Charity rèyistration number 233696 (England and Wales) LASLETT'S (HINTON) CHARITY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
LASLETT'S (HINTON) CHARITY LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr C R Anstey Mr G W Ballard Mrs L C Baxter Mr T J Bridges MrDBDale Mr P W Hughes Mrs A T King Mrs G T Newman Mr J V Panler Mrs LA Preè¢g Mrs N J Rogers Chairman Mr J V Panler Flnance & Investment Commlttee Mr C R Anstay Mr G W 8allard Mrs L C Baxter MrDBDale MT P WHughes Mr J V Panter Mrs LA Preece Grants Committee Mrc RAnstey Mrs L C Baxter Mr T J Bridges Mrs A T King Mrs G T Newman Mrs L A Preece Mrs N J Rogers Property & Agrl¢ultural Commiit•e Mr C R Anstey MrDBDale Mr P W Hughes Mr J V Panter Mrs N J Rogers Eath Committee meetsng 15 allended by the Clerk andlor the Agent a5 appropriate.
LASLETT'S (HINTON) CHARITY LEGAL AND ADMINISTRATIVE INFORMATION Clerk to the Truytee$ Mrs P Inman Kateryn Heywood House Berkeley Court The Foregale Wor¢esler WR13QG Agent to the Tntstees Mr A L Robinson MRICS ARC Surveyors Limited The Cedar Office 5 Tha¢kholmg worSter WR4 ORZ Charity Numbèr 233696 Registerèd Office Kaleryn Heywo¢xl House Berkeley Court The Foregate Worcester WR1 3QG Auditor Kendall Wadley LLP Merevale House 27 Sansoma Walk Worcester WR1 1NU Bankers Lloyds Bank PIC 4 The Cross Worce51er WR1 3PL Investment Advisors Quilter Cheviol Investment Management Senator House 85 Queen vtorIa Street London EC4V 4AB By a Resolution passed at a duly constituted meeting of the Trustees of Laslett's {Hinlonl 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 inslrurnenls in the names of th8 Trustees in aordan with the provisions of Section 34 of the Charities Act 1960.
LASLETT'S (HINTON) CHARITY CONTENTS Page Trustees, report Slalemenl of Trustees, responsibilitiès 11 Independent auditor's report 12-14 Slalement of financtal activities 15-16 Balance sheet 17 Statement of cash flows 18 Notes lo the finanaal slalemenls 19-29
LASLETT'S (HINTON) CHARITY TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their report and acrounls for the year ended 31 December 2024. The accounts have been prepared in accordance with the a¢counling poliaes set out in note 1 and comply with the Charity's Trust Deed. the Charities Act 2011 and "Accounting and Reporting by Charities." Staletllent of Recommended practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 la5 arnended for accounting periods commencing from 1 January 20191 Reference and administrative details Reference and administrative details are provided on the pages predIng this report. Detsils of tha Tiuslees sèrving during the year are given below in the structure, govèinance and management section. Objective$ and aetlvitl•$ Objethes The charitablè purposes of the Charity are set out in the 1879 TNSI Deed and the Trustee5 considw that the following (quoting from the deed) are the most r¢levanl:_ assisting in the repair. re31oralion. rebuilding or refrtting of any Churches and Chapels connected wtth thg Established Church of England.. assisting poor, aged or infirm persons in such a manner as the Trustees may think fil,. providing and mainiaining Almshouses OT other homes foi aged poor men or women effher in conjunction with tsr separate from and in addition to the Almshouses in the City of Worcester already e51abli5hed and endowed by the said William Laslett The Charity carrie5 Out these objedive5 primarly by.. providing grants lo churche5 notably in relation to the repwr and upkeep of the fabric but also to their overall improvement by the creation of additional fa¢ililies', providing grants to charitable organisalion5 which have as thèir key priority the health and welfarè ol persons in need", and". acting in conjunction with and providing financial aswslance If and when required to the La8lett's Almshouse Charity. Public benefit The Truslees have paid due regard to guidancè issuèd by the Charity Cornrni55ion in deciding what activities the Charity should undertake. The benefit derived from grants awarded is evident from.. a. the improvement of church structures enabling them to continue lo provide 8 place of worship for the local communily and in lurn for the church as a body lo provide support to local groups largely of a volurteer kind. Somè 49 churches were offered granl provision during the coursè of 2024 which was a signrfiGant incr&ase on the previous year's figure of 32. The payment is then dependent on the work proceeding and is available to be claim8d for a period of Iwo years as from the date of the award. Thi5 may be exlended with discretion b. the ability of a variety of charitable organisalions to maintain their presence and viability and provlde help and support whether of a financial, social, medical or advisory kind lo members of the public who rely on suth acts of generosity. Sorne 27 organisations lincluding the 18 refeTred lo elsewhère in this report with longer lerrn funding} were the beneficlaries of such grants during the course of 2024- c. the knowledgè that thè rèsidents of the Almshouses can be assured of continued housing Provision in a pleasant and safe environment.
LASLETT'S (HINTON) CHARITY TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Activities The main a¢livilies for the charity r81ate first to the management of the farms and residential propertie5 and the liai50n with their respective tenants and then secondly lo the dislribuliorh of any surplus derived from those rents in the fomi of grant funding. These land and propety holdings are located piimarily in and around the village of Hinton on the Green near Evesham though during th& course of the last couple of yeaTS thè decision has been taken as part of the property portfolio review lo awuire rèsidential properties on the southern and south-eastern outskirts of Worcester due to the buoyant housing matkel there. These assets along with a portfolio of investments a managed with a view to securing a consistent revenue stream which can be ulilised towards the provision of grants. The management of the residential properties includes their improvement and renewal and having plans in place ft>r repair and maintenance works lo be carried out. Wlh the financial surplus generated from the property renla15. the provisitsn and administiation of grants is an important re5ulling Hctimty. Achievements and performance (al Income IRenlsl During the course of Ihe year the level of income from faming and residential lenan15 rernained good with rents being paid broadly on time. This has been commendablè given the ever present economic uncertainties Sn the farming industry and the budget pressures for residential lenan15. The level of long term rent ariear5 has iemained al £0. This allowed the charity to consolidate its balance Sheet and to contemplate with greater certainty how future 3urpluse5 could be Channelled towards its charitable objectives narnely grant provision. In addth'on to ensuring a satisfactory rental income stream from farm lenanls, the Agent worked wllh thom lo maintain and enhance their faming practices particularty in relation to Greville Hall Farm. Primarily as a result of the occupational tenant's astute business management and exemplary herd management, their business ¢onlinues lo flourish allowing cow numbers to increase. As a consequence of se¢uring an improved rnilk contract and with an increasing priority bein9 rightfully givèn to animal welfare, the Chaiity sUPPOrted the tenant with their proposal lo erect a further cubicle building lo provsde more space per cow and also access to external gazing and exercise paddocks. In addition lo pioviding addilh)nal accommodation for the existing hÈid. the new building facililaled the number of cows being milked lo be increased to 600 head. During the year Ihe Charity continued lo progress ils application for new build dwellings 81 Downrip Farm in place of Ihe Class Q approval for conversion of a steel farmed building that had been secured prevlously. It look the majority of 2024 for the Local Planning Authority to agree a final deslgn in terms of external appearance and unil numbèrs. Following rather protracted negotiation a courtyard arfangernent of 4 new dwellings was agreed. Al the end of the year solicitors were instructed to agree the terms of a Section 106 Agreèment that was to be a condrtion of planning permission being granted. The Section 106 Agreement will require the ultimate developer lo make a contribution of £51,188 toward5 off-site affoidable housing provision. 11 is anlicipaled that the final Planning Permission will be granted early in 2025. At another location known as Manor Fami, the Charity submitted an application to replace an extant Class Q approval with a new build scheme of 5 units providing a courtyard style scheme. This proposal ensuied each unit would bè provided with allocated parking spaces and a private garden. The key design principles followed those that were agreed with the Local Authority following the extensive engagement in respect of the Downiip Farm scheme. At the end tsf 2024 3 decision was awaited. Towards the end of 2024 and followlng a competitive tender process. the Charfty accepted a quolalion for extensive external works lo one of ils main faimhouses known as Ballard's Farmhouse. This property has suffered from meaningful structural movement over the years. The Charity is obliged lo complete the nècessary repairs under the larms of the lease by which the farm is occupied. The Trustees lake their obligations seriously and as a result the bri8f provided to the instructed structural engineer and architect was to cornplele a schedule of worf(s that would Secu the external fabric of the property for a period of 50 yèars save for limited routine maintenance. The Charity continues lo look to implement the long-lemi disposal strategy agreed some years ago involving further propertie5 that were considered unsuitable for producing a long-lerm and sustainable ne( income stream. However, no further disP05als were made in 2024 and neither were there any acqui511ions of land or buildings within its estate.
LASLETT'S (HINTON) CHARITY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 {b} Grants A reading of the original trust deed and Snlerpreling that into the modem 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 Dio¢esa Ibul also lo the five adjoining dioceses of Hereford, Gloucester and Lichfield 35 well as Birmingham and Coventyl by conlribuling towards the Cost of church fabric repairs and irnprovemenls to lacililies for the congTegalion. Secondly, to support a whole varièty of organisations who themselves can demonstrate charitable objectives in the provision of financial. social. educ81ion81, health and welfare assistance lo those rllembers of the cornmunity who are unable economically or physically lo do so themselv&s. Grants are nol made lo individuals direcl. In 2024 grant support was provided to some 49 churches and 27 charities. Of those charilies 18 receive lon9 tèrm support as detailed below and nine were given grants in re5ponso lo on8-olf applications. Initially in 2024 the Grants Committee worked to a budget of £250,000 for awarding grants. That figure was split as between: a sum of £93,750 allocated lo ¢hurch8s within the six defined dioceses and the balance of £156,250 for charitable organisations fulfilling the terms of the gr8nts policy. However, during the course of the year il was noted that the number of grant applications from churches for worthwhile projects which could be supported was showing a considerable uplift. Consequently the Board agreed lo increase the Iwdget available by £20,000 to a total of £113,750. Thi5 sum was utilised in full. In terms of grants lo the charities, as In previous years after hawng accounted for the long term grant awards and the one-off applications. there was surplus within the budget In 2024 this amoLJnted to £13,250. This was then allocated equally as a bonus paymenf lo each of the 18 long tem supported charities. As a resuli the budget of £156,250 became fully utilised. A Combination of grants awarded which were paid out thls year plus gTants awarded bul payable in lulure years amounted to £295,424. Adding ihe separate grant awarded to the In¢umbant of the Parish ol Hinton on the Green of £600, leads lo the figure shown in the accounls of £296,024. {il Grants to Churches Grants to churches are paid out upon Tlpt of invoices relating to the work spècified in the application and ¢ompleted. .A period of two years plus a discretionary provision for extension 15 allowsd for such works to be completed for example if the church has enGountered delays in completing the fundraising. or delay in obtaining requisite consents or difficulb'es with appointment of contractors. If the claim is unlikely to be made within a fijrther period of one year, applicants may be advised Its -applY and with the original grant offer being rescinded. A grant may be rescinded if the work has been completed wilhout recourse lo the grant {iil Grants to Charities Grants to charities are paid out shortly after the fomi81 offèr has been rnade. In administering the grants to charities, the tru51ee5 rely on the grant policy they adopted in January 2018 and subject lo minor revision in October 2020 and again in October 2023. This sets out the criteria lo Gonsidered when making a decision as to whether or not lo award a grant and if so in what sum. In exercising their dls¢relion under the policy the trustees are aided in this process by a scoresheet which they may utilise lo hdp them lo reline an initial judgement. A further review is ¢urrent5y ongoing and due for adoption in aarty 2025.
LASLETT'S (HINTON) CHARITY TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Although historically grants weie made in sponSe to one-off applications from ¢haritable organisations, the Trustees have felt that two such organisalions based in Worcester bul also operating within the county should be grant aided over a longer period ol tsme and lo an enh8nced degree compared with other5. One such organisation that was based in Worcester but whith opèiated throughout Worcestershire and further afield wa5 Youth Support Services (YSSI. This group was well established and had a particular focus on providing support for the rehabilitslion of offenders following completion of Iheii custodial sentence. Laslett's has supported YSS with grar)ts sincè June 2015., ils prèsènt stream ol funding was renewed in 2024. A further organisalion that the Trustees fell should be given longer lerm support was the Worcèstèr Citizèn's Advice Bureau. This organisalion has been well established in Worcester. Laslett's has supported the GAB with gran15 10 fijnd an Advice and Housing Support Worker Sin April 2017,. Ihg present stream of funding was renewed in 2021 for a furthèr p&riod of three years. During 2020 given the success appertaining lo the YSS and CAB grants noted above, the trustees extended the concept of providing certain other charities wllh longer term funding up lo a maximum of 3 years. Charities whl¢h have reiVed grant funding from LasletV5 in al least two of the previous three years 318 invited to subrnil applications for such funding with supporting documentation and to attend forrnal interview$. A further 16 charitie5 have been successful lincluding one addition in 20241 with 5u¢h applications and which ha5 then provided them wrth thè ban6fit of having the Trrtainly of funding for that longer period and avoided the nece5511y of subrnittin9 new applications each year. This provided sorne reduction in the adminislralive process tor both the charities concemed and Laslell's. The lolal awarded fr>r the lendar year 2024 under thi5 heading amounted to £119,000. Financial review During 2024 the income for the Charity was £644,707 and the expenditu Iln¢luding grants) was £457.698. With gain5 in the walue of investments of £115.456 and an upward revaluation of properties of £1,260,343. the overall value of the charity increased by £1,562,808 from 2,741,187 10 £24,303.995. Following their appointment Quilter Cheiriot drafted a fresh 51alemenl of investsnent policy which was approved by the Trustees. Although It was revied in 2024. no changes wer& made lo It. The key features ofthis are.. a. Investment objective - Longer-lemi assets (reserves and endowment) will be invested with the aim of at leasl maintaining the value or purchasing power in real terms [i.e. against inflation). b. Total relum largel- The ltslal relum tsrget ftsr the investment porttolios has beon sel at inflation ICPI} plus 3.5D% p.a. net of fees. c. Income Tequirement- Incorne target has been sel 81 a minimum of 3QA per annum. d. Time HorrLon - The time horizon for the inveslrnent portfolio is ¢OnSKJed to be long lerm11.e. mole than five years}.
LASLETT'S (HINTON) CHARITY TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 ReSe•S polley The total reserves of the charity are as shown on the Statement of Financial Aclivilie$. They comprise prinapal héadings.. a. the capital fvnd. which represents pemanenl endowed assels and is hence restricted in the nature of ils application,. and., b. the income funds, which are less restricted in IheiT application an¢Y contain two component parts- the designated fttnd to be utilised for (al refurbishment of properties and Ibl grants the general fijnd whlch the Iwstees can ulilise within their overall discretion. The endowed fund is repieser)ted mainly by the value of freehold land and buildings together with some finan¢ial investment5 and any cash arising on property disposals hald on a tamporary basis that will be ulilised lo acquire further properties. The position is summarised within figures taken from the balance sheet as follows.. Description 2023 GainllLoss} 2024 Ca ital Restricted End()wed Fund Fund £21.394,503 £1,343,453 £22.737,956 Designated (Refurbishmentl FLtnd Designated {Grantsl Fund £436,000 £297,015 £0 1£2.5231 £436.QOO £294.492 General (Unrestricted) Fund £613,669 £221.878 £835.547 Totsl £22,741.187 £1,662,808 £24.303,995 The Designated Fund comprises tsvo elements- one for refurbishment of properties and one for future payment of grants. Refurblshmenl. The Trustees took the decision some while ago that given the nature, agè and use ol the various properties in their ownership it was prudent to have a healthy fund available for any necessary refurbishments particularly in respect of works which are beyond the usual liability of their agricuttural and residential lenanl8. This stands al £296,000. It is likely that part of this fund will be used during 2025. Grants. Although discretionary in 115 nature. the provlsion of grant funding lo 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 impcirtant that there should also be set aside in advance an 8mount èquival&nt to the anticipated budget for grant provision for the ensuing year. That figure for 2024 is £250,000. Allowing as W911 for grants awarded but not yel paid (largèly applicatitsns from churches for repair and upgrade project5 where funding needs to be assembled firstl the fvnd now stands al £434.492. The General Fund increased in 2024 by £221,878 and now stands at £835,547. The Trustees have aimed lo retain a level of unreslricled reserves equivalent to the wnning costs of the Charity for a period of al lea51 one year. In 2024 those running cos15 arnounled lo £457,698. The Trustees determined, therefore, that the reserves were sufficient.
LASLETT'S (HINTON) CHARITY TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Investmen£ Powers The Trustees. Stock Exchange investments are either equities or government slo¢ks. The Trustees regularly nSult with their Investment adviser and lake due regard ol any recommendations and invesltnents made. The Trustees will invest the funds in accordance with the Twstge Aci 2000. wr(hin IheA¢t the Trustees.. sh811 exèrcise such power with the care that a prudent person of business would in rnaking investments for pe150n for whom they felt morally obliged lo provide: shall not make any speculative or hazardous investment (and for avoldance of doubl thi5 power to invest does not extend lo18ying oul money on the acquisition of futures and or trading options)., shall have regard lo the need foi diversification of investments in Ihe circumslancas of the charity and lo th& suitability of the proposed inveslmenls., there are no ethical or geographical resliictions. Trustees additionally have a duty to remew their investments at regular intervals. The Trustees will ravigw the investment policy al least annually. The Trustees rnay change any part of the policy at any lime. The Investment Manager must be an aulhorised person who is enlilled lo ¢arry out investment business under the provisions of the Financial Services Act 1986. The TriJst¢es have delegated the powers of investment managamenl to Quilter Cheviol. Perfomian¢e The balance sheèt shows thal as al 31 December 2024. rnvestments amounted to £2.068,606 compared with £1,953.150 as 8131 December 2023, an increase of£115,456. The majority of such monie5 were invested by Quitter Cheviol in their bespoke Global Income & Growth Fund for Charities., the balance was held with M&G Charity Multi Assets Fund. The income derived from investments increased during 2024 as compared wlh the prewous year by £38,049 from £110.196 to £148,245. Cash deposits Cash deposits ale pla¢ed with approved bank5 with suitable cradit ratings. The Tru51ee5 agreed last the year. having taken advice, lo open an account with Flagstone Inveslrnenl Management Limited. Thls enablèd thé Charity to select and operate 4Jeposil accounts with selected financial institutions on behalf of the Charity. All such deposits were made with bank5 covered by the FSCS guaranlee scheme. The dèposits are made on a v8rlety of lerrns. Some accounts are instant a¢¢ess. some are fixed temi, some are noticè accounts ranging from 35 10 95 days, notice. At the end of Ihe term or the noli¢è period the cash can be reinvested in the same or different deposit holding. This has subsianlially raised the level ol income compared with that when held at the Charty's own bank. Cash dgposts may also be retained within the ¢harity fund managed by Quilter Cheviot.
LASLETT'S (HINTON) CHARITY TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Risk management Thè Ttustèès havè considered the major risks lo which they ¢onsidèr thè Charity has been exposed and concluded that these lie in the inherent risks of prevailing conditions in agricultu arKI in the residential property market and in the stock eKchange. The Trustees are well aware of the econornic uncertainties both in agri¢ulliJre and the stock market generally and will lake whatever steps they consider necessary after taking professional advi lo mitigate and reduce those risks. During the course of the pandemic the trustees were very mindful of the Ihreal posed lo the business operations of the charity, and in particular to the ability of thè farming and residential tenants to maintain rental payments. The trustees have considered themselves fortLJnate that again in 2024 and to date such payments have not fallen into arrears and the faming businesses of their tenants appear lo remain strong. Risk identification and manag&rn&nl are sp8cifiGaily discussed and minuted at all Board meetings. At its February meeting and following discussions in 2023. the Board adopted the substantially remsed risk register based on cognised slandaid form315 identifying risk of a governan. operational, financial, @nwronmental or reputational nature. Such risks had been appropriately scored by Board members. None had been idèntified as being in the red category bul rather all fell within the moderate or low risk category. The Board will now review this doCuent on a regular basis each year. The Trustees confirm that no serious incident has taken place which they should have pOrted lo the Charity Commission bul have not. Plans for th• futurè The Tru5te85 overall objective is lo maximise the level of incom& that is available for grants and thereby lulfil the oble¢tlves of the Trust Deeds. They will ¢onlinue lo do this by pursulng a policy of sound estate management. Arising from the review of the property porttolio in 2017. the Trustees will continuè with the disposal ol certain dwellings and building plots. Aligned to those disposals the Trustees will conts.nue their programme to Invest in alternative lrnore modern and energy efficientl properties which can produce a higher 18nlal return frotn which an increased level of grants to churches and charitable organisalions 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 lo hold cash with banks and building societies linduding deposits held through Flagstone referred to above) which can pay an attractive rate of intèrést. In SpeCt Of the agricultural land and holdings il remains the Trusleos, ovèrall viaw that thar8 should bg no large5cale disposal of the Estate though as and when opportunities present themselves, they would look lo enhance value. During the course of 2023 the Truslees had made the decision lo convert the charity from fts current legal status of being unincorporated to that of a Charitable Incorporaled Organisalion ICIOI and selected and engag a firrn ol well*stablished solicitors to eary out the necessary legal work for this to be achieved. Ouring 2024 the Clerk has coordinated the necèssary procedures and providèd the dètailed instructions with a view lo the submk8sion of an application to the Charity Commission in the early part of 2025. It is hopèd this work will be compleled during th8 course of the coming year. Structure. governance and management The Charty was established by Williarn Laslett 11799-18841. a Worcester member of parliament. mayor. dignitary and philanlhropist. It opelates under the temis of a Trust Deed dated 17 January 1879. Its Registered Charity number is 233696.
LASLETT'S (HINTON) CHARITY TRUSTEES, REPORT ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees who served during the year and up to the dale of signature of the finanaal statements were.. Mr C RAnstey Mi G W Ballard (Appointed 1st April 2025) Mrs L C Baxter Mr T J Bridgès MrD8Dale Mr P W Hughes Mrs A T King Mrs G T Newman Mr J V Panler Mrs LA Preece Mrs N J Rogers Mrs K M Vincent (Retired 31 sl Decembgl 20241 The Trustees of this Charity also serve a5 Trustees of Laslett's Aln5hou5es and have bean appointed by a long series of Deèds of Appointmenl andlor Retirement Sin 1879. There is no provision as to the length ol service or requirement for re-appointment after a specified period of lime. All Trustees give their tiTlle freely and no rernuneration was paid to any ol them during the year. Trustees are required to disclose all relevant interests and to register them with the Clerk. The Trustees are also reqUId lo give details of any interest that may relate lo an agenda item in which event if there is a conflict or perceived conflict of interest, they will withdraw frorn the meeting. Appointment of Trusleos The Board of Trustees have a wide range of professional and commercial experlence including agriculture, charflable bodies. church architectule, estate m3na9ément, social work, care lor the elderly, and accountancy. The Charity seeks to appoint Trustees who have ski115 and expertise which are relevant lo the areas in which the Charity operates. At the time of appointmenl, new Trustee5 are provided with an induction pa¢k within which are notes setting out the history and background of Ihe charity including its original objectives, current policies and copies of Board and Committee minutes for the preceding Iwelve months or longer period if eSsary. Prior to formal appointment, potential new Tiustees who have been interviewed and accepted the role in princtple ale provided with the opportunity lo have some one-to-one discussion with the Clerk and Agent and with the Chairman. In addition they are invested in a gLJest and confidential capacity to the Board meeting prior to the dale of their intended appointment to gain first-hand èXPaTience of the Board and ils worknngs.
LASLETT'S (HINTON) CHARITY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Organlsalionalstructure The Board of Trustèes meets on a regular quarterly basis. Usually the venue for Ih05e meetings is the community room in Lasletys Almshouses, Union Street, Worcester bul for the July quarterly meeting, il rnee15 at Elmley Castle Village Hall close to the Hinton Estate properties. With the input of their Aggnt, Clerk and Investment Advisor by way of written reports andlor attendance at the meetings, they initiate, rewew and adopt policies which further the objects of the Charity a5 sel out in the Trust D&ed and ensure Complian with current legislation and recommended good practice. The Trustee5 are also responsible for tting the remuneration levels of staff appointed by the charity. To enable the more expedillous conduct of business the Trustees have creatéd three Committee5 which may examine relevant issues in more delwl and which may make recomrnendation5 to the TNstees lo rnake a formal decision. The Grants Commiitee which meets on a regular quarterly basis is 9hien the duty of giving detailed consideration to all grant applications received and to recomrnend approval or rejection to the Board of Trustees. It does not havè delegated power to make a final decision. Applications for grants afe submitted lo the Clerk prior lo their submission lo the Grants CommittÈe. The form on which applications are submitted is designed lo provide the Trustees with the data they require lo make informed decisions. The Finance and Investment Commiltee meet5 quarterfy with one of those meetings being attended by the Charity's inveslrnenl managers when the overall direciion and performance ol the investments can be rewewed and heed given to emerging trends. The Committee receives and reviews management accounts throughout the year and approves those for the year-end in adIneSS for audit. The Committee also has responsibility for producing a budget for the forthcoming year WTthin which it endeavours to maximise the amount available for grant awards. The Property and Agriculture Committee meets on an ad hoc basis to consider i55ues relating to the rnanagement of the Charity's assets {primarily farm5 and landholdings) where decisions of a significant nalurg arè required to be taken and which the Agent feels would benefit from closer 5cruliny. A full racommendalion then be made to thè Board. Trustees are required lo declare any spe¢ific interest before any discussion relating to grants or any other rnatlers diseLJssed at either Trustees, meetings 01 at the Grants and Investrnenl Cornrnitte& mèetings. There have been no declarèd intérests in Ihe year of account. The Agent lo the Charity is Mr Adrian Robinson of ARC Surveyors Limited, The Cedar Office, 5 Thackholme. Worcesler. WR4 ORZ whose duties and responsibilitie5 include the following.. Management of the Charity's properties induding liaison with tenants and licensees and overseeing finances., Reporting lo each quarterfy meeting of the Trustees All aspects of finanrial admini51ralion including the Charity's needs and cash flow position and the preparation of quarterly rnanagement a¢¢ounts. Advising the Tiuslegs on what funds are available for distribution as grants. The Clerk to the Charity is Mr Stephen Inman whose duli8s and responsibilities include the following.. Preparation ol agendas for quarteTly Trustee eoard meetings, Committee meellngs and drafting of minutes., Provision of guidance on legal and governance issues al meetings and generally aison with Agent, Accountants, Investrnent Manager 8nd Tnjstees as to administralwe matters Oversight of the process in relation lo grant applications. Relat*d charities The Charity has a close relationship with Laslett's (Almshousel Charity gNen ils Agent. Clerk and investment advisers, as well as its Trustees are common on both. Thls arises historically from both Charthes have a common benefador and founding philosophy. The main object of La51etV5 Atmshouses is to manage the almshouses s4tuated at Union Street Worcester for its residents.
LASLETT'S (HINTON) CHARITY TRUSTEES, REPORT (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 On behaLf of the Board of Trustees MrJ V Panter Chaimian MrDBDal¢ Trustee 18 Augu512025 18 August 2025 10-
LASLETT'S (HINTON) CHARITY STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees are responsible for prèparing the Tru51ee5' Report and the accounts in accordance with applicable law and Uniled Kingdom Accounting Stsndards (United Kingdom Generally A¢¢epted Accounting Prad¢el. The law applicable to charities in Engl8nd and Wales requires the Trustees lo prepare accounts for each finan¢lal year which give a Irue and fair view of the stsle of affairs of the Charity and of the incoming resour¢es and appli¢alion of rasources of the Charity for that year. In preparing these accounts, the Trustees are required lo.. select suitable accounting pollcies and then apply them eonslslenUy'. observe the methods and principles in the Charities SORP., make judgèments and eslimales that are reasonable and prudent- 51ale whether applicable accounting standards have been followed, subject lo any material departures disclosed and explained in the accounts,. and prepare the accounts on the going concern basis unle55 11 is inappropriate lo presume that the charity will continue in operation. Thè Trustees are responsible for keeping sufficient accounting record5 that disclose with reasonable accuracy al any time the financial position of the Charity and enable them to ensure that the accounts comply with the Charities Act 2011. the Charity IAccounls and Report51 Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking Teasonable steps lor 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 Laslett's (Hinlonl Charity Ilhe 'Charity'} for the year &nded 37 December 2024 which cowpiistr the statement of financial aclivities, Ihe balance sheet, the Statement of cash flows and not6S to the financial slalemenls. in¢ludin9 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 Thg Fin8ft¢Aal Réporting Standard 2pplKable in the UK and Republic of Ireland (United Kingdom Geneially ACpted Accounting Pradi¢el. In our opinion, the finaneial statements.. give 8 IrLJe and fair view of the slate of the charity's affairs as at 31 Dember 2024 and of ils incoming resour¢e5 and application of resour$, for the year then ended., have been properly prepared in accordancè with United Kingdom Generally Accepted Accounting Pra1.. and have been prepared in accordance with the Charities Act 2011. Basi$ for oplnlon We ¢onducted our audit in accordance with Intèrnational Standards on Auditing IUKI IISAS IUKII and applicable law. Our SPonSIbl51t1eS under those standard5 are further described in the Auditorfs Fpsponsibilities for th8 audit ol ttje t7nancial statements section of our report. We are indèpendent of the Charity in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the UK, induding the FRC'S Ethical Sland8rd, and we have fulfilled our other ethical responsibilities In aecordance with these iequiremenls. We believo that the audit evidence we have obtained is suffKient and appropriate lo provide a basis for our opinion. Conclusions relating to going Concern In auditing the financial statements, we have concluded th81 the Trustees, use of the going concorn basls ol accounting in the preparation of (he financial slalemenls is appropriate. Based on the work we have perfomièd, we have not identrfied any material uncertainties relating lo events or conditions thal, individually or collectively. may cast significant doubl on the Charity's ability lo continue as a going concern for a period of al least twelve months from when the financial statements are authorised for issue. Our rèsponsibilities and the responsibilities of the Trustees with respect to going nCeM are described in the relevant se¢tions of this report. Other information The other information comprises the information included in the annual report other Ih8n the financial statements and our 8udilor's report thereon. The Trustees are responsible for tha other information contained within the annual report. Our opinion on the financial statements does not cover the othèr information and we do not express any form of assurance conclu5i0n thÈreon. Our responsibility is to read the other information and. in doing $0. Conslder whether the other infomafjon is matèrially inconsistent with the financial slatemenls or our knowledge obtained in the course of Ihe audit. or olhennfis8 appear5 to be malerially misststed. If we identify such material in¢on5islencies or apparent material misslaternenls. we are required to determine whether this givès rise to a materHI misstatement in the financial statemenls themselves. If. based on the work we have perfomèd, we conclude that there is a maléiial misstatement of this other inforrnalion, we are required to report that fact. We have nothing lo report in this regard. Matters on which w• ar& roqulr¢d to rèport by exception We have nothing lo report in respect of the following matters Sn rèlation lo which the Chadlles (Accounts and Reports} Regulations 2008 requires us to report to you if, in our opinion". the information given in the financial slalements is inconsistent in any m81erial respect with the Trustees. report". 01 sufficient accounting record5 have not b88n kèpt., or the financial slalemenls are not in agreement with the accounting records., or we have not received all the information and explanations we require for our audit. 12-
LASLETT'S (HINTON) CHARITY INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF LASLETT'S (HINTON) CHARITY R¥$ponslbillt1 ol Tiu$tse$ As explained more fully in the statement of Twslees, 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 lor Such internal control as the Trustees determine is necessary lo enable the preparation of financial statements that are free from matorial misstatemént. whether due to fraud or errol. In preparing the financial stalemenls. the Tru51ees are responsible for assessing the Chaiity's ability to continue as a going c()ncern, disclosing, as applicable. mallers related lo going concern and using the going concern basis of accounting unless the Trustees either intend lo cease operations, 01 have no realistic allernalive but to do so. Audltorfs responslbillties for the audit of the finan¢ial $tatsments We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with Ihe Act and relevant regulations made or haking effe¢t Iheraunder. Our oble¢tives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. whether due to fraud or error. and Io i55ue an auditor's report that include5 our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in ac£ordance with ISAS {UKI will always delect a material misstatement when il exi51s. Misslalèmènts can arise from fraud or error and are considered material if. individually or in the aggregate. they could reasonably be expected to influence the economic deasions of users taken on the basss of thesè financial slalemenls. The extent to which our procedures are capable ol detecting irregularities, including fraud, is detailed below. Extent to which the audit was ¢on$idergd eapabl8 of det•cting irregularities, intluding fraud an understanding of thè risk assessment process (including the assassment ol the risk of fraud) adople(I by the Tru51ee Boaid is obtained and their attitude to risk ascertained. an assessfflenl of the svs¢eplibility to material mis-statement of the finanaal statemenls as a result of management over-ride or fraud is made. it is ensured that the engagement team have. collectively. the appropriate competence, capabilities and skills to be involved in the a55ignrnent. are fully biiefed and understand the Tisks specific to the chality. Audlt responses to rfsks Identified processes to test the outcomes of our assessment indude, a review of Trustee Board minutes, analytical rewew. the ielevance and accuracy of significant accounting estimatès, substantive testing of significant transactions. work lo idèntify unusual or unexpected accounting entries including the testing of journal entries. infotmalion disdtssed In the financial statements is traced to supporting documentation. In all instances il is acknowledged that material mis- slalemenls that arise from fraud may involve deliberate concealment or collusion and are, therefore, by their very nature harder lo delect than thosè arising from error. an understsndlng of U)e legal and regulalory frarnework as appllcable lo the charity is obtained together with knowledge of the procedures Put in place by the charity in order to cornply with the same. il is established if there have been any instances of noTrcomplian¢e with applicable laws and regulalions. where there are such breaches. a full understanding. including gathering of relevant documantslion appertaining lo the èvent is obtained and assessed. It should be noted that Auditing Standards limit the audit procedure5 required to identify no1Compliance with laws and regulations lo enquiry of the Iru51ee5 and oth* management and the inspection of regulatory and legal correspondence. rf any. A further d85criplion of our responsibilities is available on the Financial Reporting Council's webslle at.. https'.11 V.fr¢.org.UklaudItorsresponSlbI1f(les. This description forrns part of our auditols report. 13-
LASLETT'S (HINTON) CHARITY INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE TRUSTEES OF LASLETT'S (HINTON) CHARITY Other matters Your attention is drawn to the fact that the charity has prepared financial 51alements in accordance with A¢¢ounllng and Reporting by Charities". Statement of Recommended Practice applicable lo charitiès preparing their account5 in accordance with the Financial Reporting Standard appli¢ablÈ in the UK and Republic of Ireland IFRS 1021" la5 amended) in preferen lo the Accounting and Reporting by Charities.. Statement of Remmended Practice issued on 1 April 2005 which is referred to in the extant regulations bul has now been withdrawn. This ha5 been done in order for the financial statements lo provide a true and fair view in a¢¢ordance with current Genefally Accepted Accounting Practica. Use of our report This report is made solely to the charity'5 trustees, as a body, in accordance with Part 4 of the Charllies (Accounts and Reports) Regulations 2008. Our audit work has bèen undertaken 50 that we might stale lo the chaiity'5 trustee5 those rnallers we are required to state to them in an auditor's report and foi no other purpose. To the fullest extent permitted by law. we do not accept or as5urne responsibility to anyone other than the charity and the charity s trustees as a body. for our audit work, forthis report, or for the opinions we have forrnd. Sarah Morlgy BA (Honsl ACA Isenior Ststutory Auditor) for and on behalf of Kondall Wadley LLP 18 August 2025 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 ils eligibility for appointment as audiloi of 8 company under section 1212 of the Companies Act 2006. 14-
LASLETT'S (HINTON) CHARITY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Current rinancial y*ar Unrestricted Unrestri¢téd Endowment funds lunds funds general designated 2024 2024 Total Total 2024 2024 2023 Notss como a Charitable actithlies Inveslrnents Other income 496,482 148,245 496,462 148,245 462.122 110.196 9,604 Total income and endowments 644,707 644,707 581,922 Raising funds 1,894 1,894 1.815 Charilable actiwlies 455,804 455,804 407.699 Total expendiiure 457,698 457,698 409.514 Nel income beforo investment movements 187,009 187,009 172,408 Net gainslOosse51 on investments 13 32,346 83.110 115,456 128,000 Net Incomlng resources before transr$ 219,355 83,110 302.465 300,408 Gross transfers b8twè@n funds 14 2,523 12,5231 Net incoming resources 221,878 12,5231 83.110 302.465 300,408 Other rocognis•d gains and losses Revaluation of tangible fixed assets 1.260,343 1,260,343 890,000 Net movement in fund$ 221,878 12,5231 1.343.453 1,562.808 1,190,408 Fund balances at 1 January 2024 613,e69 733,015 21.394.503 22,741.t87 21,550,779 Fund balances at 31 December 2024 835,547 730,492 22.737.956 24,303,995 22,741.187 The stslement of financial activities includes all gain5 and1053es re¢ognised in the year. All incorne and expenditure derive frorn continuing a¢ts"vili¢s. 15-
LASLETT'S {HINTON) CHARITY STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2024 Prior financlal year Unrestrict•d Unrestricted Endowmènt funds funds funds general designated 2023 2023 Total 2023 2023 Notes nd endowments frnm: Charitable activities Inveslments Other income 462,122 110,196 462,122 110,196 9,604 9.604 Total Ineome and endowments 572,318 9,604 581,922 ndt Raising funds 1,815 1,815 Charitable activiti'es 407,699 407,699 Total expenditure 409.514 409,514 Nel incoming resources before investment movements 162.804 9.604 172.408 Net gainsl(losses) on investments 13 38.966 91,034 128,000 Net incoming re$our¢es before transfers 199,770 100,638 300.408 Gross transfers between funds 14 1103,4581 103.458 Net Incomlng resources 96,312 103,458 100,638 300,408 other re¢ogni$ed galns and losses Revaluation of tangible fixed assets 890,000 890,000 N•t movement in fund¥ 96,312 103,458 990,638 1.190,408 Fund balances at l January 2023 517,357 629,557 20.403.865 21,550,779 Fund balancès at 3108cember 2023 613.669 733.015 21,394,503 22,741,187 16-
LASLETT'S (HINTON) CHARITY BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Notes Fixèd a$s•ts Tangible assets Investments 15 16 20,550,725 2,068,606 19,290,382 1,953,150 22,619,331 21.243,532 Current assets Oeblors Investments Cash at bank and in hand 17 18 125,322 837.431 1.294,148 88,940 426.507 1.346,172 2,056,901 1.861.819 Creditors: amounts falling due within ong year 19 1320,2371 1327.9641 Net current assets 1,736,664 1,533,855 Totsl ass•ts less current liabilities 24.355,995 22,777.187 Creditors: amounts f•lling duè after more than one year 20 152.0001 136.0001 Net assets 24,303,995 22.741.187 Capltal funds Endowment fund5 Income funds nrestrict8d funds Designated funds General unrestricted funds 22 22,737,958 21,394,503 23 730.492 835,S47 733,015 613,669 1,566,039 1.346,684 24,303,995 22.741,187 Tho financial statements were approved by the Trustees on 18 August 2025 Mr J V Panler Chairman DBDale TTustse 17-
LASLETT'S (HINTON) CHARITY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notes Cash ftows from op8ratlng activities Cash genèrated trom operations 26 10.e53 87,255 Investing a¢tivitlès Purchase of tangible fixed assets Proceeds from disposal of tangible fixed assets Proceeds from disposal of Investment Inve51rnenl Income received 110,1101 10,000 458,040 110,197 148,245 Not cash generated from investing actlvltles 148,245 568.127 Net ineTeas8 in cash and ch equivalents 158,898 655,382 Cash and cash aquivalents at beginning of year 1,772.681 1,117,299 Cash and cash equivalgnts at and of year 1,931,579 1,772,681 18-
LASLETT'S (HINTON) CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies Charity infomiation Laslett's IHinlonl Charity is a charity registered in England and Wales (number 2336961. Ils reglslered address is Kateryn Heywood House, Berkeley Court, The Foregate, Worcesler. WR1 3QG. 1.1 A¢¢ountlng conventlon The accounts have been prepared in accordance wllh the Charitls Trust Deed, the Ch8rrftles Act 2011 and Accounting and Reporting by Charities.. Slalerrenl of Recommended Practice applicable lo charities prèparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and RepLJblic of Ireland IFRS 1021" {as amended for accounting periods ¢ommencing from 1 January 2019). The Charlty is a Public Benefit Entity as defined by FRS 1Q2. The financial statements have departed from Ihg Charities {Accounts and Report51 Regulations 2008 only lo the extent required to provide a true and fair Mew. This departure has involved following the St8tèmenl of Recommended Practice for charities applying FRS 102 rather than the version of the Slalement of Recommended practi which is referred lo in the Regulations but which has since been withdrawn. The financial slalemenls are prepared In sterling. which 15 the functional currency of the Charity. Monetary amoun15 ITI these financi statements are rounded to the nearest £. The accounts have been prepared under the hlsloiical ¢osl ¢onvenlion. modified lo include the revuatIOn of freehold properties and rtain financial instruments at fair value. The principal acc4)unting policie5 adopted are set out below. 1.2 Going concern At the time of approving the financAal stalements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for thè foreseeable future and that there are no malertal uncertainties about ils ability to continue. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestiicted funds are available for use at the di5cielion of the Trijstges in furtherance of their charitable obje¢tives. Designated funds are to be maintained, rf possible. al a levgl adequate to cover major future abilItieS where both thè liming and quantum cannot be accurately ascertained. Endowment funds represent those assets which musl be held permanently by the Charity, principally property and invèstm8nts. 1A Incom• Incorne from investrnents and property is recogniséd when the Charity is legally enlilled to il after any performance conditions have been mel, the affloun15 Can be moasured reliably, and il is probable that income will be reived. 19-
LASLETT'S (HINTON) CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies {Continuedl 1.5 Expèndlture Expenditure 15 re¢ogni5ed once there is a legal or constructive obligation to transfer economic ben&fit to 3 third party, it is probable that a transfer of economic benefits will be required in settlement, and the arnounl of the obligation can be measured reliably. Expgnditura is classified by activity. The costs of each actiwty are made up of the total of dIrt cost5 and shared costs, including support costs involved in *Jndertaking each activity. Direct costs attribulae lo a single activity aio allocated directly to that aclivily. Shared costs which conlribule lo rnor8 than one activity and support ¢os15 which are not aIbutab1e to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff wsls are allocated on the basis of lime sp6nt, and depreciation charges are allo¢ated on the portion of the asset's use. Re50urceg expended are included in the Ststem8nt of Financial Activities on an ac¢rual$ basis. inclusive of any VAT which cannot be recovered. Governance costs are the costs associated with the running of the charity and are wholly attribLJtablè to thè charitable activities undertaken. 1.6 Tangible fixed assets Properties whose fair value can be measured reliably are held under the revaluation modèl and are carried at a revalued amount, bèing their fair value al the date of valuation less any subsequent accumulated depreciation and subsequent accumulaled impairment losses. The fair value of the 13nd and buildings is usually considered lo be Iheii market value. Revaluation gains and losses are recognised in other recognised gains and losses and accumulated in equity. except to the extent Ihal a revaluation gain reverses a revalualion 1055 previously recognised in nel incornel lexpenditurel or a revaluation 103s exceeds the accumulated revaluation gains recognised in equty., such gains and loss are recognised in nel incotnellexpenditurel for the year. The Statement of Recommended Practi IFRS 1021 requires that a pmvision be made for depreciation of tangible fixed assets having a finite use of life. However, the Trustee5 are of the opinion that the residual value al the ènd of tha èstimated useful life of the property is not likely materially to differ from ils cost, or re-valued mount (reeWed annualty}. Therefore. any element of depreciation is considered lo be immaterial and no provision is made. movements in valuation are taken lo the Statement of Financial Activthes as detemiined. The gain or loss arising on the disposal of an asset is detemiined as the difference belween the sale proceeds and the ¢airying value of the asset, and is recogni$8d in the statement of financial actiwties. 1.7 Fixèd asset Investments Fixed asset investmen15 are initially measured al transa¢lion prf¢e excluding transaction costs. and are subsequently measured al fair value al each reporting dale. Ch8nges in fair value are recognised in nel incomèllexpènditurel for the year. Transaction costs are expensed as incurred. 1.8 Impairnient of fixed assets At each reporting end data. the Charity review5 the Carrying amounts of ils tangible ass@ts to dètem)ine whether there is any indioation that those assets have suffèred an impairment loss. If any SLJch indication exists, the recoverable amount of the asset is estimated in order lo detemiine the extent of the impairment loss {if any). 1.9 Cash and cash equlvalents Cash and cash equivalents include cash in hand. deposvcs held at call with banks, other short-term liquid investments wth original maturities of three months or less. -20-
LASLETT'S (HINTON) CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting poli¢ie$ Icontlnutrdl 1.10 Flnancial Instruments The Charity has eleGled lo appty 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 Chatiws balanco shaat when the Charily becomes party lo the conlractual provisions of the inslrumenl. Financial assets and liabiliiies are offsel, wth the net amounts presèntéd in the financial staternerits, when there is a legally enforceable right to sel off the recognised amounts and ther¢ is an intentson to settle on a net basis 01 lo realis& the asset and $gtt18 thè liability simLtltaneously. Basic financial assets Basic financial a55et5. which include dèbtors and cash and bank balanw. are Initially meaSUd at Eransaclion piice including transaction costs and are subsequently carried al amortised. Financial assets classified a5 receivable within one year are not aTllOrti5ed. Baslc flnancial liatjilities Basic financial liabilitie5, including creditors are Initial recogni88d at transaciion price. Financial liabilities classified as payable within one year are not amortised. Trade creditors are obligations lo pay for goods or services that have been acquired in the ordinary course of operations from Suppliers. Amounts payable are classified as current Iiabilrties if payment is due within one year or less. If not. they are presented as non-currenl liabilities. Trade creditors arè recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Dereoognition of financial liabilities Financial liabilities are derecognised when the Charity's contractual obligations expife or are discharged or cancelled. Crltleal aceountlng gstlmates and judgements In the application of the Charity's accounting policies, the Trustees are required to make judgements, eslimales and a55umplions about the Carrying amount of assets and liabilrties that arè not r&adily apparènt from other sources. The eslimales and a550ciated assumptions are based on historical experience and other factors that are conSided to be relevant. Acttjal results may differ from these eslimales. The estimates and underlying assumpts'ons are re*iewed 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 peiiod, or in thè p61iod of the revision and future period5 where the reslon affects both current and future periods. 21
LASLETT'S (HINTON) CHARITY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Income from Charitable activities Unrgstricted fund$ 2024 Unrestricted fund$ 2023 Charitable actKvities Charitable rental income Other income 488,848 7,614 460,683 1,439 496,462 462,122 Income from investments Unrestricted Uftrèstricted funds funds 2024 2023 Income from listed investments Interest recèivablè 58,369 89,876 55,966 54,230 148.245 110,196 Other income Endowment Endowmènt funds funds 2024 2023 Net gain on disposal of tsngible fixed assets 9,604 Rai$ing funds Unr•$trict•d Unr•strrctèd nds funds general general 2024 2023 Investment management 1,894 1,81S 1,894 1,815 -22-
LASLETT'S (HINTON) CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 Charitable activities Grants Property payable Expanditure Total 2024 Total 2023 Refurbishment costs Ballard5 Farm 12.182 12,182 8,144 12.182 12,182 8,144 Other costs Insurance Repairs and renovations Professional fees 22,207 35.807 23,080 22,207 35,807 23,080 19,305 61,987 7,361 Grants lo olheT ¢haiilies 296.024 296,024 249,878 Share of support costs (see note 91 Share of govemance c051s Isee note 9) 64,739 1,765 64,739 1,785 59,344 1,680 296,024 159,780 455.804 407.699 Analysi5 by fund Unrestricted funds- 9&neral 296.024 159,780 455,804 296,024 159,780 455.804 Forthe year ended 31 December 2023 Unrestricted funds- general 249.878 157,821 407,699 249.878 157,821 407.699 Grants payabl• Grants payablè 2024 Grdnts payablè 2023 Grants lo inslilutions.. R8clor of Hinton Other Charities 600 295,424 1.200 248,678 296,024 249.878 -23-
LASLETT'S (HINTON) CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Support costs allocated to activities 2024 2023 Agent's management fees Cler5 fees Stjndry expenses Accountancy Accountancy- agent Governance costs 51,347 5,538 2,645 1,585 3,624 1,765 47,646 5,187 2,053 968 3,490 1,680 66,504 61,024 Analysod b&tsYe•n: Charitable activities 66,S04 61,024 2024 2023 Governance costs comprise: Auditors. fees.. audit 1,765 1,680 1,765 1,680 10 Trustees None ol the Trustees lor any persons connected with them) rècaivèd any remuneration during the year nor weie any èxpenses re-imbursed. During the year th8 Charity has again taken out insurance for Trustees, and individual liability, employment practices liability and professional and legal liability in each instance lo a limit of £1 million. 11 Employees Thfy average monlhly number of employees during the yoar was.. 2024 Number 2023 Number Total Induded in clerks fees is remuneration recharged from Lasletts (Almshousel Charty of £S,538(223'. £5.1871 in respect of this appointment. Ther& were no 8mploy¥as whose annual remuneration was more Ih8n £60,000. 12 Taxatlon The charity is exernpt from taxation on its activities be¢ausg al its income is applied for charitablo purposes. -24-
LASLETT'S (HINTON) CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 13 Gains and losses gn investments Unrestricted Endawmènt funds funds 2024 2024 Total Unrestricted Endowment funds funds 2023 2023 Total 2024 2023 Gainslllossesl arising on.. Rèvaluation of investments 32,346 83,110 115.456 36,966 91.034 128,000 14 Transfer¥ Tian5fers have been made betrleen the unreslricled and designatèd tunds to cover the costs of refurbishment projeds and presenvfuture grant commitment5. IS Tangiblè fixed assèts Tenanted T8nantod Woodlands Dgvelopment farm$ and land eottages and and othoi tand slte$ residential property Totsl Cost or valuatlon At 1 January 2024 Revaluation 12,998.957 4,990,ocLI 680.343 580,0 12fj.425 1.175.OOCI 19.290.382 1.260.343 At 310acambgr 2024 13,679,300 5,570,0(xJ 126,425 1.175,000 20.550.72S Carrying amount At 31 Deeember 2024 13,679.300 5,570,ocx) 126.425 1,175,000 20,550,725 At 31 December 2023 12,998.957 4,990,ocx) 126.425 1.175,000 19.290.382 Land and buildings with a carying arnounl of £20,550,725 wère revalued at 31 December 2024 by ARC Chartered Surveyors, independent valuers, on the basis of market value. The valuation conforms to Intemational Valuation Standards and was based on recent rnaikel tran$a¢tions on am's length t&ms for similar proportiès.
LASLETT'S (HINTON) CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 16 Fixed asset investments LIBted inveslmerbts Cost or valuation At 1 January 2024 Valuation changes 1,953.150 115.456 At 31 December 2024 2,068,6a6 Carylng amount At 31 December 2024 2,068,606 Al 31 De¢embar 2023 1.953.150 17 Debtors 2024 2023 Amounts falling due within onè year: Tiade debtors Prepayments and accrued ino)me 89,908 35,414 55,116 33.824 125,322 88.940 18 Current asset irtvèstm8nts 2024 2023 Term deposrts 637.431 426,507 19 Creditors: amounts falling due within one y•ar 2024 2023 Notes Other taxation and social securfly Deferred income Other creditors Accruals 22.857 25,078 254,399 17.903 21.368 24,895 271.412 10,289 21 320,237 327.964 -28-
LASLETT'S (HINTON) CHARITY NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 20 Crèditors: amounts falling due after more than one year 2024 2023 Accruals for grants payable 52.000 36,000 21 D8f•rred income 2024 2023 Ari3ing from rents paid In advance 25.078 24,895 All the abovè relate to the following period and are released in full. 22 Endowmentfunds The en(lowed funds iepresenl those assets which musl be held pem)anenlly by the Charity, principal investments and property. At1 January 2024 In¢oming Tesource$ Rosources Revaluation Fixèd asset oxpènded on tangible investments fixed assets gainsllloss&sl At31 Dècémber 2024 Permanent endovmignts Endowed funds 21,394,503 1,260,343 83.110 22.737.956 21,394.503 1,260,343 83.110 22.737.956 Previous year- At 1 January 2023 Incoming resources Resources Revaluation Fixed asset expended on tsnglble Investments fixed assets galnslllossesl At31 December 2023 Pemianent endowments Endowed funds 20,403.865 9.604 890,000 91,034 21,394.503 20,403,865 9,604 890,000 91.034 21,394,503 Income arisin9 on the listed investments held in the endowment fund can be used in accordance with the objects of the Charity and is included as unrestricted in¢tsm8. The above income 15 in connection with the drsposal of freehold property and is necessartly held in the fund and will be used to acqulre furthw freehold property. -27-
LASLETT'S (HINTON) CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 23 Unrèstricted funds- Designated The income funds of the charity include thè following designated fvnds which have been set aside out of unrestricted fijnds by the Trustees for specific purposes-. At 1 January 2024 Transfers At31 Decèmbèr 2024 Refurbishment fund Designated gran15 fund 436.000 297.015 436,000 294,492 {2.5231 733.015 (2.5231 730,492 Prevlous year. At l January 2023 Transfers At31 December 2023 Refurbishmènt fund Designated grants fund 296,000 333.557 296,000 437.015 103,458 629,557 103,458 733,015 The purpose of the iefvrbishment fvnd is to finance essential expenditure on property owned by the Charity. The designated grants fund is to finan grants awarded in the year which are yet to be daimed and to also prowde for future grant awards. Analysis of nèt assets between fund Unrestricted Unrèstrlctsd Endowment funds funds funds general 2024 Totsl 20Z4 2024 2024 At 31 December 2024.. Tangible assets Investrnents Current a55elsl{li8bililigs) Long term liabilities 20,550,725 1,347,661 839,570 20.550,725 2.068.606 1,736,664 152,000) 592,488 295.059 152,0001 128,457 602,035 835.547 730,492 22,737.956 24,303.995 28-
LASLETT'S (HINTON) CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 24 Anatysis of nèt ass&ts beeen funds (Continued) Unrèstrietsd Unrèstrictad Endowment funds funds funds general 2023 Total 2023 2023 2023 At 31 December 2023: Tangible assets Investments Current assetsllliabilitiasl Long term liabilitie5 19,290.382 1,274.088 830,033 19,290.382 1,953,150 1,533,655 {36.0001 560,142 89,527 {36,0001 118,920 614,095 613,669 733,015 21,394.503 22,741,187 Included in unrestricted funds are unrealised gains on inveslrnenls for the year of £32.34612023.' £36,966). Included in endowment funds are unrealised gains on investments for the year of £73,573 12023.. £91,034) and uniealised gains on tangible fixed assets of £1,260,34312023'. £890,000). 26 Relatod party transactlons Laslett's {Hintonl Charity is related lo La51et¥5 Almshou5e5 due lo the ¢harrties having common Trustees. Laslett's Almshouses charged remuneration for the year amounting lo £5,53812023.' £5,187). At the year end there was £nil12023.' £nil} due to Laslelt's Almshouses. 26 Cash gènarated from operations 2024 2023 Surplus for the yèar 302.4fj5 300,408 Adlu$tmerrts f(trr. Investment income recognised in slalemenl of financial activities Gain on disposal of tangible fixed assets Fair value gains and losse5 on investments 1748.2451 1110.196} (9,6041 1128,0001 (115,4581 Movements In worklng capltal: Ilncrease) in debloT5 Increase in creditors Increase in deferred income 138,3841 8,090 183 {29,2391 63,488 398 Cash generatsd from operations 10,653 87,255 27 Analysis of changes in net funds The Charity had no material debt during the year. -29-