Financial strength

TheTrustees have been keen in recent years to strengthen the Trust’s finances so that it could better target its resources to those most in need – and the first step towards this was to work with the Birmingham Housing Benefit office in 2010 to review theWeekly Maintenance Charge and the Service Charge for the residents.

Since then the Trust has been able to give grants to some residents, a new means of support which will be further expanded as more and more older people face hardship in the current, difficult economic circumstances.TheTrust is also able to continue improving its housing properties to maintain a high standard.

During 2010 theTrustees appointed a new Investment Management firm – Smith &Williamson – with whom they will continue to work in order to improve theTrust’s investment portfolio.

The third source of income for theTrust comes from its Investment Properties which have been passed on to it throughout the centuries and which prove very valuable – either through an annual rent or by the release of capital as and when the Trustees are able to secure a new long lease on any property.The latter may prove critical during 2012 when theTrustees hope to approve Phase 2 ofWilliam Lench Court if a long lease on one of its properties is agreed and completed in July this year.

TheTrustees have shown great prudence and foresight in their financial governance and, thanks to them, we look forward to continuing extending our services and support to our beneficiaries.

You said...

 Following the loss of Supporting People funding the residents have been anxious that Lench’s Trust maintains the affordability of its almshouses.

 At the same time the residents have expressed their wish that Lench’s Trust maintains and improves its properties to a high standard.

...We did

 When theTrust lost its Supporting People funding we did some work with Birmingham City Council to maximise our income from Housing Benefit.We also ensured that, following the increase on theWeekly Maintenance Charge, those residents most in need were not financially penalised by way of a grant.

 TheTrust continues to set aside sufficient funds in its annual budget for maintenance, extraordinary repairs and depreciation – to allow for routine maintenance as well as major repairs or refurbishment.

 Our newly appointed Maintenance Officer will continue to nurture good working partnership with contractors to ensure value for money on all our required work.