2022-03-31-accounts

Extracare Charitable Trust ANNUAL REPORT & ACCOUNTS 31 March 2022 ReElstered charlty Nurnber- 327816 Registered Social Lindlord- 4706 Company Registered Number- 2205136 4ABLW83SI* iuui.ui.I A18 30mW2022 COMPANIES HOUSE

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Annual Report & Accounts: 2021122 Extracare CONTENTS Page Number Key Facts Statement from our Chair Foreword by the Chief Executive Legal and administrative information Report ofthe Board Strategic Report 17 The Board's responsibilities in preparation of accounts 33 Independent auditorfs report to the members of The Extracare Charitable Trust 34 Consolidated statement of comprehensive incorne Statement of financial position 38 Statement of changes in reserves 39 Consolidated Statement of cash flows 40 Notes to the financial Statements 41

Annual Report & Accounts.. 2021122 EJ(traCare FACTS 2021122 2020121 Homes for older people 4.238 4,238 New homes wnpleted 321 r resident5 4.S32 4,404 Avetace ale of our ￿e￿dents is 81 80 Villaoes 16 16 Schemes thality Retail shops 40 44 Volunteers supporting our Charity 2.100 2.231 Staff working to a sh3red goal 1.312 1.293 Turnover £47.OM £41.7M Reserves £282.9M £265.7M Total cOmprehens￿e income £17.2M £18.4M Awzrds Indude- Investors in People Gold Award

Annual Report & Accounts: 2021122 Extracare STATEMENT FROM OUR CHAIR l am delighted to present our Annual Repjn for 2021122. after what has been another tlemanding year where Exlracare h35 risen to the challences face(1 as a result of the Cowd-19 pandemic. Our Chèrity continues to thrive and the cash reserves we've generated. as a response io issues we encountèred when the pandemic initially hit In March 2020. shows what a stron8 financial position we are now in. You will see within the Annual Report that we substantially achieved the main targets we set otst in OUT Annu31 Business Plan fDr 2021122. We continue to strive to improve our olferin8 Ill telation to valve for money. and any irnprovemeni in our bottom-line surplu5 will not be at the expense of the quality ol servicewe olfer. l am happy to report we have been able to return to factrtLFface eoard meetings during 2021122. which wth so many new Trustees has been a real positive. The pandemic tauehi us so many thing5 about new way5 of workin& rnany of which we will continue to Use. However. there is no substitutefor in person meetings when di5CU5sing the str3tegicobjecrives forthe Charity overthe coming years. Therefore, as we were 5eitin8 the scene for the 2022-27 Corporate Plan. it was a pleasure to be doing this in per50n. We were saddened in the yèar to recelve the news thai our Trustee. David Mdl, had died. Dawd was a valued Trustee. who undertook his role with such dedication and commnrnent ro Emtracare. He Will be sorely missed by all that kfiew him. I thank all our colleagues and volunteers who enable us to deliver our excellent services. and all those that donate to the Charity, through either money or gooés donations which are ihen sold in our Retail 5hop5. Finally, I'd like to extend my thanks to our residents. The past couple of year5 have been difficult and I know at times you will have felt frustrated at the restrittions enloiced. Your patience and tsnderstanding have enabled us to 5ucce55fully manage a very difficult period lor the Charity and ensured we are now in the besi possiwe position to deliver a Trew arnbtjous five-year Corporate Plan. Nlcholas 8aldwin CBE Chair

Annual Report & Accounts= 2021122 Extracare FOREWORD BY THE CHIEF EXECUTIVE This time a year ago I wrote how theCovid-19 pandemic had severelyimpacted the UKthrou8hout 2020121. including the huge impact it had on our operations. The challenges wefaced did notjvst disappear as weentered 2021122. with newvariantsand l¢xal lockdowns posing continuing challenge5 for us to navigate. Our pantlemic priorities have remained consistent over the previou5 Iwo years. and l am extremely proud of my colleaEues who have worked iirelessly to help us-. 11 Keep vur residents Maff safe- •nd 21 Keep our Charity ffinantlally viable. During the pandemic we were able to keep our resident sat15fattion levels high. 88% ot our re5iLlents stated they felt safe living with us throu8h the pandemic. with 80% sayin8 they felt supported in getEin8 e55enti315 durin8 lockdowns. Sadly, a number ol our residents died as a result of £onrractinB Covid-19. However, Ihe deaths in our locations were le55 than those seen in our core demographic across England overall. and rnarkedly lower than those recorded in tare hornes. Due ro the uncertainiythi5 time last year. we again agreed with iheTrustee5 toformulare an AnnLtal Busine55 Plan and delay our five- vear Corporare Plan until the external environrnent had senled. Within our 2021n2 Annual 8usine55 Plan we set ourselves six key tar8ets, these being.. Se¢yrÈ all approvals lincluding p￿nn1￿ and method of toftstrurtionl for Sheniey Wood 3 and onÈ nÈw willage to enable both to Start on site (subject to fundingl The appraisal lor SFTÈnley Wood has been 3pproved by the Board and the development was experted to commence in 2022123 subject to the successful land purcha5e- which is now looking in doubt. Athie¥e CQC good or outstandiD¥ all lotations insperted Norie of our locations were in5peited by CQC duringthe year. Achieve resmlent exptritnce raiine$ 0180% in ¥illaees and YJ% in sthemes Resident satisfadion in our villa8es was 91%.. and Resident satisfaclion in our Schemes was 94.7%. Athieve staff satlsfaction scores.. 75% of tsur employees will be Saiisffied with Exincare as an employer and 90% of our. employees will be fully committed to our Vision 68% 01 ovr employees were satisfied with us as an employer- an 91% of our ernployees are fully committeLI to our vision. Achieve a total surplus excess of £12m aTrd limté the undeflyini oper¥lonal loss li.e. emcluding resabesl to £l.IM Total Surplus of £17M' ané Operational performance is break-even. Ensure we meet or emceed the Regulator of Socia Mouslng's eMPÈCtations. We continued with our IDA read(ness plan. It has been great to see our locaiions returning to their vibrant best over the latter hall of the year with residents back 50cialisin8 and undertaking activities. Providing'better lives lor older people. 15 not only our vision. but it is a150 our passion. and this can only truly be maximised when our locations are completety open and full of residents. colleague5. CUStorner5. and visitors. Financially we have continued io strengthen our cash holdings this yeor. a target in the Annual Business Plan for 2021122. We were able to cancel our £IOM revolvin8 credit facility three months early. 8iven that by the turn of the calendar year we had already surpassed ou¥ £20M cash targei. These accoun15 demon51rate the return to a 5tron&er sales rnarket, which ha5 seen our cash position lincludin8 investments) at the year-end increaseto over £30M. Given that uncertainty seems to be diminishin& our Board of Trustees have ayeed now is the right time to cornrnit to our rnediurn- term future, and as such we have agreeé our 2022-27 Corporate Plan. This plan was formulated wth the supporr and Input of Trustees. colleagues and most importantly our residents. We want 10 Strengthen our connection wth our residents further over the course of the nexr five years and ensure they are at the heart of every éecision we make.

Annual Report & Accounts.. 2021122 Extracare Our Corporate Plan focu5es on three areas. these being.. Developing new villa8e5.' Operatin8 ourvillages and scheme5.' and Supporting our villaBe5 and schemes. Throughout this report you will read how we have already been focusing on ihese area5. as well 3$ the future plans we have in place. 11 is an exciting time to be involved with the Charity as we go from strength to strength in a fast-growing sertor. On behalf of the Exetutive Leadership Team. I'd like io we ihanks to tyJr Tvustees. our tol￿agueS. and ou¥ volunteers. who never cease to arnaie me with their effort and dedication to ensure Extracare Charitable Trust continues to thrive. ToBether, we will conlinue to create'better Irves for older people.. Mick Laverty Chief Executi¥e

Annual Report & Accounts= 2021122 Extracare LEGAL AND ADMINISTRATIVE INFORMATION hzitty Name The EXtraca￿ CharitableTrust GO￿1￿1￿ Instrumert The Chartty is a company limited by 8uarantee and not having a share capital. A5 Such it ISKoverned by fts M•Morandum andArtides ofAssociarion, whKh were lastamended byspecial resolLrtion on 13 Novembef 2019. It was incorporated on 11 December 1987. 327816 Registered CharilyNufflber Registered Social Landlord 4706 Company Aegistered Number 2205136 Members The Thredors of the O)aiity from rime to time and stjch other persons admitted to membership of the company under the Articles. The number of members is unlimited. Board of Trustee$131so referred to as a DirettLWS of the Company RetiredlResiRned lor the purpose of Company lawl: Formallyappointed Nicholas Baldwin CBÉ Ichairl Richard Clarke (Setbior Independent Th"rertorl Harpal 8aines Richard Byrne Professor Guy Daly Adrian Eggin8t Saba Gondal Andy Hardy Karen Helliwell Susan Lock Mary Martin David Mell Philip Riman susan Whelan Tra£y Kim Wootton 11 November 2020 14 November 2018 21 June 2021 21 June 2021 18 March 2019 l March 2020 20 September 2021 21 June 2021 l March 2020 l March 2020 15 Novembet 2017 l February 2018 23 April 2019 13 November 2019 10 Novernber 2021 10 November 2021 13 ju￿ 2021 21 June 2021 17 December 2021

Annual Report & Account5: 2021122 EJ(traCare Committee Member5hip5 Includes oll Trustee members (current Nl und/ormerlXJJ Trustee5 Audit & Assurance De¥eJoprnent Nornination5 & Remuneration Operation5 Fundrai5in& Research & Advorary" Harpal Baines Nichola5 8aldwin Richard Byrne Richard Clarke Professor Guy Daly Chair Former Chair Adrian Eggington Saba Gondal Andy Hardy Karen Helliwell Susan Loik Mary Martin Chair Former Chair Former Chair Davbd Mell Former Chair Philip Riman Susan Whelan Tracy Kirn Wootton * RKharJ i%also ihe Tru%1 r0wesenlalr¥èc￿ the olExt￿art Rt>l Limittd ' Comtnirtee nowdisbafjded Chair ChaiT Company Stcrètary Executive Leadership Team (principal members of staff and kty manaRement petsonnel as defined bythe Companie5Aal Angela Carpenter Mitk Lave An8da Carpenter Chief Executive Executive Director Go¥ernance and Compliance (from 01102120221 Executive Diredor Operations Ifrom 01109120211 Executive Director Operations luntil 16107120211 Emecutive Dirertor Marketing and Inn¢>vation Ivntil Joanna Grainger Angela Harding Henriette Lytile-Breukelaar 30104120211 Chris SkÈlton Kevin Willetts Executive Direttor G)rporate Resources Exet￿1Ve DirectOT Develtspment. Sales and Procurement (until 28102120221 Registerd and prin¢yal office 7 Harry Westrjn Road Binley Business Park Coventry CV3 25N Uoyds Banking Group PIC Shakespeare Martineau. Pin5ent Masons Prin¢lpal Bankers Prirnarysolicito Audltors RSM UK Audrt LLP

Annual Report & Accounts- 2021122 Extracare REPORT OF THE BOARD The Board presents The Eytracare Charitable Trust's I'ExtraCare'l Annual Report and the avdited financial siatements for rhe year ended 31 March 2022. Charitable Objectives and Public Benefit Extf3Care was intorporated in 1987 to provide seNces to older people and this is explitit in our Vision ro deliver 'Better Lives for Older People. and our Mission'creating sustsinable comrThunities that PlLwide homes older people wènt. lifestyles they can enjoy and care If it's needed. We are # registered charity and as such must carry out thoritable purpose5 for the kxjblic benefit. Our charitable purposes I'obierts'l are set out in our Articles ol Association and include". The business of providing Idirettly or indirecttyl and mana8ingthe provision of hougn& social housing and other accornmodation linclvdin& without limitation, nur5illB hornes, She￿ered hcrne5. hostd5 and farÈ homes). ènd assistance to help housÈ people. and associated facilities and ameniiies or services. for people who are poor, or for people who are in need by reason ol their age. physical disability, mental disabilrty. learning disa￿.1[￿. menial illness N chronit sickness. The provision of care. wdfare. rnedical. Thursin& community and ￿her svvices. and associated facilitie5 and amenitie5, for people who ore poor. orfor peoplewho are In need by reo50n of thaT age. physical disability, mental disability, learningdisabilitv, mental illness Dr chrotTic sickness.- The relief of sickness and the preservation and pr¥jm￿lOn of hea￿h of people who are pool, or of people who are in need by rea50n of their age, physical disability. mental disabilily. learning disability. rnental illness or chronic sickne55', The relief of finanrial hardship amongst elderly PEople,' alld Any other charitable object not prohibited for a company registered the Regulator as a non-profit. private. registered provider. Our publii benefit is reflected in the strands of our rnodel. As a charitywhich pioneered retirement communities. we Still believe our madel is unique by virtue of.. We are a charny. and our surpluse5 are all re-invested in the charirable activitie5. Our éiver5e tenure rnix, which make5 us èffNd3￿e lor people from a ran8e of backgrounds and cirwmstances and supports the diversity of our CL*nmunities. Our villages are typically made of 260+ apartments. housing 30(k4￿ resldents. This enable5 U5 to offer 10-15 communal fatililie5 at an affordable priie to re5ident5. This stale is rare for the UX. Our rno¢Jel of Hornes. Lifestyle and Care Is proven to benefit residents. physical and mental heatth and reduce pressure on the health and social care sysiem. Homes okl?r people want Our 16 retirement villages and four smallei housing schemes Iwe operated five smaller housing ￿heMeS throughout the year. howevÈr the agreement to manage Verona CtyJn ended on 31 March 20221 are typically made up of individual one or two-bedroom home5, which are available for Eranting of a property lease. granlillB of a shared ownership property lease. or for social rent. Some of our villages a150 include bungalows ané two tsr ihfee-bedroom cottages. The horne5 we offer and our cornrnunal space5 are attrattive. comfortable. and suited to the emerging needs thai our residents mi8ht face as they 8row older. We continue to explore the installation OF I'smart'l digiial technrjlogy and adaptations to ensure that our residents benefit from the ways in which technoloEy can help prolong indepenéence and enhance quality of life. An exarnple is the 'srnart apartrnents. in our new villages, showcasing a range of smart technology applications induding smart speaker5, eleiiric blinds and adaptation5 to kitchens and bathroom5_ The latest smart apartment in Sollhull Village remains open io the public. During the year we commissioned an exercise which examined our properties in great detail and how over time our offerin8 15 chan8iD8. This work, undertaken by Glenn Howe115 Arthiiects, also focused on the dernanLls of the se£toi and will be vtilised in

Annual Report & Accounts= 2021122 Extracare planning our uF<orning extensions and new village developrnents. The repM ha5 been presented to Trustees and Management and. arnon8st other things, gives a detailed insight into the design of our current villages. the external enwronment affecting the setttsr, our client base and the green agenda. Thi5 work wll be vsed io inform our ne￿ developments 3nd eNtenslOnS. Llfeswes ihey can enjoy Ovr communities offer a wide ranRe of communal facilities and oPport￿lI1eS for heahhv. active. and fulfillin8 lifestyles. These include facilities such a5 a restaurani, gym. craft room. greenhouse. and games roorn, together ￿th a dedicated activities coortlinator in every location to deliver a varied programme to ovr residents. Volunteerin8 IS at the heart of Extiacare tommunities. We have over 2.100 vo14Jnteers. with two Ihirds of our volunteers in locations being residents. We understand the iremendous benefits ol volunteering to our location. often delIVer￿nE services which would otherwise be unafforisable. whilst alsosupportifigour re5identsdirertly in avarietyolways. In addiiion ro everythingthatvolunteering bring5 to Extracare, we know that our volunteer5 a150 benefit from the experience. Our vast volunteeTillK programme is exceptionèl in our retirement communitiÈs. Ovr award-winning wellbeing service supports i)vr residents, improves their healih and enables them to remain indepenéent lor Js long as possible. The team helps impiove wellbeing through programme5 such as the'Engaged Lives Prcjett., where we are equipping residents with the $ki115 to build t￿ridence antl imprLwe $0(ial conneuedness. Thisiprojert was enabled through fundin8 received from the Community Loitery Fund. We continue to facilitate and expand a prograrnrne of healthcare student placements in ¢)ur 8irmingham Ouster. which sèw physioiherapy studenis spending time supp(irting residents again in some of our villages from early 2022. The focus of these placement5 is on falls prevention and sUPPOrting re5ident5 back to normal pts5t-pandemic. Prev¢ously the physiotherapy programme had been very well rece4ved by both students and residents and is just one strand of our intergenerarional aitivitie5. Care when it's needed In ea¢h ol ovr wllaees and s¢heme5 we provide personal core ènd 5UPPOrt tothose residents who need it. Residents in receipt of care include both those whose care is funded bythe local authority, as well as ihose who fund their own care. Where local authoTlty funded care 15 at a rate lower than 5elf-funded care. we are CLynrnitted to providin8 the 5amÈ high quality of tare to all rÈsiden¢s. 16 of our locations have now been accredited by the Gold Standards Framework IGSFI for end-of-life care, providing peace of mind io residents and theiT families that we are fully able to provide the care ihey need for as long a5 they need it. Out of the rernatnin lour locations. two are implementinethe GSF but do noi yet havethe accreditation and two furthÈr Iotations are awèsting thetraining which will enable them to become accredited. Our Dementia and Mental Wellbeing Programme supports resident5 with dementia and dementiarfelated condiiion5 and is partly funded by Extracare through our charitable fundrai5in8. Where we charge for other services provided io residents and other beneficiaries15uch as laundry and cleaningl. we airn to maintain charges at an affordable level and. in éoing $0, Trustees have duE regard to the public benef1t guidance published by the Charity Cornrnission. With all our services, we continue to embed value for money principles, therefore recognising thai an affordable level will be different for each resident. The benefit to resiLlents from the additionèl seMce5 can be significant and therefore, we endeavour to ddiver our services at affordable prices. Equality Act The Equality Art 2010 generally prohibirs discrimination on the %rounds of a characterisiic such as age. It does. however. allow charities to limit the groupof people they help io those with a proteaed characteristic_ Thi5 is provided the limitation is tlÈarly stated in their object5 and the benefits are provideLI in a proporrionate way. The Èoard. having cMsidered the gov¢ming documents of our Charity. are satisfied that the activities of our Charity fall within this exemption as". The provision of quality one and two-bedroom homes for dder peOe releases their prevityJ5 home5 for families- The provision ol safe and secure cornmunities with a wide ran8e of artivities reduces lonelifiess ènd isolation increasin8ly faced by oléer people., anLI The promotion Df wellbeing and healthy life5tyle5 improve5 the health of the individual and ieduces their impèct on NHS and other publicly-funded services. In makin8 these statements. theTrustee5 h*e had due re6ard to the Equality Act 8uidance published bythe Charity Commi55ion.

Annual Report & Accounts= 2021122 Safezuarding Safeguarding is a key goveinance prittrity for Extracare. which is committed to protecting the righi of everyone we corne into contact with. ensuring they arE able to live work in safety and free from abuse or neglect. We operate procedures io respond to anv vulnerable adult at risk, who is known to be experiencin& or is at risk of abuse or The8lect and vnableto protECt thernsefves. and have reÉard to the 5afeKuarding of children where applicable in our wth. Corporate Governance Extracare is a registered charity and a wivate company limited by guarantee. It has no shareholders. and anysurpluses are reinvested back into the Charity. It 15 led by a Board of Trustees. all Df whom are directors for the purwse5 of the Companies Act 2006. The Charity is monirored and supervised by ekternal regulators intludin8 the Regulator of Social Housin8 IASHI. the Cère Quèlitv Commission ICQCI. the Charity Commis5iQll. the Health and Safety Executive. the Inforrnation CommissioneT'S Office and by ihe relevant trade associations. the Nètional Mousin8 Federation and the Associated Retirement Community Operators IARCOI. Extracare Member5 and our Board of Trustees The Board of Trustees is collectively accountable to ExtraC3re's members and other stakeholders for the long-term success of the Charity. ExtraCare'5 member5 comprise past and current Trustee5, past Executive Oire£tor5 and Ihe Chaii of ihe Residents. Forum. New members may be appointed by the Board in accordance wth the LThariVs Articles of Association. The Board 15 responsible for settin8 the vision. mission. and value5 of the Charity. holdin8 the Executive Dirertor5 to account for the Charitlls performance. Standards of conduct and corporategovernance. The 8oarLI 15 also responsible for ExtraCare'5 compliance wilh all relevant legislative ènd regulatory requirements. In attordante with the Artitles ol A550tiation. TrnstÈes may not be paid for their services. nor rnay they be employees of the Chariiy and as such they act in a ￿n￿ecutive capacity. oard Conyosilioii. Tenure, atsd Renew•J The number of Trusiees Is limited by the CharitV'5 Artides of A55(Klation to 12. 8oard mernbers are appointed on a systematic and continuous basis in at£ordance wth our Board R￿rUitment. Induttion and Succession Policy. Appointment as a Trustee is for a term of office ol three years ènd11mited to two consecLrti¥e terms of office in norrnal circurnstances. Trustee5 corrte from a range of background5. including publtc bodies, the housing sector. an¢Y the Pfivate sector. Trustee tyographies are provided on the Charivs website Ihtt www Èxtra are.or ut-thE-ch rit our-tru5tees-directors Details of Board appointments can be found on page 6 of this reF4Jrt. Ouring the year there were Some chanEes io our Board M￿berShIp following the resigTration and retirernenr of three Tw51ee5 and we have used this opportunity to bToaden diversity at Board level. Additionally. il was wth great sadness that during the year we learned of the death of one of our Trustees. David hAell. Davtrd joined Extracare in 2018 and made a committed and valuable contribution to Extracère. Chair of Twstees Nicholas Baldwin CBE was appointed as Chair for an inilial term of three years at the AGM in Novemt)tr 2020. Board Meetin£s The powers of the Trustees are sèt oul in the Charl￿5 Mide5 01 Association and the Board may exera5e all powers ronferred on it bythe Article5 and in accordance with ihe Companies Acl 2￿, Ihe Chartties Att 2011 and other applicable le8i51ation. In the 2021122 financial year the 8oard had five scheduled meetings. This was increased to gx kn-monthly meetlngs for 2022123. Trustee attendance for the year ended 31 Marth 2022 is shown overleèf-. io

Annual Report & Accounts: 2021122 Extracare Board Meetings Sof5 4of5 Committee Meetin£s- Ilof li AGM Nicholas Baldwin CBE (Chairl Harpal Baines Richard Byrne Rithard Clarke lofl lofi 7of7 4of5 Sof5 Zof3 Oofl lofl Oofi 9of9 Guy Dalv Adrian E88ington Saba Gondal Dof2 Oofl 4tyf5 3of4 8of9 Oofl 4of4 lofl Andy Hardv Karen Helliweii5 $4J5on Lock 3of4 4of7 lofl nla 9of9 3of3 7of7 nla lofl nla lof I Oofl 4015 lofl 3013 5ofS Mary Martin David MÈii$.9 Philip Rifflan Susan Whelan Tracv Kim Wcx)tton 4of4 7of7 Sof5 Oofl 3of3 3of3 lofi Oèts￿Ons made dÈorwi￿l1y ' Attended oneAudit & ASSvrènceCcthmittee rnttVnixotser¥er ?Appointed as Interifft Iiustee 21 Jun¢ 2021, Stepped down loN￿em￿r 2021 aThd IDNDVtM￿r 2021 Appoinred 451nterim Trwtee ￿septembEr I021.￿ep￿ed down JO No¥ernber 1021 apwkifmen1•5Trwree 111 NovErnter2U21 ' F0irn￿appoinlrnenl as Trustee IONtr•eDtsei 2021 5S¥.month 5abbaticai from 21 J*luary 2ts21 and Sub5egwAltysttweJthwn Iljuty 2021 °Stepped down 21 )une 2021 psiepped dtswn IONovEmber 2021 Re3ppoiniedat theAnnval ￿￿eTrI ￿￿Ing10￿￿¥efflber1O2I IDie¢ 17 December 2021 Board Committees ThrouBhout the year the work of our Board was 5UPPOrted by Board Cornmittee5: Audit and Assurance Comrnitiee.. Development Comrnittee.. Fundraising. Research and Advocacy Idissofved June 20211: Nominations and Remuneration Committee. and Operations Comrnittee. Comrnittee5 comprtse of between three and Six Trustees includin8 Cornrnirtee Chair5. and mernber5hip of each 15 determined considering individual's 5ki115 and experience. Commirtees meet three limes per year with additional meeting5 Scheduled if required. Commirtee Chairs provide written assvrance reports to the Board on ihe work of the Colnmitiee and Comrnittee Minutes are made available io all Board members_ The Board has a formal schedule of matters specifically reserved for rts approval which cannot be delegated. Other specific matters have been delegated tr) its Committees antl these are clearly defined wbthin eath Committee's iefms of reference. At iheirjune 1021 meeting the Board agreed to dissolve the Fvndrai5inÉ. Research & Advocacy Committee. A comprehensive review of the Board and Committee Terms ol Reference was ihen undertaken to take account of the revised Committee structure and to respond to the results of our annual 8oaré and Committee effecrivene5s review. New Cornrniitee anLI Board Terms of Reference were apprtsvÈd by thè Board in Jun? 2022. This year saw the introdurtion of bi-monthty Bo•rd meetings and a reduction in the number tsf Committee meeiings. li

Annual Report & Accounts: 2021122 Governance Arrangements In 2021 Extracare adopted the National Hov5ing Assoclation Code of Governance 2020 and ha5 used the 2021122 financial year to embed complian£e with the Code. The Board routinely asse55e5 compliance with its Code of Governance to gain asstsrance that the Charity remains compliant and identify any areas for improvement. Extracare has complied with all pro¥i5ions of the Code except as detailed below.. Code Ref. Code of Governance Standard Explanation 3.8171 There is a policy and procedure setting o how disputes and 8rievance5 involving members of the Board can be faised and responded to. Although there is a poltcy and procedure relating to grievances thi5 does not apply to 8oaré members. The Board do not tonsiéer a separate policy necessary as rhis is sufficiently covered by the Chair and SID r￿e$. In addition. the Whistleblowing Policy lupdated and pproved by BtsaTd in March 20221 has been extended ro mernbers of the Board. The GovErnance and Financial Viabilily Standard I'ihe Standard'l of the RSH requires registered providers to 3s$es5 their compliance with the Standarsj at leasi once a year and certify their compliance in the annual accounts. We have 355essed ourselve5 against the Governance and Viability 5tondard, Value for Money Standard. Ren15tandard and the Consumer Standards and we are compliant with the key requirements ot these standard5. During the year we perforrned a detailed review of The social rents that we were charging io our residen15. It wa5 identified that 55 of our properties had rent5 being charKed vknich were higher than the formula rent plu5 tolerante for supported housing. This issue Wa5 sdf.reported to the Regulator IRSHI and resolved quickly. wilh repaymenis being mèée tothose resident5 affected. One of the specific requirernents of the Standard is rhar Fegisiered providers shall havÈgovemance 3rran8erneTrts which ensure that they aéhere to all relevant law Our Charity is sati51ied that it ha5 appropriate rnea5ures in place to ensure legislative and regulatory compliance. and the Board take appropriate measures to assure thernsel¥es of ihis compliance. Trustee indernniiy insurance was i place for the financial year. Future Developments As we reshaped our priorities 1Suring the pandemic. we again delivered an Arbnual Busine55 in 2021122, delaying our next five- year Corporate Plan until the external environment became i ITttle less unPred￿table. Durin8 the year. ir was agreed with the Trusiees that we could now start to focus on the medium term. and as such we have finalised our Corporate Wan which cover5 2022-27. This wa5 signed off by the 8oard of Trustees in Maich 2022 with a focu5 on improving our operational perforrnance and 5eThices. whilst also including modest levels of de4elopment over the coming years. We are planning to extend our Wixoms wllage5. Starting OTh site as Èarly a5 March 2023. The Corporate Plan also looks at startin8 new village developmenr in its final year. 2026127. As detailed wrhin the financial s￿l￿n of this Annual Report, refinancing discussions with turrefit and potential funiters are ongoin8. and we hope to unlock lurther fundifiB which we can in turn use to fund additional developments. Going Concern Usin8 our experienie. we risk a55e$5 those risks identified as presenting the biEEe5t Ihallenge5 to the Charity. These include, but are not limited to. the impact of the housing market on property prices." Ihe tontinued inflation growrh acr055 the UK." and the potential impact ol further waves of the pandernic. A detailed analysis of our income and expenditvre, includin¥ possible implications for liquidity and covenant compliance is reviewed a5 part of this exercise. Our 30 year financial plan is based on robust a5sumptlOn5 and now includes resilience created by building a minirnum of £20m of liouid a55ets. The model is te51ed to ensure it can withstand a range of potential risk5 and reported to the &)ard, trncluding a mitlEalion plan. 12

Annual Report & Accounts: 2021122 Extracare We are now looking to develop again. however would never do $0 unless we have access to availèblelunds forthe development. This crirerion is included within our Medium-rerm Financial Plan. which is an Aw)et)dix 10 Corporate Plan 2022-27. Our financial statetnent5 iomply with all ihe curreni Sialulory tequirements and wilh the requirements of the Charit¥K5 Articles of Associarion. After making all reasonable enquiries. the Board have a reasonable expectaiioTr that the Group has adequate resources to continve in operational existence for ihe foreseeable future. In cornin8 to this decision, the Board have considered on-goift8 financial performance data, stress testin8 of the cashflow. and any artual or potential future liabilities. The Board are therefore confident in <oThfirminB that the Chariiy is viable as agoing concern. Financial Viability A hvge succes5 Story from 2021122 is the building of our £20M liquid asset contingenry, in line wilh our 2021122 Annual Business Plan. We have invested thi5 money in accessible inve5tfflent funds. arbd Èhhough thelunds have reducÉd in value In the year following the turbulent Worldwide ecrjnomic outlook created by the Ukrainian/Russian conflici, we remain confident that these funds will recover and are tuirently the mtrst appropriate ￿3cC to hold furbds. We remain open to changing our investment approach to help maximise the return on our funds_ Durin8 the year we cancelle(l our revolvin8 credit facility IRCFI with Uoyd5 Bank three rnonths early, as we no longer needed the facility following ihe build-up of our liquid asset reserves. This facility was £60M ai ihe beginning of 2020121, dernon5tratin& how. despite the thallen8inB environmènt faced due to the pandernic. we have tontinued to flourish as a Charity. Our property sales levels have increased to near pre-covid levels sinie lockd¢)wn restrittions have been removed and our sales and resale5 experience is that consumer ionlidence ha5 begun to retum. Our fundin8 is made up of medium ènd long-terrn fècilitie5 With Lloyds of E39M to 2026 and £31M to 2040 and with BAE Pensions of £35M to 2031. £7.5M to 2Q37 and £15M to 2040. We conlifiue to work with investors to restnjttureour debt portlolio to ensure that it matches our ambition5 tocontinue togrow our property portfolio. Both our funders, Lloyds and BAE Pensions. agreed to continue to monitor C￿enant5 underthe pr￿louS 3ccountinB treatrnent of oui properties. The Board are satisfied that covenaThi compliance will be asse55ed under the previous basis of accounting and based on muluèlly acceptable calculations. Caliulations on ihis ba515 continue to demonstrate crjmpliance with the loan covenants. No new development5 vrrill start site unle55 the fvll cijstof the development can be fvnded frorn committed loan facilities 106ether with undrawn loan facilities. and with remaining cash reserves being adeqvaie to cove¥ the Charit￿5 financial cDntlnge￿ies. Health and Safety Management The health and safety IH&SI of our residents and sraff 15 of the utmost importancetoTrusteesand overthe last yetyrwe have continued to invest in our location5 to ensure buildin85 are compliant, safe and well m3fia8eLI. H&S and fire safety are identified as risks on our Board Assurance Framework. which is monitored at our Audii and Assurante Commiltee and Legal ané Regulatory compliance is identslied as a strategic risk for the Charity. Extracare has a comprehensive policy framework on H&S. fire and property cornpliance which demon5r¥ates understandin8 of our legal and Tegulatory expectations. The H&S Manager is appointed as the cornpetent person in accordance with Re8ulation 7 of ¢he ManaEefflefit Df Heaiih and Safety at Work Re8ulations 1999. We have a CorpDrate H&5 Group which moniiofs the manè8ement of H&5 across theTrust and Retail subsidiary. Lockdown5, caused by the Covid-19 pandernic. have resulted in unprecedented thallenges regarding our compliance work. However, we rernained complianr on the servicing of Gas. Lift5. Water Hygiene. Fire Safety SeryicindFire Risk A55essrnents IFRAI and the completion of Asbestos sur¥ey5 across all our l¢xation5 duringthe pandemic. Achallenge wa5 fixed wiringtestin8. given the complexity involved in accessin6 every apartment dvrin8 a pandemic. The National Inspeclion Countil for Électrical Installation Contracr¢ng issued guidance advising a 6-month extension and all tests were completed within this timescale. We entered into è partnership wirh West Midlands Fire Ser¥ice Prirnary Authority Scheme in April 2021_ The partnership provide5 US with access to their fire e#8ineerinÉ teèm who act as consultants and è'crslical ftiertd. for advice and support on all lire s8fety matters. The partnership will assisr us in b•n8 prepaied for the impèct of the Fire Safety Act. and the forthcoming Buildin6 Safety Bill and the 13

Annual Report & Accounts.. 2021122 Extracare ind¥stry-wide compeiencyfrarnework comirbg from the Hackett Review. We also became a Registered StEnatory wtth'Buildin8 a SafeT Future, in May 2022. Staff Engagement We use several channels to ensuie th our staff. ￿ardlets of their role or kaiion. are informed and engaged on matters ￿1311￿& to rheir employmeni as well as more general matters relating to the Charity and its strategic dire(tion_ During tho year we were, for ihe second year runnin& unable to undertake our annual staff roadshows in person where a rnember of the Executive Leadership Team visits each location to meet Staff. We felt it irnportant that, even if we were not able to physically visit locations to deliver the roadshows. they should still be delivered both to UPLlète colleagues and also thaDk them for the work undertaken throu8hout the pandernit. We therefore ran ihe roadshows virtually. with a rnember of the ExEcufive Leadership Tearn virtually meeting each location. Our Internal tommunications framework comprises of daify'line up. meetings for staff in locations," a weekfy ernail cornrnunication to staff with important updates and change5. In addition colleague5 have rnonthly 1-2-1 work planning rneetings Wlth their line rnanaBer. This is supporied by our'workplace by Facebook. which 15 an online iDteractNe Staff communication platforrn and accessible to Staff. at all time5. from any devi<e. This provides a corporate communication portal vthere. important announcements. vacancies and corporate publication5, are posted. Our annual staff survey is an opportunity for employees to express ther views otthe Chartry as an employer. The results of the Survey are fed back to locations and deparrment5 and artion plans ale devÈloped as a result in addition to an overall organisationèl action plan. In addition. our 'we're listeninB' and 'su88e5tion scheme. are rneans for staff to 5ugge5t areas for improvement which are reviewed by senior management and responded to ihroueh'you said. we di¢Y communications. The Taylor Awarils are our annual award5 which highli£ht those staff and74olunteers who have gone above and beyond. In the year we developE(l an Equality, (Xver5ity and Inclusion IEDII StrateRV whith was approved by our Board in September 2021.The aim of this strategy is to set out rhe basis of a commitment io diversity with a ériver for inclusion for all. The strategy hè5 been written as a holistic docurnent to Encompass resident5. Staff antl volunteeis_ There arefive stages which are Interlinked. They are.. To define and clearly communicate Extracare's EDI wsitsn. To seek ownership and commiirnent to ÉDI." To obtain and review diversity data," To illentify poliry 8aps,' and To undertake EDI initiatives. Our strategy was developed by a workin8 group and locus groups were run for interested staff and Trustees to seek views on what should be included. Following its approval an EDI Steering GTOUP ha5 been e5tabli5hed with a cross section of staff. The Steering Group will review progress against EDI aciions and make suggestions for development of EDI initiatives. A staff forum 'Xchange' has been establisheé where sraff Ambassadors representing each location. Head office and the Retail subsidiary meet with senior managers and exchange information and views and contribuie io the sirategic direction of the Charity. We hold thegold accreditation for Investors in People and will be aimingto maintain ihi5 during 2022n3 when wewill be re-assessed. Employees who have a disability Our Charit￿5 workforce iDclu¢Jes 2.2% who have declared ihey have a di5abilily. It is not mandatory for indiwduals to éeclare disabilities under the Eqtjality Att. so the number is believed to be higher than our statistits show. All ovrstaff are treated equally andlJIr￿3S port ol any recruitment process and all applicants invitedfor inteNew are offered support to assist thern with the process. This may include access to buildin￿ or a$5i5tance vmih tests where applicable. We will, wherever possible. sUPP(wt any individual who becornes disabled dufiTrB th￿r employrnent by providinK further tfaining or adaptation5 to allow them to (￿linue in their role. If the nature of the disability means thi5 15 not Possible, è.g. if an individual 14

Annual Report & Accounts: 2021122 Extracare betomes physically d15abled ohd is unable to carry out a physically demanding role. then Considerations are made as to whether it 15 possible tor us ro provide re-training for the individual io carry out an ahernatiye role rfone exists. Employees with a disability fan access support through the Access to Work scheme, ? publKly funded ernployrnent support programme that aims to help more disabled people start orstay in work. andappty for specialist equipment to assi5tthern to continue irn their job. with our Charity contributing toward5 the tosts. Fundraising Ourcharitygreatly benefir5 frorn the kindness of those who donate time. goods and moneyto us. Their donations enable u5 to deliver services which would otherwse not be financially susiainable. and which areviial in helping us creaie better lives for older people. Oonation5 are largely generated through= Extracare Retail Limited, our wholly owned tradin8 subsidiary which operates Our charity shops.. Funds raised through trust5. fwndation5. challenge appeals. legacies and our torporate donations., Dedicated re5idenrs and staff who lead or support fundraising activiries at their I￿ations. working al0￿Side their ILKal communities." and The contribution of our intemal and e￿erftal ¥olunteer5 generousfy give t*ith iheir time and skills. During the period we released a video which was sent to a small number of key stakeholders and asking if they could make a donation to help Support our Charity. We received a wytive responseto this Carnpa￿n and may look tD roll this out furthèr in the coming year. We are registered wth the Fundraisin8 ReEuEotor and adhere to its Code of Furbdrai5ine Prartice. We a150 art in &cordanee with all regulations governing f harity fundraising. With ihe dissolulion ol the Funér3isin& Research & Advocacy Cornmittee and the amendment of Board and Cornmittee Term5 of Relerence. fundraising over5ieht has moved to the Ooard (with temporary oversight proviéed by our Developmeni Committee until thi5 rhonge was rnadel. There have been no ct>mplain15 regarding our fundraisin8 ttivitles received in the year12020121= nill. Capital Structure Ovr Charity is a company limiteé by guarantee and does not have shafe capitsl. As5uch it is6overned by ils MemorandLtm and Article5 of A5SOClation. It was incorporated on 11 December 1987. Treasury Policy C￿r Treasury Management Policy wa5 updated during the yeor and wa5 approved by ihe BDard in January 2022. It outlines rhe principles on which we manage investmenis and I￿rrOWIng5. li also ftyms the bedrotk for our Treasury Management Strategy which has been redralted to align with our Corporale Plan arnbitions. It is our Charit￿$ policy to take out loans at fixed rales of interest. whi15t lirnitine the exposure to interest rate fluduation5 on any development fundin8. Following the cancellation of the revolving credit fècility. all ovr bNfowings are at fixed rates of interest. Our Treasury Management Policy outline5 our plansto inc[err￿taIfy build our headroorn, primarilyas liquid assets. to protect against future unexpected events. WÈ are very pleased ihat we have achieved this tash headri)om target in 2021122. Internal Financial Control The Board is provided with an Annual Assurance Statemeni by the Executive Oirector Governance & Compliance, which is signed by the Chiel Executive and the Executive Direttor Corporate Resources. outlining the iontrol measures that ale in pla¢e to provide comfort to theTrustees on financial. governance and operational interna controls. The Board has delegated authority lor overseeing the adequacy and effectNeness of the internal control systems to the Audir and Assurance Cornmittee. In addition to the iniÈrnol controls exert15ed by the management and staff therÈ is a rolling intern31 audit programme thar provides additional assurantÈS. During 2021122 our appoinied iniernal audit provider InAAI lias alLeiid¥d edLlI Audit and Assurance Cornmittee meetin8 along with our EXt￿nal Auditor IRSMI. 15

Annual Report & Accounts.. 2021122 Extracare The work ol the exrernal auditors provides assurance through the interim and final audii wsits and the provision of an audit repon and management letter. Regular meetings are held with our erternal auditor5 to provide an update on chan8es in the Charity and to discuss Strategic and technical matters. A corpDrète Balanced Scorecaré is used to provide ihe eoafd and its Committees with det3i1s of performance aBainsi any targets and commitrnents included in our 2021122 Annual Business Plan. Independent Auditor In 50 lar as each of the Direcfor5 is aware.. There is no relev8nt avdit info¥matioTr of which the group's audiior is unaware- and The D￿r￿torS have taken all step5 that they ou8ht to have taken to make ihemsefves aware of any rel￿an1 audit inlormation and to establish that the audit¢y is aware of that ifif￿matx?ft. On behalf of the Trusiee5'. Nlck Baldwin CBE Chalr 21 September 2022 16

Annual Report & Accounts= 2021122 Extracare STRATEGIC REPORT Sector Outlook Background The later-living resideniial sector has changed sl8Trific3nt￿ since the formatw of Extracare There are now a range of models lor providin8 retirement living. r3n8in8 from a li8ht tovch approach to management to the institutional care home model. We believe that our model of quality older persons. housin8 W¢th an option for care. still has huge demand in this space. The a8e expe£tanry for the UK by 2030 15 expected to be 83 and 85 for men and women respettivdy. A slowin&of birth rates, coupled with this extended life expectancy 15 Pushing the population of European countnes ioward5 those over 65. The overall growth prosperts ol our sector are well ￿￿￿Mented. and we airn to be a marker leader in developine and operating inte8rated retirernent communities that enablè better lives for older people There continue to be thallenge5 around 5taffinL ￿th difficulties in recruiting acr055 a wide ranee of positions in the otRani5ation and particularly wiihin care roles. This is a settor wide issue relarin8 10 care. It is expetted thai ihese challen8es will coniinue for some time to come given the current demand5 on ernployment aCTOSS the tountry. late 2021 also began to see inflation rise rapidly. owine somewhat to the price of utilitie5 and then the wèr in UkraiTre. From a CPI figure of 3.1% at September 2021 Iwhich Is used for 2022123 rent in£ieasesl it is projetted thai a figure of greater than IO% will be reache¢J18ter in 2022. Thesefactor5 have also resulted in a slow and steady increase in new ￿rrOWing costs. with the Bank of Erb&land increasin8 the base rate to 1.25% in June 2022. the highest figure since 2009. On a positive notèfor Extracare. house prices continueto rise. w¢th 3 10% increasÈ in the average house pricethrough 2021. Although this was partially inflated due to 8overnment incentive5 around stamp duty. it is further proof thar the property rnarket currently remains stron8 d&pite the war in Ukraine, Ble￿1 and the pandemK. Covid-19 During 2021122 we engaged our residents again for thÈrr feedback on our handling of the settsnd wave of thè pandemic. Our mèin objectives were to understand the resilience of our model of retirernent comrnuniiies in the face of an urbprecedented global health crisis, and build upon our initial survey (undertaken in 20201 to help inform tsur response to arty further waves ol the pandemic and support our vision for creatin8 better lives for older people. Findings of the suivey included.. 93% agreed that lirniring visitors to the locati￿5 had been important in containin8 the spread of Covid-19- 88% felt safe in our I￿atIonS during thè pandemit," More than 80% felt 5UPPOrteLI in geiting e55entia15 svch a5 Brocerie5 and ffledication., wd 77% reported that we communicated well with reydents during the pandemic. In addition. we also Question resident5 on their mental wdltw.ng dvring the parTrdemic, and found ihe followinÈ' 39% felt socially isolatecl during lockdowns.. 41% stated that the pandemic had negatively affecred their mental health.. 73% felt sad at not beinE able to See children and grandchildTen: an 63% were worried at￿)￿ Iriends and farnily members. This insight is invaluable in help￿fiR our colleagues at I(￿li0n$ deal Ymth any fuiure pandemic outbreaks. or another heètth crisis. Understanding the fvture Despite the Covid-.19 pandemic and lockdown re5triction5. dernand for our offer has remained strong. Thi5 is reflecteil in our sale5 performance throu8hout the year. but 5pecifitalfy towards the latter part of the period. We have been able to return to hosting sales open day5, which have 518nificantly improved demand. éemonstrating just how important these events are in getting customers through our doors. $0 that they can feel rhe experiente we offer when living in our locations. 17

Annual Report & Accounts.. 2021122 Extracare We are constantly strivin8 10 improve our under5tandin8 of the market and ressN)nd to emerging trends. Findings from competitor analy515 in 2020 highlighted the following: Our rnodEI continues to be dtherent to others. but other prowders use our reseaich and model to promoie their products whiih re not wholly comparable to our5. We need to ensure we keep our profile high to generate understanding of the unique nature of our rnodel and challenge those who use our research inappropriatefy. Our targeted markeiing is both cost-effeciive and sufLed to our local markets. alb•t we should continLte to drive our di8ital marketing., Our lifestyle marketin8 needs to be strengthened for the benefit ol resales. with unique sellin8 point5 such a5 resident spokespe0￿e ané a regular supply of case studies bein8 Plotecied and built upon.. New entrènt5 in the market will compet& with us for luture siies. We Should build on our existing partnership5 With local authorities and others. to secure suitable sltes; and Olhei providers arid ARCO membeis use higher deferred char8ing IthÈ lees charged on e￿tI as their bu5iTress model. We should rnonitor this approach and cDnsider rfthis could benefit us. In addition. and in partnefship with three other ARCO members. we have previously cornmissioned the International Lon8eYity Centre UK IILCUKI to undertake a study into the future market for retirement communities. The findings deepened oltr undefstanding of the needs and expettatitsns of both current and future tustomers, and include.. All older age groups are set to grow in absolute and relatwe terms. bLrt single male household5 couple households are particular growth 8roups. We Should consider how we can atlapt ¢)ffer and marketing to reflect this." People's chtrice to move is more driven by 5atlsfaciion. than by finan£ials. AÉaiTr. in our messaging and approach. we shovld be clear about satisfacfion levels amollK resident5. alld other benefits we know from our Asion and Lancaster University research.. If retirement communities don't grow in line with demand. there is a risk Ihat rnainstream housing providers ￿11 offer bespoke hou5inKfor oldei age 8roup5: We need to understand our future cu5torners and their driver5 for movin8 better. In particular,. Jre people by and large seeking security, or are they people who value their independence?: and There is a'sweet spot. for movin6 into a retiremeni cornrnunity, which seems to be betweetb 70 afid 85. Any earlieT, and people are more likely to think they've moved loo yovn& any latw and people are more likety to think they left it too late. We £ontinue to invest in better understanding our markei and our customers to imwove our services and refine and protect our unique rnodel of hornes people want, a lifestyle thry can enjoy aDd care if it's needed. Section 17211) Statement 5172111 of the Companies Acr requires a d¢re(tor of a company 10 act in the way they consider. in good faith. would be most likely ro promote the succe55 of the company for the benefit ol ils rnernbers as a whole and in doing so have regard. amongst other matters. to.. The likely consequences of any decision in the long-terrn: The intere5t5 of the company's ernployees.. The need to foster the company's business relarionship5 With suppliers. customers and others.. The impact ol the cornpany'5 operatlOn5 on the corninunity and the environment.. The desirability of the company mainrainiTr8 a repuiation for high standards of busines5 conduct.. and The need to act fairly betwÈÈn mernbers of the company. Our residents are Ouf key stakeholders. Reports submitted to tsur Board for considerotioh include the requirement to outline any irnpact on our residents and any consultalion th has taken place or is planned." this tncludes consultation requirements on the shon. term impact and the longer-term implitalions of detisions. The consultation then informs the decisions and business planning. Now thar we are once again 3ble to have n person Board Meetings. our Trustees are again taking the OPPDrtunity after Some Board meetines to meet with groups of residents $0 that theirvoices are heard dirertty. This direct resident engagement is critical to ensuring thar stakeholders have a voice ané are part of the way in which the Board ensures community impart is addre55ed. For further information on how we as a charity have engaged wth our ern￿0vee5 durin8 ihe yeai please see sertion 'Stafl en8agemenr' on pages 14-15. Other stakeholder interests. $￿ch as those of our funders and Suppliers. are a150 routinely considered and during the pandemic steps were taken to ensuie ihai our bussness relaiioDships coniinued a5 closely to normal a5 PD5sible. We 18

Annual Report & Accounts.. 2021122 Extracare were able to reassure our Board that arran8ements were in place to ensure the payment ol our staff and suppliers was uninterrupted during the pandemic. Our Charity invests in technology ro help improve our residents, qualtty of life and we also consider the impacl ol our operètions on the environment and wider communiiies. See pages 28-29 forfurther informotion Dn enwronrnental considerations and attions tèken in theyear. and pa8e5 31-32 for People. Proce5se5 and TechnoloBy_ Our investment in iechnology is also part of our long-term focus. Our Trustees consider both short-term and lon8-term implications ol decisions rnade. and thi5 has been especially Importafit in relation to the unique circurn5tance5 of this financial year. Our Trustees believe that, individually and iogether. they have xted in ihe waythat They con5iLler. in good fèith, would be mosr likely io promote the succes5 of the Charity for the beneflr of its beneficiaries. having regaré to the stakehDlder5 and rnatter5 Set out in 5172111 (a-fl of the Companies Act 2006 In the decisions iaken durin8 the year. Our Integrated Model Our MIS￿On is -creating sustainable crMnmunitie5 that provide home5 older people want. lifestyles they can enjoy and care rf it's needed". Our unique mtsdel 15 based Homes. Lifestyle and Care.. Homes: Our locations typically Offer high-quality apartments fortheover $5s." each home 15 accessible with it5 own front door, hallway, living roorn. typically one or two bedroomlsl. kitchen and shower rotsm. M05t w￿11 have a baltany or patio. We are always learning from previDUS developmenrs and modern15ation programmesand aim to'futureproof ovr properties for our residents. This currenilv incluées assessing the environmental impact of any cornponent5 that we include in our desiÈn brief. As at 31 March 2022, 35% of our properties are for 50ci3l rent. In 2(￿) it was 94% and in 2010 it wa$ 62%. which indicates how significantly our rnodel has shifted over time. We have moved away from managing property on behalf of other Re815tered Provider5 to Create the mix of social rented. shared ownership and full ownership homes.. providing diverse integrated retirement ctsmmunities that are avaslable lo all. Lilestyle= Our locztion5 proviée leisure facilitie5 which promote o healthy lifestyle and typically Include.. a bistro. café-bar. gym. 8reenhouse, (raft and hobby moms and wllage hall. The range of actryities may include Zumba, choii Singing. wheelchair aerobics, dtgltal skills workshops. intef8enerational aaivitie5 such as stay and play eYoup5. 50ciablè outiTr85. and entertainment. We ore now able to 8eneraie customer in518ht by cornparine data Irom our wellbng a55essments which are condurted before Tesidents move in with our latest wellbein8 assessments. focvsing on improving areas including exercise frequency. loneliness. ané social netwt>rks. Volunteering IS at the heart of our Charit5 ethos. offering OPPOrtunitiesfor peopleto use their skills and experientÈ, build conhd*nce and a Sense of 5elf-worth. whilst redLKinR Potential loneline55. Resident and external volunteers prowde invaluable support. helping activitiÈs and faciliiies. or supporting fundraising within our communities or Extracare Charity Shops. Our Iccation5 are vibrant social hubs and visitors intlude thildren. schools. unwersities. and communty Eroup5. Visitor5 can a150 use our facilities ¢ncluding our gyms as part of an affordable meml)ership that support5 our charitable income. Care: Each of oui locations offer care 5errices via on-site care semce. delivered throu8h both the day and ni8ht. Care services are predominantly assessed and delivered by our own Staff. although we do allow external providers oAsite. Our services are registered and inspected by the CQC. Wellbeing se￿1£e. Operated by a ream of Wellbein8 Advisors. Ihis award-wnninB service offers preventètive health advice and promotes healthy life choices. Re5ident5 thow have a cornprehensive baseline assessment (carried out on tsur wellbeing appl before moving in. so that we have a better understanding of their health and social care needs. Our resilierbce tool (developed with Aston and Lancaster Universities) can re-assessthose residents identified as frail and support them through personal Boal settine to become personally more resilient. 19

Annual Report & Accounts: 2021122 Extracare Dementia and Mental Wellbein# SeNice.' Implemented through specially trained staff. our Dementia and Mental Wellbeing Service offers tailored support for residents ITving wilh dementia or a cognitive impairment and common mental health condition5, airning to reduce ihe ifflpoct of dementia and improve wellbeine. It also 5UPPOrts residen(s to get a diagn05TS of dernentta where applicpble, aligning with national targets in England. Progress against our Annual Business Plan key targets For 2021122 we had an Annual Business Plan t0 1nform our ambitions for the calendar year. This followed our Board's decision to defer cur next five-year Corporate Plan to allow us to assess the external environrnent. Our 2021122 Annual 6u5ine5s Wan contained Several targets for the financial year with progfe55 for each of these targets being captured in our corporate balanced scorecard repmed to our Board and Comrnittees. Six of these were key tar8ets ané ovr self- assessed performance against them is shown overleaf.. KeyTarget 2021122 Secure all approvals Iinil. planniTrg ffietnots ol construction) for Shenley Wood 3 and one new village to ￿able tK)th io start on site 15ubjeci to fundinel- Panially achieveo. 8oard approved purthase of lano for SW3, use of deyn rnethods of con5truclion and the overall bud8et at th￿r March 2022 meeting. SW3 start on slte scheduled for autumn 2022. • Planning for Worcester Village on-hold a5 Council now rev&ewin£ the local plan Iwhith had not been adoptedl. E70M included in CP 2022-27 for a new village. Achieve CQC good or outstandin£ for all locations inspecied. Achieved. No CQC inspections took place in 2021122. 18120 registered locations have a rating of Good or OLrtstanding, I IcKation has not yet had it5 first in5pertion and I location has a rating of Require5 Improvèment. eK&th locations have been audited internally and outcome indicates both meet the requirements for a ratin8 of Good. Achieve resident experience ratings of 80% in villages and 90% in schemes. Achieve siaff 5atisf3ttion xores". 75% of our ernployees wll be satisfied with Extracare as an employer and 90% of our employees will be fully con7mitted to our vision. . khieved. 91%Villa8es & 94.7% Schemes. Partially achieved. Satisfattion with ECCT not achie¥ed- ¥ore was 68%. • Fully committed to tsur vision athieved- stole was 91%. Achieve a total surplus in excess of £J2M and limit the undedyin8 operatioftal loss li.e. ex¢luding r￿ales} to £1.2M' Achieved. Year-end surplus is £17M anLI operational performance is break- Ensure we meet oi exceed the Re8vlator of Socbal Housin8'5 expectations. Continued PTogress rnade against the ￿lerna￿te plan. with our RSH self- assessnient reflerting that progress. ' Thesefi8ure5 are bJsed tryon ouryeJrenrf manalemerf actoYnrsar￿ threnMs. (bw¥ti￿l PErformart¢¢ ￿She a¢¢ouhtslKuse5 ¢Jn LtsCètiOnS Ferftsffh￿E, la1htthanthetyetalOp￿￿Iry p*f0mm￿e. 20

Annual Report & Accounts.. 2021122 Extracare Financial Performance Our financial performance over the last three years is refierted below. 2021122 2020121 2019120 Operatlng defficit Totzl Cornprehensive Incomè 1£1.3MI 1£3.IMI 1£3.3MI £17.3M £18.4M £47.3M Turnover £47 OM £41.7M £44.2M Reser¥es £282.9M £265.7M £247.3M All properties that have leases granted Ifull and part equity) are held fr)r ca￿tal appreciation and are tonsiijered by the Board to be investment properties_ These are rtrvalued at each balance sheet date ai iheir fair valve. with any fair value movernent recoenised in the Statement of Comprehensive Incomeforthe period. This only applies to theleasehold properties", renred properties held for s¢xial housing remain on the balance sheet at historic cost ènd continue to be depreciated. -. ￿1VfMl Intioduttion and context Vfm infoTrn5 how we plan, manage and operate ovr Chariryto efi5ure ihat we rnakethe best 115eof our resources to deliver our vision of better lives for older people and into the future. We Llefine Vfm as getting the right balance of inpurs. process and outcorne5. as described by the 3 E5.. Econoryw.. achieving the best price for what goes into prowding a ser¥ice. minimising the resources required focv5ing on cost savin8. ¢QSt avoidance or income generation: Efficiency.. to accomplish sornerhine with rhe best use of time and effon.- and Effectiveness.. rhe relarionship between the intended and actual ￿ul Regulator of Social Housing IRSHI Vfm metrks. targets. and performance Our performance against the RSH metrics is 5h(Mn below. RSH Vfm - rnetrics. t3rgets & performance 2020 2020121 2021122 TarKet 2021122 2022123 Target Siorecard median l. Reinvestment 6.1% 2.4% 0.4% 0.7% 0.7% 2. New sup￿￿Y Social Housing Nofi-social Hou5in8 3. Gearin8 4. EBITDA MRI. 5. Headline Social Housin8 Cost per unit 6. Operating Margin (Trerall Social Housing 7. Return on Capital Ernployed IROCEI -0.7% Farning5 before 1nieresi. tsxaiion, depie<iaiion. arnon15aLiOn. miioi lep31￿ i￿lL￿￿e￿. jNereM c¢vt4% 1.3% 0.0% 10.3% 0.0% 33.8% 23.0% 20.0% 17.7% 20.0% 196.1% -0.7% 70.0% 23.7% 25.0% £4.023 £6.059 £6.(XXJ £6.711 £6.OCrf) 21.5% -7.5% 19.4% -2.7% 21.4% -2.0% 20.0% 23.6% 20.0% 2.8% 0.0% -0.3% The exterfval Vfm metrics are rnodelled usin8 H￿seMark-1ed calculations. We know we afe different to many other Registered Providers who complete the daia. and theTefore tlo not focus heavily on the Scorecard median. We do however look to improve our operating cost per units and margins each year. whilst ensuring thÈ servicewe offer is not negativdy impacted. 21

Annual Report & Account5.. 2021122 Our Vfm reportin8 is currently under review as we creJte a new strategy and a55e55 which measure5 are irnportant to our Charity whilst also ensurin8 we can succe55fully deliver our cor￿Tate Plan. Extracare Vfm metrics. tarytts, & performance In addition to the mandatory RSH metrics above we set our own intefnal vfm iafEet5_ These were chosen based on areas ol acfivitv which directly impact Vfm of wheTe a need to enhante performance had been illentified. ExtW3Care Vfm rnetriis. targets & performance 2020}21 Actual 2021122 Target 2D21122 ArtU31 l. Arrears ITeduce value of pJyments duel 2.66% 2.5% 2.3% 2. Rental Voids Ireduce average period for re-letl 20.2 weeks 8 weeks 3. Operation5 SurplusllDelicitl 1£4_9MI IEI.IMI 1£0.8MI 4. Loan to Value 55% 44.7% S. CQC rating Good or Outstanding 95% 95% 6. Resid￿1 satisfartion rating at wlla8es 90 5% VillagÈ5 96.2% Schemes 91% Villages 94.7% Schemes Villages Schernes 3.13 tne5 resident/year 7. Reduce ener8y usage 3.45 tnes resideTri/year 3.23 C02e/resident Rental voids- an aM￿tiouS target ha5 been set vrithin the Corporaie Plan to reduce the re-lÈt timing tsur rental properties. There is much work being undertaken across the orBanis3tion 10 reduce this r￿ure. with recent trend analysi5 5howiTh8 this is already paying dividends. CQC rating- our CQC ratin& which 15 amber, is due to us awaitin8 re-in5pection at Pannel Croft Village. Given work unéertaken internally, we are satisfied th6t if Pannel Croft Village was to be re-assessed we would be awe to record 100% against this merric. Solihull Village. which as our newest village opening is yet to have it5 first inspection. is currently excluded from the calculation. Energy usage- our newly developed Energy and 5usiainability Strategy will continue to support the aim of reducing energy use. with our Corporate Plan deiailing ouy aim to be carbon neuiral by 2035. Our iarget in 2021122 was an overall intensity ratio of 3.13 C02elresident. and whilst we redtKed our emissions by 6.5% pei re5i(knt. we fell just short of this iaiget. As mentioned abDve. our Vfm rnetrics are currently under review, and as such 2022123 tar8et5 have not been Set for these measures. Internal Benchmarkin£ Finance Business Partners work with Re8ioThal Operation5 Mana6ers and LrKation Managers to monitor the income Jnd eNpenditure between locations. 2022123 will see us internally benihmark a number of services across our ILKations and then promotethe sharing of best practice to improve value for rnoney and profitabilTty. External Ben<hmarkine We are 3 member of Housemark, who are one of the UK housing sector's largest membership Ofgènisations and consvliancy service. As our benchmark partner they support U5 wilh data analysis ané the external benchrnarkiTh8 prc<e55. We are now completing the monthly Housemark KPI surveys. known as Pulse suTheys. and plan to begin using this data to help drive our perforrnanc2 moving fon¥ard. Social value As a charity Iocvsed on improvin8 the lives of oldw people. we a150 have a comrnitment to sorial value. Social value mEasures the positive value bvsinesses create for the economy. communitie5. and society. We f￿u5 on the valve that we can bring to our residents and our local communities through our procurement actimty and collaboratioft with our suppliers. Our Prtxurement ond Wellbein8 ieams work together to efi5ure that these initiative5 are targeted towards areas that will benefit the m05t. 22

Annual Report & Accounts.. 2021122 E)(traCare We ensure ihat each procurement exertise we underrake has at leasi io% of the overall score allocated to how Suppliers can as5i5t us in delivering social value. The way social value could be delrvered will differ. encompassing areas such as EDI. sustainability, and sometimes referring to our vision of belter lives for older people. An exampleof this in praciice is the awardof the facilities managernent coniratt in 2021122. where due to the low numbers of women joiningthe construction ir•du5try, potential suppliers were assessed on th¥r initiative5 of encovragin8 women toloin the industry and how they assisted wDmen to develop caree15 Within their orBani5ation. Also duringthe year. we tendered our mt)bile phones cont¢act, with potential Suppliers being assessed on how they would re(ycle old handsets," ènd for a catering ienéef, cooking classes for low sugar recipes to be dÈlivered at those villa8es wth higher le¥els of diabetic residents Wa5 explored. We will continue to deliver social value through our procurement activity going forward. based the UN Sustainable Developrnent Goals. predominanily targets". 3.4- By 2030, reduce by one third prernature nwtalityfTom ￿£￿-¢0mmuniCab1e diseases through prevention and treatrnent and promote mental health and well-being,. 12.7- Promote public procvrernent practices that are 5U5tainable, ih ac(ordance with national policies and priorities." and 17.7 - Promote the éevelopment. transfer. dissemination and diffusion of environmentally sound technoloBies to lyeveloping countrie5 on favourable ierms. inclLtdin8 on concessional and preferential terms. as mutually agreed. Thi5 will ensure initialive5 conrinue to focus on the areas that ale the rn05t benefKial to Extracare and its residents. Managing Key Risks and Uncertainties We are commilted io ensuring that risk rnanagement Is an intrinsic element of Bovernance arrangements and that our risk management process adés value to inlorming decision making protesses to ensurÈ thÈ delivery of rhe Corporate Plan. Ovr Board revised their risk appeiite in June 2021 to inform the preparation of the Corporaie Plan 2022-27. This provided us Wlth an updated framework to identify how much n5k we can take and wheTe to focus ovr atteNtion ￿ reducing risks to within levels of appetite. The Board revisited their Sales risk appetite in March 2022 before si8Din8 off our cofF￿rate Plan 2022-27 and our upded Risk Management Strate8y and Risk Management Policy_ Our Board set the risk appetste across generic risk categories recognising that a'one size fits all. approath does nor easily fir with our bvsiness activities. Develaprntnt Ptopltatyd ulture Opera¢w)fjai H¢4lth &SafEI¥ corn￿13￿< Tc<hllolaKv Averse Minimalist C.auttous Open Hungry Risk Appetite Our updoted Risk Management 5trate8y Risk Mana8ernent Policy look effect from l April 2022. These help us to rnanage our risks, secure the right opportuTrities and deliver sustainable strategic prior41ies_ We amended our risk reporting style durin£ the year to introduce dashboard reporting to provide assurance to our Board. Risks flowing from the pandemic havecontinued to be a focus throughour the financial year and have been mitigateé effeciivelv. We are developin8 our 5trate8lC. t￿hnIcal, and organisational approach to cyber security to focus our efforts Dn managing our cyber se(urity risk. We are inthe earlystage5 of identifyin& p13nnin& and committing toclirnate change actions. Ourvfm 5raternent and also Strearnlined ener8y and carbon reportinz Section demonstrate5 the early work we are undertakin8. and our tar8et5, around climate change. Our 8oard cwisider the Straie8ic risks faced by the Charity to be.. 23

Annual Report & Accounts= 2021122 Extracare Risk AppÈtite Legal & Regulatory Compliance A¥er5eto Minim￿151 Seriouslmajor non<ornpliance with Legal Regulatory iequirement5 results in reponable breache51incidents, potential investl6ations/sanctions/h"nes, repu¢ational damage. and a weakened 3b¢lity to delNer Corporate Plan objectives, tar8ets and commitments. Mitl8ation and management measures include-. Sirategies and 5upponing policie5 and procedureslwork instruttions: Training, awareness and evaluation of Extracare stall,. E%ternaiifhirJ Party visit5[Inspertions/re¥iews/advice.' and Iniernal compliance processes and related prcKedure5. People and Culture Cautious Failure to align our people and culture la5 a shared Set of valves, beliels. systems, prattices. underlying assurnption5, attitudes nd behwioursl undermines delivery of stiate8ic 8oals and Corporate Plarb objective5, tar8ets and commitments le.£. as kev employees become disengaged/dissatisfied and leave. behaviours 51ide. clarity and mission is losil. Mitigation and managemeni measures include= Extracare culture reinforced internally lamong5t personnel and residents) and externally lihrou8h OLrtward/public facing channels)., Structure and succession planniFTrg', Equalr(v. Oiverslty and Inclu510n strategv* Developmeni and implemeniation of a People Strategy that recogni5es the irnportanie of th"ver51ty approved by the Board,. nd Independent/third party review and assurance piovided le.8. Investors in Peoplel_ Fundinc streams Cautioys M3rked decrease in fundirb8 at locations. including fundirvd levels from local authorities Icare andlo¥ housing), loss cf care contratts and marked reéuciioTr in other location income le.8_ lifestyle sewes such as caterin& gym5 and retail outlet51, leads to a reduced ability to support the Charity's artiwties at lotations and deliver related Corporate Plan objettives. targers and comrnitments. Mitigation and management rneasures include.. Strategie5 lor Care & Support and Commercial.. Charging policies lor Property & Care and Life5tyle.' and Community fee_ Cash flow Cautious Financing secured throuth borrowing and saleslresales. insufficient to support our fLtnding needs, and or no Satisfactory rene8ot¢aiion of 103n financing with Lloyds. This could result in failure to meei the developmefit pro8rarnmÈ. a lack of key stakeholderconlidence. a poor regulat0ryvia￿lItygr3éiThg and affect5 deliveryof Business Plan andlor Corporate Plan objectives, target5 and commitrnents. Mitigation and mana8ement Measures i￿lude= Funding in place to provide adequate total faolities.. Re8ular ieview tsf cashflow requirements.. Attive treasury management supplemented by specialist a￿lce.. and Regular reporting to Executive Leadership Team, Audit and Assurance Committee. and Board. 24

Annual Report & Accounts.. 2021122 Extracare Property Market S¥le5 A significant or sustained deterioration in the hov5ing market IfallinE property pricesleconornic pre55ureslstagnationl or other factor affecting demand (for oyr properties) produces reduced levels of sales Inew stock) an¢ resales lexisting stock) limiting the income (from sales) and profit Ifrom resale51 reoli53ble in suppon of debi financin& reinvestment and achlevement of Business Plan and orlcorporate Plon objectives, targets and commitmetbts. Miligation and mana8ernenl rneasure5 include= Demand rnea5ures including introduction of incentives. increasing levels of shared ownership and rentals.. Headroom maintained betweeft available facilities and knrowin85.' and An agreed mitigation plan which can be invoked when required. De¥elopment Cautious Challenges suitable locatiijnslland andlor finaniin& combined ih unrertainty the housing marketldemand/etonornylconstruttion inLlvstry causes delays in the con51ructionlopeniTh￿emtension or refurbi5htnent of "villa8es. Impacting sales income. cashflow, resident satisfattion. reputation and delivery ol Business Plan andlor Corporate Plan objeciives. tarBets and comrnitrnents. Mitigation and management measures include.. Development appraisal model in place which is refined for-lessons learnf after each develDpmeni.' Approval reqtsired frorn Board of Trustees for new villaRe developments.. Regular review of cashflow requirements- and Contract management processes. Infectious Disease le￿deMic/Pa￿demlc Cautious Failure tc¥ plan adequately for risk rnanagement Df epidemit or pandemit infectious disease outbreaks (both established e. influenza or ernerginzlnovel e.8_ Covié-191 irnpacts significantly on Éxtracare's operations and corporare attivities. threatens delivery ol Corporate and operational objectives, plans and tar8et5 and jeopard15es the ChaTItY'5 continued viability. MitlE8tion and rnanèoernent measures include: Covid-19 Governance team in place.. Evidente. feedback. and lesson5 learned derTr)n5trates ortani5ational agility. resilience. ané effe£tivene5s of Tespon5e to Covid-19", Vaccine monitorin8 and re4uirernent5 for lateral flow tEstin8 in ￿0£e- ond Maintenance of funding and ca5hflow management. nternal Audit Our internal audit fuThrtion is outsourced io TIAA. In line 7*thh an apprijved Internal Autlit Plan. QUT internal auéitors assess thE design and effectivene55 of our risk management and internal coThirols. reporting to rhe A￿di1 & Assurance Committee. rhe annual Internal Audit opinion for 2021122 stated YIAA 15 Satisfied ihal. for the area5 reviewed durin8 the year. Extracare CharitableTrust (the T¥u5VI has reasonable and effettbve risk management, control. and governance processes in place.. Internal Audii recommendations are fracked toensure Irnplem￿IatlDn. wth oversight prLNided bytheAudr¢ & Assurance Committee. 25

Annual Report & Accounts.. 2021122 Extracare Risk Summary Our Board of Trustees has.. Considered the major ri5k5 and uniertainties to which the Charity is exposed.. Satisfied them5elve5 that s￿terns or procedures are established io manage and rnitlBate these- Sought independent assurance from internal audit,- and Reco8nised that contro15 wll be 5tren8thened a5 Jvdit recommendatH)ns are implemented. Developing Villages Developing high quality. accessible and attractive ¥illaBe5 Wlth homes older people want is an essential cornponent of the overall succe55 of our Charity. Income from the gr3niing ol initial and subse4uent property leases and from property rental Is a major contributor to our overall surplus which underpins ability to ofler a range of high-ouality charitable sevvites and to ensvre oui building5 are rnaintained to a high standard. Portfolio Development It was decided when the pandemic first hit Ihat developrT*nt artivity wovld be paused whi15t we overtamethe operational challÈnges we faced. This wo5 made an Èasier decision given that we On￿ had our Solihull Village and Earlsdon Phase 2 extension on site and that we were coming off the back of a healthy development pipeline éelivered duiinBth? previou5 Corporate Plan_ When our £20m liquid 35set reserves target had been achieved it was always the Charit￿5 plan to resume measured grovAh tsf our asset base. and as we approach 2022123.that is what we will do. The previous granted plannin8 permission for Phase 2 at our Bedford Wixams Villa8e has been extended lor an aéditional three years and sièrt on site forthe build is evrrently expetted to be towardsthe end of 2022123 or earty in 2023124. We Continue to look for new development opportunities workn"n8 ck)se￿I With local aLrthorilies. developers. housebuilders. and construrtion partners to identify new ￿lIage sites and exlension opportunitie5. Cgnstruction and Building Innovation We are continually exploring ways to improve cwjr approach to construction and are investigatinB the benefit5 of rnodern method5 of construction IMMCI, such as paneli5ed modular build, with a view to reducing the tirne on site and the impact of noisÈ and disruption tts existing residents witholtt compromisiTr8 qualitv. We anticipate that future developments will include MMC wa either Modular build. offsite pod c005trLTrCtion. or both. Our Research and Innovation Strategy continues to drNe change wiihin our wllages and enswes our buildin85 meet our current and future customers. expe¢tation5. Our EnerBy and Sustainability SirateBy sets out the ddail al￿?￿ how all developrnents wll be built ai a stanéard at leasi to the future homes standard and we are assessin8 how ttsfurtherieduceovr carbon emissions. both in development and operatingvillages. Modernisation Our moderni5ation pro8ramme is a committed to continually Invest in ¢)ur exisiing villages to ensure their desirability remains at high level throughout the buildiTh¢s life. We are always keen lo listen to our residents and undertake exlen5ive consultalion with them whilst in plannin8 and design staBe of proceedin85. The kÈy aims of our modernisation programme are= More outward looking villaee environment- Better space vtilisation wthin the villa8e', A more environmentally friendly village.. antl Technology enabled village. Ouring 2021122 we paused the moderni5aiion programrne alonEside pausing devdopmeni activity. This wa5 a key rnitigation for u5 In protecting our cash flow however we are now In a position where we are able to recommence ￿th the programme and our Lark Hill Villa8e rnodernisation 5tarteil in April 2022. 26

Annual Report & Accounts: 2021122 Extracare It is our aim to undertake five modernisations across the fve years of Corporate Plan 2022-27, wth £15M beinR allocateLI in our cash flow to undertake these rnodernisation5. InllSal PrDperty Leases Given lockdown resrrbttions in 2020121, il was no Surprise thai the gr3niin% of our initial property leases for our new village locations was down on eypectations during the year. It became difficult lor customers to view our properties during thi5 period and equally as challen8inÈ for any potential cusiomerto Sell their own ￿￿pertY at Certain times during lockdowns. The be8inninK of the 2021122 year a8ain saw restrictions in place. wrih local lockdowns at some locations also affectin8 our ability to rn3rkot properties. It is to be rernembered that ourolfering 1$ at its besr when a potential customer can witness first-hand ourthrivin8 communities and the lifestyle acriviiie5 Ihat they covld be part ol if they rnove into our village5. DurinE the latter half of the financial vear. we have once again been able to run our village open days. and wtrAic confidence in mixing with other households has slowly be8un to return to sorne sort of normality. Our sale5 team has worke(I tirelessty to generate interest and convert thi5 into sales. and this year 8eneTated £30.2M cash fDr the grantin8 01 initial property lease$. The pro8re55 on sales of our new village locations is as follows on 31 Marih 2022.. Openecl leèses available leases eranted granted HughendEn Garden5 May 2018 205 205 loo% Stoke Giffor¢S Novernber 2018 180 141 78% Bedfor(J Wixams June 2019 184 155 84% Earlsdon Park Phase 2 November 2020 39 65% January 2021 209 103 49% Subsequent Property Leases The 2021122 year witnessed the unwindiN8 of our defer￿ buyback scherne. an initiatbvt which asked lease custodians to defer thE sale of the lease back to us. This unwindin8 in turn pushed our leasehold sales ¥oids figures up, although these have now stabilised arnLI are expected to fall ¢)vef the coming month5. Despite the increase in sales void5 referred to above. we have still manated io generate a resale surplus of £9.3M. Dvrin8 the yea* we 8ranted 160 Subsequent property leases12020121- 1211, 8eneratin8 fash of £41.2M12020121- £34.SMI. Operating(!illages Operatin8 our villages ané 5rhEme5 effectively is kry to our residents enjoyinK an active •nd fulFillinB lifeswe, reas5vfEd by the knowledge ihat they can access good Quality care when needed. in ihe comfort of their own home. Engaging customerslresldent satislattson Residents have an extensive rnenu of engagement option5 at Extracare. both locally and organisation-wide. Residents can inftuence the local m3na8emeni of their services through Residents. Associaiions, as well as thTough 'We're Lisienin8' feedback surveys, recruitment panels, rYK)nthly street meetings. local groups and volunteerin8 Corporately, they iThlluence Extracère's policies via our Residents. Forum. topic 8roups and scrutiny exerases a5 well a5 ihe aforementioned mernber position held by the Chair of the Residents, Forum. The Resident5, Forum acts a5 the principal representative ￿d¥ for the purpose of consultation with resident5 concerning service éelivery. performance and strate8ic plans. We work in partnership with our resHlents to create strong and cohesive communities to enable a positive experience of living in an Extracare I￿atIon. 27

Annual Report & Accounts: 2021122 E)ttraCare Cate Quality The challenging targets set for our care quality have been achieved one exceptN)n ￿h1n increasingly difficult care market conditions. Ouring 2021122 there were no in5pertT¢3ns undertaken by the CQC at our locations. and therefore we remain very proud that at the 31 March 2022, 19 of the 21 (including Verona Courtl inspecreLI locations were currently rated 'Good' or 'Outstandin8' by the CQC. Our newest villa8e, Solihull, has not recetved their first insp￿rtIon and Dne other. Pannel Croft. is rated •s 'Requires Improvement.. Our overall ratings remain as follows.. Five'outstanding. overall.. Br￿nS￿ck Gardens. Hagley Road. Lovat Fields, Reeve Court and Shenley Wood Willage5.' 14'Good' overall.. 8ournville Gardens Villoge. Ear15don Park VillaBe. Hu8henden Gardens Village. Hurnber Court. Lark Hill Vi1128e. LongbriLl£e Village. New 0sCOit Villège. Rosewood Court. Stoke Gifford Willage. St Oswalds Village. Sunley Court. Verona Court Ilanéloid mana8ed from I" Awil 20221, Bedford Wixams Village and Yate5 Coun: Foul of the 14 rated 'G(M)d' overall Wefe rated outstanding in one domain", One rating of 'Requires Imwovernent, Pannel Croft Village lan 355essment of risk review has been vntlerta*en by CQC which reported no concerns in care and was positive in all Key Lines of Enquiryl." and One 5etMce not inspected yet- Solihull Village. Locat￿￿ SUr￿U$es Prior to thè pandemic, there was already substantial effort io limit losses and generate margins within our operations across all locations. With the onset of rhe pandemic and its negative impact on key income 5tream5 suth as caterin& care and apèrtment sales and rentals. there ha5 been an even Sharper focus. We re8ularly review incorne Éeoeratin8 activtties within our lotations to identrfy opportunities to sell servites and meet the needs ot our residents safely. Ovr Commertial Strategy. which relaies to services SLKh as caterin& resident acriviiies and gyrns. wa5 updated durin8 2021122. and now adopts a robust commertial approach. coniinue5 to underpin our eflorts towards generatin8 income and £ontributing to the limiting of losses within our service5. It includes ways to maximise commercial opportunities thai wll contribute to our long-term financialviability as a charity." focvsingon new orfmproved services that are attracttveto resident5, 5U5tatnable and affwdable. In our locations, this Strate8y is led by our Lifestyle Mana8er5. who are'front of house. and run our bars and bistros, gyrns and retail outlets. Streamlined Energy and Carbon Reporting Our Charity is committed to improvin8 It5 environrnental performance and r￿uting our carbon footprint. Reports submitted to our Board for consideraiion now include the requirement io evalvate any environmental consid¢raiions. Environmental Performance Our most recently developed village and e￿ensiOn Isolihull Villa8e and Earlsdon Park Village Phase 21 have been constructed in line with Fabric First principles and aihieved a BREÉAM rating of very good which contributes greatly to rninimising the ener8y usage. As part of the work undertaken by Glenn Howells Architetts looking at our ¥illa8e design brief. there was a 5pecifit Focus on environmental. economic and social sustainabilityfactor5. This work provides uswith new avenues to explore in our next development or extension. We are also examining modern rneihods of construction when appraisin8 all ovr future L1e¥efopments. Emisslons. Waste & Recycling Extracare ha5 an impact on the en￿ronrnent dirertlythrough theoperation of property and indirectly throu8h those operat10Th5 which 5UPPOrt our Charitysuch as knsinesstravel, purchasing of gfM)ds and servites aftd of course keyactivities such as building Trewvillages. In line with Government EnvironmeTrial Reporting Guidance and the Strearnlined Energy and Carbon RepNtin8 ISECRI requirernents, we have assessed the organi5ational boundary and scopeltype of emissions as fdlow5'. 28

Annual Report & Accounts.. 2021122 Extracare Reporting Boundory.. this ieport aims to identify anLI qvantfythe energy use and environmental impatts that occur owing to the operation ol the villages and schemes owned by Extiacare. the head office building in Coventry and all retarl sltes that were in operation throuEhout 2021n2 and the travel acfivities o15taff in supportinethe Charity and Subsidiary. Scope of Erntssions.. thi5 report aims to identify and quantrfy the following types of ernis5ion5'. Scope l Direct Emissions- emissions due to use of natural eas in boilers to provide heatin& hot water, laundry equipment ané catering within buildings- Scope 2 Energy Indirect Ernis5ions- emissions due to the use of electricKty to Fwovide li8htiThB. caterin& hoi water and power for electrical equipment within ￿lIdIng$,. and Scope 3 Other Indirect Erni55ions- erni55ions dueto the con5vmption of watei within buildings and the disposal of liquid ènd solid wastÈ. Ernission 5o.urce enl Repor.Iq8 P..evious Scope I Scope 2 SEope 2 Gas 45,584,675 18.827.446 434.983 423.409 66 kwh 8,349.3 3.997.6 42,813.389 18.411.826 235.128 227.179 83 7,872.1 4,292.5 80.9 6.5% 6.1% Electricity Water kwh 2.3% .9% 85.0% -19.9% Waste- Uquid Waste- Solid 115.2 160.8 86.4% -20.6% -28.4% -16.1% Tnes Travel 193.672 miles 225.083 56.4 -14.0% -13.9% Total scope 1,2,3 12.S78.7 12,466.6 Our ove¥all performance is a reduttion in emissions per resident 016.5% Ishown in the iniensiry talculations table belowl. This reduction is Slightly below the tar8et but is reasonable wen the rESources dedicated to Covid-19 measure5 over the past 12 months. Totè5 emissions a￿ sFmilar to the 2020121 figures. An increase ih eas emissK)ns has been countered bylalls in all other emissions. Gas makes up 66% of ernissions. The rise of 6.sx in Ènergy and 6.1% in C02 emissions is primarily due to the increase in resident nurnbers which are 7.9% higher followinB the opening of our Solihull VillaEe and Ear15don Park Village extension. Gas èmissions per resident have 13llen by just under 2%. this following carnpaigns on how to lower energy u￿ge. We stlll have a long jOLfmey ahead on us in relation to changing the beha￿aUr5 of our residenr5. although we not alonè in thi5 challenge. Electricity usage has increased by 2.3% trHJt emissions have reduceé owineto thedecarbonisaiion of the grid. Electricity emissions per re51dent have 16llen by over 13%. Scope 3 emissions have fallen by over 23%. in part due to reducin8 ernission factors but a150 dueto a reduction of 14% in business travel due to new ways of working which were firsi implemented durin8 the paTrdemic. Intensiiy Ratio We provide services for residents and herFce the mosi appropriate metric io use is the emissions per resident per year. This wll allow lor comparisons overtime Jnd eventually between village5. CJ"reit Rf por. -. ReJooingiYea' Number of resident5 3.899 3.612 7.9% OvÈr311 intensity IC02e/re5identl 8uildin8 ener8y IC02elre5identl 3.23 3.45 -6.5% 3.17 3.27 29

Annual Report & Accounts- 2021122 Extracare Methodology used The key processes in compiling this report were as follows.. Energy and water daia for the villages. head office and retail were collated based on supplier invoices., Waste and recyclin8 data was provided by the (￿tracted waste provider data p)rtal and is based on transfer note data IN8.. Waste figures do not cover Retail sites which have minimum waste Llisposall." Tiavel data was based on Staff expense claims.. Intensity ratio was based on our average resideni population durTng 2021n2." All conversion factors were based on 2020 UK GoveTnment Conversion Fèdors for 8reenhouse 8a$ IGHGI reporting. supporting Villages We are proud of our chariiable status. We make surpluse5 from Some areas of 3cti¥ity which arethen used to subsidise oiher services which, as a charity, we providè to our benÈficianes. ThroLeh this subsi(ty we can deltver vital care and wellbeing service5 and keep them affordable and accessible to all our residents. regardless of their background and circumstanies. We would not be able to continue to glow and Improve these services. whith are proven to be key to the health and wellbeing of residents. without the dedication, 8enerosity and support of our donors, residents. staff and community volunteer5. and our external supporters. Volunteering Volunteering is at the heart of our Extracare tommunities. Volunteers hefp us in areas rangine from our charity shops. location facilities such as gyms, bistros and reteption. events and activities. befriending and fundraising Not only are volunteer5 invaluable to keeping our 5hop5 open and our locations running5moothly. volunteering a150 brings treat mental antl physical benefits to those who volunteer. Our resident volunteers proved crucial during the pandemic T•there they supported residents to get their shoppin& eliverie5 and to m•intain iontact with frienfls and fainilies. Each ind￿Vidual,5 rea50n for volunteerine is unique. They may wish to make 8¢Jod use of their sklls and knowledge, to gain new skills and experience to enhance their CV. build their confidence. meet new people or rnake a difference io otheT5. Whatever their reason, our airn 15 to suppon ourvolunteers to meet their goal. As well 35 volunteerin8 we a150 prowde valuable opportunities for Students requiring plotemenis and Work Experiente. for Duke of Edinburgh Award. participants and for other orBani$3tion5 seeking cofp¥)rate volunteering opportvnities Wlthin wr locations and Charity shops. Extracare Charity Shops In 2021122 Extracare ftetail Ltd, throuKh its charrty shops. 8enerated a 5vrplus of £360K12020121 £39K loss after tax). Shops sell donated goods on behalf of the Charity. wirh profits generated Irom this route being retained within the Charity. Our shops began to reopen in April 2021 following lockdown festrittion5 being lifted, and mosi have rernained open sincethen. Sorne of our shops have been forced to close ternporarity due to ovtbreaks of Covid-19 arnon8st staff and vtslunteers. bul this has not substantially impatted trading in the year. It has been an exceptional year in relaiion to profits. especially given cusiomer nymbers on the high st￿1 are down on years g￿e by. We have continued our siratÈgy of closing shops which are not profit generatng. and thi5 ha5 reduced the number of 5hop5 we now have 10 40_ We are constantly on the lookout for new premi5e5 and expert to open a further three shops in the ioming year. Performance rhi5 year has demonstrared we have been right to be confident about the luture of Extracare Retail Ltd, despite the recent significant challenges we have bttn presented with. The current econornic climate. afid substantial rise In the cosi of liwng will inevitably drtveconsumers to seek 8reatervalue for rnoney. which charity shops are ideally placed to deliver. Thi5 may drive an uptltrn in charitv shop sales if the pattern from the 2008109 recession is mirrored this time around. We rernain tommitted to the Retail Stratety agreed in 2020121. which focv5e5 on tonsolidating the retail estate, developing online sales at shop level. and promotin8 environmental svstainability.. this will shèpeour direction moving forwards. 30

Annual Report & Accounts: 2021122 Extracare Fundraising Artivity We raised £57K in 20211221£95K in 2020nii through resident fundraisin& trusts. foundaiions. rhallenge appeals ané our corporate donations. Given that we do not currentty have a deilicated fundrèisinglunciion in the Charrty this is a good achievement and dernonstrates how our charrtable objectives real￿ appeèl to the publit. Art additional £744K was raised through our charity shops in the year I£IJ5K in 20201211. Thi5 SUPPOrts in reducir¢ our operating shortfall with respect to underfunded or unfunded service5 such as Care. Wellbein& Dernentia and End of Life support. DurinÉ the year we released a fuTrdraisinK Video which has alrea￿ been $￿tesSfUl in Eenerating donations frorn key stakeholders. Research and Innovation We utilise advanced technoloky in order to support our re$4lents in their day-10-day lives. Supporting and si8np05tinK more of our residents through out smart market5 to pilot and ihen purchase voice activated assistants such as Alexa and Goo8le Horne. and Fitbits to rnonitor their wellbeinB. Residents who were isolated from the family or in location lockdown became lonelier, alleainE their mental ond phy51ral hÈalth. and these tethnologiÈs were a lifeline for some residents. More residents were helped byrelativesto purcha5etablets/srnartdevites to irnprove communication methods. With no dedicated smart technology staff in locations. our vdunteers. resident IT champson5, and k)cation staff b￿arne our enèblers." The t>ouble Robot device5 piloted at Wixarn5 and Stoke Giffotd villales were used during the pandemic io. keep residents in contact with relatives. for virtual assessments with healthcare profes5iona15. ond to enablè isolated residents to participate in exercise cla55es- The RGS Care 5en50rs15en50rs that check how re5ident5 are livin8 in th•r apartment re8ardin8 heat, light, movement, noise etc.) were increased through a grant Irom Innovate UK to RGS Care. so that every location had a full sÈt. Residents with issues Sltch a5 dementia or mental health were supported during the pandemic and 501utioTrs identified to ensure safety and ongoing independence.. and Our 'future proofinl research in conjunttson with the lThtemational Lt￿￿e¥lty Centre UK anLI Ctsvid-19 research with Aston University continued ro provide the evidenfefor our model. approach in the pandemic. at the 5arne time maintaiThing our piofile as a lÈaéing provider and innovator in the sector. People, Processes and Technology People Our strengFh lies in the quality and commitmeni of ￿￿r workf0￿e and ¥￿￿nteers. Creating the right environment lor our customers depends on the collectNe elfort of all our collea8ves. The 'lnvestors in People, IliPI award is a recognition of good practice in how 3n or8ani5ation engages with, enables, develops and SUPPOrts it5 people: we hold Gold Award statustrom lip and we aim to maintain this levd during our next moderation in the upcominE financial year. Our 2021-24 People Strat￿Y supports vs in meetin8 our corporate commitmentto review howwe attract. retain. develop and engè8e with our people and develop our cult¢Jre. We are tommitted to providing a competitive pay and benelits package to current and prospective staff and have implemented the Real Liying Wage to Trust staff. We3cknowledBethat recruitment and retention are issues both in ovrsertor ané atrossother sectors, and therefore investin8 in our ernployees 15 essential. In Marih 2022 our Board approv￿ a 6% pay award irKrea5e, with all staff receivin8 a minimum of 4%. and many of our colleague5 who undertake front line care delivery role5 receiving a higher pwcentage increase Irom I. Apcil 2022. 2? Online Social Media Assistants and eightAdministrativeAssistanrs were recruited as Kickstarttrainees in phase one tsf ihe Kick5tart Scheme. In addition to work experience additional tratning was Lldivered to the Kickstart individua15 to develop their skills and experienceon customer seryice. comrnunication. irbterview techniqves and updaiingtheir CVS. At the end of this phase one individu81 secured a peTrnanent rolewith Extracare, two int11￿￿ualS secured relief contracts. Four ifidi¥idua15 havecoTrtinuedtovolunteerwithin 31

Annual Report & Accounts: 2021122 Extracare our charity shop5. The ernployment experience and skills provided has also ena￿ed Thine individua15 to secure permanent roles extèrnally artd two indiwdu315 chttse to go tts university. A lurther 17 indmduals were recruited in phase two of the programme and are currently undertaking their six-month placernenl5. Our 2021 staff survey showed ih'. 68% of our employees are satisfied with Éxtracare as an employer-ourtargei wa5 7S%,' aThd 91% of our employees remain fully comrnitte"d to our visiw and values- our target was 90%. Our survey highlighted a need foi us to do rnOTe around reward and recognTlion: an empha515 OTh learning and developrneni opportunilies., and ihe need for increased employee engagement activity. IT and Digital Globally, the proliferaiion ol (Ji8ital health tethnoloRY continues and is set to build rapidly as a result of the Covid-19 impact on care and health provision. At Extracare we will continueto explore and deploy smart technology 501utioTrs wherethese improve residents, quality ol life, promote indepen¢Jence. and reduce the operational costs ass(iated wth front line care prowsion. Digital technologv wi11 also sUPPOrt increa5eé efficiency across our managernent and working practice5,' this approath has been accelerated as a result of a changed working environrnent linked to the crisis. We have embarked ￿ an ambitious digital transformation proyammeio improve performance within EKtraCare by rnaking optimum use of digital solutions. We will be working to a set of architectural princi￿eS ihat in part will See us introdvce Microsoft ￿naMiC$ ès our core tommercial hub- an enterprise @rade rnulti-functionol platform that wll give us a solid foundation for digital growth. The hi8hly inte8rated nature of data and 501utions available on the Microsoft (Jynarni¢s platform will reducethe need for custom and bespoke integrations between Llisparate systems. making workflow and awoma11￿ easier. and helpin8 US to leverage data. On behalf of the Trustees-. Nitholas Baldwin CBE Chair 21 September 2022 32

Annual Report & Accounts: 2021122 Extracare THE BOARD'S RESPONSIBILITIES IN THE PREPARATION OF ACCOUNTS The Board as irvstee5 (who are also the directors of The Extracare Charitable Twst forthe purposes of company lawl are responsible lor preparing the Annual Re{￿rt and the financ•al statements in accordance with ap￿1(able law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company. housing and charity law requires the Trustees to prepare accounts for each financial year which 8ive a true and fair view of the state of affairs ol the Company ond the Group and of the incorne and expEnditure of the Group forthat period. In preparing the Group ènij Company financial statements. theTrusteÈs. as Lhreciors. are required to= a. Sel￿t suitable accoursting policies and then ap￿V them consistentty.. obser¥e the methods and principles in ihe s￿tement of Recommended Practice 'AccountinB by Registered Housing Providers Update 2018.: make judgements and estimate5 that are reasonable and prudent- d. state whethef apthicable United Kingdorn Accounting Standards have been followed. SU￿.e£l to any material departvrÈs disclosed and explained in the financial st4tements.' preparethe actDunts on the 8oin8 ¢tJncem ba515 unless it is inapyowiateto presume that the Company and Group will continue in busine55. The Trustees, as Direcrors. are responsible for keeping adequate accovnting records that are sufficient io show ènd explain the Group's and the Compafty's transaclions ind éistlose with rÈasonable atturacy ar any limèihe finantial position of the Company and the Group and enable rhem to ensure that the financial ststements tornp￿ with the Companies Aci 2006, the HousinE and Regeneration Acr 2008 and theAccountine ￿'rectIOn forPFiv?teRe8isteFed Providers of Social Hous1￿ 2019. They are also responsible for safeguarding the assets of ihe Company and the fjroup and hence for taking ieasonable steps for the prevention and detection of fraud and other irregularitie5. The Trustees are responsible for the maintenance and integrity of the corp)rate and finarKial inforrration included on the Extracare Charitable Trust webslte. LegislatlDn ITr the United Kingdom governing the preparation and dissernination ol financial statement5 rnav differ from legislation in other jurisdiaions. 33

Annual Report & Accounts- 2021122 E)ttraCare INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE EXTRACARE CHARITABLE TRUST Oplnlon We have audited the financial staternents of The Extracare Charitable Trust Ithe'Parent Company'l and its subsidiaries Iihe'fjroup'l lor the year end￿ 31 March 2022 which cornw5e the Con501idated Statement of Comprehensive Intome, the Group and Charity Statements of Financial Position, the Group and Charitystatement of Chan8es in Reserves, the Consolidated Statement ol Cash Flows and notes to the financial Statements. including significant accounlin8 policie5. The financial reporting framework that ha5 been applied in their preparatiorb is applicable law and United Kingdom Ac£ouDtinR srandards including FRS 102 -The Financial Reportin8 Standard applicable in the UK and Republic of Ireland- Iuniied Xingdorn Generalty Accepteil Accounting Piacticel. In our opinion the financial st8iements'. give a true and fair view f>f ihe state of the Group's and the Pareni Companvs affairs as at 31 March 2022 and of the Group's income and expenditure for the year then ended.. have been properly prepared in accordance with Uniled Kingdom General￿AccePted ACcount￿n£ Practice., and have been properly prepared in accordance with the requirements ol the Cornpanies Act 2006. the Housin8 and Regeneration Att 2008 and the Accounting Direttion for Privaie Re8i5tered Providers of 50(ial Housing 2019. 8a51$ for Dpinion We have been appointed auéitors under ihe Companie5 Act 2LK16 and settion 151 of the Charitie5 Att 2011 and report In accordance with those￿1$. We conducteé our audit in accordance with International Stondards orb Auditing IUKI IISAS IUKII and applicable law. Our responsibiltties under those standards ale further described In ihe Audirorfs responsibilities for the audit of the finan£ial 5tatement5 section of our report. We are Independent of the group in accordantè with the ethital requirements thar are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilleé our other ethical responsibilities in ccoréance with these requirements. We believe that the audit evidente we have Libtained is 5uflitient and appropflate to provide basis for our opinion. Conclu￿oN$ rtlatin£ io golng concern In auditing the financial statements. we ha¥e concluded that the Trustees. use of the going toncern basis of accounrin8 in the oreparation of the financial statements is appropriate. Based on the work we have perfttrmed. we have noi identrfied ahy material vntertainiies rdating to events or conditions that, individuèlly or collectively. may cast ￿gnIfIcant doubt on the group's or the parent cornparrfs ability to toniinue as a 80ing concern for a period of at least twelve rnonths frorn when the linoncial staternenis are avthorised for issue. Our re5ponsib'litie5 and the re5pon5ibilitie5 of the Trv5tee5 Wth respect to £oin8concern are described in the relevant sections of this repLTrrt. Other Information The oiher information comprises the tnformarion included in the annual report, otherthan the financial statements and our ayditorfs report thereon. The Tru5tee5 are responsible for the other information contained within the annual report. Our opinion on the finantial statements does not cover the other informarion and. except to the extenr otherwise explicitly stated in our rewrt, we do nor express any forrn of a5suraThce conclusion thereon. Our responsibility is to read the other information and, in doing so. consider whether the other inforrnation is materia11y inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears ro be matèrially misstated. If we identify such material inconsi5rencies apparent material misstatements. we are required io determine wheiher thi5 gives rise to a material misstatement in the financial staiements themselves. rf, based on the work we have performed, we conclude that there 15 a material misstarernent of thi5 Other informatiorb. we are required tD Ye￿rt thai fau. We have norhinB to report in this re6ard. OplnloThs on other mattels prescribed by the Cornpanies Art 21M)6 In our opinion. based on the work undertaken in the course of the audit.. the inlomation given in the Strate8ic Report and the Oirertors, Annval Repm for the financial year for which the financial staternents are p￿pared is consistent wAih the financ4al statements- and 34

Annual Report & Accounts= 2021122 Extracare the Strategii Report and the Directors. Annual Report have been prepared in accordance wrh applicable le8al requirernents. Matters on which we are required to report by e¥¢eption In the light of the knowledee and under5tan¢Jing of the Group the Parent Company and its enwronment obtained in thecourse of the audit, we have not identified material misstatements in the Sirètegic Report ané the Directors Annual Aeport. We have nothing to report in respect of the followin8 matters ift ￿latiOn tD which the Companies Att 2006 reouires us io report to you if. in our opinion.. adequate accouAliNg re(ords have not been kepi by the Pareni Company. or returns adequate for our audit have not been received fr(Mn branches not visited by us: or the Parent Cornpany financial staternent5 are not in agreemenl with the accounting records and retums., or certain disdosures of Trustee5' remuneration speeified by law are not made- or we have not received 311 the information and explanation5 we reouiie lorow audil. Respective respon￿bIlItIeS of Trustees As explained rnore fully in the Trustees. Responsibilities Statement set out on page 33 theTrustees Iwho are also the Directors of the Company for the purposÈs of £ornpany lawl are responsible for the preparation of the financial statement5 and for being Satisfied that they give a true and fair view. and for such inieTnal control as the Trustees determine is necessary to enable the preparation of liDancial staiements that are Iree from maierial misstaiemeni. whether dueto fraud or error. In preparing the financial 5tatement5. the Trustees are responsible for assessing the Group's and Parent Company's ability to coniinue as a going concern. disclosing. as applicable, matters related to going concern and using theeoing concern basis of accounting unless the Tru5tee5 either intend to liquidate the Group oi the Paient Company or to ie35e operation5. OT hove no realistic alterThativE but to éo so. Auditoes responsibilities for the audit of the financial statements We have been appointed auditors under the Companies Act 2L¥J6 and sertion ISI of the Charities Act 2011 and report in accordance with those Act5. Our objectives are to obtain reasonable assurance obovt whether the financial 5toternents a5 a whole are free from m•terial misStaEement, whether due io Iraud 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 Èuarantee that an audit condvcted in accordance with ISAS IUKI will always delect a material misstatement when it exists. Misstaiement5 Ian arise frorn fraud or error and are considered rnaterial if, individually Dr in the aggregate. they could reasonab￿1 be expected to influence the economK decisi￿$ of users taken on the bastrs of these financial statements. The e￿ertt to whi¢h the audit w35 ¢onsldered capable of 41etecting irregulariiies. including traud 1rre8ularitie5 are trnstances of noTr-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulaiion5 thai have a direct effect on the determination of materi81 amounts and disclosures in the financial statements. to perform audit protetlures to help Identify instances of non<ompliance with other laws and regulations ihat may have a marerial effett on ¢he financial statements. and 10 respond appropriately to identified or SU5pectÈd non-tompliancè with laws and regulatith)s idÈntrfied during the audr(. In relation to fraud. the objectives ol our auéit areto identify and assess the risk of material misstaternent of the financial statements due to fraud, ro obtain sufficient appropriate audit evidence regaréing the assessed risks of maienal misstaternent due to fraud through designing and implementing appropriate response5 and to respond appropriately to fraud OT Suspected fraud identified during the audit. However, it is the primary responsibility ol mana8ernenr. wilh ihe over5¥hi of ihose char8ed with 8ovemance. to ensure that the entity's operations are conducted in accordance with the PTOVi5ions of laws and regulations and for the prevention and detection of fraud. In identifying ané assessing risks of material misstatement in respett of irregularities. induding fraud. the Group audit engagement team". obtained an understanding of the nature of the 5ertor. including the le8al and regulatory framework that the Group and Parent Company opefates in and how the Group and Parent Company are com1￿¥Ing wilh rhe legal and regulatory f¥arnework.. 35

Anrbual Report & Accounts.. 2021122 Extracare inquired of managemeni. and ih05e charged with governance. abo￿ their own identification and assessment of ihe risks of irie8ularities. including any known artual. suspected or alleged instances ol fiaud.. and discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment ol how and where the financial statement5 rnay be susceptible to fraud. As a ie5ulr of these procedures, we Consider the most significant laws and reeulations that have a direct impact on the financial statements ère FRS 102. the Companies Art 2C¢)6. Charitie5 Art 2011. the Housin8 ond Regeneration Art 2008 and the Accounting Direcrion for Private Registered Providers of Social Housing 2019 and tax cornpliance legis13tion. We performed auétt procedure5 to detect non-compliances which rnay have a material impact on the financial 5tètement5 which included rewev•ing financial $13ternent dlsclosures. The most 5i8nilicoftt laws and rEgulation5 that May have an indirect irnpact on ihe financièl statement5 are Health ènd Safety at Work Act 1974 and Regulaior of Social Housing Regulatory Standards (both Economic and Consurner standards), compliance with the Caf e Quality c0rnrni5si￿ iequiremenls and the General Data Protettkon Re8ulatiDn5 as set out in the Data Protection Act 2018. We performed audit procedures to inqltire of management and those charged wirh &Dvernance whether the Group is in compliance with these laws and regulations and inspected correspondence wtlh licen5in8 or re8ulatory authorities. The Group audit engagement team identified the risk of management override of controls arid the cornpleteness. valuatioTr and cut off risk lor retail ?nd otheT inC(3me as the areas whve the financial 5taiements were m95t Susf eptible to material misst£tement due to fraud. Audit procedures performed included but were not limited to iesting manual journal entrie5 and other adjustments, eVal￿all￿& the busine$5 rationale in relatlDn to si8nifJcant, unusual transactTrons 6nd transactions entered intD Outside the normal course of business. challenginE iud8rnents and e5timate5 and substantive controls testin8 along with data analytic5 for incorne. A further description of our responsibilities lor the audrt of the finanoal statements is located on the Financial Aepo¥tjn8 Council's website at-. . This description form5 Part of our auditorfs report. Use of our report This repDrt is made solEly to the Company's members, as a body, in accordance wrrh Chapter 3 of Part 16 of the Compantes Act 2006. Our audit work ha5 been undertaken 50 that we rnight 513te to the Company's member5 those matter5 we are requireLI to state to thèm in an audiiorfs report and for no other purpose. Tv thelullestexternt permitted by law, wèdo nDt attept or assume responsibilitv to anyone othef than the Company and the Company's mernbers a5 a boLly. for our audit work. for this report. or for the opinions we have lorrned. ANNA SPENCER-GRAY (Senior Slatulory Auditor) For ané on behalf of ASM UK Audit LLP, Statutory Audiior Chartered Accovntant5 103 Colmore Row Birmin8ham B3 3AG 23109122 36

The Extracare Charitable Trust Consolidated statement of comprehensive income For the year ended 31 March 2022 Extracare 20Z2 £'ooo 2021 f'OOO Note Turnover Operating expenditvre 46.998 148,2901 41,678 144,82Jl Oper3tin# defitit 11,2921 13,1431 Profit5 on disposal of fixed &5sets Interest receivable Interest and financing costs Decrease in fair value of listed investment Increase in fair value of investment propertie5 li 525 15.5601 14051 22.644 14.5601 16 12 31.729 Surplus befo￿ tax 15,913 14,032 Taxation Surplu5 lorthe year 15.913 24,032 Oefined benefit pension surplusllcostsl recognised in other comprehensive incornt 22 1.335 15,6491 Toial comprehensive income forthe year 17.248 18.383 The resvlts for both years are wholty attribyialAe to continuing actiwties. Yhe notes on pages 41 to 68 form part ol these financial statements. These financial statements were approved by the Board of threttors on 21 Septernber 2022 and signed on its behalf bv.. Nicholas Baldwin CBE Chalr Richard Clarke Trustee 37

The Extracare Charitable Trust Staternent of financial position As at 31 March 2022 Extracare Grovp 2022 £'ooo Charlty 2022 £'DOO 2021 £,￿0 2021 £.￿0 Note Fljted asset5 Intangible assÈts Tangible fixed assets Investment properties 31 .124,7(K) 767.305 83 126.328 744.450 31 124.71N) 767.305 83 126,328 744,450 io. li 892.036 870.861 892.036 870,861 Current asstts Stocks and assets held for Ji5tx)5al Trade and other debtofs Current asset investments Cash and cash epuivalents 14 15 16 109 3.898 19.595 JO,6B6 138 3.332 3.838 19,S95 10.684 3.431 3.804 3.788 34,288 7,274 34.117 7.219 Creditors." Amounts falling due within one year 17 1471.2231 1436.5871 1471.0131 1436.4931 Net curient liabilities 1436,9351 1429.3131 1436,8961 1429.2741 Total assets les5 cunent liabilities 455.101 441.548 455.140 441,587 Creditors.. Amountsfalline due after more than one year Oefined benefit pension liability Other provisions 18 22 23 {165,4111 16.7601 181 1166.6291 19.2031 1421 1165,41Jl 16.76DI 1166.6291 19,2031 1421 Total net 055ets 282.922 265,674 282,961 265.713 Capital & reser¥es: Restricted reserves Revenue reserves 25 6.474 276,448 6.602 259,072 6.474 276.487 6.602 259,111 182.912 265.674 Z82.961 265.713 Company registration number.. 02205136 These financial statem￿tS were approved by the Board of Directors on 21 September 2022 and signed Dn its behalf by-. Nichola5 Baldwin CBE Chalr Ilichard Clarke Trustee 38

The Extracare Charitable Trust Statement of changes in reserves As at 31 March 2022 Extracare I￿￿14￿￿Tntrt Gwoup Charity Inrome and expenditure reserye Income and expenditure reserve fte5tricted Restritted reseThe reserve £'oc E'ooo £'ooo At l April 2020 Surplus lor the year Transfertollfroml restri¢ted reserves 240.685 18.383 6.606 240,668 18,439 141 As at 31 M¥rth 2021 6.602 259.072 6.602 259,111 Al l April 2021 Surplus for the year Transfer to/lfroml restricted reserve5 6.602 259.072 17.248 128 6.602 2S9.111 17.248 128 11281 11281 A5 at 31 March 2022 6.474 276.448 6.474 276,487 39

The Extracare Charitable Trust Consolidated statement ol cash flows For the year ended 31 March 2022 Extracare 2022 É'th)0 2021 Note Net Cash ienerated from operatin¢ artr¥ities 33 13.457 Cash fiow frr>m investing attivitie5 Purchase of tangible fixed 355ets Proceeds on sale5 of fixed assets Grants received Interest reteived Investments in current asseis 12.5361 525 114.3251 640 I20.￿￿1} Net cash used in investing artivities 122,0101 113.6791 Cash flow from financing artivitie5 Interest paid New Secured loans Repayments of borrowings Paymenrs received on property lea5e5 Satlement of property repurchase liability 15.3831 16.0461 28.000 144,0861 64,943 125,7591 11.0861 71,337 132,5191 Net cash used in fiThan¢img art6vities 32.349 17,052 Net change in ¢ash and ¢3sh equivalent5 6￿82 11.3981 Cash & cash equivolents at beginnin8 of iheyear 3.804 5,202 Cash & cash equivalents at end of ihe ye3r 10.686 40

The Extracare Charitable Trust For the yeay ended 31 March 2022 Notes to the financial staternents Extracare l. Legal status The Extracare Charitable Trust is a private cornpany limited by 8uarantee re6istered and incorporated in England and 15 an English registereé social housin8 prowder. The addres5 of Extracaie's re8i5teied office and principal plate of business is 7 Harry Weston Road, Binley 6u5iness Park. Coventry. CV3 2SN. The principal activities are prO￿dIng housinE ané tare to oldèr people. 2. Principal accounting politiès Basis of accounting These financial statements were prepared in accordance wth Financial Repurting Standard 102 'The Financial Reportin8 Standar applicable in the UK and Republit of Ireland, I'FRS 102.1 ané the requirements of the Companies Act 2CQ6. including the provi510115 of the Large and Medium siied Companies and Groups (Accounts and Reportsl Aegulations 21M)8. They are prepared under the hisiorical cost convention modified to include tertain financial instruments ar fair value and accordinB to the Housing SORP 2018 'Statement of Recommended Practice for Registered Housing Providers.. They also comply with the Accountins Direction for Private Registered Providers ol Social Housing 2019. MoTretary amounts in these financial staternents are rounded to the nearest whole £1,000, except where otherwise indicated. Public Benefit Entitv The Charity is a Public Benefit Entr(y. as defined wfLhin FILS 102 as -an entity whose primary objective is. to pro¥(de goods or services for the general publi¢ community ¢y social benefit and where any equitv 15 provided with a wew to 5UPPOrting the entity's primary objertives rather than with a view to pro￿ding a financial reium to equity providers. shar?holders or members" Basis of consolidation The 8roup accounts tonsolidète the attovnts of the Charity ènd its subsidiary undertah"ngs. Intra group transactions, balances d profits are eliminated on consolidation. The consolidation is carfied out OTh a line by line basis ané all entities have coterminous year end dates. The accounts for the Charily include re(harKes ￿th a subgdiary undertaking which runs charity shop5 to raise charitable fuDds. The recharEes are based on resour(es use(1 anil payments made. The parent Charity has taken advaniage of the exemption from presenting its unconsolidated Statement of Comprehensive Income under Section 408 of the Companies Act 2LN)6. The Company has taken advantage of the exemption frDm disc105in8 the following inlormation in its company only accounts. as permifted by rhe reduced di5c105ure r4irne within FRS 102: • Section 7'Statement of Cash FIow5'_ Presenlation of a Statement of Cash Flow and related notes and disclosures. Goin6 Concern Our 30-year financial plan is based on robust 355umptions and includes a tarEet headioorn of £20M in liouid asset reserves to allow us to with5tJnd a ran8e of potential risks. Followin8 stre55 testing the Board agreed for prudent assurnptions around the net cash inflow from granting of Subsequent property lease5 to be factored into our business plan to mitigate our market risk exposure to fact￿5 such as a pandemic. The Board reco8nises that the covenants in place with funder5 are calculated u5in8 values from the finafici31 statements as prepared based on the accounting policies in place prior to the 201912020 chanEe of actountin8 policy. HaviThg made enquirÈs of the fvnders and received assurance5 from the funders and receivetl legal Euidance. the Board are satisfied that covenant compliance for the1oans disclosed in note 19 of the financial 513ternents will be judged by both fvnders under the previou5 basis of accounting. for a period of at leasi 12 months from sign off of these financial 5ratement5 or until the Charity initiètes the agreement of new covenanis, based on mufyally acceptable calculations. Covenant calculations have therelore been prepared, which demonstrate tompliance. based on the previous accouniin8 treatment and reconciled back to the linancial 5tèternent5 prepared under the revised actovnting basis. 41

The Extracare Charitable Trust For the yearended 31 March 2022 Notes to the financial statements Extracare Our financial statements comply with all the current statutory requirements and with rhe requirements of the Charitvs Artitles of Association. After making all reasonable enquiries, frjr a period of at least 12 months Irom sign off of these financial siatements the Boaré have a reas￿able expettaiion that the Group has adequate resources to continue in operational existence for the foreseeable future. In coming to this decision. the Board have considered on-goin8 financial perforrnance data, stress testing of the cashflow, and any attual oi potential future liabilities. The Board are therefore confidenr in confirmtn8 that the Charity 15 viable as a going concern. Turnover Turnover is measured at the fair value of ihe cash £1￿$1dera[IOfft fecei¥ed or receivable. The Charity 8enerate5 the followillB material income streams". Rental Income receivable (after deductir6 losi rent from empty propertte5 available for lettingl.. arnd Invoiced amounts r￿e1Vable from the delivery of care and health seNices. Rental income is recoETrised from the point when properties under development reach practical tompletion and are let. Grants. donations, legacies and similar income are accounted for as 500n as their arnount and receipt are cenain. In the case of un501icited donations, this is usually only when they are received. while fundraising result5 are accounted for when the tommitment is made by the donor. subject to fuffilment. Grants. where entitlernenl is not conditional on the delivery of a specific performance by ihe Charity, are recognised when the Charity becomes unconditionally entitled to the 8rant. Turnover is included on an accrua15 basis. The Income from gooés donated for resale in the Charity shops is included in the accoufits when those goods are sold. No value 15 placed on any Stock of such Eocd5. Donated service5 facilitie5 are included èt the value to the Charity where this can be quantified. Investment income 15 included when rec¥vable by the Group. SÉrvitÈ charges Where schernes are on fixed service char8es. income is recognised in the financial statements in line with the arnounts charged to the occupant. Certain village5 operate vaiiable semce charge5_ Where there is any difference between the estimated c05t re<gvered from tenarit5 6lld leaseholders and the artual cost incurred, any such shortfall or SLtrplus arisin8 is carried forward and either colle£tEd or refunded against the future yeai's tharge. Any 5hortlall or surplus arising Is shown in the staternent of financial position within debtors or creditors as apkvopriaie. Intan8ible flxed assets Capitalised IT software expend(ture is initially wognised at cost and subsequently measure(l ot cost less accurnulèted arnortisatitsn and accumulated impairment losses. Capitali5ed IT software expenditure 15 ornonised on a straight-line basis over its useful life which is 3 years. Taxation The parent Charity 15 exempt from Corpjration Tax as a registered charity. The trading subsidiary is 5ubBert to corporation tax on any profits nor éisrriblrted by gift aid to the parent Charity. VAT The parent Chariiv is partially exempi for VAT purposes. and consequently VAT incurred cannot be fully recovered. Where VAT is not recoverable the expenditure is shown inclusive of VAT. Impairmeni IEx¢luding investment properties) Fixed asset5 ère reviewed for impairment followin8 an assessrnent at each reporting date if events or chan8e5 in circurnstance5 indicate that the carrying amount may not be recoveiable or as otherwise required by relevant accounting standards. Shortfalls between the carrying value of lixed assets and their recoverable arnounts. being the hbgher of net realisable value and value-in-use. are recognised as impairrnent losses in the Cons￿•dated Statement of Comprehensive Income. 42

The Extracare Charitable Trust For the year ended 31 March 2022 Notes to the financial statements Extracare 2. Principal accounting policies Icontinuedl Capitalisatlon of Inte￿51 Interest Incurred up to the time that iLlentifiable major capital proje(ts are ready for service is capiialised as part of th.e cost of the assets and shown within fixed assets. based on interest charged on loans relatirvd to each project. Stock Stock is valued at the lower of cost net realisable value. Net realisable value is based upon estimated sellin8 pr+ce les5 furlher tosts expetted ro be incurred io completion ènd disposal. Rtstridéd reserve5 These are reserves that can only be applie(J for specified purposes. The reserve is held for rhe purpose as specified by the donor. This is usually for a specific appeal_ Incoming reserves are accounted for on r￿elp1 btrt with reference to certain perforrnance criteria within an agreement. Wheie cash has been rec￿Ved but performance criieria have not yet been met, such income is eferred and released to the Consolidated statement of Comprehensive Income OTh achie¥ement of SLKh criteria. MatrTragement of housing pmperty for other social landlords Where the Charity has been appointed as an a8eni by a Housin8 Association partner to prowde support to the service users and the support contratt with the Commissioning Avthority is held land carries the financial risk). the Consolidated Statement of Comprehensive Income includes On￿that income and expenditvre which relaies solely to rhe Charnv. Aetlrement beneffts Oefined contribution pension scherne The Charity's executive management are members of a fleyible retirernent plan operateLI by The Pensions Trust. The amount charged to the Consolidated SiatemeTrt of Comprehensive Income t5 the coniribution5 payable in the year. Differences between contributions payable in the year and contribLrtions actually paid are shown as either accruals or prepayments. Defineé benefit pen%on Scheme The Charit¢s employee5 are mernbefs of the Social Housing Pension Scherne ISHP51. For the SHPS. retirement benefits to colleagues of ihe CornpaThy are funded by contributi￿$ from all participating employer5 and employees In the SchEme. Payments are rnade to a fund operoted by the Pension5 Trust. an independent trust providinK superannuation benefit5 for employees of voluntary or£ani5ations. These payments are matle in accordance wr(h periodic calculations by consulting actuaries and are based on pension cost5 applicable across the vaiiou5 participatin8 Companies taken as a whole. The èsseis and liabilities of the Charitvs share of the pension are now included on the Staternent of Financial Position. where 05 in the prior yeai a provision was intluded linked to the stream of deficit contributit>ns. Thereby adopting the ameDdment to FRS102 "Multi-employer defined benefil plans~ issued in May 2019, earty Actuarial 3ssvmption5 are applied to determine each companrfs share of liabilities. The assumptions are updated at the year end, and the changes te the position go ihrou8h the'other Comprehensive Income. statemeni. Calculation5 sre carried out annual￿ and in(JepeniJently of the pension triennial val￿atIOn. The rate used to discount the benefit obli8ations tt) their present valuè is based on market yielrfs for high qualitv corporate bonds with terms and currencies consistent wih those of the benefit O￿l83t10￿$. One employee is a150 a member of a gr0￿h plan operaied by The pens￿￿S Trust (being the SHPS managers). Fvr Ilie fjrt￿th Plan. contribvtions are re(08nised ITh expendittsre in the period to whKh thEy relate as there is InSUff￿lent ififormation available to use defined benefit accounting. A liabilr(v is recognised for contributions arising frorn an agreement with the multi-employer pl8n that determines how the Charity will fund a deficit. Contr¥butions are discounted when they are not expected to be settled wholly wirhin 12 month5 of the peri(MJ end. 43

The Extracare Charitable Trust For the year ended 31 March 2022 Notes to the financial statements Extracare 2. Principal accounting policies Icontlnued) Tanglble fixed assets- Housing properties Housing properties are properties for the prowsion of social housing and are pnn£ipally properties available for rent and are Stated at cost less éepre(13tion. Cost includes the tost of acquiring land and buildings. development costs, interest char8e5 incurred during the development period and expenditvre incurreil in respert of Improvemenis. Improvements are works to existing properties. and component re￿aCeMents which have been treated separately for depreciation purposes. which result in an increase in the net rental income. wch as a reduction in future maintenance costs. or result in signilicani extension of the useful economic ITfe of rhe property (n the business. Onty the incrernental direct overheaij to£t5 associated with new developments or impiovements are capitalised. Direct overhead costs comprise the costs of staff time, including salary costs and other app)rtioned direct cosis. incLtrred on the deve1oprnents from the date from which it is reasonably likely that rhe development wll go ahead. to the date of prattical coM￿et10￿. Investment properties The classification of propertie5 as investrnent property or property, plant and equipmefit is b•5ed Ltpon the intehded use of the propertv_ Mixed use property is separated between investment property antl property. plant and equipment. InvEStment properties are initially measured at cost and subsequently measured at fair value annually with any change recogni5ed in the Statemeni of Cornprehensiv¢ lThcorne. This calculation 15 based on the lease price achieved for a property. or on the avera8e price of a similar archetype Ilo£ation. property size. and other design spetifitationsl. Each investment property is measured based upon attive secured pritÈs. Investment properties are noi depreciated. Investment properties are leased through an upfront payment. equivakni in value Ifor the proporth)n of the property leased) to a commercial outright purchase. When a lease is terminated. the Charity has a contractual obligation to refund the payment, less a 1% per annum deduction (to a maxirnum of IO%I. At the end of any lease rhe Trust could take the decision to lease the property under different terms. including remowng the obligation io repurchase. It would be at this point that any ttypiial appreciation would be realised as a capital gain. Such choice is within the powers of Trustees tts make at a time when priorities may suggest it would better support the Charity 5 activities. Donated land Where lané is transferred by IDcal authorities and other puNit bodies for tonsideration below market-value. the difference between the market value and the consideraiion given is added to cost ai the time of the donation anLI incluLled within the Siatement of Financial Position as a liability. in accordance with treatment as a non-governrneni grant. Fixed Asset Inve5trnents In the separate accounts of the company. interests in Sub￿"dIaTieS are inttially rDeasured at cost and 5vbsequently measured at cost less any accumulated impairment1055es. Interests in Subsidiaries are assessed for impairrnent ￿ each repJr¥i08 date. Any impaiment. losses or reversals of impaimient losses are recogpised imrnediardy in profit or Ioss_ Government grants Govemment grants include grants receivable from Homes Éngland. local auiho¥itie5 and other govemrnent bodies. Social Housing Grant1SHGI 15 a government grani made to the Charity towards ihe cost of acquiring andlor building adLiicional housing for rent. No Gfant is receivable in respecr ol Investment Properties. Government grants are r￿0@nised at the lair value of ihe asset received or recetvable when there 15 reasonable assurance that the giant conditions will be met and the grants ￿11 be received. Governtnent giants received lor $0(ial housing propertie5 are re£oÉnised in inctyne over the useful economic lrfe of the structure of the asset (excluding landl under the accrvals model. Governrnent Brants relating to revenue are recognised as income over the periods when the related costs are incurred once reasonable assurance has been gained thai the Challty will compty with the condition5 and the fvnd5 will be received. 44

The Extr3Care Charitable Trust For the year ended 31 March 2022 Notes to the financial statefflents Extracare 2. Prlncipal accounting policles Icontinuedl Other grants Grants received frorn non-governfflent Sources are retognised usiftR ihe performance model. Grants are reco8nised as incorne when the associated perfoTmance conditions are met. DEpreciation As5et5 lOStin8 more than El.l))O are capitalisetl at cost. Assets under construction for s(Kial housing are not depreciated until brought into Operational use. Depreciation of fixed assets is charged by equal instalments commencing with the date of acqui5￿tIOn at rates estirnated to write off their tost or valuation less any residual value over the expected useful lives which are as follow￿.. Freehold land not depre(iaied Freehold buildin8s- Social housing Main Fabric Roof & Covering Elettrics Windows & External Owrs I{￿ years 70 years 40 years 30 years Baihroom & WC Methanical Systems Lift Kitchen 30 yea¥s 30 yea¥s 28 years 20 years Freehold buildin8s- Investment properties Leasehold propertv Furniture and equipment Motor vehicle5 not depreciated over period of lease over 2 to 6 years over 3 year5 Current Asset Investments policy The Group's current a55et investrnents are (la￿lfied as finarKial instruments and accovnied for at fair value through profir or1055, in aciordance with ihe accounting policy set out under Financial Insiruments on page 46. Operatrn8 Leases All leases are operating leases and the annual rental costs are charged to the Consolidated Staternent of Comprehensive Income on a straighr line basis over the lease term. Financial lTrstrument5 The Charity has elerted to apply the pro¥i&ion5 of Sertion 11 '8asic Finanti31 Instrumenis. and 5ertion 12 '0ther Financial Instrurnents Issues. of FR5102. in full, to all of its finantial instrument5. Financial a55ets and financial liabilities are recoÈnised when the Charity becomes a party to the conlractual provisions of the instrument. and are offset only when the Chartty currently has legally enforceable ri8ht to sel off the reco8nised arnovnts and intends either to settle on a net basis. or to realise rhe asset and settle the liability Simultaneou￿¥. Financial Assets- Debtors Debtors whith are receivable within one yea.r and which do not constitute a financinK transartion are initially rneasured at the transaction price. Rent debtors are 5ub5equently measured at amoni5ed cosi. being the transaction price less any amounts settled and any Impalrmènt losses. Where the arrangernent with a rent debtor constrtute5 a financing transact￿. the debtor Is Initial￿ and subsequently measured at present value of future payrnents discounted at a market value rate of interest f¢y a 5irnilar debt instrument. A provision for impairment of éebtor5 15 estalli5hed when there is objectNe twidence that the amounts due will not be iollected according to the original terms of the contract. Impairment k>sses are re(ognised in the Staternent of Comprehensive Income for the excess of the carrying value of the rent debtor over the present valLe ol Ihe future cash flows discounteLI using the original effettive interest rate. Subsequent reversals of an impairment loss that objectively relate ro an event occurring after the impairment loss was recognised, #re reco8nised imme(l?ately in ihe Staiernent ol Comprehensive Income. 45

The Extracare Charitable Trust For the year ended 31 March 2022 Notes to the finèncial statements Extracare 2. Princlpal accounting politles Itontinuedl Financial Assets-Trade Investments Trade in¥e5trnents are equity investments over which the Group has no SiEnificant influente, p)int control or control and are initially rnea5ured at transaction pr￿e. Tran5a(tion price incluées transaction COSf5. except where tiade investments are measured at fair value through profit or Ios5 when transaction cost5 are expensed to profit or loss as incurred. Trade investment5 are measured ai fair value throu8h profit or 1055_ The foir value of trade investments quoted on a recognised stotk exchange is the quoted bid price. The lair value of uThli5ted investrnent5 is measured usinE valuation techniques which include turnover multple. earning5 multiple, net a5sds or discounted cash flow5. a5 apwopriate. based on the nature and iircumstances of the invesrment. Finantial liabilities- Lease Buyback The Directors have considered the buy-back obligation contained wthin property leases granted by the Charlty and conclude4J that it meeis the definition of a financial liability under FRS102. As svch it has been presented with creditors.. amount5 falling due within oneyear to reflect thè on-demand feature contained within the contractual arrangernent. Financial Liabilities- Trade Creditors (including arnounts dve 10 coTrrractor51 Tiade Ireditors payable within one year that do noi constitute a financing transaction are initially measured at the transartion piice and subsequently measured at amortised c05t. being ihe transaction price le55 any amount5 settled. where the arrangement with a trade creditor constitutes a financing transaction. the creditor is initialty and subseouenily measured at Ihe pre5enl value of ftsture payments discounted at the market raie of interesr for a ￿milar instrurneni. Financial knabiliries- Borrowings 8orrowin8s are initially recognised ai the transaction price. including transaction costs. and Subsequently measured at atnort15ed C05t ustn8 the effective intetest method. Interest expense is recognised on ihe basis ol the emective interest method and is included in inierest payable ahd other similar charges. Promsions The Group recognises provisions where it has an obtigation at ihe reporting date as a result of a past event. whtch it is probable will result in the transfer of economic benelits and that obligation can be estimated reliably. Provisions are measured at the best estimate of the amounts required to sdtle the obligation. Vlhere the effect of the time value of money is material. the prtsvision is based on the present value of those arnounts. discounted at the discount rate that reflect5 the risks specific to the liability. The unwinding of ihe dis(ount Is recognised wihin inierest payable and financing costs. Crili¢èl A¢£ourttin8 Estimates ?nd Areas of Judgernent The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will. by tlefinitiom, seldom equal the ¥elaied actval resuh5. The estimaies and assumptions that have 3 significant fisk of cau5inE a material adjustfflellt to the carrying amounts of assets and liabilities within the ne￿ financial year are discussed below. Residual value of Social Housing As5etS The Charity considers the fabric ol buildings in social Housin8 Assets li own5 to retain a value at the end of iheir useful life. It review$ annually it5 estirnate of the residual value. taking a precautionory approach and recogni5ing reductions from changing market conditions and rnpairment. Assets with a cost of £41.983K and a Net Book Value of £39.969K have noi been depreciated in the year due to a chan8e in estimate of their residual value. The thange affects the strurtural element of freehold propertie5 held within hou5in8 properties (Note 101. The net effert of this is a reduttion in the depreciaiion charge of E412K. with assets being stated at an equivalent increased value. There 15 no effect on income or liabilities_ The £harBe madÈ on all other components and on leasehold property remains unchanged. Defined benefit pension assumptions The discount rate and inflarion rate are conyderÈd to be key e5timares in calculating the defined benefii liability and sensitivities 46

The Extracare Charitable Trust For the year ended 31 March 2022 Notes to the ftnancial staternents Extracare 2. Principal atcounting polities {continued) Critiial Area of Judgefflent In cètegorisin8 leases as finance leases or operating leases, management makes judgements as to Wheth￿ significant risks and rewards ol ownership have transferred to the Charity as lessee, OT to the lessee where the Charity isthe lessor. The granrinR of property leases are treaied as financial instruments lunder FA51021 as ihere is a contractuèl legal obligation wiihin our leases for buyba¢k.. this clause Is cla55ified as repayable upon demand which meets the definition of being a financial Instrument. A5 the tÈrms of the lease requirÈ repayment Upon demand. the buyback liability is reflecieé within creditors under I vear. In prattice, our experience of lease surrenders is that ihis panern ol bUyb￿kS does not materialise. nonetheless we are obligated to adhere to accounting standards. The risk and reward of pri<e thovement in the intervening period on Investment Properties rernain solely with the Charity. Consequently, granting of property lease5 is not treared as a sale on the basis that rnost of 1he risk5 and reward5 of ownership are judged not ro have been transferred to the lessee. Properties developed and let under a long lease are not held for 50ci31 hou51ri8 purposes. no Social Trlousin8 Grant h35 been received towards iheir construction and no restrictions exists to their allocaiion other than Charity policies. They are leased throuKh an upfroThr payment. equivalent in value to a cornrnercial outright purchase. The Trust has the obligation to"repurcha5e" the property when the lease is termirbated. The purpDse of this 15 two-fold-. It ensures that the Village residency mix is rnaintained, with the Charity being able io select new occupants to maintain a vibrant COf*munity. and it also 5UStains the Trust's lorlger-terrn financial 5t3bilf(y. by benefitting from property price Inflation over time. AdLlitionally, no rent Is charged, but a deduction of 1% of the upfront payment is made from the bvyback payment. to a maxrmum gf IO%. This is below the commercial rent char8ed for such a property. At the end of any lease the Trvst could take the decision to lease the property under different terms. including removing ihe obli8atioTr to repurchase. It wovld be at this point that any <apiial appretiatM)n would be realised as a capi131 gain. Such choice is within the powers of Trustees to make ai a time when priorities may SUBgest itwould better support ihe Charity's activities. On the basis of these considerations the leased p¥operties are treated a5 Inve￿ment properties for capital appreciation. Investment properties are valued annually at their fair value. 7his calcvlation is based on rhe lease price achieved for a p¥operty. or on the average price of a similaf archetype Ilocation, property size, and other design 5pecification51. Each investment property is measured based upon active secured price5 There ha5 been Tho valuation by an independent valuer. It l5 considered the volurnÈ of lease tran5attions in the period gives a suffiient dataset to provide a Me￿ingfUl basis of fairvalue. Investment properties that are under construction at the period end are held as assets under construction ané are shown at their historic c05t value. There is no readily available market data for an incomplete apartment in an incomplete retiiement village. and valuation5 provided by Surveyors for lending and payrneAt purposes measure the tost of works complete at the survey date. Such assets are therefore classrfied a5 property, plant aAd eqvipment_ The Charity consider5 individual schemes to be separate Cash Generaiink Units ICGU'sl when assessin8 for impairment of housing properties held for lettln81 in accwdance with the requirements of FR5 102 andthe Housin8 SORP 2018. Provisions Provisions are only recognised where the Charity has an obligation to incur luture e¥penditvre as a result of a past event. The provision is recogni5ed a5 3 liability in the Staiernent of Financial Poytion. 47

The Extracare Charitable Trust For the year ended 31 March 2022 Notes to the financial statements Extracare 3. Operating Income, ope¥ating costs and operating surplus- Gt 20ZI 2021 Operating Surplus I (Deficirl £'ooo Operatlng Syrplys I Opeiatlng Costs Operating Cost5 £'ooo Tumover £.￿)0 Turnovtr Social Housing letting5 INote 41 8,399 16,6031 1.796 7.796 16.2801 1,516 Other Social Housing a£iivities-. Development services Ho￿SIng related support contract income Management service5 18951 18951 19741 19741 630 13641 266 15261 422 Other social Housiibg attivtties 630 11.261} 16311 11.5021 15541 Non Social Housing letting5 Residential property income Other ieni 16.424 319 111.8301 4.594 202 14.425 310 110,5351 1901 3,890 220 Non Soctal Housing lettin85 16.743 111,9471 4.796 14.735 110.6251 4,110 oiher non Sorièl Housing activlties Oevelopment services Care ènd health services Community services Other Ret3il Donations 11.8131 114.1311 12.9691 16.0411 12,S321 19931 11.8131 14.0701 11721 11.8401 371 271 11,9791 114,5781 12,4421 14.6481 12,3701 13971 11.9791 14.3451 14421 11,6431 1391 233 10.061 2.797 4.201 2.903 1.264 10.233 2.000 3.005 2.331 630 oiher non Sotial Housing activrties 21,226 128.4791 17.2531 18.199 126,4141 18,2151 Total 46.998 148.2901 11,192} 41.678 144.8211 13.1431 In addition to the income and costs of pro*din8 care to our residen￿. -care and Health Service5- include5 the incDme aThd costs relating to the Enriched Opportunities Programrne. -Comrnunity SeNces" represents income and costs ol activitie5 provided for our residents and ~othe￿ includes the income and tosts of servi£es such as restaurants and gym facijities at our retirement Schemes and villaBes. The prior year has been amended to reflect a different C05t allocation between Social Housin£ and non Sotial Housing residential property, explained in more detail in note 4. Opwating Costs on Social Housing lettin85 have incrEased by £55IK from £5,729K tD £6.280K and Operating Costs on non Social Housing resideniial propertie5 ha¥e reduced by £551K from £lJ.086K to £10,325K. The table below show5 the impart OA thÈtwo segments of Operating Surplus.. 2021 Published Depreciation values reclassified 2021 after retlassific- lion £'ooo £'ooo Social Housing lettings INoie 4) Operating Surplus 2.067 15511 1.516 Non 50¢1•l Housin8 Itttln8s Non social housing lettings Surplus 3.559 551 4,110 48

The Extracare Charitable Trust For the year ended 31 March 2022 14otes to the financial statements Extracare 4. Income and expenditure from Social Housing lettin85- Gw) 2022 Supported Housing and Hou5inB tor Older People £'ooo 2021 Supported Housing and Housing fvr Older People £'ooo Rent receivable and rnaintenance charge net of rdentifiable service Cha￿e5 Service charge income Amenity intome Amortised Eovernment grant 4.220 3,115 641 423 3,988 2.742 664 402 Turnover from Social HOU￿￿1 lettin#5 8,399 7,796 Management Service char8e costs Routine rnaintenance Plarined maintenance Depreciation ol housing properties 2.241 2.OSS 2,335 1,562 231 1.784 1.635 Operating Costs on Sotial HI￿51￿B lettings 6,603 6.280 OperatinK Surplus on Social Houyng lettings 1.?96 1.516 Void losses 46S 482 The value attributed to Depreciation of housing properties in 2021 has been adjusted by £551K from £1.233K to £1.784K. This reflects a more precise allocation of costs between Sotial Housing and Investment Properties, the latter not being subjeci to depreciation. The change has an opposite impact on the Operating Costs and Surplus from non Social Housing lettings artiwties la5 reported in note 31. The table below Shows the irnpact on Operatin% Surplus from Social Housing.. 2021 Published values Depreciation reclassified 1021 alter reclassific-ation £'ooo Social Housing letttng5 £'ouo Turnover Operating Costs Operating Surplus 7.796 15,729 2.067 7.796 16.2801 1.516 15511 15511 5. Interest and financing costs- Gr 2022 f'ooo 2021 £'ooo Bank IDans Other loans Defineé benefit pension charge Interest payable capitalised on housing properties under constructic 3.014 2,362 4,065 2.013 98 11.6161 5.560 4.560 No interest was capitalised in the year ending 31 March 2022 as no new Con￿ruCtion atti¥ity has taken place in the year.12021.. Interest was capitalised ro a55ets under c￿St￿UrtioTh at a raie of 3.86%1_ 49

The Extracare Charitable Trust For the year ended 31 March 2022 Notes to the financial statements Extracare 6. Board members and executive direcQors- Glow)￿d Charity Members of the Board of Management are the direttors and trustees of the Charity. and att in an unpaid capacity. A total of £1.937 was reifflbursed to Boaré members for iravel expense512021: £1.2121 in respect of Seven tru51ee5 who clairned expenses 12021.. onel. Key mana8ernent pefsonnel are defined on page 7 of the Trustee5 Report. Expenses paid to ihe senior management team in the year totalled £2.48912021.. £7621. 202Z Z021 £'ooo Aggregate Ernoluments pavableio key rnanagernent personnel (including pen5iw contributions and benefits in kindl 686 826 Emolument5 (includin8 benefits. but exclydin8 pension Contrib￿lOnSI payable to the Chief Executive who wa5 also the highest paid member of the senior management team 229 233 The Chief Executive is a member of ihe defined Contri￿lOn scheme. No enhanced or special term5 apply to this or any other pension arrangement. Pension contributions for the year endin8 31 March 2022 were E13.03912021.. £9,0331. There are no key rnana8ernent personnel in the defined benefit pension scheme12021.. Nil) and three in the defined contribution scheme12021.. Twol. 7. Employee Inforrnation - Groupand Clwdy Group Z022 Number tharity 2022 Number 2021 NumbEr 2021 Number Average number of employees Execvtive direttors Care services Administration. fvndraiSlllR and publicity 1.050 2S8 1.041 247 1.050 151 1.041 139 1.312 1.293 1.205 1,185 Full time equivalent5 Executive directOf5 Care servites Administration. fundraising and publicity 636 220 633 2C 636 139 633 126 779 764 Full fime Equivalents are calculated on the basis of a 37.5 hour5 week. Staff Costs IFoTthe above ptrsonsl Gioup 2022 £'ooo Charity 2022 £¥￿0 2011 £'ooo 2021 £'ooo Wages & Salaries Social Security C05t5 Other Pension Cost5 24.346 1.865 862 24,494 1.903 803 22,775 1.761 810 22.823 1,802 745 27.073 27.21x1 25.346 15,370 The Gioup has been in receipt of CoronayTrrus Job Retention Scheme funds for the value of £23K12021.. 956KI in relation to staff employed in Charity Shops, Gyms, Restaurants and aflivities related to the negoiiations and allocèiion ol p¥operty leases. The figur￿ in thi5 note report the gr05$ ¥alue of staff costs. 50

The Extracare Charitable Trust For the year ended 31 March 2022 Notes to the financial statements Extracare 7. Employee Information- Group and Chaii¢v The pension cost char8e represents contributions payable io the pension fund. and are analysed below. Group 2022 'th)o Charitv 2022 £'ooo 2021 £.￿0 2021 £'ooo Oefined benefit schemes Defined contribution schemes 83 779 52 751 83 727 52 693 803 810 745 Details of the Group's pension s¢herne5 are detailed in Note$ 22. 23 and 24. Salary bandin8 lor all ernployees l¢xcludin8 directors) earnin8 over £60,(￿#) liniludin8 Salaries. performantÈ related pay. payments in l*eu of pension. benefits in kind and cornpensation for 10s5 0(office but ex(luding contributKJns to company pension funds).. 2022 NumbÈr 2021 Number Salary Range. £200,001 to £210,¢XKJ £140,001 to £150,0 £130,001 to £140,000 £120.001 to f 130.000 £iio.l)01 to £120,000 £IOQ.IM)I to £llO.000 £90,001 to £lOO,000 £80,001 to £90,000 £70,001 to £80.000 £60,001 to £70,000 io 26 24 Pension contrtbution5 in respect of the above employees toialled £81.75712021.. £68.1631. No hi8her paid employees 3re accruin6 benefits under the defirned benefrt pension s¢hème12021.' Nill. Twenty-four of the iwenty-six higher paid employees are accruiTrg benefits under the define(I contribution scheme12021.. Twenty). 51

The Extracare Charitable Trust For the year ended 31 March 2022 Notes to the financial statements Extracare 8. Operating deficit- Grix 2022 2011 £'ODO The operating defltit is arrived at after chargiD&lIcreditin￿-. Trustee indemnity insurance Ejrttrnal auditor's remuneration: In respect of the audit of the Charity's Financial Stateme￿$ In respect of other services.. The audit of the charity'5 svbsidiaryFinancial siaiementS Taxation service5 Audit-related assurance semces Other services 60 io 40 34 io 56 18 Operatin8 lea5t5 Rent payable on buildings Other 1,140 1.192 Oepreciation of owned tangl￿t fixed asseis AmortisatioTh of intangible fixed assets 3,550 58 3.582 78 Amortisation of deferred Social Housing Grani 14861 14651 Amortisation of grants in the Income and Expenditure is split beiween mana8ement ser¥ice (note 31 and èmortised government 8ronts (note 41. 9. Intangible assets- 6￿p ath*Chaxily £'ooo C051: At l April 2021 Additions 1,135 At 31 March 2022 1,141 Depre¢laiion: At l April 2021 Charged in the year 1,052 58 At 31 March 2022 I,iio Net Book Value Al 31 March 2012 31 At 31 March 2021 83 Intan8ible Assets represent inve5tmenl in 50ftware. 52

The Extracare Charitable Trust For the year ended 31 March 2022 Notes to the financial staternents Extracare 10. Ftmèd Asset5- Housing Properties- 6rrAJparn4Chwity Housing HousinK propertie>held proptrties under for lettiA Construrtion £￿00 Leasehold land and buildinE5 £'ooo Total £'ooo £'ooo C05t.' At l April 2021 Additions Disposals Change ol tenure 133.396 366 520 179 417 134,333 545 11471 11471 At 31 March 202Z 133,603 699 417 134.719 Depreciation- At l April 2021 Depreciation charEed in the year Eliminated on disposal 13.324 1,834 1121 81 13.405 1,838 At 31 March 2022 15.146 85 15.231 Net Book Va￿@ Al 31 March 2022 118.457 699 332 119.4BB At 31 March 2021 120,072 S20 336 120,928 2022 £'ooo 1021 £'ooo Expenditure on work5 to existlng propertles Components capit3lised/improvement5 Amounts char8ed to ihe staternent of cornprehensive incLxne 314 672 21 599 986 620 FinaTrre Cosis A88regare amouni of finance costs included in the cost of housine propertie5 Aggregaie amouni of finance costs included in the cost of properties under Constr￿tIOn 4.021 4.022 4,021 4,022 Impairment The Charity tonsiders indnndual schemes to be separate Cash Gentrating Units ICGU'sl when a5sessiTrg for impèirrnent of housing properties held for letting, in accordanie with the requirements of FRS 102 and the Housing SORP 2018. During the current year the Charity has Identified no impatrm¢mt losses. 53

The Extracare Charitable Trust For the year ended 31 March 2022 Notes to the financial statements Extracare ¢)arftaNÈTnJsE 11. Other Tangible Fixed Assets - Gltyjp￿d Charf Furniture and oihèr Equipment £'o Cost.. At l April 2021 A(Jditions Disp05als 12.135 1.524 14581 At 31 March 2022 13,201 Depreciation: At l April 2021 Char8eLI ITh the year Released on diskW)sal 6.735 1.712 14581 At 31 Marth 2012 7.989 Net Book Value At 31 March 2022 5,212 At 31 March 2021 5.4¢K) D￿rIng the year ending 31 March 2022 the Charity disposed of land held as a zero value asset in Its Financial Siatements. Proceeds of £525K were received and have bew reported as Profit on Sale o( FixeLI Assets in the Consolidared Statement of comprehensive income. 12. Fixed Assets- InvestrneAt propertles- Gmup arwj Chaiity Investment properties £.0￿) Fair Value.. At l April 2021 Addition5 Chan8e of tenure Movement in fair value 744.450 64 147 22.644 At 31 Marth 2012 767,305 Historic C05t 2022 £'ooo 2021 £.(￿0 Investment propertie5 measured under the hisioric cost convention 397.881 397,670 Included wthin the above is £12.862K of captialised interest12021= £12.862KI. 54

The Extracare Charitable Trust For the year ended 31 March 2022 Notes to the financial stotements Extracare 13.Fixed Asset Investments - Graupar4 thavity 2022 2021 Investment in 8roup companie5 INote 321 The parent company holds the whole of the equity share capital of the fdlowing grtyjp companie5= Country of incorporation England England En8land Nome ol subsidiary undertakint Extracare Retail knmited Extracare Nominee l Limited Extracare Nominee 2 knrnited Class of share Nature of business Ordinary Chariiy retail operation Ordinary t)ormant Ordinary Dormant All subsidiaries are registered at 7 Harry Westoft Road. 8inley 8vsiness Park, Coventry, (V3 25N. 14. Stocks Grovp 2022 Charity 2022 £'ODO 2021 2021 Goods for resalt 109 138 IS. Debtors Group 2011 Charity 2022 £'ooo 1021 £'ooo 2021 £'ooo Rent and service charges receivable Less.. provision for bad and doubtful debts Net rent arrears Value Added Tax Amount owed by sub￿diary undertakin8 Prepayrnents ènd accrued income Variable Service charge5 debior Other Debtors 2,407 15141 2,435 14951 2,407 15141 I￿93 io 209 1,585 141 2.435 1495 io 126 126 381 961 20 1.833 141 21 1,240 20 3.898 3.332 3.838 3,431 55

The Extracare Charitable Trust For the year ended 31 March 2022 Notes to the financial statements Extracare 16. Cvrrent Asset In¥estmentS- GmupaThl Char 20Z2 £￿00 2021 £'ooo At l April Invested in the period Movement in fair value 20,000 14051 At 31 March 19.595 The historical fost of the atr%)ve investments is £20M12021.. £Nill. The fair value. based on the current bid price. of the investment5 above are.. 202Z £'ooo 2021 £'ooo Fixed interest bonds VK equities Overseas equities Alternatives Cash Sterling short ¢Juraiion credit fufid 2.085 2,265 2,964 1,3C 1.191 9,784 19,595 17. credIt￿5. Amounts falling due within one year Group Z022 Charity 2022 2021 21Y21 £'ooo Loans (note 191 Trade creditor5 Amounts dve to contrartors for certified work ReTht and Charges received in advance Other taxaiion and soci315ecurity costs Corporarion Tax Deferred capital grant Inole 211 Accruals and delerred income Lease buyback liability Variable service charge creditor 776 731 1.370 523 io 1.086 776 695 1,370 523 io -1,086 599 1.752 S82 436 1,752 582 436 487 6,930 458,576 1,646 7.104 458.576 6.246 423.664 1.734 6,153 423,664 1,734 471.223 436.587 471.013 436,493 18. CreditQTS: Amounts falling duè after more than one year- 2022 2021 Loans Inote 191 Deferred income Inote 201 Deferred capital grant (note 211 121.231 83 44.097 121,902 144 44,583 165.411 166.629 56

The Extracare Charitable Trust For the year ended 31 March 2022 Notes to th'e financial statements Extracare i1￿￿￿TILl￿ 19. Loan Analy515- 6rtyJpw￿ Charity 2022 £'o( 2021 £'ooo Out within one year Bank loans 776 1,086 DUE aftet more than one year Other loans 8ank loans 57.5 64,607 57.500 65.383 122.107 122,883 Les5.' Issue Costs 18761 19811 121,231 121.902 5e¢urity Loans are secured on the propertie5 disclosed wthin housing properties (Note 1013nd invÈstment properties Imote 121. Loans are secured on both freehold and leasehold properties_ At 31 Mar¢h 2022 theye are nD unenctsmbered tompleted un*ts. Terms ol repayment and interest rates Bank and other loan5 are repayable in instalrnent5. at ntes Df interest bètween 3.25% 5.9% per annum12021.. 3.2S% and 5.9% per annvml. The final instalmeais fall to be repaid between 2026 and 2040. The Charity ha5 fixe(l interest rale5 to 8vard against fulure rate movemenlS- these are embedded within the loans and do not have sepafate fair valve. Caps have been purchased against interett risk on loarts and have been vaued * £Nil.12021-. £Ntll. 8ased on the lenderfs eadiesr repayment dale. borrowng5 are repayable asfollows= 1022 2021 £'ooo Within one year or on demand One year or more but les5 than two yeais Two year5 or more bui les5 than five yeafs Five years or more 776 1,086 40.581 80.440 1.086 776 3,258 118.849 122.883 123.969 As at 31 Marth 2022 the Charity has no undrawn loan facilities12021.. £10.OMI. 57

The Extracare Charitable Trust For the year ended 31 March 2022 Notes to the financial statements Extracare 20. Defèrrtd intome- GrtrJpartd Charity De(erred incorne will be Credited io the Consolidated Statement of Comprehensive Income.. 2022 £boo 2021 £'ooo Within one VEaf Between one and two years Between two and five years 58 74 71 70 74 141 215 2022 £'ooo 2021 £'ooo Lease prerniums receivJble, credited to the Consolidated Statement of ComkYehensi¥e Income over the period of the lease lup to twenty live years) Other Care income Care for Life income. amortlsed over life expectancyof plan holder 57 85 82 128 141 215 Deferred income relates to lease ￿Terr￿UM5 receivable £57K12021.. £85KI whith wll be released over the periods of the lease lup to twenty five years) and income relating to Care for tife £82K12021.. £127KI which wll be released to Income over the assumed life expectancy of the resident who hastaken out the plan. 21. Deferred Capital Grant Income. Gioupand 04rbty 2022 £'QDO 2021 £'ooo Balance at l April Receiveé in the year Released to incorne in the year 45.070 44,895 640 14651 14861 Balante at 31 March 44,584 45.070 2022 £'o 2021 £'o Amounts to be released within one year Amounts to be released in more than one year 487 44.097 44.583 44.584 45.070 The total of ca￿134 grants received è131 March 2022 was £48.730K12021: É48.730KI. S8

The Extracare Charitable Trust Foi the year ended 31 March 2022 Notes to the financial statements Extracare 22. Retirement benefits - GrwaTr1 ChKy Social Housin8 Pènsion Sthtme ISHPSI The Charity participares in the Social Hou%n8 Pension Scheme Ilhe 5cheme'l. • multi-ernployer 5theme which prowdes benefits io some 500 non-associated em￿0Yers. The scheme is a éelined benefit Scheme in the UK. The scheme is Subl￿t ro the funding legislaiion outlined in the Pens￿￿5 Art 2C#)4 which came into force on 30 December 2CrfJ5. Thi5, together with documenis issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reportin8 Council. set out the framework for lunding defined benefit ociupational pension scheme5 in the UK. The last triennial valuation of the scheme lor funding purposes was carried out a5 at 30 September 2020. This valuation revealed defitit ttf £J,560M. A Recovery Pl3n ha5 been FHJI in place with the airn of removine this deficit by 30 Septern￿r 2028. The scheme is classified as a 'last-man standing arran8ernent'. Therefore the Charity is ￿tentIallY Itable for other participating employers, obli8atlDnS if those employers are unawe tD meet their share of the scheme deficit following withdrawal from the scheme. Participating ernployers are legally requir￿1 to mw their shafe ol ihe stheme defKit on an annuity purchase basis on withdtawal from the siherne. For financial years endin8 on or after 31 March 2019. it is posgble to obtain Su￿1cent informaiion to enable the Charity to account for the Stheme as a defineé benefit scheme. For accounting purposes. a valuation of the scheme is carried out with aTh effeuive date of 30 September each year. The liability figure5 from this valuation are rolled forward foi atcoltniing yearnds from the fo11owinK 31 March 10 28 February inclusive. The latest accounting valuation was carried otrt with an effective date of 30 Septemtser 2021. The lsability figures from this valuation were rolled forward for accounting yearnd5 frorn the follo￿nE 31 March 2022 to 28 February 2023 intlusive. The liabilities are compared. at the relevant èccountine date, wtth the compans fait Sha￿ of the $them￿s total assets to calculate the company's nei deficit or SLJrplus. Key results The estimated position at 31 March 2022 show5 a deficit of £6,760K12021.. f9.203K delicitl. The nurnber of scherne members ernployed by the Group at 31 March 2022 was 1412021.. 171. The charge to the Group forthe year wa5 £83K12021.. £52KI. CaltulioTr method The fi8ufes at 31 March are baseé on projectin8 forward the re5uIt5 of the last actuar4al valuation of the Fund a$ at 30 September 2020. Key assumptions 2022 2021 Discount Rate 2.79% 3.62% 3.21% 4.21% 2.15% 3.29% 2.86% 3.86% Salary Growth Allowance for commutaiion of pension for£ash at reiirement 75% of 75% of maximum maximum allowance allowance The r￿nalitY 355umptions adopted at 31 March 2022 imply the following life expectancies= Lrfe expectanry at age 65 Iyearsl Male retiring in 2022 Female retiring sn 2022 Male retiring in 2042 Female retiring in 2042 21.1 23.7 22.4 25.2 59

The Extracare Charitable Trust For the yeaT ended 31 March 2022 Notes to the finèncial statements Extracare 22. Retirement benefits Itontinuedl- Group3￿1￿￿11¥ Defined benefit cost$ re¢o£nised irt Statement of Comprehensive lftcome 2022 Current service cost Expenses Net interest expense 83 43 310 Defintd benefit ttssts re¢ognlsed in Other Comprehensl¥e Incorne 2012 'ooo Experience on plan assets lexcluding arnount5 include(l in net interest cosil- loss Experience 8ain5 3nd1055es arising on the plan liabilities loss Effects of changes in demo6raphic assumption5 undeftying the pr￿ent value of the defined benefii objigation -gain Effects of changes in financial a55umption5 undÈrlying the present value ol the defined benefit obligation- gain 14141 12.5641 817 3.496 Total attuarlal gains 1.33S Present values of defined benefit obltgation. larr ¥3l¥e of a5SÉts and benefit h"ability 2022 £'ooo 2021 £'ooo Fair value of plan assets Present value of defined benefit obligaiion 42,877 149,6371 42.083 151.2861 Defined benelit liability to be recogni5ed 16,7601 19,2031 Re¢oncS1iation of opefting anLI closin8 b￿anCeS of the defined benefft oblitatbon 2012 £'ooo Defined benefit obli8ation ot start of ppri(•d Current service cost Expenses Interest expense Contributions by members Actuarial losse5 due to scheme experiente Actuarial gain5 due to Change5 in éemographic as5uinptl￿S Actuarial gains due to chan8es in linancial assumMions Benefits paid and expenses 51.286 83 43 1.091 Jod 2,564 18171 13,4961 11,2211 Defined benefil obligation at end af period 49.637 60

The Extracare Charitable Trust Fof the year ended 31 March 2022 Notes to the financial statements Extracare 22. Retirement benefits Icontinuedl- Gr￿ affid Chaiitv Re¢on¢iliaUon of openin8 and cloyne balan￿$ of the f•"r value of plan assets 2022 £'ODO Fair value of plan assets at start ol period Interest income Experience on plan assets lexdudinB amounts included in interest incornÈl- loss Employer contributions Contribution5 by rnernber5 8enefils paid anLI expenses 42.083 907 14141 1.418 104 11.2211 Fair Value of plan assets at end of period 42.877 The actual return on the plan assets lincluding any chan£es in share of assets) over the period from 31 March 2021 to 31 Marth 2022 was £493X. The analysis of the scheme assets at the reporting date were as follows-. 20Z2 £boo 2021 £￿00 Global Eoubty Absolute RÈturn Distressed Opportvnities Credit Relative Value Alternative Risk Prernia Fund ol Heilge Funds Emerging Markets Debt Risk Sharing Insuran£e-￿nked Securiiies Property Infraslrurture PTlV4te Oebt Opportunistic Illiquid credit Hi8h Yield Opportunistic Credit Cash Corporare Bond Fund iquid credit . Long Lease Property Secured Income Liability Driven Inve5trnent Current hedging Net Current A55ets 8.228 1.720 1.534 1.425 1.414 6,707 2.323 1.215 1,324 1.585 1.248 1.412 1.000 1.15B 3.054 1,099 1.441 369 153 146 2.860 1.699 1.532 I,oii 874 2,806 1,004 1,070 1,260 I,IS4 2,486 502 825 1,750 10.695 1.103 1,598 11,964 11681 119 2S6 Total assets 42.877 42.083 61

The EKtraCare Charitable Trust For the year ended 31 March 2022 Notes to the financial statements Extracare 22. Retirement benefits Icontinued)- GrLwandOwKY Anztysis of the 5ensitivityio the principal assumptions of the present value of the defined benefrt obliqation Change i Change in assumption É'ooo Discount rate Rate of Inflation ICPII Rate of salary growth Incre85e of 0.1% p. Increase of 0.1% p. Increase of 0.1% p.a. 874 14761 The 5ensitivitie5 shown above are approximate_ Each sensitivity ton5ider5 ofte chèn8e in isolation. The inflation sensitivity includes the irnpact of changes to the a55UrnPtions lor revaluation. pension increases and 5alarygrowth where appropriate. 23. Other provislons- Groyp and Chawity 2022 2021 £'ooo The Pension5 Trust'5 Growth Plan 42 SHPS obligation è131 March 42 Thè Pensions Trust's Gr¢>wth Plan The Charity participates in the scherne. a mulri-employer scheme ¥4hich provides benefits to some 638 non-associated participating employers. The scheme is a defined benefit scheme in the UK. rt is not P055ible for the Charity to obtain svfficient information to enable it ro account lor the scheme as a defineé benefit scheme. Therefore Il account5 for the 5theme as a defined contribution scheme. The xheme 15 subject ro rhe funding lezislation outlined in thè pens￿n$ Att 2CQ4 which came into force on 30 Oecember 2¢J)S. This. together wth docurnents issued by the Pensions Regulator and Technical Attuarial Standards issued by the Financial Reportin8 Council, Set out the framework for fundin8 definEd b￿e11t occupationol pension schemes in the UK. The xherne 15 tlassified as a 'last-man standin8 arr8nKement'. Therefore the Charity is potèntially liable for other participating employer5. obliKations if those ernpltsyers are vnable to meet Iheir share of thÈ scheme deficit following withdrawal from the scheme. Participating employers are leRally required to meet their share of the scherne deficit on an annuity purthase basis on withdrawal from the scheme. A full actuarial valuation foi the scheme was carried out at 30 September 2020. This valuation showed a55ets of £800.3M. liabilities of £831.IM and a deficit of £31.6M. To eliminate this funding shortfall. rhe Trusiee has asked the participating employers io pav adéitiorsal contributions to the scheme as follows.. Deficit contr1butions £3.3M per annurn From l April 2022 to 31 January 2025 Ipayable rnonthlvl.. Note that the scheme's pre¥ious valuation w3s tarried with an Èffettive date of 30 September 2017. This valuation showed assets of £794.9M, liabilitie5 of £926.4M and o deficit 01 £131.5M. To eliminate this fundin8 shortfall. the Trustee has asked the participating employers to pay additional contribvfion5 to the scherne as follow5.. £11.2M per annum From l April 2019 to 30 Sepiember 2025 (payable monthly and increasine by 3.0% each year on 1st April).. The recovery plan coninbutions are allocated to each partictpatifig employer in line with their e5timaied 5h3Ye of Serie5 J and Series 2.xheme liabilitie5. Where the scheme is in delicit and the Charity has agreed to a deficit lunding arrangement it recoeni5es a liability for this obligation. The amount recognised is the nei present value of ihe deh.cit reduction conrributions payable under the a8reement that relates ro the deficit. The present value is calculate¢J using the di5(ount fare ¢Jetailed in ihese disclosures. The unwinding of the discount rate is recognised as a finance cost. 62

The Extracare Charitable Trust For the year ended 31 March 2022 Notes to the financial statements Extracare Ohwiuble1rt4 23. Other prov•sion5 Icontinudl- GrrAffj and OKy Present values of provision 2022 £￿00 2021 £'ooo Present value of pro￿$1( 42 Reconciliation of opening and ¢losin< provisions 2022 £'ooo zozi £Tr)o Provision at start of period Unwinding ol the discount facior (interest expense) Deficit contribution paid Rerneasurements- impacr of any Ihange in a55UrnPtions Remeasurements -arnendments tothe Contribution schedule 42 iioi 1231 Provision at end of period 42 Income and expenditure impart 202Z £,(￿0 2021 £'ooo Interest expense Remeasurements- impact of any chan8e in assumptions Remeasuremenrs- amendments to the contribution schedule 1231 Costs recognised in income and expenditure account 1231 Assumptions Jl-Mar-Z2 31-Mar-Zl 31-Mar-20 % per annurn % per afinvm % per annum Rate ol discount 2.35 0.66 2.53 The discount rates shown above are the equivalent single dtscouTrt rates which. when vsed to drxount the future re£overy plan contributlOn5 due. would give the same results a5 vyng a full AA corporaie bond yield cur¥e to discount the same recovery plan contributions. 24. Oefined contribution pension scheme- Groky•r* Ch• The Charity a150 Utilise5 the Pension Trust Flewble Retirement Plan IFRPI. The FRP is a defined contribution scherne. The esrimated employer's conrributions pa¥a￿e under all pension xherne5 for the year enLled 31 Marth 2023 15 £733K 12022-. £748KI. Pension tosts within cre(litors for the year endin8 31 March 2022 are £Nil12021.. £276KI. 63

The Extracare Charitable Trust For the year ended 31st March 2022 Notes to the financial statement5 Extracare 25. Restricted resèrves- Groupand Chary The tncomn8 funds of the Charity include rettritted lunds t¢xnpnsing the fdltswinB balances of donations and 8rants held on trust for sperific purposes. At l Aprrl 2020 At 31 Marth 2021 At 31 March 2012 É'ooo Inctsme E¥penditure £￿00 Income Expenditure £'ooo Fixed assets Hagley Road. Birmingham Humber Court, Coventrv lark Hill Village, Nottin8ham New OsctTrtt Village, Birmingham Lovat Fields Village, Milton Keynes Shenley Wood Village. Milton Keyne5 Pannel Croft Village. 8i¥mingham St 05walds Village. Gloucester Rosewood Court, Wellincborough Sunley Court, Kettefing Yales Court. Evesham 205 2.861 1.191 934 167 524 131 1321 1131 iioi 202 2.829 1.178 914 166 518 199 2.797 1,165 913 164 512 1131 232 224 iio 229 221 109 226 218 108 6.450 1721 6.378 1741 6,304 Special projerts and other funds Other mi5tellaneou5 funds Other scheme restricted funds 19 137 75 20 {ioi 84 50 134 36 14 156 95 1271 224 57 Iiiii 170 Total funds 6.606 95 6.602 57 11851 6.474 Fixed assets These lunds resulted from specrfic appea15 to furtd the devdopment of r￿ed a55et5. Expenditure represents depretiation on the assets. Special projects and other funds Most of these fufids have been 8iven to finance specific projects to improve the quality of life for older people. 64

The Extracare Charitable Trust For the year ended 31 March 2022 Notes to the financial statements Extracare 26. Capital commitments- Groupandchatity There is no capital expenditure that has been contracted for has not been provitled for these financial 5tatements12021.. ENill. There is no capital expendilure that has been authorised by the Board but has n¢X yet been contracted for12021. £Nill. 27. Financial cornmitmentS- Grixjpand Ch¥ily The fulure minimum lease payments of non￿nC￿lable leases are as set out below.. 2022 Land & Buildihgs 2021 Land & uildings £'ooo Other £￿00 Othe £'ooo Contracis expiring Within one year Between one and 5 years Over five years 1.070 2.387 3.847 32 39 1.030 2.492 3,695 28 71 7.304 71 7.217 99 28. Taxation The Trvst is r￿IStered as a charity and its charitable artiwiies are not liable to Coryx)ration Tax. The subsidiary of the TTU5t. Extracare Retail Limited. 15 5ubjett to Corporation Tax. In thi5 financial year no tax liability has been incurred. The charge incurred in the previous year relates to shop lease termination cost5. expensed in year. which for tax purpose are ronsidered of a capital nature. Suih costs are noi a re8ylar Dccurrence and none were reported in 2021122. 29. Contlngent asseis The Charity will recLYves pledBes to fund new wllage de¥doprnents. These pledBes are contingent on various key events occurring durin8 the village development phases. Funds arè reteived in stages. Hence both received and receivable funds are recognised as contingent a55ets until such tirne that the condititsns are rnet. In 2021 conditions were met an(1 final sta8e payments were reteived. therefNe there were no longer any contingent assets to report. No new pled6es have been received in theyear endin8 31 Marrh 2022. 30. Contingent liabilities and other commitments At 31 March 2022, there are no outstanding claims against the Group or Charity. 65

The Extracare Charitable Trust For the year ended 31 March 2022 Notes to the financial statements Extracare ¢tswrffablETnJsl 31. Related party transartions The Group has iaken advanta8e of the exemption conferred by para8raph 33_IA of FRS102. Related Party Disclosures. from the requirement to disclose transactions with its vtholly o¥med subsidiary IExlraCafe Retail bmitedl. The ag8regate total of these costs recharged is £3.021K12021.. £1,542KI. The Charity has not entereil into any iransa(tions or other arrangement ￿th any related parties. 32. Subsidiary undertakings- Ch*ity As shown in note 12, the Charity ha5 three wholly owned subsidiaries which are incorpoTated in the United Kingdom.. Exrracare Retail ￿rnIted Extracare Nominee J Lirnited Extratare Nominee 2 Limited Extracare Norninee l knmited and Extracare Nominee 2 Limiied did not trade durin8 the year, or in the prior year. All companies have entered into Gift Aid arrangements to donate their taxable profits io The Extracare Charitable Trust. A 5umm3ry of the results of Extracarè Retail timiied is shown below. Audited accounts will be filed with the registrar tsf Companies in line with requirements. Within the Group accounts. the attiwty from Extiacare Retail Limiied is shown wtihin Other Non Social Housin8 Actiwries (note 31. 2022 f'ooo 2021 £'ooo Turnover Cost of sales Staff costs Other Costs Other operating income 2,892 12711 11,8111 11.3221 872 2,331 11921 11,2601 11,3211 403 Net profil 360 139 Taxation Retained in subsidiary 360 1391 Cvrrent asseis Current liabilities 534 12131 398 14371 Retained in subsidiary 3ZI 1391 The Charity recwved Tho Gift Aid from retail actI￿tY in theyear ended 31 March 202212021.. £246KI. A Gift Aid distribvtion of £321K is planned for payment in the followng yearlrorn the Retail subsidiary retained prolits. 66

The Extracare Charitable Trust For the year ended 31 March 2022 Notes to the financial statements Extracare 33. Reconciliation of operatlng surplus to net cash inflow trom operating actkvitles 2022 £￿00 2021 £'ooo Surplus for the year 15.913 24.032 Interest payable Interest receivable Profit from sale of fixed assets 5.560 4,560 15251 Operating supplus for the year 20.947 28.586 Adju51rnents for non.cash iterns= Change in fair valve of investrnent properties hange in fair value of investments Release of Buyback liability Depreciation of t3ngi&e fixed a55ets Amortisation of intangible assets Amortisation of deferred capital grants Amort15ation of finance costs Defined benefit penyon schemes 122.6441 405 13,9061 3,550 58 14861 105 11,3271 131.7291 13.1291 3,582 78 14651 104 11,3101 Operatlng cash flows before movements in working capital 13.1981 14.2831 Movements in workin¢ twtal Decrea5elllncrea5el in stock IlntreasÈllDecreasÈ in rental onttother de￿Or5 Increase/lDecreasel in trade and other creditors 29 15661 378 46 15281 Net cash used in operating artr¥ities 13A571 14.7711 At l April 20ZI Cash fknws New ffinahce leases £'ooo Other non cash £'ooo At 31 March 2022 £'ooo Anafy5is of changes rn net debt Cash and cash equivalents Investments 10,686 19.595 20. 1405 Bank loans due in lessthan I year Bank loans due in morethan I year Other loans Lease buyback liability 11.0861 164.41021 15?.5th)1 1423.6641 1.086 17761 671 17761 163,7311 157,5001 1458,5751 32.519 171.3361 3.906 Total 1542WI 60,487 171,3361 3,396 1550.3011 67

The Extracare Charitable Trust For the year ended 31 March 2022 Notes to the financial stalements E)(traCare 34. Nurnber of homes in management and development 20Z2 Number 2021 Number Social houslng units Owned by the Charitv Managed on behalf of other orEanisations 74S 288 742 288 Non-social houslng Leased or part leaseé investment properties 2.607 2,611 Other Social housing propertie5 managed under a partnership arT3n8emefit Non-social housin8 properties managed under a partneT5hip arrangement 431 167 430 167 4.238 4,238 35. Financial instruments The carryinB value ol the GrDUP and Charivs financial instruments at 31 March weiÈ.' Grovp Charity 2022 £'o 2012 20?1 Ywjo 2011 £'ooo Financial a55etS Debt in5trurnen15 rneasured at amortised cost.- Trade and other debtors Cash 2.744 10.686 2.417 3.804 3.050 10,684 2.756 3.788 13.430 6.221 13,734 6,544 Debt instruments measured ai fair Wdlue.. Current Assets investments 19.595 19.595 19.595 19.595 Measured at amortised £05t Trade and other creditors Loan5 514.476 122.883 479.577 123.969 514.266 122.883 479.483 123.969 637,359 603.546 637.149 6r13.452 68