Registered Charity No. 1172933 Company No. CE009923 THE WILLIAM BARROWS CHARITY A Charitable Incorporated Organisation FINANCIAL STATEMENTS AND TRUSTEES. REPORT For the Year Ended 31 December 2024
THE WILLIAM BARROW'S CHARITY INDEX Charity Infoimation Report of the Trustees Auditorfs Report Statemenl of Finanaal Activities (SOFA) 10 Balan Sheet Notes to the Financial Statements
THE LLIAm BARROWS CHARITY CHARITY INFORMATION YEAR ENDED 31 DECEMBER 2024 Official Natne The William Ba05 Charity rated Charities Cgmmission: Registered number: Companies House: Registered numtEr. clo Clerk to the Trustees. 43 Park Road. Sittingbourne. Kent. A Charitable Inco anisation 1172933 CE009923 Address ME10 1DY Trus s Names Mr. S.C. Batt (Chair of Trustees) Mr. G.A. Wetherdl (VI Chair of Trustees) Alderman D. Devrar-whalley Mr. R.P.R. Dixo Mr. E.G. t)oubleday Mrs. J. Fairbrass Mr& C. Ford - retired 0310712024 Mr. G. Hertjert Fr. R.D. Lane - rets.red 0410512024 Mr. J. Mair Mrs. C. Middleton - appointed 1011012024 Cmpted Trustees - by apwintrnent (Nos. 9) Brachers Somerfield House. 59, London Road, Maidstone. Kent ed Tustees al Advisers ME16 8JH Inde ndent UHY Hacker Young Chartered Accountants Thames House, Roman Square, Sittingboume, Kent ME10 4BJ Bankers Handelsbanken Suite 5. 2nd Floor North. Fitted Rigging House. The Historic Dockyard, Chatham, Kent ME4 4TZ Page 1
THE WILLIAM BARROWS CHARITY REPORT OF THE TRUSTEES YEAR ENDED 31 DECEMBER 2024 The Trustees present their report and the financial staternents of the charrtable incorporated organi5ation (CIO) for the year ended 31 December 2024. The Trustees confirm that the report and financial statements of the CIO comply with the current statutory requirements. the requirements of the CIO'S goveming document and the provisions of the Charrties SORP (FRS 102). In preparing the financial statements the Trustees have considered the Charity Commissioners, guidan on public benefit. The Charity exempt from the requirement to produ a slalement of cash flov the Char 1} The relief of persons, in particular but not exclusively, resident in the Parochial Parish of Borden who are in need. hardship or distress, in particular those aged sixty years or more. by . a. making grants of money to them" OT b. providing or paying for goods, services or faciliti.es for them, or c. making grants of money to other peisons or bodies who provide goods. services or facilities to those in need. 2) To advance the education of persons under the age of ttventy-five who are in need of financial assistance and are resident in the Parochial Parish of Borden, by_. a. offering support to local schools that is not provided by stalutory authorih-es. and b. awarding scholarships, bursaries and sitnilar awards to those going into terliary education. Constitution of the Chari The Charity is incorporated as a Chai itable Incorporated Organisatton. with the foundation document being iegistered by the Charity Commtrssion on 09 May 2017. Public benefil The Trustees have ensured that all activities Ihroughout the year have been in the interest of public benefit. This is evidenced by the contribution made to the public totalling £190.820. The Trustees confirm that they have referred to the guidance contained in the Charty Commission's general guidance on public benefit when reviewing the Charity's aitns and objects.ves and in planning future acb"vities. Grants.. Relief of rsons Grants were made during the period to assist 12 persons, being 7 pensioners.3 disabled persons and two hardship cases. all resident in the Parochial Parish of Borden. Financial assistance was also provided to: the Parochial Parish of Borden: St Peter and St Paul for their use of the Forge lo provide community facilities benefitb'ng the iesidents of the Parochial Parish of Borden. the Borden Fete Committee. Sittingbourne Hockey Club Grants. Educabon and local schools Grants were made to 27 students attending College and University to assist wrth living expenses. Grants were also made to Borden Church of Ertgland Primary School and Borden Grammar School. The Charity has not made any grant commitments of more than one year. Investments The Charity maintained investments in agricultural land and commercial and residents'al property, and purchased land at Hammonds and Gooselands: New Romney. Saint Mary in the Marsh. Romney Marsh, Kent and numbers 9,11 and 13 Platinum Way, Borden. Sittingboume, Kent. 1. The Streel, Borden, Sittingbourne, Kent was sold during the year. The Charity continued to hold Its investments in the financial markets. Page 2
THE WILLIAM BARROWS CHARITY REPORT OF THE TRUSTEES - continued YEAR ENDED 31 DECEMBER 2024 Financial Review The Trustees review the financial situation on a quarterly basis. They are satisfied V+ryth the level of income achieved in the period. It may be noted that Tolal Funds as at 31 December 2024 are £11,797,050 and that Total Funds as at 31 December 2023 were £11,458.733, recognising an increase in Total Funds of £338,317. It is the Trustees, policy to ensure that reserves are sufficient to meet all of the Charity's financial obligations for the forcseeable future. They are of the opinion that the reserves of £11.797,050 as stated in the accounts are more than adequate to meet this criteria. nisational Structuie The Trustees held five general meetings during the year. There were also several Su}mmIttee meetings, with sub- Committees authorised to deal with detailed matters as necessary. The Trustees keep their skill requirements under review. and in the event of the permanent retirement of a trustee, recommendations for replacement ale accepted from existing Irustees. In this way the Tiustees can be confident Ihat only persons wth the required skills are considered. on appointed new Trustees attend the next quarterly meeting. where they are briefed on their duties and reSnsibIlities, and are given a brief OLrtline of the history and background of the Charity. They are given a copy of the Charity Cornmission guidan 'The Essential Trustee: What you need to kno,, and encouraged to visit the Charity Commission VbEbsite. Risk Mana enl Thè Trustees have considered the major risks to lch the Charity is exposed and have reviewed those risks and estabSished systems and procedures to manage those risks. The Trustees are of the opinion that the Charity's exposure to credit risk is very limited. as rental income is spread over a number of properties, residential. agricultural and commercial. They are also of the opinion that the Charity has adequate cash resources to mt all short-term financial demands. In order to minimise market risk, the Twstees have delegated management of the Chattvs financial investments to a firm of financial investment managers, and have carefully considered the level of risk they consider appropriate to the Charity's needs. The Trustees are aware that reserves in income funds are more than adequate to meet the Charity's likely level of expenditure for the foreseeable future, aiid are actively consdering altemative means of applying these reserves whilst maintaining the objects of the Charity. The law applicable to charities in England and Wales requires the Twstees to prepare financial statements for each financial year which give a true and fair view of the Charity's financial activities during the year and of its financial position at the end of the period. In preparing financial statements giving a true and fair view, the Trustees should follow best Practi and.. select suitable accounting policies and then apply them con5iStently', observe the methods and pnnciples of the Charslies SORP (FRS102) make judgements and estimates Ihat are reasonable and prudent". - state whether applicable UK accounting standards (FRS102) have b*n followed subject to any departures disclosed and explained in the financial statements; and prepare the financial statements on the going cOnM basis unless it is inappropriate to presuma that the Charity wll continue in operation. Page 3
THE WI LIAM BARROW ARITY REPORT OF THE TRUSTEES - continued 1 DECE 24 Trustees, res nsibilities in relation to the financial statements- ntinued The Trustees are responsible for keeping proper accL)unting records which disclose with reasonable accuracy the financial wsition of the Charity and )thich enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity {Accounts and Reports} Regulations 2008 and the provisions of the goveming scheme. The Trustees are responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities Auditor UHY Hacker Young has expressed its wiflingness to continue as audttors to the Charity. Approved by the Trustees on the 17th day of July 2025 and signed on their behalf by: {Trustee) Signed.. . (Trustee) Page 4
INDEPENDENT AUDITORS REPORT TO THE WILLIAM BARROWS CHARITY FOR THE YEAR ENDED 31 DECEMBER 2024 Opinion We have audited the financial statements of The William Barrovls Chatity (the 'Charity') for the year ended 31 December 2024 which comprise the Statement of Financial Activib'es. the Balance Sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Y.ingdom Accounting Standards. including Financial Reporting Standard 102 The Financial Reporting Stand2r(l applicable in the UK and Republic of Ireland {United Kingdom Generally Accepted Accounting Practice}- The financial statements have been prepared in accordan with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities.. Statement of RecoTnmended Pracbce issued on 1 April 2005 which is referred to in the exiant regulations but has been withdrawn. This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting practi effective for reporting periods beginning on or after 1 January 2015. In our opinion. the financial statements= give a true and fail view of the stale of the Chartys affairs as at 31 December 2024 and of its incoming resources and application of resources, for the year then ended- have been properly prepared in accordance wrth United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordan with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with Intemational Standards on Atjditing (UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are ftjrther described in the Auditors, responsibilities for the audit of the rinancial statements section of our ieport. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We are independent of the Charity in accordan wrth the ethical requirements relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. Conclusions rElated togokng concern In auditing the financial statements. have concluded that the TfUStees' use of the going concem basis of accounting in tho preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any rnater1 uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity's ability to contintje as a going concem for a period of at least twelve months from when th& financial statements are authorised for issue. Our responsibilities and the responsikn"lities of the Trustees wth respect to going concem are described in Ihe relevant sections of this reporL Other information The Trustees are responsible for the other information. The other inforrnation comprises the information included in the Annual Report, other than the financial statements and our auditors, report thereon. Oui opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assuran conclusion thereon. Our responsibility is to read the other inforrnaiion and. in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be matenally misstated If we Identify such material inconsisten-ies or apparent material misstatements, we are required to determine whetherthere is a malertal misstatement in the financial statements or a material misstatement of the other information. If. based on the work we have perfomed. we conclude that there is a material misstatement of this other information, we are required to port that fact. We have nothing to report in this regard. Page 5
INDEPENDENT AUDITORS REPORt TO THE WILLIAM BARROWS CHARITY- continued FOR THE YEAR ENDED 31 DECEMBER 2024 Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities (Accounts and Reports} Regulations 2008 requires us to repotl to you if, in OUT opinion- the information given in the Trustees, report is inconsistent in any material respect with the financial statements-, or sufficient accounling records have not been kept,. or the financial statements are not in agreement with the accounting records and returns., or we have not received all the information and explanations we require for our audit. Responsibilities of Trustees As explained more fLI Ily in the Trustees, responsibilities statement. the Trustees are responsible for the preparation of the financial staternents which give a true and fair view. and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements thal are free from material misstalement, whether due to fraud or error. In preparing the financial statements. the Trustees are reswnsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concem basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations. or have no realistic alternative but to do so AuditOJ5' Responsibilities for the audit of the financial Statements We have been appc)inted as auditor ijnder section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. and to issue an Auditors. report that includes our opinion. Reasonable assuran is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS (UK} will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered materi21 if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregulanties. including fraud, are instances of non-complian with laws and regulations. We design procedures in line with our responsibilities. outlined above. to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud is detailed below.. Non compliance with laLVS and regulations Based on.. our understanding of the charity and the sector in which il operates: discussion with management and those charged with governance: and obtaining an understanding of the charity's policies and procedures regarding compliance with laws and regulations- we considered the significant laws and regulations to be the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS102), the Charities SORP (FRS 102), the Charities Act 2011. and UK tax legislation. The charity is also SLJbJect to laws and regulations where the consequence of non-compliance could have a material effect on the amount or disclosures in the financial statements, for example through the imposition of fines or litigations. We identified such laws and regulations to be the Data Protech'on Act 2018 and the Bribery Act 2010. Page 6
INDEPENDENT AUDITORS REPORT TO THE WILLIAM BARROWS CHARITY - continued FOR THE YEAR ENDED 31 DECEMBER 2024 Our procedures in respect of the above included: review of the financial statement disclosures and agreeing to supporting documentation; review of minutes of meetings of those charged with governan for any instance of non<ompliance with laws and regulations- ieview of Corresponden wrth regulatory and tax authorittes for any instsnces of non-compliance with laws and regulations. ar)d review of legal expenditure accounts to understand the nalure of expendrture incurfed. Fraud We assessed the susceptibility of the financial statements to matenal misstatement, including fraud. Our risk assessment procedures included= enquiry with management and Ihose charged with govemance regarding any known or suspected Instan of fraud., obtaining an understanding of the charty's policies and pr(dureS relating to: detecting and responding to the risks of fraud," and intemal controls established to mrtigate risks related to fraud. review of minutes of meetings ol those charged wilh govemance for any known or suspected instsnces of fraud; discussion amongst the engagement team as to how and where fraud might occur in the financtal statements. performing analytical pedUreS to identhfy any unusual or unexpected relationships that may indicate risk of material misstatement due to fraud. Based on our risk assessment. we considered the areas most suscepts'ble to fraud to be Journals and key estimates and judgement5. Our procedures in respect of the above included". testing a sample of journal entries throughout the year, which met a defined risk crrteria, by agreeing to supporting dccumentation" assessing sign"fficant ests"mates and judgements made by management for bias: testing the existence and accuracy of income recognised in the year. We also communicated relevant id<antified laws and regulalions and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of no detecting one resulting from error, as fraud may involve deliberate cOnalment by, for example, forgery. misrepresentations or through collusion. There are inherent limitations in the audit pmcedures perfonned and the furthei removed non-compliance with laws and regulations is from the events and transathons reflected in the financial statements, the less likely we are to become aware of it. A fiJrther description of our responsibilities for the audit of ihe financial statements is ICated at the Financial Reporting Council's ("FRC's") website at.. Www.frcry.UkIaudlt0rsreSponsIbllitles. This descfipb'on forms part of our auditors, report. Page 7
INDEPENDENT AUDITORS REPORT TO THE WILLIAM BARROWS CHARITY - continued OR THE YEAR ENDED 31 DECEMBER 2024 Use of our report This report is made solely to the Charity's Trustees. as a Lx)dy, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit has been undertaken so that we might state to Ihe Charity's Trustees those matters we are required to state to them in an auditors. report and for no other purpose. To the ftjllest extent permitted by law, we do not acpt or assume resoonsibility to anyone other than the Charity and the Charity's Trustees as a body. for our audit work, for this report. or for the opinions we have formed. UHY UHY Hacker Young Charlered Accountants Statutory Auditors Thames House Roman Square Sittingbourne Kent ME10 4BJ Page 8
THE WILLIAM BARROWS CHARITY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER Unrestricted Restrirted Income Income Fund Fund Total Fund5 Funds 3111212024 3111212023 Total Endowment Fund Income Rents and oth2r property income receivable Investment income Donab'on 292,270 92.363 292,270 92,363 244,660 102,681 TDt(Jl 391,133 391.133 347,341 Ex enditure Chnritable octivities Educational grants Clause 312)a School grarrts Clau* 3{2)b Individual grants Hardship grants Clause 3(1)a Grants to pensioners Clause 3(1)c Grants to bodies Support costs 100.300 54,000 100,300 54,000 60,326 48,000 29.520 7,000 45.933 29,520 7,000 45,933 35,395 7.276 36,744 236,753 Cost of r0i5ingfunds Property management including repairs and professional costs Investment msnagement costs 236.753 187.741 121.400 121.400 9.064 168,400 5,222 Total 367,217 367,217 361,363 Net income/fexpenditure) belore investment goins/(10ssesJ 23.916 23,916 {14,022) Surplusl{deficit) on disposal of investmentthithdrawdl Surplusl(deficit) on revalLJation of investments Surplusl(deficit) on disposal of property Surplusl(def icit) on revaluation of property (12,130) 18.520 18.520 14,834 (2.018) (1018) 7,937 297.899 297,899 (283,891) er g(yin5/flossesl on investments 18,520.LKJ 295,881 314,401 1273.250) Net movement infunds Tronsfer betweenfunds Total Funds at 01 January 2024 42.436 295.881 338.317 1287,272) 15 (2,518) 2,518 915.580 25,000 10,518.153 11,458,733 11,746,005 Total Funds at 31 December 2024 955,498 25,000 10,816,552 11,797,050 11.458.733 Page 9
THE WILLIAM BARROWS CHARITY LANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Note Fixed Assets Investment properties Investments 10,420,000 506,940 8.451,758 497,482 Current Assets Cash at bank Debtors 10.926.940 8,949,240 923.221 23.243 2.550,843 23.608 10 Creditors - arrtounts falling due thin one year 946.464 2,574.451 11 (76.354) (64.958) Net Gurrent assets 870.110 2,509,493 Total Net Assets 12 11,797.050 11,458,733 ar Unrestricted Income Fund Restricted Income Fund Endowment Fund 13 14 15 955,498 25,000 10,816,552 915,580 25,000 10.518,153 Total Funds 11.797,050 11,458,733 The Trustees acknowledge their responsibilities for complying with the requirements of the Charities Act 2011, and the Charity (Accounts and Reports) Regulations with respect to accounting records and the preparation of financial statements. Approved by the Board of Trustees on 17th July 2025 and &gned on its behalf by.. Trustee Trustee Page 10
THE WILLIAM BARROWS CHARrrY NOTE TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 2024 1 Accounting policies The financial stateTnents have been prepared under the historical cost convention wth the exception of investments and investment woperties lch are stated at market value. The financial statements are prepared in accordance wilh applicable cOUntIng standards, the Charities Statement of Recommended Practice FRS102 (Accounting and Reporting by Charities) and cornply wth the provision5 of the Charities Act 2011. The financial statements are prepared on the going concern basis as the trustees believe that the Gharity has income and reserves sufficient to ensure continuity. b The financial statements have b*n prepared to give a "Irue and fairf, view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fairf. view. This departure has involved folloryng the Charities SORP (FRS102) published in October 2019 rather than Accnunting and Reporting by Charities.. Statement of Recommended Practice effective from 01 April 2005. which has Sin been wthdftwn. c Investment income is recorded Mthen receipt is probable and the amount receivable can be measured reliably. Rental income is recorded en payment is ijue in accordance with the lease or rental agreement. Donations are recognised when there is eliden of entr"tlement d Expenditure on grants is recorded once the Charity has made an unconditional commitrnent to pay the grant and this is communicated to the beneficiary. or the grant has been paid, whichever is the earlier. Other expenditure is included in the financial ststements on an accruals basis. f The cost of managing the inveStentS arKJ investment Ptoperty is charged to Un$t[I¢ted income funds. Any costs associated with the sale or purchase of investments or investment properties are accounted for as part of the sale or purchase pn ot the investments. g Quoted investments and investment properttes are valued at market value at the balan sheet date. Investment properties are not depreciated. h Unrealised and realised investment and investment property gains and loSS are shown net in the Statement of Financial Activities (SOFA). i Unrestricted income funds are funds which are available foT use at the discretion of the Trustees in furtherance of the general objeciives of the Charity and wthich have not been designated for other purposes. EndowTnent fund5 comprise expendable endowments. whereby there is no requirement to sperid the reserves unless, or until the Trustees decide to do so. This fund is invested to produce unrestricted income which can be Snt in accordance wilh the charitable objects'ves. Restricted funds arE funds vthich have been given to the Charity for use at the Oi5cretion of tne Trustees but in accA)rdance with the expressed wishes of the donor. j The financial statements do not indude a cash flow statemenl because the Charity as a retK)rting entity, is exempt from the requirement to prepaie SUGh a statement under under the Charities Statement of Recommended Practs'ce FRS102 (Accounts"ng and Reporting by Chantiesl. 2 Taxation Bèing a registered charity, the Charity is exempt from taxation on its income and gains there they are applied for charitable purpose5. The Charity 15 a public benefit entity. Page 11
THE WILLIAM BARROWS CHARITY NOTES TO THE FINANCIAL STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 continued 3 Rents and other property income e1Vable 2024 2023 House and cottage rents Farm and commercial rents Wayleaves 228,805 63,19S 269 205,410 38,811 292,270 244,660 4 Investment income 2024 2023 Listed investments Bank interest Other interest 24,714 67,649 12,130 88,965 1.586 92.363 102,681 5 Charitable activities Educational grants were made lo the followrng institutions.. £50.300 (2023. £20,000) to Borden Grammar School. £50.000 (2023.. £20.326) to Borden C of E Primary School Grants in accordance Mth object 1 (cl of the Charity's constitution were made to the following institutions who provide goods. services or lacilitses to Ihose in need" 2024 2023 Parochial Parish of Borden Borden Fete Committee Sittingbourne Hockey Club 7.000 340 500 7.000 276 7,840 7.276 6 Support Gosts Unrestricted Income Fund 2024 Total Funds 2023 Total Funds Endowment Fund Clerk's salary Barrow Room expenses Accountancy fees Auditors, fee Legal fees Professional fees Vveb hosting Sundry expenses 24,000 1,745 4.020 6.600 443 8,538 518 69 24,000 1,745 4,020 6.600 443 8,538 518 69 21,600 1,408 4.180 6,010 3,104 518 (76) 45.933 45,933 36,744 None of the trustees have been paid any remuneration, and no tmstee exponses have been incurred_ Page 12
THE ¥VILLIAM BARROWS CHARITY NOTES TO THE FINANCIAL STATEMENTS continued FOR THE YEAR ENDED 31 DECEMBER 2024 7 Auditors. remuneration 2024 2023 Fees payable to the Chaiity's auditor and its associates for 6.600 6,010 8 Investment properties Unrestricted Income Fund Endowment Fund 2024 Total Valuation at 01 January 2024 Additions at cost Disposal proceeds Deficit on disposal Revaluation surplus in year 8.451,758 1,890,343 1217,982) (2,018) 297,899 8,451,758 1,890.343 (217,982) (2,018) 297,899 Valuation at 31 December 2024 10,420,000 10,420,000 The investment property portfolio Y5 re-valued at 31 December 2024 by the Clerk to the Trustees, Mr S. Mair, a member of the Royal Institution of Chartered Surveyors, a Registered Valuer and a partnei the firm of George Webb Finn LLP.The revaluation carried out in accordance with the RICS Valuation - Global standards 2017 incorporating the IVOC Intemational Stsndaid, IcNJether w71h the Valuation Standards, Guidance Notes and Appendices therein. The purpose of the valuation ds to provide a current value for inclusion in the financial statements to 31 December 2024. Since the last valuation on 31 Dember 2019, the Charity has sold agncultural land at Hooks Hole Farm and the commercial and residential propErties being 11&118 High Stieet, Sittingboume and in the financial year ended 31 December 2024 sold 1, The Slreet, Borden. In the financial year ended 31 December 2023 the Charity purchased the site of the Bobbing Crematorium. In financial year ended 31 December 2024 the Charity purchased agricultural land known as GcK)selands and Hammond's Corner, New Romney and residential properties at 9.11 and 13 Platinum Way. Borden. 9 Investments 2024 2023 01 January. at valuation_ Amount invested. Handelsbanken Income Plus Multi Asset Fund C Income Growth Management fees and charges Amount wthdra 497,482 500.000 14.834 (5,222} (12,130) 43,236 (9,064) (24.714) 31 December, at valuation 506,940 497,482 10 Debtors 2024 2023 Prepayments and accnEd income 23.243 23,608 Page 13
THE WILLIAM BARROWS CHARITY NOTES TO THE FINANCIAL STATEMENTS continued FOR THE YEAR ENDED 31 DECEMBER 2024 11 Creditors 2024 2023 Accruals and deferred income Grants payable to individuals and insiitutions Tenants, deposrts 49,310 2,300 24,744 42,387 1,750 20.821 76.354 64,958 12 Analysis of fund assets and liabilities Unrestricled Restiicted Incorne Income Fund Fund 2024 Total Funds 2023 Tola Funds Endowment Fund Investment properiies Investments Cash at bank Debtors Creditors 10,420,000 10.420.000 506,940 923.221 23,243 (76,3541 8.451.758 497,482 2.550,843 23,608 (64,9581 506,940 501,669 23,243 (76.354} 25,000 396,552 955.498 25,000 10.816,552 11.797,050 11,458.733 13 Unrestricted Income Fund Unrestricted Incorne Fund 2024 Unrestricted Income Fund 2023 At 01 January Net income after management and governance costs Charitable e4)endrture Surplusl(Deficitl on financial investment accoLJnt Transfer between funds 915,580 214.736 (190,8201 18,520 (2,518) 924,380 142,197 1150,997) At 31 December 955.498 915.580 The transfer belween the Unrestted and Endowment Funds is to correct the incorrect Statement of Financial Activity allocations for the Char-ws financial investment portfolio movements in Ihe previous year, 31 December 2023. 14 Restricted Income Fund The restricted income fund comprise5 monies donated to the Charty to be used for educational purposes in particular in relation to the pupils of Ihe Borden Church of England Prinary Schwl. Page 14
THE WILLIAM BARROWS CHARITY NOTES TO THE FINANCIAL STATEMENTS continued FOR THE YEAR ENDED 31 DECEMBER 2024 15 Endowment Fund Endowment Fund 2024 Endowment Fund 2023 At 01 January Surplusl(Deficit) on financial investment account (Deficit)ISurplus on disposal of property surplU{Der1cIt) on revaluation of property Transfer be7 funds 10.518.153 10,796,625 (2.518) 7,937 (283,891) (2,018) 297.899 2.518 At 31 DecembeT 10.816,552 10,518.153 The transfer ben the Unrestricted and Endowment Funds is to correct the incorrect Statement of Financi31 Activity allocations for the Charity's financial investment portfolio movements in the previous year, 31 December 2023. 16 Transactlons with connected persons Mr S. Mair, M.R.l.C.S., F.A.A.V., M.R.A.C. as well as being Clerk to the Trustees is also a partner in the firm of George Webb Finn, land agents arKJ surveyors who are instruct1 on a professional basis and at arms length to deal with various matters apFErtaining to the Charity's property and rent ollection activities. In addition to the Clerk'5 salary of £24.000 (2023: £21.600) the following fees were payable to George Webb Finn: £52,300 (2023" £43,764) reIverS fee for instructing and overseeing rents reTrived and other property reiptS and instructing and overseeing property retyairs, and £39.285 (2023". £6.250) for other mallers including neglatIng the purchase and sale of property. At 31 December 2024 the outstanding ami)unt due from the Charity to George Webb Finn VRS £13.643 (2023.. £16,144) All amounts quoted are indusive Value Added Tax. vthich the Charity cannot recover. The Charity did not make any reimbursements during the period to Trust5 for expenses incurred. During the year the Charity reimbursed the amount of £6,C69 to Mr. S. Mair, this amount having been paid by him for reservation fees and deposits in respect of nos, 9, 11 and 13 Platinum Way on behalf of the Charity. This transaction vrds duly authorised by the Tfustees. as payment of the deposits could only be effected by mearts of a credit or deblt card. neither of Nthich are held by the Charity. During the year, the Charity had rental agreements wrth a Trustee. J Mair, tho is a director of A Hinge & Sons Ltd, rented tw) propertie5 from the Charity. These transactions re conducted on ommercial terms arKI e approved by the Trustees. The total rental income received from the Trustee during the year was £4,800. There were no amounts outstanding at the yearend in relation to these transactions The Trustee did not participate in any deGision-makn'ng relating to Ihe rental agreements and d5 not involved in the setting of the temis. The trartsactions were reviewed and approved by the remaining Trust*s to ensure they Ye in the best interest of the Charity and reflected market rates. Page 15
THE WILLIAM BARROWS CHARITY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER2024 31 December 2024 31 December 2023 RECEIPTS EARNED FROM ASSETS RENTAL INCOME House and cottage rents Fann and other rents Wayleaves 228,805 63.196 269 205,410 38,811 439 292,270 244,660 Less Dlrect Property expenditure=_ Insurance premium Agent and surveyors fees Property Repairs: Riddles Farmhouse Riddles Cottage Barrow House and Forge House 3. The Street 1 , The Street 9, Maylam Gardens 37. Maylam Gardens 51, Maylam Gardens 53, Maylam Gardens 75, Maylam Gardens 77, Maylam Gardens 8, Russell Close 267, Park Road Land at Apple Tr& Cottage Land at Riddles The Forge Flat 1, Forge House Flat 2, Forge House Flat 1, Barrow House Flat 2, Barrow Hou Flat 1. 118 High Street 1161118, High Streel 7, Bam Close 9, Platinum Wasy 11, Platinum Way 13, Platinum Way Others 12,030 10.880 43,764 2,935 6.103 4,872 251 2,282 1.235 1,860 1,407 8.717 251 1.106 373 1.230 2,752 11,000 14,048 25,645 614 1.168 239 347 833 4,604 5,036 902 22.388 239 3,162 2,438 311 (306) 919 15,589 1.236 163 3,182 5,614 1.716 1,836 568 6.657 125 4,148 1,363 783 1,384 (121,400) 1168.401} TOTAL NET PROPERTY INCOME - carried forward 170,870 76,259 Thls page Is for the Trustees. information onty Page 16
THE WILLIAM BARROWS CHARITY INCOME AND EXPENDITURE ACCOUtrtr FOR THE YEAR ENDE 31D CEMBER 2024 continued 31 December 2024 310ecember 2023 RECEIPTS EARNED FROM ASSETS - continued TOTAL NET PROPERTY INCOIIIE - brought forward INVESTMENT INCOME Dividends from investrnents Bank Depogt account interest Other interest 170,870 76,259 24,714 67,649 12,130 88,965 1.585 92,363 102.680 Donation TOTAL NET INCOME 269.733 178.939 Less: Management and Administration Clerk's salary Barrow Room expenses Accountancy fees Auditols fee Insuran broke fee Legal fees Other professional f$ Bank charges Sundry Web hosting 24.000 1.745 4,020 21,600 1.408 4,180 6.010 443 8,538 60 2,264 60 {136) 519 518 (45,933) (36.745) CHARITVS INCOME FOR THE YEAR £ 223.800 £ 142.194 Thi5 page is for the TTUStees' infomiation only Page 17