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2021-12-31-accounts

Charity Registration No. 233696

LASLETT'S (HINTON) CHARITY

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

LASLETT'S (HINTON) CHARITY

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr C R Anstey
Mrs L C Baxter (Appointed 1 January 2021)
Mr T J Bridges
Mr D B Dale
Mr P W Hughes
Mrs G T Newman
Mr J V Panter
Mrs L A Preece
Mrs N J Rogers (Appointed 1 April 2021)
Mr M J Tarver
Mrs K M Vincent
Mrs M Jones (Resigned 31 December 2021)
Mrs A E Lodge (Resigned 31 March 2021)
Chairman Mr J V Panter
Finance &
Investment Committee Mr C R Anstey
Mr D B Dale
Mr P W Hughes
Mr J V Panter
Mrs L A Preece
Mr M J Tarver
Grants Committee Mr C R Anstey
Mrs L C Baxter (Appointed 1 January 2021)
Mr T J Bridges
Mrs A E Lodge (Resigned 31 March 2021)
Mrs G T Newman
Mr J V Panter
Mrs L A Preece
Mrs K M Vincent
Property & Agricultural
Committee Mr C R Anstey
Mr D B Dale
Mr P W Hughes
Mr J V Panter
Mrs N J Rogers (Appointed 1 April 2021)
Mr M J Tarver

Each Committee meeting is attended by the Clerk and/or the Agent as appropriate

LASLETT'S (HINTON) CHARITY

LEGAL AND ADMINISTRATIVE INFORMATION

Clerk to the Trustees Mr S P Inman
Kateryn Heywood House
Berkeley Court
The Foregate
Worcester
WR1 3QG
Agent to the Trustees Mr A L Robinson MRICS
The Estate Office
Madresfield
Malvern
WR13 5AH
Charity Number 233696
Registered Office Kateryn Heywood House
Berkeley Court
The Foregate
Worcester
WR1 3QG
Auditor Kendall Wadley LLP
Merevale House
27 Sansome Walk
Worcester
WR1 1NU
Bankers Lloyds Bank Plc
4 The Cross
Worcester
WR1 3PL
Investment Advisors Quilter Cheviot Investment Management
Senator House
85 Queen Victoria Street
London
EC4V 4AB

By a Resolution passed at a duly constituted meeting of the Trustees of Laslett's (Hinton) Charity on the 30th day of October 1962 there was conferred upon any three or more of the Trustees the power to execute Deeds or instruments in the names of the Trustees in accordance with the provisions of Section 34 of the Charities Act 1960.

LASLETT'S (HINTON) CHARITY

CONTENTS

Page
Trustees' report 1 - 9
Statement of Trustees' responsibilities 10
Independent auditor's report 11 - 13
Statement of financial activities 14 - 15
Balance sheet 16
Statement of cash flows 17
Notes to the accounts 18 - 30

LASLETT'S (HINTON) CHARITY

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2021

The Trustees present their report and accounts for the year ended 31 December 2021.

The accounts have been prepared in accordance with the accounting policies set out in note 1 and comply with the Charity's Trust Deed, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2019)

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, governance and management section.

Objectives and activities

Objectives

The charitable purposes of the Charity are set out in the 1879 Trust Deed and the Trustees consider that the following (quoting from the deed) are the most relevant:-

The Charity carries out these objectives primarily by:

Public benefit

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.

The benefit derived from grants awarded is evident from:

LASLETT'S (HINTON) CHARITY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Activities

The main activities for the charity relate first to the management of the farms and residential properties and the liaison with their respective tenants and then secondly to the distribution of any surplus in the form of grant funding. These land and property holdings are located primarily in and around the village of Hinton on the Green near Evesham though during the course of the last couple of years the decision has been taken as part of the property portfolio review to acquire residential properties on the southern and south-eastern outskirts of Worcester due to the buoyant housing market there. These assets along with a portfolio of investments are managed with a view to securing a consistent revenue stream which can be utilised towards the provision of grants. The management of the residential properties includes their improvement and renewal and having plans in place for repair and maintenance works to be carried out. With the financial surplus generated from the property rentals, the provision and administration of grants is an important resulting activity.

Achievements and performance

During the course of the year the level of income from farming and residential tenants remained good with rents being paid broadly on time. This has been commendable given the threat to rental income caused by the implications of the pandemic on individual tenants and their income/business. The level of long term rent arrears has remained at £nil. This allowed the charity to consolidate its balance sheet and to contemplate with greater certainty how future surpluses could be channelled towards its charitable objectives namely grant provision.

In addition to ensuring a satisfactory rental income from farm tenants, the Agent worked with them to maintain and enhance their farming practices particularly in relation to the upkeep of the main farmhouses but importantly other ancillary buildings and facilities.

The charity has continued with its investment policy at Greville Hall Farm to support further expansion of the existing dairy herd. Terms were agreed with the tenant for the charity to fund the construction of a further building capable of accommodating circa 230 head of stock. The final cost of the building and associated infrastructure, amounted to £357,522 upon which the tenant had agreed to pay a rent initially based upon 6% of the project cost (amounting to £21,451 p.a.). It was further agreed that the 6% investment return rate would be subject to a 1% increase every 10 years.

There was continued progress to implement the disposal strategy agreed during 2018 involving further properties that were considered unsuitable for producing a long term and sustainable net income stream.

During the year the charity disposed of land and buildings at the Manor Farm complex in Hinton on the Green in accordance with its adopted policy. The properties comprised:

The proceeds are to be re-invested in better performing replacement assets.

LASLETT'S (HINTON) CHARITY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

A reading of the original trust deed and interpreting that into the modern era suggests that grant awards can be made in two specific areas. First, by giving support to the work of the Church of England mainly within the historic Worcester Diocese (but also to adjoining dioceses notably Hereford, Gloucester and Lichfield as well as Birmingham and Coventry) by contributing towards the cost of church fabric repairs and improvements to facilities for the congregation. Secondly, to support a whole variety of organisations who themselves can demonstrate charitable objectives in the provision of financial, social, educational, health and welfare assistance to those members of the community who are unable economically or physically to do so themselves. Grants are not made to individuals direct.

In administering the grants, the trustees rely on the grant policy they adopted in January 2018 and subject to minor revision in October 2020. This sets out the criteria to be considered when making a decisionas to whether or not to award a grant and if so in what sum. In exercising their discretion under the policy the trustees are aided in this process by a scoresheet which they may utilise to help them to refine an initial judgement.

Although grants are generally made in response to one-off applications from charitable organisations, the Trustees felt that two such organisations based in Worcester but also operating within the county should be grant aided over a longer period of time and to an enhanced degree compared with others.

One such organisation that was based in Worcester but which operated throughout Worcestershire and further afield was Youth Support Services (YSS). This group was well established and had a particular focus on providing support for the rehabilitation of offenders following completion of their custodial sentence. Laslett's has supported YSS with grants since June 2015; its present stream of funding was due to expire in 2021 but has been renewed for a further period of three years.

A further organisation that the Trustees felt should be given longer term support was the Worcester Citizen's Advice Bureau. This organisation has been well established in Worcester. Laslett's has supported the CAB with grants to fund an Advice and Housing Support Worker since April 2017; the present stream of funding was due to expire in 2021 but has been renewed for a further period of three years.

During 2020 given the success appertaining to the YSS and CAB noted above, the trustees extended the concept of providing certain other charities with longer term funding up to a maximum of 3 years. Charities which had received grant funding from Laslett's in at least two of the previous three years were invited to submit applications with supporting documentation and to attend for formal interview. As a result some nine local charitable organisations were successful which provided them with the benefit of having the certainty of funding for that longer period and avoided the necessity of submitting new applications each year. This provided some reduction in the administrative process for both the charities concerned and Laslett's. The total awarded for the calendar year 2021 under this heading amounted to £35,009.

During 2021 in view of the success of providing longer term funding to specific charities as above, the scheme was extended. Again charities which had received grant funding from Laslett’s in at least two of the previous three years were invited to submit applications and attend for interview. As a result, a further six local charitable organisations were successful. The total awarded for the calendar year 2021 under this heading amounted to £25,020.

Overall during 2021 grants made available by the charity amounted to £289,060 of which £77,500 (26.81%) was directed to Churches and £211,560 (73.19%) was directed towards Organisations having charitable status. These figures include both the grants awarded and paid during 2021 as well as the commitment made during the year to fund grants in future years.

LASLETT'S (HINTON) CHARITY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Financial review

During 2021 the income for the Charity was £724,641 and the expenditure (including grants) was £473,688.

With gains in the value of investments of £89,672 and an upward revaluation of properties of £1,909,487, the overall value of the charity increased by £2,250,112 from £18,539,519 to £20,789,631.

Following their appointment Quilter Cheviot drafted a fresh statement of investment policy which was approved by the Trustees. The key features of this are;

LASLETT'S (HINTON) CHARITY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Reserves policy

The total reserves of the charity are as shown on the Statement of Financial Activities.They comprise two principal headings; (a) the capital fund, which represents permanent endowed assets and is hence restricted in the nature of its application; and; (b) the income funds, which are less restricted in their application and contain two component parts - the fund which is specifically designated (a) for refurbishment of properties, and, (b) grants and then finally the general fund which the trustees can utilise within their overall discretion. The endowed fund is represented mainly by the value of freehold land and buildings together with some financial investments and any cash arising on property disposals held on a temporary basis that will be utilised to acquire further properties.

The position is summarised within figures taken from the balance sheet as follows:

Description 2020 Gain/(Loss) 2021
Capital (Restricted) Fund
Endowed Fund £17,492,761 £2,214,669 £19,707,430
Income (Unrestricted) Funds
Designated (Refurbishment) Fund £100,000 £110,000 £210,000
Designated (Grants) Fund £306,420 £74,143 £380,563
General (Unrestricted) Fund £640,338 (£148,700) £491,638
Total £18,539,519 £2,250,112 £20,789,631

The Designated Fund comprises two elements – one for refurbishment of properties and one for future payment of grants. That designated for grants stands at £380,563.

Refurbishment. The Trustees took the decision some while ago that given the nature, age and use of the various properties in their ownership to have a healthy fund available for any necessary refurbishments particularly in respect of works which are beyond the usual liability of their agricultural and residential tenants. This stands at £210,000.

Grants. Although discretionary in its nature, the provision of grant funding to charities and churches is one that the trustees wish to maintain on a regular basis and enhance if possible. Consequently they have determined that it is important that there should also be set aside in advance an amount equivalent to the anticipated budget for grant provision for the ensuing year. That figure for 2022 is £220,000. Allowing as well for grants awarded but not yet paid (largely applications from churches for repair and upgrade projects where funding needs to be assembled first) the fund now stands at £380,563.

The General Fund has been decreased in 2021 by £148,700 and now stands at £491,638. The Trustees have aimed to retain a level of unrestricted reserves equivalent to the running costs of the Charity for a period of at least one year. In 2021 those running costs amounted to £473,688. The Trustees determined therefore that the reserves were sufficient.

LASLETT'S (HINTON) CHARITY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Investment Powers

The Trustees' Stock Exchange investments are either equities or government stocks. The Trustees regularly consult with their investment adviser and take due regard of any recommendations and investments made.

The Trustees will invest the funds in accordance with the Trustee Act 2000. Within the Act the Trustees:

Trustees additionally have a duty to review their investments at regular intervals. The Trustees will review the investment policy at least annually. The Trustees may change any part of the policy at any time.

The Investment Manager must be an authorised person who is entitled to carry out investment business under the provisions of the Financial Services Act 1986.

The Trustees have delegated the powers of investment management to Quilter Cheviot.

Performance

The overall value of investments rose during the year by £89,672 from £884,576 to £974,248 being an increase of 10.14%. This reflected net additions to the portfolio taking account of disposals as well as gains in the value of those investments held throughout the year. The majority of such monies £863,158 were invested by Quilter Cheviot in their bespoke Global Income & Growth Fund for Charities.

The income derived from investments increased during 2021 as compared with the previous year increasing from £15,486 to £23,093. The increase still meant that the income target for Quilter Cheviot of 3% was not quite achieved although there remained some confidence that over the longer term of the holding such figure would be achieved. In contrast the income return of 2.9% was compensated for by the capital return of 9.9% bringing the total return to 12.9% which was well in excess of the target agreed.

Cash deposits

Cash deposits are placed with approved banks with suitable credit ratings. Cash deposits may also be retained within the charity fund managed by Quilter Cheviot.

Risk management

The Trustees have considered the major risks to which they consider the Charity has been exposed and concluded that these lie in the inherent risks of prevailing conditions in agriculture and in the residential property market and in the stock exchange. The Trustees are well aware of the economic uncertainties both in agriculture and the stock market generally and will take whatever steps they consider necessary after taking professional advice to mitigate and reduce those risks.

During the course of both 2020 and 2021 the trustees were very mindful of the threat posed by the pandemic to the business operations of the charity, and in particular t the ability of the farming and residential tenants to maintain rental payments. The trustees have considered themselves fortunate that to date such payments have not fallen into arrears and the farming businesses of their tenants appear to remain strong.

Risk identification and management are specifically discussed at each Trustee Board meeting.

The Trustees confirm that no serious incident has taken place which they should have reported to the Charity Commission but have not

LASLETT'S (HINTON) CHARITY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Plans for the future

The Trustees overall objective is to maximise the level of income that is available for grants and thereby fulfill the objectives of the Trust Deeds. They will continue to do this by pursuing a policy of sound estate management. Arising from the review of the property portfolio in 2017, the Trustees will continue with the disposal of certain dwellings and building plots. Aligned to those disposals the Trustees will continue their programme to invest in alternative (more modern and energy efficient) properties which can produce a higher rental return from which an increased level of grants to churches and charitable organisations can be made thus fulfilling the objectives of the Trust Deed. As an interim measure whilst seeking to purchase such properties, the Trustees will look to hold cash with banks and building societies which can pay an attractive rate of interest.

In respect of the agricultural land and holdings it remains the Trustees’ overall view that there should be no largescale disposal of the Estate though as and when opportunities present themselves, they would look to enhance value.

Structure, governance and management

The Charity was established by William Laslett (1799-1884), a Worcester member of parliament, mayor, civic dignitary and philanthropist. It operates under the terms of a Trust Deed dated 17 January 1879. Its Registered Charity number is 233696.

The Trustees who served during the year and up to the date of signature of the financial statements were: Mr C R Anstey Mrs L C Baxter (Appointed 1 January 2021) Mr T J Bridges Mr D B Dale Mr P W Hughes Mrs M Jones (Resigned 31 December 2021) Mrs A E Lodge (Resigned 31 March 2021) Mrs G T Newman Mr J V Panter Mrs L A Preece Mrs N J Rogers (Appointed 1 April 2021) Mr M J Tarver Mrs K M Vincent

The Trustees of this Charity also serve as Trustees of Laslett’s (Almshouse) Charity and have been appointed by a long series of Deeds of Appointment and/or Retirement since 1879. There is no provision as to the length of service or requirement for re-appointment after a specified period of time.

All Trustees give their time freely and no remuneration was paid to any of them during the year. Trustees are required to disclose all relevant interests and to register them with the Clerk. The Trustees are also required to give details of any interest that may relate to an agenda item in which event if there is a conflict or perceived conflict of interest, they will withdraw from the meeting.

Appointment of Trustees

The Board of Trustees have a wide range of professional and commercial experience including agriculture, charitable bodies, church architecture, estate management, social work, care for the elderly, and accountancy. The Charity seeks to appoint Trustees who have skills and expertise which are relevant to the areas in which the Charity operates.

At the time of appointment, new Trustees are provided with an induction pack within which are notes setting out the history and background of the charity including its original objectives, current policies and copies of Board and Committee minutes for the preceding twelve months or longer period if necessary. Prior to formal appointment, potential new Trustees who have been interviewed and accepted the role in principle are provided with the opportunity to have some one-to-one discussion with the Clerk and Agent and with the Chairman. In addition they are invested in a guest and confidential capacity to the Board meeting prior to the date of their intended appointment to gain first-hand experience of the Board and its workings.

LASLETT'S (HINTON) CHARITY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Organisational structure

The Board of Trustees meets on a regular quarterly basis at the boardroom in Laslett's Almshouses, Union Street, Worcester. However, during the period of the pandemic as from March 2020, given the restricted space at Laslett's all meetings have been held remotely via Zoom and hosted by the Clerk or held in larger premises close by or, in the case of the July quarter meeting when inspections of farm properties can also take place, at Elmley Castle Village Hall. With the input of their Agent, Clerk and Investment Advisor by way of written reports and/or attendance at the meetings, they initiate, review and adopt policies which further the objects of the Charity as set out in the Trust Deed and ensure compliance with current legislation and recommended good practice. The Trustees are also responsible for setting the remuneration levels of staff appointed by the charity.

To enable the more expeditious conduct of business the Trustees have created three Committees which may examine relevant issues in more detail and which may make recommendations to the Trustees to make a formal decision.

The Grants Committee which meets on a regular quarterly basis is given the duty of giving detailed consideration to all grant applications received and to recommend approval or rejection to the Board of Trustees. It does not have delegated power to make a final decision. Applications for grants are submitted to the Clerk prior to their submission to the Grants Committee. The form on which applications are submitted is designed to provide the Trustees with the data they require to make informed decisions.

The Finance and Investment Committee meets quarterly with one of those meetings being attended by the Charity's investment managers when the overall direction and performance of the investments can be reviewed and heed given to emerging trends. The Committee receives and reviews management accounts throughout the year and approves those for the year-end in readiness for audit. The Committee also has responsibility for producing a budget for the forthcoming year within which it endeavours to maximise the amount available for grant awards.

The Property and Agriculture Committee meets on an ad hoc basis to consider issues relating to the management of the Charity’s assets (primarily farms and landholdings) where decisions of a significant nature are required to be taken and which the Agent feels would benefit from closer scrutiny. A full recommendation can then be made to the Board.

The Agent to the Charity is Mr Adrian Robinson of ARC Chartered Surveyors Limited, The Estate Office, Madresfield, Malvern WR13 5AH whose duties and responsibilities include the following:

The Clerk to the Charity is Mr Stephen Inman whose duties and responsibilities include the following:

Related charities

The Charity has a close relationship with Laslett's (Almshouse) Charity and its professional advisers, as well as its Trustees, being the same. Both Charities have a common benefactor and founding philosophy.

The main object of Laslett's (Almshouse) Charity is to manage the almshouses situated at Union Street Worcester for its residents.

LASLETT'S (HINTON) CHARITY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Trustees are required to declare any specific interest before any discussion relating to grants or any other matters discussed either at the Trustees' meetings or at the Grants and Investment Committee meetings. There have been no declared conflicts of interest in the year of account.

On behalf of the Board of Trustees

Mr J V Panter

Chairman Dated: 26 April 2022

Mr D B Dale Trustee Dated: 26 April 2022

LASLETT'S (HINTON) CHARITY

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2021

The Trustees are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that year.

In preparing these accounts, the Trustees are required to:

The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

LASLETT'S (HINTON) CHARITY

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF LASLETT'S (HINTON) CHARITY

Opinion

We have audited the financial statements of Laslett's (Hinton) Charity (the ‘Charity’) for the year ended 31 December 2021 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

LASLETT'S (HINTON) CHARITY

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF LASLETT'S (HINTON) CHARITY

Responsibilities of Trustees

As explained more fully in the statement of Trustees' responsibilities, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Audit responses to risks identified

It should be noted that Auditing standards limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

LASLETT'S (HINTON) CHARITY

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF LASLETT'S (HINTON) CHARITY

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with section 391 of the Companies Act 2014. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Sarah Morley ACA (Senior Statutory Auditor) for and on behalf of Kendall Wadley LLP 26 April 2022

Chartered Accountants Statutory Auditor Merevale House 27 Sansome Walk Worcester WR1 1NU

Kendall Wadley LLP is eligible for appointment as auditor of the Charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

LASLETT'S (HINTON) CHARITY

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021

Current financial year
Unrestricted
Designated Endowment
funds
funds
funds
2021
2021
2021
Notes
£
£
£
Income and endowments from:
Charitable activities
3
432,129
-
-
Investments
4
23,093
-
-
Other income
5
-
-
269,419
Total income and endowments
455,222
-
269,419
Expenditure on:
Raising funds
6
-
-
-
Charitable activities
7
473,688
-
-
Total resources expended
473,688
-
-
Net incoming resources before investment
movements
(18,466)
-
269,419
Net gains/(losses) on investments
12
53,909
-
35,763
Net incoming resources before
transfers
35,443
-
305,182
Gross transfers between funds
13
(184,143)
184,143
-
Net (outgoing)/incoming resources
(148,700)
184,143
305,182
Other recognised gains and losses
Revaluation of tangible fixed assets
-
-
1,909,487
Net movement in funds
(148,700)
184,143
2,214,669
Fund balances at 1 January 2021
640,338
406,420
17,492,761
Fund balances at 31 December
2021
491,638
590,563
19,707,430		 Total
2021
£
432,129
23,093
269,419
724,641
-
473,688
473,688
250,953
89,672
340,625
-
340,625
1,909,487
2,250,112
18,539,519
20,789,631		 Total
2020
£
412,358
15,486
232,089
659,933
1,375
349,618
350,993
308,940
54,518
363,458
-
363,458
(16,716)
346,742
18,192,777
18,539,519

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

LASLETT'S (HINTON) CHARITY

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Prior financial year

Unrestricted
Designated Endowment
funds
funds
funds
2020
2020
2020
Notes
£
£
£
Income and endowments from:
Charitable activities
3
412,358
-
-
Investments
4
15,486
-
-
Other income
5
-
-
232,089
Total income and endowments
427,844
-
232,089
Expenditure on:
Raising funds
6
1,375
-
-
Charitable activities
7
349,618
-
-
Total resources expended
350,993
-
-
Net incoming resources before investment movements
76,851
-
232,089
Net gains/(losses) on investments
12
40,618
-
13,900
Net incoming resources before transfers
117,469
-
245,989
Gross transfers between funds
13
(28,310)
28,310
-
Net (outgoing)/incoming resources
89,159
28,310
245,989
Other recognised gains and losses
Revaluation of tangible fixed assets
-
-
(16,716)
Net movement in funds
89,159
28,310
229,273
Fund balances at 1 January 2020
551,179
378,110
17,263,488
Fund balances at 31 December 2020
640,338
406,420
17,492,761		 Total
2020
£
412,358
15,486
232,089
659,933
1,375
349,618
350,993
308,940
54,518
363,458
-
363,458
(16,716)
346,742
18,192,777
18,539,519

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

LASLETT'S (HINTON) CHARITY

BALANCE SHEET

AS AT 31 DECEMBER 2021

Notes
Fixed assets
Tangible assets
14
Investments
15
Current assets
Debtors
16
Investments
17
Cash at bank and in hand
Creditors: amounts falling due within
one year
18
Net current assets
Total assets less current liabilities
Capital funds
Endowment funds
20
Income funds
Unrestricted funds
Designated funds
21
General unrestricted funds		 2021
£
£
17,635,075
974,248
18,609,323
54,851
-
2,488,310
2,543,161
(362,853)
2,180,308
20,789,631
19,707,430
590,563
491,638
1,082,201
20,789,631		 2020
£
£
16,427,420
884,576
17,311,996
355,573
385,145
692,005
1,432,723
(205,200)
1,227,523
18,539,519
17,492,761
406,420
640,338
1,046,758
18,539,519		 2020
£
£
16,427,420
884,576
17,311,996
355,573
385,145
692,005
1,432,723
(205,200)
1,227,523
18,539,519
17,492,761
406,420
640,338
1,046,758
18,539,519
17,311,996
1,227,523
18,539,519
17,492,761
1,046,758
18,539,519

The accounts were approved by the Trustees on 26 April 2022

Mr D B Dale Mr J V Panter
Trustee Trustee

LASLETT'S (HINTON) CHARITY

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2021

Notes
Cash flows from operating activities
Cash generated from operations
24
Investing activities
Purchase of tangible fixed assets
Proceeds on disposal of tangible fixed
assets
Purchase of investments
Proceeds on disposal of investments
Interest received
Net cash generated from investing
activities
Net cash used in financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2021
£
£
801,961
(24,513)
995,764
-
-
23,093
994,344
-
1,796,305
692,005
2,488,310		 2020
£
£
72,370
(352,706)
532,434
(729,307)
603,604
15,486
69,511
-
141,881
550,124
692,005		 2020
£
£
72,370
(352,706)
532,434
(729,307)
603,604
15,486
69,511
-
141,881
550,124
692,005
141,881
550,124
692,005

LASLETT'S (HINTON) CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

1 Accounting policies

Charity information

Laslett's (Hinton) Charity was established by William Laslett, a Worcester major, civic dignitary and philantropist. It is governed by its Trust Deed and Conveyance dated 17 January 1879. Its registered address is Kateryn Heywood House, Berkeley Court, The Foregate, Worcester, WR1 3QG.

1.1 Accounting convention

The accounts have been prepared in accordance with the Charity's Trust Deed, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2019). The Charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

The accounts have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Designated funds are to be maintained, if possible, at a level adequate to cover major future liabilities where both the timing and quantum cannot be accurately ascertained.

Endowment funds represent those assets which must be held permanently by the Charity, principally property and investments.

1.4 Incoming resources

Income from investments and property is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

LASLETT'S (HINTON) CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

1 Accounting policies

(Continued)

1.5 Resources expended

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required 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 total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to 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 resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Resources expended are included in the Statement of Financial Activities on an accruals basis, inclusive of any VAT which cannot be recovered.

Governance costs are the costs associated with the running of the charity and are wholly attributable to the charitable activities undertaken.

1.6 Tangible fixed assets

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

Revaluation gains and losses are recognised in other recognised gains and losses and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in net income/ (expenditure) or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and loss are recognised in net income/(expenditure) for the year.

The Statement of Recommended Practice (FRS 102) requires 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 at the end of the estimated useful life of the property is not likely materially to differ from its cost, or re-valued amount (reviewed annually). Therefore, any element of depreciation is considered to be immaterial and no provision is made, movements in valuation are taken to the Statement of Financial Activities as determined.

The gain or loss 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 of financial activities.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8 Impairment of fixed assets

At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

LASLETT'S (HINTON) CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

1 Accounting policies

(Continued)

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in income/ (expenditure) for the year, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

1.10 Financial instruments

The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

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 if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.

LASLETT'S (HINTON) CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

2 Critical accounting estimates and judgements

In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Charitable activities

Charitable activities
Unrestricted Unrestricted
funds funds
general general
2021 2020
£ £
Charitable rental income 430,690 411,283
Wayleave 1,439 1,075
432,129 412,358

4 Investments

Investments
Unrestricted Unrestricted
funds funds
general general
2021 2020
£ £
Income from listed investments 22,864 13,877
Interest receivable 229 1,609
23,093 15,486
5 Other income
Endowment Endowment
funds funds
2021 2020
£ £
Net gain on disposal of tangible fixed assets 269,419 232,089

LASLETT'S (HINTON) CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

6 Raising funds

Property expenditure
Other trading activities		 Total
Unrestricted
funds
2021
2020
£
£
-
1,375
-
1,375		 Total
Unrestricted
funds
2021
2020
£
£
-
1,375
-
1,375
1,375

7 Charitable activities

Refurbishment costs
Mill House
Other costs
Insurance
Repairs and renovations
Rates
Professional fees
Grants to other charities
Share of support costs (see note 10)
Share of governance costs (see note 10)
Analysis by fund
Unrestricted funds
For the year ended 31 December 2020
Unrestricted funds		 Grants
payable
Property
Expenditure
£
£
-
7,102
-
7,102
-
15,288
-
66,542
-
7,801
-
19,324
289,060
-
-
66,971
-
1,600
289,060
184,628
289,060
184,628
289,060
184,628
204,298
145,320
204,298
145,320		 Total
2021
£
7,102
7,102
15,288
66,542
7,801
19,324
289,060
66,971
1,600
473,688
473,688
473,688		 Total
2020
£
-
-
15,466
51,607
7,318
8,971
204,298
60,358
1,600
349,618
349,618
349,618

LASLETT'S (HINTON) CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

8 Grants payable

Grants to institutions:
Rector of Hinton
Other Charities		 2021
£
1,200
287,860
289,060		 2020
£
1,100
203,198
204,298

9 Trustees

None of the Trustees (or any persons connected with them) received any remuneration during the year nor were any expenses re-imbursed.

During the year the Charity has again taken out insurance for Trustees' and individual liability, employment practices liability and professional and legal liability in each instance to a limit of £1 million.

10 Support costs

Agent's management fees
Clerk's fees
Expenses
Sundry expenses
Accountancy
Accountancy - agent
Audit fees
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
53,077
-
4,515
-
225
-
4,560
-
1,280
-
3,314
-
-
1,600
66,971
1,600
66,971
1,600		 2021
£
53,077
4,515
225
4,560
1,280
3,314
1,600
68,571
68,571		 2020 Basis of allocation
£
47,280 Charitable activities
4,228 Charitable activities
1,289 Charitable activities
2,864 Charitable activities
1,520 Charitable activities
3,177 Charitable activities
1,600 Governance
61,958
61,958

Governance costs includes payment to the auditors of £1,600 (2020 £1,600) for audit fees.

11 Employees

The average monthly number of employees during the year was:

2021 2020
Number Number
Total - -

Included in clerks fees is remuneration recharged from Laslett's (Almshouse) Charity of £4,515 (2020 - £4,228) in respect of this appointment.

LASLETT'S (HINTON) CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

11 Employees

(Continued)

There were no employees whose annual remuneration was more than £60,000.

12 Net gains/(losses) on investments

Unrestricted Endowment
funds
funds
general
£
£
Revaluation of investments
53,909
35,763
Gain/(loss) on sale of investments
-
-
53,909
35,763
For the year ended 31
December 2020
40,618
13,900		 Total
2021
£
89,672
-
89,672		 Total
2020
£
53,882
636
54,518
54,518

13 Transfers

Transfers have been made between the unrestricted and designated funds to cover the costs of refurbishment projects and present/future grant commitments.

14 Tangible fixed assets

Tenanted
farms and land
£
Cost or valuation
At 1 January 2021
12,533,995
Additions
24,513
Disposals
(726,345)
Revaluation
1,306,487
Transfer of assets
(1,025,000)
At 31 December 2021
12,113,650
Carrying amount
At 31 December 2021
12,113,650
At 31 December 2020
12,533,995		 Tenanted
cottages and
residential
property
Woodlands
and other land
Development
sites
£
£
£
3,517,000
376,425
-
-
-
-
-
-
-
603,000
-
-
100,000
(250,000)
1,175,000
4,220,000
126,425
1,175,000
4,220,000
126,425
1,175,000
3,517,000
376,425
-		 Total
£
16,427,420
24,513
(726,345)
1,909,487
-
17,635,075
17,635,075
16,427,420

LASLETT'S (HINTON) CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

14 Tangible fixed assets

(Continued)

Land and buildings with a carrying amount of £17,635,075 were revalued at 31 December 2021 by ARC Chartered Surveyors, independent valuers, on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

15 Fixed asset investments

Listed
investments
£
Cost or valuation
At 1 January 2021 884,576
Valuation changes 89,672
At 31 December 2021 974,248
Carrying amount
At 31 December 2021 974,248
At 31 December 2020 884,576

16 Debtors: amounts falling due within one year

16
Debtors: amounts falling due within one year
Trade debtors
Other debtors
Prepayments and accrued income
17
Current asset investments
Term deposits		 2021
£
49,918
-
4,933
54,851
2021
£
-		 2020
£
45,353
305,000
5,220
355,573
2020
£
385,145

LASLETT'S (HINTON) CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

18
Creditors: amounts falling due within one year
Notes
Other taxation and social security
Deferred income
19
Other creditors
Accruals and deferred income
19
Deferred income
Arising from rents paid in advance		 2021
£
71,618
23,816
250,834
16,585
362,853
2021
£
23,816		 2020
£
15,221
24,311
158,172
7,496
205,200
2020
£
24,311

All the above relate to the following period and are released in full.

Balance at 31 December 2021 £ 19,707,430 19,707,430
Fixed asset investment gains/(losses) £ 35,763 35,763
Endowment funds The endowed funds represent those assets which must be held permanently by the Charity, principally investments and property. Movement in funds Balance at
Incoming
Revaluation on
Fixed asset
Balance at
Incoming
Revaluation on		 1 January 2020
resources
tangible fixed
investment
1 January 2021
resources
tangible fixed		 assets
gains/(losses)
assets		 £
£
£
£
£
£
£		 Permanent endowments Endowed funds
17,263,488
232,089
(16,716)
13,900
17,492,761
269,419
1,909,487		 17,263,488
232,089
(16,716)
13,900
17,492,761
269,419
1,909,487
20

LASLETT'S (HINTON) CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

21 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the Trustees for specific purposes:

Balance at
1 January 2020
£
Refurbishment fund
100,000
Designated grants fund
278,110
378,110		 Movement
in funds
Transfers
Balance at
1 January 2021
Incoming
resources
Balance at
31 December
2021
£
£
£
£
-
100,000
110,000
210,000
28,310
306,420
74,143
380,563
28,310
406,420
184,143
590,563		 Movement
in funds
Transfers
Balance at
1 January 2021
Incoming
resources
Balance at
31 December
2021
£
£
£
£
-
100,000
110,000
210,000
28,310
306,420
74,143
380,563
28,310
406,420
184,143
590,563
590,563

The purpose of the refurbishment fund is to finance essential expenditure on property owned by the Charity.

The designated grants fund is to finance grants awarded in the year which are yet to be claimed and to also provide for future grant awards.

Analysis of net assets between funds Unrestricted
Designated
Endowment
Total
Unrestricted
Designated
Endowment
Total		 Funds
Funds
Funds
Funds
Funds
Funds		 2021
2021
2021
2021
2020
2020
2020
2020		 £
£
£
£
£
£
£
£		 Fund balances at 31 December 2021 are represented by: Tangible assets
-
-
17,635,075
17,635,075
-
-
16,427,420
16,427,420		 Investments
506,350
100,000
367,898
974,248
167,296
100,000
617,280
884,576		 Current assets/(liabilities)
(14,712)
490,563
1,704,457
2,180,308
473,042
306,420
448,061
1,227,523		 491,638
590,563
19,707,430
20,789,631
640,338
406,420
17,492,761
18,539,519		 Included in unrestricted funds are unrealised gains in investments for the year of £53,909 (2020 - Gain £40,618). Included in endowment funds are unrealised gains in investments for the year of £35,763 (2020 - Gain £13,900) and unrealised gains/(loss) on tangible fixed assets of £1,909,487 (2020 loss - £16,716). £1,909,487 (2020 loss - £16,716).
22

LASLETT'S (HINTON) CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

23 Related party transactions

Laslett's (Hinton) Charity is related to Laslett's (Almshouse) Charity due to the charities having common Trustees. Laslett's (Almshouse) charged remuneration for the year amounting to £4,515 (2020 £4,228). At the year end there was £nil (2020 £nil) due to Laslett's (Almshouse) Charity.

Laslett's (Hinton) Charity is related to Worcester Consolidated Municipal Charity due to the two charities having Mrs M Jones as a common trustee. During the year costs of £4,114 (2020 £4,621) were charged to Laslett's (Hinton) Charity in relation to professional charges and disbursement. At the year end Laslett's (Hinton) Charity owed £1,235 (2020 £1,154) to Worcester Consolidated Municipal Charity.

Lalsett's (Hinton) Charity is related to the Armchair Charity due to the two charities having in common Mrs M Jones as a trustee. During the year grants were awarded to the Armchair Charity totalling £nil (2020 £3,000). At the year end £nil (2020 £3,000) was due to the Armchair Charity.

24
Cash generated from operations
2021
£
Surplus for the year
2,250,112
Adjustments for:
Investment income recognised in profit or loss
(23,093)
Gain on disposal of tangible fixed assets
(269,419)
Gain on disposal of investments
-
Fair value gains and losses on tangible fixed assets
(1,909,487)
Fair value gains and losses on investments
(89,672)
Movements in working capital:
Decrease/(increase) in debtors
300,722
Increase in creditors
158,148
Decrease in current investments
385,145
(Decrease)/increase in deferred income
(495)
Cash generated from operations
801,961		 2020
£
346,742
(15,486)
(232,089)
(636)
16,716
(53,882)
(306,720)
19,008
298,605
112
72,370

25 Analysis of changes in net funds

The Charity had no debt during the year.