Registered Charity No 205757 Housing Corporation No A2989 ## **JAMES BRADFORD ALMSHOUSES TRUST** ## **ACCOUNTS** ## **31 DECEMBER 2020** Page (1) ## **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| Page (2) ## **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| Page (3) ## **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 Page (4) ## **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. Page (5) ## **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: 1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or 2. the accounts do not accord with those records; or 3. 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 Page (6) ## **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|||||| ||||||||| Page (7) ## **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|||||| ||||||||| Page (8) ## **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. Page (9) 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| Page (10) ## 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. Page (11)