EDWARD MAYESTRUST
FINANCIAL STATEMENTS
For the year ended 31 December 2024
Company Reglstratlon Number: 09295352
Company Ilmited by guarantee
Registered Charity Number: 1166318

EDWARD MAYESTRUST
Financial Statements
For the year ended 31 December 2024
Contents
Page
Members of the Board and Professional Advisers
Trustees, Annual Report
Independent Auditorfs Report to the Trustee5
9-12
Statement of Comprehensive Income
13
Statement of Changes in Reserves
14
Statement of Financial Position
15
Statement of Cashflows
16
Notes to the Financial Statements
16-26

EDWARD MAYESTRUST
Members of the Board and Professional Athiisers
Year ended 31 December 2024
Company Number:
09295352
Charity Number:
1166318
Registered Office:
Mayes Gardens
Harrison Street
Ancoat5
Manchester
M4 7FN
Trustees..
Mr J Sandford
Mr5 1 Winterbourne Ichairl
Mr l Louden
Ms P Cotterill
Mr J Picketi
Mr E Stelfox
Ms L Everton
Mr T Robinson (Nominee of the City of Manchester)
Mr R Saffer
Audltor..
Mitchell Charlesworth IAuditl Limited
Chartered Accouniants
Statutory Auditor
3, Floor
44 Peter Street
Manchester
M2 5GP
8ankers'.
National Westminster Bank plc
Spinningfields Square
182 Dean5gate
Manchester
M3 3LY
Investment ManaBers:
Evelyn Partner5
Royal Liver Building
Pier Head
Liverpool
Mersey5ide
L3 INY

EDWARD MAYESTRUST
Tru5tees' Annual Report
For the year ended 31 December 2024
The Trustees present their report and the financial statements of the Charity for the year ended 31 December 2024.
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 tharity during the period were as follows..
Mr I Sandford Ichairrnanl
Mrs J Winterbourne
Mr l Louden
Ms P Cotterill
Mr I Pickett
Mr E Stelfox
Ms L Everton
Mr T Robinson (Nominee of the City of Manchester)
Mr R Saffer
Introductlon
The Charity of Edward Mayes was founded in 1635 in accordance with the terms of his will dated 7 May 1621.
Strurture& 8ovemance and rnana8ement
GovernSn8 document and legal status
The Edward Mayes Trust is a re8lStered charity with the Charity Commission. The 8overnin8 instrument is the Scheme
of the Charity commissioners dated 12 December 2017. The Trust re8lStered as a Social Housing Provider in 2013. The
Charity is also a Limited Company. limited by guarantee. incorporated in England and Wales.
Appolntment olThe 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 appointrnent is bein8 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
year5.
Or8anisation
The Board of Oirectors (which must have between eight and 11 mernbers including the Chairl. administers the Charity.
The 8oard meets approxirnately 51X times per year arbd there 15 a sub-committee that covers the investment pc>rtfolio
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 ￿SIdents.

EDWARD MAYESTRUST
Tru5tees' Annual Report
For the year ended 31 December 2024
Risk management
The Trust regularly reviews its risk register which a5515ts the Board in identifying threats to the Trust and
recommendations to mitigate any threats.
Re5eryes
The Trust seeks tts retain sufficient reserves w thatthe intome from the inve5tment5 that back the reserves is sufficient
to maintain the Trust's property and provide for the expense5 of the Charity. The aim is to make sure that the Trust is
sustainable in the lon8-term. The 8eneral 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 8rant5 to other qualifying charitable institutions having re8ard to the financial
situation of the charity.
Oblectlves and actlvltles
The Edward Mayes Trust aims to provide older people with an independent lifestyle in a carin8 and supportive
environment. The principal activities of the Edward Mayes Trust are as follows..
al The provlslon of houslng atcommodatlon for beneficiarles.. and
bl Such charitable purposes for the benefit of the residents as the 8oard decide.
The 8oard also has the power to use income for the relief of those in need in accordance with the provisions of
the s¢heme mentioned above.
The Trust provides its beneficiaries with affordable. good qualily. supported housing which is purposely designed to
meet the needs of older people in a safe and secure environment. The Trust supports Its beneficiarie5 to live
independently with staff available to give advice and assistance to achieve this.
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 emer8ency 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 thè Trust's aims and objectives and in planning futuie activities.

EDWARD MAYESTRUST
Tru5tees' Annual Report
For the year ended 31 December 2024
Achievements and performance
Five-year Strategy
The Trustees decided that 2024 would be a year of consolidation allowin8 the Trust to consider its lon8er- term
strategy. In January 2024. the Trust refreshed and prioritised the Str3iegy to deliver key themes that will move the
Charity fonNard creating a stronger and 5U5tainable environment for the future, these being.. Estate- Community,.
Support,. Finance.. Governance and Communication.
Within these themes are several artions some of which are ongoing that will be more specific. In 2025. the Trust will
focus on..
Maintainin8 the current estate to o hi8h standard, including the refurbishment of kitchens and boilers at
Mayes Gardens.
Completing the Inghams Alms-houses refurbishment project.
Progressin8 the Charities Mer8er with the Charity Commission.
Developing partnerships lor new opportunities.
Increaslng social activities for residents including a hèalth and wellbèing calendai of activities.
The Trust wlll eontlnuè to provlde the current level of support and care to resldents and consider their views.. thls wlll
be under pinned by a sound and sustainable financial base.
Governance
Judith Winterbourne was re-elected as Chair of the Board in January 2024. One board member resigned dve to health
reasons and work will take place to recruit to this position. A new full-time Director was recruited and appointed in
August 2024.
The Trust has been working to amal8amate the 6 charities into one charity by Creating a new regulated Scheme. A new
scheme proposal has recently been submitted to the Charity Commission.
Support for residents and Involvement In artivitles
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 Mayes Garden èstaie remained lully occupied until August 2024 whèn 5 propèrties became void consècutively.
When properties do become empty it is used as an opportunity to undertake refurbishments including upgrades to
kitchens, bathrooms and boilers if required. As of January 2025. the estate was fully occupied and continues to be
popular housing option for older people. There are range of on& and two-bedroom homes avèilable in secure and
peaceful Settings very c105e lo the city centre and with excellerbt transport links. Housing 5UPPOrt is available from staff
when required to as515t residents to live independently.
New opportunltles
The Tru5tee5 decided to continue followin8 a 5UStainable growth strategy but reco8nised the opportunities at the
Mayes Gardens site after completion of the last development were very limited. There is an appetite amongst
Trustees to use free reserves to carry out a new development if 3 SUlt3ble location can be acquired to build new
home5 for beneficiarie5.
Due to the success of the Trust in merging with other charities and widening our area of benefit, we will continue to
work with the Almshouse Association and financially viable almshouse charities who are seeking a merger and will
consider any proposals.

EDWARD MAYESTRUST
Tru5tees' Annual Report
For the year ended 31 December 2024
The Trust is committed to looking at ways to achieve net zero carbon by 2038 as set out by the Mayor of Greater
Manchester. Given the age and size of the properties. and limited site space at Mayes Garden this certainly presents a
challenge. This will be a 'fabric first, approach and will start with a retrofit assessment to provide a sound ba515 for
future decisions about what is required.
Governance and flnanclal vlablllty
The Board have reviewed it5 compliance with the Governan￿ and Financial Viability Standard and confirm that it
complies with the requirements of the standard for the year.
Volue 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 expenditLJre. In April 2018. the Regulator of Social HousinÈ 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.
The Trust remains in a sound financial position, maintained through a continued drive towards maximising income and
a focus on delivering value for money. The financial governance and management ffamework is strong, evidenced bv
varlous audit assessments.
Performance against the required Value for Money metrics are set out in the table below..
Metrlc
2024
2023
l. Reinvestment {%}
2. New supply delivered
3. Gearin81%1
1%
4. Earnings before interest. tax. depreciation. amortisation and major repairs
IEBITDA MRII- Interest cover %
S. Headline social housing Cost per unit
Utilities £har8es
Roijtine maintenance
Planned maintenance
Major repairs
Community servicès
Bad debts
Totsl cost
Number of units
Cost per unit
52.605
69,592
34,377
40,280
11.905
11.450
134,102
50
2.682
86.107
48
1,794
6. Operating margin- social housing
181%
121%
7. Return on Capital Employed IROCEI
2%
iii%
Metrlcs commentary
The Trust has a loan provided by the Almshouse Association which is repayable within five years. The Operating Margin
and ROCE are low due to variou5 repair work5 carried out on the properties, arbd legal fees in relation to a planning
application.

EDWARD MAYESTRUST
Tru5tees' Annual Report
For the year ended 31 December 2024
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-
Notès
2024
2023
Turnover
359.288
329.183
Operating expenditure
1387,2691
1334.3571
Operatln8 dèfitlt
127.9811
15,1741
Interest receivable and other income
24,736
24,215
13,2451
19,041
Loss on disposal of tangible fixed assets
Gain on disposal of investments
44,385
43,055
Unreallsed galn on investments
15.235
30.628
Extraordinary items of income
23
Surplus for the year
56,375
92.724
Statement of TNstees' Responsibilities
The Trustees are responsible for preparin8 theTrustees' Annual Report and the financial statements in accordance with
applicable law and regulations and United Kingdom Accounting Standards Iunited 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
applicatiori tsf resources of the tharityforthat period. In prÈparingthese financial Statements. the Trustee5 are required
to..
select suitable accounting policies and then apply them consistently-
observe the methods and principles in the Housing SORP-
make jud8ements and accountin8 estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unle5S it is inappropriate to presume that the charity
will continue in operation.

EDWARD MAYESTRUST
Tru5tees' Annual Report
For the year ended 31 December 2024
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 th31 the financial statements comply with the Charities
Act 2011, The Accounting Direction for Social Housing in England 2022 and the provisions of the Trust Deed. They are
also re5pon5ible for safeguarding the assets of the Charity and hence fortakin8 reasonable Steps for the prevention and
detection of fraud and other irregularities.
Audltor
Mitchell Charlesworth IAuditl Limited have been re-appointed as auditor for the ensuing year.
Trustees, Statement of Dlsclosure of Infomiatlon to the Audltor
In 50 far as the Trustees are aware..
there is no relevant audit information of which the Trusys auditor is unaware. and..
The Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audSt
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 a¢¢ordan¢e with the principles set out in paragraph 4.7 of
the 2018 50RP for Registered Social Housin8 Providers.
IGNE
ORDE
FTHETRUSTEES
Mrs I Wlnterbourne
Chalr of Trustees
03.06.25
Date
MayÈ5 Gardèn5
Harrlson Street
Manchester
M4 7FN

EDWARD MAYESTRUST
Independent Auditorfs Report
To the Trustees of Edward Mayes Trust
Opinion
We have audited the finantial statement5 of Edward MayÈ5 Trust Ithe 'Charitable tompany'l for the year ended 31
December 2024 which comprise the Statement ol Comprehensive Income, the Statement of Changes in Reserves, the
Statement of Financial Position and notes to the financial statements, including a summary of significant accounting
policies. The financial reportin8 framework that has been applied in their preparation is applicable law and United
Kingdom Accounting Standards, including Financial Reporting Standard 102 The FinonciolReporting Stondord opplicoble
in the UK ond Republic of IreltJnd Iunited Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
glve a true and fair view of the state of the tharitable tompany's affairs as at 31 December 2024. and of its intomlng
re50urce5 and application ol 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 Housin8 and
Regeneration Act 2(K18 and the Accounting Direction for Private Re8lStered Providers of Social Housing in England
2022.
Basls for oplnlon
We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our
responsibilities under those standards are further described in the Auditor's responsibilities lor the audit of the financial
statements section of our rèport. We are independènt ol the Charitable company in aecordancè with the ethlcal
requirernents that are relevant to our audit of the financial staternents in the UK, includin8 the FRC'5 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.
Concluslons relatlng to golng concern
In auditing the financial statements, we have concluded that the Trustees, use of the 80ing concern basi5 of accounting
in the preparation of the financial statements is appropriate.
8a5ed on the work we have performed, we have not identified any material un¢ertainties relatingto events or¢onditions
that, individually or collectively, may cast $18nificant doubt on the company's ability to continue as a Boing concern for
a period of at least twelve months from when the financial statements are authorised for issue.
Our respon5ibilitie5 and the responsibilities of the dirèttors with respect to going concern are dèscribed in the relevant
sections of this report.
Other Informatlon
The board is responsible for the other information. The other information comprise5 the information included in the
annual report, other than the financial statements and our auditorfs 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.

EDWARD MAYESTRUST
Independent Auditorfs 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 tsur 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 misstaternent 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 thai fact.
We have nothing to report in this regard.
Oplnion5 on other matters prescribed by the Companies Art 21WJ6
In our opln5on. based on the work undertaken in the Course of the audit..
the inforrnation 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.
Matter5 on which we are requlred to report by exceptlon
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 misstatemenis in the board repor¢.
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 il, in our opinion..
adequate accounting records have not been kept or return5 adequate for our audit have not been received from
branches not visited by us; or
the financial statements are noi in agreemènt with ihe accounting records and returns.. or
certain disc105ures of directors, remuneration specified by law are not made; or
wè havè not received all the information and èxplanations wè require for our audit. or
the board was not entitled to prepare the financial statements in accordance with the Small companie5, re8ime
and take advantage of the small companies. exemption in preparing the directors. report and from the
requirement io prepare a strategit 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.
Re5pon5ibilities of the board
As explained more fully in the Trustee's responsibilities statement set out on page 7. the board members Iwho are also
the director5 of the charitable company for the purpose5 of company lawl are responsible for the preparation of the
financial statements and for being sat15fied 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 rnisstatement,
whether due to fraud or error.
101 Page

EDWARD MAYESTRUST
Independent Auditorfs Report
To the Trustees of Edward Mayes Trust
In preparing the financial statements, the board is responsible forassessing the chafltable 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 intendsto liquidate thecharitable companyorto cease operations. or has no realistic
31ternative but to do 50.
Auditorfs responsibilrties for the audit of the financial ststements
Our objectives are to obtain reasonable assurance about whether the financial ststements as a whole are free from
material misstatement. whether due to fraud of error. and to issue an auditorfs report that includes our opinion.
Reasonable a55urance is a high level of assurance but is not a guarantee that an audit conducted in accordance with
ISAS IUKI will alway5 detect a material misstatement when it exists. Misstatement5 can arise from fraud or error and
are considered material if, individually or in the aggregate, theycould reasonably be expected to influence the economic
decisions of users taken on the basis of these financial statements.
Detèlls of the extent to which the audit was considered capable of detecting irfegularities. including fraud and non-
compliance with law5 and regulations are set out below.
We identify and assess the risk5 of material misstatement of the financial statements, whether due to fraud or error,
and then desi8n 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 identifyirig and assessing risks of material mi$5tatemenl in respect of iiiegularities, in¢ludin8 fraud and non-
compliance with law5 and regulations, we considered the followin8:
the nature ol the sector, control environment and business performance;
results of our enquiries of management about their own identification and assessment of the risks of irregularltles.,
any matters we identified having obtained and revjewed the Company's documentation of their policies and
procedures relating to..
identifying, evaluating and complyin8 Wlth laws and re8ulations and whether they were aware of any
instances of noncompliance,.
detectlng and responding to the risks of fraud and whether they have knowledge of any actual. suspected or
alleged fraud.,
Ihe internal controls established to mitigate risks of fraud or non-compliance with laws and re8ulations',
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 recggnition of income. In common
with all audits under ISAS IUKI, 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 3150 obtained an understanding of the legal and regulatory framework5 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
Att 2011. the Housing and Regeneration Att 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 detert 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
statement5, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding
irregularitie5 occurring due to fraud rather than error, a5 fraud involves intentional concealment, forgery, collusion,
omission or misrepresentation.

EDWARD MAYESTRUST
Independent Auditorfs 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.frt.org.uklauditorsresponsibilities. This description forms Part of our auditorfs report.
Use of our report
This report is made solely to the Charitable tompanws members. as a body. in actordante with Chapter 3 of Part 16 of
the Companies Act 2CK)6 and section 137 of the Housing and Regeneration Act 2008. Our audit work ha5 been
undertaken so thal we might state to the charitable companws 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 othei than the tharitable company and the charitable company's members as a bodv,
for our audit work, for this report. or for the opinions we have formed.
Allson Buckley Isenior Statutory Audltorl
for and on behalf of Mitchell Charlesworth (Audltl Llmlted
03.06.25
A¢countants
Statutory Audltor
3 Floor
44 Peter Street
Manchester
M2 5GP
121 Page

EDWARD MAYESTRUST
Statement of Comprehensive Income
For the year ended 31 December 2024
Notes
2024
2023
Turnover
359,288
329,183
Operating expenditure
1387.2691
1334.3571
Operatlng deficlt
127.9811
15,1741
Interest receivable and other income
24.736
24.215
13.2451
19.041
Loss on disposal of tangible fixed assets
Gain on disposal of investments
44.385
43.055
Unrealised gain on investments
15,235
30,628
Extraordlnary Items of income
23
Surplus for the year
56.375
92.724
There were no other recognised gains or losses arising in the current or the prior year.
The notes on pages 16 to 26 form part of these financial statements
131 Page

EDWARD MAYESTRUST
Statement of Changes in Reserves
For the year ended 31 December 2024
Restricted
Intome and
Empenditure
Reserve
Restricted
Capltal
Empenditure
Reserve
Total
Balance at l January 2023
2,773,161
410,636
3,183,797
Surplus from statement of comprehensive income
92,724
92,724
Grant5 received
I32.5￿)
32,5fMI
Transfer tollfroml feserves
26,231
126,2311
Balance at 31 December 2023
2,859,616
416,905
3,276,521
Balance at l Jarnuary 2024
2.859.616
416,905
3,276.521
Surplus from statement of comprehensive income
56,375
56,375
Grants re¢eived
Transfer tollfroml reseNes
26,231
126,2311
Balance at 31 December 2024
2,942,222
390,674
3,332,896
The notes on pages 16 to 26 form part of these financial statements
141 Page

EDWARD MAYESTRUST
Statement of Financial Position
For the year ended 31 December 2024
Notes
2024
2023
Flxed assets
Tangible fixed assets
Intangible fixed assets
Investments
1,985,996
2,012,759
1.402.309
1,318.597
3.388.305
3,331.356
Currènt a￿tS
Trade and other debtors
Investments
Cash and cash equivalents
io
li
241,330
9.429
30.338
253,063
18.784
31,306
281.097
303.153
Less..
Creditors.. amounts falling due within one
vear
12
142,8131
148,6981
Net current assets
238,284
254,455
Total asset5 le55 current liabilitie5
3,626,589
3,585,811
Creditors.. amounts falling due after more
than one year
13
1293.6931
1309.2901
Total net assets
3.332.896
3,276.521
Reserves
Restricted income and expenditure reserve
Restricted capital expenditure reserve
14
14
2.942.222
390.674
2,833,385
443.136
Total reserves
3.332.896
3,276.521
The financial 5tstements on pazes 13 to 26 were approved by the member5 of the Board and authori5ed for t55ue on
3.06.
and are signed on Its behalf by:
Mrs I Winterboume
Mr l Louden
TRUSTEE
The notes on pages 16 to 26 form part of these financial statements
151 Page

EDWARD MAYESTRUST
Notes to the Financial Statements
For the year ended 31 December 2024
Principal accounting policies
Company Informatlon
Edward Maye5 Trust 15 a private company limited by guarantee incorporated in England and Wales. The
registered office is Mayes Gardens. Harrison Street. Ancoats, Manchester, M4 7FN.
Basls of atcountlng
The financial statements have been prepared in accordance with the Companies Act 2006, applicable United
Kingdom Accounting Generally Accepted Accounting Practice (UK GAAPI. 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.
Thè finantial statements are prèpared on thè historical cost basis of accounting. èxeept for investments which
are intluded at markèt value. and are presented in pounds stèrlirtg.
The financial statements have been prepared in compliance with FRS 102.
The charity constitutes a public benefit entity as defined by FR$ 102.
At the time of approvin8the financial statement5 the Trustee5 have a reasonable expectation that the cornpany
has adequate resources to continue in operational existence for the foreseeable future. Thus, the trustees
continue to adopt the golng 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 ihe various fund accounts. Income from investments, which Is
shown gross, includes dividends and interest on securities #s are due 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.
161 Page

EDWARD MAYESTRUST
Notes to the Financial Statements
For the year ended 31 December 2024
Accounting policies (continued)
Intanglble flxed assets other than goodwlll
Intangible asset5 acquired separately from a busine55 are recognised at cost and are subsequently rneasured
at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combination5 are recognised separatelyfrom goodwill at the acquisition
date where it is probable that the expected future economic benefit5 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 orvaluation of assets less their residual values over their useful
lives on the following base5=
Website development. Straight line over 3 years
FIMed assèts and d*prÈtlatSon
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
nd depre¢iated over their expected useful e¢onomi¢ lives. The followin8 annual rates are applied..
Depreciation is charged on the freehold buildin85 on a component basis, as follow5.'
Kitthèn fittings, tiles. vinyl
Internal doors, joinery, hollow partitions
Common stalrs
Bathroom fittings, wall tiles, vinyl
5% straight line
S% straight line
2% straight line
5% straight line
5% straight line
4% 5trai8ht line
6.67% straight line
2% straight line
4% straight line
2% straight line
4% straight line
16.67% straight line
IO% straight line
4% straight line
Heatin8 installation, pipes, radiators
Heating installation. boiler. extractor fans
Roof and roof strutture
External doors and windows
Structural walls and floors
External boundaries, paths, roads, drainage, rainwater 8oods
External decoration
Landlord services.. alarms, ccrv, call 5y5tem. TV
Professional fees
Long-leasehold land is not depreciated.
171 Page

EDWARD MAYESTRUST
Notes to the Financial Statements
For the year ended 31 December 2024
Accounting policies (Con￿AU¢d1
Soclal Houslng Grant
Social Housing Grants ISHGI and similarcapital grants are arnortised over the life of the strutture at 2% straight line.
Other capltal grants
Capital grants (other than Homes England grants) in respect of capital expenditure are treated a5 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 ori8inal Edward Mayes Trust Almshouse5 hove been fully depreciated by transfers to the
Almshouses depreciation reserve. The lease expires in 2176.
Penslon 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.
Tamatlon
Edward Mayes Trust is a registered charity and as such is exempt from Corporation Taxation.
181 Page

EDWARD MAYESTRUST
Notes to the Financial Statements
For the year ended 31 December 2024
Particulars of income and empenditure from ￿Cial housing lettings
2024
2023
Income from housinz
Residents. contribution
Supporting People
Management charges
Amortised Government grants- Included in Interest receivable and other
income
Other income- Included in Interest retèivablè and othèr income
328.537
6.(M)O
15,442
301,892
6,000
12,679
9.060
249
6.460
2.152
359.288
329.183
Expenditure on social hou5in8
Management
Routine maintenance
Depreciation of housing propertie5
218.296
69,592
99,381
201.521
40,280
92,556
Total expenditure on housing
387,269
334,357
Operating deficit on social housin8
127,9811
15,1741
Activities other than soclal housing
Operatin8 deficit
127,9811
15,1741
Trnstees. emoluments
No remuneration was paid to the Trustees of the Charity in respect of the year-ended 31 December 202412023..
£Nill. Out of pocket expenses are re-imbursed and included within the cost category to which the expenditure
related. During the year there were no expenses re-imbursed to the Trustees.
Employee Inlomiatlon
2024
No
2023
No
The average weekly nurnber of persons èxpressed as full-time Èquivalènt
employed during the year wa5..
2024
2023
Staff Costs:
Wages and 5alarie5
Social security costs
Pension costs
71,995
4,175
6,218
82,152
3,571
6,641
82,388
92,364
No employee received remuneration of more than £60.(K)O during the year12023.. None).
191 Page

EDWARD MAYESTRUST
Notes to the Financial Statements
For the year ended 31 December 2024
2024
2023
Interest recelvable and other Income
Bank interest receivable
Income from UK listed investments
24,736
24,215
24,736
24,215
Defltltlsurplus on ordlnary attlvitles
2024
2023
Deflcltlsurplus on ordlnary actl¥ltSes 5s stated after charg5ng-
Depreclatlon:
Tangible owned fixed assets
99,381
92,556
Audltors remuneratlon:
In their capacity as auditors
In respect of non-audit services
7,6CXJ
3,350
7,250
3,325
201 Page

EDWARD MAYESTRUST
Notes to the Financial Statements
For the year ended 31 December 2024
Tangible fixed assets
Long
leasehold bulldlngs
& impro¥ements
Long leasehold
land
25A Mayes
Garden5
Total
Cost
At I january 2024
Additions
Oisposals
Transfer
2,097,891
72.619
80,012
382,824
2,560,727
72,619
At 31 December 2024
2,170,510
80,012
382,824
2,633,346
Deprèclatlon
At I january 2024
Charge for the year
457.670
84.244
90,298
15.138
547,968
99,382
At 31 December 2024
541.914
105,436
647,350
Net book value
At 31 December 2024
1,628,596
80,012
277,388
1,985,996
At 31 December 2023
1,640,222
80,012
292,525
2,012,759

EDWARD MAYESTRUST
Notes to the Financial Statements
For the year ended 31 December 2024
Intangible fixed assets
Website
Cost
At l January 2024 and 31 December 2024
7.049
Amortisation
At l January 2024
Charge for the year
7,049
At 31 Decembèr 2024
7.049
Net book value
At 31 Oecember 2024
At 31 December 2023
221 Page

EDWARD MAYESTRUST
Notes to the Financial Statements
For the year ended 31 December 2024
Fixed asset investments
2024
2023
Movement in market value
Market value blf
Acquisition at C05t
Disposals at book value
Net 8ain on revaluations in the year
1.318.597
259.465
1194,3871
18,634
1,169.283
389.961
1321,2101
80,563
Market value at the year-end
1,402,309
1,318,597
Historical cost at the year-end
1,145.137
1,089.413
Analysls of Investments at 31 December 2024
between reserves
Total
Rèsèrves
Total
Reserves
2023
A¢cumulatèd
Surplus
Rèstrlttèd
Reserves
2024
Llsted Investments
UK quoted fixed interest
UK quoted shares
UK unit trusts
Investment and unit trust5
145,418
232,758
127.941
896,192
145,418
232,758
127.941
896,192
151,127
270.039
89.551
807,880
1,402.309
1.402,309
1.318,597
io.
Debtors
2024
2023
Other debtors
Prepayments and accrued income
226,063
15,267
241,370
11.693
241,330
2S3,063
Within Other debtors are lon8-term loan5 of £216,22512023.. £227,275) owed from Elizabeth Stopford for
Almshouses and Whitele88 Almshouses. which are both Charities subject to a linking directive with this Charitv.
ii.
Current assèts investmènts
2024
2023
Cash on short-term deposit
9.429
18,784
231 Page

EDWARD MAYESTRUST
Notes to the Financial Statements
For the year ended 31 December 2024
12.
Creditors.. Amounts falling due within one year
2024
2023
Almshouse Association loan
Accruals and deferred income
Unamortised Government granis
Other tax and social security
Retention fee re.. Maye5 Garden5
5,250
22.765
9.060
5,738
6,563
12,680
6.460
14.677
8,318
42,813
48.698
13.
Crèdltors.. Amounts falllng duè after more than onè year
2024
2023
Almshouse Association loan
Unamortised Goveinmènt grants
9.563
284.130
13,500
295.790
293,693
309,290
The loans from the Almshouse Association are unsecured. interest free and repayable in instalments due as
follows..
2024
2023
In one year or less
Between one and two years
5,250
9,563
6,563
13.500
14.813
20,063
2024
2023
Unamort5sed Government 8rantS
At the start of the year
Received in the year
Released to income in the year
302,250
298,386
32,500
128.6361
19.0601
At the end of the year
293.190
302.250
Amounts due to be released < l year
Amounts due to be released > l year
9,060
284.130
6,460
295,790
293,190
302,250
241 Page

EDWARD MAYESTRUST
Notes to the Financial Statements
For the year ended 31 December 2024
14. Restricted reseThies
BalantÈ at
l January
2024
Transfèr
Balance at
tollfroml 31 December
reserves
2024
Surplus for
the year
Grants
received
Income and expenditure
Capital expenditure
2.859.616
416,905
54,476
26,231
126,2311
2,940.323
390,674
3.276.521
54.476
3,330.997
The income and expenditure reseThè can only be used in a¢¢ordance 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. Contlngent Ilabllltles
There are no known contingent liabilities arising from contractual disputes12023.' £Nill.
16. Leglslatlvè provlslons
The Charitable Company is registered in England and Wales with Companies House (Company number
0929S3521, the Charity Commission Icharity number 11663181. The Charitable Companvs registered office is
Mayes Gardens. Harrison Street. Ancoats. Manchester. M4 7FN.
These financial statements consolidate the results of Yhe 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. Unlts In management
2024
No.
2023
No.
Houslng accommodatlon- Supported Housing:
At the end ol the year
50
48
18. Capltal commltmènts
2024
2023
At 310ecember 2024 the company had capital commitments as follows:
Mayes Gardens refurbishment
19. Pension scheme
The Trust operates a defined contribution scherne for its employee5. The costs for the year were £6,21812023'.
£6,641). There were no prepaid or outstanding contributions at 31 December 2024.
251 Page

EDWARD MAYESTRUST
Notes to the Financial Statements
For the year ended 31 December 2024
20.
Grants and financial assistance
2024
2023
Total accumulated Government grants received at 31 December 2024
302,250
308,710
Held a5 unamortlsed capital grant5
Recognised as income in the Statement of Comprehensive Income
293.190
9,060
302.250
6,460
302.250
308.710
21.
Analysls of net assets by lund
Restrlrted
Income and
Restricted
empendlture capStal fund
fund 2024
2024
Restrlrted
income and
Restricted
Totsl funds èxpendlturè capltal fund Totsl funds
2024
fund 2023
2023
2023
Fixed assets
Current assets
2,997,631
281,097
142.8131
390,674
3,388.305
281.097
142.8131
2,920,720
303.153
148.6981
410,636
3,331,356
303.153
148.6981
Non-current
1293,6931
1293,6931
1309,2901
1309,2901
2,942,222
390,674
3,332,896
2,865,885
410,636
3,276,521
21.
Members. Ilabllliy
The company is limited byguarantee, not havin8a 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 it bein8 wound up whilst they are a member or within one year after they
cease to be a member.
22.
Related party transactlons
During the year the Charity received management charges as follows from charities which are considered to
be related parties due to the Edward Maye5 Trust being a corporate Trustee '. Charity Known a5 the Sale
Almshouses £3.290 12023.. £2.8901. Elizabeth Stopford for Almshouses £2.144 12023.. £1,990), Mrs Lum's
Charity £3.53012023.. £3.4761. The Ingham's Almshouses £2.44412023.. £2.1021. and Whitelegg Almshouses
£2,55012023.. £2.2221.
At the year-end an amount of £180,0(X)12023- E190.(KK)I was due from Elizabeth Stopford for Almshouses,
and £36,22512023.. £37.2751 was due from Whitelegg Almshouses. These two Charities are considered to be
related parties as they have Trustees in common with this charity.
261 Page