2022-12-31-accounts

Charity Registration No. 233695

LASLETT'S ALMSHOUSES

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

LASLETT'S ALMSHOUSES

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees	Mr C R Anstey
	Mrs L C Baxter
	Mr T J Bridges
	Mr D B Dale
	Mr P W Hughes
	Mrs A T King	(Appointed 1 April 2023)
	Mrs G T Newman
	Mr J V Panter
	Mrs L A Preece
	Mrs N J Rogers
	Mr M J Tarver	(Retired 31 January 2023)
	Mrs K M Vincent
Chairman	Mrs L C Baxter
Finance &	Mr C R Anstey
Investment Committee	Mrs L C Baxter
	Mr D B Dale
	Mr P W Hughes
	Mr J V Panter
	Mrs L A Preece
	Mr M J Tarver	(Retired 31 January 2023)
Almshouse Committee	Mrs L C Baxter
	Mr P W Hughes
	Mrs G T Newman
	Mrs N J Rogers
	Mrs K M Vincent

Each Committee meeting is attended by the Clerk and/or the Agent as appropriate

Clerk to the Trustees Mr S P Inman Kateryn Heywood House Berkeley Court The Foregate Worcester WR1 3QG Agent to the Trustees Mr A L Robinson MRICS ARC Surveyors Limited The Cedar Office 5 Thackholme Worcester WR4 0RZ Charity number 233695

LASLETT'S ALMSHOUSES

LEGAL AND ADMINISTRATIVE INFORMATION

Registered office	Kateryn Heywood House
	Berkeley Court
	The Foregate
	Worcester
	WR1 3QG
Independent Examiner	Sarah Morley ACA
	Kendall Wadley LLP
	Chartered Accountants
	Merevale House
	27 Sansome Walk
	Worcester
	WR1 1NU
Bankers	HSBC Plc
	6 Broad Street
	Worcester
	WR1 3PL
Investment Advisors	Quilter Cheviot Investment Management
	Senator House
	85 Queen Victoria Street
	London
	EC4V 4AB

By a Resolution passed at a duly constituted meeting of the Trustees of Laslett's Almshouses Charity on the 30th day of October 1962 there was conferred upon any three or more of the Trustees the power to execute Deeds or instruments in the names and on behalf of the Trustees in accordance with the provisions of Section 34 of the Charities Act 1960.

LASLETT'S ALMSHOUSES

CONTENTS

	Page
Trustees' report	1 - 6
Statement of Trustees' responsibilities	7
Independent examiner's report	8
Statement of financial activities	9 - 10
Balance sheet	11
Statement of cash flows	12
Notes to the accounts	13 - 23

LASLETT'S ALMSHOUSES

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2022

The Trustees present their report and accounts for the year ended 31 December 2022.

The accounts have been prepared in accordance with the accounting policies set out in note 1 of the accounts and comply with the Charity's Trust Deed, the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2019).

Objectives and activities

Objective

The principal object of the Charity is to provide and maintain the almshouses in Union Street, Worcester for aged poor people in the City of Worcester.

The Trustees' aim is to administer the almshouses in the most efficient and effective way by maintaining the buildings and accommodation in good and substantial repair thus ensuring a full level of occupancy throughout the year and thereby obtain a steady level of income from the weekly maintenance charge levied on the residents.

Public benefit

The Trustees confirm that they have had regard to the Charity Commission's guidance on public benefit. The activities set out are consistent with achieving the object of the Charity for the benefit of the public. Specifically the programme of refurbishment, the discounted rents and the provision of the good quality accommodation are consistent with the Charity's aims and objects.

Activities

The main activities carried out by the Charity relate to the management of the flats within the almshouse complex together with the chapel, the community room and the gardens. In ensuring the residents have up-to-date, clean and safe accommodation and environment, there is regular contact with them primarily via the Warden who attends the almshouses most weekdays but also by the Agent and Trustees.

Achievements and performance

Overall the rate of occupation of the 16 almshouses for the year has been close to 100%.

During the course of the year one of the residents who had occupied a ground floor flat moved away to live with family. The opportunity was then taken to transfer one resident from an upstairs flat to overcome problems of access. The flat was then occupied by an individual who had been on the waiting list. In accordance with our standard practice the opportunity was taken to redecorate and carry out minor repairs to the flat.

It was in anticipation of that vacancy that the Charity reviewed its procedures for selecting applicants from the waiting list to fill such vacancies. As part of that review arrangements were put in hand for existing applicants to be subject of a home visit (as recommended by the Almshouse Association) so that trustees could form an impression of their suitability for community living. This process worked well for the selection of the new resident and will be applied in future to all new applicants.

The former Chaplain's house situated within the almshouse complex which had previously been occupied by the Chaplain remains let by way of a shorthold letting agreement to a tenant who would otherwise have qualified for almshouse accommodation.

During 2022 the separate modern property at 10 Union Street continues to be let by way of a shorthold letting

agreement at a market rent to private tenants.

The Warden keeps in close contact with the Agent and also a nominated Trustee (the Chairman in 2022) who in turn reports to the Committee/Board. Her reports have highlighted that with the easing and removal of all restrictions relating to the pandemic, the residents have reverted to open gatherings and social events in the community room. These are mainly organised by the Warden to whom in this report the trustees would like to express sincere thanks for her enthusiastic help and contribution.

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LASLETT'S ALMSHOUSES

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

In terms of property repairs to the almshouses, the sum of £29,265 has been treated as the cost of general repairs and £16,888 as refurbishments.

The major refurbishment of the flats, notably upgrading of kitchens and bathrooms was completed in 2015. There is a general feeling that the flats are now of a high standard and that the residents are pleased overall with the facilities including the standard of decoration. There is a programme of planned general maintenance in place. Internal redecoration is carried out to flats as and when they become vacant. The planned and phased programme to upgrade the central heating boilers in all of the flats is now well under way and is due to be completed in 2023.

The gardens situated at the front of the property continue to be extremely colourful with a wide range and variety of shrubs and flowers and are maintained to a high standard through the year. Some of the residents like to participate and assist the gardener in his work under his supervision which is encouraged.

The administration of rental income has been smooth during the last year with there being few void periods. There are no current rent arrears and liaison with the Council as to the provision of housing benefits to those who qualify has been good.

The Trustees will continue to support the residents of the almshouses to the best of their ability by improving the properties occupied and the services offered in accordance with the recommendations made by the Agent.

In addition to the almshouses the Charity has traditionally held some investments from which income can be derived to help to swell the funds available when required. The Trustees regularly consult with their investment advisers and pay due regard to any recommendations and investments made.

Financial review

During 2022 the income for the Charity was £135,641 and the expenditure was £134,070, being an immediate surplus of £1,571. With losses in the value of investments of £37,211 and a revaluation of tangible fixed assets (being the almshouses) of £85,000, the overall value of the charity increased by £49,360 from £2,964,404 to £3,013,764.

The majority of the income (£130,465) was derived from the charges levied on the residents for their accommodation and was received regularly and consistently. The income derived from investments was £4,219 which represented a small increase of £268 over the previous year. The rest of the income was sundry in nature.

Investment Advisors Quilter Cheviot were appointed to manage the charity's investments in 2019. Following their appointment Quilter Cheviot drafted a statement of investment policy which was approved by the Trustees. Although it was reviewed in 2022, no changes were made to it. The key features of this are:

a) Investment objective - Longer-term assets (reserves and endowment) will be invested with the aim of at least

maintaining the value or purchasing power in real terms (i.e. against inflation).

b) Total return target - The Total return target for the investment portfolios has been set at inflation (CPI) plus 3.5% p.a. net of fees. This implies a nominal target of 5.5% p.a. assuming the Bank of England's original 2% target for CPI inflation.

c) Income requirement - Income target has been set at a minimum of 3% per annum.

d) Time horizon - The time horizon for the investment portfolio is considered to be long term (i.e. more than five years).

It is clear that with the rise in the rate of inflation and with relatively poor performance of the stock market in 2022, the capital value of investments fell and the income return could not meet the target. The Board is aware of this situation which is common to many charities with investment portfolios of this kind and keeps the matter under review with their advisors.

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LASLETT'S ALMSHOUSES

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Reserves policy

The balance sheet shows that the overall value of the charity as at 31st December 2022 as compared with the position as at 31st December 2021 was as follows:

Description	2021	Gain/(Loss)	2022
Capital (Restricted) Fund
Endowed Fund	£2,857,112	£47,789	£2,904,901
Income (Unrestricted) Funds
Designated (Sinking/Refurbishment)	£94,791	£4,072	£98,863
Fund
General Fund	£12,501	(£2,501)	£10,000
Total	£2,964,404	£49,360	£3,013,764

The Trustees have taken the decision that it should be the ultimate aim to have a sum available for refurbishments of £100,000 that being the most likely call on any reserve fund. Consequently to make greater provision for that "sinking" fund there was a net transfer of funds from general reserves to the refurbishment reserve which now stands at £98,863.

The Trustees have aimed to retain a level of unrestricted reserves equivalent to the running costs of the Charity for at least six months and if possible for one year. The unrestricted reserves (including that designated for refurbishment) now amount to £108,863 which represents close to 10 months of last year's expenditure of £134,070.

The Trustees are aware of the requirements to distribute any surplus income under the terms of the Trust but believe this should be balanced with the need to have adequate reserves to maintain almshouses provision which is its primary objective. The Trustees also take the view that given the nature of the housing accommodation and the level of charges which can be levied (which is linked to the provision of housing benefit) it is not proper to create a surplus over and above what is needed to maintain the almshouses in good order with associated support and administrative costs.

Investment powers

The Trustees will invest the funds in accordance with the Trustee Act 2000. Within the Act the Trustees:-

• shall exercise such power with the care that a prudent person of business would in making investments for a person for whom they felt morally obliged to provide;

• shall not make any speculative or hazardous investment (and for avoidance of doubt this power to invest does not extend to laying out money on the acquisition of futures and or trading options);

• shall have regard to the need for diversification of investments in the circumstances of the Charity and to the suitability of the proposed investments;

• do not impose any ethical or geographical restrictions.

Trustees additionally have a duty to review their investments at regular intervals. The Trustees reviewed their - policy during 2022 see above under Financial Review. The Trustees may change any part of the policy at any time having taken the necessary professional advice.

The Investment Manager must be an authorised person who is entitled to carry out investment business under

the provisions of the Financial Services Act 1986.

The Trustees have delegated the powers of investment management to Quilter Cheviot.

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LASLETT'S ALMSHOUSES

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Performance

The Charity’s financial investments are held primarily with Quilter Cheviot in their bespoke Global Income & Growth Fund for Charities and, to a much smaller extent with the CCLA.

The overall value of investments fell during the year by £37,212 from £335,797 to £298,585 being a decrease of 11.08% but which mirrored to some extent the rise during 2021 of £40,960.

The income (including interest) derived from investments increased during 2022 as compared with the previous year from £3,933 to £4,219.

Cash Deposits

Cash deposits are placed with approved banks with suitable credit ratings. Cash deposits may be also retained by the investment advisors as part of the investment portfolio.

Risk management

The Trustees have considered the major risks to which they consider the Charity has been exposed and concluded that these lie in the inherent risks of maintaining the fabric of an historic property in a city centre location and the welfare of the elderly residents and investing in the Stock Market. The Trustees are well aware of the potential volatility in the Stock Market (which has proved to be the case during this last year) generally but view their investments as being of a long term nature which should iron out sudden changes in their value. Notwithstanding that, they will take whatever steps they think necessary after taking professional advice to mitigate and reduce any risks.

Risk identification and management are specifically discussed and minuted at all Board meetings.

The Trustees confirm that no serious incident has taken place which they should have reported to the Charity Commission but have not.

Plans for the future

The Trustees have no major plans to alter the level of almshouse provision. It is the intention to continue to utilise the almshouses as directed by the Trust Deeds upon which the Charity was formed. In practice this will entail maintaining the almshouse complex in good and substantial repair and condition and having plans in place for such to be carried out on a periodic basis. A key item of planned expenditure based on a rolling programme has been the replacement of the gas boilers in all of the flats with more modern and efficient ones. This process remains on schedule and is due to be completed later this year. By operating in this way, the finances remain sound and the element of public benefit is fulfilled.

During the course of this last year the Trustees have carefully considered the value and benefit of converting the charity from its current legal status of being unincorporated to that of a Charitable incorporated Organisation (CIO). Although the charity has functioned perfectly well in its present form and despite its reasonably simple structure and sphere of operations, the Trustees were conscious of the theoretical potential for personal liability to fall upon them which might not appear attractive to potential new trustees in the future. The Clerk has, therefore, embarked on the process of engaging solicitors to carry out the necessary work.

Structure, governance and management

The Charity was established by William Laslett (1799-1884), a Worcester member of parliament, mayor, civic dignitary and philanthropist. It operates under the terms of two Trust Deeds dated 19 September 1868 and 9 April 1875. Its registered Charity number is 233695.

The Charity owns and manages almshouses built in 1912 in Union Street, Worcester together with one more modern end terraced house situated opposite the almshouses.

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LASLETT'S ALMSHOUSES

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

The Trustees who served during the year and up to the date of signature of the financial statements were:

Mr C R Anstey Mrs L C Baxter Mr T J Bridges Mr D B Dale Mr P W Hughes Mrs A T King (Appointed 1 April 2023) Mrs G T Newman Mr J V Panter Mrs L A Preece Mrs N J Rogers Mr M J Tarver (Retired 31 January 2023) Mrs K M Vincent

The Trustees of this Charity also serve as Trustees of Laslett's (Hinton) Charity and have been appointed by a long series of Deeds of Appointment since 1868. There is no provision as to the length of service or requirement for re-appointment after a specified period of time.

All Trustees give their time freely and no remuneration was paid to any of them during the year. Trustees are required to disclose all relevant interests and to register them with the Clerk. The Trustees are also required to give details of any interest that may relate to an agenda item in which event if there is a conflict or perceived conflict of interest, they will withdraw from the meeting.

Appointment of Trustees

The Trustees have a wide range of professional and commercial experience including agriculture, charitable bodies, church architecture, estate management, social work, care for the elderly, and accountancy. The Charity seeks to appoint Trustees who have skills and expertise which are relevant to the areas in which the Charity operates.

At the time of appointment, new Trustees are provided with an induction pack within which are notes setting out the history and background of the charity including its original objectives, current policies and copies of Board and Committee minutes for the preceding twelve months or longer period if necessary. Prior to formal appointment, potential new Trustees who have been interviewed and accepted the role in principle are provided with the opportunity to have some one-to-one discussion with the Clerk and Agent and with the Chairman. In addition they are invited in an observer and confidential capacity to the Board meeting prior to the date of their intended appointment to gain first-hand experience of the Board and its workings.

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LASLETT'S ALMSHOUSES

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Organisational Structure

The Board of Trustees meets on a regular quarterly basis. Usually the venue for those meetings is the community room in Laslett’s Almshouses, Union Street, Worcester. However, during the period of the pandemic, as from March 2020, given the restricted space at Laslett's all meetings have been held remotely via Zoom and hosted by the Clerk or held in larger premises close by at Tudor House Museum. Notwithstanding the easing of restrictions during 2022 the Board has decided to continue to meet at Tudor House Museum other than for the July quarterly meeting when it meets at Elmley Castle Village Hall close to the Hinton Estate properties belonging to the related Laslett's Hinton Charity. With the input of the Agent, Clerk and Investment Advisor by way of written reports and/or attendance at the meetings, they initiate, review and adopt policies which further the objects of the Charity as set out in the Trust Deed and ensure compliance with current legislation and recommended good practice.

The Board of Trustees are also responsible for setting the remuneration levels of staff appointed by the Charity.

To enable the more expeditious conduct of business the Trustees have created two Committees which may examine relevant issues in more detail and which may make recommendations to the Trustee Board to make a formal decision.

The Finance and Investment Committee meets with the Charity's Investment Managers, Quilter Cheviot periodically to review the Charity's stock exchange investments and to consider their recommendations. The Committee also considers and approves the six monthly and year-end management accounts drawn up by the Agent and sets the budget for the forthcoming year.

The Almshouse Committee meets on an ad hoc basis to give preliminary and detailed consideration to any new policy or initiative required for the overall management of the almshouses prior to discussion and decision at the main Trustee Board.

The Agent to the Charity is Mr Adrian Robinson of ARC Surveyors Limited, The Cedar Office, 5 Thackholme, Worcester, WR4 0RZ. The duties and responsibilities of the Agent include the following:

• The general day-to-day management of the Almshouses;

• Reporting to each quarterly meeting of the Trustees;

• All aspects of financial administration including the Charity’s needs and cash flow position and the preparation of half yearly management accounts.

The Clerk to the Charity is Mr Stephen Inman whose duties and responsibilities include the following:

• Preparation of agendas for quarterly Trustee Board meetings, Committee meetings and drafting of minutes;

• Provision of guidance on legal and governance issues at meetings and generally;

• Liaison with the Agent, Accountants, Investment Manager and Trustees as to administrative matters.

Related charities

The Charity has a close relationship with the Laslett's (Hinton) Charity and its professional advisers, as well as its Trustees, being the same. Both Charities have a common benefactor and founding philosophy.

The main object of Laslett’s (Hinton) Charity is to manage its land and agricultural holdings together with associated residential properties situated at Hinton on the Green near Evesham, Worcestershire and to create a return of income which can be applied for charitable purposes including when necessary the support of Laslett’s Almshouses.

The Trustees' report was approved by the Board of Trustees.

Mrs L C Baxter

Chairman Dated: 25 July 2023

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LASLETT'S ALMSHOUSES

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2022

The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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 year.

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 judgements 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 operation.

The Trustees are responsible for keeping sufficient accounting records that 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 Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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.

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LASLETT'S ALMSHOUSES

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF LASLETT'S ALMSHOUSES

I report to the Trustees on my examination of the financial statements of Laslett's Almshouses (the Charity) for the year ended 31 December 2022.

Responsibilities and basis of report

As the Trustees of the Charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the Charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

• 1 accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or

• 2 the financial statements do not accord with those records; or

• 3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Sarah Morley ACA

for and on behalf of Kendall Wadley LLP Merevale House 27 Sansome Walk Worcester WR1 1NU

Dated: 25 July 2023

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LASLETT'S ALMSHOUSES

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022

Current financial year Unrestricted Unrestricted Endowment funds funds funds general designated 2022 2022 2022 Notes £ £ £ Income and endowments from: Charitable activities 3 130,465 - - Investments 4 4,219 - - Other income 5 957 - - Total income 135,641 - - Expenditure on: Charitable activities 6 117,182 16,888 - Net incoming resources before investment movements 18,459 (16,888) - Net gains/(losses) on investments 10 - - (37,211) Net incoming/(outgoing) resources before transfers 18,459 (16,888) (37,211) Gross transfers between funds (20,960) 20,960 - Net (outgoing)/incoming resources (2,501) 4,072 (37,211) Other recognised gains and losses Revaluation of tangible fixed assets - - 85,000 Net movement in funds (2,501) 4,072 47,789 Fund balances at 1 January 2022 12,501 94,791 2,857,112 Fund balances at 31 December 2022 10,000 98,863 2,904,901	Total 2022 £ 130,465 4,219 957 135,641 134,070 1,571 (37,211) (35,640) - (35,640) 85,000 49,360 2,964,404 3,013,764	Total 2021 £ 126,374 3,933 930
		131,237
		123,594
		7,643 40,960
		48,603 -
		48,603 85,000
		133,603 2,830,801
		2,964,404

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

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LASLETT'S ALMSHOUSES

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Prior financial year

Unrestricted Unrestricted Endowment funds funds funds general designated 2021 2021 2021 Notes £ £ £ Income and endowments from: Charitable activities 3 126,374 - - Investments 4 3,933 - - Other income 5 930 - - Total income 131,237 - - Expenditure on: Charitable activities 6 98,886 24,708 - Net incoming resources before investment movements 32,351 (24,708) - Net gains/(losses) on investments 10 - - 40,960 Net incoming/(outgoing) resources before transfers 32,351 (24,708) 40,960 Gross transfers between funds (31,499) 31,499 - Net (outgoing)/incoming resources 852 6,791 40,960 Other recognised gains and losses Revaluation of tangible fixed assets - - 85,000 Net movement in funds 852 6,791 125,960 Fund balances at 1 January 2021 11,649 88,000 2,731,152 Fund balances at 31 December 2021 12,501 94,791 2,857,112	Total 2021 £ 126,374 3,933 930
	131,237
	123,594
	7,643 40,960
	48,603 -
	48,603 85,000
	133,603 2,830,801
	2,964,404

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

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LASLETT'S ALMSHOUSES

BALANCE SHEET

AS AT 31 DECEMBER 2022

Notes Fixed assets Tangible assets 11 Investments 12 Current assets Debtors 13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets Total assets less current liabilities Capital funds Endowment funds General endowment funds 16 Income funds Unrestricted funds Designated funds 17 General unrestricted funds	2022 £ £ 2,590,000 298,585 2,888,585 7,319 129,643 136,962 (11,783) 125,179 3,013,764 2,904,901 2,904,901 98,863 10,000 108,863 3,013,764	2021 £ 9,721 125,346 135,067 (11,460) 2,857,112 94,791 12,501	£ 2,505,000 335,797
			2,840,797 123,607
			2,964,404
			2,857,112 107,292
			2,964,404

The financial statements were approved by the Trustees on 25 July 2023

Mr P W Hughes Trustee

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LASLETT'S ALMSHOUSES

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2022

Notes Cash flows from operating activities Cash generated from operations 20 Investing activities Interest received Net cash generated from investing activities Net cash used in financing activities Net increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year	2022 £ 4,219	£ 78 4,219 - 4,297 125,346 129,643	2021 £ 3,933	£ 1,475 3,933 -
				5,408 119,938
				125,346

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LASLETT'S ALMSHOUSES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

Charity information

Laslett's Almshouses is a charity which was established by William Laslett, a Worcester mayor, civic dignitary and philanthropist. It operates under the terms of two Trust Deeds dated 19 September 1868 and 9 April 1875. Its registered address is Kateryn Heywood House, Berkeley Court, The Foregate, Worcester, WR1 3QG.

1.1 Accounting convention

The accounts have been prepared in accordance with the Charity's trust deed, the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2019). The Charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes and are maintained at a level sufficient to enable the Charity to operate efficiently and without risk.

Endowed funds represent those assets which must be held permanently by the Charity, principally property and investments.

1.4 Incoming resources

Income from investments and property is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

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LASLETT'S ALMSHOUSES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

(Continued)

1.5 Resources expended

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 are allocated on the portion of the asset’s use.

Resources expended are included in the Statement of Financial Activities on an accruals basis, inclusive of any VAT which cannot be recovered.

Governance costs are the costs associated with the general running of the Charity.

1.6 Tangible fixed assets

The trustees have adopted a policy of revaluation with regards the land and buildings and this is based on a valuation supplied by ARC Surveyors Limited at 31 December 2018. This valuation was a full valuation and is reviewed periodically.

The Statement of Recommended Practice (FRS 102) requires that a provision be made for depreciation of tangible fixed assets having a finite use of life. However, the Trustees are of the opinion that the residual value at the end of the estimated useful life of the property is not likely materially to differ from its cost, or re-valued amount (reviewed annually). Therefore, any element of depreciation is considered to be immaterial and no provision is made, movements in valuation are taken to the Statement of Financial Activities as determined.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8 Impairment of fixed assets

At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

• 14 -

LASLETT'S ALMSHOUSES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

(Continued)

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in income/ (expenditure) for the year, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

1.10 Financial instruments

The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

• 15 -

LASLETT'S ALMSHOUSES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

(Continued)

Derecognition of financial liabilities

Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.

1.11 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Critical accounting estimates and judgements

In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Charitable activities

Charitable activities
	Unrestricted	Unrestricted
	funds	funds
	general	general
	2022	2021
	£	£
Received from residents	130,465	126,374

4 Investments

	Unrestricted	Unrestricted
	funds	funds
	general	general
	2022	2021
	£	£
Income from listed investments	4,080	3,925
Interest receivable	139	8
	4,219	3,933

• 16 -

LASLETT'S ALMSHOUSES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

5 Other income

		Unrestricted	Unrestricted
		funds	funds
		general	general
		2022	2021
		£	£
	Other income	957	930
6	Charitable activities
		2022	2021
		£	£
	Property expenditure
	Pension costs	209	188
	Rates	4,448	3,965
	Insurance	7,717	7,848
	Property expenditure	46,153	43,545
	Chaplain's salary	2,410	1,160
	Warden	13,318	12,500
	Gardener	1,818	1,826
	Electricity	5,574	7,800
	Gas	9,953	6,759
	Telephone	268	259
	Call aid rental	3,811	3,676
	Sundry	1,826	592
	Cleaning	3,759	4,025
		101,264	94,143
	Share of support costs (see note 8)	32,256	28,901
	Share of governance costs (see note 8)	550	550
		134,070	123,594
	Analysis by fund
	Unrestricted funds - general	117,182
	Unrestricted funds - designated	16,888
		134,070
	For the year ended 31 December 2021
	Unrestricted funds - general		98,886
	Unrestricted funds - designated		24,708
			123,594

• 17 -

LASLETT'S ALMSHOUSES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

7 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or expenses during the year.

During the year the Charity took out insurance for the Trustees' and individual liability, employment practices liability and professional and legal liability in each instance to a limit of £1 million.

8 Support costs

Support costs Governance costs £ £ Agent's management fees 19,932 - Clerk's fees 4,681 - Charity office expenses 4,331 - Subscriptions 382 - Accountancy 1,730 - Accountancy - agents 1,200 - Independent examiners fees - 550 32,256 550 Analysed between Charitable activities 32,256 550	2022 £ 19,932 4,681 4,331 382 1,730 1,200 550 32,806 32,806	2021 Basis of allocation £ 17,429 To principal charitable activity 4,508 " " 4,058 " " 276 " " 1,550 " " 1,080 " " 550 Governance 29,451 29,451

Within Clerks fees as shown above are staff costs of £4,681 (2021 - £4,508).

Governance costs include payment to the independent examiners of £550 (2021 - £550) for examination fees.

9 Employees

Number of employees

The average monthly number of employees during the year was:

	2022	2021
	Number	Number
Clerk and warden	2	2
Employment costs	2022	2021
	£	£
Wages and salaries	20,409	18,168
Other pension costs	209	188

There were no employees whose annual remuneration was £60,000 or more.

• 18 -

LASLETT'S ALMSHOUSES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

10 Net (losses)/gains on investments

	**Endowment **	Endowment
	funds	funds
	2022	2021
	£	£
Revaluation of investments	(37,211)	40,960
Tangible fixed assets
	Freehold land	and buildings
		£
Cost or valuation
At 1 January 2022		2,505,000
Revaluation		85,000
At 31 December 2022		2,590,000
Carrying amount
At 31 December 2022		2,590,000
At 31 December 2021		2,505,000

11 Tangible fixed assets

Land and buildings with a carrying amount of £2,590,000 were revalued at 31 December 2022 by ARC Surveyors Limited, independent valuers, on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

The property consists of 16 flats, a Chaplain's House, Board Room and Chapel, all situated at Laslett's Almshouses, Union Street, Worcester and 10 Union Street, Worcester.

12 Fixed asset investments

	Listed
	investments
	£
Cost or valuation
At 1 January 2022	335,797
Valuation changes	(37,212)
At 31 December 2022	298,585
Carrying amount
At 31 December 2022	298,585
At 31 December 2021	335,797

• 19 -

LASLETT'S ALMSHOUSES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

13 Debtors: amounts falling due within one year

13 Debtors: amounts falling due within one year
Other debtors Prepayments and accrued income 14 Creditors: amounts falling due within one year Notes Deferred income 15 Other creditors Accruals 15 Deferred income Arising from Rents received in advance	2022 £ 4,326 2,993 7,319 2022 £ 2,472 4,856 4,455 11,783 2022 £ 2,472	2021 £ 6,670 3,051
		9,721
		2021 £ 2,611 3,210 5,639
		11,460
		2021 £ 2,611

All rents in advance are in respect of the following accounting period and are fully released.

16 Endowment funds

The endowment funds represent those assets which must be held permanently by the Charity, principally investments and property.

Balance at 1 January 2021 £ Permanent endowments Endowment Fund 2,731,152 2,731,152	Gains and losses Balance at 1 January 2022 £ £ 125,960 2,857,112 125,960 2,857,112	Gains and losses Balance at 31 December 2022 £ £ 47,789 2,904,901 47,789 2,904,901	Gains and losses Balance at 31 December 2022 £ £ 47,789 2,904,901 47,789 2,904,901
			2,904,901

Income arising on the endowment fund can be used in accordance with the objects of the Charity and is included as unrestricted income. Any capital gains or losses arising on the investment form part of the fund.

• 20 -

io (n r o￿L￿ 0￿￿) r ¢ IJ 10 r O(Or o Ln ry)

LASLETT'S ALMSHOUSES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

19 Related party transactions

Transactions with related parties

During the year the Charity entered into the following transactions with related parties:

£4,681 (2021 - £4,508) of Clerks fees were recharged to Laslett's (Hinton) Charity, which has 11 trustees in common with the Charity. A balance of £nil (2021 - £nil) was owed to the Charity at the year end.

20 Cash generated from operations Surplus for the year Adjustments for: Investment income recognised in profit or loss Fair value gains and losses on tangible fixed assets Fair value gains and losses on investments Movements in working capital: Decrease/(increase) in debtors Increase/(decrease) in creditors (Decrease)/increase in deferred income Cash generated from operations	2022 £ 49,360 (4,219) (85,000) 37,211 2,402 463 (139) 78	2021 £ 133,603 (3,933) (85,000) (40,960) (2,245) (166) 176 1,475

21 Analysis of changes in net funds The Charity had no debt during the year.

• 23 -