2023-12-31-accounts - Elizabeth Dowell's Trust

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REGISTERED CHARITY NUMBER: 217309

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 December 2023 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 2023

	Page
Report of the Trustees
including Statement of Trustees' Responsibilities	1
Independent Examiner's Report	6
Statement of Comprehensive Income 2023	7
Comparative Statement of Comprehensive Income 2022	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 2023	22
Comparative Detailed Statement of Comprehensive Income 2022	24

Elizabeth Dowell's Trust

Report of the Trustees for the Year Ended 31st December 2023

The trustees present their report with the financial statements of the charity for the year ended 31 December 2023. 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 8ES

Trustees

The Trustees are responsible for determining the strategy and policies of the Trust. The following were Trustees for the year ended 31December 2023 and up to the date of approval of the financial statements:

Mr C. J. Wall Chair Mr S Gibbons Appointed 17th April 2023 Ms M. T. Girvan Treasurer Mr T. H. Glasspool Appointed 17th April 2023 Mrs I. S. Knowles Revd S. E. Moore Resigned 31st May 2023 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 two 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 2023

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 replaced the Clerk during the year to help with the running of the Board , being aware of changes in social housing /government legislation and keeping policies up to date.

FINANCIAL REVIEW

Income for the year including investment and donation income was £250,317 (2022: £222,841, 2021: £187,013). Donations during the year totalled £51 (2022: £6036, 2021: £873).

The net surplus before unrealised gains/losses on investments was £104,151 (surplus 2022: £54,739, surplus 2021: £2,233). The overall net movement in funds for the year was a surplus of £53,487 (2022: a deficit of £77,616, 2021: a surplus of £53,407). This includes a unrealised loss on investments of £50,665 (2022: loss £132,354, 2021: gain £51,174) .

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

The project to convert an old office, storeroom and guest room into two new flats was completed in early 2023, and both have been occupied since the summer. A delay from the Valuation Office, and a subsequent difficulty in registering the new addresses, has meant the income from one flat has yet to start, as the resident is reliant on Housing Benefit. It is expected to resolve this during 2024. In addition, although the Trust was successful in its bid for a West Midlands Combined Authority grant to cover cavity wall insulation, trustees decided to pull out as the project costs outweighed the capital costs. Notwithstanding both of these items, the Trust was able to increase expenditure, including major roof repairs and self-funded cavity wall insulation in all flats. The latter being completed in January 2024.

INVESTMENT PERFORMANCE

Despite a turbulent start, our long term investments improved during the year, with quarter four being stronger and surpassing benchmarks. Given our increased revenue, a review of our investment policy in July allowed us to reduce the required cash income from investments and invest the difference more profitably.

Page 2

Elizabeth Dowell's Trust

Report of the Trustees for the Year Ended 31st December 2023

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.

		31.12.23	31.12.22
1.	Reinvestment %	4.65%	3.03%
2a.	New supplydelivered %(Social Housingunits)	6.25%	0.00%
2b.	New supplydelivered %(Non-Social Housingunits)	0.00%	0.00%
3.	Gearing%	-31.63%	-28.97%
4.	Earnings before Interest, Tax, Depreciation, Amortisation, Major Repairs Included Interest Cover %	710.67%	728.99%
5.	Headline Social HousingCost Per Unit	£6,075.69	£5,502.47
6a.	OperatingMargin(social housinglettings)%	2.88%	5.53%
6b.	OperatingMargin(overall)%	2.88%	5.53%
7.	Return on Capital Employed(ROCE)%	0.37%	0.62%

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

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

Metric 3 Gearing % - This metric assesses how much of the adjusted assets are made up of debt and the degree of dependence on debt finance. It is often a key indicator of an organisation's appetite for growth. Elizabeth Dowell's cash balance exceeds the value of the borrowings and the new development was 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 2023

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.

		2023	2022	Target 2023
1.	Occupancy	96.63%	97.98%	95.00%
2.	Contributions collected as a percentage of contributions owed	101.18%	120.44%	100.00%
3.	Percentage of residents completingannualquestionnaire	39.20%	37.93%	50.00%
4.	% of items raised in annual questionnaire which have been closed out duringtheyear.	83.33%	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 2023 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 2023 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 risk is the transfer to a CIO, which if not managed properly, could lead to loss of access to accounts and income. A sub-committee has been organised working with the legal team to ensure focus on this item. Staff sickness/ turnover / retention and trustee recruitment / skills are identified as moderate risks. The former is the subject of various actions and the latter has been mitigated by the recruitment of two new trustees.

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

INTERNAL FINANCIAL CONTROL

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

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 4

Elizabeth Dowell's Trust

Report of the Trustees for the Year Ended 31st December 2023

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. Various major projects are budgeted for 2024, including driveway re-surfacing, creation of extra parking spaces and the provision of a cycle shed, in addition to refurbished furniture for the communal lounge. The latter three items were raised by residents.

Work to transfer the activities and associated assets of the Charity from a Trust to a CIO continues. The new CIO was finally registered on 19th September 2023. It is hoped this will be completed in 2024.

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, including work required to meet the government carbon targets, such as heat pumps.

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 5

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

I report on the accounts for the year ended 31st December 2023 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 2023

Unrestricted General and Designated funds Notes £ TURNOVER 15. 223,647 Operating Costs 15. (217,206) OPERATING SURPLUS 6,442 Donations 15. 51 Interest receivable and other income 2. 25,188 Interest payable and finance costs 15. (15,224) Realised gains/ (losses) on investments 15. 86,263 SURPLUS FOR THE YEAR 102,720 Unrealised (loss)/gains on investments 6. (52,457) TOTAL COMPREHENSIVE INCOME FOR THE YEAR BEFORE TRANSFE OF FUNDS 50,263 Transfer between funds 11. 2,410 TOTAL COMPREHENSIVE INCOME FOR THE YEAR 52,673 Total funds brought forward 11. 1,257,593 TOTAL FUNDS CARRIED FORWARD 11. 1,310,266	Restricted and Endowment funds £ - - - - 1,431 - - 1,431 1,793 3,224 (2,410) 814 107,231 108,044	31.12.23 Total funds £ 223,647 (217,206) 6,442 51 26,619 (15,224) 86,263 104,151 (50,665) 53,487 - 53,487 1,364,824 1,418,310	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
			1,364,824

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 2022

Unrestricted General and Designated funds Notes £ TURNOVER 16. 192,603 Operating Costs 16. (181,506) OPERATING SURPLUS 11,097 Donations 16. 6036 Interest receivable and other income 16. 22,962 Interest payable and finance costs 16. (15,450) Realised gains/ (losses) on investments 16. 29,304 SURPLUS FOR THE YEAR 53,948 Unrealised (loss)/gains on investments 16. (129,220) TOTAL COMPREHENSIVE INCOME FOR THE YEAR BEFORE TRANSFE OF FUNDS (75,272) Transfer between funds 12. 574 TOTAL COMPREHENSIVE INCOME FOR THE YEAR (74,698) Total funds brought forward 12. 1,332,291 TOTAL FUNDS CARRIED FORWARD 12. 1,257,593	Restricted and Endowment funds £ - (450) (450) 0 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 6036 24,202 (15,450) 29,304 54,739 (132,354) (77,616) - (77,616) 1,442,440 1,364,824	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

The notes form part of these financial statements Page 8

Elizabeth Dowell's Trust

Statement of Financial Position At 31 December 2023

Unrestricted General and Designated funds £ 665,426 727,669	Restricted Fund - 10,081	31.12.23 Total funds £ 742,860 758,087	31.12.22 Total funds £ 742,072 736,558
1,393,095 6,493 306,576	10,081 - -	1,500,947 6,493 306,768	1,478,630 5,960 288,055
313,069 (69,526)	- -	313,261 (69,526)	294,015 (63,548)
243,543 1,636,637 (326,372)	- 10,081 -	243,735 1,744,681 (326,372)	230,467 1,709,097 (344,273)
1,310,266	10,081	1,418,310	1,364,824
		1,310,266 10,081 97,963	1,257,593 10,155 97,076
		1,418,310	1,364,824

The notes form part of these financial statements Page 9

Elizabeth Dowell's Trust

Statement of Financial Position At 31 December 2023

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 2023

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	31.12.23 £ 23,532 (7,928) 15,604 (36,738) 26,619 (289,064) 303,133 3,951 (841) 18,713 288,055 306,768	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

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 2023

Balance at 1 January 2022 Surplus for the year Balance at 31 December 2022 Surplus for the year Balance as 31 December 2023 Balance at 1 January 2021 Deficit for the year Balance at 31 December 2021 Surplus for the year Balance as 31 December 2022 Statement of Changes in Funds for the Year Ended 31 December 2022	Unrestricted Funds £ 1,332,291 (74,698) 1,257,593 52,673 1,310,266 Unrestricted Funds £ 1,278,027 54,264 1,332,291 (74,698) 1,257,593	Restricted Funds £ 10,970 (815) 10,155 (74) 10,081 Restricted Funds £ 12,475 (1,505) 10,970 (815) 10,155	Endowment Funds £ 99,179 (2,103) 97,076 887 97,963 Endowment Funds £ 98,531 648 99,179 (2,103) 97,076	Total Funds £ 1,442,440 (77,616)
				1,364,824
				53,487
				1,418,310
				Total Funds £ 1,389,033 53,407
				1,442,440
				(77,616)
				1,364,824

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 2023

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 13

Elizabeth Dowell's Trust

Notes to the Financial Statements for the Year Ended 31 December 2023

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 14

Elizabeth Dowell's Trust

Notes to the Financial Statements for the Year Ended 31 December 2023

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 2023

2. INVESTMENT INCOME

INVESTMENT INCOME
	31.12.23	31.12.22
	£	£
Income from UK investments	26,619	24,202

3. TRUSTEES' REMUNERATION, BENEFITS AND DONATIONS

Trustee’s remuneration

There were no trustee’s remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.

Trustee’s expenses

There were no trustee’s expenses paid for the year ended 31 December 2023 or for the year ended 31 December 2022. Trustees were reimbursed for expenditure that they incurred on behalf of Elizabeth Dowell's Trust £2,085 (2022: £853).

Trustee’s donations

There were no trustee’s donations for the year ended 31 December 2023 or for the year ended 31 December 2022.

4. STAFF COSTS

Wages and salaries Social security costs Other pension costs	31.12.23 £ 30,689 - 2,156 32,844	31.12.22 £ 26,317 - 2,061
		28,378

The average monthly number of employees during the year was as follows:

31.12.23	31.12.22
2	2

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 2023

5. TANGIBLE FIXED ASSETS

At 1 January 2023 Additions Disposals At 31 December 2023 DEPRECIATION At 1 January 2023 Charge for year Disposals At 31 December 2023 At 31 December 2023 At 31 December 2022 6. FIXED ASSET INVESTMENTS MARKET VALUE At 1 January 2023 Additions Equalisation Disposals Revaluations Transfer At 31 December 2023 NET BOOK VALUE At 31 December 2023 At 31 December 2022 Cost value COST NET BOOK VALUE	Housing properties £ 863,276 24,232 - 887,508 335,023 15,931 - 350,954 536,554 528,252 General £ 353,295 143,495 - (133,463) (3,118) 2,967 363,175 363,175 353,295 333,752	Housing components £ 438,394 10,210 (4,963) 443,641 225,825 17,117 (3,042) 239,900 203,741 212,569 ERF £ 353,658 143,581 - (83,407) (49,339) - 364,494 364,494 353,658 355,921	Equipment , fixtures and fittings £ 41,320 2,295 - 43,615 40,069 981 - 41,050 2,565 1,251 Restricted & Permanent Endowment £ 29,604 1,988 - - 1,793 (2,967) 30,418 30,418 29,604 30,287	Total £ 1,342,990 36,738 (4,963)
				1,374,764
				600,917 34,029 (3,042)
				631,905
				742,860
				742,072
				Totals £ 736,558 289,064 - (216,870) (50,665) -
				758,087
				758,087
				736,558
				719,959

Restricted investments consists of Permanent Endowment £20,337 (2022: £19,450), Recoupment £7,613 (2022: £7,686) and Bequest £2,468 (2022: 2,468).

13.64% (2022: 17.29%) of the investments are listed in the UK stock market and 70.10% (2022: 77.27%) 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 2023

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Prepayment and accrued income Weekly maintenance charges receivable Less provision for doubtful debts	31.12.23 £ 1,726 (1,321) 6,088 6,493	31.12.22 £ - - 5,960
		5,960

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.23 £ Trade creditors 16,541 17,532 15,632 923 1,919 Deferred Capital Grant 16,978 69,526 CREDITORS: AMOUNTS FALLING DUE MORE THAN ONE YEAR 31.12.23 £ 71,697 Deferred Capital Grant 254,674 326,372 Maintenance charge received in advance Taxation, social security and pensions Accruals and deferred income Housing loans Housing loans	31.12.22 £ 16,211 14,192 13,301 841 2,025 16,978
	63,548
	31.12.22 £ 72,620 271,653
	344,273

Housing loans are secured on the Trust's housing properties and are repayable in instalments at 9.5% (2022: 9.5% ). 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	31.12.23 £ 288,631 (16,978) 271,653	31.12.22 £ 305,609 (16,978)
		288,631

The grant from the Homes and Community Agency is recognised as income over the following 16 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 2023

11. MOVEMENT IN FUNDS

At 1.01.23 £ Unrestricted funds General fund 543,716 Extraordinary repair fund 611,861 Cyclical repair fund 102,016 1,257,593 Restricted and Endowment funds Mrs Allen's Bequest fund 2,468 Permanent Endowment fund 97,076 Recoupment fund 7,687 107,231 TOTAL FUNDS 1,364,824 Incoming resources £ Unrestricted funds General fund 248,886 Extraordinary repair fund - Cyclical repair fund - 248,886 Restricted and Endowment funds Mrs Allen's Bequest fund 101 Permanent Endowment fund 881 Recoupment fund 448 1,431 TOTAL FUNDS 250,317 Net movement in funds, included in the above are a	Net movement in funds £ 36,732 13,530 - 50,263 1,080 1,769 375 3,224 53,487 Resources expended £ (232,429) - - (232,429) - - - - (232,429) s follows:	Transfer between funds £ 2,410 - - 2,410 (1,080) (881) (448) (2,410) - Gains and losses on investments £ 20,275 13,530 - 33,806 979 887 (74) 1,793 35,598	At 31.12.23 £ 582,859 625,392 102,016
			1,310,266 2,468 97,963 7,613
			108,044
			1,418,310
			Movement in funds £ 36,732 13,530 -
			50,263 1,080 1,769 375
			3,224
			53,487

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 2023

12. 2022 COMPARATIVE 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 £ 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, included in the above are a	Net movement in funds £ (28,428) (46,844) - (75,272) (1,059) (1,305) 20 (2,344) (77,616) Resources expended £ (196,956) - - (196,956) (450) - - (450) (197,406) s follows:	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
			1,257,594 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 20

Elizabeth Dowell's Trust

Notes to the Financial Statements for the Year Ended 31 December 2023

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

Surplus for the year Adjustments for: Depreciation and loss on disposal of tangible fixed assets Grant amortisation Movement in fair value of investments (Gain) on disposal of investments Interest and investment income receivable Interest payable (Increase)/Decrease in trade and other debtors (Decrease)/Increase in trade and other creditors Cash generated from operations CASH AND CASH EQUIVALENTS Cash and cash equivalents represented by Cash at bank and in hand Cash with Brewin Dolphin Cash at bank and in hand Operating cash flows before movement in working capital	31.12.23 £ 53,487 35,950 (16,978) 50,665 (86,263) (26,619) 7,928 18,169 (533) 5,897 23,532 31.12.23 £ 278,145 28,623 306,768	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

14. RELATED PARTY TRANSACTIONS

During the year Mr R. J. Wishart, a Trustee, purchased building materials totalling £1693 (2022:£853) for the new flats' development project and was reimbursed these expenses. Mrs M Girvan, a Trustee, was reimbursed for purchases made totalling £392 (2022: £0).

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 2023

15. DETAILED STATEMENT OF COMPREHENSIVE INCOME

TURNOVER Residents' Maintenance Contributions Service Charges Less voids Guest room Laundry Social housing amortisation OPERATING COSTS Management and administration Management Agency fees Bookkeeping and accounting services Admin and Clerking services Service costs Salaries Employer NI Pensions Rates and water Insurance Light and heat Care Call Alarm Gardening Cleaning Home Energy Certificates Subscriptions, stationery and advertising Sundries Telephone and computer Staff travel, training and welfare Legal and professional Independent Examiners' Fees Bad debts Maintenance Day to day repairs Electrical repairs Void and major repairs Central heating servicing and gas repairs Cyclical Maintenance	Unrestricted funds £ 171,150 40,111 (6,737) 725 1,421 16,978 223,647 - 13,674 13,674 30,689 - 2,156 5,776 3,392 8,887 3,929 8,852 2,154 1,150 507 1,236 285 9,626 2,607 1,321 82,568 19,229 6,419 52,535 2,659 4,172 85,014	Restricted funds £ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -	31.12.23 £ 171,150 40,111 (6,737) 725 1,421 16,978 223,647 - 13,674 - 13,674 30,689 - 2,156 5,776 3,392 8,887 3,929 8,852 2,154 - 1,150 507 1,236 285 9,626 2,607 1,321 82,568 19,229 6,419 52,535 2,659 4,172 85,014	31.12.22 £ 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 1,211 1,967 - 2,154 2,620 -
				59,426 21,720 11,604 32,761 5,681 4,642
				76,409

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 2023

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 £ 981 33,048 1,921 35,950 217,206 6,442 51 125 25,063 25,188 (6,974) (955) (7,295) (15,224) 86,263 102720 (52,457) 50,263	Restricted funds £ - - - - - - - - 1,431 1,431 - - - - - 1431.09 1,793 3,224	31.12.23 £ 981 33,048 1,921 35,950 217,206 6,442 51 125 26,494 26,619 (6,974) (955) (7,295) (15,224) 86,263 104151.11 (50,665) 53,487	31.12.22 £ 426 31,805 834
				33,065 181,956 10,647 6,036 - 24,202
				24,202 (6,996) (938) (7,517)
				(15,450) 29,304
				54738.63 (132,354)
				(77,616)

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 2023

16. COMPARATIVE DETAILED STATEMENT OF COMPREHENSIVE INCOME

TURNOVER Residents' Maintenance Contributions Service Charges Less voids Guest room Laundry Social housing amortisation OPERATING COSTS Management and administration Management Agency fees Bookkeeping and accounting services Admin and Clerking services Service costs Salaries Employer NI Pensions Rates and water Insurance Light and heat Care Call Alarm Gardening Cleaning Home Energy Certificates Subscriptions, stationery and advertising Sundries Telephone and computer Legal and professional Independent Examiners' Fees Bad debts Maintenance Day to day repairs Electrical repairs Void and major repairs Central heating servicing and gas repairs Cyclical Maintenance	Unrestricted funds £ 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 - 12,790 266 13,056 26,317 - 2,061 1,973 3,114 4,509 3,360 7,128 2,019 - 993 1,211 1,967 2,154 2,620 - 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 24

Elizabeth Dowell's Trust

Notes to the Financial Statements for the Year Ended 31 December 2023

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 £ 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 53,948 (129,220) (75,272)	Restricted funds £ - - - - 450 (450) - - 1,240 1,240 - - - 0 - 790 (3,134) (2,344)	31.12.22 £ 426 31,805 834 33,065 181,956 10,647 6,036 - 24,202 24,202 (6,996) (938) (7,517) (15,450) 29,304 54,739 (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
				2,233 51,174
				53,407

The notes form part of these financial statements Page 25