
External Property Manager
AHRAhasenteredintoanagreementwithSimpacttoaccelerateandfurthersupport
AHRA’songoingassetmanagementandmonitoringprogramme.
IA
25-Jan-23
Response to media reports – Tenant update
LotusSanctuaryhasnotpaidanyrentforthequarterto30November2022.
T
16-Feb-23
Update, Review of Strategic Options, Possible Sale
AlvariumSecuritiesresignedasbrokerandtheagreementwithJefferieswas
terminated.SmithSquarePartnersLLPappointedasFinancialAdviserson
13February2023.
ForthequarterendingNovember2022,only23%ofrenthasbeencollected.
TheBoardisconsideringallstrategicoptionsincludingthepossiblesaleofthe
Company.TheCompanyreceivedanunsolicitedapproachfromBluestarGroupLimited.
A&MinstructedtoinvestigateallegationsofwrongdoinginearlyJanuary2023.
SP,SN,IA
06-Mar-23
Tenant update
GenLivUKCICandLotusSanctuaryCIC,tenantsmakingup5.7%and12.5%
respectivelyoftheCompany’sannualrentroll,haveenteredintoacreditors’voluntary
liquidation(“CVL”).
T
Additional information
Appendix 1

 HomeREITplc | AnnualReport | Fortheyearended31August2023 139
Date Title Key
15-Mar-23
Update on Review of Strategic Options
TheBoardisconsideringallitsoptionsfortheongoingmanagementoftheCompany’s
assets,and,consequently,isinitiatingaprocesstoconsidercandidatestoactas
investmentadviser.
TheBoardcontinuestoexplorealloptions,includinganorderlyrealisationofsomeorall
ofitsassetsand/orasaleoftheCompanytomaximisevalueforshareholders.
IA,SN
16-Mar-23
Extension of PUSU deadline
TheTakeoverPanelhasconsentedtoanextensiontothedeadlinebywhichBluestaris
requiredeithertoannounceafirmintentiontomakeanofferorannouncethatitdoes
notintendtomakeanoffer.
SN
05-Apr-23
Further Update on Review of Strategic Options
TheBoardcontinuestoexploreallavailableoptionsandisgivingparticularconsideration
tothepotentialsaleinthenear-termofalimitednumberofproperties.
TheGrouphasagreedtorepay£30mofdebt.TheLenderhasalsoprovidedtheGroup
withaccesstoadditionalfundsforgeneralworkingcapitalpurposes.
TheBoardhasrecentlyreceivedaninitialdraftofA&M’sreportonits
investigationfindings.
IA,SN,F
13-Apr-23
Further extension of PUSU deadline
TheTakeoverPanelhasconsentedtoanextension.
SN
11-May-23
Response to announcement by Bluestar
TheBoardbelievesthatprogressingBluestar’sproposalatthistimeisunlikelyto
maximisevalueforshareholders.TheCompanyisnownolongerinanofferperiodunder
theTakeoverCode.
SN
23-May-23
Appointment of AEW
TheBoardhasenteredintoanagreementwithAEWunderwhich,effectiveimmediately,
AEWwillactastheCompany’sPropertyAdviserandwillbecometheInvestment
ManagerandAIFMtotheCompany.
IA
30-May-23
Update on Internal Investigation
A&MhasdeliveredtotheCompanyadetailedreport(“A&MReport”).TheCompany
reservesallofitsrightsinrespectofthemattersreferredtointheA&MReportand
doesnotwishtoprejudiceitspositioninrespectofanyfurtheractionwhichmayfollow.
Accordingly,andmindfulofitsobligations,thereisalimitontheinformationthatthe
Companyfeelsthatitisappropriatetodisclosepublicly.
Keyfindings:
• ArrangementsfortherefurbishmentofpropertieswerenotbroughttotheBoard’s
attentionbytheInvestmentAdviser.
• Settlementofrentarrearsandarrangementswithtenantswerenotbroughttothe
Board’sattentionbytheInvestmentAdviser.
• OngoingmonitoringoftenantswaslimitedbytheInvestmentAdviser.
• InformationprovidedtoTheGoodEconomybytheInvestmentAdviser
wasinaccurate.
IA
28-Jul-23
Notice of General Meeting
CircularpublishedcontainingdetailsofproposedamendmentstotheCompany’s
OriginalInvestmentPolicy.
TheCompanyhasappointedJLLasitsnewpropertyvaluer.
SN,INV,SP
02-Aug-23
Tenant update
RedemptionProjectCIC,atenantmakingup11%ofrentdemandedinJune,has
enteredintoaCVL.
SerenitySupportCIC,atenantmakingup1%ofrentdemandedinJune,hasalso
enteredintoaCVL.
T
Additional information
Appendix1—continued

140 HomeREITplc | AnnualReport | Fortheyearended31August2023
Date Title Key
04-Aug-23
Property Sales
Exchangedonthesaleof40propertiesforgrossproceedsof£4.8m.
PROP
21-Aug-23
Result of General Meeting
ShareholdersapprovedtheAmendedInvestmentPolicy.
AEWhasbeenappointedastheCompany’sAIFMandInvestmentManagerwith
immediateeffect.
INV,IA
23-Aug-23
Transfer of sub-leases
100leasesofpropertiesintheOne(Housing&Support)CICportfoliowere
surrendered,withtheCompanyassumingdirectleaseswiththeexistingsub-tenant,
MearsLimited.
T
04-Sep-23
Monthly Update
JLLtoundertakevaluationsasat31August2022,28February2023and31August2023.
VibrantEnergyMattersappointedtoinspectall2,473properties.
Revisedaccountingpoliciesforleaseincomerecognitionandacquisitionaccountingare
beingfinalised.
TheBoardhasinitiatedaformalandphasedsuccessionprocess.
SP,RES,D
07-Sep-23
Tenant update
SupportiveHomesCIC,atenantrepresenting11.3%ofrentdemandedinAugust2023,
hasenteredintoaCVL.
T
22-Sep-23
Surrender of leases and transfer of sub-leases
Redemptionhasagreedtosurrenderitsleaseson146propertieswithMears
Limitedbecomingadirecttenantfor77propertiestheremainingleaseterm.Forthe
remaining69properties,theCompanyhasagreedflexibleleaseswiththeCommunity
AccommodationGroupandappointedMyshonLimitedtomanagetheproperties.
T
29-Sep-23
Property Sales
Exchangedonthesaleof137propertiesforgrossproceedsof£22.8m.
PROP
02-Oct-23
Monthly Update
Repaymentof£3.8mofdebt.
F
06-Nov-23
Monthly Update
Exchangedonthesaleofafurther14propertiesfor£9.0mon2November2023.
PROP
09-Nov-23
Property Sales
Exchangedonthesaleof153propertiesforgrossproceedsof£24.3m.
PROP
28-Nov-23
Surrender of leases
AgreementwithEdenSafeforthesurrenderofitsleaseson38properties.The
CompanywillbeappointingCentrickasPropertyManagertotheseproperties.
T
05-Dec-23
Monthly Update
MarigoldHousing,whichleases15propertiesrepresenting0.9%ofrentdemandedin
November,enteredintoliquidationon15November2023.
Repaymentof£17.9mofdebt.
TheCompanyandtheLenderhaveagreedanadditionalfeeof5.00%perannum
chargedontheaggregateoutstandingloanbalancesonadailybasisfrom
30November2023.Theadditionalfeeispayableattheearlierof28June2024oronfull
repaymentoftheloans.
T,F
20-Dec-23
Property Sales
Overlastfivedaysexchangedonthesaleof80propertiesforgrossproceedsof£16.2m.
PROP
Additional information
Appendix1—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2023 141
Date Title Key
20-Dec-23
Property Valuation and Portfolio Update
JLLhasissueddraftvaluationreportasat31August2023,28February2023and
31August2022.
Thereductioninthepropertyvaluationisprincipallyaresultofare-assessmentofthe
qualityoftheassetsandofthecovenantstrengthofthetenants.
PROP
08-Jan-24
Monthly Update
Repaymentof£25.6mofdebt.
F
18-Jan-24
Directorate Change
AppointmentofMichaelO’DonnelltosucceedLynneFennahasIndependentNon-
ExecutiveChairwithimmediateeffectwithLynneremainingontheBoardtoprovide
continuity.TheremainingmembersoftheBoardunderstandthatshareholderswould
liketoseearefreshoftheBoardandsotheywillstepdownonpublicationonthe
Company’sfinancialresults.
D
24-Jan-24
Property Sales
Exchangedonthesaleof103propertiesforgrossproceedsof£6.6m.
PROP
05-Feb-24
Monthly Update
Repaymentof£9.9mofdebt.
F
13-Feb-24
Notification of Investigation by the FCA
TheCompanyhasbeennotifiedbytheFCAofitscommencementofaninvestigation
intotheCompany,coveringtheperiodfrom22September2020to3January2023.
L
15-Feb-24
Property Sales
Exchangedonthesaleof117propertiesforgrossproceedsof£5.6m.
PROP
05-Mar-24
Monthly Update
Repaymentof£13.7mofdebt.
TheCompanyintendstobringlegalproceedingsagainstthosepartiesitconsidersare
responsibleforwrongdoing.
F,L
28-Mar-24
Property Sales
Exchangedonthesaleof63propertiesforgrossproceedsof£6.1m.
PROP
02-Apr-24
Directorate Change
AppointmentofPeterWilliamsasSeniorIndependentNon-ExecutiveDirector.
D
04-Apr-24
Monthly Update
Repaymentof£5.1mofdebt.
F
18-Apr-24
Update on Potential Litigation
TheCompanyhasrecentlyissuedacomprehensiveresponsetoapre-actionletterof
claimreceivedfromHarcusParker,onbehalfofcertainshareholders.
TheCompanyrecentlyissuedpre-actionlettersofclaimtoAlvariumFMandAlTiRE**.
L,IA
19-Apr-24
Property Sales
Exchangedonthesaleof65propertiesforgrossproceedsof£15.9m.
PROP
07-May-24
Monthly Update
Repaymentof£3.9mofdebt.
F
10-May-24
Property Sales
Exchangedonthesaleof76propertiesforgrossproceedsof£14.6m.
PROP
29-May-24
Agreement Secured For Surrender Of Leases
AgreementwithBigHelpforthesurrenderofitsleasesonover600properties.
T
Additional information
Appendix1—continued

142 HomeREITplc | AnnualReport | Fortheyearended31August2023
Date Title Key
04-Jun-24
Tenant Update
NobleTreeFoundationLimited(“NobleTree”)atenantof143propertiesand
representingc.7%ofrentdemandedinApril,hasenteredintoadministration.
T
05-Jun-24
Monthly Update
Repaymentof£8.3mofdebt.
TheCompanyhasnowissuedapre-actionletterofclaimtoAHRA.
F
IA
07-Jun-24
Directorate Change
AppointmentofRodDayasIndependentNon-ExecutiveDirector.Rodwillinduecourse
ChairtheAuditCommittee.
D
17-Jun-24
Update on Re-financing
TheBoardhasconcludedthatitwillnotbeabletosecureare-financingoftheexisting
facilitywithScottishWidows,ontermsthatitcouldrecommendtoshareholders,
despiteextensiveandadvanceddiscussionswithapotentiallender.
F
21-Jun-24
Property Sales
Exchangedonthesaleof133propertiesforgrossproceedsof£11.36m.
PROP
28-Jun-24
Publication of Accounts
FurtherdelaytothepublicationofAnnual&InterimReportsnowexpectedfor
August2024.
RES
03-Jul-24
Monthly update
Repaymentof£17.1mofdebt.
Theexistinglenderhasrevisedthetermsoftheadditionalfeechargedonthe
outstandingloanamountandthe5%feewillincreaseto7%from1July2024until
thefullrepaymentoftheloan.TheLenderexpectstobefullyrepaidnolaterthan
31December2024.
F
16-Jul-24
Proposed managed wind-down strategy
TheCompanyannouncedtheproposedadoptionofamanagedwind-downstrategy
pursuanttowhichtheassetsoftheCompanywouldbesoldwiththeobjectivesof
optimisingremainingshareholdervalueandrepayingtheCompany’sloanbalance.
INV
02-Aug-24
Property Sales
Exchangedonthesaleof226propertiesforgrossproceedsof£26.5m.
PROP
05-Aug-24
Monthly Update
Repaymentof£8.5mofdebt.
LynneFennahhasnotifiedtheCompanyofherintentiontostepdownfromtheBoard
onthepublicationofthe2023financialresults,butwillcontinuetoassisttheCompany,
whennecessary,onhistoriclegalandFCAmatters.
F,D
08-Aug-24
Tenant Update
One(Housing&Support)CIC,atenantof110propertiesandrepresentingc.7%of
propertiesasat31July2024,hasenteredintoadministration.
T
14-Aug-24
Agreement Secured For Surrender Of Leases
AgreementwithMansitHousingforthesurrenderofitsleaseson68properties.
T
23-Aug-24
Notice of General Meeting
CircularpublishedcontainingdetailsofproposedamendmentstotheCompany’s
AmendedInvestmentPolicy.
SN,INV
30-Aug-24
Property Sales
Exchangedonthesaleof101propertiesforgrossproceedsof£18.5m.
PROP
05-Sep-24
Monthly Update
Repaymentof£12.2mofdebt.
F
Additional information
Appendix1—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2023 143
Date Title Key
16-Sep-24
Result of General Meeting
ShareholdersapprovedtheordinaryresolutionfortheManagedWind-Downstrategy.
SN,INV
30-Sep-24
Property Sales
Exchangedonthesaleof200propertiesforgrossproceedsof£36.9m.
PROP
11-Oct-24
2022 Annual Report and Accounts
The2022resultsreflectasubstantiallossanddecreaseinNAVfortheperiod.NAVper
sharereducedby57.5%to43.76pence(2021restated:103.03pence)Lossbeforetaxof
£474.8m(restated2021:£16.1mprofitbeforetax).
RES
14-Oct-24
Monthly Update
Repaymentof£21.8mofdebt.
F
23-Oct-24
Property Sales and Debt Repayment Update
Exchangedonthesaleof152propertiesforthegrossproceedsof£26.8million.
PROP
8-Nov-24
Notice of General Meeting
TheCompanyhaspublishedaNoticeofGeneralMeetingtobeheldattheofficesof
PanmureLiberum,Level12RopemakerPlace,25RopemakerStreet,LondonEC2Y9LY
on5December2024at10:00am.
SN
18-Nov-24
Change in Registered Office
Registeredofficewillbe4thFloor,140AAldersgateStreet,London,EC1A4HYwith
effectfrom18November2024.
SN
28-Nov-24
Repayment Debt
FollowingcompletionofpropertysalesinNovember,theGroupmadeafinalrepayment
ofdebtintheamountof£28.6million.
F
4-Dec-24
Response to announcement from Southey Capital Ltd.
TheCompanyacknowledgedtheannouncementofSoutheyCapitalLtd.concerninga
tenderofferfortheCompany’sSharesat4penceperShare.
RTP
5-Dec-24
Result of General Meeting
Shareholdersvotedagainsttheapprovalofthe2022AnnualReportandAccountsandin
favouroftheDirectors’RemunerationReport.
SN
24-Dec-24
Debt Repayment, Tenant and Accounts Update
TheCompanyannouncedthatallDeferredFeeshadbeenpaidandremaining
propertiesreleasedascollateralbytheLenderandthatithadagreedasurrenderon
171propertieswithLTGVision.TheCompanyalsoannouncedthatitwouldfilethis2023
AnnualReportandAccountsinJanuary2025.
F,T,RES
* Purchase price including acquisition costs
** Correction: the RNS announcement dated 18 April 2024 referred to AlTi RE Limited as the Company’s former investment adviser’s “appointed representative” instead of “principal”.
Key:
D Directors
F Financing Update
IA Investment Adviser/ AIFM/Investment Manager
INV Investment Policy
L Potential Litigation/FCA Investigation
PROP Property – Acquisition, Disposal, Valuation
RES Results and trading updates
RTP Response to Third Party Reports
SA Shareholder Activity – Dividend, Share Issuance
SN Shareholder Notice – Annual General Meeting. General Meeting
SP Service Provider
T Tenant Update
Additional information
Appendix1—continued

144 HomeREITplc | AnnualReport | Fortheyearended31August2023
Governance and Internal Control
Overview of the Company
TheCompanyisanexternallymanagedrealestate
investmenttrustthathasnoemployees,onlynon-
executivedirectors.Thenon-executiveBoardis
responsibleforleadingandcontrollingtheGroupand
hasoverallauthorityforthemanagementandconduct
oftheCompany’sbusiness,strategyanddevelopment.
Inordertofulfiltheseobligations,theBoardappointed
AEWastheInvestmentManagerandAIFMtoprovide
investmentmanagementservices.
TheDirectorshavecontractuallydelegatedthe
managementoftheinvestmentportfolio,the
registrationservices,administrationservicesandother
servicestothirdpartyserviceprovidersandreliance
isthereforeplacedontheinternalcontrolsofthose
serviceproviders.AlthoughtheCompany’sexecutive
managementfunctionisoutsourced,itremainsthe
responsibilityoftheBoardto:
i. assesswhethertheoutsourcedfunctionsarebeing
performedadequately;
ii. ensurethattheCompanyhasadequate
resources;and
iii. establishprocedurestomonitortheperformance
ofthirdpartiesperformingtheoutsourced
functions.TheBoardensuresthatthereareclear
financialreportinglinesandaccountability,with
segregationofduties.
Corporate Governance
TheBoardisultimatelyresponsibleforreviewingthe
effectivenessoftheCompany’soverallinternalcontrol
arrangementsandprocesses.TheBoardisresponsible
fortheongoingprocessforidentifying,carryingouta
robustassessmentof,andmanagingandmitigatingthe
principalrisksfacedbytheCompany.
TheprincipaldocumentationfortheGovernanceand
InternalControlistheFinancialPositionandProspects
Procedures(“FPPP”)memorandum.TheFPPP
detailsproceduresfortheDirectorstomakeproper
judgementsonanongoingbasisastothefinancial
positionandprospectsoftheCompany.
Theriskmanagementprocessandsystemsof
internalcontrolaredesignedtomanageratherthan
eliminatetheriskoffailuretoachievetheCompany’s
investmentobjectives.Suchsystemscanonlyprovide
reasonable,notabsolute,assuranceagainstmaterial
misstatementorloss.
Theinternalfinancialcontrolsystemsaimtoensure
themaintenanceofproperaccountingrecords,the
reliabilityofthefinancialinformationuponwhich
businessdecisionsaretaken,reportsarepublishedand
theassetsoftheCompanyaresafeguarded.
Thekeyproceduresincludereviewofmanagement
accounts,monitoringofperformanceoftheCompany
andAEWatquarterlyBoardmeetings,segregation
oftheadministrativefunctionfrominvestment
management,maintenanceofappropriateinsurance
andadherencetophysicalandcomputersecurity
procedures.
TheBoardmeetsataminimumquarterlyandmore
oftenifrequired.CurrentlytheBoardholdsmonthly
reviewmeetingswithAEW.Quarterly(andcurrently
monthly)reviewmeetingsfollowstandingagendas
withothermattersconsideredappropriatefrom
timetotime.
Board Responsibility
TheBoardhasadoptedaformalscheduleofmatters
reservedfordecisionbytheBoard,acopyofwhich
isavailableontheCompany’swebsite.These
mattersinclude:
i. responsibilityforthedeterminationofthe
Company’sinvestmentobjectiveandpolicy
includinganyinvestmentrestrictions(subjecttoany
necessaryshareholderapprovals);
ii. overallresponsibilityfortheGroup’sactivities,
includingthereviewofinvestmentactivity,gearing,
performanceandsupervisionofAEWandotherkey
serviceproviders;
iii. approvalofAnnualandHalf-YearlyReportsand
FinancialStatementsandaccountingpolicies,
prospectuses,circularsandothershareholder
communications;
iv. raisingnewcapitalandapprovaloffinancing
facilities;
v. approvaloftheCompany’sdividendpolicyand
approvalofdividends;
vi. approvaloftheNAVoftheGroup;
vii.Boardappointmentsandremovals;
viii.appointmentandremovaloftheInvestment
Manager,AIFM,InvestmentAdviser,Auditorandthe
Company’sotherkeyserviceproviders;
ix. approvalofmaterialcontractsenteredinto,varied
orterminatedbytheCompany;
x. corporategovernance,riskmanagementframework
andinternalcontrol;and
xi. compliancewithtaxandotherregulations.
Additional information
Appendix2

HomeREITplc | AnnualReport | Fortheyearended31August2023 145
AcquisitionsarenolongerpermittedundertheNew
InvestmentPolicy.
Internal Control Assessment Process
Reviewsofinternalcontrolsareundertakenregularly
inthecontextoftheCompany’soverallinvestment
objective.TheBoardhascategorisedriskmanagement
controlsunderthefollowingkeyheadings:investment
strategyandoperations;realestatesector;risks
relatingtoShares;engagementswiththirdparty
serviceproviders;taxation;accounting,operational
andfinancialreporting;governanceandregulatory
compliance;andemergingrisksincludingclimaterisk.
InarrivingatitsjudgementofwhatriskstheCompany
faces,theBoardhasconsideredtheCompany’s
operationsinlightofthefollowingfactors:
i. thenatureandextentofriskswhichitregardsas
acceptablefortheGrouptobearwithinitsoverall
businessobjective;
ii. thethreatofsuchrisksbecomingreality;
iii. theCompany’sabilitytoreducetheincidenceand
impactofriskonitsperformance;and
iv. thecosttotheCompanyandbenefitsrelated
tothereviewofriskandassociatedcontrolsof
theCompany.
Ariskmatrixisinplaceagainstwhichtherisks
identifiedandthecontrolstomitigatethoseriskscan
bemonitored.Therisksareassessedonthebasisof
thelikelihoodofthemhappening,theimpactonthe
businessiftheyweretooccurandtheeffectivenessof
thecontrolsinplacetomitigatethem.Thisriskregister
isreviewedatleasteverysixmonths.
Internal Audit Consideration
TheBoardkeepstheneedforaninternalauditfunction
underperiodicreview.Allkeyserviceprovidersreport
atleastannuallyregardingtheirinternalcontrols
includingprovisionoftheirISAE3402,orequivalent
reports.TheBoardhasconsideredthecost-benefitof
engagingindependentreviewofkeyserviceproviders
andconcludedtheexistingsystemofmonitoringand
reportingbythird-partyserviceprovidersremains
appropriate.
Review of Governance and Internal Control
TheBoardhasconsidereditsriskmanagement
framework,internalcontrolsystems,proceduresand
processes.TheFPPPwasupdatedinOctober2023with
minoramendmentstoreflecttheappointmentofthe
newInvestmentManagerandAIFMandtheAmended
InvestmentPolicy,furtheramendmentsweremade
inSeptember2024includingdetailsofthefinalised
accountingpolicies,newBoardmembersandupdateof
theriskregisterfortheNewInvestmentPolicy.
TheBoardandtheAuditCommittee,hasundertaken
arobustassessmentandreviewoftheemergingand
principalrisksfacingtheCompanyandtheGroup,
togetherwithareviewofanynewriskswhichmayhave
arisen,includingthosethatwouldthreatenitsbusiness
model,futureperformance,solvencyorliquidity.The
riskregisterhasandcontinuestoberegularlyupdated
(mostrecentlyinDecember2024)withrespectto
theManagedWind-Downandtherepaymentofthe
Group’sborrowings.
Duetoinformationthatcametolight,asdetailed
onpages7and8,theBoardhasconsidereditsrisk
managementframework,internalcontrolsystems,
proceduresandprocesses.Asaresultofthat
significantandmaterialinformation,thefollowing
amendmentsoftheriskmanagementframeworkand
internalcontrolssystemshavebeenmade:
• Rigorousselectionprocessfortheappointment
ofanewInvestmentManagerandAIFM;
• InternalinspectionofpropertiesbyVibrant,JLL
andotherthirdpartiestoascertaincondition;
• ProvisionofacontactaddressfortheChairon
theGroup’swebsiteandrequestforkeyservice
providerstoproviderelevantemployeescontact
detailsoftheChairtoraiseconcerns,withthe
Group’swhistleblowingpolicyupdatedaccordingly;
• Health&SafetyconsiderationwithAEWhaving
establishedaHealth&SafetyCommitteewhich
regularlyreportstotheBoard.Health&safetyisa
standarditemontheBoardagenda’srecognising
thenewleasingmodelsuchthatleasesarenolonger
limitedFRIleasesandtheGrouphavingleases
(ASTs)withoccupiersduringtheStabilisationPeriod
andtheManagedWind-Down;
• Boardapprovalofarevisedexpensepaymentpolicy;
and
• a13weekcashflowiscurrentlymaintainedand
updatedregularlybyAEWastheDirectorsseekto
stabilisethefinancialpositionoftheGroupduring
theStabilisationPeriodandtheManagedWind-
Down.
Additional information
Appendix2—continued

146 HomeREITplc | AnnualReport | Fortheyearended31August2023
Investment Manager
TheInvestmentManagerisappointedtoactasAIFM
oftheCompanywithresponsibilitytomanagethe
assetsoftheCompanyinitiallyinaccordancewith
theAmendedInvestmentPolicyoftheCompanyand
subjecttotheoverallpoliciesanddirectionsofthe
Board.From16September2024,theNewInvestment
Policyapplies.
AEW’skeyresponsibilitiesincludethefollowing:
i. providingAIFMmanagementfunctions
includingportfoliomanagementandrisk
managementservices;
ii. managingtheinvestmentandre-investmentof
theassetsoftheGrouponadiscretionarybasisin
accordancewiththeAmendedInvestmentPolicy/
NewInvestmentPolicyandinvestmentrestrictions
andwithaviewtoachievingtheinvestment
objectiveoftheCompany;
iii. managingtheborrowingsandgearinginaccordance
withpoliciesandguidelinesandmanaging
workingcapitalandliquiditywithintheGroup’s
investmentportfolio;
iv. monitoringtheperformanceoftheadministrator,
thevaluerandthedepositary;
v. seekingandevaluatingpotentialinvestmentsbythe
Group,includingcarryingoutfinancialevaluation
andduediligenceandprovidingwrittenevaluations
ofthefinancial,structuralandlegalissuesrelevant
tothepotentialinvestments;
vi. performingduediligenceonapprovedinvestments;
vii.monitoringandanalysingtheperformanceofthe
Group’sinvestments;and
viii.performingcreditanalysispriortomakingan
investmentandperformingongoingtenant
creditanalysis(includingcheckingthatrenthas
beenreceivedandfollowingupwithtenantson
unpaidamounts).
AEWreportskeymattersatthequarterlyBoard
meetingsincludingbutnotlimitedto:
• FinancialpositionoftheGroup.
• PerformanceoftheGroup.
• Acquisitionanddisposalofinvestments.
• Investmentrestrictionsandcompliance.
• Debtleverageandcovenantanalysis.
• Tenantandassetupdateincludingrelevant
informationontenantssuchasoccupancy,
condition,capexrequirements,rentcollections,
creditanalysis,andfinancialviability.
• Propertymanagersandkeythird-party
appointments.
• Reportonpropertiesunderseparatemanagement
agreements.
• DuringtheStabilisationPeriodandtheManaged
Wind-Down,a13weekcashflow.
• InvestmentManagerresourcingandthird-party
providers.
• Health&Safety–materialmatters.
• Anyothermaterialmattersthatshouldbebrought
totheBoard’sattention.
TheInvestmentManagerhasanestablishedtrack
recordofsuccessfullyinvestinginUKrealestate,
foundedonarobustanddisciplinedinvestmentand
assetmanagementprocess.AEWoperatesamulti-
layeredgovernanceframeworkwithchallengeat
everylevel.Theunderlyingprincipleoftheprocess
istoensurethatclientobjectivesareoptimisedina
controlledandriskmanagedenvironment.
Asasubsidiaryofoneoftheworld’slargestbanking
groups,AEWhasrigorouspoliciesandprocessesin
placetoensurecompliancewithallrelevantregulations
andlegislation.AEWparticipatesinthewidergroup’s
EnterpriseComplianceandRiskProgrammeoperated
byNatixisInvestmentManagers(“NatixisIM”),which
providesacomprehensivecomplianceandrisk
managementframeworkandgovernancestructure
basedonthethreelinesofdefencemodel.The
principleofthethreelinesofdefencereliesonamulti-
tieredapproach:
• Firstlineofdefence:riskmanagementcontrolsare
integratedintotheoperatingprocessesformalised
inclearlydefinedpoliciesandprocedures.Teams
arealsorequiredtoparticipateinrelevanttrainings
andescalateanypotentialrisk-relatedissuesor
incidentstothesecondlineofdefence.
• Secondlineofdefence:appropriatereviewand
challengeoffirstlineactivities.Thisincludes
controlcarriedoutbythecompliancedepartment
throughthepermanentcontrolprogramme.The
ComplianceOfficerandtheRiskManagerbothhave
additionaldualreportinglinesintothelocalCEOand
AEWGroupcounterpartsandintotherespective
NatixisIMChiefComplianceOfficerorChiefRisk
Officer.
• Thirdlineofdefence:Internalauditundertakenwith
independentNatixisIM’scompliancedepartment
andauditinspectionsundertakenbyNatixisandthe
GroupeBPCE’sauditfunctions.
Additional information
Appendix2—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2023 147
Administrator
ApexFundandCorporateServices(UK)Limited.The
AdministratorisresponsibleforcalculatingtheNet
AssetValueoftheOrdinarySharesinconsultationwith
theAIFMandtheInvestmentAdviserorInvestment
ManagerasrelevantandreportingthistotheBoard
AEW
AEWUKInvestmentManagementLLP–Investment
ManagerandAIFMfrom21August2023
AGM
AnnualGeneralMeeting
Aggregators
Thevariouspropertyvendorsthatenteredintoa
settlementagreementdated8December2022
AHRA
AlvariumHomeREITAdvisorsLimitednowin
liquidation–InvestmentAdviseruntil30June2023
AIC
AssociationofInvestmentCompanies.Thisisthetrade
bodyforclosed-endedinvestmentcompanies(www.
theaic.co.uk)
AIC Code
TheAICCodeofCorporateGovernance,aspublishedin
February2019.Aframeworkofbestpracticeguidance
forinvestmentcompanies
AIFM
AlternativeInvestmentFundManager.Theentitythat
providesportfoliomanagementandriskmanagement
servicestotheCompanyandwhichensuresthe
CompanycomplieswiththeAIFMD.TheCompany’s
AIFMwasAlvariumFundManagers(UK)Limiteduntil
21August2023whenAEWUKInvestmentManagement
LLPsucceededit
AIFMD
AlternativeInvestmentFundManagersDirective
AlTi RE Limited
AHRA’sformerprincipalbyvirtueofanappointed
representativeagreement
A&M
Alvarez&MarsalDisputesandInvestigationsLLP
consultingfirminstructedbyBoardinJanuary
2023toconductaninvestigationintoallegationsof
wrongdoing,includingmattersraisedintheViceroy
ResearchReport
Alvarium FM
AlvariumFundManagers(UK)Limited,theAIFMuntil
21August2023
Alvarium Securities
AlvariumSecuritiesLimited(nowcalledElloraPartners
Limited)providedcorporatebrokingservicestothe
Groupuntil8February2023
Amended Investment Policy
Investmentpolicyapprovedbyshareholderson
21August2023includingaStabilisationPeriod
Articles
ThearticlesofassociationoftheCompany
Assured Shorthold Tenancies (“AST”)
AtypeofresidentialtenancyinEnglandandWales.
Themostcommonformofarrangementthatinvolves
aprivatelandlordorhousingassociation
BDO
BDOLLPistheGroup’sindependentauditor
Big Help
ComprisesBigHelpHomesCIC,BigHelpProject,
CGCommunityCouncil,Dovecot&PrincessDrive
CommunityAssociation,N-TrustHomesCIC,Select
SocialHousing
Broker
Athirdpartythatprovidescorporatefinanceadvisory
servicestotheCompany,includingresearchand
fundraisesupport(includingroadshow,marketingand
book-buildingservices).AlvariumSecuritiesLimited
actedassoleBrokerfrom21September2020until
JefferiesInternationalLimitedwasappointedasJoint
Brokerfrom29October2022.AlvariumSecurities
Limitedresignedon8February2023.Theagreement
withJefferiesInternationalLimitedwasterminatedon
1February2023.LiberumCapitalLimited(nowPanmure
LiberumLimited)wasappointedasCapitalMarkets
Advisoron5July2023andwillactasBrokerfromthe
dateonwhichtheCompany’sordinarysharesarere-
admittedtolistingonthepremiumlistingsegmentof
theOfficialListandtotradingonthemainmarketof
theLondonStockExchange
Capital Markets Adviser
PanmureLiberumLimited(previouslyLiberumCapital
Limited)wasappointedasCapitalMarketsAdviser
on5July2023andwillactasBrokerfromthedateon
whichtheCompany’sordinarysharesarere-admitted
tolistingonthepremiumlistingsegmentoftheOfficial
ListandtotradingonthemainmarketoftheLondon
StockExchange
CIC
ACommunityInterestCompany.Alimitedcompany,
withspecialadditionalfeatures,createdfortheuse
ofpeoplewhowanttoconductabusinessorother
activityforcommunitybenefit,andnotpurelyfor
privateadvantage
Additional information
Glossary

148 HomeREITplc | AnnualReport | Fortheyearended31August2023
Company
Home REIT plc
Company Secretary
ApexFundandCorporateServices(UK)Limited
Company website
www.homereituk.com
Completion
Thepointatwhichownershipofthepropertyislegally
transferredbydatingthetransferdeed
Consolidated Financial Statements
TheGroupaccountswhichincludetheCompanyand
thesubsidiariesincludedinNote25totheConsolidated
FinancialStatements
Covenant strength
Thestrengthofatenant’sfinancialstatusanditsability
toperformthecovenantsinthelease
Creditors Voluntary Liquidation (CVL)
ACreditors’VoluntaryLiquidationisaformalliquidation
processwhichbringsabouttheendofaninsolvent
company.Liquidationinvolvesthewindingupofa
company’saffairs,resultinginthesaleofitsassetsand
dissolution.Companiesmayalternativelyenterinto
administrationwhichfocusesonrescuingthecompany
frominsolvencybyrestructuringitsoperations
andfinances
Deferred Fees
TheDeferredFeeimposedbyScottishWidows
computedas:i)0.5%oftheaggregateamounts
outstandingonthetwoloansateachof31August
2023and30November2023,andii)afeefrom
30November2023computedastheequivalentof5.0%
perannumontheaggregateamountsoutstandingon
thetwoloansascomputedonadailybasis,whichfrom
1July2024increasedfrom5%to7%.Allofthesefees
arepayableuponfullandfinalrepaymentoftheloans
Depositary
ApexDepositary(UK)Limitedappointedtoprovide
cashmonitoring,safekeepingandassetverificationand
oversightfunctionsasprescribedbytheAIFMD
Directors Defendents
TheDirectorswhowereinplacefrominception
to3January2023
Dividend per share
Thetotaldividendpaidandproposedinrespectofa
perioddividedbythenumberofordinaryshareseligible
forthedividendontherecorddate
EPC
EnergyPerformanceCertificate
EPRA
EuropeanPublicRealEstateAssociation,theindustry
bodyrepresentinglistedcompaniesinthereal
estatesector
ERV
EstimatedRentalValue
ESG
Environmental,SocialandGovernance
Exempt Accommodation
Supportedhousingwherethelandlordisanot-for-
profitorganisationandprovidescare,supportand
supervisiontotheclaimant
Exempt Rents
RentsinrelationtoExemptAccommodation
Exchange
Thepointonapropertytransactionatwhichthe
contracttosellisexchangedanddatedandbecomes
legallybinding
Fair Value
Theestimatedamountforwhichapropertyshould
exchangeonthevaluationdatebetweenawillingbuyer
andawillingsellerinanarm’slengthtransactionafter
propermarketingandwherepartieshadeachacted
knowledgeably,prudentlyandwithoutcompulsion
Fair value movement
Anaccountingadjustmenttochangethebookvalue
ofanassetorliabilitytoitsfairvalue
FCA
TheFinancialConductAuthority
FRI lease
Aleasewhichimposesfullrepairingandinsuring
obligationsonthetenant,relievingthelandlordfrom
allliabilityforthecostofinsuranceandrepairs
FPPP
FinancialPositionandProspects
Proceduresmemorandum
FY21
Periodfrom19August2020to31August2021
FY22
Yearended31August2022
FY23
Yearended31August2023
Gross Asset Value
TheaggregatevalueofthetotalassetsoftheCompany
asdeterminedinaccordancewithIFRS
Group
HomeREITplcanditssubsidiaries
Additional information
Glossary—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2023 149
Groupe BPCE
TheultimateownerofAEW.GroupeBPCEisthe
second-largestbankinggroupinFrance.Groupe
BPCEoperatesintheretailbankingandinsurance
fieldsinFranceviaitstwomajornetworks,Banque
PopulaireandCaissed’Epargne,alongwithBanque
Palatine.Italsopursuesitsactivitiesworldwidewith
theasset&wealthmanagementservicesprovided
byNatixisInvestmentManagers(NatixisIM)andthe
wholesalebankingexpertiseofNatixisCorporate&
InvestmentBanking
Harcus Parker
HarcusParkerLimitedalawfirmspecialisinginclaimant
groupactions,solicitinginvestorsonafullycontingent
basis(‘nowinnofee’)tojointogetherinbringingclaims
againsttheCompanyandotherparties
House of Multiple Occupation (“HMO”)
Rentalpropertywhereatleastthreetenantslive,
formingmorethanonehouseholdsharingcommon
facilities,suchaskitchensandbathrooms
IAA
InvestmentAdvisoryAgreementbetween
theCompany,AlvariumFMandAHRAdated
22September2020
IFRS
UKadoptedinternationalaccountingstandardsin
conformitywiththerequirementsoftheCompanies
Act2006(“AdoptedIFRSs”)
Independent valuer
Anindependentexternalvaluerofaproperty.The
Company’sexternalvaluerwasKnightFrankforthe
periodended28February2022andprior.JLLwas
appointedonthe18July2023toretrospectivelyvalue
propertiesasat31August2022andsubsequentperiods
Investment Adviser
AlvariumHomeREITAdvisorsLimited(“AHRA”)the
appointedinvestmentadviseruntil30June2023
Investment Manager
AEWUKInvestmentManagementLLP(“AEW”),
theappointedInvestmentManagerandAIFMfrom
21August2023
IMA
InvestmentManagementAgreementbetweenthe
CompanyandAlvariumFMdated22September2020
orInvestmentManagementAgreementbetweenthe
CompanyandAEWdated22May2023
IPO
TheadmissiontotradingontheLondonStock
Exchange’sMainMarketofthesharecapitalofthe
CompanyandlistingofOrdinarySharestothe
premiumsegmentoftheOfficialListoftheFCA,
on12October2020
JLL
JonesLangLaSalleLimited,theGroup’sIndependent
Valuerappointedon18July2023tovalueproperties
retrospectivelyasat31August2022and
subsequentperiods
Knight Frank
KnightFrankLLPtheGroup’sindependentvaluerasat
28February2022andpreviousperiods
KPIs
Keyperformanceindicators
Leaseincentives/inducements
Incentivesofferedtotenantstoenterintoalease.
Typicallythiswillbeaninitialrent-freeperiod,oracash
contributiontofit-out.Underaccountingrules,the
valueoftheleaseincentiveisamortisedthroughthe
StatementofComprehensiveIncomeonastraight-line
basisuntiltheleaseexpiry
Lender
ScottishWidowsLimited(“ScottishWidows”)
Liberum
LiberumCapitalLimited(nowPanmureLiberum
CapitalLimited)appointedon5July2023ascapital
marketsadviserandwillactasthecorporatebrokerto
theCompanyoncommencementofre-listingonthe
Company’sshares
Listing Rules
ThelistingrulesoftheFCAmadeundertheFinancial
ServicesandMarketsAct2000asamendedfrom
timetotime
Loan to value (“LTV”)
Theoutstandingvalueofbankborrowingsasa
percentageofthefairvalueofinvestmentproperty
asstatedintheindependentvaluation
Local Housing Allowance (“LHA”)
Ratesusedtocalculatehousingbenefitfortenants
rentingfromprivatelandlords
Managed Wind-Down
TheCompanybeingmanagedwiththeintention
ofrealisingalltheassetsinitspropertyportfolio
inanorderlymannerandwithaviewtorepaying
borrowingsandmakingtimelyreturnsofcapitalto
shareholderswhilstaimingtooptimisevalueforthe
Company’sassets
Market capitalisation
Themid-marketpriceforanordinaryshareofthe
Companymultipliedbythenumberofordinary
sharesinissue
MEC
ManagementEngagementCommittee
Additional information
Glossary—continued

150 HomeREITplc | AnnualReport | Fortheyearended31August2023
MV-VP
MarketValue–VacantPossession–referstothevalue
ofanincome-producingasset,assumingthereisno
tenant.Itrepresentsthevalueofthepropertywithout
consideringanyleaseorrentalincome
Natixis IM
NatixisInvestmentManager,aninternationalasset
managementgroupbasedinParis,France,thatispart
oftheGlobalFinancialServicesdivisionofGroupe
BPCE.NatixisIMiswhollyownedbyNatixis,aFrench
investmentbankingandfinancialservicesfirm.Natixis
iswhollyownedbyBPCE,France’ssecondlargest
bankinggroup
Net Asset Value (NAV)
NetAssetValueistheequityattributableto
shareholderscalculatedunderIFRS
NAV per share
Equityshareholder,fundsdividedbythenumberof
Sharesinissue.Thismeasureallowsacomparisonwith
theCompany’ssharepricetodeterminewhetherthe
Company’ssharesaretradingatapremiumordiscount
toitsNAVcalculatedunderIFRS
NAV total return
ThepercentagechangeinNAV,assumingthat
dividendspaidtoshareholdersarereinvestedatNAV
topurchaseadditionalShares.Thisisanalternative
performancemeasurethattheCompanytracks,as
itisadirectindicatorofthevalueproducedbythe
Company’soperations
Netbreakgains/losses
Netbreakgainsresultfromprovisionsoftheloan
facilityagreementswhich,ateachearlyrepayment
event,generateasyntheticinterestrateswap
breakageonthefixedrate(effectiveswaprate)element
oftheloansresultinginabreakgainorloss,andamake
wholeonthemarginsoftheloans(SpensCost)
New Investment Policy
Investmentpolicyapprovedbyshareholderson
16September2024inrespectoftheManagedWind-
DownoftheGroup
Noble Tree
NobleTreeFoundationLimited
Original Investment Policy
InvestmentpolicyinplaceatIPOuntil21August2023
Non-PID
Non-PropertyIncomeDistribution.Thedividend
receivedbyashareholderoftheCompanyarisingfrom
anysourceotherthanprofitsandgainsoftheTax
ExemptBusinessoftheCompany
PID
PropertyIncomeDistribution.Adividendreceivedby
ashareholderoftheCompanyinrespectofprofitsand
gainsofthetaxexemptbusinessoftheCompany
Property Adviser
AEWUKInvestmentManagementLLPduringthe
period22May2023to21August2023
Practical completion
Thepointatwhichabuildingprojectiscomplete,
exceptforminordefectsthatcanbeputrightwithout
undueinterferenceordisturbancetothetenant
Property Income
Netpropertyincomeandnetgainsonthedisposalof
propertywhichareexemptedfromcorporationtaxas
longasatleast90%netpropertyincomeisdistributed
toshareholderswithin12monthsoftheendofthe
financialyear
PRS
PrivateRentedSector–housingclassificationwhereby
propertiesareownedbylandlords(individualsor
companies),andleasedouttooccupiers
Registrar
LinkMarketServicesLimited,(tradingasLinkGroup)
hasresponsibilityformaintainingtheregisterof
shareholders,receivingtransfersofSharesfor
certificationandregistrationandreceivingand
registeringshareholders’dividendpaymentstogether
withrelatedservices
REIT
ARealEstateInvestmentTrust.Acompanywhich
complieswithPart12oftheCorporationTaxAct2010
SubjecttotherelevantUKREITcriteriabeingmet
continually,theprofitsfromthepropertybusinessof
aREIT,arisingfrombothincomeandcapitalgains,are
exemptfromcorporationtax
RNS
RegulatoryNewsService,theserviceproviderused
bytheGrouptodistributeregulatorynewsand
announcements
Sale and Purchase Agreements (“SPAs”)
Abindinglegalcontractbetweentwopartiesthat
obligatesatransactiontooccurbetweenabuyer
andseller
Seller’s Works
Obligationforthevendorstocompletecertainworks
onpropertiesacquired,toensurethattheproperty
wasfitforpurposewithinaspecifiedperiod,as
definedintheSPAs
Additional information
Glossary—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2023 151
Shares
OrdinarySharesof£0.01eachinthecapitalofthe
Company.OrdinarySharesarethemaintypeofequity
capitalissuedbyconventionalInvestmentCompanies.
Shareholdersareentitledtotheirshareofbothincome,
intheformofdividendspaidbytheCompany,andany
capitalgrowth
Share price
Thevalueofashareatapointintimeasquotedona
stockexchange.TheCompany’sShareswerequoted
ontheMainMarketoftheLondonStockExchangeuntil
theyweresuspendedon3January2023
Social Use
Realestateusedtohousevulnerableindividuals,
includingbutnotlimitedtothoseaffectedbyanyofthe
followingcircumstances:homelessness,ex-service
menandwomen,individualsfleeingdomesticabuse,
vulnerablewomen,peopleleavingprison,asylum
seekersandrefugees,fostercareleavers,substance
misuse,careleavers,mentalillness,disability,specialist
supportedlivingandgeneralneedssocialhousing
SRI
SociallyResponsibleInvestment
Stabilisation Period
TheperiodpertheAmendedInvestmentPolicy,
beginningon21August2023andendingon
21August2025,orsuchlaterdate(notbeinglaterthan
21August2026)approvedbytheBoard,duringwhich
theCompanywillhavetheobjectiveofstabilising
theGroup’sfinancialconditionthroughinitiativesto
maximiseincomeandcapitalreturnsbyinvestingin
aportfolioofUKresidentialrealestate
Supported Living
Housingwheresupportand/orcareservicesare
providedtohelppeopletoliveasindependently
aspossible.
SWLD
Seller’sWorksLongstopDate
The Good Economy
TheGoodEconomyPartnershipLimited,asocial
impactassessorandadviserappointed
bytheCompany
Total shareholder return
Thegrowthinvalueofashareholdingoveraspecified
period,assumingdividendsarereinvestedtopurchase
additionalunitsofstock
UK Code
TheUKCodeofCorporateGovernancebeingthe
codeissuedbytheFinancialReportingCouncilwhich
setsoutstandardsofgoodpracticeinrelationto
boardleadershipandeffectiveness,remuneration,
accountabilityandrelationswithshareholders.All
companieswithapremiumlistingofequitysharesin
theUKarerequiredundertheListingRulestoreporton
howtheyhaveappliedtheCodeintheirannualreport
andaccounts
Valuer
Anindependentexternalvaluerofaproperty.The
Company’sexternalvaluerwasKnightFrankLLPforthe
periodended31August2021andJonesLangLaSalle
Limitedfortheyearended31August2022
Vibrant
VibrantEnergyMattersLimited,appointedbythe
GroupinAugust2023toundertakeaproperty
inspectionprogramme
Viceroy Research
ViceroyResearchLLP
Viceroy Research Report
ViceroyResearchreportdated23November2022
Additional information
Glossary—continued

152 HomeREITplc | AnnualReport | Fortheyearended31August2023
Companynumber:12822709
Countryofincorporation:EnglandandWales
Directors,ManagementandAdvisers
Non-ExecutiveDirectors
MichaelO’Donnell(Chair)
LynneFennah
PeterWilliams
PeterCardwell
SimonMoore
MarleneWood
RoderickDay(“Rod”)
Registeredoffice
4th Floor
140 Aldersgate Street
London
EC1A 4HY
InvestmentManager&AIFM
AEWUKInvestmentManagementLLP
8Bishopsgate
London
EC2N4BQ
CompanySecretaryandAdministrator
ApexFundandCorporateServices(UK)Limited
4thFloor
140AldersgateStreet
London
EC1A4HY
CapitalMarketsAdviser
PanmureLiberumLimited
RopemakerPlace,Level12
25RopemakerStreet
London
EC2Y9LY
Communicationsadviser
FTIConsulting
200Aldersgate
AldersgateStreet
London
EC1A4HD
Depositary
ApexDepositary(UK)Limited
4thFloor
140AldersgateStreet
London
EC1A4HY
Registrar
LinkAssetServices
CentralSquare
29WellingtonStreet
Leeds
LS14DL
Independentvaluer
JonesLangLaSalleLimited
30WarwickStreet
London
W1B5NH
Auditor
BDOLLP
55BakerStreet
London
W1U7EU
Legaladvisers
GowlingWLG(UK)LLP
4MoreLondonRiverside
London
SE12AU
Additional information
Company Information

Designed and produced by
Whitehouse Associates London

Home REIT plc Annual Report — For the year ended 31 August 2023