THE TWYFORD TRUST NCIAL STATEMENTS YEAR ENDED S APIUL 2025 Cont¢nts Pai¢ R¢f¢rellce and administrntion details Tru51ees report S¢atetnen¢ of r]n1 activities BanCe theet Note5 to the financi 8¢Ments 7-12
THE TWYFORD TRuYr REFERENCE AND ADMINISTRATION DETAILS Charity name The Twyford Trust Regbtered chArtty number 249627 Kn]tshaYes Estate Office Leat Street TivErtort Devon EX16 5LF Sirlgn Heathcoat Amory (Chalr) B T Vickery A Owen M J Qratton SLLec A J Brttton B4Dk¢rB NatWe5t Bank plc I l Fore Street Tiverton D¢von EX16 6LW Solltitot7 Ashfords Ashford Hou8e Grenadier Road Exetcr EXI 3LH Ind¢p•ndeMt tx*mlller Mrs M Hutchings Apsleys 21 Bampton Street Tiverton Devon EX166AA Property Managers Kiughtshayes Estate Office Lz&t Street Tiverton Devon EX16 SLF
TR TEES REP The Tnte¢S presertt thcir report aTLd the fjnancial 51atem]ts ofthe charity for the year ended 5 April 2025. Th¢trSle¢S have adopted the provisions of the StstementofR¢¢0nedeaPr8¢ti¢e (SOBP)"Ac¢ouutillg and Rorting by ChaTiti¢$" (FRS 102) iThprwarillg the ajmual rwrt and fJttall¢i81 sratetnettts ofthe ch8rtty. of the objeets ofth¢ Charlty set out In Its gov¢rnthg do¢uweMt Provision and mBna8ement of A]mshouses ftirpoor and aged p16 8rtd the estsblishment orc0rtv8leCrtt home& SurtLllry of tbe gttlvltles ts relatlon to these objecdv Th¢ Thst contiw¢s ¢0 mftnage and mosnlain its 49 self contAirteA dwellll)gs forelderly persons. These dwellings ar¢ owned by the TrLt and are all situated in Tiverton. The tntee5 have had r¢8ard to th¢ Chprtty COMMIlOn guidance on publ1¢ benefi¢ and bellev¢ thi513 tharity's objKtives and a¢¢ivities. via the ACHIEVEMENTS AIYD PKRFOIiMANCE Summ8ry ofthe Aeblevements ofthe ehgrlty duTln¥ the year MaintetwJ¢¢ of properties und 8TOWth. FINANCIAL REVIEW At the end of the firtal yearthere was net surplus of£lO.574 (2024: £46,075). Brlef ofthe ¢h*rAty's pollty n¥•rvog Reserve8 ate mrLirtthined at a level detttmined by th¢Trste&s to meoi unforeseen expenditure on the housing proputi thatm&y arfse. srRucfuR4 GOVERNANCE AND MANACEMENr Type ofgovtrnkng document Trttst Deed dated 7 September 1966 and Charfty Commisslon Scheme doted 24 May 1984 (8s amended). How tbt ¢hY4dty L¥ ¢ollstltuted Trust
CONnNU Trnste¢ selectlon metbod Under th¢ provisions of the ttust deed there shall be orte nomitmted tTUStee and up to five eo-OPt¢d trustees. Thc deed PTovides th¢ nominated rntstees (thd omy vacgmcy of nominated trustees) shall bc appointed by the tru8tees of the Heath¢oat Trust but shall not be rliwbl¢ unl¢s5 they are also trusteos ofthe Heethcoat TSt, and shall only Continue in offi¢¢whilst they are still trustee5 of the l.Ieathcoat TrusL The deed provides that Co-opted tswstees shall be appointed by th¢ existing tnthes Iboth llo]ninated aTKi COpted} wlThevera vaconcy in the1rDnber arise3. This report Approvtyj by the Board on........ and Sij ontheir behalf by: Slr He t knory Bt.
Ir4DEPENDENT EXAM OR THE USTEES OF THE TWYFORD TRU I rqrt to the charity trLLStees on my examination ofth¢ a¢coLU)ts ofth¢ trust forthe year ended S April 2025 tch are set out on pages S to 12. Re8P0115tbllitles and of r¢port AB the cbty's tnLStees you ar¢z¢spoDMbk forthepr¢parntionof the a¢ts in aw)rd8nc¢ with th¢ requtrements of the CbaTitÉesAct201I ('th¢ A¢t'>. I reportin respect of my e¥amlDBdonofthe ¢bBllty's accouDts carried outund¢rBertion l45 ofthe Art ond in ¢0y1$ out My exarninotion I have followed 811 the appIlb]C Directions giv¢n by th¢ Ciwity C¢)mmisslon Under 8ection 145(5Xb) of th¢ Act. Independent txRmlD•es st8ternent I have completed my examiTLMtion. I confirm that no rnateriai tnatters have como to my attentlon In connectlon wlth the exatnSnation givin8 me cause to believe that in any material resPeCt= accounting records were noi kept in respect of the chority 8s required by atIOn 130 of the Act: or the a¢¢ounts do noi accord with thos¢ 0rd9' or the ac¢ounts do noi comply wilh the applicAble requir¢mellts ¢otKerningthe fm and content of aKOts set out in th¢ chltieS {A¢¢ounts and Reports) R¢8u18ttons 2008 other th8fA any requiremt that th¢ 8e¢ourtts Biv¢ a'th and f8irvlow' wbi¢h b It ¢otisidered upart ofatt indoettdentfillhltiknl I PAve no coD¢¢ms pThl hov¢ ¢om¢ #cr05s no oth¢T m#tt¢r8 in¢ODne¢tlon wth the expminatlon to Thhi¢h attefttlort should E¢ drawn in this report in order to enable &propLY understanding of th¢ occounts to be Teoche Mrs M Hlltehlngs Ap51eys Ch8rtered A¢¢ouDtants Zl Bampton Street Tlverton Devort EX16 6AA Datv.
THE TWY Tob TrINAN L202 202 2024 Total restricted Ineontt from: Main¢eTwice contribution5 Intrrcst Teeeivable and other income Miscellaneo8 irKome Tot&1 ITMe 160231 160231 147,422 405 160 237 160.237 147 827 Expendllur* OD: Charitable activities Costs of activiti¢s in fiwt1MOftrt'S obj¢¢tiv¢s- Running and maintainin8 hoLL8in8 prop¢ni Mana8ement and administNion of the charity Total ¢xp¢nditur¢ 108.059 27,942 136,001 108,059 27.942 136,001 116,072 27,436 143,508 Net in¢omel(expetyAiiLj befon gainy on investmen Gait on inveslm¢nts - Reallsed . Unreaiised (54) 41,810 Nel incomel(expendSture) 10,574 10,574 4A075 Trnsfers bdween fidS 10,574 10.574 46.075 Other reco8ru5ed 8oln5: on disposal of (ongible fL¥ed assets Net movement In fjjnds 10.574 10.574 46.075 Totsl fijnds brought foTrYard Ttital funds carried fonyard 1001685 259 763.42 1765 087 1775 661 1,719012 1765 087 All activltlcs during the year wwe Continuing lIvI11t The note5 on pa8¢ 7 to 12 fomi poA of the financiaj statement&
THE TWYF RD TRusr ATS 2025 Fix¢d Tangible fixcd a55e¢s Inv&stments ,340,903 401 538 1.742.441 1.340.903 415,200 1,756,103 Curr¢nt assets Debtors Cash a( bank and in hand io 2,749 41934 45,683 5,460 19.600 Creditor5: omoutts falling due within one yeor Net aUTent 33.220 8.984 Tot4108s¢ts less aLTrent li8bili¢ies 1.775.661 1.765.087 Funds Unrestricted: Deslgrkoted fut Other tJnrc5trictcd funds R¥trictgJ funds 12 494,582 Sl7,677 763 402 1775 661 494,582 507.103 763 402 1765 087 13 l%,Lf. The statenwnts wer¢ approv¢d alld authorl¥¢d for issue byth¢bogxd of on.............. and 5i8¢)ed on t r beholf by: Slr 18n HeA ItAmoryB. The notes on pages 7 to 12 fonn p8rt ofth¢se financial statements
HE ORD TRUS TO THE filNAN IAL TATEME OTE Swnmary orgnifI¢8llt 8e¢oMtttlDg polielts (M) Celleral IDforJnAtioD bosis of preparation The Twyford Thll5t is a Char]ble trust T¢g1St¢T in Engdrythin the United Kingdom. The charity con#its]te8 8 publi¢ benefii entity 45 defined by FRS 102. Th¢ fit¢10] atements have been pr¢por¢d In cord0n¢¢ A¢couniing And Reporting by Charities.. St&temetLI of RecoTnmcndcd Prncticc &pplithlc to ¢lwrities prepartng their a¢coLmts in EtccordaTtt with the Financi Reporting Sillndard applicable in thc UK and Republic of Ir¢1Bd (FRS 102) i55ued on 16 July 20141&g updated through Update Bulletin I publishcd on 2 FebruBry 2016k the Chariti&s Act 20118nd UK Gen¢rally A¢pIed Acc¢)untinz Pra¢ti¢¢ it appli¢s from I Jellupry 2015. The finan¢lal statements are prepgjrd on a going Concern basis underthe hlstorical eost cortventSon, modlfied to include certain iiems at fASrvalue. The fin&ncial statements are presented In sterling which is the functional ¢urTenGy of the ch8rity and rout¥led io the nearo8t£. The si8nific8nt acwunting policie5 opplicd in the preparation of these firAncial statements ere set out be]ow. These policies have been conslskntly applied io all years presented urtless othorwi5e stated. (b) Income reeopltlon All incoming r¢50ur¢es are included in ihe Stotement of Financial Ac¢iviti¢s {SoFAI when the charity is IcgAIIy entltled io th¢ iOme after any p¢rfomianR ¢onditson8 hav¢ been inet, the amount can meAsured reliably and it Is probabl¢ that the Iome will be re¢¢iv¢d. For dortations to bu rtto8nised the tharity will have beett notiflcd of thB amountswxi th¢ 8¢ttlem¢nt da¢¢ in writin8. If therc are conditions attached io the donation and this requires a level of performance before eniitl¢ment C8n be obtained th¢n inrne is deferred wiiil thos¢ conditions are fully met orthe fuifilment ofth¢ise ¢ondititsns is within the Control of the chArity and it is probable thot they will bv fifille(L Income from government and other grtS are recO)iStd Qt fair value when the charity has erttltlement after any performanG¢ cotMlstIon5 havc beert meL it Ss prnbablc that the income will bE Tcccived and the amount can be Mred Jyllablyp Ifthtltlement 1$ notmet then th&qe am¢)unts ar¢ d¢re¢d. (e) Expendlture retognldon Ail expertditu]r is accountcd for on an accruals b&8is and hL8 been cl&ssified und¢r h¢adin&s thpt aw¢gale 1,¢05 rAd to the ctttegory. Expettditure is recognised where th¢re is &Ial or constru¢[1 obligation to mail¢ poyfftents io third p2rtie4 it i5 probable thatthe settlement will be required and ¢h¢ amount of the obligation be ¢wred rellabty. It is cate8orised under the followryng headin&4,' Expenditure on charitable actlvities. Manag¢ment End adminisir81ion of the charity. Irrecoverablc VAT is chaTKd En expen8eaz8instthe ectivity for whlch expertdlture aros
THE NOTES TO KFIN CIAL STATEMEKrs AR ENDED 5 APRIL 2025 (d) Tangible rued agsets Tan8ibl¢ fjxed assets are 5tatcd at cost {ordeemed cost) or va]ua£ion. Cost includegcosts dir¢¢tly attTibutsbl¢ to making the asset capable of operating &8 intende propertiesare maintained Sn a st2te of r¢p4lrsh that theirestimoted residue] value Is not le55 than their Improvement COSt or c4rrylng amount, and therefore depreciotion is not provided th¢ anmial ¢h8yge would be nil. (t) Investments Investmcnts Are rec¢)gni5ed initially at fair value which is norn)ally the transaction price excluding transaction Costs. Subscquelltty, they ore muyured at fairvalu¢ with ¢han8es reco8DiwI in'n¢t8ainsl (losses) on itiY¢sttn¢Dts' inthe SOFA if the shares are publicly traded or their fair vaIu¢ can oth¢n¥i3e be measured reliably. Other investtnents aT¢ mC48ured at w5t less inpttimmt. {Q Debton and tredhor& re¢tlvAbl¢l PAy*ble wltbltt omeye8r Debtors and creditors 1th no slated interest rate and rtteivable or payobl¢ withtn one year are JEcorded at transaction pric¢. Any losses aAsing frorn impainnent Hre recognised in ¢xpendiliJr& (i) C8sh Co5h lld cath equivulentsare basic fit)art¢ial assets end Include c&3h in hpnd. deposits held ftt Call with bllnk4 oth¢r shon.term Ilquid inves¢ments with origlnal m&tiJrities ofthree rnorths or le84 and bot overdr&ft& )T8X The ¢hgrity is an exempt ¢htirity wlthln the meaning of Schedule 3 ofthe Charitles Act 2011 und is ¢onsidered to pus the tesis set out irt Parttwh I Schedule 6 Finance Act 2010 and thcrcfote it meets th¢ definiiion of charitable company for UK corporationtsx purpoKs. (t) Funth Unrestricted fiirtds are available for u3¢ at the di3uetion of the trustees lrt 1itrtherc¢ of the genern] objectives of the clwily artd which have Dot been designat1 for other purposes. DeSIated fiJnds compris¢ unrestrlcted fund5 that have been set asid¢ by th¢ irusiee5 for ptrticular pwpow. The aim and LLqe of each des7t¢d fund is set out in the notes to th¢ finan¢i81 statements. Restricted fimd3 Bre funds which ore to be used in accordance with specific r¢3trirtions imposed by d¢Jnors orwhich h4ve been raised by the charity for particular pPOse5. The ¢ost of raising and adminlstering 5uGh funds are charged ag8illSt thc sperili¢ fi]nd. The aim and use oFeach lT1¢t3 fvnd is Set out in the notes to the financial 5trtements,
THE FIN NDED S APRIL 2025 Thuto¢s emolllmettts And expenseg NorE of the tsvstees rx¢iv any emolument& Travel expenses totaIled £34 (2024.. £27). Employtt lThformatto The trSt had no employees duTiDg this y¢ar orth¢ previous year. M#lntett#tttt totttrlbutloni MaiThlenanee eontributions rcceivoble L¢5s Void periods 161.720 1.489 160.231 151,995 147.422 Interut re£¢fv4b1¢4nd oth¢r I¢0¢ COIF Chariiies deposit interest Wayleave 400 405 & Mbteltsneous Income Natwest compensation 100 Y. CharltAble expenditure ot151n 25T LiBhtill8 And heatlng Lands(ape maintetjance In5¥ran¢e 764 10,587 5.269 764 10.587 5,269 720 3,160 23,405 657 41059 1312 10.200 5.167 720 3,160 23,405 657 Bookkeeping Rent colleclion ènd mryem¢nt fees Sundry admin ¢xpen5¢5 Day to day maintenatKe Cyclical Maintenanc¢ Majorrepairs 1rnpr0vants 790 21.095 834 68,416 10,314 527 23,253 143,508 46,059 45.380 45.380 108059 27,942 136.001 C¢)mp8Trtives 116,072 143 508 170350
io us OTES TO THE FJi%AIYCIAL STATEMEF4TS YEAR ENDED 5 APRIL 202S Flxed 898•ts for¢h8rlty wt Freebol Tots Cost At 6 Aprfl 2024 and At S Aprtl 2025 1340.SY13 I J40.903 Depreciation At 6 April 2(123 Char8e for the ye4r At 5 April 2024 Ne¢ book valu¢ 5 April 2025 Net bookvalu¢ 5 April 2024 1340,903 1340 903 1,340 903 In¢lud¢d in freehold property ts£88,643 worth of lond. Investments Inv¢5trnents consist of1649.25 unlts (2024: 1649.25 Lmlts) In the Choritie5 OITicial InvestrAent Fund. Voiuailon at6 April 2024 Sold Realls¢d guln Net 8aiDI{l¢)53¢sI on r¢valuatlon Valuation at 5 April 2025 415,200 (13,662) Hi3tOriCB] cost at 5 April 2025 (5 April 2024- £197.6701 10. Debtors: amounts fa]Illlg dlle wltblll olle year AeBTS ofmaintenance contributions 2,749 5,460 11. Credltorg: Amounts falIlllg dlle wlthkn one yr 2024 KnightshEyes Estate Tr Trdde credstor5 Accruals 5,102 6,811 550 5,633 4,433 550
NOTES TO THE FINAN YEAR KND IAL sfATE IL D¢slgnat¢d funds 2025 7,269 3&000 Cyclical repaiT5 and maitttrnanee Major repairs Improvements Charttsble fll[ prom reserve 7269 38.000 45J80 (45.380) 449.313 449.313 494 582 Cycli1 rcpalrs and maintenance fund- This reserve represents amounts sel aside for diCal maini¢nanc¢ lo meet ¢051$ in exc¢&5 Of budgeted exp¢nditur¢ for any year. m8iorrepal futLd- This reserve iepresents Amounts set asid¢ to nworr¢paiT& onth¢ trust's housing properties. Improveme[ futtd. This res¢rv• repreoents amoullts set aside to w out improvements to thelru6t's I5n8 prOrtIe Charitable fund prOY re5erv¢. Thi5 r¢pNertts ihot proponlon ofthe cost of propertlcs whlch was finwKed by ¢heritable doThRtionB Bnd the truJt'$ own resour. Thts aÉnouttt Is desl8llated to n¢1 InorUIr•S¢ettropalre0I1g to the tNst'& housin8 Ptoperttu. 13. R¢strlct¢d fund$ Housing A550¢i81ion Qr8nt Fund 763 402 HouingAs30CiQtion Grant Fund 763 402 The charity dere8i5tered from theHouslng Corporation in 1999. Housing Assocititiort Grant (HAG} iepreset)ts amounts received in respect of the purch&8e off freehold propErtLC5. GranLs are rEpayable utyjer certain circwns¢an¢es. primarily followin8 th¢ sale of a property but will nonnally be restricted to net proceeds ofsa]e. 14. Anslysls Dtn•t 8ss¢ts betw¢en Fund balances a¢ 5 April 2025 are repres}ted by: Tenwble fixed assrfs 577,501 401,538 45,683 12,463 1.011259 763.402 1,340,903 401,538 45,683 Current &*8ets Current lithilltles Total net ¥5sets 763.402 1775 661 IS. Ftll8DcIHI eomtllltments The property managers havedrawi up an estimate ofthe repairwoth (of all ¢atsgorie5) that will need to be ertaken thIllg the year ending 5 April 2026, and the costof the workis estimated at £150.CW {in¢luding VATI
12 RDTR THE FINAN IAL TATEM YEAR ETr4DED 5 APRIL 2025 16. Rel4t¢d party trAnsa¢tlottJ Under thc provL5ion5 of thc trust deed, there sh811 be one nominaÉed trustee and up to fivc c(wted trustees. The deed providcsthat the one nominatcdtrtee shall be appoitrted by the trustces tsf the HeathcoatTrusL Knightshayes Estate Office manago the Trust's properties and collect T•nts on beha]f oftheTru5L Duringthp ytttr Knightshaye5 E5taÈe OtTic¢ charged the Twst £23,405 {2024 £21,885) in management feas. Kni8htshaycs Estate Offic¢ istk administrative Centre for the fflaTgement of the Esthie of Sir latt HeaitKoat Amory th is a bv5tee of the E*ate. As at S April 2025 Twyford Tnjst owed Knightslwe8 Estoie £5.10212024 £5,633)