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 p￿paring their deeounts in accordanc¢ with the Financial Reporting St*)dard applicable in the UK and Rcwblic of Irela￿j published in (ktober2019. Objectives #ctivhies The primojy objective of the Thjst i8 10 provid¢ accoM(Nj￿IOll at a reduced rent to benefit I￿Olls of advances age. infimity or p)vcrty who arc. or havc been at some time, resident in certain parishes in Wesi Sussex. The TrUS￿¢S￿￿Y 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 S￿￿l￿g 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 tn￿le¢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 r￿laSSified 49 properties &8 Investment prO1￿rtIes. 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 fIna￿La[ 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$ts. At the B￿an¢¢ Sl*ct datc the unrcstricted reserves atnounted to £26,887,690. Fmtsre FI￿ The Tru5t¢e5 do not envisage any material change to th¢ operation of the Charity in the long-term and the inveth)ents will continue to be M￿Aged on a similar b&8is as they ar¢ rjow. Notwithstandin8 this, the Tru$tc¢s r¢tnwn flcxiblc in terms of the type of or8anisation it support5. li is ¢nvISag￿ that the It￿Me 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 m*Magement 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 P￿d they actively review th¢ pe￿iVed 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 reS￿nsibl]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 trus￿e3 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. Princi￿1 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 Tn￿1 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 {Resi￿d 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 Olesl￿ed 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¢si￿d 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 W￿1 Plac¢ EC2Y SAU COWDRAY DWELLINGS TRUST TRUSTEESI ANNUAL REPORT FOR TIIE YEAR ENDED 5 APRIL 2025 StAt¢mellt ofTrustees' R¢$ponsibilltks The Trus*es 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] st*ements for ea¢h financial year in accordance with United Kingdom GenerAily Accepted ACCO￿11￿￿ 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 tti1s￿S 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 dep*rt￿ 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 ￿$]110￿ ofthe charity and etthle thetn lo ensure that th¢ fin9￿Cial statements comply with the Charitie5 Act 201 I, the ChaJbties (Accounts and Reports) Regulations 2(M)8 2nd thc prov15ions of the Tnjst Deed. They are also respon$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￿¢g￿lariUeS. Approv￿ by the Trustees on 3010112026 and $i8n¢d on their b¢haJf by.. DickiDson Trujt Llmited Rlthbones TrustComp*my Limitt Dlrect•r Direttor COWDRAY DWELLINGS TRUST INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 5 APRIL 2025 Opilliom We have auditcd the financial $tatenJents of Cowdray Dwellings Trust (the 'charity') for the year ended 5 April 2025 which ¢ompri5e the Statement of Finpncial Activiti￿ the Balanc¢ Sheet. the Cash Flow Staternent 9￿d no￿ ty the financial statements, in¢luding a sutnmary of stgnific8nt accountin8 poli¢ie$. The fin9￿claI 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¢ fill￿cIal s￿IeM¢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 ACeeptedAce0￿ting 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 ¢o*cer• 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 do￿bI 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 res￿1n8lbIIItleS 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 trea*d. Our opinion is ncrt modified in respect of thi$ matter. Otbtr infoTmAtioD The tn￿leeS 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 th￿0t). OUT opinion tsn the financial $tat¢ments does ￿)t cov¢r the other illform&ion and extept to the ¢x*llt otherwise explicitly stat¢d in our report, we do t)ot exprts5 any forni of a55UTance conclusion therwn. In wnnection with OUT audit ol the f￿ancial Statements. our responsibility is lo read the other inforniation aft￿ in thing 80, consider whether the other information is materially inconsistent with the fjnanrial Statements or our knowled8e obtained in the audit or oth¢rwlse appears to IK Tnaterially mi￿tated. If we identify such material in¢on$isten¢ies or appo￿nt 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] [ni￿tateMfflt 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 resr*d of the following mett¢rn in fflation where the Chariiies {A¢counts 8ndR¢p)n$} R¢gulaiion8 2￿8 requirc us to report to you if, in our opiThion: the infortnation given in the rDJste¢s' r¢pon is in¢onsist¢nt in any in&￿1*] resp￿tWith the fInancSai 5¢atements' or sufficient accounting records hav¢ not t¢en kw; or the fiT]oncial statements are in agreement with the accounting rxords r￿Um$ 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 fIn8￿cial statements which give a tru¢ aod fair view, AT￿ for 5urh in¢¢rna] control as the t￿ste¢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 tn￿te¢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 Op￿rat70T)$, or hav¢ no Teaiistic ￿t￿natiVe 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 Ch￿IlleS 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 e￿or, 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. It￿1VIduallY or in th¢ aggr¢gatr, they eould re￿nablY 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 si￿lifICant 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 f￿an¢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 ¢ll￿bilIty 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 fi￿ther descM￿ltsn 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.o￿uklauditors1gswt]$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: Tan￿ble ￿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 CThmtttA￿ts. Debtors C&8h at bank 14 15 32,507 361,850 17,535 463,439 Total CurreAtAsgtts 394.357 480,974 LS*bilitits: 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 Ch*rity Fundi 26,887,690 26.917,586 Approved by the Tr￿￿tee$ on 3010112026 a￿d 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 Inform*tion Cowdray Dwcllings Trust is a re8iswed Ch￿lty. 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 ch￿lty, 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 a￿OuntS in accordan¢¢ with the Financial Reporting S￿￿8rd 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>9￿d 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 Ch￿IlIeS 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¢ eff￿tive from l April 2005 whieh has since been remove4. The T￿￿tee$ considcr thai there are no mAteTiaJ uncertainties theThJ$V$ ability to ¢ontinu¢ as a going concern. b} N*knr¢ 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$￿S throughout the ye￿. Income is re¢ogni5cd in the SOFA onc¢ thc has entitlement ￿ th¢ fimd4 1¢ is P]K>beble that incotne will be r¢¢¢iv¢d pnd the aD]ount can be measured reliably. Expendiiu Liabilities are re¢ognised as exp¢ndi¢ure 85 StK>n &8 ther¢ is a legat or constructiv¢ obligation Comtnitting the charity to that expenditUTe. it 15 probable th2t a transfer of eco￿￿1¢ b¢n¢fits will be required in settlement and the amouni of the obligation can be meA8ured ttliably. Expenditure is ￿OUnted for on an accrua15 b￿]S and has been ¢la8s]fi￿ under headings that wgate all costs related to that category. Where costs cannot ￿ d1￿CtlY attributed to particular headings, they have been allocated to activities on a b&si$ ¢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. T*tygrbl¢ ￿ets Tangible fixed &ssets ore Initia]ly ru￿ured at cost and subsequently me&8ured at valuation net of depreciation at¥J impaimLent1055CS. FreeEh)Id Pro￿rtieS 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. ITrecoveT*ble 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 to Cowdrdy Huitsge Trust in funher8nwti¢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 y￿s. 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¢ I￿rsOn have been rentcd on a commercial basis at open t￿￿k¢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: AM0￿￿ts f#llill¥ dlle within one year 2025 2024 Administration exp¢n5C5 Accruals Cowdray ES￿te 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 I0￿e$ 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 Re￿ncIliation of De¢ iDtomtl(expeDdltur¢) to n¢t ￿$h fiow Op¢rnting A¢tivili 2025 2024 C￿￿ ar bfjj￿ and in hand 361.850 463.439 361,850 463,439 20 Rd*ted PartyTraAs*¢tRons A donation of £25.[K￿ was made to CowdT&y Herithge TrusL Vjscount Ctswdray (trustee of G)wdry H¢rithge Trust) 1$ a dircctor of Dickinson Trusi LIMi￿ (tnjsieel ond Mr B R Newbigging (trustee of Ctswdray Heritage TTU$tI is a dire¢ttsT of Rathbones Trus¢ Company Limited (trustee). Vi8count Cowdray rcsigned as Director of Dickinson T￿t Lirnited on 12 Mar¢h 2025 gJ]d Mr B R Newbigging resigned as Dir¢ctOT of Rathbones Trust Company Limit￿ on 31 D¢¢¢]uber 2024. The day to day management of the 07 dwellings in West Sussex is undettsken by the Cowdray Estsk on an 8m's lell￿h basis. The management fee charged in th¢ yepr was £99,831. The Cowdray Estate chor8ed repairs aT￿ rnaintenance Costs of £471,407 in theyeat of which £34.968 wfjs outstanding èt 5 April 2025. 18- COWDRAY DWELLINGS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 IContinue(J) During the year Millbonk Financial S¢rvi¢¢s Limited CMFS? ch8rg¢d f¢¢s of £72 12024.. £661 for their Portfolio Steward8hip servite and Dickinson Tn]st Limited chaT8ed adrninistration ex￿[￿￿e5 of £6,11312024: £4,849]. The Hon H M T Gib50n, The Hon CA Pcarson and Mr M P Harris (Directors of Dickinson Trt￿l Limited) are Directors of MFS. It shou]d be noted that a sibling of Hon H M T Gibson ond Hon P N Gibso￿ tk fatherof Mrs C A Bulbu8￿ the son of Mr J R E Smith and th¢ mother of Mr R C P Troughton (Directors of Dickinson Trust Limited) or¢ Dire¢tots of MFS. namely Hon W K Gibson, Hon CA Pe4rson. Mr O G E Stnith atyj Mrs S H Trou8hton reswively. Mr R C PTrou8hton resigned as Director of Dt¢kinson TTU5t Limited on 13 Jun¢ 2024. Mrs S H Troughton resigned &$ Director of MFS on 17 September 2025. 17-