2020-12-31-accounts - James Bradford Almshouses Trust

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Registered Charity No 205757

Housing Corporation No A2989

JAMES BRADFORD ALMSHOUSES TRUST

ACCOUNTS

31 DECEMBER 2020

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JAMES BRADFORD ALMSHOUSES TRUST

ACCOUNTS

31 DECEMBER 2020

Contents	Page
Trustees and Advisors	3
Trustees' Report	4
Independent Examiner's Report	6
Statement of Financial Activities	7
Balance Sheet	8
Notes to the accounts	9

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JAMES BRADFORD ALMSHOUSES TRUST

TRUSTEES AND ADVISORS

31 DECEMBER 2020

Trustees		Reverend RCW Smith (resigned 31.10. 2020) Mr IGG Balls (Treasurer) Mr CPB Burgoyne Mr OJB Burgoyne Mrs DR de Mierre
Clerk to the Trust		Mr JS Cookson
Registered address		4 Mill Green Business Estate Mill Green Road Haywards Heath West Sussex RH16 1XQ
Advisers Bankers	Bankers	Lloyds TSB Bank Plc 99 South Road Haywards Heath West Sussex Yorkshire Building Society 50 South Road Haywards Heath West Sussex
	Solicitors	Waugh & Co 4 Mill Green Business Estate Mill Green Road Haywards Heath West Sussex RH16 1XQ
	Independent Examiner	Keymer Haslam & Co 4/6 Church Road Burgess Hill West Sussex

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JAMES BRADFORD ALMSHOUSES TRUST

TRUSTEES’ REPORT

31 DECEMBER 2020

The Trust owns the Almshouses in Haywards Heath, a terrace of six small attractive self-contained cottages built in 1910, each really only suitable for single occupancy.

Their purpose is to provide low-cost accommodation for the elderly persons of low income preferably already living in the Haywards Heath area. The grounds are maintained by contract.

The Almshouses, and certain land at Deeping St James, Lincolnshire, were bequeathed to the James Bradford Almshouses Trust free of any costs. The permanent Endowment consists of the small area of agricultural land at Deeping St James and an investment in the CLA/COIF.

The Trustees include two descendants of the founder, a nominee of the Mid Sussex District Council and (if agreed by the other Trustees) co-opted Trustees.

The Trustees meet as required but not less than twice a year. In 2020 meetings were held on 7th May and 17[th] December (a remote meeting).

The AGM was held on the 5[th] May 2021

During 2020 the assets of the Trust rose by £37,946

Signed on behalf of the Trustees

.............................................Mr OJB Burgoyne .............................................Mr IGG Balls

5[th] May 2021

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JAMES BRADFORD ALMSHOUSES TRUST

TRUSTEES’ REPORT (Continued)

31 DECEMBER 2020

The registered social housing legislation requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the registered social landlord (RSL) and of the surplus or deficit for that period.

In preparing these financial statements the Trustees are required to do:

select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards have been followed subject to any material departures discussed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is not appropriate to presume that the RSL will continue in business.

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the RSL and to enable it to ensure that the financial statements comply with the Housing and Regeneration Act 2008 and the Accounting Requirements for Registered Social Landlords General Determination 2006.

The Trustees have a general responsibility to take reasonable steps to safeguard the assets of the RSL and to prevent and detect fraud and other irregularities.

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JAMES BRADFORD ALMSHOUSES TRUST

31 DECEMBER 2020

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE JAMES BRADFORD ALMSHOUSES TRUST

I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2020 which are set out on pages 7 to 8

Responsibilities and basis of report

As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to 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 accounts do not accord with those records; or
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of 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 of the accounts to be reached.

Alec Burgess ACA

Keymer Haslam & Co 4/6 Church Road Burgess Hill West Sussex RH15 9AE

May 2021

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JAMES BRADFORD ALMSHOUSES TRUST

STATEMENT OF FINANCIAL ACTIVITIES (including Income and Expenditure Account)


31st December 2020
		Note	Endowment	General	Total	Total
			Funds	Funds	Funds	Funds
			2020	2020	2020	2019
			£	£	£	£

Incoming Resources

Maintenance charges from residents			0	9,720	9,720	8,702
Service charges from residents			0		0	0
Donations			0		0	0
Land Rentals			0	275	275	825
Dividends accrued,received and interest		4	0	23,013	23,013	22,312

Total incoming resources			0	33,008	33,008	31,839

Resources expended

Services expenditure
	TV Licenses		0	15	15	8

Total services expenditure			0	15	15	8

Management
	Insurance		0	959	959	925
	Audit		0	780	780	780
	Postage,Stationery,		0		0	0
	Subscriptions		0	479	479	470
	Sundry		0	1,321	1,321	125
	Ombudsman's fee		0	13	13	8

Total management			0	3,552	3,552	2,308

General maintenance			0	7,688	7,688	10,132
Ground maintenance			0	2,203	2,203	2,500

Total resources expended			0	13,458	13,458	14,947

Net incomingresources		0 19,550 19,550 16,892

Gain/(Deficit)on revaluation of investment		3/4	28,711	-10,315	18,396	96,685
			14,874	-14,874	0
Net movement in funds		43,585 -5,639 37,946 113,576

Balance brought forward			449,339	353,405	802,743	689,167

Balance carried forward		492,924 347,766 840,689 802,743

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JAMES BRADFORD ALMSHOUSES TRUST

BALANCE SHEET


31st December 2020
		Note	Endowment	General	Total	Total
			Funds	Funds	Funds	Funds
			2020	2020	2020	2019
			£	£	£	£

Incoming Resources

Maintenance charges from residents			0	9,720	9,720	8,702
Service charges from residents			0		0	0
Donations			0		0	0
Land Rentals			0	275	275	825
Dividends accrued,received and interest			0	23,013	23,013	22,312

Total incoming resources			0	33,008	33,008	31,839

Resources expended

Services expenditure
	TV Licenses		0	15	15	8

Total services expenditure			0	15	15	8

Management
	Insurance		0	959	959	925
	Audit		0	780	780	780
	Postage,Stationery,		0		0	0
	Subscriptions		0	479	479	470
	Sundry		0	1,321	1,321	125
	Ombudsman's fee		0	13	13	8

Total management			0	3,552	3,552	2,308

General maintenance			0	7,688	7,688	10,132
Ground maintenance			0	2,203	2,203	2,500

Total resources expended			0	13,458	13,458	14,947

Net incomingresources		0 19,550 19,550 16,892

Gain/(Deficit)on revaluation of investment		3/4	28,711	-10,315	18,396	96,685
			14,874	-14,874	0
Net movement in funds		43,585 -5,639 37,946 113,576

Balance brought forward			449,339	353,405	802,743	689,167

Balance carried forward		492,924 347,766 840,689 802,743

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JAMES BRADFORD ALMSHOUSES TRUST

NOTES TO THE ACCOUNTS

31 DECEMBER 2020

1. ACCOUNTING POLICIES

a. Basis of accounting

The financial statements of the Trust are prepared in accordance with UK Generally Accepted Accounting Practice (UK GAAP) including Financial Reporting Standard 102 (FRS 102) and the Housing SORP 2014: Statement of Recommended Practice for Registered Social Housing Providers and comply with the Accounting Direction for Private Registered Providers of Social Housing 2015.

b. Incoming resources

Incoming resources represent maintenance contributions receivable and service charges receivable from residents, donations, rent and investment income.

c. Housing Properties

The Almshouses and the land at Deeping St James were bequeathed to the James Bradford Almshouses Trust free of any costs.

Alterations since the properties were acquired have not been capitalised either where these have been financed before 1 January 1982 by way of grants, donations or other sources not outstanding at that date, or subsequently whether or not external finance was obtained.

In 1994-5 a major repair grant of £22,347 was received from the Housing Corporation via the Mid Sussex District Council which paid for the re-roofing of the Almshouses.

As the properties are maintained in a state of repair such that their estimated residual value is not less than their improvement cost or carrying amount, no provision for depreciation is made. The Trust annually reviews the materiality of depreciation.

d. Designated Reserves

The Trust designates those reserves which have been set aside for uses which prevent them, in the judgement of the Trustees, from being regarded as part of the free reserves of the Trust.

e. Investments

Investments are shown at market valuation

2 TRUSTEES AND EMPLOYEES EMOLUMENTS AND EXPENSES

There were no emoluments paid to any Trustee and there are no employees.

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3 Fixed Assets

3a. Fixed Assets - Tangible

The land and buildings at Haywards Heath were valued for the purpose of insurance in September 2019 at £760,000 by Messrs Gould & Co. Chartered Surveyors, and insured at 30 June 2019 for £1,036,000. The trustees have accepted an excess of £1,000 on claims resulting from subsidence and £250 on claims resulting from loss or damage.

The land at Deeping St James was valued at £13,000 by Messrs Lyall & Co. Chartered Surveyors, in January 1984.

3b. Fixed Assets - Endowment Fund

	2020	2019
	£	£
COIF 27,421.88 Income shares
Market value at 1st January	464,213	380,841
Purchase	0	14,874
Unrealisedgain/(deficit)	28,711	68,498
Market value at 31st December	492,924	464,213
Cost at 31stDecember	153,326	153,326

4 Investments

	2020	2019
	£	£
NAACIF 1,930.553 Accumulation Units
Market value at 1st January	184,477	156,022
Accumulated income	7,176	6,967
Purchase
Unrealisedgain/(deficit)	-13047	21,488
Market value at 31st December	178,606	184,477
Cost at 31stDecember	132,143	124,937

	2020	2019
	£	£
COIF 2608.88 Income units
Market value at 1st January	44,165	37,466
Purchase
Unrealisedgain/(deficit)	2,731	6,699
Market value at 31st December	46,896	44,165
Cost 31st December	30,000	30,000

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5. Grant making

The Trustees do not make grants to other bodies.

6. Related parties

There have been no transactions involving related parties and there are no balances with related parties existing at the balance sheet date.

7 Settlement Time

On average the settlement time is within three weeks from the date of receipt. Where there is a dispute then the account is quickly settled after resolution.

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