Charity Registration No. 23369S LASLETfs ALMSHOUSES ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
LASLETT'S ALMSHOUSES LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr C R Ansley Mrs L C Baxler Mr T J Bridges MrDBDale Mr P W Hughes Mrs A T King Mrs G T N8wman Mr J V Panter Mrs LA Preece Mrs N J Rogers Mrs K M Vincent Chairnian Mrs L C Baxtei Finance & Invèstment Committee Mr C R Anstèy Mrs L C Baxter MIDBOale Mr P W Hughes Mr J V Panter Mr5 LA Preece Almshouse Committee Mrs L C Baxter Mr P W Hughes Mrs G T Newman Mrs N J Rogers Mrs K M Vincent E8th Cornrnittee meeting is attended by the Clerk andlor the Agent as appropriato Clerk to the Trustees Mr S P Inman Kateryn Heywood House Berkeley Court The Foregale Worcester VVR1 3QG Agent to the Trustees MrA L Robinson MRICS ARC Surveyors Limited The Cedar Office 5 Thackholme Worcester 14 ORZ Charity number 233695
LASLETT'S ALMSHOUSES LEGALAND ADMINISTRATIVE INFORMATION Registered office Kaleryn Heywood House Berkeley Court The Foregate Vvorcester WR1 3QG Independent Examiner Sarah Morley ACA Kendall Wadley LLP Chartered Accounlanls Merevale House 27 Sansome Walk Worcester WR1 1NU Bank•rs HSBC PI¢ 6 Broad Street Worcester 13PL Investment Advisors Quilter Cheviot Investment Management Senator HoLJse 85 Queen Victoria Street London EC4V 4AB 8y a Resolution passed at a duly constiluled Meetn9 of the Trustee5 of Lasletl's Almshouses Charity on the 30th day of October 1962 there was conferred Ljpon any Ihiee or rnore of the Trustees the power lo execute Deeds or instruments in the names and on behalf of the Tru51ee5 in accordance with the provi510ns of Section 34 of the Charities Aet 1960.
LASLETT'S ALMSHOUSES CONTENTS Page Tru51ees' report Stalernenl of Tru51ees' responsibilities Independent exarninerfs report Statement ol financial activities 10- 11 Balance sheet 12 Statement of cash flows 13 Notes to the accounts 14-24
LASLETT'S ALMSHOUSES TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their report and accounts for the year gnded 310ecember 2023. The accounts have been prepared in accordance with the accounting policie5 sel out in note 1 of the accounts and comply with the Charity's Trust Deed, the Charities Act 2011 and "Aocounling and Reporting by Charities.. Statement ol Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Rèporting Standard applicable In the UK and Republic of Ireland IFRS 1021. las amended lor aeeoijnting periods commencing from 1 January 20191. Reference and adminlstratlve detsils Referenoe and administrative details are provided on the pages preceding this ieport. Details ol the Trustees serving during the year are given below in the structure, governance and management section. Objectives and activities Objeetwe The pnncipal object of the Charity is lo provide and maintain the almshouses in Union Street, Worcester for aged poor people in the City of Worcesler. The Trustees. aim is lo adrllini5ter the almshouses in the m05t efficient and effeclive way by maintaining the buildings and aceommodation in good and substantial repair thus ensuring a full level of occupancy throughout the year and thereby obtain a steady level ol incorne from the weekly maintenance charge levied on the residents. Ptsblle benefit The Trustees confirm that they have had regard lo the Charity Commission's guidance on public benefit. The activities sel out are consislenl with achieving the object ol thè Gharity for the b&nefit of the public. Specifically the prograrnme ol refurbishment, the discounted rents and the provision ol th6 good quality aecornmodation are consistent with the Charity's aims and objects. Actlvltles The main a¢livilies carried out by the Charity relate to the managernenl of the flats within the aknshouse complex tog81hei with the chapel. the eommunily room and the gardens. In ensuring the residents have up-lo-date, clean d Safe accommodation and environment, there is regular contact with them primarily via the Warden who attend5 the almshouses most weekdays but also by the Agent and Trustees.
LASLETT'S ALMSHOUSES TRUSTEES, REPORT (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 Achievements and performance Over311 the rate of 0UPatIon of the 16 almshouses for the y8ai has been close to 100°/. Dunng thè course of the year one of the residents who had been al Lasletls for rnore than 20 years sadly died. Hei flat needed remedial damp proofing works to many of the walls which then necessitated full redecoration along with replacerllent floor coverings. Her flat was thèn Ilaler in 20241 occupied by an estIng resident from one of the first floor flats. In January one of the residents of an upstairs fl81 who was having increased rnobilily 15sue5 transferred to a ground floor flat which had become vacant earlier. Her flat in turn was then occupied by an individual who had been on the waiting list. In accordanTr with our standard practice the opportullity was taken lo redecorate and carry out minor repairs lo the flat. The former Chaplain'5 house situated within the almshouse cornplex which had previously been occupied by the Chaplain remains let by way of a shorthold letting agreement to a tenant who would otheiSe have qualified for almshouse accommodation. The Warden keeps in close contact with the Agent and also a nominated Trustee Ilhe Chairman in 20231 who in turn reports to the Committeel Board. Her report5 have highlighted that whilst as a generality the residents are in good health and have relatively good mobility. inevitability with increasing age. there 15 the prospect that some may at some futurè point be no longer be capable of independent living and hence no longer able easily lo reside at Lasletls. Soaal activities remain an important part of the almshouse cornrnunity and in this regard the Warden has continued lo arrange regular fish and chip suppers and other social events in the community rootn. The year also saw the completion of a small but significant project namely the provision of an outdooi palio adI8nI lo the community room entrance. As well as the provision of some outdoor tables and chaiis sufficient to seat most of the residents andlor visitors on the new palio. the Iiustees al the suggestion of the residents arranged via thè Agent lor the inslallalion of a wooden bench seat which with an inscriplitsn cotntllemoraled the coronation of King Charkes111. Once again the trustees would like to express their genuinè th3nks for the diligence and hard work of the Warden. tsften going beyond her strict dutie5 in supporting the residents. One particular bul unusual issue relating both to the upkeèp of the buildings but also to the welkbeing of the residents was the provision ol gull proofing works lo the almshouse oomplex. The City Council has a PTograrnrne and budget for such works to be carried out in parts of the crty centre where gulls may present a gule threat or hazard lo members ol the public. A variety ol measures have been used but during 2023 vanous spikes and guards were placed on the roof and chimneys of the almshouses lo prevent gulls nesting there. Laslett's was pleased lo support such work by contributing lo the cost of the materials with thè Council carrying out the work. In tems of property repair5 to the 8lmshouses. the sum of £52,672 has been expended split as beeen £21,616 for general repairs and £31.056 for refurbishmenl. There is a general feeling that the flats a now of a high standard and that the residents are pleased overall with the facilities including the standard of decoration. There is a programme ol planned general rllailllenance in place. Internal redecoralitsn is carried out lo flats as and when they become vacant. The planned and phased programme to upgrade the cential healing boilers in all of the flats was c(>tnpleled in 2023. The gaidens situated al the front of the property continue to be extremely colourful with a wide range and variety of shrubs and flowers and are rnainlained to a high standard through the year. Some of the residents like to participate and assist the gardener in his work undei his supeNision which is encouraged. The administration of rental incomè has been srnOOth during the last year with there being few void period$. There are no current ront arrears and liaison with the Council as to the provision of housing benefits to those who qualify has been good.
LASLETT'S ALMSHOUSES TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Flnancial review During 2023 the income for the Chafily wa5 £141,095 and the expenditu was £159.682. being an immediate deficit of £18.587. With gains in the value of investrnents of £30,152 110¢/tsl and a revaluation ol tangiblè fixed assets Ibeing the almshouses) of £10,000. the overall value ol thè tharity Increased by £21.565 from £3,013,764 to £3.035.329. The majtsrily of the incorne1£134,5311 was dèrived frorTTr the charges (weekly maintenance charge) levied on the residents for their accornmodalion and was received regularly and consislenlly. The residents each paid a further ftal rale towards the cost ol utilities gas. electricity and water. The income derived fiom investments was £5.573 which represented an incr6ase of £1.354 {32°/ol over the previous year. The remaining incomè was sundry in nature. Investment Advisors QuiltÈr Cheviol were appointed lo managè the chaiily's inveslrnents in 2019. Following their appointment Quilter Cheviol drafted a statement ol Investment policy which was approved by the TrusteÈ5. Although il was reviewed ill 2022 and again in 2023. no changes were rnade to it. The key lealuies of this are. al Investment objective - Longer-term assets Iieserves and endowmentl will bè invested with the aim of al least rnainlaining the value or purchasing power in real terms li.e. against inflation). bl Total return target - The Total return largel lor the investment portfolios ha5 been sel at inflation ICPII plus 3.5°A p.a. net of fees. This implies a nominal target of 5.5% p.a. assuming the Bank of England's (Yiginal 2% target lof CPI inflation. cl Income requirement- Income largel has been Set al a minimum of 3QA per annum. dl Time horizon Th8 time horizon for the inveslment portftslio is considered to be long temi li.e. more than five years). In leTms of inveslment performance, 2023 was much improved compared with 2022. This reffected a general uplift in the stock market. The Trustees regularly consult with their investment adwsers and pay due regaid lo any recommendations and investments made.
LASLETT'S ALMSHOUSES TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Reserves policy The balance sheet shows that the overall value ol th6 charity 8S at 3131 December 2023 as compared with the posrtion as at 31 st Decembèr 2022 was as ft)Ilows.' Dèscrfptlon 2022 GainllLossl 2023 Endowed Fund £2.904,901 £40,152 £2,945,053 Designated IsinkinglRelurbishmentl Fund £98,863 1£19,0561 £79,807 General Fund £10,000 £469 £10.469 Totsl £3,013,764 £21,565 £3,035,329 The Trusleas have taken the decision that it should be the ultimate aim lo have a s*Jm available for refurbishrnents of £100.000 that being the most likely call on any reserve fund. During 2023 the sum of £31,058 was expended on iefurbishments. This was covered by a transfer from the sinkinglrefurbishrnenl fund of £19,056 which now stands al £79.807 and the Iransler of £12.000 from the general fund. The Trustèes will endeavour to build up the sinkinglrefurbishment fund closer to £100,000 over the coming years. The Trustees have aimed to retain a level of unrestricted reserves equivalent lo the running costs of the Charrty for at least six months and Il possible lor one year. The unresliicle¢J reserves (including that designated for refurbishment) now amount lo £90.276 which represents dose lo 7 months of last year's expenditure of £159.682. The Trustees are aware of the requirements lo distribute any surplus income under the lertns of the Trust but believe this should be balanced with the need lo have adequate reserves to maintain alrllshouses provision which is its primary objective. The Tnjstees also take the view that given the nature of the housing accommodation and the level ol charges which can be levied Iwhieh is linked lo the provision of housing benefiti it is not proper to create a surplus over and abovo what is needed to tnainlain the almshouses in good order with associated support and administrative Costs. Inveslmentpowers The Trustee5 will invest the funds in accordanTr with the Trustee Act 2000. Within the Act Ihtr Tru51ees:_ • shall exercise such power with the care that a prudent person of business would in making investments lor a person for whom they felt morally obliged to provide". shall not makè any speculative or hazardou$ investment land for avoidance of doubt this power to nvesl does not extend to laying out money on the acquisition of futures and or trading oplionsl., shall have regard lo the need for diversification of investments in the arcumstances of the Charity and lo the suilabilily of the proposed inveslment5', do not impose any ethical or geographical restrictions. Trustees additionally have a duty to review their investments at regular intervals. The Trustees reviewed thèir policy during 2019 - see above under Financial Revi. Thè Trustees may change any part of the policy at any time having taken the nècessary professional adviee. The Investment Manager tllU31 be an aulhoiised person who is enlilled to carry out investment business under the provisions of the Financial Services Act 1986. The Tru51ees have delegated the powers ol investrnent management to Quilter Cheviot.
LASLETT'S ALMSHOUSES TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Performance The Gharily's financial investments are held primalY with Quilter Cheffiot in thèir bespoke Global Incorne & Growth Fulld for Charities and. to a much smaller extent with the CCLA. The over311 value of investments Increased during the y83r by £30.152 from £298,585 to £328,737 being an increase o110Y.. The incorne (including interest) derived from investments increased during 2023 as compared with the prèmous year from £4.219 to £5,573. Cash Deposits Cash deposils are placed with approved banks with suitable credit ratings. Cash deposits may be also rètained by the investrnent advisors as part of the investment portfolio. Risk management The Tiuslees have considered the major risks lo which they consider the Chaiily has been exposed conduded that these lie in the inherent risks of maintaining the fabric of an hislofic property in a city cenlre location and the welfare of the elderly residents. Additionally although the value of inveslrnenls represents arca 10% 01 the overall value of the charity the trustees are conscious ol the potential volalilily in the Stock Market generally bul view their investments a5 being ol a long-lem nature which shoLJld Iron out sudden change5 In their value. Nolwilhslanding that. they will take whatever steps they think esSary after taking professional advice lo mitigate and reduce any risks. Risk Idenlilicalion and management are specifically dis¢u55ed and rninuted at all Board meetings. An important slep was taken during the year to draw up a fresh risk register based on recognised standard formals identifying risk of a govemance, operational, financial, environmental or reputational nature. Such risk5 were appropriately scored by Board members. None were identified as being in the red category bul rather all fell withm the moderate or low risk category. The Board will now review this document on a iegular basis each year. The Trustees confirm that no 5eiious 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 alrnshouses 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 ièpair and condition and having plans in place lor such to be carried out on a periodic basis. 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 having previously made the decision to convert the charity from its current legal status ol being unincorporated to that of a Charitable Incoiporated Organisalion ICIOI selected and engaged a firm ol well-eslablished solicitors to carry out the nece5$3ry legal work lor this to be achieved. The Clerk has coordinated the necessary procedures and provided the detailed inslruclions. It is hoped this work will be completed during the course of the coming year. Structure, governance and management The Charity was established by William Laslett 11799-18841, a w0ster member of parfiamenl. mayor, civic dignitary and philanthropist. It operates under the leims of Trust Deeds dated 19 Seplerrber 1868 and 9 April 1875. Its registered Charity number is 233695. The Charity owns and manages alrnshouses built in 1912 in Union Slieel, wOrster together with one more modern end terraced hoLJse situated opposite the almshouses.
LASLETT'S ALMSHOUSES TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees who served during the year and up Its the dale of 51gnalure of the financial slalements were.. Mr C R Anstey Mrs L C Baxter Mr T J Bridges MrDBDale Mr P W Hughes Mrs A T King Mrs G T Newman Mr J V Panter Mrs LA Pieece Mrs N J Rogers Mr M J Tarver Mrs K M Vincent (Appointed 1 April 20231 {Reliied 31 January 2023) The Trustees of this Charity also setve as TrLJslées of Laslett's (Hinlonl Charity and have been appointed by a long series ol Deeds of Appointment since 1868. There is no provision as lo the length of service or reqLJirèment for re-appointment after a specified period of lime. All Trustees give their time freèly and no remuneration was paid lo any ol them during Ihe yeaf. Trustees are required lo disdose all relevant inleiesls and lo register them with the Clerk. The Trustees are a150 required to give details of any interest that rnay relate to an agenda item in which event if the is a conflid 01 peiceived conflict of Interest. they will wilhdr8w from the meeting. Appointment of Trustees The Trustees have a wide range ol professional and commercial experience Including agriculture, charitable bodies, church architecture, eslale managemènt, social work, care lor the elderly. and accountancy. The Charity seeks to appoint Trustees who have skills and expertise which are relevant lo the areas in which the Charity operates. At the time of appointment, new TIu5tees ale provided with an induction pack within which are notes setting out the history and background ol the ¢haiily including ils original objectives, currenl policies and copiès ol Board and CoTllrnittee minutès foi the precedillg twelve months or longer period il necessary. Piior lo formal appoinlmenl. potential new Tru51ees who have been interviewed and accepted the role In prineiple are provided with the opportunity lo have some one-lo-one discussion with the Cleik and Agent and with the Chairman. In addition they are illviled in an observer and confidential capacity to the Board meeting prior lo the date of their intended appointment lo gain first-hand experience ol the Board and 115 working5.
LASLETT'S ALMSHOUSES TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Oryanisational Slwcture The 8oard ol Tiustees m8ets on a regular quarterty basis. Usually the venue foi those meetings is the communily room in Laslett's Almshouses. Union Street, Woreestér bul for the July quarterly rneeting, il meets at Elfflley C35tle Vill89e Hall close lo the Hinton Estate properties belonging lo the related Laslell's Hinton Charity. With the illpul of the Agent, Cleik 8nd Inve51rnenl Advisoi by way ol written reports andlor attendan at the meeting5, they iniliale, review and adopt policie5 which further the objects of the Charity as sel out in the Trust Deed and ensure compliance with current legislation and recommended good practice. The Board of Tru51ees are also responsible foi setting the remuneration levels of staff appointed by the Charity. To enable the more expeditious conduet ol businèss the Trustees have created two Commrtlees which may examine ielevant i55ues In more detail and which tnay wake recommendations to the Trustee Board lo make a formal deci510n. The Finance and Investment Committee rneels with the Charity's Investment Managers, Quilter Cheviol periodically lo review the Charity's stock exchange inve51menls and lo 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 lor the forthcoming year. The Almshouse Committee meets on an ad hoc basis to give preliminary and detailed consideration lo any new policy or initiative required for the overall management ol the almshouses Pfior lo discussion and derysion at the main Trustee Btrard. The Agelll lo the Charity is Mr Adrian Robinson of ARC Surveyor5 Limited, The Cedar Office. 5 Thackholme, Worcester. WR4 ORZ. The duties and responsibilities of the Agent include the following.. The general day-to-day management of the Almshouses", Reporting lo each quarterly meeting of the Trustees.. All aspècts of financial administration induding the Charity's needs and c8sh ftow p0511ion and the preparation of half yearly rnanagement accounts. The Clerk to the Chaiity is Mr Stephen Inman whose duties and iesponsibililie5 include the following.. Preparation of agendas for quarterly Trustee Board meetings, Committeè meetings and drafting ol minutes and ieports, Provision of guidance on legal and goveinance issues at meetings and generally., Liai50n with the Agent. Accounlanls, Investment Managei and Tiustees as lo administrative matters. Related eharttles The Charity has a close re131ioriship with th8 Laslett's (Hinton) Charity and rts professional advisers. as well as its Tru51ees. being the sarne. Both Charities have a common bènofactor and foundin9 philosophy. The main object of Laslelt's IHinlonl 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'5 (Almshousel Charity. The Trustees. report was approved by the Board of Trustees. Mrs L C Baxter ChairTnan Dated." 30 July 2024
LASLETT'S ALMSHOUSES STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees are responsible for preparing the Trustees, Report and the financtal staternents in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practicè}. The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each rinanci81 year whieh give a true and fair view of the state of affairs of the Charity and of the inctsming resources and application of rèstsurces of the Charity for that year. In preparing these financial slatemenls. the Trustees are required lo.. select 5uilable 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, subj8et to any material departures disclosed 8rFd explained In the finanaal statements,. and prepare the finanryal statements on the going concorn basis unless il is inappropiiale lo presume that the charity will continue in operation. The Tru51ees are iesponsible foi keeping Sufficient aooounling records Ihal disclose with reasonable accuracy at any time the financial position of the Ch8rily and enable them to ensure that the financial statements comply with the Charities Act 2011. the Charity IAcwunls and Reports) Regulations 2008 and the provisions ol the trust deed. They are also responsible for safeguarding the assets ol the Charity and hence for taking reasonable steps for the prevention and delection ol fraud and other irregularities.
LASLETT'S ALMSHOUSES INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LASLETT'S ALMSHOUSES I report lo the Trustees on rny examination of the financial statements ol Lasletl's Almshouses Ilhe Charity} for the year ended 31 December 2023. Rosponsibilities and basis of r•port As the Trustees of the Charity you are responsible for the preparation ol the financial statements in accordance with the requirements of the Charities Act 2011 Ithe 2011 Acti. I report in respect of my examination of the Charity's financial slalemenls cairied out under section 145 of the 2011 Act. In carrying out my exarninalion I have followed all the applicable Diiection5 given by the Charity Cornmission under sè¢tion 14515llbl of the 2011 Act. Independent examinerfs statement Your attention is drawll to the lacl that the charity has prepared finarTrcial staternenls in aCcOrdar with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Reporting by Charities.. Staternenl of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations bul has now been withdrawn. l understand that this has been donè in order for financial statements to provide a true and fair view in accordan with Generally Accepted A¢¢ounling Pradice effe¢tive for reporting pèriods beginning on or aftei 1 January 2015. I have completed my examination. I confirm that no matters have come lo my attention in connection with the examination giving me cause lo believe that in any material respect.. aotounting records were not kept ill respect of the Charity as required by section 130 01 the 2011 Act.. or the financial statements do not aco(>rd with Ih05e record5". or the financial statements do not comply with the applicable requirements concerning the form and conlenl of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that Ihe accounts give a true and lair view which is not 3 matter considered as part of an iridependent examinalion. I have conoein5 and have come across no other matters in connection with the examination lo whicj) allenlion should be drawn in this report in order to enable a proper understanding of the financial statements lo be reached. Sarah Morley ACA for and on behalf ol Kendall Wadley LLP Merevale House 27 Sansoffle Walk Worst&r WR1 1NU Dated.. 30 July 2024
LASLETT'S ALMSHOUSES STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Current financSal y•ar Unrestrlct•d Unr•$tricted Endowment funds fullds fundB general designated 2023 2023 Total Total 2023 2023 2022 Notes Gharilable activities Investm&nts Olher income 134,531 5,573 991 134.531 5.573 991 130,465 4,219 957 Totsl incom¢ 141,095 141,095 135.641 ChaTlable a¢11vilies 128,626 31,056 159,682 134.070 Net incoming resources before investment rnovemenls 12,469 {31,0561 118,5871 1,571 Nel gainslllossesl on investments 11 30,152 30,152 137,2111 Net incominglloutyoingl resourc8s before transfers 12.469 131.0561 30,152 11,565 135.6401 Gross Iranslers betw¢en funds 112.0001 12,000 Net incominglloutgoingl resources 469 119,0561 30.152 11,565 {35.6401 Other recognised gains and lossès Revaluation of tangible fixed assets 10.000 10,000 85,000 Net movement in funds 469 {19,0561 40,152 21.565 49,360 Fund balancès al 1 January 2023 10.000 98,883 2.904.901 3.013.764 2,964.404 Fund balances at 31 December 2023 10,469 79.807 2.945,053 3,035,329 3.013,764 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditvro derive from continuing actiwlies. 10-
LASLETT'S ALMSHOUSES STATEMENT OF FINANCIALACTIVITIES (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Prior financial year Unrestrictsd Unrestricted Endowment funds fLtnds funds general designated 2022 2022 Total 2022 2022 Not•s Charitable activities Inv8stm6nts Other income 130,465 4.219 957 130.465 4,219 957 Total in¢om• 135,641 135,641 Ghaiitable adivities 117,182 16.888 134,070 Nel incoming resources before investment movements 18,459 116,8881 1,571 Nel gainslllossesl on investments 11 (37.2111 137,211} Net incominglloutgoingl re$our¢tr$ before transfers 18,459 {16,8881 137,2111 135.6401 Gross transfers between funds 120,9601 20.960 Net incorninglloutgoingl r•sour¢ès 12,5011 4,072 137,2111 (35.6401 Other recognised gains and losses Revaluation of tangible fixed assets 85,000 85.000 N•t movement in funds 12,5011 4,072 47,789 49,360 Fund bal8n¢es al 1 January 2022 12.501 94.791 2,857.112 2,964,404 Fund balances at 31 December 2022 10,000 98,863 2,904.901 3,013,764 The slatemenl of financial activities includes all gains and losses recognised in the yèar. All incomtr and Èxpènditure derive from continuing aetivilies. 11
LASLETT'S ALMSHOUSES BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Notès Fixed assets Tangible assets Investments 12 13 2,600,000 328,737 2,590.000 298,585 2,928,737 2,888,585 Current assets Dèbtors Cash at bank and in hand 14 8,352 112,745 7.319 129,643 121,097 136.962 Creditors.. amounts falllng du8 within one year 15 114,5051 111,7831 Nel current assets 106.592 125.179 Total assets less current Ilabllitie$ 3,035.329 3.013,764 Capital funds wm General èndowmènt funds 2,945,053 2,904.901 17 2,945.053 2.904,901 Income fund$ nr fund Designated fund5 General unresliicled funds 18 79.807 10,469 98,863 10,000 90,276 108,863 3,035,329 3,013.784 The financial staleTnenls were approved by the Trustees on 30 Juty 2024 TrusteeQw" 1f)Xll 12
LASLETT'S ALMSHOUSES STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Not•s Cash flows from operating activities Cash (absorbed byll9enerated from operations 22 122,4711 78 Investing activities Interest received 5,573 4,219 Net cash generated from investing activities 5.573 4,219 Net cash used In financlng actlvltlas Net Idecreasellincrease in cash and cash equivalents 116.8981 4,297 Cash and cash equivalents al beginning ol year 129.643 125.346 Ca$h and ca$h equivalents ot end of year 112,745 129,643 13-
LASLETT'S ALMSHOUSES STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Critical accounting estimates and judg8m•nts 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 eslimates and assooialed assumptions are based on historical experience and other factors that are considered to be ielevant. 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 lY that peiiod, or in the pèriod of the revision and future periods where the rèvision affects both current and future periods. Accounting policies Charity Informatlon Laslelt's Almshouses is a charity which was established by William Laslett, a Worcester mayor, Civic dignitary and philanlhropisl. 11 operates under the terms ol two Trust Deeds dated 19 Septernber 1868 and g April 1875. Its registered address is Kateryn Heywood House. Berkeley Court, The Foregate, Worster, WR1 3QG. 2.1 A¢eounting eonvèntion The accounts have been prepared in accordance with the Charity's trust deed, the Charities Act 2011 and "Accounting and Reporting by Chaiities. Slalement of Recomrnended Practice applicable to charities preparing their accounts In aeeordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 la5 arnended for accounting periods commencing from 1 January 20191. The Charity 15 a Public Befjefil Entity as defined by FRS 102. The financial 51alemenls 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 Iinancial instruments at fair value. The prinapal accounting policiés adoptèd arè sèt out below. 2.2 Going concern At thè time ol approving th& finan¢ial slalernenls, the Trustees have a reasonable expectation that the Charity h85 adequate resources lo continue in operational existence lor the f0See3b1e future. Thus the TrLBlees continue lo adopt the going concern basi5 of accounting in Preparing the financial staternents. 2.3 Charitabl• funds Unrestricted funds are available lor use at the discretion of the Trustees in furtherance ol their charitable objectives unless the funds have been designated for other purposes and are maintained al a level sufficient to enable thè Charity lo opèratè èfficiently and wilhoul risk. Endowed funds represent those assets whicj) must be held perrnanently by the Charity, prinapally property and investments. 2.4 Incoming resources Income from investments and property is recognised when the Charity is legally enlilled lo il after any performan conditions have been met, the amounts can be measured ieliably. and il is probable that income will be received. 14-
LASLETT'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Aetounting policies IContinu•dl 2.5 ReSOIITces expended Expenditure 15 re¢ognised once there is a legal or constructive obligation to transfer economic benefrt to a third party. il Is probable that a transfer ol economic benefits will be required in settlement, and thè amount of the obligation can be rneasured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of dirÈ¢l 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 eost5 which contribute to more than orTre activity and support costs which are not attributable to a single activity are apportioned between Ih05e activities on a ba51S consistent with the use of resources. Central staff costs are allocated on the basi$ of lime spent, and depreciation charges are allocated on the portion of the asset's use. Resources expended are included in the Stalerngnl of Financial Activities on an aeeruals basis, inclusive of any VAT which cannot be reeoveied. Governance costs arè the costs a550ciated with the general running of th6 Chaiity. 2.6 Tangible fixed assats The trustees have adopted a policy of revaluation with règards the land and buildings and this is based on a valuation supplied by ARC Sutveyors Lirniled al 31 December 2023. This valuation was a full valuation and is reviewed periodicallv. The Statement ol Recomrnended Practice IFRS 1021 requires that a provision be made for depreeialion ol tangible fixed assets having a finite use of life. However, the Trustees are of the opinion that the rèsidual value al th@ end of the estimated useful life ol the property is not likely mal&iially lo differ from ils cost. or re-valued amovnl Irewewed annuallyl. Therefore, any element ol depreciation is considered to be immaterial and no provision is made. rnovemenls in valuation are taken to the SlaleTnenl ol Finanaal Activities as deleimined. The gain or loss arising on the disposal of an asset is determined as the difference betwe8n the sale proceeds and the carrying value of the asset, and is recognised in the 51aleTnenl ol financial activities. 2.7 Fixed asset investments Fixed asset investmen15 are initially measured al transaction priee èxeluding transaction costs. and are subsequently measured al lair value at each reporting date. Changes In fair value are recognised in net incomellexpenditurel for Ihe year. Transaction costs are expensed as Incurred. 2.8 Impairment of fjxed assets At each reporting end dale. the Charity reviews the carrying amounts of it5 18ngible assets to determine whether there is any indication that those assets have suffered an Impairment loss. If any such Indication èX15ts. the recoverable amount of the asset is estimated in order to delerrlline the extent of the Impairment 1055 lif any). 15
LASLETT'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting pollci•s IContinu•dl Recoverable amount is the higher of fair value less costs 10 Sell and value in use. In assessing value in use. the estimated lulurè Cash flows are discounted to their present value using a pr&tax discount rate that reflects current market a55es5merits of the timé value ol Tnoney and the risks specific to the asset for which the estimate5 of future cash flows have not been adjusted. If the recoverable amount of an asset Is eslimaled lo be less than its carrying amount, the carrying arnounl of the asset 15 reduced to 115 recoverable amount. An impairrnent loss is recognised immediately in incomel lexpenditurel for the year. uriless the relevant asset is carried at a revaluéd amount, in which case the impairment loss is Irealed as a revaluation decrease. Recognised irnpairrnent losses a reversed il. and only rf, the reasons for the impairment Ios5 have aSed to apply. Where an impairment loss subsequently reverses, the carrying amount ol 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 impairtnenl loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised itntllediately, unless the relevant asset is carried in at a rèvalued amount, in which case thè reversal of the iTnp8irrrent105s Is Irealed as a revaluation increase. 2.9 Cash #nd cash equivalents Cash and cash equivalents includè cash in hand, deposits held al call with banks, other short-term liquid invèstménts with original m8tuiities of three months or les5. 2.10 Financial instruments The Charity ha5 èlèctèd lo apply the provisions of Section 11 'Basic Financial Instruments. and Section 12 'Other Financial InslTuments Issues. of FRS 102 to all of 115 financial instruments. Financial inslrurnen15 are recogni5ed in the Charity's balance sheet when the Charity bècomès party lo the conlraclual provisions of the inslrumenl. Financial assets and liabilities are offset, wrth the net amounts presented in the financial slalemenls, when there is a legally enforceable right lo set off the recognised amounts and there is an intention lo sellle on a net basis or lo realise the asset and settle the liability simultaneously. Basie financial a55ets 8asic financial assets, which include debtors and cash and bank balances. are initially measured ai transaction prce including transaction costs and are subsequently carfied al amortised cost using the effective interest method unless thè arrangèment constitutes a financing transaction. where the transaction is measurèd al the pie5enl valu& of the future receipts discounted at a market rate of interest. Financial assets ¢Jassified as receivable within one year are not amortised. Basic financial liabilities B85ic financial liabilities. including creditors and bank loans are initially recognised at transaction priee unless the arrangement constitutes a financing transaction. where the debt instrument is tlleasured at the piesent value of the lulure payments discounted at a market rate of interest. Financial liabilities class*fied as payable within one year are not amortised. Debt instruments a subsequently carried at amortised cost, using the effective interest rale method. Trade cr6ditors are obligations to pay for goods or services that have been acquired in the ordinary coursè of operations Irotn supplieis. A Tnoun15 payable ale Gl355ified as current liabilities il payment is due within one year oi less. If not. they ale piesented as non-currenl liabilities. Trade creditors are recognised initially 81 Ir8nsaclion price and subsequently rneasured al amort15ed cost using the effective interest m&lhod. 16
LASLETT'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 A¢¢ounting policies Icontlnuedl DecognitiOn of financial liabilities Financial liabilities are deiecognised when the Charity's contractual obligations expire or are dis¢harged or cancelled. 2.11 Employee benefits The w5101 any unused holiday entitlemènt 15 recognised in thè period in which the employee's serViS are re¢eived. Termination benefits are recognisèd irnmedialely as an expénse whell the Charity is demonstrably committed to terminate the employment ol an ewployee or to provide termination benefits. 2.12 Retlr8m8nt b•nèfits Payments to defined contribution retirement benefit schemes are charged as an exp8n$e as they fall due. Charitablo actlvltl•$ Unre¥tricted funds general 2023 Unrestricted funds general 2022 Received from residents 134.531 130.465 Investments Unrestricted Unrestricted fund$ funds general general 2023 2022 Income from listed invèslmenls Interest receivable 4,178 1.395 4,080 139 5,573 4,219 Other income Unr•strictsd Unrestricted fund¥ fund¥ general general 2023 2022 Other income 991 957 17-
LASLETT'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Charltabl• actFvttI¢$ 2023 2022 Property expenditure Pension wsls Rates Insurance Pioperty expenditure Chaplain's salary 266 4,957 6,929 52,672 3,329 209 4,448 7,717 46.153 2,410 F il Warden Gardener Eleetricity Gas Telephone Call aid rental Sundry Cleaning 15,276 2,653 12,101 15.325 270 4,054 4.955 5.043 13.318 1,818 5,574 9,953 268 3,811 1.826 3.759 127,83Q 101,264 Share of support costs Isee not8 81 Share of governance costs Isee note 81 31,272 580 32,256 550 159,682 134.070 Analysis by fund Unrestricted funds- general Unrestricted funds- designated 126,626 31.056 159,882 For the year ended 31 Decemb•r 2022 Unrestricted funds- general Unrestricted funds dèsignated 117,182 16.888 134,070 Truste None of the Trustees lor any pèrsons ¢onne¢t¥d with them) Teceived any rernuneralion or expenses dvring the year. During thè yèar thè Charity Irx)k out insurance for the Trustees, and individual liability, employn*nt practice5 liability and professional and legal liability in each instance to a lirnit of £1 rnillion. 18-
LASLETT'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Support costs Support Govemanc• costs Costs 2023 2022 Basls of alloeatlon Agent's management fees Clerk's fees Charity offic8 exptsnses Subscriptions Accountancy Accountancy- agents To principal ¢harilable 19,932 aelivity 4,681 4.331 382 1,730 1,200 18,198 5,187 4.493 317 1.820 1.257 18,198 5,187 4,493 317 1.820 1.257 Independent examiners fees Governance 580 580 $50 31,272 580 31,852 32,806 Analysed belwee Chanlable aolivrtie5 31,272 580 31.852 32.806 Within Clerks fee5 as shown above are staff cosls 01 £5,18712022 - £4.6811. Govemance costs include payment to the independent examiners of £58012022- £5501 for exarllinalion feès. Employeès Nurnbor of employees The average monthly nkJmb61 of employees during the year was.. 2023 Number 2022 Numb•r Clerk and warden Employmant costs 2023 2022 Wages and salaries Other pension costs 20,409 266 18.168 209 There were no ernployees whose annual remunèra1tsn was £60.000 or more. 10 Taxation The ohafrty is exempl from lax on incorne and gains falling within section 505 of the Taxes Act 1988 OT section 252 of the Taxalionof Chargeable Gains Act 1992 to the exterTrl that these are applied to its charitable objects. 19-
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LASLETT'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 20 Relatad party tr4n$a¢tions Transactions with related parties During the year the Charity enleied into the following transaction5 Wlth related parties.. £5,18712022 - £4,835) of Clerks fees were recharged to Laslett's (Hinton) Chaiity. which has 11 trustees in common with the Charity. A balance of £nil12022- £nill was owed lo the Charity al the year end. 21 Analysls of changè¥ in net funds The Charity had no debt during the year. 22 Cash g•n8rat•d from operation¥ 2023 2022 Surplus for the year 21,565 49.360 Adjustments for.. Investment income recognised in profil or loss Fair value gains and losses on tangible fixed assets Fair value gains 8nd losses on investments 15.5731 110.0001 130,1521 14,2191 185,0001 37,211 Movements in working capital.. Ilncreaselldecrease in debtors Increase in creditors Increaselldecreasel in deferred income 11.0331 2.302 420 2,402 463 {1391 Cash (absorbed byllgenerated from operations 122,4711 78 24-