The ValenTine Goodman & GreaT easTon Poors chariTy esTaTes
Charity No: 1187180
Annual General Meeting 2023
Thursday 12[th] October 2023
Chair’s Report
This year has been another busy but successful year for the Charity.
The most significant event has been the purchase of 16 Melford Close, Corby as a buy to let and an investment. It cost £307,000. The sale was completed in May 2023, and was let from 13[th] July.
My grateful thanks to Neill Maycock, Berry’s, for his very efficient handling of the purchase, including the property search, ensuring the legal procedures were carried out, and the sound advice he provided throughout the whole process. My thanks also to Key Conveyancing who carried out the conveyancing of the property.
Once the house was purchased, Gary Conaghan, Berry’s, marketed the property for the Charity and successfully let it at a monthly rental of £1,200. This represents a significant investment for the Charity; it will bring in a good income and help our long-term sustainability. It also achieves one of our key strategic objectives. My thanks to Gary who continues to manage the property on our behalf.
It has taken most of the year to resolve the issues arising from the wind damage done to the Barn at Drayton in February 2022. My thanks to Lennox Thomson and Sarah Reece, Berry’s, for concluding the examination of the proposed succession agreement, which should be decided by the Trustees at today’s meeting and will then enable the Trustees to make the necessary repairs to protect further deterioration of the building.
The Trustees have held 2 meetings since our last AGM. However, there has been regular communication by email as important decisions have had to be taken, particularly about the purchase of the property, and subsequent changes to the charity’s insurance.
I would like to thank my fellow trustees for all of their work for the Charity over the last year. There have been significant calls upon their time, but we have had some very
The ValenTine Goodman & GreaT easTon Poors chariTy esTaTes
Charity No: 1187180
important issues to address and decisions to make. I have greatly appreciated their support. Thank you, all.
I want to thank Lennox Thomson, Neill Maycock and Gary Conaghan from Berrys for their hard work, help and advice over the last year. It’s been a busy one for them, too!
My thanks to Esther Pritt of NFU who handled the changes to our insurance policy following the purchase of the property.
Finally, thank you to Jules Whittome, our Clerk, who has proven to be a great asset to the Charity and is excellent at maintaining effective communication with me, the Trustees and our advisors. Thank you, Jules.
Linda Jones Chair
Thursday 12[th] October 2023
| ACCOUNTS 2023 | ||||||
|---|---|---|---|---|---|---|
| RENTAL INCOME | ||||||
| Date | Tenant Name | Address | Received by bank | Management Fees | Total(Gross) | Received by Bank |
| MARCH 2023 | M A Clarke | Bush House Farm | £1,700.00 | £300.00 | £2,000.00 | 17/03/2023 |
| Madeleine Clarke | Bush House Farm | £467.50 | £82.50 | £550.00 | 12/03/2023 | |
| D Stokes | Home Farm | £1,441.60 | £254.40 | £1,696.00 | 10/03/2023 | |
| £3,609.10 | £636.90 | £4,246.00 | ||||
| MAY 2023 | Christopher Stokes | Primrose Cottage | £1,094.37 | £193.13 | £1,287.50 | 11/05/2023 |
| JULY 2023 | J Prince & M Pietka | Melford Close | £1,200.00 | N/A | £1,200.00 | 31/07/2023 |
| AUG 2023 | J Prince & M Pietka | Melford Close | £1,092.00 | £108.00 | £1,200.00 | 31/08/2023 |
| SEPT 2023 | M A Clarke | Bush House Farm | £1,700.00 | £300.00 | £2,000.00 | 29/09/2023 |
| Faye Smith | RectoryFarm | £2,440.34 | £430.66 | £2,871.00 | 29/09/2023 | |
| D J Stokes | Home Farm | £1,441.60 | £254.40 | £1,696.00 | 29/09/2023 | |
| J Prince & M Pietka | Melford Close | £1,092.00 | £108.00 | £1,200.00 | ||
| £6,673.94 | £1,093.06 | £7,767.00 | ||||
| OCT 2023 | J Prince & M Pietka | Melford Close | £1,092.00 | £108.00 | £1,200.00 | 24/10/2023 |
| NOV 2023 | J Prince & M Pietka | Melford Close | £1,092.00 | £108.00 | £1,200.00 | 17/11/2023 |
| DEC 2023 | J Prince & M Pietka | Melford Close | £1,092.00 | £108.00 | £1,200.00 | 17/12/2023 |
| £16,945.41 £2,355.09 £19,300.50 |
| Valentine Goodman and Great easton Poors Charity estates. | Valentine Goodman and Great easton Poors Charity estates. | Valentine Goodman and Great easton Poors Charity estates. | Valentine Goodman and Great easton Poors Charity estates. | Valentine Goodman and Great easton Poors Charity estates. | Valentine Goodman and Great easton Poors Charity estates. | Valentine Goodman and Great easton Poors Charity estates. | Valentine Goodman and Great easton Poors Charity estates. | Valentine Goodman and Great easton Poors Charity estates. | |||
|---|---|---|---|---|---|---|---|---|---|---|---|
| FIN | ANCIAL STATEMENTS | ||||||||||
| YEAR E | NDED 31 DECEMBER 2023 | ||||||||||
| Receipts and Expenses | |||||||||||
| Receipts | 2023 | 2022 | 20 | 21 | |||||||
| £ | £ | ||||||||||
| Rent Received | |||||||||||
| E V Hubbard | 9.5ac Drayton | N/A | N/A | 712.50 | |||||||
| D J Stokes | 52ac Drayton(Home Farm) | 3,392.00 | 3,392.00 | 3,392.00 | |||||||
| J A Clarke & Son | 43.74ac Great Easton | 4,000.00 | 4,000.00 | 4,000.00 | |||||||
| J W Hay | 28Queens Road(Sold August 2020) | N/A | N/A | - | |||||||
| F Smith | 22 Acres Stockerston Lane(RectoryFarm) | 2,871.00 | 2,871.00 | 2,871.00 | |||||||
| M Clarke | GE Poors Land(Bush House Farm) | 550.00 | 550.00 | 315.00 | |||||||
| C Stokes | Primrose Cottage | 1,287.50 | 1,287.50 | ||||||||
| J Prince & M Pietka | Melford Close | 7,200.00 | |||||||||
| 19,300.50 | 12,100.50 | 11,290.50 | |||||||||
| Other Receipts | |||||||||||
| Bank Interest | 332.35 | 472.76 | 5.69 | ||||||||
| Wayleave | |||||||||||
| Insurance Claim(NFU) | N/A | 15,500.00 | |||||||||
| Reimbursement for Council Tax(M/Close) | 178.11 | ||||||||||
| 510.46 | 15,972.76 | 5.69 | |||||||||
| Total Receipts | 19,810.96 | 28,073.26 | 11,296.19 | ||||||||
| Payments | |||||||||||
| Charitable Allocations | 3,500.00 | 3,500.00 | 2,100.00 | ||||||||
| Payment to Blaston Charity | N/A | 719.69 | |||||||||
| CommunityHeartbeat(Blaston) | N/A | N/A | 39.00 | ||||||||
| Leics CC(Jane Moore) | N/A | N/A | 175.00 | ||||||||
| Insurance Cost | 1,465.79 | 1,619.15 | - | ||||||||
| Insurance Claim(Berrys) | N/A | ||||||||||
| Management Fees | 2,355.09 | 1,792.59 | 1,719.46 | ||||||||
| Professional fees(Berrys) | 3,333.60 | 1,494.46 | 996.60 | ||||||||
| Professional fees Melford Close(Berrys) | 5,444.40 | ||||||||||
| General Administration fees(Clerk) | 577.50 | - | 343.00 | ||||||||
| Land Maintenance | - | - | |||||||||
| Repairs & Maintenance | 1,168.80 | - | - | ||||||||
| Legal fees re CIO | - | - | |||||||||
| Legal fees re Poors Land | - | - | |||||||||
| Bank Charges | 91.20 | 100.00 | 96.00 | ||||||||
| Berry's Fees(SurveyM/Cl) | 600.00 | ||||||||||
| Payment to L Jones(Council Tax(M/Cl) | 178.11 | ||||||||||
| 18,714.49 | 9,225.89 | 5,469.06 | |||||||||
| Surplus for the Year | £1,096.47 | £18,847.37 | £5,827.13 | ||||||||
| BANK | ||||||||
|---|---|---|---|---|---|---|---|---|
| JAN TO MARCH 2023 | ||||||||
| RECEIPTS | EXPENDITURE | |||||||
| opening balance | 281,590.58 | |||||||
| HSBC | ||||||||
| 10/03/2023 | Berrys | 1,441.60 | 44,933.00 | Charges | 5.00 | |||
| 16/03/2023 | Bank AdviceClosing balanceTRSF from COIF | 48,692.06 | 44,964.00 | Charges | 5.00 | |||
| 17/03/2023 | Berrys | 467.50 | 44,985.00 | Berrys(SurveyM/Close) | 600.00 | |||
| 17/03/2023 | Berrys | 1,700.00 | 44,994.00 | J Whittome(Clerk) | 352.50 | |||
| 44,995.00 | Charges | 5.00 | ||||||
| 45,013.00 | CHQ100001 | 450.00 | ||||||
| MHBS | ||||||||
| TOTAL | 52,301.16 | 52,301.16 | 1,417.50 | |||||
| APR TO JUNE 2023 | ||||||||
| HSBC | ||||||||
| 20/04/2023 | CHQ Pd inClosing balancefrom CAF | 74,468.03 | 45,023.00 | Charge | 5.00 | |||
| 11/05/2023 | Berrys Client | 1,094.37 | 45,028.00 | Berrys | 3,333.60 | |||
| 45,049.00 | KeyConveyancing (M/Close) | 1,000.00 | ||||||
| 45,049.00 | KeyConveyancing (M/Cls) | 1,000.00 | ||||||
| 45,054.00 | Charges | 5.40 | ||||||
| 45,055.00 | KeyConveyancing (M/Cls) | 306,446.60 | ||||||
| 45,055.00 | HSBC Payment Charge(M/Cls) | 30.00 | ||||||
| 45,068.00 | NFU(Ins Melford Close) | 207.46 | ||||||
| 45,070.00 | Berrys(M/Cl) | 4,200.00 | ||||||
| 45,084.00 | Charges | 5.80 | ||||||
| 45,089.00 | M Electrical(Melford Close) | 216.00 | ||||||
| 45,100.00 | Chester & Newman | 144.00 | ||||||
| MHBS | ||||||||
| TOTAL | 75,562.40 | 75,562.40 | 316,593.86 | |||||
| JUL TO SEPT 2023 | ||||||||
| HSBC | HSBC | |||||||
| 31/07/2023 | Berrys Client(Melford Close) | 1,200.00 | 45,110.00 | Linda Jones(Council Tax M/Close) | 178.11 | |||
| 10/08/2023 | N Northants Council(Melford Close) | 178.11 | 45,115.00 | Charge | 5.00 | |||
| 31/08/2023 | Berrys Client(Melford Close) | 1,092.00 | 45,138.00 | Berrys(Fees M/Cl) | 1,244.40 | |||
| 29/09/2023 | Berrys Client | 2,440.34 | 45,145.00 | Charge | 5.00 | |||
| 29/09/2023 | Berrys Client | 1,441.60 | 45,149.00 | MG Electrical | 808.80 | |||
| 29/09/2023 | Berrys Client | 1,700.00 | 45,176.00 | Charge | 5.00 | |||
| 29/09/2023 | Berrys Client(Melford Close) | 1,092.00 | ||||||
| MHBS | ||||||||
| TOTAL | 9,144.05 | 9,144.05 | 2,246.31 | |||||
| OCT TO DEC 2023 | ||||||||
| HSBC | HSBC | |||||||
| 24/10/2023 | Berrys Clients BP | 1,092.00 | 45,207.00 | Charge | 5.00 | |||
| 17/11/2023 | Berrys Clients BP | 1,092.00 | 45,229.00 | VGE - Hallaton | 1,000.00 | |||
| 17/12/2023 | Berrys Clients BP | 1,092.00 | 45,229.00 | VGE - Medbourne Charity | 1,000.00 | |||
| 45,229.00 | VGE - Trustees | 1,500.00 | ||||||
| 45,233.00 | J Whittome(Clerk) | 225.00 | ||||||
| 45,237.00 | Charge | 5.00 | ||||||
| 45,247.00 | NFU | 1,258.33 | ||||||
| 45,268.00 | Charge | 5.00 | ||||||
| MHBS | ||||||||
| TOTAL | 3,276.00 | 3,276.00 | 4,998.33 | |||||
| Closingbalance | ||||||||
| INCOME TOTALS | 140,283.61 | 421,874.19 | EXPENDITURE TOTAL | 325,256.00 |
| Income | Amount | Expenditure | Amount | Net Income |
|---|---|---|---|---|
| JAN -MARCH 2023 | ||||
| Rental Income(Gross) | £4,246.00 | Management Fees(Berrys) | £636.90 | |
| Interest from COIF Account | £332.35 | J Whittome(Clerk) | £352.50 | |
| Bank Charges | £15.00 | |||
| RICS Survey (Berrys)Melford Close | £600.00 | |||
| TOTAL | £4,578.35 | £1,604.40 | £2,973.95 | |
| APR - JUNE 2023 | ||||
| Rental Income(Gross) | £1,287.50 | Management Fee(Berrys) | £193.13 | |
| Bank Charges | £46.20 | |||
| Prof Frees(Hall Barn Ins) | £3,333.60 | |||
| Prof Fess(M/Cl) | £4,200.00 | |||
| NFU Ins(M/Close) | £207.46 | |||
| Maintenance work M/Close | £360.00 | |||
| TOTAL | £1,287.50 | £8,340.39 | -£7,052.89 | |
| JULY - SEPT 2023 | ||||
| Rental Income(Gross) | £10,167.00 | Management Fees | £1,201.06 | |
| Reimbursement Council(M/Close) | £178.11 | Bank Charges | £15.00 | |
| Council Tax(M/Close) | £178.11 | |||
| Electrical work(M/Close) | £808.80 | |||
| Prof fees(Berrys)M/Close | £1,244.40 | |||
| TOTAL | £10,345.11 | £3,447.37 | £6,897.74 | |
| OCT - DEC 2023 | ||||
| Rental Income(Gross) | £3,600.00 | Management Fees | £324.00 | |
| CharityDonation(Hallaton) | £1,000.00 | |||
| CharityDonation(Medbourne) | £1,000.00 | |||
| CharityDonation(Valentine Estate) | £1,500.00 | |||
| J Whittome(Clerk) | £225.00 | |||
| NFU - Ins | £1,258.33 | |||
| Bank Charges | £15.00 | |||
| TOTAL | £3,600.00 | £5,322.33 | -£1,722.33 | |
| TOTAL FOR YEAR | £19,810.96 | £18,714.49 | £1,096.47 |
| Valentine Goodman and Great easton Poors | Valentine Goodman and Great easton Poors | Valentine Goodman and Great easton Poors | Valentine Goodman and Great easton Poors | Valentine Goodman and Great easton Poors | Valentine Goodman and Great easton Poors | Valentine Goodman and Great easton Poors | Valentine Goodman and Great easton Poors | Valentine Goodman and Great easton Poors | Valentine Goodman and Great easton Poors |
|---|---|---|---|---|---|---|---|---|---|
| Charity estates. | |||||||||
| FINANCIAL STATEMENTS | |||||||||
| YEAR ENDED 31 DECEMBER 2023 | |||||||||
| CAPITAL ACCOUNT | |||||||||
| 2023 | 2022 | 2021 | |||||||
| £ | £ | £ | £ | £ | £ | ||||
| Income Account | |||||||||
| Balance Brought Forward | 63,443 | 44,596 | 38,769 | ||||||
| Transfer to capital | 0 | 0 | |||||||
| Plus surplus on account | 1,096 | 18,847 | 5,827 | ||||||
| Income Account Balance | 64,539 | 63,443 | 44,596 | ||||||
| Capital Account | |||||||||
| Balance Brought Forward | 352,721 | 352,721 | 352,721 | ||||||
| Valuation ofproperties brought forward | 874,140 | ||||||||
| 1,226,861 | |||||||||
| Capital Account Closing Balance | 1,226,861 | 352,721 | 352,721 | ||||||
| Total Net Funds at Year End | 1,291,400 | 416,164 | 397,317 | ||||||
| Properties at valuation or cost brought forward | 874,140 | ||||||||
| Additions toproperty | 308,896 | ||||||||
| 1,183,036 | |||||||||
| CAF Current Account(closed June 2022) | 74,468 | 74,503 | |||||||
| HSBC Account(Closingbalance 31/12/23) | 96,618 | 281,590 | 263,176 | ||||||
| CCLA/COIF Account(closed March 2023) | 48,360 | 47,892 | |||||||
| MHBS account | 10,100 | 10,100 | 10,100 | ||||||
| 106,718 | 414,518 | 395,671 | |||||||
| Rent Accruals | 1,646 | 1,646 | 1,646 | ||||||
| 1,291,400 | 416,164 | 397,317 | |||||||
Valentine Goodman and Great easton Poors Charity estates.
YEAR ENDED 31 DECEMBER 2023
Registered Charity Number 1187180
VALENTINE GOODMAN CHARITY – 2023 BRIEF REVIEW
Expense comparatives show changes – main increase in 2023 from Melford fees from Berrys. Agree
Also, management fee increase appears to be from Melford Close. Agree
Rent income from farmland same as 2022, new addition of Melford Close (£7200 in 2023 – 6 months at £1200pm). Agree
Rent accrual will be portion of rent for the year unpaid at year end – need a schedule to explain, but this may not have changed. This has not changed. It has been a constant for a number of years
Need analysis of Melford Close purchase costs (£308896) as there are quite a few bills - what has actually been allocated as the balance sheet cost and what has been expensed? Also need to explain purchase process. For instance, how was this property selected, what valuations were obtained, and how was it authorised?
Purchase Cost of M/Close (£308,896.60), on the Capital Account includes: Purchase price of £307,000 + Key Conveyancing LLP charges of 1746.60, Registration Fee of £150 = £1896.60. The total purchase cost is £308,896
Expenses on the Income and Expend worksheet that relate to Melford Close are highlighted in yellow.
Purchase Process – it was a decision made by the Trustees to invest in a property for rental, rather than purchase land, as part of their strategic review. Berrys were then instructed to put forward a small selection of properties, that fitted the criteria outlined. The Trustees then decided on the most appropriate option.
Charitable Allocations (£3500). I know that the Six Saints Parish magazine invites applications – any results? Not as far as I am aware
Briefly explain the reimbursement and subsequent payout of Council Tax rebate (£178.11). Linda Jnes (Chair) paid using her personal credit card as bank transfer was not an option; she was then reimbursed by bank transfer. As the property was let so quickly the Charity was no longer liable for the first month’s Council Tax and it was refunded by the Council.
Is any interest income now derived from Bank accounts – over £100k in accounts at the year-end – deposit rates now improving. There was no interest on the bank account for this accounting period. Since then the statements are not showing any interest.
Are there any connected parties for any transactions? No
I acknowledge these notes as part of our discussions re the 2023 accounts of the charity and that my queries have been appropriately addressed. Miles Ingram
20 March 2024
Valentine Goodman and Great easton Poors
| Value * | * Indicative values provided by the land agent FBT - £8,000/acre, AHT £5,000/acre | |
|---|---|---|
| 22.09 acres at Stockerston Lane, Great Easton | ||
| Tenant Fay Smith |
176,720 | Farm Business Tenancy |
| 48.74 acres at Great Easton | ||
| Tenant J A Clarke & Son |
389,920 | Farm Business Tenancy |
| 9.50 acres at Drayton | ||
| Tenant Mr E Hubbard | 47,500 | Agricultural Holdings Act Tenancy |
| 52 acres at Drayton | 260,000 | Agricultural Holdings Act tenancy |
| Tennant Mr D J Stokes | ||
| Melford Close | 308,896 | |
| £1,183,036 | ||
| Great Easton Poors Charity Land | ||
| Tennant M Clarke | ||
| L shape acre in village | ||
| Barns | ||
| First roadside acre of meadow | ||
| Remainder of meadow (9 acres) | ||
| Arnolds Hill and Townsend Close (41 acres) |