MICHAEL LOWE'S AND ASSOCIATED CHARITIES LICHFIELD Reglstered ¢harty number: 214785 ACCOUNTS YEAR ENDED 31 MARCH 2024 Dalns Audit Ltd Chartered Accountants St Johns Court Wiltell Road Lichfield Slaffordshire W514 9DS MICHAEL LOWE'S AND ASSOCIATED CHARITIES LICHFIELD INDEX TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 PAGE Trustees Annual Report I￿ependent Examin8rfs Report ststemenl ol Financial Activities Balance Sheet Notes to the Accounts 10-15 MICHAEL LOWE'S AND ASSOCIATED CHARITIES LICHFIELD ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 Reforence and admlnlstratlvè Information Trustees: The Charity Iruslees who se)ved during the year and their appointing bodies are.. Rév l Haytgr Chairman Ctropled Mr N G Sedgwick VIEe chairman Coopted R$v'd P R Clafk Terminated 31 JLSIY 2023 Ex offi¢lo Mrs J M Eagland Lichfield City Council Ms D Greatoiex Lichfield Cty Council Mrs J A Greaves Lichfield City Council Mr R M Harfey ChurGhes Togelhgr in Lithfield Mrs B Hanks Copopled Mr P L Hitchrnan Li¢hfi$ld City Coun¢ll Revd Canon B Magulre Temlnaled May 2023 Churches Together in Lichfiel hA G Pawson CO￿pted Mrs E L Rawling CO￿pted Mrs E M Ridler Churchgs Together in Lichfield Mrs B Tomlinson Co-optèd Dr T M James C(￿apt&d Di M J While CTropled Mr M A Warfield Ll¢hfi¢ld Clty Council Tgminated 15 July 2024 Appointed 27 June 2024 Appointed 4 May 2023 Resigned January 2024 Prfnclpal Address.. S R James Esq., The Clerk to the Trustèes PO Box 8680 Burton-on-Trenl Staffs DE14 90B RegSstèred Charity Number: 214785 Independent Examiner.. M Gumey FCCA, OChA Dains Audit Ltd, Charte￿d A¢￿￿ntantS Sl John's Court Wiltell Road Li¢hfield Stsffs WS14 9DS Principal Bankers.. National Westmlnster Bank plc Market Street Lichfield Staffs WS136LE Sollcltors: Ansons Solicitors Ltd Investment Advlsers.. RBC Brewin Dolphin Limited 6th floor, The Chatwln Building 87 Colmore Row Birmingham B3 2BA 517 Brgadmarket Street Lichfield staffs WS13 6LQ MICHAEL LOWE'S ANO ASSOCIATED CHARITIES LICHFIELD ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 IcontSnuedl Report of the Trustees for the year gnded 31 March 2024 The trustees present their report along with the financial statements of the charity for Ihe year ended 31 March 2024. The finandal statemgnts have begn prepared In a¢¢ordance with the accounting pollcles Sel otrt in Note 1 lo the accounts and comply with the Charity's Scheme, the Charities Act 2011 and Accounting and Reporting by Charities.. Stslèment of Recommended Pra¢lic& applicable to charitles préparing their rinancial stslements in accordance with the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland effectsve 1 January 2019. StruGtur8, Governon¢¥ and Managgmgnt Hlstory and Objectlves and Activitles lor the publlc beneflt Miithael Lowe's Charity was founded in 1 $93 and Is now govemed by a Charity Commlsslon Srheme dated 26 June 1980, when a number of smaller charities were amalgamated wfih il and the Chartty became known as Michael Lowe's and Assoc4ated Charities. The charity is an unincorporated as50cialion and the trustees are in¢orporaled as a body. The charity ¢5oes not actively fundraise and seeks to continue the philanlhropic work dèsired by th& donor through the car&ful st8wardshlp of its existing r8sour¢es. From the tirnp of ts foundation in 1593 one of the Charity's concems has been fuel poverty. Originally, the Trustees provided coal to just Iwelve poor men.. now they provide fuel 9ranls for considerably more qua￿.fylng persons aged 67 or over. A5 well as the fuèl grants. the pre$8nl day oblè¢ts of the Charity include th8 provision of assistsnce to individuals resident in the City of Lichfield. who are in Conditions of need. hardship or distress, by making grants ttr organisalions or providing or paying for ttems which will benefit the r8dplent. The Trustees usually require the recipient to make a contribution of 10% of the cost of any item provided. The Charity ceased lo operate its Fumiture Transfer Scheme in Autumn 2021 principally because of the diffi¢ulty of finding volunteers lo run it. A new scheme ￿mmenced during the 2022 under which the Trust provides beds, headboards and mattresses lo eligible applicanls. Thè Trust is endeavouring to extend the scheme to enable the provlsion of other household fumtiure. The Trust continues to supply white goods to eligible applicants. The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidancg"Tho Prpvenlion 91 Relief of Pvvprty for the Public B¢ngfif when rgviewing the Charity's aims and objecÉives and in planning and setting their grant rna￿ng posicy for the ygar and have complied with thelr duties under the Charilles Acl 2011. Managom¢nt and Governanc The s¢heme providés for the appolnlmgnl of 15 trustèes; onè èx-officio, sèvèn nominatlV8 and seven co- optative. The ex-officio trustee is the Rector or Priesl.in-Charge of the Parish of St Chad Lichfield. In the ev8nl of the ex-offic￿ trustee bBing unwilling lo ad. then the Irusteos may apppint an additsgnal trustee lo fill the vacancy. MICHAEL LOWE'S AND ASSOCIATED CHARITIES UCHFIELD ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 Icontlnued) Five of the nomlnativg Iruslees are appointed by the Councillors of Lichfield City lthe Trustees having passed 8 resolution 1¢ substitute that body as thé nominating body in plac6 of the Councillors of Ihe Li¢hfield Districl who represBnled the wards of the City of Lichfieldl. and two nominative trustees are appointed by "Churche5 Together in Lichfield.. Npminalive l¥usts¢s setv¢ for a period of ftsur y¢ars. Co- optat¢ve trustees serve for a period of five years. New co-optative trustees are identified from people within the local community who have the necessary sknlls and interest and are appolnt¢d by the remaining trustees. The induction process for any newly appointed trustee cornprise5 an initi81 meetirtg with the board of Trusttses, at which 8 pack is provlded. This includas a copy of thè goveming document, a copy of thè most recent annual report and accoLFnts, copy minutes of previous trustees, meetings, a ¢opy of the Charity Commission guidance Yhè EssÈnb"81 Trusteè: What you need to kno￿ and 'The Prevention or Rgliaf of Poverty for the Public Benefit". The Trustees are reqUI￿d to disclose all relevant interests and register them with the Clerk and in accordance with the Charty's policy do not lake part in de¢isic*ns where a Conflict of Inte￿St arises. The Trustees nonr8lly meet four tlmes a year lo consider grant applications and as and when appropriate the broad strategy and area of actÉvity for the charity, in¢luding Investments, resèNas and risk management pollcÈes and performance. Thè day to day administration of grants and the processing of applications prior to consideration by the Trustees are delegated to the Clerk. The Trustees have delegated the monitoring of the perfotman¢e of Ihts investment porffolio and of th fund manager, the ¢onsideralion of reports from professional advisers as regards the proptrrty holding and the preparation of an annual budget to a sub-committee. which meely four times a year prior to the main Tiustee$' moeling. 11 also reviews the charity's grant making, reserves and inve¥trnenl p¢licies and makes recommendations to the main tru¥teg body. R15k Rèvi&w The Truslees review thé rtsks the Charity faces on a regular basis and Éake appropriat8 steps Its mitigate those risks. To date these have mainly related to.. lil inve5tThgnl managtrment where th¢ risks have been ameliorated by appointing exiernal fund managers lo manage a porttolio of diverse investments deslgned lo provide a balance between capital growth and income., lill the management of the sm811 portfolio of investment propèrties., the Truste&s retain sutveyors to Carry oui annual inspections to ensure that the buildings are rnaintained in good condition and lo provide m8nagem8nt suppr>rt.. lili) checks on applications Irom OTganisations to filter out requests for multiple grants for Ihe same project-, and livl checks on possible frduduient application8 PIICHAEL LOWE'S AND ASSOCIATED CHARITIES LICHFIELD ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 {contlnued) Grant making pollcy and procedures The Charity is well known in Li¢hfield ond inviies applications from both organisalions and individuals. Eath application is considered on ts own mertls and in most instances and in usual circumstances ￿0 tTuslees visit an Individual applicant at hisffter own home and p8rsonally interview himlher prÈor to any granl being made. This enables the Trusteps lo target their assisiance lo the best advantsge of the applicant and wher& appropri8te to direct the applicant lo other organisalions such as the CÉilzens Advice Bureau. who can assist with benefrt applications or probjems an(Vor debt management advice. Whilst priority is gNen to making grgnls lo indivlduals lincluding making fuel gran151. grant aid to organisalions provSdln9 services to Lichfield Cty residents are usually mada but applications have reduced this year. In recommending grants the Trustees tak& account of the Charty's financial pos¢tion and exercise restraint where appropriate. The upper limit for grants to indsviduals Is currently restricted lo £800 to enable grant5 to be made lo mof8 Individuals. Applications for fuèl grants are usually invlled annually from persons aged 67 tsr over, whose Income fa115 below a Certain leval or who have specSal need of heating for reasons of health etc. In additSon. the Trustees invits applications from neèdy families for beds, hé8dboards and mattress8S. Grant appli¢alion fomis are available from the Clerk, whose addrass is shown on page 1 or from thè Trust's website. Once an 8ppli¢alion is received il is referred to two trustees who vi511 the applicant, determlne the outcome of the application 8nd report the result lo the next trustee meeting. Achl8v•ments and Performance Overall gr8nt expenditure durin9 the year was lower than the previous year. Total grants amounted to £48,917 12023- £60,526) Breakdown ol grants.. Organisations.. £5,000 12023- £nill Individual5= £24,636 10 60 persons12023 . £24.026 to 55 persons) Fuel grants.. £19,045 10 115 persons {2023- £36,500 to 162 person81 MICHAEL LOWE'S AND ASSOCIATED CHARITIES LICHFIELD ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 Icontlnu•dl Th¢ vast majority of gTants to individuals were for the provlslon of or replacement of domestic items. The Trustees continued their efforts to widen their help lo other sections of the wmmunily where they believe there is hldden neèd. espécially amongst the elderty. A number of grants were made to individuals for beds. headboards and mattresses Fin#nclal R8vl&w Invostment Policy and PerformanGo The Charity's grant making is entirely dependent upon its incomè from its endowments comprising various holdings of property and from Its portfolio of stocks and shares, securitles and investment fund nits. The property holdings are manag8d by the Trustees, who take appropriate professional advice. The portfollo of listed investments is managed by exlemal fund managers on a di￿retI￿nary basis. Thes investments are subject to an Investment Policy Statement which is reviewed regularfy by the Trustees. The investment objectsve 15 to generate a balance b¥twe¢n income. lo help fund the charity's grant making, and capital gro*rth, to help malntain and enhance the real value of the assets over thè medium lo long-tèm. The Trustees have agreed that a medium tevel of risk Is appropriate and the poltcy contalns controls to tllanage risk. The Trustees review the performance ol their Investmants on a quartèrly basis and they meet with their investment manager on 8 regular basis. The portfolio posted a total rètum of 9.76010 Inet of fees) over the last financial year, meanwhSle the Asset Risk Consultanis IARCI Steady Growth Index. which provides a useful peer group comparison and comprises 35 difforenl Inveslmenl managers, ended the year 9.38% higher. The posllwe perform8n¢e of the portlolio can be largely attributed to risk asso18 lequllles and bonds) retumir¢g to vogue as inflation continued tg cool and exp&¢talions over interest rate cuts gathered p8¢e. With inflatioft now seemlngly under control, Ltnderlying economl$s holding rim and cenlral banks k)oking likely to have engineered 'soft landin9'. equity market$ enjoyed a stron second half to the year. R•$8N8s Pollcy and Plans lor the Future Al 31 Mar¢h 2023 fvnds lotalled £1,953,434, ¢omprising endowment £1,754,213, accumulated income £117.051 and 8 designated ropairs and malntw)anco reserve £82.170. Thg Twstees have resolved to maintain msnimum reserves at a bvol equivalent lo approximately one yeaT'S gro$s in¢ome. MtCHAEL LOWE'S AND ASSOCIATED CHARITIES LICHFIELD ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 Icontlnued) though at the year end reserves exceedtrd Ihg minimum, this will enable the Trustees lo maintsin grant aid at or higher than previous levels in difficult economic timas and to ensure that funds are available lo ¢ary oul any Ltnexpected repairs to the Charty's remaining properties. In addition. the Trustees havè de¢ided to continu8 to maintaln a designaleLI Repairs and Maintenance fund t¢ meet the cost of cyclical and long term repairs and decorations to the Tnjstees, investment properties, all of which are Grade 2 listed buildlngs, and will review the amount to ba transfèrred to this fund annually in the light of any known future expendsture. The Trustees Continue actively to review their gr8nl maklng policy wilh a view to phasing a reduction in the excess reserves over 10 ytrars depending on the number of merilorlous appllcalions received. The Trustees will continuo to liaise with other Ioc21 charities lo er¢5ure that resources are distribultsd in the best posslble way amongst that part ofthe community most Sn need. Tru$t•es Rgsponslbllltles In r•latlon to the Flnancial Statem$nts Law applicable to ¢h8rilles In England and Wales requires the TTuslees lo prepare financial statements for Èach financial year which gwe a true and fair view of the chaTity's financial activities during the year and of ils financial position at th¢ end of the year. In prep3ring those fin8neial statements, the Trustees are requlred to.. select suii3ble accounting policies and then apply them consistently,. observe the methods and Principles in the Charitle$ SORP IFRS 1021- make judgements and èslimalès that are reasonable and pwdgnt- stale whether applicable accounting stsndards and statements of recommended practice have been followed. subject to any departures disclosed and explained In the financial statomenls.. an(J prepar8 th8 financial statements on the going Goncem basls unless il is inappropriate to presurne that the Charity will contlnue in business. The Trustees are rèsponsible for keeping accounting records whl¢h disclose with reasonable accuracy at any time the finanGial pgsttion of Ihp Charity and enable them to ansure that the financial statements comply wlth the Charities Act 2011. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevents'on and detection of frau(J and other irregularities. Approved by the Trustees and signed on their behalf by Rev l Hayter.. Date: 19 September 2024 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MICHAEL LOWE'S AND ASSOCIATED CHARITIES LICHFIELD I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 Mar¢h 2024 which are sel out on pages 8-15. Re$ponslbllities and basls of report As the charitys trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Ch8rities Act 2011 1.the A¢f). I report in respect of my examination Df the charity's accounts carried out under section 145 of the Act and in carwng out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the Act. Independent examln$Vs statement I have Completed my examination. I confirm that no material matters have come to my attention in connection Tfv71h the examination giving me cause to believe that in 8ny material respect.. accounting records were not kept in respeol of the charity as required by $8¢tion 130 of the Act.. or 2. the accounts do not accord with those records,. or 3. the accounts do not comply with the accounting requirements concerning the fonn and Content of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a'true and fair vievl. which is not a matter considered as part of an independent examination. I have no concems and have come across no other matters in conneolion ￿th the examination to which attention should be drawn in this report in order lo enable a proper understsnding of the accounts to be reached. Mark Gumey FCCA, DChA ot Dains Audit Ltd st John's Court Wiltell Road chfield Stafford5hir& WS14 9DS September 19, 2024 Page 7 MICHAEL LOWE'S AND ASSOCIATED CHARITIES LICHFIELD STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 klARCH 2024 Unrestricted Endowment Income Fund Fund Totsl 2024 Total 2023 Notes Income Investment Incom$ Rental Income Income from Listed Investments Depos¢l Interest 74.566 36.586 806 74,566 36,586 9,056 35,111 168 Totsl 111,958 111,958 104.335 Expendlture Ralslng Funds Propety Managemenl Expenditure Investment Portfolio Management Charges Charltable Actlvltle$ Othèr Total 20,fj31 1,041 fj6,891 11,488 10D,051 20.631 6.337 66.891 11.488 105,347 43.556 6.239 77,454 10,658 137,907 5,296 5.296 Gains and los￿ on revaluation and on investment ass8t disposals Realised Unrealised Net Incomel{Expendituro1 2,158 19,760 33.825 13,656 39.676 48.036 15,814 59.436 81,861 {20,3281 56,819 1110.719} Net movement in funds 33.825 48,036 81,861 1110,719} Roconclllat5on of Fund$ Toial fvnds brought forward 199.221 1,754.213 1,953,434 2,064.153 Totsl funds carried forward 233.046 1,802,249 2.035,295 1.953.434 Page 8 MICHAEL LOWE'S AND ASSOCIATED CHARITIES LICHFIELD BALANCE SHEEr 31 MARCH 2024 2024 2023 NrAes Flxed Assets sted Investments Iriveslment Properties 1.200,773 825,000 2,025,773 1.091.521 825,000 1,916.521 Current Assets Debtors Bank balances.. Deposit Current 10 17,850 15,441 9,958 500 28.308 45,218 500 61,159 Currenl Liabilities Creditors 18.786 24,246 Net Currènt Assets 9,522 36.913 Not Assets 2,035,295 1,953,434 Represented By. Unrestricted Income Funds Accumulated Income Fund Repairs and Maintenance Fund 12 137.326 95,720 233.046 117,051 82.170 199.221 Endowmont Fund 1,802,249 2.035,295 1,754.213 1,953.434 These accounts were approved by the Board of Trustees on 19 September 2024 and signed on their behalf by= Rev l Hayier N G Sedgw¢ck Page 9 MICHAEL LOWE'S AND ASSOCIATED CHARITIES LICHFIELD NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 1. ACCOUNTING POLICIES General These accoun15 have been prep8red under the historic cost convenliori, except for investments and investment property, which are included on the bases set out in Notes 9 and 2 to these a¢counls. The accounts have ￿en prePa￿d in accoid8n¢e knrith Accounting 2nd Reporting by Charities.. Statement of Recomtnended Practice appIl￿ble lo charK(ies prepaTing their accounts in accordance th the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 effective 1 January 2019 and the Financial Reporting Standard applicable in the UK & Republic of Ireland {FRS1021 and the Charities Act and appIl￿ble reg4Jlalions. Th8 charity conslilutes a public benefit enlity as defined by FRS 102. Funds The permanent endowment represents those funds which musl be held peTmanently by the Charity. I￿orne arising on the endowment fund Can be used in accordance wlh the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the investments held thin that fund foTm part of that fund. Investment management charges Telating lo the fund are charged against it. The accumulated income fund comprises those funds which the trust8es aTtr froe to use in accordance wth the charitsble objecls. The repairs and maintenance fund is a designated reserve which represents amounts sel aside lo carry out future repairs to the investment property. Income All income is recognised once the charity has entitlement lo it and il is certain Ihol il will be received. Grants Poyablo Grants payable are charged in the year ￿en the offer is conveyed to the recipient. except where the offer is conditional, such grants being recognised as expenditure vthen the conditions attaching are fulfilled. Charitable Actlvitias Costs of ch?ritable activities include grants made, the costs incurred in njnning the fumiture transfer scheme and an apportlgnmenl of support costs. Other Costs Olher costs comprise all costs involvin9 the public accountability ot the charity and its compliance th regulation and good practice. Allocatlon of Support Costs The cleth's salary has been 811o¢aled be￿een costs of generating funds, charitable a¢tivty and other costs. The allocation is detaile(l in note 7. Postsge and stationery has been allocated be￿￿n charitsble activrty and other costs on th& basis of usage. Page 10 oooo 010 0000 01 offoo (tfessional Charges Repairs, Reneytsls and Utilities Clerk's Salary 3,418 8.826 7,122 1.265 20.631 3.994 11.175 27,208 1,179 43.556 4 Investment Portfolio Management Charges In 2023 expendi(ure on investment portfolio charges lotalled £6,239 of which £972 was from unrestricted income funds and £5.267 wa5 from the endowment fund. 5 Charitable Activitie5 2024 2023 Grants to Organisalions Fuel Grants to 11512023-1621 indiwduals Othfrr Grants lo 6012023-551 individuals Support Costs.. Clerk's Salary Postage Stationery and Advertising 5.000 19,045 24,636 36,500 24.026 17,715 495 66,891 16.512 416 77.454 Grants to Organisalions were as follows.. st Giles Hospice 5,000 5,000 Page 12 MICHAEL LOWE'S AND ASSOCIATED CHARITIES LICHFIELD NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 6 Other Costs Independent Examiner Clerk's Salary Sundry Expenses 3,232 6,326 1,930 11,488 3,048 5.897 1,713 10.658 7 Allocation of Clerk's Salary 2024 2024 2023 2023 Property Management Charitable Acts'vilies Other 1.265 17,715 6.326 25,306 1,179 16,512 5,897 23,588 70 25 100 70 25 100 Basis of apportionment.. Staff time 8 Related Party Transactions and Trustees Remuneration No remuneration directly or indirectly out of the funds of the Charity was paid OT payable for the year lo any trustee or to any person or persons known lo be ¢onnecled with any of them. Subsistence tolalled £6761202&£6981. No expenses were paid during the year.12023- £nil). 9 Listed Investments Endowment Accumulated Fund Income Fund 2024 2023 UK Listed Investments IrEveslmenl Portfolio Cash 966,792 4,386 971,178 225.569 4,026 229.595 1.192,361 8,412 1,200,773 1.074,137 17,384 1.091,521 Investments held at 1.04.23 Additions al cost Disposal proceed5 ProfitllLossl on Dispos81 IncreasellDKreasel in market value Investments held al 31.03.24 907,619 192,804 1186.9631 13,656 39,676 966,792 166,518 1.074,137 1,180,602 121.622 314,426 214,608 184.4891 {271,4521 1243,9261 2,158 15,814 120,3281 19,760 59,436 56,819 225.569 1.192,361 1,074,137 Historic Cost 760,000 227,106 987.106 844,213 Investments a￿ held in the name of Brewn Nominees Limited, as pooled funds. RBC Brewin Dolphin Limited provide a discretionary man8gement service Page 13 MICHAEL LOWE'S AND ASSOCIATED CHARITIES LICHFIELD NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 10 Debtors 2024 2023 Rentsl Income in arrears Prepayments AccTued Income Other Debtors 8,250 3.498 3,693 3,930 3,600 10,320 17,850 15,441 11 Creditors Rental Income in Advan Other Creditors and Accruals Grants authorised but not paid 7.792 8.270 2,724 18,786 9,542 13,322 1.382 24,246 12 Unrtrstrlcted Income Funds Accumulated Repairs and In￿rne Fund Maintènanco Fund Total 2024 Balance 81 01.04.23 Nel Incominglloutgoingl Resource5 Appropriation lo Repairs and Maintenance Fund Balance al 31.03.24 117.051 35.188 82,170 {1.3631 199,221 33.825 14,913 137.326 14.913 95,720 233,046 Accumulated Repalrs and Income Fund Maintenance Fund Total 2023 Balance at 01.04.22 Nel Incominglloutgoingl Resources Appiopri8tion to Repairs and Maintenance Fund Balance al 31.03.23 162,320 (31,4581 87,523 119.1641 249,843 150.6221 13,811 117,051 13,811 82.170 199,221 Page 14 MICHAEL LOWE'S AND ASSOCIATED CHARITIES LICHFIELD NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 13 Analysis of Net Asset$ 8&￿e0n Funds Accumulated Repalrs and Endowmont Income Fund Maintenance Fund Fund Total 2024 Fixed Assets cur￿￿1 Assets Curienl Liabilities Fund Balance 229,595 {73,4831 18,786 137,326 1,796.178 2,025,773 6,071 28.308 18,786 95.720 1,802.249 2,035,295 95,720 Accumulated Repalrs and Endowment Income Fund Maintananco Fund Fund Total 2023 Fixed Assets Current Assets Current Liabililigs Fund Balance 168,720 {27,4231 24,246 117,051 1,747,801 1,916,521 6,412 61.159 24,246 82,170 1,754,213 1,953,434 82,170 Page 15