Ford Street & Maynard Almshotsse Charlty Charity P40. 202643 Reglrtered Housln8 As%xSation No. A3536 Annual Report and Flnanclal Ststements For the year ended 31 March 2024
Ford Street & Maynard Almshouse Charlty Year ended 31 March 2024 Contents Page Legal and Administrative details Trustees, Report Statement of Trustees, Responsibilities Independent Examinerfs Report Statement of Financial Actlvities Balance Sheet Statement of cash flows io Notes to the Accounts 11-18 The followln8 does not fomi part of the finandal Statements Detailed Profit and Loss Account 19
Ford Street & Maynard Almshouse Charity Year ended 31 Mawch 2024 Legal and Adminlstratlve detslls Charlty reglstered number 202643 Houslng Assoclatlon reglstered number A3536 Prlnclpal Operatlng Address I Cherry Court, Lamerton, Tavistock. PL19 8fL Independent Èxamlner Helen Alcock, Dennathorne Accountancy SeTrll(es. Dennathorne, Down Road Tavi5tock. PL19 9AG Bankers TSB Bank Plc, Bedford Square. Tavistock, PL19 OAG Trustees The Trustees who sep4ed durlng the year and since the year end were as follows.. Mr H knith Ichairl Mr D 8alment Cllr L Crawford - Tavistock Town Council representstive Iresi8ned May 20231 Mrs J Kilburn Mrw Lane Mr A Pitcher Mrs S Rasdall Cllr K Royston- Gulworthy Parish Council representatNe Mr Rsale Cllr M Ewings-Tavistock Town Council representstive Mr G Shillabeer Clerk to the Trustees Mrs K Woodward
Ford Street & Maynard Almshouse a)arity Trustees. Report The Trustees present their annual report together with the financial statements of the charity for the year ended 31 March 2024 and have gNen Eard to the Charity Commission guidance on public benefrt as far as permitted by the Trust Deed for the Charty which was sealed on I September 1997 and as amended on 24 O¢tober2019. Objectlves and Alms: To provide decent hornes for people in need. Applicants for accommodation must be resident in the parishes of either Tavistock, Gulworthy, Lamerton. Mary Tavy. Peter Tavy or Whitchurch at the time of application. Revlew of the Year. The Charity has achieved full occupancy through Ihe year with the exception of one month at the beginnin8 of the year. There has been conslderable expendlture on malntenance of the properties includin8 paintin8 of the external woodwork and eradication of mould and damp revealed from the damp and mould survey. Considerable work was required to bring the void apartment up to standard. The Welfare Committee have gNen confidential reports at each Trustee meetin8. All policies were VIeWed and brought up to date where necessary during the year. Future Strategy The 10 Year Strategy. The Trustees a looking at a 10 Year Strategy to upgrade the present accommodation and possible increase in the number of units. Avalon reported on the project and their ideos have been taken to Pre-Planning, West Devon to gau8e response of Local Planners and Council. Architects have been interviewed and one selected to work alongside Avalon. Revlew of Nnanclal Posltlon: The accounts are prepared on a Cash basis. Due to the considerably increased expenditure on maiDlenance and expenditure on the 10 Year Strategy the accounts show a small deficit for the year. There was a considerable increase in in the value of the investments. The defictt is well cOVed by the reserve5. The WMC was increased by 7.7% for the year 2023124 The trustees set an investment polic¥ to produ the best financial return within an acceptable level of risk in order to maintain easily a£$Sed reserves to cover the costs of changeover of occupancy of 3 of the flats. The balance of the reserves to be held in medium or long tem investments for financing unexpected lar8e-scale repairs to the Grade 2 Listed buildings. The Charity resee$ should be held in cash or near cash investments denominated in sterling. The Charitys cash balance5 will be deposited with institutions with a minimum rating of A- or invested in 3 dNersified money market fund. Deposits will be spread by counterparty. subjett to a maximurn exposure of 75% of the total cash balance ter iDStitution.
Resebves Pol. The Emergency Repair Fund reserve was maintained at £50.(KX) and the Cydical Maintenance Fund at £5,2 in line with the Almhouse Association policy. The Safeguarding policy is based on the Almshouse Association advice and reviewed annually. Safeguarding officers have been appointed. Structure Govemance and Management: 2 Trustees, one representing Tavistock Town Council and one representin8 Gulworthy Parish Council are nominated by the respective Counols. The other 8 Trustees a drawn from the local communlty bringing relevant skills in either Finance, Maintenance or Welfare. A Resident's representative has been appointed who attends Trustee meetings. The three sub committees. Flnance. Maintenance and Weffare. work ratbnallslng information to ald effective decision making. The Almshouse Assoclatlon 'Standards of Managemeny whlch cover. Governance, Admlnlstration, Health & Safety, Financial Management, Residents, Land & Buildings policies and procedures are followed and revIevd annually. Major Rlsks: The risk summary assessment is revtwed at the quarterly meetings and identtfies the risk likelihood and rlsk impact in the areas of Governance and Mana8ement, Compliance. Residents and Property. Admlnlstratlve Infomiatlon The charity is a member of the Almshouse Association. which Is a natlonal awciation which provldes support, advlce and guldance on a broad range of general and specific issues, to over 1600 independent Almshouse member charitles that provide around 35,LKKI dwelllngs across the United Klngdom. Approved by the Board on 13 August 2024 and signed on tts behalf by Mr H Smlth Mr W Lane Chairman of Trustees Trustee
Ford Street & Maynard Almshouse Charlty ststement of Trustee5' Responsibilltles Year ended 31 March 2024 The trustees are required to prepare financial statements for each financial year. which give a true and fair view of the state of affairs a1 of the surplus or deficit of the charity for that period. In preparlng those financial 5tstements. the trustees are required to:_ Select sultsble accountin8 policies and then app them consistentty- Make judgements and estimates that are reasonable and prudent,. State whether applicable accounting 5tsndards have been followed, subject to any material departures disclosed and explained in the financial Statements: and Prepare the financial statements on a going conorn basi5 unless it is inappropriate to presume that the charity will continue. The trustees are responsible for keeping proper accounting records. which disclose with reasonable accuracy at any time the financial position of the charity. They are atso responsible for safeguarding the assets and liabilities of the charity ond hence for taking reasonable steps for the prevention and detertlon of fraud and other irregularities.
Ford Street & Maynard Almshouse Charity Independent Examlnerfs Report to the Tntstees of Ford Street & Maynard Almshouse Charity Year ended 31 March 2024 Respective responsibillties of trustees and examiner As the charity's trustees you are responsible for the preparatlon of the accounts,. you consider that the audit requirement of section 144121 of the Charities Act 2011 (the 2011 Act) does not app. It is my responsibility to: Examine the accounts under section 145 of the 2011 Act; To follow the procedures laid down In the General Directions given by the Charity Commissioner under section 1451Sllbl of the 2011 Act- and To state whether particular matters have come to my attention. 8as3s of independent examlDerfs report My examination was carried out in accordance with the General Dlrectlons gfven by the Charltv Commissioners. An examination includes a review of ihe accountin8 records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of anv unusual items or disclosures in the accounts and seekin8 explanations from you as trustees concerning such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is gNen as to whether the accounts present a "true and fair view" and the report is limited to those matters set out in the statement below. Independent examlnerfs statement In connection with rnyexamination. no matter has come to my attention: l. Which gives me reasonable cause to believe that in any material respect the requirements a. To keep accounting records In accordance with section 130 of the 2011 Att: and b. To prepare accounts which accord with the accounting records and to comply with the accountin8 requlrements of the 2011 Act. Have not been met- or 2. To which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. H FAlcock Dennathorne Accountancy Services Dennathorne Down Road Tavistock PL19 9AG th 13 August 2024
Ford Street & Maynard Almshouse Charity Statement of Hnanclal Activitles (induding Income & Expenditure Account) Year ended 31 March 2024 Notes 2024 2023 Income from: Charitable activities Investments other 52.575 671 7.152 60,398 49,124 675 7,152 56,951 Expendlture on: Charitable activities 177,2021 145.2921 Net gainlllossl on movement of investments 15.516 {4,0851 Net {deficit)Ilncome and net movement In fvndsfortheyear 11,288) 7,574 Reconclllatlon of funds Total funds brought forward 18 306,273 298,699 Total funds carrled foThvard 304.985 306,273 All income and expenditure derNe from continuin8 artivities and are unrestrirted funds. The statement of financial activities includes all gains and losses recognised durlng the year. The notes on pages 11 to 18 form part of these financial Statements.
Ford Street & Maynard Almshouse tharity Balan Sheet Year ended 31 March 2024 Notes 2024 2023 Flxed a55ets Tangible assets Investments 324.438 136,997 461,435 330,652 121,481 452,133 io Current assets Debtors Cash and cash equlvalents li 1,936 16.334 18,270 (10,2211 983 35,717 Credltors: Amounts falling due within one year Net Current Assets 12 110,9091 8.049 25,791 TOTAL ASSETS LESS CURRENT LIABiimES 477,924 CREDITORS: Amounts falling due after more than one year 13 1164,499) 1171,6511 Total Net Assets 304.985 306,273 CApAL AND RESEIIVES Unre5trirted funds General reserves Desi8nated resep4es 18 18 99.039 205,9é16 101,946 204.327 Total Charlty Funds 306,273 The financial statements were approved and authori5ed for Issue by the Board on 13 Au8USt 2024 and signed on their behalf bv-' CllrHSmlth Chair of Trustees Mr Lone Trustee The notes on pages 11 to 18 form part of these financial ststements.
Ford Street & Maynard Almshouse tharity ststement of Cash Flows Year ended ai March 2024 2024 2023 Net cash generated froml(used In) operatin8 actlvities Isee below) (20.054) 10,755 Cash flows from Investlng artfvltles Interest received DNidend income Purchase of investments Net cash flows from Inveslln8 artlvltles io 665 665 675 671 Net Increasel(decrease) in cash and cash equivalents Cash and cash equivalents at l April Cash and cash equivalents at 31 March (19,383) 11,430 35,717 16,334 24,287 35,717 2023 Cash flo¥ from operatln8 activltles Surplu5llDeficitl for the year Adjustments to cash flows from non-cash items Depreciation of tangible fixed assets Financial instrument net {gainslllosses throu8h profit and10ss Investment Income 7,574 (7.1521 (1,288) {7,152) 6,213 (15,516) 6,440 4,085 {6751 10,272 (671 118,414) Worklng capltal adjustments: {Increaselldecrease in debtors Increaselldecreasel in creditors Net cash generated froml(used in) operatlng activitles (953) (687) (20,054) {43} 526 10,755 io
4ts11.. Ford Street & Maynard Almshouse Charity Notes to the Accounts Year ended 31 March 2024 i. stst of clrity The charity is re8lStered with the Charity Commission as a Charty within the meanin8 of the Charities Art, and as a Re8iStered Social Landlord. 2. Accountinz poliues Statement of mplIanCe Ford Street & Maynard Almshouse Charity Meets the definition of a public benefit entity under FRS 102. The financial Statements have been prepared in accordance wlth Accounting and Reporting by Charities: Statement of Recommended Prattice applicable to charities preparin8 their accounts In accordan with the Financial Reportin8 Standard applicable in the UK and Republic of Ireland {FRS 1021 (effective l January 20151- (Charities SORP IFRS 10211. the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 and the Housing SORP 2014: Statement of Recommended Practice for Registered Socia5 Housing Providers and comply with the Accounting Direction for Private Re8iStered Provlders of Soclal Housin8 2015. b. Surnmary of slgnlficant accfjuntlng pollcles and key accountln8 estlmatss The principal accounting policies applied in the preparation of these financh?I statements are set out below. These policies have been consistently applied to all the years presented. unless otherwise stated. Basls of preparatlon The flnancial statements are prepared on a going concern basis, under the historical cost convention. as modified by certain assets measured at fair value through the income statement. The preparation of financial statements in conformity with FRS 102 required the use of certain critical accounting estlmates. It also required management to exercise its judgement in the prO$S of applyin8 the charitys accounting policies. The areas invofving a higher de8ree of judgement or complexity, or areas where assumptions and estimates are slgnificant to the financial statements are distbsed in note 3. d. Income Income 15 derived from one class of business comprising weekly maintenance contributions reoivable from housing accommodation. Income is reco8nised on a straight line basis over the period to which it relates. net of voids. è. Interest rereivable and other income Interest reNable is recognised using the effectNe interest rate method. Other income consists of dividend income. which is recognised when the right to receNe payment is established, and the release of the social housing association grant ISHGI. whith is recognised on a systematic basis over the experted life of the asset. f. Tangible assets Tangible assets are ststed at cost less accumulated depreciation and accumulated impairment losse5. Cost indudes the original purchase price. and costs directly attributsble to bringing the asset to its working condition for its intended use. li
Ford Street & Maynard Almshouse tharity Note5 to the Accounts- continued Year ended 31 March 2024 Land and buildin85 Land and buildings includes freehold residential properties. Land and buildings are stated at cost. less accumulated depreciation and impairment losses. i. Cost includes. irrespectNe of the source of finance, costs of acquisition, development expenditure. interest on mortgage and other loan financing up to the appropriate relevant date Isee below). ii. Interest on mortgage or other loans financin8 development is capitalised up ,to the relevant date of the interim SHG applicationlsee note 2 jl. Interest on advances after the interim SHG application is capitalised up to the relevant date of the final SHG application. 80th interim and final relevant dates are determined in accordan with the Homes and Community Agency circulars as issued from time to time. Interest not capitalised at elther the interim or final relevant dates is charged to the Income and expenditure account. iii. All invoices and architecys certificates relating to capitsl expenditure are included in the financial ststements at net value after tentIOnS provided that the dates of issue or valuation are prior to the year end. Flxtures and equlpment Fixtures and equipment are ststed at cost less accumulated depCIatIOn and accumulated impairment bsses. Oepreciation Depreciation is charged so as to write off the cost of assets less residual value, other than land, over their estimated useful lives. a5 follows: Asset class: Depreciation method and rate.. Land and buildings 2% straight line Ibuildings only) Fixtures, ffttlngs and equipment25% reducing balance Investments Fixed asset investments are included in the financial statements at market value at the balance sheet date. The surplus or deficit on revaluation is transferred to the statement of incorne. h. Impalrment of fixed assets Every year a review of fixed assets is carried out to ensure that their value as shown in the balance sheet is a fair value. which is deemed to be the lower of cost or value in use. Cash and cash equivalents Cash and cash equivalent5 comprise cash in hand. deposits held with banks, and other short-temi highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. 12
Ford Street & Maynard Almshouse tharlty Notes to the Accounts- continued Yearended 31 March 2024 Sodal Houslng Grants (SHG) SHGS are made by the Homes and Communities 4gency {HCAI and are utilised to reduce the amount ofmortgage loans approved for SHG to the amount whlch it is estimated can be serviced by the net annual income of the scheme. The amount of SHG is calculated on the qualifyin8 Costs of the Scheme in accordance with Instructions Issued from time to time by the Housing Corporation. The grants are made direct to the lending aUth)rity and are reflected in the societ(s financial statement onty when made and the relevant mortgage loan is reduced. The grant is recognised in income over the experted useful life of the houslng property structure under the accruals model. k. Flnanclal Instruments The charity has chosen to adopt sections 11 and 12 of FRS 102 In SpeCt of financial instruments. Flnanclal assets Basic financial assets. including trade and other debtors, cash and bank balances, are Inltialty cognIsed at transactlon prlce, unless the arrangement constitutes a financing transaction, Whe the transattion Is measured at present value of the future recelpts discounted at a market rate of interest. Such assets are subsequentty carried at amortised cost using the effective interest method. At the end of each reporting period financial assets a assessed to ensure that they reflect a fair value. Fair value is assessed to be cost or value in use. Any reduction in value is recognised through the income statement. Other financial assets. including investments in equity instruments. which are not subsidiaries. associates orjoint ventures, are Initialty measured at fair value. which is normalw the transaction pri. Such assets are subsequently carried at fair value and the changes in fair value are recognlsed In the income statement, except that investments in equity instruments that a not publicly traded and whose fair values cannot be measured reliably a measured at cost less impairment. Financial assets ore no longer recognised when {al the contractual rights to the cash flows from the asset expire or are settled, or Ibl substantially all the risks and rewards of the ownership of the asset are transferred to another party. Financial Ilabilities Basic financial liabilities. including trade and other creditors. are initlally recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at present value of the fLrture payments discounted at the market rate of interest. Debt instruments are subsequently (3rried at amortised cost. using the effective interest rate method. Accounts payable are classified as current liabilitie5 rf payment 15 due within one year or less. If not, they are presented as non-current liabilities. 13
Ford Street & Maynard Almshouse Charlty Notes to the Accounts- continued Year ended 31 March 2024 Financial liabilities a derecognised when the liability is extinguished. that is when the contractual obligation is discharged, cancelled or expires. ReseThes Reserves have been split by the Trustee5 between a number of designated reserves and the general reserve. These reserves are as follows.. General re5er¥e Thi5 reserve is available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been desi8nated for other purposes. Cycllcal malntenance reseThe The reserve is Set aside out of general reserve to meet the charity's obligation to provide, on a continuln8 basis. for the repalrs and maintenance of it5 property based on a planned cyclical maintenance programme. Emergency repair fund This reserve is set aside out of the 8eneral reserve to fund any large emergency repair costs. Capitsl reserve This reserve represents the property elernent of net assets, which the Trustees believe is not to be part of the funds available for the management of the charity. An amount is released to general funds each year to cover the deprecation charge and release of the SHG deferred income. 3. Crltlcal accountlng ludgements and esllmat60Tr uncertalnty Estimates and judgements are continually evaluated and are based on hlstorical experlence and other factors, including expectations of future events that are believed to be reasonable under the circumstances. CritKal accountlng estlmates and assumptlons The charity makes estimates and assumptions conceming the future. The resulting accounting estimates will. by definition. seldom equal the related actual results. The estimates and assumption5 that have 3 significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to the changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-a55essed annually. They are amended when neSSary to reflect current estimates, based on technological advancement. future investments, economic utilisation and the physical condition of the assets. 14
Ford Street & Maynard Almshouse Charlty Notes to the coUnts- continued Year ended 31 March Z024 4. Charitable artivities Income 2024 2023 Weekty maintenance contributions Voids 52.920 13451 52,575 49,352 12281 49,124 5. Income from Investments 2024 2023 Inte$t on bank deposits CCLA dividendlinterest income io 665 675 665 6. Other Inc(xne 2024 2023 Soclal Houslng grant released 7,152 7,152 7. Analysls of expendlture on dlrert charltable actlvltles 2024 2023 Dlrert costs Administrative costs 50,729 23,473 77,202 31,301 13,991 45,292 Included within the above costs a the following governance costs: 2024 2023 Accountancy and independent examination Clerk 750 6.716 7,466 750 6,271 7.021 Trustees, mUneratIon Trustees of an Almshouse Charity are considered to hold the offi as a Director and accordingly their employments are subject to disclosure in the financial statements. No emolument5 were paid to the Trustees during the year12023: £nil}. During the year no trustees were reimbursed for expenses12023: £nill 15
Ford Street & Maynard Almshouse Charity Notes to the kcounts- contlnued Year ended 31 March 2024 8. Net income forthe year Is stated after charging: 2024 2023 Depreciatlon of tangible fixed assets Independent examinerfs remuneration- current examiner 6.213 750 6,440 750 7,190 9. Tangible flxed assets Land and bulldlng Flrtures and Flttlnzs Total Cost At l April 2023 and 31 March 2024 464,582 66.216 530.798 Accumulated depreciation At l April 2023 Depreciation charge for year At 31 March 2024 136,652 5,533 142,185 63A94 2,146 6,213 206,359 64,174 Net Book Value5 At 31 March 2024 At 31 March 2023 322.397 327,930 2,042 2,722 324,439 330,652 10. Investments Listed investments T¢>tsl At l April 2023 Additions Revaluation 121,481 121,481 15,516 136,997 15,156 136,997 11. Debtors 2024 2023 Other debtors Prepayrnents 953 983 983 1,936 983 16
Ford Street & Maynard Almshouse Charity Notes to the Accounts- Continued Year ended 31 Mawrh 2024 12. Credltors: Amounts tJlling due within one year 2024 2023 Maintenance fees recelved in advan Accruals Deferd income 2,019 1,050 7,152 10,221 2.707 1,050 7,152 10,909 13. Credltors: Amounts falllng due after more than one year 2024 2023 Deferred income 164,499 164.499 171,651 171,651 14. Deferred income Deferred income consists of a Social Housing Grant which was used to purchase the properties. This grant is released in Ilne wlth the property depreciation Method. 2024 2023 Balance as at l April 2023 Amount released in the year Balance as at 31 March 2024 178,803 7,1521 171,651 185,955 17,1521 178.803 IS. Tax status The charitv is exempt from taxation on any surplus arisin8 provided that it is used for charitable purposes. 16. Contingent Ilabllities In certain circumstances Social Housing Grants would become repayable, maxlmum exposu is £321,84412023= £321,8441. 17. Related party tran5artions There were no related party tronsactions during the year {2023- £nill. 17
Ford Street & Maynard Almshouse tharity Notes to the Accounts. contlnued Year ended 31 March 2024 18. RerVeS Cyclical malntenance Emergency Capital repalr fund reseThe Unre5trirted general Total At l Aprll 2022 Surplus for year Rounding Depreciation Release of SHG deferred income Transfers between funds At l April 2023 Deficit for year Roundin8 Depreciation Release of SHG deferred income At 31 March 2024 5.2 50,LMXI 147,508 95,991 7,574 298,699 7,574 15,5331 7.152 5,533 17,152 149.127 {1,288) {1,2881 (5,533) 7,152 5,533 17,152) 5,21N) 50,1 150,746 99,039 305,985 18
Ford Street & Maynard Almshouse Charity Detailed Profit and Loss Ac(ount Year ended 31 March 2024 2024 2023 Income Weekly maintenance contributions Interest (eIved Dividend income Release of social housing grant 52.575 49,124 io 665 7,152 56.951 665 7.152 60,398 Expenditure Property costs Heating and lighting Insurance Repairs and renewals Cleanlng Depreciation of buildlngs 149 ZAOS 41.922 720 5,533 50,729 153 2,049 22,966 600 5,533 31,301 Admlnlstratlve expenses Clerk Clerys expenses Television licence Sundry expenses Accountancy Other professional fees Gardener Advertisin8 Almshouse Association subscription 24 hour alarni Depreciation of sundry equipment 6,716 430 23 158 750 14.643 1,389 6,271 420 27 109 750 2,395 1,440 476 1208 589 1,083 907 13,991 26,473 Total Expendltu Movement in fair value of investments 177,202} 15,516 145,2921 14,0851 Surplusl(Deficit) for the year 11,288) 7,574 19