Charity Registered number 248522
The Basil Hamilton Whiteford Charity for Poor
Report and Accounts
31 December 2023
## **The Basil Hamilton Whiteford Charity for Poor Report and accounts Contents**
||**Page**|
|---|---|
|Report of the Trustees|1 to 3|
|Statement of Financial Activities|4|
|Statement of comprehensive income|5|
|Balance Sheet|6|
|Notes to the financial statements|7 to 11|
|Analysis of expenditure|12|
|Rental income schedule|13|
|Summary of share investments and income|14|
|Report of the independent examiner|15 to 16|
**The Basil Hamilton Whiteford Charity for Poor Report of the Trustees**
## **General administrative information**
The official name of the charity is "The Basil Hamilton Whiteford Charity for Poor". It is located at Plymouth in the County of Devon and was registered by the Charity Commissioners on 10 May 1966. The charity's registered number is 248522
The charity was founded by Basil Hamilton Whiteford by a will proved at Exeter on the 14 August 1957.
The official address of the charity is:
Yalta Thornhill Road Plymouth PL3 5NB
## _**Trustees**_
The following persons act as trustees and are all individuals during the year ended 31 December 2023:
Richard Price (appointed 24 April 2023) Chairman David Richard Colwill (retired 24 April 2023) Alan David Cummings Colin Warmington Anthony J Cox James Sanders (appointed 23 January 2023)
No remuneration is paid by the charity to the trustees acting in that capacity. The trustees acknowledge their responsibility under the Charities Act 2011 for preparing financial statements which give a true and fair view and for making accurate representations to reporting accountants.
## **Legal structure of the charity**
The governing document of the charity is the Trust Deed establishing the charity.
## **Objects and activities of the charity**
## _**The purposes of the charity as set out in its governing document.**_
The object of the charity is the benefit of poor persons with the provision of affordable accommodation, and in particular persons who were originally of good social position and education and are now of limited means.
## _**The main activities undertaken in relation to those purposes during the year**_
To continue to let out premises for the benefit of poor persons. In addition to the rental income received, the trustees also manage the charity's investments to enable them to continue to modernise and repair the properties.
## _**The main activities undertaken during the year to further the charity's purpose for the public benefit**_
The trustees have had regard to the Charity Commission's guidance on public benefit in managing the activities of the charity at the trustees meetings. The focus of our activities continues to be the provision of affordable accommodation.
1
**The Basil Hamilton Whiteford Charity for Poor Report of the Trustees**
## **Professional appointees**
The following have assisted the charity during the course of the year:
- I Curtis Whiteford Crocker LLP - solicitors - on legal matters
- ii Harold Duckworth & Co Ltd - Accountants - on accounts matters
- iii Seven Investment Management LLP - Stockbrokers - on share investment matters
- iv Alan Cummings & Co - Chartered Surveyors - on property/land matters
## **Review of the year, including main achievements and the performance of the charity**
The charity conducts day to day matters through its appointed clerk, Mrs Amanda Russell.
Accommodation at affordable rentals continued to be supplied to the occupiers of the charity owned investment property at Edenside during the year. All six units were occupied throughout the year. This helped 6 persons who would have otherwise been in more difficulty.
The Tennis club continued to use the tennis courts and a long term lease is in place. This helps the whole community and the charity to manage the units.
There was a surplus over expenditure amounting to £6,919 during the year compared with £13,518 in 2022.
The Trustee's policy for the Charity's investments is to look for long term growth and no longer seek a constant income. The investments market value increased from £360,525 in 2022 to £375,820 in the year. The income is accumulated.
The trustees believe that the charity is a going concern given the assets it holds. Therefore the trustees also believe that risks the charities face are relatively low.
There were no capital commitments at 31 December 2023.
## _**Policies on reserves.**_
The board of trustees wish to keep at least one years costs in reserve and available immediately for emergencies. Currently there is approximately 12 months costs available in the bank. The trustees feel that this is satisfactory and helps manage the risks the charity faces.
## _**Availability and adequacy of assets of each of the funds**_
The board of trustees is satisfied that the charity's assets in each fund are available and adequate to fulfil its obligations in respect of each fund.
2
## **The Basil Hamilton Whiteford Charity for Poor Report of the Trustees**
## _**The methods used to recruit and appoint new charity trustees.**_
The board of trustees is constantly reviewing the requirement as to whether a new trustee is required. If one is required, they will look to see what area of expertise is required and look for a suitable candidate.
## **Statement of Trustees' Responsibilities**
The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities Act 2011 and the Charities (Accounts and Reports) Regulations 2008. Notwithstanding the explicit requirement in the extant statutory regulations, the Charities (Accounts and Reports) Regulations 2008, to prepare the financial statements in accordance with the SORP 2005, in view of the fact that the SORP 2005 has been withdrawn, the Trustees determined to interpret this responsibility as requiring them to follow current best practice and prepare the accounts according to the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015 (as amended by the Bulletin issued in February 2016) .
In particular, charity law requires the Trustees, if they prepare accounts on an accruals basis, to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of the surplus or deficit of the charity. In preparing those financial statements the Trustees are required to :-
- to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).
- select suitable accounting policies and apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business;
- state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements;
The law requires that the trustees must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for the year.
The Trustees are also responsible for maintaining adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which are sufficient to show and explain the charity's transactions and enable them to ensure that the financial statements comply with regulations made under the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are also responsible for the contents of the Trustees' report, and the statutory responsibility of the Independent Examiner in relation to the Trustees' report is limited to examining the report and ensuring that , on the face of the report, there are no material inconsistencies with the figures disclosed in the financial statements.
Approved by the Trustees on:
Signed by …................... In capacity as chair
On
…..............
3
## **The Basil Hamilton Whiteford Charity for Poor Statement of Financial Activities for the year ended 31 December 2023**
|**Incoming resources**
Investment income
Dividends (page 14)
Interest (page 10)
Other trading activities
**Total incoming resources**
**Charitable expenditure**
Direct - re rental income (page 12)
Investment management costs
Indirect - general (page 12)
**Total resources expended**
Gains on investments on valuation
Gains on property revaluation
**Net movement in funds for the year**
Total funds at 1 January 2023
**Total funds at 31 December 2023**|**Unrestricted**
**Funds**
**2023**
**£**
5,641
769
31,772
38,182
(30,631)
(1,267)
(13,203)
(45,101)
6,077
-
(842)
283,465
282,623|**Endowment**
**Funds**
**2023**
**£**
3,693
-
3,693
960,868
964,561|**2023**
**2022**
**£**
**£**
5,641
4,995
769
115
31,772
29,832
38,182
34,942
(30,631)
(9,382)
(1,267)
(1,215)
(13,203)
(10,827)
(45,101)
(21,424)
9,770
(41,607)
-
-
2,851
(28,089)
1,244,333
1,272,422
1,247,184
1,244,333
**Total**
**Funds**|
|---|---|---|---|
A Statement of Total Recognised Gains and Losses is included as a primary statement in these accounts.
All activities derive from continuing operations.
4
## **The Basil Hamilton Whiteford Charity for Poor Statement of comprehensive income for the year ended 31 December 2023**
|**Surplus for the financial year**
**Other comprehensive income**
Gain on valuation of listed shares
**Funds generated in year as shown on SOFA**|**2023**
**£**
(6,919)
9,770
2,851|**2022**
**£**
13,518
(41,607)
(28,089)|
|---|---|---|
5
## **The Basil Hamilton Whiteford Charity for Poor Balance Sheet**
## **as at 31 December 2023**
**----- Start of picture text -----**
Notes 2023 2022
£ £
Fixed assets
Investment assets 5 815,000 815,000
Share investments 6 375,820 360,525
1,190,820 1,175,525
Current assets
Debtors 10 1,968 1,989
Cash at bank and in hand 72,966 86,889
74,934 88,878
Current liabilities 10 (18,570) (20,070)
Net current assets 56,364 68,808
Total assets less current liabilities 1,247,184 1,244,333
Funds
Permanent endowment fund 8 964,561 960,868
Unrestricted fund 8 282,623 283,465
1,247,184 1,244,333
Approved by the Trustees on:
**----- End of picture text -----**
6
**The Basil Hamilton Whiteford Charity for Poor Notes to the Accounts for the year ended 31 December 2023**
## **1 Accounting policies**
## _**Basis of preparation and accounting convention**_
The accounts have been prepared on the accruals basis, under the historical cost convention, and in accordance with the Financial Reporting Standard 102, (effective 1st January 2016) and 'FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015 (as amended by the Bulletin issued in February 2016) published by the Charity Commission in England & Wales (CCEW) ,effective January 2016, (The SORP), and in accordance with all applicable law in the charity's jurisdiction of registration, except that the charity has prepared the financial statements in accordance with the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015 (as amended by the Bulletin issued in February 2016) in preference to the previous SORP, the SORP 2005, which has been withdrawn, notwithstanding the fact that the extant statutory regulations, the Charities (Accounts and Reports) Regulations 2008 refer explicitly to the SORP 2005. This has been done to accord with current best practice.
## _**Recognition of liabilities and expenditure**_
A liability, and the related expenditure, is recognised when a legal or constructive obligation exists as a result of a past event, and when it is more likely than not that a transfer of economic benefits will be required in settlement, and when the amount of the obligation can be measured or reliably estimated.
Liabilities arising from future funding commitments and constructive obligations, including performance related grants, where the timing or the amount of the future expenditure required to settle the obligation are uncertain, give rise to a provision in the accounts, which is reviewed at the accounting year end. The provision is increased to reflect any increases in liabilities, and is decreased by the utilisation of any provision within the period, and reversed if any provision is no longer required. These movements are charged or credited to the respective funds and activities to which the provision relates.
## _**Debtors**_
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
## _**Accounting for deferred income and income received in advance**_
Deferred income is shown against the Statement of Financial Activities when it becomes due. Until this point it is shown as a liability.
## _**Creditors**_
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
7
**The Basil Hamilton Whiteford Charity for Poor Notes to the Accounts for the year ended 31 December 2023**
## _**Provisions**_
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
## _**Tangible fixed assets**_
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment over 5 years
## _**Cash and bank balances**_
Cash held by the charity is included at the amount actually held and counted at the year end. Bank balances, whether in credit or overdrawn, are shown at the amounts properly reconciled to the bank statements.
## _**Revaluation of tangible fixed assets**_
Investment properties are revalued annually by the trustees, based on fair value at the year end date.
## _**Fixed Asset Investments**_
Fixed asset investments in quoted shares, traded bonds, investment properties and similar investments are shown initially at cost upon acquisition and at their market value at the balance sheet date at the end of the financial period. Investment properties are not depreciated.
All gains on fixed asset investments, whether realised or unrealised, are included in the Statement of Financial Activities.
## **2 Liability to taxation**
The Trustees consider that the charity satisfies the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by chapter 3 part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively on the specific charitable objects of the charity and for no other purpose. Value Added Tax is not recoverable by the charity, and is therefore included in the relevant costs in the Statement of Financial Activities.
## **3 Winding up or dissolution of the charity**
If upon winding up or dissolution of the charity there remain any assets, after the satisfaction of all debts and liabilities, the assets represented by the accumulated fund shall be transferred to some other charitable body or bodies having similar objects to the charity.
8
**The Basil Hamilton Whiteford Charity for Poor Notes to the Accounts for the year ended 31 December 2023**
|**4**
**Employees**
Average number of persons employed by the company|**2023**
**£**
1|**2022**
**£**
1|
|---|---|---|
**5 Tangible fixed assets**
|**Cost or valuation**
At 1 January 2023
Additions
Surplus on revaluation
Disposals
At 31 December 2023
**Depreciation**
At 1 January 2023
Charge for the year
Surplus on revaluation
On disposals
At 31 December 2023
**Net book value**
At 31 December 2023
At 31 December 2022|**Investment**
**properties**
**£**
815,000
-
-
-
815,000
-
-
-
-
-
815,000
815,000|**Fixtures**
**and fittings**
**£**
966
-
-
-
966
966
-
-
-
966
-
-|**Total**
**£**
815,966
-
-
-
815,966
966
-
-
-
966
815,000
815,000|
|---|---|---|---|
The charity's investment properties at Edenside, Hartley and Lockington Avenue Tennis Courts, Hartley were re-valued by Alan Cummings BSc FRICS on a fair market value in December 2019.
The latest value is included in the financial statements and the total revaluation now amounts to £689,816. The properties original cost was £125,184.
## **6 Share investments**
|Capital fund
Repairs fund
Accumulation fund|**Market**
**Cost**
**Value**
**£**
**£**
131,397
142,060
11,819
12,778
204,396
220,982
347,612
375,820
**2023**|**Market**
**Cost**
**Value**
**£**
**£**
129,299
136,278
11,630
12,258
201,131
211,989
342,060
360,525
**2022**|
|---|---|---|
All share investments are held by Nominees on behalf of the trust.
9
**The Basil Hamilton Whiteford Charity for Poor Notes to the Accounts for the year ended 31 December 2023**
## **7 Reconciliation and analysis of movement of funds**
|Income (page 4)
Expenditure (page 12)
Opening value as previously stated
Funds available for use
Net investment (losses)/gains|**General**
**repairs**
**£**
**£**
38,182
(45,101)
(6,919)
272,176
11,289
265,257
11,289
5,745
332
271,002
11,621
**Unrestricted funds**|**Total**
**£**
38,182
(45,101)
(6,919)
283,465
276,546
6,077
282,623|**Funds**
**£**
960,868
960,868
3,693
964,561|
|---|---|---|---|
## **8 Analysis of Fund Balances between the Net Assets**
|Fixed assets/investment properties
Share investments
Net current assets|**Extra**
**Permanent**
**ordinary Endowment**
**General**
**repairs**
**funds**
-
-
815,000
220,982
12,778
142,060
48,863
-
7,501
271,002
11,621
964,561
**Unrestricted funds**|**Total**
815,000
375,820
56,364
1,247,184|
|---|---|---|
## **9 Analysis of income**
|Other interest on deposits
**10**
**Analysis of Debtors and Creditors**
**Debtors**
Rent deposit held by Solicitors
Insurance etc prepaid
**Creditors**
Accountancy fees
Deferred income
Deposit held re Tennis Courts|**2023**
769
**2023**
1,000
968
1,968
1,320
16,250
1,000
18,570|**2022**
115
**2022**
1,000
989
1,989
1,320
17,750
1,000
20,070|
|---|---|---|
10
**The Basil Hamilton Whiteford Charity for Poor Notes to the Accounts for the year ended 31 December 2023**
## **11 Deferred income**
|Balance as at 1 January 2023
Released to SOFA in the year
Balance as at 31 December 2023|17,750
(1,500)
16,250|
|---|---|
## **12 Related Parties**
The trustees confirm that there were no related party transactions in the year.
11
## **The Basil Hamilton Whiteford Charity for Poor Analysis of Expenditure for the year ended 31 December 2023**
|**Direct expenses - Rental**
Repairs and renewals
Insurances
Alarm System
Garden Maintenance
**Indirect expenses - general**
Clerk - salary
Travelling and sundry expenses
Accountancy fee
Investment management costs
Total expenses|**2023**
**£**
26,192
1,008
879
2,552
30,631
10,050
1,833
1,320
1,267
14,470
45,101|**2022**
**£**
5,187
1,154
711
2,330
9,382
8,100
1,407
1,320
1,215
12,042
21,424|
|---|---|---|
12
## **The Basil Hamilton Whiteford Charity for Poor Investment properties - Income and Expenditure account for the year ended 31 December 2023**
|**Income**
Rents received
**Less: expenses**
Repairs and renewals
Water rates
Insurances
Call alarm system
Garden maintenance
**Net surplus/(shortfall)**|**Edenside**
**Hartley**
**£**
30,147
26,192
-
1,008
879
2,552
30,631
(484)|**Lockington**
**Avenue**
**Tennis**
**Courts**
**Hartley**
**£**
1,625
-
1,625|**2023**
**2022**
**£**
**£**
31,772
29,832
26,192
5,187
-
-
1,008
1,154
879
711
2,552
2,330
30,631
9,382
1,141
20,450
**Total**|
|---|---|---|---|
13
## **The Basil Hamilton Whiteford Charity for Poor Share Investments and Income for the year ended 31 December 2023**
|||||**Income**||
|---|---|---|---|---|---|
||**Nominal**|**Cost at**|**Valuation at**|**2023**|**2022**|
||**Holdings**|**31/12/2023**|**31/12/2023**|**£**|**£**|
|**PERMANENT ENDOWMENT FUND**||||||
|7IM AAP Moderately Adventurous||||||
|Dublin C Grp Acc||||0|0|
|7IM AAP Moderately Adventurous||||||
|C Grp Acc|23691|44,510|50,683|579|110|
|7IM Sustainable Balance C Acc|49751|86,887|91,377|2,022|1,309|
|||131,397|142,060|||
|**EXTRAORDINARY REPAIRS FUND**||||||
|**Extraordinary repairs fund**||||||
|7IM AAP Moderately Adventurous||||||
|Dublin C Grp Acc||||||
|7IM AAP Moderately Adventurous||||||
|C Grp Acc|2131|4,004|4,559|||
|7IM Sustainable Balance C Acc|4475|7,815|8,219|||
|||11,819|12,778|||
|**ACCUMULATED INCOME FUND - Unrestricted**||||||
|7IM AAP Moderately Adventurous||||||
|Dublin C Grp Acc||||0|0|
|7IM AAP Moderately Adventurous||||||
|C Grp Acc|36853|69,238|78,840|953|182|
|7IM Sustainable Balance C Acc|77390|135,158|142,142|3,328|2,153|
|||204,396|220,982|||
|**Managed Out Portfolio (M&G Securities Ltd)**||||-1,241|1,241|
|**Total**||347,612|375,820|5,641|4,995|
14
## **The Basil Hamilton Whiteford Charity for Poor**
## **Report of the Independent Examiner to the Trustees of the charity on the accounts for the year ended 31 December 2023**
I report on the financial statements of the charity on pages 1 to 14 for the year ended 31 December 2023 which have been prepared in accordance with the Charities Act 2011 (the Act) and with the Financial Reporting Standard 102, (effective 1st January 2016) adapted to meet the needs of unincorporated organisations, as modified by FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015 (as amended by the Bulletin issued in February 2016) published by the Charity Commission in England & Wales (CCEW) , effective January 2015 (The SORP), under the historical cost convention and the accounting policies set out on page 7 and 8.
## **Respective responsibilities of the Trustees and the Independent Examiner**
As described on page 3, the charity's Trustees are responsible for the preparation of the accounts. The Trustees consider that the audit requirement of Section 144(1) of the Charities Act 2011 (the Act) does not apply, and that there is no requirement in the Governing Document for the conducting of an audit. As a consequence, the Trustees have elected that the financial statements be subject to independent examination.
Having satisfied myself that the charity is not subject to audit under any legal provision, or otherwise, and is eligible for independent examination, it is my responsibility to:-
- a) examine the accounts under Section 145 of the Act;
- b) follow the procedures in the General Directions given by the Charity Commission under section 145(5)(b) of the Act and;
- c) state whether particular matters have come to my attention.
## **Basis of Independent Examiner's Statement and scope of work undertaken**
I conducted my examination in accordance with the General Directions given by the Charity Commission under section 145(5)(b) of the Act, setting out the duties of an Independent Examiner in relation to the conducting of an Independent Examination. An Independent Examination includes a review of the accounting records kept by the charity and of the accounting systems employed by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you, as Trustees, concerning such matters. The purpose of the examination is to establish as far as possible that there have been no breaches of charity legislation and that the financial statements comply with the SORP, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements.
The procedures undertaken do not provide all the evidence that would be required in an audit, and information supplied by the Trustees in the course of the examination is not subjected to audit tests or enquiries, and consequently I do not express an audit opinion on the view given by the financial statements, and in particular, I express no opinion as to whether the financial statements give a true and fair view of the affairs of the charity, and my report is limited to the matters set out in the statement below.
I planned and performed my examination so as to satisfy myself that the objectives of the Independent Examination are achieved and before finalising the report I obtained written assurances from the Trustees of all material matters.
15
## **Independent Examiner's Statement, Report and Opinion**
Subject to the limitations upon the scope of my work as detailed above , in connection with my examination, I can confirm that :-
This is a report in respect of an examination carried out under 145 of the Act and in accordance with General Directions given by the Charity Commission under section 145(5)(b) of the Act which may be applicable;
and that no matter has come to my attention in connection with my examination which gives me reasonable cause to believe that in any material respect the requirements :-
to keep accounting records in accordance with Section 130 of The Charities Act 2011;
when preparing accounts on an accruals basis, to prepare financial statements which accord with the accounting records and comply with the accounting requirements of the Act and the Regulations setting out the form and content of charity accounts;
have been prepared in accordance with The Charities Act 2011. and with the methods and principles set out in the FRS102 Statement of Recommended Practice - Accounting and Reporting by Charities (effective January 2016)
have not been met or to which, in my opinion, attention should be drawn in my report in order to enable a proper understanding of the accounts to be reached;
Harold Duckworth & Co Ltd 41 Houndiscombe Road Mutley Plymouth PL4 6EX
16