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2023-03-31-accounts

Trustee Report for the year ended 31[st] March 2023

Objectives and Activities

The Charity’s principal objective continues to be to promote the wellbeing of older people and to make later life a fulfilling and enjoyable experience.

The Foord Almshouses provides 73 self-contained flats within a tenacre site at Priestfields, Rochester to enable independent living for elderly residents in need.

The Trustees have had regard to the Charity Commission’s guidance on public benefit.

Achievements and Performance

While mindful that the Coronavirus is still in circulation most services and day to day maintenance have returned to pre-pandemic levels.

Applications for accommodation have increased as the Clerk has developed a network of contacts.

No significant repairs were carried on the York Stone pathways in the Main Square, but it is accepted that this will be a rolling ongoing task due to the nature of the feature.

The 5 yearly External Redecoration (Phase 1) Main Square were carried out. The contractors undertook to ease all flat casement windows, which had begun to stick due to age and build up of paint over the years. Some had to be removed temporarily to undergo refurbishment before being replaced. The blue entrance double doors required considerable refurbishment, again, with one set being removed to undergo more substantial work.

The following works were also completed during this period: -

To ensure that there are sufficient trained staff to manage The Foord Alsmhouses appraisals continued to be undertaken and staff training included Asbestos Awareness, First Aid Training, Fire Awareness and Staff Fire Drills.

An external Health & Safety Audit was carried out in July 22. This included some suggested improvements which have been implemented. One improvement was to provide training for all key staff on Risk Assessments & COSHH. This was to enable them to carry out and complete their own RA & COSHH forms rather than the Clerk. The relevant training was carried out on site on Tuesday 28[th] March 2023.

In June 22 we were able to celebrate Queen Elizabeth’s Platinum Jubilee in the Main Square with entertainment on the Band Stand, food, refreshments & a raffle. A sunny lively day was enjoyed by all.

Once again it was agreed not to proceed with the Annual Founder’s Day Dinner in October and all Residents and Staff received a voucher which Trustees suggested could be used to celebrate Sir Thomas Hellyar Foord’s Birthday in the comfort and safety of their own homes.

Annual Trustee Visits to residents were carried out in March 22. We attempt to visit at least half the residents each year. All feedback was addressed, and residents received correspondence following the visit, outlining the plan of action or if not possible an explanation.

A Foord Almshouses website was created and is now fully functional and visible on The Foord Almshouses Google Business page and via a

Google search. The website contains lots of useful information including a contact page for anyone interested in applying for accommodation as well as photos and information on the history of Foord’s.

b) Investment Policy and Performance

The Trustees invest surplus funds in such a way that (i) investment risk is kept to a minimum but an acceptable annual return is secured and (ii) sufficient funds are held in the Extraordinary Repairs Fund and Cyclical Maintenance Fund.

Investment income was up by 3.2% on the previous year to £97,070 but remains lower than pre pandemic and Trustees do not expect a return to previous levels in the near future.

Losses on investments totalled £160,199 for the year end as the markets continued to experience volatility. Due to this volatility the Trustees are mindful of the timing of cashing investments however the majority of investments are held for the long term, and we hold sufficient cash to cover all projects currently approved.

Financial Review

A) Financial Summary

The total deficit for the year before investment losses was £166,056. Total Income increased by 1.7% to £593,511 on the previous year. Expenditure increased from £590,278 to £759,566. Day to day expenditure was stable and the increase was due to the Phase 1 of the 5 yearly External Redecorations and Extraordinary Repair Projects. Investment losses totalled £160,199. Reserves as at 31[st] March 2023: General – £139,970 Unrestricted (CMF/ERF)- £836,322 Restricted - £2,682,633 Total Reserves - £3,658,926

B) Reserves Policy

It is the Trustees’ view that a sum of between £80,000 and £130,000 should be held in general reserve at any one time. The Trustee will charge weekly contributions at a level that after receiving investment and other income, funding the general expenditure and making appropriate contributions to the ERF and CMF in any year, the reserve at the end of the financial year within that range. As at 31[st]

March 2023 the closing balance on general funds of £139,970 was slightly higher than the target range.

The reserves policy for the CMF is to build up a sufficient balance to meet the five-yearly external repairs and redecorations expenditure and other qualifying expenditure.

The reserves policy for the ERF is to ensure that there is a sufficient balance meet the planned extraordinary repairs in any year and to maintain balance of at least £6,000 per flat.

The Trustees review the reserves policy annually.

Structure, governance and management

a) Constitution

The Charity, known as Foord Almshouses, was founded by the will of Thomas Hellyar Foord proved in the Principal Registry on 1 October 1917 and regulated by a Scheme of the Charity Commissioners dated 28 June 1927. A subsequent Scheme for the administration and management was approved in 5 August 1977 as amended by Schemes dated 15 March 2000 and 27 April 2004.

b) Method of appointment or election of Trustees

The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Charity Commission Scheme.

- c. Organisational structure and decision making

The Trustees hold at least six Ordinary meetings a year at which all strategic and significant tactical decision are taken and ratified. In addition, the Buildings Sub Committee and Financial & Personnel Sub-Committee each meet twice per year.

Currently all Trustees sit on both these Committees.

Plans for the Future

As per the rolling 10-year programme for both Cyclical and Extraordinary Maintenance works the Trustees intend to commence Phase 2 of the 5 yearly external refurbishments in Spring 2023.

The Trustees have no plans to extend activities by increasing the number of accommodation units.

Charlty number. 214466 The Foord Almshouses Truste•s' report and flnanclal statements For the year ended 31 March 2023

The Foord Almshousas Contents Page Rèfèrèncè and admlnlstratlve detw15 of the Charity, its Tntstets and advlsers Trustses, r•port Independent audltofs r•port on the fina￿111 Ststements $tst8m8nt of financial activitles 10 Balance sheet Statomont of cash flows 12 Notes to the fln•n¢l81 ¥lthments 13-25

The Foord Almsh¢)u$es Rofèrencfr and admlnlstratlve dets515 of tho Charfty, Its Trusteeg And advlsèrs For the ye•r ended 31 March 2023 Trustsos Lynn? Capeling Helen Golvln Mlch8el Bail6y (deceased 29 July20231 Brian Byers Markham Chesterfield Julie Davis (reslgned 15 May 2023) Albert Pilcher Vivienne Simmonds Davld Angler Alex Marfow Carol Bld(er lappoirtted 15 May 2 231 Charfty reglstered numb•r 214468 PrfnGlpal offlc• Prtesffields Rochester Kent ME13AF Indep8ndvnt audltor Kreslon Re8ve8 LLP Chartered Accounllnts Statutory Auditor Montague Plaeè Quaysid? Chatham Marillma Chatham Kent ME44QU Bankorn Uoyds Bank PLC 142 High Street Chatham Kent ME4 4DQ Inve8tm•nt advl•er Cazenove Capital M8nag8menl L 12 Moorgate London EC2R 6DA Investh￿nt advlsor CCL4 Senator Housé, 85 Queen Mcioria Street London EC4V4Er Page 1

The Foord Alm8hou868 Trustee5' report For the y•ar ended 31 March 2023 The Tnjstees present their annual reFrfxi togetlwimlh the audited fmancial stat8ments of the Chanty for the year 1 Awil 2022 to 31 M¥ch 2023. Objectives and actlvltles a. PDlkies and objectlves The Charivs princip￿ objective conunues to be to womcts the we)eing of older peopl8 and to make later Ilfe a fvlfillkng and enloyatle experience. The Foord Almsho￿8 provlde$ 73 seif-contained Ilats a teTracr& sit8 at Priestr￿Id$. Rochester to enable Independent liviThJ for resldents in need. The Tru8tees have had regard lo Charity Commissm's guldarts on publlc b8nefiL In 8ethng oblectfve8 afKI pl￿n￿9 acbiibe4 th8 Truthes ha￿ given du8 consideration to general guidance published by the Chadty Commlsslon r•latiry to publc benefbL indudiw the wldarte 'PubilG ben￿L rLmning ¢hartty IPB21'. Achlw•m•nts and perfornianc• . ROVI￿ of ￿tIVItIl Whlle mlndful that the CoronatsinJ$ is stlll h clrrJJatlM most serv]ce8 a)d d8y to day malntenan¢• have retum•d to pr&p8ndemlc leveb. Appllcatlon$ lor acccfflmodalon have Increased as the Clerk has dw4eloped a net4vork of contacts. No 8lgnlfiGant repalr8 were carried on ts York Stone patrrw h tha Maln Square. Ixrt It is accepted Ihal thIB wlll be a rolling ongolng tssk thje to t1￿ naturè ofthe featwe. The S yearly Extemal Redecmlton (Pha6e 1) Mn Square VMTg carried OUL Tha contractor8 undertook to ease all flat casement winduws. vthith had begun to sbck due lo age and bthld LWJ of pa￿1 over the years. Somè had lo bp removed teTnporarty to undergo Tefurbishnent befcKe t4.ng replacad. The blue entran￿ double door8 requlred con8Klerable refU￿13￿￿en[ agwn, VAth one set belng removed to urnlergo more substantial work. The follthving Works wtto kn completed (knring lh p￿￿:. . AsbestCB 8rnual r&lnsptrdkM and recommeTrJed remedlal work . Annual bollef and cooker inspedions . Re-varing of vacated ftats . Addition￿ Fwe Detection lo Ihe & loft of ￿at 75 . RepLacemenl of the Sub Malns retatng to DB8ISwp(xt Tèam OTre vthich ir￿￿ded r￿ArIng, Soma asbestos removal arsd a comple18 refurbislWn￿L . A progrwn to replace all existirrfj Wrtches Hats ith new H@￿eY Fxtting5 is undepway 88 ￿$￿Tr9 are becoming expensive to repair and the new filtings will be more c4Jsl effectrve Vith LED ffi￿ng$. • A Fire Risk Assessment was carried ¢xrt n May 22. AJI recommendabon5 have been 8ddr8ssed or are being addressed inclu(ling reconfiguration w(￿k to t]ats 52 and 59 in the Annexe. Flats 50 and 61 dedined the work belng done and on the approval of Ihe Fire Rt5k Assessor look the'de r¢sknng" the kitchen option, this Induded the removal of the cooker and additional smoke detection being filte . A secondary double-gl8zing trial took place on Flat 79. which has proved to be successftjl. A program to roll thls out across the site Y+ill be iitroduced as fvnds pemiiL To erwre that there ar8 sufficient trained *aff to manage Th& Foord hjmshouses appraisals cmlnued to be undertaken and staff training knduded Asbestos Awareness, First Trnir#ng, Fire Awarenes8 and Staff Fire

The FooTd Alrnshou5es Trustèès. report {contlnued) For the year ended 31 March 2023 AGhlevements and perfomiancfr {contlnuedl An extemal Health & Safety Audit was earried c4Jt in July 22. This included some suggested improvements which have been implementèd. One impTovemenl was to promde training for all key staff on. Risk A55essments & COSHH. This was to enable them lo eary out ar￿ complete thelr own RA & COSHH foryns rather than the Clerk. The relevant trainlng was carried out on sile on Tuesday 28th March 2023. In June 22 we were able to celebrate Queen Efizabelh's Platinutll Jubilee in th8 Main Square entertainment on the Band Stand, food, refreshments & a raffle. A sunny Ilvely daywas enjoyed by dl. Once again11 was agreed not to proceed with the Annual Founderf$ Day Dinner in Oclober and 311 Residents arh Slaff recelved a voucher which Trustees sugg&sted could be used to celebrate Sir Thomas Hellyar Foord's Birthday in the comfort and safety of their own homes. Annual Trustee Visits to residents were carrfed out In M 22. We attempt lo visit al least half the Te$idents each year. Al feedback was addrèssed, and resldents received correspondenc8 followng the Msit, oudining the plan of action or rf not POS8ible an explanation. A Foord Almshouses website was created and is now fijlly functional and visible ￿ The Foord Amshouses Google Business page and via a Google search. The website contsins lols of useful Infom)alion including a contact page for anyone Interested In applying for accommodation as well as photos and inf0m￿tIon on the history of Foord'$. b. In￿stment Pollcy and perfonnanco The Trustegs Invest surplus funds in suth a way that li) investment risk is k8Pt to a minimum but an acceptsble annual return 18 secured and fil) sufficient funds are held in the Extraordinary Repairs Fund and Cweal maintenan￿ Fund. Investment income was up by 3.2% on the prevlous ye8r to £97,070 but remains ￿)Wer than pre pandemic and Trustees do not expect a relum to previous'levels in the near fLbture. Losses on investments tDtslled £160,197 for the year end as the markets continued to experfencè volatility- Due to this volatility the Trustees are mindfvl Df th8 liming of cashing investments however the malorfty of investments are held for the long temi. and we hold sufficient eash to cover all prDjects ￿rren￿Y approved. FlnancSal revlew a. Flnanclal Summary The total defiell forthe ye8r bèfore investment losses was £166,056. Tolat In￿me Increased by 1.9Qh on the prewous year, lo £593,512. Expenditure increased from £590.278 to £759.568. Day lo day expendilure was stable and the Increa8e was due to the Phase 1 of the 5 yearty Exiernal Redecorations and Extraordinary Repair Prolecls. Investment losses totalled £160.199. Reserves as at 31st March 2023.. General- £139,971 Designated ICMFIERF) - £836,323 Restricted- £2.682,633 Total ReseTves- £3.658.927 Page 3

Thè Foord Almshousès Trustees, report Icontlnued) Forth& year èndgd 31 March 2023 b. Reserves pollGy It Is the Trustees, view that 8 sum of betsveen £80,000 and 130,000 should be hetd in general reserve at any one lime. The TNstee Mll charge weekly contributions al a 18vel that after receiving Invèstment and other Income, fundlng the general expenditure and making appToprf8ts contributlons to the ERF and CMF in any year, the reserve at the end of the financial year Is wthin that range. As at 31st March 2023 dosing balanca on general funds Is £139.971. The reserves policy for the CMF is lo build up a sufficient balance to meet the five-yearfy extem81 repairs and redecorations expandttLWè and other quality'ng expendilu The reserves policy for the ERF is to ensure that there is a sufficient balance to meet the planned exlr80rdinary repairs in any year and to m8int8in 8 balance of at18asl £6,000 per flat. The Tru8tees revl8w the reserves pollcy annually. structure, go￿rnanCe and monag•m•nt . Constltutlon The Foord Almshouses 18 8 regI818r￿ eharfty, numbèr 214488, snd Is constlluted under a TTU8t deed. The Charlty, kno￿ as Foord Almshouseg, was founded by the wlll of Thomas Helly8r Foord proved In the Princlpal Reglstry on 1 October 1917 and regulated by a Scheme of Ihe Charfty Comm15sioner$ dated 28 June 1927. A 8ub8equent Scheme for the admini8tratton and management W8$ èpprov8d In 5 August 1977 as amended by Sthemes dated 15 March 2000 and 27 Apru 2004. b. Method8 of appolntment or el•ctlon of TNBt•• The management ol the Charfty Is the respon8iblllty of the Trustees Yhjo aro elacted 8nd cr￿pIed under the terms of the ChaTity Commisslon S¢hem8. c. Oillanl*itloh#l #tructure and declslonwmaklng pollclos The Trustees hold 01 least 81x Ordinary meetsngs 8 ￿r at which all 8trateglc and slgnlficanl lactlcal decl8ion are t8k#n and ratified. In addllion, thè 8ulldhg8 Sub Committee and Financial & Per80nnel sU￿cOMMIttee e8ch meet twice per year. CurTenlly all Tru8tee$ slt on both th85? Committ&ei. d. Pollcle8 adopted for the Inductlon and tralnlng of Trugtees Where new trustees 8re appointed they are given a formal induction lo the work of th• Charity and provlded the informallon they need to fulfil thelr roles, whlch Includes informallon aboLrt the role of trustee6 8nd charlty law. Naw trustees are nDminated by mernbers ol the Board of Trustees, and 8ppoint8d where they have the nece89ary skills to Gonthbute lo the Chartys management and develoFthenl. e. Rlsk managgmvnt The T￿teeS have assessed the major risks to whith ffte Charity 18 exposed. and are satlsfled that syslems and procedures are in place to mitigate exposure to the major rfsks. Page 4

The Foord Alm$houses Truste•s' report Iconknuod For the year ended 31 March 2023 Plans lor futurn perlods As per thè rolling 1￿year programme lor both C>rlKal ar¥J Extrarffdinary Ma￿ten￿Ge works the Trustees intend to cornmence Phase 2 ofthe 5 ye￿￿ eYleM￿ refiybithnts in Swing 2023. The Trustees have no plans to ex1end aclivities bylnu￿ng the number of xcommodatlon urts. Statement of Trustees. reSpor￿1b1j1tse8 The Trustees are responsible for preparing the Twstees. Teport and the finanaal stalemenls in aCCord￿ce ￿￿th applicable law and Unlled ￿ngdoM Accountiw Standards Iui¥ted Kingdom Generally Accepted Accounung Practice). The law appth'ca￿e lo chariks in ErvI￿d & Wales requirep the TTUStees to prepwe flnandal statements for each financial year ￿1c￿ give a true and falr view (rf the stale of affairs of the Charity and of its Incomlng resources and ￿￿KatIon of resources, inclJdtng Its income and expenditure, for that perfod. In WeP￿ing these finana81 statements. the Tntstees we reqiired to.. select suitsble aCCo￿tIng pc4icles and th￿ 8Fpiy them consistentiy. ¢)b8erve the methods prtncaple8 of tr Charllles SORP (FRS 102): make judgements and accounting estimates that we rea￿)nable and prl￿ent. Stale whelher appllcabS0 UK AccoLnb'ThJ Standwds (FRS 1021 have been foll0v￿d, SLtslert to ￿Y materfal departures dsc105ed and explained in the ffinanclal statements: prepare the financial statements on Ihe wrvJ Co￿eM basis unless11 ts knapproprfate to prèsum? that Ihe Gharlty wll continue In I￿￿ne$s. The Trustees are rw)M81l￿e for keeixng ad￿ta accotthitlrwJ records that ¥e 8uffldent to show and ex￿8￿n the Charivs transactions aTrJ disclose y￿1h rea50n*)le xcurocy ot any Ume the finanual posllion of the Charlty and enatrje Ihem lo ertsur8 that the financial statements compty the Charities Act 2011, the Charity (Accounts and Reports) RegLlations 2LK18 and the pro￿5￿]n5 of Ihè Tnjsl deed. Thèy are 8160 responslble for safeguardlng the a88ets of the Charity and hence for taking re8sonaLle steps for the prevenuon and detectlon ol fraud and other irregu18ritle£. Audltor The audifrf, Kreston Reeves LLP. has Indlcaled hls ￿1111gnesS to contlnue h office. The dgsbJnated Trugte 11 prop08e a motion reappcinting the aL￿rtOr al a meelirKJ of'the Trustee8. Approved by ordér of the members of the 8o¥d of Tntstees on 5 September 2023 and sis¥￿d on the behglf ty. Brlan Byers Truslea Helen Colvln TTuslee P4e5

The Foord Almshouses Independent audltofs rèport to the M•mbers of The Foord Almshouses Oplnlon We have audited the Inanclal stslemenls of The Foord Ajm houses Ilhe 'charity) for thè year ended 31 March 2023 which comprise the Statement of financlal actlvltles. the B818nce sheet, the Statement of cash flows and the related notes, Indudlng a summary of significant accountlng poliae8. The finana81 reporting framework that has been applied in their preparation 18 applicabl8 law and United Kingdom Accounting Standards. Including Finanaal Reporting Standard 102 The Flnancial Reporting Standard appllcable In th8 UK and RepubllG uf Ireland, (United Kingdom Generally Acceptsd Accounting Practice), The finana81 Btal8m8nlÈ have been prepared in accordance wIth Accounting and Raporting by Charille preparing thew accounts in accordance wlh the Fin8ndal Reportlng Standard8 applicable in the UK and Republc of Ireland IFRS 102} in preference lo the Accounting and Reportlng by Charilles.. Statement of Recommended PraGll¢e i88ued on 1 April 2005 whlch IÈ referred to in the extant regulations bul has been withdrawn. This has been done in ordor for the accounts to provlde a true and fair Mew in accordance vAth thè Generally Accepted Accounung Poctlce effective for reportlng pe￿¢d8 beglnnlng on or after 1 January 2019. In our oplnlon the flnandal statamenl$: glve 8 true and falr view of the state of the eharfV8 8ffalr8 88 al 31 March 2023 and of It8 Income Bnd appllcallon of resources for the year then ended., hav8 been properly PTepared In accordance ￿th Unlted Klngdom Generally A¢cepted ACCOUn￿ng Pracllcè; and have been pr8paTed In accoTdance wth the requlr8men18 of the Charltles Act 2011. a•bB for oplnlon Wo conducted our audit In accordance th Inlemallonal Standard8 on Audlilng (UKI IISAS IUKI) 8nd appllcable law. Our respDnslbiliti88 underth05e standards are further de8cribed in the Audrtotr8 responslbilillès for the audl of the financlal statements section ol our report. We are Independent of the charity In accordance wlh the ethlc81 requiTements thot are r8l&vanl lo our audit of the flnanclal statements In the Unlted Klngdom, includlng the Flnanclal Reporting CounrAI'8 Ethical Standard, and we have fulfilled our other ethical responslbilltles In accoTdance with thè88 requlrements. We believe that the audrt evldenea we have obtslned 15 SLffi¢ient and approprlate lo provid? a ba$13 for our oplnlon. Concluslons relatlng to golng concgrn In audrtiry the flnandal stalemenls, we have conduded that thè TNstee8' use of the going concem basls of accounting in the prep8ralion of the financial 5tatemenl8 is appropriate. Based on thg work we have performed, we have not kdentlfi8d wy materlal uncertainties ￿latIng to events or condltions that, individualty or collectively, may east signlficant doubt on the charitys abilityto continue as a going concem for a period of al IEa5t Iwelve months from when the fin9n￿3[ statement8 are aulhorised for is8ue. Our respDnsibllities and the responsib￿ltieS of thè Trustees ￿th TespeGt to golng concern are déÈcrlbed In the relovant secllons of thls r•porL Page 6

Th8 Foord AlmshDUSeS Independant audltorf5 report to the membe￿ of The Foord Almshouses (contlnued) Other Information Th8 Other inforniation comprises the inform8Won included in the Annual report other than the financial stalements and our Auditovs report Ihereon. The Trustees are responsible for the other Information contained wthin the Annual report. Our opinion on the finanaal statements does not cover the other information and. ex¢ept to the extent otherwise expliciJy slated In our report, we do not express anyform of assuranc2 condusion thEreon. Our respDnsibllity is tc read the other infomatIon and. in doing so, considEr whether the other infomatlon Is materially Inconsistent with the finanaal slalements or our knowledge obtatned in the course of the audit, or otherwse appears to be materially misstated. If we identfy such material inconsistencles or apparent malerlal misstatements. we are required lo determine whether this gives rise to a material misstatement in thg financial statements themselves. If. based on the work we have pgrfomied, we condude that there is 8 material mlsslatement of Ihls other infomalion. we are required io report that facL We have nothing to ￿P)rt in this regard. Matters on whlch we are rèqulred to report by oxceptlon We have nothing to report in respect Df the following matters where the Charities (Accounts and Reports) Reyulalions 2008 requires us to report to you if, In our opinion= the Infom781ion glvers in the Trustee8' report is inconsistent in any malerlal respect with the financial 8tslemenls- or Sufficient accounting records have not been kept,. or the fjnanThal statements are not in agreement with the accounting records and retums: or we have nol received all the information and explanations w8 require our audlt. Responslbllltles of trustees As explained more fully in Ihe TTUSt8es' responsibilit(es statement. the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for SLKh intemal control as the Trustees delemine is necessary lo enable the preparal¥)n of financiol statements that are free frcrfn material misstatemen( whether due to fraud OT err(K. In preparing the financial statements, the Trustees are responsible for assessing the charitys ability to continue as a going con￿rn, di5doslng, as applicable. matters related to going concem and using the golng COn￿M basis of accounting unless the Trusteès either ntend to liquidate the charity or to cease operations. or have no realistic altemative but lo do $0. Page7

The Foord Almshous8S Independent auditorf5 report to the Member5 of The Foord Almshou$e5 Icontinuedl Audltofs r•5ponslbllltles forth• audlt of the flnanclal statements We have been appolnted as audllor under section 144 of th Ch8ritie8 Act 2011 and report in accordance with the Act and relevant regulallons made or havlng effect thereunder. Our oblectlves are to obtatn reasonable assuran￿ about whether the finandal statements as a whole are free from material misslalemenl. whether due to fraud or error, and to issue an Audilorfs report that indudes our opinion. Reasonable assurance is g high level of 8ssurance. but is not a guaraniee that an audll conducted In accordance ISAS (UK) ￿11 always deled a maledal ml55talemenl when It exlsts. MIs51atementS C8n arlse from fTaud QT e￿Or and are considered material if. individually or in the aggregate, Ihay could reasonably be expected lo Influence the economic decision5 of users taken on the ba￿S of these finanGlal statement5. Irregularities, induding fraud, are instances ol non-compliance with laws and regulallons. We deslgn procedure8 In line wth our r8sponsibllilies, oudln8d abov8, to detect malerlal mlsslalemenls In respect of Irregularfiles, Induding fraud. The extent lo which our procedures are capable of detecting irregularities, induding fraud Is detailed below. C8P8bMty orthe audtt In detecting Iwl8rftlos, Includlng fTrud Based on our undeT8tsnding of the Charity and the sector as a whole, and through diAcussl¢n vAlh the Trustees And other management (as requlred by audltlng st8nd8rd81, w8 Identified that the prlnclpal ii5ks of non- compliance vthth laws and regulations related lo h&allh and 8afety, safeguarding and employTnenl law. We ¢onsldered the extent lo whlch nonacompllance mlghl have a material effect on the financlal slalemen15. We also consldered those laws and regulatlon8 that have a dlrect Impact on the preparallon of the financial 8talemenls such as the Charitles SORP IFRS 1021 Second Edition (rèleased October 2019) and othèr Televanl charty legislatlon. We communlcaled Identifled laws and regulallo s throughout our team and remained alert to any Indlcalions of non-compliance throughout the audit. We eval aled Trusle85' and management's Incentives end opportunllles for fraudulent manipulation of the financlal slalemenls Ilnduding the dsk of overrfde of control81 and detemiined that thè prindpal rlsks related to posllns Inappropriate joumal entries to increase Income or reduce expenditure. Audll procedures performed bythe engagement team Included.. Dlscusslons ￿th m8nag8ménl and assessment of known or suspected InstanGe8 of non.compllancg wlth laws and regulations (including he?lih and 8afetyl and fraud., Assessment of Id8nlifi8d fraud risk factors- Review of cash expenditure to ¢onfimi no evldence of person81 benefit,. Challenglng assumptions 8nd judgements m?de by management in 118 slgnWic8nt AcC￿ntInll esllmales., Perfomiing an81￿ICal PTocedur8s to identify any unusual or unexpected relationships, including related P8rty Iransaclions, that may indicate risks of malerfal mlsstatemenl due lo fraud: Confimallon of related partles ￿th management, and review of transaction9 throughout the periad lo identity any previDusly undl$do8ed tran8actlons relal8d partlés outslde the ncmial course of business; Reading minutes of meetings of Ihose charged vllh governance., Physical inspection of tangibl8 assets., Review uf significant and unusuol trans8dlons and evaluatlon of the Unded￿ng financial rationale supporting the Ir8nsacllons', and Identi￿ng and testing joumal entsies. In p8￿Cular any manual entries made al the year end for financlal statement prEparatiDn. Because of the Inherent Ilmllatlons of an ￿dI1, there is ? risk Ihal we VAII not detect all irregutarities, Induc￿ng those leading to a material misstslement in the finanaal slal ' ments or non-Eompliance with regulation. This rfsk increases the more that Gompliance wlh a law or regulation Is removed from the events and transactions reflected In the flnanaal slalemenls, as we will be less likely to become aware of instances of nonrycornpliance. The risk is also greater regarding irregvlarities occurring due to fraud rather than error, as fraud Involves Intentional eoncealment, forgery, collusion, omission or mlsrepresenlation. Page 8

The Foord Almshouses Independent auditor's report to the Member5 of The Foord Almshouses Icontlnuedl AS part of an audit in acGordanGe wth ISAS (UK). we exerc48e professional judgement and maintain profe88ional sCep￿d5M throughoLrt the audll. We a150: Identify and asse88 the risks of material misslalemenl of the financial statements, whether due to fraud or error, design and perfomi audit proceduies responsive to those rlsks, and obtsln.audit evidenc8 that 15 suffident and appropriate to provide a basis for our opinion. The risk of not detecting a materiel mi8slalemenl resulting from fraud is higher than for on8 resulting from error, as fraud may Involve collusion, forgery, intentional omissions, misrepresentations, or the override of Internal control. Obtain an understanding of intsrnal control Televant lo thè audlt in order to deslgn audlt procedures that are appTopriale in the circumstances. bul not for the purpose of expresslng an oplnion of the effectivene88 of the charitys Internal Control. Evaluate the approprfatene$s Df a￿)￿ntIng pollcleg U8ed and Ihe reasonableness of accounting estimates and related disdosures made by the Trusleep. Condude on the approprSaleness of the Trustees. use of thg going Concem ba816 of accountlng and, based on th8 audit evidence obtainad, wh8ther a material uncertalnty ex15ts related to events or condltions that may cast significant doubt on the chantys abilityto continue 88 a going concem. If we conclude that a matsrial uncÈrtalnty Éxlsls, we are requlred lo draw attentlon In my Audilorfs report lo the related dlsdosures in the finanGlal slalement6 or. If Such disclosures are inadequate, to modify our oplnltsn. Our eonduslons are baB8d on the audll evldence obtained up to the dale ol my Auditovs report. Howe¥8r. fvIuTe evenl$ or conditlons may cause the charity lo cease to continuè a8 a golng concem. Evaluate tha over811 Presentation, structure and conlenl of the finanaal slalement5, includlng the dlsdosures, and whether thè finandal statèments represent the undorlwng tran8aclions and events In a manner that achleves falr presentatlon, We communScale ￿th tha89 charged with govemance regardng. amcng other m8tters, the planned seope and tlmlng of the audlt and signlfic8nl audit findlng8, Includlng ary 8lgnSficant deficiencie5 In intemal cA>ntrol that we IdenUfy durfng our audll, Use of our report Thls report Is mida solely lo the charlW8 Iru81eeg, as a body, In accordance wIlh Part 4 of the Charltles IAccounl8 and Reports} Regulations 2008. Our audit work h8s been undertaken so that we mlght slate to thè charills InJ81ee8 those matters we aTe requlred to Slate to them In an Audlloes report and for no other purpose. To the fullest extent pemlitted by law, we do not accept or assume responsibility10 anyonè other than the charity and Its Iwste88, as a body, for our audl work, for th18 report, or for the cplnlon8 we have formed. VrfJ- O. Kreston Reeves LLP Ch8rtered Accountants Slalutory Auditor Chatham Marilime Date.. 7 September 2023 Kreston Reeves LLP are eligible lo act as audltors In tem)s of sectlon 1212 of the CoMpa￿e9 ALI 2006. Page g

The Foord Atmghouses Ststement of finanGi81 actlvitleg For thè yèar andad 31 March 2023 Restrlcted Unrestrlctsd fund$ fund5 202a 2023 Total funds 2023 Total funds 2022 Income from: Charitable activitles Investmer)ts Other Income 496.192 97.070 260 496,192 97.070 260 489277 94.082 Total Income 593,512 593,S12 583,359 Exp•nd5tur• on: RaisirwJ funds Charilabk activttles 11,473 748,095 11.473 748.096 11,498 578.780 Total •xp•ndlture 759,668 769,568 590,278 Nèt •xp•ndltur• b•for• net Ilossesllgaln3 on Investsnenls Net {lossesygain5 Investrnents (186,056) (22,161) (166,0661 {160,1971 (6,919) 323,399 (128,036) N•t movement In funds (138,0361 1188,217) 1326,2631 316,480 R•conclllallon of lunds: Total ￿ndS tought loThvard Net M¢￿ernent In fundg I820.￿9 1138,036 1.164,511 (188,217) 3,984180 1326,2631 3,868,700 316,480 Totsl funds carrl•d fomvd 1682.633 976,294 3.658,927 3,985,180 The Statemenl offfinand81 activities iTrJdes all k)sse8 rec4￿9ed In th8 ye¥. The notes on pages 13 to 25 TO￿ M of tl)880 financlal s18tem￿. Pag8 10

The Foord Akn$hou868 Balanco sheet As at 31 March 2023 2023 2022 Nots Flxed a65ets Tanglble assets Invastments 11 12 3,446.049 3,719,507 3A46,061 3,719,509 Current assets Debtors Cash at bank and In hand 13 16,267 367.696 13,314 381.458 37 ,863 374.TlO Cred6tor8'. amounts falllng due Ylthln one year 14 1160,977) (109,0991 Net current usots 212,876 265,671 Total not aa8et6 3,658,927 3,985,180 Charlty funds Restrkted fvnds Unrestrfctsd funds 15 15 2.682,633 976.294 2.820,869 1,164,511 Total fundB 3,658,927 3,985,180 The finandal 618lements waro approved and authorlsed for Issue by th8 Trustee8 on 5 S8Ptember 2023 and 8igned on thelr behalf by.. Brlan Byern Trustee H•len Colvln Tru5ts8 The note6 on pages 13 10 25 fom part of these finano818tstemenls. P￿ell

The Foord Aimshouse8 Statement of cash flows For the year ended 31 March 2023 2023 2W Cash flows from opgratlng actlv5tles Net cash used in operallng actlvities (Note 18) 12141701 129,905) Cash flov￿ from Investlng activitles Dlvldends, Intsr85ts and rents from InvBslment8 Proce8ds from sal8 of Inv8Stments Purch8SPJ of Investmanls 97,070 94,082 473,221 191,748 1359,9811 (193.9251 Net cash provlded by Investlng Actlvltlg 210,310 91,903 Change In Ga¥h and ¢•$h equlvalents In the year Cath and eagh equlvalents at th6 beg5nnlng of thè year 148801 361,408 81,998 299.458 Cagh and cash oqulval•nt• at the end of the y••r 367,596 361,486 The nol88 on pages 13 to 25 form part of th88è flnanclal 8t8tements Page 12

The Foord Almshouses Notes to the flnanclal statements Forlhe year ended 31 March 2023 General Infomiatlon Foord Amshouses Is a reglslered charity, number 214486, and ts constityted under a Trust deed. The addre$$ of the registered office is given in the Charity infomation on page 1 of these finandal ststements. The n8tw8 of the Chartys operations and principal objective are Set out on page 2 of Ihe8e financial statements. Accountlng pollcle8 2.1 Basls of preparatlon of flnanclal statsments The tlnandal statement5 have been prepared In aGGordanGe with the Charllle8 SORP {FRS 102) - Accounllng and Reporting by Ch8dles'. Statement of Recommended Practlce 8ppllc4ble to ch8ri1Se8 PTeparing their accounts in aGcprdanGe V+ilh the Inandal Reportlng Sland8rd applicable in the UK and Republic of Ireland IFRS 1021 leffecllve 1 January 20191, the Flnandal Reportlng Standard applicable in the UK and Republlc of Ireland IFRS 1021 tha Charttle8 Act 2011. The financial st8temenl$ have been Preparèd lo givè a 'lrue and fal￿ vlew and have departed from thè Chaiilles (Accounts and Reports) Regulations 2008 cnty lo the extent required to provid8 a 'true and fairf ￿ew. Thls dep8rtur8 has Involved following the Charille5 SORP IFRS 1021 published in October 2019 rather than the Accounting and Reportlng by Chartlles: Slalemant of Raccmmended Pracllce effecilve from 1 April 2005 ￿lch has slnce been wJthdrawn. The Focrd Almshouses meets th8 d8finttlon of a publlc benafft entlty under FRS 102. Assets and liabllltles are Inltlally recognlsed al hlstorfcal cost or iran8odlon vakze unle88 Otherwis8 stated In th relevant accounting policy. The finandal slalemen18 ar& presented In UK pound 8terflw. vthlth 18 the CharW8 funcllonal currency. and rounded to Ihe nearesl pound. 2.2 Golng concern The Trusteos assess whethèr the use of golng concern 18 appropriate i.e. whether there are any material uncertainties Telated to events or condltlons that may cast si￿lficant doubl on the ablllty oflhe Charlty to continue a5 a going conGem. The Trustees make thls assessment In respect of a period of at least cne year trom the d81e of authoTisalion for l$$u? of the financlal statements and have conduded that the Charfty h88 adequate resources to contlnue In operab'on81 existence for the for8s8eable fLblure and there are no material uncetsinties about the Charill5 ablllty to continue as a going concem, us they contlnue to edopl the going concem basls of accounlkng In preparlng the financial s lements. 2.3 Income All Income is recognised On￿ the Charity has entiUem?nt to the Ineoma, 11 Is probable that the income wll b¢ received and the amount of Income receivable can be measured reliably. Income tsx recoverabla In r•lallon to Investment Income is recogrmsed al the tlme the Investment income rs receivable. Page 13

Thè Foord Almshouses Notes to the financlal ststements For the year ended 31 March 2023 Accountlng pollcles Icontlnuedl 2A Expenditure Expendrtuie is recognised ￿¢8 there is a tegal Of structive obfigation to transfer economic beneflt lo a third party. it is proble that a tron￿er of economi¢ benefits wll be rewired in settlement and the amount crf th? otlvJation can b8 Mess￿ reirabty. Exp￿dituTe on raising funds indudes all expen(Iture Incmd by the Charity to raise fvnds for 11$ charitsble purposes ar￿ indLxles costs of all fuThjra1￿TrJ 8dlvthg events and nDMaritable trading. Expenditure on charitsble 8flivili8s is kncurred on dir• undpJtaknr#J Ihe actlwtleg h￿ich fvrther th? Charitys oble¢tlves. as ￿￿u as any asxoated supp)rt eosts. All experKliture 1$ indusive of I￿eCO¥er8tyAe VAT. 2.6 Interest recelvabl• Interest on furKls held on deposll Is Irthded vhn re￿1¥ab]e and Ihe arno￿nt can be measured reliably by the Charity, this 1$ rwnalty upm of the Interest P8ld or payable by the inslitulicn ￿0M the fvnd5 are depo$ilwJ. 2.6 Tanglble flxed Mg•1s and deprKl•llpn Tongible fixed assets comprise the fTrehold prOFer￿e8 of the Almshouse5 and elerlrfral Installatlons, vknlch are each induded at a n￿inal value of £2. Ttie actual cost of thes8 assets is unknown. The cost of ILllnltLre al￿ eq￿pment been acqulsltlon. ged lo the Statement of finarK4al actlvltses cn A r￿eW for Impalrment of a fixed as8et h cathed change8 in ¢rwm8tancg8 kndlcate that Ihe carrying value of any fixed a￿t may not ￿ recoverabl6. Shortfalls bets¥een the carrying value of the fixed assets and their rec0vtrra￿e aMo￿ts are recognised as impalrmonts. Imwrment losses are recourlsed In the statem￿ of fvan(ial ￿tIvIties. 17 T•xatlon The Charity is (yjnstdered to pass the teS sat fArt In ParagraF 1 Schedule 6 of the Flnanee Act 2010 therefore bt rneels th8 defirwtion of a tharitable company for UK corporation tax purpose8. Accordingty. the Ch￿ty Is ptstentialty exempt from taxation kn ￿SpeCt of incom? or capllal g8lns receNed witlin categories o)vered by Chapter 3 Part 11 of the Ccrporation Tax Act 2010 or Section 256 of the Taxabon of Chargeable Gans Act 1992. to the extent that such Income or gain> are 8Folied exthsively to Ch￿Ilable purp)se$. 2.8 Investments Fixed asset investmen1$ we a form of financial instrument and are initialy recognised al their transaction cost and subsequenlly measwed al fair value at the B8laneA sheel date. unless the value cannol be measLred reliably in ￿ttch case it is measured at cosl less ImpalmienL Investment gain¥ arKf losses. whether realised or unrealised. are combined and presented as 'GainsllLoss8s) r investments. In the Statement of financial acbvitles. 2A Debto Trade armj other debics arn recognlsed * lh& sellem￿rt amount Prepayments are valued at the amount prepaid. Page.14

The Foord Almshouses Notes to the flnanclal statements For the year ended 31 March 2023 ACCOUn￿ng pollclos (Gontlnued) 2.10 Cash at bank and in hand Cash al b8nk and In hand includes cash and short-term hlghly Ilquld Inve5tsnents with a short maturity of Ihrea months or less from ihe date of acquisition or opening of the dep081t or Similar accounL 2.11 Liabiliti￿ and provlslon¥ Llabiliues are Tecognised when there is an obligation al th8 Balan￿ sheet date as 8 result of a past event, il is probable that a transfer of econDmic benefit will be ￿qUIred in 8ettlem8nt, and the amount of the Settlement can be esllmaled rellably. Liabilitie8 are recognls8d at the amount that tr18 Charlty anlicip3te3 il wll pay to Settle the debt or th amount K ha8 recelved as advanced payments for the goods or 8ervlce$ It mu81 provlde. Provlsions aro measured at the best èsllmale of t e amounts requireej lo setde the obligation. Wh8re th8 effect of th8 lime value of money Is materfal, Ike provision is based on the present value oflhose amourrt¥, dlswunted at the pre-tax dlscount Tate that Teflects the risks speafic lo the liabilty. The unwindlng of the dlscount Is Tecognlsed In the Stslement offinandal actirftles as a finance cost. 2.12 FlnanGlal Instruments The Chartty only has financlal assets and lingndel Ilabllllies of a klnd that qU811fy 88 baslc finandal instruments, B8¥IG flnanclal Instruments ore Inllally recognSsed at Iransactlon value and 8ubsequentiy measured at thelr settlement value with the exGepllon of bank loans whlch are Subsequently mea8ured al amortlsed cost U81ng the ehctlv• Inl6r&8t method. 2.13 Pen•lon• Tha Charfty operates a defined contrfbuilon penslon Bchemg and the penslon charge represent$ tho amcunt$ payable by the Charllyto the ￿nd In respect of tha year. 2.14 Fund accountlng Gener81 funds are unreslrlcted Iljnds whlch are available for uae at the dlscretlon of the Trustees In furtheranEe of ffte gener81 ob]•Ctl￿S of the Charity arKt whlth have not been deslgnated for other purposes. Deslgnated funds comprtse unrestricted funds that have been sèt aside by the Tru&tee8 for partlcular purposes. The aim and use of each designat d fund 18 8el out in the notes to the financial statements. Reslricled funds are funds whlch are lo ￿ used in accordance with specific restrfctions Imposed by donors or whSch have been ralsed by the Charity for p8rfcul8r purposes. The G0515 of raising and adminlstering 8uch funds are charged against the speclfl¢ fvnd. The aim and use of each reslrfcted fund Is set OLrt In the notes lo Ihe financial stslements. Investment income, galns and k)sses ara allocated to the appropriate fvnd. crftlcal aGGountlng e8tlmato8 and arnas of JudgemEnt Estimates and Judgements are continually evaluated and aTe based on hlstorical experience and other f8Ctors, including expectations of future event5 that are believed to be reason8bl8 under the ctrcum8tances. The Charity does not currenlty havè any significant accounting estimates or greas of judgement. Page 15

The Foord Aknshouses Notes to the financial ststements Fortho year ended 31 Marth 2Q23 Income from charltable activi118s Unrestrkted funds 2023 Total fund& 2023 Total fvnds 2022 Weekly Charges Visitors, Flats LLmthes Inel) 491.827 2.3 2,185 491,627 2,3BO 2,186 485.806 1.544 2.127 496.192 496,192 409,2TT Tcld 2022 489.277 489,277 Inv￿lmont InGpm• Unrnstrlcted funds 2023 Total fundg 2023 Total fund8 2022 Incomé from Ilsled Investrnents 97.070 97,070 94,082 Total 2022 94.082 94,082 Other Incomlng rasource• Unrestdcted funds 2023 Total fund¥ 2023 Total funds 2022 Sth ofeqL4)ment 250 250 Inve51m•nt maMgem•nt costs Unvestrlcted funds 2023 Total funds 2023 Total fUl￿S 2022 IrweSln￿t manogement fees 11.473 11,473 11,498 Total 2022 11.498 11.498 P¥16

The Foord Almghouses Notes to the flnanclol ststements For the year endod 31 March 2023 ADatysis of expendlture by activttlos Dlrect costs 2023 Support costs 2023 T¢t41 funds 2023 Total fLmds 2022 Dlrecl Costs 741,895 8,200 748.096 578.780 Total 2022 574,622 4,158 57B,780 AnatysS8 ef dlrect costs Totsl funds 2023 Total funds 2022 ActlvltleB 2023 staff cost8 Llfellne Repalr8 and renewals Gas Electrldty Water rates Insurance T818phone General ?xpgn8e6 s￿eryOr8, fees Founder8 day dlnnar Garden Gonlraclor8 Profe551onal fees 181,781 23,948 364.247 47.631 23,347 16,000 16,454 2,533 10,390 38.831 3,497 32,978 1,260 161,781 2J.948 364247 47,631 23,347 16,000 15,454 2,633 10,390 38,831 3,497 32,976 1,260 145,478 27,727 228,148 54,409 20,105 15,462 15.290 2,464 13,133 15,955 3.170 31.913 1,388 741.895 741,895 574.622 Total 2022 574,622 574,622 Analysls of sUPPOrt costs Total tunds 2023 Total lunds 2022 Actlvltle5 2023 Auflilorfs remuneTaUon 6,200 6,200 4,15B Total 2022 4.158 4,158 Page 17

The Foord Almshouses Notes to th• flnanclal statements For the year ended 31 March 2023 Stsff costs 2023 2022 Wages arKS salarie8 Social secuTity costs Pen51on COBts 155,197 4.316 2,268 140,258 3.240 1,980 181,781 145,478 The avèrage number of person8 employed by the Charity durlng th8 year was as foll¢M.' 2023 No. 2022 No. 11 11 The 8verag& h•adcounl expressed a8 full-tlme equlvahnts wa8.. 2023 2022 No employee received r8muneratlon amountlng to more than £80,000 In vllher year. Remuner8tlon and b8nefils roceived by key m￿agement peT8onn•l durtng the year wnounted to £79,203 {2022'. £69,273). Durkng the year ended 31 March 2023, Trusleo expon8•8 of £168 had been Incurred to Cover travel expen8e812022'. £Nill. 10. Trustse6' remuneratlon and oxpensej Durfng the year, no Trustees recelved any remunerauon or other b8ngfi1#12022- £NIL). Dudng the year ended 31 March 2023, expenses totalling £156 were relmbur8ed or pald dlrecuy to 1 TTusle612022- £NILI Page 18

Th? Foord Almshouse9 Notes to th8 flnancial statements For tho year ended 31 March 2023 11. TangSble fixed assets Freehold property Cost or valuatlon At 1 April 2022 At 31 March 2023 Net book valuo At 31 Marth 2023 At 31 March 2022 11 Flxed ass•t Investm•nts Ll8tsd Investments Cost or valuallon At 1 April 2022 Additions Dlsposas Revaluatlons 3,719,$07 359,981 (494,957) 1138,4821 At 31 2023 3A46.049 Net book valuè At 31 March 2023 144&049 At 31 Marth 2￿22 3.719.507 Page 19

The Foord Almshouses Notss to the flnanclal ststements Forthe year ended 31 March 2023 13. Debto 2023 2022 Du• wjthln one y••r Other debtors Prepayrnent8 and acuu8d Ir*ome 4,807 11,650 247 13,067 16.257 13.314 1& Credjtorn: Amounts falllng due ￿[n one y￿r 2023 2022 Accruals and deferred incomo 160,977 109,099 Page 20

Thè Foord Almghou5es Notss to the financlal statements For the year ended 31 March 2023 15. Statement of funds Statement of funds- currentyear BalanGe at 31 March 2023 Balance at 1 Aprll 2022 Transfe Inlout Galnsl (Lossosl Income Expondlture UnrestrlctEd funds Daslgnated funds Cydlcal Mainlenanee funds Extraordinary repalrs fund 211,303 (171248) 68.248 113,6301 89,773 813,182 {66,0271 7,026 18,631 746,660 1,024.486 1241,2761 76,274 122.161) 838,323 Genernl funds Incom8 and eXpendI￿re account 140,026 $93,512 1018,2931 176,2741 139,971 Totsl UnTeBtrfcted fund$ 1,164,511 693,512 1769,6681 (22,181) 976,294 Restrfcted funds Cspllal fund 2,820,669 1138,038) 2,682,633 Total Df funds 3,985,180 593,612 1759,588) 1160.197) 3.658,927 Doslgnatèd fundj Both the cycllcal maintenance fjJnd 8nd the exiraordln8ry repair8 fund comprlse the market value of some of the Investments held by the Charfly, plus monles eld ￿￿thIn the Brokers accounts. These funds are d•signated fDr the purpose of ensuring Ihal tile harity ha8 funds available in or(ler io conducl both cydlca and extracrdinary repairworks os and when the need forthem ￿50s. Restrlcted funds The restricted capltal fund comprised of the remainder of the Investments held by the Charity that are not deslgnaled balances. Page21

The Foord Almshouses Notss to tht flnan¢ial statements Forthè year ended 31 March 2023 15. StstemEnt of funds (contlnued) statsment offunds- prloryear Balance at 31 March 2022 Balance al 1 Apnl 2021 Transfers inloul Gain51 (Losses) Income Expendikne Unrestrlcted funds Deslgnatsd funds CyGli¢al Malntenance fund& Extraordmiary repalrs fL￿d 140,781 18,7691 67.789 9.522 211,303 786,694 (74.5211 9,621 91,488 813.182 927,475 181,290) 77,290 101,010 1,024,486 Ba18nce at 31 Marth 2022 BaSan¢e 8t 1 Aprll 2021 Tran8fer8 Inloul G8ln81 (Lo8se$l Incomè Exp8ndlture General fundB Income and expenditure account 142,945 583,359 1508.988) (77,290) 140,028 Totsl UnTV5trlctsd fund8 1,070,420 583,359 159Q,2781 101,010 1.164,511 Balance al 31 March 2022 Balance at 1 April 2021 Transfors Inlout Galnsl {Lo8se8) Income Eyndllure RestrlGted funds Capltal fund 2.598,280 222,389 2.820,669 Total of funds 3.688.700 583,359 (590.278) 323.399 3.985,180 Page 22

The Foord Almshou8 NoleB to the flnanclal ststemènts Forlhg year ènded 31 Ma￿h 2023 1& Summary of.fundg Summary of funds . curr•nt year 8alance at 31 March 2023 Balance at 1 Aprfl 2022 Transfers Inlout Galnsl (Lossos) lThcome Expendlture Deslgnated fund$ General funds Restricted funds 1,0244BS 140.026 2,820,669 1241,2761 (518,293) 75,274 178,2741 122,1611 836,323 139.971 (138,036) 2.682,633 693.612 3,985,180 693,612 1759.508) (160,1971 3,668,927 8umm•ry of funds. ￿0T y•ar Balance at 31 March 2022 Balance 8t 1 Aprll 2021 Transfers Inloul G8ln81 (Lo$se8) Income Expe dlture Deslgnated funds General fund$ Restrlcted fuNI8 927,475 142.04S 2.598,280 (81,2901 1508,9881 77,290 (77,290) 101,010 1,024,486 140,026 2,820,669 583,359 222,389 3,668,700 583,359 {590,2781 323.3B9 3.985,180 17. AnAlysl• of net a359ts bets￿en funds Analy*lg of not assets b•twe¢n funds- curr•nl y•ar Restrlcted Unre¥trlct•d fundg funds 2023 2023 T¢Aal funds 2023 Tanglbl8 flxed a¥sel8 Fixed asset Investments Current assets Creditors due witlin one y 2,631.407 51.228 814,642 322,627 (160,9771 3,446,049 373,863 (160,9771 Total 2.682.633 976,294 3.85B,927 Page 23

Tho FooTd Almshou$83 Notes to the fIna￿la1 statemonts Forthe year ended 31 March 2023 17. Analysls of net assets b8tween funds lcontlnued) Analys15 of nel assets between funds- prlor year Restricted Unrestrtcted funds funds 2022 2022 Tot81 funds 2022 T￿gible fixed assets Fixed asset invesknents Current assets Creditors due wtlhin one year 2.768,022 52,647 1,485 3.719,507 322,123 374,770 {109,099) (109,099) Totsl 2,820.669 1,164,511 3.985,180 1& Reconclllallon of net movement In funds to net ¢ash flow from oporatlng acthiltles 2023 2022 Net incomelexpenditure for the year (as per Ststement of Flnancial ActNllles) 1326.263 316,480 Adjustments for. Gainsl(lossesl on Investments Dlvidends, Interests and rents from Investments (Increa8e)Idecrease in debtors Increase In creditors Profit from the sale of investments 138,482 197,0701 12,9431 51,878 21.736 <323,399) (94,082) 167 67,480 3.449 Net cash used in opernting activjtles (214.I7ts1 {29.905) 19. Anatys15 of cash and cash equhialents 2023 2022 Cash In hand 367,596 361.456 Totsl cash and Gash equlvalents 367,596 361,456 Page 24

The Foord Almghouseg Notes to the flnonci&l statements For the year énded 31 March 2023 20. Analysls of change5 In net debt At 1 Aprll 2022 Cash flow8 At 31 March 2023 Cash at bank and In hand 361.456 {3,860) 367.596 361,456 13,8601 367.6% 21. Penslon commltment8 The Charity op8rat8s a definèd contribution pension scheme. The assets of Iha scheme are held 6eparalely from those of the Ch8rity In an independently admlnistered fvnd. The penslon cost charge represents conldbullons payable by tha Charity to the fvnd and amountèd to £2.288 12022.. £1,980). As at 31 March 2023, conlrtbutlon8 of £Nil ware payable to the schema 12022: £Nill. 22. Related party tran•actton$ There F￿ve been no retatsd porty transadlons du March 2023. them are no balances outslandlng with 8 ng the fmgndal year (2022.. £NI). As at 31 related parues {2022.' £NII). 23. Charfty protectlon pollcy The Tw$tee8 have purchased a charlty protedon polley. Page 25

For larger clients use of a suitable high definition picture background in order to provide a more clientspecific look may be appropriate,

The Foord Almshouses Key Audit Findings For the year ended 31 March 2023

Our values

Our values define who we are and how we do things at Kreston Reeves. They reflect our attitudes and behaviours and represent a promise of quality, personal service and commitment to our clients, communities and colleagues.

Collectively and individually we aim to:

Our awards

We are regularly recognised and shortlisted in prestigious national, regional and industry awards. As well as receiving award recognition ourselves, it’s important to us to help recognise and award the successes and growth stories of other businesses. We regularly support and sponsor awards such as Kent MegaGrowth and Sussex Super Growth Awards.

Index

The Foord Almshouses Key Audit Findings For the year ended 31 March 2023

Appendices

1. Introduction and audit summary

The purpose of this report is to bring to your attention our findings from the recent audit carried out on The Foord Almshouses. We appreciate that you will already be aware of most

The Foord Almshouses Key Audit Findings For the year ended 31 March 2023

of the matters contained in this report through earlier discussions you will have had with the audit team, but we hope that you will find this report a useful summary of those discussions.

We would like to take this opportunity to thank Jo Guise and the rest of your accounts team for the assistance they have provided to us during our audit.

Our audit has given us a unique opportunity to understand your activities and processes. We have used this opportunity to provide you a service that is of real positive benefit to you.

During our audit work this year we have performed the following tasks which we hope that you will have found to have been of benefit.

Should you have any questions regarding any of the issues raised in this report please contact Susan Robinson as the partner responsible for the audit of the charity, or any other member of the audit team, who will be happy to provide further explanations as required.

Kreston Reeves LLP

Statutory Auditor Chartered Accountants

August 2023

The Foord Almshouses Key Audit Findings For the year ended 31 March 2023

2. Commentary on results

At the year end the Charity made an overall loss of £326,253. Losses on investments in the period were £160,197, so before losses on investments the Charity suffered a deficit of £166,056.

The Charity incurred higher repairs and renewals costs this year, totalling £364,247 compared to the prior year cost of £228,148. This is in line with planned expenditure.

As a result of the overall deficit, the level of reserves held at the year end decreased from £3,985,180 to £3,658,927. This comprises £2,682,633 of restricted funds, £836,550 of designated funds and unrestricted general funds of £139,971.

The Charity’s income remained broadly consistent at £593,512 this year compared to £583,359 in the prior year. The slight increase was due to a increase in weekly charges receivable from residents as rates were increased in year.

As the graph below demonstrates the average residents’ contributions have been steadily increasing each year since 2018, due to the annual increases applied by the Trustees. There was a slight drop in the prior year due to higher voids while flats were being renovated which has recovered into this year.

The expenditure incurred by the Charity increased by £169,290 to £759,568 this year, with the most significant increase being the increase in the repairs and renewals expenditure noted above. The expenditure incurred this year is broken down as shown in the following pie chart:

5

The Foord Almshouses Key Audit Findings For the year ended 31 March 2023

----- Start of picture text -----
Expenditure 2023
Staff Costs - £161,781
Repairs and Renewals -
2% 14% £397,543
20%
3% Gas, Electricity and
Water Rates - £86,978
4%
Garden Contractors -
£32,976
Lifeline - £23,948
11%
Insurance - £15,454
Other Expenditure -
£74,184
46%
----- End of picture text -----

----- Start of picture text -----
Expenditure 2022
Staff Costs - £145,478
3% Repairs and Renewals -
8%
5% £228,148
25%
Gas, Electricity and
5% Water Rates - £89,976
Garden Contractors -
£31,913
Lifeline - £27,727
15%
Insurance - £15,290
Other Expenditure -
£49,477
39%
----- End of picture text -----

The most significant item on the Balance sheet continues to be the Charity’s investments. As at 31 March 2023 these were valued at £3,446,049, which represents an decrease of £273,458 against the comparative figure.

The closing cash at bank and in hand is £357,596 which is £3,860 lower than the balance held at the end of the previous financial year.

6

The Foord Almshouses Key Audit Findings For the year ended 31 March 2023

3. Trend Analysis

The graphs below demonstrate the fluctuations that the Charity has experienced over the past five years (2018 to 2022) in respect of investment yield and the average wage.

----- Start of picture text -----
Investment yield
4.00%
3.50%
3.00%
2.50%
2.00%
1.50%
1.00%
0.50%
0.00%
3/31/2019 3/31/2020 3/31/2021 3/31/2022 3/31/2023
----- End of picture text -----

As can be seen from the above graph the investment yield slowly increased from 2018 to 2020, peaking at 3.55%. The yield has dropped since then and was 2.6% in 2022, and 2.71% in 2023.

----- Start of picture text -----
Average wage
23,500
23,000
22,500
22,000
21,500
21,000
20,500
20,000
19,500
3/31/2019 3/31/2020 3/31/2021 3/31/2022 3/31/2023
----- End of picture text -----

The above figures are not unexpected following inflation and cost of living crisis in the UK. Average staff wages have increased this year.

7

The Foord Almshouses Key Audit Findings For the year ended 31 March 2023

4. Audit report

We can confirm that our audit has not revealed any matters which will require modifications to our audit report. Thus at this stage we expect that an unqualified audit opinion will be issued.

5. Key audit matters

Key audit matters are those matters that, in our professional judgement, were of greatest significance in our audit of the financial statements. These include the significant risks of potential material misstatement that we identified during our planning of the audit and had the greatest impact on our overall audit strategy, which we advised you of in the Audit Plan issued to you prior to the commencement of our work.

We can now report to you how our audit addressed these areas of significant risk and the conclusions we formed.

Income recognition

We performed detailed income reconciliations on material income streams, particularly the weekly contributions, as well as performing a walkthrough test on this income stream, and carried out analytical review to consider whether movements of income were within our expectations.

Testing has been completed and no issues have arisen because of testing.

Related party transactions

We reviewed your ‘Business Declaration Forms’ and reviewed software and invoices for potential related party transactions.

From our review of declarations forms and from discussions with you, no related party transactions have been found requiring disclosure

Management override of controls

International Standards on Auditing require us to treat the management override of controls in place as a significant risk on all assignments.

No issues have arisen throughout our audit testing.

8

The Foord Almshouses Key Audit Findings For the year ended 31 March 2023

6. The accounting and internal control systems

We can confirm that we have found the charity’s accounting and internal control systems to be appropriate to the charity’s needs based upon the nature and complexity of your activities and the need for any systems to be cost effective. No matters have come to our attention during our audit to suggest that any serious error has arisen with these systems during the accounting period under review. Thus, we believe that the systems can be relied upon to produce financial statements that show a true and fair view.

Please note that the purpose of the audit was to enable us to express an opinion on the financial statements. Our audit did include consideration of internal control relevant to the preparation of the financial statements to design audit procedures that are appropriate in such circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal controls. The matters being reported to you are limited to those deficiencies that we have identified during our audit, which was conducted on a test basis, and that we have concluded are of sufficient importance to merit being reported to you, but this does not represent a comprehensive statement of all weaknesses which may exist in the accounting and internal control systems or of all improvements which may be made. We can only address those matters which have come to our attention because of the audit procedures which we have performed.

7. Qualitative aspects of the charity’s accounting practices and financial reporting

As part of our audit we have considered and reviewed the Charity’s accounting policies with UK Generally Accepted Accounting Practice, including the Statement of Recommended Practice Accounting and Reporting by Charities (“the SORP”), and we have not encountered any material departures. In our opinion the accounting policies selected are appropriate to the circumstances of the charity.

9

The Foord Almshouses Key Audit Findings For the year ended 31 March 2023

8. Other matters relevant to the audit

The Charities Bill

Following a review by the Law Commission of technical issues in charity law in 2017, a new Charities Bill was announced in the Queen’s speech on 11 May 2021. Subsequently the Charities Bill received Royal Assent in February 2022. The Bill included the following proposed changes:

These changes will simplify many technical aspects within charity law and give Trustees more flexibility over the governance of their charities. In August 2022 the Charity Commission published their plan to bring the changes into force in three stages:

The changes that came into force on 31 October 2022 were:

The following changes are being introduced in June 2023:

10

The Foord Almshouses Key Audit Findings For the year ended 31 March 2023

Further changes, in addition to those noted above, are due to come into force in the Autumn of 2023 and these will include some more relating to land transactions (selling, leasing or disposing of charity land):

Appendix I – Other matters required by International Standards on Auditing to be communicated to you

11

The Foord Almshouses Key Audit Findings For the year ended 31 March 2023

Audit report – further information

Our audit report contains details of the scope of the audit of the financial statements conducted in accordance with legislative requirements and International Standards on Auditing. Further information on the scope of the audit is set out on the website of the Financial Reporting Council and can be found using the following link:

https://www.frc.org.uk/Our-Work/Audit-and-Actuarial-Regulation/Audit-and-assurance/ Standards-and-guidance/Standards-and-guidance-for-auditors/Auditors-responsibilitiesfor-audit/Description-of-auditors-responsibilities-for-audit.aspx

The original audit report will be signed by Susan Robinson , being the Senior Statutory Auditor for this assignment, for and on behalf of Kreston Reeves LLP. The financial statements incorporating the original audit report should be retained with the Charity’s other permanent documents. Copies of the financial statements that require a signed audit report, including for filing with the Charities Commission, will be signed as Kreston Reeves LLP as the statutory auditor.

Our audit report has been drafted in accordance with International Standards on Auditing and the latest guidance from the Financial Reporting Council and our Institute. This involves the inclusion of a paragraph which clarifies what our responsibilities as auditors are. It does not affect our responsibilities to the charity or yourselves, nor does it mean we would be unwilling to accept responsibility to any third parties, providing that our specific agreement to do so is obtained beforehand.

Independence

We can confirm that we have re-evaluated our firm’s independence in connection with the audit and can confirm that we are not aware of any factors affecting our independence or objectivity and thus our ability to continue to act as auditor of the charity.

Letter of representation

Before we can complete our audit we require from you a letter of representation on your headed notepaper. A draft version of such a letter accompanies this Memorandum. The letter will provide us with additional evidence in areas where we have relied upon representations from staff members during the audit. We suggest that this letter is signed by a representative member of the Board of Trustees and that you make your own enquiries of staff to verify that you support the representations that have been made.

Liability

This report has been drafted solely to report to you as trustees matters in relation to our audit. It has not been drafted with any third parties in mind and thus must not be disclosed to a third party, or quoted or referred to, without our written consent. We do not accept responsibility to any third party in respect of our audit or this report.

12

The Foord Almshouses
Key Audit Findings
For the year ended 31 March 2023
Appendix II - Summary of adjusted misstatements		 Impact on
Deficit
£
(56)
(326,197)
(326,253)
Net movement in funds as per accounts presented for audit
Accounting adjustments
Losses on investments posted to fund codes
Net movement in funds as per revised financial statements

13

The Foord Almshouses Key Audit Findings For the year ended 31 March 2023

Appendix III – Summary of recommendations regarding the accounting and internal control system

In order to assist management in using this report, we categorise our recommendations according to their level of importance:

Importance 1 Major issues for the attention of senior management/potential significant implications for the charity Importance 2 Other recommendations to be dealt with Importance 3 Minor points representing best practice

Expenditure invoices documented approval

Nature of problem

During expenditure testing it was noted that not all invoices were signed as approved and processed by Jo Guise.

Potential consequences

This represents inconsistencies in the system procedures

Recommendation for corrective action

We would recommend that it is decided whether signed documentation for authorisation of purchases is required and if so consistently applied.

Register of business interests

Nature of problem

We have received your annual business interest declarations but noted that you don’t keep a central register of these.

Potential consequences

There is no central point of reference in order to see the latest declaration. This could also be updated with any declarations made at the beginning of Trustee meetings

Recommendation for corrective action

We would recommend that a central business interest register is maintained by finance in order for them to be aware of all potential interests before entering into any new arrangements.

14

The Foord Almshouses Key Audit Findings For the year ended 31 March 2023

15

London

2[nd] Floor 168 Shoreditch High Street London E1 6RA

+44 (0)20 7382 1820

Canterbury

37 St Margaret’s Street Canterbury Kent CT1 2TU +44 (0)1227 768231

Brighton

Plus X Innovation Hub Lewes Road Brighton BN2 4GL

+44 (0)1273 811000

Worthing

A2 Yeoman Gate Yeoman Way Worthing West Sussex BN13 3QZ

+44 (0)1903 828728

Chatham Maritime

Montague Place Quayside Chatham Maritime Chatham ME4 4QU +44 (0)1634 899800

Horsham

Springfield House Springfield Road Horsham West Sussex RH12 2RG

+44 (0)1403 253282

Chichester

9 Donnington Park 85 Birdham Road Chichester West Sussex PO20 7AJ +44 (0)1243 787627

Discovery Park

Innovation House Ramsgate Road Sandwich, Kent CT13 9ND +44 (0)1304 249476

Website: www.krestonreeves.com Email: enquiries@krestonreeves.com

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Kreston Reeves LLP (Registered number OC328775) is registered to carry on audit work and is regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales. Details about our audit registration can be viewed at www.auditregister.org.uk, under reference number C001541365. Kreston Reeves Private Client LLP (OC342713) is licensed by the Institute of Chartered Accountants in England and Wales to carry out the reserved legal activity of non-contentious probate in England and Wales and regulated for a range of investment business activities. A list of our members’ names is available at our registered office and details of the licensing bodies for our insolvency practitioners can be found at our website. Kreston Reeves Financial Planning Limited are authorised and regulated by the Financial Conduct Authority. Registered in England and Wales with registered numbers 03852054 and OC306454. Registered office: 37 St Margaret’s Street, Canterbury, Kent CT1 2TU. Kreston Reeves LLP is a member of Kreston Global which is the trading name of Kreston International, a global network of accounting firms, each of which is a separate independent legal entity and as such has no liability for the acts or omissions of any other member firm. Kreston International is a company registered in England (No: 3453194) and limited by guarantee. Kreston International Limited provides no services to clients and has no liability for the acts or omissions of any member firm. Registered office: 7 Bell Yard, London, WC2A 2JR.