FINANCIAL STATEMENtS YEAR ENDED 5 APRIL 2024 Contents P*ge Th]stees re)rt Ststetnentof TnL8tees rwtlyililies ststetllent of fil1claI activities Ba]an¢e sheet Notss to the fill8n¢ial siatem 7-12
THE TWYFORD TRusr TION DETAtLS Charlty narn¢ Rtgist¢rtd £h]Yty llWDIv 249627 Chgrlty's prittdpml athtress Leat Street Ttveffoll EX16 51 TrSteel Sir laa Heathco Anw (Chair) B T Ifickery M J Gratton SLL A J Britton Blnkers Natwest Bank plc 11 Fore Street rNcrto EX166LW Solleitor5 Ashford House Exe EXI 3LH Independent Mrs M Hutthings 21 Bampton Street EX166AA i*at Street Tiverton Devon EX16 51F
TRusfEES REPORT
YEAR ENDED S APRIL 21)24
The Tnjstees present their report aTrl the finla1 Statem of the clwity for the ytsrend¢d 5 April 2024. The tn
have adopted the provisions of the Statement of Recomttlended Practirx {SORP)-A¢g)unting and R¢p)rting by
Charilie5- (FRS 102) in preporing the annual report alld fin[81 ststemeats of the charity.
OBJE1vEs AND A1VITI$
Suuuuary olthe objeets
RD TRUST STATEMEKf OF TRusfEE Jawand ihLit¢d Kingthn A¢4)untin¥ StstMIJTds (UtL7ted G¢rfyAccerAed Praaice}. The law applicable to chartties in England & Wales requires the tnjstees to prepue fir0la] stst¢ments for each finatlcial year whith give a true and fairviof the statc of affair5 of the charity and of the incoming resources and applieatioti of resourw of the th•rity foT that plod. In pttPATing these fitt8nci81 statttw the ts1 ere requirJ to: ' select suitable accounting p)lieies then &pply them eoThsistently' ' observe the mcthods and principle5 in the Chariiies SORP 2015 (FRS102) . make jwig¢m¢nts and ¢5timalas are re&qonable and PThd¢ . statc vAJcther applicable accouDtinB Standards have b¢eD folloyr4 subject to any material departures disclosed and explain in the fuwiCi ststements. ' prepare the finoncial ststements on the going o)ncern b&sis unless it is inapprDpriats to presume that the 8rity will Coltttm iti operntion. The tnLsl¢e5 ar¢ respOlbE¢ fcr keeping accounting records that dI105C with reasonable Accurncy Any time the financi position of the chority and enable them to ettsure that the financial st4t¢m¢nts comply with th¢ Chariti¢5 Act 2011. the Charity {Accounts Rwrts) Regulations 2008 and the provisions of the rules. They are also resp)nsible for saf¢guarding the usets ofthe chBrity and henc¢ for tsknn8 r¢ag)nable sieps for the prevention and de1110Th of fraud And 011r irre8ulariiies. ThiSreportwapP1vCdbYtheBolrdOn.............. ................. and 5i8nd on their E¢half by.. Slr lan Hutheot Amory BL
PE DE EINER's poKr TO THE TRUSTE E TWYFORD TRUST I rel to the charity tSle£S on my exarniDthon ofthe xcounts ofttK tr1 for th¢ ye8r ded 5 Aprtl 2024 which are set out on pages 5 to 11 Respollslbultks basil of report As the chzrity's tnte¢S you are reSW)J%1e for th¢ preparll of the in tttcordan with the T¢qUitements of the Chariti¢s Act 2011 ('the kn.). I report in reSpt of examination of the clwity's aOts ¢aThi¢d out under5ection 145 ofth¢ Art in canyiDg out my examinatton I have followed all the applicable DirectioLs givett by tbe Chtirity Commission undet 5e£fion 145(5Xb) of the Act. Indepttsdent ex8miD¢rfs sttemeDt examination giving to b¢li¢ve that in any nerIal Te5peet aclting recA)rds wtre tr)t kept its TW ofthe charity as required by srftion 130 ofthe A¢ or tbe accounts do not acc(Yd with thos¢ records. or VlS do not comply with the Ipplieable nCeg fonn and cont¢Dtof ac0)Ut set out in the ChltieS (A¢ccHmts al Rwrts) Regulations 2008 other than 8ny that th¢ aXts give a'true be drawn ID this report in orderto enable a ]ryer undttsttitidin8 of tbe #CLxxmts to be r¢chal. U vu41_ Mrs M Hutcblugs 21 Bampton Street TlvertOD Dtvon EX16 6AA
THE IWYFORD TRusr F FIJYAWCIAL ACTivrriES IUL 2024 2024 Total 023 trifted Intome fmm: Maintenanet contributions Interest recetvable and other income Miscellaneo4 incon Totsl in¢owK 147.422 405 147.422 405 143,382 loo 143.487 147.827 147.827 Expendlture on: Charitsble Octivities Costs tsf actLVities in furthe oftrw¢'s objectiveJ- RuDDing and maintaining hou5in8 prop¢rties Monagement and administralion of the ¢h8Tity Total expenditure 116,or2 116.OT2 27.436 143 508 144.087 143,508 170350 Net incorne/(exFtMlitJJre) before 88ins on investments Gains on inv¢5tm¢nts - Realised - Utwealised (54) (54) 41810 Net Income1(exnd11re) 46,075 46.075 (37,453) 46.075 46.075 (37.453) Other r¢COgnis sai8. on d]SFal of tan8ible fLxed as84ts Net rnovement in fimds 46,075 46.075 (37.453) Total fill9 bTDU8ht fonvJrd Tothl fijnds corried forward 955 610 1.001.685 763 402 763.402 1.719,012 1.765.087 1.756,465 1.719.012 All &tivities during the Y were continuiD8 a¢tivities. The notes on pa8e 7 to 12 fomi part of these financial statern.
BAL NCE SHEET AS AT 5 APRIL 2024 Note Fixed assets TaDgible fix¢d 8S5¢ts Investsnents IJ40.9)3 415,21XJ 1.756,103 1.340.903 403,444 1.744J47 Debtors Cash atbenk and in ha1 io 826 14.140 19.6(N) 1696 Creditors: amounts falling th thin one year 10.616 28.031 Net current assets 8.984 25J35 Totsl a59rt51¢ss wrrent liabiIiti¢s 1.765,087 1.719.012 Funds Unrestrictyj.. [ksignatl fiTnds 12 494.582 507.103 763,402 1765.087 494582 461.028 763 402 1,719,012 13 The fJnaAcial statemettts *rre approved and for issue by th¢ Ex)3rd of ¢rw5t¢¢5 1)n .. l£.....i.: Z• and 51 on ir behalf by: Slr Egll thco#t Amory BL The ]Mxes ort pages 7 to 12 forni FQrtof these ststanalls
THE TWYFORD TRU TO THE FifAPiCIAL STATEMEKts YEAR ENDED 5 APRtL 2 Summary of slgnlllcAllt Aceouoting potieies (a) Gentrl Infomatlon and basis of preparntio The TF0rd Trust Is a cbaritable trust tC8i5tetd ID England within thc United KingdonL The charity CODSiitutrs a public beDefit entity defined by FRS 102. The finaDcxal ststetllents bave been prepar in accordance with Accounting ttnd Rep)rting by Chartties: Statement of Recommended Practice appl1Lle tr) charities prq)aTing their accounts tn xcordance with the Financial RetKJrting Standard applicable the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 (as ated through Update Bulletin I published on 2 February 2016), the Chariti¢s A¢t 2011 and UK Generally Accepted A¢Unting Prnctice as li applies from I January 2015. The financial seMe[ are preped on a goin8 concern b1$ utmlerthe historical LXJS¢ conv¢ntion. mlified to ilUde certain items at fair value. The financiai StateMts are prtsented in sterling l¢b is the fiJn¢tiona] currency of th¢ charity and T0ded to the nearest£ The significant accounting wlicies applied in th¢ preparionofth¢s¢ f[al stateMts are set out below. These p)licies have been cotisistentiy appli¢d to all y¢ars pr¢5¢nknl unless Othenwis¢ (b) Intome TecogDttion Ail incomtng resources are iticluded in the Ststement ofFiDarKial ACtitieS (SOFA) when the charity is legally entitled to the income after airy F0fOrn cond[tio5 have FK¢n m¢4 the OUnt ¢an be m¢asur¢d Teliably and it is probable thet the inc0e wrll be reIl For dollations to be recogDised the clwitywiII have been notified ofthe a[nou and th¢ se#I¢ment date ill writing. If th¢r¢ are conditions attached to the donlOn and thi% requirts a level of pfortCe before entitlement cat2 be obtained then ints)m¢ is defeffed until those conditions are fijlly or th¢ fulfiimeDt of dse ¢ondtt¥)ns ts within the Control of the charity ar it is pmbable th th¢y will b¢ fvlfilled. ltrKome from govenJni¢nt and othergrants recogrtised at fatrydlue when the charity Iw ¢rrtitl¢ment after any perfomiance condtttons hav¢ be meL it is probable that the tncome will be received and the arnot call be rneasu reliably. if titleMent is not met tbcn the5c arnouDts are deferred. (c) Expenditure rttoRtiitloll All expendit¢ is account¢rf for on all a¢cnw15 basi5 and IS been c]assified underwings that aggregatr all ensts rdated to the cat¢gory. Expenditttye is regnised where there is a legat or conslTuth¢ obligation to make dyrn¢nts to third parties. it is probable thatthe settIement will E¢ r4uiTvJ and the aMot of the obligation can be e&5ur¢d r¢liably. It is cawrised uttdtrthe following heydin&s: E¥paMlittye on d)aritable aGtivitie5"
TES TO THE yctAL sfATEMENTS PRIL 2024 (d) Tangib rued assets T8ngtble fixed Lssets are stated at cost (or deemed cost)or valuation. Cost includes costs direct]y attributable to making the tt capable of operating as Itended. The properti&% are maintained in a state of repair sh that their estinted residuai value is rtot less thart their impmvement cost or carying amounl and thuefoT¢ d¢pre¢iation is prnvidcd as the annual Ghargewould be nil. (t) Investments tnyestments recognised initity at fair[U¢ 1(h 15 rllllY the traLsathn pricc excluding traD5action costs. Subsequentiy, they are mwured at fair vatue with cbang¢s r¢cognised in 'n¢t gain5 1 (10&s¢5) on inY¢5ttn¢nts' in th¢ SOFA if the shares are publicly trad¢d or th¢ir fair valu¢ otheTrv be Measu reliably. Other inveStMet are Meured at $¢ less impatnncL (Q Ikbtors and credhors r¥tble/ wy*ble wittthi one yur Debtors and creditor5 with no ststd intercst rate and receivable QT payabl¢ within ¢)ne year are recorded at traLwtion price. Any losses arising from imp4irnnt ar¢ rKOgnIs in ¢xpendittw¢. (g) CAsh C&sh aT cath quivaieDts are basic financiai &ssets 8Dd include cash in han(L deSits held at call with baDk4 Other short-t¢m] liquid investments with original maturities of three llM)nths or Is. and bank overdrafts. (h) Tax The charity is an exempt charity within the meaning of SChll1e 3 of the C1wtties Aet 2011 and is eoL%idered s th¢ tests 5¢t out in Ppragrdph I Schedule 6 Finance Act 2010 and therefore it meets the definition of a dwitable company for UK corpration tsx Pur[. (l) Funds Unnstricted fidS aye available for e the discretion of the trStee5 in fiwthcrance of general objeetives of the ¢harity and whi¢h have llot be desied for otherpurposes. Desigllsted fimds comprise unrestricted that have asid¢ by the tTUStees for particular purposes. The aim and use of eath designated is set out in the notes to the finala] alernets. Restricted funds are funds wht¢h are b¢ in accordance with sp¢cific r¢strictioDs irnP05ed by donor5 or which have FKen raised by the charity for particularpwposes. The cost of raisit)g and administ¢ring su¢h fund5 are charged In the specific fund. The 8im and use of each restricted fund is srfout in the notes to the financial staternetts.
RD TRusr IYOTES TO THE FJYANCJAL STATEMENTS VEAR ENDED 5 APIUL 2024 L Trustees ernolvments nd expens None of the trustees re¢¢ived any enK)lumen Trnvel expens totailt41 £27 (2023: 6). Employet Infornution The twsi had no employees during thts year or the previo year. MalnteDAnc¢ ¢0Trtrlbd0n1 20 Maint¢Than¢e contributions receivabl¢ Lcss Void periods 151,995 4.573 147.422 148,416 5,034 143.382 Interest recelv#blt And other Income COIF Charities deposii interesl WayleAv¢ 400 405 MlseellAneou8 illtome 024 Natwest comp¢TUWtion 100 Charltxble eipellditure Runnin housin ni and rlies dmlttlstr*li ro 024T LL8hting and heating Land5Fe maintenance Inswan¢e Examiner's remutteration Rent w11¢IOn and managernent f¢¢$ Syndry admin expenses Day to day main¢enance Cyclical Maintenance Major wairs Improvements 2.312 10,200 5.167 2J12 10,200 5,167 600 21.885 4,951 64,299 10.314 527 23.253 543,508 2.744 7,864 4,396 582 21.465 4,216 54,872 3,910 41,359 28,942 170,350 600 21,885 4.951 64299 10.314 527 23253 116,072 27.436 CoTnpar&tLYe5 144087 26263 170.350 160,240
TRusr O THE FtYANCIAL ATE EAR ENDED 5 APRIL 2024 xed assets for ch•rlty use Freehold CLJst At 6 April 2023 8nd at 5 April 2¢Y24 40303 Depreciation At 6 April 2011 Charg¢ forth¢ year At 5 April 2024 Net book value 5 April 2024 IK%)k va]ue 5 April 2023 1.340.903 I J40.903 40.903 Included in freelKJld Pro is £88.643 w)rfh of ]and. lttve5tm¢nts Inv¢stmeTrts r1st of 1649.25 UDits (2023: 1781.48 units) iti the OfficiaI Invwtsn¢Dt F. Valuation at 6 Aprll 2023 Sold Realised gain Net gain/(loss¢s) on MItiOn 403.444 (30,()0) (54) 41.810 Valuation at 5 Apnl 2024 415200 Historical c4)st at 5 April 2024 (5 Aptii 2023- £213518) 197.670 10. Debtorg: amounts fal]lllg due wltlthi oneyear 2023 826 826 5.460 11. Creditors: 4mowits faukng d¢ wtthln year 2024 Knightshayes Estth TnL%t Trade edItorS 5.633 4.433 550 10,616 27,481 550 28,031
li THE TWWFORD NOTLS TO THE FINANCIAL STATEM£rrs ARE ED 5 APRtL 2024 12. Deslgllated funds New AtSA ril 2024 7.269 38,000 2023 desi 7.269 38.000 Utiiised Cyclical repairs and maint¢nancc Major repairs ImpTov¢ments Choritsble fimd property reserve 10,314 527 23,253 (IOJ14) (527) 123,253) 449.313 494.582 449.313 494.582 34,094 (34,094 Cyclical r¢pairs and maintenance thllMI- This rese represetts amourttg 5¢t ld¢ for Cyclical maintenantt to meet LX>5ts in excess of budgeted expenditure for any year. Majorrepairs fill- This reSce represents amounts set aside to calry Out major repairs on th¢ tnt'S housing properties. Improverrmts fulld. This reserv¢ represents amounts set aside to carry out imwoyements to th¢ frust'5 housing prowttes. ChaTitabl¢ fund propety rerve- This represents that proportion ofthe cost of properties thich was flnanced by ch8ritable donations and the trust's own Tesources. This amount is desigd to meet major unfor¢s¢¢n repair costs to the trust's IU5]ng properties. 13. Restricted fun(Ls AtOA ril At5A ril 2024 MoveThent Housing Assoctation Grant Fund 763,402 763.402 2022 2023 Housing A&sociation Grant Fut 763,402 763 402 The Charity deregist¢tYd from the Housing Corporation ID 1999. Housing Association Grant fiu (HAG) represents atnounts received in Tespect ofthe purchase off freehold propertie5. Grants atE repayable under certain circUmanCes. primartly ft*llowing th¢ sal¢ of a property but will nornially be StrIcted to net proceeds of sale. 14. ADalysis of net assets between funds Unrestricted fuDds 577.501 415.200 19,600 10,616 1.001.685 Restricted funds 763,402 Fund balances at 5 April 2024 we represented by: Tangible flxed assets Envestments Current assets Current liabilities Total assets Total 2022 1,340,903 415,200 19.600 10,616 1.765,087 763,402 IS. Fin2nclal Commitments The property manag¢rs have drawn up an estiinate of the repairwork (of all ¢at¢gories) that will need to be undertaken during the year ending 5 April 2025. the cost of the work 1$ estimated at £86,000 (including VAf).
12 RD TRusr NOTLS TO THE FINAN IAL STA EME YEAR BNDED 5 APIUL 21124 16. Related party tranuctims Under the provisions of the tTUSt deed. there shall be one tMInated tn and up tt) five co-OPtrAJ tnJstee& The deed provides that the one nomiThat¢d sh1 be apwTriDted by the tNstees of the Heathcoat Tru$L KDightshayes Estste Offi¢¢ manage the TnL%t'5 properti¢s and colleet rents on b¢half of the Trust. Durtng the yeBr Kmightshayes E5C Office Charged the Trust £21.095 (2023 £21.465) in rn8na8ement fees. Knightshaye5 Estate OtTic¢ is the admini5tralive c¢ntse for the mar4ement of the Estate of Sir lan Heathcogt Amory is a tne of the E3t8t¢. As at 5 April 2024 Twjford Trust o*rd Kni8htshaye5 Exatr £5.633 (2023 £27.481)