Home REIT plc
Annual Report — For the year ended 31 August 2024
Home REIT plc Annual Report — For the year ended 31 August 2024

Home REIT plc (“the Company”) and its subsidiaries
(together the “Group”)
The board of non-executive directors of the Company (ticker: HOME)
(the“Board” or the “Directors”) reports its annual results for the year ended 31
August 2024 (“FY24”).
The Company had the investment objective in the period 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 “Amended
Investment Policy”). On 16 September 2024, shareholders approved the
New Investment Policy. Under the New Investment Policy the Company has
the objective of realising 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 page 19.
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 published on 11October2024 and the accounts for the year
ended 31 August 2023 (“FY23”) were published on 14 January 2025. The interim
results for the periods to 29 February 2024 and 28 February 2025 are expected
to be published during the 4th quarter 2025 and the annual report and accounts
for the year ended 31 August 2025 as soon as practicable thereafter. 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.
As non-executive directors, the Board relies upon information reported to
it by the alternative investment fund manager (“AIFM”) and other external
parties, including information regarding the quality of the Group’s assets
and tenants. 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 Group’s
consolidated financial statements (the “Consolidated Financial Statements”).
The Company intends to bring legal proceedings against those parties whom
it considers may be liable for the losses it has suffered, subject to a reasonable
cost-benefit analysis. In May 2024, the Company issued a pre-action letter
of claim to Alvarium Home REIT Advisors Limited (in liquidation) (“AHRA”),
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, where it
is cost-effective to do so. The Company also issued pre-action letters of claim
to Alvarium Fund Managers (UK) Limited (in administration) (its former AIFM)
(“Alvarium FM”) and AlTi RE Limited (in administration) (“AlTi RE”), AHRA’s
former principal by virtue of an Appointed Representative Agreement in April
2024. However, since the issue of those letters, both Alvarium FM and AlTi RE
have been placed into administration. As with the liquidation of AHRA, this
potentially complicates the ability of the Company to achieve financial recovery
from Alvarium FM and/or AlTi RE. The Company is also assessing the viability of
seeking recoveries directly from AHRA, Alvarium FM and AlTi RE’s insurers. 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
6 Chair’s statement
10 Management report
16 ESG report
18 Key performance indicators
19 Strategic overview
23 Principal risks and uncertainties
29 Going concern and viability statement
Governance
31 The Board
32 Directors’ report
37 Corporate governance statement
42 Report of the Audit Committee
48 Report of the Management
Engagement Committee
49 Report of the Nomination Committee
52 Directors’ remuneration report
57 Statement of Directors’ responsibilities
58 Independent Auditor’s report
Financial statements
72 Consolidated Statement of
Comprehensive Income
73 Consolidated Statement of Financial Position
74 Consolidated Statement of Changes
in Shareholders’ Equity
75 Consolidated Statement of Cash Flows
76 Notes to the Consolidated Financial Statements
99 Company Statement of Financial Position
100 Company Statement of Changes
in Shareholders’ Equity
101 Notes to the Company Financial Statements
Additional information
108 Appendix 1 – Key Regulatory News
Service Announcements 1 September
2023 to 17 October 2025
112 Appendix 2 – Governance and Internal Control
115 Glossary
120 Company information
Overview

 HomeREITplc | AnnualReport | Fortheyearended31August2024 1
ThisAnnualReportcoverstheresultsfortheyear
ended31August2024(“FY24”)andthebelowsetsout
thebackgroundthatisrelevantforshareholdersto
reviewsincetheyearended31August2023(“FY23”).
TheseFY24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andFY23AnnualReports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.ThekeyfindingsoftheA&Mreport
and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.
Inaddition,theBoardinstructedathirdpartyto
undertakeaninternalinspectionprogrammeto
determinetheconditionofthepropertiesand
appointed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.
ShortlybeforeFY24commenced,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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.
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115to119.
Overview
Introduction and Highlights

2 HomeREITplc | AnnualReport | Fortheyearended31August2024
• TheGroupcompletedonthesaleof1,098
investmentpropertiesfornetsalesproceedsof
£140.6millionduringtheyear(2023:nil),decreasing
theGroup’sportfoliofrom2,473to1,375properties.
• Theportfoliowasindependentlyvaluedat
£265.4millionasat31August2024(2023:
£412.7million).Thepropertieshavebeenvalued
onanindividualbasis.Noportfoliopremiumhas
beenapplied.
• Alikeforlikeincreaseinthefairvalueofproperties
of£7.2million.Thevaluationrepresents44.7%of
thehistoricalacquisitioncostsof£593.6million
(includingpurchasecosts)(2023:decreaseof
£71.4million,whichrepresents40.7%ofthe
historicalacquisitioncostsof£1,014.3million).
• 83.1%oftheportfolio(bynumberofproperties,
88.6%byvalue)(2023:88.3%bynumberof
properties,88.3%byvalue)wasvaluedonavacant
possessionbasis(“MV-VP”).JLLvaluesproperties
onaMV-VPbasiswhenatenantisjudgedtobe
inpoorfinancialconditionorworseorwhenthe
propertyconditionisjudgedtobeverypoor
orworse.Also,JLLvaluedallpropertiesunder
thecontrolofpropertymanagersusingthe
MV-VPbasis.
• TheGrouprepaid£126.2millionofborrowings
duringtheyear(includingcashpaymentsof
£109.6millionandbreakgainsof£16.6million),
reducingtotalborrowingto£93.8millionat
31August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repaymentofthe
loans.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,Scottish
WidowsincreasedtheDeferredFeefrom5%to7%
witheffectfrom1July2024untilthefullrepayment
oftheloan.
• TheLoan-to-Valueratio(“LTV”)asat
31August2024was35.3%(2023:53.3%(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%.AsdiscussedinNote26tothe
consolidatedfinancialstatements,theloansandall
associatedfeesandexpenseshavebeenfullypaid
after31August2024.
• TheGroupheldunrestrictedcashbalancestotalling
£6.2millionat31August2024(2023:£0.8million).
• Lossbeforetaxfortheyearof£25.2million(2023:
£118.2million).
• NodividendswerepaidinrespectofFY24(FY23:nil).
• An11.6%decreaseinnetassetvalue(“NAV”)per
Shareto24.25penceasat31August2024(2023:
37.3%decreaseto27.43pence)resultingfromthe
lossfortheyearof£25.2million.
Overview
Financial overview

 HomeREITplc | AnnualReport | Fortheyearended31August2024 3
• TheGroupowned1,375propertiesasat
31August2024(31August2023:2,473properties),
ofwhich682propertieswereleasedto20different
registeredcharities,communityinterestcompanies
andotherregulatedorganisations,689properties
whicharemanagedbythirdpartyproperty
managersandfourpropertieswhichwerebeing
heldtobeincludedintheSeptember2024auction.
• Duringtheyearended31August2024,theGroup
agreedsurrenderdealswith29tenantscovering
1,839properties.On154ofthoseproperties,the
primaryleasewasnovatedandtheGroupentered
intoadirectleasewiththeundertenant.New
leaseswereagreedonafurther34propertiesand
apropertymanagerwasputintoplaceon640
propertieswhicharestillinplace.Fourproperties
wereheldtobeincludedintheSeptember2024
auctionandtheremaining1,007propertieswere
exchangedforsale.
• Asat31August2024,theDirectorsconsider12of
the20tenantstobeofweakcovenantstrength,with
threetenantsinadministration(31August2023:28of
the29tenantsareconsideredtobeofweakcovenant
strength,withthreetenantsinadministration).
• TheGroupcompletedonthesaleof1,098properties
for£140.6millionfrom1September2023to
31August2024.Anadditional165properties
totallinggrosssalespriceof£29.1millionhad
exchangedbutnotcompletedasat31August2024.
Propertiesexchangedarepresentedasinvestment
propertyheldforsaleintheConsolidated
StatementofFinancialPositionat31August2024
at£29.1million.
• Theconditionofthepropertiesheldasat
31August2024arebasedonanoriginalassessment
byVibrantEnergyMattersLtd(‘Vibrant”)orother
sourcesaspartofalargerinspectionprogramme
whichreportsweremadeavailabletoJLL.Ofthe
1,375propertiesheldat31August2024,84.3%were
inspectedinternallyandthesehavebeenassessed
as0.1%verygood,10.0%good,61.2%fair,10.5%
poorand2.5%verypoor.Ofthosepropertiesnot
inspected,43.5%havebeensoldsubsequentto
31August2024.
• 3.1%ofpropertiesweredeemedunhabitableas
at31August2024(31August2023:8.0%)which
includesthepropertiesdeemedasverypoor
followingcompletionoftheinspectionprogramme
aswellaspropertiesdeemeduninhabitablebased
oninformationprovidedbytenantsandproperty
managers,andinspectionsundertakenbyAEW’s
investmentandassetmanagementteams.
• Ofthe£48.5milliontradedebtors(ofwhich
£1.2millionwereduefromnon-tenantoccupants)
outstandingasat31August2024,£47.9million
wasfullyprovidedfor(2023:£50.8millionand
£50.7millionrespectively).
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.
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.
Potential Litigation/FCA Investigation
Apre-actionletterofclaimwassenttotheCompany
byHarcusParkerLimited(“HarcusParker”)onbehalf
ofcertainshareholdersoftheCompanyinOctober
2023.On5March2024,theCompanyannouncedthat
itintendedtobringlegalproceedingsagainstthose
partiesitconsidersareresponsibleforwrongdoing.
ItremainstheCompany’sintentiontopursuethose
whomitconsidersmaybeliableforthelossesithas
suffered,subjecttoareasonablecost-benefitanalysis.
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7February2024,theCompanywasnotifiedbythe
FCAofitscommencementofaninvestigationintothe
Companycoveringtheperiodfrom22September2020
to3January2023.
Overview
Portfolio and operating overview

4 HomeREITplc | AnnualReport | Fortheyearended31August2024
Debt
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.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andScottishWidows
releaseditschargesovertheGroup’sassets.
Post year end highlights
Disposals
From1September2024to17October2025,theGroup
exchangedonthesaleof522propertiesforgrosssales
proceedsof£96.5million,allofwhichpropertieshave
completed.Propertiesexchangedwerepresentedin
theConsolidatedStatementofFinancialPositionat
31August2024at£99.4million.
Restrictedcash
Ofthecashretentionsheldbysolicitorsasat
31August2024,£169,000hasbeenreleasedtothe
Groupand£341,000isstillheldwithsolicitors.The
balancesunderthecontrolofthelenderhavebeen
usedtorepaytheloansandassociatedfeesas
describedmorefullyinNote6totheConsolidated
FinancialStatements.
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thosefinancialstatements.Nowthatthe
GrouphasenteredtheManagedWind-Down,the
Groupispresentingperformancemeasuresitdeems
mostappropriatebeingtheexpenseratioduringthe
reportingperiodandtheNAVpershareandLTVasat
thebalancesheetdate(seepage18forfurtherdetail).
TheDirectorsdonotbelievethatpresentinganyEPRA
PerformanceMeasuresintheseReportandAccounts
wouldbenefittheshareholdersandassuchhasnot
providedthisinformation.
Overview
Portfolio and operating overview—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2024 5
Strategic report
6 Chair’sstatement
10 Managementreport
16 ESGreport
18 Keyperformanceindicators
19 Strategicoverview
23 Principalrisksanduncertainties
29 Goingconcernandviabilitystatement

6 HomeREITplc | AnnualReport | Fortheyearended31August2024
Dearshareholder,
Aspreviouslyannounced,theGrouphasfaced
unprecedentedchallengessincethepublicationofthe
ViceroyResearchReportinNovember2022including:
• theterminationofAHRAastheInvestmentAdviser
andAlvariumFMastheAIFM;
• investigationsbytheCompanyintoallegationsof
wrongdoingbyAHRAandAlvariumFM;
• substantialtenantarrears;
• non-performingtenants,includingtenantsentering
administrationandliquidation;
• suspensionoftradinginitsshares;
• apotentialgroupactionagainsttheCompanyand
thedirectorsinoffice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reportsforFY22,FY23andFY24andthe
interimreportsforFY23,FY24andFY25.
Financial Results
Earnings/Loss
ThelossbeforetaxoftheGroupfortheyear
to31August2024was£25.2million(yearto
31August2023:lossof£118.2million).
Thesignificantitemsdrivingthelossinclude:
• realisedlossesonthedisposalofinvestment
propertiesof£10.8million;
• netrevenuesof£8.6million,beingrentalincomeof
£41.4millionnetofanimpairmentofrentstraight-
liningof£3.7millionandtheprovisionforexpected
creditlossesof£29.1million;
• operatingexpensesof£6.8millionrelated
topropertiesthatareunderproperty
managementcontracts;
• generalandadministrativeexpensesof£19.8million
ofwhich£7.1millionrelatedtolegalfees;and
• financecostsof£3.9million;offsetby
• anincreaseinfairvalueofinvestmentproperty
of£7.2million;
Netassetvalue
TheNAVhasdecreasedfrom£216.9millionasat
31August2023to£191.7millionasat31August2024.
TheNAVperSharehasdecreasedto24.25penceasat
31August2024,adecreaseof11.6%from27.43pence
asat31August2023.
Strategic report
Chair’s statement

 HomeREITplc | AnnualReport | Fortheyearended31August2024 7
Corporate Governance
TheCompanyisanexternallymanagedREITandduring
theperiodhad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AEWto
actastheCompany’sinvestmentmanagerandAIFM.
The Investment Manager
Followingarigorousselectionprocess,theBoard
appointed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,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objectivewastostabilise
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.On16September2024this
policywassupersededasshareholdersapprovedthe
NewInvestmentPolicyfortheManagedWind-Down
oftheGroupwhichisdescribedmorefullybelow.
UndertheNewInvestmentPolicytheCompanyhas
theobjectiveofrealising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.
FCA Investigation
TheCompanyannouncedon13February2024the
commencementofaninvestigationbytheFCAinto
theCompany.TheCompany,theDirectorsandthe
previousDirectorsinofficeatIPOarecooperatingfully
withtheFCAinitswork.
Potential Litigation
InsimilarformattoFY22andFY23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.
Apre-actionletterwassenttotheCompanyby
HarcusParkeronbehalfofcertaincurrentandpast
shareholdersoftheCompanyinOctober2023.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vigorouslytodefenditselfin
respectofthethreatenedlitigationandhasdeniedthe
allegationsmadeagainstit.
TheCompanyintends,subjecttoareasonablecost-
benefitanalysis,tobringlegalproceedingsagainst
thosepartieswhomitconsidersmaybeliablefor
thelossesithassuffered.Tothatend,theCompany
issuedpre-actionlettersofclaimtoAlvariumFM,AlTi
REand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,whereitisfinanciallyviable
todoso.TheCompanyalsoissuedpre-actionletters
ofclaimtoAlvariumFM(itsformerAIFM)andAlTiRE
inApril2024.However,sincetheissueofthoseletters,
bothAlvariumFMandAlTiREhavebeenplacedinto
administration.AswiththeliquidationofAHRA,this
potentiallycomplicatestheabilityoftheCompanyto
achievefinancialrecoveryfromAlvariumFMand/or
AlTiRE.TheCompanyisalsoassessingtheviabilityof
seekingrecoveriesdirectlyfromAHRA,AlvariumFM
andAlTiRE’sinsurers.TheCompanycannotcomment
any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Rod
DaywasappointedasIndependentNon-Executive
Directoron7June2024.
On14January2025,followingthepublicationof
theFY23accounts,theCompanyannouncedLynne
Fennah,MarleneWood,PeterCardwellandSimon
MoorehadstooddownasDirectorswithimmediate
effectwithRodDaysucceedingMarleneWoodas
AuditCommitteeChair.Theywillcontinuetoassist
theCompany,whennecessary,onhistoriclegaland
regulatorymattersandLynneFennahisemployedby
theCompanyonapart‐timebasistoprovideadditional
supportinrelationtothesematters.
Strategic report
Chair’s statement—continued

8 HomeREITplc | AnnualReport | Fortheyearended31August2024
SignificantMattersImpactingAnnualResultsand
Post Balance Sheet Activities
Thefollowingisahigh-levelsummaryofsignificant
matterswithinthefinancialyearandpostbalance
sheeteventswithfurtherdetailprovidedinthe
ManagementReport.
Portfolio Valuation
JLLhasindependentlyvaluedtheGroup’sportfolio
inaccordancewiththeRICSValuation–Professional
Standards.Asat31August2024,theGroup’sportfolio
hadamarketvalueof£265.4million(2023:£412.7
million)representing44.7%ofthehistoricalacquisition
costsof£593.6million(includingpurchasecosts).The
reductioninthepropertyvaluationisaresultofthesale
of1,098propertiesduringtheyear.Theassessment
ofthecovenantstrengthoftenantsandthecondition
ofthepropertiesasat31August2024resultedin
83.1%(2023:88.3%)(bynumberofproperties,88.7%
(2023:88.3%)byvalue)oftheportfoliobeingvalued
onavacantpossessionbasisforthe31August2024
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9totheConsolidated
FinancialStatements.
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.Therewereno
dividendsdeclaredinrespectofthefinancialyearend
31August2024.
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rates
ofinterest.
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.
CertainfinancialpenaltieswereimposedbytheLender
inrespectoftheloanfacilitiestoincentiviserepayment
oftheloansassoonaspossible.TheGroupincurredthe
followingDeferredFeestotalling£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loanswerefullyrepaid.
DuringFY24andFY23theGrouprepaid£126.2million
(comprisingofprincipalpaymentsof£109.5million
andNetBreakGainsof£16.7million)and£30.0
millionrespectivelyofborrowings,reducingthe
outstandingbalanceat31August2024to£93.8million.
On27November2024,theGroupmadeitsfinal
paymentontheloansandon16December2024paid
theDeferredFees.
Post-balance sheet matters
ThepostbalancesheeteventsaredetailedinNote
26totheConsolidatedFinancialStatementsand
furtherdetailprovidedintheManagementReport
frompage14.
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could
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
Strategic report
Chair’s statement—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2024 9
Strategic report
Chair’s statement—continued
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,aswellasthecapitalexpenditurerequired
todriveanincreaseinrentalvalue.Inaddition,the
Boardwasawarethatthesizeofthevehiclefollowing
therepaymentofdebtwould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Groupwouldbesoldwiththeobjective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19and20.
Outlook and Approach to the Managed Wind-Down
Afteranextensivemarketingcampaigncommenced
inQ42024,asignificantnumberofpartiesshowed
interestintheremainingpropertyportfolio.Non-
bindingofferswerereceivedforthefullportfolioin
February2025andduediligenceisprogressing.The
Companyanticipatesthattheportfoliosaleprocess
willconcludeinthefourthquarterof2025.However,
thereisnoassurancethattheportfoliosalewill
progressunderthecurrentexpectedtimelineor
withtermswhichareacceptabletotheBoard.AEW
continuestoundertakeassetmanagementinitiatives
focusedonaddingvaluetotheportfolioandpreparing
themforsale.
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.
Atpresent,theBoardisunabletoassessproperlyits
abilitytomakedistributionswiththethreatoflitigation.
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,however,theBoardistakingstepsnowto
ensurecapitalcanbereturnedassoonaspossible.
Followingshareholderapprovaltocancelthe
Company’ssharepremiumaccountpassedon
20February2025,thecancellationoftheshare
premiumaccountwasapprovedbytheCourton
29April2025andbecameeffectivewiththeregistration
oftheCourtorderatCompaniesHouseon2May2025.
Thepurposeofthecancellationofthesharepremium
accountistocreateanewspecialdistributable
reserveofapproximately£596millionwhichcanbe
utilisedbytheCompanytomakereturnsofcapitalto
shareholders,whenitisapositiontodoso.
Financial statements and restoration of listing
Theinterimresultsfortheperiodsto29February2024
and28February2025areexpectedtobepublished
duringthe4thquarter2025andtheannualreportand
accountsfortheyearended31August2025assoon
aspracticablethereafter.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.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
17October2025

10 HomeREITplc | AnnualReport | Fortheyearended31August2024
Strategic report
Management report
Introduction
On23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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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termsofitsappointment
andtheapplicableinvestmentpolicy,initially
beingtheAmendedInvestmentPolicy(andfrom
16September2024,theNewInvestmentPolicy).
Amended Investment Policy
TheAmendedInvestmentPolicy,whichwasinplace
duringtheentirefinancialyear,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.Keycomponentsinclude:
• 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.
Investment Manager activity
AEWhasundertakenthefollowingactivitysince
it’s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,1,620propertieshavebeensoldatauction
fortotalgrossproceedsof£244.1millionofwhichall
propertieshavecompleted.Theproceedsfromthe
saleofthesepropertiesrepresentanaverageof38.4%
oftheirpurchasepriceand98.2%oftheirAugust
2023valuation.
Asset management initiatives
Sincethebeginningofthecurrentfinancialyear,AEW
haveundertakenthefollowingsignificantinitiatives:
• AEWcompletedtheinspectionprogrammestarted
inthepreviousfinancialyear,whichinvolved
internallyinspecting2,033propertiesfromAugust
2023toMay2024,representing82.2%ofall
propertiesownedat31August2023;
• WorkedwithJLLtofinalisetheirinspection
programmeandtheinformationsupportingtheir
worktoreleasetheirvaluationasat31August2023
and2022and28February2023;
• Usingtheinspectiondataandotherinformation
gatheredfromexternalsources,AEWcompiled
aninformationdatabaseonallpropertieswhich
wasusedtodeterminepropertysuitability,capital
expenditurestomakethepropertyfitforpurpose,
andincomeandreturnprospectsinordertoguide
asell/holdanalysis;
• Afterformingaviewofthefinancialstabilityof
everytenant,AEWengagedintenant-by-tenant
negotiationstounlockaccesstoandinformationon
theunderlyingproperties.Usingthisinformation
AEWprogressednegotiationsto:
– surrenderleasesfromnon-performingtenants;
– removetheprimarytenantanddirectlyengage
withthesub-tenant;or
– supportperformingtenants,whereappropriate;
• Forhabitablepropertieswithnon-performing
tenants,identifyanewtenantorpropertymanager
totakeoveroperationoftheproperty;

 HomeREITplc | AnnualReport | Fortheyearended31August2024 11
Strategic report
Management report—continued
• Forpropertiesassociatedwithexistingornew
performingtenantsandpropertymanagers:
– Obtainrequiredinformationsuchasgasand
electriclicensing,
– DriveHMOcompliancewithregulationsin
ordertoensurecontinuedsafeoperationofthe
propertyforoccupants;
– Obtainanunderstandingofoverallhealth&
safetycomplianceandsummarisetheresultsfor
discussionwiththeBoard;and
– Establishnewfinancialandoperational
reportingstructuresincludingrentdemands
andcollections,expensepayments,required
repairsandmaintenance,updatedhealth&
safetyinformation,occupancydetailsandoverall
monthlyresults;
• From1September2023to17October2025,
completedthesaleof1,620propertiesfor
£244.1million,whichisinlinewiththeAugust
2023valuation;
• Theaboveinitiativesresultedinaportfolioof
2,473propertiesletto29tenantsofwhich28
(representing99.8%ofannualcontractedrent)
weredeemednon-performingbecomingaportfolio
of1,375propertiescomprisedof682tenanted
properties,689propertiesunderthecontrolof
propertymanagersandfourwerecontrolledby
AEWforinclusionintheSeptemberauctionallas
at31August2024.
• Expandedshareholdercommunications,holding
periodicwebinarsandupdatecallstosignificantly
expandinformationsharedwithshareholders;
• WorkedtoissuetheAugust2022and2023
AnnualReportandAccounts;the2023Interim
Accounts,andthese2024AnnualReport
andAccounts.
Investment Properties
Propertyvaluation
TheGroup’sportfoliohasbeenindependently
valuedbyJLLinaccordancewiththeRICSValuation
ProfessionalStandards.Asat31August2024,the
Group’sportfoliohadamarketvalueof£265.4million
(2023:£412.7million)representing44.7%ofthe
historicalacquisitioncostsof£593.6millionincluding
purchasecosts(2023:40.7%and£1,014.3million
respectively).Thereductioninthepropertyvaluationis
principallytheresultofthesalesof1,098propertiesin
theyearto31August2024.
Indeterminingthefairvalueasat31August2024,JLL
hasusedacombinationofvaluationbases,adoptingan
investmentvaluationfor11.4%oftheportfolioandMV-
VPvaluefor88.6%oftheportfolio(2023:Investment
value11.7%andMV-VP88.3%).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.Allpropertiesunder
thecontrolofpropertymanagershavebeenvalued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
strength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wereletorsublettoatenantwithastrong
covenant(inthecaseofasublease,JLLdisregarded
theprimaryin-placelease),JLLcapitalisedthelease/
subleasepassingrentforitsremainingtermofupto
eightyears.

12 HomeREITplc | AnnualReport | Fortheyearended31August2024
Strategic report
Management report—continued
Thebelowtableshowsthebreakdownofpropertiesandvaluebyvaluationapproach.
31August2024 31August2023
Asat
Number
ofproperties
FairValue
£millions
Number
ofproperties
FairValue
£millions
Investmentvaluationapproach 232 30.2 289 48.1
Marketvalue–vacant
possessionapproach 1,143 235.2 2,184 364.6
Total 1,375 265.4 2,473 412.7
Asat31August2024,44propertiesofthe1,375were
consideredunhabitable(2023:198of2,473properties).
Theannualcontractedrentandfairvalueinrespectof
thesepropertiesasat31August2024was£0.6million
and£9.4millionrespectively(2023:£4.9million
and£27.1millionrespectively).Subsequentto
31August2024,26ofthepropertieswhichwere
consideredunhabitablehavebeensoldallofwhich
havecompleted.
Tenants
Tenantcovenantstrengthandliquidations
Asat31August2024,682oftheGroup’s1,375
propertieswerelettoregisteredcharities,housing
associationsandcommunityinterestcompanies
(2023:2,358of2,473properties).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.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and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2024,12of20tenants(2023:28of
the29tenants)wereofweakcovenantstrength
representing67.6%ofpropertiesand76.1%of
annualcontractedrent(2023:99.8%and99.8%
respectively).Threetenantswereinadministrationas
at31August2024(2023:threetenants),andafurther
threetenants(2023:ninetenants)haveenteredinto
voluntaryadministrationpostperiodend,representing
4.1%ofpropertiesand13.8%ofannualcontractedrent
asat31August2024(2023:63.1%ofpropertiesand
68.1%ofannualcontractedrent).
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1,375propertiesownedbytheGroup
on31August2024,238leasesweresurrenderedby
theprimarytenantandHomeREITnowhasadirect
leasewiththeunder-tenant,39arestillinplace,
481propertieshavebeenturnedovertoaproperty
managerandtheGrouphasdirectarrangementswith
theoccupantsorthepropertiesarebeingheldvacant,
95arere-tenanted,and522havebeensold.
Rentcollection
Rentcollectedduringtheyeartotalled£6.3million.Of
theamountdemandedunderleasestonon-occupant
tenantsof£35.1million,£4.1millionwascollected.An
additional£2.2millionwascollectedfromproperties
managedunderpropertymanagementagreements.
Arrearsat31August2024were£52.2million,ofwhich
£48.4millionwasfullyprovidedfor(2023:£50.8million
and£50.7millionrespectively).TheGrouprecognised
anadditionalprovisionforexpectedcreditlossesof
£29.1millionin2024(2023:£49.5million)andwroteoff
£30.7millionoftenantreceivablesin2024(2023:nil).
Amountscollectedaftertheperiodendforrent
dueunderoperatingleasesincludingarrearswas
£4.8millionfrom1September2024to31August2025
comparedtorentdemandedof£8.5million.

 HomeREITplc | AnnualReport | Fortheyearended31August2024 13
Strategic report
Management report—continued
OccupancyandSocialUse
Theinspectionprogrammewhichwasinitiatedin
August2023providesareferencepointastoproperty
occupancyasatthedateofinspection,however,
theinspectionsdidnotdifferentiatebetweenone
bedroombeingoccupiedcomparedtoawholebuilding
beingoccupied.
AEWhasundertaken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.
AEWcontinuestoobtainreliabledatafromtenants
thatthemajorityoftheoccupantsintheportfolio
has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
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.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.
General and administrative expenses
TheGrouphasincurredsignificantexpensesintheyear
to31August2024.Thebroadcategoriesofexpenses
areasfollows:
Fortheyear
ended31August
2024
£’000
Fortheyear
ended31August
2023
£’000
Legalfees 7,106 3,502
AEWpropertyand
investmentmanagement
fees(Note19) 5,000 1,085
Professionalfees 4,608 3,395
FeespaidtotheGroup’s
IndependentAuditor 846 1,076
Valuationfees 300 2,165
Directors’fee(Note19) 362 176
Alvariuminvestment
advisoryfees(Note19) – 5,094
Tenantandaggregator
settlements – 1,419
Otheradministrative
expenses 1,563 1,247
Total 19,785 19,159
• Legalfeesincurredrelatedtothefollowing
workstreams:1-activitiessupportingtheresponse
toallegationsmadeinNovember2022andthe
associatedcorporateactionsof£0.9million(2023:
£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
£3.2million(2023:£1.2million),3-tenantrelated
mattersof£1.8million(2023:nil),4-bankloan
relatedsupportforboththeborrowerandthe
lenderof£0.7million(2023:£0.2million),5-forensic
supportforalllegaladvisersof£0.3million
(2023:£0.9million),and6-othermiscellaneous
workstreams£0.2million(2023:£0.2million).
• Professionalfeesincludecostsassociatedwith
financialadvisorsandboardrecruitmentaswellas
accounting,PRandtaxsupport.
• AEWandAHRAfeesarediscussedmorefullyinNote
19totheConsolidatedFinancialStatements.
• Valuationfeesin2023includeamountspaidtoJLL
forinspectionandvaluationservicesaswellas
costrelatedtoVibrantandotherthirdpartieswho
performedpropertyinspectionstosupportthe
valuationprocess,whichdidnotrecurinFY24.

14 HomeREITplc | AnnualReport | Fortheyearended31August2024
Strategic report
Management report—continued
Property operating expenses
Operatingexpensesrelatingtopropertiesunder
managementagreementsareasfollows:
Fortheyear
ended31August
2024
£’000
Fortheyear
ended31August
2023
£’000
Maintenanceandcompliance 2,301 550
Managementfees 1,342 –
Utilities 788 –
Counciltax 562 4
Otherfees 166 –
Subtotal 5,159 554
Irrecoverable
propertyinsurance 624 –
Propertyconsultancyfees 568 200
Otherpropertyexpenses 435 –
Total 6,786 754
TheGroupbeganincurringpropertyoperating
expensesdirectlyasAEWnegotiatedsurrenders
withtenantsandinsertedpropertymanagersto
manageeachpropertyuntilstabilisedorsold.This
directarrangementwiththeoccupantplacesthe
responsibilityforsettlingexpensesassociatedwith
eachpropertywiththeGroup(ifnotdirectlywith
thetenantforsuchcostsasutilitiesandcouncil
taxes).TheGroupincurredsignificantmaintenance
andcompliancecostsasittookbackpropertiesto
ensurethatpropertiesweresuitableforoccupation.
Propertieswereevaluatedforsaleorimprovement
atthesurrenderdateandifAEWconsidered
improvementstoensurethepropertywassuitable
foroccupationweretoosignificant,thepropertywas
auctionedtogenerateproceedstoreducethird-party
loans.Inadditiontostandardmanagementfees,the
Groupalsoincurredon-boardingandvacancyfees,
andimprovementsoversightexpensesfromproperty
managers.Propertyconsultancyfeesareassociated
withathirdpartyengagedbyAHRA,whoassistedwith
thetransitiontoAEWin2023andwhosecontractwas
terminatedwitheffectfrom31October2023.
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repay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the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would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.

 HomeREITplc | AnnualReport | Fortheyearended31August2024 15
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.A
proportionofthepropertyportfoliowassoldatauction
before31December2024tomeettherequirements
ofScottishWidowsandrepayalloutstandingdebtand
associatedfees.
Afteranextensivemarketingcampaigncommenced
inQ42024,asignificantnumberofpartiesshowed
interestintheremainingpropertyportfolio.Non-
bindingofferswerereceivedforthefullportfolioin
February2025andduediligenceisprogressing.The
Companyanticipatesthattheportfoliosaleprocess
willconcludeinthefourthquarterof2025.However,
thereisnoassurancethattheportfoliosalewill
progressunderthecurrentexpectedtimelineor
withtermswhichareacceptabletotheBoard.AEW
continuestoundertakeassetmanagementinitiatives
focusedonaddingvaluetotheportfolioandpreparing
themforsale.
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vulnerableoccupiers.
Return of capital to shareholders
TheBoardintendstoreturncapitaltoshareholdersas
soonaspossibleafter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.Further,theCompany
expectsitwillneed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.Followingshareholderapprovaltocancel
theCompany’ssharepremiumaccountpassed
on20February2025,thecancellationoftheshare
premiumaccountwasapprovedbytheCourton
29April2025andbecameeffectivewiththeregistration
oftheCourtorderatCompaniesHouseon2May2025.
Thepurposeofthecancellationofthesharepremium
accountistocreateanewspecialdistributable
reserveofapproximately£596millionwhichcanbe
utilisedbytheCompanytomakereturnsofcapitalto
shareholders,whenitisapositiontodoso.
Financial statements and restoration of listing
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.TheCompanyexpectstoengagewith
shareholdersaheadofthisimportantevent.
AEW UK Investment Management LLP
17October2025

16 HomeREITplc | AnnualReport | Fortheyearended31August2024
ThisEnvironmental,SocialandGovernancePolicy
applies to the Company and the Group.
TheBoardtogetherwithAEW(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.
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2024theGroup’s
currentEPCratingsareasdetailedbelow:
Rating
Numberof
Properties %
A 2 0.2
B 6 0.4
C 402 29.2
D 734 53.4
E 222 16.2
F 6 0.4
G 3 0.2
Total 1,375 100.0
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generally
haveanyemployees(exceptLynneFennahsince
15January2025,whoadvisestheBoardonhistorical
mattersasapart-timeemployee)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generally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

 HomeREITplc | AnnualReport | Fortheyearended31August2024 17
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.
Occupants:Inourcommitmenttofosteringa
sustainableandresponsibleinvestmentstrategy,
werecognizethattheoccupiersofourproperties
arenotonlytenantsbutessentialstakeholders.
Theirwellbeingisparamountandwetakeproactive
measurestoensurethatallourpropertiescomplywith
applicablelaws,includinghealthandsafetystandards,
therebycreatingasecurelivingenvironment.We
arecommittedtodrivingimprovementsinthe
qualityofaccommodation,recognizingthatasafe
andcomfortablehomeisfundamentaltothelivesof
occupiers.Inparticular,weplacegreatemphasison
theneedsofsupportedlivingtenants,whotypically
requireadditionalsupportfromthirdpartyintensive
housingmanagers.
Service Providers: AlistoftheGroup’skeyservice
providerscanbefoundintheCompanyInformationon
page120.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.
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hasmade
minoramendmentstothemodel,including:
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.
OperationalRisk
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

18 HomeREITplc | AnnualReport | Fortheyearended31August2024
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
reportingtheEPRAandotherkeyperformancemeasurementswouldbenefittheuserofthefinancialstatements.
FurtherforFY24,consideringtheGrouphasenteredintotheManagedWind-Down,theBoardconsidersthatonly
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
Results2024 2023
1. 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.
24.25
pence
27.43
pence
Decreaseof11.6%,resulting
fromthelossrecognised
inFY24.
2. 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.
10.3% 9.1% Asdescribedonpages
13and14,expensesgrew
astheGroupincurred
directpropertyoperating
expensesrelated
topropertiesunder
managementcontracts.
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.
35.3% 53.3% GroupLTVdecreaseddue
tothe£126.2millionloan
repaymentsmadefrom
excesscashandproperty
disposalproceedsin2024.
Strategic report
Key performance indicators

 HomeREITplc | AnnualReport | Fortheyearended31August2024 19
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10,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todate
havebeenusedtosettleallamountsoutstandingto
theLender.Futurenetproceeds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.

20 HomeREITplc | AnnualReport | Fortheyearended31August2024
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
andcompliance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.
Restoration of listing
Theinterimresultsfortheperiodsto29February2024
and28February2025areexpectedtobepublished
duringthe4thquarter2025andtheannualreportand
accountsfortheyearended31August2025assoon
aspracticablethereafter.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.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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,other
thanLynneFennahwhosince15January2025isa
part-timeemployeeadvisingtheBoardonhistorical
matters,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Companyisnotrequiredtoproduceastatement
onslaveryandhumantraffickingpursuanttothe
ModernSlaveryAct2015asitdoesnotsatisfyallthe
relevanttriggersunderthatActthatrequiressuch
astatement.TheCompanydoes,however,closely
monitorthepoliciesofitssupplierstoensurethat
properprovisionsareinplace.
AEWUKInvestmentmanagementLLP,theInvestment
ManagertotheCompany,ispartoftheNatixisGroup,
whosestatementonSlaveryandHumanTrafficking
hasbeenpublishedinaccordancewiththeModern
SlaveryAct2015.
http://natixis.groupebpce.com/wp-content/
uploads/2022/11/Modern-Slavery-Act-
statement-2024.pdf
Gender diversity
Asat31August2024,theBoardofDirectorsofthe
Groupcomprisedofsevendirectors.Twofemaleand
fivemaleDirectors.Asatthedateofthisreport,the
BoardofDirectorsoftheGroupiscomprisedofthree
maledirectors.TheappointmentofanynewDirector
ismadeinaccordancewiththeCompany’sdiversity
policyasdetailedonpage50.
Strategic report
Strategic overview—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2024 21
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,tenants,occupants
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.
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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
TheBoard,AEWandtheBrokerregularlymeetwith
theCompany’sshareholderstoprovideGroupupdates
andtofosterregulardialogue.Feedbackfromall
shareholdermeetings,andshareholders’views,are
discussedby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.

22 HomeREITplc | AnnualReport | Fortheyearended31August2024
Strategic report
Strategic overview—continued
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providedsinceinceptionby
AEWandAHRAandanyprospectusesandcirculars
issuedbytheGrouparealsoavailableonthewebsite.
TheCompanyprovidesregularupdatesonportfolio
acquisitions,disposals,tenantupdatesandanyother
relevantmatterbywayofmarketannouncements.
With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.
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’s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wereheldbetweentheLender,the
BoardandAEWtodiscussandassesstheCompany’s
compliancewithbankingcovenantsandagreewaivers,
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16to17ofthis
AnnualReport.
Key decisions made during the year
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.
RodDaywasappointedasIndependentNon-Executive
Directoron7June2024andasAuditCommittee
Chairdesignate.
Repaymentofdebt
TheBoardoriginallyapprovedtheaccelerated
repaymentoftheloansusingproceedsfromthesale
ofpoororworsepropertiesexpectingtorefinancethe
remainingportfolio.WhentheBoardconcludeditcould
notobtainanewloanontermsitcouldrecommend
toshareholdersitagreedtoacceleratethesaleof
additionalpropertiestofullyrepaytheloansbefore
December2024.Additionally,theBoardagreedtopay
DeferredFees.
Key decisions made during post period end
Repaymentofdebt
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.
ResignationofNon-ExecutiveDirectors
inplaceattheIPO
WiththepublicationoftheAnnualReportand
Accountsfortheyearended31August2023on
14January2025,thedirectorsinplaceattheIPO
resignedfromtheboard.

 HomeREITplc | AnnualReport | Fortheyearended31August2024 23
TheBoard,throughdelegationtotheAuditCommittee,hasundertakenarobustassessmentandreviewofthe
principalrisksfacingtheCompanyandtheGroup,togetherwithanexercisetoidentifyanynewriskswhichmay
havearisenduringtheperiod,includingthosethatwouldthreatenitsbusinessmodel.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,theprincipalrisksanduncertaintieswhichtheGroupfacesunderthe
NewInvestmentPolicyasapprovedbyshareholderson16September2024(seepage19foradescriptionofthe
policy)aresetoutbelow.
Risk Mitigation
Investment Objective (Managed Wind-Down)
Ability to dispose of all assets maximising value
forshareholders:
TheCompany’sManagedWind-Downinvestment
objectiveistomaximisetheproceedsfromthe
saleofallassetsinthemosttimeandcost-efficient
mannerandafterrepaymentofloansandall
liabilities,returnthenetproceedstoshareholders.
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marketforresidentialpropertiesisuncertain
duetoevolvingGovernmentpoliciesonrenters’
rightsandgeneralmarketconditions.Furtherthe
Companyhasamixofproperties,includingsingle
familyhomes,HMOs,investmentproperties,
aswellasamixoftenantsincludingsupported
livingandPRS.
Itisintendedsaleswillbestructuredandexecutedtoachievebestvalue.
TheCompanyiscurrentlymarketingtheentireportfolioforsaleinone
transaction.Themixofpropertyandtenanttypesmayrequirethe
Companytosellpropertiesinsmallerlotsizesifitcannotfindasingle
buyerforaportfoliosale,whichcouldimpactpriceattainedandthetiming
andcostofcompletingthesales.
Intheeventthatthesaleofsuchadiverseportfolioisnotfeasible,the
Companywillconsiderotherformsofpropertysalesincludingviaauction,
privatetreatyandindividualassetsales.
TheGrouphasalreadymetoneofthekeyaspectsoftheinvestment
objective,inthattheGrouphassettledallamountsoutstanding,including
theloanfacilitiesandtheDeferredFees,totheLendersubsequent
toyear-end.
Therealisationprocesswillbecarriedoutinawayintendedtominimise
impactanddisruptiontovulnerableoccupiers.
TheBoardregularlyreviewstheprogressoftheportfoliosaleandthe
operationofthepropertiesduringthemarketingperiod.TheBoardseeks
regularadvicefromtheindependentadvisersonthesale(JLL,TT&Gand
Allsops),includingformalupdatesfromalladvisorsatBoardmeetingsand
informalad-hocupdatesmorefrequently.
Control of Operating Expenses:
TheGrouphassignificantoperatingcosts
includingthecostsofrunningalistedbusiness
andthecostsofdefendingitselfandtaking
actionagainstwrongdoers.Thelonger
theseworkstreamscontinuethemorethat
willneedtobedeductedfrompotential
shareholderdistributions.Thereisnocertainty
thattheGroupwillrecovermeaningfulsumsfrom
thirdparties.
TheBoardhasforecastandwillcontinuetoassesscurrentandfuture
potentialliabilitiesasitconsidersreturningcapitaltoshareholders.
TheCompanyintendstodefenditselfvigorouslyinrespectofthe
threatenedlitigationandhasdeniedtheallegationsmadeagainstit.
TheBoardregularlyengageswithitsadvisorstoconsiderthemeritsof
theCompany’spositionandtoweighthecost/benefitofbringinglegal
proceedingsagainstthoseitconsidersresponsibleforwrongdoing.
AEWupdatesthecashflowforecastmonthlyfor13weeksand15months,
whichisreviewedatleastmonthlywiththeBoard.
Strategic report
Principal risks and uncertainties

24 HomeREITplc | AnnualReport | Fortheyearended31August2024
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distributionsthatshareholdersreceivewill
besubjecttodeductionsfor,amongotherthings,
directdisposalcosts,tax,managementfees,
professionalfeesandrunningcoststhroughout
theremaininglifeoftheGroup.Thesecostsmay
reducethesumsavailablefordistributionto
shareholdersinthefuture.
Further,theCompany’sabilitytomake
distributionsmaybeconstrainedwhilstthe
Companyfacespotentialgrouplitigation.
TheDirectorsintendtomakeaninitialreturnofcapitaltoshareholders
uponthecompletionoftherealisationstrategyandafterconcluding
onappropriateretainedfundstowindthebusinessdownandcover
contingentliabilities.
TheBoardisconsideringallavailableoptionsofreturningcashto
shareholdersincluding(butnotlimitedto)dividenddistributions,
issuanceofBsharesandtenderoffersforoutstandingshares.Themost
appropriatetimingandmechanismtoreturncapitaltoshareholdersis
beingconsideredandwillbecommunicatedinduecourse.
Property Leasing and Operations
Direct letting of property
Asnon-performingtenantsareremoved,a
propertymanagerisappointedtoundertake
theday-to-daytasksofoperatingtheproperty,
withoccupierscontractingdirectlywithaGroup
company.Thedirectlettingmodelincreasesrisks
totheCompanyincluding:
1. Increasedcontroloverpropertiesand
thereforegreaterresponsibilityforhealthand
safetyandtechnicalcompliance.
2. Directresponsibilityforpropertyoperating
costssuchasutilities,counciltaxes,
insurance,repairsandmaintenance.
3. ForSupportedLivingproperties,directco-
ordinationwiththeCounciltoobtainapproval
forfundingandprovisionofadequatesupport
tooccupants.Forpropertiesnotinpayment,
collectionofrentsisunlikely.
4. ForHMOs,increasedcomplianceand
licensingrisks.
5. Forallproperties,responsibilitytoensure
propertiesareoccupiedandrentscollected
anddebtorschasedwhereappropriate.
TheAEWAssetManagementteammeetsmonthlywitheachproperty
managertoreviewmonthlyperformance.Thosemeetingsincludea
reviewoffinancialresults,leasingandvacancystrategy,compliance
reportingandsignificantrepairsandmaintenance.Allrequestsforcapital
expendituresarepre-approvedandsignificantworksaresignedoffbyan
independentthirdpartypriortosettlingassociatedinvoices.
TheAEWAssetManagementalsomeetweeklywitheachProperty
Managertoreviewandapproveactionsonurgentmattersandprogress
onkeyinitiatives,includingobtainingapprovalforsupportedliving
propertiestobeinpayment.
Strategic report
Principal risks and uncertainties—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2024 25
Risk Mitigation
Intensive Housing Managers (IHM) and
PropertyCost:
TheGrouphasappointedthirdpartyspecialists
includingIHMandpropertymanagers,whichhas
resultedinadditionalcoststotheGroup.
AEWhascontrolsinplacearoundexpendituresmadebytheIHMand
propertymanagersinaccordancewithcontractualagreements.AEW
monitorsexpenditureagainstexpectationsandprovidesregular
reportingtotheBoardonpropertiessubjecttoIHMandproperty
managementagreements.
Insomeinstances,propertymanagers
formerly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.AEWmaynothavehad
previousexperienceorrelationshipswiththese
serviceprovidersandthequalityoftheservice
maybeunknown.
Wherepossible,AEWnegotiatescontractswithIHMandproperty
managersonaflexiblebasistoprovidestabilityandcontinuityofservice
thatalignswiththeflexibilityrequiredforsaleofthepropertiesunderthe
ManagedWind-Down.
IHMandpropertymanagersareheavilyreliedupon
toprovideaccurateinformationandproactively
resolveissuesastheyarise,includinginrelationto
healthandsafety,compliance,licensing,property
maintenance,crisisresponse,administration,
financialreportingandcashflowforecasting.
AEWundertakesappointmentsinaccordancewithitssupplierselection
andmonitoringproceduresincludingundertakingduediligenceon
serviceproviders.
Property Risk
Propertiesmaysufferphysicaldamageresulting
inlosses(includinglossofrent)whichmaynotbe
fullycompensatedbyinsuranceoratall.
TheGroupmaintainsacomprehensiveportfolioinsurancepolicy.
BuildingDeclaredValueshavebeenupdatedinlinewithrecentformal
ReinstatementCostAssessments(whereundertaken)fortypicallylarger
propertiesandforlocationsthatareyettobeinspected,theexpiring
valueshavebeenestimated.
Liquidity risk:
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incurringhighcorporatecosts
includingsignificantlegal,auditandprofessional
fees,anddirectorandofficerinsurance.
TheGroup’sinvestmentsaregenerallynot
immediatelyliquid.
TheliquidityriskhasdiminishedsignificantlynowthattheGrouphas
repaidbothloanfacilitiesandtheDeferredFeestotheLendersubsequent
toyearend.
Asofthedateoftheseaccounts,theGrouphasaccumulatedsufficient
cashtofundoperationsforthenext12months.Intheeventthat
additionalcashisrequired,theGroupcouldsellpropertiesatauction
togenerateadditionalliquiditywithin45-60days.
AEWhasaprocedurefortheapprovalofsignificantcapexand
unbudgetedexpenses.
Surplus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.
Real Estate sector
Property market – residential including Social Use
and Supported Living:
Performancewillbesubjecttotheconditionand
sentimentofpropertymarketsintheUK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,interestratesandchangesinlaws
orgovernmentregulations.
Sinceappointment,AEWhasundertakenacomprehensiveinspection
programmeviathirdpartiestoassessthequality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inachievingobjectivesforthe
propertiesandre-tenantingtotheBoardonaregularbasis.
Strategic report
Principal risks and uncertainties—continued

26 HomeREITplc | AnnualReport | Fortheyearended31August2024
Risk Mitigation
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2024,12ofthe20directtenants
areofweakcovenantstrengthrepresenting67.6%
ofpropertiesand76.1%ofannualcontracted
rentasatthattime.Threetenantshadentered
liquidationasat31August2024andafurther
threetenantshadenteredintoadministrationor
liquidationpostperiodend,representing13.0%of
propertiesand49.0%ofannualcontractedrentas
at31August2024.
AEWdeterminedthatthemajorityoftheoriginaltenantswerepoorly
capitalisedandlackedlongtermoperatingtrackrecords.Fortenants
considerednon-performingorunsuitable,AEWnegotiatedsurrenders
oftheleasestotakebackcontroloftheunderlyingpropertiesto:sell
theassociatedpropertyatauctionorappointapropertymanagerto
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.
Ifatenantisstillperforming,theleaseswillremaininplace,although
termsmaybevaried.
AEWprovidesregularupdatestotheBoardonitsstrategy.
Property Valuations:
Propertyvaluationsareinherentlysubjectiveand
uncertain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variances
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marketingand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.AEWandJLLusethesalesevidenceof
recentauctionstosupporttheirestimatesofMV-VPandthisinformation
isreviewedwiththeBoardaspartofthevaluationsignoffprocess.
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a
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periodic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updatesandshareholderpresentations.The
Companywillcontinuetoprovideperiodic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.
Strategic report
Principal risks and uncertainties—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2024 27
Risk Mitigation
Engagements with third party service providers
Reliance on the performance of the Investment
Manager and Other Key Service Providers:
TheCompanyhasnoemployees(otherthan
LynneFennahsince15January2025,whoadvises
theBoardonhistoricalmattersasapart-time
employee)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.
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undertakes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.
TheMECandtheBoardwillcontinuetomonitortheperformanceofkey
serviceprovidersanddeterminewhethercontinuedengagementremains
appropriate.
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REITrequirements,
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.
Potential Limitations on Methods of Returning
Capital to Shareholders
TheCompany’sstatusasaREITmayrestrict
theCompany’sdistributionopportunitiesto
Shareholders(distributionstoSubstantial
Shareholders)
AEWwillmonitorthepositionandprovideregularupdatestotheBoard.
Strategic report
Principal risks and uncertainties—continued

28 HomeREITplc | AnnualReport | Fortheyearended31August2024
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.
TheBoardseeksregularadvicefromitsadvisersandtheBoardhas
confirmedthatitwillco-operatefullywiththeFCAinvestigation.
Risk of potential litigation from shareholders
against the Group or a group action:
Asaresultofthepotentialshareholder
grouplitigationagainsttheCompanyandthe
Company’sDirectorswhowereinofficeatIPO,
theCompanywillcontinuetoincursignificant
legalexpensesand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regularlyengageswithitsadvisersonpotentialexposure
tolitigation.
Board – replacement, experience and succession:
AlloftheBoardmemberswhowereinofficeat
IPOstooddownon14January2025following
publicationofthe2023financialresults.
TheremainingDirectorswereappointedduring
2024and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(now
MECchair)andanotherNon-ExecutiveDirectorwhoisnowtheAudit
CommitteeChair.
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.
TheretiringDirectorswillcontinuetoassisttheCompany,when
necessary,onhistoriclegalandregulatorymatters,andLynneFennahis
employedonapart-timebasistoprovideadditionalsupportinrelationto
these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,includingoversight
overHMOplanningpermissionandlicensing.
FailuretohaveappropriateH&Sproceduresand
processesmayresultinregulatoryfinesand
reputationalrisk.
H&Sisa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a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undertakespotchecksofcompliance.
Strategic report
Principal risks and uncertainties—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2024 29
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26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Companyanticipatesthattheportfoliosale
processwillconcludeinthefourthquarterof2025.
2. Revenuewillcontinuetobecollectedontenanted
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reduce
significantlybythefirstquarterof2026,whenthe
Groupexpectstofileitsannualreportandaccounts
fortheyearended31August2025.
4. Nothinghasbeenbudgetedforanypotential
settlementofeitherthepre-actionletterofclaim
ortheFCAmatter,bothasdescribedbelow.
Asofthedateofthesefinancialstatements,the
Grouphasapproximately£8.8millionoffreecash.
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satisfiedthatthecashonhandwill
beadequatetocoverthoseexpenses.Intheevent
thatexpendituresexceedthoseestimates,theGroup
canselladditionalpropertiesatauctiontocoverany
unforeseenexpenses.
InOctober2023,theCompany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7February2024,theCompany
wasnotifiedbytheFCAofitscommencementofan
investigationintotheCompany,coveringtheperiod
from22September2020to3January2023.The
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
17October2025

30 HomeREITplc | AnnualReport | Fortheyearended31August2024
Governance
31 TheBoard
32 Directors’report
37 Corporategovernancestatement
42 ReportoftheAuditCommittee
48 ReportoftheManagementEngagementCommittee
49 ReportoftheNominationCommittee
52 Directors’remunerationreport
57 StatementofDirectors’responsibilities
58 IndependentAuditor’sreport

 HomeREITplc | AnnualReport | Fortheyearended31August2024 31
AlltheDirectorsarenon-executiveandindependent
oftheInvestmentManager&AIFM.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Accounts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,andChairofLighthouseFunerals,a
privateequitybasedfuneraldirectorsbusiness.Michael
hasover30yearsofexperience,morethanhalfofwhich
have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.
RodDay(appointed7June2024)
RodDayisanIndependentNon-ExecutiveDirector
oftheBoardandAuditCommitteeChair.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.
PeterWilliams,SeniorIndependentDirector
andChairoftheManagementExecutive
(appointed2April2024)
PeterWilliamsistheSeniorIndependentNon-
ExecutiveDirectoroftheBoardandManagement
EngagementCommitteeChair.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
Heritage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.
Governance
The Board

32 HomeREITplc | AnnualReport | Fortheyearended31August2024
TheDirectorspresenttheirreportfortheyearended
31August2024.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19.
• Likelyfuturedevelopmentsandoutlookare
containedwithintheChair’sStatementonpages
8and9.
• ImportanteventsaffectingtheGroupwhichhave
occurredsincetheendofthefinancialyearare
setoutonpages14to15andinNote26tothe
ConsolidatedFinancialStatements.
Directors
TheDirectorsinofficeatthedateofthisReportareas
shownonpage31.
TheDirectorsoftheCompanywhowereintheoffice
duringtheperiodanduptothedateofsigningthe
AnnualReportandfinancialstatementswere:
Appointed Resigned
MichaelO’Donnell 18January2024 –
PeterWilliams 2April2024 –
RodDay 7June2024 –
PeterCardwell – 14January2025
LynneFennah – 14January2025
SimonMoore – 14January2025
MarleneWood – 14January2025
DetailsoftheDirectors’termsofappointmentcanbe
foundintheDirectors’RemunerationReport.
Corporate governance
TheCorporateGovernanceStatementonpages37to
41formspartofthisDirectors’Report.
Dividends
Therewerenodividendsdeclaredorpaidinrespect
oftheyearended31August2024(2023:£10,910,000).
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thedateon
whichtheNoticeofAGMwaspublished,amountingto
84,194,540Shares.Theauthoritytopurchaseexpired
and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.
AttheAGMheldon20February2025,theDirectors
weregrantedauthoritytopurchaseupto14.99%of
theGroup’sordinarySharecapitalinissueatthedate
onwhichtheNoticeofAGMwaspublished,amounting
to118,506,512Shares.Thisauthoritywillexpireatthe
conclusionoftheAGMheldin2026.
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.
AsatthedateoftheAnnualReport,theCompany
didnotpurchaseanyofitsSharespursuanttothis
authority,nordidanynomineeorthird-partywiththe
Group’sassistanceacquireanySharesonbehalfof
theCompany.
Current share capital
Asat31August2024,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.Asat31August2024,andatthe
dateofthisReport,thetotalvotingrightsintheGroup
were790,570,465.
Governance
Directors’ report

 HomeREITplc | AnnualReport | Fortheyearended31August2024 33
Significantshareholders
Asat31August2024,thetop5shareholdersintheCompanywere:
ShareholderName NumberofShares
%oftotal
votingrights
M&GInvestmentManagementLimited 124,703,853 15.77
BlackRockInvestmentManagement(UK)Limited 75,916,498 9.60
LiontrustAssetManagementPLC 45,273,414 5.73
Sarasin&PartnersLLP 41,534,905 5.25
VanguardGroupInc. 35,573,131 4.50
Since31August2024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:
ShareholderName
Shareholdingondate
ofnotification NotificationDate
%oftotal
votingrights
WeissAssetManagementLP 108,717,069 20August2025 13.75
WeissAssetManagementLP 103,480,469 8August2025 13.09
WeissAssetManagementLP 101,456,469 17June2025 12.83
WeissAssetManagementLP 87,039,599 13June2025 11.01
WeissAssetManagementLP 83,740,529 19May2025 10.59
WeissAssetManagementLP 76,013,616 15May2025 9.62
ACTFinanceLimited 50,165,517 15April2025 6.34
LiontrustAssetManagementPlc 37,840,019 25February2025 4.78
Sarasin&PartnersLLP 36,809,090 31January2025 4.65
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32.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37.
Governance
Directors’ report—continued

34 HomeREITplc | AnnualReport | Fortheyearended31August2024
SECR
InaccordancewiththerequirementsoftheStreamlined
EnergyandCarbonReporting(SECR)framework,
implementedthroughTheCompanies(Directors’
Report)andLimitedLiabilityPartnerships(Energy
andCarbonReport)Regulations2018(SI2018/1155),
quotedcompaniesincorporatedintheUKarerequired
toreportannualUKenergyuseandassociated
greenhousegas(GHG)emissions,including:
• Scope1(directemissionsfromownedor
controlledsources)
• Scope2(indirectemissionsfromthegeneration
ofpurchasedelectricity,heat,orsteam)
• Anintensityratio
• Adescriptionofenergyefficiencymeasuresundertaken
However,underRegulation15(7)(b)oftheSECR
Regulations,disclosureisnotrequiredwhereitisnot
practicaltoobtainthenecessaryinformation,provided
thatthereasonsfornon-disclosureareclearlystated.
Fortheyearended31August2024,HomeREITplchas
determinedthatitwasnotpracticabletoprovideGHG
emissionsorenergyusagedataforthefollowingreasons:
• TheGroup’spropertyportfolio,comprising2,473
residentialassetsatthebeginningofthereporting
period,washistoricallyoperatedunderlong-term
FullRepairingandInsuring(FRI)leasestothird-party
housingproviders.Underthisleasingstructure,
operationalcontrolandresponsibilityforenergy
usage,maintenance,andtenantmanagement
residedentirelywiththetenants.
• HomeREITplc,aslandlord,hadnolegalor
operationalrighttomonitororcollectenergy
consumptiondatafromtenants.Inpractice,nodata
onenergyusage,fueltypes,orutilityaccountswas
receivedduringtheleasetermsoruponsurrender.
• DuringFY2024,asubstantialnumberofleaseswere
terminatedduetotenantnon-performance,with
theGroupregainingcontrolofasignificantnumber
ofproperties.However:
– 1,098propertiesweresoldshortlyafter
repossession(typicallywithin30–45days),with
nointerveningrefurbishmentorenergyusageby
theGroup.
– Theremaining1,375propertieswereretained
butacquiredunderirregularandnon-standard
conditions,withoutoperationalhistoriesor
energyrecords.
• Nocentralisedoperations,vehiclefleet,or
corporateofficesunderGroupcontrolexisted
duringtheperiod,furtherlimitingtherelevanceof
Scope1orScope2emissions.
WhilsttheGroupthereforemakesuseofthe
exemptionprovidedunderRegulation15(7)(b)wehave
calculatedestimatedenergyusagebasedonindustry
benchmarkingdatabasedonthearchetypesofthe
propertiestoprovideanillustrativeviewontheenergy
andcarbonusage.
IFRS
Additionally,theInternationalSustainabilityStandards
Board(ISSB)issuedIFRSS1(GeneralRequirements
forDisclosureofSustainability-relatedFinancial
Information)andIFRSS2(Climate-relatedDisclosures)
withaneffectivedateof1January2024.However,
thesestandardsarenotyetmandatedinthe
UnitedKingdom.
TheUKGovernment,viatheDepartmentforBusiness
andTradeandtheFinancialReportingCouncil(FRC),is
currentlyundertakingaprocesstoendorsetheISSB
standardsforUKusethroughthedevelopmentofUK
SustainabilityDisclosureStandards(UKSDS).Asatthe
dateofthisreport,norequirementtoadoptIFRSS1or
S2hasbeenenactedintoUKregulation.
Accordingly,HomeREITplcisnotrequiredtoreport
againstIFRSS1orS2fortheyearended31August2024.
TheGroupcontinuestomonitordevelopmentsin
UKsustainabilityreportingrequirementsandwill
assessfutureapplicabilityoftheISSBstandards
onceregulatoryguidanceandadoptiontimelines
arefinalised.
Investment Manager & AIFM
AlvariumFMwastheCompany’sAIFMuntil
21August2023andAHRAwastheCompany’s
InvestmentAdviseruntil30June2023.
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.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.
Governance
Directors’ report—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2024 35
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(theperiodto22August2025).
FollowingtheInitialPeriod,AEWwasentitledtoan
investmentmanagementfeeequalto0.75%ofNAV
perannum,subjecttoaminimumfeeof£3.0millionper
annum(risingwithinflation).On22August2025,the
CompanyandAEWagreedarevisedfeestructurewith
immediateeffect,asfollows:
• Afeeof£167,000permonthtoexpirethreemonths
afterthedateonwhichtheCompanyholdsfewer
than10properties.
• Thereafter,£120,000permonthforaperiodof
threemonths.
• Thereafter,£42,000permonthuntilterminationof
therevisedIMA.
• Subjecttoanannualcapof£1million,anadditional
10%ofgrossrentcollectedfromassetsownedby
theCompanyand10%ofrentarrearscollected,
includingthoserecoveredthroughliquidations.
TherevisedIMAmaybeterminatedonsix
months’writtennoticeandoccurnoearlierthan
21August2026.TherevisedIMAincludesother
immaterialamendments.
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.
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;and
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whichexpireson
24November2025.
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wasinitiallypaid
aCMAfeeof£200,000until31December2023.When
Re-admission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
;
• Fortheperiodended28February2025£60,000;and
• Fortheperiodended31August2025£75,000.
1. As varied in an updated fee letter dated 26 July 2024.
Governance
Directors’ report—continued

36 HomeREITplc | AnnualReport | Fortheyearended31August2024
Continuing appointment of the Investment Manager
TheBoardkeepstheperformanceoftheInvestment
Managerundercontinualreview.TheManagement
EngagementCommittee(“MEC”),comprisingall
Directors,conductsanannualreviewoftheInvestment
Manager’sperformanceandmakesarecommendation
totheBoardaboutitscontinuingappointment.
Asdetailedabove,AEWwasappointedInvestment
ManagerandAIFMon21August2023.TheMEC
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.
FurtherdetailsaresetoutintheReportfromthe
ManagementEngagementCommitteeonpage48.
Financial risk management
InformationabouttheGroup’sfinancialrisk
managementobjectivesandpoliciesissetoutin
Note14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
Michael O’Donnell
Chair
17October2025
Governance
Directors’ report—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2024 37
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having
stepped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andisexpectedtocontinuefortheforthe
foreseeablefuture.
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
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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.
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.
Governance
Corporate governance statement

38 HomeREITplc | AnnualReport | Fortheyearended31August2024
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page31.
Chair
LynneFennahwastheChairoftheCompanyuntil
18January2024.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theInvestmentManager.
On18January2024,MichaelO’Donnellwasappointed
totheBoardasanon-executiveDirectorandtheChair
oftheBoard.MichaelO’Donnellwasindependentofthe
InvestmentManageratthetimeofhisappointmentand
is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
until2April2024whenPeterWilliamswasappointedas
anon-executiveDirectorandtheSeniorIndependent
DirectoroftheCompany.
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.
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AEW,andtheappointment,supervision
andmonitoringoftheGroup’skeyserviceproviders.
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112to114.
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.
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49to51.
Governance
Corporate governance statement—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2024 39
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RodDay(since14January2025)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resigningonpublicationofthe
2023annualreport,hisinvolvementintheoperations
oftheAuditCommitteeprovides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42to47.
ManagementEngagementCommittee
TheManagementEngagementCommitteecomprises
allDirectorsandischairedbyPeterWilliams.The
Committeemetduringtheperiodunderreviewto
considertheperformanceoftheInvestmentManager.
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page48.
NominationCommittee
TheCompanyhasestablishedaNomination
CommitteewhichischairedbyMichaelO’Donnell.
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49to51.
Meetingsheldduringtheyear
TheCompanyhasfourfullBoardmeetingsayear.
Inaddition,currently,theBoardismeetingevery
month.Additionalmeetingsarearrangedasnecessary.
AteachBoardmeeting,theDirectorsfollowaformal
agendawhichiscirculatedinadvancebytheCompany
Secretary.TheInvestmentManager,theAdministrator
andtheCompanySecretaryregularlyprovidethe
Boardwithfinancialinformation,includingamonthly
cashflowforecast,togetherwithbriefingnotesand
papersinrelationtothedisposalofinvestments,health
&safety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thateachdirectorwasentitled
toattendduringtheyearended31August2024and
theattendanceoftheindividualDirectorsinoffice
attheyear-endisshownbelow(originaldirectors
notedby‘*’):
Board
Audit
Committee
Management
Engagement
Committee
Nomination
Committee
Numberofmeetingsattended(entitledtoattend)
LynneFennah* 10(11) 2(2) 2(2) 1(1)
PeterCardwell* 9(9) 1(1) 1(1) 1(1)
SimonMoore* 11(11) 2(2) 2(2) 1(1)
MarleneWood* 11(11) 2(2) 2(2) 1(1)
MichaelO’Donnell 6(6) 2(2) 1(1) –(1)
PeterWilliams 2(2) 2(2) 1(1) –(1)
RodDay 1(1) 1(1) –(1) –(1)
Governance
Corporate governance statement—continued

40 HomeREITplc | AnnualReport | Fortheyearended31August2024
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2024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cashmovements
andacashflowforecast,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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.
Governance
Corporate governance statement—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2024 41
Duetoinformationthatcametolightduringtheperiod
ended31August2023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reconsidered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;
• 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;and
• 13-weekand15-monthcashflowforecastsare
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objective;propertyleasing
andoperations;realestatesector;risksrelating
toShares;engagementswiththirdpartyservice
providers;taxation;andgovernance,regulatory
complianceandlitigation.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twiceperannum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21.
Governance
Corporate governance statement—continued

42 HomeREITplc | AnnualReport | Fortheyearended31August2024
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2024.
Composition
ThecompositionoftheCommitteeissetoutinthe
CorporateGovernanceStatementonpage39.Details
ofhowitsperformanceevaluationhasbeenconducted
areincludedonpages49and50.
Meetings
TheCommitteemettwiceduringtheyearunder
review.TheDirectors’attendanceissetouton
page39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 and after the year under review
ThedelaysinissuingtheAnnualReportand
Accountsfortheyearending31August2022and
31August2023severelyimpactedthepreparation
andauditofthesefinancialstatementsfortheyear
ending31August2024.Thereasonsforthosedelays
aredescribedindetailintheReportoftheAudit
Committeeforbothyears.
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.AsaresultofthefindingsreceivedfromA&M,
theBoardundertookthefollowingactivities:
• On6February2023,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
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.
TheAuditCommitteemeton29May2024to
consider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
BDO,includingtheprincipalareasoffocusbeing
managementoverrideofcontrols,revenuerecognition
Governance
Report of the Audit Committee

 HomeREITplc | AnnualReport | Fortheyearended31August2024 43
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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
year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.
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.
Atameetingconductedon18August2025,BDO
presentedthefinalauditplantotheAuditCommittee.
MostoftheAuditCommittee’sactivitiesduringthe
periodto31August2024relatedtothe2022and2023
financialyears.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
• 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.
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yearended31August2024.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2024,the
Group’sportfoliohadamarketvalueof£265.4million
representing44.7%ofthehistoricalacquisitioncosts
(includingpurchasecosts).
Thereductioninthepropertyvaluationfortheyear
ended31August2024wasaresultofthesaleof1,098
propertiesduringtheyear,offsetbyappreciation
ofsomeproperties.JLLusedtheconditionofthe
propertiesasdeterminedthroughtheexternal
Governance
Report of the Audit Committee—continued

44 HomeREITplc | AnnualReport | Fortheyearended31August2024
inspectionof1,359propertiesandinternalinspectionof
146propertiesandsupportedbythirdpartycondition
reportson1,103properties.
Indeterminingthefairvalueasat31August2024,JLL
hasusedacombinationoftheinvestmentapproach
(11.4%oftheportfoliovalue)andMV-VP(88.6%ofthe
portfoliovalue).RefertoNote9totheConsolidated
FinancialStatementsforfurtherdetail.
Whilst682ofthe1,375propertieswithintheportfolio
weresubjecttoaleaseasat31August2024,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113%and154%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.
Revenue Recognition and Collectability of Tenant
Related Receivables
TheCommitteeconsidersrevenuerecognitionand
thecollectabilityoftenantrelatedreceivablestobe
anareaofsignificantjudgmentwhichcouldmaterially
impactthefinancialstatementsfortheyearended
31August2024.Theinspectionprogrammerevealed
that198propertieshadbeenacquiredwhichwere
deemedunhabitableofwhichtheGroupstillowned
44at31August2024.TheCommitteeconsidered
thatbecausethepropertieswereunhabitable,they
didnotmeetthecriteriaforrevenuerecognitionand
thereforedidnotrecogniseanyrevenueduringtheyear
associatedwithanyofthoseproperties.
TheCommitteealsoconsiderstheanyreceivables
outstandingtonon-performingtenantsshouldbe
providedforinfull.BecausetheGroupjudged12of
its20directtenantswerenon-performingandapoor
financialcovenant,theCommitteeconcludedthat
anyrelatedreceivablesshouldbeprovidedforasat
31August2024.
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valuations
ofinvestmentproperty,rentalrevenuerecognition
andthecollectabilityofdebtors.Thesearediscussed
aboveanddetailedinNote3totheConsolidated
FinancialStatements.
Qualifiedindependentauditor’sreport
BDOwerenotabletoperformcompleteaudit
proceduresonleaserevenuefromoccupants
associatedwithpropertiesmanagedbythirdparty
managersbecausetheGroupcouldnotprovideall
requiredauditevidencetosupporttheamounts
recognised.Accordingly,theyhavequalifiedtheiraudit
reportforthismatter.Rentalrevenuefromproperties
managedbythird-partymanagersintheyearto
31August2024totalled£5.75millionofthetotalrental
revenuerecognisedof£37.7million.
Allpropertiesmanagedbypropertymanagerswere
previouslyunderleasewithanon-performingtenant.
TheGroupregainedcontrolofthepropertiesafter
thetenantenteredintoaleasesurrenderagreement.
InmanycasesAEWreceivednoinformationfromthe
surrenderingtenantrelatedtothepropertiesortheir
occupantsathandoverandmanyoftheoccupantsdid
nothaveanin-placeASTortheASTwasnotprovided
toAEWatsurrender.WhentherewasnoASTinplace,
AEWpreferredtokeepthepropertyvacant;themain
reasonsforthisareasfollows:
• Thepropertywasrequiredtobeauctioned.
TheGroupwasundersignificantpressurefrom
ScottishWidowstorepaytheoutstandingloans
andpropertieswhichofferedvacantpossession
weremorevaluableandsaleableatauctionthan
thosewithoccupants.AftertheGroupenteredinto
theManagedWind-DownandAEWwereadvised
thatkeepingcurrentlyvacantpropertiesasvacant
providedbestvalueandmaximumbuyerflexibility.
• Inmanycases,thetenants/occupantsdidnot
fitthedesiredprofileforthepropertyandAEW
wereadvisedthatitwouldbeeasiertoevictanon-
performingoccupantwithoutanASTthanonewith
anin-placeagreement.Accordingly,AEWinstructed
propertymanagersnottopursueobtainingASTs
whereonewasnotalreadyin-place;and
• ThequestionofwhentheRenters’RightsBill(“RRB”)
wouldbeapprovedand/orthecompositionofthe
finaltermsprovidedfurtheruncertainty.
Governance
Report of the Audit Committee—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2024 45
Duringtheyearended31August2024,theGroup
engagedsevenpropertymanagerstomanage
propertiesontheGroup’sbehalfofwhichtherewere
fourthatwereconsideredcoremanagers.Thesefour
wereengagedtomanagespecificpropertiesbasedon
locationandtypeofoccupant.
Inordertomonitortheactivitiesandfeesforthesefour
propertymanagers,AEWreceivesamonthlyfinancial
packageandmeetswiththeseniorteamfromeachto
reviewkeyitems,including:
1. Propertybypropertyoccupancy(andvacancy)and
associatedrevenuerecognisedandcollected;
2. Overallmonthlyreportedresults;
3. Capexandmaintenancerequirements;
4. Insurancematters;
5. Propertyhealthandsafetyand
complianceissues;and
6. Computationofmanagementfeesandensuring
theseareinlinewiththeagreementand
collectedrents.
MonthlycashreceivedbytheGroupfromeach
propertymanagerwasthenreconciledtothemonthly
reportingpackanddifferencesmonitoredandpursued
toensureonlyrequiredandapprovedamountshave
beenretainedbythepropertymanager.
Inaddition,AEWhaveaweeklycallwitheveryproperty
managertodiscussmoreurgentmatters,including
emergencyandothercapex,tenantissues,health
andsafetymattersandapprovalofotherone-time
expensespriortoenteringcontract.
WhileBDOcouldnotaudittherevenueassociatedwith
occupantswithnoAST,theDirectorsarecomfortable
thatthemonitoringbyAEWisadequatetoensure
thatthereportedresultsareinlinewithunderlying
occupancyandcashmovements.Further,theDirectors
considerthattheoperatinglossfortheyearended
31August2024wouldnothavechanged,because
nofurthercashwouldbeexpectedtobecollected
associatedwiththeseleases.
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26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Companyanticipatesthattheportfoliosale
processwillconcludeinthefourthquarterof2025.
2. Revenuewillcontinuetobecollectedontenanted
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reduce
significantlybythefirstquarterof2026,whenthe
Groupexpectstofileitsannualreportandaccounts
fortheyearended31August2025.
4. Nothinghasbeenbudgetedforanypotential
settlementofeitherthepre-actionletterofclaimor
theFCAmatter,bothasdescribedbelow.
Asofthedateofthesefinancialstatements,the
Grouphasapproximately£8.8millionoffreecash.
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satisfiedthatthecashonhandwill
beadequatetocoverthoseexpenses.Intheevent
thatexpendituresexceedthoseestimates,theGroup
canselladditionalpropertiesatauctiontocoverany
unforeseenexpenses.
InOctober2023,theCompany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7February2024,theCompany
wasnotifiedbytheFCAofitscommencementofan
investigationintotheCompany,coveringtheperiod
from22September2020to3January2023.The
CompanyandtheDirectorsarecooperatingwith
Governance
Report of the Audit Committee—continued

46 HomeREITplc | AnnualReport | Fortheyearended31August2024
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AEW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
ManagedWind-Down.
Auditor’s remuneration
FeespaidtotheGroup’sIndependentAuditorincludethefollowing:
Serviceprovided
Yearended
31August2024
£’000’s
Periodended
31August2023
£’000’s
FeespayablefortheauditoftheCompany’sannualaccounts
772
1,004
FeespayablefortheauditoftheCompany’ssubsidiaries 72 72
Feepayablefordatapreservation 2 –
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charged
£2,000topreservedataattherequestoftheCompany
whichisconsideredanon-auditservice.
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2024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2024without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andthatthenon-auditserviceprovidedafter
31August2024doesnotimpactBDO’sindependence.
TheCommitteereceivesannualassurancefromthe
Auditorthatitsindependenceisnotcompromisedby
Governance
Report of the Audit Committee—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2024 47
theprovisionofnon-auditservices.TheCommittee
issatisfiedthattheAuditor’sobjectivityand
independenceisnotimpairedbytheperformanceof
non-auditservicesandthattheAuditorhasfulfilledits
obligationstotheCompanyanditsshareholders.
Re-appointment of the Auditor
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2025.
Fair,balancedandunderstandable
financialstatements
TheCommitteehasconcludedthattheAnnualReport
fortheyearended31August2024,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.
Rod Day
ChairoftheAuditCommittee
17October2025
Governance
Report of the Audit Committee—continued

48 HomeREITplc | AnnualReport | Fortheyearended31August2024
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2024.
Composition
ThecompositionoftheCommitteeissetoutinthe
CorporateGovernanceStatementonpage39.Details
ofhowitsperformanceevaluationhasbeenconducted
areincludedonpages49and50.
Meetings
TheCommitteemettwiceduringtheyearunder
review.TheDirectors’attendanceissetouton
page39intheCorporateGovernanceStatement.
Role of the Management Engagement Committee
ThekeyresponsibilitiesoftheCommitteeare:
• monitoringandevaluatingtheInvestment
Manager’sinvestmentperformanceandits
compliancewiththetermsoftheIMA;
• reviewing,atleastannually,theperformanceand
continuedretentionoftheInvestmentManager;
• reviewingthelevelandmethodofremuneration,
thebasisofperformancefees(ifany)andthe
noticeperiodoftheInvestmentManager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(notinginparticularthesignificant
challengestheCompanyhasfacedinpublishing
financialstatements,sustainedandelevated
levelsofprofessionalfeesandintensiveproperty-
levelinitiatives).
Activities during the year
AEWwasappointedasInvestmentManagerandAIFM
oftheCompanyon21August2023.TheCommittee
hasreviewedtheperformanceofAEWfromthedate
ofitsappointmentandissatisfiedthatithasthe
necessaryskillsandexperiencetomanagetheGroup’s
investments,inaccordanceinitiallywiththeAmended
InvestmentPolicyandnowtheNewInvestment
Policy.TheCommitteeconsidersthatthecontinuing
appointmentoftheInvestmentManagerandthe
termsofitsremunerationareinthebestinterests
ofshareholdersasawhole.TheCommitteeisalso
satisfied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Company’sassets.
TheperformanceoftheCompany’sotherservice
providerswascloselymonitoredbytheBoard,through
theCommitteeandwhereappropriatewiththe
supportoftheInvestmentManager.TheCommittee’s
reviewofkeyserviceprovidersincludedanevaluation
oftheirfeesandthequalityoftheirservicetoensure
theyremainedeffectiveandcompetitive.Thisprocess
includedtheadoptionofaclassificationsystemto
ensurethatserviceproviderswereevaluatednotonly
ontheirperformance,butaccordingtotheimportance
oftheirroleintheCompany’soperations.The
Committee’sserviceproviderreviewincludedperiodic
considerationoftheirinternalpoliciesandprocedures
toensureadequatecontrolsareinplace.
Conclusions and recommendations
Withdueconsiderationoftheeventsthatoccurred
priortotheperiodunderreview,whichincludedthe
failureofseveralkeyserviceproviderstoraisematerial
mattersorconcernswiththeBoard,theCommittee
determinedthatcertainservicesshouldbetendered.
TheInvestmentManagercommencedtenderingof
severalkeyserviceproviders,however,duetothe
ManagedWind-Downandlegacyissuesfacingthe
Company,theBoardultimatelydeterminedthatitwas
intheCompany’sbestinterestsforcertainincumbent
serviceproviderstoremaininplace.Inreachingthis
decision,theBoardweighedcarefullytheriskof
disruption,thecommercialchallengeoftendering
duringawind-downversustheobviousadvantages
ofappointingserviceprovidersithadfullconfidence
in.TheBoardisnonethelesssatisfiedthatithas
judgedthebalanceofriskscorrectlyandbelievesthe
currentserviceprovidersarebestplacedtoassistthe
Companywithitscurrentobjectives.
AcomprehensivereviewoftheCompany’skey
serviceprovidershasbeenundertakenbythe
Committeeduringmeetingson28November2024
and18August2025.TheCommitteewillcontinueto
monitortheperformanceofkeyserviceproviders
anddeterminewhethercurrentappointments
remainappropriate.
Peter Williams
ChairoftheManagementEngagementCommittee
17October2025
Governance
Report of the Management Engagement Committee

 HomeREITplc | AnnualReport | Fortheyearended31August2024 49
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2024.
Composition
ThecompositionoftheCommitteeissetoutinthe
CorporateGovernanceStatementonpage39.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39.
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undertookaninternalperformance
evaluationbywayofcompletingwritten
questionnaires,ledbytheChairduringtheperiod,
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

50 HomeREITplc | AnnualReport | Fortheyearended31August2024
TheresultsofthisBoardevaluationprocesswere
reviewedanddiscussedbytheNominationCommittee
andonlytheDirectorsappointedduringtheyearended
31August2024participatedintheBoardevaluation
process.TheCommittee’sdeliberationsconcluded
thatasawholetheBoardfunctionseffectivelyandthe
currentCommitteestructureremainedappropriate.
Certainareasofimprovementwereidentifiedatthe
time,thisincludedfurthertrainingforthedirectors
appointedduringtheyearended31August2024.
TheChair’sevaluationwasconducted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.
Appointment of Directors
A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.MichaelO’Donnell,RodDayand
PeterWilliamswerere-electedasdirectorsatthe2025
AnnualGeneralMeetingheldon25February2025.
Boarddiversity,TenureandSuccessionPlanning
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2024,theBoardcomprisedtwofemale
andfive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.
Governance
Report of the Nomination Committee—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2024 51
ThroughselfreportingbytheDirectors,thefollowing
tablessetoutthegenderandethnicdiversityofthe
Boardasat31August2024:
Genderdiversity
Number
ofBoard
members
Percentageof
theBoard
Numberof
senior
positions
ontheBoard
1
Men 5 71.4 2
Women 2 28.6 1
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)
7 100 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.
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occurringin
theperiodunderreview,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.
Michael O’Donnell
ChairoftheNominationCommittee
17October2025
Governance
Report of the Nomination Committee—continued

52 HomeREITplc | AnnualReport | Fortheyearended31August2024
Governance
Directors’ remuneration report
Annual report on Directors’ remuneration
TheDirectors’RemunerationReportfortheyearended
31August2024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.
ForthoseDirectorsinofficeattheIPO,duringtheyear
ended31August2024,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.
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(whichwasreducedtoanadditional
£75,000from1January2025andtoanadditional
£50,000from1July2025)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.RodDayreplacedMarleneWoodasthe
AuditCommitteeChairofCompanyon14January2025
andreceivesanadditionalfeeof£10,000onhis
appointment.
ThefeespayabletotheDirectorswillbereviewedonan
annualbasis,asdetailedintheDirectors’Remuneration
Policyonpage55.
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.TheDirectors’
RemunerationPolicywhichwasimplementedduring
theperiodunderreviewwasapprovedbyshareholders
on27January2022.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lastapproved
byshareholdersattheAGMheldon20February2025
with99.04%ofvotesinfavour,0.96%votingagainst
and116,678voteswithheld.Nosignificantchangeswere
proposedtothewayinwhichthepreviouslyapproved
Directors’RemunerationPolicywasimplemented
duringthefinancialyearunderreview.
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
OCTAUGMAYJAN
23
AUG MAYJAN
24
AUGMAYJAN
25
Home REIT FTSE ALL SHARE FTSE EPRA/NAREIT UK
0
20
40
60
80
100
120
140
160

 HomeREITplc | AnnualReport | Fortheyearended31August2024 53
Directors’remuneration(audited)
Fees Expenses Total
Forthe
yearended
31August2024
£
Forthe
periodended
31August2023
£
Forthe
yearended
31August2024
£
Forthe
periodended
31August2023
£
Forthe
yearended
31August2024
£
Forthe
periodended
31August2023
£
Percentage
changeinfees
%
LynneFennah(Chair)
1
50,000 50,000 2,710 793 52,710 50,793 –
Peter Cardwell 36,000 36,000 – – 36,000 36,000 –
Simon Moore 36,000 36,000 – – 36,000 36,000 –
Marlene Wood (Chair of
theAuditCommittee) 41,000 41,000 2,015 4,509 43,015 45,509 –
Michael O'Donnell 124,359 – – – 124,359 – –
Peter Williams 29,167 – – – 29,167 – –
Roderick Day 13,923 – – – 13,923 – –
330,449 163,000 4,725 5,302 335,174 168,302 103%
1 Ms. Fennah continues to support the Board on a part-time basis compensated on £3,000 per month from the date of her resignation from the Board on 14 January 2025 until
30 June 2025 and £1,000 per month since 1 July 2025. The fee would be adjusted if Ms. Fennah spends more than the agreed hours in any month, although this has not occurred since the
contract started.
Otherthanasdiscussedabove,therearenoothervariableelementsintheremunerationpayabletotheDirectors.
Noneoftheabovefeeswaspaidtothirdparties.
Relative importance of spend on pay
Thefollowingtablesetsout:
• theremunerationpaidtotheDirectors;and
• theinvestmentadvisoryandinvestment
managementfeesincurredbytheGroup.
Therewerenodistributionsmadetoshareholders
bywayofdividendsin2024.
Yearended
31August2024
£’000
Periodended
31August2023
£’000
Change
%
Directors’
fees*** 330 163 102
Investment*
Adviser’s
fee (until
30June2023) – 5,094 N/A
Investment
Manager’s
Fee** 5,000 1,085 N/A
Dividends 0 10,910 (100)
* Total fees incurred of £5,822,000 less credits negotiated by the directors of £728,000.
** Fee includes £900,000 paid to AEW in capacity as Property Adviser from 22 May 2023 to
20 August 2023.
*** The difference of £32,000 in FY24 and £13,000 in FY23 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2024 31August2023
Peter Cardwell 10,000 10,000
Rod Day* – –
Lynne Fennah 55,000 55,000
Simon Moore 56,000 56,000
Michael O’Donnell* – –
Peter Williams* – –
Marlene Wood 30,000 30,000
*Appointed during the year.
Therehavebeennochangestotheseinterests
between31August2024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.
On14January2025,PeterCardwell,SimonMoore,
LynneFennahandMarleneWoodresignedasDirectors
oftheCompany.
Governance
Director’s remuneration report—continued

54 HomeREITplc | AnnualReport | Fortheyearended31August2024
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 435,094,765 537,782,548
Number of votes withheld 102,787,803 100,200
TheBoardrecognised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.Afterdiscussingwithshareholders,
theBoardconcludedthatmanyofthevotesagainstapprovingthe2022and2023AnnualReportsandAccounts
relatedtotheverysignificantdelayinpublishingtheaccountsandthequalifiednatureofBDO’sopinion,aswellas
widerconcernsaroundthehistoricalissuesattheCompany.TheBoardacknowledgestheshareholderfrustration
withthesignificantchallengeofcollectingandpreparinginformationtosupporttheissuanceandauditofthe
annualreports.ItisworkingwithAEWtopublishtheoutstandingfinancialreportingassoonaspossibletosupport
therelistingoftheshares.Duetoanoversight,anupdateontheactionstakenwasnotmadetothemarket
withinsixmonthsoftheAGMincontraventionofProvision4oftheCode.TheBoardandAEWcontinuetoengage
regularlywithshareholdersonthefinancialreportingprocessandothermatters.
AresolutiontoapprovetheDirectors’RemunerationReportfortheyearended31August2023wasputtoa
voteoftheshareholdersattheGeneralMeetingtoapprovetheAnnualReportandAccountsfortheyearended
31August2023.Thiswasheldon20February2025.Thevotescastbypollwereasfollows:
2023AnnualReportandAccounts Directors’ Remuneration Report
Numberofvotes %ofvotescast Numberofvotes %ofvotescast
For 245,396,593 55.10 520,322,042 99.86
Against 199,942,709 44.90 706,719 0.14
Total votes cast 445,339,302 521,028,761
Number of votes withheld 75,786,237 96,778
TheBoardoftheCompanynotesthatalthoughthe
resolutiontoreceivetheCompany’sannualreport
andaccountsfortheyearended31August2023was
passed,therewereamaterialnumberofvotescast
againstanditalsonotesthatshareholderadvisory
consultantsrecommendedthatshareholdersvote
againsttheresolution.TheBoardwouldliketo
emphasisethattheGroupandCompany’sStatement
ofFinancialPositionfor31August2023isnotsubject
tothedisclaimerofopinionissuedwithrespectto
theConsolidatedStatementofComprehensive
Income,ConsolidatedStatementofChangesin
Shareholders’EquityandConsolidatedStatement
ofCashFlows,whichdisclaimerwasadirectresult
ofBDO’sinabilitytogainadequatecomfortonthe
31August2022StatementofFinancialPosition.
TheBoardunderstandsandsharesshareholders’
frustrationsregardingthedelaysexperiencedin
publishingtheCompany’soutstandingannualand
interim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AnnualGeneral
Meeting(andGeneralMeetingon5December2024
whereshareholdersvotedagainsttheresolutionto
receivetheCompany’sannualreportandaccountsfor
theyearended31August2022).

 HomeREITplc | AnnualReport | Fortheyearended31August2024 55
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.Becauseofthe
changesinBoardcompositionandnewcompensation
structures,aresolutiontoapprovetheupdated
RemunerationPolicywasapprovedattheCompany’s
AGMheldon20February2025.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,
otherthanthefeeforMichaelO’Donnellasdiscussed
onpage52,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.
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
SeniorIndependent
Director
Foradditionalresponsibilitiesand
timecommitment
Foradditionalresponsibilitiesand
timecommitment
DeterminedbytheBoard
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40)applytotheBoard
whenundertakingtheirduties.
Statement of consideration of conditions elsewhere
in the Company
Duringtheperiodunderreview,theCompanyhadno
employees.Therefore,theprocessofconsultingwith
employeesonthesettingoftheremunerationpolicy
duringtheperiodunderreviewwas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.
Governance
Directors’ remuneration report—continued

56 HomeREITplc | AnnualReport | Fortheyearended31August2024
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
17October2025
Governance
Director’s remuneration report—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2024 57
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
17October2025
Governance
Statement of Directors’ responsibilities

58 HomeREITplc | AnnualReport | Fortheyearended31August2024
Governance
Independent auditor’s report to the members of Home REIT plc
QualifiedopinionontheFinancialStatementsandthe
correspondingfigures
Inouropinion,exceptforthepossibleeffectsofthe
matterdescribedintheBasisforqualifiedopinion
sectionofourreport,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2024
andoftheGroup’slossfortheyearthenended;
• 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.
WehaveauditedthefinancialstatementsofHome
REITplc(“theCompany”)anditssubsidiaries(together,
the“Group”)fortheyearended31August2024
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).
Basisforqualifiedopinion
Includedwithinrentalincomeof£37.7misrevenuefrom
propertiesundermanagementagreementsof£5.75m
(seenote4).Duetothenatureofthearrangement
betweentheentityandsomeofitspropertymanagers
andalackofleasedocumentationwiththeunderlying
occupant,wehavebeenunabletoobtainsufficient
appropriateauditevidenceastotheaccuracyand
completenessofthisrevenuefrompropertiesunder
managementagreements.Consequentlythere
isalimitationofthescopeofourauditinrespect
ofrevenuefrompropertiesundermanagement
agreementsof£5.75mandwrite-offoftherelated
debtorbalance.
Asaresultofourdisclaimerofopinioninrespect
oftheFinancialStatementsfortheyearended
31August2022,wewereunabletoexpressanopinion
ontheConsolidatedStatementofComprehensive
Income,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currentperiod’sfinancial
statementsisthereforefurthermodifiedbecause
ofthepossibleeffectsoftheabovemattersonthe
comparabilityofthecurrentperiod’sConsolidated
StatementsofComprehensiveIncome,Consolidated
StatementofCashFlowsandConsolidatedand
CompanyStatementsofChangesinEquitywiththe
correspondingfigures.
Weconductedourauditinaccordancewith
InternationalStandardsonAuditing(UK)(ISAs(UK))
andapplicablelaw.Ourresponsibilitiesunderthose
standardsarefurtherdescribedintheAuditor’s
responsibilitiesfortheauditofthefinancialstatements
sectionofourreport.Webelievethattheaudit
evidencewehaveobtainedissufficientandappropriate
toprovideabasisforourqualifiedopinion.
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fouryears,coveringtheperiod
from19August2020to31August2024.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.

 HomeREITplc | AnnualReport | Fortheyearended31August2024 59
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 2024 2023
Investmentpropertyvaluations
P P
Propertyacquisitioncost,Seller’sWorksand
leaseinducements
O P
Revenuerecognition
P P
Managementoverrideofcontrols
O P
Tenantreceivables
O P
Relatedpartytransactions
O P
Annualreportpreparationanddisclosures
O P
Materiality Groupfinancialstatementsasawhole
£3.8mbasedon2%ofnetassets
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.
Governance
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60 HomeREITplc | AnnualReport | Fortheyearended31August2024
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qualifiedopinionsectionofourreportabove.Thisis
notacompletelistofallrisksidentifiedbyouraudit.
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9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valuerhas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
9totheConsolidatedFinancialStatementson
page86).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
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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
• Forthosepropertiesthatweresoldaftertheyear-end
wecomparedthesalespricesachievedforproperties
soldpostyear-endtotheAugust2024JLLvaluation.
Wherethedifferencewasoutsideofourexpected
range,wediscussedthiswithJLLandchallengedthe
year-endvaluationaccordingly.
• Forasampleoftheremainingproperties,withthe
assistanceofourin-houseRICSqualifiedvaluation
experts,wesetexpectationforthevaluationtaking
intoaccountmovementinhousepriceindicesin
theyear,themarketcomparableevidenceprovided
byJLL(whichweindependentlycorroborated),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inyearandpostyear-endauctionsalesfor
similarpropertiesinthesamelocality.
• Wherethepropertyvaluefelloutsideexpectedrange,
wechallengedJLLonthesemattersandobtained
supportingexplanationsanddocumentationfor
thevariances.
Governance
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62 HomeREITplc | AnnualReport | Fortheyearended31August2024
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forthose
propertiesdeemed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.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asampleofpropertieswhereJLL’sassumptionabout
theconditionofthepropertywasdifferentfromthat
at31August2023,weobtainedacopyoftheVibrant
inspectionreporttoconfirmthatconditionassumption
wasappropriate.
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2024.
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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.
TheGroupreceivesrental
incomefromitsproperty
portfolio.Thiscomprises
revenueinvoicedinaccordance
withleaseagreementsand
incomefrompropertiesunder
managementagreements.
Thereisariskthat
rentalincomeisnot
supportedunderlying
tenancyagreementsoris
inappropriatelyrecordedas
aresultoferrorsinrecording
leasedetailsinthetenancy
schedulesorinappropriate
judgementsbeingapplied
bymanagement.Thisis
thereforeanareaofsignificant
auditeffort.
Forthesereasonsweconsider
therecognitionofrevenueto
beakeyauditmatter.
Revenueinvoicedinaccordancewithleases
Wesetexpectationsfortherentalincomeinvoicedin
accordancewithleaseagreementsintheperiodbased
onthetenancyschedulesasat31August2023and
31August2024.Wecomparedourexpectationsforthe
totalrentalincomeintheperiodtothatincludedinthe
ConsolidatedFinancialStatementsandinvestigatedthe
resultingdifferences.
Weobtainedthetenancyscheduleat31August2024
andagreedasampleofamountstosupportinglease
documentation.
Weobtainedalistingofjournalspostedtorevenue
outsideofthetransactionalrevenueentriesand
obtainedsupportingexplanation/documentationas
applicabletoensurethatthejournalwasappropriate.
Keyobservations
Basedonourwork,wehavenotidentifiedanymaterial
misstatementrelatedtotherecognitionofrevenuefrom
leaseagreements.
Incomefrompropertiesundermanagementagreements
WeobtainedacopyofGroup’spropertydatabasewhich
containsdetailsofthedateonwhichtheoriginaltenants
surrenderedtheleaseandthepropertywastransferred
toapropertymanager.Wetestedtheintegrityofthis
schedulebyreconcilingtheopeningpositiontotheprior
yeartenancyscheduleandagreeingasampleoflease
surrenderstosupportingdocumentation.
Weselectedasampleofpropertiesfromthedatabase
(forcompletenessandaccuracy),andasampleofentries
fromthegeneralledger(forexistenceandaccuracy)and
attemptedtoagreetheamountofrevenuerecognised
fortheindividualpropertysampledfromthedateof
transfertothepropertymanagerto31August2024
tocashreceiptsand,wherepossible,supporting
documentationsuchastenancyagreements.
Inanumberofcasesmanagementwereunabletoprovide
anysignedtenancyagreementorsimilarevidenceto
supporttheaccuracyandcompletenessoftherevenue.
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Key audit matter
How the scope of our audit addressed the key
audit matter
Revenue recognition
continued
Wealsoreviewedacalculationpreparedbymanagement
whichattemptedtoshowthemaximumincome
receivablefromthesepropertiesfortheperiodfrom
dateoftransferto31August2024basedonExpected
RentalValues(ERVs)andthenumberofdaysthe
propertieswereavailableforoccupation.Howeverdueto
theinherentuncertaintyrelatedtotheuseofERVs,and
thelackofevidenceavailabletosupportassumptions
maderegardingvacantproperties,wewereunableto
takeanyassuranceovercompletenessandaccuracyof
incomefrompropertiesundermanagement.
KeyObservations
OurobservationsandfindingsaresetoutintheBasisfor
qualifiedofopinionsectionabove.
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.
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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 3.8 3.4
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islikelyto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baseduponthevalueofthe
investmentproperties,lesstheoutstandingborrowingsandliabilities.
WedeterminedthatthesamemeasureastheGroupwasappropriatefortheCompany
(cappedat90%ofGroupmateriality).
Performance
materiality
1.9 1.7
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
£76,000.Wealsoagreedtoreportdifferencesbelowthisthresholdthat,inourview,warrantedreportingon
qualitativegrounds.
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.
AsdescribedintheBasisforqualifiedopinionsectionofourreport,wewereunabletosatisfyourselvesconcerning
thecompletenessandaccuracyofrevenuefrompropertiesundermanagementagreementsandrelateddebtor
write-offs,orthecomparabilityofthecurrentperiod’sfiguresandthecorrespondingfigures.Wehaveconcluded
thatwheretheotherinformationreferstotherevenuefrompropertiesundermanagementagreementsorrelated
balancessuchasdebtorwrite-offs,ortoamountsrelatedtotheStatementsofComprehensiveIncome,Cash
FlowsandChangesinEquityfortheyearended31August2023,itmaybemateriallymisstatedforthesamereason.
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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.
ExceptforthepossibleeffectsofthemattersdescribedintheBasisforqualifiedopinionsectionofourreport
above,inouropinionabove,basedontheworkundertakenaspartofouraudit,wehaveconcludedthat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29.
Other Code provisions • Directors’statementonfair,balancedandunderstandablesetoutonpage57;
• Directors’confirmationthattheyhavecarriedoutarobustassessmentofthe
emergingandprincipalriskssetoutonpage23;
• ThesectionoftheAnnualReportthatdescribesthereviewofeffectivenessofrisk
managementandinternalcontrolsystemssetoutonpage17;and
• ThesectiondescribingtheworkoftheAuditCommitteesetoutonpages42to47.
Governance
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 HomeREITplc | AnnualReport | Fortheyearended31August2024 67
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
ExceptforthepossibleeffectsofthemattersdescribedintheBasisforqualified
opinionsectionofourreportabove,inouropinion,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.
ExceptforthepossibleeffectsofthemattersdescribedintheBasisforqualifiedopinion
sectionofourreportabove,inthelightoftheknowledgeandunderstandingofthe
GroupandCompanyanditsenvironmentobtainedinthecourseoftheaudit,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
ExceptforthepossibleeffectsofthemattersdescribedintheBasisforqualified
opinionsectionofourreportabove,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),isconsistentwiththefinancialstatementsandhasbeenpreparedinaccordance
withapplicablelegalrequirements.
ExceptforthepossibleeffectsofthemattersdescribedintheBasisforqualified
opinionsectionofourreportabove,inthelightoftheknowledgeandunderstanding
oftheGroupandtheCompanyanditsenvironmentobtainedinthecourseoftheaudit,
wehavenotidentifiedanymaterialmisstatementsinthisinformation.
ExceptforthepossibleeffectsofthemattersdescribedintheBasisforqualified
opinionsectionofourreportabove,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havenothingtoreportarisingfromourresponsibilitytoreportifacorporate
governancestatementhasnotbeenpreparedbytheCompany.
Matters on which we
arerequiredtoreport
byexception
ArisingsolelyfromthelimitationofourworkreferredtointheBasisforqualifiedopinion
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.
Governance
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68 HomeREITplc | AnnualReport | Fortheyearended31August2024
Responsibilities of Directors
AsexplainedmorefullyintheStatementofDirectors’
Responsibilities,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.
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noncompliancethroughouttheaudit.
• WereviewedBoardandAudit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.
Governance
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 HomeREITplc | AnnualReport | Fortheyearended31August2024 69
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.
Basedonourriskassessment,weconsideredthefollowingareastobemostsusceptibletofraud:
Areaidentified Details and audit response
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.
Going concern Pleaserefertothe“EmphasisofMatter–financialstatementspreparedonabasisother
thangoingconcern“sectionabove.
Investment Property
Valuations; Revenue
recognition; and
Management override
of controls.
PleaserefertotherelevantKeyAuditMattersandtheBasisforQualifiedOpinion
sectionaboveforourresponsetotheInvestmentPropertyValuationsand
RevenueRecognition
Weaddressedtheriskofmanagementoverrideofcontrolsbytestingasampleof
journalentriesprocessedduringtheyear,whichmetdefinedriskcriteria,agreeingto
supportingdocumentationandevaluatingwhethertherewasevidenceofbiasbythe
InvestmentManagerthatrepresentedariskofmaterialmisstatementduetofraud.
Governance
Independent auditor’s report to the members of Home REIT plc—continued

70 HomeREITplc | AnnualReport | Fortheyearended31August2024
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.Inaddition,theextentto
whichtheauditwascapableofdetectingirregularities,
includingfraudwaslimitedbythematterdescribedin
theBasisforqualifiedopinionsectionofourreport.
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
17October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

 HomeREITplc | AnnualReport | Fortheyearended31August2024 71
Financial Statements
72 ConsolidatedStatementofComprehensiveIncome
73 ConsolidatedStatementofFinancialPosition
74 ConsolidatedStatementofChangesinShareholders’Equity
75 ConsolidatedStatementofCashFlows
76 NotestotheConsolidatedFinancialStatements
99 CompanyStatementofFinancialPosition
100 CompanyStatementofChangesinShareholders’Equity
101 NotestotheCompanyFinancialStatements

72 HomeREITplc | AnnualReport | Fortheyearended31August2024
Consolidated Statement of Comprehensive Income
4
41 , 39 0
5 7,6 3 9
12
279
–
4
–
(2 2,0 10)
4
(3,7 00)
(9,0 16)
Net rental income
3 7, 9 6 9
26,61 3
5
(6,78 6)
(754)
5
(19,785)
(19,1 59)
11
(2 9,1 09)
(49, 50 2)
(5 5,6 80)
(69,4 1 5)
9
7, 2 2 3
(7 1 , 3 60)
6
(10,752)
–
11
–
(14,178)
Operating loss for the year
(2 1 , 24 0)
(1 28 , 34 0)
10
(369)
14, 537
10
-
2 ,70 6
7
(3,557)
(7 , 063)
Loss before taxation
(2 5, 166)
(118,16 0)
8
–
–
Loss and total comprehensive loss for the year attributable
toshareholders
(2 5, 166)
(118,16 0)
22
(3.18)
(14.95)
*Based on the weighted average number of Shares in issue for the years ended 31 August 2024 and 2023.
Allitemsintheabovestatementderivefromcontinuingoperations.
Thenotesonpages76to98formpartofthesefinancialstatements.
Financial Statements
Consolidated Financial Statements

HomeREITplc | AnnualReport | Fortheyearended31August2024 73
Consolidated Statement of Financial Position
9
2 36,32 5
4 0 7, 9 32
Total non-current assets
2 36,3 25
11
3 ,792
116
12
15, 68 8
17,265
12
6,1 82
814
Total current assets
54 ,769
Total assets
29 1 ,09 4
10
91 ,0 38
199 ,500
13
8,35 4
14, 547
Total current liabilities
99, 392
Total liabilities
99, 392
Net assets
191 ,70 2
15
7 ,906
7 ,906
16
595,73 3
595,7 3 3
17
1 9 0,1 3 0
1 90, 1 30
Accumulatedlosses
(602 ,0 6 7)
(576, 901)
Total capital and reserves attributable to equity holders of the company
1 91 ,702
216,868
23
24. 25p
2 7. 4 3p
Thenotesonpages76to98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 17 October 2025 and signed on its behalf by:
Michael O’Donnell
Chair
Companynumber12822709
Financial Statements
Consolidated Financial Statements—continued

74 HomeREITplc | AnnualReport | Fortheyearended31August2024
Consolidated Statement of Changes in Shareholders’ Equity
Fortheyearended31August2024
Note
Openingbalanceat1September2023
7 ,906
59 5,73 3
1 9 0,1 3 0
(576,901)
216,868
yearattributabletoshareholders
–
–
–
(2 5,16 6)
(2 5,16 6)
Balanceat31August2024
7, 9 0 6
595,733
190,130
(602,067)
 191,702
arended31August2023
Note Fortheye
Openingbalanceat1September2022
7 , 906
595,7 33
201 ,0 4 0
(458, 7 41)
34 5,93 8
yearattributabletoshareholders
–
–
–
(1 18 ,16 0)
(1 18 ,16 0)
18
–
–
(10,910)
–
(10,910)
Balanceat31August2023
7, 90 6
190,130
(576,901)
216,868
Thenotesonpages76to98formpartofthesefinancialstatements.
Financial Statements
Consolidated Financial Statements—continued

HomeREITplc | AnnualReport | Fortheyearended31August2024 75
Consolidated Statement of Cash Flows
Lossfortheyear
(2 5,16 6)
(11 8,16 0)
9
(7, 2 2 3)
71 ,360
Realisedlossondisposalofinvestmentproperties
10,75 2
–
Loss/(gain)onremeasurementofbankborrowings
369
(14,537)
10
–
(2 ,706)
7
3, 557
7, 0 6 3
4
–
2 5, 933
Operating result before working capital changes
(17,711)
11
(7 2 3)
2 7, 74 5
13
(996)
(2, 3 3 4)
Netcashflowsusedinoperatingactivities
(1 9,4 30)
9
–
(85 ,865)
6
2 3, 591
–
12
3,1 3 8
1 ,951
9
–
548
Netcashgeneratedby/(usedin)investingactivities
26,7 29
18
–
(10,910)
Interestpaid
–
(5, 39 4)
20
(142)
(1 ,56 7)
10
–
2 ,70 6
Cash(transferredto)/releasedfromrestrictedcashaccount
(1,789)
30, 46 7
Netcash(usedin)/generatedfromfinancingactivities
(1 ,93 1)
Netincrease/(decrease)incashandcashequivalents
5, 36 8
(73,70 0)
Cashandcashequivalentsatbeginningoftheyear
814
74 , 5 1 4
12
6,182
81 4
Thenotesonpages76to98formpartofthesefinancialstatements.
Financial Statements
Consolidated Financial Statements—continued

76 HomeREITplc | AnnualReport | Fortheyearended31August2024
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, 2024 or 2025 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 25.
The principal activities of the Group and the nature
of the Group’s operations are set out in the Strategic
Report on pages 6 to 29.
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”) (now in administration) 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 26, 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 Company anticipates that the portfolio sale
process will conclude in the fourth quarter of 2025.
2. Revenue will continue to be collected on tenanted
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 reduce
significantly by the first quarter of 2026, when the
Group expects to file its annual report and accounts
for the year ended 31 August 2025.
4. Nothing has been budgeted for potential settlement
of either the pre-action letter of claim or the FCA
matter, both as described below.
Financial Statements
Notes to the Consolidated Financial Statements

 HomeREITplc | AnnualReport | Fortheyearended31August2024 77
Financial Statements
Notes to the Consolidated Financial Statements—continued
As of the date of these financial statements, the
Group has approximately £8.8 million of free cash.
For purposes of this 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 satisfied that the cash on hand will
be adequate to cover those expenses. In the event
that expenditures exceed those estimates, the Group
can sell additional properties at auction to cover any
unforeseen expenses.
In October 2023, the Company 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 7 February 2024, the Company
was notified by the FCA of its commencement of an
investigation into the Company, covering the period
from 22 September 2020 to 3 January 2023. The
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 the requirements of
the Companies Act 2006. The Consolidated Financial
Statements of the Group have been prepared on
a historical cost basis, as modified for the Group’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.
As discussed in Note 1, whilst the Directors are satisfied
that the Group and the Company have adequate
resources to continue in operation and to meet all
liabilities as and when they fall due, the Directors
consider it appropriate to adopt a basis other than
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. 
1.Generalinformation—continued

78 HomeREITplc | AnnualReport | Fortheyearended31August2024
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 the
transaction represents the acquisition of 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 asset
acquisitions. The Group recognises acquisitions
on completion.
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.
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 Sale and Purchase Agreements
(“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”). 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. 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 the remaining balance of the Seller’s Works in 2023
of £14,178,000 when the vendors did not complete the
Seller’s Works by the SWLD.
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. For 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 through 31 August 2023.
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 Sold and Held for Sale
The Group presents investment properties as held
for sale if their carrying amount will be recovered
principally through a sale rather than through
continuing use as a rental property. For this to be
the case, the asset must be available for immediate
sale in its present condition subject only to terms
that are usual and customary for sales of such assets
and its sale must be highly probable. The sale would
be expected to complete within one year of the
balance sheet date.
Financial Statements
Notes to the Consolidated Financial Statements—continued
2.Accountingpolicies—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2024 79
Financial Instruments
The Group’s accounting policy for each type of financial
instrument is as follows:
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.
Costs associated with new financings are capitalised
and amortised to finance costs over the fixed term of
the loans using the effective interest method. Except
as noted in d) below, bank borrowings are initially
recognised at fair value net of directly attributable
transaction costs and subsequently measured at
amortised cost using the effective interest method.
Interest expense includes amortisation of initial
transaction costs 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 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.
Financing costs in the Consolidated Statement of
Comprehensive Income are subsequently presented as
the original effective interest rate multiplied by the new
carrying value.
Deferred Fees paid and the benefit applied against
the outstanding principal balance in the form of Break
Gains (both of which had been previously considered in
the revised cash flows supporting the gain recognised
in 2023) are recorded directly against the adjustment
recognised in 2023.
Cash and Cash Equivalents
Cash and cash equivalents comprise cash at bank and
short-term deposits with an original maturity of three
months or less.
Restricted cash
Restricted cash represents:
• Cash withheld by the lender on the drawdown of
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.
• Cash held in Lender controlled accounts which
are not available to the Group until released by
the Lender. This includes 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.
Financial Statements
Notes to the Consolidated Financial Statements—continued
2.Accountingpolicies—continued

80 HomeREITplc | AnnualReport | Fortheyearended31August2024
Rental Income – Leases with non-Occupant Tenants
The Group retains substantially all the risks and rewards
of ownership of the properties and accordingly, all
leases are classified as operating leases. Rental income
arising from the operating leases is accounted for on
a straight-line basis over the expected term of the
lease. The lease term is the non-cancellable period of
the lease together with any further term for which the
tenant has the option to continue the lease where, at
the inception of the lease, the Directors are reasonably
certain that the tenant will exercise that option.
Where the Company’s leases with non-occupant
tenants contain annual inflationary increases with a
minimum uplift, the straight-line adjustment is rebased
each year and the rental income arising from such
uplifts is recognised on a straight-line basis over the
remaining lease term. Changes in the payment amount,
other than normal inflationary increases, or timing, or
the lease term made after the original lease agreement
was signed are accounted for as a lease modification.
Lease modifications are accounted for as a new lease
from the effective date of the modification, considering
any prepaid or accrued lease balance at that date.
In certain cases, the Group acquired properties which
were not considered habitable at the acquisition date
and simultaneously signed an operating lease. IFRS
16, “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.
Income from Properties under Management Contracts
Supported Living
In order to be revenue generating, the Group,
through its Intensive Housing Manager (“IHM”), must
receive approval from each council in order receive
payments for providing homeless or supported living
accommodation. In order to become classified as ‘in
payment’, Councils carry out an assessment of the
individual requiring accommodation and due diligence
on the IHM, generally inspect the properties to ensure
they are of sufficient quality and appropriately located
then set rents in line with Local Housing Allowance
(“LHA”) rates. The Group recognises revenue for
properties which have been approved to be in payment,
and based on the number of occupants as submitted to
the council for reimbursement.
Private Rental Sector (“PRS”)
The Group recognises revenue on PRS properties
managed by third party property managers from
the date on which the manager takes control of the
property. Transfer of control of the property occurs
as properties are surrendered to the Group from
non-performing lessees. Under most surrender
agreements, no written evidence of in place tenancies
and health and safety compliance was provided.
Revenue is recognised when the property in occupied,
even if the tenancy is not documented with an Assured
Shorthold Tenancy (AST). The Group considers a
property is occupied on terms unknown if the property
is occupied and the tenant is paying rent, even if there
are no available written terms. In order to determine
occupancy, property managers are instructed to
inspect properties at least every 21 days.
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. 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”). As discussed in Note
4, impairment charges of £31,026,000 were recognised
during the year ended 31 August 2023 (2024: nil).
Changes to Accounting Standards and Interpretations
At the date of authorisation of the financial statements,
there were a number of standards and interpretations
which were in issue but not yet effective. The Group
has assessed the impact of these amendments
and has determined that the application of these
amendments and interpretations in current and
future periods will not have a significant impact on
its financial statements.
There are several new standards and interpretations
which were effective for the first time for periods
beginning on or after 1 September 2023. 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 historical
accounting policies.
Financial Statements
Notes to the Consolidated Financial Statements—continued
2.Accountingpolicies—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2024 81
3. Significant Accounting Judgements and Estimates
The preparation of financial statements in conformity
with IFRS requires the Directors to make judgements,
estimates and assumptions that affect the reported
amounts recognised in the financial statements.
Revisions to accounting estimates are recognised in the
period in which the estimates are revised.
In the course of preparing the Consolidated Financial
Statements, the Directors have had to make
assumptions and judgements especially in the areas
of valuation of investment property, rental revenue
recognition and the recoverability of tenant related
receivables, 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:
Valuation of Investment Property
As described more fully in Note 9, Investment Property,
a number of significant judgments were made by
the independent valuer in determining fair value of
investment properties, including:
• 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. Absent any
new information, the condition of the property as
determined at the inspection date is assumed to be
the condition of the property for valuation purposes
at 31 August 2024 and 2023; and
• For the majority of properties valued on investment
basis at 31 August 2024 and 2023, rents were capped
at five years and overall value was capped at 113%
to 154% (2023: 110% to 150%) of vacant possession
value. The full lease period of up to ten years was
considered for some tenants who are considered
financially viable.
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. Properties that the Group considered
to be in very poor condition or boarded up and required
conversion were deemed 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 related to these
properties for the year ended 31 August 2024 and 2023.
The Directors instead recorded any cash received
associated with a lease to reduce the debtor set up as
discussed in the Acquisitions of Investment Property
section of Note 2.
Recoverability of Tenant Related Receivables
Because the Group considered that 12 of its 20 (2023:
28 of 29) direct tenants were a poor financial covenant
and fully non-performing, amounts outstanding in
relation to these tenants at 31 August 2024 were
provided for in full. Any recoveries made of tenant and
tenant related receivables after 1 September 2024
will be recognised as received. For properties
managed by a property manager, any arrears from
underlying occupants were fully provided for unless
received within a 30-day period after the end of the
financial year.
Loan Modifications
On 31 August 2023, the Group 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 expected auction sales as well as the expected
refinancing of the remaining balance of £100,000,000
(after property sales) in June 2024, which was the
expectation at the time. Assumptions were also made
regarding the estimated break gains as this impacts the
quantum and timing of principal payments. The Group
also estimated other fees and charges in preparing
its estimate.
The Group updated its computations in June 2024
when the Group did not proceed with the expected
refinancing and recognised a loss of £369,000 in the
year to 31 August 2024.
Financial Statements
Notes to the Consolidated Financial Statements—continued

82 HomeREITplc | AnnualReport | Fortheyearended31August2024
4. Income
lease agreements
35,185
56,501
management agreements
5,748
366
Effect of straight-lining rent
3,700
7,135
properties were unhabitable
(3,243)
(4,832)
amortisation
–
(1,531)
Rental income
41,390
57,639
Other income
279
–
lease inducement
–
(22,010)
straight-lining
(3,700)
(9,016)
Net rental income
37,969
26,613
All properties subject to leases are based in the UK.
Rental income includes amounts receivable in respect
of tenant leases for those properties deemed habitable
and is measured at the fair value of the consideration
received or receivable. As discussed in Note 3, in
certain cases, the Group 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. During
the year ended 31 August 2024, the Group sold
154 properties which were deemed unhabitable at
acquisition (2023: acquired 26 properties), such that
there were 44 unhabitable properties at 31 August 2024
(2023: 198 properties). Payments received of £1,195,000
in 2023 (2024: nil) associated with the in-place leases
for all unhabitable properties have been applied against
the debtor established at acquisition. During the year
ended 31 August 2024, no unhabitable properties
were improved to a state which the Group considered
habitable (2023: nil). 
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 £3,700,000 were recognised during the year
ended 31 August 2024 (2023: £31,026,000).
The future minimum rents receivable under non-
cancellable operating leases with CIC and other
operators, and excluding short-term and overnight
rentals associated with properties managed by
property managers, related to habitable properties are:
Year 1
12,828
49,664
Year 2
12,917
50,184
Year 3
13,049
50,703
Year 4
13,182
51,224
Year 5
13,201
51,749
> 5 years
134,157
716,844
Total
199,334
970,368
5. Operating expenses
Property operating expenses
Operating expenses grew as the Group had many more
properties under management agreements in FY24 as
compared to FY23:
Maintenance and compliance
2,301
550
Management fees
1,342
–
Utilities
788
–
Council tax
562
4
Other fees
166
–
Sub total
5,159
554
property insurance
624
–
Property consultancy fees
568
200
Other property expenses
435
–
Total
6,786
754
Financial Statements
Notes to the Consolidated Financial Statements—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2024 83
Financial Statements
Notes to the Consolidated Financial Statements—continued
The Group has primary responsibility for property
operating costs including council taxes, utilities, repairs
and maintenance and property management fees where
properties are managed by property managers. Some
costs, such as council taxes and utilities, may be paid
directly by tenants, unless they are the responsibility
of the Group in the case of vacant properties and those
with inclusive leases (which include supported living
properties). The Group auctions properties on a vacant
possession basis because it provides greater value and
is therefore responsible for all expenses between the
lease surrender date and the date on which the sale
is completed.
General and administrative expenses
Legal fees
7,106
3,502
fees (Note 19)
5,000
1,085
Professional fees
4,608
3,395
Independent Auditor
846
1,076
Valuation fees
300
2,165
Directors’ fees (Note19)
362
176
advisory fees (Note19)
–
5,094
settlements
–
1,419
expenses
1,563
1,247
Total
19,785
19,159
Valuation fees for the period to 31 August 2023 include
an allocation of fees associated with a comprehensive
inspection programme to support the valuation process
which ran from August 2023 to May 2024. There were
no incremental inspection fees included in valuation
expense in the period to 31 August 2024.
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 £2,426,000
(2023: £2,537,000) during the year ended 31 August 2024
associated with this contract which is 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.
In December 2024, 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
met certain conditions which occurred in February
2025. Because the dispute related to prior periods, the
amount was recorded in the accounts for the year ended
31 August 2023
Fees paid to the Group’s Independent Auditor, BDO
LLP, include the following (all fees are inclusive of VAT):
annual accounts
772
1,004
of subsidiaries
72
72
data preservation
2
–
Included in general and
administrative expenses
846
1,076
5.Operatingexpenses—continued

84 HomeREITplc | AnnualReport | Fortheyearended31August2024
6. Realised loss and cash flows related to disposal
of investment properties
of investment properties
1
140,621
–
beginning of the year
(151,373)
–
of investment properties
(10,752)
–
During the year ended 31 August 2024, the Group
completed on the sale of 1,098 properties for gross
proceeds of £147,915,000.
Under the borrowing agreements discussed more fully
in Note 10, the proceeds from property sales were fully
under the control over the Lender and the Lender’s
agent. As agreed in various waiver letters between the
Borrowers, Guarantors, Lender and Agent, all of the
proceeds from the sale of properties were allocated
93% weekly to the Agent controlled proceeds accounts
and 7% to the Group to cover the cost of property sales
and other general expenses. The amount allocated to
the proceeds account was then allocated monthly in the
following order: first, to repay the Lender for the allocated 
loan amounts related to each sold property, second, to
the Lender to cover any unpaid interest or other amounts 
due, and then last in accordance with an allocation as
agreed in the periodic waiver letters. Because the portion 
of the net proceeds sent directly to the Agent controlled
proceeds accounts were never under Group control,
we have excluded the gross proceeds from property
sales and the principal payments on the loans from the
Consolidated Statement of Cash Flows. During the year
ended 31 August 2024, those cash flows were:
Gross proceeds from property sales
147,91
5
of property sales
10,6
53
controlled proceeds account
134,30
9
31 August 2024
2,953
147
,915
of property sales
10,6
53
Cost of property sales
(7,294)
unrestricted account
2
Proceeds allocated to the Lender-
controlled proceeds account1
1
34,309
interest on outstanding loans (Note 20)
665
100,
unrestricted account
2
232
20,
31 August 2024 (Note12)
13,412
309
134,
As at 31 August 2024, proceeds of £2,953,000 related
to completed sales had been received by the Group’s
solicitor but not yet received in a Group controlled
account are included in other receivables.
7. Finance costs
Loan interest
3,557
5,462
Deferred loan fees
–
1,100
arrangement fees
–
501
Total finance costs
3,557
7,063
As discussed more fully in Note 10, Scottish Widows has
imposed various Deferred Fees payable at the full and
final repayment of the loans. The loans and the Deferred
Fees were fully repaid in November and December 2024,
respectively.
Financial Statements
Notes to the Consolidated Financial Statements—continued
1. Expenses of £7,294,000 were paid out of gross proceeds (£7,139,000) and out of the
Group’s General Account (£155,000).
2. Aggregate of these amounts of £23,591,000 was released to the Group’s unrestricted
cash accounts during the year ended 31 August 2024.

 HomeREITplc | AnnualReport | Fortheyearended31August2024 85
Financing costs have been recognised for the year ended
31 August 2024 by multiplying the original effective
interest rate against the carrying cost of the third-
party loans as revised on 31 August 2023. Break gains
and Deferred Fees imposed by the Lender have been
recognised as amortisation against the gain recognised
in 2023 to the extent that they were considered in the
revised estimated cash flows.
8. 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
main rate of 25% (19% prior to 31 March 2023, so that
the year to 31 August 2023 is computed at 21.5%, being
7 months at 19% and 5 months at 25%).
Current tax
–
–
Origination and reversal of
temporary differences
–
–
Total deferred tax
–
–
Tax charge
–
–
Reconciliation of the total tax charge
The reconciliation of loss before taxation multiplied
by a blended standard rate of corporation tax for 2024
of 25% (2023: 21.5%) to the total tax charge in the
Consolidated Statement of Comprehensive Income
is as follows:
Loss before tax
(25,166)
(118,160)
UK corporation tax
6,291
25,404
Revaluation of
investment properties
1,806
(15,342)
no benefit can be recognised
(8,097)
(10,062)
Tax charge
–
–
9. Investment property (non-current) and investment
property held for sale (current)
beginning year
412,720
414,270
acquisitions in the year
–
104,125
the year
(151,373)
–
is considered as habitable
–
(5,408)
is considered as unhabitable
–
(588)
considered as unhabitable
–
(548)
recognised as receivable
–
(5,883)
lease inducement
–
11,089
lining and lease inducement
–
(31,026)
during the year
(3,138)
(1,951)
value of investment property
7,223
(71,360)
Fair value at the
end of the year
265,432
412,720
–noncurrent
236,325
407,932
sale – current
29,107
4,788
Total investment property
265,432
412,720
During the year ended 31 August 2023, the Group
acquired 234 properties (year to 31 August 2024: Nil).
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 2022 (the “Red
Book”) and incorporate the recommendations of the
International Valuation Standards and the RICS Valuation
– Professional Standards UK January 2014 (Revised
Financial Statements
Notes to the Consolidated Financial Statements—continued
7.Financecosts—continued

86 HomeREITplc | AnnualReport | Fortheyearended31August2024
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 rely on
using transaction data which is similar but not directly
comparable and is usually adjusted to account for any
underlying differences. Accordingly, the valuation of
all of the Group’s investment properties are classified
as Level 3.
The investment properties have been valued as at
31 August 2024 and 2023 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 recently assessed property conditions
(inspections occurred from August 2023 to May 2024)
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.
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. All properties under the control of
property managers have been valued on the basis of MV-
VP. Where a property was deemed to be in a reasonable
condition, capable of beneficial occupation, and let to
a tenant who was likely to meet its rent demands in the
short-term, JLL adopted the investment approach. For
those tenants, JLL capped the unexpired lease term
at five years, even where the actual unexpired lease
term was for a longer period. This was due to a lack of
confidence in those tenants being able to fulfil their lease
obligations beyond five years. For those properties which
were let or sublet to a tenant with a strong covenant, JLL
considered the in-place lease (or ignored the primary in-
place lease and instead capitalised the sublease passing
rent for its remaining term of up to 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
113% and 154% of MV-VP, depending on the tenant (2023:
between 110% and 150%, depending on the tenant).
The fair value of investment property at 31 August 2024
and 2023 was split between the following valuation
techniques (both considered Level 3):
valuation approach
30,216
48,160
possession approach
235,216
364,560
Fair value at the
end of the year
265,432
412,720
Financial Statements
Notes to the Consolidated Financial Statements—continued
9.Investmentproperty(non-current)andinvestment
propertyheldforsale(current)—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2024 87
For the year ended 31 August 2024, 37 properties were valued using the MV-VP valuation technique, having
previously been valued using the investment method (2023: 1,080). JLL considered the change appropriate after
re-evaluating the credit strength of the underlying tenant.
For those properties valued using the investment approach only, unobservable inputs used in the valuations
are as follows:
Passing rent and yield range
Residential
3,726
6-181
30,216
7-25
Residential
6,076
6-178
48,160
8-30
For those properties valued using the investment approach, the average passing rent per annum per property was
£16,000 for the year ended 31 August 2024 (2023: £21,000) and the average valuation yield was 12% for the year
ended 31 August 2024 (2023: 13%).
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 1,143 of 1,375 (83% of properties) are valued using the MV-VP approach at 31 August 2024 (2023:
2,184 of 2,473 and 88% respectively) and those valued under the investment approach are capped at between
113% and 154% 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 (for properties valued using the
investment approach):
Investment property
(300)
300
(500)
500
Investment property
(300)
200
(1,100)
600
For 2024, a 5% increase/decrease in MV-VP (for all properties) would increase/decrease the overall value of
investment property by approximately £13,000,000 (2023: £20,300,000).
10. Financial instruments
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 and was due for repayment
in December 2032. The £100 million facility has an all-in
rate of 2.53% for the duration of the loan and was due for
repayment in December 2036. Both loans are secured by
investment property and other assets held by the Group.
The Company and its subsidiaries were party to
agreements with (amongst others) Scottish Widows
including (in the case of two subsidiaries of the
Company) facility agreements and (in the case of the
Company and all subsidiaries) guarantees. Various
breaches have occurred under those agreements.
Since an initial waiver letter dated 30 January 2023
waiving certain breaches, new waiver letters were
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 26, the term loans were
repaid in full in September and November 2024.
On 19 June 2023, Scottish Widows imposed a Deferred
Fee of 0.5% of the aggregate amounts outstanding 
Financial Statements
Notes to the Consolidated Financial Statements—continued
9.Investmentproperty(non-current)andinvestmentpropertyheldforsale(current)—continued

88 HomeREITplc | AnnualReport | Fortheyearended31August2024
on the two loans at each of 31 August 2023 and
30 November 2023, payable on the full and final
settlement of the loans. On 4 December 2023, Scottish
Widows imposed a further Deferred Fee effective from
30 November 2023 being the equivalent of 5% per
annum on the aggregate amounts outstanding on the
two loans as computed on a daily basis. On 2 July 2024,
Scottish Widows increased the Deferred Fee from
5% to 7% with effect from 1 July 2024 until the final
repayment of the loans. As discussed in Note 26, the
Deferred Fees were fully paid in December 2024.
On 31 August 2023, as part of the periodic waiver update
and in response to a request by the Lender, the Directors
agreed to focus on repayment of both loans as soon
as possible with a target repayment date no later than
30 June 2024. While not a technical amendment to the
loans, the change in the estimated timing and amount
of cash payments required the Group to recalculate
the carrying value of the loans using new estimated
cash flows and discounted using the original effective
interest rate. The change in value resulted in a gain of
£14,537,000 which was recorded in the Consolidated
Statement of Comprehensive Income in the year ended
31 August 2023. Meeting the initial target repayment
date of 30 June 2024 required the Group to refinance the
existing facilities. In June 2024, the Group announced that
it could not achieve a refinancing on terms that it could
recommend to shareholders and agreed with Scottish
Widows to sell additional properties in order to repay the
loans by 31 December 2024. This additional change in
the estimated timing and amount of cash payments also
required the Group to recalculate the carrying value of
the loans using the further adjusted expected cash flows.
The revised cash flows take into account the balance of
the loan at the determination date and reflects those
cash payments which the Group considers it will need
to make to reduce the loan balances to zero, discounted
at the original effective interest rate. The agreements
provide that if the Borrowers repay 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. After re-considering
the updates to the original assumptions for interest
payable, Net Break Gains and Deferred Fees, there was
a net loss of £369,000 which has been recorded in the
Consolidated Statement of Comprehensive Income in
the year ended 31 August 2024.
end of the year
93,822
220,000
Carrying value adjustments
(2,784)
(20,500)
Carrying value at
end of the year
91,038
199,500
Carrying Value Adjustments
loan costs in 2023)
(20,500)
(5,963)
remeasurement loss/(gain)
369
(14,537)
Deferred Fee accrual
1,100
–
remeasurement gain
16,247
–
Ending balance
(2,784)
(20,500)
Fair Value
The Group utilises the income method to value its bank
borrowings which is different than the approach used to
compute the gain or loss discussed above. The income
approach estimates the fair value of a debt instrument
by estimating the difference between contractual
and market debt service payments discounted at an
equity yield reflective of the risks inherent in the loan.
The income approach is considered Level 3 under the
fair value hierarchy. The Group estimated the market
replacement rate to be 5.89% (2023: 6.27%) for Home
Holdings 1 and 6.19% (2023: 6.46%) for Home Holdings 2
as at 31 August 2024. 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 £74,000 and £74,000 respectively (2023:
£6,526,000 and £9,576,000 respectively).
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 2024
As at 31 August 2023
Bank borrowings
91,038
93,551
199,500
184,940
Financial Statements
Notes to the Consolidated Financial Statements—continued
10.Financialinstruments—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2024 89
11. Trade and other receivables
lease agreements
50,479
55,627
properties were unhabitable
(3,243)
(4,832)
Tenant receivables
47,236
50,795
completed property sales
2,953
–
Receivable from
property managers
1,222
–
Other receivables
160
45
Prepaid expenses
78
23
financial assets
51,649
50,863
expected credit loss
(47,857)
(50,747)
other financial assets
3,792
116
for unhabitable properties
–
–
Prepaid Seller’s Works
–
–
Trade and other receivables
3,792
116
Debtors
All trade and other receivable amounts are due
within one year. The net carrying value of trade
and other receivables classified at amortised cost
approximates fair value.
During the year ended 31 August 2024, the Group agreed
surrender deals with 23 tenants on 1,839 properties.
The tenants had outstanding debtors from underlying
occupants at the date of surrender, which in some cases
were transferred to the Group as a condition of the
surrender. Because the records associated with the pre-
control debtors were not fully verifiable and the debtors
generally not collectible, the Board has not established
these amounts as debtors. Any subsequent collection of
these debtors is recognised when received.
As discussed more fully in Note 3, the Directors analysed
the expected credit loss and concluded that collection
of debtors of £47,857,000 was doubtful and provided for
such amounts at 31 August 2024 (2023: £50,747,000). 
As the Group judged 12 of its 20 tenants as having a
poor financial covenant and non-performing due to low
or no cash received for rents, outstanding debtors at
31 August 2024 were provided for in full. Any recoveries
made of tenant receivables after 1 September 2024 will
be recognised when received. For properties managed
by a property manager, any arrears from underlying
occupants were fully provided for unless received within
a 30-day period after the end of the financial year.
During FY24, the Group agreed to write-off debtors as a
condition to surrender deals that were agreed with non-
performing tenants. These write-offs related to debtor
balances that had been previously fully provided for.
Movements in the provision for expected credit loss for
the years ended 31 August 2024 and 2023 were as follows:
Impairment of trade receivables
for impairment of
trade receivables
50,747
1,850
Increase during the year
29,109
48,897
Receivables written-
off during the year as
uncollectable
(31,999)
–
At the end of the year
47,857
50,747
The following table sets out the ageing profile of trade
and other receivables that are financial assets:
30 days or fewer
4,414
4,216
31 to 60 days
1,198
4,186
61 to 90 days
1,307
4,137
91 to 120 days
1,664
4,123
Over 120 days
43,066
34,201
51,649
50,863
Financial Statements
Notes to the Consolidated Financial Statements—continued

90 HomeREITplc | AnnualReport | Fortheyearended31August2024
12. Cash reserves
Lockbox accounts
–
8,881
Retentions held by solicitors
510
4,616
classified as restricted
1,766
3,768
Disposal Account
13,412
–
third parties
15,688
17,265
Cash and cash equivalents
6,182
814
Total cash reserves
21,870
18,079
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”)
to be released fully at the Lender’s discretion. Cash held
in the Disposal Account was controlled by the Lender
and primarily used to repay principal of the loans in
September 2024.
Cash held in Lockbox accounts as at 31 August 2023
of £8,881,000 was applied against the outstanding
principal balance in December 2023.
Retentions of £1,464,000 were withheld from
the acquisition of properties in the year ended
31 August 2023 (2024: nil). The Group’s solicitor’s
released £689,000 of Seller’s Works retentions
to vendors (2023: AHRA authorised the release
of £5,365,000) and £3,138,000 to the Group
(2023: £1,951,000) during the year ending
31 August 2024. In addition, insurance retentions of
£279,000 were released to the Group. These were
not initially established as an asset of the Group
so the Group recorded a gain in that amount when
the funds were received which has been presented
in Other Income in the Consolidated Statement of
Comprehensive Income.
At beginning of the year
4,616
10,468
New retentions on
acquisitions in the year
–
1,464
released to vendors
(689)
(5,365)
Home REIT Plc
(3,138)
(1,951)
released to Home REIT Plc
(279)
–
Retentions at the
end of the year
510
4,616
13. Trade and other payables
Trade creditors
2,137
1,340
Accrued expenses
5,707
8,591
Retentions payable
510
4,616
Total trade creditors and
accrued expenses
8,354
14,547
All trade and other payables are due within one year.
The Directors consider that the carrying amount of
trade and other payables approximates fair value.
Retentions payable are amounts due to vendors
payable when they complete property improvements
which were agreed in the original SPA. See Note 12 for
more information on retentions.
Financial Statements
Notes to the Consolidated Financial Statements—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2024 91
14.Financialriskmanagement
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 Seller’s Works or a return
to the Group.
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 and vacancy
costs. Tenant defaults adversely impact the value
of investment property by either widening the yield
underpinning an investment-based valuation or change
the appropriate fair value technique from investment
basis to MV-VP.
Since its appointment, AEW has considered the long-
term viability of each tenant. In situations where the
tenant is not considered viable in the long-term, AEW
has agreed with the tenant to surrender the leases to
take back control of the underlying properties to either
let directly 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 has taken or is taking action against the tenants
which could include statutory demands, forfeiture
and winding up petitions. In the few instances where
the tenant is performing well, the leases 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
6,182
814
Restricted cash
15,688
17,265
financial assets
3,792
116
25,662
18,195
Liquidity risk
AEW manages the Group’s liquidity and funding risks by
regularly updating short-term (13 week) and medium-
term (15 month) cash flow forecasts to ensure sufficient
unrestricted cash balances are held within the Group to
meet current and future needs, which is reviewed with
the Board monthly. AEW assesses the ability of tenants
to settle obligations within normal terms of credit
which supports both forecasts.
Financial Statements
Notes to the Consolidated Financial Statements—continued

92 HomeREITplc | AnnualReport | Fortheyearended31August2024
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
2
588
121,861
–
–
122,449
Deferred loan fees
–
7,910
–
–
7,910
Retentions payable
1
510
–
–
–
510
Trade and other payables
7,844
–
–
–
7,844
8,942
129,771
–
–
138,713
Bank borrowings and interest
1,251
3,767
20,099
251,560
276,677
Deferred 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
1. As discussed in Note 2, the Group has accounted for retentions on a cash basis as supporting documentation was not always available to support the release of amounts to vendors.
Accordingly, all amounts are presented as due within the next three months in the table above.
2. The bank borrowings and interest balance is represented as due in 3-12 months because it was the Groups intention to repay the loans by 31 December 2024 as at the date of the accounts.
Interest rate risk
Interest rate risk is the risk that the fair value or future
cash flows of a financial instrument will fluctuate
because of changes in market interest rates. As
discussed more fully in Note 26 and below, the Group
has fully repaid the loans and the Deferred Fees.
Capital management
The Group considers proceeds from share issuance,
bank borrowings and retained earnings as capital.
Until the announcement of the managed wind-down
discussed in Note 1, the Board and AEW monitored the
Group’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.
After receipt of Shareholders approval for the Managed
Wind Down, the Company is focused on maximising
proceeds from property sales and minimising liabilities.
Financial Statements
Notes to the Consolidated Financial Statements—continued
14.Financialriskmanagement—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2024 93
15. Share Capital
As at
As at
31 August 2024
31 August 2023
Ordinary Shares of £0.01 each
Balance at the beginning
Number
Number
and end of the year
790,570,465
790,570,465
Share capital is the nominal amount of the Company’s
shares in issue which are fully paid.
16. Share premium account
end of the 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. As discussed more
fully in Note 26, following shareholder approval to
cancel the Company’s share premium account passed
on 20 February 2025, the cancellation of the share
premium account in the amount of £595,733,000 was
approved by the Court on 29 April 2025 and became
effective with the registration of the Court order at
Companies House on 2 May 2025.
17. Special distributable reserve
Balance at beginning of year
190,130
201,040
Dividends distribution
–
(10,910)
Balance at end of year
190,130
190,130
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.
18. Dividends
On 16 February 2023, the Board announced that except
for any distributions that would be required to maintain
REIT status, that it has ceased paying any further
dividends until further notice. No dividends were paid
in the year ended 31 August 2024 (2023: £10,910,000).
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.
19. Related party transactions
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 ceased to act for the Group;
2. FCA approved 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 the following 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 2024, the Group incurred fees under the
agreement with AEW of £5,000,000 (2023: £1,085,000).
At 31 August 2024 and 2023, £384,000 of these fees
were unpaid (2023: £1,085,000).
Financial Statements
Notes to the Consolidated Financial Statements—continued

94 HomeREITplc | AnnualReport | Fortheyearended31August2024
Following the Initial Period, AEW was entitled to an
investment management fee equal to 0.75% of NAV
per annum, subject to a minimum fee of £3.0 million per
annum (rising with inflation). On 22 August 2025, the
Company and AEW agreed a revised fee structure with
immediate effect, as follows:
• A fee of £167,000 per month to expire three months
after the date on which the Company holds fewer
than 10 properties.
• Thereafter, £120,000 per month for a period of
three months.
• Thereafter, £42,000 per month until termination
of the revised IMA.
• Subject to an annual cap of £1 million, an additional
10% of gross rent collected from assets owned by
the Company and 10% of rent arrears collected,
including those recovered through liquidations.
The revised IMA may be terminated on six
months’ written notice and occur no earlier than
21 August 2026. The revised IMA includes other
immaterial amendments.
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. Until
4 January 2023, AHRA was a subsidiary of Alvarium
RE Limited (now AlTi RE Limited (‘AlTi Re’)) (now in
administration). 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,
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.
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
(now in administration) 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.
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 the Investment
Manager 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 and additional fees when equity
was raised from investors. The corporate broking
agreement with Alvarium Securities was terminated
on 8 February 2023.
Financial Statements
Notes to the Consolidated Financial Statements—continued
19.Relatedpartytransactions—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2024 95
Directors
The Directors are entitled to receive a fee from
the Group at such rate as may be determined in
accordance with the Articles of Association. The
current directors’ compensation is described more
fully in the Directors’ remuneration report on pages
52 and 53. Michael O’Donnell is paid a base fee of
£100,000 and an additional variable fee of £100,000
(which was reduced to an additional £75,000 from
1 January 2025 and to an additional £50,000 from
1 July 2025), which will reduce as workload declines.
Peter William is paid a base fee of £60,000 and
an additional fee of £10,000 in his role as Senior
Independent Director. Rod Day is paid a base fee of
£60,000 and when he succeeds Marlene Wood as
Audit Committee Chair, will be paid an additional fee
of £10,000. For the year ended 31 August 2024, fees
paid to these directors were paid from their various
start dates. The legacy directors’ fees are £36,000
for each Director and £50,000 for the Chair. The Chair
of the Audit Committee received an additional fee of
£5,000. The highest paid director received £124,000
in the year ended 31 August 2024 (2023: £50,000).
During the year ended 31 August 2024, Directors’ fees
of £330,000 (31 August 2023: £176,000) were paid, of
which none was unpaid at 31 August 2024 or 2023.
As at 31 August 2024 and 2023, 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
20. Reconciliation of liabilities to cash flows from financing activities
As at 31 August 2024
As at 31 August 2023
Balance at beginning of year
220,000
199,500
250,000
245,047
Net bank borrowings drawn down
–
–
–
30,467
Bank borrowing held in restricted account
–
–
–
8,881
Restricted cash transferred to unrestricted account
–
–
–
(39,348)
Loan arrangement fees paid
–
(142)
–
(1,567)
Principal payments from restricted cash
(109,546)
(109,546)
(30,000)
(30,000)
Set-up and unwinding of debt remeasurement adjustment
–
16,781
–
(14,537)
Reclassification of Deferred Fee accrual
–
1,100
–
–
Break gains used to repay bank borrowings
(16,632)
(16,632)
–
–
Amortisation of loan arrangement fees
–
–
–
501
Loan arrangement fees accrual movement
–
(23)
–
56
Balance at end of the year
93,822
91,038
220,000
199,500
In addition to the allocation from property sales of £100,665,000 used to make principal payments on the
outstanding loans (see Note 6), the Group also used the release of restricted cash of £8,881,000 to repay the
outstanding loans in December 2023 (see Note 12).
Interest payments of £3,791,000 were made from restricted cash accounts during the year.
Financial Statements
Notes to the Consolidated Financial Statements—continued
19.Relatedpartytransactions—continued

96 HomeREITplc | AnnualReport | Fortheyearended31August2024
21. Contingent liabilities
Harcus Parker, a law firm specialising in claimant group
actions, is 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. It remains
the Company’s intention to pursue those whom it
considers may be liable for the losses it has suffered,
subject to a reasonable cost-benefit analysis. To
that end, the Company sent pre-action letters of
claim to Alvarium FM and AlTi RE on 12 April 2024, and
AHRA on 29 May 2024. Both Alvarium FM and AlTi RE
have been placed into administration and AHRA is in
liquidation, which potentially complicates the ability
of the Company to achieve financial recovery from
these entities directly. The Company is also assessing
the viability of seeking recoveries directly from AHRA,
Alvarium FM and AlTi RE’s insurers.
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.
22. Loss per Share
Loss per share per IFRS is calculated by dividing the loss attributable to ordinary equity holders of the Group by the
weighted average number of Shares in issue for the years ended 31 August 2024 and 2023. Amounts shown below
are both basic and diluted measures as there were no dilutive instruments in issue throughout the periods.
Loss (£’000)
(25,166)
(118,160)
Weighted average number of Shares in issue during year (‘000)
790,570
790,570
Loss per share (pence)
(3.18)
(14.95)
Financial Statements
Notes to the Consolidated Financial Statements—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2024 97
23. Net asset value per Share
Net asset value per Share is calculated by dividing the consolidated net assets attributable to ordinary equity
holders of the Group by the number of Shares outstanding at the reporting date. Amounts shown below are
both basic and diluted measures as there were no dilutive instruments in issue throughout the current or
comparative periods.
NAV (£’000)
191,702
216,868
Number of Shares (‘000)
790,570
790,570
NAV per Share
24.25p
27.43p
24. Segmental information
Operating segments are identified on the basis of internal financial reports regarding components of the Group
that are regularly reviewed by the chief operating decision maker (which in the Group’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 following presents major customers on the rent
roll as at the balance sheet date, which excludes tenants associated with properties that have been sold or
surrendered back to the Group.
For the year ended 31 August 2024
For the year ended 31 August 2023
% of total
£’000
% of total
£’000
One CIC
32.2%
4,100
11.9%
6,400
LTG Vision CIC*
15.6%
2,000
4.2%
2,300
Mears Limited*
15.0%
1,900
2.0%
1,100
Redemption Project CIC
0.0%
–
11.1%
6,000
Supportive Homes CIC
0.0%
–
11.0%
6,000
Other tenants (eachlessthan 10%)
37.2%
4,700
59.8%
32,300
Contracted annual passing rent
100.0%
12,700
100.0%
54,100
* In the prior period LTG Vision CIC and Mears Ltd annual rent was shown as a part of the other tenant’s balance (as less than 10%).
Financial Statements
Notes to the Consolidated Financial Statements—continued

98 HomeREITplc | AnnualReport | Fortheyearended31August2024
25. Consolidated entities
The Company owns 100% of the equity shares of all subsidiaries listed below and has the power to appoint
and remove the board of directors of those subsidiaries. The relevant activities of the below subsidiaries are
determined by the respective directors based on simple majority votes. Therefore, the Board has concluded that
the Company has control over all these entities and all these entities have been consolidated within this set of
financial statements.
Name of entity
Principal activity
Country of incorporation
Ownership
Home Holdings 1 Limited
Property investment
UK
100%
Home Holdings 2 Limited
Property investment
UK
100%
Home Holdings 3 Limited
Property investment
UK
100%
Home Holdings 4 Limited
Property investment
UK
100%
The registered office of the Company and its subsidiaries is 4
th
Floor, 140 Aldergate Street, London EC1A 4HY
26. 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
With the publication of the 2023 Annual Report and
Accounts on 14 January 2025, Peter Cardwell, Lynne
Fennah, Simon Moore and Marlene Wood stepped down
from the Board.
Disposals
From 1 September 2024 to 17 October 2025, the Group
exchanged on the sale of 522 properties for gross sales
proceeds of £96,533,000. Together with the 1,098
properties exchanged on or prior to 31 August 2024,
1,620 properties have completed for total gross
proceeds of £244,088,000. Properties exchanged since
31 August 2024 were presented in the Consolidated
Statement of Financial Position as at 31 August 2024 at
£99,458,000.
Restricted cash
Of the retentions held by solicitors at 31 August 2024,
£169,000 has been released to the Company, and
£341,000 is still held with solicitors as at 17 October 2025.
Share Premium Account
Following shareholder approval to cancel the Company’s
share premium account passed on 20 February 2025,
the cancellation of the share premium account in the
amount of £595,733,000 was approved by the Court on
29 April 2025 and became effective with the registration
of the Court order at Companies House on 2 May 2025.
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 1,375 properties owned
by the Group on 31 August 2024, 238 leases were
surrendered by the primary tenant and the Group
now has a direct lease with the under-tenant, 39 are
still in place, 481 properties have been turned over
to a property manager and the Group has a direct
arrangement with the occupants, 95 are re-tenanted,
and 522 have been sold.
Lender discussions
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 and the Deferred Fees
were paid on 16 December 2024.
Extension of Investment Management Agreement
Following the Initial Period, AEW was entitled to an
investment management fee equal to 0.75% of NAV
per annum, subject to a minimum fee of £3.0 million per
annum (rising with inflation). On 22 August 2025, the
Company and AEW agreed a revised fee structure with
immediate effect, as follows:
• A fee of £167,000 per month to expire three months
after the date on which the Company holds fewer
than 10 properties.
• Thereafter, £120,000 per month for a period of
three months.
• Thereafter, £42,000 per month until termination
of the revised IMA.
• Subject to an annual cap of £1 million, an additional
10% of gross rent collected from assets owned by
the Company and 10% of rent arrears collected,
including those recovered through liquidations.
The revised IMA may be terminated on six
months’ written notice and occur no earlier than
21 August 2026. The revised IMA includes other
immaterial amendments.
27. 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2024 99
Company Statement of Financial Position
Companynumber:12822709
Note
Asat
31August2024
£’000
Asat
31August2023
£’000
Non-current assets
Investmentinsubsidiaries
4 – –
Investmentproperty
5 – 2,250
Amountsduefromsubsidiaries
6 196,101 218,930
Total non-current assets 196,101 221,180
Current assets
Amountsduefromsubsidiaries
6 – –
Investmentpropertyheldforsale
5 – 1,060
Tradeandotherreceivables
6 2 23
Cashandcashequivalents
7 121 308
Total current assets 123 1,391
Total assets 196,224 222,571
Non-current liabilities
Amountsduetosubsidiaries
8 – –
Total non-current liabilities
– –
Current liabilities
Tradeandotherpayables
8 4,522 5,703
Total current liabilities 4,522 5,703
Total liabilities 4,522 5,703
Net assets 191,702 216,868
Capital and reserves
Sharecapital
9 7,906 7,906
Sharepremium
10 595,733 595,733
Specialdistributablereserve
11 190,130 190,130
Accumulatedlosses (602,067) (576,901)
Total capital and reserves attributable to equity
holders of the company 191,702 216,868
Thelossandtotalcomprehensivelossattributable
totheshareholdersoftheparentCompanyforthe
yearended31August2024amountedto£25,166,000
(2023:£118,127,000).
Thenotesonpages101to106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17October2025andsigned
onitsbehalfby:
Michael O’Donnell
Chair
Financial Statements
Company Financial Statements

100 HomeREITplc | AnnualReport | Fortheyearended31August2024
Company Statement of Changes in Shareholders’ Equity
Fortheyearended31August2024 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at
1September2023 7,906 595,733 190,130 (576,901) 216,868
Lossfortheyear – – – (25,166) (25,166)
Balanceat31August2024 7,906 595,733 190,130 (602,067) 191,702
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at
1September2022 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
Thenotesonpages101to106formpartofthesefinancialstatements.
Financial Statements
Company Financial Statements—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2024 101
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25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discussedbelowand
disclosedmorefully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9oftheConsolidated
FinancialStatements.
Impairmentofinvestmentsinandamountsdue
fromsubsidiaries
TheCompanyusesthenetassetsoftheinvestees(which
arecomprisedprimarilyofinvestmentproperty)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10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

102 HomeREITplc | AnnualReport | Fortheyearended31August2024
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2024
£’000
Asat
31August2023
£’000
Originalinvestmentbalance 10,390 10,390
Provisionforimpairment (10,390) (10,390)
Investmentsinsubsidiaries
atendoftheyear – –
Afterconsideringtherecoverabilityofitsinvestments
insubsidiaries,theCompanyhasfullyimpairedthe
balanceasat31August2024and2023.
AlistoftheCompany’ssubsidiaryundertakings
isincludedinNote25totheConsolidated
FinancialStatements.
5.InvestmentProperty
Asat
31August2024
£’000
Asat
31August2023
£’000
Freeholdinvestment
propertyatthe
beginningyear 3,310 3,447
Propertydisposals
duringtheyear (3,310) –
Receiptsrelatingtobuildings
consideredasunhabitable – (53)
Rentstraightliningand
leaseinducement – 101
Decreaseinfairvalueof
investmentproperty – (185)
Totalinvestmentproperty – 3,310
PresentedintheStatement
ofFinancialPositionas:
Investmentpropertyheldfor
sale–current – 2,250
Fairvalueattheendofthe
year–noncurrent – 1,060
At31August2023,theinvestmentpropertieswere
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9totheConsolidated
FinancialStatements.
6.Tradeandotherreceivables
Asat
31August2024
£’000
Asat
31August2023
£’000
Tenantreceivables
inaccordancewith
leaseagreements 421 456
Rentnotrecognisedbecause
propertieswereunhabitable – (156)
Tenant receivables 421 300
Otherreceivables 24 45
Prepaidexpenses 31 23
Tenant receivables and
otherfinancialassets 476 368
Provisionfordoubtfuldebts (474) (345)
Trade and other receivables 2 23
Amountsdue
fromsubsidiaries 87,591 102,598
Provisionfordoubtfuldebts (87,591) (102,598)
Trade and other
receivables – current 2 23
Amounts due from
subsidiaries(noncurrent) 651,339 651,339
Provisionfordoubtfuldebts (455,238) (432,409)
Tradeandotherreceivables
–noncurrent 196,101 218,930
Total receivables 196,103 218,953
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2024 103
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£7,822,000asat31August2024
(asat31August2023:£535,007,000).
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2024
£’000
Asat
31August2023
£’000
Cashheldatbank 121 308
Total cash and
cash equivalents 121 308
8.Tradeandotherpayables
Asat
31August2024
£’000
Asat
31August2023
£’000
Amountsduetosubsidiaries – –
Non–current liabilities – –
Asat
31August2024
£’000
Asat
31August2023
£’000
Tradeandotherpayables 4,522 5,703
Total current liabilities 4,522 5,703
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2024
Number
Asat
31August2023
Number
Atthebeginning
oftheyear 790,570,465 790,570,465
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15totheConsolidated
FinancialStatements.
10.Sharepremium
OrdinarySharesof£0.01each
Asat
31August2024
£’000
Asat
31August2023
£’000
Balanceatthe
beginningofyear 595,733 595,733
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2024
£’000
Asat
31August2023
£’000
Balanceatthe
beginningofyear 190,130 201,040
Balance at the end of year 190,130 190,130
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

104 HomeREITplc | AnnualReport | Fortheyearended31August2024
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.Nodividendswerepaid
intheyearended31August2024(2023:£10,910,000).
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.
13.Guaranteeofsubsidiarydebt
AsdescribedinNote10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,alawfirmspecialisinginclaimantgroup
actions,is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.ItremainstheCompany’s
intentiontopursuethosewhomitconsidersmaybeliable
forthelossesithassuffered,subjecttoareasonable
cost-benefitanalysis.Tothatend,theCompanysent
pre–actionlettersofclaimtoAlvariumFMandAlTiREon
12April2024,andAHRAon29May2024.BothAlvarium
FMandAlTiREhavebeenplacedintoadministrationand
AHRAisinliquidation,whichpotentiallycomplicatesthe
abilityoftheCompanytoachievefinancialrecoveryfrom
theseentitiesdirectly.TheCompanyisalsoassessing
theviabilityofseekingrecoveriesdirectlyfromAHRA,
AlvariumFMandAlTiRE’sinsurers.
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.
Financial Statements
Notes to the Company Financial Statements—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2024 105
15.Relatedpartytransactions
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.
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2024,theCompany
incurredfeesundertheagreementwithAEWof
£5,000,000(2023:£1,085,000).At31August2024,
£384,000ofthisfeewasunpaid(2023:£1,065,000).
FollowingtheInitialPeriod,AEWwasentitledtoan
investmentmanagementfeeequalto0.75%ofNAV
perannum,subjecttoaminimumfeeof£3.0millionper
annum(risingwithinflation).On22August2025,the
CompanyandAEWagreedarevisedfeestructurewith
immediateeffect,asfollows:
• Afeeof£167,000permonthtoexpirethreemonths
afterthedateonwhichtheCompanyholdsfewer
than10properties.
• Thereafter,£120,000permonthforaperiodof
threemonths.
• Thereafter,£42,000permonthuntiltermination
oftherevisedIMA.
• Subjecttoanannualcapof£1million,anadditional
10%ofgrossrentcollectedfromassetsownedby
theCompanyand10%ofrentarrearscollected,
includingthoserecoveredthroughliquidations.
TherevisedIMAmaybeterminatedonsix
months’writtennoticeandoccurnoearlierthan
21August2026.TherevisedIMAincludesother
immaterialamendments.
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.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,
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.
Financial Statements
Notes to the Company Financial Statements—continued

106 HomeREITplc | AnnualReport | Fortheyearended31August2024
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Groupatsuchrateasmaybedeterminedin
accordancewiththeArticlesofAssociation.The
currentdirectors’compensationisdescribedmore
fullyintheDirectors’remunerationreportonpages
52and53.MichaelO’Donnellispaidabasefeeof
£100,000andanadditionalvariablefeeof£100,000,
whichwillreduceasworkloaddeclines(whichreduced
toanadditional£75,000from1January2025andto
anadditional£50,000from1July2025).PeterWilliam
ispaidabasefeeof£60,000andanadditionalfeeof
£10,000inhisroleasSeniorIndependentDirector.
RodDayispaidabasefeeof£60,000andwhenhe
succeedsMarleneWoodasAuditCommitteeChair,will
bepaidanadditionalfeeof£10,000.Fortheyearended
31August2024,feespaidtothesedirectorswerepaid
fromtheirvariousstartdates.Thelegacydirectors’
feesare£36,000foreachDirectorand£50,000
fortheChair.TheChairoftheAuditCommittee
receivesanadditionalfeeof£5,000.Duringtheyear
ended31August2024,Directors’feesof£330,000
(31August2023:£176,000)werepaid,ofwhichnone
waspayableat31August2024or2023.
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26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2024 107
Additional information
108 Appendix1–KeyRegulatoryNewsServiceAnnouncements
1September2023to17October2025
112 Appendix2–GovernanceandInternalControl
115 Glossary
120 Companyinformation

108 HomeREITplc | AnnualReport | Fortheyearended31August2024
Regulatory News Service Announcements 1 September 2023 to 17 October 2025
Date Title Key
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for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
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
Additional information
Appendix 1

 HomeREITplc | AnnualReport | Fortheyearended31August2024 109
Date Title Key
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
29-Feb-24
Result of General Meeting
Shareholdersapprovedthere-electionofMichaelO’DonnellasaDirector
SN
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
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
Additional information
Appendix1—continued

110 HomeREITplc | AnnualReport | Fortheyearended31August2024
Date Title Key
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
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
Additional information
Appendix1—continued

 HomeREITplc | AnnualReport | Fortheyearended31August2024 111
Date Title Key
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
14-Jan-25
2023 Annual Report and Accounts Released
The2023resultsreflectasubstantiallossanddecreaseinNAVfortheperiod.NAVper
sharereducedby37.3%to27.43pence(2022:43.76pence).Lossbeforetaxof£118.2m
(2022:Lossbeforetaxof£474.8million).
PeterCardwell,LynneFennah,SimonMooreandMarleneWoodstooddownasdirectors.
RES,D
27-Jan-25
Notice of Annual General Meeting
TheCompanyhaspublishedaNoticeofGeneralMeetingtobeheldattheofficesofFTI
Consultingat200AldersgateStreet,London,EC1A4HDon20February.
SN
20-Feb-25
Trading Update
RES,T
20-Feb-25
Result of General Meeting
Shareholdersvotedtoapprovethe2023AnnualReportandAccountsandtheDirector’s
RemunerationPolicyandinfavouroftheDirectors’RemunerationReport.Inaddition,
theexistingdirectorswerere-elected,BDOwasre-appointedasauditortothe
Company,theCompanybeauthorisedtopurchaseitsownshares,includingthrough
tenderoffers,thatthesharepremiumaccountoftheCompanybecancelledandthata
GeneralMeetingoftheCompanycanbecalledonnotlessthan14cleardays’notice.
SN
4-April-25
The Company released its interim results for the period to 28 February 2023.
RES
29-May-25
Trading update, February 2025 valuation
TheCompanyannouncedthat,subjecttoreviewbytheauditors,thevaluationofits
portfolioof860propertieswas£169.0millionat28February2025.
RES
15-July-25
Response to Recent Announcement
TheBoardacknowledgedtherecentannouncementthatAITiReLimitedand
AlvariumFundManagersLimitedhaveenteredadministration.
L
22-Aug-25
Revision to Investment Management Agreement
TheCompanyannouncedrevisedtermsofitsinvestmentmanagement
agreementwithAEW.
IA
1-Sept-25
Trading Statement
TheCompanyannouncedanupdateontheportfoliosale.
RES
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

112 HomeREITplc | AnnualReport | Fortheyearended31August2024
Governance and Internal Control
Overview of the Company
TheCompanyisanexternallymanagedrealestate
investmenttrustthathasnoemployees(except
LynneFennahsince15January2025,whoadvisesthe
Boardonhistoricalmattersonapart-timebasis),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.
AcquisitionsarenolongerpermittedundertheNew
InvestmentPolicy.
Additional information
Appendix2

 HomeREITplc | AnnualReport | Fortheyearended31August2024 113
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August2025)withrespecttothe
focusonkeyaspectsoftheManagedWind-Down
aftertherepaymentoftheGroup’sborrowingsand
associatedfees.
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).
Additional information
Appendix2—continued

114 HomeREITplc | AnnualReport | Fortheyearended31August2024
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updatesincludingrelevant
informationonoccupancy,propertycondition,
capexrequirements,rentcollections,credit
analysis,andfinancialviability.
• Propertymanagersandkeythird-party
appointments.
• Reportonpropertiesunderseparatemanagement
agreements.
• Current13-weekan15-monthcashflowforecasts.
• 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2024 115
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trading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
trading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

116 HomeREITplc | AnnualReport | Fortheyearended31August2024
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2024 117
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

118 HomeREITplc | AnnualReport | Fortheyearended31August2024
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2024 119
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

120 HomeREITplc | AnnualReport | Fortheyearended31August2024
Companynumber:12822709
Countryofincorporation:EnglandandWales
Directors,ManagementandAdvisers
Non-ExecutiveDirectors
MichaelO’Donnell(Chair)
PeterWilliams
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 2024