## **EDWARD MAYES TRUST**
## **FINANCIAL STATEMENTS**
**For the year ended 31 December 2023**
**Company Registration Number: 09295352 Company limited by guarantee**
**Registered Charity Number: 1166318 Regulator of Social Housing Number: 5072**
## **EDWARD MAYES TRUST**
## **Financial Statements For the year ended 31 December 2023**
|**Contents**|**Contents**|**Page**|
|---|---|---|
|1.|Members of the Board and Professional Advisers|2|
|2.|Trustees’ Annual Report|3 - 8|
|3.|Independent Auditor’s Report to the Trustees|9 – 12|
|4.|Statement of Comprehensive Income|13|
|5.|Statement of Changes in Reserves|14|
|6.|Statement of Financial Position|15|
|7.|Notes to the Financial Statements|16 - 26|
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## **EDWARD MAYES TRUST**
## **Members of the Board and Professional Advisers Year ended 31 December 2023**
|**Registered under the Companies Act 2006:**|09295352|
|---|---|
|**Charity Number:**|1166318|
|**Regulator of Social Housing Number:**|5072|
|**Registered Office:**|Mayes Gardens|
||Harrison Street|
||Ancoats|
||Manchester|
||M4 7FN|
|**Trustees**:|Mr J Sandford|
||Mr T F Robinson (Nominee of the City of Manchester)|
||Mrs J Winterbourne (Chair)|
||Mr J Louden|
||Ms P Cotterill|
||Mr J Pickett|
||Mr E Stelfox|
||Ms L Everton|
||Mr R Saffer|
|**Secretary:**|Mr P Harrison|
|**Auditor**:|Mitchell Charlesworth (Audit) Limited|
||Chartered Accountants|
||Statutory Auditor|
||3rdFloor|
||44 Peter Street|
||Manchester|
||M2 5GP|
|**Bankers**:|National Westminster Bank Plc|
||Spinningfields Square|
||182 Deansgate|
||Manchester|
||M3 3LY|
|**Investment Managers:**|Tilney Investment Management|
||Royal Liver Building|
||Pier Head|
||Liverpool|
||Merseyside|
||L3 1NY|
2 | P a g e
## **EDWARD MAYES TRUST**
## **Trustees’ Annual Report For the year ended 31 December 2023**
The Trustees present their report and the financial statements of the charity for the year ended 31 December 2023.
## **Reference and administrative details**
Reference and administrative details are shown in the schedule of 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 Mr T F Robinson (Nominee of the City of Manchester) Mrs J Winterbourne (Chair) Mr J Louden Ms P Cotterill Mr J Pickett Mr E Stelfox Ms L Everton Mr R Saffer (appointed on 8 December 2023)
## **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. The Trust registered as a Social Housing Provider in 2013. 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 per 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 2023**
## **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 Inghams 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, good quality, supported housing which is purposely designed to meet the needs of older people in a safe and secure environment. The Trust supports its beneficiaries to live independently with staff available to give advice and assistance to achieve this.
The Trust currently has 77 homes spread across the six charities and operates within the Greater Manchester and High Peak areas.
The accommodation comprises of retirement bungalows and apartments set in landscaped grounds. Residents benefit from a full maintenance and gardening service and are supported by a Scheme Manager and Director with out of hours support provided by an emergency call service.
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 2023**
## **EDWARD MAYES TRUST**
## **Achievements and performance**
## **Five-year business plan**
Throughout 2023 the Trust continued to focus on delivering its business plan. The Trust has identified and developed a plan around six key areas these being: 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.
## **Governance**
The Trust carried out a review and audit of Board skills and agreed to review this annually. It was agreed by the board that Judith Winterbourne would take on the position of Chair in January 2024. The Trust would like to thank John Sandford for his contribution and commitment as Chair over many years of service to the Trust. The Trust welcomed Reuben Saffer as a new trustee on the Board. The Trust will carry out a recruitment process in 2024 to appoint a new Scheme Manager as the current post holder is due to leave in December 2024.
The Trust is taking legal advice to explore the option of amalgamating the 6 charities into one charity by creating a new regulated scheme; the Trust hopes to progress this in 2024 following negotiation with the Charity Commission.
## **Support**
Support for residents continued to be provided by the 2 full time members of staff based at its Mayes Gardens office in Manchester.
## **Occupancy**
The Trusts properties remained fully occupied in 2023 with the almshouses across the group of charities continuing to a popular housing option for older people, the range of one and two bedroom homes are available in secure and peaceful settings with housing support available from staff when required to assist residents to live independently.
## **Inghams Almshouses Refurbishment**
The Trust completed the refurbishment of 2 almshouses at St James Square, New Mills. The properties which are grade 2 listed were extensively modernised and refurbished with the help of a Homes England affordable housing grant delivered through the Almshouse Consortium Ltd. The properties were occupied in March 2023. Throughout 2023 the Trust have been developing a project plan to refurbish the 4 remaining almshouses with work expected to commence in the summer of 2024.
## **New Build Development-Edward Mayes Trust**
In March 2023 the Trust completed the construction of two new apartments at its Mayes Gardens estate in Manchester; affordable housing grant was given by Homes England to assist with the cost of the development, further financial assistant was given by the Department of Housing through a community housing fund grant and an interest free loan from the Almshouse Association. The two one bedroom apartments will provide new residents the opportunity to live at the Mayes Gardens estate and to enjoy the facilities and support on offer.
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**Trustees’ Annual Report For the year ended 31 December 2023**
## **EDWARD MAYES TRUST**
## **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’s 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.
Performance against the required Value for Money metrics are set out in the table below:
|**Metric**|**2023**|**2022**|
|---|---|---|
|1. Reinvestment (%)|17%|16%|
|2. New supply delivered|-|-|
|3. Gearing (%)|3%|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|**£**
40,433
88,477
-
-
11,450
-
**140,360**
77
1,823|**£**
19,700
49,602
-
450,680
9,754
-
**529,736**
75
7,063|
|6. Operating margin - social housing|(1)%|(4)%|
|7. Return on Capital Employed (ROCE)|-%|-%|
## **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 2023**
## **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**|**2023**|**2022**|
|---|---|---|---|
|||**£**|**£**|
|Turnover|2|434,685|419,038|
|Operating expenditure|2|(452,013)|(477,182)|
|**Operating deficit**||(17,328)|(58,144)|
|Interest receivable and other income|5|60,886|60,067|
|||43,558|1,923|
|Loss on disposal of tangible fixed assets||-|(1,042)|
|Gain on disposal of investments||48,611|37,772|
|Unrealised profit on investments||30,628|(195,406)|
|Extraordinary items of income|22|-|2,704|
|**Surplus/(deficit) for the year**||122,797|(154,049)|
## **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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Housing SORP;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
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## **EDWARD MAYES TRUST**
## **Trustees’ Annual Report For the year ended 31 December 2023**
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:-
- there is no relevant audit information of which the Trust’s auditor is unaware, and;
- The Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
## **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**
8 | P a g e
## **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 2023 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:
- give a true and fair view of the state of the charitable company’s affairs as at 31 December 2023, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006, the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing in England 2022.
## **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 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 directors 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:
- the information given in the board report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the board report has been prepared in accordance with applicable legal requirements.
## **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 board 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:
- adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors’ remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit. **;** or
- the board was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemption in preparing the directors’ report and from the requirement to prepare a strategic report.
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:
- a satisfactory system of control over transactions has not been maintained.
## **Responsibilities of the board**
As explained more fully in the board’s responsibilities statement set out on page 8, 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:
- the nature of the sector, control environment and business performance;
- results of our enquiries of management about their own identification and assessment of the risks of irregularities;
- any matters we identified having obtained and reviewed the organisation’s documentation of their policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
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 override 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 2019.
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 13/06/2024**
**Accountants 3[rd] Floor Statutory Auditor 44 Peter Street Manchester M2 5GP**
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## **EDWARD MAYES TRUST**
## **Statement of Comprehensive Income For the year ended 31 December 2023**
||**Notes**|**2023**|**2022**|
|---|---|---|---|
|||**£**|**£**|
|Turnover|2|434,685|419,038|
|Operating expenditure|2|(452,013)|(477,182)|
|**Operating deficit**||(17,328)|(58,144)|
|Interest receivable and other income|5|60,886|60,067|
|||43,558|1,923|
|Loss on disposal of tangible fixed assets||-|(1,042)|
|Gain on disposal of investments||48,611|47,973|
|Unrealised profit on investments||30,628|(195,406)|
|Extraordinary items of income|22|-|2,704|
|**Surplus/(deficit) for the year**||122,797|(154,049)|
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 2023**
|**Restricted**
**Income and**
**Expenditure**
**Reserve**
**Restricted**
**Capital**
**Expenditure**
**Reserve**
**£**
**£**
Balance at 1 January 2023
3,749,181
406,254
Surplus from statement of comprehensive income
122,797
-
Grants received
(110,500)
110,500
Transfer to/(from) Reserves
26,183
(26,183)
**Balance at 31 December 2023**
3,787,661
490,571
|**Total**
**£**
4,155,435
122,797
-
-|
|---|---|
||4,278,232|
**The notes on pages 16 to 26 form part of these financial statements**
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## **EDWARD MAYES TRUST**
## **Statement of Financial Position For the year ended 31 December 2023**
|**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|**£**
21,293
129,319
234,081
384,693
(94,490)|**2023**
**£**
3,032,557
-
1,600,343
4,632,900
290,203
4,923,103
(644,871)
4,278,232
3,787,661
490,571
4,278,232|**£**
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|
|---|---|---|---|---|
**The financial statements on pages 14 to 27 were approved by the members of the Board and authorised for issue on _________________ and are signed on its behalf by:** 13/06/2024
**CHAIR**
## **Mrs J Winterbourne**
**TRUSTEE**
**Mr J Louden**
**The notes on pages 16 to 26 form part of these financial statements**
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**EDWARD MAYES TRUST**
**Notes to the Financial Statements For the year ended 31 December 2023**
## **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 endowment, and it does not constitute a merger.
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. Profits 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 2023**
## **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:
- Kitchen fittings, tiles, vinyl - 5% straight line Internal doors, joinery, hollow partitions - 5% straight line Common stairs - 2% straight line Bathroom fittings, wall tiles, vinyl - 5% straight line Electrical installation - 5% straight line Heating installation, pipes, radiators - 4% straight line Heating installation, boiler, extractor fans - 6.67% straight line Roof and roof structure - 2% straight line External doors and windows - 4% straight line Structural walls and floors - 2% straight line External boundaries, paths, roads, drainage, rainwater goods - 4% straight line External decoration - 16.67% straight line Landlord services: alarms, CCTV, call system, TV - 10% straight line Professional fees - 4% straight line
Long leasehold land is not depreciated.
The Garage Workshop is also not depreciated.
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**Notes to the Financial Statements For the year ended 31 December 2023**
## **EDWARD MAYES TRUST**
## **1. Accounting policies [Continued]**
## **Social Housing Grant**
Social Housing Grant (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 2023**
|**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 on social housing
Activities other than social housing
Operating deficit|**2023**
**£**
428,685
6,000
35,025
805
470,515
230,248
88,477
154,829
473,554
(3,039)
(14,289)
(17,328)
|**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)
|
|---|---|---|
## **3. Trustees’ emoluments**
No remuneration was paid to the Trustees of the Charity in respect of the year-ended 31 December 2023 (2022: £Nil).
## **4. Employee information**
|**Employee information**
The average weekly number of persons expressed as full-time equivalent
employed during the year was:
**Staff Costs:**
Wages and salaries
Social security costs
Pension costs|**2023**
**No.**
3
**2023**
**£**
82,152
3,571
6,641
92,364
|**2022**
**No.**
2
**2022**
**£**
78,153
8,489
6,632
93,274|
|---|---|---|
No employee received remuneration of more than £60,000 during the year (2022: None).
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## **EDWARD MAYES TRUST**
## **Notes to the Financial Statements For the year ended 31 December 2023**
|**5.**
**Interest receivable and other income**
Bank interest receivable
Income from UK listed investments
Grants receivable
Other income
**6.**
**Surplus on ordinary activities**
**Surplus on ordinary activities is stated after charging:**
**Depreciation:**
Tangible owned fixed assets
**Auditors remuneration:**
In their capacity as auditors
In respect of non-audit services|**2023**
**£**
129
25,056
35,025
676
60,886
**2023**
**£**
154,829
7,250
3,150
|**2022**
**£**
990
22,964
33,430
2,683
60,067
**2022**
**£**
152,920
6,750
3,330|
|---|---|---|
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## **EDWARD MAYES TRUST**
## **Notes to the Financial Statements For the year ended 31 December 2023**
|**7.**
**Tangible fixed assets**
**Long**
**leasehold buildings**
**& improvements**
**Long leasehold**
**land**
**£**
**£**
**Cost**
At 1 January 2023
1,658,202
80,012
Additions
27,335
-
Disposals
-
-
Transfers
408,458
-
At 31 December 2023
2,093,995
80,012
**Depreciation**
At 1 January 2023
380,651
-
Charge for the year
77,019
-
Eliminated on disposals
-
-
At 31 December 2023
457,670
-
**Net book value**
At 31 December 2023
1,636,325
80,012
At 31 December 2022
1,277,551
80,012
|**25A Mayes**
**Gardens**
**£**
382,824
-
-
-
382,824
74,761
15,537
-
90,298
292,526
308,063|**Garage**
**workshop**
**Linked charities**
**almshouses**
**Assets under**
**construction**
**£**
3,896
1,193,518
328,605
-
129,347
79,853
-
-
-
-
(408,458)
3,896
1,322,865
-
-
240,794
-
-
62,273
-
-
-
-
-
303,067
-
3,896
1,019,798
-
3,896
952,724
328,605
|**Total**
**£**
3,647,057
236,535
-
-
3,883,592
696,206
154,829
-
851,035
3,032,557
2,950,851|
|---|---|---|---|
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## **EDWARD MAYES TRUST**
## **Notes to the Financial Statements For the year ended 31 December 2023**
|**8.**
**Intangible fixed assets**
**Cost**
At 1 January 2023 and 31 December 2023
**Amortisation**
At 1 January 2023
Charge for the year
At 31 December 2023
**Net book value**
At 31 December 2023
At 31 December 2022|**Website**
**£**
7,049
7,049
-
-
-
-|
|---|---|
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## **EDWARD MAYES TRUST**
## **Notes to the Financial Statements For the year ended 31 December 2023**
|**9.**
**Fixed asset investments**
**Movement in market value**
Market value b/f
Acquisition at cost
Disposals at book value
Net gain on revaluations in the year
Market value at the year-end
Historical cost at the year-end
**Analysis of investments at 31 December 2023**
**between reserves**
**Accumulated**
**Surplus**
**£**
**Listed investments**
UK quoted fixed interest
151,127
UK quoted shares
270,039
UK unit trusts
89,551
Investment and unit trusts
1,089,625
1,600,342
**10.**
**Debtors**
Other debtors
Prepayments and accrued income
**11.**
**Current assets investments**
Cash on short-term deposit|**Restricted**
**Reserves**
**£**
-
-
-
-
-|**2023**
**£**
1,464,206
389,961
(321,211)
67,386
1,600,342
2,296,162
**Total**
**Reserves**
**2023**
**£**
151,127
270,039
89,551
1,089,625
1,600,342
**2023**
**£**
-
21,293
21,293
**2023**
**£**
129,319
|**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|
|---|---|---|---|
|||||
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## **EDWARD MAYES TRUST**
## **Notes to the Financial Statements For the year ended 31 December 2023**
|**12.**|**Creditors: Amounts falling due within one year**|**2023**|**2022**|
|---|---|---|---|
|||**£**|**£**|
||Almshouse Association loans|29,013|29,013|
||Accruals and deferred income|14,180|13,911|
||Unamortised Government grants|36,620|33,430|
||Other tax and social security|14,677
|9|
|||94,490
|76,363|
|**13.**|**Creditors: Amounts falling due after more than one year**|**2023**|**2022**|
|||**£**|**£**|
||Almshouse Association loans|80,100|110,425|
||Mayes Gardens Retention|-|8,318|
||Unamortised Government grants|564,771
|514,661|
|||644,871
|633,404|
||The loans from the Almshouse Association are unsecured, interest free and repayable in instalments due as|||
||follows:|||
|||**2023**|**2022**|
|||**£**|**£**|
||In one year or less|29,013|29,013|
||Between one and two years|58,400|66,275|
||Between two and five years|21,700
|44,150|
|||109,113
|139,438|
|||**2023**|**2022**|
|||**£**|**£**|
||**Unamortised Government grants**|||
||At the start of the year|548,091|461,845|
||Released to income in the year|(58,796)|(33,430)|
||Received in the year|112,096
|119,676|
||At the end of the year|601,391
|548,091|
||Amounts due to be released < 1 year|36,620|33,430|
||Amounts due to be released > 1 year|564,771
|514,661|
|||601,391
|548,091|
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## **EDWARD MAYES TRUST**
## **Notes to the Financial Statements For the year ended 31 December 2023**
|**14.**
**Restricted reserves**
**Balance at**
**1 January**
**2023**
**£**
Income and expenditure
2,777,544
Capital expenditure
406,254
Mrs Lum’s Charity
250,886
Charity Known as the Sale Almshouses
136,711
Whitelegg Almshouses
86,070
Elizabeth Stopford for Almshouses
133,167
The Ingham’s Almshouses
364,803
4,155,435|**Surplus for**
**the year**
**£**
92,723
-
(2,417)
11,806
1,930
11,163
7,592
122,797|**Grants**
**received**
**£**
(110,500)
110,500
-
-
-
-
-
-|**Transfer**
**to/(from)**
**reserves**
**Balance at**
**31**
**December**
**2023**
**£**
**£**
26,183
2,785,950
(26,183)
490,571
-
248,469
-
148,518
-
88,000
-
144,329
-
372,395
-
4,278,232|
|---|---|---|---|
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 (2022: £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) and with the Regulator of Social Housing (Registered Number - 5072) as a Social Housing Provider as defined by the Housing and Regeneration Act 2008 following transfer of the registration from The Edward Mayes Trust (Charity number 222631) effective from 1 January 2018. The Charitable Companies’ registered offices are Mayes Gardens, Harrison Street, Ancoats, Manchester, M4 7FN.
|**17.**
**Units in management**
**Housing accommodation - Supported Housing:**
At the end of the year
**18.**
**Capital commitments**
At 31 December 2023 the Charity had capital commitments as follows:
Mayes Gardens refurbishment
The Ingham’s Almshouses refurbishment|**2023**
**No**
77
**2023**
-
-|**2022**
**No**
75|
|---|---|---|
|||**2022**
3,080
103,594|
## **19. Pension scheme**
The Trust operates a defined contribution scheme for its employees. The costs for the year were £6,641 (2022: £6,632). There were no prepaid or outstanding contributions at 31 December 2023.
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## **EDWARD MAYES TRUST**
## **Notes to the Financial Statements For the year ended 31 December 2023**
## **20. Grants and financial assistance**
|**Grants and financial assistance**
The total accumulated Government grants received at 31 December 2023
Held as unamortised capital grants
Recognised as income in Statement of comprehensive Income|**2023**
**£**
601,391
564,771
36,620
601,391
|**2022**
**£**
548,091
514,661
33,430
548,091|
|---|---|---|
## **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 2023**|**2023**|**2023**|**fund 2022**|**2022**|**2022**|
||**£**|**£**|**£**|**£**|**£**|**£**|
|Fixed assets|4,632,900|-|4,632,900|4,008,829|406,254|4,415,083|
|Current assets|(105,878)|490,571|384,693|450,119|-|450,119|
|Current liabilities|(94,490)|-|(94,490)|(76,363)|-|(76,363)|
|Non-current|||||||
|liabilities|(644,871)
|-|(644,871)|(633,404)|-
|(633,404)|
||3,787,661
|490,571|4,278,232|3,749,181|406,254
|4,155,435|
## **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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