**REGISTERED CHARITY NUMBER: 217309**
## **Report of the Trustees and**
**Unaudited Financial Statements for the Year Ended 31 December 2021 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 2021**
||**Page**|
|---|---|
|Report of the Trustees||
|including Statement of Trustees' Responsibilities|1|
|Independent Examiner's Report|5|
|Statement of Financial Activities 2021|6|
|Comparative Statement of Financial Activities 2020|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 2021|21|
|Comparative Detailed Statements of Financial Activities 2020|23|
**Elizabeth Dowell's Trust**
## **Report of the Trustees**
## **for the Year Ended 31st December 2021**
The trustees present their report with the financial statements of the charity for the year ended 31 December 2021. 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 Registered with the Regulator of Social Housing Member of The Almshouse Association
Charity Number 217309 Registered Number A2768 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 2021 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 Mrs I. S. Knowles Revd S. E. Moore Appointed 18th January 2021 Miss E. Norman Appointed 12th July 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 Colmore 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, comprising of thirty flats, 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 2021**
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**
Income for the year including investment income was £187,013 (2020: £192,417, 2019: £183,238). Donations during the year totalled £873 (2020: £6,000 2019: £1,620).
The net deficit before gains/losses on investments was £9,979 (surplus 2020: £33,248, 2019: £28,426). The overall net movement in funds for the year was a surplus of £53,407 (2020: a surplus of £39,206, 2019: £125,434). This includes a unrealised gain on investments of £51,174 (2020: loss £11,293, 2019: gain £53,271).
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.
## **200 YEAR CELEBRATIONS**
The Trust celebrated its 200th year by holding a garden party for residents and guests and the achievement will be marked by a commemorative garden bench for use by the residents. Also as part of the celebrations 63 Flemish glass hand painted small window panes dating back to the 1820's that were in the old chapel area of the original Trust site in Warner Street have also been professionally restored by Ark Stained Glass & Leaded Lights Ltd. The images are of bridges, abbeys, castles , cathedrals and churches around the UK many of which were destroyed by bombings in the Second World War. These are now beautifully preserved and protected from the sun within a window to the communal lounge and can be enjoyed by residents and visitors alike. A donation towards the renovation costs was gratefully received from Cook and Wolstenholme Charitable Trust.
## **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. 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 has continued during the year.
Page 2
**Elizabeth Dowell's Trust**
## **Report of the Trustees for the Year Ended 31st December 2021**
## **FUNDS**
Investments representing the Extraordinary Repairs Fund (ERF), the Cyclical Maintenance Fund and General Fund have been shown at market value at 31 December 2021 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 2021 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 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.
## **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. Although the severity of COVID has been substantially reduced by the vaccination rollout, the Trustees still consider this as a continuing risk for our residents and have continued certain precautionary measures as outlined in the year's 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.
Page 3
**Elizabeth Dowell's Trust**
## **Report of the Trustees for the Year Ended 31st December 2021**
## **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. To continue to meet this objective the Trustees are proposing to introduce a service charge in 2022 in order to cover the continuing increase in maintenance and other costs and will also be undertaking a quinquennial review of all our properties next year to prioritise where to allocate these additional monies for the maximum benefit for our 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 2022.
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 continue to review the medium to long term requirements in order to make recommendations to the main Board of Trustees for consideration.
## **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 2021 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 2021**
|**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 (deficit)/surplus before gains and**
**(losses) on investments**
**Investment gains/(losses)**
Realised gains on sale of investments
Unrealised gains/(losses) on investments
**Net income after gains and (losses) 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**
**£**
873
20,050
1,430
147,172
16,978
186,503
8,352
12,448
69,449
64,475
32,068
446
8,001
195,238
(8,735)
12,212
49,062
52,539
1,725
54,264
1,278,027
1,332,291|**Restricted**
**and**
**Endowment**
**funds**
**£**
-
510
-
-
-
510
-
-
1,754
-
-
-
-
1,754
(1,244)
-
2,112
868
(1,725)
(857)
111,006
110,149|**31.12.21**
**Total funds**
**£**
873
20,560
1,430
147,172
16,978
187,013
8,352
12,448
71,203
64,475
32,068
446
8,001
196,992
(9,979)
12,212
51,174
53,407
-
53,407
1,389,033
1,442,440|**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|
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 2020**
|**Unrestricted**
**General and**
**Designated**
**funds**
**Notes**
**£**
**INCOME AND ENDOWMENTS FROM:**
Donations and legacies
6,000
Investment income
2.
21,383
Other income
1,278
**Income from charitable activities**
Residents' Maintenance Contribution
146,778
Social housing amortisation
16,978
**Total income**
192,417
**EXPENDITURE ON:**
Cost associated with investment
6,390
**Charitable activities**
Management
12,579
Service costs
60,974
Maintenance
39,093
Depreciation
31,556
Bad debts
445
Interest and financing costs
8,031
**Total expenditure**
159,069
**Net income before gains and (losses) on**
**investments**
33,348
**Investment gains/(losses)**
Realised gains on sale of investments
17,252
Unrealised (losses)/gains on investments
(12,627)
**Net income after gains and (losses) on**
**investments**
37,973
**Transfer between funds**
(13,659)
**NET MOVEMENT IN FUNDS**
24,313
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
12.
1,253,714
**TOTAL FUNDS CARRIED FORWARD** 12.
1,278,027|**Restricted**
**and**
**Endowment**
**funds**
**£**
-
-
-
-
-
-
-
-
100
-
-
-
-
100
(100)
-
1,333
1,234
13,659
14,893
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 Page7
**Elizabeth Dowell's Trust**
## **Statement of Financial Position At 31 December 2021**
|**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**
**£**
674,607
817,369|**Restricted**
**Fund**
-
10,970|**Endowment**
**Funds**
**£**
77,434
21,553
98,987
-
192
192
-
192
99,179
-
99,179|**31.12.21**
**Total funds**
**£**
752,041
849,892|**31.12.20**
**Total funds**
**£**
774,029
788,698|
|---|---|---|---|---|---|
||1,491,976
4,348
251,043|10,970
-
-||1,601,933
4,348
251,235|1,562,726
7,194
245,105|
||255,391
(52,984)|-
-||255,583
(52,984)|252,299
(46,155)|
||202,407
1,694,383
(362,092)|-
10,970
-||202,599
1,804,532
(362,092)|206,144
1,768,871
(379,838)|
||1,332,291|10,970||1,442,440|1,389,033|
|||||1,332,291
10,970
99,179|1,278,027
12,475
98,531|
|||||1,442,440|1,389,033|
The notes form part of these financial statements Page 8
**Elizabeth Dowell's Trust**
## **Statement of Financial Position At 31 December 2021**
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 2021**
|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.
**CASH AND CASH EQUIVALENTS AT THE**
**BEGINNINING OF THE YEAR**
**CASH AND CASH EQUIVALENTS AT THE END OF**
**THE YEAR**|**31.12.21**
**£**
2,228
(8,001)
(5,773)
(10,150)
20,560
(27,979)
30,170
12,602
(699)
6,130
245,105
251,235
**31.12.21**
**£**
251,235
251,235|**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|
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 2021**
|Balance at 1 January 2020
Surplus for the year
Balance at 31 December 2020
Surplus for the year
Balance as 31 December 2021
Balance at 1 January 2019
Deficit for the year
Balance at 31 December 2019
Surplus for the year
Balance as 31 December 2020
**Statement of Changes in Funds**
**for the Year Ended 31 December 2020**|Unrestricted
Funds
£
1,253,714
24,313
1,278,027
54,264
1,332,291
Unrestricted
Funds
£
1,128,299
125,415
1,253,714
24,313
1,278,027|Restricted
Funds
£
7,782
4,693
12,475
(1,413)
11,062
Restricted
Funds
£
7,763
19
7,782
4,693
12,475|Endowment
Funds
£
88,331
10,200
98,531
556
99,087
Endowment
Funds
£
88,331
-
88,331
10,200
98,531|Total
Funds
£
1,349,827
39,206|
|---|---|---|---|---|
|||||1,389,033|
|||||53,407|
|||||1,442,440|
|||||Total
Funds
£
1,224,393
125,434|
|||||1,349,827|
|||||39,206|
|||||1,389,033|
The notes form part of these financial statements Page11
**Elizabeth Dowell's Trust**
## **Notes to the Financial Statements for the Year Ended 31 December 2021**
## 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 2021**
## **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 2021**
## **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 2021**
## 2. **INVESTMENT INCOME**
|**INVESTMENT INCOME**|||
|---|---|---|
||**31.12.21**|**31.12.20**|
||**£**|**£**|
|Income from UK investments|20,560|21,383|
## 3. **TRUSTEES' REMUNERATION, BENEFITS AND DONATIONS**
## **Trustee’s remuneration**
There were no trustee’s remuneration or other benefits for the year ended 31 December 2021 nor for the year ended 31 December 2020.
## **Trustee’s expenses**
There were no trustee’s expenses paid for the year ended 31 December 2021 or for the year ended 31 December 2020.
## **Trustee’s donations**
There were no trustee’s donations for the year ended 31 December 2021 or for the year ended 31 December 2020.
## 4. **STAFF COSTS**
|Social security costs
Other pension costs
Wages and salaries|**31.12.21**
**£**
24,980
-
1,940
26,920|**31.12.20**
**£**
24,216
-
1,878|
|---|---|---|
|||26,094|
The average monthly number of employees during the year was as follows:
|**31.12.21**|**31.12.20**|
|---|---|
|1|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 2021**
|5.
**TANGIBLE FIXED ASSETS**
At 1 January 2021
Additions
Disposals
At 31 December 2021
**DEPRECIATION**
At 1 January 2021
Charge for year
Disposals
At 31 December 2021
At 31 December 2021
At 31 December 2020
6.
**FIXED ASSET INVESTMENTS**
**MARKET VALUE**
At 1 January 2021
Additions
Equalisation
Disposals
Revaluations
Transfer
At 31 December 2021
**NET BOOK VALUE**
At 31 December 2021
At 31 December 2020
**Cost value**
**COST**
**NET BOOK VALUE**|**Housing**
**properties**
848,819
-
-
848,819
305,075
14,964
-
320,039
528,780
543,744
**General**
**£**
385,087
17,500
(430)
(17,959)
17,506
3,070
404,774
404,774
385,087
316,439|**Housing**
**components**
**£**
432,352
9,700
(5,650)
436,402
202,451
16,595
(5,193)
213,853
222,549
229,901
**ERF**
**£**
370,039
11,000
-
-
31,556
-
412,595
412,595
370,039
270,275|**Equipment ,**
**fixtures and**
**fittings**
**£**
39,905
450
-
40,355
39,521
122
-
39,643
712
384
**Restricted &**
**Permanent**
**Endowment**
**£**
33,572
-
(92)
-
2,112
(3,070)
32,522
32,522
33,572
32,008|**Total**
**£**
1,321,076
10,150
(5,650)|
|---|---|---|---|---|
|||||1,325,576|
|||||547,047
31,681
(5,193)|
|||||573,535|
|||||752,041|
|||||774,029|
|||||**Totals**
**£**
788,698
28,500
(522)
(17,959)
51,174
-|
|||||849,892|
|||||849,892|
|||||788,698|
|||||618,723|
Restricted investments consists of Permanent Endowment (£21,553), Recoupment (£8,051) and Bequest (2,918).
21.24% of the investments are listed in the UK stockmarket and 79.88% 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 2021**
## 7. **DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|**31.12.21**
**£**
410
-
Prepayment and accrued income
3,938
4,348
8.
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
**31.12.21**
**£**
Trade creditors
2,578
6,041
24,505
767
2,115
Deferred Capital Grant
16,978
52,984
9.
**CREDITORS: AMOUNTS FALLING DUE MORE THAN ONE YEAR**
**31.12.21**
**£**
73,461
Deferred Capital Grant
288,631
362,092
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|**31.12.20**
**£**
3,757
-
3,437|
|---|---|
||7,194|
||**31.12.20**
**£**
2,729
1,608
22,105
699
2,036
16,978|
||46,155|
||**31.12.20**
**£**
74,228
305,609|
||379,838|
Housing loans are secured on the Trust's housing properties and are repayable in instalments at 9.5% (2020: varying rates of interest between 9.5% and 11.5% per annum). The loan will be fully repaid by 2047.
## 10.
## **DEFERRED CAPITAL GRANT**
|**DEFERRED CAPITAL GRANT**|||
|---|---|---|
|As at 1st January
Capital grant released
As at 31st December|**31.12.21**
**£**
322,588
(16,978)
305,609|**31.12.20**
**£**
339,566
(16,978)|
|||322,588|
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 2021**
## 11. **MOVEMENT IN FUNDS**
|**At 1.01.21**
**£**
**Unrestricted funds**
General fund
548,861
Extraordinary repair fund
627,150
Cyclical repair fund
102,016
1,278,027
**Restricted and Endowment funds**
Mrs Allen's Bequest fund
4,672
Permanent Endowment fund
98,531
Recoupment fund
7,802.59
111,006
**TOTAL FUNDS**
1,389,033
**Incoming**
**resources**
**£**
**Unrestricted funds**
General fund
186,503
Extraordinary repair fund
-
Cyclical repair fund
-
186,503
**Restricted and Endowment funds**
Mrs Allen's Bequest fund
61
Permanent Endowment fund
188
Recoupment fund
260
510
**TOTAL FUNDS**
187,013
**Net movement in funds, included in the above are a**|**Net**
**movement in**
**funds**
**£**
20,983
31,556
-
52,539
(474)
833
509.12
868
53,407
**Resources**
**expended**
**£**
(195,238)
-
-
(195,238)
(1,754)
-
-
(1,754)
(196,992)
**s follows:**|**Transfer**
**between**
**funds**
**£**
1,725
-
-
1,725
(1,280)
(185)
(260)
(1,725)
-
**Gains and**
**losses on**
**investments**
**£**
29,718
31,556
-
61,274
1,219
645
249
2,112
63,386|**At 31.12.21**
**£**
571,570
658,705
102,016|
|---|---|---|---|
||||1,332,291
2,918
99,179
8,052|
||||110,149|
||||1,442,440|
||||**Movement**
**in funds**
**£**
20,983
31,556
-|
||||52,539
(474)
833
509|
||||868|
||||53,407|
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 2021**
## 12. **2020 COMPARATIVE 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
4,672
98,531
7,803|
||||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 19
**Elizabeth Dowell's Trust**
## **Notes to the Financial Statements for the Year Ended 31 December 2021**
## 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|**31.12.21**
**£**
53,407
32,138
(16,978)
(51,174)
(12,212)
(20,560)
8,001
(7,378)
2,847
6,760
2,228
**31.12.21**
**£**
234,368
16,867
251,235
-
-
251,235|**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|
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 2021**
|**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**
**£**
873
20,050
110
1,320
22,353
149,842
(2,670)
147,172
16,978
164,150
**186,503**
12,200
248
12,448
24,980
1,940
4,495
3,103
2,111
3,094
10,882
1,903
1,216
637
1,920
11,168
2,000
69,449
122
31,559
387
32,068|**Restricted**
**funds**
**£**
-
510
-
-
510
-
-
-
-
-
**510**
-
-
-|**31.12.21**
**£**
873
20,560
110
1,320
22,863
149,842
(2,670)
147,172
16,978
164,150
**187,013**
-
12,200
248
12,448
24,980
-
1,940
4,495
3,103
2,111
3,094
11,250
1,903
1,216
2,023
1,920
11,168
2,000
71,203
122
31,559
387
32,068|**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|
|||-
-
-
-
-
-
-
-
368
-
-
1,386
-
-
-
1,754
-
-
-
-||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|
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 2021**
|**Maintenance**
Day to day repairs
Electrical repairs
Void and major 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 gains/(losses) on fixed asset investments**
**Net movement in funds**|**Unrestricted**
**funds**
**£**
13,340
3,991
37,806
4,865
4,473
64,475
446
8,352
8,001
**195,238**
(8,735)
12,212
49,062
52,539|**Restricted**
**funds**
**£**
-
-
-
-
-
-
-
-
-
**1,754**
(1,244)
-
2,112
868|**31.12.21**
**£**
13,340
3,991
37,806
4,865
4,473
64,475
446
8,352
8,001
**196,992**
(9,979)
12,212
51,174
53,407|**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|
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 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
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**
**£**
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|**31.12.19**
**£**
1,620
21,983
961
1,118|
|---|---|---|---|---|
||||28,661
148,277
(1,499)|25,682
144,036
(3,459)|
||||146,778
16,978|140,577
16,978|
||||163,756
**192,417**
-
12,000
579|157,556
**183,238**
7,400
7,000
423|
|||-
-
-
-
-
-
-
-
-
-
-
-
100
-
-
-
100
-
-
-
-|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|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|
||||61,074
65
31,491
-|54,383
-
31,138
(1,164)|
||||31,556|29,974|
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 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|**31.12.19**
**£**
21,982
1,827
7,350
4,167
1,590|
|---|---|---|---|---|
||||39,093
445
6,390
8,031|36,916
1,203
6,803
10,710|
||||**159,169**
33,248
17,252
(11,293)|**154,812**
28,426
43,737
53,271|
||||39,206|125,434|
The notes form part of these financial statements Page 24