**REGISTERED CHARITY NUMBER: 217309**
## **Report of the Trustees and**
**Unaudited Financial Statements for the Year Ended 31 December 2020 for**
## **Elizabeth Dowell's Trust**
incorporating P & W Social Accountants Ltd
**Elizabeth Dowell's Trust**
## **Contents of the Financial Statements for the Year Ended 31 December 2020**
||**Page**|
|---|---|
|Report of the Trustees||
|including Statement of Trustees' Responsibilities|1|
|Independent Examiner's Report|5|
|Statement of Financial Activities 2020|6|
|Comparative Statement of Financial Activities 2019|7|
|Statement of Financial Position|8|
|Statement of Cash Flows|10|
|Statement of Changes in Funds|11|
|Notes to the Financial Statements|12|
|Detailed Statements of Financial Activities 2020|21|
|Comparative Detailed Statements of Financial Activities 2019|23|
**Elizabeth Dowell's Trust**
## **Report of the Trustees**
## **for the Year Ended 31st December 2020**
The trustees present their report with the financial statements of the charity for the year ended 31 December 2020. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP (FRS102)) 'Accounting and Reporting by Charities'.
## **REFERENCE AND ADMINISTRATIVE DETAILS**
Registered charity Charity Number 217309 Registered with the Regulator of Social Housing Registered Number A2768 Member of The Almshouse Association Membership Number 1156
## **Principal address**
Dowell's Close 240 Alcester Road Moseley Birmingham, B13 8EY
## **Trustees**
The Trustees are responsible for determining the strategy and policies of the Trust. The following were Trustees for the year ended 31December 2020 and up to the date of approval of the financial statements:
Mr C. J. Wall Chair Mr. J. C. C. Atkins Treasurer Mr. A. R. Fowler Resigned 4th February 2021 Ms M. T. Girvan Appointed 20th April 2020 Mr. A. Holland Resigned 3rd May 2020 Mrs I. S. Knowles Appointed 20th April 2020 Revd S. E. Moore Appointed 18th January 2021 Mr. R. I. Stanton Miss A. C. Warne Mr R. J Wishart Dr. J. A. Yates
## **Independent examiner**
R B Welch MA FCA P & W Social Accountants Ltd 10 Newent Road Birmingham, B31 2LX
## **Investment Advisers**
Brewin Dolphin 9 Colour Row Birmingham, B3 2BJ
## **CONSTITUTION**
The Trust is a registered charity and a member of The Almshouses Association. It is also registered with the Regulator of Social Housing as a social landlord, and is associated with Homes England who manage our grant, both of whom replaced the Homes and Communities Agency (HCA) in 2018 with who we were previously registered.
## **PRINCIPAL ACTIVITES**
The Objects of the Trust are the relief of poverty, hardship or distress of elderly persons in Birmingham by the provision and maintenance of almshouse accommodation and such other charitable purposes as the Trustees in their absolute discretion decide for the benefit of the residents of the almshouses.
Page 1
**Elizabeth Dowell's Trust**
## **Report of the Trustees for the Year Ended 31st December 2020**
The trustees aim to:
Promote the wellbeing and independence of the residents.
Encourage communal activities. Provide a 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.
## **FINANCIAL REVIEW**
Turnover for the year including investment income was £192,417 (2019: £183,238, 2018: £176,007). Donations during the year totalled £6,000 (2019: £1,620, 2018: £540).
The net income before gains/losses on investments was £33,248 (2019: £28,426, 2018: £30,237). The overall net movement in funds for the year was a surplus of £39,206 (2019 a surplus of £125,434, 2018: a deficit of £28,456). This includes a unrealised loss on investments of £11,293 (2019: gain £53,271, 2018: loss £79,953).
Brewin Dolphin act on a discretionary basis on behalf of the Trustees in regard to the portfolio of the Trust'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 Trust's charitable status.
## **COVID 19 PANDEMIC**
Other than the market valuation of our long-term portfolio the Trust has, financially, been relatively unaffected by the pandemic as its income is generated from individuals. Minimal additional costs have been incurred due to the pandemic and no additional financial support has been received by the Trust in this regard. Conversely much time and operational changes have been made to ensure the protection of our residents by social distancing in the common areas and additional cleaning and communication and liaison with our residents updating them to Governmental guidance and best practice through distance meetings and regular news letters from the scheme manager and Trustees from our welfare sub-committee.
## **FUNDS**
Investments representing the Extraordinary Repairs Fund (ERF), the Cyclical Maintenance Fund and General Fund have been shown at market value at 31 December 2020 within the unrestricted funds.
Investments representing the Permanent Endowment Fund, Recoupment Fund and the Mrs Allen bequest are shown at market value at 31 December 2020 within restricted funds with any income being transferred to General Fund.
In accordance with the Trust's reserves policy the Extraordinary Repairs Fund (ERF) is used for extraordinary repairs, improvement or rebuilding of the Trust buildings and is currently aimed at 50% of the net book cost of the housing properties.
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 3 years of operational costs including holding sufficient cash and liquid resources to cover six months of normal operational expenditure.
Page 2
**Elizabeth Dowell's Trust**
## **Report of the Trustees for the Year Ended 31st December 2020**
## **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.
During the year the Trustees reviewed all their policies, introducing new ones where it was considered appropriate
## **RISK MANAGMENT**
The Trustees have a duty to identify and review risks and to this end they have in place a risk management policy which identifies and ranks the major risks faced by the Trust. The current major ranking risks are COVID and the protection of the Almshouse residents and buildings. Because of the severity of COVID we have outlined the specific ways in which the Trust has been affected and the actions we have taken prevent any major disruption or risk to residents in this years report.
In regard to the second major risk of protection of our Almshouse residents and property, 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:
- Budgets are prepared by the Finance Committee and are formally checked and approved by all the Trustees.
- Quarterly reports are prepared and formally reviewed and approved by the Trustees.
- All major works are put out to competitive tender then formally checked and approved by the Trustees.
- The Trustees regularly review the Trust's weekly maintenance contribution arrears and authorise appropriate courses of action.
## **FUTURE PLANS**
In the short to medium term the Trustees' aims are to continue to provide and maintain the Trust'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.
The Trustees have progressed the review of the Trust's constitution, which although broadly remaining relevant has required some modernisation to bring it in line with current best practice. It is envisaged that this, along with the transfer of the activities and associated assets of the Charity from a Trust to a CIO will be completed during 2021.
In the longer term the Trustees remain conscious of the need to prepare, plan for and meet long term repairs and potential rebuilding costs as the fabric of the property continues to age and how these costs should be best funded either from internal or external resources. The Property sub-Committee is currently reviewing the medium to long term requirements in order to make recommendations to the main Board of Trustees for consideration.
Page 3
**Elizabeth Dowell's Trust**
## **Report of the Trustees**
## **for the Year Ended 31st December 2020**
## **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 Trust as at the end of the financial year and of the surplus or deficit of the Trust for that period. In preparing these financial statements, the Trustees are required to:
- select suitable policies and apply them consistently;
- make reasonable and prudent judgements and estimates; -prepare the financial statements on a going concern basis unless in their view the Trust will be unable to continue in operation.
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 Trust 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.
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 Trust 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 4
**Independent Examiner's Report to the Trustees of Elizabeth Dowell's Trust**
I Report on the accounts for the year ended 31st December 2020 set out in the following pages.
## **Respective responsibilities of trustees and examiner**
The charity's trustees 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(2) of the Charities Act 2011 (the 2011 Act)) and that an independent examination is required.
It is my responsibility to:
examine the accounts under Section 145 of the 2011 Act
to follow the procedures laid down in the General Directions given by the Charity Commission (under Section 145(5)(b) of the 2011 Act); and
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 material matters have come to my attention in contection with the examination giving me reasonable cause to believe that in any material respect:
(1) accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act ; or
(2) the accounts do not accord with those records; or
(3) the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Chariities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination.
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.
R B Welch MA FCA P & W Social Accountants Ltd 10 Newent Road Northfield Birmingham B31 2ED
Date ........................................
Page 5
**Elizabeth Dowell's Trust**
## **Statement of Financial Activities, incorporating Statement of Comprehensive Income for the Year Ended 31 December 2020**
|**Notes**
**INCOME AND ENDOWMENTS FROM:**
Donations and legacies
Investment income
2.
Other income
**Income from charitable activities**
Residents' Maintenance Contribution
Social housing amortisation
**Total income**
**EXPENDITURE ON:**
Cost associated with investment
**Charitable activities**
Management
Service costs
Maintenance
Depreciation
Bad debts
Interest and financing costs
**Total expenditure**
**Net income before gains and (losses) on**
**investments**
**Investment gains/(losses)**
Realised gains on sale of investments
Unrealised (losses)/gains on investments
**Net income after (losses) and gains on**
**investments**
**Transfer between funds**
**NET MOVEMENT IN FUNDS**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
11.
**TOTAL FUNDS CARRIED FORWARD** 11.|**Unrestricted**
**General and**
**Designated**
**funds**
**£**
6,000
21,383
1,278
146,778
16,978
192,417
6,390
12,579
60,974
39,093
31,556
445
8,031
159,069
33,348
17,252
(12,627)
37,973
(13,659)
24,313
1,253,714
1,278,027|**Restricted**
**and**
**Endowment**
**funds**
**£**
-
-
-
-
-
-
-
-
100
-
-
-
-
100
(100)
-
1,333
1,234
13,659
14,892.85
96,113
111,006|**31.12.20**
**Total funds**
**£**
6,000
21,383
1,278
146,778
16,978
192,417
6,390
12,579
61,074
39,093
31,556
445
8,031
159,169
33,248
17,252
(11,293)
39,206
-
39,206
1,349,827
1,389,033|**31.12.19**
**Total funds**
**£**
1,620
21,983
2,079
140,577
16,978|
|---|---|---|---|---|
|||||183,238
6,803
14,823
54,383
36,916
29,974
1,203
10,710|
|||||154,812|
|||||28,426
43,737
53,271|
|||||125,434
-|
|||||125,434
1,224,393|
|||||1,349,827|
The notes form part of these financial statements Page6
**Elizabeth Dowell's Trust**
## **Comparative Statement of Financeial Activites, incorporating Statement of Comprehensive Income for the Year Ended 31 December 2019**
|**Unrestricted**
**General and**
**Designated**
**funds**
**Notes**
**£**
**INCOME AND ENDOWMENTS FROM:**
Donations and legacies
1,620
Investment income
2.
21,775
Other income
2,079
**Income from charitable activities**
Residents' Maintenance Contribution
140,577
Social housing amortisation
16,978
**Total income**
183,030
**EXPENDITURE ON:**
Cost associated with investment
6,803
**Charitable activities**
Management
14,823
Service costs
54,383
Maintenance
36,916
Depreciation
29,974
Bad debts
1,203
Interest and financing costs
10,710
**Total expenditure**
154,812
**Net income before gains and (losses) on**
**investments**
28,217
**Investment gains/(losses)**
Realised gains on sale of investments
41,521
Unrealised (losses)/gains on investments
54,812
**Net income after (losses) and gains on**
**investments**
124,551
**Transfer between funds**
865
**NET MOVEMENT IN FUNDS**
125,415
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
12.
1,128,299
**TOTAL FUNDS CARRIED FORWARD** 12.
1,253,714|**Restricted**
**and**
**Endowment**
**funds**
**£**
-
209
-
-
-
209
-
-
-
-
-
-
-
-
209
2,216
(1,541)
884
(865)
19
96,094
96,113|**31.12.19**
**Total funds**
**£**
1,620
21,983
2,079
140,577
16,978
183,238
6,803
14,823
54,383
36,916
29,974
1,203
10,710
154,812
28,426
43,737
53,271
125,434
-
125,434
1,224,393
1,349,827|**31.12.18**
**Total funds**
**£**
540
21,430
1,835
135,278
16,924|
|---|---|---|---|
||||176,007
6,583
19,138
39,365
38,848
33,448
-
8,388|
||||145,770|
||||30,237
21,260
(79,953)|
||||(28,456)
-|
||||(28,456)
1,252,849|
||||1,224,393|
The notes form part of these financial statements Page7
**Elizabeth Dowell's Trust**
## **Statement of Financial Position At 31 December 2020**
|**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**
**£**
696,595
755,126|**Restricted**
**Fund**
-
12,475|**Endowment**
**Funds**
**£**
77,434
21,097
98,531
-
-
-
-
-
98,531
-
98,531|**31.12.20**
**Total funds**
**£**
774,029
788,698|**31.12.19**
**Total funds**
**£**
802,961
727,722|
|---|---|---|---|---|---|
||1,451,721
7,194
245,105|12,475
-
-||1,562,727
7,194
245,105|1,530,683
7,573
244,203|
||252,299
(46,155)|-
-||252,299
(46,155)|251,776
(35,117)|
||206,144
1,657,865
(379,838)|-
12,475
-||206,144
1,768,871
(379,838)|216,659
1,747,342
(397,515)|
||1,278,027|12,475||1,389,033|1,349,827|
|||||1,278,027
12,475
98,531|1,253,714
7,782
88,331|
|||||1,389,033|1,349,827|
The notes form part of these financial statements Page 8
**Elizabeth Dowell's Trust**
## **Statement of Financial Position At 31 December 2020**
The financial statements were approved by the Board of Trustees on ............................................. and were signed on its behalf by
............................................. Mr C. J. Wall Chair ............................................. Mr J. C. C. Atkins Treasurer
The notes form part of these financial statements Page 9
**Elizabeth Dowell's Trust**
## **Statement of Cash Flows for the Year Ended 31st December 2020**
|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
5.
Interest and dividends received on investments
2.
Purchase of investments
6.
Sale proceeds of investments
**NET CASH FLOW FROM/(USED IN) INVESTING ACTIVITES**
**CASH FLOW FROM FINANCING ACTIVITIES**
Repayment of borrowings
**NET INCREASE IN CASH AND CASH EQUIVALENTS**
13.
Relating to:
Cash and cash equivalents represented by
Cash at bank and in hand
13.
Demand deposits included within debtors
7.
Demand repayments included within creditors
8.
**CASH AND CASH EQUIVALENTS AT THE**
**BEGINNINING OF THE YEAR**
**CASH AND CASH EQUIVALENTS AT THE END OF**
**THE YEAR**|**31.12.20**
**£**
48,277
(8,031)
40,245
(2,624)
21,383
(122,764)
67,746
(36,259)
(2,146)
1,840
243,265
245,105
**31.12.20**
**£**
245,105
-
-
245,105|**31.12.19**
**£**
40,083
(10,710)
29,373
(24,174)
21,983
(150,880)
126,231
(26,840)
(5,858)
(3,324)
246,589|
|---|---|---|
|||243,265|
|||**31.12.19**
**£**
244,203
-
(938)|
|||243,265|
The notes form part of these financial statements Page 10
**Elizabeth Dowell's Trust**
## **Statement of Changes in Funds for the Year Ended 31 December 2020**
|Balance at 1 January 2019
Surplus for the year
Balance at 31 December 2019
Surplus for the year
Balance as 31 December 2020
Balance at 1 January 2018
Deficit for the year
Balance at 31 December 2018
Surplus for the year
Balance as 31 December 2019
**Statement of Changes in Funds**
**for the Year Ended 31 December 2019**|Unrestricted
Funds
£
1,128,299
125,415
1,253,714
24,313
1,278,027
Unrestricted
Funds
£
1,156,755
(28,456)
1,128,299
125,415
1,253,714|Restricted
Funds
£
7,763
19
7,782
4,693
12,475
Restricted
Funds
£
7,763
-
7,763
19
7,782|Endowment
Funds
£
88,331
-
88,331
10,200
98,531
Endowment
Funds
£
88,331
-
88,331
-
88,331|Total
Funds
£
1,224,393
125,434|
|---|---|---|---|---|
|||||1,349,827|
|||||39,206|
|||||1,389,033|
|||||Total
Funds
£
1,252,849
(28,456)|
|||||1,224,393|
|||||125,434|
|||||1,349,827|
The notes form part of these financial statements Page11
**Elizabeth Dowell's Trust**
## **Notes to the Financial Statements for the Year Ended 31 December 2020**
## 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 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 charity 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:
- An increase in rental income;
- A material reduction in future maintenance costs;
- A significant extension to the life of the property.
## **Depreciation of housing properties**
Freehold land or assets under construction are not depreciated.
The Trust 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 12
**Elizabeth Dowell's Trust**
## **Notes to the Financial Statements for the Year Ended 31 December 2020**
## **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 Trust 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.
## **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 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 Trust 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 13
**Elizabeth Dowell's Trust**
## **Notes to the Financial Statements for the Year Ended 31 December 2020**
## **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 charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Mrs Allen Bequest Fund was received on behalf of Mrs Allen and is for the benefit of residents. This fund has historically been used to support the residents' Christmas party.
The Endowment and Recoupment Funds are held in trust to be retained for the benefit of the charity as capital funds.
## **Estimates and assumption**
The trust 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 Trust participates in a defined contribution pension scheme for qualifying employees. The assets of the scheme are held separately from those of the Trust in an independently administered fund. The contributions payable by the Trust are included within expenditure in the Statement of Financial Activities in the period to which they relate.
## **Going Concern**
The trustee considers that there are no material uncertainties about the Trusts' 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 14
**Elizabeth Dowell's Trust**
## **Notes to the Financial Statements for the Year Ended 31 December 2020**
## 2. **INVESTMENT INCOME**
|**INVESTMENT INCOME**|||
|---|---|---|
||**31.12.20**|**31.12.19**|
||**£**|**£**|
|Income from UK investments|21,383|21,983|
## 3. **TRUSTEES' REMUNERATION, BENEFITS AND DONATIONS**
## **Trustee’s remuneration**
There were no trustee’s remuneration or other benefits for the year ended 31 December 2020 nor for the year ended 31 December 2019.
## **Trustee’s expenses**
There were no trustee’s expenses paid for the year ended 31 December 2020 or for the year ended 31 December 2019.
## **Trustee’s donations**
There were no trustee’s donations for the year ended 31 December 2020 or for the year ended 31 December 2019.
## 4. **STAFF COSTS**
|**31.12.20**
**£**
24,216
-
1,878
26,094
**31.12.20**
1
Social security costs
Other pension costs
The average monthly number of employees during the year was as follows:
Wages and salaries|**31.12.19**
**£**
24,579
-
1,797|
|---|---|
||26,376|
||**31.12.19**
1|
No employees received emoluments in excess of £60,000.
The notes form part of these financial statements Page 15
**Elizabeth Dowell's Trust**
## **Notes to the Financial Statements for the Year Ended 31 December 2020**
## 5. **TANGIBLE FIXED ASSETS**
|At 1 January 2020
Additions
Disposals
At 31 December 2020
**DEPRECIATION**
At 1 January 2020
Charge for year
Disposals
At 31 December 2020
At 31 December 2020
At 31 December 2019
6.
**FIXED ASSET INVESTMENTS**
**MARKET VALUE**
At 1 January 2020
Additions
Equalisation
Disposals
Revaluations
Transfer
At 31 December 2020
**NET BOOK VALUE**
At 31 December 2020
At 31 December 2019
**Cost value**
**COST**
**NET BOOK VALUE**|**Housing**
**properties**
848,819
-
-
848,819
290,111
14,964
-
305,075
543,744
558,708
**General**
**£**
569,845
96,500
(89)
(21,011)
(8,087)
(252,072)
385,087
385,087
569,845
316,439|**Housing**
**components**
**£**
431,390
2,175
(1,213)
432,352
187,136
16,527
(1,213)
202,451
229,901
244,253
**ERF**
**£**
153,877
25,840
513
(29,483)
(3,787)
223,080
370,039
370,039
153,877
270,275|**Equipment ,**
**fixtures and**
**fittings**
**£**
39,456
449
-
39,905
39,456
65
-
39,521
384
-
**Restricted &**
**Permanent**
**Endowment**
**£**
4,000
-
-
-
580
28,992
33,572
33,572
4,000
32,008|**Total**
**£**
1,319,665
2,624
(1,213)|
|---|---|---|---|---|
|||||1,321,076|
|||||516,704
31,556
(1,213)|
|||||547,047|
|||||774,029|
|||||802,961|
|||||**Totals**
**£**
727,722
122,340
424
(50,494)
(11,293)
-|
|||||788,698|
|||||788,698|
|||||727,722|
|||||618,723|
Restricted investments consists of Permanent Endowment (£21,097), Recoupment (£7,803) and Bequest (4,672).
24.26% of the investments are listed in the UK stockmarket and 77.33% of the funds are domiciled in the UK.
The notes form part of these financial statements Page 16
**Elizabeth Dowell's Trust**
## **Notes to the Financial Statements for the Year Ended 31 December 2020**
|7.
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
**31.12.20**
**£**
3,757
-
-
Prepayment and accrued income
3,437
7,194
8.
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
**31.12.20**
**£**
Trade creditors
2,729
Amounts due to Lench's Trust
-
1,608
22,105
699
2,036
Deferred Capital Grant
16,978
46,155
9.
**CREDITORS: AMOUNTS FALLING DUE MORE THAN ONE YEAR**
**31.12.20**
**£**
74,228
Deferred Capital Grant
305,609
379,838
10.
**DEFERRED CAPITAL GRANT**
**31.12.20**
**£**
As at 1st January
339,566
Capital grant released
(16,978)
As at 31st December
322,588
Taxation, social security and pensions
Accruals and deferred income
Housing loans
Housing loans
Housing loans are secured on the Trust's housing properties and are repayable in instalments
rates of interest between 9.5% and 11.5% per annum.
Weekly maintenance charges receivable
Less provision for doubtful debts
Amounts due from Bournville Trust
Maintenance charge received in advance|**31.12.19**
**£**
4,956
-
-
2,617|
|---|---|
||7,573|
||**31.12.19**
**£**
635
938
2,264
11,316
2,146
840
16,978|
||35,117|
||**31.12.19**
**£**
74,927
322,588|
||397,515|
||**31.12.19**
**£**
356,544
(16,978)
at varying|
||339,566|
The notes form part of these financial statements Page 17
**Elizabeth Dowell's Trust**
## **Notes to the Financial Statements for the Year Ended 31 December 2020**
## 11. **MOVEMENT IN FUNDS**
|**At 1.01.20**
**£**
**Unrestricted funds**
General fund
529,577
Extraordinary repair fund
622,121
Cyclical repair fund
102,016
1,253,714
**Restricted and Endowment funds**
Mrs Allen's Bequest fund
4,000
Permanent Endowment fund
88,331
Recoupment fund
3,782
96,113
**TOTAL FUNDS**
1,349,827
**Incoming**
**resources**
**£**
**Unrestricted funds**
General fund
192,417
Extraordinary repair fund
-
Cyclical repair fund
-
192,417
**Restricted and Endowment funds**
Mrs Allen's Bequest fund
-
Permanent Endowment fund
-
Recoupment fund
-
-
**TOTAL FUNDS**
192,417
**Net movement in funds, included in the above are a**|**Net**
**movement**
**in funds**
**£**
32,944
5,029
-
37,973
480
-
753
1,234
39,206
**Resources**
**expended**
**£**
(159,069)
-
-
(159,069)
(100)
-
-
(100)
(159,169)
**s follows:**|**Transfer**
**between**
**funds**
**£**
(13,659)
-
-
(13,659)
192
10,200
3,267
13,659
-
**Gains and**
**losses on**
**investments**
**£**
(404)
5,029
-
4,625
580
-
753
1,333
5,958|**At 31.12.20**
**£**
548,861
627,150
102,016|
|---|---|---|---|
||||1,278,027
4,671.94
98,531.00
7,802.59|
||||111,006|
||||1,389,033|
||||**Movement**
**in funds**
**£**
32,944
5,029
-|
||||37,973
480
-
753|
||||1,234|
||||39,206|
The notes form part of these financial statements Page 18
**Elizabeth Dowell's Trust**
## **Notes to the Financial Statements for the Year Ended 31 December 2020**
## 12. **2019 COMPARATIVE MOVEMENT IN FUNDS**
|**At 1.01.19**
**£**
**Unrestricted funds**
General fund
1,004,162
Extraordinary repair fund
122,121
Cyclical repair fund
2,016
1,128,299
**Restricted and Endowment funds**
Mrs Allen's Bequest fund
3,981
Permanent Endowment fund
88,331
Recoupment fund
3,782
96,094
**TOTAL FUNDS**
1,224,393
**Incoming**
**resources**
**£**
**Unrestricted funds**
General fund
183,030
Extraordinary repair fund
-
Cyclical repair fund
-
183,030
**Restricted and Endowment funds**
Mrs Allen's Bequest fund
209
Permanent Endowment fund
-
Recoupment fund
-
209
**TOTAL FUNDS**
183,238
**Net movement in funds, included in the above are a**|**Net**
**movement**
**in funds**
**£**
124,551
-
-
124,551
884
-
-
884
125,434
**Resources**
**expended**
**£**
(154,812)
-
-
(154,812)
-
-
-
-
(154,812)
**s follows:**|**Transfer**
**between**
**funds**
**£**
(599,135)
500,000
100,000
865
(865)
-
-
(865)
-
**Gains and**
**losses on**
**investments**
**£**
96,333
-
-
96,333
675
-
-
675
97,008|**At 31.12.19**
**£**
529,577
622,121
102,016|
|---|---|---|---|
||||1,253,714
4,000
88,331
3,782|
||||96,113|
||||1,349,827|
||||**Movement**
**in funds**
**£**
124,551
-
-|
||||124,551
884
-
-|
||||884|
||||125,434|
The notes form part of these financial statements Page 19
**Elizabeth Dowell's Trust**
## **Notes to the Financial Statements for the Year Ended 31 December 2020**
## 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 Dophin
Cash at bank and in hand
Demand deposits included within debtors
Demand repayments included within creditors
Operating cash flows before movement in working capital|**31.12.20**
**£**
39,206
31,556
(16,978)
11,293
(17,252)
(21,383)
8,031
34,474
379
13,424
48,277
**31.12.20**
**£**
222,390
22,715
245,105
-
-
245,105|**31.12.19**
**£**
125,434
29,974
(16,978)
(53,271)
(43,737)
(21,983)
10,710
30,149
1,034
8,900
40,083
**31.12.19**
**£**
234,923
9,279|
|---|---|---|
|||244,203
-
(938)|
|||243,265|
Demand deposits/repayments amounts, shown above, owed from/to managing agents.
The notes form part of these financial statements Page 20
**Elizabeth Dowell's Trust**
## **Detailed Statement of Financial Activities for the Year Ended 31 December 2020**
|**INCOME**
**Income from non charitable activities**
Donations and legacies
Investment income
_Other income_
Guest room
Laundry
**Income from charitable activities**
Residents' Maintenance Contribution
Less voids
**Social housing amortisation**
**Total incoming resources**
**RESOURCES EXPENDED**
**Charitable activities**
**Management and administration**
Management Agency fees
Bookkeeping and accounting services
Admin and Clerking services
**Service costs**
Salary
Employer NI
Pensions
Rates and water
Insurance
Light and heat
Care Call Alarm
Gardening
Cleaning
Subscriptions, stationery and advertising
Sundries
Telephone and computer
Legal and professional
Independent Examiners Fee
**Depreciation Charged**
Depreciation -fixtures & fitting
Depreciation -properties
Property component disposal|**Unrestricted**
**funds**
**£**
6,000
21,383
170
1,108
28,661
148,277
(1,499)
146,778
16,978
163,756
**192,417**
-
12,000
579
12,579
24,216
-
1,878
4,019
2,918
4,495
4,243
5,201
1,688
1,132
284
1,700
7,200
2,000
60,974
65
31,491
-
31,556|**Restricted**
**funds**
**£**
-
-
-
-
-
-
-
-
-
-
**-**
-
-
-|**31.12.20**
**£**
6,000
21,383
170
1,108
28,661
148,277
(1,499)
146,778
16,978
163,756
**192,417**
-
12,000
579
12,579
24,216
-
1,878
4,019
2,918
4,495
4,243
5,201
1,688
1,132
384
1,700
7,200
2,000
61,074
65
31,491
-
31,556|**31.12.19**
**£**
1,620
21,983
961
1,118|
|---|---|---|---|---|
|||||25,682
144,036
(3,459)|
|||||140,577
16,978|
|||||157,556
**183,238**
7,400
7,000
423|
|||-
-
-
-
-
-
-
-
-
-
-
100
-
-
-
100
-
-
-
-||14,823
24,579
-
1,797
3,647
2,726
4,778
1,170
7,042
2,558
913
486
2,087
600
2,000|
|||||54,383
-
31,138
(1,164)|
|||||29,974|
The notes form part of these financial statements Page 21
**Elizabeth Dowell's Trust**
## **Detailed Statement of Financial Activities for the Year Ended 31 December 2020**
|**Maintenance**
Day to day repairs
Electrical repairs
Void repairs
Central heating servicing and gas repairs
Cyclical Maintenance
**Bad debts**
**Costs associated with investments**
**Interest and financing Costs**
**Total resources expended**
**Net funds before gains and losses on investments**
**Realised gains/(losses) on fixed asset investments**
**Unrealised (losses)/gains on fixed asset investments**
**Net movement in funds**|**Unrestricted**
**funds**
**£**
12,986
4,441
14,170
5,322
2,174
39,093
445
6,390
8,031
**159,069**
33,348
17,252
(12,627)
37,973|**Restricted**
**funds**
**£**
-
-
-
-
-
-
-
-
-
**100**
(100)
-
1,333
1,234|**31.12.20**
**£**
12,986
4,441
14,170
5,322
2,174
39,093
445
6,390
8,031
**159,169**
33,248
17,252
(11,293)
39,206|**31.12.19**
**£**
21,982
1,827
7,350
4,167
1,590|
|---|---|---|---|---|
|||||36,916
1,203
6,803
10,710|
|||||**154,812**
28,426
43,737
53,271|
|||||125,434|
The notes form part of these financial statements Page 22
**Elizabeth Dowell's Trust**
## **Comparative detailed Statement of Financial Activities for the Year Ended 31 December 2019**
|**INCOME**
**Income from non charitable activities**
Donations and legacies
Investment income
_Other income_
Guest room
Laundry
**Income from charitable activities**
Residents' Maintenance Contribution
Less voids
**Social housing amortisation**
**Total incoming resources**
**RESOURCES EXPENDED**
**Charitable activities**
**Management and administration**
Management Agency fees
Bookkeeping and accounting services
Admin and Clerking services
**Service costs**
Salary
Employer NI
Pensions
Rates and water
Insurance
Light and heat
Care Call Alarm
Gardening
Cleaning
Home Energy Certificates
Subscriptions, stationery and advertising
Sundries
Telephone and computer
Legal and professional
Independent Examiners Fee
**Depreciation Charged**
Depreciation -fixtures & fitting
Depreciation -properties
Property component disposal|**Unrestricted**
**funds**
**£**
1,620
21,775
961
1,118
25,474
144,036
(3,459)
140,577
16,978
157,556
**183,030**
7,400
7,000
423
14,823
24,579
-
1,797
3,647
2,726
4,778
1,170
7,042
2,558
-
913
486
2,087
600
2,000
54,383
-
31,138
(1,164)
29,974|**Restricted**
**funds**
**£**
-
209
-
-
209
-
-
-
-
-
**209**
-
-
-|**31.12.19**
**£**
1,620
21,983
961
1,118|**31.12.18**
**£**
540
21,430
935
900|
|---|---|---|---|---|
||||25,682
144,036
(3,459)|23,805
138,305
(3,027)|
||||140,577
16,978|135,278
16,924|
||||157,556
**183,238**
7,400
7,000
423|152,202
**176,007**
19,138
-
-|
|||-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-|14,823
24,579
-
1,797
3,647
2,726
4,778
1,170
7,042
2,558
-
913
486
2,087
600
2,000|19,138
15,177
897
753
2,332
2,193
3,913
2,771
2,898
2,531
-
641
917
2,323
40
1,979|
||||54,383
-
31,138
(1,164)|39,365
-
30,619
2,829|
||||29,974|33,448|
The notes form part of these financial statements Page 23
**Elizabeth Dowell's Trust**
## **Comparative detailed Statement of Financial Activities for the Year Ended 31 December 2019**
|**Maintenance**
Day to day repairs
Electrical repairs
Void repairs
Central heating servicing and gas repairs
Cyclical Maintenance
**Bad debts**
**Costs associated with investments**
**Interest and financing Costs**
**Total resources expended**
**Net funds before gains and losses on investments**
**Realised gains/(losses) on fixed asset investments**
**Unrealised (losses)/gains on fixed asset investments**
**Net movement in funds**|**Unrestricted**
**funds**
**£**
21,982
1,827
7,350
4,167
1,590
36,916
1,203
6,803
10,710
**154,812**
28,217
41,521
54,812
124,551|**Restricted**
**funds**
**£**
-
-
-
-
-
-
-
-
-
**-**
209
2,216
(1,541)
884|**31.12.18**
**£**
21,982
1,827
7,350
4,167
1,590|**31.12.17**
**£**
13,524
4,075
15,983
5,265
-|
|---|---|---|---|---|
||||36,916
1,203
6,803
10,710|38,848
-
6,583
8,388|
||||**154,812**
28,426
43,737
53,271|**145,770**
30,237
21,260
(79,953)|
||||125,434|(28,456)|
The notes form part of these financial statements Page 24