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 Meet￿n9 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 0￿UPatIon 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 e￿stIng 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 othe￿iSe 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 adI8￿nI 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 g￿ul￿e 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 be￿een £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 prima￿lY 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 w0￿ster 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, wOr￿ster 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
Wor￿st&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
ChaT￿lable 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, Wor￿ster, 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 f0￿See3b1e 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 dirȢl 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 pr￿ce 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
De￿cognitiOn 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 serVi￿S 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 remunèra1￿tsn 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-

I

c￿0)
) o)
O ￿>¢0
O ¢0 CD
¢D

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-