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 ￿QuI￿rnent5 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.
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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.
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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
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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
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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 ManageM￿t
68.97
COIF Charities Deposit Fund
COIF Fix8J Inte￿t 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