2020-09-29-accounts

The John White Homes - War Memorial - Trust

ADMINISTERING

Nine Dwellings, completed in 1951 and known as The John White Close, Higham Ferrers, Donor --- the late JOHN WHITE, Esq., H.F.

Secretary and Treasurer to the Trust Sandra Mitcham, FILCM, Town Clerk

Town Hall, Market Square, Higham Ferrers, Northamptonshire, NN10 8BT Telephone [phone]

Annual Report 2019-20

Introduction

The Trust was created by a Deed dated 29 December 1950, that sets out the circumstances in which the Donor, Mr John White, a prominent Boot and Shoe Manufacturer in Rushden and Higham Ferrers, provided the Trust with a sum of £10,000-00, property situated in Wood Street, Higham Ferrers and an area of land in Midland Road, Higham Ferrers (on which the Trust Homes were subsequently built). This endowment, including the proceeds from the sale of the Wood Street property were used to finance the construction of the nine Trust Homes which are now known as The John White Close, being occupied at a nominal rent by elderly persons selected as beneficiaries of the Trust in accordance with criteria set out in the Trust Deed.

The Trustees

The Trust Deed provides for a maximum of eleven, and not less than four trustees, with provision for four ‘Family Trustees’, three ‘Corporation Trustees’, the Vicar of Higham Ferrers and an ‘Additional Trustee’ to represent the non-conformists in the locality.

The original ‘Family Trustees’ comprised the Donor, Mr John White, his wife, and his daughter Mrs Florence E Wilson together with her husband, Mr John L Wilson. The last surviving original trustee, Mrs Wilson died in 1999. At the present time the ‘Family Trustees’ are Mr David R Hill, Mr Bert Jackson and Mr David Hudson. The ‘Corporation Trustees’ were originally to be nominated by the Higham Ferrers Borough Council, being succeeded by the Higham Ferrers Town Council in 1974. The Trust Deed suggests that the Mayor, Deputy Mayor and Town Clerk should be nominated and this has been the case. For the year to May 2020 the Mayor and Deputy Mayor were Councillors Chris O’Rourke and Christina Reavey thereafter Councillor Christina Reavey and Chris O’Rourke. The Town Clerk was Mrs Sandra Mitcham. Canon Richard Stainer was a Trustee from May 2014 by virtue of being Vicar of Higham

Ferrers. Reverend Michelle Dalliston was appointed 17[th] June 2020 by virtue of being his replacement and Interim Vicar of Higham Ferrers. Reverend Margaret Eales was appointed as the ‘Additional Trustee’ to represent the non-conformists in July 2015. On the 17[th] June 2020 Mr Brian Kirk was appointed as the ‘Additional Trustee’ replacing Reverend Margaret Eales who moved from Higham Ferrers to take up a new ministry position. Mr Brain Kirk, a resident of Higham Ferrers since his marriage in 1969, holds the position of Church Steward and Property Steward on the Methodist Church Council.

The Objects of the Trust

The objects of the Trust as set out within the Trust deed are as follows: “To alleviate the hardships of persons of either sex of limited means residing or who have resided in or near the Borough of Higham Ferrers aforesaid or elsewhere in the United Kingdom by all or any of the following methods (that is to say):-

(a) The provision of houses or lodgings or apartments for such persons or some of them respectively at rents or free of rents within their his or her means (b) The provision of financial assistance to all or any of such persons for such period or periods (whether continuous or discontinuous) as the Trustees may from time to time at their absolute discretion think fit

(c) The fixing of the maximum rents to be paid for the properties respectively for the time being held in trust for the charity

(d) The acquisition from time to time for the purposes of the charity of other property (whether freehold or leasehold held for a term of which not less than 60 years is still unexpired at the time of the acquisition) such property as and when acquired (unless and until the said lands and funds have been vested as aforesaid) to be vested in the Trustees or the survivors of them

(e) The provision of gifts from the property and funds of the charity (whether of land or money or investments) to other charities or charitable Institutions having objects similar with those of this Charity

(f) The payment from time to time or at any time out of the funds of the Charity of subscriptions of donations to other charitable Institutions as the Trustees may at their absolute discretion think proper.”

The Trust Homes

The nine Trust Homes are situated on land in Midland Road originally acquired for the purpose by the Donor being conveniently located close to the town centre. These single storey dwellings were designed by Professor A Richardson to a very high architectural standard at the time and comprise three blocks of three dwellings on three sides of a central green giving views of the Parish Church to the open south side. The buildings are constructed in hand-made brick under steep pitch tiled roofs with leaded light glazing and bespoke rainwater goods. Each has two bedrooms. Gas fired boiler with radiators and central heating was installed in 1973 and secondary

glazing in 2004. Last year the timber framed windows were replaced with white uPVC double glazed windows with a style in-keeping with the original design. The character of the development essentially remains as it was when built in 1951.

The Beneficiaries of the Trust

The Trust Homes provide accommodation at rents substantially below the market rates for occupants who are selected in accordance with the criteria set out in the Trust Deed as follows:-

“Each applicant for a home shall be allocated and shall be considered on his or her respective merits and those of his or her spouse and primary regard in the following sequence shall be had to:-

• (a) Length of residence in the Borough of Higham Ferrers aforesaid

• (b) Advancing years

• (c) Infirmity

• (d) Hardship (financial or domestic)

• (e) Such other causes and matter and things as may to the Trustees seem fit.”

In general the Trustees have favoured couples as providing best use of the properties and at 29 September 2019 six homes were so occupied, with widows occupying the remainder. The rent payable during the period of this report was £50-00 per week. There were no occupiers in receipt of Housing Benefit.

Accounts for Year to 29 September 2020

A copy of the Certified Accounts is attached as an Appendix to this Report from which it will be apparent that the Trust has income comprising the rent for the Trust Homes and any interest on fund balances. The ongoing expenses continue to relate to the maintenance and improvement of the dwellings, adjacent footpaths and the upkeep of the grounds.

The day-to-day administration is undertaken by the Secretary and Treasurer. An annual administration fee is paid to the Higham Ferrers Town Council. The fee charged for the period of this report was £1200, with a one-off administration fee of £200 for a change of tenancy.

No payments or expenses were paid to any of the Trustees, the Secretary or Treasurer.

Reserves Policy

It is considered that a General Fund balance of some £10,000 is necessary to provide a working fund to finance the day-to-day costs of the Trust. In addition a Property Repair and Improvement Reserve of £90,000 is considered prudent for maintaining the nine dwellings and as provision for property improvements in the short/medium term.

Enquiries

All enquiries about the Trust should be addressed to:

The Trust Secretary, The Town Clerk, Town Hall, Market Square, Higham Ferrers,

Northamptonshire, NN10 8BT. Telephone/Fax [phone]. Report prepared by Sandra Mitcham, Trust Treasurer.

CHARITY REGISTRATION NUMBER: 203918 JOHN WHITE MEMORIAL HOMES UNAUDITED FINANCIAL STATEMENTS 29 SEPTEMBER 2020

JOHN WHITE MEMORIAL HOMES INDEPENDENT EXAMINER. REPORT TO THE TRUSTEES OF JOHN WHITE MEMORIAL HOMES YEAR ENDED 29 SEPTEMBER 2020 I report lo the Iruslees on My examination ol the linanci* statements of John While Memorial Homes I'the charily'l for the year ended 29 September 2020. RESPONSIBILITIES AND BASIS OF REPORT As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (Yhe Acl'l. I report in respeci of my examinailon ot the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examlnation I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the Ad. INDEPENDE￿r EXAMINER'S STATEMENT I have completed my examination. I confirm that no material mallers have come lo my attention in connection with the examination giving me cause lo believe that in any material respect: accounting records were not kept in respect of the charity as required by section 130 of the Act., or the financial slalemenls do not accord with those records., or the financial statements do not comply with the applicable requirem?nls concerning the form and conlenl of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'lrue and lair, view which is not a matter considered as part ol an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding ol the accounts lo be reached. B Cook ACA FCCA Independent Examiner Headlands House 1 Kings Court Kettering Parkway Kettering NN15 6WJ 15 February 2021

JOHN WHITE MEMORIAL HOMES ATEMENT OF FINANCIAL ACTivfTIES YEAR ENDED 29 SEPTEMBER 2020 2020 Reslri¢led funds Total funds Total funds 2019 Unrestricted funds Note Income resources R&nt receivable Investment income Transfer from general fund Total incorning rg$ources Expendllure Resources used General expenditure Transfer to special lund Total expenditure 23,321 1,812 23,321 1,812 1,600 23,290 2,301 1,600 1,600 25,133 1.600 26,733 27.191 8,185 1,600 1,600 9,785 1,600 53,592 1,60CI 9,785 1,600 11,385 55,192 Net increaseldecrease on inveslmenis {1,571} 11.5711 11631 Net incomellexpenditure} and net movement in funds 16.919 16,919 {27,8381 Reconclllatlon of funds Total funds brought forward Tolal funds canled forward 170,130 2,000 172,130 199.968 187,049 2,000 189.049 172.130 The slalemenl of financial adivities includes ail gains and losses recognised in the year. All income and expenditure derive from continuing aclivilies. The notes on pages S to 9 fomi part of these financlal statements.

JOHN WHITE MEMORIAL HOMES STATEMENT OF FINANCIAL POSITION EPTEMBER 2020 2020 2019 Note FIXED ASSETS Tangible fixed assets 12 23,020 23,020 CURRE￿ ASSETS Investments Cash at bank and in hand 13 53,333 114,222 51,762 98,874 167.555 150,636 CREDITORS: amounts falllng due withln one year NET CURRENT ASSETS 14 1,528 1,526 166.029 149,110 TOTAL ASSETS LESS CURRENT LIABILITIES 189,049 172,130 FUNDS OF THE CHARITY Rèslri¢led lunds Unreslrictecj funds 2,000 187,049 2,000 170,130 Total charity lunds 15 189,049 172,130 These financial statements were approved by the board ol trustees and aulhorised lor issue on 15 February 2021, and are signed on behalf ol the board by.. Sandra Milcham Secretary and treasurer The notos on pages 5 10 9 form part of Ihese flnanclal Statements.

JOHN WHITE MEMORIAL HOMES OTES TO THE FINANCIAL STATEMENTS YEAR ENDED 29 SEPTEMBER 2020 GENERAL INFORMATION The charity is a public benefit entity and a registered charky in England and Wales and Is unincorporated. The address of the principal office is Town Hall. Market Square, Higham Ferrers. Rushden, NN10 8BT. STATEMENT OF COMPLIANCE These financial slalemenls have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic ot Ireland., the Statement ol Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFAS 1021 (Charities SORP IFRS 10211 and the Charities Act 2011. AccouMnNG POLICIES Basls of preparatlon The financial staternenls have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured al lair value through income or expenditure. The linancial statements are prepared in sterling. which is the functional currency of the eniily. Golng concern There are no material uncertainties about the charity's ability lo continue. Judgements and key sources of estimation un¢ertalnty The preparation ol the financial stat&menls requires management lo make judgements, eslimales and assumptions that affect the amounts reported. These esiimales and judgements are continLJally reviewed and are based on experience and other factors, includiThJ expectations ol lulure events that are believed lo be reasonable under the circumstances. Fund accounting General funds represent the funds ol the trust that are not subject lo any restrictions regarding their use and are available lor applicatlDn on the general purposes of the trust. Funds designated tor a particular purpose by the trust are restricted. The accounts include all Iransaclions, assets and liabilities for whlch the trust is responsible in law. Incomlng re$ources Ordinary income - rernal income from the letting ol the trust premises is recognised when the rental is due. Income from investments - interest is accounted lor when receivable. Investments - fixed assets investments are slated al fair value. Resou￿￿$ expended Expenditure is recognised on an accrual basis and relates lo the m￿ntenanCe and improvements ol the thellings, adjacent footpaths and the UF*eep ol the grounds.

JOHN WHITE MEMORIAL HOMES NOTES TO THE FINANCIAL STATEMENTS (contlnued) YEAR ENDED 29 SEPTEMBER 202 ACCOU￿rING POLICIES (contlnuedj Tanglble assets Tangible assets are initially recorded at cost. and subsequently slated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the lair value at the dale of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Impairment of fixed as$ets A review lor indicators ol impairment is carried out al each reporting dale, wlth the recoverable amount being eslimaled where such indicalo>rs exist. Where the carrying value exceeds the recoverable amount. the asset is impaired accordingly. Prior impairmtrnls are also reviewed for possible reversal al each reporting dale. RENT RECEIVABLE Unrestricted Total Funds Unrestricted Total Funds Funds 2020 Funds 2019 Rent receivable 22,321 23,321 23.290 23,290 INVESTMENT INCOME Unreslricled Total Funds Unrestricted Total Funds Funds 2020 Funds 2019 Dividends received Bank interest received 1,626 186 1,626 186 2,168 133 2,168 133 1,812 1,812 2,301 2,301 TRANSFER FROM GENERAL FUND Restricted Total Funds Funds 2020 Restricted Total Funds Funds 2019 Transfer from general tund 1.600 1.600 1,600 1,600 GENERAL EXPENDITURE Unrestricted Funds Reslricled Total Funds Funds 2020 Repairs and maintenan¢& Admin costs Garden services 4,280 3,905 4,280 3,905 1,600 1,600 8,185 1,600 9,785

JOHN WHITE MEMORIAL HOMES NOTES TO THE FINANCIAL TATEMENT (contlnued) YEAR ENDED 29 SEPTEMBER 2020 GENERAL EXPENDITURE (contlnuedj UnreStr￿ted Fund5 Aesiricied Total Funds Funds 2019 Flepairs and maintenance Admin Costs Garden services 48,779 3,213 48,779 3,213 1,600 1.600 51,992 1,600 53,592 TRANSFER TO SPECIAL FUND Unrestricted Total Funds Unreslricled Total Funds Funds 2020 FLfnds 2019 Transfer lo special fund 1,600 1,600 1,600 1,600 NET INCREASEIDECREASE ON INVESTMENTS Unrestricted Total Funds Unrestricted Total Funds Funds 2020 Funds 2019 Gainslllossesl in value ol investments 1,571 1,571 163 163 10. INDEPENDE￿ EXAMINATION FEES No fees were payable in respect ol the independent examination. 11. TRUSTEE REMUNERATION ANO EXPENSES No trustees re￿iVed remuneration or reimbursem￿1 ol expenses. 12. TANGIBLE FIXED ASSETS Freehold property Cost At 30 September 2019 and 29 September 2020 Depreciation At 30 September 2019 and 29 September 2020 Cariylng amount At 29 September 2020 Al 29 September 2019 23,020 23,020 23,020 The freehold property is measured at its historical cost. The most recent survey carried out lor insurance purposes stated the value ol the property al £1,777,000.

JOHN WHITE MEMORIAL HOMES NOTES TO THE FINAN IAL STATEMENTS (¢ontinued) YEAR ENDED 29 SEPTEMBER 2020 13. INVESTMENTS 2020 2019 Investments 53,333 51,762 14. CREDITORS: amounls falllng due wlthln one year 2020 2019 Trade creditors 1.526 1,526 15. ANALYSIS OF CHARITABLE FUNDS Unrestricted funds At 30 Septembèr 2019 At Gains and 29 September losses 2020 Income Expenditure General fund 170,130 25,133 19,7851 1.571 187.049 Ai 30 September 2018 Al G*ns and 29 September losses 2019 Incorne ExpeThJiture General fund 197,968 25,591 153,5921 163 170,130 Restrlcted funds Al 30 September 2019 At Gain5 and 29 September losses 2020 IrKome Expènditu Specil fund 2.000 1.600 11.6001 2,000 At 30 Seplgtnber 2018 Al Gains and 29 September losses 2019 Income Expenditure Special fund 2,000 1,600 11,6001 2,000

JOHN WHITE MEMORIAL HOMES NOTES TO THE FINAN IAL TATEMENTS (contlnuedj YEAR ENDED 29 SEPTEMBER 2020 16. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Funds Reslricled Total Fund8 Funds 2020 Tangible fixed assets Current assets Creditors less than 1 year Nel assets 23,020 165,555 11,5261 187,049 23.020 167,555 11,5261 189,049 2,000 2,000 Unrestricted Funds Restricted Total Funds Funds 2019 Tangible fixed assets Current assets Creditors less than 1 year Net assets 23,020 148.636 11,5261 170,130 23,020 150,636 11,5261 172.130 2,000 2,000