Charlty R¢gl$tratlon No. 233695 LASLETTS IALMSHOUSEI CHARITY ANNUAL REPORT AND FINANCIAL STATEMEPffi FOR THE YEAR ENDED 31 DECEMBER 2024 LASLETT'S (ALMSHOUSE) CHARITY LEGAL AND ADMINISTRATIVE INFORMATION TnJsté•s Mr C RAn5tsy Mr G W Ballard Mrs L C Baxter Mr T J Bridges MrDBDale Mr P W Hughes Mrs A T King Mrs G T Newman Mr J V Panter Mrs LA Preece Mrs N J Ro9ers Chairnian Mrs L C Baxter Finance & Inv•stm•nt Commlttee Mr C R Ansley Mr G W Ballard Mrs L C Baxtar MrDBDale Mr P W Hughes Mr J V Panler Mrs LA Preece Alm$hous• Commltt8& Mrs L C Baxter Mr P W Hughes Mrs A T King Mrs G T Newman Mr8 N J Rogers Each Committee rneeling Is attended by the Clerk andlor the Agent as appropriate lerk to the Trustees Mrs P Inman Kaleryn Heywood House Berkeley Court The Foregate Worcester WR13QG Agént to the Trustees MrA L Robinson MRICS ARC Surveyors Lirniled The Cedar Offi¢e 5 Thackholrne Worcester WR4 ORZ Charlty number 233695 LASLErr's (ALMSHOUSE) CHARITY LEGAL AND ADMINISTRATIVE INFORMATION Registered office Kateryn Heywood House Berkeley Court The Foregale Wor¢Ésl8r WR1 3QG Independent Examiner Sarah Mod&yACA Kendall Wadley LLP Chartered Accountants Merevale House 27 Sansomé Vvalk Worcester WR1 1NU Bankers HSBC PIC 6 Broad Street Worcester WR1 3PL Inv?$tmgntAdvlsors Quilter Cheviol Investment Management Senator House 85 Queen Victoria Street London EC4V 4AB By a Re501ulion passed at a duly constituted meeting of the TTU51ees of Laslett's Almshouses Charity on the 30lh day of October 1962 therè was conferred upon any three or more of the Trustee5 the power lo execute Deeds or in5trufflen15 in the names and on behalf of the Trustees in 8wordanc& with the provisions of Section 34 of the Charities Act 1960. LASLETT'S (ALMSHOUSE) CHARITY CONTENTS Pay• Trustees, report Stalernenl of Trustees, responsibilities Independent examinerfs report Statement of financial activities 10-11 Balanca sheet 12 Statement of cash fltsws 13 Notes to the accounts 14-24 LASLETT'S (ALMSHOUSE) CHARITY TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Tiustees present their report and accounts for the year ended 31 December 2024. The accounts have been prepared in accordance with the accounting policies set out in note 1 of the accounts and comply with the Charitls Trust Deed, the Charities Act 2011 and Accounting and Reporting by Charities.. Statement ol Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard appli¢able in the UK and Ropublic of Ireland IFRS 1021" las amended for accounling periods comm8noing from 1 January 20191. Reference and administrative details Reference and administrative details are provided on the pages preceding this report. Details of the Trustees serving during the year are given below in the structure, govemance and managernent section. ObSedves and aetivlti•s Objective The principal object of the Charity is to provide and maintain the almshouses in Union Street, Worcester for aged pool 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 awommodalion in good and substantial rèpair thus ensuring a full18vel of occupancy throughout the year and the￿bY obtain a 51eady level of income from the weekty maintenance charge levied on the residents. Public benefft The Trustees confirrn that they have had regard lo the Charity Commission's guidance on public benefit. The activities set out are consistent with achieving the object of the ChaTlty for ihe benefit of the public. Specifically the programme of refurbishment, the discounted rents and the provision of the good quality accomrnodalion are consistent with the Charity's aims and objects. Activities The main activities carried out by the Charity r8lale lo the management of the flats wlhin the aknshouse cotnplex together with the chapel, the comrnunily roorn and the gardens. In ensuring the residents have up-Io•d8le. clean and safe accommodation and environment. there is regular contact wlh them primarily via the Warden who attends the alrnshouses most weekdays bul also by the Agent and Trustees. LASLETT'S (ALMSHOUSE) CHARITY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Achievements and perfomiance Overall the rale of occupation of the 18 almshouses for the year has been 92.6%. In April one of Ihtr residents decided to move away from Worcester and her flat, again aftèr some repair and redecoral¢on was occupied in August by an individual on the wailing list. In May one of the residents of #n upstairs fial who was having increased mobility issues IransfeTred to a grtsund floor flat which had becorne vacant earlier and which requi¥ed substantial refLJrbishmenl following the death of the re$1denl in 2023. His flat in turn was then occupied in Jun¢ by an individual who had been on Ihe wail+ng list again following $ome minor repairs and redecoration. During the course of the yèar, in August. two of the residents who had been al Lasletts sadly died., one of whom had been a resident for nearly 24 years and one for neady 13 years.. Both of Ih05e flats were OCCUFied following repairs and redecoration In early 2025 by individuals on the wailing list. The fomier Chaplain's house 511u8léd within the almshouse complex which had previously been o¢¢upied by the Chaplain remains let by way of a shorthold letting agreement to a lenarrt who would otherwise have qualified for almshousa accommodation. The Warden keeps in close contact with the Agent and also a nominated Trusteè Ithe Chairman in 20241 who in turn reports to the Ctsmmitteel Board. Her report5 have highlighted that whi1518s 8 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 future point be no longar ba capable ot independent living and hence no longer able easily to reside at Lasletls. Social activities remain an important part ofthe almshouse communty and in this regard the Warden has continued to arrange regular fish and chip guppers and other social events in the community room. Following th cotnplètion in 2023 of the outdoor patio adjacènt to the community room entrance with the provision of sorne outdoor tables and chairs sufficient to sel most tsf the residents andlor visltors and at the suggestion of the residents. the Agent arranged for the installation of some Community planters for gèneral use. Coupled with the acqui511ion of parasols to provide shade during the summer months, the overall fa¢ilrty has been well used and has encouraged a stronger feeling of communily arnong the residenls. Once agaill the Iiuslees would like lo express their genuine thanks lor th8 diligence and hard work of the Waidan, often going beyond her strict duties in supporting the residents. The issue flagged up in la51 year'5 report namely working with the City Council to provide gull-proofing works lo the almshouse complex has proved to be SU￿essful. No serious problems were encountered in 2024. In terms of propérty repairs lo the almshouses, the sum of £46,693 has been expended split as between £25.630 for general repairs and £21,063 for refurbishment. The flats remain of a high standard intemally and externally and the residen15 are pleased overall with the facilities including the standard of decoration within each of their flats. The continued programmè of planned general maintenance remains in pla¢e. Intèinal Tedecoralion is carried out to flats as and when they become vacant. The programme lo complete the upgrade the central heating boilers in all of the flats in 2023 has proved boneficlal. The gardens situated al the front of the propèrty continue to be extremely ￿lo[IrfUl with a wide range and v8riety ol shrubs and flowers and are rnainlained to 8 high standard through the year. Some of the residents like to participate and assist thè gardener in his work under his 5upeNtsion which is encouraged. The admlnlstrauon of rental income has been smooth Ilurfng the last year although regrettabty with the sad deaths of ol the ie51d8nts August, the void periods have bèen higher than usual. There are no currenÈ rent arrears and liaison with the Counul as to the provision of housing benefits to those who qualify has beèn good. LASLETT'S (ALMSHOUSE) CHARITY TRUSTEES, REPORT (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 During the year the Almshouse Comrnittee spent lime in reviewing eligibility criteria for applicalK)ns and appointments lo take up vacancies as and when arising. Although overall there was little change to the policy adopted previously the following were confirmed as being key to an individual's appointment.. Be aged 60 or ovgr and rgtired Be capable of independent living Be a local ￿SIdent or have some strong connection wf(h Worcester Be in housing need ie have a genuine reason for wishing lo rnove from existing accornrnodaliLFn Be ol rnodesl financial means which could best be demonslraled by being in receipt ot housing benefit Be an individual willing lo engage and join with others in a small and supportive communlty atmosphere Financial review During 2024 the income for the Charity was £139.652 and the expenditu￿ was £153.816. being an immediate deficit of £14.164. With gains in the value of inve51ment5 of £17.664150AI and a revaluation of tangible fixed assets (being the alm$hou5esl of £20.CM)O, the overall value of the charity increased by £23,500 from £3,035.329 to £3.058.829. The majority of the income1£132.8661 was derived from the charges Iweekly maintenance charyel lemed on the residents for Iheir accommodation and was re¢eived iegularly and consislenlly. This was increased by £5 10 £120. The residenls each paid a further flat weekly rale towards the Cost of ulililies gas. electricity and water of £30 which was unchanged from the prewous year. The income derived from investments was £6,057 which represented an incrèasa of £484 {8°1ol over the previous year. The remaining income was sundry in nature. Inveslrllenl Advisors Quilter Chewot were appointed to manage the charity's investments in 2019. Following their appointment Quiller CheMot draftad a stalement of investment policy which was approved by the Trustees. Although il was reviewed in 2023 and again in 2024. no changes were made to it. The key features ofthis a￿.. a} Investment objective - Longer-lerm assets Ireserves and endowTnenl} will be invested with the aim of al least maintaining the value or purchasing power in real lerrns li.e. against inflalionl. bl Total return target- The Total return target for the investment portfolios has been set at inflation ICPII plus 3.5•A p.a. nel of fees. This implies a nominal target of 5.5¢h p.a. assumin9 thè Bank of EngL4nd's original 20/0 target for CPI inflation. cl Income requlremenl- Income target has been sel at a minimum of 3Yo per annum. dl Time horizon The time horizon for the investment portfolio is considered to be long term {i.e. more than five years). In terms of investment perfomance, 2024 continued to improve in line wf(h 2023. This rellected a general uplift in the stock market. The Trustees regularly consult with their investment advisers and pay due regard to any recommendations and investments made. LASLETT'S (ALMSHOUSE) CHARITY TRUSTEES. REPORT (CONTINUED> FOR THE YEAR ENDED 31 DECEMBER 2024 Resetrves polioy The balance sheet 5how5 that the overall value of the charity as at 31 sl Decernber 2024 as cOMpa￿d with the position as at 31st Decernber 2023 was as follows.. Description 2023 GainllLossl 2024 Ca Endowed Fund Fund £2,945,053 £37.664 £2,982.717 Income Designated IsinkinglRefurbi5hmenl) Fund £79,807 1£21,063} £58.744 General Fund £10,469 £6,899 £17,368 Total £3,035,329 £23,500 £3.058,829 During 2024 the sum of £46.693 was expended on repairs of which £21,063 was covered by a Iransler from the sinkinglrefurbishment fund which now stands al £58.744. Given the present overall good state of ￿p￿r and condition of the complex, the Trustees reviewed whether il ￿mained necessary to continue to maintain a reserve target of £100,000 as had been Ihelr previous policy. 11 was agreèd that subject lo rÈMew each year the current balancè was acceptable. The Trustees havé aimed to relain a level of unrastricied reserves equivalent to the running costs of the Charity for al least six months and if possible for one year. The unrestricted reseNes linduding that designated for refurbishmenll now amount to £76,112 which iepresenls close to 6 months ol last yearfs expenditur& of £153,81 S. The Trustees are aware of the ￿qUirementS to distribute any surplus incorne under the terms of the Trust but believe this should be balanced with the need to have adèquate reserves lo maintain almshouses provision whi¢h 1$ ils primary objective. The Trustees also lake the view that given the nature of the housing accomrnodalion and the level of charges which can be levied (which is linked lo the provision of housing benèfit) it is not proper lo create a Surplus over and above what is needed to maintain the almshouses in good order wllh assocAated support and administrative costs. Investmentpowers The Trustees will invest the funds in accordance wfÉh the Trustee Act 2000. Within the Act the Truslèas'.- shall exercise such power with the care th818 prudent person of bu$ines$ would in making inv851rnenls for person for whom they felt morally obliged to provide., shall not make any speculative or hazardou5 investmènt land for avoidance of doubt this power to invest do&s not extend to laying out money on the acquisilN)n of futures and or trading options).. shall have regard to the need for divèrsification of investments in the arcumslancgs of the Charty and to the suitability of the proposed inveslmènls", do not impose any ethical or geographic81 restrictions. Trustees additionalty have 8 duty lo review their investments at regular intervals. The Truslees reviewed their poliey during 2019 - see above under Financial Review. The Trustees may change any part of the policy al any time having taken the necessary professional advice. The Inveslm¢nt Manager must be an aulhorised person who is entitled to carry out investment business under the provisions of the Financial Services Act 1986. The Trustees havo del&gated the powers of investment management lo Quilter Cheviot. LASLETT'S (ALMSHOUSE) CHARITY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Performan¢e The Charity's financial investments are held Primarily with Quilter Chewol in their bespoke Global Income & Growth Fund for Charities and, to a much smaller extent with the CCLA. The overall value of investments increased during the ygar by £17,684 from £328,737 lo £346,401 being an increase of 50/0. Thè income lincluding intèièst) derived Irom invastmènts incrèased during 2024 as cornpared wlh the previous year from £5,573 10 £6.057. Cash Deposlts Cash deposits are placed with approved banks with stjitable credit ratings. Cash deposits may be abo retained by the investment advisors as part of the investment wrtfolio. Risk management The Trustees have considered the major risks to which they consider the Charity has been exposed and con¢luded that these lie in the inherent risks of maintaining the fabric of an historic property in a city cerrtre location and the welfare of the eklarly r9sidenls. Additionally although the value Of investments represents circa 12Qh of the overall value of the charity the truslees are coD5cious of the potential volatility in the Stock Market generally but view thèir investments as being of a long- term nature which should iron out sudden changes in their value. Notwilh5tanding that, they will take whatever steps they think necessary after taking professional advice to miligale and reduce any iisks. Risk identification and management are specifically discussed and minuted al all Board meetings. An important slep was taken during the year to draw up a fresh risk register based on recognised sland8rd formats identifying risk of a 9oveinance, operational, financial. environmental or repulalional nature. Such risk5 were appropriately Scored by Board members_ None were identified as be(ng in thè red category but rather all fell wilhn the moderate or low risk c8tegory. The Board will now review this document on a regular basis each yoar. The Trustees confirm that no serious incident has taken place whleh they should have reported to the Charfly Commission but have not. Plans for the future The Trustees have no malor p18ns to aller the level of #lmshouse provision. 11 is the intention to continue lo utilise the alrnshouses as directed by the Trust Deeds upon which the Charity was fomed. 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. By operats'ng in this way. the finance5 remair) sound and the èlamènt of publi¢ benefit is fulfilled. During thè coursè of 2023 thè Ttusteès havin9 previously made ihe decision to convert the charity from its current legal slalus of being unincorporated lo that of a Charitable Incorporated Organisation ICIO} and selected and engaged a firtn of well-eslablished solicitors lo carry out the ne¢ossary legal work for this to be achieved. During 2024 the Clerk has coordinated the necessary procedures and prowded the detailed instructions with a view to the submission of an application to the Charity Commission in the eady part of 2025.. 11 is hoped this work will be cornpleled during ihe course of the coming year. strueturé, gov•man¢• and managèmént The Charty w35 established by Williarn Laslett {1799-1884}, a Worcester member of parliarnenl, mayor, cNic dignitary and philanthropist. 11 operates under th& terms of Trust Deeds dated 19 September 1868 and 9 April 1875. 115 regisle¥ed Charity number is 233695. The Charity owns and manages almshouses built in 1912 in Union Street, Worcester together with ong more modern end terraced house situated opposite the almshouse5. LASLETT'S (ALMSHOUSE) CHARITY TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees who served during the year and up lo the dale of signature of the ffinancial 5ts1emgnts wara.. Mr C R Ansley Mr G W Ballard (Appointod 1stApril 20251 Mrs L C Baxier Mr T J Bridges MrDBDale Mr P W Hughe$ Mrs A T King Mrs G T Newman Mr J V Panler Mrs LA Preece Mrs N J Rogers Mrs K M Vincent IR8lirgd 31st December 20241 The Trustees of this Charity also serve as Trustees of Lasletys {Hinlonl Charity and have been appoiriled by a long series of Deeds of Appointment Sin￿ 1868. Thère is no provision as lo the length ol service or requirement for re- appointment after a specified period of lirne. All Trusteès give their time freely and rrf) iernuneration was paid to any of them during the year. Trustees are required to disclose all relevant interests and lo register them with the Clerk. The Trustee5 arè also required to give details of any interest that may relate to an agenda item in which èvent if there is a conflict or F￿r￿1Ved conflict of interest, they will withdraw Iiom thè meeting. Appointmenl of Trustees The Trustees have a wide range of professional and commer¢i81 experiènce including agriculture. chaTitable bodies. church architecture, estate management, social work, care for the èlderly, and accountancy. The Charity s&Éks to appoint Trustees who have skills and expertise which are relevant to the areas in which the Charity operates. Al the lime of appointment, new TrLtstees are provided with an induction pack within which arè notes setting out the history 8nd background of thè charity including its original objectives, current policies and Copiès of Board and Committee minute5 for the preceding tsvelve months or longer period if necessary. Prior lo fomal appointment, potential new Trustee5 who have been InteNiewed and accepted the role in principle are provided with the opportunity lo have sorne one-lo-one discussion with the Clerk and Agènt and with the Ghaimi8n. In addition they a￿ inwled in an observer and confidential capacity to the Board meeting prior to the dale of their intended appointment to gain first-hand experience of the Board and its workings. LASLETT'S {ALMSHOUSE) CHARITY TRUSTEES, REPORT ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Orgartlsatlonal Structure The Board of Trustees meets on a regular quarterly basis. Usually the venue for those meellngs is thè community room in LasleW5 Almshouses, Union Streel. Worcester but for the July quart8ily meeting. il meets 8t Elmlèy Castle Village Hall c105e lo the Hinton Estate properties belonging lo the related Laslett's Hinton Charity. With the input of the Agent, Clerk and Investment Advisor by way of written reports andlor attendan¢e at the meetings, they iniliale. review and adopt policies which further thè objècts of the Charity as sel out in the Trust Deed and ensure compliance wrth current legislation and recommended good practice. Th6 Board of Trustees are also re5pon5ible for setting the remuneration levels of staff comprising the Warden and the Clerk employed by the Charity. To enable Ihe more expeditious conduct of buslness the Trustees have created two Committees which may examine relevant issues in more detail and whi¢h may make recommendations lo the Trustee Board to make a formal deeision. The Finance and Investment Committee meets with the Charity's Investment Manager5, Qulller Cheviol periodically lo review the Charills stock exchange investments and lo ¢onsider their recommendations. The Committee also considers and approves the six monlhly and yearond rnanagernenl 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 prelirninary and detailed consideration to any new policy or initiative required for the overall management of the almshouses prior lo discussion and decision al the main Trustee Board. The Agent lo thè Charity is Mr Adrian Robinson of ARC Survèyors Limited. The Cedar Office, 5 Thackholme, Worcester, WR4 ORZ. The duties and responsibilities of the Agent include the following.. The general day-to-day rnanagernent of thè Almshouses., Reporting lo each quarterly meeling of the Trustees., All aspects of financial adrninislralion including the Charity's needs and cash flow position and the preparation of half yearly management accounts. The Clerk lo the Charity is Mr Stephen Inman whose dut1es and responsibilities include the following.. Preparation of agendas for quartedy Trustee Board meeting5, Committee meetings and drafting of minutes and reports.. Provision ol guidance on legal and 9overnan¢o issuès at meetings and genei811y', aison with the Agent. Accountants. Snveslmenl Manager and Trustees as lo administrative mallers. Oversight of the process of appointment of new Tesidenls lo fill vacant flats Relafvd charltlos The Charity has a close relationship with the Laslett's IHintonl Charity given its Agent, Clerk. and Investment Man8ger. as well as ils Trustees are common lo both. This arises historically from both Charitles have a common benefactor and founding philosophy. The main object of Laslett's (Hinlonl Charity is to manage its land and agricultural holdings together with associated Tesidential properties situated at Hinton on the Green near Evesham. VVorc¢slershire and to create a return of Income which can be applied for ¢haritabl& purposes including when necessary the support of La51etVs (Almshouse) Charity- The Trustees, report was approved by the Board ol Trustees. Mr8 L C Baxter Chaimian Dated= 18 August 2025 LASLETT'S (ALMSHOUSE) CHARITY STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with appli¢abl& law and United Kingdom Accounting Standards (Unrted Kingdom Generally Accepted Accounting Praclicel. The law applicable lo charllles In England and Wales requires tha Trustees to prepaTe financial statements for each financial year which give a true and fair view of the stale of affairs of the Charity and of the incoming resources and application of resources of the Gharily 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 piudent.. state whelhei applicable accounting standards have been followed, subject lo any material departures disdosed and explained in the financi81 ststements., and prepare the financial slalements on the going concern basis unless it is inappropriate lo prèsume that the charity will continue in operation. The Trustees are responsible for keeping suffiuent accounting records that disclose with reasonable accuracy al any lime the financial position of the Charity and enable them to ensure that the financial stalemerrts comply with the Charities Act 2011. the Charity (Accounts and Reports) Regulations 2008 and thè provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence for laklng reasonable steps for the prevention and detection of fraud and other irregularities. LASLETT'S (ALMSHOUSE) CHARITY INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LASLETh'S (ALMSHOUSE) CHARITY I report to the Trustees on my examination of the financial statements of Laslett's IAlmshousel Charity (the Charity) for th6 yèar endèd 31 Dè¢8mbèr 2024. Rg$ponsibilities and basis of report As th8 Trustees of the Chaiity you are résponsible for the preparation of the financial statements in accordarKe with the requirements of the Charities Act 2011. I report in respect of my examinalion of the Charity's financial stslemenls carried out under section 145 of the Charities Act 2011. In carying out my examination I have followed the Direction5 given by the Charty Commission under section 14515){bl of the Charities Act 2011. Indèpendent èxaminer's statement Your attention is drawn to the fact that the charity has prepared the financial slalemenls in accordan￿ with the relevant version of the Statement of Recommended Practice applicable lo charities preparing their financial ststèmÈnts in accordance with the Finaneial Reporting Standard applicable in Ihe UK and Republic of Ireland IFRS 1021 in preference lo the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is referred lo in the extant iegulations but has now been withdrawn. l undersiand that thi5 has been done in order for the financial stalernenls lo provide a true and fair view in accordance wilh UK Generally Accepted Accounting Practi￿. I have Completed my èxatnination. I confirm that no matters have corne lo my attention in ￿nneCtIon with the examinalitsn giving me Cause lo belleve that in any material respect.. accounting records were not kept in respect of the Charity as required by seclbon 130 of the Charities Act 2011. the financial slalements do not accord with those records.. or the financial $18lemenls do not cornply with the applicable requirements concerning the form and content of financial slalemenls set out in the Charities IA¢counls and Reports) Regulations 2008 other than any requirement that the financial slalemenls give a true and fair view, which is not a matter conSide￿d as part of an independent examination. I have no con¢ems and have come across no other matters in rAJnnection with the examination lo which attention should be drawn in this ieport in older lo enablè a proper understanding of the financial slaternenls lo be reached. Sarah Morlèy ACA for and on behalf of Kendall Wadley LLP Merevale House 27 Sansome Walk Worcester WR1 1NU Dated.. 18 August 2025 LASLETT'S (ALMSHOUSE) CHARITY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Current financial year Unrestri¢tsd Unmstrlcted Endowment funds funds funds general designated 2024 2024 Total Total 2024 2024 2023 Note5 Charitable actiwl1e5 Investments Othèr income 132,666 6,057 929 132,66e 6,057 929 134,531 5,573 991 Total income 139,652 139,652 141,095 Charitable activities 132,753 21,0fj3 153,816 159,682 Net incoming Tesources before investment movements 6.899 {21,0631 114,164) 118,5871 Net gainslllosses} on investments 11 17.664 17,664 30,152 Not Incomlng resources 6.899 121,063) 17,664 3.500 11,565 Other re¢ognised g•ln$ and losses Revaluation of tsngible fixed assets 20.000 20.000 10.QOO Ngt movement in funds 6.899 121.063) 37,664 23.500 21.565 Fund balances at 1 January 2024 10,469 79,807 2,945.053 3,035.329 3,013,764 Fund balan¢e$ at 31 D#cèmber 2024 17,368 58.744 2,982.717 3,058.829 3.035,329 The statement of financi81 a¢tivilies includes all gains and losses recognisèd in the year. All incorne and $xpendilur derive from continuing aclivilie$. 10- LASLETT'S (ALMSHOUSE) CHARITY STATEMENT OF FINANCIALACTIVITIES (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Prior financial year Unrestri¢tsd Unr•strictsd Endowmènt funds funds funds general designated 2023 2023 Total 2023 2023 Notes Income and endowmen Charitable actiwlies Investments Other income 134.531 5,573 991 134,531 5,573 991 Total income 141,095 141,095 Charitable activities 128,626 31,056 159,682 Net incoming resouiees before inve51menl rnovemenls 12,469 {31,0561 118,587} Nel gainslllosses) on investments 11 30,152 30.152 Nèt Ineomlng rèsourcès bèfore transfers Gross transfers between funds 12,469 {12,0001 (31,0561 12,000 30.152 11,565 Net incoming re50urce$ 469 (19,0￿) 30.152 11,585 other recognised gains and losses Revaluatltsn ol tsngible fixed assets 10.000 10.OOQI Net movement in funds 469 119,0561 40,152 21,565 Fund balances at 1 January 2023 10,000 98.863 2,904,901 3,013,764 Fund balances at 31 December 2023 10.469 79,807 2.945,053 3,035.329 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive Irom continuing activities. 11 LASLETT'S (ALMSHOUSE) CHARITY BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Notss Fixed assets Tangible assèts Invesiments 12 13 2.620,000 346,401 2,600,000 328,737 2.966,401 2,928,737 Current assets Debtors Cash al bank and in hand 14 7,282 102.830 8,352 112.745 110.112 121,097 reditors: amounts falllng du& wlthln one year 15 117,6841 (14,5051 Net current assets 92,428 106,592 Total net a$¥ets 3,058,829 3,035,329 Capital fund$ Endowment funds General endowment funds 2,982.717 2.945.053 18 2,982,717 2,945,053 Income funds Designated lunds Gènèial unrestricled funds 19 58.744 17.3e8 79.807 10.469 76.112 90,276 3,058.829 3,035,329 Tha finanaal statements were approved by the Trustèes on 18 August 2025 Mr P W Hughes Trustse 12- LASLETT'S (ALMSHOUSE) CHARITY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notes Cash flows from operatlng actlvltle8 Cash absorbed by operab'ons 115.9731 122.471} Investing activiti•s Inlerest received 6.058 5.573 Net cash goneratsd from Investing activitie5 6,058 5,573 Net cash used In financlng activltles Net de¢rea$e In ¢a$h and ¢a$h equivalents {9,915} {16.8981 Cash and cash equNalenls al beginning of year 112,745 129,643 Cash and cash •qulval8nts at end of y•ar 102,830 112,745 13- LASLETT'S (ALMSHOUSE) CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policle8 Charity infomiation Laslell's Alm5hou5e5 is a charity r￿iStered in England and Wales (number 233695). Its registered address is Kaleryn Heywood House, Berkeley Court, The Foregate. WOr￿Ster, WR13QG. 1.1 Accounting convention The accounts have been prepared in accordance with the Charity5 trust deed, the Charities Act 2011 and "Accounting and Reporting by Gharities.. Statèment of Recommended Practice applicable lo charities prèparing their accounts in accordance with the Financial Reporting Sland8rd applicable in the UK and Republic of Ireland IFRS 1021" las amended for 8¢¢ounting periods commencing from 1 January 20191. The Charlly is a Public Benefit Entity as defined by FRS 102. The financial statements are p￿pared in sterling, which is Ihe functional currenry of the Charity. Monetary amounts in these financial statements ar& rounded to the nearest £. The financial Statements have been prepared under Ihfy historical cost convention, modified to include the revaluation of freehold properties and certain financial instrumenis al fair value. The principal accounting poliues adopted are set out below. 1.2 Going concern Al the lime tsf approving Ihe financial slalemenls, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational exi51en¢e for the foreseeable future and that Iheie are no material uncertainties about its ability to continue. Thus the Truslges continue lo adopt the going concern basis ol accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the dis¢retion of the Trustees in furtherance of their charitable objèctivès unless the funds have been designated for other purposes and are m8inlained at a level sufficient to enable the Charity to operate efficiently and without rlsk. Endowèd funds represent those asse15 which musl be held permanently by the Charity. prinapally propety and investments. 1.4 Incom• Incorne from investmen15 and property is racognised when the ChaTity is legally entitled lo il after any performance conditions have been mel. the amounts can be measured rellably, and it is probable that income will be received. 14- LASLETT'S (ALMSHOUSE) CHARITY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (Continued) 1.5 Rèsourc•s •xpèndèd Expendilure is recognised once there is a legal or constructivè obligation to transfer econornic benefit to a third party, it is probable that a transfer of economic benefits will bo roquired 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 lotsl of diwt costs and shared ¢osls, including support costs involved in undertaking each activity. Direct costs attributa￿e to a singlè actiwly are allocated directly lo that activity- Shared costs which contribute lo more than one a¢tivily and support costs which are not atlribulable lo a single activity are apportioned be￿een those activities on a ba51S consistent with the use of resources. Central $13ff costs are allocated on the basis of time Spent, arid depreciation charges are allocated on the portion of the asset's use. Resources expended are included in the Stslement of Financial ActNlties on an accruals basis, inclusive of any VAT which cannot be recovered. Governance costs are the costs associated wth the general runnin9 of the Charity. 1.6 Tanglble fixed assets The Iruslees have adopted a policy of revaluallon wllh ￿gard$ the land and buildings and this is based on a valuation supplied by ARC Surveyors Limited at 31 Decembèr 2024. This valuation was a full valuat￿n and is reviewed periodicalty. The Statement of Récommended Practice (FRS 1021 require5 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 al the end of the eslitnaled LJs8lul1rf6 ol the property is not likely materially lo differ from its cost, or re-valued amount (reviewed annually}. Therefore. any element of depreciation is considered lo be immaterial and no provision is made, movements in v8lualion aro taken lo the Stalement of Financial Aclivilie5 as determined. The gain or10ss 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 ol financial activities. 1.7 Fixed asset investments Fixed asset investments are inf(ially measured al transaction price excluding transaction costs, and are subsequently measured al lair value at each reporting dale. Changes in fair value are re¢ognis8d in net incomellexpendilurel for the year. Transact*on costs are expensed as incurred. 1.8 ImpaÉrment of fixed assèts At each reporting end dale, the ChaTlty ￿vIewS the carrying amounts of its tangible assets to determine whether there is any indication that those a55ets have suffered an impairtnènt loss. If any such indication èxists, the r8coverable amount of the asset is estirnated in Order to delemine the extent of the impaimient loss lif any}. 1.9 Cash and eash •qulvalents Cash and cash equivalents include cash in hand. depo5ts held at call with banks, other shorHeTrn liquid investments with original maturities of three month5 or les8. 15- LASLETT'S (ALMSHOUSE) CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting poli¢l¢s {Continuedl 1.10 Flnancial instruments The Charity has èlected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instrumènts Issues. of FRS 102 to all of its finanaal instruments. Financial instruments are recognised in the Charity's balancè sheet when the Charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities arè offset, with the net amounts presènted in the ffinancial stslements, when there Is a legally enforceable right lo set off the recognised arnoun15 and there is an intention lo settle on a net basis 01 lo ièalise the asset and settle the liability simultaneously. Basic financial asset$ 8a5ic finanaal assets, which indude debtors and cBsh and bank balances. are initially measured at transaction price including transaction costs and are subsequently carried al amortised cost using the effective interest rnelhi>d unles5 the arrangement constitutes a financing transaction. where the transaction is measured al the present value of the future receipts discounted at a market rate of interest. Financial assets ¢lassified as receivable within onè year are nol amortised. Baslc flnancial lialjilities Basic financial liabilities, induding creditors and bank loans are inllially recognised al transaction price unless the arrangement con51ilule5 8 financing transaclion, where the débt instrument is rne3sured at the present value of the future payrnen15 discounted at a market rate of interest. Financial liabilities classifiod as payable within one year are not amortlsed. Debt instruments are subsequently carried 818mortised cost, using the effectlve inleresl 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 il paymènt is due within one year or Sess. If not, they arè prèsented as nonr lo provide termination benefits. 1.12 Retirement benefits Payments to defined contribution retirement benefrt schemes are charged as an expense as they fall due. 16- LASLETT'S (ALMSHOUSE) CHARITY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECElklBER 2024 Critical accounting estimates and judgements In the applicatk)n of the Charity's accoLtnting policAe3, the Trustees are required to make judgements. estimates and assumptions about the carrying arnount of assels and liabilities that are not readily apparent fiom other source5. The estimates and associated assumptions are based on hi5toiical experience and other factors that are ¢onsIde￿￿ to be relevant. Actual resutts may differ from these eslimales. The e51imale5 and underlying a35umplions are rèviewed on an ongoing basi5. Revision5 to accounting eslimales are recognised in the period in which the estimate is revised wheie the revision affects only that period, or in the period of Ihe revision and future periods where the ievision affects both current and future periods. Charitablè activiti•$ Unr•stricted funds general 2024 Unrestri¢ted funds general 2023 Received from residents 132,666 134.531 Income from investments Unrestrlct8d Unrostrlctsd funds funds 2024 2023 Income from listed investments Interest receivable 4,357 1,700 4.178 1,395 6,057 5.573 Other income Unrèstrietsd Unrestricted funds funds 2024 2023 other incorne 929 991 17- LASLETT'S (ALMSHOUSE) CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Charitsble activities 2024 2023 Property expend5ture Pension costs Rale5 Insurance Property expenditure Chaplain's salary Warden Gardener ElectrirAIy Gas Telèphone Call aid rental Sundry Cleaning 316 5,883 8,200 46,693 3,240 16.925 1,997 11,939 10,507 139 5.039 3.299 4.867 266 4,957 6,929 52,672 3.329 15,276 2,653 12,101 15,325 270 4,054 4,955 5,043 119.044 127,830 Share of support costs (see note 81 Share of govern8nce costs (see note 8) 34,172 600 31,272 580 153,816 159,882 Analysi8 by fund Unrestricted funds- general Unrestricted fund5- designated 132,753 21,063 153,816 For the year ended 31 Dergmbgr 2023 Unreslri¢led funds- general Unrestricled funds- designated 128,628 31,056 159,682 Trustee None of the Trustees lor any persons connecied with them) received any remuneration or expenses during the year. During the year the Charily look out insurance for the Trustees. and individual liability. amployrnent practices liability and professional and legal liability in each instance to a limil of £1 rn1￿10n. 18- LASLETT'S (ALMSHOUSE) CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Support ¢o$ts Support Governance costs costs 2024 2023 Ba$l$ of alloeatlon Agent's management fees Clèrk's f86S Charily office expenses Subscrtplions A¢¢ounlancy Accountancy- agents Legal fees To principal charitable 18,198 actiwly 5,187 4,493 317 1,820 1,257 18,220 5,538 5,355 515 1,740 1,464 1,340 18.220 5,538 5,355 515 1,740 1,464 1,340 ndependent examiners fees GO￿rnance 600 580 34,172 600 34,772 31,852 Analysed between Charitable actsvilies 34,172 600 34,772 31.852 Within Clerks fees as shown above are staff costs of £5.53812023- £5,187). Governance costs include payment lo tha indapandènl axaminers of £60012023- £5801 for examination fees. Employees Number of employees The average monthly number of ernployee5 during the year was.. 2024 Number 2023 Number Clerk and warden Employment costs 2024 2023 Wages and salaries Other pension costs 22,463 316 20,409 266 22,779 20,675 There were no empboyees whose annual remuneration was £60,000 or moi&. 10 Taxatlon The tharty is exempl frorn taxation on its a¢tiwlies be¢ause 811 its income is applied for charitable purposes. 19- LASLETT'S (ALMSHOUSE) CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 11 N¢t Ilossesllgalns on Investments Endowmènt Endowmant funds funds 2024 2023 Revaluation of investments 17,664 30,152 12 Tangible fixed assets Freehold land and bulldlngs Co$t or valuatlon At 1 January 2024 Revaluation 2.600,000 20,000 At 31 December 2024 2.620,000 arrying #mount Al 31 Oecember 2024 2,620,000 At 31 December 2023 2,60J.OOQ Land and buildings with a carrying amount of £2.620.000 were revalued at 31 December 2024 by ARC Surveyors Limited. independent valuers, on the basis of market value. The valuation conforms tg International Valuation Standards and was based on recent market Ir8ll5actions on arm's length terms for 5imil8r properties. Tho property consists of 16 flats, a Chaplain's House, Board Room and Chapel, all situated at Laslett's Almshouses. Union Street, Worcester and 10 Union Street. Worcester. 13 Fixed asset investments Llsted InvgStm•nts Cost or valuation At 1 January 2024 Valuation d)anges 328.737 17.664 At 31 December 2024 346,401 Carying amount At 31 December 2024 346,401 Al 31 Decèmber 2023 328,737 -20- LASLETT'S (ALMSHOUSE) CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 14 Debtors: amounts falling due within ontr year 2024 2023 Other debtors Prepayments and a￿rUed incoma 3.810 3,472 4,195 4,157 7,282 8,352 15 Creditors.. amounts falling due within one year 2024 2023 Note$ Other laxalion and Social 5ecurtly Deferred income Other creditors Accnjals 372 3,980 3.578 9,754 17 2,892 5,010 6.603 17.684 14,505 16 Retirement benefit $¢hemes 2024 2023 Defined contribution schemes Charge to profil or loss in raspect of defined contribution schemes 316 266 The Ch8ri1y operates a definèd contribution pension scherne for all qualifying èmployees. The assets ol the scheme are held separately from thosè of the Charity in an independently administered fund. 17 Doferred income 2024 2023 Arising from Rents ￿ceIv￿ in advance 3,980 2.892 All rents In advance are in respect of the following accounting period and are ftjlly rdeased. 21 LASLETT'S (ALMSHOUSE) CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 19 Designated funds Tha income funds of thè charity include the following designated funds which have been sel aside out of unr*slri¢ted funds by the trustees for essential future repairs to properties. Balancg at Expgndltur 1 January 2023 Trdnsfer& Balanc8 at Expond6tur8 1 January 2024 Balance at 31 December 2024 SinkinglRefurbishment fund 98.863 131.0561 12,000 79,807 121,063) 58.744 98.863 131.0561 12,000 79,807 121,063) 58,744 The purpose ol the SinkinglRefurbishment fund is to finan￿ essential expenditure on property owned by the ChaTIty. 20 Analysls af nèt as$èts botr•èÈn funds Unrestricted Designatsd Endowment funds funds funds 2024 2024 2024 Total 2024 At 31 December 2024: Tangible assets Investments Current assetsl{liabilitièsl 2,620,000 346.407 16.318 2,620.000 346.401 92,428 17,368 58,744 17.368 58.744 2,982.717 3,058,829 Unrestricted Designatsd Endowment funds funds funds 2023 2023 2023 Total 2023 At 31 Doc8mb•r 2023: Tangible assets Inveslrnenls Current assetsllliabilitiesl 2,600,000 328.737 16.316 2,600,000 328,737 106.592 10,469 79.807 10,469 79.807 2,945.053 3,035,329 Included in endowment funds are unrealised gains on investments for the year of £17,664 12023.. £30,152) and unreallsed gabns on langlble flxed assets for the year of £20,00012023.' £10,000). LASLETT'S (ALMSHOUSE) CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 21 R•latsd party transactions Transactlons wlth related parties During the year the Charity entered into the following Iran5aclions Wlth ralated partie5'. £5.538 {2023'. £5,1871 of Clerks fees were recharged lo Laslett's {Hinlon} Charity. which has 11 trustees in mmon with the Charity. A balance of £nil12023'. £niV was owèd to the Charity al the year end. -24-