Ford Street & Maynard Almshouse Charity Charity No. 202643 Reglstered Housing Associati( f40. A3536 Annual Report and Flnancial Staternents Forthe year ended 31 March 2025
Ford Street & Maynard Almshouse Charity Year ended 31 Marth 2025 Contents Page Legal and Administrative detsils Trustees, Report Statement of Trustees. Responsibilities Independent Examinerfs Report Statement of Financial Activlties Balarsce Sheet Statement of cash flows io Notes to the Accounts 11-18 The followlng does not forni part of the financial ststements Detailed Profit and Loss Account 19
Ford Street & Maynard Almshouse Charity Year ended 31 March 2025 Leg31 and Administratl¥e detalls Charlty registered number 202643 Housing Asstxlatlon reglstered number A3536 Prlnclpal Operailn8 Address I Cherry Court. Larnerton, Tavistock, PL19 8FL Independent examlner Wlngs Chartered Accountants. Unit I Pearl Assurance House, Elbow Lane, Tavistock PL19 OBG Banker5 TSB Bank Plc, Bedford Square, Tavistock. PL19 OAG Trustees The Trustees who seNed during the year and since the year end were as follows.. Mr H Smlth (Chairl Mr D Balment Mrs J Kllburn Mr W Lane IRetired August 20241 Mrs B Moody - Tavistock Town Council preSentatiVe (appointed August 20241 Mr A Pitcher Mrs S Rasdall Cllr K Royston- Gulworthy Parish Council representative Mr R Sale Cllr M Ewings-Tavistock Town Council representative Mr G Shillabeer aerk to the Trustees Mrs K Woodward
Ford Street & Maynard Almshouse Charity Trustees. Report The Trustees present their Annual Report together with the financial statements of the charity for the year ended 31 March 2025, and have given regard to the Charity CommissTron guidance on publlc benefit as far as permitted by the Trust Deed for the Charity which was sealed on I September 1997 and as amended on 24 October2019. Objertlves and Alms: To provlde decent and affordable homes for people in need. Applicants for accommodation must be resident in the parishes ofTavistock, Gulworthy, Lamerton. Mary Tavy. Peter Tavy or Whitchurch at the time of application. Revlew of the Year. The Charity has achieved full occupanLry throughout the year. There has been considerable expenditure on maintenance of the properties, includin8 paintin8 of the extemal woodwork, new doors, replacement windows and gutters, treatment of mould and damp revealed during surrfey, and the complete internal redecoration of one propeity. The Welfare Committee have given confidential reports at each Trustees Meeting and has maintained a consistentty good Ve1 of support to our SIdentS. FUre Strategy: The Trustees continued to positively develop the II>Year Strategy which aspires to UP8rade the present accommodation and increase the number of units. Work in this area has been awaiting major Government announcements on the future Affordable Homes Programme fundin8 Ivia Homes England), and the possibility of our accessing this fundin8. This infomation has begun to emerge during late Spring 2025. Revlew of Flnanclal Posltlon: The Accounts are prepared on a Cash basis. We welcome the positive surplus of receipts against expenditure. However, we reco8nise that our maintenance expenses will continue to be high in the year 202S16 rf we are to maintain our properties to the levels fequired by Government and for comfortable living for our Residents. The WMC wa5 increased by 7.7% for the year 202415. The Trustees operate an investment poly to produce the best financial return wtthin an acceptable level of risk. and in order to rnaintain ea5ity-acce55ed reserye5 to cover the costs of changeover of occupancy of three flats in any twelve months. The balance of the reserrfes to be held in medium or long term investments for financing unexpected lar8e-scale repairs to the Grade 2 Listed buildings. The Charity reserves to be held in cash or near cash investments denominated in Sterling. The Charity's cash balances to be deposited with institutions with a minimum rating of A- or invested in a diversified money market fund.
Reserves Polkv: The Emergenry Repair Fund reserve was maintained at £50,IJK) and the Cyclical Maintenance Fund at £5.200 in line with the Mshouse Association policrf. Safeguardlng: The Safeguarding policy is based on the Almshouse A5)ciatIon advice and reviewed annually. Safeguarding officers have been appointed. Strurture Governance and Management". Two Trustees representing Tavistock Town Council and Gulworthy Parish Council are nominated by the respectlve Councils. The other eight Trustees a drawn from the local community* bringing relevant skills in Strategy, Finance, Maintenance or Welfare. A Resident's representative has been appolnted who attends Trustee Meetin85. Three sub committees, Finance. Property Maintenance and Welfare. work effectNely by ratlonalising Information to aid effective Trustees, decision making. The Almshouse Assotiation'standords of Management which cover, Governance, Admlnlstfation, Health & Safety. Financial Mano8ement. Residents. Land & Buildings policies and procedures are followed and reviewed annually. Major Rlsks: The risk summary assessment is revkwed in quarterly meeting5 and identifies the risk likellhood and impact In the areas of Governance and Management, Compliance, Residents and Property. Admlnlstratlve Informatlon The charity is a member of the Almshouse Association. which is a national association which provides support. advice and guidance on a broad ran8e of general and specific issues, to over 1600 independent Almshouse member charities that collectNely compTise around 35,IM) dwellings across the United Kingdom. th Approved by the Board on 12 August 2025 and signed on its behalf bv 4LK L4 MrH Smith Mr G. Shillabeer Chairman of Trustees Trustee
Ford Street & Maynard Almshouse Charity SLitement of Trustees, Responsibilities Year ended 31 Marrh Z025 The trustees are required to prepare financial rtatements for each financial year, which give a true and fair view of the state of affairs and of the surplus or deficit of the charity for that period. In preparing those financial statements, the trustees are required to:. Select suitable accounting policies and then apply them consistently,. Make judgements and estimates that are reasonable and prudent: State whether applicable accounting standards have been followed. subject to any material departures disclosed and explained in the financial statements- and Prepare the financial statements on a going conrn basis 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 also responsible for safeguarding the assets and liabilities of the charity and hen for takin8 reasonable steps for the prevention and detection of fraud and other irre8ularities.
Ford Street & Maynard Almshouse Charity Independert Examlnerfs Report to the Trustees ol Ford Street & Maynard Almshwse Charlty Year ended 31 Marth 2025 Respe¢llve responslbllltles of trustees and enmlner As the charlS trustees you are responsible forthe preparation of the accounts* you consider that the audlt requirement of sertlon 144121 of the Charityes Act 2011 Ithe 2011 Act) does not appty. It Is my responsiblllty to.. E¥amine the accounts under sertion 145 of the 2011 Act- To follow the procedures laid down In the General Directions given by the Charlty Commlssloner under section 14515llbl of the 2011 Art. and To state whether partlcular matters have come to my attentlon. 8a$ls of Independent emIne5 report My examin?tion was carried out in accordance wlth the General Dlrectlons 8lven by the Charity Commlssloners, An exaMInaOn 1ndle$ a reW of the accountlng records kept by the charity and a comparSson of the accounts presented wlth those records. It also includes consideration of anv unusual Items or dlsclosures In the accounts and seeking explanatlons from you as trustees concernlng such matters. The procedures undertaken do not provlde all the evidence that would be requlred In an audlt. ènd consequentiy no oplnk7n15 glven a5 to whether the accounts present a "true and falr vlevf and the report is limlted to those matter5 set out In the statement below. Independent examlnerfs statement In connectSon wlth my examlnation, matter has come to my attention: l. Which 8lves me reasonable cause to believe that in any materfal respect the requlrements To keep accoundn8 records In accordance wrth settrt 130of the 2011 Act; and b. To prepare accounts whlch accord wlth the accounting records and to comply wlth the accountlng requirements of the 2011 P£t. Have not been m¢ or 2. To whlch, In my oplnion, attentlon should be drawn In order to enable a proper understsndin8 of the accounts to be reached. Andrew Wlng LLB FCA Wlngs Chartered Accountants Unlt l. Pearl Assurarbce House Elbow Lane Tavistock PU9 08G 13 August 2025
Ford Street & Maynard Almshouse Charity Statement of Financial Actsvities (including Income & Expendire Account) Year ended 31 March 2025 Notes 2025 2024 Income from: Charitable activitie5 Investments Other 58,038 52,575 671 7,152 60,398 7,152 65.878 Expendlture on: Charitable activities 154,668} {77,2021 Net gainlllossl on movement of investments 13.388) 15,516 Net {deficit)Itncome and net movement In funds for the year 11.2881 Reconclllation of funds Total funds brought forward 18 304.985 306,273 Total funds carrfed forwanl 312007 304,985 All Income and expenditure derive from contlnuing artlvities and are unrestricted funds. The statement of financiol activities includes all gains and losses reco8ni5ed durin8 the year. The notes on pages 11 to 18 fonn part of these financial ststements.
Ford Street & Maynard Almshouse tharity Balan Sheet Year ended 31 March 2025 Notes 2025 2024 Fixed assets Tangible assets Investments 318.395 133,609 452,IJM 324.438 136,997 461,435 io Curreftt assets Debtors Cash and cash equNalents li 1.165 27.112 28,277 (10.127) 1,936 16,334 18,270 110.221) Credltors: Amounts falling due within one vear Net Current Assets 12 18.150 8,049 TOTAL ASSEfs LESS CURRENT UABIUTIES 470,154 469,484 CREDITORS: Amounts fallinz due after more than one year 13 1157,347) {164,4991 Total Net Assets 312,807 304,985 CAPITAL AND RESERVES Unrestrlrted funds General reserves Designated reserves 18 18 105,242 207,565 99,039 205,946 Total Charlty Funds 312,807 304,985 The financial statements were approved and authorised for issue by the Board on 13 August 2024 and signed on their behalf by: Cllr H Smlth Chair of Trustees Mr G. Shillobe Trustee The note5 on pages 11 to 18 form part of these financial Statements.
Ford Street & Maynard Almshouse Charity Statement of Cash Flows Year ended 31 March 2025 2025 2024 Net cash £enerated from/lused in) operating activities Isee below) iomo (20,0541 Cash flows from Inve5tlng artlvltles Interest received Dividend income Purchase of investments Net ¢ash flows from Investlng actlvltles 45 665 671 Net increase/(decrease) In cash and cash equlvalents Cash and cash equivalents at l April 24 Cash and cash equivalents at 31 March 25 10,778 119,3831 16.334 27.112 35,717 16,334 2025 2024 Cash flows from operatlng artivities SurplusllDeficitl for the year Adjustments to cash flows from non-cash items Depreclatlon of tangible fixed assets Financial instrument net18ainsl/losses throu8h profit and loss Investment Incorne {1.2881 {7,1521 {7,152) 6,213 115.5161 (6881 9AIZ 16711 118,4141 Worklng capltal adjustments: Ilncreasel/decrease In debtors Increaselldecreasel in creditors Net cash generated fromllused in) operating activitie5 772 19531 16871 {20.0541 iO,¢J90 io
Ford Street & Maynard Almshouse Charity Notes to the Accounts Year ended 31 March 2025 i. ststus of charlty The charity is registered with the Charity Commission as a charity within the meaning of the Charities Act. and as a Registered Social Landlord. 2. Accounting policies a. Ststement of compllanee Ford Street & Maynard Almshouse Charity meets the definition of a public benefit entity under FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102} leffective l January 20151- Icharities SORP IFRS 10211. the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 and the Houslng SORP 2014: Statement of Recommended Practice for Re8lstered Social Housing Providers and comply wlth the Accounting Direction for Private Registered Providers of Social Housing 2015. b. Summary of slgnlflcant accountlng pollcles and key accounting estimates The principal accounting policles applied in the preparation of these financial Statements are set out below. These policies have been consistently applied to all the years presented. unless otherwise stated. Ba$15 of preparatlon The financial statements are prepared on a goin8 conrn basis. under the historlcal cost convention. as modified by certain assets Measu at falr value throijgh the income statement. The preparation of financial Statements In conformity with FRS 102 required the use of certain critical accounting estimate5. It also required management to exercise its judgement in the prO$S of applying the chariV5 accounting policies. The areas Involving a higher degree of judgement or complexity. or areas where assumptions and estimates are Significant to the financial statements are disclosed in note 3. d. Income Income is derlved from one class of business comprisin8 weekly maintenance contributions reteivable from housing accommodation. Income is recognised on a straight line basis over the period to which it relates, net of voids. Interest receivable and other income Interest receivable is recognised using the effective interest rate method. Other income consists of dividend income. which is recognised when the right to receive payment is established. and the release of the social housing association grant ISHGI. which is recognlsed 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 impaiment losses. Cost indudes the original purchase pri, and costs directly attributable to bringing the asset to its working conditK*n for its intended use. li
Ford Street & Maynard Almshouse Charity Notes to the Accounts. continued Year ended 31 March 2025 Land and buildings Land and buildings includes freehold residential properties. Land and buildings are stated at Cost. less accumulated depreciation and impairment losses. C05t include5, irrespectNe of the source of finance. costs of acquisition. development expenditure, InteSt on mortgage and other loan financing up to the appropriate relevant date Isee below). ii. Interest on mortgage or other loans financing development is capitalised up to the relevant date of the interim SHG application Isee note 2 jl. Interest on advances after the interim SHG application 15 capitalised up to the relevant date of the final SHG application. 80th interim and final relevant dates are determined in accordance with the Homes and Community Agency circulars as issued from time to time. Interest not capitali5ed at either the interim or final relevant dates is charged to the income and expenditure account. iii. All invol$ and architect's certificates relating to capital expenditure are included in the financial statements at net value after retention5 provided that the dates of issue or valuation are prior to the year end. FIxre$ and equipment Fixtures and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Depreciation Depreciation is charged so as to write off the cost of assets less sIdUal value, other than land. over their estimated useful lives. as follows.. Asset class: Depreciation method and rate.. Land and buildings 2% straight line (buildings only) Fixtures. fittings 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 fevaluation is transferred to the 5taternent of income. h. Impairnient of fixed assets Every year a review of fixed assets 15 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 equivalents 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 a subject to an insignificant risk of change in value. 12
Ford Street & Maynard Almshouse Charity Notes to the Accounts- continued Year ended 31 March 2025 Soclal Housing Grants ISHG) SHGS are made by the Homes and Communities4ency IHCAI and are utilised to reduo the amount of mortgage loans approved for SHG to the amount which it is estimated COD be SeiCed by the net annual income of the scheme. The amount of SHG is calculated on the qualifying 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 authority and are reflected in the society's financial statement only when made and the relevant mortgage loan is reduced. The grant is cOgnised in income over the expected useful life of the housing property structure under the accruals model. k. Financial instruments The charity ha5 chosen to adopt sertion5 11 and 12 of FRS 102 in respect of financial Instruments. Flnanclal assets Basic financial assets. includin8 trade and other debtors, cash and bank balances, are initially recognised at transartion price, unless the arrangement constltutes financing transaction, where the transaction is measured at present value of the future receipts discounted ot a market rate of interest. Such assets are subsequently carried at amortised cost uslng the effective Inte$t method. At the end of each reportin8 period financial assets are 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. includin8 Investments in equity instruments. which are not subsidiaries. associates orioint venlures. are initially measured at falr value. which is normalw the transartion pri. Such assets are subsequently carried at fair value and the changes In fair value are recognised in the income statement. except that investments in equity instruments that are not publicly traded and whose fair values cannot be meaSUd reliably are measured at cost less impairment. Financial assets are no longer recognised when {a) the contractual rights to the cash flows from the asset expire or are settled, or Ibl substantially all the risk5 and rewards of the ownership of the asset are transferred to another party. Flnanclal Ilabilities 8asic financial liabilities, induding trade and other creditors, are initially recognised at transaction pri, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at present value ofthe future payments discounted at the market rate of interest. Debt instruments are subsequently corried at amortised cost, using the effective interest rate method. Accounts payable are classified as cUrnt liabilities if payment is due within one year or less. If not. they are presented as non-current liabilities. 13
Ford Street & Maynard Almshouse Charity Notes to the Accounts- continued Year ended 31 March 2025 Financial liabilities are derecognised when the liability is extinguished, that is when the contrartuol obligation 15 discharged. canolled or expires. Reserves Reserves have been split by the Trustees between a number of designated reseNes and the general serve. These serveS are as follows: General reseThe This reserve is available for use at the dlscretlon of the Trustees in furtherance of the general objectives of the charity and which have not been desi8nated for other purposes. Cyclical maintenance reserve The reserve is set aside out of general reserve to meet the charitvs obligation to provide, on a continuing basis. for the repairs and rnaintenance of its property based on a planned cyclical rnaintenano programme. Emergency repair fvnd This reserve is set aside out of the general reserve to fvnd any large emergency repair costs. Capltal reserve This reserve represents the property element of net a55ets. 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 depCatIon tharge and release of the SHG deferred income. 3. Critical accounting judgements and estimatloft uncertalnty Estimates and judgements are continually evaluated and are based on historical experience and other factors. including expectations of future events that are believed to be reasonable under the circumstances. Crltlcal accountlng estlmates and a55umptlons The charity makes estimates and assumptions conceming the future. The $vItIng accountin8 estimates will. by definition. seldom equal the rekted actual results. The estimates and as5UrnPtK)ns that have a significant risk of causin8 a material adjustment to the carrying amounts of assets and liabilities Within the next financial year a oddressed below. Useful econornic lives of tsngible assets The annual depreciation charge for tangible assets 1$ sensitive to the changes in the estimated useful economic lives and SIdUal values of the assets. The useful economic lives nd residual values are re-assessed annually. They are amended when necessary to reflect current estimates. based on technological advancement, future investments. economic utilisation and the physical condition of the assets. 14
Ford Street & Maynard Almshouse Charity Notes to the Accounts- continued Yearended 31 March 2025 4. Charitsble actlvltle5 iIKome 2025 2024 Weekly maintenance contributions Volds 58,038 52.920 {3451 52,575 58,038 5. Income from Investments 2025 2024 Interest on bank deposits 45 CLA d1videndllnteSt income 643 665 671 6. Other iKome 2025 2024 Social Housing grant released 7,152 7,152 7. Analysls of ewndfture on dlrect charltable artlvltles 2025 2024 Direct costs Administrative costs 37,696 16,972 54,668 50,729 26,473 77,202 Included within the above costs are the folbowing 80vernance costs= 2025 2024 Accountancy and independent examination Clerk 750 6,716 7,466 Trustees, remuneration Trustees of an Almshouse Charity are considered to hold the office as a Director and accordingly their employments are subject to disc105ure in the financial statements. No emoluments were paid to the Trustees during the year {2024: £nill. During the year no trustees were reimbursed for expenses12024'. £nill 15
Ford Street & Maynard Almshouse Charity Notes to the J£counts- continued Year ended ai March 2025 8. Net Income for the year Is stated after char8ing- 2025 2024 Depreciation of tan8ible fixed assets Independent examinef s remuneration- current examiner 6,213 750 51N) 6,963 9. Tanglble fixed assets Lind and bulldlng Flxtures and Flttin8S Total Cost At l April 2024 and 31 March 2025 464,582 66,216 530,798 Accumulated depreciation At l April 2024 Depreciation charge for year At 31 March 2025 142.185 5,533 147,718 64,174 511 64,685 206,359 212,403 Net Book Values At 31 March 2025 At 31 March 2024 316,864 322.397 1,531 2.042 318.395 330,652 10. Investments Llsted InvÈ5tments 2025 Totsl 2024 At l April 2024 Revaluation 136.997 (3,388) 121,841 15,156 136.997 11. Debtors 2025 2024 Other debtors Prepayments 137 1,028 9S3 983 1,165 1,936 16
Ford Street & Maynard Almshouse alarity Notes to the Ac¢oufits- continued Year ended 31 March 2025 12. Credltors: Amounts falling due within one year 2025 2024 maintenan fees received in advance Accruals Deferred income 2,175 2,019 1,050 7.152 10,221 7,152 10.127 13. Credltors: Amounts falling due after rne than one year 2025 2024 Deferred income 157,347 157,347 164,499 164,499 14. Deferred Income Deferd income consists of a Social Housing Grant which wa5 used to purchase the properties. Thls Erant is released in line with the property depreciation method. 2025 2024 Balance as at l April 2024 Amount released in the year Balance as ot 31 March 2024 171,651 7,152) 164,499 178,803 17,1521 171,651 15. Tax status The charity is exempt from taxation on any surplus arising provided that it is used for charitable purposes. 16. Contin8ent liabilltles In certain circumstances Sodal Housing Grants would become repayable. maximum exposure is £321,84412024: £321.8441. 17. Related party transattlons There were no related party transactlons during the year {2024: £nill. 17
Ford Street & Maynard Almshouse Charity Notes to the Accounts - contlnued Year ended 31 March 2025 18. ReseNes Cyclical malntenance Emergency Capitsl repair fund resefve Unrestrfcted general reserve Totsl At l April 2023 Surplus for year Rounding Depreciation Release of SHG deferred income Transfers between funds At l April 2024 Deficit for year Rounding Depreciation Release of SHG defefred income At 31 March 2025 5.200 50,(hXI 149,127 101,946 11,2881 306,273 11,2881 15.5331 7.152 5,533 17,1521 5,ZlX> 50.(KXJ 150.746 99,039 7%22 304,985 7,822 15,533) 7,152 5,533 17,1521 5.211) 50,(XJO 15Z,365 105,242 312,807 18
Ford Street & Maynard Almshouse Charity Detalled Profit and Loss Account Year ended 31 Marth 2025 2025 2024 Income Weekly maintenance contributions Interest received Dividend income Release of social housin8 8rant 58,038 45 643 7,152 65.878 52,575 665 7,152 60,398 Expendlture Property costs Heating and lighting Insurance Repair5 and renewals Cleaning Depreciation of buildings 252 2245 29.006 660 5,533 37.696 149 2,405 41,922 720 5,533 50,729 Admlnlstratlve expenses Clerk Clerk's expenses Television licence Sundry expenses Accountanoi Other professional fees Gardener Housing Ombudsman Almshouse Associatlon subscription 24 hour alarm Depreciation of sundry equipment 6,271 430 23 158 750 14,643 1,389 69 407 1,208 680 26,473 19 140 500 4.458 1.526 659 419 1,221 510 16,972 Total Expenditure Movement in fair value of investments 154,668) 13,3881 177,2021 15,516 Surplusl(Deficit) for the year 7,822 11,2881 19