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2022-12-31-accounts

REGISTERED CHARITY NUMBER: 217309

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 December 2022 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 2022

Page
Report of the Trustees
including Statement of Trustees' Responsibilities 1
Independent Examiner's Report 6
Statement of Comprehensive Income 2022 7
Comparative Statement of Comprehensive Income 2021 8
Statement of Financial Position 9
Statement of Cash Flows 11
Statement of Changes in Funds 12
Notes to the Financial Statements 13
Detailed Statement of Comprehensive Income 2022 22
Comparative Detailed Statement of Comprehensive Income 2021 24

Elizabeth Dowell's Trust

Report of the Trustees

for the Year Ended 31st December 2022

The trustees present their report with the financial statements of the charity for the year ended 31 December 2022. 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 2022 and up to the date of approval of the financial statements:

Mr C. J. Wall Chair Mr. J. C. C. Atkins Resigned 12th December 2022 Ms M. T. Girvan Treasurer Mrs I. S. Knowles Revd S. E. Moore Miss E. Norman 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 2022

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.

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

The Trustees appointed a much needed Clerk to help with the running of the Board , being aware of changes in social housing /government legislation and keeping policies up to date.

FINANCIAL REVIEW

Income for the year including investment income was £192,603 (2021: £165,580, 2020: £165,034). Donations during the year totalled £6,036 (2021: £873, 2020: £6,000).

The net surplus before unrealised gains/losses on investments was £53,948 (surplus 2021: £2,233, surplus 2020: £50,500). The overall net movement in funds for the year was a deficit of £77,616 (2021: a surplus of £53,407, 2020: a surplus of £39,206). This includes a unrealised loss on investments of £132,354 (2021: gain £51,174, 2020: loss £11,293) .

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.

OPERATIONAL PERFORMANCE

Income for the year was bolstered by the successful introduction of a Service Charge in June, moving all residents to an advance payment position, and a grateful donation from Barron Davenport. This allowed the Trust to maintain expenditure on regular repairs, as well as increase spend on major repairs to estate infrastructure including path resurfacing, wall/fence repairs and exterior lighting. In addition, various capital projects were started to create two new flats, which will add to income going forward.

INVESTMENT PERFORMANCE

Our long term investments continued to be buffeted by the market effects of Covid and the war in Ukraine among others. The Performance was however slightly better than benchmark.

Page 2

Elizabeth Dowell's Trust

Report of the Trustees for the Year Ended 31st December 2022

VALUE FOR MONEY

The Regulator of Social Housing has introduced a new standard for the reporting of Value for Money (VfM), under which all Almshouse Charities which are Registered Providers of Social Housing must comply. This Accounting Direction applies to all accounting periods beginning on or after 1st January 2022.

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

31.12.22 31.12.21
1. Reinvestment % 3.03% 1.29%
2a. New supplydelivered %(Social Housingunits) 0.00% 0.00%
2b. New supplydelivered %(Non-Social Housingunits) 0.00% 0.00%
3. Gearing% -28.97% -23.56%
4. Earnings before Interest, Tax, Depreciation, Amortisation, Major Repairs
Included Interest Cover %		 250.08% -120.39%
5. Headline Social HousingCost Per Unit £5,502.47 £5,582.68
6a. OperatingMargin(social housinglettings)% 5.53% -9.08%
6b. OperatingMargin(overall)% 5.53% -9.08%
7. Return on Capital Employed(ROCE)% 0.62% -0.83%

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

Metric 2 New Supply Delivered % - This metric sets out the number of new social housing and non social housing units that have been acquired or developed in the year as a proportion of the total housing units and non-social housing units owned at the period end. The development of two new units was started during the year and will be complete in the following accounting period and will be shown as additional units in 2023 accounts.

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

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

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

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

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

Page 3

Elizabeth Dowell's Trust

Report of the Trustees for the Year Ended 31st December 2022

Elizabeth Dowell's Trust's Metrics

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

2022 2021 Target 2022
1. Occupancy 97.98% 98.19% 95.00%
2. Contributions collected as a percentage of contributions
owed		 105.04% 100.45% 100.00%
3. Percentage of residents completingannualquestionnaire 37.93% 34.48% 50.00%
4. % of items raised in April questionnaire which have been
closed out duringtheyear.		 100.00% 100.00% 100.00%

FUNDS

Investments representing the Extraordinary Repairs Fund (ERF), the Cyclical Maintenance Fund and General Fund have been shown at market value at 31 December 2022 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 2022 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.

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, although moderate, are Trustee recruitment and skills and the protections of residents and buildings.

New trustees are being sought to add required skills and an induction training will be provided. Regular maintenance inspections and Health & Safety reviews are carried out. 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:

Page 4

Elizabeth Dowell's Trust

Report of the Trustees for the Year Ended 31st December 2022

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. Trustees have participated in a WMCA grant bid to improve the energy performance of our estate, by e.g. cavity wall installation. If successful, Trustees will provide matched funding to the project, which should be completed in 2023, bringing energy savings to our residents and the Trust. In addition a longer term plan towards net zero carbon will be developed.

Work to transfer the activities and associated assets of the Charity from a Trust to a CIO continues. It is hoped this will be completed in 2023.

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:

-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 5

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

I report on the accounts for the year ended 31st December 2022 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

connection 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 Charities (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 6

Elizabeth Dowell's Trust

Statement of Comprehensive Income for the Year Ended 31 December 2022

Unrestricted
General and
Designated
funds
Notes
£
TURNOVER
15.
192,603
Operating Costs
15.
(181,506)
OPERATING SURPLUS
11,097
Donations
15.
6,036
Interest receivable and other income
2.
22,962
Interest payable and finance costs
15.
(15,450)
Realised gains/ (losses) on investments
15.
29,304
SURPLUS FOR THE YEAR
53,948
Unrealised (loss)/gains on investments
6.
(129,220)
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR BEFORE TRANSFE
OF FUNDS
(75,272)
Transfer between funds
11.
574
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR
(74,698)
Total funds brought forward
11.
1,332,291
TOTAL FUNDS CARRIED FORWARD
11.
1,257,594		 Restricted
and
Endowment
funds
£
-
(450)
(450)
-
1,240
-
-
790
(3,134)
(2,344)
(574)
(2,918)
110,149
107,231		 31.12.22
Total funds
£
192,603
(181,956)
10,647
6,036
24,202
(15,450)
29,304
54,739
(132,354)
(77,616)
-
(77,616)
1,442,440
1,364,825		 31.12.21
Total funds
£
165,580
(180,639)
(15,058)
873
20,560
(16,353)
12,212
2,233
51,174
53,407
-
53,407
1,389,033
1,442,440

The notes form part of these financial statements Page 7

Elizabeth Dowell's Trust

Comparative Statement of Comprehensive Income for the Year Ended 31 December 2021

Unrestricted
General and
Designated
funds
Notes
£
TURNOVER
16.
165,580
Operating Costs
16.
(178,885)
OPERATING SURPLUS
(13,304)
Donations
16.
872.64
Interest receivable and other income
16.
20,050
Interest payable and finance costs
16.
(16,353)
Realised gains/ (losses) on investments
16.
12,212
SURPLUS FOR THE YEAR
3,477
Unrealised (loss)/gains on investments
16.
49,062
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR BEFORE TRANSFE
OF FUNDS
52,539
Transfer between funds
12.
1,725
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR
54,264
Total funds brought forward
12.
1,278,027
TOTAL FUNDS CARRIED FORWARD
12.
1,332,291		 Restricted
and
Endowment
funds
£
-
(1,754)
(1,754)
0
510
-
-
(1,244)
2,112
868
(1,725)
(857)
111,006
110,149		 31.12.21
Total funds
£
165,580
(180,639)
(15,058)
872.64
20,560
(16,353)
12,212
2,233
51,174
53,407
-
53,407
1,389,033
1,442,440		 31.12.20
Total funds
£
165,034
(144,748)
20,286
6000
21,383
(14,421)
17,252
50,500
(11,293)
39,206
-
39,206
1,349,827
1,389,033

The notes form part of these financial statements Page 8

Elizabeth Dowell's Trust

Statement of Financial Position At 31 December 2022

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
£
664,638
706,953		 Restricted
Fund
-
10,155		 Endowment
Funds
£
77,434
19,450
96,884
-
192
192
-
192
97,076
-
97,076		 31.12.22
Total funds
£
742,072
736,558		 31.12.21
Total funds
£
752,041
849,892
1,371,591
5,960
287,863		 10,155
-
-		 1,478,630
5,960
288,055		 1,601,933
4,348
251,235
293,823
(63,548)		 -
-		 294,015
(63,548)		 255,583
(52,984)
230,275
1,601,866
(344,273)		 -
10,155
-		 230,467
1,709,097
(344,273)		 202,599
1,804,532
(362,092)
1,257,593 10,155 1,364,824 1,442,440
1,257,593
10,155
97,076		 1,332,291
10,970
99,179
1,364,824 1,442,440

The notes form part of these financial statements Page 9

Elizabeth Dowell's Trust

Statement of Financial Position At 31 December 2022

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

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

The notes form part of these financial statements Page 10

Elizabeth Dowell's Trust

Statement of Cash Flows for the Year Ended 31st December 2022

Notes
OPERATING ACTIIVITES
Net cash generated from operations
13.
Interest paid
13.
NET CASH GENERATED FROM OPERATING ACTIVITIES
CASH FLOW FROM INVESTING ACTIVITIES
Improvements to housing properties and other fixed assets
5.
Interest and dividends received on investments
2.
Purchase of investments
6.
Sale proceeds of investments
NET CASH FLOW FROM/(USED IN) INVESTING ACTIVITES
CASH FLOW FROM FINANCING ACTIVITIES
Repayment of borrowings
NET INCREASE IN CASH AND CASH EQUIVALENTS
13.
CASH AND CASH EQUIVALENTS AT THE
BEGINNINING OF THE YEAR
CASH AND CASH EQUIVALENTS AT THE END OF
THE YEAR		 31.12.22
£
34,451
(7,933)
26,518
(23,417)
24,202
(76,695)
86,979
11,069
(767)
36,820
251,235
288,055		 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

The notes form part of these financial statements Page 11

Elizabeth Dowell's Trust

Statement of Changes in Funds for the Year Ended 31 December 2022

Balance at 1 January 2021
Surplus for the year
Balance at 31 December 2021
Surplus for the year
Balance as 31 December 2022
Balance at 1 January 2020
Deficit for the year
Balance at 31 December 2020
Surplus for the year
Balance as 31 December 2021
Statement of Changes in Funds
for the Year Ended 31 December 2021		 Unrestricted
Funds
£
1,278,027
54,264
1,332,291
(74,698)
1,257,593
Unrestricted
Funds
£
1,253,714
24,313
1,278,027
54,264
1,332,291		 Restricted
Funds
£
12,475
(1,505)
10,970
(815)
10,155
Restricted
Funds
£
7,782
4,693
12,475
(1,505)
10,970		 Endowment
Funds
£
98,531
648
99,179
(2,103)
97,076
Endowment
Funds
£
88,331
10,200
98,531
648
99,179		 Total
Funds
£
1,389,033
53,407
1,442,440
(77,616)
1,364,824
Total
Funds
£
1,349,827
39,206
1,389,033
53,407
1,442,440

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 2022

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:

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 13

Elizabeth Dowell's Trust

Notes to the Financial Statements for the Year Ended 31 December 2022

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 i n ncome over e use i th f u econom c l i lif e o f th e s ruc ure o t t f th e asse un t d er e accrua s me th l th o d .

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 14

Elizabeth Dowell's Trust

Notes to the Financial Statements for the Year Ended 31 December 2022

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 15

Elizabeth Dowell's Trust

Notes to the Financial Statements for the Year Ended 31 December 2022

2. INVESTMENT INCOME

INVESTMENT INCOME
31.12.22 31.12.21
£ £
Income from UK investments 24,202 20,560

3. TRUSTEES' REMUNERATION, BENEFITS AND DONATIONS

Trustee’s remuneration

There were no trustee’s remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021

Trustee’s expenses

There were no trustee’s expenses paid for the year ended 31 December 2022 or for the year ended 31 December 2021. In 2022 One Trustee was reimbursed for expenditure that they incurred on behalf of Elizabeth Dowell's Trust £853 (2021: £0).

Trustee’s donations

There were no trustee’s donations for the year ended 31 December 2022 or for the year ended 31 December 2021.

4. STAFF COSTS

31.12.22
£
26,317
Wages and salaries
S
i l
it
t
-
2,061
28,378
31.12.22
2
oc a secur y cos s
Other pension costs
The average monthly number of employees during the year was as follows:		 31.12.21
£
24,980
-
1,940
26,920
31.12.21
1

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

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 2022

5. TANGIBLE FIXED ASSETS

At 1 January 2022
Additions
Disposals
At 31 December 2022
DEPRECIATION
At 1 January 2022
Charge for year
Disposals
At 31 December 2022
At 31 December 2022
At 31 December 2021
6.
FIXED ASSET INVESTMENTS
COST
NET BOOK VALUE
MARKET VALUE
At 1 January 2022
Additions
Equalisation
Disposals
Revaluations
Transfer
At 31 December 2022
NET BOOK VALUE
At 31 December 2022
At 31 December 2021
Cost value		 Housing
properties
£
848,819
14,457
-
863,276
320,039
14,985
-
335,023
528,252
528,780
General
£
404,774
29,749
-
(25,200)
(55,812)
(216)
353,295
353,295
404,774
316,439		 Housing
components
£
436,402
7,995
(6,003)
438,394
213,853
16,820
(4,849)
225,825
212,569
222,549
ERF
£
412,595
46,945
-
(32,474)
(73,408)
-
353,658
353,658
412,595
270,275		 Equipment ,
fixtures and
fittings
£
40,355
965
-
41,320
39,643
426
-
40,069
1,251
712
Restricted &
Permanent
Endowment
£
32,522
-
-
-
(3,134)
216
29,604
29,604
32,522
32,008		 Total
£
1,325,576
23,417
(6,003)
1,342,990
573,535
32,231
(4,849)
600,917
742,072
752,041
Totals
£
849,892
76,695
-
(57,675)
(132,354)
-
736,558
736,558
849,892
618,723

Restricted investments consists of Permanent Endowment £19,450 (2021: £21,553), Recoupment £7,686 (2021: £8,051) and Bequest £2468 (2021: 2,918).

17.29% (2021:21.24%) of the investments are listed in the UK stock market and 77.27% (2021:79.88%) of the funds are domiciled in the UK.

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 2022

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
£ £
Weekly maintenance charges receivable - 410
Less provision for doubtful debts - -
Prepayment and accrued income 5,960 3,938
5,960 4,348
8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
£ £
Trade creditors 16,211 2,578
Maintenance charge received in advance 14,192 6,041
Accruals and deferred income 13,301 24,505
Housing loans 841 767
Taxation, social security and pensions 2,025 2,115
Deferred Capital Grant 16,978 16,978
63,548 52,984
9. CREDITORS: AMOUNTS FALLING DUE MORE THAN ONE YEAR
31.12.22 31.12.21
£ £
Housing loans 72,620 73,461
Deferred Capital Grant 271,653 288,631
344,273 362,092
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

10.

DEFERRED CAPITAL GRANT
As at 1st January
Capital grant released
As at 31st December		 31.12.22
£
305,609
(16,978)
288,631		 31.12.21
£
322,588
(16,978)
305,609

The grant from the Homes and Community Agency is recognised as income over the following 17 years until 2039.

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 2022

11. MOVEMENT IN FUNDS

At 1.01.22
£
Unrestricted funds
General fund
571,570
Extraordinary repair fund
658,705
Cyclical repair fund
102,016
1,332,291
Restricted and Endowment funds
Mrs Allen's Bequest fund
2,918
Permanent Endowment fund
99,179
Recoupment fund
8,052
110,149
TOTAL FUNDS
1,442,440
Incoming
resources
Net movement in funds, included in the above are a
£
Unrestricted funds
General fund
221,600
Extraordinary repair fund
-
Cyclical repair fund
-
221,600
Restricted and Endowment funds
Mrs Allen's Bequest fund
57
Permanent Endowment fund
798
Recoupment fund
386
1,240
TOTAL FUNDS
222,841		 Net
movement in
funds
£
(28,428)
(46,844)
-
(75,272)
(1,059)
(1,305)
20
(2,344)
(77,616)
Resources
expended
s follows:
£
(196,956)
-
-
(196,956)
(450)
-
-
(450)
(197,406)		 Transfer
between
funds
£
574
-
-
574
609
(798)
(386)
(574)
-
Gains and
losses on
investments
£
(53,072)
(46,844)
-
(99,916)
(666)
(2,103)
(365)
(3,134)
(103,050)		 At 31.12.22
£
543,716
611,861
102,016
1,257,593
2,468
97,076
7,687
107,231
1,364,824
Movement
in funds
£
(28,428)
(46,844)
-
(75,272)
(1,059)
(1,305)
20
(2,344)
(77,616)

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 2022

12. 2021 COMPARATIVE 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
Net movement in funds, included in the above are a
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
£
20,983
31,556
-
52,539
(474)
833
509.12
868
53,407
Resources
s follows:
expended
£
(195,238)
-
-
(195,238)
(1,754)
-
-
(1,754)
(196,992)		 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
1,332,292
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 20

Elizabeth Dowell's Trust

Notes to the Financial Statements for the Year Ended 31 December 2022

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
Operating cash flows before movement in working capital
Cash and cash equivalents represented by
Cash at bank and in hand
Cash with Brewin Dolphin
Cash at bank and in hand		 31.12.22
£
(77,616)
33,385
(16,978)
132,354
(29,304)
(24,202)
7,933
25,573
(1,612)
10,490
34,451
31.12.22
£
266,591
21,464
288,055		 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

14. RELATED PARTY TRANSACTIONS

During the year Mr R. J. Wishart, a Trustee, purchased building materials totalling £853 for the new flats' development project and was reimbursed these expenses. There were no related party transactions in 2021.

The notes form part of these financial statements Page 21

Elizabeth Dowell's Trust

Notes to the Financial Statements for the Year Ended 31 December 2022

15. DETAILED STATEMENT OF COMPREHENSIVE INCOME

TURNOVER
Residents' Maintenance Contribution
Service Charges
Less voids
Guest room
Laundry
Social housing amortisation
OPERATING COSTS
Management and administration
Management Agency fees
Bookkeeping and accounting services
Admin and Clerking services
Service costs
Salaries
Employer NI
Pensions
Rates and water
Insurance
Light and heat
Care Call Alarm
Gardening
Cleaning
Home Energy Certificates
Subscriptions, stationery and advertising
Sundries
Telephone and computer
Legal and professional
Independent Examiners Fee
Bad debts
Maintenance
Day to day repairs
Electrical repairs
Void and major repairs
Central heating servicing and gas repairs
Cyclical Maintenance		 Unrestricted
funds
£
156,593
20,293
(3,451)
530
1,660
16,978
192,603
-
12,790
266
13,056
26,317
-
2,061
1,973
3,114
4,509
3,360
7,128
2,019
993
761
1,967
2,154
2,620
-
58,976
21,720
11,604
32,761
5,681
4,642
76,409		 Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
450
-
-
-
-
450
-
-
-
-
-
-		 31.12.22
£
156,593
20,293
(3,451)
530
1,660
16,978
192,603
0
12790
266
13,056
26316.97
0
2060.79
1972.72
3114.21
4508.51
3360.01
7127.71
2018.74
0
993.45
1211.36
1967.43
2154
2620
-
59,426
21,720
11,604
32,761
5,681
4,642
76,409		 31.12.21
£
149,842
-
(2,670)
110
1,320
16,978
165,580
-
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
446
71,649
13,340
3,991
37,806
4,865
4,473
64,475

The notes form part of these financial statements Page 22

Elizabeth Dowell's Trust

Notes to the Financial Statements for the Year Ended 31 December 2022

15. DETAILED STATEMENT OF COMPREHENSIVE INCOME CONTINUED

Depreciation Charged
Depreciation -fixtures & fitting
Depreciation -properties
Property component disposal
TOTAL OPERATING COSTS
OPERATING SURPLUS
Donations
Interest receivable and other income
Interest receivable
Investment income
Interest and financing costs
Interest payable
Bank charges
Costs associated with investments
SURPLUS FOR THE YEAR
Unrealised (loss)/gains on investments
Realised gains/(losses) on fixed asset
investments
TOTAL COMPREHENSIVE
INCOME FOR THE YEAR BEFORE
TRANSFE OF FUNDS		 Unrestricted
funds
£
426
31,805
834
33,065
181,506
11,097
6,036
-
22,962
22,962
(6,996)
(938)
(7,517)
(15,450)
29,304
53948.34
(129,220)
(75,272)		 Restricted
funds
£
-
-
-
-
450
(450)
-
-
1,240
1,240
-
-
-
-
-
790.29
(3,134)
(2,344)		 31.12.22
£
426
31,805
834
33,065
181,956
10,647
6,036
-
24,202
24,202
-6995.71
-937.72
-7516.55
(15,450)
29,304
54738.63
(132,354)
(77,616)		 31.12.21
£
122
31,559
387
32,068
180,639
(15,058)
873
-
20,560
20,560
(7,085)
(916)
(8,352)
(16,353)
12,212
2232.73
51,174
53,407

The notes form part of these financial statements Page 23

Elizabeth Dowell's Trust

Notes to the Financial Statements for the Year Ended 31 December 2022

16. COMPARATIVE DETAILED STATEMENT OF COMPREHENSIVE INCOME

TURNOVER
Residents' Maintenance Contribution
Service Charges
Less voids
Guest room
Laundry
Social housing amortisation
OPERATING COSTS
Management and administration
Management Agency fees
Bookkeeping and accounting services
Admin and Clerking services
Service costs
Salaries
Employer NI
Pensions
Rates and water
Insurance
Light and heat
Care Call Alarm
Gardening
Cleaning
Home Energy Certificates
Subscriptions, stationery and advertising
Sundries
Telephone and computer
Legal and professional
Independent Examiners Fee
Bad debts
Maintenance
Day to day repairs
Electrical repairs
Void and major repairs
Central heating servicing and gas repairs
Cyclical Maintenance		 Unrestricted
funds
£
149,842
-
(2,670)
110
1,320
16,978
165,580
-
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
446
69,895
13,340
3,991
37,806
4,865
4,473
64,475		 Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
368
-
-
-
1,386
-
-
-
-
1,754
-
-
-
-
-
-		 31.12.21
£
149,842
-
(2,670)
110
1,320
16,978
165,580
-
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
446
71,649
13,340
3,991
37,806
4,865
4,473
64,475		 31.12.20
£
148,277
-
(1,499)
170
1,108
16,978
165,034
-
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
445
61,519
12,986
4,441
14,170
5,322
2,174
39,093

The notes form part of these financial statements Page 24

Elizabeth Dowell's Trust

Notes to the Financial Statements for the Year Ended 31 December 2022

16. COMPARATIVE DETAILED STATEMENT OF COMPREHENSIVE INCOME CONTINUED

Depreciation Charged
Depreciation -fixtures & fitting
Depreciation -properties
Property component disposal
TOTAL OPERATING COSTS
OPERATING SURPLUS
Donations
Interest receivable and other income
Interest receivable
Investment income
Interest and financing costs
Interest payable
Bank charges
Costs associated with investments
SURPLUS FOR THE YEAR
Unrealised (loss)/gains on investments
Realised gains/(losses) on fixed asset
TOTAL COMPREHENSIVE		 Unrestricted
funds
£
122
31,559
387
32,068
178,885
(13,304)
873
-
20,050
20,050
(7,085)
(916)
(8,352)
(16,353)
12,212
3,477
49,062
52,539		 Restricted
funds
£
-
-
-
-
1,754
(1,754)
-
-
510
510
-
-
-
0
-
(1,244)
2,112
868		 31.12.21
£
122
31,559
387
32,068
180,639
(15,058)
873
-
20,560
20,560
(7,085)
(916)
(8,352)
(16,353)
12,212
2,233
51,174
53,407		 31.12.20
£
65
31,491
-
31,556
144,748
20,286
6,000
-
21,383
21,383
(7,193)
(838)
(6,390)
(14,421)
17,252
50,500
(11,293)
39,206

The notes form part of these financial statements Page 25