Charlty rogl$tration number 233696 LASLETT'S (HINTON) CHARITY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
LASLETT'S (HINTON) CHARITY LEGAL AND ADMINISTRATIVE INFORMATION Trusts Mr C R Anstey Mrs L C Baxter Mr T J Bridge5 MrDBDale Mr P W Hughe5 Mrs A T King Mrs G T Newman Mi J V Panter Mrs LA Prèèce Mrs N J Rogers Mr M J Tarver Mrs K M Vincent (Appointed 1 April 20231 (Retired 31 January 2023) Chairnian Mr J V Panttsr Finance & Investment Committee Mr C R Anstey Mrs L C Baxter Mr080ale Mr P W Hughe$ Mr J V Panter Mrs L A Preece Mr M J Tarv81 (Retired 31 January 2023} Grants Commltt•• Mr C R Anstey Mrs L C Baxter Mr T J Bridges Mrs G T Newrnan Mrs LA Preece Mrs K M Vincent Property & Ayricultural Committee Mr C R Anstey MrDBDale Mi P W Hughes Mr J V Pant8r Mrs N J Rogers Mr M J Tarver (Retired 31 January 20231 Each Committee meeting is attendod by the Clerk andlor the Agent as appropriate.
LASLETT'S (HINTON) CHARITY LEGAL AND ADMINISTRATIVE INFORMATION Clerk to thè TruBtees Mi S P Inman Kateryn Heywood House Berkeley Court The Foregate Worcestei WR13QG Agent to the Trustees MrA L Robinson MRICS ARC Surveyors Limited The Cedar Offioe 5 Thackholme Vvorcesler WR4 ORZ Charity Number 233696 Registered Officè Kaleryn Heywood House Berkeley Court The Foiegale Worcestèr WR13QG Auditor Kendall Wadley LLP Merevale House 27 Sansorne Walk Worcester WR1 1NU Bankèrs Lloyds Bank PIC 4 Thè Cross Worcester WR13PL Investment Advisors Quilter Cheviot Inve$lFnenl Management Senator House 85 Queen Victoria Street London EC4V 4AB By a Resolution passed at a duly consliluled meeting of the Trustees of Laslelt's (Hinlonl Charity on the 30th day ol October 1962 there was conferred upon any three or more of the Trustèes the power to execute Deeds or instruments in the names ol the Trustees in accordance with the provisions of Section 34 of the Charities Act 1960.
LASLETT'S (HINTON) CHARITY CONTENTS Page Trustees, report Statement of Trustees, responsibilities 11 Independent auditor's port 12-14 Sta16ment of finan¢ial activitiès 15- 16 Balance sheet 17 Slalemenl of cash flows 18 Notes lo the financial slalemenls 19-31
LASLETT'S (HINTON) CHARITY TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The TfUSlees present IheiT report and accounts for the year ended 31 Oecernber 2023. The accounts have been prepared in accordance with the accounting poliaes set out in note 1 and comply with the Charity's Trust Deed. the Charities Act 2011 and 'Accounling and Reporting by Charities.. Statement ol Recommended Practice applicable to charities preparing their accounts in aceordance with the Financial Reporting Standard applicable in the UK and Rèpublic of Ireland IFRS 1021. las amendèd foi accounting periods commencing from 1 January 20191 Rèfèrène• and admlnlstrative details Rèference and administrative details are prowded on the pages preceding this report. Details of the Trusl8e$ serving during the year are given below in the structure. govemance and rnanagemenl section. Objectives and activities Objective5 The Charitab purposes of the Charity are sel out in the 1879 Trust Deed and the Tru51ees consider that the following (quoting from the deed) are the most relevant'.- assisting in the repair, resloralion. rebuilding or refitting ol any Churches and Chapels connected with th& Established Church ol England., assisting poor, 3ged 01 Infirm persons in such a mannèr as the Trustees rnay think fit., providing and mainlainillg Almshouses or other home5 lor aged poor men or women either in cortjunclion with or separate frotn and in addition to the Almshouses in the City of Worcester already established and endowed by the said Wlliarn Lasletl and making allowanoe5 to the inmates ol any of the said Almshouse5 and other homes so as lo be provided and maintained or already established and endowed aforesaid foi their maintenance and clothing. The Charity carries out these objectives piimarily by.. prowding grants to ehurches notably in relation to thè ropair and upkeep of the fabric but also lo their overall irnpiovemenl by the oreation of additional facilities", pioviding grants lo charitable organisalions which have as their key priority the health and welfare of persons in need.. and., acting in conjunction with and providing finanaal assistance il and when qUired lo the La51etl's Almshouse Charity. Public benèllt The Trusle8s havè paid due regard to guidance issued by the Charity Commission in deciding what adiwties the Charity should undertake. The benefit derived Iiom grants awarded is 6vidènl from.. a. the improvernent of Church structures enabling them lo continue to provide a place of worship lor the local comfflunity and in turn for the church as a body to prowde support to local groups largely of a volunteer kind. Some 32 churches were offered grant provision during the course 012023. The payment Is then dependent on the work proceeding and is available Ic> be claimed for a period of years as from the date of the awawd. This may be extended with discretion". b. the ability of a variety of charitable organisalions to maintain their presence and viability and provide help and support whether of a financial. social. medical or advisory kind to tTTretnbers of the public who rely on such acts ol generosity. Some 25 organisalions (including the 18 referred lo elsewhere in this report with longer term ILJndingl were the beneficiane5 of such grants during the coursè 012023.. c. th& knowledge that the residen15 of the Almshouses can be a55uied ol continued housin9 provision in a pleasant and safe environment.
LASLETT'S (HINTON) CHARITY TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Activities The main activities for the charity relat& first lo thè management of the farms and resid8nlial properties and Ihe liai50n Wlth their respective tenants and thèn secondly lo the distribution of any surplus in the form of grant funding. These land and property holdings are looaled prirllaiily in and around the village ol Hinton on the Green near Evesham though during the course ol the last couple of years the decision has been taken a5 Part ol the pioperty portfolio review lo acquire residential properties on the southern and Souteaster outskirts of Worcester due lo the buoyant housing market there. These assets along with a porilolio ol investments ale managed with a view to securing a consistent revenue 51ream which can be ulilised towards the provision of 9ranls. The management of the residential properties Include5 their improvement and renewal and having plan5 in pla for repair and maintenance works to be carried out. With the financial surplus generated from the pwoperty rentals, the piovision and administration of gran15 is an important resultin9 activity. Aehièvements and perfomiance lal Income (Renlsl During the course ol the year the level of incorne from farming and residential tenants remained good with ren15 being paid broadly on time. Thi5 ha5 been oorllmendable given the ever present economic uncertainties in the farming industry and the budget pie55ure5 for residential tenants. The level of long teiw rent arrears has remained at £0. This allowed the chaiity to con501idale ils balance sheet and to contemplate with greater certainty how future surpluses could be channe51ed towards its charitable objectives namely grant provision. In addition to ensuring a salislactory rental inwme from farm tenants, the Agent worked with them lo mainta and enhance their farming practices particularly in relation lo the upkeep of the main farmhouses bul importantly other anallary buildings and facilities. The charity has continued to review its asset base, in order lo identify potential opportunities. During 2022, the Charity sought lo realise capital value by Submitting a Class Q Permitted Development 8pplicalion lor the conversion of a redundant modern agiicultuial building lo residential use. The application lo collvert the building into five residential units was sueeesslul. Following further consideration and planning advice. the Trustees resolved lo enhance the potential capital receipt further by submitting a subsequent application for derrolilion ol the redundant building and replacement with five new build dwellings. The Class Q approval would remain as a fallback position. Whilsl discussions have proved lo be extremely protracted with the Local Authority largely in rdation lo the proposed external design of the proposed new dwellings the oullook towards the end 012023 appeared posltive. A Class Q Permitted Development application for the conversion of another range of modern buildings at another of the Charity's faims was submitted in 2023. Approval was secured lor the creation 015 residential Ljnils in two agii¢ullural buildings. Again to optimise the likely capital receipt the Trustees intend to apply lor permission to demolish and replace with 5 new build dwellings. In terms of its agricultural holdings . the Charity continued with its collaborative investment policy with thè current oceupiers of Grev111e Hall Farm. As envisaged previously, it was pleasing that with rnatch funding from other grant funder5 and a oonlribulion by the tenants themselves, Laslett's unconditional grant towards the cost of upgrading the extensive yard concreting ensure the project was suc¢6ssfully completed. The Charity continues lo look to implement the long-term disposal strategy agreed some years ago involving further properties that were considered unsuitable lor producing a long-term and stjslainable nel income stream. However, no further disposals weie made in 2023 other than two ancillary strips of land adjacent to privately owned pioperties lo those owners. There were also no acquisitions ol land tsr buildings within its estate.
LASLETT'S (HINTON) CHARITY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Ibl Grants A reading of the original trust deed and interpreting that into thè modern era suggests that grant awards can be made in Iwo specific areas. First, by giving sUPPOrt lo the work of the Church ol England mainly within the historic wOrster Dioeese (but also lo adjoining dioceses notably He10rd, Glouce51er and Lichfield as well as 8irmingham and Covenlryl by contributing towards the cost of church fabric repairs and improvements lo facilities for the congregation. Secondly, to support a whole variety of organisations who themselves can demonslrale charitable objectives in the provision of financial. social, educational, health and welfare assistance lo those members of the (x)mmunily who 8fe unable econornically 01 physically to do so Ihèmselve5. Grants arè not made to individuals dirèct. In administering the grants. the Iruslees rely on the grant policy they adopted in Janu8ry 2018 and subject to rninor revision in October 2020 and again in October 2023. Thi5 set5 out the criteria to be considered when m8king a decisionas to whelhei or not lo award a grant and if so in what sum. In exercising their discretion under the policy the tiustees are aided in this process by a scoresheet which they may ulilise to help them to refine an initial judgemént. Although grants are generally made in response to one-off applications from rhanlable organisalions, the Trustees felt that Iwo such organisalions based in Worcester but a150 operating within the county should be grant aided over a longer peiiod of lime and lo an enhanced degree compared with others. One such organisation that was based in Worcester bul which operated throughout Worcestershire and further afield was Youth Support Services IYSSI. This group was wèll established and had a particular focus on providing support lor the rehabililalion ol offenders following completion of their custodial sentence. Laslett's has supported YSS with grants since June 2015.. ils Present stream tsf funding was renewed in 2021 for a further period of three years. A further organisation that the Trustees felt should be given longer teim support was the Worcester Citizen's Advice Bureau. This organisation has beèn well established in Worcester. Laslelt's has supportèd the CAB with grants lo fund an Advi and Housing Support Worker Sin April 2017", the present stream ol funding was renewed in 2021 lor a ftjrther period ol Ihiee year5. During 2020 given the success appertaining to the YSS and CAB granls noted above, the trustees extended the concept of providing certain other charities with lon9er lerrr funding up to a m8ximum of 3 years. Chaiilies which had received giant funding from Laslett's in at least two ol the prewous three years We invited to submit applications with supporting documentation and lo 8ttend formal interviews. As a result some nine local charitable organisations were successful which provided them with the benefit of having the certainty of funding lor that longer period and avoided the necessity of 5ubrnilling new applications each year. This provided some reduction in the adminislralive process lor both the charilies concerned and Laslell's. The total awarded for the calendar year 2023 under this heading amovnled lo £38.500. During 2021 in view of the success of providing longèr leim funding lo speeific charities as above, the scheme was expanded. Again charities which had received grant funding from Lasltstl's in 31 least two of the provious three years weie invited lo submit applications and attend for interview. As a resLJIt, a further six local charitable organisalions weie successful. The total awarded foi thè calendar year 2023 under thi5 heading amounted 19 £25.020. There were no futher charities added lo this category during 2022. During 2023 thè scheme was further expanded in the same manner as before lo two other local charities with grants amounting lo £11.000.
LASLETT'S (HINTON) CHARITY TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Throughout 2023 the Grants Committee worked lo a budget of £250.000 for awarding grants. Of that figure £93.750 was allocated to churches within the six defined dioceses and lor the purposes as referred to above and the balance of £1 $6,250 lor charitable organisalions again as defined above and coming within the overall grants policy provision. In awarding grants, commitments weie made for longer temi funding again in a¢¢ordance with the paragraph5 sel out above tts the value of £72,000 p8yable in future years. A combination of grants awarded which were payable this year plus grants awarded bul payable in fvture years amounted lo £248.678. Adding the separate grant awarded to the In¢umbenl of the Parish of £1200, leads to the riguie shown in the accoun15 of £249,878. Grants. mainly lo chuiches rnay be rescinded if the work has been cornpleled wilhoul recourse to the grant or the church has been unable lo proceed with the intended work8. A period of two years plus a discretionary provision lor extension is allowed lor such works to be completed. Financial review During 2023 the income for the Charity was £581,922 and the expenditure lincluding grants) was £4ts9.514. th gains in the value of investments of £128.000 and 3n upward revaluation of properties of £890.000. the overall value ol the charity increased by £1,190,408 from £21,550.779 to £22,741,187. Following théir appoinlTnenl Quilter Cheviot drafted a frèsh stslemenl of investment policy which was approved by the Trustees. Although il wa5 reviewed in 2023, no changes weTe made lo it. The key features of this ar&., Investment objective - Longer-term a$5els (reserves and endowmenll will be invested with the aim of at least maintaining the value or purchasing power in real terms li.e. against inflation). b. Total relum largel- The total return target for the investment portfolios has been set at inflal'on ICPII plus 3.5°/v p.a. nel of fees. c. Income ¥equirement- Income target has been set at a minimum of 3OA per annum. d. rime Horiion The limts horizon for the investment portftslio is considered lo be long term li.e. more than five years).
LASLETT'S (HINTON) CHARITY TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 RèseNe$ policy The total resetve5 of the charity are as shown on the Slalement of Financial Activities. Thèy ¢omFXi5e Iwo principal headings, lal the capital fund. which rèpresents permanent endowed asset5 and is hence reStted in the nature of its application". and., Ibl the income funds, which are less restricted in their application and contain two component parts - first. the desigrialed fund lo be ulilised for lal relurbishmenl of properties, and. Ibl grants and secondly the general Iijnd which the trustee5 can utilise within their overall discietion. The endowed fund is represented mainly by the value of freehold land and buildings together with some financial investmefj15 and any cash arising on pioperty disposals held on a temporary basis that will be ulili88d to acquire further properties. The position is summarised within figures taken from thè balance sheet as follows.. D¢scription 2022 GainllLossl 2023 Endowed Fund £20,403,865 £990.fj38 £21,394.503 Designated (Relurbishmenll Fund Designated (Granlsl Fund £296.000 £333.557 £0 £103,458 £296,000 £437,015 General IUnrestri¢tèdl Fund £517,357 £96,312 £613,669 Total £21,550,779 £1.190.408 £22,741,187 The Designated Fund ¢ompri5es iwo elements- one for refurbishment of propertie5 and one for futu payment of grants. Refurbishment. The Trustees look the dècision some while ago that 9ivén the nature, age and use ol the various properties in their ownership it was pnjdenl to have a healthy IL4nd available for any nece55ary refwbishrllents particulady in Tespect ol works whieh ale beyond the usual liability of their agricultural and residential tenants. This stands al £296.000. Grants. Although discretiollary in 115 nature. the provision of grant funding to charitie5 and churches is one that th& Trustees wish lo maintain on a regular basis and enhance if possible. Consequently they have detertnined that Il 1$ important that there Should also be set aside In advan 8n arnount equivalent lo the anticipated budget for grant provision lor the ellsuing year. That figure foi 2024 is £250.000. Allowing as well for grants awarded but not yet paid (largely appliealion5 from churches for repair and upgrade projects where funding needs to be assembled first) the fund now stands al £437,015. The General Fund increased in 2023 by £96,312 and now stands al £613.669. The Trustees have aimed to retain a lèvel of unreslricled reserves equivalent lo the running costs of the Charity for a period of at least one year. In 2[123 those running costs amounted lo £409,514. The Trusteès determined. therefore. that the reserves were sufficient.
LASLETT'S (HINTON) CHARITY TRUSTEES. REPORT (CONTINUED> FOR THE YEAR ENDED 31 DECEMBER 2023 Investment Powers The Trustees, Stock Exchange investments are either equities or govemmenl stock5. The Trustees regularfy consult with their investment adviser and take due regard ol any reeommendalions and investments made. The Trustees will invest the funds in accordanc& with thè Trustee Act 2000. Within the Act the Trustees.. shall Èxer¢ise such power wrth the ¢are that a piudent person of business would in making investments for a person ftir whom they moially obliged lo provide.. shall not rrake any speculative or hazardous investment land for avoidanee ol doubl this powèr to invest does not extend lo laying out money on the acquisition of futures and or trading Optionsl", • shall have regard to the need for diversification of investments in the circumstances of the charity and to the suitability of the proposed inveslmenls., there are no ethical or geographical restrictions. Trustees additionally have a duly to review their investments al regular intervals. The Trustees will review the investment poliey at least annually. Th6 Trusteès may Change any part ol the policy at any lime. The Investment Manager must be an aulhorised person who is entitled to carry out investment business under the piovisions of the Financial SeNices Act 1986. The Trustees have delegated the powers of inveslrnent management to Quilter Cheviol. Performance The balance sheet shows that as at 31 Oecember 2023, invÈslmenls amounted to £1.953,150 compared with £1,825,149 as at 31 December 2022, an increase of £128,001. The majority of such monies were invfrsted by Quilter Cheviol in their bespoke Global Income & Growth Fund for Charities", thè balan¢È was held with M&G Charity Mulli Assets Fund. The income derived from inveslrnenls incre8sed during 2023 as compared with the pVIouS year incfeasing from £44,020 10 £110.196. Cash deposits Cash deposits are placed with approved banks with suitable eièdil rating5. The Trustees agreed last the year, having taken advice, lo open an account with Flagstone Investment Mallagement Limited. This enabled the Charity to select and operate deposit accounts with selected financial inslilulions on behalf of the Charity. All such dep05115 were made with banks eovered by the FSCS guarantee scheme. The deposits are made on a variety of terms. Some accounts are instant a¢55. some are Iixed lertn. some are notice accounts ranging from 35 to 95 days, notice. At the end of the term 01 the notice penod the cash can be reinvested in the same or differènt deposit holding. This has substantially raised the level of income cornpared with that when held al the Chaiity's own bank. Cash deposits may also be retained within the charity fund managed by Quilttsr Chewot.
LASLETT'S (HINTON) CHARITY TRUSTEES, REPORT {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 Risk managemènt The Trustees have ctsnsidered the major risks to which they consider the Charity has been exposèd and concluded that these lie in the inherent risks ol prevailing conditions in agriculture and in the r&sidenlial property market and in the stock exchange. The Truslees are well aware ol the economic uncertaintiès both in agriculture and the stock market generally and will lake wha18ver steps they consid&[ necessary after taking profession31 advice to mitigate and redLI those risks. During the cours6 of both 2020 and 2021 the trustees were very mindful ol the thieal posed by the pandemic to the business operatioS of the charity. and In particular to the ability of the farming 3nd residential tenants lo maintain rental payments. The trustees have considered themselves fortullate that again In 2023 and to date such payments have not fallen into arrears and the farming businesses of their tenants appear lo iemain slrong. Risk identification and management are specifically discu55ed at each Trustee Board meeting. An important step was taken duiing the year lo draw up a fresh risk register based on recognised standard formats, identifying risk of a governarice. operational, financial. environmental or repulalional nature. Such risks were apprOprtelY scored by Board rnembers. None were idenlilied as being in the red category but rather all fell within the moderate or low risk category. The 8oard will now review this document on a regular basis each year. The Tiuslees confimi that no serious incident has taken place whi¢h they should have reported to the Charity Commission but have not. Plans for the futurè The Trustees overall objective is to maximise the level ol 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 ol the property portfolio in 2017. the Trustees will continue with the disposal of certain dwelling5 and building plots. Aligned lo those disposals the Trustees will continue their programrne lo invest in alternative Imore modern and energy efficientl properties which can produce a higher rental ieturn from which an increased level ol grants lo churches and charitable or9anisalions 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 so¢ielie5 (including deposi15 held through Flagstone referred lo above) which can pay an attractive rate of interest. In respect of the agricultural land and holdings il remains thè Trustees, overall vièw that there should be no large- scale disposal of the Estate though as and when opportunities present themselves. they would look lo enhance value. During the course of this last year the Trustees having previously made the decision lo convert charity from its urrent legal status of being unincorporated lo that of a Charitable Incorporated Organisalion ICIOI. selected and erTrgaged a firm of well-established solicitors to Carry out the necessary legal work for this lo be achieved. The Clerk has coordinated the necessary procedures and provided the detailed instructions. 11 is hoped this work will be completed dijring the ¢ourse ol the coming year. Structure, governance and management The Charity wa5 established by Williatll Lasletl 11799-18841. a Worcester member of parliament, mayor, civic dignitary and philanthropist. It opeiales under the lemis ol a Trust Deed dated 17 January 1879. Its Registered Chaiity nufflber is 233696.
LASLETT'S (HINTON) CHARITY TRUSTEES, REPORT {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 The TFuslees who served during the year and up lo the date of signature tsf the financjal statements werè". Mr C R Anstey Mrs L C Baxter Mr T J Bridges DBDale Mr P W Hughes Mrs G T Newtn8n Mr J V Panter Mrs LA Preece M15 N J Roger5 Mr M J TaNer Mrs K M Vincent rsA TKing IRe5igned 31 January 2023} (Appointed 1 Apfil 2023} The Trustees ol this Charity also serve as TIu5t8e5 of Laslett's Almshouses and have been appointed by a long series of Deeds of Appointment andlor Reliretnenl since 1879, There is no provision as to the length of service or requirement for re-appointm&nl aftei a specified period of lime. All Trustees give ttteir Iirne freely and no rerlluneration was paid to any ol them during the year. Trustees are required to disclose all relevant interests and lo register them with the Clerk. The Trustees are also required lo give detai15 of any Interest that may relate lo an agenda item in which event il there is a conflict or perceived conflict ol interest. they will withdraw from the rneeting. Appolnfment of Trustees The Board of Trustees have a wide range of professional and ¢orrTnercial experience including agriculture, charitable bodies. church archileclLJre, estate management, soeial work. care for the elderly, and accountancy. The Charity seeks lo appoint Trustees who have skills and èxpertise which are relevant to the areas in which the Charity operates. At the lime of appointment, new Trustees are provided with an induction pack within which are not&s selling out the history and background of the charity including ils original objective5. current policies and eopies of Board and Committee minutes for the preceding twelve months or longer period if necessary. Prior to formal aptx)inlment, potential new Trustees who have béen Interviewed and ac¢epled the role in principle are PTovided with thè opportunity lo have some one-to-one discu5510n with the Cleik and Agent and with the Chairman. In addition they are invested in a guest and conlidenlial capacity to the Board meeting prior to the dale of Iheir irtended 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 2023 Oryanisational structure The Board ol Trkjslees meets on a iegular quarterly basis. Usually the venue lor those meetings is the cornmunily room in Laslett's Almshouses. Union Street, Worcester bul for the July quarterly meeting, it meets al Elmley Castle Village H811 close lo the Hinton Estate properties. With the input of their Agent, Clerk and InveslrrEnt Advisor by way of written reports andlor allendance al the meetinos, they Iniliale, review and adopt policies which further the objects of the Charity as set out in the Trust Deed and ènsuie compliance with current legislation and recommellded good practice. The Trustees are also responsibl& for setting the remuneration levels of staff appointed by thè charity. To enable the more expeditious conduct of business thè Ttuslees have created Ihrtre Commillees whith may examine relevant issues in more detail and which may make recommendations lo the Trustees lo make a formal decision. The Grants Committee which meets on a regulai quarterly basis is given the duty of giving detailed considèration to all grant applications received and to recommend approval or rejection lo the Board of Trustees. 11 does not havè delegated power lo make a final decision. Applications lor grants are submilled lo the Clerk prior to their submission lo the Grants ComTnillee. The form on which applications are subtllitted is designed to provide the Trustees with th& data they require lo tnake 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 b6 revièwed and heed given lo emerging trends. Ttte Comrnitlee receives and reviews management accounts throughout the year and approves those lor the yeai-end in readiness lor audit. The Committee also has respon51bilily for producing budget lor the forthcoming year within which it endeavours to maximi5e the amount available for giant awards. The Property and Agriculture Committee meets on an ad hoc basis to consider issue5 relating to the management ol the Charity's assets (primarily farms and landholdings) where decisions of a si9nilicant nature are required lo be taken and which the Agent feels would benefit fiotn Glosei scrutiny. A lull reoommendation can then be made to the Board. Trustees are required lo declaie any specific interest before any di5cvssion relating to grants or any other matters discussed al either Tru51ees' meetings or al the Grants and Investment Committee tneeling5. There have boen no decjared interests in the year of account. The Agent lo the Charity is Mr Adrian Robinson of ARC Surveyors Limited, The Cedar Office. S Thackholrne, Worcesler, WR4 ORZ whose duties and rèsponsibilities include the following.. Management of the Charity'5 properties induding liaison wrth tenants and licensèès and overseeing rinances., Reporting lo each quarterly meeting of the Trustees All aspects of financial administration including the Charity's needs and cash flow position and the preparation ol quarterly management account5. Advising the Twslees on what funds are available for distribution as grants. The Clerk lo the Charity is Mr Stephen Inman whose duties and responsibilities in¢lude the following.. Preparation of agendas lor quarterly Trustee Board meetings, Comrnittee meetings and drafting of minutes., Provision of guidan¢e on legal and governance issues at meètings and generally Liaison with Agent, Aocounlants, lllvestment Manager and Trustees as to administrative matleis Oversight of the process In relation to grant applications.
LASLETT'S (HINTON) CHARITY TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Related ¢harities The Charity has a ejtsse relationship with Laslett's Almshou$è$ and ils professional adwsers, as well as its Trustees, btring thè samè. Both Charities have a common benefactor and founding philosophy. The main object of Laslett's Almshouse5 15 lo manage the almshouses situated al Union Street Wor¢esler lor its residents. James Panler is a Iruslee of Lasletl's (Hinlonl Charity. He is also a Iruslee of The Worcestei Heritage and Amenity Trust Lilniled. operating a5 Tudor House Museum. During the year Laslelts (Hintonl Charity paid £50 for the hire ol a meeting room for the October 2023 8oard and Committee meelings at Tudor House Museum. On behalf of the Board of Trustees Mr J V Pantar Chairman MrDBD#le Trustee 30 July 2024 30 July 2024 10
LASLETT'S (HINTON) CHARITY STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees are r8sponsible for preparing the Trustees. Report and the accounts in accordance with applicable law and United ngdoM Awounling Standard5 (United Kingdom Genèrally Accepted Accounting Praclicel. The law applicable lo charities in England and Wales requires the Trustees to prepare acoounls for each financial year which give a true and fair view of the state ol affairs of the Charity and ol the incoming resources and application ol iesources of the Charity for that year. In preparing these accounts, th& Trust8es arè required lo.. select suitable accounting policies and then apply them consistently, observe th8 methods and principle5 in the Charities SORP., makè judgements and estimates that are reasonable and prudent.. 51ale whether applicable accounting standafds have been followed, subject lo any material departures disclosed and explained in the accounts". and prepare the accounts on the going concern basis unless it is inappropri8le lo presume that the charity will continue in operation. The Trustees arè responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position ol the Charity and enable them to ensure that the accounts Comply with the Charities Aet 2011. the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Ilust deed. They are also responsible for safeguarding the assets ol the charity and hence for taking reasonable Steps for the prevention and detection of fraud and other irregularities. 11
LASLETT'S (HINTON) CHARITY INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF LASLETT'S (HINTON) CHARITY Opinion We have audited the financial statements of Laslelt's (Hinton) Charity (the 'Charity'l for the year ended 31 December 2023 which compiise the statement of financial activities. the balance sheet, the statetnenl of cash flows and notes to the financial statements, including significant acwunting policies. The financial reporting framework that has been applied In Iheii pieparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 The Financial Reporting Slandartl applicable in thè UK *nd Republic of Ireland (United Kingdom Generally Aocepted Accounting Practice). In our opinion. the financial statements.. give a true and laii view of the stale of the charity's affairs as at 31 Decèmber 2023 and of it5 incoming re50urce5 arid application ol resources, for the yeai then ended., have been properly prepared in accordance with United Kingdorn Generally Accepted A¢¢ounling practi,. and have been prepad in accordancè with the requirernents of the Charities Act 2011. Basls for opinion We conducted our audit in accordance with International Standards on Audilir)g (UN IISAS IUKII and applicablé law. Our responsibilities under Ih05e stand8rd5 are further described in the Auditofs SpOnsIbl11118s lor the a£Jdit ol the financial slatements section of our report. We are independent ol the Charity in accordance with the ethical requirements that are relevant lo our audit of the finanaal slalements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities In accordance with these iequiiements. We believe that the audit eviden we have obtained is sufficient and appropriate to provide a basis foi our opinion. Conclusions relating to going conc•rn In auditing the financial slalerrenls, we have concluded that the Trustees, use of the going concern basis ol a¢oounling 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 evenls or conditions that. individually or collectively, may cast significant doubt on the Charity'5 ability lo continue as a going concern for a period of al least e1ve months from when the financial slalemen15 are authorised for issue. Our responsibilities and the rèsponsibilities of the Trustees with respect lo going concern are delibed in the relevant sectitrns ol this report. Other inforrnation The other information comprises the inforrration included in the annual report other than the finatKial statements and our auditorfs report Iheieon. The Trustees are responsible lor the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and WÈ do not express any form of assurance conclusion Ihereon. Our responsibility is lo read the other information and, in doing so, consider whether the c)ther information is materially inconsistent with the financial slalement5 or our knowledge obtaifjed in the course of the audit. or olherwise appears to be tllateiially fflisslated. If we identify such material inconsistencies or apparent material misstatements, we are required lo determine whether this gives rise to a material misslalement in the financial statements themselves. If, based on the work we have perforrlled, we condude that there is a material misstalemenl of this other information. we are required to report that fact. We have nothing lo r&port in this iegard. Matters on which we are required to report by èxeèption We have nothing lo report in respect of the following mattèrs in relation lo which the Charities (Accounts and Reports) Regulations 2008 require us to report lo you if, in our opinion.. the information givèn In the financial slalemenls is inconsistent in any material respect with the Trustees, report". or sufficient accounting records have not been kept.. or the financial statements are not in agreemènt with the accounting records., or we have not received all the information and explanation5 we require for our audit. 12-
LASLETT'S (HINTON) CHARITY INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF LASLETT'S IHINTONI CHARITY Rasponsibilities of Trustees As explained more lully in the slalement of Trustees. responsibilities, the Trustees are rèsponsible for the preparation of the financlal slalements and for being satisfied that thèy 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 misslatemenl. whether due to fraud or error. In preparing the financial statements. the Trustees are responsible ftsr 355e551ng the Charity's ability to continue as a going concern. disclosing. as applicable, mallers related lo going eoncern and using the going concem basis of accounting uriless the Trusle&s either intend to Cease opèrations, or have no realistic alternative but to do so. Auditorf5 responsibilities for th• audit of the financial statements We have been appointed as auditor under section 144 of thè Gharilies Ac12011 and report in accordance with ihe A¢1 and iÈlevanl regulations made or having effect thereundei. Our objectives are lo obtain feasonable assur8nce about whether the financial slalemenls as a whole are free from material rnisslatement, whether due lo fraud or error, and to issue an auditor's report that ineludes our opinion. Reasonable assurance 15 a hgh level of assurance but is not a guarantee that an audit conduded in accordance with ISAS IUKI will always dele¢l a rnaterial misslalemenl when il exis15. Misstatements ean arise from fiaud or error and are considered rnalerial il. individually or in the aggregate. they Could reasonably be expected lo influence tho eeonomie deeision5 of users taken on the basis of these financial Statements. The extent lo which our procedures are capable of delecling irregularities, induding fraud, is detailed below. Extent to whlch thè audit w?s conSided capable of detsctin9 irregularities, includlny fraud an understanding ol the risk ass6ssmenl process (including the assessment of the risk of fraud) adopted by th Trustee Board is obtained and their allilude lo risk ascertained an assessment of the suseeplibility to rnalerial mis-statement of the financial slalemenls as a resutt of management over-ride or ffaud Is made it is ensured Ihat the engagement learll have. collectively, the appropriate competence. capabilitie$ and skills lo be involved in the assignment, are fLJlly briefed and understand the risks specific to the charity Audit re$pon$es to risks identified processes to test the oulcorres ol our assessment includ¢, a ieview of Trustee Board mfnules. analytical ieview. the relevance and aU[a¢Y of significant accounting estimates. Substantive testing of significant transaction5. work lo identify unu5U81 or unexpected accounting entrie5 Including the lesling of joumal entiies. information di5c105ed in the financi315talemenls is traced lo supporting docurnenlalion. In all instances it is acknowledged that material mis- statements that arise from fraud may Involve deliberate concealment or collusion and are. therefore, by their v•ry nature harder lo detect than those arising fiom error. an understanding of the legal and regulatory frarnework as applicable to the charity is obtained together with knowledge of the prOdureS put in place by the charity in order to comply with the same il is established if there have been any Instances of non-compliance with applicable laws and regulations. whefe there are such breaches. a full understanding, including gathering of relevant documentation appertaining lo the event is obtained and asse55ed 11 should be noted that Auditing Standards limit the audit procedures required lo identify non-compliance with laws and regulations lo enquiry ol the trustees and other m8nagement and the inspoelion of regulatory and legal orre5pondence. rf any. A further description ol our responsibilities is available on the Financial Reporting CouncAI's website at.. https'./l www.frc.org.ukjauditorsresponsibilities. This description forms part of our audil0rf5 report. 13-
LASLETT'S (HINTON) CHARITY INDEPENDENT AUDITOR'S REPORT {CONTINUEDI TO THE TRUSTEES OF LASLETT'S (HINTON) CHARITY Other matters Your attention is diawn lo the fact that the charity has prepared financial statèments in accordance with 'Accounting and Reporting by Chaiities.. Slalement of Recommended Practice applicable lo charities preparing their accoun15 in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021" las amended) in preference to the Accounting and Reporting by Charities. Statement of Recommended Practice issued on 1 April 2005 which 15 referred to in the extant regulations but has now been withdrawn. This has been done in order lor the financial statements to provide a true and fair view in aceordan¢e with current Generally Accepted Accounting Practice. Use of our report This report is made solely to the company's mémbers, as a body. in accordanTr with sèction 391 of the Cornpanies Act 2014. Our audit work has been underiaken so that we Tnighl State lo the company's members those matters we are required to state to them in an auditorfs Teport and for no other purpose. To IhE lulle51 extent permilled by law. we do not accept or assutlle ie5ponsibilily lo anyone other than the company and the company's mernbers as a body, lor our audit work. lor this report. or for the opinions we have formed. Sarah Morlèy BA IHgnsl ACA (Senior Statutory Auditorl for and on behalf of Kendall Wadlèy LLP 30 July 2024 Chartèr•d Accountants Statutory Auditor Merevale House 27 Sansome Walk Worcesltrr WR1 1NU Kendall Wadley LLP 15 eligible for appointment as auditor of the Charity by virtue of ils eligibility for appointlnenl as auditor of a company under section 1212 of the Cornpanies Act 2006. 14-
LASLETT'S (HINTON) CHARITY STATEMENT OF FINANCIALACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Current financial year Unr•stri¢ted Unrestricted Endowm•nt funds funds funds general desSgnat•d 2023 2023 Totsl Total 2023 2023 2022 Notes Charitable aclivilies Investments Other incomo 462,122 110.1 462,122 110.196 9,604 444.220 44.020 10,000 9,604 Totsl income and endowments 572.318 9,604 581.922 498.240 Raising funds 1.815 1.815 1.165 Gharilable activities 407.699 407.699 339.188 Total expondlturg 409,514 409,514 340,353 Nel ineoming rèsour¢es btsfore investment movernenls 162,804 9,604 172,408 157.887 Nel gainslllossesl on invesiments 13 36.966 91,034 128.000 1149.0991 Net incoming resources beforo transfers 199,770 100.638 300,408 8,788 Gross transfers bètwèén ft5nds 14 1103,4581 103.458 Net incoming resources 96.312 103,458 100,638 300.408 8.788 Other recognls•d galns and lo$$e¥ Revaluation of tangible fixed assets 890.000 890,000 752,380 N•t movement in funds 96,312 103,458 99Q.838 1,190.408 761,148 Fund balances at 1 January 2023 517.357 629,557 20,403,865 21.550.779 20,789.631 Fund balancés at 31 Dèe¢mber 2023 613,669 733.015 21,394,503 22,741,187 21.550.779 Th8 slatÈmenl of financial activitie5 includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 15
LASLETT'S (HINTON) CHARITY STATEMENT OF FINANCIAL ACTIVITIES {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 Prior financial year Unrestrictod Unrnstrlct•d Endowment funds funds funds general destgnated 2022 2022 Totsl 2022 2022 Notes Charitable activitiès Investments Other income 444,220 44,020 444.220 44,f)20 10,000 10,000 Total Incom8 and •ndowmgnts 488,240 10.000 498,240 Raising funds 1.165 1.185 Charitable activitses 339,188 339,188 Total expenditure 340,353 340.353 Net incoming resources before invèstmgnl movements 147,887 10,000 157,887 Net gainsl{lossesl on inveslmenls 13 183.1741 165,9251 1149.0991 Net incoming resource¥ before transfers 64,713 155.9251 8.788 Gros5 transfers between fvnds 14 {38,9941 38,994 Net incoming resources 25,719 38.994 155,9251 8,788 Other recognised gains and losses Revaluation ol tangible fixed assets 752.360 752,360 Net movernent in funds 25,719 38,994 696,435 761.148 Fund balances at 1 January 2022 491.638 590.563 19.707,430 20,789.631 Fund balanc•s at 31 D•eèmb•r 2022 517,357 629,S57 20,403.865 21.550,779 16-
LASLETT'S (HINTON) CHARITY BALANCE SHEET AS A T 31 DECEMBER 2023 2023 2022 Notes Fixed assets Tangible assets Investments 1S 16 19,290.382 1.953,150 18,390.668 1,825,149 21,243,532 20.215,817 Current assets Debtors Investments Cash al bank and in hand 17 18 88.940 426.507 1,346, 172 59.701 458,040 1.117,299 1.861.619 1,635,04 CTeditor¥'. amounts falling due withln one year 19 1327.9641 1272.8281 Nel current assets 1,533.655 1,362,212 Totsl as$gts less current liabilities 22,777,187 21,578,029 Creditors.. amounts falllng du8 after more than ono yèar 20 136,0001 (27,2501 Net assets 22,741.187 21,550,779 Capital funds Endowment funds Income funds Unr stricted fun Designated funds General unrestricted funds 22 21.394,503 20.403,865 23 733,015 613,669 629,557 517,357 1,346,684 1.146.914 22,741,187 21,550,779 The financial statements were approved by the Trustees on 30 July 2024 Mr J V Panler Chairnian DBDale Trustee 17-
LASLETT'S (HINTON) CHARITY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Notes Cash flows from operating activities Cash generated from operations 26 87.255 36.242 Investing activltlès Purchase of tangible fixed assets Proceeds from disposal of tangible fixed assets Purchase of investments Proceeds from disposal ol investments Investment incorne received 110.1101 13,2331 10.000 10,000 11,458,040) 458.040 110.197 44,020 Nèt cash gènèrat•d fromllus•d Inl investlfig activities 568,127 11,407,253) Net cash used in financing activitie5 Net increaselldecreasel In cash and eash equlvalents 655,382 11,371,011} Cash and eash equivalents al beginning of year 1,117,299 2.488.310 Cash and cash equivalents at end of year 1.772.681 1.117.299 18
LASLETT'S (HINTON) CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting pollcles Charity Snformatlon Laslelt's (Hinlonl Chèrity was established by William Laslett, a Woreesler major. civic dignitary and philanlropist. 11 is governed by ils 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 beèn prepared in accordan with the Charity's Trust Deed, the Charities Aet 2011 and °Accounling and Reporting by Charities.. Statement ol Recommended Practice applicable to charities preparing their acwijnls in accordance with the Financial Reporting Sl8ndard applicable in the UK and Republie of Ireland IFRS 1021. las amended lor accounting period5 corrmencing from 1 January 20191. The Charity is a Public Benefit Enlily as defined by FRS 102. The financAal statements have departed Iiom the Charities (Accounts and Reptsrts) Regulations 2008 only to the extent required to provide a true 8nd fair view. This departure has involved following the Statement of Recommended Practice lor charities applying FRS 102 rather than the version ol the Statement of Recommended Practice whith is referred to in the Regulations but which has since been withdrawn. The financial 51alemenls are prepared in sterling, which 15 the functional curren of the Charity. Monetary afflounls in these financial statements are rounded lo the nearest £. The accounts have been prepared Ljndei the historical cost convention, modified lo include the revaualion of freehold properties and cèrtain financial instruments al fair value. The prineipal accounting policies adopted are set out below. 1,2 Going ¢on¢ern Al the time ol approving the fsnancial statements, the Trustees have a rèasonable expectation that the Charity has adeqLJale resources to continue in operational existence for the foreseeable future. Thus the TrLL8lees continue to adopt the goirig conrn basis of accounting in prèparing the financial statements. 1.3 Charitable fund¥ Unrestricted funds arè available foi use al the discretion of the Trustees in furtherance of their charitable objectives. Designated funds are to be Tnainlained, if possible. al a level adequate to cover major future liabilities where bolh the timing and quanluTn cannot be accurately ascertained. Endowment funds represent Ih05e assets which musl be held permanently by the Charity. principally property and investments. 1A Income Income Irom investrnents and property is iecognised when the Charity is legally enlilled to it after any performance conditions have bèèn mel, the amounts can be measured reliably. and il is probable that income will be received. 19-
LASLETT'S (HINTON) CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Ae¢ounting policies Icontlnuèdl 1.5 Expenditure Expenditure is reeognised onc6 th6ie 15 a legal 01 conslru¢live obligation to transfer economie benefit lo a third party. it is probable that a transfer of economic benefits will be required in settlement. and the amount of the obligation ¢an be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the lolal of dIrt costs and shared costs. Including support costs involved in undertaking each activity. Dired ¢0sts attributable lo a single activity are allocated directly lo that activity. Shared costs which contribute to More than one activity and support costs which are not attributable to a single activily are apportioned belween those activities on a basis consistent with the use ol resources. Central staff costs are allocated on the basis of time spent. and depreciation charges are allocated on the portion of the asset's uso. Re50vice5 expended are included in the Statement of Financial Activities on an accruals basis, inclusive of any VAT which cannot be recovered. Govemance costs are the costs associated with the running of the charity and are wholly attributable lo the charitable activities undertaken. 1.6 Tangible fixed assets Properties whose fair value can be rnea5ured reliably are held under the revaluation model and are carried al a revalued arnounl. being their fair value at the date of valuation le55 ally subsequent accumulatéd depieciation and subsequent accumulated impairment losses. The lair value of the land and buildings is usually considered lo be their market value. Revaluation gains and losses are recognised in other recognised gains and losses and accumulated in equity. exTrpl to the extent that a revaluation gain reverses a revaluation 1055 previously recognised in net incomel lexpendilurel or a Valuation loss exceeds the aceumulaled revaluation gains recognised in equrty.. such gains and loss are recognis6d in n6t incomellexpend*lurel foi the yeai. The Statement of Recommended Practice IFRS 1021 requires th81 a provision be made for depreciation of tangible fixed assets having a finite use ol life. However, the Trustees are of the opinion that the residual value al the end ol the estimated useful life ol the pioperty is not likely materially to differ from its cost, or re-valued amount (reviewed allnu3llyl. Therefore. any elernenl of depreciation is considered lo bè immaterial and no prov15itsn is made. movements in valuation are taken lo the Statement of Financial Activities as deleimined. The gain or loss arising on the disposal of an asset is determined as the difference between the salo prOedS and the carrying value of the asset. and is recognised In the statement of financial activities. 1.7 Fixed asset invèstments Fixed asset investrnenls 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 nel incomellexpenditurel for the year. Transaetion eosts are expensed as incurred. 1.8 Impaimient of flxed assets At each reporting end dale. the Charity reviews the carrying amounts of its tangible 8s5els lo determine whether there is any indication that those assets have suffered an impaiimenl 1055. If any such indication exists. the recoverable amount of the asset is estimated in order to determine the extent of the impaiitnenl loss lif any). 1.9 Cash and cash equivalents Cash and cash equivalents include cash in hand. deposits held at call with banks, other short-lerm liquid investments with original maturitie5 of three rnonth5 or less. .20-
LASLETT'S {HINTON) CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng policlos Icontlnuedl 1.10 Flnancial instruments The Charity has elected lo apply the provisions of Section 11 'Basic Financial Instrumènts. and Section 12 'Other Financial Instruments Issuès. ol FRS 102 to all of its financial instruments. Financial instruments are fecognised in the Charity's balance sheèt when the Charity becomes party lo the eonlractual provisions of the instrument. Financial assets and liabilities are offset, with the nel amounts presented in the financial statements, when theie is a legally enforceable right to set off the recognised arlloun15 and there is an intention lo settlè on a net basis or lo realise the asset and settle the liability sirnullaneously. Basie financlal assèts Basic financial assets, which indude debtor5 and cash and bank balances, are initially rneasured at transaction price induding transaction cos15 and are Subsequently carried at amortised. Financial assets cjassified as receivable within one year are not amortised. Basle finanelal Ilabllities Basic finanaal liabilities, induding creditors are inilially recognised at transa¢tion price. Financial liabilities classified as payable within one year ale not amortised. Trade ciedilors are obligali0TlS lo pay lor goods or services that have been acquired in the ordinary course ol operations from supplieis. Arllounts payable are classified as ¢uirent IabIlitIeS if payment is due within one yeai or les5. If not. they are presented as non-eLJrrelll liabilitie5. Trade creditors are recognised initially at transaction price and subsequently measured al atnortised c051 using the effective interest method. Derecognition of financial liabilltlès Financial liabilities are derecognised wh6n the Charity's contractual obligations expire or are discharged or cancelled. Crltlcal aetountlng èstimate¥ 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 a55els and liabilities that are not readily apparent from other sources. The estimates and associated assumptiolls are based on historical experienee and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are Tewewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the ievision affects only that period, or in the period ol the revision and future periods where the revision affects both current and future periods. 21
LASLETT'S (HINTON) CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Charitable activit1•$ Unr•$trieted Unrestrietsd fund5 funds general general 2023 2022 Charitable rental income Wayleave 460.683 1.439 442.781 1.439 462.122 444,220 Invèstmènts Unrestricted Unrestri¢ted funds funds general general 2023 2022 Income from listed investmènts Interest ieceivable s5.6 54,230 34,871 9,149 110.196 44.020 Other income Endowmet)t Endowment lunds funds 2023 2022 Net gain on disposal of tangible fixed assets 9,604 10,000 Raising fund$ Unr•stricted Unrestrictèd funds funds general general 2023 2022 Investment management 1,815 1,165 1,815 1.165 -22-
LASLETT'S (HINTON) CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Charitsble activities Grants Property payable Expenditurè Total 2023 Totsl 2022 Refurbishment costs Mill House 8,144 8,144 Other costs Insurance Repairs and renovations Agent's management fees R31es Professional fees 19,305 61,987 19,305 61,987 16.906 49,903 2.798 7.327 7.361 7.361 Grants lo other charities 249,878 249.878 192.442 Share of support costs (see note 11} Share of governance costs (see note 111 59,344 1,680 59,344 1,680 68,212 1.600 249.878 157,821 407.699 339,188 Analysis by fund Unrestricted funds general 249.878 157,821 407.699 249,878 157,821 407,699 For the year ended 31 December 2022 Unrestricted funds- general 192,442 146.746 339,188 192.442 146,746 339,188 Trn$t• None of the Trustees lor any persons connecled with them) received any remuneration during the year nor were any expenses re-imbursed. During the year the Charity has again taken tsut insurance for Trustees, and Individual liability. employment practiee5 liability and professional and legal liability In ea¢h instance to a limit of £1 million. Employees The average monthly number of employees during the year was.. 2023 Number 2022 Number Total -23-
LASLETT'S (HINTON) CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Employees (Continued) Included in clerks lees is remuneration recharged from L8slett's (Alrnshousel Charity of £5,18712022 £4.8351 in respect ol this appointment. There were no employees whose annual MuneratIOn was more than £60,000. 10 Grants payabl• Grants payable 2023 Grants payablo 2022 Grants to inslilulions.. Rector of Hinton Other Charitie5 1,200 248,678 1,200 191,242 249.878 192,442 11 Supportcosts Support Governancè costs costs 2023 Support Governance costs costs 2022 Agent's management fees Clerk's fees Sundry expenses Accountancy Accountancy- agent 47,646 5,187 2.053 968 3,490 47.648 5.187 2,053 55,544 4.835 3.050 1,412 3,371 55,544 4,835 3.050 1,412 3,371 3.490 Audit lees 1.680 1,680 1,600 1,600 59,344 1,680 61.024 68,212 1,800 69,812 Analysed between Charitable activities 59,344 1.880 61.024 68,212 1,600 69.812 Gov&mance costs includes payment lo the auditors of £1.68012022 £1,600) lor audit fèos. 12 Taxation The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxalionol Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. -24-
LASLETT'S (HINTON) CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 13 Net galnsllloss•$l on investments Unrestricted Endowment funds funds Totsl Unrestricted Endowm•nt funds funds genèral 2022 Totsl 2023 2023 2023 2022 2022 Revaluation of inve51menls 36,966 91,034 128,000 183,1741 165,9251 1149,0991 14 Tran$fe Transfers have been made between the unrestricted and designated funds to wver the costs of refurbishment projects and presenvfutuie grant commitments. 15 Tanyible flxed assets Tonantod TBnaTried Woodlands Dovèlopment famis and land Cottages and and other land resldeniial proporty Total Cost or valuation At 1 January 2023 Additions Disptssals Revaluation 12,729,243 4.360,000 10,110 13961 260.000 126.425 1,175,000 18,390,688 10.110 13961 890.000 630,000 Al 310ecember 2023 12,998,957 4,990.000 126,425 1,175.000 19,290.382 CarrySng amount Al 31 December 2023 12.998,957 4.990.000 126,425 1.175.000 19,290.382 At 31 De¢embgr 2022 12,729.243 4,360,000 126.425 1,175,000 18.390,668 Land and buildings with a carrying amount of £19,290,382 wère revalued al 31 December 2023 by ARC Chartered Sutveyors. independent valuers, on the basis of market value. The valuation confomis lo International Valuation Standards and was based on r1 market transactions on arm'5 length terms foi similar properties. -25-
LASLETT'S (HINTON) CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 16 Fixed asset investments Li$ted Investhients Cost or valuatlon Al 1 January 2023 Valuation changes 1,825, 149 128,000 Al 31 December 2023 1,953.149 Carrying amount Al 310ecernber 2023 1,953,149 Al 31 Decèmbèr 2022 1.825,149 17 Dobto 2023 2022 Amounts falling due within one year: Trade debtors Prepayments and accrued income SS,118 33,824 55,378 4,323 88.940 59,701 18 Curr•nt as$•t Inv•$tments 2023 2022 Term deposits 426,507 458,040 19 Crodltors: amounts falliny du• within one y•ar 2023 2022 Not•s Other taxation and social security Deferred income Othei ereditors Accruals and deferred income 21,368 24,895 271.412 10,289 24,578 24,497 219,452 4.301 21 327.964 272,828 -26-
LASLETT'S (HINTON) CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 20 Creditors: amounts falling duè aftèr more than one year 2023 2022 AceAJals and deferred income 36.000 27.250 21 Deferred income 2023 2022 Arising from rents paid in advanee 24,895 24,497 All the above relate to the following period and are released in full. -27_
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LASLETT'S (HINTON) CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 23 Designated fund The income funds ol the charity include the following designated funds whi¢h hav8 been set aside out ol unreslricled funds by the Trustees for specific purpose5'. Balance at f January 2022 Transfers Balan¢9 at 1 January 2023 Tran8fors Balanco at 31 DeceMr 2023 Refurbishmènt fund Designated grants fund 210,000 380,583 86.000 147.0061 296,OOQ 333,557 296.000 437.015 103,458 590.563 38.994 829,557 103,458 733,015 The purpose of the refurbishment fund is to financè gssenlial expenditure on property owned by the Charity. The designated grants fund is to finance grants awarded in the year which are yèt to be claimed and to also provide for future grant awards. -29-
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LASLETT'S (HINTON) CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 25 Related party transactions Laslett's (Hinlonl Charity is related to Laslett's Almshouses due to the charitie5 having common Trustees. L351Ètt's Almshouses charged remuneration for the year amounting to £5,18712022 £4,835). At the year end there wa5 £nil12022 £nill due to Laslelt's AITnshouses. 26 Cash generated from operatlons 2023 2022 Surplus for the year 300,408 8,788 Adjustments for.. Investment income recognised in slatemÈnl of finanoial activities Gain on disposal of tangible fixed assets Fair value gains and lossès on investments 1110.1961 19.6041 1128.0001 (44.0201 (10,0001 149,099 Movements in working capital.. Ilncreasel in debtor5 Incieaselldecreasel in credittsrs Increase In deferred income 129,2391 63,488 398 14.8501 163,4561 681 Cash generatèd from operations 87.255 36.242 27 Analysi$ of changes in net funds The Charity had no debt during the year. 31