Legacies, funding and donating to the William Barrow's Charity in Sittingbourne

Funding

On the demise of William Barrow on 19th January 1707, he left his property to be held in trust by four friends. They collected rents from tenants and distributed the income to those suffering hardship and who were resident within the Parochial Parish of Borden. The property held became known as the Permanent Endowment.

In the early years, management of the Permanent Endowment and income was poor. The history of the William Barrow’s Charity is complex and detailed with many interesting events. This will all be revealed in a book soon to be published.

The trustees have the power to sell, lease or dispose of property and also to acquire property and other investments.

Today, only a few of the original properties comprised within the Permanent Endowment remain in the Charity’s ownership. The investments comprise agricultural land and buildings, commercial property, houses and financial investments. The more well-known properties include both Barrow and Forge Houses and the Forge. All reside in the centre of the village of Borden.

All of these properties and financial investments provide income to the Charity, which after the deduction of all costs and expenses, is available to distribute from education and hardship.

Legacies

Over the years, residents of the Parish have gifted property to the Charity to assist with furthering the cause of the Charity.

If you or your family would like to gift property or make a financial donation to assist the Charity with meeting its objectives, this would be gratefully received. Please contact the Clerk.

There are a number of ways in which you can support the William Barrow’s Charity. These include tax-efficient benefits for both the donor and the Charity as well as legacies. In certain instances, gifts to the Charity could allow them to claim back the tax paid by the basic rate taxpayers and if the donor is a higher-rate taxpayer, they can possibly claim back the difference between higher rate and basic rate tax on the value of the donation. Also, remembering the William Barrow’s Charity in your will reduces the inheritance tax that has to be paid on the donor’s estate. Currently, there is the additional incentive for people to leave at least 10% of their net estate to Charity as they will pay a reduced inheritance tax rate on the remainder. Giving land and property direct to the Charity is exempt from capital gains tax and inheritance tax. Income tax relief can be claimed on the value of the gift.