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 re￿ipt 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 cOn￿de[￿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 ￿n￿StrICted 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 I￿1r 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¢￿a￿e
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 conside￿d 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 I￿en￿riCation 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 cUrr￿t 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 WOr￿ster 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 pre￿dIng ￿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 responsibl￿tIeS 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 reS￿nsIble 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 sl*ements, 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 design*ed 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 r￿ardS 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 C￿lY 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 In￿Me 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 De￿mber 2025 by ARC
Surveyors Limited. independent valuers, on the basis of market value. The valuation conforms lo Inlemalional
Valualion Standards and was based on re￿￿1 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
Defer￿d 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 fU￿Y 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-