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2024-12-31-accounts

REGISTERED CHARITY NUMBER: 217309

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 December 2024 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 2024

Page
Report of the Trustees
including Statement of Trustees' Responsibilities 1
Independent Examiner's Report 7
Statement of Comprehensive Income 2024 8
Comparative Statement of Comprehensive Income 2023 9
Statement of Financial Position 10
Statement of Cash Flows 12
Statement of Changes in Funds 13
Notes to the Financial Statements 14
Detailed Statement of Comprehensive Income 2024 23
Comparative Detailed Statement of Comprehensive Income 2023 25

Elizabeth Dowell's Trust

Report of the Trustees for the Year Ended 31st December 2024

The trustees present their report with the financial statements of the charity for the year ended 31 December 2024. 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 2024 and up to the date of approval of the financial statements:

Mr C. J. Wall Chair Ms A Durbin Appointed 15th July 2024 Mr S Gibbons Ms M. T. Girvan Treasurer Mr T. H. Glasspool Resigned 21st March 2025 Mrs I. S. Knowles Miss E. Norman Resigned 22nd November 2024 Mr. R. I. Stanton Miss A. C. Warne Resigned 31st May 2024 Mr R. J Wishart Dr. J. A. Yates Resigned 27th January 2025

Independent examiner

Jasbir Rai ACMA BVSC Accountancy Service Latham House, 33-34 Paradise Street Birmingham, B1 2AJ

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 whom 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 2024

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 Clerk assists the Trustees 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 £263,293 (2023: £250,317, 2022: £222,841). Donations during the year totalled £3,000 (2023: £51, 2022: £6,036).

The net loss before unrealised gains/losses on investments was £12,821 (surplus 2023: £104,151, surplus 2022: £54,739). The overall net movement in funds for the year was a surplus of £18,268 (2023: a surplus of £53,487, 2022: a deficit of £77,616). This includes a unrealised gain on investments of £31,089 (2023: loss £50,665, 2022: loss £132,354) .

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 Trust continues in a strong position. Income from the extra flats created in 2023 has stabilised, with all back payments made good by Birmingham City Council. We remain fully occupied with no arrears and a long waiting list. 2024 has been a record spending year, with completion of cavity wall insulation for all flats, several projects specifically requested by residents, such as refurbished furniture for the common room, and 2 new parking spaces. In addition the driveway and some footpaths have been resurfaced, recessed external wall tiles have been replaced with insulated infill, and work has been carried out to ensure an effective digital switch over for our care call system.

INVESTMENT PERFORMANCE

Our long term investments improved steadily during the year, bolstered by a £50k switch from cash to investments. A review of our investment policy in July changed our risk category from 5 to 6, which should yield greater returns and our operating performance means that cash generated from investments in now being re-invested. In addition we agreed to amalgamate our separate investment funds into one fund, thereby reducing costs and allowing smaller funds to benefit from investments not otherwise open to them. This will take place in early 2025.

Page 2

Elizabeth Dowell's Trust

Report of the Trustees for the Year Ended 31st December 2024

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.

31.12.24 31.12.23
1. Reinvestment % 0.42% 4.65%
2a. New supplydelivered %(Social Housingunits) 0.00% 6.25%
2b. New supplydelivered %(Non-Social Housingunits) 0.00% 0.00%
3. Gearing% -21.33% -31.63%
4. Earnings before Interest, Tax, Depreciation, Amortisation, Major Repairs
Included Interest Cover %		 85.79% 601.80%
5. Headline Social HousingCost Per Unit £7,665.57 £6,075.69
6a. OperatingMargin(social housinglettings)% -14.06% 2.88%
6b. OperatingMargin(overall)% -14.06% 2.88%
7. Return on Capital Employed(ROCE)% -1.90% 0.37%

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 2024

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.

2024 2023 Target 2024
1. Occupancy 98.23% 96.63% 95.00%
2. Contributions collected as a percentage of contributions
owed		 101.55% 100.34% 100.00%
3. Percentage of residents completingannualquestionnaire 68.75% 39.20% 50.00%
4. % of items raised in annual questionnaire which have been
closed out duringtheyear.		 90.91% 83.33% 100.00%

FUNDS

As per our governing documents, investments representing the Extraordinary Repairs Fund (ERF), the Cyclical Maintenance Fund and General Fund have been shown at market value at 31 December 2024 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 2024 within restricted funds with any income being transferred to the 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 a minimum of 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.

In addition, the Trust has designated a Property Fund, which holds the current "book cost" of properties and will change as a result of capital expenditure. This allows greater clarity on which of the reserves are available / realisable.

In order to amalgamate the various investment funds into one, a set of rules has been agreed to ensure our funds are accounted for in line with our governing documents.

RISK MANAGEMENT

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 has been mitigated by the provision of a temporary manager arrangement with another Almshouse and the creation of an office manual, and the latter is being mitigated by the appointment of new trustees in 2025.

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.

Page 4

Elizabeth Dowell's Trust

Report of the Trustees for the Year Ended 31st December 2024

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:

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 projects are budgeted for 2025, including the provision of a cycle shed, as requested by residents, further work to footpaths, moss clearance from roofs, replacement of doors and refurbishment of wetrooms.

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 2025. The Trust has raised a formal complaint with the solicitors dealing with this matter, giving the extended timescale and increased costs.

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. In addition, Trustees will undertake a strategic review during 2025, to determine the feasibility of major projects to further fulfil our charitable objectives, such as increasing the amount of accommodation provided, helping existing residents with energy costs by installing solar panels or communal heating, as well as considering the cost and timescale of meeting future government requirements on the replacement of gas boilers. This will result in a plan to build the requisite reserves from internal or external sources.

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:

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.

Page 5

Elizabeth Dowell's Trust

Report of the Trustees

for the Year Ended 31st December 2024

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 28th April 2025 and signed on its behalf by:

.............................................

Mr C. J. Wall

Chair

Page 6

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

Respective responsibilities of trustees and examiner

The trustees (who are also the directors of the company for the purposes of company law) 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 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed. The charity’s gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of the Chartered Institute of Management Accountants.

Having satisfied myself that the charity is not subject to audit under company law, and is eligible for independent examination, it is my responsibility to:

  1. examine the accounts under Section 145 of the 2011 Charities Act, to follow the procedures laid down in the General Directions given by the Charity Commission

  2. (under Section 145(5)(b) of the 2011 Charities Act); and 3. 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 matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

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.

Signed:

Dated:

Jasbir Rai ACMA BVSC Accountancy Services Latham House 33-34 Paradise Street Birmingham B1 2 AJ

Page 7

Elizabeth Dowell's Trust

Statement of Comprehensive Income for the Year Ended 31 December 2024

Unrestricted
General and
Designated
funds
Notes
£
TURNOVER
15.
235,610
Operating Costs
15.
(268,737)
OPERATING (LOSS)/SURPLUS
(33,127)
Donations
15.
-
Interest receivable and other income
2.
23,401
Interest payable and finance costs
15.
(15,557)
Realised gains/ (losses) on investments
15.
9,841
(LOSS)/SURPLUS FOR THE YEAR
(15,442)
Unrealised gains/ (loss) on investments
6.
25,937
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR BEFORE TRANSFE
OF FUNDS
10,495
Transfer between funds
11.
1,795
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR
12,290
Total funds brought forward
11.
1,310,266
TOTAL FUNDS CARRIED FORWARD
11.
1,322,556		 Restricted
and
Endowment
funds
£
-
-
-
3,000
1,282
-
(1,661)
2,621
5,152
7,773
(1,795)
5,978
108,044
114,022		 31.12.24
Total funds
£
235,610
(268,737)
(33,127)
3,000
24,683
(15,557)
8,180
(12,821)
31,089
18,268
-
18,268
1,418,310
1,436,578		 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

The notes form part of these financial statements Page 8

Elizabeth Dowell's Trust

Comparative Statement of Comprehensive Income for the Year Ended 31 December 2023

Unrestricted
General and
Designated
funds
Notes
£
TURNOVER
16.
223,647
Operating Costs
16.
(217,206)
OPERATING SURPLUS
6,442
Donations
16.
51
Interest receivable and other income
16.
25,188
Interest payable and finance costs
16.
(15,224)
Realised gains/ (losses) on investments
16.
86,263
SURPLUS FOR THE YEAR
102,720
Unrealised (loss)/gains on investments
16.
(52,457)
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR BEFORE TRANSFE
OF FUNDS
50,263
Transfer between funds
12.
2,410
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR
52,673
Total funds brought forward
12.
1,257,594
TOTAL FUNDS CARRIED FORWARD
12.
1,310,266		 Restricted
and
Endowment
funds
£
-
-
-
0
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
6035.65
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 9

Elizabeth Dowell's Trust

Statement of Financial Position At 31 December 2024

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
£
639,592
836,780		 Restricted
Fund
-
8,072		 Endowment
Funds
£
77,434
23,047
100,481
-
-
-
-
-
100,481
-
100,481		 31.12.24
Total funds
£
717,026
867,899		 31.12.23
Total funds
£
742,860
758,087
1,476,372
6,284
217,730		 8,072
-
5,468		 1,584,925
6,284
223,198		 1,500,947
6,493
306,768
224,014
(69,449)		 5,468
-		 229,482
(69,449)		 313,261
(69,526)
154,565
1,630,936
(308,380)		 5,468
13,541
-		 160,033
1,744,958
(308,380)		 243,734
1,744,681
(326,372)
1,322,556 13,541 1,436,578 1,418,310
1,322,556
13,541
100,481		 1,310,266
10,081
97,963
1,436,578 1,418,310

The notes form part of these financial statements Page 10

Elizabeth Dowell's Trust

Statement of Financial Position At 31 December 2024

The financial statements were approved by the Board of Trustees on 28th April 2025 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 11

Elizabeth Dowell's Trust

Statement of Cash Flows for the Year Ended 31st December 2024

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 (USED IN)/FROM 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		 31.12.24
£
(20,349)
(7,894)
(28,243)
(8,544)
24,683
(283,897)
213,354
(54,404)
(923)
(83,570)
306,768
223,198		 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

The notes form part of these financial statements Page 12

Elizabeth Dowell's Trust

Statement of Changes in Funds for the Year Ended 31 December 2024

Balance at 1 January 2023
Surplus/(Deficit) for the year
Balance at 31 December 2023
Surplus for the year
Balance as 31 December 2024
Balance at 1 January 2022
Deficit for the year
Balance at 31 December 2022
Surplus/(Deficit) for the year
Balance as 31 December 2023
Statement of Changes in Funds
for the Year Ended 31 December 2023		 Unrestricted
Funds
£
1,257,593
52,673
1,310,266
12,290
1,322,556
Unrestricted
Funds
£
1,332,291
(74,698)
1,257,593
52,673
1,310,266		 Restricted
Funds
£
10,155
(74)
10,081
3,460
13,541
Restricted
Funds
£
10,970
(815)
10,155
(74)
10,081		 Endowment
Funds
£
97,076
887
97,963
2,518
100,481
Endowment
Funds
£
99,179
(2,103)
97,076
887
97,963		 Total
Funds
£
1,364,824
53,486
1,418,310
18,268
1,436,578
Total
Funds
£
1,442,440
(77,616)
1,364,824
53,486
1,418,310

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 2024

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 14

Elizabeth Dowell's Trust

Notes to the Financial Statements for the Year Ended 31 December 2024

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 15

Elizabeth Dowell's Trust

Notes to the Financial Statements for the Year Ended 31 December 2024

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. During 2025 this fund will be exhausted by the provision of new garden furniture on a new patio base. Christmas parties will then be funded from the General Fund.

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 16

Elizabeth Dowell's Trust

Notes to the Financial Statements for the Year Ended 31 December 2024

2. INVESTMENT INCOME

INVESTMENT INCOME
31.12.24 31.12.23
£ £
Income from UK investments 24,683 26,619

3. TRUSTEES' REMUNERATION, BENEFITS AND DONATIONS

Trustee’s remuneration

There were no trustee’s remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023.

Trustee’s expenses

There were no trustee’s expenses paid for the year ended 31 December 2024 or for the year ended 31 December 2023. Trustees were reimbursed for expenditure that they incurred on behalf of Elizabeth Dowell's Trust £373.96 (2023: £2,085).

Trustee’s donations

There were no trustee’s donations for the year ended 31 December 2024 or for the year ended 31 December 2023.

4. STAFF COSTS

Social security costs
Other pension costs
Wages and salaries		 31.12.24
£
33,708
-
2,347
36,055		 31.12.23
£
30,689
-
2,156
32,844

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

31.12.24 31.12.23
2 2

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

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 2024

5.
TANGIBLE FIXED ASSETS
At 1 January 2024
Additions
Disposals
At 31 December 2024
DEPRECIATION
At 1 January 2024
Charge for year
Disposals
At 31 December 2024
At 31 December 2024
At 31 December 2023
6.
FIXED ASSET INVESTMENTS
MARKET VALUE
At 1 January 2024
Additions
Equalisation
Disposals
Revaluations
Transfer
At 31 December 2024
NET BOOK VALUE
At 31 December 2024
At 31 December 2023
Cost value
COST
NET BOOK VALUE		 Housing
properties
£
887,508
840
-
888,348
350,954
15,952
-
366,906
521,442
536,554
General
£
363,175
123,113
-
(67,398)
14,194
4,470
437,555
437,555
363,175
391,934		 Housing
components
£
443,641
2,174
(1,213)
444,602
239,900
17,102
(1,165)
255,837
188,764
203,741
ERF
£
364,494
147,005
-
(124,017)
11,743
-
399,225
399,225
364,494
378,909		 Equipment ,
fixtures and
fittings
£
43,615
5,530
-
49,145
41,050
1,276
-
42,326
6,820
2,565
Restricted &
Permanent
Endowment
£
30,418
13,779
-
(13,759)
5,152
(4,470)
31,119
31,119
30,418
27,839		 Total
£
1,374,764
8,544
(1,213)
1,382,095
631,905
34,330
(1,165)
665,069
717,026
742,860
Totals
£
758,087
283,897
-
(205,174)
31,089
-
867,899
867,899
758,087
798,682

Restricted investments consists of Permanent Endowment £23,047 (2023: £20,337), Recoupment £8,072 (2023: £7,613) and Bequest investment transferred to General investments in exchange for cash (2023: 2,468).

16.18% (2023: 13.64%) of the investments are listed in the UK stock market and 54.41% (2023: 70.10%) of the funds are domiciled in the UK.

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 2024

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24
£
182
-
Prepayment and accrued income
6,102
6,284
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24
£
Trade creditors
6,946
21,078
21,034
1,013
2,400
Deferred Capital Grant
16,978
69,449
CREDITORS: AMOUNTS FALLING DUE MORE THAN ONE YEAR
31.12.24
£
70,684
Deferred Capital Grant
237,696
308,380
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		 31.12.23
£
1,726
(1,321)
6,088
6,493
31.12.23
£
16,541
17,532
15,632
923
1,919
16,978
69,526
31.12.23
£
71,697
254,674
326,372

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

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		 31.12.24
£
271,653
(16,978)
254,675		 31.12.23
£
288,631
(16,978)
271,653

The grant from the Homes and Community Agency is recognised as income over the following 15 years until 2039.

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 2024

11. MOVEMENT IN FUNDS

At 1.01.24
£
Unrestricted funds
General fund
582,859
Extraordinary repair fund
625,391
Property fund
Cyclical repair fund
102,016
1,310,266
Restricted and Endowment funds
Cycle store fund
-
Mrs Allen's Bequest fund
2,468
Permanent Endowment fund
97,963
Recoupment fund
7,613
108,044
TOTAL FUNDS
1,418,310
Incoming
resources
£
Unrestricted funds
General fund
259,011
Extraordinary repair fund
-
Property fund
-
Cyclical repair fund
-
259,011
Restricted and Endowment funds
Cycle store fund
3,000
Mrs Allen's Bequest fund
109
Permanent Endowment fund
809
Recoupment fund
364
4,282
TOTAL FUNDS
263,293
Net movement in funds, included in the above are a		 Net
movement in
funds
£
(4,791)
15,286
-
-
10,495
3,000
2,111
1,838
824
7,773
18,268
Resources
expended
£
(284,294)
-
-
-
(284,294)
-
-
-
-
-
(284,294)
s follows:		 Transfer
between
funds
£
(104,605)
(200,000)
306,401
-
1,795
-
(2,111)
680
(364)
(1,795)
-
Gains and
losses on
investments
£
20,492
15,286
-
-
35,778
-
2,002
1,029
459
3,491
39,269		 At 31.12.24
£
473,462
440,677
306,401
102,016
1,322,556
3,000
2,468
100,481
8,073
114,022
1,436,578
Movement in
funds
£
(4,791)
15,286
-
-
10,495
3,000
2,111
1,838
824
7,773
18,268

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 2024

12. 2023 COMPARATIVE MOVEMENT IN FUNDS

At 1.01.23
£
Unrestricted funds
General fund
543,716
Extraordinary repair fund
611,861
Cyclical repair fund
102,016
1,257,594
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
625,391
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 21

Elizabeth Dowell's Trust

Notes to the Financial Statements for the Year Ended 31 December 2024

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		 31.12.24
£
18,268
34,377
(16,978)
(31,089)
(8,180)
(24,683)
7,893.68
(20,392)
209.28
(166.97)
(20,349)
31.12.24
£
212,165
11,033
223,198		 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

14. RELATED PARTY TRANSACTIONS

During the year Mr R. J. Wishart, a Trustee, purchased building materials totalling £0 (2023:£1693) for the new flats' development project and was reimbursed these expenses. Mrs M Girvan, a Trustee, was reimbursed for purchases made totalling £374 (2023: £392).

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 2024

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
Site assistant fee
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
Resident inconvenience compensation		 Unrestricted
funds
£
181,550
37,830
(3,916)
975
2,193
16,978
235,610
-
14,523
-
14,523
33,708
2,347
5,824
3,508
7,760
4,925
10,124
2,747
447
1,876
751
1,616
186
5,910
2,878
(1,321)
83,288
24,353
-
104,778
-
6,080
1,339
136,549		 Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 31.12.24
£
181,550
37,830
(3,916)
975
2,193
16,978
235,610
-
14,523
-
14,523
33,708
-
2,347
5,824
3,508
7,760
4,925
10,124
2,747
447
1,876
751
1,616
186
5,910
2,878
(1,321)
83,288
24,353
-
104,778
-
6,080
1,339
136,549		 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
18,695
6,419
52,535
2,659
4,707
-
85,014

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 2024

15. DETAILED STATEMENT OF COMPREHENSIVE INCOME CONTINUED

Depreciation Charged
Depreciation -fixtures & fitting
Depreciation -properties
Property component disposal
TOTAL OPERATING COSTS
OPERATING (LOSS)/SURPLUS
Donations
Interest receivable and other income
Interest receivable
Investment income
Interest and financing costs
Interest payable
Bank charges
Costs associated with investments
(LOSS)/SURPLUS FOR THE YEAR
Unrealised gains/(loss) on investments
Realised (losses)/gains on fixed asset
investments
TOTAL COMPREHENSIVE
INCOME FOR THE YEAR BEFORE
TRANSFE OF FUNDS		 Unrestricted
funds
£
1,275
33,054
48
34,377
268,737
(33,127)
-
23,401
23,401
(6,841)
(1,052)
(7,663)
(15,557)
9,841
(15,442)
25,937
10,495		 Restricted
funds
£
-
-
-
-
-
-
3,000
1,282
1,282
-
-
-
-
(1,661)
2,621
5,152
7,773		 31.12.24
£
1,275
33,054
48
34,377
268,737
(33,127)
3,000
-
24,683
24,683
(6,841)
(1,052)
(7,663)
(15,557)
8,180
(12,821)
31,089
18,268		 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
104,151
(50,665)
53,487

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 2024

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
Site assistant fee
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
18,695
6,419
52,535
2,659
4,707
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
18,695
6,419
52,535
2,659
4,707
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
21,085
11,604
32,761
5,681
5,277
76,409

The notes form part of these financial statements

Page 25

Elizabeth Dowell's Trust

Notes to the Financial Statements for the Year Ended 31 December 2024

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
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
102,720
(52,457)
50,263		 Restricted
funds
£
-
-
-
-
-
-
-
-
1,431
1,431
-
-
-
0
-
1,431
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
104,151
(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
54,739
(132,354)
(77,616)

The notes form part of these financial statements Page 26