Annual Report

Annual Report 2004/2005

Text Box: The Registered office of the Charity is 7 Harborne Park Road Harborne Birmingham B17 0DE The Clerk to the Trustees is Ms L Bending

Text Box: Legal & Administrative Information Under a scheme of the Charity Commissioners dated 16 November 1990 “The Harborne Parish Lands Charity” and “Grice Memorial Homes” are administered and managed as one charity under the name of “Harborne Parish Lands Charity”, subject to, and in accordance with the Schemes dated 21 May 1979 and 9 October 1986. The Charity registration number is 219031. The earliest record of the charity is in a trust deed dated 24 October 1699, which was referred to in subsequent deeds. The origins of the Charity may be from a bequest by Mrs Elizabeth Cowper (alias Piddock) in 1576. Today the Charity owns various investments together with five almshouse properties which were part funded by the Housing Corporation. The area of benefit is the Ancient Parish of Harborne now in the County of West Midlands and the beneficiaries are the almspeople and those in need within the parish.

Text Box: Nominative : Appointed as follows: City of Birmingham (4 years) J E C Alden A.T.I.I. appointed March 2003 P Hollingworth J.P (Chairman) appointed March 2003 I McArdle appointed June 2005 Sandwell (4 years) R Horton appointed February 2002 V Silvester appointed May 2005

Text Box: Co-optative (being persons with special knowledge of the area of benefit) appointed for five years: Mrs J Lawrence appointed November 2004 M C Lloyd appointed April 2005 J S Gregory BSc M.I.H appointed December 2002 F Jephcott M.B.E appointed February 2001 P W Lawrence M.B.E appointed November 1994 Mrs V Montague-Smith appointed May 2001 Mrs A Varley-Tipton appointed February 2003

Text Box: The following changes took place during the year. Mr McKerracher, Mr D Cadbury, Councillor K Davies and Mrs A Varley-Tipton all stood down in 2005 and were replaced by Mrs J Lawrence in November 2004, Mr M Lloyd in April 2005, and Councillor V Silvester in May 2005. There was one vacancy on the board of Trustees

Text Box: SUB COMMITTEES Almoners Internal Control P Hollingworth J.P (Chairman) P W Lawrence M.B.E. Councillor R Horton Mrs V Montague Smith Grants Strategy Mrs A Varley-Tipton P Hollingworth J.P. (Chairman) F Jephcott M.B.E J S Gregory BSc M.I.H

Text Box: Investment Powers The Trustees investments are held under the terms of the Trustee Act 2000. The Investments are managed on behalf of the Trustees by Investment Advisors.

Text Box: The Objects of the Charity For the benefit of the almspeople For the relief of need in relieving, generally or Individual persons resident in the area of benefit.

Text Box: The Organisation of the Charity The Trustees have appointed a Clerk to manage the Charity on their behalf.

Text Box: Solicitors Martineau Johnson 1 Colmore Square Birmingham B4 6AA

Text Box: Major Risks The Trustees confirm that they have identified the major risks, both financial and non-financial, to which the Charity is exposed. These have been examined and systems have been put in place to mitigate them.

Text Box: Elizabeth and Mary Jones Foundation During the year the Charity Commission gave its consent to two alterations to the Foundation’s governing instrument. The first expanded its objectives to incorporate those of Harborne Parish Lands Charity. The second allowed the Trustees to expend the Foundation’s capital. In December 2004 the Trustees put the assets (totalling £201,268) of the Foundation into the name of Harborne Parish Lands Charity, and this brought the Elizabeth and Mary Jones Foundation to its end. In 2004-05 Harborne Parish Lands Charity gave several grants of £1,000 each to organisations in Wednesbury, and will give grants amounting to £3,000 annually to the town in the future.

Text Box: Balance Sheet The value of the assets (less liabilities) of the Charity is shown below:- Housing Properties £ 1,937,282 Fixtures and Fittings £ 6,007 Investments (Stocks & Shares) £ 3,719,465 Investment Properties £ 7,984,000 Bank and Cash £ 664,410 Debtors less Creditors (£ 111,063) ————–—– £ 14,200,101

Text Box: The Charity’s Income Income received 2004/2005 Investment Income £ 111,603 Interest £ 78,744 Income from Investment Properties £ 316,261 ————– £ 506,608

Text Box: The Charity’s Expenditure How the income was spent in 2004/2005 Grants £ 237,336 Deficit on Housing Activities £ 180,050 Management and Administration £ 89,790 Cost of Generating Funds £ 56,579 ————– £ 563,755

Text Box: These figures are a summary of the statutory annual accounts. Full audited accounts are available. If you would like a copy please contact the Clerk at the address on the front page of this report. The Accounts were unqualified, they were approved by the Trustees on 5th November 2005 and have been submitted to the Charity Commission. Signed on behalf of the Trustees

Text Box: Chairman’s Report 2005 Another year in the life of Harborne Parish Lands Charity over. How quickly time passes and Lynda reminded me it is time for another Chairman’s Report. This year has been especially memorable. Phil, the Life and Soul of not only Harborne Cottages but also the whole charity was suddenly taken by Cancer and has since died. Our thoughts go to Val at this sad time. My thanks go t the rest of our splendid staff for covering his work whilst we seek a suitable successor. On a happier note, the Charity passed the Birmingham Supporting People Review with flying colours. The Summer Outing, which brings all our residents together, was much enjoyed by all. Our Scheme Managers kept each of our homes lively with their usual skills, inventing ever new ways of entertaining their residents. We were honoured by the Charity Commission by being asked to take over the Elizabeth and Mary Jones Foundation which expanded our grant making area to Wednesbury. Sadly, two of our Trustees have moved out of the area and have had to resign. My thanks to Duncan Cadbury and Ann Varley-Tipton for sharing their experiences and personalities with us, both will be hard to replace. Fortunately Mr Michael Lloyd has joined us in place of Duncan Cadbury and has already shown he is a worthy successor. The sale of Princes Corner has gone through and we are searching for new offices. We have now purchased a splendid office block at Regents Court, Redditch which will strengthen our Property Portfolio. My thanks to my hard working fellow Trustees and all our splendid staff for their tremendous input. Thanks to them and our Professional Advisors I am happy to confirm that the Charity is in good heart at the end of the year. Peter Hollingworth

Text Box: Trustees Statement The Trustees are satisfied that the Accounts of the Harborne Parish Lands Charity have been properly prepared in accordance with the Charity Act 1993, Regulation 3 of the Charities (Accounts and Reports) Regulations 2000 and the Rules of the Charity. The Trustees approved the Accounts on 4th November 2005 Signed Trustee P Hollingworth Clerk L Bending

Text Box: Policies The Charity has the following policies and procedures to further its objects:- Grant Making Strategy Reserves Policy Risk Management Strategy Investment Policy Selection of Residents and Allocation of Dwellings, Health and Safety Policy Policy on the reimbursement of Trustees Expenses Equal Opportunities Policy Conflict of Interest Policy Recruitment of Staff Policy There have been no significant changes to existing policies in the year ended 30th June 2005, but there is a rolling programme of policy review.

Text Box: Grant Making Policy Each year the Trustees approve a grant making strategy within the objectives of the Charity as set down in its charity scheme. Grant making is therefore confined to individuals residing in, or to organisations assisting those who reside in, the 12 parishes which make up the Ancient Parish of Harborne. In the year July 2004 to June 2005 £220,000 plus unallocated funds carried forward from previous years, were allocated to grant making. This was apportioned as follows:- 1. £50,000 for projects within the Welsh House Farm Estate, Harborne 2. £10,000 for referrals from Sandwell MBC Housing Department 3. £23,000 for referrals from Birmingham Social Services Department 4. £9,000 for urgent grants to individuals 5. £8,000 for the support of asylum seekers 6. £120,000 and any uncommitted balance from 1-5 above for organisations and individuals. In addition the Trustees agreed to roll over into the next year any amount unspent from the previous year.

Text Box: Investment Strategy The Trustees have appointed Gerrard as their Investment Manager and Countrywide Property Management to manage their investment properties. Their performances will be monitored against agreed targets by the Trustees annually. The investment objectives of the Charity are the maintenance and enhancement of income and capital. In order to secure a reliable cash flow the Charity’s investments are split between investment property and stock market investments, thereby also limiting risk. The current strategy of the stock market investments is that the portfolio reflects the Gerrard model with the aim of performing as well as, or better than, the FT Government Securities Index and the FTSE All-Share Index. Income will be maximised while maintaining the relative value of the portfolio. No one holding should form more than 7% of value of the portfolio and cash should likewise form no more than 7% at any one time. The current strategy for the investment property is to develop a more varied portfolio, by reducing the over-weighting in retail and Harborne. Suitable alternatives will be sought as opportunities arise. The Trustees seek to achieve the best possible returns from the rents, compatible with local conditions. The properties will be well maintained in order to achieve this and to retain their investment value. The Trustees are mindful of their legal obligations as landlords and approve a budget for maintenance, both day to day and long term. Surplus Cash will be invested on the money market in the NatWest TRO (between £100,000 and £150,000) and COIF (for the remainder). By splitting the cash the Trustees ensure the Charity benefits from the responsiveness of the NatWest and the higher rates of COIF.

Text Box: Policy on Reserves The Trustees consider it to be prudent to hold reserves and do so for the following reasons:- (1) to cover six months operating costs for administration of the Charity and day to day running costs of the almshouses (2) to provide against developments and repairs for the almshouses over and above that set aside in the ERF (extra-ordinary repairs fund) and CMF (cyclical maintenance fund) Application to the year ended June 2005 Under (1) above £ 292,287 is required, this is made up of six months’ operating costs for the almshouses and six months’ management and administration costs for the Charity as a whole. Under (2) above provision has been made in the CMF and the ERF for any planned maintenance The General Fund of £617,023 included the funds transferred from the Elizabeth and Mary Jones Foundation during the year. The Trustees will consider the use of this during 2005/6 Review and Monitoring This policy will be reviewed annually each autumn taking into account the Charity’s forecast and audited accounts. This review will ensure that the Trustees are satisfied that an adequate level of reserves is maintained without detriment to the objectives of the Charity.

Text Box: Investment Advisors Gerrard Temple Court 35 Bull Street Birmingham B4 6ES

Text Box: Auditors Deloitte & Touche LLP Chartered Accountants Four Brindley Place Birmingham B1 2HZ

Text Box: Surveyors Countrywide Property Management 161 New Union Street Coventry CV1 2PL

Text Box: Bankers National Westminster Bank Birmingham City Office Colmore Row Birmingham B4 0DP