Lord Kitchener Memorial Homes Trust For the year ended 31 March 2025 Registered Number 209751 Registered Number 209751
Lord Kitchener Memorial Homes Trust Directors, Report and Account for the Year Ended 31 March 2025 Page Contents Report of the trustee statement of trustee responsibilities Independent auditor's report Statement of financial activities io li Balance sheet 12 Statement of cash flows 13- 19 Notes to the financial statements Registered Number 209751
Lord Kitchener Memorial Homes Trust Report of the trustee for the year ending 31 March 2025 The Trustee of Lord Kitchener Memorial Homes Trust presents the annual report and audited accounts for the year ended 31 March 2025. Reference and admlnlstratlon detalls Charity registered number: 209751 Reglstered Office mhs homes, Broadside, Leviathan Wayi Chatham, Kent ME4 4LL Chair Marie-claire Delbrouque Trustee Name mh5 homes limited Bankers National Westminster Bank Plc., 148 High Street, Chatham, Kent ME4 4DB Solicitors Trower5 and Hamlin5 LLP, 3 Bunhill Row. London, ECIY 8YZ Auditors BDO LLP. 2 City Place. Beehive Ring Road. West Sussex, RH6 OPA. The present-day Trust is administered by mhs homes Ilmlted (mhs homes) who were appointed as Corporate Trustee in June 2009. mhs homes is the corporate trustee and has delegated authority to the three executive directors to administer the charity. The executlve dbrectors of mhs homes are: Marie-claire Delbrouque Bruce Shelmerdine Amy Cheswick Gemma Hancock Registered Number 209751
Lord Kitchener Memorial Homes Trust Report of the trustee for the year ended 31 March 2024 (continued) Legal and administrative details At a public meeting held at the Town Hall, Chatham on 16 October 1916 to honour the memory of Lord Kitchener of Khartoum, it was agreed to open a public fund and use the monies raised to erect and endow homes for occupation by persons of the Borough who served in His Majesty's Forces. Subsequently the War Department agreed to lease an area of land at Fort Pitt Hill, Chatham lon a lease of 999 years) and the home5 were eretted on this site in 1923. The Lord Kitchener Memorial Homes Trust Was registered with the Charity Commission (registration number 209751) on l January 1961 as a Charity whose purpose is to provide accommodation for ex-servicemen of the Borough of Chatham. The Charity's governing document is the Trust Deed dated 23 March 1923, as amended by the Charity Commission Scheme dated I l June 1996 (which widened the eligibility criteria for resider)ce at the Homes}. The Trust de-registered from the Tenants Service Authority on 8 July 2009. The present-day Trust is administered by mhs homes Ilmlted ( mhs homes) , who were appointed as Trustee in June 2009. Appointment of trustee mhs homes were appointed as Corporate Trustee in June 2009. The appointment of mh$ hornes was carried out followlng full consultation with the Charity Commission and the resldents. The current strategy Is not to change the trustee posltlon, wlth mhs homes plannSng to remaln as corporate trustee for the foreseeable future. In the unlikely event of a new trustee being appointed there is an established selection and appointment system used by mhs homes based on objective criteria for recruiting new members to the Board of Trustees. The trustee affimis the benefits of an open system of appointment using set criteria to assess ski115, experience and cornpetences, required of sultable candidates. Any induction and training proce55 entai15 the deployment and application of procedures resourced by mhs homes , including visit5 to projects and meetings with staff. The organlsatlonal structure The charity is managed on a day to day basis by mhs homes meaning that the charity benefits from the support and professionalism of a substantial provider of social housing. Risks are identified through the risk management process of mhs homes though due to the support provided by mhs homes, none are considered significant. Statement of charitable benefit The primary purpose of the charity is to provlde almshouse accommodation for people who are in need and who live {or have lived) in the borough of Medway, with preference given to those who have served in the armed forces (Including the merchant navy engaged in duties for the Royal Navy) and their dependents. mhs homes provides Housing Management services that include helping people to move into their new home5. providing a plaifomi for people to enhance their life chances. Staff provide tenancy management and advice services in area5 including tackling anti-social behaviour, neighbour issues. repairing and improving properties. An adaptations service is also provided to enable people with disabilities to get around their own homes and access the community. Registered Number 209751
Lord Kitchener Memorial Homes Trust Report of the trustee for the year ended 31 March 2024 (continued) statement of charitable benefit (continued) Furthermore, the objects of the charity are such charitable purposes for the benefit of the residents as the trustee decides. The charity meets the objertives by providing 6 properties for accommodation with rent levels significantly below market rents. Properties are let in accordance with the objertives noted above. Fundraising statement Although we do not undertake fundraising from the general public, the legislation defines fund raising as "soliciting or otherwise procuring money or other property for charitable purposes. Such amounts receivable would be presented in our accounts as donations. In relation to the above we confirm that if funds were held, they would be managed internally, without involvement of third parties. The day to day management of all income generation is delegated to the leadership team, who are accountable to the trustees. The charity has no undertaking to be bound by any regulatory scheme. We have received no complaints in relation to fundraising activities. Our terms of employment require staff to behave reasonably at all times as we do not approach individuals for funds we do not consider it necessary to design specific procedures to monitor such activities, Rlsk management Aided by the Directors. Team of the parent organisation, the Trustee has examined the major strategic, business and operational risks faced by the charity. Accordingly, the Tnjstee conflrms that effective systems operate to minimise the consequences posed by risk, but at the same time is aware that it is not possible to entirely eliminate all factors of risk. All risks have been reviewed during the year. Future plan$ The future plans of Lord Kitchener are to maintain and let the current properties owned. There are no plans for development of new units. Reserves pollcy The target level of reserves is to ensure that sufficient funds are available to meet future repairs Costs required to ensure the properties are well maintained. Refer to Note 8 for additional details. Achievement* performance and financial review Net current asset and investments are sufficient to cover over three years of rental income, and there is also the support of mhs homes that can be called on, hence there are sufficient resources to continue even in the most extreme of circumstances. The level of investments and reserves held will be reviewed periodically to ensure whether best value is being obtained. Otherwise the plans of the charity are to ensure that the properties continue to be suitably maintained and let. Registered Number 209751
Lord Kitchener Memorial Homes Trust Report of the trustee for the year ended 31 March 2025 (continued) Achievement, performance and financial review (continued) The key features of the financial year were as follows: The Tnjst had a surplus of income over expenditure on activities for the year amounting to £17,917 {2024: surplus of £25,470). Rental income was £41,618 for the last 12 months {2024: E44.809). The Trustee has established a regular maintenance programme for the hornes and set aside specific maintenance funds to reflert this commitment. The Investment portfolio has been constituted with the objective of protectlng the Interests of future residents as well as those of the present and thus the strategy is to endeavour to protect the value of both the capital and income of the Charity. The market value is struttured between; cash 50/0 (2024: 50/0); bonds 18010 {2024'. 18010); equities 77010 {2024.' 770/01. The total market value of all the Trust's Investments have decreased (1%) to £96,391 {2024.. É97,210 ). The Trust has not acquired or discontinued any fundamental activities during the last two flnancial years nor has it any recognised gains or losses other than those included In the statement of financial activities. BDO LLP have expressed its willingness to continue in office. y Order of the Board Marie-claire Delbrouque 14 July 2025 Registered Number 209751
Lord Kitchener Memorial Homes Trust Statement of Trustee Responsibilities in Respert of the Report of the Trustee and the Financial Statements The charity trustee is responsible for preparing the trustee's annual report and financial statements in accordance with applicable law and regulations. Charity law requires the charity trustee to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicoble law). Under charity law the Trustee must not approve the financial statemerbts unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources. including the income and expenditure, of the charity for that period. In preparing the financial statements, the trustee is required to: select suitable accounting policies and then apply them consistently; make judgements and estimates that are reasonable and pnJdent' state whether applicable UK Accounting Standards have been followed subject to any material parties disclosed and explained in the financial statements; and prepare the financlal statements on the going concern basls unless it Is Inapproprlate to presume that the charity will continue in business. The Trustee is responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transattions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Statement as to dlsclosure to our audltor In so far as the trustee is aware at the time of approving the trustee's annual report: there is no relevant information. being information needed by the auditor in connertion with preparing their report, of the charity's auditor is unaware; and the trustees, having made enquiries of fellow directors and the charity's auditors that they ought to have individually taken, have each taken all steps that he/she is obliged to tske as a director in order to make themselves aware of any relevant audit information and to establish that the auditor is aware of that infomiation. By order of the board of trustees Marie-claire Delbrouque Chair 14 July 2025 Registered Number 209751
Lord Kitchener Memorial Homes Trust Independent Auditor's Report to the Trustee of Lord Kitchener Memorial Homes Trust Opinion on the financial statements In our opinion, the financial statements- give a true and fair view of the state of the Charity's affairs as at 315t March 2025 and its incoming resources and application of resources for the year then ended,. have been property prepared in accordance with United Kingdom Generally Accepted Accounting Practice- and have been prepared in accordance with the requirements of the Charities Act 2011. We have audited the financial statements of Lord Kitchener Memorial Homes Trust {"the Charity-l for the year ended 31 March 2025, which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing {UK) {"ISAs IUKI") and applitable 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 provlde basis for our opinion. Independence We remain independent of the Charity in accordance with the ethical QuIrnent5 that are relevant to our audit of the finantial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. Concluslons relatlng to golng concern In auditing the financial statements, we have concluded that the Trustee'5 use of the going concern basis of accounting in the preparation of the financial staternents is appropriate. Based on the work we have performed, we have not identified any materièl uncertainties relating to events or conditions that, individually or collectively. may cast significant doubt on the Charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report. other information The Trustee is 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. The other information comprises the Report of the Trustee and the Statement of Trustee's Responsibilities. 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 fomi of assurance conclusion thereon. Our responsibility is to read the other Registered Number 209751
Lord Kitchener Memorial Homes Trust Independent Auditor's Report to the Trustee of Lord Kitchener Memorial Homes Trust (continued) information and, in doing so, consider whether the other infomiation is materially inconsistent with the financial statements or our knowledge obtained in the audit or otheNise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material mi55tatement of the other information. If. based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to whlch the Charltles Act 2011 requires us to report to you if, in our opinion: the information contained in the financial statements is inconsistent in any material respect with the Trustee's Annual Report: or adequate accounting records have not been kept; or the financial statements are not in agreement with the accounting records and returns; or we have not received oll the information and explanations we require for our audit. Responslbllltles of the Trustee As explained more fully in the statement of TnJstee's responsibilities statement, the Trustee Ss responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determines 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 Trustee is responsible for assessing Charity'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 Trustee either intends to liquidate the Charity or to cease operations, or have no realistic altemative but to do so. Audltor's responslbllltles for the audlt of the flnanclal statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain asOnable assurance about whether the financial statements as 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 condutted 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 svhich the audit was capable of deterting 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 Registered Number 209751
Lord Kitchener Memorial Homes Trust Independent Auditor's Report to the Trustee of Lord Kitchener Memorial Homes Trust (continued) misstatements in respect of irregularities. induding fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below-. Based on our understanding of the Charity and the industry in which it operates, we identified that the principal laws and regulations that directly affect the financial statements to be the Charities Art 2011. We assessed the extent of compliance with these law5 and regulations as part of our procedures on the related financial Statement items. In addition, the Trust is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: Data Protection and Health and Safety Legislation. Audit procedures capable of deterting irregularities including fraud performed by the engagement team included: performing analytical procedures to Identify unusual or unexpected relationships that may Indlcate rlsks of material misstatement due to fraud; discussions with management. including consideration of known or suspected instances of non-compliance with law5 and regulations and fraud; reading minutes of meetings of those charged with governance, reviewing internal audit reports and reviewing correspondence with HMRC and relevant regulators to identify any actual or potential frauds or any potential weaknesses in Internal control which could result in fraud susceptibility; reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; reviewing items included in the fraud register; and in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments. Our audit procedures were designed to respond to risks of material misstatement in the financial statement5, 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, a5 fraud may involve deliberate concealment byi for example, forgeryi misrepresentations or through collusion. There are nherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions refletted in the financial statements, the less likely Y4e are to become aware of it. A further description of our responsibilities for the audit of the financial statements is locate on the Financial Reporting Council's website at: www fr This description forms part of our auditor's report. Use of our report This report is made solely to the Charity's trustee. as a body. in accordance with the Charities Att 2011. Our audit work has been undertaken so that we might state to the Charity's trustee 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 Registered Number 209751
Lord Kitchener Memorial Homes Trust Independent Auditor's Report to the Trustee of Lord Kitchener Memorial Homes Trust (continued) other than the Charity and the Charity's trustee as a body* for our audit work, for this report, or for the opinions we have formed. Md¥y'. Pa 9EDBE2FEIOeE4BE Paul Jagger (Senior Statutory Auditor) For and on behalf of BDO LLP, statutory auditor Gatwick Date: 19 September 2025 BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127). Registered Number 209751
Lord Kitchener Memorial Homes Trust statement of Financial Activities For the year ended 31st March 2025 Year to 31 March 2025 Unrestricted Total Funds Funds 31 March 2024 Total Funds Note Income Rental Income Interest Receivable & Other Tncome Investment Income Total Income 41,618 192 121 41,931 41,618 192 121 41,931 44,809 285 45,095 Expendlture: Governance Costs Property Costs (inc depreciation) Total Expendlture Net income before re¢ognlsed gains and losses (Loss)/Proflt on Flxed Asset Investments Net movement In funds for the year Total funds brought forward 3,928 20,086 24.014 3.928 20,086 24.014 3,741 15,884 19,625 17,917 17,917 25,470 (939) (939) 8,120 16,978 16,978 33,590 475,523 475,523 441,933 Total funds carrled forward 492,501 492,501 475,523 The notes on pages 13 to 19 fomi part of these financial statements. All income and expenditure is derived from continuing activities. io Registered Number 209751
Lord Kitchener Memorial Homes Trust Balance Sheet as at 31 March 2025 31 March 2025 31 March 2024 Note Fixed Assets Tanglble Assets Housing Properties 254,938 259,616 Investments Listed Investments 351,329 356,826 Current Assets Debtors Cash at Bank 141,406 118,244 4,194 122,437 145,793 Current Llabillties Amounts falling due within one year (4.621) (3,741) Net Current Assets 141 172 118 697 Total Assets Less Current Liabilities 492,501 475,523 Net assets 492 501 475 523 Funds of Charity Public Subscriptions 22,298 22,298 Revenue Reserves Designated Funds Total Charity Funds 387,673 82,530 369,902 83,323 492,501 475,523 These financial statements were approved and authorised for issue by the Trustee and signed on their behalf on 14 July 2025 by Bruce Shelmerdine. Trustee The notes on pages 13 to 19 fomi part of these financial statements. li Registered Number 209751
Lord Kitchener Memorial Homes Trust Statement of cash flows for the year ended 31 March 2024 2024 2023 Note Cash flows from operatlng actlvltles Net income before recognised gains and losses for the financial year Depreciation of fixed assets 17,917 25,470 housing properties 4,679 4,679 Increase in debtors (23.163) 880 127,457> {2,4061 {DecreasellIncrease in creditors Adjustment for interest and investment income received (313) (2861 Cash from operatlons Taxation paid Net cash generated from operating activities Cash flows from Investlng actlvltles Purchase of investments (120) 313 (130) 285 Interest and investment income received Total Cash Flows from Investln9 Actlvltles 193 155 Net increase in cash and cash equivalents 193 155 Cash and cash equivalents at beginning of year 4,194 4,038 Cash and cash equivalents at end of year 4,387 4,194 The notes on pages 13 to 20 form part of these financial statements. 12 Registered Number 209751
Lord Kitchener Memorial Homes Trust Notes to the Financial Statements Accounting Policies The principal accounting policies adoptedi judgements and key sources of estimation uncertair)ty in the preparation of the financial statements are as follows- Basls of Preparatlon The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Prartice applicable to charities preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102), Lord Kitchener Memorial Hornes Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are recognised at historic cost or value unless otherwise stated in the relevant accounting policy notes. Preparatlon of the accounts on a golng concern basls The trust reported a net increase in cash and cash equivalents in the year of £192 12024: £155) giving a totsl of £4,387 {2024.' £4.194) as at 31 March 2025. The board reviewed the Trust's forecasts for the period up to July 2026 and were content that these plans were affordable and that the accounts should be prepared on a 90ing concern basis. Glven the strength of the balance sheet, rent collectlon and maintenance spend the board belleve that, while uncertainty exists, this does not pose a material uncertainty that would cast doubt on the Trust's ability to continue as a going concern. The board, therefore, consider it appropriate for the accounts to be prepared on a going concern basis. Income All income is accounted for when the trust is legally entitled to the income and the amount can be quantified with reasonable accuracy. Investment income consists of bank interest and investment income. Rental income is generated by the six homes, which provide accommodation for occupatSon by persons of the Borough who served in Her Majesty's Forces. Fund accounting Unrestricted funds are available to spend on activities that further any of the purpose5 of the charity. Designated funds are unrestricted funds of the charity which the Trustee has decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects to be undertaken by the charity. Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. Expenditure is dassified under the following activity headings: Expenditure on charitable activities includes property and other costs undertaken to further the purposes of the charity and their associated support costs. 13 Registered Number 209751
Lord Kitchener Memorial Homes Trust Notes to the Financial Ststements (continued) l. Accounting Policies (continued) Fixed Assets - Buildings Housing Properties are stated at cost less accumulated depreciation. The accounting policy calculates depreciation on a component accounting basis. This means that depreciation is charged based on the useful life of each component within its housing properties as follows.. Strurture Kitchens Bathroom Boiler Replacement Electrics Roof Windows 65 year5 20 years 30 year5 15 years 30 years 50 years 40 years Impairment Assets are reviewed for impairment if there is an indication that impairment may have occurred. Assessing impairment requires the use of estimation techniques. In making this assessment, the Trustee considers publicly available Information, external valtsations and intemal forecasts on future activity. Debtors Trade and other debtors are recognised at the settlement amount. Credltors Creditors are recognised where the Trust has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are recognised at their settlement amount after allowing for any discounts due. Investments Investments a stated at market value (note 5). A notional dividend is received and reinvested on the Shares holding and this is reflected in the book value and through the income and expenditure account. The statement of financial activities shows net investment gains and losses arising from revaluation. Soclal Houslng Grant Where developments have been financed wholly or partly by social housing grant the amount of grant received has been included a5 income and recognised in turnover when it becomes receivable. Income from capital grants are recognised when the conditions of the grant are met. The Trust has not directly benefited from any other fom)s of govemment assistance. 14 Registered Number 209751
Lord Kitchener Memorial Homes Trust Notes to the Financial Ststements (continued) l. Accounting Policies (continued) Expenditure All expenditure is accounted for on an accrual basis. Governance costs This covers external audit fee5. Taxation Lord Kitchener Memorial Homes Trust Is considered to pass the tests set out In Paragraph I Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable trust for UK income tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Part 10 Income Tax Act 2007 or Section 256 of the Taxation of Charyeable Gains Att 1992. to the extent that such income or gain5 are applied exclusively to charitable purposes. 2. Judgements In applylng a¢¢ountlng poll¢le$ and key $our¢e$ of e$tlmatlon uncertalnty In preparlng these financial statements, the key Judgements have been made In respect of the following.. whether there are indicators of impairment of the Trust's tangible a55ets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial perfomance of the asset and where it is a component of a larger ca5h-generating unit, the viability and expected future performance of that unit. The trustees have considered the measurement basis to determine the recoverable amount of assets where there are indicators of Smpairment based on EUV-SH or depreciated replacement cost. The trustees have also considered impalrment based on their assumptions to define cash or asset generating units. the categorisation of housing properties as investment properties or property, plant and equipment based on the use of the asset. other key sources of estimation uncertainty.. Tangible fixed assets (see note 4): Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. For housing property assets, the asset5 are broken down into components based on management'5 assessment of the properties. Individual useful economic lives are assigned to these components. 15 Registered Number 209751
Lord Kitchener Memorial Homes Trust Notes to the Financial Statements (continued) 3. Resources expended The resources expended fall into the following categories. Property related 2025 Total 2024 Total Support Charitable activities: Governance Costs 3.928 3.928 4.679 15,408 3,741 4,679 11,205 Depreciation Property Costs Interest costs 4.679 15,408 Total 20,087 3.928 24.015 19,625 The trustee received no remuneration in respett of services to the Charity in the current or prior year. None of the trustees were reimbursed for out of pocket expense5 (2024: nil). Governance costs includes £3,928 {2024 - £3,741) in relation to audit fees. Tanglble flxed assets - bulldlngs Co$t As at l Aprll 2024 322,319 Depreciation At l Aprll 2024 Charge for the year As at 31 March 2025 62,703 4,679 67,381 Net book value as At 31 March 2024 259,616 254.938 At 31 March 2025 16 Registered Number 209751
Lord Kitchener Memorial Homes Trust Notes to the Financial Statements (continued) Investments Market value as l April 2024 Add: Income reinvested 97,210 120 Less: Net investment loss in the year Market value as 31 March 2025 19391 96,391 Cost as at 31 March 2025 22.735 Re resented B 2025 2024 Cost Market Value Market Value Holdlng Llsted Investments Cost 164.29 Charinco Accumulation Shares 4437p per share 6.560 11.272 6.560 10,838 1485.95 Charlshare Income Shares 533p per share 3,528 7,65S 3,S28 7,543 263.85 COIF Accvmulation Shares 11922p per share 2,030 66.480 2,030 67,827 COIF Fixed Interest 4603.48 Income Shares 138.60p per share NAACIF Income Shares 80p per share 5,533 5,808 5,533 5,664 751.00 307 399 307 682 other Investments: nla COIF Charities Deposit Fund 2.554 2.554 2.433 2.433 n/a National Savings Investment ICMF) 2,223 2.223 2.223 2.223 22.735 96,391 22,614 97.210 17 Registered Number 209751
Lord Kitchener Memorial Homes Trust Notes to the Financial Ststements (continued) Investments (continued) The Lord Kitchener Memorial Homes investment portfolio consists of cash in National Savings Investment Accounts and shares in Common Investment Funds which provide a cost effective method of investing in the fixed interest and equity markets. Category of Investment Fund Manager Cash Bonds •/0 Equities Charinco Acojmulation Shares Black Rock 11.69 Charishare Income Shares Black Rock 7.94 COIF Accumulation Shares CCLA Investrnent ManageMt 68.97 COIF Charities Deposit Fund COIF Fix8J Intet Inccme Shares CCLA Investrnent Management 2.65 CCLA Investrnent Management 6.03 NAACIF Income Shares M&G Investment Management 0.41 National Savings Investment nla 2.31 4.96 18.13 76.91 Debtors 2025 2024 Amounts owed by mhs homes Limited Rent arrears 139,154 2,252 141.406 117,705 539 118,244 Credltors: amounts falllng due wlthln one year 2025 2024 Accruals 4,621 4.621 3,741 3,741 18 Registered Number 209751
Lord Kitchener Memorial Homes Trust Notes to the Financial Statements (continued) Designated funds The defined categories of repair funds reflect the Trust's liability to maintain its property in accordance with a planned programme of maintenance. The target level of reserves is that to maintain sufficient funds are available to meet the future planned and major repairs required for the upkeep of the properties. Reserves to meet major structural repairs and improvements have been provided for through the creation of an extraordinary repairs fund which has a balance of £77,752 {2024.' £78,666). External and internal redecoration being estimated to take place every 5-7 years, the cyclical maintenance fund was created to meet such costs in any year and now has a balance of £2,224 (2024.. £2,224). A routine maintenance fund exists to cover normal maintenance in excess of budgeted expenditure for the whole year and amounts to £2,554 (2024- £2,434). The movements of the repair funds reconcile as follows: Extra Ordlnary Repair Fund Cyclical Routine Malntenance Malntenano Dtslgnated Fund Fund Total Balance as at l Aprll 2024 78,666 2,224 2,434 83,324 Accumulated Income 25 120 145 Net investment profits (939) 77,752 (939) 82,530 Balance as at 31 March 2025 2,224 2,554 Represented by: Charinco Accumulation Shares 11,272 66.480 11,272 66,480 2,554 2,224 COIF Accumulation Shares COIF Charities Deposit Fund National Savings Investment 2,554 2,224 77,752 2,224 2,554 82,530 The level of reserves is to ensure that sufficient fund5 are available to meet future repairs costs required to ensure the properties are well maintained. Related Party Transartions The ultimate controlling party of the group is mhs homes limited a registered charity incorporated under CA2006 registered in England and Wales, whose accounts are available from the company's registered office at Broadside, Leviathan Wayi Chatham, Kent ME4 4LL. 19 Registered Number 209751