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2025-09-30-accounts

REGISTERED CHARITY NUMBER: 217309

Report of the Trustees and Unaudited Financial Statements for the period to 30th September 2025 for

Elizabeth Dowell's Trust

incorporating P & W Social Accountants Ltd

Elizabeth Dowell's Trust

Contents of the Financial Statements for the period to 30th September 2025

Page
Report of the Trustees
including Statement of Trustees' Responsibilities 1
Independent Examiner's Report 7
Statement of Comprehensive Income 2025 8
Comparative Statement of Comprehensive Income 2024 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 2025 23
Comparative Detailed Statement of Comprehensive Income 2024 25

Elizabeth Dowell's Trust

Report of the Trustees for the period to 30th September 2025

The trustees present their report with the financial statements of the charity for the nine months ending 30th September 2025. 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 A2786 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 nine months to 30th September 2025 and up to the date of approval of the financial statements:

Mr C. J. Wall Chair Revd. Professor F J Berry Appointed 15th May 2025 Ms A Durbin Mr S Gibbons Ms M. T. Girvan Treasurer Mr T. H. Glasspool Resigned 21st March 2025 Mrs I. S. Knowles Mr. R. I. Stanton Mr N B van Wijk Appointed 28th April 2025 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 period to 30th September 2025

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.

MERGER WITH ELIZABETH DOWELL'S ALMSHOUSE TRUST

On 30th September 2025 the merger was completed between Elizabeth Dowell's Trust and Elizabeth Dowell's Almshouse Trust, a Charitable Incorporated Organisation, Charity Registration Number 1204800.

In line with the Pre-Merger Vesting Document signed 16th September 2025 all assets, liabilities and reserves were transferred from Elizabeth Dowell's Trust to Elizabeth Dowell's Almshouse Trust on 30th September 2025.

FINANCIAL REVIEW

The financial review below relates to the transactions to midnight on 30th September 2025. At 1 minute past midnight on 30th September 2025 the assets, liabilities and reserves were transferred to Elizabeth Dowell's Almshouse Trust.

Income, for the 9 months period, including investment and donation income was £206,052 (for the year 2024: £263,293, 2023: £250,317). Donations during the 9 month period totalled £302 (for the year 2024: £3,000, 2023: £51).

The net surplus before unrealised gains/losses on investments was £43,738 (2024: loss £12,821, 2023: surplus £104,151). The overall net movement in funds for the year was a surplus of £86,869 (2024: a surplus of £18,268, 2023: a surplus of £53,487). This includes a unrealised gain on investments of £41,131 (2024: gain £31,089, 2023: loss £50,665) .

During the year a loan was provide to Elizabeth Dowell's Almshouse Trust to provide funds for any pre-merger expenditure. The value of the loan on 30th September 2025 was £25,107.

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.

Page 2

Elizabeth Dowell's Trust

Report of the Trustees for the period to 30th September 2025

OPERATIONAL PERFORMANCE

The Trust continued in a good position, with full occupancy and a long waiting list. Some small arrears arose as a result of misunderstanding, but both residents have committed to a payment plan to make good. Various projects requested by residents have been completed during the period, including key safes for all residents, a cycle shed, with the help of a grant from Baron Davenport, a woodland path, and new garden furniture. We have also installed a stairlift for 2 residents, one wholly funded by ourselves. In addition, we have undertaken further retarmaccing of footpaths, moss clearance from roofs, replacement of 2 fire doors and refurbishment of wetrooms. We received a favourable quinquennial report, and any small outstanding work will be passed over to Elizabeth Dowell's Almshouse Trust post the merger with the Trust on 30th September 2025.

INVESTMENT PERFORMANCE

Our long term investments continued to improve, bolstered by a further £50k switch from cash to investments in April. In addition we completed the amalgamation of our separate investment funds into one, thereby reducing costs and allowing smaller funds to benefit from investments not otherwise open to them.

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.

30.09.25 31.12.24
1. Reinvestment % 0.47% 0.42%
2a. New supplydelivered %(Social Housingunits) 0.00% 0.00%
2b. New supplydelivered %(Non-Social Housingunits) 0.00% 0.00%
3. Gearing% -14.30% -21.33%
4. Earnings before Interest, Tax, Depreciation, Amortisation, Major Repairs
Included Interest Cover %		 967.58% 85.79%
5. Headline Social HousingCost Per Unit £4,463.97 £7,665.57
6a. OperatingMargin(social housinglettings)% 14.89% -14.06%
6b. OperatingMargin(overall)% 14.89% -14.06%
7. Return on Capital Employed(ROCE)% 1.53% -1.90%

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.

Page 3

Elizabeth Dowell's Trust

Report of the Trustees

for the period to 30th September 2025

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 required 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's 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.

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 Almshouse Trust is very willing to participate with any benchmarking group that comes to the Trust's attention within a similar area of operation.

2025 2024 Target 2024
1. Occupancy 99.62% 98.23% 95.00%
2. Contributions collected as a percentage of contributions
owed		 99.55% 101.55% 100.00%
3. Percentage of residents completingannualquestionnaire N/A 68.75% 50.00%
4. % of items raised in annual questionnaire which have been
closed out duringtheyear.		 87.50% 90.91% 100.00%

The annual resident questionnaire was issued in November 2025 after the merger. Therefore the percentage of residents completing the form will be reported in Elizabeth Dowell's Almshouse Trust 2025 accounts.

FUNDS

As per our governing documents, investments representing the Extraordinary Repairs Fund (ERF) and General Fund have been shown at market value within the unrestricted funds at 29th September 2025, before transferring to the CIO at 1 minute past midnight on 30th September 2025.

Investments representing the Permanent Endowment Fund and Recoupment Fund are shown within restricted funds at the market value on 29th September 2025 before transferring to the CIO on the 30th September. Any income earned on these investments is treated as General Fund income in line with governing documents.

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.

Page 4

Elizabeth Dowell's Trust

Report of the Trustees for the period to 30th September 2025

RISK MANAGEMENT

Risks continued to be managed in accordance with our policy, The major risk identified of transfer to a CIO has now been mitigated as the transfer has taken place. Any outstanding actions have been transferred to Elizabeth Dowell's Almshouse Trust, as has the Risk Management Policy and review procedure, and our Disaster Recovery Policy.

Regular maintenance inspections and Health & Safety reviews are carried out and adequate insurance cover has been obtained in order to cover potential losses.

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

Following the merger with Elizabeth Dowell's Almshouse Trust, a Charitable Incorporated Organisation (CIO), on 30th September 2025, this will be the final set of accounts for Elizabeth Dowell's trust.

The results of the strategic review, considering provision of additional accommodation, installation of solar panels etc will be carried forward and reported by the CIO.

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 period to 30th September 2025

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 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. 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 period to 30th September 2025

Unrestricted
General and
Designated
funds
Notes
£
TURNOVER
15.
186,747
Operating Costs
15.
(151,922)
OPERATING SURPLUS/ (LOSS)
34,825
Donations
15.
55
Interest receivable and other income
2.
19,003
Interest payable and finance costs
15.
(12,361)
Realised gains on investments
15.
8,682
SURPLUS/(LOSS) FOR THE YEAR
50,204
Unrealised gains on investments
6.
41,668
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR BEFORE TRANSFER
OF FUNDS
91,872
Transfer between funds
11.
(1,769)
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR
90,103
Total funds brought forward
11.
1,322,556
TOTAL FUNDS TRANSFERRED TO
ELIZABETH DOWELL'S
ALMSHOUSE TRUST ON 30.09.25
11.
1,412,659		 Restricted
and
Endowment
funds
£
-
(7,018)
(7,018)
247
-
-
305
(6,466)
1,463
(5,003)
1,769
(3,233)
114,022
110,788		 Nine months to
30.09.25
Total funds
£
186,747
(158,940)
27,807
302
19,003
(12,361)
8,987
43,738
43,131
86,869
-
86,869
1,436,578
1,523,447		 Year to
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

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 2024

Unrestricted
General and
Designated
funds
Notes
£
TURNOVER
16.
235,610
Operating Costs
16.
(268,737)
OPERATING (LOSS)/ SURPLUS
(33,127)
Donations
16.
0
Interest receivable and other income
16.
23,401
Interest payable and finance costs
16.
(15,557)
Realised gains/ (losses) on investments
16.
9,841
(LOSS)/SURPLUS FOR THE YEAR
(15,442)
Unrealised gains/(loss) on investments
16.
25,937
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR BEFORE TRANSFER
OF FUNDS
10,495
Transfer between funds
12.
1,795
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR
12,290
Total funds brought forward
12.
1,310,266
TOTAL FUNDS CARRIED FORWARD
12.
1,322,556		 Restricted
and
Endowment
funds
£
-
-
-
3000
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)
3000
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
50.56
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 9

Elizabeth Dowell's Trust

Statement of Financial Position At 30 September 2025

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
£
-
-		 Restricted
Fund
-
-		 Endowment
Funds
£
-
-
-
-
-
-
-
-
-
-
-		 30.09.25
Total funds
£
-
-		 31.12.24
Total funds
£
717,026
867,899
-
-
-		 -
-
-		 -
-
-		 1,584,926
6,284
223,198
-
-		 -
-		 -
-		 229,482
(69,449)
-
-
-		 -
-
-		 -
-
-		 160,033
1,744,958
(308,380)
- - - 1,436,578
-
-
-		 1,322,556
10,541
100,481
- 1,433,578

The notes form part of these financial statements Page 10

Elizabeth Dowell's Trust

Statement of Financial Position At 30 September 2025

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 11

Elizabeth Dowell's Trust

Statement of Cash Flows for the Year Ended 30th September 2025

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
Transfer of cash at bank and in hand to Elizabeth Dowell's Almshouse Trust		 30.09.25
£
(4,261)
(5,860)
(10,120)
(3,207)
19,003
(163,715)
104,993
(42,925)
(495)
(53,541)
223,198
(169,657)
-		 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

The transfer of the account names at Lloyds Bank from Elizabeth Dowell's Trust to Elizabeth Dowell's Almshouse Trust was completed on 25th December 2025. Cash held with HSBC was transferred from Elizabeth Dowell's Trust accounts to those held in the name of Elizabeth Dowell's Almshouse Trust on 3rd October 2025.

The notes form part of these financial statements Page 12

Elizabeth Dowell's Trust

Statement of Changes in Funds for the period to 30th September 2025

Balance at 1 January 2024
Surplus/(Deficit) for the year
Balance at 31 December 2024
Surplus for 9 months
Balance prior to transfer
Transfer to Elizabeth Dowell's Almshouse Trust
Balance as 30th September 2025
Balance at 1 January 2023
Deficit for the year
Balance at 31 December 2023
Surplus/(Deficit) for the year
Balance as 31 December 2024
Statement of Changes in Funds
for the Year Ended 31 December 2024		 Unrestricted
Funds
£
1,310,266
12,290
1,322,556
90,103
1,412,659
(1,412,659)
-
Unrestricted
Funds
£
1,257,593
52,673
1,310,266
12,290
1,322,556		 Restricted
Funds
£
10,081
3,460
13,541
(4,772)
8,769
(8,769)
-
Restricted
Funds
£
10,155
(74)
10,081
3,460
13,541		 Endowment
Funds
£
97,963
2,518
100,481
1,538
102,019
(102,019)
-
Endowment
Funds
£
97,076
887
97,963
2,518
100,481		 Total
Funds
£
1,418,310
18,268
1,436,578
86,869
1,523,447
(1,523,447)
-
Total
Funds
£
1,364,824
53,486
1,418,310
18,268
1,436,578

The notes form part of these financial statements Page 13

Elizabeth Dowell's Trust

Notes to the Financial Statements for the period to 30th September 2025

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 Comprehensive Income 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 period to 30th September 2025

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 period to 30th September 2025

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 was exhausted by the purchase of new garden furniture. Christmas parties will now be funded from the General Fund.

Miss Edwards Fund was donated by her sister in memory of Miss Edwards who was a resident at the Trust. The fund is to be used for the purchase of plants for the garden and for residents events.

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 Comprehensive Income in the period to which they relate.

Going Concern

The Trust merged with Elizabeth Dowell's Almshouse Trust on 30th September 2025. The trustees considers that there are no material uncertainties about the new 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 period to 30th September 2025

Merger

At one minute past midnight on 30th September 2025 Elizabeth Dowell's Trust merged with Elizabeth Dowell's Almshouse Trust (EDAT). The balances shown in the notes below reflect the transactions to the 29th September 2025 and a transfer of assets, liabilities and funds to Elizabeth Dowell's Almshouse Trust on 30th September 2025.

2. INVESTMENT INCOME

INVESTMENT INCOME
30.09.25 31.12.24
£ £
Income from UK investments 19,003 24,683

3. TRUSTEES' REMUNERATION, BENEFITS AND DONATIONS

Trustee’s remuneration

There were no trustee’s remuneration or other benefits for the nine months to 30 September 2025 nor for the year ended 31 December 2024.

Trustee’s expenses

There were no trustee’s expenses paid for the nine months to 30 September2025 or for the year ended 31 December 2024. Trustees were reimbursed for expenditure that they incurred on behalf of Elizabeth Dowell's Trust £64 (2024: £374).

Trustee’s donations

There were no trustee’s donations for the nine months to 30 September 2025 or for the year ended 31 December 2024.

  1. STAFF COSTS
Other pension costs
Wages and salaries		 30.09.25
£
26,818
1,806
28,624		 31.12.24
£
33,708
2,347
36,055

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

30.09.25 31.12.24
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 period to 30th September 2025

5. TANGIBLE FIXED ASSETS

At 1 January 2025
Additions
Transfer to EDAT on 30.09.2025
At 30 September 2025
DEPRECIATION
At 1 January 2025
Charge for year
Transfer to EDAT on 30.09.2025
At 30 September 2025
At 30 September 2025
At 31 December 2024
6.
FIXED ASSET INVESTMENTS
MARKET VALUE
At 1 January 2025
Additions
Equalisation
Disposals
Revaluations
Transfer to EDAT on 30.09.2025
At 30th September 2025
NET BOOK VALUE
At 30th September 2025
At 31 December 2024
Cost value of investments transferred
COST
NET BOOK VALUE		 Housing
properties
£
888,348
-
(888,348)
-
366,906
11,964
(378,870)
-
-
521,442
General
£
437,555
109,660
(50,442)
22,901
(519,674)
-
-
437,555
460,019		 Housing
components
£
444,602
3,207
(447,809)
-
255,837
12,815
(268,652)
-
-
188,764
ERF
£
399,225
50,146
(42,269)
18,767
(425,869)
-
-
399,225
376,981		 Equipment ,
fixtures and
fittings
£
49,145
-
(49,145)
-
42,325
1,055
(43,381)
-
-
6,820
Restricted &
Permanent
Endowment
£
31,119
3,909
(3,295)
1,463
(33,196)
-
-
31,119
29,385		 Total
£
1,382,095
3,207
(1,385,302)
-
665,069
25,834
(690,903)
-
-
717,026
Totals
£
867,899
163,715
-
(96,006)
43,131
(978,739)
-
-
867,899
866,385

Restricted investments consists of Permanent Endowment £24,585 (2024: £23,047) and Recoupment £8,611 (2023: £8,072).

16.13% (2024: 16.18%) of the investments are UK equity and 54.84% (2024: 54.41%) 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 period to 30th September 2025

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

8.

9.

30.09.25
£
744
(744)
1,771
Loan to Elizabeth Dowell's
Almshouse Trust
25,107
Prepayment and accrued income
2,699
Transfer to EDAT on 30.09.2025
(29,577)
-
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.09.25
£
Trade creditors
2,101
14,875
18,700
1,061
106
Deferred Capital Grant
16,978
Transfer to EDAT on 30.09.2025
(53,822)
-
CREDITORS: AMOUNTS FALLING DUE MORE THAN ONE YEAR
30.09.25
£
70,141
Deferred Capital Grant
224,962
Transfer to EDAT on 30.09.2025
(295,104)
-
Weekly maintenance charges receivable
Less provision for doubtful debts
Other Debtors
Maintenance charge received in advance
Taxation, social security and pensions
Accruals and deferred income
Housing loans
Housing loans		 31.12.24
£
182
-
-
-
6,102
-
6,284
31.12.24
£
6,946
21,078
21,034
1,013
2,400
16,978
69,449
31.12.24
£
70,684
237,696
308,380

Housing loans are secured on the Trust's housing properties and are repayable in instalments at 9.5% (2024: 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 30th September transferred to EDAT (2024: 31st December)		 30.09.25
£
254,675
(12,734)
241,940		 31.12.24
£
271,653
(16,978)
254,675

The grant from the Homes and Community Agency is recognised as income over the following 14.25 years until 2039.

The notes form part of these financial statements

Page 19

Elizabeth Dowell's Trust

Notes to the Financial Statements for the period to 30th September 2025

11. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Extraordinary repair fund
Property fund
Cyclical repair fund
Restricted and Endowment funds
Cycle store fund
Mrs Allen's Bequest fund
Permanent Endowment fund
Recoupment fund
Miss P Edwards
TOTAL FUNDS		 At 1.01.25
£
473,462
440,677
306,401
102,016		 Net
movement
in funds
£
69,186
22,686
-
-		 Transfer
between
funds
Transfer to
EDAT
At 30.09.25
£
£
6,574
(549,222)
-
-
(463,363)
-
(8,343)
(298,058)
-
-
(102,016)
-
1,322,556
3,000
2,468
100,481
8,072
-		 91,872
(3,065)
(3,864)
1,310
458
158		 (1,769)
(1,412,659)
-
65
-
-
1,396
0
-
228
(102,019)
-
80
(8,611)
-
(158)
-
114,022 (5,003) 1,769
(110,788)
-
1,436,578 86,869 -
(1,523,447)
-

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Extraordinary repair fund
Property fund
Cyclical repair fund
Restricted and Endowment funds
Cycle store fund
Mrs Allen's Bequest fund
Permanent Endowment fund
Recoupment fund
Miss P Edwards
TOTAL FUNDS		 Incoming
resources
£
205,805
-
-
-
Resources
expended
£
(164,283)
-
-
-		 Gains and
losses on
investments
£
27,664
22,686
-
-
50,350
-
-
1,310
459
-
1,768
52,119		 Movement
in funds
£
69,186
22,686
-
-
205,805
-
-
-
-
247		 (164,283)
(3,065)
(3,864)
-
-
(89)		 91,872
(3,065)
(3,864)
1,310
459
158
247 (7,018) (5,003)
206,052 (171,302) 86,869

The notes form part of these financial statements

Page 20

Elizabeth Dowell's Trust

Notes to the Financial Statements for the period to 30th September 2025

12.
2024 COMPARATIVE MOVEMENT IN FUNDS
At 1.01.24
Net
movement
in funds
£
£
Unrestricted funds
General fund
582,859
(4,791)
Extraordinary repair fund
625,391
15,286
Property Fund
-
Cyclical repair fund
102,016
-
1,310,266
10,495
Restricted and Endowment funds
Cycle store fund
-
3,000
Mrs Allen's Bequest fund
2,468
2,111
Permanent Endowment fund
97,963
1,838
Recoupment fund
7,613
824
108,044
7,773
TOTAL FUNDS
1,418,310
18,268
Incoming
resources
Resources
expended
£
£
Unrestricted funds
General fund
259,011
(284,294)
Extraordinary repair fund
-
-
Property fund
-
-
Cyclical repair fund
-
-
259,011
(284,294)
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
(284,294)
Net movement in funds, included in the above are as follows:		 12.
2024 COMPARATIVE MOVEMENT IN FUNDS
At 1.01.24
Net
movement
in funds
£
£
Unrestricted funds
General fund
582,859
(4,791)
Extraordinary repair fund
625,391
15,286
Property Fund
-
Cyclical repair fund
102,016
-
1,310,266
10,495
Restricted and Endowment funds
Cycle store fund
-
3,000
Mrs Allen's Bequest fund
2,468
2,111
Permanent Endowment fund
97,963
1,838
Recoupment fund
7,613
824
108,044
7,773
TOTAL FUNDS
1,418,310
18,268
Incoming
resources
Resources
expended
£
£
Unrestricted funds
General fund
259,011
(284,294)
Extraordinary repair fund
-
-
Property fund
-
-
Cyclical repair fund
-
-
259,011
(284,294)
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
(284,294)
Net movement in funds, included in the above are as follows:		 12.
2024 COMPARATIVE MOVEMENT IN FUNDS
At 1.01.24
Net
movement
in funds
£
£
Unrestricted funds
General fund
582,859
(4,791)
Extraordinary repair fund
625,391
15,286
Property Fund
-
Cyclical repair fund
102,016
-
1,310,266
10,495
Restricted and Endowment funds
Cycle store fund
-
3,000
Mrs Allen's Bequest fund
2,468
2,111
Permanent Endowment fund
97,963
1,838
Recoupment fund
7,613
824
108,044
7,773
TOTAL FUNDS
1,418,310
18,268
Incoming
resources
Resources
expended
£
£
Unrestricted funds
General fund
259,011
(284,294)
Extraordinary repair fund
-
-
Property fund
-
-
Cyclical repair fund
-
-
259,011
(284,294)
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
(284,294)
Net movement in funds, included in the above are as 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
1,310,266
-
2,468
97,963
7,613		 10,495
3,000
2,111
1,838
824		 1,322,556
3,000
2,468
100,481
8,073
108,044 7,773 114,022
1,418,310 18,268 1,436,578

Resources
expended
£
(284,294)
-
-
-
e as follows:		 Movement
in funds
£
(4,791)
15,286
-
-
259,011
3,000
109
809
364		 (284,294)
-
-
-
-		 10,495
3,000
2,111
1,838
824
4,282 - 7,773
263,293 (284,294) 18,268

The notes form part of these financial statements Page 21

Elizabeth Dowell's Trust

Notes to the Financial Statements for the period to 30th September 2025

13. RECONCILIATION OF SURPLUS AFTER TAX TO NET

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 held prior to transfer to EDAT
Cash at bank and in hand transferred to EDAT
Cash at bank and in hand at the end of the period
Operating cash flows before movement in working capital		 30.09.25
£
86,869
25,834
(12,734)
(43,131)
(8,987)
(19,003)
5,860
34,708
(23,293)
(15,676)
(4,261)
30.09.25
£
155,043
14,614
169,657
(169,657)
-		 31.12.24
£
18,268
34,377
(16,978)
(31,089)
(8,180)
(24,683)
7,894
(20,391)
209
(167)
(20,349)
31.12.24
£
212,165
11,033
223,198
-
223,198

The transfer of the account names at Lloyds Bank from Elizabeth Dowell's Trust to Elizabeth Dowell's Almshouse Trust was completed on 25th December 2025. Cash held with HSBC was transferred from Elizabeth Dowell's Trust accounts to those held in the name of Elizabeth Dowell's Almshouse Trust on 3rd October 2025.

14. RELATED PARTY TRANSACTIONS

During the nine months to 30 September 2025 Trustees were reimbursed for expenses they incurred on behalf of the Trust; Mrs M Girvan £4 (2024: £374), Mr C Wall £60 (2024: £nil).

The notes form part of these financial statements

Page 22

Elizabeth Dowell's Trust

Notes to the Financial Statements for the period to 30th September 2025

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
Building Maintenance services
Void and major repairs
Central heating servicing and gas repairs
Cyclical Maintenance
Resident inconvenience compensation		 Unrestricted
funds
£
139,502
32,779
(648)
850
1,530
12,734
186,747
(734)
11,291
-
10,557
26,818
1,806
4,647
2,679
5,517
(3,444)
8,321
1,629
1,381
321
1,084
122
7,584
2,660
744
61,868
24,000
1,920
21,673
6,070
53,663		 Nine months to
Restricted
funds
30.09.25
£
£
-
139,502
-
32,779
-
(648)
-
850
-
1,530
-
12,734
-
186,747
-
(734)
-
11,291
-
-
-
10,557
-
26,818
-
-
-
1,806
-
4,647
-
2,679
-
5,517
-
(3,444)
45
8,366
-
1,629
-
-
-
1,381
44
365
-
1,084
122
-
7,584
-
2,660
-
744
89
61,957
-
24,000
-
1,920
6,929
28,602
-
-
-
6,070
-
-
6,929
60,592		 Year to
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

The notes form part of these financial statements Page 23

Elizabeth Dowell's Trust

Notes to the Financial Statements for the period to 30th September 2025

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
SURPLUS/(LOSS) FOR THE YEAR
Unrealised gains on investments
Realised gains on fixed asset
investments
TOTAL COMPREHENSIVE
INCOME FOR THE YEAR BEFORE
TRANSFER OF FUNDS		 Unrestricted
funds
£
1,055
24,779
25,834
151,922
34,825
55
399
18,604
19,003
(5,085)
(775)
(6,502)
(12,361)
8,682
50,203
41,668
91,872		 Nine months to
Restricted
funds
30.09.25
£
£
-
1,055
-
24,779
-
-
-
25,834
7,018
158,940
(7,018)
27,807
247
302
399
18,604
-
19,003
-
(5,085)
-
(775)
-
(6,502)
-
(12,361)
305
8,987
(6,465)
43,738
1,463
43,131
(5,003)
86,869		 Year to
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

The notes form part of these financial statements Page 24

Elizabeth Dowell's Trust

Notes to the Financial Statements for the period to 30th September 2025

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
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 25

Elizabeth Dowell's Trust

Notes to the Financial Statements for the period to 30th September 2025

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
TRANSFER 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
-
-
-
0
(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 26