Charity Registratlon No. 233695 LASLETTS IALMSHOUSEI CHARITY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 202S
LASLErr's (ALMSHOUSE) CHARITY LEGAL AND ADMINISTRATIVE INFORMATION Trustses Mr C RAnstey 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 MrRBPugh Mis N J Rogèrs Chalmian Mrs L C Baxter Finance & Investment Committee Mr C RAnsley Mr G W Ballard Mrs L C Baxter MrDBDale Mr P W Hughes r J V Panter Mrs LA Preece Almshouse Committee rs L C Baxt8r Mr P W Hughes Mrs A T King Mrs G T Newtnan Mrs N J Rogers Each Committee meeting is atte[ed by the Clerk andlor the Agent as appropriata Clèrk to the Trustees Mr S P Inman Kaleryn Heywood House Berf(eley Court The Foregate Worcester R13QG Agent to the Trustees MrA L Robinson MRICS ARC Surveyors Limited The Cedaroffice 5 Thackholme Worcester WR4 ORZ Charlty number 233695
LASLETT'S (ALMSHOUSE) CHARITY LEGAL AND ADMINISTRATIVE INFORMATION Reglstered office Kateryn Heywood House BeTkel8y Court The Foregate Worcester WR1 3QG Independent Examlner Sarah MorleyACA Kendall W8dley LLP Chartered Accountants Merevale House 27 Sansome Walk Worcester WR1 1NU Bankers HSBC PIC 6 Broad Slrgel Worce51er 13PL InvgStmentAdvi5ors Quilter Ch8viot Investment Management Senator House 85 Queen Victoria Streel London EC4V 4AB By a Resolution passed al a duly consliluled meeting of the Trustees of LasletV5 Almshouses Charity on thè 30th day of October 1962 there was conferred upon any three or rn0 of the Trustee5 thè power to execute Deeds or instruments in the name$ and on behalf of the Trustees in a¢¢ordance wth the provisions of Section 34 of the Charities Act 1960.
LASLETT'S (ALMSHOUSE} CHARITY CONTENTS Page Trustees. report Statement of Trustees, responsibilities Independent examinerfs report Statement of financial acliwlies 10- 11 Balance sheet 12 Notes to the accounts 13-23
LASLETT'S (ALMSHOUSE) CHARITY TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The Tiustees present their report and account5 forthe year ended 31 December 2025. The accounts have been prepared in accordan wth the a¢ntIng policies sel out in note 1 of the accounts and comply with the Charity's Trust Deed. the Charities Act 2011 and Accounting and Reporting by Charilie5." Statement ol RecornmÈnded Practice applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of1181and IFRS 1021. las amanded for accounting periods Commencing from 1 January 2019}. Reference and administrative detsil$ Reference and administrative delai15 are provided on the pages preceding this report. Detai15 of tho Trustees serving during the year are given below in the structure, govemanee and management section. Objo¢tlv8s and activities Objective The principal object rjf the Charity is to PTovidè and maintain the almshouse5 in Union Street. Worceslei for aged poor people in the City of Worcester. The Trustees. aim is lo administer the almshouses in the most effi¢lenl and effective way by maintaining the buildings and the accommodation In good and sub51anlial repair thus ensuring a full level of occupancy throughout the year and thereby obtaining a $183dy level of income from the weekly maintenance charge lewed on the residents. Publlc benefit The Trustees confirm that they have had regard to the Charity Commission's guidance on public benefiL The 8¢1ivities set out are consistent with achieving the objèct of the Charity for the benefit of the public. Speafically the programm& ol refufbishmenl, th@ discounted rents and the provision of the good quality a¢¢ommodation are con51slent with the Charity's aims and objects. Activities The main activities carfed out by the Charity relate to the rnanagemènt of the flats within the almshouse complex togelher with the chaplain's house. the chapel, the communrty room and the gardens. In ensuring the residents have uTrto4ate, dean and safe accommodation and ènvironrnent, there is regular contact with Iham primarily via the Wardèn who attends the almshouses most weekdays but also by the Agent and Trustees.
LASLETT'S (ALMSHOUSE) CHARITY TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Aehlevem9nts and pèrfomiance Ovèrall th& rato of occupation of the 18 almshouses for the year has been 92%. The Chaplain's House which had prgviously been let on a 5horthold tenancy was converted lo almshouse slalus ha5 been occupied Ihioughoul. In March after some repairs and redecoration, two nèw residents look up occupation of flats that had been empty from the previous year following the sad death of the occupants. lft Novembèr one of the residents of an upstairs fl81 who w85 hawng some increased mobility issues transferred to a ground ffloor flat. His flat in turn was then subject lo exlensfve refurbishment and redecoration pending a new occupier being appointed lo take up residence in early 2026. The Warden keeps in c105e contscl with the Agent and also a nominated Trustee (t Chairman in 20251 who in tum reports to the Commilleel Board. Her reports have highlighted that whi1518s a generality the residents are in good health and have relatively good mobllty. inevitability with increasing age, there is the prosrEcl that some may at some fulure point be no longer be capable ol indepèndent living and hence no longer able easily to residè at Laslètts. Social 8clivilies rna1n an important part of the almshouse cotnrnunily and in this regard the Warden has wn¢J"nued lo arrange regular fish and chip suppers and other socjal events in the community room. Following the completion in 2023 of the outdoor palio adjacent lo the community room entrance with the provision of some outdoor tables and chairs and later the inslallalion of some parasols lo provide shade during the summer months. the overall facility has been well used and has encouraged a stronger feeling of community among the residenls. This faulity was particularly importani for what wa5 a well-attended summer party with residents, their friends and relatives along Wlth trustees all enjoying a pleasant event. L8ler in the run-up to Christmas the Warden along with the resldents organised a carol serviTr in the chapel with relie5hmenls afterwards in the community room. Oncè again the trusteés would liké to express their genuine thank5 for the diligen and hard work of the Ward, often going beyond her strict duties in supporting the resident5. In terms of property repairs lo the almshouses, the sum of £60,2591£46,693 in 20241 has been expended split as betsveen £34,775 for general repalrs and £25.484 for refurbishment compiising renewal of certain windows and external decoration. This represents a historically high figure which was ocrasioned mainty due lo the costs incurred in carrying oul a full external decoration of the complex and also the ne¢ess8ry repairs and upgrades needed to the flats which became vacant. The fl81s remain of a high standard intefnally and extemalty and the residents are pleased over811 with the facilllies induding the 51and8rd of decoration within each of their flats. Thè continLked programrne of planaed general maintenance remains in place. Intemal redecoration is carrTed out lo fl81s as and when they become vacznl. The gardens situated al the front of the proparty continue to be extremely colourful and much admired with a wide range and variety of shrubs and flowers and a maintained to a high standard through Ihe year. Some of the resldents like to participate and assist the gardener In hSs work under his supervision whi¢h is encouraged.
LASLETT'S (ALMSHOUSE) CHARITY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Tha adminislralion of renlal income has been smooth during the last year. There are no current rèni arrears and aison with the Counul as to the provision of housing benefits lo those who qualify h85 been good. The Almshouse Committee has been satisfied that followng a more detailed review in 2024 the eligibilty criteria for applications and appointments to take up vacancies as and when arising remain levant and correct. In summary Ihe criteria which are regarded as being key lo an indiwdual's appointment are.. Be aged 60 or over and retired Be capable of independent liwng Be a local resident or have some strong conne¢llon with Worcester Be in housing need i.e. have a genuine reason for wishing to move from existing accommodation Be of modest financial means which could best be demonslraled by being in reipt of housing benefit Be an individual willing lo engage and join with others in a small and supportive community alm05pheie Flnancial review During 2025 the income for the Chaiity was £141,996 (£139,652 in 20241 and the expenditure was £173,154 {£153.816 in 20241 being an immediate deficit of £31,1581£14.164 in 20241. With gains in the value of invèstments of £7.491 12°Al but with revaluation Of tangible fixed asse15 Ibeing the almshouses) this year ol £0. the overall value of the charty decreased by £23,687 from £3,058,829 to £3,035,162. The majority of the income of1£135.4791£132,666 In 2024) was dernied from the charges Iweekly mantenance charge) levied on the iesidents for their accomrnodalion and was Te¢eived regulaTly and con5iStenlly. This was increasèd by £10 10 £130 during the course of the year. such increase also reflecting the increased local housing allowan available lo housing benefit claimants. The residents each paid a further flat weekly rate towards the cost gas. electricity and waler of £30 which was unchanged frorn the previous year. The income derived from investments and interest was £5,6191£6,057 in 20241 which represented a decrease of £43818°/.l oveT the previous year. Thè remaining income was sundry in nature. Investment Advisors Quiller Cheviot were appointed lo manage the chariiy's investments in 2019. Fdlowing their appointment Quilter Cheviot drafted a slalement of investment policy which was approved by the Trustees. The policy was again reviewed this year bul no ch8nges were made to it. The key features of this arè: al Investment objective - Longer-lerm 8ssels Ire5etves and endowment) will be Invested with the aim of at least maintaining the value or purchasing power in real terms li.è. against inflation). bl Total relum target- The Total ieturn target for the investment portfolios has been sel al inflation ICPII plus 3.5% p.a. nel of fees. This implie5 a nominal target of 5.5Q/o p.a. assuming the Bank of England's original 2°k target for CPI inflation. cl Income requirement- Income target has been sel al a minimum of 30h per annum. dl Time horizon The lime hoiizon for the investment portfolio is cOnde[d to be long term li.e. more than five years). In léims of investment performance. 2025 continued lo show growth. This reflected a general uplift in the stock market. The Trustees regularly consult wth their investsnent advisers and pay due ragard lo any recommendations and Snveslmenls made.
LASLETT'S (ALMSHOUSE) CHARITY TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 ReseThes policy The balan sheet shows that the overall value of thè charity as at 31st December 2025 as compared with the position as at 31st December 2024 was as follows.. 20 202 Capitsl (Reslricledl Fund Endowed Fund Incomè Iunrèslrictèdl Funds Designated Isinkn'nglRefubishmentl Fund General Fund Total 2.982,717 7,491 2,990,206 $8.744 17,368 3.058.829 125,4941 15,6641 123.667) 33,250 11,704 3.035.162 During 2025 the sum of £60,259 was expended on repairs of whlch £25,494 was covered by a transfer from the sinkinglrefurbi5hment fund which now slands at £33,250. Given the present overall good slate of repair 8nd condition ol the complex, Ihe Trustees reviewed whether il remained neces$8ry to continue to maintain a reserve target of £100,000 as had been Iheii previous policy. It was agreed that subject lo rawew each year as lo the condition of the propertie5. the current balance was acceptable. The Trustees have aimed lo retain a level of unrestrictèd reserves equivalent to the iunning costs of the Charity foi at least six months and if possible for one year. The nStrICted reserves (Including that designated frjr refurbishment) now amoLJnt to £44,954 which represents olosè to 3 months of la51 yearfs expèndilura of £173,154. The Tru51ees are aware of the requirements to distribute any surplus income under the terms of the Trust bul believe this should be balanced with the need to have adequate reserves to maintain almshouses provBion which is its primary objective. The Trustees also take the view that given the nature of the housing accommodation and the level of charges which Can ba lavied (which is linked lo the provision ol housing benefill il is not proper to creale a surplus over and above what is needed to maintain the almshouses in good order with assoclated support and administrative costs. Investment powern The Trustees will invest the funds in accordance with the Trustee Act 2000. Within the Act the Truslees:_ shall exercise such power with the ¢are that a prudent peTson of business would in making inveslrnenls for a person for whom they fell morally obllged lo provide., shall not make any speculative or hazardous investment {and for avoidance of doubt this power to invest does not èxtand to laying out money on the acquisition of futures and or trading oplionsl". shall have regard to the need for diversification of investments in the circumstances of the Charfty and lo the suilabilily of the propr)sed investments., do not impose any elhical or geographical restrictions. Trustees additionally have a duty lo rewew their investmen15 al regular intervals. The Trustees have reviewed their policy periodically - see above under Financial Review. The Trustees may change any part of the policy al any lime having taken the necessary professional advice. The Investment Manager must be an aulhorised person who is entilled to carry out investment busingss undgr the provisions of the Financial Services Act 1986. The Trustees have delegated the powers of investment managernenl to Qullter ChevioL
LASLETT'S (ALMSHOUSE) CHARITY TRUSTEES, REPORT (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2025 Perfomance The Charity's financial investments are held primarily with Quilter Chewol in I1r bespoke Global Income & Growth Fund for Charities and, to a rnuch 5mallÈr extent with the CCLA. The capital value of investments increased during th8 year by £7.491 from £348.401 to £353.892 being an In¢ae of2%. Thè income (including interest) derived from investments and interest decrèased during 2025 by £438 from £6,057 10 £5.619, a decrease of 7VA . Cash Deposits Cash deposits are placed with approved bank5 Wlth surtable CTedil ratings. Cash deposits may be abo retained by the investment advisors as part of the investment portft)lio. Rlsk management The Trustees have consided the major risk5 to which they consider the Charity has beèn exposed and Conduded that these lie in the inherent risks of maintaining the fabric of an histori¢ property in a city centre location and the welfarg of the elderly residents. Additionally although the value of investments represents circa 12% Ilhe same as last yearl of the overall value ol the charity the trustees are conscious of the potential volatility in the Stock Market generally but view their investments as being of a long-term nature which should iron out sudden changes in their value. Notwithstanding that. they wll take whatever steps they think necassary after taking professional advice to mitigate and reduce any risks. Risk IenriCation and man8gÈmènt are specifically discussed and minuted at all Board meètings. Al its February meeting the Board reviewed the risk register (which had been subslanlially ievised in 20241 in recognised standard formats identifying risk of a governance, operational, financial, environmental or reputational natu. Such risks had been appropriately scored by Board mernbers. None had been identified as belng in the red category bui rather all fell wthin the moderate or low risk category. The Board Teviews this document on a regular basis each year. The Truslees confirm th* no serious incident has taken pla whl¢h they should have reported to the Charity Cornmission but have not. Plan$ for the future The Trustees have no major plans to alter the level of almshouse prowsion. It is the intention to continue lo ulili5e the almshouses as directed by the Trust Deeds upon which the Charity was formed. In practice this will entsil 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 basi5. By operating in this way, the finance5 remain sound and the elèment of public benefit is fulfilled. During the course of 2023 the Trustees had made the decision lo Convert the charity from its cUrrt legal slalus of being unincorporated to that of a Charitable Incorporated Organisalion ICIO} and selected and engaged a firm of well-eslablished solicitors to carry out the nece55ary legal work foT this to be achieved. During 2024 the Clerk coordinatèd the necessary procedures and provided the detailed instructions with a view lo the submission of an application lo the Charity Commission in the early part of 2025. Registration of the new Laslett's Hinton Charity CIO was achieved in August 2025 and work has since continued Ir) draw up the requisite vesting assent as lo all assels with a view to their transfer to the new CIO in late 2026.
LASLETT'S (ALMSHOUSE) CHARITY TRUSTEES, REPORT (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2025 structure, governancè and management The Charity was established by William Laslett 11799-18841, a WOrster member of parliament, mayor. ciwc dignitary and philanlhropisl. It operatès under the terms of fv40 Trust Deeds dated 19 September 1868 and 9 April 1875. Its registered Charity number is 233695. The Charity owns and manages almshouses built in 1912 in Union Street. Worcester together wlth one mo modem end terraced house situated opposite the almshouses. The Trustees who served during the year and up to the date of signalura of the financial statements were.. Mr C R Ansley Mr G W Ballard (Appointed 1slApTiI 20251 Mrs L C Baxter Mr T J Bridges MrD8Dal8 Mr PW Hughes Mrs A T King Mrs G T Newman Mr J V Panter Mrs LA Preece Mr R B Pugh (Appointed 1slApril 2026} Mf5 N J Rogèrs The Trustees of this Charity also serve as Trustee5 of Laslell's {Hinlonl Charity and have been appointed by a long series of Deeds of Appointment since 1868. There is no provision as to the length of service or requirement for re- appointment after a specified period of time. All Truslees give their lime freety and no remuneration was paid to any ol them during the year. Twstees ar8 required to disdose all relevant interests and to register ihem with the Clerk. The Trustees are also rÈquirèd to give detsils of any interest that may relate lo an agenda item in which event if there is a conflict or Ferceived confticl of interest. they will wthdraw flom the meeliny. Appointment of Truste•s The Trustees h8ve a wide range of professional and commercial experience in¢ludlng agriculture, charitable bodies, church aichilecluie, eslale manaoemenl, social work, care for the elder. and accountancy. The Charity seeks to appoint Trustees who h8ve skills and expertise which are relevant lo the are8$ in which th6 Charity operates. At the time of appointment, new Trustees are provided with an induction pack within which are note5 setting out the history and background of the charity includin9 Ils original objectives, current policies and copies of Board and Committèe minute5 for the predIng e1ve months or longer period if necessary. Prior to formal appoinlmenl, potential new Trustees who have been inleryiewed and accepted the Tole in prinryple are provided with the opportunity lo have some one-to-one discussion with the Clerk and Agent and with the Chairman. In addition they ara invited in an observer and confidential capacty lo the Board meeting prior to the dale of their intended appointment lo gain first-hand experfence of the Board and ils workings.
LASLETT'S (ALMSHOUSE) CHARITY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Organisational Stmeture The Board of Truslees meets on a regular quarterly basis. Usually the venue for those meetings is the commLJnily room in Laslett's Almshouses. Union Street, Woroesler but for the July quarterly meeting, it meets at Elrnley C8511e Village Hall dose to the Hinton Estatè propertie5 belon9ing to the related Laslett's Hinlon Charity. Wrth the input of Ihe Agent, Clerk and Investment Aclvisor by way of writt&n reports andloi attendance al the me&tings, they iniliale, review and adopt policies which futther the objects of the Charity as sel out in the Trust Deed and ensure compliance with cuiiènt kgislation and recommended good practtce. The Board of Trusloas are also re5ponsiblo for setting the remuneration levels of staff comprising the Warden and the Clerk employed by the Charity. To anable the more expeditious conduct tsf business the Trustees have created fv40 Comfflittees which may examine relevant issues in more detail and whlch may rnake rècommendations lo the Trustee Board to make a fomal decision. The Finance and Investment Committee rneets with the ChaNly's Investment Managers, Quilter Cheviol periodically to Teview the Charity's stock ox¢hange inveslrnenls and to consider their recomrnendalions. The Committee 8150 considers and approves the six monthly and year-end management aw)unts drawn up by the Agent and sets the budget for the forthcoming year. The Almshouse Committee meets on an ad hoc basis to give preliminary and detsiled consideialion lo any new policy or initiative required for the overall m8n8gemenl of the almshouses prior Its discussion and decision at the main Tnjstee Board. The Agent lo the Charity is Mr Adrian Robinson of ARC Surveyors Limited, The Cedar Office, 5 Thackholme," Worcesler, WR4 ORZ. The duties and responsibltIeS of the Agent include the following.. The general day-l&day management of the Almshouses., Reporting to each quarterty mggting oflhe Trustees". All aspects of financial adminislralion including the Charty's needs and cash flow posthon and thé preparation of hawyearly management accounts. The Clerk l() the Charily is Mr Stephen Inman whose duties and responslbilities indude the following.. Preparation of agendas for quarterly Trustee Board meelin9s, Committee meefjngs and drafting of minutes and reports.. Provision of guidance on legal and governance issues al meetings and generally,. Liaison with the Agent, A¢¢ountants. Investment Manager and Twslees as lo administrative rnatters. Oversight of the process of appointment of new residents to fill vacant flats Relatsd ¢harftles The Charity has a close relationship with the LasletV5 {Hintonl Charity given its Agent. Clèrk, and Investment Manager, as well as its Trustees are common to both. Thls arises historically from both Charities have a common benefactor and founding philosophy. The main object of La8lett's (Hinton} Charity Is lo manage it5 land and agricultural holdings together with 8ssouated residential properties situated at Hinton on the Green near Eve5ham, Worcestershire and to create a return of income which can be applieil for charitable purposes including when necessary Ihe support of Lasl&tVs IAlm5housel Charity. Thè Trustees. report was approved by the Board of Trustees. Mrs L C Baxtèr Ch8irman Dated-. 7Augusl 2026
LASLETT'S {ALMSHOUSE) CHARITY STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2025 The Trustees are responsible for preparing the Tiuslees, Report and the financial Statements in accordance with applicable law arhd Unit8d Kingdom Accounting Standard5 (United Kingdom Generally A¢¢epted Accounting Practice). The law applicable to charities in England and Wales requires the Trustees to prepare financial statements lor each financial year which give a true and fair view of the state of affairs of the Chaiity and of the incoming resources and application of resources of the Charity forthat year. In preparing thesè financial statements, the Trustees are required lo.. select 5uitsble aceounling policies and then apply them con51slentiy', observe the methods and prSn¢lples in the Charities SORP., make judgements and eslimales that are asOnable and prudent. state whether applicable accounting standards have been followed, subject lo any material departure5 disclosed and explained in the financial slalemenls.. and prepare the financial statements on the going con¢8m basis unless it is inappropri8te lo presume Ihal the charity will ¢ontinue in operation. The Trustees are reSnsIble for keeping sufficient accounting record5 that disclose with reasonable accuracy al any time the financial position of the Charity and enable Ihern lo ensure that Ihe financial statements cornpty with the Charities Act 2011, the Charity IA¢¢ounts and Reports) Regulation5 2008 and the prowsions of the tru51 deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and deteclion of fraud and olhef itregulariligs.
LASLETT'S (ALMSHOUSE) CHARITY INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LASLETT'S (ALMSHOUSE) CHARITY I report to th9 Trustees on my èxamination of the finanual slalements of Laslett's (Almshousel Charity (the Charilyl for the year ended 31 December 2025. Responsibilities and basis of report As the Trustees of the Charity you aig responsible for the preparation of the financial slalemenls in accordance vlith the requirerllents of the Charities Act 2011. I report in respect of my exatnination of the Charity's financial statements carried out under section 145 of the Charities Act 2011. In carying out my examination I have ft>llowed the Directions given by the Charty Commi55ion under section 14515}Ib) of the Charities Act 2011. Independent examIn&S statement I have completed my examination. l ¢onfirm that no matters have com9 to my attention in connection with the examination giving cause lo believe that in any material Spect.. accounting records were not kept in respect of the Charity as réquired by section 130 of the Ch8rities Act 2011. the financial stalernen15 do not accord with thosè records. or the financial 51alemenls do nol comply with the applicable r8quiremenls Concerning the form and conlenl of financial statemen15 set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement Ihal the finanGial staternenls give a true and fair view. which is not a matter considered as part of an independent examination. I have no concems and have come across no other mallers in connection with the examination lo whi¢h attention should be drawn in this report in order to enable a proper understanding of the finaricial statements lo be reached. sarah Morley ACA for and on beh81f of Kendall Wadley LLP Merevale HoLJse 27 Sansome Walk Worcester WR1 1NU Dated.. 7 August 2026
LASLETT'S (ALMSHOUSE) CHARITY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025 Currentflnancial year Unrestricted Unrestrictsd Endowmant funds funds funds generdl designated 202S 2025 Total Total 2025 202S 2024 Notes Charitable actiwties Investments Other income 135,479 5.619 896 135,479 5,619 898 132,666 6,057 929 Total Income 141,996 141,996 139,652 Charitable activities 147,660 25,494 173,154 153,816 Nel incorning resources before investment movements 15.884} 125,4941 131,158) 114,1641 Nel gainslllosses) on investments 11 7,491 7,491 17,664 Net loutgoingllincoming resource$ 15.6e4} 125,4941 7,491 123.6671 3,500 Other r•¢ognls•d galns and losses Revaluation of tan9ible fixed assets 20,QOO Net movement in fund$ 15,664) 125,494} 7,491 123.6871 23.500 Fund balances al 1 January 2025 17.368 58,744 2.982.717 3,058.829 3,035,329 Fund balancgs at 31 Décèmber 2025 11,704 33,250 2.990,208 3,035,162 3,058.829 The ststemenl of financial actlvlues indudes all gains andlosses recognised in the year. All income and expenditure derive from continuing aolivilie$. 10-
LASLETT'S (ALMSHOUSE) CHARITY STATEMENT OF FINANCIALACTIVITIES (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Prior financial year Unrestri¢tèd Unrestricted Endowment funds fvnds fund$ general de$lgnated 2024 2024 Total 2024 2024 Notss ome an Charitable activities Investments Other income 132.e66 6,057 929 132.666 6.057 929 Totsl Income 139,652 139,652 Charitsble activities 132,753 21.063 153,816 Net incoming resources before investment movements 6,899 121.0631 114.1641 Nel gainslllosses} on investments 11 17,664 17.664 Net loutgoingylneoming resources before transfers 6.899 121,063) 17.664 3,500 Net1OLltgoingllincoming r¢$ources 6,899 121.0631 17.664 3,500 othgr recognised gains and105¥e$ Revaluation of tangible fixed assets 20,000 20.000 Net movement in fund$ 6.899 {21,0631 37.664 23,500 Fund balances al 1 January 2024 10,469 79,807 2,945.053 3.C135,329 Fund balances at 31 December 2024 17,368 58,744 2,982,717 3,058,829 The statement of financial activities includès all gains and losses recognised in the year. All in¢om8 and expenditure derive from continuing activities.
LASLETT'S (ALMSHOUSEI CHARITY BALANCE SHEET AS AT 31 DECEMBER 2025 2025 2024 Notss Fix•d assèts Tangible assets Investments 12 13 2,620,000 353,893 2,620,000 346.401 2,973,893 2,966.401 Current a55ets Debtors Cash at bank and in hand 14 7.820 73.246 7.282 102.830 81.066 110,112 Creditors: amounts falling due within one year 15 119.7971 {17.684} Net curienl assets 61.269 92,428 Total n•t assèts 3.035,162 3.058,829 Capitsl funds Endowm General endowment funds 2,990.208 2.982,717 18 2.990.208 2,982,717 In¢omè funds Designaleil funds General unrestricted funds 33,250 11.704 58,744 17.368 44,954 76.112 3,035,162 3.058.829 The financial statements were approved by the Trustèès on 7 August 2026 Mrs L C Baxter Trustee 12-
LASLETT'S (ALMSHOUSE) CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Accounting policios Charity inforniation Lasletvs Alrnshouses 15 a charfly registered in England and Wales Inumb8r 2336951. Its registered address is Kaleryn Heywood House, Berkeley Court. The Foregata, Worcesler, WR13QG. 1.1 Ae¢euntlng eonv•ntlon The accounts have been prepared in a¢¢ordan¢e wilh the Charity's trust deed, Ihtr Chaiities Act 2011 and "Accounting and Reporting by Charities.. Statement ol Recommended Practice applicable Its charities preparing Iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102). las amended for accounting peiiod5 commencing from 1 January 20191. The Charity 15 8 Publie Benèfil Entity as defined by FRS 102. The financial stalernenls are prepared In sterllng, whith is the functiond currency of the Charity. Monetary amounts in these financial slalernenls are rounded to thè nèarest £. The financial statements havg been prepared under the historical ¢osl ¢onvention, modified to incjude the revaluation of freehold propertiès and certain financial instruments al fair value. The principal accounting policAes adopted are sel out below. 1.2 Going concem At Ihe lime of approving the financial slements, the Trustees have a reasonable expe¢tatK)n that the Charity has adequate resources to continue in operation81 existence for the foreseeable fvlure and that tharo are no material uncertainties aboul its ability lo continue. Thus the Trustees continue lo adopt the going concern basis of accounting in preparing the financial slalemenls. 1.3 Charltablè funds Unrestricted funds are available for use at the discretion of the Trustees in furtherancè ol their charitable objectives unless the funds have been designed for other purposes and are maintained al a level suffi¢ient lo enable the Charity to operate efficiently aTKI wllhout risk. Endowed funds represent those as5e15 which musl be held pemianently by the Charty, prin¢ipalty pyopety and investments. 1.4 Incomè Income from investmen15 and propgrty is racognised when the Charity is legally entitled to it after any performance conditions have been mel, the amounts can be measured reliably, and il is probabl& that income will be received. 13-
LASLETT'S {ALMSHOUSE) CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Accounting poliei8S Icontlnuedl 1.5 Resources expended Expenditure is recognised once there is a legal or conslruclThie obligation to Iransftrr e¢onomic benefit to third party, il 15 probable that a transfer of economK benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure 15 classified by activtty. The costs of each actiwty are made up of Ihe total of di costs and shared costs, including support ¢os15 involved in undertaking each activity. Direot costs attributable to a single actiwty aTe allocated directly to that activity. Shared costs which contribute lo more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis Consistent with the use of resour$. Central staff ¢osts are allocated on the basss of lime spent, and depreclalion Charges are allo¢ated on the portion of the assèt's use. Resources expended are included irn the Slalement of Financial Activities on an accruals basis. inclusive of any VAT which cannot be recovered. Govemance costs are the costs associated with the general running of the Charity. 1.6 Tangible fixed assets Thè trustees have adopled a policy of revaluation wth rardS the land and buildings and this is based on a valuation supplied by ARC SuryeycKs Lirniled al 31 December 2024. This valuation was a full valuation and is reviewed peiiodically. The Statement of Reo)mmended Practice IFRS 1021 requires that a provision be made for depreciation of tangible fixed a55els having a finite usè of life. However, the Trustee5 ale of the opinion that the residual value at the end of the eslimaled useful lrfe of the property is not likely materially to differ from its cost, or re-valued amount (reviewed annuallyl. Therefore. any element of depre04ation is considerèd to be immaterial and no provision is made, movements in valuation are lak8n to the Statement ol Fin8n¢ial A¢tivit¢es as detemiined. The gain or loss arising on the disposal of an asset is determined a5 the differenca belween the sale proceeds and thè carrying value of the asset, and is recognised in Ihe statement of finandal activities. 1.7 Flxed asset investments Fixed asset investments a initially measured at transaction price èxrjuding transaction cos15. and are subsequently measured at fair value at èach reporting dale. Changes in fair value are recognised in net incomel{expendilurel for the year. Transaction ¢osts are expensed as Sncuffed. 1.8 Impalrnient of fixed a55ets At each reporting end date. the Charity review5 the cairying amounts of ils tangible assets to detemine whether there is any indication that those assets have suffered an impaimient loss. If any such indK>tion exists, the recoverable amount of Ihg asset is estimated in order lo determine the extent of the impairment loss lif any). 1.9 Cash and cash equivalents Cash and cash eouivalents include cash in hand, (Jeposils held al call with banks, othe¥ short-term liquid investments with original malurilies of three rnonlhs or les5. 14-
LASLETT'S (ALMSHOUSE) CHARITY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Accounting policie$ Icontlnuèdl 1.10 Finanelal instruments The Charity has elected to apply the prowsions of Section 11 'Basic Financial Instrurnenls, and Saction 12 'Olher Financial Instruments Issues, of FRS 102 to all of its financial inslrumenls. Financial instruments are recognised in the ChariV8 balance sheet when the Charity becomes party lo the conlr8clual provislr)ns of the instrument. Financial a55els and liabilities are offset, with the net amounts piesented in the financial statements. when there is a legally enforceable right to sel off the recognised amoun15 8nd there is an intention lo settle on a nel basis or to realise the asset and settle the liability sbmullaneously. Basi¢ finan¢lal assats Basic finanaal assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried al amortised cost using Ihe effective interest rnelhod unless the arrangement Constitutes a financing transaction, whèiè the transaction is measured al the present value of the lulure receipts discounted al a market rale of interest. Financial a55els classified as receivable within one year are not amortised. BasAc flnancial liabilities Basic financial liabilities, including creditors are initially recognised at transaction price unless the rrangement conslilutes a financing transaction. where the debt instrument is measured al the present valuè of the future payments discounted at a market rale ol interast. Financial liabililies classrfied as payable within one year arè not amortised. Debt instruments are subsequenlty carried at amortised cost. using the effective interest rate method. Trade creditors are obligations to pay for goods or service5 that have beèn acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabililies. Trade creditors are recognised initially at transaction price and subsequently measured al amiNts"5ed cost using the effectivè interest method. Derecognition offinancial liabilities Financial liabilities ale derecognised when the Charity's contractual obligations expire or are discharged or cancelled. 1.11 Employee benefits The cost of any unused holiday entitlement is recognised In the period in which the employee's services are received. Temiination benefits are recognised immediately as an expense when thè Charbly is demonstrably committed lo lemiinate the employment of an employee or to providè termination benefits. 1.12 Retirement beneflts Payments to defined contribution retirement benefit schemes are charged a5 an expense as they fall due. 15-
LASLETT'S (ALMSHOUSE) CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Critical accounting •stimates and judgements In the appliralion tsf the Chartty's accounting policies, the Trustees a required to make judgements, estimates and a5sumplion5 about the carrying amount of assets and liabilities that are not readily apparent frorn other sources. The estimates and 89s0clated assumptions are based on historical experience and oiher factors that are considered to be relevant. Actual results may differ from these e51imales. Tha estimates and underlying assumptions are revlewed on an ongoing basis. Revisions lo accounting e51imate5 are reEO9nised in the period in which the estimate 15 revised where the revision affects ClY that period, or In the period of the revision and tUre period5 where the revision affects both current and luture peiiods. Charitable activities Unr¢$trlctod funds general 2025 Unrestricted fvnds general 2024 Recetved from residents 135,479 132,686 Income from Inve$tm8nts Unrestricted Unrestricted funds funds 2025 2024 Income from listed invastments Interest receivable 4,395 1224 4,357 1.700 5.619 6,057 Other income Unr¢$trl¢tèd Unrèstrlctèd funds funds 2025 2024 Other income 898 929 16-
LASLETT'S {ALMSHOUSE) CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Charitable actlvlties 2025 2024 Property expenditure Pension cosls Rates Insurance Property expenditure Chaplain's salary Warden Gardener Electricity Gas Telephone Call aid rental Sundry Cleanin9 336 7,442 7,284 60,259 2,710 17,495 2.111 8.991 12.782 318 5,883 8,200 46.693 3,240 16,925 1,997 11,939 10,507 139 5,039 3,299 4.887 5.335 3,233 4,314 132.292 119,044 Share of support costs (see note 81 Share of govemance cos15 (see note 81 40,212 650 34,172 600 173,154 153.818 Analysi$ by fund Uniestricted funds- geneTal Unrestricted funds- designated 147,660 25.494 173,154 For the year ended 31 December 2024 Unreslricled funds- general unrestn.ctgd funds- designated 132,753 21.063 153.816 Tru$t88s None of the Trustees {oT any persons connected wilh them) received any Temuneration or expense8 durlng the year. During the year the Charity took out insurance for the Trustees. and individual liability. employment practices liability and profe33ion81 and le9al liability Sn each instance lo a limit of £1 million. 17-
LASLETT'S (ALMSHOUSE) CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Support Costs Support Governancè Costs ¢o$ts 2025 2024 Basis of allocation Agent's managernenl fees Clerk's fogs Charity office expanses Subscriptions Accountancy A¢¢ountancy- agents Legal fees To principal charitable 18.220 actSvlly 5,538 20,106 6,328 5,279 436 1,690 1,526 4,847 20.106 6.328 5,279 436 1,690 1,526 4,847 515 1,740 1,464 1,340 Independant èxaminers fees Governance 650 650 600 40.212 650 40,862 34,772 Analysed beiween Charitable aclivilies 40.212 650 40,862 34,772 Wilhln Clerks fees as shown above are stsff costs of £6.32812024- £5,538). Governance cos15 include payment lo the independent examiners of £65012024- £6001 for èxamination fees. Employegs Number of èmployèes The average monthly number of employees during the year was- 2025 Numbér 2024 Number Clerk and warden Employment costs 2025 2024 Wagè5 and salaries Other pension costs 23.823 336 22,463 316 24,159 22,779 There were no employees whose annual remuneration was £60,000 or mofe. 10 Taxation The charity is exempl from taxation on its aclivilies because all Ils InMe is applied for charitabl& purposès. 18-
LASLETT'S (ALMSHOUSE) CHARITY NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 11 Net Ilossesllgains on investments Endowment Endowment fund$ funds 202S 2024 Revaluation of investments 7,491 17.664 12 Tangiblè fixed assats Fr88hold land athd bullding$ Cost or valuation Al 1 January 2025 2.620.000 At 31 December 2025 2,620.000 Carrying amount Al 310ecember 2025 2.620.OOCI Al 31 December 2024 2,620,000 Land and buildings with a carrying amount of £2.620.000 were revalued al 31 Dember 2025 by ARC Surveyors Limited. independent valuers, on the basis of market value. The valuation conforms lo Inlemalional Valualion Standards and was based on re1 maikel transactions on arm's length terms for similar properties. The property consists of 16 flats, a Chaplain's House, Board Room arid Chapel. all srf£uateLI al L881ett'$ Almshouse5, Union Street, Worcesler and 10 Union Straet. Worcesler. 13 Flx•d asset investments Listed investments ost or valuatlon Al 1 January 2025 Additions 346.401 7,491 At 31 December 2025 353,892 Carrying amount At 31 December 2025 353,892 At 31 December 2024 346,401 19-
LASLETT'S (ALMSHOUSE) CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 14 Debtors: amounts falling du• wlthln on8 year 2026 2024 Other debtors Prepayments and accrued income 3,323 4.497 3.810 3.472 7,820 7,282 15 Creditors: amounts falling due withln one year 2025 2024 Notes olher18xalion and so(yal security Deferd income Other creditors AccTuals 516 4,258 7,113 7,910 372 3,980 3,578 9,754 17 19,797 17,684 16 Retlr¢m•nt benèflt schemes 2025 2024 Defined contribution schemes Charg& to profil or loss in respect of defined contribution schemes 316 The Charity operates a defined contribution pension scheme for all qualifying employeès. The assets of the schome arg hald separately from those of the Charity in an independentty administered fund. 17 Deferred income 2025 2024 Arising from Rènts received in advance 4.258 3.980 All rents In advanc¢ are in respect of the following accounting period and are fUY Teleased. -20-
LASLETT'S (ALMSHOUSE) CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 19 Designatsd funds The income funds of the charity in¢lude the following designated funds which have been sel aside out of unrestricted funds by the trustees for essential future repairs to properties. Balance at Expgndllurg 1 January 2024 Balancè at Expondltur8 l January 2025 Balanco at 31 Decambbr Z025 SinkinglRefurbishment fund 79,807 {21.3} 58,744 125,4941 33,250 79.807 121,(K31 58.744 125.4941 33,250 The purpose of the SinkinglRefurtJishment fvnd is to finance essential expenditure on property owned by the Charity. 20 Analy8is of net a$$ets between funds Unrestricted Designated Endowment fund5 funds funds 202S 2025 2025 Totsl 2025 At 31 D•eèmb•r 2025: Tangible assets Investments Current asselsl{liabililiesl 2.e20,000 353.893 16,315 2,620,000 353,893 61,269 11.704 33.250 11,704 33.250 2.990,208 3,035,162 Unrestricted Designated Endowment funds fund$ funds 2024 2024 2024 Totsl 2024 At 31 Decernber 2024: Tangible assets Investments Current a55e1511liabililiesl 2.620,000 346,401 16.316 2,620,000 346,401 92,428 17,368 58,744 17,368 58.744 2.982,717 3,058,829 Included in endowment lunds are unrealisèd gains on investments for the year of £7,491 (2024.. £17.664} and unrealised gains on tangible fixed assets for the y8ar of £nil {2024.' £20,000}. -22-
LASLETT'S (ALMSHOUSE) CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 21 Related party transactions Transactlons wlth related parties During the year the Charity entered into the followlng transactions with related parties.. £6.328 12024.. £5,538) of Clerks fees We recharged to Laslett's {Hinlonl Charity, v4hich has 11 Irustees in common with the Charity. A balance of £nil {2024.. £nill was owed lo the Charity al the year end. -23-