FINANCIAL STATEMENtS YEAR ENDED 5 APRIL 2024 Contents P*ge Th]stees re￿)rt Ststetnentof TnL8tees rwtlyililies ststetllent of fil￿1claI 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 Tr￿Steel 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 fin￿la1 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. OBJE￿1vEs AND A￿1VITI￿$ Suuuuary olthe objeets tcmber 1966 and Chrity C(rfnmission S¢1)e￿ dated 24 May 1984 (ts Hmended). How tbt tb#rtty Li tomtituttd T￿￿1 Trustee gelectloD method Under the provisions of th¢ trust deed theT¢ shall be Tr)minated trLLtr Ind ￿ to five co￿PIed trustees. The deed pnNides that the noininated (and any￿ of norninated trustees) shall be app)inted by the trustees of the H¢*h¢oat Tryst but Shall Th)t b¢ eligible unle55 tky are a]50 trustees of the Heathcoat TrnsL and shall only eontit)ue in office whilst they art still tru5t¢45 of th¢ Heat1￿{)91 Tn￿L The dccd prDvide5 that cowd th￿tee5 shall be appointed by 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 fir0￿la] stst¢ments for each finatlcial year whith give a true and fairvi￿of 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 requir*J 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¢ respO￿lbE¢ fcr keeping accounting records that dI￿105C 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 de1￿110Th of fraud And 011￿r irre8ulariiies. ThiSreportw￿apP￿1vCdbYtheBolrdOn.............. ................. and 5i8nd on their E¢half by.. Slr lan Hutheo*t Amory BL PE DE￿ E￿￿INER's poKr TO THE TRUSTE E TWYFORD TRUST I rel￿ to the charity t￿Sle£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 tn￿te¢S you are reSW)J￿%1e for th¢ prepar￿ll of the in tttcordan￿ with the T¢qUitements of the Chariti¢s Act 2011 ('the kn.). I report in reSp￿t of examination of the clwity's a￿O￿ts ¢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 st*temeDt examination giving to b¢li¢ve that in any n￿erIal Te5peet ac￿l￿ting 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 ￿￿V￿lS do not comply with the Ipplieable ￿nCe￿g ￿ fonn and cont¢Dtof ac0)Ut￿ set out in the Ch￿ltieS (A¢ccHmts al￿ Rwrts) Regulations 2008 other than 8ny that th¢ a￿X￿ts 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 Miscellaneo￿4 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(ex￿nd11￿re) 46,075 46.075 (37,453) 46.075 46.075 (37.453) Other r¢COgnis￿ sai￿8. on d]SF￿al of tan8ible fLxed as84ts Net rnovement in fimds 46,075 46.075 (37.453) Total fill￿9 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 ha￿1 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.. [ksignat￿l 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 Fif*APiCIAL STATEMEKts YEAR ENDED 5 APRtL 2 Summary of slgnlllcAllt Aceouoting potieies (a) Gentr*l Infomatlon and basis of preparntio The T￿F0rd 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 appl1L￿le 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 s￿eMe[￿ are prep￿ed on a goin8 concern b￿1$ utmlerthe historical LXJS¢ conv¢ntion. m￿lified to i￿lUde certain items at fair value. The financiai StateM￿ts are prtsented in sterling ￿l¢b is the fiJn¢tiona] currency of th¢ charity and T0￿ded to the nearest£ The significant accounting wlicies applied in th¢ prepar*ionofth¢s¢ f￿￿[al stateM￿ts 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 ACti￿tieS (SOFA) when the charity is legally entitled to the income after airy F0fOrn￿ cond[tio￿5 have FK¢n m¢4 the ￿OUnt ¢an be m¢asur¢d Teliably and it is probable thet the inc0￿e wrll be re￿I￿l 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 don￿lOn and thi% requirts a level of p￿fort￿Ce before entitlement cat2 be obtained then ints)m¢ is defeffed until those conditions are fijlly or th¢ fulfiimeDt of d￿se ¢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 arno￿t 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 I￿S been c]assified underwings that aggregatr all ensts rdated to the cat¢gory. Expenditttye is re￿gnised 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 aMo￿t 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 It￿ended. The properti&% are maintained in a state of repair s￿h that their estin￿ted 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 initi￿ty at fair￿[U¢ ￿1(h 15 ￿rll￿llY 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 Me￿ured at ￿$¢ less impatnnc￿L (Q Ikbtors and credhors r￿¥t￿ble/ 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 imp4irn￿nt ar¢ rKOgnIs￿ in ¢xpendittw¢. (g) CAsh C&sh aT￿ cath quivaieDts are basic financiai &ssets 8Dd include cash in han(L de￿Sits held at call with baDk4 Other short-t¢m] liquid investments with original maturities of three llM)nths or I￿s. and bank overdrafts. (h) Tax The charity is an exempt charity within the meaning of SCh￿ll1e 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 fi￿dS aye available for ￿e ￿ the discretion of the tr￿Stee5 in fiwthcrance of general objeetives of the ¢harity and whi¢h have llot be￿ desi￿ed 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 fina￿la] ￿alerne￿ts. 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¢ ¢0Trtrlb￿d0n1 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 Land5￿Fe 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 ￿r￿1st 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 MI￿tiOn 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£r￿rs 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 reSc￿e represents amounts set aside to calry Out major repairs on th¢ tn￿t'S housing properties. Improverrmts fulld. This reserv¢ represents amounts set aside to carry out imwoyements to th¢ frust'5 housing prowttes. ChaTitabl¢ fund propety r￿erve- This represents that proportion ofthe cost of properties thich was flnanced by ch8ritable donations and the trust's own Tesources. This amount is desig￿d to meet major unfor¢s¢¢n repair costs to the trust's I￿U5]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 circUm￿anCes. 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 t￿MInated tn￿ and up tt) five co-OPtrAJ tnJstee& The deed provides that the one nomiThat¢d sh￿1 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 E5￿C 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 tn￿e of the E3t8t¢. As at 5 April 2024 Twjford Trust o*rd Kni8htshaye5 Exatr £5.633 (2023 £27.481)