**Charity number: 216873**
## **WYGGESTONS AND TRINITY ALMSHOUSES**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 DECEMBER 2024**
## **WYGGESTONS AND TRINITY ALMSHOUSES**
|**CONTENTS**||
|---|---|
|||
||Page|
|**Chairman's Statement**|1|
|**Trustees' Report**|2 – 20|
|**Independent Auditor's Report on the Financial Statements**|21 – 24|
|**Statement of Financial Activities**|25|
|**Balance Sheet**|26– 27|
|**Statement of Cash Flows**|28|
|**Notes to the Financial Statements**|29 - 59|
## **WYGGESTONS AND TRINITY ALMSHOUSES**
## **CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024**
The Chairman presents her statement for the year.
It has been a relatively quiet year in comparison with all the pressures we have been put under during the previous four years caused by the COVID lockdowns, building programmes and taking Trinity Almshouses under our ‘wing’. That does not in any way detract from the on-going challenges that Trustees have to face to ensure we maintain a thriving, vibrant community that is fit for purpose in the ever changing modern world.
Almshouses may have their roots centred on years of philanthropic charity but they are as relevant in this day and age as when they were founded - in the case of Trinity nearly seven hundred years ago and five hundred plus years for Wyggestons. During this year we finalised the regulatory administration requirements to complete the merger of the two charities, which are now known as Wyggestons and Trinity Almshouses.
Sadly, we had to say farewell to our Master Tony Leighton who retired after 10 years in the role. Tony will be missed by all who knew and worked with him and in thanking him for his service we wish him a long, healthy retirement. At Trinity, Tony’s counterpart Canon Barry Naylor also decided to fully retire from his role where he was a much respected member of the team. Having retired once before we wish Barry a very well deserved rest from his labours and look forward to keeping in touch in the future. With the departure of Tony, the Trustees in collaboration with the Leicester Diocese and Duchy of Lancaster agreed that the role of Master would be renamed Chaplain to better reflect the role as it is carried out in the present day.
We set about appointing a successor and Reverend Micklethwaite was appointed but unfortunately after five months he resigned from the post for personal reasons. With the on-going help of the Diocese we are now re-assessing the present day needs of the role within the Charity and hope to be in a position to make an appointment shortly.
During 2024 we finally completed our new build programme with the final snagging and continued with the upgrading of the common areas within the original building. This has taken rather longer than anticipated as we have also taken the opportunity to upgrade some of the additional areas such as the hairdressing salon and creating a new library and recreation room, along with an upgrade of the original Board room. These upgrades have also entailed needing to create a new access to William House and the creation of another area for the storage and charging of mobility scooters which are used by an increasing number of our residents.
At Trinity, having caught up with some outstanding modifications we have commenced a refurbishment programme of residents’ kitchens and these are being well received.
Every year, as Trustees we take the opportunity to visit some of our agricultural estate and this year we went to one of our furthest flung holdings which is an arable estate at Stainfield in Kesteven. On the way we also took the opportunity to visit the main farm of one of our Trustees where we were able to see some of the cutting edge technology used by modern, go ahead farms. It was certainly eye opening and we were very grateful for the opportunity to keep abreast of the latest developments in farming.
Of course, against all this background we need to make sure that as a Charity we are run in a business like manner, financially sound and are also fulfilling all the requirements placed upon us in the running of a Care home at our Wyggeston site - in addition to running the Almshouses!
None of this would be possible without dedicated Staff and Trustees and I thank them for their diligence and care with which they carry out their roles. I look forward in 2025 to continuing our progress in what will undoubtedly be a challenging year for all involved in the caring and charitable world.
…………………………………..
## **Sandra R Powell**
Chairman of the Trustees of Wyggestons & Trinity Almshouses
Date:
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**WYGGESTONS AND TRINITY ALMSHOUSES**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024**
## **1. INTRODUCTION**
The financial statements comprise the Annual Financial Statements, Chairman’s Introduction and the Trustee’s Annual Report for the year 1 January 2024 to 31 December 2024.
The Trustees referred to in this report are the Directors of the Corporate Trustee of Wyggestons & Trinity Almshouses, being the Wyggestons and Trinity Almshouses Trustee, company number 7718817.
This Report should be read in conjunction with the Chairman’s Introduction (page 1) which has also been reviewed and approved by the Trustees.
## **2. FOUNDATION AND SCHEME**
Wyggeston’s Hospital Charity was founded following the grant of Royal Letters Patent to William Wyggeston in 1513. The Scheme of the Charity Commissioners governing the Charity was revised in 1992 and 2012 and the present Scheme is dated 7 February 2012. The Charity’s registration number is 216873. The official name of the Charity was Hospital of William Wyggeston and the Hospital Branch. On 31 March 2023 the Charity merged with the Trinity Hospital Charities CIO and the Charity Commission approved the renaming to Wyggestons and Trinity Almshouses.
The Trinity Hospital Charities was originally founded by Henry Plantagenet, 3rd Earl of Lancaster and Leicester as an Almshouse/hospital beside Leicester Castle. in 1331 and is one of the oldest Charities still in existence in the city. It was a registered Almshouse Charity administered by Trustees under the terms of a Charity Commission Scheme dated 20 November 1969.
The Trinity Hospital Charities CIO was a registered Charity governed by the deed of incorporation accepted by the Charities Commission and was registered on 15 June 2018.
On 1 January 2019, the assets, liabilities, and operations of The Trinity Hospital Charities (Charity No. 229085) were transferred to The Trinity Hospital Charities CIO (Charity No. 1178807) in accordance with the rules and guidance as laid out by the Charity Commission. All necessary declarations and consultations were made regarding the transfer of restricted and endowment funds.
Following the merger on 31 March 2023 the Charity Commission approved the Trinity Hospital Charities CIO be added to the register of mergers on 15 August 2024.
## **3. CORPORATE TRUSTEE**
On 26 July 2011 a Company Limited by guarantee was established entitled The Wyggeston’s Hospital and Hospital Branch Trustee Company number 7718817. On 7 February 2012 this company became the sole Trustee of the Charity. The previous Trustees of the Charity becoming the Directors of the company. With the merger of the Charity on 31 March 2023 with Trinity Hospital Charities CIO the name of the Corporate Trustee that holds the real estate property of the Charity was amended to reflect the newly merged Charity. All sales or purchases of land are carried out in the name of the Corporate Trustee.
## **4. WORKING NAME**
For day-to-day purposes the Charity is known as Wyggestons or Wyggestons and Trinity and the Directors of the Corporate Trustee are known as Trustees.
## **5. AIM**
The aim of the Charity is to apply its income for charitable purposes by the provision of Almshouses or general financial assistance for needy people of the City of Leicester, Counties of Leicestershire and Rutland and adjoining areas and the provision of Extra Care facilities for needy persons.
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## **WYGGESTONS AND TRINITY ALMSHOUSES**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024**
## **6. OBJECTS**
The objects of the Charity are:
- 6.1 Relief in Need on one or more of the following:
- 6.1.1 the provision and maintenance of Almshouses for poor persons of good character of not less than 60 years of age resident in the City of Leicester, Counties of Leicestershire and Rutland and adjoining areas;
- 6.1.2 the provision and maintenance of Extra Care facilities for needy persons of good character with a preference for residents of the Almshouses;
- 6.1.3 the relief of the needy poor; and
- 6.1.4 paying to the Wyggeston’s School Foundation an annual sum.
## **7. PUBLIC BENEFIT**
The Trustees have complied with the duty in S.17 of the Charities Act 2011 to have due regard to the Charity Commission published general and relevant sub-sector guidance concerning the operation of the public benefit requirement under that Act.
It is important and appropriate, therefore, in this report to review the work of the Charity in the light of the Commission’s guidance and their published Reports. As readers will be aware there are twelve Charitable Purpose Headings and the Wyggestons & Trinity Almshouses Charity Scheme fits within three of them:
- the prevention or relief of poverty;
- the advancement of education; and
- the relief of those in need.
We will look at each of the headings in turn and show how Wyggeston’s fulfils the public benefit test in each area.
## **7.1 The prevention or relief of poverty**
## **7.1.1 Leicester Charity Link**
Through the Leicester Charity Link (LCL) grants are provided which enable people to have a better quality of life. Although individual grants are limited to a maximum of £500 it is often the case that even a small amount makes a huge difference. The Trustees, through the Finance and Grants Committee, are made aware of all help given through performance indicators and analysis of each grant provided at each quarterly meeting. Working with LCL has the advantage that they can access additional funds should this be necessary. They can also ensure an individual is claiming any statutory help available. In 2024 we made a grant of £25,000 for distribution by LCL (in 2023 the grant was also £25,000).
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**WYGGESTONS AND TRINITY ALMSHOUSES**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024**
## **7.1.2 One Roof Leicester**
One Roof Leicester (ORL) is a Charity which provides accommodation, support and advice to the homeless, destitute refugees, asylum seekers and vulnerably housed in Leicester. ORL works with partner organisations, often the local faith community, to ensure that the vulnerable whom they house are not left in isolation. In 2016 Wyggestons and Trinity purchased property which is included in their estates portfolio. This is let to ORL for a nil rent allowing them to provide accommodation to a homeless or vulnerable family. The rental for the property on the open market would be in the region of £5,000 - £7,000. Therefore this could also be counted a hidden grant aid and this continued during 2024.
## **7.2 The advancement of education**
Under the Terms of the Charity’s Scheme we pay an amount annually to the Wyggeston’s Schools Foundation. In 2024 this was £5,000 (2023: £5,000). The Foundation considers applications from the two sixth-form colleges in Leicester City that were formally Wyggeston Schools (now known as WQE ( Wyggestons and Queen Elizabeth College). Through this additional funding, students can become involved in activities or courses to enhance their broader educational horizons which they would otherwise be denied. The funding is usually made in the September of each year to coincide with the commencement of the academic year. Three members of the Governing board are nominated on to the Foundation Board and closer links with the School are being developed to provide opportunities for the students to engage with older communities.
## **7.3 The relief of those in need**
How do you define need? Should it relate simply to a person’s bank balance? Need should be interpreted in various ways, including financial, emotional and spiritual. Some people will have a property but little or no savings and insufficient income with which to maintain it. Others may be suffering social isolation as the area in which they were born and brought up changes beyond their recognition.
In our Almshouses, we provide independent living sheltered housing units, open to all who qualify under the Terms of the Charity Scheme. In a community atmosphere the residents benefit from not having the worry of housing maintenance, they are with like-minded and similar aged people and enjoy the security of someone on call should they suffer an emergency.
In addition, we have two Chapels on site and can offer spiritual and pastoral support as needed through the Chaplain role, an ordained Anglican Priests. As people age and their needs increase they can, subject to assessment, transfer to Agnes House, our Residential Home, which is on the same site. The proximity of the buildings has the added advantage that fellow residents who have become friends over the years can visit easily and maintain contact. Families also appreciate that when the time comes for the extra level of care the parent or loved one is already known to the staff, and this reduces the stress of moving. In all Homes there is a degree of subsidy.
The Trustees’ Policy is that the weekly charges in the Almshouses and Agnes House will be below that of an economic rent or fee as part of the Charity’s Relief in Need help.
## **7.4 Conclusion**
In the light of all the above we firmly believe that Wyggeston’s would ‘pass’ any Review by the Charity Commission concerning its charitable work.
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**WYGGESTONS AND TRINITY ALMSHOUSES**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024**
## **8. STRATEGIC OVERVIEW**
The Charities were established to provide sheltered housing and give grant aid. We now achieve this by:
- providing 93 units of Almshouse Accommodation across two sites in West Leicester;
- 26 en-suite rooms in Agnes House;
- paying grant aid either directly or via Leicester Charity Link and the Wyggestons School Foundation; and
- providing a property at no/minimal cost to another organisation to work with individuals or families who would otherwise be homeless.
As an endowed Charity the income from investments provides monies to supplement the work and the Almshouses and residential home are provided at subsidised rates. The main limiting factors for the Charity are the rise in operating costs due to increased rates of inflation causing substantial rises in utility and maintenance and staffing costs, financial return on some of our investment assets and the rates paid by the local authorities for residents in the care home.
We monitor our performance by carrying out an Annual Residents’ Survey. We are also regulated by external bodies, the Care Quality Commission (CQC), Housing Ombudsman and Leicester City Council.
Financially we are strong with many opportunities in the years ahead to increase our work and currently there is no reason why Wyggestons & Trinity should not continue for a further 700 years. Details of how the Trustees work through the various committees is given below. As mentioned elsewhere the day-to-day management is carried out by the senior staff.
All payments are approved by two Trustees and are reported to the Finance and Grants Committee at the next round of meetings. Budgets are approved at the autumn round of meetings for the following year and any variances greater than 20% are investigated and explanations provided. Each committee receives budget to actual reports at its meetings and Trustees receive financial information on a monthly basis.
## **9. RISK MANAGEMENT**
The Trustees have examined the major strategic business and operational risks which the Charity faces and confirm that systems are in place to ensure regular reports are produced so that the necessary steps can be taken to lessen these risks with a formalised risk register reviewed annually by the Trustees. Specific areas of risk are assessed by the Board on an ongoing basis through the Committee system. This has been amended to include new risks that occurred due to the higher rates of inflation experienced impacting on operational costs factors which have led to increased risks for the Charity.
The major risks to the Charity are reputational damage, compliance failures, fraud and ’Acts of God’. Whilst having no control over the external risks the Trustees have in place various measures to mitigate the likelihood of reputational damage and fraud including a robust Business Continuity Plan, financial systems and an associated Crisis Management plan to protect the Charity.
## **Going Concern**
The annual budgets and forecasts have been drawn up and amended with consideration for the continuing impact of external economic factors along with our ongoing planned capital projects. The budgets and forecasts are supported by a monthly reviewed cashflow analysis that is managed by the Trustees and senior staff. The income being derived from the recent expansion of the Almshouses provision coupled with excellent occupancy rates and diversification of the Estate portfolio provides the Trustees with the confidence of the financial health of the Charity.
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**WYGGESTONS AND TRINITY ALMSHOUSES**
**TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024**
On review of these documents, the Trustees believe that the Charity’s financial resources and contingency planning is sufficient to ensure the ability of the Charity to continue as a going concern for 12 months from the point of signing and therefore the financial statements have been prepared on this basis.
## **10. RESIDENTS**
During 2024 there were 14 (2023: 16) deaths and 2 (2023: 3) transfers of residents between our services.
## **10.1 William House, Trinity Hospital, Lancaster House and Cottages - The Almshouses**
## **10.1.1 Statistics**
Deaths: 3 (2023: 5) Moved: 3 (2 internal to Agnes House)
Empty flats at the year-end: 2 (2023: 2)
Average occupancy during the year was 97% (2023: 95%)
At the year-end:
Average age: 81 years (2023: 80)
Average length of occupancy: 8 years (2023: 6.7 years)
Youngest resident: 60 (2023: 63)
Oldest resident: 96 (2023: 95)
Male : Female ratio 34% : 66 % (2023: 38% :62%)
Total residents: 98 (2023: 98)
## **10.1.2 Building and repairs**
Almshouses
William House - Two flats were upgraded with new kitchens installed in the existing Almshouses and necessary minor repairs and maintenance items were carried out during the year.
The main construction works was the commencement in November 2023 of a major refurbishment of the communal parts of William House following the final handover of the new Lancaster House development. The works comprise redecoration of all corridors, communal rooms, new staircases, reglazing of each linkway between corridors and repurposing of some of the communal rooms to increase the community spaces for residents and continued throughout 2024.
Lancaster House and Cottages post construction defects period came to end in early 2024 and the Charity has been responsible for the repairs of these Almshouse since that date.
Trinity Hospital continues to be well maintained by the contractors and maintenance staff. 2024 saw the completion of the wet room refurbishment programme, and commencement of the upgrading of kitchens. Two flats were also redecorated and rewired when they became vacant.
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## **WYGGESTONS AND TRINITY ALMSHOUSES**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024**
## **10.2 Agnes House - The Residential Home**
## **10.2.1 Statistics**
Average occupancy during the year was 93% (2023: 95%)
At the year-end:
Average age: 94 years (2023: 92)
Average length of occupancy: 2 years (2023: 2)
Youngest resident: 81 (2023: 82) Oldest resident: 99 (2023: 99)
Male : Female ratio 27 : 73 % (2023: 23% : 77%)
Deaths 11 (2023: 11).
Vacancies at Year End: 3 (2023: 0)
## **10.2.2 Building and repairs**
There have been no major works to the Agnes House building during 2024. General repairs and maintenance continue as necessary.
## **11. GOVERNANCE OF THE CHARITY**
The Trustees are responsible for the overall management and organisation of the Charity. The full Board of Trustees met four times in 2024. The Finance and Grants Committee, Estate Committee, House Committee, Review Committee, Executive Committee and Looking Ahead Group support the Trustees in carrying out their responsibilities.
Each Committee consists of at least nine Trustees, except the Executive Committee, which comprises the Chairman and Vice-Chairman of the Board of Trustees and the Chairman and Vice-Chairman of each Committee. The Finance Sub-Committee - Investment comprises the Chairman and Vice-Chairman of the Trustees, the Chairman and Vice-Chairman of the Finance Committee and the Chairman of the Estates Committee.
The Trustees are ultimately responsible for the policy and direction of the Charity, with day to day management delegated to the senior staff headed by the CEO, who also acts as Clerk to the Trustees. The Care Manager has operational management responsibility for all three services at Trinity Hospital, William House and Agnes House. The Chaplain is responsible for the pastoral care of all residents and staff.
All Trustees are notified of relevant training opportunities, and these are fully funded by the Charity. The Clerk to the Trustees attends various courses and provides reports to update Trustees. The Professional Advisors also offer in-house updates specifically tailored to the Trustees needs as necessary.
## **12. COMBINATION OF THE CHARITIES**
The Trinity Hospital Charities, founded originally in 1331, was a registered Almshouse Charity administered by Trustees under the terms of a Charity Commission Scheme dated 20 November 1969. The Trinity Hospital Charities CIO was a registered Charity governed by the deed of incorporation accepted by the Charities Commission and was registered on 15 June 2018.
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## **WYGGESTONS AND TRINITY ALMSHOUSES**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024**
On 1 January 2019, the assets, liabilities and operations of The Trinity Hospital Charities (Charity No. 229085) were transferred to The Trinity Hospital Charities CIO (Charity No. 1178807) in accordance with the rules and guidance as laid out by the Charity Commission.
Following a detailed due diligence exercise the Board of Trinity Hospital Charities CIO formed a partnership with Hospital of William Wyggestons on 9 September 2021 to safeguard the history and operations of the Charity and a new board was created with 9 members in common with the Board of the Hospital of William Wyggestons along with the ex-officio Chaplain remaining from the previous board of Trustees. The Lord Mayor continued to be Patron of the Charity.
In Autumn 2022 the Board of Trustees passed a resolution to seek Charity Commission approval to transfer all of the assets, liabilities and operations of the CIO to the Hospital of William Wyggeston and the Hospital Branch Trustee and merge the two Charities together. Approval was received in March 2023 and the formalities completed on 31st March 2023 with a new name created to reflect the joint heritage of the two Charities. The Trinity Hospital Charities CIO was added to the Charity Commission’s register of mergers on 15 August 2024.
## **13. TRUSTEES**
## **13.1 Directors/Trustees**
Thanks are recorded to all the Trustees who have given so freely of their time not only to attend meetings but also to deal with individual matters during the year.
Directors of the Wyggestons and Trinity Almshouse Charity are commonly known as Trustees. Details of those who served during the year can be found on page 19 and 20.
In November 2017 the Charity Commission, jointly with others published ‘Taken on Trust – The awareness and effectiveness of Charity Trustees in England and Wales’. In the recommendations reference is made to the recruitment of Trustees and that this should, ‘...embrace the introduction of different people, new ideas, skills and experience to Trustee boards, and to target the recruitment of Trustees from more diverse sections of society...’
Our full complement of Trustees was twenty, being ten Co-options, one ex-officio and nine nominations from public bodies. To obtain a wide spread of skills and experience that we require for our diverse operations we consider factors such as gender, age and skills.
In 2024 the Charity has adopted a Trustee Recruitment Policy following a review of its performance against the Charity Governance Code in 2021. Additionally, the Trustees have undertaken a skills audit and are using these findings to review the selection process and identify current and future needs. The difficulty of recruiting Trustees with the skills and time commitment is recognised across the sector and the Charity is considering ways of attracting applicants from under represented groups through local and sector specific advertising for each vacancy as it occurs. The Charity has created a succession plan to ensure it retain a strong Board of Trustees to support it going into the future whilst working towards the scale of board recommended by the Charity Commission and has commenced to reduce the overall number of Trustees accordingly by reducing the number of nominated posts in agreement with the nominating authorities. A further assessment of performance in relation to Charity Governance Code is planned alongside a review of the Governance structure. In 2025 the Charity adopted new Articles of Association and Scheme to reflect the changing Governance arrangements at the Charity and updated the name of the legal entity.
As part of the merger with Trinity Hospital Charities CIO the Chaplain of Trinity Hospital, which is an ex-officio appointment confirmed by the Diocese of Leicester and The Duchy of Lancaster, joined the newly formed Board of Trustees as a nomination from the local authority. On his resignation in August 2024 the post was merged with the Master of Wyggestons post and renamed as the Chaplain of Wyggestons and Trinity Almshouses Charity following consultation and agreement with the Duchy of Lancaster.
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## **WYGGESTONS AND TRINITY ALMSHOUSES**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024**
## **13.2 Remuneration And Benefits**
Under the terms of the Charity Scheme (Sections 16 – 21) the Charity is required to employ a Chaplain who shall be an Ordained Priest of the Church of England. The Chaplain is an Ex-officio Trustee. The Chaplain is the only Trustee who received any form of remuneration from the Charity during the year covered by these Financial Statements. See note 13 to the Financial Statements.
## **13.3 Statistics (years) of Directors/Trustees**
## **13.3.1 Age**
Youngest: 57 Oldest: 83 Average: 73
## **13.3.2 Length of Service**
Longest:Continual unbroken: 41
Newest:Appointed July 2024
## **13.3.3 Male / Female (%)**
Male: 53% Female: 47%
## **13.4 Meetings and Committees**
Included below are the average attendance at the various meetings.
During the year the full Board of Trustees held Four Ordinary Meetings. Average attendance was as follows: Ordinary 82%.
In addition in the year there were one Extraordinary General Meeting held for the management of the Charity (85% attendance) and two Special Meetings to confirm the re-appointment of Trustees (average 82% attendance).
Committees appointed by the Full Board of Trustees to consider matters in depth and make recommendations to the Full Governing Body are:
## **13.4.1 The Executive Committee**
The Executive Committee is made up of the Chairman and Vice Chairman of the Trustees and the Chairman and Vice Chairman of each Committee. The Chaplain is Ex-officio Member of all Committees. The purpose of the Executive Committee is to consider matters in detail as a small group and to take recommendations to the appropriate Committee of the Trustees for consideration. The Executive Committee did not meet during the year.
## **13.4.2 The House Committee**
Deals with matters relating to the residents, employees and the buildings The Committee met four times during the year. Average attendance was 84%.
## **13.4.3 The Estate Committee**
Dealing with matters relating to the Agricultural Estate. The Committee met four times during the year. Average attendance was 81%.
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## **WYGGESTONS AND TRINITY ALMSHOUSES**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024**
## **13.4.4 The Finance and Grants Committee**
The role is to review and monitor performance against budgets and forecasts and grant making. The Committee met four times during the year. Average attendance was 81%.
## **13.4.5 The Finance Committee Sub-Committee - Investments**
Has the specific role of monitoring the investments of the Charity and, in consultation with our Stockbrokers/Asset Allocation Advisors/Land Agents, ensure the Charity’s assets are held in appropriate categories or Funds within the guidelines set by the Trustees. The Sub Committee met eight times in 2024 (90% attendance) and is currently involved in managing funds in the cash management portal and exploring other investments to diversify the portfolio.
## **13.4.6 The Audit Committee**
Meets annually to discuss the draft financial statements with the auditors. The Committee met once during the year. Attendance was 100%.
## **13.4.7 The Review Committee**
Meets annually to review the level of charges to residents and the remuneration of employees. Attendance was 100%.
## **13.4.8 Looking Ahead**
This Group reviews the strategic role and function of the Charity. The Group met 10 times during the year to also oversee the refurbishment projects and consider future opportunities. Average attendance was 87%. A Looking ahead group Away Day was held on 3 October 2024 and attendance was 100%.
## **14. INSPECTIONS AND EXTERNAL ASSESSMENTS**
## **14.1 Statutory Inspections**
The annual Health and Safety inspections carried out by our consultant was carried out in March 2024 and confirmed all was in good order with no areas of concern. Fire Risk assessments for all buildings were carried in May and all buildings passed the inspections.
The local authority undertook a full Health and Safety inspection and audit of our care home, Agnes House on
23 November 2024 and the Home was found to be compliant in all areas.
## **15. STAFF AND VOLUNTEERS**
## **15.1 General**
To all the staff we express our sincere thanks as it is only through their commitment we are able to carry out the good and positive work in caring for those in need, for which the Charity was established.
## **15.2 Numbers**
Detailed staff numbers are given in note 12 of the financial statements.
## **15.3 Staff Turnover**
The average length of employee service is currently 15 years and the turnover is extremely low for our sector.
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## **WYGGESTONS AND TRINITY ALMSHOUSES**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024**
During 2024 nine permanent employees left, of whom four retired, three resigned, one relocated out of the region and one post was made redundant. Although this equals around 13% turnover (we have 68 employees) the average in the care industry in the East Midlands is around 25%/30%. The split between male and female is 11% and 89% and full time and part time is 15% and 85% respectively.
## **15.4 Agnes House**
Care staff with NVQ IWE or equivalent or above: 96%.
## **15.5 Volunteers**
## **15.5.1 Trustees**
The Trustees give freely of their time and abilities.
## **15.5.2 Others**
There were no other volunteers.
## **16. FINANCIAL**
## **16.1 General**
We are pleased to report a satisfactory financial performance for the year. The detailed figures for the year under review appear on pages 25 - 58.
## **16.2. Financial Controls**
The Trustees are satisfied that the financial controls currently in place meet all the regulatory requirements and are reviewed annually in line with the Charity Commission (CC8 – internal financial controls) guidance.
## **16.3 Income Streams**
The main income streams for Wyggestons and Trinity are investment income and income from residents. The Investment income is from the stock market investments, cash deposits and management portal and the agricultural and land investments. Each one is important and allows the Trustees not only to maintain the current work of the Charity but to plan strategically for the future.
## **16.4 Investments**
## **16.4.1 Investment Policy**
The overall policy of the Trustees is to maintain a balanced portfolio which includes Fixed Interest Bonds, Gilts, Equities and Property either agricultural, commercial or domestic. Investment may be direct into individual shares or via appropriate collectives or other relevant instruments. The Trustees do not intend to invest directly in hedge Funds or high risk derivatives. The Policy has been recently reviewed in light of the merger of the Charities and diversification of the assets to better reflect the requirements of the Charity.
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**WYGGESTONS AND TRINITY ALMSHOUSES**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024**
## **16.4.2 Externally Managed Funds**
LGT Wealth management and Cazenove continued as our Investment Fund Managers for externally held investments during 2024. The Wyggestons portfolio comprises Permanently Endowed funds split between the two investment managers. The Trinity Portfolio comprised a combination of permanent endowed funds and free reserves and these funds were formally split into two distinct portfolios in 2023 to enable more effective management of the funds by the Charity. Trustees monitor the performance of the managers through the quarterly Committee meetings and specific investment sub committee that meets regularly to oversee the investment policy and other opportunities. The Committees receive portfolio specific reports and use recognised industry benchmarks to assess the performance.
## **16.4.2.1 LGT Wealth Management - Wyggestons and Trinity portfolios**
Wyggestons has long-term investments managed by LGT Wealth Management on a discretionary basis.
Value 31 December 2024 £6,268,262 and an expected return yield of £190000 for 2025.
For ease of accounting, three portfolios are managed separately but with a common mandate:
1. Wyggestons Hospital Portfolio;
2. Trinity Permanent Endowed Funds; and
3. Trinity Free Reserves Funds.
Expectations were for 2024 to be a volatile year with concerns over economic resilience and geopolitics with over half of the world’s population going to the polls. Despite this, inflation eased across most major economies with policymakers seeming successful in engineering a “soft landing”. Traditional risk assets performed well, though this was driven by a small number of large-cap names, fuelled by strong earnings, optimism around AI and potential deregulation of a new US administration.
The portfolios have a dual-mandate of delivering income as well as capital growth. The Yield was strong with income generation of around 3.2% and a robust total return of around 7% over the year.
Looking ahead to 2025, no discussion would be complete without examining the shifting geopolitical landscape. A return of President Trump to the White House is set to significantly shape global power dynamics and international relations for years to come. As technology and geopolitics continue to redefine the world around us, we are focused on identifying opportunities that reinforce our investment philosophy and align with our long-term approach.
## **16.4.2.2 Cazenove Capital Investment**
The Charity has a long term investment portfolio managed by Cazenove on a discretionary basis. Value of £6,199,000 as at 31 December 2024 with expected yield of £170,000 in 2025.
Risk assets have enjoyed a strong twelve-month period, with global equity markets up 20% as measured by the MSCI All Country World index. Equities have been buoyed by the improving fundamental picture as inflation fell closer to central bank targets whilst global growth remained robust. The concept of US exceptionalism was prevalent throughout the period, driven by stronger growth and the anticipated impact of President Trump’s policies after his victory in November’s election.
Regional equity market performance largely reflected this with the US strongly outperforming other major equity markets, the exception being China which rebounded on expectations of policy stimulus. Meanwhile the “Magnificent Seven”^ and other AI related stocks were the strongest performers, with the former group producing returns of 67%* and Nvidia almost trebling over the period. US and UK government bonds on the other hand produced negative returns as they experienced higher than usual levels of volatility, driven by shifting narratives from global central banks and the market’s subsequent reaction to interest rate expectations.
Page 12
## **WYGGESTONS AND TRINITY ALMSHOUSES**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024**
Elsewhere commodities exhibited a mixed picture with gold rising to new all-time highs in October, whilst oil prices have fallen significantly despite ongoing events in Ukraine and the Middle East. The US dollar was also volatile but rose strongly in the fourth quarter on a trade weighted basis, strengthening against major currencies and positively impacting returns for overseas investors in US markets.
Against this backdrop the Wyggeston portfolio returned 9.9% in 2024 with income generation beating 2023 levels. The biggest driver to the headline return was from the equity component of the portfolio with particularly strong returns from US equities. Elsewhere in a volatile year for the bond market – we protected capital values well by remaining shorter duration than the benchmark.
One significant change to the strategy during 2024 – was around the equity component. Up until the beginning of December the portfolio held its equity exposure through Funds. Following a strategy review, the Trustees agreed to move the equities into direct stocks following a Global Equity Income approach. We believe this will put the Wyggeston portfolio in a better position looking forward both in terms of performance and future income generation.
^ “Magnificent Seven” refer to a group of large technology companies and include Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla
* Total return in USD, based on an equally weighted return of the Magnificent Seven group of stocks over the period.
## **16.4.3. Insignis Cash Portal – Directly Managed Funds**
Following a large cash receipt from a land disposal in 2022 the Trustees considered alternative investment products to enable consistent returns on investments and identified a cash management portal as a solution. The Finance (Investment) Sub Committee has overseen the investment of funds in the Insignis Cash management portal in 2024.
A management policy has been developed to assist staff and members of the Finance Sub Committee (Investment) to undertake an effective investment of capital receipts into the accounts offered through the portal whilst mitigating any risks to the Charity.
Initially £2m of funds were placed in the portal in a range of accounts providing different notice/maturity periods and interest rates to enable close management of funds which can be drawn down for use as operating cash to meet specific financial commitments or reinvested on maturity.
A Resolution of the Charity at the November 2024 Full Board meeting agreed to release up to £1m of these Permanent Endowed funds in line with the powers granted in the Charities Act 2022. Funds have been withdrawn on maturity of individual investments in the cash management portal to meet the cost of invoices as they have been received from the contractors for the William House refurbishment project. These funds will be replaced over time with free reserves in line with the terms of the Resolution.
In early 2025 a further £1.3m was invested in the cash management portal being part of the receipts from the land sale at Westry Corner, Barrowby.
## **16.5 Agricultural Estate and Other Real Estate**
The Estate had a better year overall despite severe challenges for our tenants from the weather and support payment regime change. These challenges have become even more focussed after the year end with further changes to both taxation and support payments.
The long term strategy of diversifying income sources from different property types and tenancy structures resulted in another modest strengthening of income from the Estate being seen in the year.
Page 13
## **WYGGESTONS AND TRINITY ALMSHOUSES**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024**
The, hopefully temporary, closure of the Sustainable Farming Incentive (SFI) scheme also after the year end will further dampen the industries spirits. Many tenants were relying on entering the SFI scheme to top up lost area payments
## **16.5.1 Maintenance**
The Agents arrange general maintenance and insurance on the estate where it remains the landlord’s responsibility. They have standing instructions that they may spend up to an amount equal to 10% of rental income without referring back to the Trustees for such maintenance. The 10% level is taken over a three-year rolling programme to allow for the various fluctuations each year.
## **16.5.2 Visit**
Each year the Trustees, with their advisors, visit either an existing holding or, if new land has been purchased, visit to meet any new tenant(s) on the Estate. The usual visit cycle is about every five years. In 2024 the Trustees and their advisors visited one of the Governor’s own farms to see a modern agricultural operation and then visited their farm at Stainfield. The visit took place on Friday 29 September 2024 and was well attended.
## **16.6 Pensions**
Wyggeston’s provides all its eligible employees the chance to join in a workplace pension scheme under the umbrella of The Pensions Trust.
There are particular areas the Trustees must consider concerning pensions. The original scheme had an element of capital guarantee and as a group style scheme existing members are mutually liable for each other’s debts. There is a potential debt on withdrawal and The Pensions Trust had notified the Charity that the Employer debt on withdrawal could have been in the region of £90,000 in 2014.
The Pensions Trust have imposed an annual levy currently around £2,000 per annum to make good the current deficit. This is a requirement by the Pensions Regulator. The Trustees, therefore, felt it prudent to initially reserve a sum of £100,000 against these real and potential liabilities. The deficit has been effectively managed by the appointed Pension Trustees and the most recent valuation of the debt in 2023 showed a significant reduction in the Charity’s potential liability. This has been reviewed by our pension advisers and the liability was believed to be around £50,000. This would only become payable in the event the Charity had no active members in the Scheme, however through careful management this amount now stands at £12,000, and with legal and actuary fees would be well within the fund set aside by the Board.
The Trustees agreed to reduce the reserve to £65,000 accordingly as detailed in note 27 to the Financial Statements.
The Trustees are aware of an impending legal review of the scheme. The High Court will hear a case being brought against The Pension Trust that there is sufficient uncertainty regarding the effect of some benefit changes made to the schemes over time, and that the directions of the Court are to be obtained to provide the Trustee with the certainty it needs to properly administer The Pensions Trust. The risk register for the Charity has been updated to allow for any additional financial burden from the expected legal judgement that may adversely effect the levy.
The Charity believes the legal case in respect of the scheme has commenced in the courts. Technical questions are being considered at present following various requests for clarification from legal representation as of May 2025, no further information has been forthcoming to employers and no indication when the case will therefore conclude.
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**WYGGESTONS AND TRINITY ALMSHOUSES**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024**
## **16.7 Grants - Received**
During the year the Charity received a grant of £1,000 from the Duchy of Lancaster which is used towards the costs of Founders Day celebrations and the Trinity Hospital beneficiaries fund. The Charity is proud of its unique relationship with the Duchy of Lancaster, that previously was closely linked to the management of the two Almshouses and who retain the right to approve the appointment of the Chaplains. With the merger of the Charities the Duchy of Lancaster continues to award these grants to the merged Charity.
## **16.8 Fundraising**
The Charity was not involved directly or indirectly in any fundraising for its own benefit during 2024 and is unlikely to undertake any fundraising in the near future.
The Charity had no fundraising activities requiring disclosure under S162A of the Charities Act.
## **16.9 Subsidiary Companies**
The Charity is a two site, single operation entity and does not have any subsidiaries.
## **16.10 Reserves Policy**
Free reserves are calculated as the general unrestricted funds of the Charity excluding the funds invested in tangible fixed assets.
The Charity had in the unrestricted general fund free reserves, which excludes tangible fixed assets, negative funds of £2,120,517 at the end of the current year. This is calculated by taking the closing total funds, less permanent endowment, restricted funds, designated funds and tangible fixed assets, and adding back the MOTO lease premium and bank loan creditors. The calculation follows the formula set out in CC19 except for the MOTO lease premium and bank loan adjustments. These have been added back because the lease premium is deferred income and not a liability, and the bank loan was repaid shortly after the year-end. The amended calculation therefore gives a fairer representation of reserves freely available for charitable purposes.
The Trustees consider that a minimum of six months of the Charity’s annual expenditure represents a fair balance between the certainties of the major income streams and a prudent and realistic figure to cover future risks and uncertainties to cash flows.
The level of free reserves remains below the target set by the Trustees largely as a result of the Lancaster House and cottages capital project being financed out of existing cash resources, in excess of projected working capital requirements. The Trustees continue to manage the Charity's resources with a view to recovering the level of free reserves over the medium term.
## **16.11 Borrowing from Permanent Endowment**
The Charities Act 2022 introduced the power for trustees to borrow amounts from the Permanent Endowment for expending on charitable purposes. The amount that can be borrowed is restricted to 25% of the investment value of the Permanent Endowment and must be repaid within 20 years.
The Charity has taken advantage of these new provisions. The purpose and amounts of borrowings are set out in Note 22 of the financial statements.
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**WYGGESTONS AND TRINITY ALMSHOUSES**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024**
## **16.12 Extraordinary Repair Fund (ERF) and Cyclical Maintenance Fund (CMF)**
The unplanned major works are funded from the ERF and in 2024 these were £5,502. Other general maintenance items were allocated directly to the general repairs and maintenance budget. The CMF are used to fund refurbishment of apartments and other planned works identified through the quinquennial survey and ongoing projects.
The Charities Act 2022 introduced the power for Trustees to borrow amounts from the Permanent Endowment for expending on charitable purposes. The amount that can be borrowed is restricted to 25% of the investment value of the Permanent Endowment and must be repaid within 20 years.
The Charity has taken advantage of these new provisions. The purpose and amounts of borrowings are set out in Note 22 of the financial statements.
## **16.13 Transfers**
The Charity Scheme requires Wyggestons and Trinity to provide a CMF & ERF designated funds to cover costs of cyclical maintenance and extraordinary repairs. These were established at CMF £750,000 and ERF £330,000 at year end following transfer of funds from general funds from 2024.
## **16.14 Other Funds**
The other funds are detailed in note 21 of the financial statements.
## **17. SENIOR STAFF**
Although the Board of Trustees is the legal entity with responsibility for the assets and management of the Charity, day-to-day management is carried out by the senior staff. These are The Chaplain (who under the Terms of the Charity Scheme must be an Ordained Priest in the Church of England) - the Reverend Anthony (Tony) Leighton who is responsible for the pastoral care of the residents and any employee or Governor who seeks his help or guidance. Rev Leighton’s retired in July 2024 and his position was taken by Rev Andrew Micklethwaite. Canon J B Naylor resigned in August 2024 as Chaplain of Trinity Hospital and his position was merged with the Master appointment to form a new Chaplain of the combined Charity following consultation with the Duchy of Lancaster. The Chaplain of Trinity receives an Honorarium from the Duchy of Lancaster and this continues with the newly merged role
The Key Management Personnel are the Chief Executive, Chris Jones, is responsible for all the day-to-day management of the Charity and also acts as Company Secretary and Clerk to the Trustees. Louise Richards, Head of Care is responsible for the care and welfare of all residents and the Chaplain, Rev Sharon Andrews. For remuneration details see note 13.
The remuneration package for each employee is determined by reference to external factors such as clergy pay scales or comparative figures from the press for similar positions. Appointments are made following the standard industry procedure of formal application, interview and background checks such as references and Enhanced Disclosure and Barring Check. All pay awards are set and confirmed annually by the Charity’s Review Committee of Trustees along with the annual budget.
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**WYGGESTONS AND TRINITY ALMSHOUSES**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024**
## **18. PROFESSIONAL ADVISORS**
**The professional advisors of the Charity are:**
Auditor & Accountants
Auditor & Accountants Bankers MHA National Westminster Bank plc 2 London Wall Place 1 Granby Street, Barbican Leicester London LE1 6EJ EC2Y 5AU
CAF Bank 25 Kings Hill Avenue Kings Hill, West Malling Kent Solicitors Browne Jacobson LLP Mowbray House Castle Meadow Road Nottingham NG2 1BJ
ME19 4TA
Land Managing Agents
Andrew Granger and Company Sheldon Bodley Knight Stoughton Grange Gartree Road Leicester LE2 2FB
Investment Managers
Investment Managers
LGT Wealth Management 14 Cornhill London EC3V 3NR
Cazenove Capital Management 1 London Wall Place London EC2Y 5AY
Pensions Advisors
Mattioli Woods 1 New Walk Place Leicester LE1 6RU
## **19. REGISTERED OFFICE (FOR ALL CORRESPONDENCE)**
The Administration Office Wyggestons and Trinity Almshouses 160 Hinckley Road Leicester LE3 0UX
Page 17
## **WYGGESTONS AND TRINITY ALMSHOUSES**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024**
## **20. STATEMENT OF TRUSTEES’ RESPONSIBILITIES**
The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).
The law applicable to charities in England and Wales 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 Charity and of the incoming resources and application of resources of the Charity for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgments and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the Charity’s transactions, disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the Charity’s constitution. 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.
## **21 OBJECTIVES AND ACHIEVEMENTS**
In last year’s review a number of Objectives were set out for 2024. These are listed below together with our achievements.
Achievements in 2024:
- commencement of the modernisation of the communal rooms and corridors spaces in William House Almshouses to reflect the standard of accommodation provided in the new Lancaster House development;
- the closure of the Trinity Hospital Charities CIO and addition of its details to the Charity Commission Register of Mergers to ensure any long term legacies are safeguarded;
- continuation of the Looking Ahead Group to oversee the completion of the current projects and explore opportunities to develop the Charity’s activities and operations;
- commencement of the kitchen room refurbishment programme at Trinity Hospital;
- merger of the Chaplaincy roles in agreement with Duchy of Lancaster; and
- commencement of the Trustees succession plan to modernise the governance of the Charity.
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## **WYGGESTONS AND TRINITY ALMSHOUSES**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024**
## **22. OBJECTIVES FOR 2025**
- To complete the modernisation of the communal rooms and corridors spaces in William House Almshouses to reflect the standard of accommodation provided in the new Lancaster House development;
- continuation of the Trinity Hospital Kitchen programme and commence enhancement of external grounds at Wyggestons;
- To continue the work of the Looking Ahead Group to oversee the completion of the current projects and explore opportunities to develop the Charity’s activities and operations;
- recruitment of a new Chaplain to the newly merged role;
- conclusion of a number of Estate Opportunities; and
- to continue with Trustees visits.
## **23: BOARD OF TRUSTEES**
Under the terms of the Charity’s amended Scheme the minimum number of directors is six and the maximum number is 20 made up of one Ex Officio (the Chaplain for the time being) ten Co Opted and nine nominated by external bodies. The nominated Trustees positions are being reduced on retirement in line with the approved amendment to the Charity’s Scheme to four and there will be fourteen Trustees in total. Detailed below are the directors of the Wyggestons and Trinity Almshouses Charity who served in office during the year.
|**NAME**|**COMMITTEE(S)***|**COMMITTEE(S)***|**FIRST APPOINTED**|**EXPIRES**|
|---|---|---|---|---|
|**Honorary**|||||
|The Lord Mayor of the|City of Leicester for the time being||Annual appointment.||
|J K McLauchlan|||2024|N/A|
|**Co-opted (10) (Term of 7 Years)**|||||
|Mrs S V Hubner|E Ex F H LA R|(Ch of House)|1983|26.06.2031|
|R L Pierce|E Ex F R|(V Ch of Estate)|2007|24.06.2028|
|Mrs E M Bamford|H Ex LA R F|(V Ch of House)|2016|21.06.2030|
|Mrs A Brown|H LA||2016|21.06.2030|
|Mrs T M Phillips|A E H Ex F Fs LA R|(Ch of Estates)|2016|21.06.2030|
|Mrs S R Powell|A E Ex F Fs H LA R|(Ch of Board)|1996|21.02.2031|
|D W Lax|A E Ex F Fs LA R|(V Ch of Finance)|2019|01.02.2026|
|W Wright|E F||2021|25.08.2028|
|O J Saunders|A E Ex H F Fs LA R|(V Ch of Board)|2009|14.05.2031|
|**Ex-Officio (1)**|||||
|Master of the Hospital|(Term of 5 years)||||
|Rev’d A R Leighton|E Ex F Fs H LA R||2014 Retired|12.07.2024|
|Chaplain of Wyggestons and Trinity Almshouses (Term of 5 years)|||||
|Rev’d A Q Micklethwaite E Ex F Fs H LA R|||2024 resigned 31.12.2024||
Page 19
## **WYGGESTONS AND TRINITY ALMSHOUSES**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024**
## **Nominated (9) (Term of 5 Years) Appointed By Leicester City Council (4)**
|Dr S Barton
|E F||2019|30.05.2029|
|---|---|---|---|---|
|Ms A D Byrne|H||2022 Resigned 01.09.2024||
|Canon B Naylor|H R||2024 Resigned 09.08.2024||
|(formerly Chaplain of Trinity Hospital)|||||
|**Appointed By Leicestershire County Council**||**Education Committee (2)**|||
|P Osborne|A H E Ex F Fs LA R|(Ch of Finance)|2017|01.10.2027|
|P Posnett|H||2018|11.03.2028|
|**Appointed By Leicestershire County Council**||**Social Services Committee**|**(2)**||
|J W Royce|E F H LA||2001|27.06.2026|
|L Phillimore|E F||2022|01.02.2026|
|***Committees:-**|||||
|A = Audit|E = Estate|Ex = Executive|F = Finance and Grants||
|Fs = Finance Sub|
H = House|LA = Looking Ahead|R = Review||
|Ch = Chairman|V Ch = Vice Chairman||||
## **Post Balance Sheet Events**
In accordance with the Charity’s Trustees Succession Plan the Charity has reduced the number of nominative Trustees from Leicestershire County Council by 2 places. As a result Cllr Phillimore and Cllr Posnett resigned their seats with effect from 1st May 2025. Mr J Royce also submitted his resignation with effect from 11[th] September 2025.
The succession plan was approved by the Board in 2024 by special resolution and is incorporated in our updated Articles of Association.
Ms Melissa March also joined the Board in June 2025 as a nominative Trustees on behalf of Leicester City Council following the retirement of Ms A Byrne.
The Charity has submitted to the Companies House and Charity Commission updated Articles of Association & Scheme in June 2025 to reflect the new legal and trading name and Governance arrangements of the merged Charity, based on the previous clauses of the 2012 Scheme and subsequent amendments as an administrative exercise.
All correspondence to the Trustees should be addressed through the Registered Office.
………………………………
## **Sandra R Powell**
Chairman of the Trustees of Wyggestons and Trinity Almshouses.
Date:
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**WYGGESTONS AND TRINITY ALMSHOUSES**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WYGGESTONS AND TRINITY ALMSHOUSES**
## **Opinion**
We have audited the financial statements of Wyggestons and Trinity Almshouses (the 'Charity') for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
## In our opinion the financial statements:
- give a true and fair view of the state of the Charity's affairs as at 31 December 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
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**WYGGESTONS AND TRINITY ALMSHOUSES**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WYGGESTONS AND TRINITY ALMSHOUSES (CONTINUED)**
## **Other information**
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
- the information given in the Trustees' Report is inconsistent in any material respect with the financial statements; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of Trustees**
As explained more fully in the Trustees' Responsibilities Statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the Charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.
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**WYGGESTONS AND TRINITY ALMSHOUSES**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WYGGESTONS AND TRINITY ALMSHOUSES (CONTINUED)**
## **Auditors' responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
- obtaining and understanding of the legal and regulatory frameworks that the Charity operates in, focusing on those laws and regulations that have a direct effect on the financial statements;
- enquiring of management and Trustees around known or suspected instances of non-compliance of laws and regulations and fraud;
- discussing among the engagement team regarding how and where fraud might occur in the financial statements and any potential indications of fraud;
- reviewing minutes of meetings of those charged with governance;
- reviewing Financial Statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; and
- performing audit work in relation to the risk of management override, including testing of journal entries and other adjustments for appropriateness and reviewing accounting estimates for bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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**WYGGESTONS AND TRINITY ALMSHOUSES**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WYGGESTONS AND TRINITY ALMSHOUSES (CONTINUED)**
## **Use of our report**
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity's Trustees those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and its Trustees, as a body, for our audit work, for this report, or for the opinions we have formed.
**MHA** London
Date:
MHA are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).
Page 24
**WYGGESTONS AND TRINITY ALMSHOUSES**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024**
|**Note**
**Income and**
**endowments from:**
Donations
4
Charitable activities
5
Investments
6
Other income
7
**Total income and**
**endowments**
**Expenditure on:**
Raising funds:
8
Investment
managers' fees
. Estate expenditure
Charitable activities
10
**Total expenditure**
**Net expenditure**
**before net gains on**
**investments**
Net gains on
investments
**Net**
**income/(expenditure)**
Transfers between
funds
21
**Net movement in**
**funds**
21
**Reconciliation of**
**funds:**
Total funds brought
forward
Net movement in funds
**Total funds carried**
**forward**
21|**Unrestricted**
**funds**
**2024**
**£**
**24,412**
**2,175,878**
**1,273,462**
**2,250**
**3,476,002**
**1,559**
**245,186**
**4,166,955**
**4,413,700**
**(937,698)**
**31,565**
**(906,133)**
**77,580**
**(828,553)**
**5,431,419**
**(828,553)**
**4,602,866**|**Restricted**
**funds**
**2024**
**£**
**1,000**
**908**
**-**
**-**
**1,908**
**-**
**-**
**1,933**
**1,933**
**(25)**
**-**
**(25)**
**-**
**(25)**
**13,029**
**(25)**
**13,004**|**Endowment**
**funds**
**2024**
**£**
**-**
**-**
**-**
**-**
**-**
**67,741**
**-**
**36,349**
**104,090**
**(104,090)**
**4,070,236**
**3,966,146**
**(77,580)**
**3,888,566**
**55,447,073**
**3,888,566**
**59,335,639**|**Total**
**funds**
**2024**
**£**
**25,412**
**2,176,786**
**1,273,462**
**2,250**
**3,477,910**
**69,300**
**245,186**
**4,205,237**
**4,519,723**
**(1,041,813)**
**4,101,801**
**3,059,988**
**-**
**3,059,988**
**60,891,521**
**3,059,988**
**63,951,509**|Total
funds
2023
_£_
4,884
2,011,626
1,251,531
38,559
3,306,600
70,901
272,904
3,552,431
3,896,236
(589,636)
591,333
1,697
-
1,697
60,889,824
1,697
60,891,521|
|---|---|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 29 to 59 form part of these financial statements.
Page 25
**WYGGESTONS AND TRINITY ALMSHOUSES**
## **BALANCE SHEET AS AT 31 DECEMBER 2024**
|**Note**
**Fixed assets**
Tangible assets
14
Listed investments
15
Investment property
16
**Current assets**
Debtors
17
Investments
18
Cash at bank and in hand
**Current liabilities**
Creditors: amounts falling due within one
year
19
**Net current assets/(liabilites)**
**Total assets less current liabilities**
Creditors: amounts falling due after more
than one year
20
**Total net assets**
**Charity funds**
Endowment funds
21
Restricted funds
21
Unrestricted funds
21
**Total funds**|**135,508**
**1,032,264**
**3,879,376**
**5,047,148**
**(2,968,698)**|**2024**
**£**
**11,627,007**
**12,455,145**
**39,996,347**
**64,078,499**
**2,078,450**
**66,156,949**
**(2,205,440)**
**63,951,509**
**59,335,639**
**13,004**
**4,602,866**
**63,951,509**|111,548
1,839,316
947,175
2,898,039
(2,970,047)|2023
_£_
11,182,278
11,849,437
40,184,178
63,215,893
(72,008)
63,143,885
(2,252,364)
60,891,521
55,447,073
13,029
5,431,419
60,891,521|
|---|---|---|---|---|
Page 26
**WYGGESTONS AND TRINITY ALMSHOUSES**
**BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024**
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................
## **S R Powell**
Chairman of the Trustees of Wyggestons and Trinity Almshouses
Date:
The notes on pages 29 to 59 form part of these financial statements.
Page 27
**WYGGESTONS AND TRINITY ALMSHOUSES**
## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024**
|**Cash flows from operating activities**
Net cash used in operating activities
**Cash flows from investing activities**
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Proceeds from sale of investments
Purchase of fixed asset investments
Movement in current asset investments
Purchase of investment properties
Proceeds on disposal of investment properties
Movement in investment cash
**Net cash provided by/(used in) investing activities**
**Cash flows from financing activities**
Interest on loan
**Net cash used in financing activities**
**Change in cash and cash equivalents in the year**
Cash and cash equivalents at the beginning of the year
**Cash and cash equivalents at the end of the year**
The notes on pages 29 to 59 form part of these financial statements
**Note**
**23**
**24**|**2024**
**£**
**(1,919,027)**
**1,273,462**
**(880,967)**
**7,071,627**
**(6,895,505)**
**807,052**
**(38,749)**
**3,636,627**
**41,385**
**5,014,932**
**(163,704)**
**(163,704)**
**2,932,201**
**947,175**
**3,879,376**|2023
_£_
(1,133,629)
1,251,531
(249,931)
3,722,816
(4,085,483)
(1,839,316)
(52,178)
125,000
363,228
**(764,333)**
(130,086)
**(130,086)**
**(2,028,048)**
2,975,223
947,175|
|---|---|---|
Page 28
**WYGGESTONS AND TRINITY ALMSHOUSES**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **1. General information**
Wyggestons and Trinity Almshouses is a registered Charity with the Charities Commission in England & Wales (registered number 216873). The address of its registered office is 160 Hinckley Road, Leicester, LE3 OUX.
## **2. Accounting policies**
## **2.1 Basis of preparation of financial statements**
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Wyggestons and Trinity Almshouses meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The Charity's functional and presentational currency is British Pound Sterling the nearest pound (£).
The following principal accounting policies have been applied.
## **2.2 Going concern**
The 2026 budgets and forecasts have been drawn up and amended with consideration of the external economic volatility of energy costs and other current inflationary pressures and their impact on the Charity's overheads and costs whilst ensuring the affordability of our services for our beneficiaries.
The budgets and forecasts are supported by a monthly reviewed cashflow analysis that is managed by the Trustees and senior staff. The income being derived from the Almshouses provision coupled with excellent occupancy rates and diversification of the Estate portfolio provides the Trustees with the confidence of the financial health of the Charity.
On review of these documents, the Trustees believe that the Charity's financial resources and contingency planning is sufficient to ensure the ability of the Charity to continue as a going concern for 12 months from the point of signing, which is considered to be the reasonably foreseeable future period, and that there are no material uncertainties regarding events or conditions affecting this conclusion in the period, and therefore the financial statements have been prepared on this basis.
Page 29
**WYGGESTONS AND TRINITY ALMSHOUSES**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **2. Accounting policies (continued)**
## **2.3 Income**
Estate income includes rents receivable on all of the Charity's properties, which are managed under an agreement where rents are collected on behalf of the Charity by an Estate Manager. The properties are rented on an annual rolling basis, with the exception of the Moto lease which is on a 99 year lease.
Estate rents and weekly maintenance charges are accounted for on a receivable basis or when the Charity has entitlement to recognise the income.
Residency charges comprise amounts receivable for William House, Agnes House, Lancaster House, Trinity Hospital and the Cottages. Income is recognised on a receivables basis or when the Charity has entitlement.
Income from investments is included in the Statement of Financial Activities only if received, or declared and receivable. Gains or losses arising from the revaluation of investments are recognised in the Statement of Financial Activities.
Donations are recognised on receipt.
Where the donated good is a fixed asset, it is measured at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor would be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic life in accordance with the Charity's accounting policies.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
## **2.4 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
Page 30
**WYGGESTONS AND TRINITY ALMSHOUSES**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **2. Accounting policies (continued)**
## **2.5 Government grants**
Government grants are recognised in the Statement of Financial Activities (SoFA) when the Charity has unconditional entitlement to the funds, and performance-related conditions attached to the grants have been met, it is probable that the income will be received, and the amount can be measured.
Grants received with conditions that specify the return of funds if certain conditions are not met are recognised as income only when the conditions have been substantially fulfilled.
## **2.6 Taxation**
The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company 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 to charitable purposes.
## **2.7 Tangible fixed assets and depreciation**
Tangible fixed assets costing £5,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Some assets below the value of £5,000 may also be capitalised at the discretion of management.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition are included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.
Depreciation is provided on the following bases:
- Freehold buildings 2% on a straight-line basis Freehold land - Not depreciated - Fixtures and fittings 5% to 20% on a straight-line basis
## **2.8 Investments**
Quoted investments are revalued and included in the financial statements at their market value at the balance sheet date.
Cash held on deposit for investment purposes is split between fixed assets and current assets based upon whether the Charity intends to hold the investment as part of its on-going investment activities for more than one year from the reporting date.
Investment properties are recognised at their fair value. This value is based generally on periodic valuations carried out by an independent valuer who holds a recognised and relevant professional qualification and has recent experience in the location and class of the property being valued. If evidence is identified of a material change to the fair values in the intervening years between formal valuations, appropriate revaluation adjustments will be made to the values following consultation with the valuer.
Page 31
**WYGGESTONS AND TRINITY ALMSHOUSES**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **2. Accounting policies (continued)**
## **2.8 Investments (continued)**
Gains or losses arising from the revaluation of investments are recognised in the Statement of Financial Activities.
## **2.9 Debtors**
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **2.10 Cash at bank and in hand**
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **2.11 Liabilities and provisions**
Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.
## **2.12 Financial instruments**
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
## **2.13 Operating leases**
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight-line basis over the lease term.
## **2.14 Operating lease income**
Rental income due to Wyggestons and Trinity Almshouses, applicable to operating leases, where substantially all of the benefits and risks of ownership remain with the Charity are credited to the Statement of Financial Activities over the lease term. Lease incentives represent lease premium received in advance by the lessor, the aggregate benefit of which is recognised over the life of the lease.
Page 32
**WYGGESTONS AND TRINITY ALMSHOUSES**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **2. Accounting policies (continued)**
## **2.15 Pensions**
Wyggestons and Trinity Almshouses participates in The Pension Trust Growth Plan pension scheme ("the Plan"), a multi-employer scheme which provides benefits to some 521 non-associated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for the Charity to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme.
The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK.
The scheme is classified as a 'last-man standing arrangement'. Therefore, the Charity is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme.
The pension charge is based on a full actuarial valuation dated 30 September 2023. See note 27 to the financial statements.
## **2.16 Fund accounting**
Permanent endowment funds are funds where the Trustees are required to hold capital mainly represented by investments, and are not entitled to spend them. Income arising from these funds represents unrestricted income. The Charity has the ability to lend monies from the permanent endowment funds under the Charities Act 2022 provisions to other funds. On repayment, the borrowed amounts must be added back to the permanent endowment fund and be subject to the same restrictions as the original capital. See note 21 to the financial statements.
Designated funds comprise of General Funds, which have been set aside at the discretion of the Trustees for specific purposes. See note 21 to the financial statements.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. See note 21 to the financial statements.
Page 33
**WYGGESTONS AND TRINITY ALMSHOUSES**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **3. Critical accounting estimates and areas of judgement**
The preparation of these financial statements requires management and the Trustees to make significant judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the year-end and the amounts reported as income and expenditure during the year. However, the nature of estimation means that the actual outcome could differ from those estimates.
The following judgements in applying accounting policies had a significant effect on the amounts reported in the financial statements:
## **Classification of MOTO lease as an operating lease**
As reported in notes 19 and 20 of the financial statements, the Charity has granted a lease to MOTO Services over part of its estate land for the lessee to develop and operate a motorway services area over a 99-year term. The management and Trustees of the Charity have assessed whether the significant risks and rewards of ownership have transferred under the lease, and have concluded the lease should be accounted for as an operating lease and not as a finance lease.
## **Nature of fees receivable under land promotion agreements**
Land promotion arrangements are entered into with land promoters or developers when a strategic opportunity is identified to promote parts of the Charity's existing agricultural tenancy estate for residential or commercial development. Under such arrangements, the Charity will receive an up-front fee which, if and when a promotion is successfully concluded, is deducted from the eventual sales proceeds of the land. In the event of an unsuccessful promotion, the up-front fee is not refundable to the promoters, and full legal title to the land is retained by the Charity. Management has judged that the Charity only enters into such arrangements if it is considerably more likely than not that there will be a successful outcome. On this basis, the land involved will eventually be sold as a capital transaction. Accordingly, such fees are accounted for as capital receipts and not as revenue receipts.
The following areas of estimation uncertainty have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities in the next financial year:
## **Valuation of investment property**
The value of investment property is based on a formal valuation provided by an independent expert, Andrew Granger & Company, and is carried out on a 5-yearly cycle. The expert holds a recognised and relevant qualification and has a suitable level of experience with the classes of properties owned by the Charity. The key assumptions used in the valuation are set out in note 16 of the financial statements.
The Trustees consider in the intervening years if the valuation is still considered to be an appropriate fair valuation of the investment property. If it emerges of a material change in the value of investment property in the intervening years between the periodic formal valuations by the independent expert, the Trustees will either consult the expert informally or engage the expert to provide an updated formal valuation as appropriate, to determine the appropriate carrying value of the investment property until the next full valuation.
## **Income recognition under the MOTO lease incentive**
The lease agreement with MOTO Services included the receipt of a cash incentive from the lessee at the commencement of the lease. The sum receivable, net of directly attributable costs, under this incentive is being recognised as income over the lease term of 99 years. Management and the Trustees have estimated, given the considerable length of the lease term, that the lessor's benefit from the lease is concentrated in the earlier years of the lease rather than evenly throughout the lease term. The age profile of release of the remaining lease incentive to income is shown in note 20 of the financial statements.
Page 34
**WYGGESTONS AND TRINITY ALMSHOUSES**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **4. Income from donations**
|**Unrestricted**
**funds**
**2024**
**£**
Donations
24,412
Unrestricted
funds
2023
_£_
Donations
4,384|**Restricted**
**funds**
**2024**
**£**
1,000
Restricted
funds
2023
_£_
500|**Total**
**funds**
**2024**
**£**
**25,412**|
|---|---|---|
|||Total
funds
2023
_£_
4,884|
## **5. Income from charitable activities**
|**Unrestricted**
**funds**
**2024**
**£**
Residency charges
2,146,553
Catering
25,060
Laundry
1,662
Sundry
2,603
**Total 2024**
2,175,878
Unrestricted
funds
2023
_£_
Residency charges
1,982,892
Catering
18,178
Laundry
1,573
Sundry
8,629
Total 2023
2,011,272|**Restricted**
**funds**
**2024**
**£**
-
-
-
908
908
Restricted
funds
2023
_£_
-
-
-
354
354|**Total**
**funds**
**2024**
**£**
**2,146,553**
**25,060**
**1,662**
**3,511**|
|---|---|---|
|||**2,176,786**|
|||Total
funds
2023
_£_
1,982,892
18,178
1,573
8,983|
|||2,011,626|
Page 35
**WYGGESTONS AND TRINITY ALMSHOUSES**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **6. Investment income**
|**Unrestricted**
**funds**
**2024**
**£**
Rents receivable
860,578
Other estate income
16,256
Dividends from investments
310,684
Interest receivable
85,944
**Total 2024**
1,273,462
Unrestricted
funds
2023
_£_
Rents receivable
825,115
Other estate income
48,670
Dividends from investments
359,670
Interest receivable
18,076
Total 2023
1,251,531|**Total**
**funds**
**2024**
**£**
**860,578**
**16,256**
**310,684**
**85,944**|
|---|---|
||**1,273,462**|
||Total
funds
2023
_£_
825,115
48,670
359,670
18,076|
||1,251,531|
## **7. Other incoming resources**
|Other income
Other income|**Unrestricted**
**funds**
**2024**
**£**
2,250
Unrestricted
funds
2023
_£_
38,559|**Total**
**funds**
**2024**
**£**
**2,250**|
|---|---|---|
|||Total
funds
2023
_£_
38,559|
Page 36
**WYGGESTONS AND TRINITY ALMSHOUSES**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **8. Expenditure on raising funds**
## **Estate expenditure**
|**Unrestricted**
**funds**
**2024**
**£**
Repairs
20,868
Agent's commission
118,621
Legal and professional fees
100,140
Rates
3,206
Estate costs
2,351
**Total 2024**
245,186
Unrestricted
funds
2023
_£_
Repairs
28,602
Agent's commission
85,400
Legal and professional fees
123,583
Insurance
30,623
Rates
3,390
Estate costs
1,306
Total 2023
272,904|**Total**
**funds**
**2024**
**£**
**20,868**
**118,621**
**100,140**
**3,206**
**2,351**|
|---|---|
||**245,186**|
||Total
funds
2023
_£_
28,602
85,400
123,583
30,623
3,390
1,306|
||272,904|
Page 37
**WYGGESTONS AND TRINITY ALMSHOUSES**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **9. Analysis of grants**
|Grants for the Relief of Needy Poor
Grants, Wyggeston School Foundation
**Total 2024**
Grants for the Relief of Needy Poor
Grants, Wyggeston School Foundation
Total 2023|**Grants to**
**Institutions**
**2024**
**£**
25,000
5,000
30,000
Grants to
Institutions
2023
_£_
25,000
5,000
30,000|**Total**
**funds**
**2024**
**£**
**25,000**
**5,000**|
|---|---|---|
|||**30,000**|
|||Total
funds
2023
_£_
25,000
5,000|
|||30,000|
The Charity has made the following material grants to institutions during the year:
|**Name of institution**
Wyggeston School Foundation
Leicester Charity Link|**2024**
**£**
**5,000**
**25,000**
**30,000**|2023
_£_
5,000
25,000|
|---|---|---|
||||
|||30,000|
Page 38
**WYGGESTONS AND TRINITY ALMSHOUSES**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **10. Analysis of expenditure by activities**
|Hospital
Relief of Needy Poor
Wyggeston School Foundation
**Total 2024**|**Activities**
**undertaken**
**directly**
**2024**
**£**
2,898,622
-
-
2,898,622|**Grant**
**funding of**
**activities**
**2024**
**£**
-
25,000
5,000
30,000|**Support**
**costs**
**2024**
**£**
1,276,615
-
-
1,276,615|**Total**
**funds**
**2024**
**£**
**4,175,237**
**25,000**
**5,000**|
|---|---|---|---|---|
|||||**4,205,237**|
|Hospital
Relief of Needy Poor
Wyggeston School Foundation
Total 2023|Activities
undertaken
directly
2023
_£_
2,406,820
-
-
2,406,820|Grant
funding of
activities
2023
_£_
-
25,000
5,000
30,000|Support
costs
2023
_£_
1,115,611
-
-
1,115,611|Total
funds
2023
_£_
3,522,431
25,000
5,000|
|---|---|---|---|---|
|||||3,552,431|
Page 39
**WYGGESTONS AND TRINITY ALMSHOUSES**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **10. Analysis of expenditure by activities (continued)**
## **Analysis of direct costs**
|Staff costs
Other staff costs
Repairs, replacements and maintenance
Heating, electricity and cleaning
Rates and insurance
Food and drink
Telephone
Printing, postage and stationery
Residents' entertainment
Travelling expenses
Subscriptions
Sundry expenses
Legal and professional fees|**Total**
**funds**
**2024**
**£**
**1,347,061**
**13,510**
**521,490**
**660,900**
**38,395**
**97,846**
**9,960**
**4,313**
**23,234**
**1,119**
**18,015**
**148,794**
**13,985**
**2,898,622**|Total
funds
2023
_£_
1,262,982
5,186
252,713
587,947
25,076
86,923
10,025
5,962
18,163
9,489
20,378
91,760
30,216|
|---|---|---|
|||2,406,820|
Page 40
**WYGGESTONS AND TRINITY ALMSHOUSES**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **10. Analysis of expenditure by activities (continued)**
## **Analysis of support costs**
|Staff costs
Depreciation
Other staff costs
Repairs, replacements and maintenance
Heating, electricity and cleaning
Rates and insurance
Food and drink
Telephone
Printing, postage and stationery
Travelling expenses
Subscriptions
Sundry expenses
Legal and professional fees
Loan interest
Governance costs|**Total**
**funds**
**2024**
**£**
**267,223**
**445,863**
**19,661**
**21,772**
**24,056**
**71,801**
**1,554**
**6,402**
**14,592**
**767**
**12,111**
**113,405**
**43,775**
**163,704**
**69,929**
**1,276,615**|Total funds*
2023
_£_
223,241
383,928
14,409
62,793
2,567
59,711
3,296
6,241
12,422
1,696
11,722
91,684
56,218
130,086
55,597|
|---|---|---|
|||1,115,611|
* Prior year reclassification of audit and accountancy fees included as governance costs.
## **11. Auditors' remuneration**
||**2024**|2023|
|---|---|---|
||**£**|_£_|
|Fees payable to the Charity's auditor for the audit of the Charity's annual|||
|accounts (net of VAT)|**32,550**|39,000|
|Accounts preparation and other service fees (net of VAT)|**7,150**|13,320|
Page 41
**WYGGESTONS AND TRINITY ALMSHOUSES**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **12. Staff costs**
|Wages and salaries
Social security costs
Contribution to defined contribution pension schemes|**2024**
**£**
**1,443,281**
**113,067**
**57,936**
**1,614,284**|2023
_£_
1,332,192
101,220
52,811|
|---|---|---|
||||
|||1,486,223|
The average number of persons employed by the Charity during the year was as follows:
|Full time employees
Part time employees|**2024**
**No.**
**4**
**64**
**68**|2023
No.
9
56|
|---|---|---|
||||
|||65|
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
|||**2024**|2023|
|---|---|---|---|
|||**No.**|No.|
|In the band £70,001|- £80,000|**1**|1|
The Key Management Personnel of the Charity are the CEO and Care Manager. Their aggregate remuneration including employer's NI and employer's pension contributions totalled £165,494 (2023: £153,556) for the year.
Page 42
**WYGGESTONS AND TRINITY ALMSHOUSES**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **13. Trustees' remuneration and expenses**
During the year, one or more Trustees has been paid remuneration or has received other benefits from an employment with the Charity. The value of Trustees' remuneration and other benefits were as follows:
||**2024**|2023|
|---|---|---|
||**£**|_£_|
|**Rev'd A R Leighton**|||
|Remuneration|**22,577**|30,048|
|Pension contributions paid|**2,258**|3,005|
|Other benefits|**518**|2,087|
|**Rev'd A Q Micklethwaite**|||
|Remuneration|**15,849**|-|
|Pension contributions paid|**1,585**|-|
|Other benefits|**-**|-|
Payment is made to the Trustees as agreed with the Charity Commission.
The Charity has Trustees professional indemnity cover of £5,000,000.
During the year ended 31 December 2024, expenses totalling £1,162 were reimbursed or paid directly to 4 Trustees (2023: £254 to 2 Trustees) relating to travelling, and items purchased for the Charity and Trustee events.
Page 43
**WYGGESTONS AND TRINITY ALMSHOUSES**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **14. Tangible fixed assets**
|**Cost**
At 1 January 2024
Additions
Transfer between asset categories
At 31 December 2024
**Depreciation**
At 1 January 2024
Charge for the year
Transfer between asset categories
At 31 December 2024
**Net book value**
At 31 December 2024
At 31 December 2023|**Freehold**
**land and**
**buildings**
**£**
**12,497,737**
**784,453**
**77,580**
**13,359,770**
**1,932,413**
**251,706**
**23,326**
**2,207,445**
**11,152,325**
10,565,324|**Fixtures**
**and fittings**
**£**
**3,305,490**
**28,559**
**-**
**3,334,049**
**2,688,536**
**194,157**
**(23,326)**
**2,859,367**
**474,682**
616,954|**Total**
**£**
**15,803,227**
**813,012**
**77,580**|
|---|---|---|---|
||||**16,693,819**|
||||**4,620,949**
**445,863**
**-**|
||||**5,066,812**|
||||**11,627,007**|
||||11,182,278|
A transfer of £77,580 on cost has been made to re-categorise Phase 2 at Cherryleas from estate land and buildings to freehold land and buildings.
A transfer of £23,326 on depreciation has been made to re-categorise Trinity freehold land and buildings depreciation mis-categorised in a prior year to fixtures and fittings.
Page 44
**WYGGESTONS AND TRINITY ALMSHOUSES**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **15. Fixed asset investments**
|**Valuation**
At 1 January 2024
Additions
Disposals
Net gains on investments
Movements in cash held with brokers
At 31 December 2024
**Net book value**
At 31 December 2024
At 31 December 2023|**Listed**
**investments**
**£**
**11,849,437**
**6,895,505**
**(7,071,627)**
**823,215**
**(41,385)**
**12,455,145**
**12,455,145**
11,849,437|
|---|---|
Page 45
**WYGGESTONS AND TRINITY ALMSHOUSES**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **16. Investment property**
|**Valuation**
At 1 January 2024
Additions
Disposals
Transfer between asset categories
At 31 December 2024|**Estate Land**
**and**
**Buildings**
**£**
**40,184,178**
**38,749**
**(149,000)**
**(77,580)**
**39,996,347**|
|---|---|
The estate land and buildings for Wyggeston’s Hospital Charity were revalued at 31 December 2022. The valuation was made by the external valuers Andrew Granger & Co Ltd, RICS based on an open market value for existing use basis.
The valuation primarily uses market rental values capitalised at market capitalisation rates ranging from 1.5% to 2.5%, and is corroborated by evidence where available of observable market data of recent sales of similar estates.
At 31 December 2024 the Trustees consider this to still be an appropriate fair valuation for the estate land and buildings for Wyggestons's and Trinity Almshouses.
As described in note 3 of the financial statements, the determination of the fair valuation of investment property is an area of high estimation uncertainty with a significant risk of the use of a different methodological approach causing a material adjustment to the carrying amount of the asset.
The vast majority of the estate is held as agricultural tenancies with a small number of commercial properties and other types of property assets. In recent years there have been a small but increasing number of opportunities identified for potential strategic land developments on the estate. If successful, these could create significant added value.
There are currently only 68 acres out of 5,000 acres under legal promotion and so this only 1.5% of the overall estate acreage.
In the coming years with the developments currently under consideration since the last valuation, there could be over 700 acres under active promotion; and if this were the case then the projects would increase to 14.2% of the estate being promoted.
This element of estate value of these potential developments is significantly more subjective to estimate than agricultural tenancies due to future potential use. Only when the Governors have legal contractual obligations in place do they determine where an increased value is added to the estate and the impact on carrying value in the financial statements. As matter of policy, hope value is not added into the valuation until this stage is reached, since the Governors consider doing so prior to this point would result in excessive estimation uncertainty as the outcomes could vary significantly.
Should any of these projects become successful then there should be a material increase in the value and hence it will realise a significant change in the capital asset base of the estate and the net assets of the Charity. However, even with legal contracts in place projects may not be successful or take many years to come to fruition and so the land remains as an agricultural asset.
Page 46
**WYGGESTONS AND TRINITY ALMSHOUSES**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **16. Investment property (continued)**
If within the next financial year, there any further contractual changes are entered into and are realised this will, if material, be reflected in the next financial year’s statements.
A transfer of £77,580 has been made to re-categorise Phase 2 at Cherryleas from estate land and buildings to freehold land and buildings.
## **Investment property from the merger with The Trinity Hospital Charities CIO includes:**
Castle Gardens - This is Charter land that was originally granted by the Founder of the Charity, Henry Plantagenet 3rd Earl of Lancaster and Leicester, in 1331 and it formed part of the original Almshouses site. This is a garden area (forming part of the larger gardens owned by the council), which they maintain through an agreement with the former Hospital Charity going back over 100 years. The whole land area actually forms part of the site of the original buildings, which we believe was converted to a garden some 200 plus years ago. The gardens are preserved alongside the De Montfort University campus and will never been able to be developed due to their historical value and location beside the former Castle. As a result of this historic foundation the original cost is not known.
Land at Enderby was last valued in 2017 and the Trustees' view that £150,000 still represents fair value.
Trustees consider this value to still be representative of the fair value of the land as at 31 December 2024. No further adjustment has therefore been made in the current year.
All investment properties are located in the United Kingdom.
## **17. Debtors**
|Trade debtors
Other debtors
Prepayments and accrued income|**2024**
**£**
**85,125**
**3,545**
**46,838**
**135,508**|2023
_£_
38,038
3,449
70,061|
|---|---|---|
||||
|||111,548|
## **18. Current asset investments**
|Cash on deposit
**Creditors: Amounts falling due within one year**
Other loans
Trade creditors|**2024**
**£**
**1,032,264**
**2024**
**£**
**2,200,000**
**158,511**|2023
_£_
1,839,316|
|---|---|---|
|||2023
_£_
2,200,000
136,110|
## **19. Creditors: Amounts falling due within one year**
Page 47
**WYGGESTONS AND TRINITY ALMSHOUSES**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **19. Creditors: Amounts falling due within one year (continued)**
|Other taxation and social security
MOTO lease premium
Other creditors
Accruals
Deferred income|**2024**
**£**
**43,217**
**46,924**
**28,226**
**410,262**
**81,558**
**2,968,698**|2023
_£_
45,396
47,418
29,164
380,607
131,352|
|---|---|---|
||||
|||2,970,047|
The deferred income relates to estate income invoiced in the year which will be recognised in the following financial year.
In March 2019 the Charity entered into a 99 year lease with MOTO to develop land owned by the Charity as a Motorway Service Area. The lease premium of £2.5m, less directly attributable costs of £55k, is being released to the SOFA over the duration of the lease. The property opened on 30 April 2021 and the lease premium is therefore being recognised from that date.
Other loans represents a loan provided by Schroder & Co Limited for the purpose of part- financing the Cherryleas construction project. The loan bears an interest rate of 1.5% above bank base rate and is secured by way of charge against the listed investments held under the management of Cazenove Capital Management. The loan agreement contains a "repayable on demand" clause and accordingly the loan is presented as a short term liability. However, the substance of the loan, as documented in the loan agreement, is that it is provided for a term of 5 years from the date of initial drawdown. The drawdown on the loan commenced in May 2021 and therefore repayment in full is due in May 2026. The loan was repaid early post year end, on 20 February 2025.
Page 48
**WYGGESTONS AND TRINITY ALMSHOUSES**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **20. Creditors: Amounts falling due after more than one year**
|MOTO lease premium
**Income will be released as follows:**
Within one year
One to two years
Two to five years
More than five years|**2024**
**£**
**2,205,440**
**2024**
**£**
**46,924**
**46,430**
**136,327**
**2,022,683**
**2,252,364**|2023
_£_
2,252,364|
|---|---|---|
|||2023
_£_
47,418
46,924
137,809
2,067,631|
|||2,299,782|
Page 49
**WYGGESTONS AND TRINITY ALMSHOUSES**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **21. Statement of funds**
## **Statement of funds - current year**
|**Unrestricted**
**funds**
**Designated**
**funds**
Extraordinary
Repair Fund
Cyclical
Maintenance
Fund
Pension Fund
**General funds**
General Funds
**Total**
**Unrestricted**
**funds**
**Endowment**
**funds**
Permanent
Endowment
Fund -
Wyggestons
Almshouses
Permanent
Endowment
Fund - Trinity
Almshouses|**Balance at 1**
**January**
**2024**
**£**
**279,632**
**675,368**
**65,000**
**1,020,000**
**4,411,419**
**5,431,419**
**53,056,452**
**2,390,621**
**55,447,073**|**Income**
**£**
**-**
**-**
**-**
**-**
**3,476,002**
**3,476,002**
**-**
**-**
**-**|**Expenditure**
**£**
**(5,502)**
**(173,157)**
**-**
**(178,659)**
**(4,235,041)**
**(4,413,700)**
**(72,832)**
**(31,258)**
**(104,090)**|**Transfers**
**in/(out)**
**£**
**55,870**
**247,789**
**-**
**303,659**
**(226,079)**
**77,580**
**(77,580)**
**-**
**(77,580)**|**Gains/**
**(losses)**
**£**
**-**
**-**
**-**
**-**
**31,565**
**31,565**
**4,021,579**
**48,657**
**4,070,236**|**Balance at**
**31**
**December**
**2024**
**£**
**330,000**
**750,000**
**65,000**|
|---|---|---|---|---|---|---|
|||||||**1,145,000**|
|||||||**3,457,866**|
|||||||**4,602,866**|
|||||||**56,927,619**
**2,408,020**|
|||||||**59,335,639**|
Page 50
**WYGGESTONS AND TRINITY ALMSHOUSES**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **21. Statement of funds (continued)**
|**Restricted**
**funds**
Legacies -
Social Activities -
Wyggestons
Almshouses
Legacies -
Social Activities -
Trinity
Almshouses
Founders Day -
Wyggestons
Almshouses
**Total of funds**|**Balance at 1**
**January**
**2024**
**£**
**6,829**
**6,200**
**-**
**13,029**
**60,891,521**|**Income**
**£**
**661**
**747**
**500**
**1,908**
**3,477,910**|**Expenditure**
**£**
**(820)**
**(613)**
**(500)**
**(1,933)**
**(4,519,723)**|**Transfers**
**in/(out)**
**£**
**-**
**-**
**-**
**-**
**-**|**Gains/**
**(losses)**
**£**
**-**
**-**
**-**
**-**
**4,101,801**|**Balance at**
**31**
**December**
**2024**
**£**
**6,670**
**6,334**
**-**|
|---|---|---|---|---|---|---|
|||||||**13,004**|
|||||||**63,951,509**|
Page 51
**WYGGESTONS AND TRINITY ALMSHOUSES**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **21. Statement of funds (continued)**
Designated Funds represent:
i) Extraordinary Repair Fund for any unexpected, high-value repairs that may be required to the Charity's buildings or facilities, as required by Clause 26 of the Charity Scheme. Repairs funded during 2024: £5,502 (2023: £29,941).
ii) Cyclical Maintenance Fund for planned, high-value maintenance works, including refurbishment of flats/rooms. Works funded during 2024: £173,157 (2023: £182,914).
iii) The Pension Fund was created to represent the real and potential liabilities which may be incurred by the membership of employees of Wyggeston's Hospital The Pensions Trust Growth Plan scheme. This value remains the same in 2024 in line with continuing advice received.
The Charity has a detailed maintenance plan of works linked to the latest quinquennial to determine the most appropriate level of funds required in Extraordinary Repair Fund and Cyclical Maintenance Fund to meet the Charity needs for major works.
The refurbishment programme of William House has resulted in a significant spend in 2023/2024/2025, but with the end of the contract the Charity intends to reduce the overall Cyclical Maintenance Fund to £600K from 2026, and is seeking Trustees approval in August 2025
The Pension fund is determined by the ongoing court case and is reviewed annually by our advisers.
## Endowment funds represents:
i) Wyggestons Almshouses - The permanent capital of the Charity which is invested in the listed investment portfolio and estate properties. It also includes any asset disposal proceeds temporarily held as cash and awaiting reinvestment into other investment assets. Income generated from the investments is available for Charitable activities' purposes, but the endowment capital is not available for spending.
ii) Trinity Almshouses - The terms of this fund are not currently known by the Trustees. The treatment of this fund follows historic practice, but the Trustees will research this and this could lead to future restatements.
The Charity now has the ability to lend monies from the permanent endowment funds under the Charities Act 2022 provisions to other funds. During the year the Charity continued borrowing from the Wyggestons Almshouses permanent endowment fund to fund the William House refurbishment costs.
A transfer has been made of £77,580 during the year from permanent endowment funds to unrestricted funds in respect of re-categorisation of Phase 2 at Cherryleas from estate land and buildings to freehold land and buildings.
Restricted funds represents:
i) Legacies - Wyggestons Almshouses - legacies are received by the Charity and are restricted for the staff and resident activities. Funds allocated during 2024: £820 (2023: £Nil).
ii) Legacies - Trinity Almshouses - legacies are received by the Charity and are restricted for the staff and resident activities. Funds allocated during 2024: £613 (2023: £Nil).
ii) Founders Day - Wyggestons Almshouses - A donation made by the Duchy of Lancaster to be used
Page 52
**WYGGESTONS AND TRINITY ALMSHOUSES**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **21. Statement of funds (continued)**
towards the costs of Founders Day.
The Charity has enhanced the social activities side of its operations in 2025 to commence the reduction in these funds.
## **Statement of funds - prior year**
|**Unrestricted**
**funds**
**Designated**
**funds**
Extraordinary
Repair Fund
Cyclical
Maintenance
Fund
Pension Fund
**General funds**
General Funds
**Total**
**Unrestricted**
**funds**
**Endowment**
**funds**
Permanent
Endowment
Fund -
Wyggestons
Almshouses
Permanent
Endowment
Fund - Trinity
Almshouses|Balance at
1 January
2023
_£_
339,633
705,631
65,000
1,110,264
4,553,072
5,663,336
52,841,915
2,371,898
55,213,813|Income
_£_
-
-
-
-
3,305,746
3,305,746
-
-
-|Expenditure
_£_
(29,941)
(182,914)
-
(212,855)
(3,577,516)
(3,790,371)
(74,009)
(31,356)
(105,365)|Transfers
in/(out)
_£_
(30,060)
152,651
-
122,591
127,409
250,000
(250,000)
-
(250,000)|Gains/
(losses)
_£_
-
-
-
-
2,708
2,708
538,546
50,079
588,625|Balance at
31
December
2023
_£_
279,632
675,368
65,000|
|---|---|---|---|---|---|---|
|||||||1,020,000|
|||||||4,411,419|
|||||||5,431,419|
|||||||53,056,452
2,390,621|
|||||||55,447,073|
Page 53
**WYGGESTONS AND TRINITY ALMSHOUSES**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **21. Statement of funds (continued)**
|**Restricted**
**funds**
Legacies -
Social Activities -
Wyggestons
Almshouses
Legacies -
Social Activities -
Trinity
Almshouses
Founders Day -
Wyggestons
Almshouses
**Total of funds**|Balance at
1 January
2023
_£_
6,475
6,200
-
12,675
60,889,824|Income
_£_
354
-
500
854
3,306,600|Expenditure
_£_
-
-
(500)
(500)
(3,896,236)|Transfers
in/(out)
_£_
-
-
-
-
-|Gains/
(losses)
_£_
-
-
-
-
591,333|Balance at
31
December
2023
_£_
6,829
6,200
-|
|---|---|---|---|---|---|---|
|||||||13,029|
|||||||60,891,521|
Page 54
**WYGGESTONS AND TRINITY ALMSHOUSES**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **22. Analysis of net assets between funds**
## **Analysis of net assets between funds - current period**
|**Unrestricted**
**funds**
**2024**
**£**
Tangible fixed assets
10,030,747
Fixed asset investments
262,868
Investment property
-
Current assets
(621,010)
Creditors due within one year
(2,864,299)
Creditors due in more than one year
(2,205,440)
**Total 2024**
4,602,866|**Restricted**
**funds**
**2024**
**£**
-
-
-
13,004
-
-
13,004|**Endowment**
**funds**
**2024**
**£**
1,596,260
12,192,277
39,996,347
5,655,154
(104,399)
-
59,335,639|**Total**
**funds**
**2024**
**£**
**11,627,007**
**12,455,145**
**39,996,347**
**5,047,148**
**(2,968,698)**
**(2,205,440)**
**63,951,509**|
|---|---|---|---|
The Charity has the ability to lend monies from the permanent endowment funds under the Charities Act 2022 provisions to other funds. On repayment, the borrowed amounts must be added back to the permanent endowment fund and be subject to the same restrictions as the original capital.
Current assets held under Unrestricted Funds is a negative amount as a result of borrowings from, and therefore repayable to, the Permanent Endowment under the provisions of the Charities Act 2022. The purpose of the borrowings was to finance the major refurbishment works on William House which commenced in late 2023. The total borrowings at the year end were £998,002 (2023: £80,545).
## **Analysis of net assets between funds - prior period**
|Tangible fixed assets
Fixed asset investments
Investment property
Current assets
Creditors due within one year
Creditors due in more than one year
**Total 2023**|Unrestricted
funds *
2023
_£_
9,550,707
252,389
-
850,734
(2,970,047)
(2,252,364)
5,431,419|Restricted
funds
2023
_£_
-
-
-
13,029
-
-
13,029|Endowment
funds *
2023
_£_
1,631,571
11,597,048
40,184,178
2,034,276
-
-
55,447,073|Total
funds
2023
_£_
11,182,278
11,849,437
40,184,178
2,898,039
(2,970,047)
(2,252,364)
60,891,521|
|---|---|---|---|---|
* Prior year reclassification of funds split between fixed asset investments and current asset investments within unrestricted funds and endowment funds. There is no change in total funds or each individual net asset line.
Page 55
**WYGGESTONS AND TRINITY ALMSHOUSES**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **23. Reconciliation of net movement in funds to net cash flow from operating activities**
|Net income for the year (as per Statement of Financial Activities)
**Adjustments for:**
Depreciation charges
Net gains on investment assets
Dividends, interests and rents from investments
(Increase)/decrease in debtors
(Decrease)/Increase in creditors
Interest on loan
Release of lease premium
**Net cash used in operating activities**|**2024**
**£**
**3,059,988**
**445,863**
**(4,097,474)**
**(1,273,462)**
**(23,960)**
**(146,568)**
**163,704**
**(47,118)**
**(1,919,027)**|2023
_£_
1,697|
|---|---|---|
|||383,928
(567,981)
(1,251,531)
46,250
172,134
130,086
(48,212)|
||||
|||(1,133,629)|
|**24.**
**Analysis of cash and cash equivalents**
Cash in hand
**Total cash and cash equivalents**|**2024**
**£**
**3,879,376**
**3,879,376**|2023
_£_
947,175|
|---|---|---|
||||
|||947,175|
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**WYGGESTONS AND TRINITY ALMSHOUSES**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **25. Analysis of changes in net funds**
|Cash at bank and in hand
Debt due within 1 year
Current asset investments|**At 1**
**January**
**2024**
**£**
**947,175**
**(2,200,000)**
**1,839,316**
**586,491**|**Cash flows**
**£**
**2,932,201**
**-**
**(807,052)**
**2,125,149**|**At 31**
**December**
**2024**
**£**
**3,879,376**
**(2,200,000**
**1,032,264**|
|---|---|---|---|
||||**2,711,640**|
Net debt is calculated as borrowings less cash and cash equivalents and current asset investments. Although the Charities SORP (FRS 102) does not include current asset investments in its definition of net debt, the cash held on deposit is liquid and convertible to cash over the short- to medium-term, so is included in the net debt calculation to provide a fairer representation of the Charity’s liquidity position .
## **26. Capital commitments**
||**2024**|2023|
|---|---|---|
||**£**|_£_|
|**Contracted for but not provided in these financial statements**|||
|Acquisition of tangible fixed assets|**54,552**|640,573|
## **27. Pension commitments**
A full actuarial valuation for the scheme was carried out at 30 September 2023. This valuation showed assets of £514.9m, liabilities of £531.0m and a deficit of £16.1m.
Wyggestons and Trinity Almshouses paid contributions totalling £57,936 (2023: £53,709) during the accounting year. These contributions are a combination of the amounts due under the defined contribution arrangements and the payments due under the recovery plan agreed for the defined benefit liabilities, as referred to below.
Where the scheme is in deficit and where the company has agreed to a deficit funding arrangement the company recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost. The present value is calculated using an appropriate discount rate of 4.90% (2023: 5.31%). The unwinding of the discount rate is recognised as a finance cost.
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**WYGGESTONS AND TRINITY ALMSHOUSES**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
|Provision at 1 January
Unwinding of the discount factor
Deficit contributions paid
Re-measurements - impact of any changes in assumptions
Re-measurements - amendments to the contribution schedule
**Provision at 31 December included in other creditors**
**27.**
**Pension commitments (continued)**|**2024**
**£**
**1,021**
**29**
**(967)**
**14**
**2,181**
**2,278**|2023
_£_
1,919
71
(967)
(2)
-|
|---|---|---|
|||1,021|
Given the circumstances outlined above, the Trustees have commissioned pension consultants to assess the estimated cost of debt on withdrawal from the Plan. The consultants have estimated the cost, including associated professional fees, to be in the region of £65,000. As this course of action is being considered by the Trustees, this sum has been set aside as a Designated Fund within Unrestricted Funds (see note 21).
The Trustees are aware of an impending legal review of the scheme. The High Court will hear a case being brought against The Pension Trust that there is sufficient uncertainty regarding the effect of some benefit changes made to the schemes over time, and that the directions of the Court are to be obtained to provide the Trustee with the certainty it needs to properly administer The Pensions Trust. The risk register for the Charity has been updated to allow for any additional financial burden from the expected legal judgement that may adversely effect the levy.
The Charity believes the legal case in respect of the scheme has commenced in the courts. Technical questions are being considered at present following various requests for clarification from legal representation as of May 2025, no further information has been forthcoming to employers and no indication when the case will therefore conclude.
## **28. Operating lease commitments - amounts payable**
At 31 December 2024 the Charity had commitments to make future minimum lease payments under noncancellable operating leases as follows:
|Not later than 1 year
Later than 1 year and not later than 5 years|**2024**
**£**
**10,186**
**30,655**
**40,841**|2023
_£_
2,399
5,620|
|---|---|---|
|||8,019|
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**WYGGESTONS AND TRINITY ALMSHOUSES**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **29. Operating lease commitments - amounts receivable**
In March 2019 the Charity entered into a 99 year lease with MOTO to develop land owned by the Charity as a Motorway Service Area.
At 31 December 2024 the Charity had future minimum lease receipts receivable under operating lease agreements as follows:
|Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years|**2024**
**£**
**234,487**
**234,483**
**21,162,452**
**21,631,422**|2023
_£_
169,566
678,264
15,472,898|
|---|---|---|
|||16,320,728|
## **30. Related party transactions**
Wyggeston School Foundation is a related party by virtue of Trustees; J K McLauchlan, O J Saunders and E M Bamford in common. During the year Rev A R Leighton relinquished his appointment on resigning his post as Master of the Charity. Mrs E M Bamford has replaced Rev AR Leighton as one of the Board’s nominee to the Foundation. During the year a grant of £5,000 (2023: £5,000) was awarded by the Charity to Wyggeston School Foundation. £Nil was outstanding at the year end (2023: £Nil).
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