COWDRAY DWELLINGS TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
COWDRAY DWELLINGS TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 Tn]steu' ADnuai Report Sta*ment of Fin8nciai Activities Cash Flow Statement S¢hedul¢ of Invuiments and Inwme 10 Note8 theFitwKial Statrments 11- 17
COWDRAY DWELLINGS TRUST TRUSTEES, ANNUAL REPORT FOR THE YEAR EIYDED 5 APRIL 2025 The TnLSt¢es 8re pleased to present their report togethtt with tbe financia18tatements of the ch8rity for the Ye ended 5 Apytl 2025. Tr financial statements hav¢ bcen prepared in accordance with the a¢counting PK>li¢ies set out in th¢ note$ to th¢ fitlancial statements and comply with the charity's gov¢rnirtg dowmenl the Charitie5 Act 2011 and Accounting ajd RerM)rting by Chariues.. Stat¢m¢nt of Re¢omrnended Prxtice applithl¢ to charities pparing their deeounts in accordanc¢ with the Financial Reporting St*)dard applicable in the UK and Rcwblic of Irelaj published in (ktober2019. Objectives #ctivhies The primojy objective of the Thjst i8 10 provid¢ accoM(NjIOll at a reduced rent to benefit IOlls of advances age. infimity or p)vcrty who arc. or havc been at some time, resident in certain parishes in Wesi Sussex. The TrUS¢SY pay or apply the un]tStri¢ted capitsl Snd in¢om¢ of the Ch8rity or for such charitable Institutio or pu &$ thc Tnjstees in th¢ir absolute discr¢tion think fi¢ The TnJstee8 cany out th¢s¢ objectives by regul8Jly considering appeals from other ¢h8ritic$ #nd irAking Folicy and ffiJtKiin8 dccisions. Publi¢ BeDefit Th¢ Truste¢$ wnfirm that they have complted with the duty in section 17 of the Charities Act 2011 and have refejytd to the Euidartte Contained in the Charity Commission's general guidgllJc¢ public benefit when reviewing the Charity's aims and objectives ond in plonning futtJre activities setting the donations liCY for the year. Thc bcnefii that arises is the provision of filllding to organiwioos that deTtLon5trdte charitabl¢ purpos The ChaTity provides a benefit to the public in the provL5ion of affordable accomodètion to those r¢sident of West s in TKcd due to age. infjrnity or poverty. Th¢ Trustees re¢¢ived £559.961 in investment incomc in the current year [2024.. £495,990] and the Tnjstees have achieved th¢ir int¢oiion of Slg the incom¢ on ¢h8ritoble aGtivities. Net outgoing resources for the year were U3.03612024.' outgoing £60,522]. In addition the Trust made an unrealised los8 of £6.860 [2024.. gain £12,066]. The net outgoing mowement on ndS was £29,89612024.' outgoing £48.4561. During th¢ year, the tnle¢S undertook a review oft how the 67 proFKrtie5 held arc curretrtly bcing used. As a result of this review, the tsusie¢s have revdued the 67 pmp¢rti¢s ¢0 th¢ir ]naTk¢t value5 and rlaSSified 49 properties &8 Investment prO1rtIes. These 49 propcrtie5 are held to generate intom¢ whiGh allows the trn8tees to make fijrther cbaritable grants. Investmettt poll¢y The TnJste¢s hov¢ irtstruthd the Investment Manager that the portfolio 15 to be inve5tcd to produce a suitable mixture of incom¢ its order that the levcl of grants may be maintained And ¢ap2tal growth to secure the fumre of the a)arity over the eoming y¢8Js. The Tnjstees confidertthat the fvtur¢ ID¢ome stream 15 secure. The investment policy ts monitored by Tegular investment rep)rts medings with the InvestmEllt Manag¢r. A bre&kdown of the investments held during the financial year ended 5 April 2025 Can be seen on page 10. During the financial year ended 5 April 2024 the trustees implemented a ¢hange in Property allocotion. The income generated fri>m the properties which were reallocated io investhient properties will be used for continuingthe charitable mS of the charity. Risk ManagtmeAt Th¢ major risks to which the Charity is exp)sed hav¢ Ixen identified Steps taken to mitigate tknse risk& The main risk t(p th¢ Chgrity concerns the investments held. The Tn]stees have miti8at&l this riskby en888ing C8z¢nove Capits] to mana8e the investments and monitor th¢ portfolio and fInaLa[ risks the Charity. Th¢ Tru$t¢¢s r¢gul8rly review the V8Iu8tion of investm¢nts and the income stre8m generated. The Trustecs have satisfjed them5elvc5 that the tnjst is a going rontttn has adequate resources to continue in owationol existence for the foreseeable fvture. The charitable adivities ore fundcd by the investment wrtfo]io and although Covid-19 did have a negative impact on Ihi5, the portfolio h&8 recovered with sufficient value to support continued grant making.
COWDRAY DWELLINGS TRUST TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2025 Reserv¢s poll¢y It is the inMtion of the Tru5t¢u to sustairt the uttr¢$tricted funds at a level which will provide 5uffJcicnt for thc level of grants paid and to ¢OV¢T th¢ Charity'8 manag¢m¢nt and administration co$ts. At the Ban¢¢ Slct datc the unrcstricted reserves atnounted to £26,887,690. Fmtsre FI The Tru5t¢e5 do not envisage any material change to th¢ operation of the Charity in the long-term and the inveth)ents will continue to be MAged on a similar b&8is as they ar¢ rjow. Notwithstandin8 this, the Tru$tc¢s r¢tnwn flcxiblc in terms of the type of or8anisation it support5. li is ¢nvISag that the ItMe of the Charity will be $uffi¢ient to cover the costs of maintinging the 67 proptrtitt8 held for iKTrth inv¢slment and charitabl¢ FRup0s. Stru¢tyr< gov¢Th4nce mMagement The Tn]si h&q charithble statsJ8 a[ was up by Third VJ5count Cowdray by Deed dated 6 Derullb 1976. The management of the Charity is vest¢d in the Trustees Pd they actively review th¢ peiVed maj(f risk8 which the Charity facts atsd the Trustcts arc satisfied that the 5yStcm5 are in place miugate those risks. Tk Tru5tCC5 have re£eived appropriate briefjng on their reSnsibl]Ities under the law relating to charities 8nd their duty to ensure that their ch&riTable activities are for the public bEncfit. The appointment of new ttustees is vesod in th¢ Twstees in place at the time of th¢ opwintm¢nt. The selection of fvture trustee5 will have re88td to lh¢ ski114 knowledge and expeTicncc nccdcd for thc effective ad]ninistration of the Charity. Indudion and iraining for truse3 is provid¢d wher¢ r¢l¢v8mt. RÈfÈThkne¢ athd adminirtrAtive Infonnation Are8tsi¢red Charity, registered with the Charity Comtni55ioners for En8land and Wales as numbEr 272807. Princi1 Office: 4th Floor, 7 Swallow Str¢¢t Lonth)n WIB4DE Thc Trust¢&s ar¢ DtckinsonTrust Limited and Rathb)nes TTU5t Cornpany Limited. llje Directors of Dickinson Tn1 Limited are: The Hon H M T Gibson (ChairnLaTJI The Viscount Cowdray {Re5igned 12 Mawh 2025) The Hon C A Pegrson The Hon PN Gibs TheHonBCG MrJRESmiih Mr R C P Troughton {Resid 13 June 20241 MTS S J Burrell Mrs C A Bullough (Appointal 30August 2024) The Hon P J D P¢Èrson (Aprointed 30 Augu5t2024) Mr S J AtkiTL80n MI7 F A Ri¢e Mr M P Harris Mr K Wri8ht
COWDRAY DWELLINGS TRUST TRUSTEES, ANI¥UAL REPORT FOR THE YEAR ENDED 5 APRIL 2025 Thc DircLtors of Rathbones Trustcompw Limit¢dar¢.' Mr T Harris (Trdawin8DiMtor} fvtr R P Stockton Olesled 6 June 2025) Mr B RNewbigging(Re8igtJ&l 31 Deccmbcr 2024) Miss L J Cousins IR&si8ned 31 Dcctmber 2024) MT A RichmorKi Mr J Hurrell {R¢sid 6 Jun¢ 2025) AFrost Suhaiova (Aptrf)intsJ l Juty 2025) Mrs K Rob¢rts SolicitOTS- Currey & Co LLP 33 QueenAnne Street Lonrknl WIG9HY Auditors.. Shaw Gibbs (Audit) Limited {fonnally Mantn •md CompanyAudii Limi¢a) 25 St Thorn Street W]nchcsl¢r Hampshi S023 9HJ Royftl Bonk of S¢ot]w 119- 121 Victoria Street LoTL(bn SWIE6RA Sdjjrts & Co I IA>Thlon Watl Pl London Ef2Y SAU Investtnent M&Jw. Cgzenov¢ Capital l London W1 Plac¢ EC2Y SAU
COWDRAY DWELLINGS TRUST TRUSTEESI ANNUAL REPORT FOR TIIE YEAR ENDED 5 APRIL 2025 StAt¢mellt ofTrustees' R¢$ponsibilltks The Truses are resporL8ible for prtparirtg the TNsted Rewjrt and th¢ finthGi81 statcments in accordance with applicable law and rcgulation5. The law applicabl¢ to ¢haTiti¢s in England attd W8]es Tequires the trustees to prepare financia] stements for ea¢h financial year in accordance with United Kingdom GenerAily Accepted ACCO11 Pra¢iic¢ IUnit¢d Kingdorn Accounting Statths and applicable regulations). Under that law the tru5tecs must not approve the financial statetnents unle58 they are satisfied that they givc a trne and fair view of the state of affairs of th¢ charity and of the incomin8 resowces and 8ppliuiion of r¢sour¢es of the charity for period. In prepari thes¢ finan¢ial statements the tti1sS are qUIred to: - 5el¢ct suitable accounting Wplicies &tJd then apply them consistently> - observe the methods and principles in the Charities SORP IFRS 102). - make judgemenis and acLu>unting estimates that reasonable and prudent: . state whcthcT applicable aceowiiin8 Stand&ds have becn followed. subjea to any material deprt disclosed and explained in the fin¥ncial statements. and - PT¢pare the finan¢ial stat¢m¢nts on the going concern basis unless it is inappropriate presume the ¢h8riry will continuc in busine&8. The Trustees ar¢ respotL%rble for keeping ad¢qu8te attowiing records which are sutyjcient to show &)d explain th¢ charity's tf8nsa¢tions 8nd disclosc Wlth re&nable ac£uraq at any time the financial $]110 ofthe charity and etthle thetn lo ensure that th¢ fin9Cial statements comply with the Charitie5 Act 201 I, the ChaJbties (Accounts and Reports) Regulations 2(M)8 2nd thc prov15ions of the Tnjst Deed. They are also respon$ible for $8f¢guarding the et5 of the charity and hentt for taking rtasonable steps for the preventiotl and detection of fraud snd other i¢glariUeS. Approv by the Trustees on 3010112026 and $i8n¢d on their b¢haJf by.. DickiDson Trujt Llmited Rlthbones TrustCompmy Limitt Dlrect•r Direttor
COWDRAY DWELLINGS TRUST INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 5 APRIL 2025 Opilliom We have auditcd the financial $tatenJents of Cowdray Dwellings Trust (the 'charity') for the year ended 5 April 2025 which ¢ompri5e the Statement of Finpncial Activiti the Balanc¢ Sheet. the Cash Flow Staternent 9d no ty the financial statements, in¢luding a sutnmary of stgnific8nt accountin8 poli¢ie$. The fin9claI rery>rting framework has been applicd in their prepatstion is applicable law and United Kingdom A¢¢oun¢ing Stgjjdards. including Financial R¢porting Standard 102 The Financial RetK>rting Standards IUnit¢d Kingdom Genera]ly Acccpted Aecouniing Pra¢ti¢el In our opinion th¢ fillcIal sIeM¢nts.' give a Du¢ and fair view of th¢ stste of the charity's Affairs at 5 April 2025. and of its inwming resouTttS and applitation of resources. for thc year then ended. have been properly prepared in a¢¢othnce with Untted Kingdom Generalty ACeeptedAce0ting and have been prepared in accordanc¢ with th¢ quIreMents of the Charities A¢t 2011. Basis for oplnloi We conducted our audit in accordance with Intcrr4tionaJ Standards on Audiling (UK) (ISA5 (UK)) and appli¢abl¢ IF4w. Our restM>nsibiliti¢s under those Standards are further described in the Audito¢5 responsibilities for thc audit of the firwicial statements section of OUT report. We ore itKiqKndeni of the ¢harity in accordance with the ¢thic•l r¢quirements that are relevant to our audit of the finarttia] statements in the UK, in¢luding the FRC'S Ethied Standard, and we have lfilled our other ethical resFrf)nsibilities in a¢¢ord8nct with these r¢quirern¢nts. We beli¢v¢ that the audii evidence we have obtained 1$ suffi¢ient and appropriate to provide a basi5 forour opinion. CoDcIuslon5 relaling to golng ¢ocer• In auditing the financial statements, we have concluded thot th¢ trustees, us¢ of th¢ going ¢on¢ern bdsis of accountin8 Ln the preparaiion of the finen¢ial 3tat¢ments is appropriatc. Based on th¢ work we have p¢rfomi¢d we have tK>t identified ony Ttlaterial uncertainties relatin8 to events or ¢OTKiitions that. individu811y OT collectively. may Gast 5igruficant dobI on the ¢haTity's ability to continu¢ as a g)ing concern for a period of at leosttwelve months from when the financial swements are autlM)ri8ed for issue. Our rcswnsibilitie5 and the res1n8lbIIItleS of the tMte&s are with resptct to going wnrcrn are described in the releva sections of this t¢FKTrrt. EmphAsig ofM•tter We draw attention to note 13 of th¢ financial statements and the comments in th¢ Trusiee8' Report nder Futur¢ Plans, which des¢rib¢ the ongoing review of the PToperties held and how they should be tread. Our opinion is ncrt modified in respect of thi$ matter. Otbtr infoTmAtioD The tnleeS are responsible for ihe other inforniation. The oth¢r infornjation eomprises the tnforn)arion included in the trL, annual report, other than the financial Statements and OLtr auditor's reporE th0t). OUT opinion tsn the financial $tat¢ments does )t cov¢r the other illform&ion and extept to the ¢x*llt otherwise explicitly stat¢d in our report, we do t)ot exprts5 any forni of a55UTance conclusion therwn. In wnnection with OUT audit ol the fancial Statements. our responsibility is lo read the other inforniation aft in thing 80, consider whether the other information is materially inconsistent with the fjnanrial Statements or our knowled8e obtained in the audit or oth¢rwlse appears to IK Tnaterially mitated. If we identify such material in¢on$isten¢ies or appont material missiat¢metk& w¢ are required to dctennine whether thi$ gives rise to a material misstatement in tlr fiTwicial statem¢nts th¢ms¢lv¢5. If, based on the work we have perfomied, we conclude that there is a m&teria] [nitateMfflt of this other infonnation. we att requiied to retrf)rt that fact. Wt hav¢ nothing io report in this rewd.
COWDRAY DWELLINGS TRUST INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 5 APRIL 2025 Matters on whlch we are rtquired to repDrt by exceptio W¢ h&ve •thIng to report in resrd of the following mett¢rn in fflation where the Chariiies {A¢counts 8ndR¢p)n$} R¢gulaiion8 28 requirc us to report to you if, in our opiThion: the infortnation given in the rDJste¢s' r¢pon is in¢onsist¢nt in any in&1] resptWith the fInancSai 5¢atements' or sufficient accounting records hav¢ not t¢en kw; or the fiT]oncial statements are in agreement with the accounting rxords rUm$ or we hav¢ ttotreceived ail the information explanations we require for our audit. Responsibilitits of trustees As explained tnore fi[Y in the Statement of T¢¢¢$, Resp)nsibilities, the trustea are resFon8ible for th¢ prtparaiion of the fIn8cial statements which give a tru¢ aod fair view, AT for 5urh in¢¢rna] control as the tste¢S d6tennin¢ 15 ¢s$$ry to ¢nabl¢ thc prcrATation of financi8] stalements that #r¢ frcc from material misstatement, whether due to fraud or error. In preparing the finanGi41 statcments, the tnte¢S resrMTrnsible for &ssessiDg the charity's abiIity to continue a going concern, dis¢losing, d5 applicable, matters rclated going nCern and using the going tontern basis of accounting unl¢ss th¢ tN5t¢es Eith intend to liquidate th¢ ¢h4rity or io ctase Oprat70T)$, or hav¢ no Teaiistic tnatiVe but io do . OUT responsibilities for the audit •f the fin*nci41 sts¢ements We have been aprrf)inted a8 auditor under $e¢tion 144 of thE ChIlleS Act 2011 and reFOrt in accordance the Act at¥J r¢l¢vant regulaiions made or having cffeet thcreunder. Our objectives arc to obtain re8sonable tt55urance atM)ut whether th¢ fjnanciat statements &% a whole are free from nJaterial misst8r¢m¢nt. wheth¢r due to fraud or eor, and to i85ue A ReJx)rt of the Independent Audito that includes our opinion. Rea$onabl¢ sUran 15 a high level of &ssurance, but is not a guargntee that an alldii ¢ortduaed in a¢¢ordan¢e with ISAS IUKI will WayS detert a material misst•temeni when it exists. Misstatements Can 1$¢ from fraud or eTTor amd att Considered material if. It1VIduallY or in th¢ aggr¢gatr, they eould renablY be expected to influence th¢ eLX)nomic decision5 of users takcn on thc b&8is of these fInanGia] statements. Irre8ularities, including fraul are instance5 of TLon-a)mpliance with laws and regulations. We design procedures in line with our responsibilities, othlined aiK>VC, to detect material Missta]ents in res of irre8uIRTitie4 indudin8 fraud. The extent to which our prordur¢s pr¢rapable of detecting irregui8rities, irtcluding fraud is d¢tail¢d b¢low: We obtained on understanding of the legal and regulatory framework applicable to the dkrity via discussions with the tru5t¢¢5and our pr¢viou8 knowledge of the charity. This id¢ntifi¢d that the most silifICant laws regulations relat¢ to th¢ forni content of the fJnanci21 $tat¢m¢nts swh as the Charities Act 2011, the Charities SORP {FRS 1021 and FinoJJcial Reporting Standard 102. The ¢haTity Complies with these laws and re8ulations by 8]ft8 appropriately qualified profe55ionais to prepare the fan¢141 staiements. As part of our planning process we su5Wibility of the Gharity'5 finatKial statemenls to tnateriaI trLiS5tatetnents, including how fraud might (¢¢UT by m•]iing an a55essmeTht of the kcy risk& The key risks identifjed n rcsF¢Ct of Cowdray Dwellings Trust are revenue rewgnition and ¢llbilIty of ¢haJithble giving. The tTUStees ¢onfirnied no a¢tu8], suspedfyl OT alleged cll5es of fraud. B&d on this as$essment w¢ designed our audit rffocedurey to address these key risk are with an enJph&8is on testing the income and gains otx the iTrve5tn]¢nts, the income on investment projw and the charitable donaiiorLS made. A fither descMltsn of our responsibilities for the alldit of th¢ finan¢i81 st8tsments is lo¢ated on the Finon¢tal ii¢p)rting Coun¢il's website at wwW.frc.ouklauditors1gswt]$1b]litIe& This des¢TiPtion forms p#rt of our Report of the IndEPEnd¢nt Auditors. Shaw Gibbs {Audit) Limited ch¢d C¢rtifiedAGcountants and StstutoryAudiiors Eligible to &ct 8s an dItOr in tern)s ofsection 1212 of the Comwii¢$A¢t 2(rf)6. 25 St Thom&s Street WinchcBter S023 9HJ
COWDIL4Y DWELLINGS TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025 2025 UnrY5tricted fxnd$ 2025 Tot41 d5 2024 Prfor yeAr total fllDds Note Jncome from: Chwitsble ttctivities Invesbn¢ThS 65.531 559,961 65,531 559,961 63.327 495,990 Totsl 625,492 625,492 559.317 Exp¢ndltur¢ on: Raising fund$ Charttablc activities 612,489 36,039 612,489 36,039 607,376 11463 Totsl 648,528 648.528 619.839 Nét im¢omtJ(expenditure) (23.036) (23.036) {60,522) Gainsl(lo$se5) on rcvaluation of tangible assrts 12 23,502,738 Gainsluosses) on It)vestrtL¢llt assets (6,860) (6,860) 12.066 Net movement ID fu•dg (29.896) (29,896) 23,454282 Reeo*¢iliatioD of hndJ: Total fijE brought forward 17 26,917,586 26,917,586 3,463,304 Totsl thDd8 earrl¢d fomrd 26,887,690 26,887,690 26,917,586
COWDRAY DWELLINGS TRUST BALANCE SHEET AS AT 5 APRIL 2025 Note 2025 Totil f•Dds 2024 Prior year 4J$ Flxtd Assets: Tanble Sets Investment Properties Investrnents 12 13 li 4.880.500 21.542.500 141250 5,304.(KK> 21.119.000 148.110 Totsl FiiedA&qets 26,564250 26J71,110 CThmtttAts. Debtors C&8h at bank 14 15 32,507 361,850 17,535 463,439 Total CurreAtAsgtts 394.357 480,974 LSbilitits: Creditors: Amounts falling due within one year 16 170.917) (134.498} CurrthtA$5ets or Liabilities 323,440 346,476 Totsl NrtAsgets or Ligbiliti¢g 26,887,690 26,917,586 The Fwndg ofthe Ch&i?ty: Unrutrict&l fimds 17 26,887,690 26,917,586 Totsl Chrity Fundi 26,887,690 26.917,586 Approved by the Trtee$ on 3010112026 ad signed on their behalf by: Dickinson Thist Limited RathboD TruJtCompaDy Limited DirECtor Dlr¢etoY
COWDRAY DWELLINGS TRUST CASH FLOW STATEMENT FOR THE YEAR ENDED 5 APRIL 2025 No 2025 Totsl 2024 Prk)rye#r fwnds Cash from operAtlng Ietivitlu: Nct e&8h provided by (u5rd in) opeming actiylti (727.081) (S29.?) C•sh tlops othtf 80urees: Dividend& interest 8JJd rents from investsn¢nts 625,492 559J17 625.492 559.317 N•tlDtrt45eJ(deerw¢) In e 101.589 29,521 Cash 81 bank and in hand less oyudrafts atthc beÉinnin8 of the ye4r 463.439 433.918 Cash It b##k kn kand 1¢4$ •v¢rdrsft5 at y•Ar¢D 361,850 463,439
COWDIL4Y DWELLINGS TRUST NOTES TO THE FINANCIAL STATEMENrs FOR THE YEAR ENDED 5 APRIL 2025 ststmtory Informtion Cowdray Dwcllings Trust is a re8iswed Chlty. The registered number aJ)d principa] oifice athlress Can be found in the Report of the Trustccs.. Attollnting Policie5 Ba$is of fillMclAI 8tstement8 pttparitiort The financia] swttnents of the chlty, whith is a publi¢ benefjt entity, have been prepared in accordance with the Charit1¢5 SORP {FRS 1021 'Arcounting and Rewirting by ChgJiÈies.' Staiernent of Recommended Pr&cti¢¢ appli¢abl¢ tt> ¢horities preparing their aOuntS in accordan¢¢ with the Financial Reporting S8rd appli¢able in th¢ UK RepubliG of Ireland IFRS 102) {effe¢tive l January 2019),, the Financie] Re)rtIng Stsndard 4)plicable in the United Kingdom atjd Republic of Ireland (FRS 102) and the Charities Act 2011. The financial state]ntTrts have been prepar under the historic41 cost convention. rinancial Statements hav¢ been prq>9d to give a Inw gnd fftir, VI and have deported from the Charities {Accounts and Rep)rtsl Regulation8 2008 only to the extent requircd to provide a 'true 2Thd faif view. This d¢pArture has involved following Acwunting and Reportirtg by ChIlIeS preparing their accounts in ac¢ordth¢4 with the Fingncial Rery>rtin8 StÈtKiwd applicable in the UK ortd Republic of Ireland IFRS 102) i$$ued in OctolKr 2019 rather than the Accounting at Rq)orting by Chgrilies.. Statement of Recommended PrartiG¢ efftive from l April 2005 whieh has since been remove4. The Ttee$ considcr thai there are no mAteTiaJ uncertainties theThJ$V$ ability to ¢ontinu¢ as a going concern. b} Nknr¢ Of fujds All fuNts hddore Wtr&8tricted and the Twstees I free to use them in aecordance the ¢]b]e obj¢¢ FiKed gjstt investmellts Investments are $tat¢d at market value at th¢ Baigthc¢ Sheet da Ov¢r8e&8 investments oxe vwylated into yterlirtg at the rates ruling At the year end. The Statement of Fitwtcia] Activities (SOFA) include$ the net gains and losses on rev2Juation and dispo$S throughout the ye. Income is re¢ogni5cd in the SOFA onc¢ thc has entitlement th¢ fimd4 1¢ is P]K>beble that incotne will be r¢¢¢iv¢d pnd the aD]ount can be measured reliably. Expendiiu Liabilities are re¢ognised as exp¢ndi¢ure 85 StK>n &8 ther¢ is a legat or constructiv¢ obligation Comtnitting the charity to that expenditUTe. it 15 probable th2t a transfer of eco1¢ b¢n¢fits will be required in settlement and the amouni of the obligation can be meA8ured ttliably. Expenditure is OUnted for on an accrua15 b]S and has been ¢la8s]fi under headings that wgate all costs related to that category. Where costs cannot d1CtlY attributed to particular headings, they have been allocated to activities on a b&si$ ¢on5i$t¢nt with the use of re50urce5. Charitsble grants GrRnts payabl¢ 8re re¢ogtti8eA in the SOFA when they are approvcd by the Tmstees and th¢ rccipient ha5 been infornjed or thc amount to be paid.
COWDRAY DWELLINGS TRUST NOTES TO THE FINANCIAL STATEMENrs FOR THE YEAR ENDED S APRIL 2025 (Continued) Foreign curnneie5 Trolljsadions denominated in a foreign ¢uritn¢y are ¢ron$lat¢d into sterling at the Tate of¢xchange ruling at th¢ dat¢ of the xnsaciion. At the Balance Sheet date monew &58ets and liabilities de)Minated in a forei cunrncy are translated at the Tate ruling atthat date.All exchange differences are deaIi with io the SOFA. h) l•ve8tment proptrty Investment wOpcrti for which fair value can Ix measured reliably without undut cost or effort are mea8ured at fair va]ue at each rep)rting datr with changes in fair Val recognised rn l)et g&insl{losses) on investsnents, ID the SOFA. Ttygrbl¢ ets Tangible fixed &ssets ore Initia]ly ruured at cost and subsequently me&8ured at valuation net of depreciation at¥J impaimLent1055CS. FreeEh)Id PrortieS whose fair value can be measured reliably are held under the revaluaiion model and art carried at a rev8]ued Amounl being the faiT va]u¢ at the date of valuation Ics8 at)y subscqueE)t dcprcciation and subsequent accumulated impairinei)¢1055es. The fair value of the land and buildings is usuajly wnsrdetrd to b¢ th¢iT mark¢t va]u¢. Reva]uation gains or l¢)sses r¢£OgnIs as'Gainsl(losses1 on the revaluation of fixed assets, within the SOFA. ITrecoveTble VAT Irrecovcrabl¢ VAT is Writt off io the same expens¢ Category in which the actual exp¢nditurew&s incurre R¢muNerntioN of Trustees In the financial year to 5 ApTiI 2025 thc Tru5tee5 did not receive any r¢muneration or have their c<pcnses reimburscd by the Charity. Dickinson Tnjst Litnit¢d rharged administrlon expenses of £6.11312024: £4.8491. Ineome from ehArihble attivitk$ 2025 2024 Rental incom¢ Other propety inGottLC Waylezves 62.109 3.309 63.178 33 116 65,531 63.327 InvestmeDt income 2025 2024 Income from investtnents Income from investm¢nt propertits 2,912 557,049 2.457 493,533 559.961 495.990 12-
COWDRAY DWELLINGS TRUST NOTES TO THE FINANCIAL STATEMENrs FOR THE YEAR ENDED 5 APRIL 2025 (Continued) Expemditsn on Nising fllnd5 2025 2024 lrtvesttnent management fees Rates paid Insur&¢¢ liepairs and maintenance Finance Legal and prof&%sional fees 48 30.123 11,707 490,330 165 75,003 26.748 14251 471.407 192 99,837 612.489 607,376 Ch4ritabl¢ •clivitie5 Dtrett costs Sllpport costs (see Tjote 8) (see note 91 2025 Total 2024 Totsl Charitable expenditure 25,000 11,039 36.039 11463 D5rtt ¢osts Thc Charity undertook no direct charifable activitie5 but awaTded a of £25,0(M> to Cowdrdy Huitsge Trust in funher8n<t of its Chilable0bj¢LIivtS. ADatysis of grAmts m•d¢ Grants to Instkntlons GnDts to indlvldll18 Totsl Advancement of the arts. culwre, h¢tithg¢ or 5ci¢n¢e 25.000 2S,(H)O 25.000 25,000 Support eosts 2025 2024 Administration eXpSe5 Curr¢y & Co fres Portfolio Stewardship fees 6,113 4,854 72 4,849 7,548 66 11,039 12.463 Dwing the athninistration ¢xpenses of £6,113 were Chged by Dickinson Trust Limited (trustec). The amount of £3,170 plu5 VAT charged by Shaw Gibbs (Audit) Limited for th¢ir Independent Audit of these Financial Stakments lil Staff costs There are no employe¢s w ¢onsequently no staff LX)St8 h&ve been incurred. 13-
COWDRAY DWELLINGS TRUST NOTES TO THE FINAIYCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2025 Icontlnuedl li Flxed asset Snvtstthnts 2025 2024 Market value brought forward 148.110 136.044 Net goinO$s¢s) on invesiments {6,860) 11066 Markct va]uc carried fonvard 141250 148.110 Cwgr•pklul infysts 2025 2024 Unlted Kingth)m investments 141.250 148.110 141250 148,110 The investments were rev8]ued each ye8r up to 5 April 1999. Therefore. ther¢ is hisknric cosi figwe &v8i18ble. The tA)ok value of the tnvestmenis at 5 April 2025 was £101,376. Net gainsl{l¢)s5es) on inv¢strthents includes T¢a]ised gwns for the year of £0 P024'. gain £0] 8JJd unr¢alis¢d losses on revaluation to market vrtiue of £6,86012024: gain £12,066]. A2 Tallgible 55ets 2025 2024 Book cost bro1 forward 2,920,263 2,920.263 Add: Unrealised inS on revaluation to TnArkrt valu¢ 23,502.737 2.920.263 26,423,IKNJ L. Transferto Investment Properties {423.5(M)1 {21.119,IM) Valu¢ cLed forward 4.880.500 5,304,000 The 12 dwellings are held by the Charity with the objective of providing acctsmm(Klation at a reduced rent to btncfit rrsons of advanced 8gq infirniiry or PKTrvery who 8ffi or have iwn atsome time, resident in certoin wi8h¢g in W¢st All pry>wti¢s have been revalued by the Cowdray Estate oifice atKi are now shown in the accounts & Market Value as uory 2024. It is the tnjstees intention io uThdengke a valuation every 5 ys. 14-
COWDRAY DWELLINGS TRUST IYOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 (Continued) 13 ImvulmeDt Pmpertle$ 2025 2024 Market valu¢ brought fonvard 21,119,Th)0 Add.. Transfer from Tangible Assets 423,500 21.119,1 MaTk¢t vwiuc carried forward 21,542.5(K> 21.119,000 Wh¢r¢ver possible the dwellin8s are made Avaliblt to person5 of advances. age, infjrmity or p)verty who ar4 or have beth). resident in the parishes of Wc5t Sussex. In recentyears the C]wity has been unabl¢ to find suffi¢i¢n¢ qualifying persons to OCCUPY 8]1 the avaIible properties. Dwcllings unoccupied by #n eligibl¢ IrsOn have been rentcd on a commercial basis at open tk¢t rates. 58 of th¢ dwellings hav¢ b¢¢n reTht out at an open market rFAte Bnd have been reclasified Investment Properttes. All properties have b¢en rev8]ued by the Cowdray Estate Offiee and Bre rKTrw in the ac¢owJts At M8rket value as January 2024. It is th¢ tru5tces interrtion to undertake a valuation every 5 years. 14 D¢btsn 2025 2024 Rents receivable Preptytnent8 29JOI 3206 14,891 32,507 17.535 15 Cash #t b•nk 2025 2024 Royal Bank of S¢otland hrodcr & Co NBtional Wcstminster Bank 22.856 603 338,391 31,608 594 431,237 361,850 463,439 16 Creditorn: AM0ts f#llill¥ dlle within one year 2025 2024 Administration exp¢n5C5 Accruals Cowdray ESte building Works Rent tkpD5it5 Ponfolio Stewardship fees 496 28,950 103,336 1.650 66 27.755 4l.Sl2 1.650 70,917 134,498 15-
COWDRAY DWELLINGS TRUST NOTES TO THE FINANCIAL STATEMENrs FOR THE YEAR ENDED S APRIL 202S (Continued) 17 Movement ltt fknttds 2025 2024 Ut)restri¢ted funds.. Balance brou8ht forward Net movement 2n fijnds 26.917.586 3,463.304 {29,896) 23,454,282 Bg]anct carried forward 26.887,690 26.917.586 Netmovement in fvnds included in the aFM>vc alr follow8.. Gains and Movement I0e$ in fut IncoTne Outgoings Unrestrickl Funds 13,057 {36,093) (6,860) (29,896) 18 ReftyJAcillA¢loll of net incomel{expendlture) ts net ¢8h aow from OpÈr¢lfjgA¢tlvhl¢s 2025 2024 Net in¢omeJ(expenditure) {a8 per th¢ Swem¢nt of Finwia] A¢¢ivi¢ies} Adjustsn¢nts for. Dividend5. interest gnd rent from inve8th)¢nts (ItL¢ttaseydecrca8e in dcbtors IncTeasel{decrease) in ereditors 123,036} {60,522) 1625,4921 (559.317) 114,972) (3,012} {63,581) 93.055 cath pn)vided byl{used in) Op¢ratingAdivitie5 (727.081) (529,7961 19 RencIliation of De¢ iDtomtl(expeDdltur¢) to n¢t $h fiow Op¢rnting A¢tivili 2025 2024 C ar bfjj and in hand 361.850 463.439 361,850 463,439 20 Rdted PartyTraAs¢tRons A donation of £25.[K was made to CowdT&y Herithge TrusL Vjscount Ctswdray (trustee of G)wdry H¢rithge Trust) 1$ a dircctor of Dickinson Trusi LIMi (tnjsieel ond Mr B R Newbigging (trustee of Ctswdray Heritage TTU$tI is a dire¢ttsT of Rathbones Trus¢ Company Limited (trustee). Vi8count Cowdray rcsigned as Director of Dickinson Tt Lirnited on 12 Mar¢h 2025 gJ]d Mr B R Newbigging resigned as Dir¢ctOT of Rathbones Trust Company Limit on 31 D¢¢¢]uber 2024. The day to day management of the 07 dwellings in West Sussex is undettsken by the Cowdray Estsk on an 8m's lellh basis. The management fee charged in th¢ yepr was £99,831. The Cowdray Estate chor8ed repairs aT rnaintenance Costs of £471,407 in theyeat of which £34.968 wfjs outstanding èt 5 April 2025. 18-
COWDRAY DWELLINGS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 IContinue(J) During the year Millbonk Financial S¢rvi¢¢s Limited CMFS? ch8rg¢d f¢¢s of £72 12024.. £661 for their Portfolio Steward8hip servite and Dickinson Tn]st Limited chaT8ed adrninistration ex[e5 of £6,11312024: £4,849]. The Hon H M T Gib50n, The Hon CA Pcarson and Mr M P Harris (Directors of Dickinson Trtl Limited) are Directors of MFS. It shou]d be noted that a sibling of Hon H M T Gibson ond Hon P N Gibso tk fatherof Mrs C A Bulbu8 the son of Mr J R E Smith and th¢ mother of Mr R C P Troughton (Directors of Dickinson Trust Limited) or¢ Dire¢tots of MFS. namely Hon W K Gibson, Hon CA Pe4rson. Mr O G E Stnith atyj Mrs S H Trou8hton reswively. Mr R C PTrou8hton resigned as Director of Dt¢kinson TTU5t Limited on 13 Jun¢ 2024. Mrs S H Troughton resigned &$ Director of MFS on 17 September 2025. 17-