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2022-12-31-accounts

EDWARD MAYES TRUST

FINANCIAL STATEMENTS

For the year ended 31 December 2022

Company Registration Number: 09295352 Company limited by guarantee

Registered Charity Number: 1166318

EDWARD MAYES TRUST

Financial Statements For the year ended 31 December 2022

Contents Contents Page
1. Members of the Board and Professional Advisers 2
2. Trustees’ Annual Report 3 – 9
3. Independent Auditor’s Report to the Trustees 10 - 13
4. Statement of Comprehensive Income 14
5. Statement of Changes in Reserves 15
6. Statement of Financial Position 16
7. Notes to the Financial Statements 17 - 27

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EDWARD MAYES TRUST

Members of the Board and Professional Advisers Year ended 31 December 2022

Registered under the Companies Act 2006: 09295352
Charity Number: 1166318
Registered Office: Mayes Gardens
Harrison Street
Ancoats
Manchester
M4 7FN
Trustees: Mr J Sandford (Chairman)
Mrs J Winterbourne
Mr J Louden
Ms P Cotterill
Mr J Pickett
Mr E Stelfox
Ms L Everton
Mr T Robinson (Appointed 02/05/2022)
Secretary: Mr P Harrison
Auditor: Mitchell Charlesworth (Audit) Limited
Accountants
Statutory Auditor
3rdFloor
44 Peter Street
Manchester
M2 5GP
Bankers: National Westminster Bank plc
Spinningfields Square
182 Deansgate
Manchester
M3 3LY
Investment Managers: Evelyn Partners
Royal Liver Building
Pier Head
Liverpool
Merseyside
L3 1NY

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EDWARD MAYES TRUST

Trustees’ Annual Report For the year ended 31 December 2022

The Trustees present their report and the financial statements of the Charity for the year ended 31 December 2022.

Reference and administrative details

Reference and administrative details are shown in the Members of the Board and Professional Advisers on page 2 of the Financial Statements.

The Trustees

The Trustees who served the charity during the period were as follows:

Mr J Sandford (Chairman)

Mr J Longsden (Nominee of the City of Manchester) (resigned 6 December 2022)

Mrs J Winterbourne

Mr J Louden Ms P Cotterill Mr J Pickett Mr E Stelfox Ms L Everton Mr T Robinson (appointed on 2 May 2022)

Introduction

The Charity of Edward Mayes was founded in 1635 in accordance with the terms of his will dated 7 May 1621.

Structure, Governance and Management

Governing Document and Legal Status

The Edward Mayes Trust is a registered charity with the Charity Commission. The governing instrument is the Scheme of the Charity Commissioners dated 12 December 2017. These financial statement consolidate the results of ‘The Edward Mayes Trust’ which registered as a Social Housing Provider in 2013, with Registration number 4767. The Charity is also a Limited Company, limited by guarantee, incorporated in England and Wales.

Appointment of The Board

There should be three nominated Directors and between five and eight co-opted Directors. The nominated Directors must be appointed by Manchester City Council in accordance with the ordinary practice of the Council for a period of four years, or if the appointment is being made to fill a casual vacancy, the unexpired term of the appointee's predecessor. The appointment of a co-opted Directors must be made by the Board at a special meeting called by the Chair or any two Directors giving at least four days’ notice. Each co-opted Director must be appointed for a term of four years.

Organisation

The Board of Directors (which must have between eight and 11 members including the Chair), administers the Charity. The Board meets approximately six times a year and there is a sub-committee that covers the investment portfolio management. A Manager is appointed by the Board to manage the day-to-day operations of the Charity and a Scheme Manager is employed to provide a front-line housing service to the residents.

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Trustees’ Annual Report For the year ended 31 December 2022

EDWARD MAYES TRUST

Risk Management

The Trust regularly reviews its risk register which assists the Board in identifying threats to the Trust and recommendations to mitigate any threats.

Reserves

The Trust seeks to retain sufficient reserves so that the income from the investments that back the reserves is sufficient to maintain the Trust's property and provide for the expenses of the Charity. The aim is to make sure that the Trust is sustainable in the long-term. The general reserves are effectively a sinking fund to be used for major upgrades and development of the Trust's property.

Grants

It is the policy of the Trust to make grants to other qualifying charitable institutions having regard to the financial situation of the charity.

Objectives and Activities

Edward Mayes Trust was appointed as the corporate trustee for Sale Almshouses, Whitelegg Almshouses , Mrs Lums Charity and Elizabeth Stopford for Almshouses on 14 May 2020, and of Ingham’s Almshouses on 17 November 2020.

The Edward Mayes Trust aims to provide older people with an independent lifestyle in a caring and supportive environment. The principal activities of the Edward Mayes Trust are as follows:

  1. a) The provision of housing accommodation for beneficiaries; and b) Such charitable purposes for the benefit of the residents as the Board decide.

  2. The Board also has the power to use income for the relief of those in need in accordance with the provisions of the scheme mentioned above.

The Trust provides its beneficiaries with affordable, quality, supported accommodation which is purposely designed to meet the needs of older people and is set in a safe and secure environment at its Mayes Gardens estate in Ancoats, Manchester. The Trust supports its beneficiaries to live independently with staff available to give advice and assistance to achieve this.

The accommodation at Mayes Gardens comprises of 48 retirement bungalows and apartments set in landscaped grounds. Residents benefit from a full maintenance and gardening service and are supported on a daily basis by a Scheme Manager and Director with out of hours support provided by an emergency call system giving beneficiaries emergency assistance if required.

The Board confirm that they have referred to the guidance contained in the Charity Commission’s general information on public benefit when reviewing the Trust’s aims and objectives and in planning future activities.

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Trustees’ Annual Report For the year ended 31 December 2022

EDWARD MAYES TRUST

Achievements and performance

Five-year Business Plan

Throughout 2022 the Trust continued to focus on delivering its business plan. The Trust has identified and developed a plan around six key areas, these are: Estate, Community, Care, Finance, Governance and Communication. The Trust is committed to delivering the key themes of the plan which will move the Charity forward, creating a stronger and sustainable environment for the future.

New Build Development

In May 2022 the Trust began the construction of two new apartments at its Mayes Gardens estate. Grants from Homes England and the Community Housing Fund were secured to help meet the cost of the development. The two, one bedroom apartments will be completed in March 2023 and provide new residents the opportunity to live at Mayes Gardens and to enjoy the facilities on offer.

Modernisation Work

In 2022 the Trust completed its programme to upgrade wet room facilities to all ground floor properties on the Mayes Gardens estate.

Support

The Trust continued to provide support, advice and information to residents to assist them to maintain their independence

Occupancy

The Trust continued to remain fully occupied with two new residents being housed at Mayes Gardens in 2022. The Mayes Gardens estate continues to be a popular housing option for older people with a range of one and twobedroom adapted accommodation available in a secure and tranquil setting with housing support available from staff when required to assist residents to live independently.

Mrs Lums Charity

The Trust’s programme of wet room upgrades was completed in 2022.

A programme of work to improve fire protection in the roof spaces of the eight bungalows was carried out in May 2022.

Modernisation Programme

In early 2022 two of the properties at St James Square became vacant. Listed building consent was obtained in August 2022 to carry out a major refurbishment of the two properties, and work began on the refurbishment in November 2022 and will be completed in March 2023. A Homes England grant is being applied for to assist with the cost of the refurbishment.

Sale Almshouses and Whitelegg Almshouses

All properties at the two charities remain occupied and there have been no vacancies in 2022. There has been no major work required since the refurbishment of the properties in 2017. The Trust will carry out a quinquennial property condition survey in 2023.

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Trustees’ Annual Report For the year ended 31 December 2022

EDWARD MAYES TRUST

Elizabeth Stopford for Almshouses

All properties remain occupied and there have been no vacancies. There has been no major work required since the refurbishment of the properties in 2021.

Governance and Financial Viability

The Board have reviewed its compliance with the Governance and Financial Viability Standard and confirm that it complies with the requirements of the standard for the year.

Value for Money

The key strategic objectives are to provide its residents with an independent lifestyle in affordable, quality, supported accommodation.

In line with the previous Homes England Standard and the Financial Regulations, the Trust seeks to achieve value for money on all expenditure. In April 2018, the Regulator of Social Housing issued the updated Value for Money Standard. In line with the updated standard the Trust will set appropriate targets and measure performance on a periodic basis.

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EDWARD MAYES TRUST

Trustees’ Annual Report For the year ended 31 December 2022

Performance against the required Value for Money metrics are set out in the table below:

Metric 2022 2021
1. Reinvestment (%) 12% 16%
2. New supply delivered - -
3. Gearing (%) 5% 5%
4. Earnings before interest, tax, depreciation, amortisation and major repairs
(EBITDA MRI) - Interest cover %		 -% -%
5. Headline social housing cost per unit
Utilities charges
Routine maintenance
Planned maintenance
Major repairs
Community services
Bad debts
Total cost
Number of units
Cost per unit		 £
38,936
86,877
-
-
10,527
-
136,340
75
1,818		 £
19,700
49,602
-
450,680
9,754
-
529,736
75
7,063
6. Operating margin - social housing (4)% (4)%
7. Return on Capital Employed (ROCE) (1)% -%

Metrics commentary

The Trust has four loans provided by the Almshouse Association which are repayable within five years. The Operating Margin and ROCE are low due to various repair works carried out on the properties, and legal fees in relation to a planning application.

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EDWARD MAYES TRUST

Trustees’ Annual Report For the year ended 31 December 2022

Financial Review

Income and Expenditure

Set out below is a summary of the year's income and expenditure, together with that of the previous year:

Notes 2022 2021
£ £
Turnover 2 419,038 384,868
Operating expenditure 2 (477,182) (402,288)
Operating deficit (58,144) (17,420)
Interest receivable and other income 5 60,067 55,154
1,923 37,734
Loss on disposal of tangible fixed assets (1,042) (2,028)
Gain on disposal of investments 37,772 93,962
Unrealised (loss)/gain on investments (195,406) 87,486
Extraordinary items of income/(expenditure) 22 2,704 -
(Deficit)/surplus for the year (154,049) 217,154

Statement of Trustees' Responsibilities

The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:

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EDWARD MAYES TRUST

Trustees’ Annual Report For the year ended 31 December 2022

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, The Accounting Direction for Social Housing in England 2019 and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditor

Mitchell Charlesworth (Audit) Limited have been re-appointed as auditor for the ensuing year.

Trustees’ Statement of Disclosure of Information to the Auditor

In so far as the Trustees are aware:

Statement of Compliance

The Trustees confirm that this report has been prepared in accordance with the principles set out in paragraph 4.7 of the 2018 SORP for Registered Social Housing Providers.

SIGNED BY ORDER OF THE TRUSTEES

Mr P Harrison CHARITY SECRETARY

Date

Mayes Gardens Harrison Street Manchester M4 7FN

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EDWARD MAYES TRUST

Independent Auditor’s Report To the Trustees of Edward Mayes Trust

Opinion

We have audited the financial statements of Edward Mayes Trust (the ‘Charitable Company’) for the year ended 31 December 2022 which comprise the Statement of Comprehensive Income, the Statement of Changes in Reserves, the Statement of Financial Position, the Statement of Cash Flows and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charitable Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charitable Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The Board is responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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EDWARD MAYES TRUST

Independent Auditor’s Report To the Trustees of Edward Mayes Trust

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the Charitable Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

In addition, we have nothing to report in respect of the following matter where the Housing and Regeneration Act 2008 requires us to report to you if, in our opinion:

Responsibilities of the board

As explained more fully in the Statement of Trustees’ Responsibilities statement set out on page eight, the Board members (who are also the Directors of the Charitable Company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Board determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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Independent Auditor’s Report To the Trustees of Edward Mayes Trust

EDWARD MAYES TRUST

In preparing the financial statements, the Board is responsible for assessing the Charitable Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board either intends to liquidate the Charitable Company or to cease operations, or has no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and noncompliance with laws and regulations are set out below.

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we considered the following:

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to the timing of the recognition of income. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management over-ride and we identified risk in relation to the posting of unusual journals and the manipulation of accounting estimates.

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Charities Act 2011, the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing in England 2022.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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EDWARD MAYES TRUST

Independent Auditor’s Report To the Trustees of Edward Mayes Trust

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the Charitable Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and section 137 of the Housing and Regeneration Act 2008. Our audit work has been undertaken so that we might state to the Charitable Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charitable Company and the Charitable Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Alison Buckley (Senior Statutory Auditor) for and on behalf of Mitchell Charlesworth (Audit) Limited

31/05/2023

Date

Accountants Statutory Auditor 3[rd] Floor, 44 Peter Street Manchester M2 5GP

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EDWARD MAYES TRUST

Statement of Comprehensive Income For the year ended 31 December 2022

Notes 2022 2021
£ £
Turnover 2 419,038 384,868
Operating expenditure 2 (477,182) (402,288)
Operating deficit (58,144) (17,420)
Interest receivable and other income 5 60,067 55,154
1,923 37,734
Loss on disposal of tangible fixed assets (1,042) (2,028)
Gain on disposal of investments 37,772 93,962
Unrealised (loss)/gain on investments (195,406) 87,486
Extraordinary items of income/(expenditure) 22 2,704 -
(Deficit)/surplus for the year (154,049) 217,154

There were no other recognised gains or losses arising in the current or the prior year.

The notes on pages 17 to 27 form part of these financial statements

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EDWARD MAYES TRUST

Statement of Changes in Reserves For the year ended 31 December 2022

Restricted
Income and
Expenditure
Reserve
Restricted
Capital
Expenditure
Reserve
£
£
Balance at 1 January 2021
3,935,420
159,738
Surplus from statement of comprehensive income
214,326
-
Grants received
(152,000)
152,000
Transfer to/(from) Reserves
22,910
(22,910)
Balance at 31 December 2021
4,020,656
288,828


Balance at 1 January 2022
4,020,656
288,828
Deficit from statement of comprehensive income
(154,049)
Grants received
(144,676)
144,676
Transfer to/(from) Reserves
27,250
(27,250)

Balance at 31 December 2022
3,749,181
406,254

 Total
£
4,095,158
214,326
-
-
4,309,484
4,309,484
(154,049)
-
-
4,155,435

The notes on pages 17 to 27 form part of these financial statements

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EDWARD MAYES TRUST

Statement of Financial Position For the year ended 31 December 2022

Notes
Fixed assets
Tangible fixed assets
7
Intangible fixed assets
8
Investments
9
Current assets
Trade and other debtors
10
Investments
11
Cash and cash equivalents
Less:
Creditors: amounts falling due within one year
12
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more than
one year
13
Total net assets
Reserves
Restricted income and expenditure reserve
14
Restricted capital expenditure reserve
14
Total reserves		 £
119,839
111,177
219,103
450,119
(76,363)		 2022
£
2,950,851
-
1,464,232
4,415,083
373,756
4,788,839
(633,404)
4,155,435
3,749,181
406,254
4,155,435
 £
20,623
140,728
180,182

341,533
(87,513)
 2021
£
2,756,556
647
1,839,674
4,596,877
254,020
4,850,897
(541,413)
4,309,484
4,020,656
288,828
4,309,484

The financial statements on pages 14 to 27 were approved by the members of the Board and authorised for issue on 31 May 2023 and are signed on its behalf by:

The notes on pages 17 to 27 form part of these financial statements

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EDWARD MAYES TRUST

Notes to the Financial Statements For the year ended 31 December 2022

1. Principal accounting policies

Company Information

Edward Mayes Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is Mayes Gardens, Harrison Street, Ancoats, Manchester, M4 7FN.

Basis of accounting

The financial statements have been prepared in accordance with applicable United Kingdom Accounting Generally Accepted Accounting Practice (UK GAAP), the Statement of Recommended Practice: ‘Housing SORP 2018: Statement of Recommended Practice for Social Housing Providers’.

The financial statements comply with the Charities Act 2011, the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing in England 2022.

These financial statements have been prepared under a linking directive. For accountancy and registration purposes ‘The Edward Mayes Trust’, Charity Known as the Sale Almshouses, Elizabeth Stopford for Almshouses, Mrs Lum’s Charity, Whitelegg Almshouses, and The Ingham’s Almshouses are treated as part of the Charity.

The linking of the charities is an administrative linkage, for reporting purposes only. It does not change the separate legal status of the charities, or the nature of restricted funds or endowments, and it does not constitute a merger.

‘The Edward Mayes Trust’ holds the permanent endowment and has the liability for grants received. It is this charity which is registered as a Social Housing Provider, with registration number 4767.

The financial statements are prepared on the historical cost basis of accounting, except for investments which are included at market value, and are presented in sterling.

The financial statements have been prepared in compliance with FRS 102.

The Charity constitutes a public benefit entity as defined by FRS 102.

At the time of approving the financial statements the Trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

Investment assets and income

Investments of the various funds are shown at market value. Gains and losses arising on the sale of investments are dealt with directly through the various fund accounts. Income from investments, which is shown gross, includes only such dividends and interest on securities as are remitted to the Charity during its financial year by the Charity’s stockbrokers and its bankers. Changes in the market value of investment assets are shown as unrealised gains or losses.

Turnover

Turnover represents residents’ contributions receivable, grants and donations.

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EDWARD MAYES TRUST

Notes to the Financial Statements For the year ended 31 December 2022

1. Accounting policies (continued)

Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably.

Amortisation is recognised to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website development - Straight line over 3 years.

Fixed assets and depreciation

Tangible fixed assets are stated at cost less accumulated depreciation. Depreciation is charged on a straight line basis over the expected economic useful lives of the assets. Major components are treated as separate assets and depreciated over their expected useful economic lives. The following annual rates are applied:

Depreciation is charged on the freehold buildings on a component basis, as follows:

Long-leasehold land is not depreciated.

The Garage Workshop is also not depreciated.

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EDWARD MAYES TRUST

Notes to the Financial Statements For the year ended 31 December 2022

1. Accounting policies [Continued]

Social Housing Grant

Social Housing Grants (SHG) and similar capital grants are amortised over the life of the structure at 2% straight line.

Other capital grants

Capital grants (other than Homes England grants) in respect of capital expenditure are treated as restricted income and are released to the accumulated surplus at the same rate at which the assets to which they relate are depreciated.

Long-leasehold Almshouses

The cost of the original Edward Mayes Trust Almshouses have been fully depreciated by transfers to the Almshouses depreciation reserve. The lease expires in 2176.

Pension scheme

The Charity operates a defined contribution pension scheme. Contributions are charged to the income and expenditure account as they become payable in accordance with the rules of the Scheme.

Taxation

Edward Mayes Trust is a registered charity and as such is exempt from Corporation Taxation.

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EDWARD MAYES TRUST

Notes to the Financial Statements For the year ended 31 December 2022

2.
Particulars of income and expenditure from social housing lettings
Income from housing
Residents’ contribution
Supporting People
Amortised Government grants – Included in Interest receivable and other income
Other income – Included in Interest receivable and other income
Expenditure on social housing
Management
Routine maintenance
Depreciation of housing properties
Total expenditure on housing
Operating (deficit)/surplus on social housing
Activities other than social housing
Operating deficit		 2022
£
413,038
6,000
33,430
3,673

456,141

236,236
86,877
152,920

476,033

(19,892)

(38,252)
(58,144)
 2021
£
378,868
6,000
27,706
1,039
413,613
202,016
63,443
136,829
402,288
11,325
(28,745)
(17,420)

3. Trustees’ emoluments

No remuneration was paid to the Trustees of the Charity in respect of the year-ended 31 December 2022 (2021: £Nil).

4. Employee information

Employee information
The average weekly number of persons expressed as full-time equivalents
employed during the year was:
Staff Costs:
Wages and salaries
Social security costs
Pension costs		 2022
No.
2

2022
£
78,153
8,489
6,632

93,274
 2021
No.
2
2021
£
75,469
7,744
6,561
89,774

No employee received remuneration of more than £60,000 during the year (2021: None).

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EDWARD MAYES TRUST

Notes to the Financial Statements For the year ended 31 December 2022

5.
Interest receivable and other income
Bank interest receivable
Income from UK listed investments
Grants receivable
Other income
6.
Deficit/Surplus on ordinary activities
Deficit/Surplus on ordinary activities is stated after charging:
Depreciation:
Tangible owned fixed assets
Auditor’s remuneration:
In their capacity as auditors
In respect of non-audit services		 2022
£
990
22,964
33,430
2,683

60,067

2022
£
152,920

6,750
3,330
 2021
£
604
26,410
27,706
434
55,154
2021
£
136,829
6,750
2,500

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EDWARD MAYES TRUST

Notes to the Financial Statements For the year ended 31 December 2022

7.
Tangible fixed assets
Long-leasehold
buildings &
improvements
Long-leasehold
land
25A Mayes
Gardens
Garage
workshop
Linked charities
almshouses
Assets under
construction
£
£
£
£
£
£
Cost
At 1 January 2022
1,658,384
80,012
382,824
3,896
1,173,501
5,400
Additions
4,388
-
-
-
20,017
323,205
Disposals
(4,570)
-
-
-
-
-
Transfers
-
-
-
-
-
-


At 31 December 2022
1,658,202
80,012
382,824
3,896
1,193,518
328,605

Depreciation
At 1 January 2022
302,274
-
59,224
-
185,963
-
Charge for the year
81,905
-
15,537
-
54,831
-
Eliminated on disposals
(3,528)
-
-
-
-
-


At 31 December 2022
380,651
-
74,761
-
240,794
-

Net book value
At 31 December 2022
1,277,551
80,012
308,063
3,896
952,724
328,605


At 31 December 2021
1,356,110
80,012
323,600
3,896
987,538
5,400

 Total
£
3,304,017
347,610
(4,570)
-
3,647,057
547,461
152,273
(3,528)
696,206
2,950,851
2,756,556

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EDWARD MAYES TRUST

Notes to the Financial Statements For the year ended 31 December 2022

8.
Intangible fixed assets
Cost
At 1 January 2022 and 31 December 2022
Amortisation
At 1 January 2022
Charge for the year
At 31 December 2022
Net book value
At 31 December 2022
At 31 December 2021		 Website
£
7,049
6,402
647
7,049
-
647

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EDWARD MAYES TRUST

Notes to the Financial Statements For the year ended 31 December 2022

9.
Fixed asset investments
Movement in market value
Market value at the start of the year
Acquisitions at cost
Disposals at book value
Net (losses)/gains on revaluations in the year
Market value at the year-end
Historical cost at the year-end
Analysis of investments at 31 December 2022
between reserves
Accumulated
Surplus
£
Listed investments
UK quoted fixed interest
-
UK quoted shares
-
UK unit trusts
-
Investment and unit trusts
-
-
10.
Debtors
Other debtors
Prepayments and accrued income
11.
Current assets investments
Cash on short-term deposit		 Restricted
Reserves
£
88,483
274,389
41,443
1,059,917
1,464,232		 2022
£
1,839,674
103,147
(166,073)
(312,516)

1,464,232

1,545,422

Total
Reserves
2022
£
88,483
274,389
41,443
1,059,917

1,464,232

2022
£
2,704
117,135

119,839

2022
£
111,177
 2021
£
1,594,831
309,080
(179,925)
115,688
1,839,674
1,765,233
Total
Reserves
2021
£
101,350
329,284
78,145
1,330,895
1,839,674
2021
£
5,944
14,679
20,623
2021
£
140,728

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EDWARD MAYES TRUST

Notes to the Financial Statements For the year ended 31 December 2022

12.
Creditors: Amounts falling due within one year
Almshouse Association loans
Accruals and deferred income
Unamortised Government grants
Other tax and social security
13.
Creditors: Amounts falling due after more than one year
Almshouse Association loans
Mayes Gardens Retention
Unamortised Government grants		 2022
£
29,013
13,911
33,430
9

76,363

2022
£
110,425
8,318
514,661

633,404
 2021
£
30,451
21,631
33,431
2,000
87,513
2021
£
112,999
-
428,414
541,413

The loans from the Almshouse Association are unsecured, interest free and repayable in instalments due as follows:

In one year or less
Between one and two years
Between two and five years
Unamortised Government grants
At the start of the year
Released to income in the year
Received in the year
At the end of the year
Amounts due to be released < 1 year
Amounts due to be released > 1 year		 2022
£
29,013
66,275
44,150

139,438

2022
£
461,845
(33,430)
119,676

548,091

33,430
514,661

548,091
 2021
£
30,451
46,774
66,225
143,450
2021
£
332,150
(27,706)
157,401
461,845
33,431
428,414
461,845

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EDWARD MAYES TRUST

Notes to the Financial Statements For the year ended 31 December 2022

14.
Restricted reserves
Balance at
1 January
2022
(Deficit)/
Surplus for
the year
£
£
Income and expenditure
3,048,392
(153,422)
Capital expenditure
288,828
-
Mrs Lum’s Charity
255,408
(4,522)
Charity Known as the Sale Almshouses
128,078
8,633
Whitelegg Almshouses
86,183
(113)
Elizabeth Stopford for Almshouses
131,089
2,078
The Ingham’s Almshouses
371,506
(6,703)
4,309,484
(154,049)		 Grants
received
£
(144,676)
144,676
-
-
-
-
-
-		 Transfer
to/(from)
reserves
Balance at
31
December
2022
£
£
27,250
2,77,544
(27,250)
406,254
-
250,886
-
136,711
-
86,070
-
133,167
-
364,803

-
4,155,435

The income and expenditure reserve can only be used in accordance with the requirements of the Edward Mayes Trust.

The capital expenditure reserve is for grants received towards the repair, upgrade and maintenance of the properties.

15. Contingent liabilities

There are no known contingent liabilities arising from contractual disputes (2021: £Nil).

16. Legislative provisions

The Charitable Company is registered in England and Wales with Companies House (Company number 09295352), the Charity Commission (Charity number 1166318). The Charitable Companies’ registered offices are Mayes Gardens, Harrison Street, Ancoats, Manchester, M4 7FN.

These financial statements consolidate the results of ‘The Edward Mayes Trust’ which holds the permanent endowment and has the liability for grants received. It is this charity which is registered as a Social Housing Provider, with registration number 4767.

17. Units in management 2022 2021
No No
Housing accommodation - Supported Housing:
At the end of the year 75 75
18. Capital Commitments
At 31 December 2022 the had capital commitments as follows: 2022 2021
Mayes Gardens refurbishment 3,080 -
The Ingham’s Almshouses refurbishment 103,594 -

19. Pension scheme

The Trust operates a defined contribution scheme for its employees. The costs for the year were £6,632 (2021: £6,561). There were no prepaid or outstanding contributions at 31 December 2022.

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EDWARD MAYES TRUST

Notes to the Financial Statements For the year ended 31 December 2022

20. Grants and financial assistance
Grants and financial assistance
Total accumulated Government grants received at 31 December 2022
Held as unamortised capital grants
Recognised as income in Statement of comprehensive Income		 2022
£
548,091

514,661
33,430

548,091
 2021
£
461,845
434,139
27,706
461,845

21. Analysis of net assets by fund

Restricted Restricted
income and Restricted income and Restricted
expenditure capital fund Total funds expenditure capital fund Total funds
fund 2022 2022 2022 fund 2021 2021 2021
£ £ £ £ £ £
Fixed assets 4,008,829 406,254 4,415,083 4,596,877 - 4,596,877
Current assets 450,119 - 450,119 52,705 288,828 341,533
Current liabilities (76,363) - (76,363) (87,513) - (87,513)
Non-current
liabilities (633,404)
 - (633,404) (541,413) -
 (541,413)
3,749,181
 406,254 4,155,435 4,020,656 288,828
 4,309,484

21. Members’ liability

The company is limited by guarantee, not having a share capital, and consequently the liability of the members is limited to a sum not exceeding £10 being the amount that each member undertakes to contribute to the assets of the Charity in the event of its being wound up while he is a member or within one year after he ceases to be a member.

22. Extraordinary items of income/(expenditure)

On 1 January 2022 net assets of £2,704 were transferred for £nil consideration to the Charitable Company, Edward Mayes Trust (Company number 09295352). The operations of the Charity have previously been transferred to this company.

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