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2025-12-31-accounts

REGISTERED CHARITY NUMBER: 1204800

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 December 2025 for

Elizabeth Dowell's Almshouse Trust

(a Charitable Incorporated Organisation)

incorporating P & W Social Accountants Ltd

Elizabeth Dowell's Almshouse Trust

Contents of the Financial Statements for the Year Ended 31 December 2025

Page
Report of the Trustees
including Statement of Trustees' Responsibilities 1
Independent Examiner's Report 7
Statement of Comprehensive Income 2025 8
Comparative Statement of Comprehensive Income 2024 9
Merger Analysis 10
Statement of Financial Position 11
Statement of Cash Flows 13
Statement of Changes in Funds 14
Notes to the Financial Statements 15
Detailed Statement of Comprehensive Income 2025 for Elizabeth
Dowell's Almshouse Trust 24
Comparative Detailed Statement of Comprehensive Income 2024 for
Elizabeth Dowell's Almshouse Trust 26
Detailed Statement of Comprehensive Income 2025 for Elizabeth
Dowell's Trust pre-merger 28
Comparative Detailed Statement of Comprehensive Income 2024 for
Elizabeth Dowell's Trust 30

Elizabeth Dowell's Almshouse Trust

Report of the Trustees

for the Year Ended 31st December 2025

The trustees present their report with the financial statements of the Charitable Incorporated Organisation, CIO, for the year ended 31 December 2025. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP (FRS102)) 'Accounting and Reporting by Charities'.

REFERENCE AND ADMINISTRATIVE DETAILS

Charity Commission Charity Number 1204800 Registered with the Regulator of Social Housing Registered Number 5225 Member of The Almshouse Association Membership Number 1156

Principal address

Office at Dowell's Close Moseley Birmingham, B13 8ES

Trustees

The Trustees are responsible for determining the strategy and policies of the CIO. The terms of office for the Trustees varies initially but can be renewed up to three times, usually in three year periods, to make a total of nine years. If Trustees wish to stay on after that, then a one year gap between terms should be observed. The following were Trustees during the year to 31st December 2025 and up to the date of approval of the financial statements:

Mr C. J. Wall Chair Appointed 19th September 2023 Re-election due September 2026 Ms A Durbin Appointed 15th July 2024 Re-election due July 2027 Revd. Prof. F. J. Berry Appointed 15th May 2025 Re-election due May 2028 Mr S Gibbons Appointed 22nd January 2024 Re-election due January 2027 Ms M. T. Girvan Treasurer Appointed 19th September 2023 Re-election due September 2027 Mr T. H. Glasspool Appointed 19th September 2023 Resigned 21st March 2025 Mrs I. S. Knowles Appointed 19th September 2023 Re-election due September 2027 Mr T. G. Russell Appointed 26th January 2026 Re-election due January 2029 Mr. R. I. Stanton Reappointed 27th October 2025 Re-election due October 2028 Ms L. K. Ward Appointed 26th January 2026 Re-election due January 2029 Mr R. J Wishart Appointed 19th September 2023 Re-election due September 2027 Dr. J. A. Yates Appointed 19th September 2023 Resigned 27th January 2025

Independent examiner

Andy Hopkins BVSC Accountancy Service Latham House, 33-34 Paradise Street Birmingham, B1 2AJ

Investment Advisers

RBC Brewin Dolphin 9 Colmore Row Birmingham, B3 2BJ

CONSTITUTION

The charity was registered as a Foundation CIO on 19th September 2023, and completed the merger with Elizabeth Dowell's Trust on 30th September 2025.

The CIO is a member of The Almshouse Association. It was registered with the Regulator of Social Housing (RSH) as a social landlord on 21st July 2025, and is associated with Homes England (HE), who manage the grant transferred from Elizabeth Dowell's Trust as part of the merger. RSH and HE replaced the Homes and Communities Agency (HCA) in 2018 with whom Elizabeth Dowell's Trust was previously registered.

Page 1

Elizabeth Dowell's Almshouse Trust

Report of the Trustees

for the Year Ended 31st December 2025

MERGER WITH ELIZABETH DOWELL'S TRUST

In line with the Pre-Merger Vesting Document signed 16th September 2025 all assets, liabilities and reserves were beneficially transferred from Elizabeth Dowell's Trust (EDT) to Elizabeth Dowells Almshouse Trust (EDAT) on 30th September 2025. Work continues to complete necessary steps as a result of the merger, such as name change on the main bank account, novation of mortgage and registration with Land registry, but this is in hand with our suppliers and solicitors.

PRINCIPAL ACTIVITES

The Objects of the CIO are for the public benefit to the relief of poverty, hardship or distress of elderly persons in Birmingham by the provision and maintenance of Social Housing in the form of almshouse accommodation, comprising of thirty two flats, and such other charitable purposes as the Trustees in their absolute discretion decide for the benefit of the residents of the almshouses.

The trustees aim to:

Promote the wellbeing and independence of the residents.

Encourage communal activities. Provide good quality housing.

Provide good quality gardens. Manage the resources of the Trust effectively and efficiently.

Public benefit

The Trustees have considered the Charity Commission's guidance on public benefit, in particular, the Trustees consider how future developments will contribute to the objectives and aims they have set.

GOVERNANCE

The Trustees acknowledge and appreciate the spirit of the Code of Governance issued by the National Housing Federation and apply those elements of code which they consider appropriate to the size and scope of their operations.

The trustees have adopted the policies of Elizabeth Dowell's Trust, which are predominantly based on the Almshouse Association templates, although a number of them have been adapted quite considerably. These will be reviewed on a regular basis, introducing new ones where appropriate.

The Clerk and Scheme Manager of Elizabeth Dowell's Trust transferred to Elizabeth Dowell's Almshouse Trust via the TUPE scheme. The Clerk assists the Trustees during the year to help with the running of the Board , being aware of changes in social housing /government legislation and keeping policies up to date. The Scheme Manager maintains the smooth running of the day to day operations of the Almshouse.

FINANCIAL REVIEW

Until the merger on 30th September 2025, EDT operated the entire activities of the charity. From the merger EDAT took over the operation of the CIO. Income for the year including investment and donation income for EDAT was £69,136, combined with EDT for the year £275,188 (EDT 2024: £263,293). Donations to EDAT during the year were nil, combined with EDT £302 (EDT 2024: £3,000).

EDAT's net gain before unrealised gains/losses on investments was £26,607, combined with EDT was £70,345 (EDT 2024:loss £12,821). The overall net movement in funds for the year was a surplus of £24,855 combined with EDT £111,724 (EDT 2024: £18,268). This includes a unrealised loss on investments of £1,752, combined with EDT gain £41,379 (EDT 2024: gain £31,089)

Brewin Dolphin act on a discretionary basis on behalf of the Trustees in regard to the portfolio of the CIO's Investments. The movement in the investment portfolio is set out in the detail in note 6 to the financial statements. Regular meetings and update reports are received from our advisors to enable the Trustees to monitor the performance of the investment portfolio against the agreed risk profile which the Trustees consider to be compatible with the CIO's charitable status.

Page 2

Elizabeth Dowell's Almshouse Trust

Report of the Trustees

for the Year Ended 31st December 2025

OPERATIONAL PERFORMANCE

A sub-committee of Trustees, supported by the Clerk, operated for most of the year to progress the merger with EDT. On completion, the full Trustee Board and sub-committees (Finance, Property and Welfare) have completed a seamless transfer of operations. All contracts (e.g. utilities and insurance) have been successfully novated and contractors transferred, aside from those mentioned above that will take more time.

Occupancy remains high, with voids turned around within weeks, and we retain a long waiting list, with no unmanaged arrears. Works originally planned by EDT have been continued, such as installation of trickle vents, moss removal and roof repairs, and wet room refurbishment.

INVESTMENT PERFORMANCE

As a consequence of the merger with EDT the investment portfolio was transferred at a value of £978,739. Bolstered by a strong market, investments closed the year at £996,975.

VALUE FOR MONEY

Elizabeth Dowell's Almshouse Trust complies with The Regulator of Social Housing standard for the reporting of Value for Money (VfM), under which all Almshouse Charities which are Registered Providers of Social Housing must comply.

The regulator has defined seven key VfM metrics that must be reported by every provider for the financial year that is being examined.

The data shown for the year to 31st December 2025 relates to data of the combined merged charities for this year. Elizabeth Dowell's Almshouse Trust was inactive until 30th September 2025 when it took over all the activities of Elizabeth Dowell's Trust. The comparison data to December 2024 relates to that published by Elizabeth Dowell's Trust for the year to 31st December 2024.

for the year to 31st December 2024. for the year to 31st December 2024.
EDT+EDAT EDT
31.12.25 31.12.24
1. Reinvestment % 0.47% 0.42%
2a. New supplydelivered %(Social Housingunits) 0.00% 0.00%
2b. New supplydelivered %(Non-Social Housingunits) 0.00% 0.00%
3. Gearing% -19.56% -21.33%
4. Earnings before Interest, Tax, Depreciation, Amortisation, Major Repairs
Included Interest Cover %		 901.18% 85.90%
5. Headline Social HousingCost Per Unit £6,146.20 £7,665.57
6a. OperatingMargin(social housinglettings)% 12.41% -14.06%
6b. OperatingMargin(overall)% 12.41% -14.06%
7. Return on Capital Employed(ROCE)% 1.69% -1.90%

Metric1 Reinvestment % - This metric looks at the investment in properties (existing stock as well as new supply) as a percentage of the value of total properties held.

Metric 2 New Supply Delivered % - This metric sets out the number of new social housing and non social housing units that have been acquired or developed in the year as a proportion of the total housing units and non-social housing units owned at the period end.

Metric 3 Gearing % - This metric assesses how much of the adjusted assets are made up of debt and the degree of dependence on debt finance. It is often a key indicator of an organisation's appetite for growth. Elizabeth Dowell's Almshouse Trust cash balance exceeds the value of the borrowings.

Metric 4 Earnings before Interest, Tax, Depreciation, Amortisation, Major Repairs Including Interest Cover % - This is a measure of the level of surplus that the charity generates compared to interest payable, whilst removing the distortion arising from depreciation of properties.

Page 3

Elizabeth Dowell's Almshouse Trust

Report of the Trustees

for the Year Ended 31st December 2025

Metric 5 Headline Social Housing Cost per Unit - The unit cost metric assesses the headline housing cost per unit as defined by the regulator.

Metric 6 Operating Margin % - This demonstrates the profitability of operating assets before exceptional expenses are taken into account. Almshouses are requires to report on two Operating Margin ratios: a) Operating Margin (social housing lettings only) b) Operating Margin (overall). These figures are the same for Elizabeth Dowell Almshouse Trust as all units are classed as social housing.

Metric 7 Return on capital employed (ROCE)% - This metric compares the operating surplus to total assets less current liabilities and is a common measure in the commercial sector to assess the efficient investment of capital resources.

Elizabeth Dowell's Trust's Metrics

The regulator asks providers to lay out a set of metrics of their own that they can measure themselves against. We have selected Metrics which best reflect the outcomes we are seeking to deliver in line with our business plan for our almshouse CIO. The regulator has also suggested that almshouses that are social providers form benchmarking groups to enable them to measure their VfM against other comparable organisations. In future years Elizabeth Dowell's Almshouse Trust is very willing to participate with any benchmarking group that comes to the Trust's attention within a similar area of operation.

a similar area of operation. a similar area of operation.
EDT+EDAT EDT
2025 2024 Target 2025
1. Occupancy 99.43% 98.23% 95.00%
2. Contributions collected as a percentage of contributions
owed		 95.46% 101.55% 100.00%
3. Percentage of residents completingannualquestionnaire 59.38% 68.75% 50.00%
4. % of items raised in annual questionnaire which have been
closed out duringtheyear.		 87.50% 90.91% 100.00%

FUNDS

As per our governing documents, investments representing the Extraordinary Repairs Fund (ERF), the Cyclical Maintenance Fund and General Fund have been shown at market value at 31 December 2025 within the unrestricted funds.

Investments representing the Permanent Endowment Fund and Recoupment Fund are shown at market value at 31 December 2025 within restricted funds with any income being transferred to the General Fund.

In accordance with the CIO's reserves policy the Extraordinary Repairs Fund (ERF) is used for extraordinary repairs, improvement or rebuilding of the CIO's buildings. The fund is invested to maximise capital growth and will be drawn upon to make major repairs. During this year part of the fund has been ring fenced for the potential building of 10 additional flats, creating a new designated fund.

The Cyclical Maintenance Fund is to cover void repairs over an approximate 3 year period. The General Reserve is to be maintained to cover around 2 years of operational costs including holding sufficient cash and liquid resources to cover six months of normal operational expenditure.

In addition, the CIO has designated a Property Fund, which holds the current "book cost" of properties less the property loans and grants outstanding. This value will adjust each year with any changes to capital expenditure, amortisation of the grant and repayment of the loan. This allows greater clarity on which of the reserves are available / realisable.

The Trustees are currently exploring the possibility of building a further 10 flats in the current grounds. With this aim in mind they have agreed to designate £500K of unrestricted reserves to a New Building Fund.

In order to amalgamate the various investment funds into one, a set of rules has been agreed to ensure our funds are accounted for in line with our governing documents.

Page 4

Elizabeth Dowell's Almshouse Trust

Report of the Trustees

for the Year Ended 31st December 2025

RISK MANAGEMENT

The Trustees have a duty to identify and review risks and to this end they have in place a risk management policy, which was transferred from EDT, which identifies and ranks the major risks faced by the CIO. We have no major risks and moderate risks are all managed or mitigated by agreed procedures.

Regular maintenance inspections and Health & Safety reviews are carried out and adequate insurance cover has been obtained in order to cover potential losses. In addition we do have a disaster recovery policy in place to follow if such events occur.

INTERNAL FINANCIAL CONTROL

The key elements of internal control systems, which have been in place throughout the year and through to the date of approval of the financial statements are:

FUTURE PLANS

In the short to medium term the Trustees' aims are to continue to provide and maintain the CIO's properties to the highest standard that is achievable from the regular annual income received in order to provide a safe, pleasant, friendly and comfortable living environment for all residents.

Trustees have carried out a strategic review into the provision of additional accommodation. Options to acquire neighbouring buildings have been ruled out for the short to medium term. Trustees have agreed to explore the building of c.10 new flats on the existing grounds. Discussions have commenced with architects, Almshouse Consortium Ltd and various banks / funding bodies to produce an outline design and determine the feasibility of funding such a project. In anticipation, reserves have been set aside in a new designated fund.

TRUSTEES' RESPONSIBLITES IN THE PREPARATION OF FINANCIAL STATEMENTS

Law relating to registered providers of social housing requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the CIO as at the end of the financial year and of the surplus or deficit of the CIO for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for ensuring that arrangements are made for keeping proper books of accounts which will enable a true and fair view to be given of the state of affairs of the CIO in respect of its housing activities and to explain its transactions in the course of those activities. The Trustees should also ensure that the financial statements have been properly prepared in accordance with the Housing Act 1996 and the Accounting Direction for Private Registered Providers of Social Housing 2012.

Page 5

Elizabeth Dowell's Almshouse Trust

Report of the Trustees

for the Year Ended 31st December 2025

The Trustees are also responsible for establishing and maintaining a satisfactory system of control over its books of account in respect of housing activities, cash holdings and all receipts and remittances and for safeguarding the assets of the CIO and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

.............................................

Mr C. J. Wall

Chair

Page 6

Independent Examiner's Report to the Trustees of Elizabeth Dowell's Almshouse Trust

Respective responsibilities of trustees and examiner

The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.

Having satisfied myself that the charity is not subject to audit under company law, and is eligible for independent examination, it is my responsibility to:

  1. examine the accounts under Section 145 of the 2011 Charities Act, to follow the procedures laid down in the General Directions given by the Charity Commission

  2. (under Section 145(5)(b) of the 2011 Charities Act); and 3. to state whether particular matters have come to my attention.

Basis of the independent examiner's report

My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair view ' and the report is limited to those matters set out in the statements below.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Signed:

Dated:

Andy Hopkins BVSC Accountancy Serives Latham House 33-34 Paradise Street Birmingham B1 2 AJ

Page 7

Elizabeth Dowell's Almshouse Trust

Statement of Comprehensive Income for the Year Ended 31 December 2025

Unrestricted
General and
Designated
funds
Notes
£
TURNOVER
15.
63,177
Operating Costs
15.
(59,967)
OPERATING SURPLUS
3,210
Donations
15.
-
Interest receivable and other income
2.
5,959
Interest payable and finance costs
15.
(4,593)
Realised gains on investments
15.
21,284
SURPLUS FOR THE YEAR
25,860
Unrealised (loss) on investments
6.
(1,693)
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR BEFORE TRANSFE
OF FUNDS
24,167
Transfer between funds
11.
70
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR
24,237
Total funds brought forward
11.
-
Transfer from Elizabeth Dowell's Trust on
30.09.2025
1,412,659
TOTAL FUNDS CARRIED FORWARD
11.
1,436,896		 Restricted
and
Endowment
funds
£
-
-
-
-
-
-
747
747
(59)
688
(70)
618
-
110,788
111,406		 31.12.25
Total funds
£
63,177
(59,967)
3,210
-
5,959
(4,593)
22,031
26,607
(1,752)
24,855
-
24,855
-
1,523,447
1,548,302		 period to
31.12.24
Total funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-

The notes form part of these financial statements Page 8

Elizabeth Dowell's Almshouse Trust

Comparative Statement of Comprehensive Income for the Year Ended 31 December 2024

Unrestricted
General and
Designated
funds
Notes
£
TURNOVER
16.
-
Operating Costs
16.
-
OPERATING SURPLUS
-
Donations
16.
-
Interest receivable and other income
16.
-
Interest payable and finance costs
16.
-
Realised gains/ (losses) on investments
16.
-
SURPLUS FOR THE YEAR
-
Unrealised gain/(loss) on investments
16.
-
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR BEFORE TRANSFE
OF FUNDS
-
Transfer between funds
12.
-
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR
-
Total funds brought forward
12.
-
TOTAL FUNDS CARRIED FORWARD
12.
-		 Restricted
and
Endowment
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Period to
31.12.24
Total funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Total funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-

The notes form part of these financial statements Page 9

Elizabeth Dowell's Almshouse Trust

Merger Analysis

Analysis of principal SoCI components for the year to 31 December 2025

Notes
Turnover
Operating Costs
Donations
Interest receivable and other income
Interest payable and finance costs
Realised gains/ (losses) on investments
Unrealised gains/ (loss) on investments
Net movement in funds
17, 15		 EDT
Pre-merger
From 01.01.25
to 29.09.25
£
186,747
(158,940)
302
19,003
(12,361)
8,987
43,131		 EDAT
Pre-merger

From 01.01.25
to 29.09.25
£
-
-
-
-
-
-
-		 EDAT
Post-merger
From
30.09.25 to
31.12.25
£
63,177
(59,967)
-
5,959
(4,593)
22,031
(1,752)		 Combined
total
From
01.01.25 to
31.12.25
£
249,924
(218,907)
302
24,962
(16,954)
31,018
41,379
86,869 - 24,855 111,724

Analysis of principal SoCI components for the period to 31 December 2024

Notes
Turnover
Operating Costs
Donations
Interest receivable and other income
Interest payable and finance costs
Realised gains/ (losses) on investments
Unrealised gains/ (loss) on investments
Net movement in funds
Total funds brought forward
Total funds carried forward
18, 12		 EDT
From 01.01.24
to 31.12.24
£
235,610
(268,737)
3,000
24,683
(15,557)
8,180
31,089		 EDAT
From
19.09.23 to
31.12.24
£
-
-
-
-
-
-
-		 Combined
total
£
235,610
(268,737)
3,000
24,683
(15,557)
8,180
31,089
18,268
1418310		 - 18,268
1,418,310
1,436,578 - 1,436,578

Analysis of net assets at the date of merger, 30 September 2025

Notes
Net Assets
Represented by:
Unrestricted funds
Restricted funds
Endowment funds
Total Funds
11		 EDT
00:00 am
30.09.25
£
1,523,447		 EDAT
00:00 am
30.09.25
£
-		 Combined
total
£
1,523,447
1,412,659
8,769
102,019		 -
-
-		 1,412,659
8,769
102,019
1,523,447 - 1,523,447

The notes form part of these financial statements Page 10

Elizabeth Dowell's Almshouse Trust

Statement of Financial Position At 31 December 2025

Notes
FIXED ASSETS
Tangible assets
5.
Investments
6.
CURRENT ASSETS
Debtors
7.
Cash at bank and in hand
13.
CREDITORS
Amounts falling due within one
year
8.
NET CURRENT ASSETS
TOTAL ASSETS LESS
CURRENT LIABILITIES
CREDITORS
Amounts falling due more than
one year
9.
NET ASSETS
FUNDS
11.
Unrestricted General and
Designated funds
Restricted funds
Endowment fund
TOTAL FUNDS		 Unrestricted
General and
Designated
funds
£
608,891
963,161		 Restricted
Fund
-
8,771		 Endowment
Funds
£
77,434
25,043
102,477
-
-
-
-
-
102,477
-
102,477		 31.12.25
Total funds
£
686,325
996,975		 period to
31.12.24
Total funds
£
-
-
1,572,052
6,259
203,639		 8,771
-
158		 1,683,300
6,259
203,797		 -
-
-
209,898
(54,764)		 158
-		 210,056
(54,764)		 -
-
155,134
1,727,186
(290,290)		 158
8,929
-		 155,292
1,838,592
(290,290)		 -
-
-
1,436,896 8,929 1,548,302 -
1,436,896
8,929
102,477		 -
-
-
1,548,302 -

The notes form part of these financial statements Page 11

Elizabeth Dowell's Almshouse Trust

Statement of Financial Position At 31 December 2025

The financial statements were approved by the Board of Trustees on ............................................. and were signed on its behalf by

............................................. Mr C. J. Wall Chair ............................................. Ms M. T. Girvan Treasurer

The notes form part of these financial statements Page 12

Elizabeth Dowell's Almshouse Trust

Statement of Cash Flows for the Year Ended 31st December 2025

Notes
OPERATING ACTIIVITES
Net cash generated from operations
13.
Interest paid
13.
NET CASH GENERATED FROM OPERATING ACTIVITIES
CASH FLOW FROM INVESTING ACTIVITIES
Improvements to housing properties and other fixed assets
5.
Interest and dividends received on investments
2.
Purchase of investments
6.
Sale proceeds of investments
NET CASH FLOW (USED IN)/FROM INVESTING ACTIVITES
CASH FLOW FROM FINANCING ACTIVITIES
Repayment of borrowings
NET INCREASE IN CASH AND CASH EQUIVALENTS
13.
CASH AND CASH EQUIVALENTS AT THE
BEGINNINING OF THE YEAR
CASH AND CASH EQUIVALENTS AT THE END OF
THE YEAR
Transfer of cash at bank and in hand from Elizabeth Dowell's Trust at date of
merger		 31.12.25
£
29,328
(1,955)
27,373
(717)
5,959
(82,386)
84,430
7,286
(519)
34,140
-
169,657
203,797		 period to
31.12.24
£
-
-
-
-
-
-
-
-
-
-
-
-
-

The notes form part of these financial statements Page 13

Elizabeth Dowell's Almshouse Trust

Statement of Changes in Funds for the Year Ended 31 December 2025

Balance at 1 January 2025
Balance at 30 September 2025
Surplus for the year
Balance as 31 December 2025
Balance at 19 September 2023
Surplus/(Deficit) for the period
Balance as 31 December 2024
Statement of Changes in Funds
for the priod to 31 December 2024
Transfer from Elizabeth Dowell's Trust on 30
September 2025		 Unrestricted
Funds
£
-
1,412,659
1,412,659
24,237
1,436,896
Unrestricted
Funds
£
-
-
-		 Restricted
Funds
£
-
8,769
8,769
160
8,929
Restricted
Funds
£
-
-
-		 Endowment
Funds
£
-
102,019
102,019
458
102,477
Endowment
Funds
£
-
-
-		 Total
Funds
£
-
1,523,447
1,523,447
24,855
1,548,302
Total
Funds
£
-
-
-

The notes form part of these financial statements Page 14

Elizabeth Dowell's Almshouse Trust

Notes to the Financial Statements for the Year Ended 31 December 2025

1. ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets and in accordance with the Financial Reporting Standard 102, the Charities Act 2011 and the requirements of the Statement of Recommended Practice, Accounting and Reporting by Charities except where dictated by the Housing SORP 2018 for registered social housing providers. Elizabeth Dowell's Almshouse Trust meets the definition of a public benefit entity under FRS102.

Incoming resources

All incoming resources are included on the Statement of Financial Activities when the CIO is legally entitled to the income and the amount can be quantified with reasonable accuracy, except for Housing Grants which in accordance with the social housing SORP are taken to income over the intended life of the property.

Resources expended

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets - housing properties

Housing properties are properties for the provision of social housing and are properties available for rent. Completed housing properties are stated at cost less accumulated depreciation and impairment losses.

Cost includes the cost of acquiring land and buildings, and expenditure incurred during the development period.

Works to existing properties which replaces a component that has been treated separately for depreciation purposes, along with those works that enhance the economic benefits of the assets, are capitalised as improvements. Such enhancements can occur if improvements result in either:

Depreciation of housing properties

Freehold land or assets under construction are not depreciated.

The CIO separately identifies the major components of its housing properties and charges depreciation so as to write-down the cost of each component to it s estimated residue value, on a straight line basis over the following years:

Years
Structure 40
Kitchen 25
Bathroom 30
Windows 40
Central Heating 40
Boilers 20
Doors 25

The notes form part of these financial statements

Page 15

Elizabeth Dowell's Almshouse Trust

Notes to the Financial Statements for the Year Ended 31 December 2025

Impairment of fixed assets

An assessment is made at each reporting date of whether there are indications that a fixed asset (including housing properties) may be impaired or that an impairment loss previously recognised has fully or partially reversed. If such indications exist, the CIO estimates the recoverable amount of the asset.

Shortfalls between the carrying value of fixed assets and their recoverable amount, being the higher of fair value less costs to sell and value-in-use of the asset based on its service potential, are recognised as impairment losses in the income and expenditure account.

Recognised impairment losses are reversed if, the reasons for the impairment loss have ceased to apply. Reversal of impairment losses are recognised in income and expenditure. On reversal of an impairment loss, the depreciation is adjusted to allocate the asset's revised carrying amount.

Other tangible fixed assets

Tangible fixed assets are initially measured at cost, net of depreciation and any impairment losses. Depreciation is provided at rates calculated to write off the cost of each asset to its estimated residual value on a straight line basis over its expected useful life as follows:

Plant and machinery 4 years

Residual value is calculated on prices prevailing at the reporting date, after estimated cost of disposal for the asset as if it were at the age and in the condition expected at the end of its useful life.

Government Grants

Government grants include grants receivable from the Homes and Communities Agency ("HCA"), local authorities and other government bodies. Government grants received for housing properties are recognised in income over the useful economic life of the structure of the asset under the accruals method. The balance of the grant held in Elizabeth Dowell's Trust was tranferred to the CIO on 30th September 2025.

Borrowing costs

Borrowing costs are expensed as incurred, Costs directly connected with the raising of finance are deducted from loans and written off evenly over the life of the loan in the income and expenditure account.

Investments

All investments are listed investments and are stated at market value at the balance sheet date.

Realised gains and losses on investments are computed by comparing net sales proceeds with cost of purchase. Movement in fair value of investments represents the differences between their market value at the balance sheet date and the market value at the previous balance sheet date or cost if acquired within the year.

Taxation

Elizabeth Dowell's Almshouse Trust has charitable status and is registered with the Charities Commission and is therefore exempt from paying Corporation Tax on charitable activities.

Financial Instruments

The CIO has elected to apply the provisions of section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instruments Issues" of FRS 102, in full to all of its financial instruments.

The notes form part of these financial statements Page 16

Elizabeth Dowell's Almshouse Trust

Notes to the Financial Statements for the Year Ended 31 December 2025

Debtors

Weekly maintenance contribution debtors are initially measured at the transaction price and subsequently measured at transactions price less any amounts settled and any impairment losses.

A provision for impairment of debtors is established when there is objective evidence that the amounts due will not be collected according to the original terms of the contract. Impairment losses are recognised in the income and expenditure account.

Trade creditors

Trade creditors payable within one year that do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at cost less any amounts settled.

Borrowings

Borrowings are initially recognised at the transaction price, including costs, and subsequently measured at amortised cost using the effective interest method. Interest expense is recognised on the basis of the effective interest method and is including interest payable and other similar charges.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the CIO. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Miss Edwards Fund was donated by her sister in memory of Miss Edwards who was a resident at the Trust. The fund is to be used for the purchase of plants for the garden and for residents events. The Endowment and Recoupment Funds are held in trust to be retained for the benefit of the CIO as capital funds.

Estimates and assumption

The CIO makes estimates and assumptions concerning the future. the resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. Any estimates and assumptions that have significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are separately disclosed.

Pension costs and other post-retirement benefits

The CIO participates in a defined contribution pension scheme for qualifying employees. The assets of the scheme are held separately from those of the CIO in an independently administered fund. The contributions payable by the CIO are included within expenditure in the Statement of Comprehensive Income in the period to which they relate.

Going Concern

The trustee considers that there are no material uncertainties about the CIO's ability to continue as a going concern. There are no material uncertainties affecting the current year's accounts.

Reporting Currency

The reporting currency is £ Sterling.

The notes form part of these financial statements Page 17

Elizabeth Dowell's Almshouse Trust

Notes to the Financial Statements for the Year Ended 31 December 2025

Merger

At one minute past midnight on 30th September 2025, Elizabeth Dowell's Trust (EDT) merged with Elizabeth Dowell's Almshouse Trust (EDAT). All assets, liabilities and funds in EDT were transferred to EDAT as at that date. The value of the funds transferred are held in EDAT at the same value as in EDT, within each restricted and unrestricted fund, as both charities' objective aline.

2.

INVESTMENT INCOME

INVESTMENT INCOME
period to
31.12.25 31.12.24
£ £
Income from UK investments 5,959 -

3. TRUSTEES' REMUNERATION, BENEFITS AND DONATIONS

Trustee’s remuneration

There were no trustee’s remuneration or other benefits for the year ended 31 December 2025 nor for the period ended 31 December 2024.

Trustee’s expenses

There were no trustee’s expenses paid for the year ended 31 December 2025 or for the period ended 31 December 2024.

Trustee’s donations

There were no trustee’s donations for the year ended 31 December 2025 or for the period ended 31 December 2024.

STAFF COSTS

31.12.25
£
8,822
606
9,428
31.12.25
2
Wages and salaries
Other pension costs
The average monthly number of employees during the year was as follows:		 period to
31.12.24
£
-
-
-
period to
31.12.24
0

No employees received emoluments in excess of £60,000.

The notes form part of these financial statements Page 18

Elizabeth Dowell's Almshouse Trust

Notes to the Financial Statements for the Year Ended 31 December 2025

5. TANGIBLE FIXED ASSETS

Trans'd from EDT 30/09/2025
Additions
Disposals
At 31 December 2025
DEPRECIATION
Trans'd from EDT 30/09/2025
Charge for year
Disposals
At 31 December 2025
At 31 December 2025
At 31 December 2024
FIXED ASSET INVESTMENTS
MARKET VALUE
Trans'd from EDT 30/09/2025
Additions
Equalisation
Disposals
Revaluations
Transfer
At 31 December 2025
NET BOOK VALUE
At 31 December 2025
At 31 December 2024
Cost value
COST
NET BOOK VALUE		 Housing
properties
£
888,348
-
-
888,348
378,870
3,988
-
382,858
505,490
-
General and
Cyclical
£
519,674
43,744
-
(33,131)
(930)
-
529,357
529,357
-
470,631		 Housing
components
£
447,809
-
-
447,809
268,652
4,272
-
272,924
174,885
-
ERF and New
Development
£
425,869
35,848
-
(27,151)
(762)
-
433,804
433,804
-
385,678		 Equipment ,
fixtures and
fittings
£
49,145
717
-
49,862
43,381
531
-
43,912
5,950
-
Restricted &
Permanent
Endowment
£
33,196
2,794
-
(2,117)
(59)
33,814
33,814
-
30,063		 Total
£
1,385,302
717
-
1,386,019
690,903
8,791
-
699,694
686,325
-
Totals
£
978,739
82,386
-
(62,399)
(1,751)
-
996,975
996,975
-
886,372
  1. FIXED ASSET INVESTMENTS

Restricted investments consists of Permanent Endowment £25,043 (EDT 2024: £23,047), Recoupment £8,771 (EDT 2024: £8,072).

13.42% (2024: 16.18%) of the investments are listed in the UK stock market and 49.84% (2024: 54.41%) of the funds are domiciled in the UK. The later includes collectives only and does not include direct holdings in gilts or UK companies.

The notes form part of these financial statements

Page 19

Elizabeth Dowell's Almshouse Trust

Notes to the Financial Statements for the Year Ended 31 December 2025

7.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.25
£
1,030
(1,002)
Employment Allowance refund
974
Prepayment and accrued income
5,257
6,259
8.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.25
£
Trade creditors
5,507
11,648
19,520
1,111
-
Deferred Capital Grant
16,978
54,764
9.
CREDITORS: AMOUNTS FALLING DUE MORE THAN ONE YEAR
31.12.25
£
69,572
Deferred Capital Grant
220,718
290,290
Taxation, social security and pensions
Accruals and deferred income
Housing loans
Housing loans
Weekly maintenance charges receivable
Less provision for doubtful debts
Maintenance charge received in advance		 period to
31.12.24
£
-
-
-
-
period to
31.12.24
£
-
-
-
-
-
-
-
period to
31.12.24
£
-
-
-

Housing loans are secured on the CIO's housing properties and land, and are repayable in instalments at 9.5% (2022: 9.5% ). The loan will be fully repaid by 2047.

  1. DEFERRED CAPITAL GRANT
DEFERRED CAPITAL GRANT
As at 1st January
Capital grant released
As at 31st December		 31.12.25
£
254,674
(16,978)
237,696		 period to
31.12.24
£
-
-
-

The grant from the Homes and Community Agency is recognised as income over the following 14 years until 2039.

The notes form part of these financial statements

Page 20

Elizabeth Dowell's Almshouse Trust

Notes to the Financial Statements for the year to 31st December 2025

11. MOVEMENT IN FUNDS

At 1.01.25
£
Unrestricted funds
General fund
-
Extraordinary repair fund
-
Property fund
-
New Development fund
Cyclical repair fund
-
-
Restricted and Endowment funds
Permanent Endowment fund
-
Recoupment fund
-
Miss P Edwards
-
-
TOTAL FUNDS
-
Incoming
resources
£
Unrestricted funds
General fund
69,136
Extraordinary repair fund
-
Property fund
-
New Development fund
-
Cyclical repair fund
-
69,136
Restricted and Endowment funds
Permanent Endowment fund
-
Recoupment fund
-
Miss P Edwards
-
-
TOTAL FUNDS
69,136
Net movement in funds, included in the above ar		 At 1.01.25
£
-
-
-
-		 Net
movement
in funds
£
15,343
8,824
-
-
-		 Transfer
between
funds
Transfer
from EDT
30.09.25
At 31.12.25
£
£
(66,433)
549,222
498,132
(430,000)
463,363
42,187
(3,497)
298,058
294,561
500,000
-
500,000
-
102,016
102,016		 Transfer
between
funds
Transfer
from EDT
30.09.25
At 31.12.25
£
£
(66,433)
549,222
498,132
(430,000)
463,363
42,187
(3,497)
298,058
294,561
500,000
-
500,000
-
102,016
102,016
-
-
-
-		 24,167
510
178
-		 70
1,412,659
(52)
102,019
(18)
8,611
158		 1,436,896
102,477
8,771
158
- 688 (70)
110,788		 111,406
- 24,855 -
1,523,447		 1,548,302

Resources
expended
£
(64,560)
-
-
-
-
e as follows:		 Gains and
losses on
investments
£
10,767
8,824
-
-
-
19,591
510
178
-
688
20,279		 Movement
in funds
£
15,343
8,824
-
-
-
69,136
-
-
-		 (64,560)
-
-
-		 24,167
510
178
-
- - 688
69,136 (64,560) 24,855

The notes form part of these financial statements Page 21

Elizabeth Dowell's Almshouse Trust

Notes to the Financial Statements for the year to 31st December 2025

12. 2024 COMPARATIVE MOVEMENT IN FUNDS

At
19.09.2023
£
Unrestricted funds
General fund
-
Extraordinary repair fund
-
Property Fund
Cyclical repair fund
-
-
Restricted and Endowment funds
Permanent Endowment fund
-
Recoupment fund
-
Miss P Edwards
-
-
TOTAL FUNDS
-
Incoming
resources
£
Unrestricted funds
General fund
-
Extraordinary repair fund
-
Property fund
-
Cyclical repair fund
-
-
Restricted and Endowment funds
Permanent Endowment fund
-
Recoupment fund
-
Miss P Edwards
-
-
TOTAL FUNDS
-
Net movement in funds, included in the above ar		 At
19.09.2023
£
-
-
-
Net
movement
in funds
£
-
-
-
-		 Transfer
between
funds
£
-
-
-
-
-
-
-
-
-
-
Gains and
losses on
investments
£
-
-
-
-
-
-
-
-
-
-		 At 31.12.24
£
-
-
-
-
-
-
-
-		 -
-
-
-		 -
-
-
-
- - -
- - -

Resources
expended
£
-
-
-
-
e as follows:		 Movement
in funds
£
-
-
-
-
-
-
-
-		 -
-
-
-		 -
-
-
-
- - -
- - -

The notes form part of these financial statements

Page 22

Elizabeth Dowell's Almshouse Trust

Notes to the Financial Statements for the year to 31st December 2025

13. RECONCILIATION OF SURPLUS AFTER TAX TO NET CASH GENERATED FROM/(USED IN) OPERATIONS

Surplus for the year
Adjustments for:
Depreciation and loss on disposal of tangible fixed assets
Grant amortisation
Movement in fair value of investments
(Gain) on disposal of investments
Interest and investment income receivable
Interest payable
(Increase)/Decrease in trade and other debtors
(Decrease)/Increase in trade and other creditors
Cash generated from operations
CASH AND CASH EQUIVALENTS
Cash and cash equivalents represented by
Cash at bank and in hand
Cash with Brewin Dolphin
Cash at bank and in hand at the end of the period
Operating cash flows before movement in working capital		 31.12.25
£
24,855
8,791
(4,245)
1,752
(22,031)
(5,959)
1,955
5,118
23,317
893
29,328
31.12.25
£
183,882
19,915
203,797		 period to
31.12.24
£
-
-
-
-
-
-
-
-
-
-
-
period to
31.12.24
£
-
-
-

14. RELATED PARTY TRANSACTIONS

During the year to 31st December 2025 there were no related party transactions (2024: £nil).

The notes form part of these financial statements

Page 23

Elizabeth Dowell's Almshouse Trust

Notes to the Financial Statements for the Year Ended 31 December 2025

15. DETAILED STATEMENT OF COMPREHENSIVE INCOME

TURNOVER
Residents' Maintenance Contributions
Service Charges
Less voids
Guest room
Laundry
Social housing amortisation
OPERATING COSTS
Management and administration
Management Agency fees
Bookkeeping and accounting services
Admin and Clerking services
Service costs
Salaries
Employer NI
Pensions
Rates and water
Insurance
Light and heat
Care Call Alarm
Gardening
Cleaning
Site assisstant fee
Subscriptions, stationery and advertising
Sundries
Telephone and computer
Staff travel, training and welfare
Legal and professional
Independent Examiners' Fees
Bad debts
Maintenance
Day to day repairs
Electrical repairs
Void and major repairs
Central heating servicing and gas repairs
Cyclical Maintenance
Resident inconvenience compensation		 Unrestricted
funds
£
47,747
11,246
(519)
125
333
4,245
63,177
-
3,791
-
3,791
8,822
-
606
1,900
905
1,002
306
2,420
615
-
413
323
302
95
2,110
3,970
257
24,046
8,473
-
13,278
-
1,588
-
23,339		 Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 31.12.25
£
47,747
11,246
(519)
125
333
4,245
63,177
-
3,791
-
3,791
8,822
-
606
1,900
905
1,002
306
2,420
615
-
413
323
302
95
2,110
3,970
257
24,046
8,473
-
13,278
-
1,588
-
23,339		 period to
31.12.24
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-

The notes form part of these financial statements Page 24

Elizabeth Dowell's Almshouse Trust

Notes to the Financial Statements for the Year Ended 31 December 2025

15. DETAILED STATEMENT OF COMPREHENSIVE INCOME CONTINUED

Depreciation Charged
Depreciation -fixtures & fitting
Depreciation -properties
Property component disposal
TOTAL OPERATING COSTS
OPERATING SURPLUS
Donations
Interest receivable and other income
Interest receivable
Investment income
Interest and financing costs
Interest payable
Bank charges
Costs associated with investments
SURPLUS FOR THE YEAR
Unrealised (loss) on investments
Realised gains on fixed asset
investments
TOTAL COMPREHENSIVE
INCOME FOR THE YEAR BEFORE
TRANSFE OF FUNDS		 Unrestricted
funds
£
531
8,260
-
8,791
59,967
3,210
-
264
5,695
5,959
(1,679)
(276)
(2,638)
(4,593)
21,284
25,860
(1,693)
24,167		 Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
747
747
(59)
688		 31.12.25
£
531
8,260
-
8,791
59,967
3,210
-
264
5,695
5,959
(1,679)
(276)
(2,638)
(4,593)
22,031
26,607
(1,752)
24,855		 period to
31.12.24
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-

The notes form part of these financial statements Page 25

Elizabeth Dowell's Almshouse Trust

Notes to the Financial Statements for the Year Ended 31 December 2025

16. COMPARATIVE DETAILED STATEMENT OF COMPREHENSIVE INCOME

TURNOVER
Residents' Maintenance Contributions
Service Charges
Less voids
Guest room
Laundry
Social housing amortisation
OPERATING COSTS
Management and administration
Management Agency fees
Bookkeeping and accounting services
Admin and Clerking services
Service costs
Salaries
Employer NI
Pensions
Rates and water
Insurance
Light and heat
Care Call Alarm
Gardening
Cleaning
Site assisstant fee
Subscriptions, stationery and advertising
Sundries
Telephone and computer
Staff travel, training and welfare
Legal and professional
Independent Examiners' Fees
Bad debts
Maintenance
Day to day repairs
Electrical repairs
Void and major repairs
Central heating servicing and gas repairs
Cyclical Maintenance		 Unrestricted
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Period to
31.12.24
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 £
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-

The notes form part of these financial statements

Page 26

Elizabeth Dowell's Almshouse Trust

Notes to the Financial Statements for the Year Ended 31 December 2025

16. COMPARATIVE DETAILED STATEMENT OF COMPREHENSIVE INCOME CONTINUED

Depreciation Charged
Depreciation -fixtures & fitting
Depreciation -properties
Property component disposal
TOTAL OPERATING COSTS
OPERATING SURPLUS
Donations
Interest receivable and other income
Interest receivable
Investment income
Interest and financing costs
Interest payable
Bank charges
Costs associated with investments
SURPLUS FOR THE YEAR
Unrealised gain/(loss) on investments
Realised gains/(losses) on fixed asset
TOTAL COMPREHENSIVE
INCOME FOR THE YEAR BEFORE
TRANSFE OF FUNDS		 Unrestricted
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Period to
31.12.24
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 £
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-

The notes form part of these financial statements Page 27

Elizabeth Dowell's Almshouse Trust

Notes to the Financial Statements for the Year Ended 31 December 2025

17. DETAILED STATEMENT OF COMPREHENSIVE INCOME FOR ELIZABETH DOWELL'S TRUST PRIOR TO MERGER

TURNOVER
Residents' Maintenance Contributions
Service Charges
Less voids
Guest room
Laundry
Social housing amortisation
OPERATING COSTS
Management and administration
Management Agency fees
Bookkeeping and accounting services
Admin and Clerking services
Service costs
Salaries
Employer NI
Pensions
Rates and water
Insurance
Light and heat
Care Call Alarm
Gardening
Cleaning
Site assistant fee
Subscriptions, stationery and advertising
Sundries
Telephone and computer
Staff travel, training and welfare
Legal and professional
Independent Examiners' Fees
Bad debts
Maintenance
Day to day repairs
Building Maintenance services
Void and major repairs
Central heating servicing and gas repairs
Cyclical Maintenance
Resident inconvenience compensation		 Unrestricted
funds
£
139,502
32,779
(648)
850
1,530
12,734
186,747
(734)
11,291
-
10,557
26,818
1,806
4,647
2,679
5,517
(3,444)
8,321
1,629
1,381
321
1,084
122
7,584
2,660
744
61,868
24,000
1,920
21,673
6,070
53,663		 Nine months to
Restricted
funds
30.09.25
£
£
-
139,502
-
32,779
-
(648)
-
850
-
1,530
-
12,734
-
186,747
-
(734)
-
11,291
-
-
-
10,557
-
26,818
-
-
-
1,806
-
4,647
-
2,679
-
5,517
-
(3,444)
45
8,366
-
1,629
-
-
-
1,381
44
365
-
1,084
122
-
7,584
-
2,660
-
744
89
61,957
-
24,000
-
1,920
6,929
28,602
-
-
-
6,070
-
-
6,929
60,592		 Year to
31.12.24
£
181,550
37,830
(3,916)
975
2,193
16,978
235,610
-
14,523
-
14,523
33,708
2,347
5,824
3,508
7,760
4,925
10,124
2,747
447
1,876
751
1,616
186
5,910
2,878
(1,321)
83,288
24,353
-
104,778
-
6,080
1,339
136,549

The notes form part of these financial statements Page 28

Elizabeth Dowell's Almshouse Trust

Notes to the Financial Statements for the Year Ended 31 December 2025

17. DETAILED STATEMENT OF COMPREHENSIVE INCOME FOR ELIZABETH DOWELL'S TRUST PRIOR TO MERGER CONTINUED

Depreciation Charged
Depreciation -fixtures & fitting
Depreciation -properties
Property component disposal
TOTAL OPERATING COSTS
OPERATING (LOSS)/SURPLUS
Donations
Interest receivable and other income
Interest receivable
Investment income
Interest and financing costs
Interest payable
Bank charges
Costs associated with investments
SURPLUS/(LOSS) FOR THE YEAR
Unrealised gains on investments
Transfer between funds
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
Realised gains on fixed asset
TOTAL NET INCOME BEFORE
TRANSFER OF FUNDS
TOTAL COMPREHENSIVE
INCOME FOR THE YEAR		 Unrestricted
funds
£
1,055
24,779
25,834
151,922
34,825
55
399
18,604
19,003
(5,085)
(775)
(6,502)
(12,361)
8,682
50,203
41,668
91,872
(1,769)
90,103
1,322,556
1,412,659		 Nine months to
Restricted
funds
30.09.25
£
£
-
1,055
-
24,779
-
-
-
25,834
7,018
158,940
(7,018)
27,807
247
302
399
18,604
-
19,003
-
(5,085)
-
(775)
-
(6,502)
-
(12,361)
305
8,987
(6,465)
43,738
1,463
43,131
(5,003)
86,869
1,769
-
(3,234)
86,869
114,022
1,436,578
110,788
1,523,447		 Year to
31.12.24
£
1,275
33,054
48
34,377
268,737
(33,127)
3,000
24,683
24,683
(6,841)
(1,052)
(7,663)
(15,557)
8,180
(12,821)
31,089
18,268
-
18,268
1,418,310
1,436,578

The notes form part of these financial statements Page 29

Elizabeth Dowell's Almshouse Trust

Notes to the Financial Statements for the Year Ended 31 December 2025

18. COMPARATIVE DETAILED STATEMENT OF COMPREHENSIVE INCOME FOR ELIZABETH DOWELL'S TRUST

TURNOVER
Residents' Maintenance Contributions
Service Charges
Less voids
Guest room
Laundry
Social housing amortisation
OPERATING COSTS
Management and administration
Management Agency fees
Bookkeeping and accounting services
Admin and Clerking services
Service costs
Salaries
Employer NI
Pensions
Rates and water
Insurance
Light and heat
Care Call Alarm
Gardening
Cleaning
Site assistant fee
Subscriptions, stationery and advertising
Sundries
Telephone and computer
Staff travel, training and welfare
Legal and professional
Independent Examiners' Fees
Bad debts
Maintenance
Day to day repairs
Electrical repairs
Void and major repairs
Central heating servicing and gas repairs
Cyclical Maintenance
Resident inconvenience compensation		 Unrestricted
funds
£
181,550
37,830
(3,916)
975
2,193
16,978
235,610
-
14,523
-
14,523
33,708
-
2,347
5,824
3,508
7,760
4,925
10,124
2,747
447
1,876
751
1,616
186
5,910
2,878
(1,321)
83,288
24,353
-
104,778
-
6,080
1,339
136,549		 Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 31.12.24
£
181,550
37,830
(3,916)
975
2,193
16,978
235,610
-
14,523
-
14,523
33,708
-
2,347
5,824
3,508
7,760
4,925
10,124
2,747
447
1,876
751
1,616
186
5,910
2,878
(1,321)
83,288
24,353
-
104,778
-
6,080
1,339
136,549		 31.12.23
£
171,150
40,111
(6,737)
725
1,421
16,978
223,647
-
13,674
-
13,674
30,689
-
2,156
5,776
3,392
8,887
3,929
8,852
2,154
-
1,150
507
1,236
285
9,626
2,607
1,321
82,568
18,695
6,419
52,535
2,659
4,707
-
85,014

The notes form part of these financial statements Page 30

Elizabeth Dowell's Almshouse Trust

Notes to the Financial Statements for the Year Ended 31 December 2025

18. COMPARATIVE DETAILED STATEMENT OF COMPREHENSIVE INCOME FOR ELIZABETH DOWELL'S TRUST CONTINUED

Depreciation Charged
Depreciation -fixtures & fitting
Depreciation -properties
Property component disposal
TOTAL OPERATING COSTS
OPERATING SURPLUS
Donations
Interest receivable and other income
Interest receivable
Investment income
Interest and financing costs
Interest payable
Bank charges
Costs associated with investments
SURPLUS FOR THE YEAR
Unrealised (loss)/gains on investments
Transfer between funds
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
TOTAL COMPREHENSIVE
INCOME FOR THE YEAR
Realised gains/(losses) on fixed asset
TOTAL NET INCOME BEFORE
TRANSFER OF FUNDS		 Unrestricted
funds
£
1,275
33,054
48
34,377
268,737
(33,127)
-
-
23,401
23,401
(6,841)
(1,052)
(7,663)
(15,557)
9,841
(15,442)
25,937
10,495
1,795
12,290
1,310,266
1,322,556		 Restricted
funds
£
-
-
-
-
-
-
3,000
-
1,282
1,282
-
-
-
0
(1,661)
2,621
5,152
7,773
(1,795)
5,978
108,044
114,022		 31.12.24
£
1,275
33,054
48
34,377
268,737
(33,127)
3,000
-
24,683
24,683
(6,841)
(1,052)
(7,663)
(15,557)
8,180
(12,821)
31,089
18,268
-
18,268
1,418,310
1,436,578		 31.12.23
£
981
33,048
1,921
35,950
217,206
6,442
51
125
26,494
26,619
(6,974)
(955)
(7,295)
(15,224)
86,263
104,151
(50,665)
53,487
-
53,487
1,364,823
1,418,310

The notes form part of these financial statements Page 31