The Leicester Freemen's Deputies A Registered Charity No. 244732 Annual Report & Accounts 2024
LEICESTER FREEMEN'S ÉSTATE CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Page Report ol the Truslees Trustees Respon5ibilty Statement 13 Report of the Independent AuditDf5 14-15 Statement of Financial Activities le Statement of Financial P051tK)n 17 Not?5 to the Financial Statem&nts 18-23 D8taiS8d Stètement of Financi81 Activiti8s 24&25
LEICESTER FREEMEN'S ESTATE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 The Annual Report and Accounts is published on the websitefor all Freemen and theirwidows orwidowers and is submitted to the Charity Commission. The Charity oparates a websrte, and the Deputies 8cknow1edge their iesponsibility for the rnainlenance and integrity ol such information. The Annual Report and A¢¢ounts are published on the website 8nd for non-UK readers il should be noted th81 legislation In the UK governing th& preparation and disserninatlon of financTal ststemenls may differ from legislation in otheriunsdiction5. The Deputies are satisfied that these requirements have been tnet. The Charity exists to seNe hereditary Freemen of the Ctty of le1$ter and their widows or widowers. Trustees are known as Deputies. Mlssion Sl•tèment The Mission Statement is To admini81ei and manage the Leicester Fre8rn&n's Estate Charity for the benefit of aged needy Freemen of the City of Leicesler, their widows or wdowers and future gen8rations of Fr8emen.' OBJECTIVES AND ACTIVITIES Obje¢tlves and airns The Deputies aim to.. 11 Run the Charity in 8 piof8S5i0nal and ethical manner within the guidelines of the Ststutory Instruments, using Qualified 8dvi5015 as neces8ary. 21 Provide a safe living and working environment for all residents, staff and vi84lors to the 8State. 31 Ensure Ihal 2n ad&quate level of funding is provided to support ongoing needs. 41 Use income received to provide financial support to qualifying beneficiaries in ttt8 Yomi of charitable payrnent5. for th8 administration of the Charty. for the security and welfare of residents and for thE maintenance of Freemen's Holt estate. 51 Ensure that Éhe Charity's assets are maintained for the benefit of future generatlons. 51 Maintsin Freemen's Holl wth corstynued investment in the properties to provid8 a 5afp, tornfortable and secure environment for all resident5. 71 Nurture a community spirit and maintsin harmony for the benefit of r85idents at Freemen's Holt. 81 Provide soaal activities to encourage Interaction behveen resident$, Deputies and friends to avoid i501ation and loneliness. gi Provide charitable payrnents to eligible aged needy Fieemen or Freemen's widows or widowers living in Leicester Clty and Leicestershire. 101 Provide guidance to beneficigries and pgtenti81 ben8ficiaries on possible $our¢e$ of help and Support. 111 Run the charity for the benefit ol Freemen and th8ir widow$ Dr widowers. 121 Provide use of the community facilities to th8 local commijnity through h05tÈd visits. Signlflcanl activities The Welfare cornmittee r&views a11 charitsble payment and bL5ngalow applications 8gainst agreed crit8ria. Va¢ant bungalows ale allocated to the most nèedy applicant at the lime of appointment. The Deputies arrange an appointment to meet with applicants. A report Is then made to the W8Ifare committe8, which make$ an 1nitial decision and recommendation regarding all applications, which are then further consided by The Board l Deputies and accepted or rejected The Managerlclerk advises the applicant of the decision following the me81ino. Bènofjciaries must live in Leicester City or L8Icestershl at the time of appointment excepl in sp9oal cases which require approval trorn the Charty Commission.
LEICESTER FREEMEN'S ESTATE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Slgniftcant activities continued A database regisler of Fre8men and Ffeemen's widow5 and widowers Is maintained by the Manag?rlCleik with the objective of providing information on an ongoing basi5 to possible benefici8rie$, to d8ttrmlne who is eliyible tc vots In any election lo the Board and to enable communication with FeMen worfdwide. Public benefit In planning, setting objectives and determining activities the Deputies have paid dué gard to the Charity Commi$sion's General Guidanc& on Public Bènefiv, Th8 beneficiaries ol the Charty are heredrtary rather th8n honorary Freemen of the City of Ltricester. This rnetns that the Freedom passes down from generation to generation through the eligible lin8. Today there are many hundreds of potential beneficiaries. howev8r, data protection and unadviseé changes of address preclude the establishment of an exact figure, which is estimated to be over 1,200 Sinc& 2009, women have also been eligible lo take up the Fr&edom resulting in greatei numbers of potential beneficiaiies from more diverse backgrounds and socio- economic groups. The benefft5 provided to those eligible are fin8nci8185sisl8nce in the fomi of charitable payments, financial loan& and accomrnodation in the sheltered housing136 bungalow51 owned by the Charity at Freemen'$ Holt. The term 'aged" Is for guidance. To be eligible to live at FFeÈmen's Holt the Deputies interpret this as applicants being in receipt of state retirement pension. By exception, permission to1ive at Freemen's Holt may be granted lo beneficiaries who are below state reliTement age. However, their continued eli9ibility Is reviewed in line with the Charity's goveming docurnent. The Charities ILeice5ter Fieem8n's Estate) Order 1977 (Statutory Inslrurnentsl. guidelines trom the Almshouse Association and with approval from the Charity Cornmission. In 2024 the Board decided to allow re$id&nt8 to be in paid work, Subject to certain guidelines las detai18d in the Welfare sub<ommittee highlights). In the past the ierm'n&edy related only to financial need. but nowadays the term has a wider interpretation end rnay a15D include needs that arise from living in a house or hotne which ha5 become too big lo ¢ope with, problems with cllmb1ng 51811$ and other age or heallh related issue$. Other"ne8ds whi¢h the charity will ¢onsider are loneliness, 15Dlation. Safety, 5Ècurity, this list is not exhaustive. and Èach application will be considered on ils individual merit$. Residents are required to pay 8 weekly maintenance Contribution towards the upkeep Df the properti8s and e51ale at Freernen's Holt. Residents are also responsible for paying ga5, ele¢tric. water, counryl lax, telephonefinternel bill$ of their bungalows. A continuous prograrnme is in place lo maintain and enhance the accommodation provided and lo ensure a safe and secure environment for all beneficiarie$. Hglp and guidance 1$ offered lo beneficiaries on request to enable thern lo apply for all availabl¢ state benefits and to access support services provided by statutory and voluntary organisation$. Allotments t available lo both residents and people living locally. although poty 1$ given to Freemen. Facilitie5 at FrÉem?n'8 Holt 818 ideal for those with mobility pioblems. Use of the community centre ha5 been offered to the local community, including the ¢hur¢h and local r8sidenlial horne. During 2024, sheltered accornmodation was provided for 48 person5 and charitable payments lotalling £2.640 We made to bvo beneficiaries. The provision of 36 bungalows for the Charity's beneficiaries enable5 MO local councll, $ocial and prwate owned accomrnodation to be availab18 to the public at large. ACHIEVEMENT AND PERFORMANCE Welfare 8ub-comrniltee highlights 11 Nottingharn City Home$ continued lo provide a remote alarm monrtoring &&rvice to the estate. 21 Tun$tall continued to provide a $eNice to maintsin the alarm monrtoring sy$t8m.
LEICESTER FREEMEN'S ESTATE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Wellare 5ub<ommlttee highlight$ - continued 31 A newsletter wa$ distributed to residents monthly. 41 Monthly charitabl8 payments lolalling £2.840 We made to Iwo benÈficiarie$ beh¥e&n January and December. Each bEnefi¢iary also re¢eived a Chrisimas hampèr lo the valu8 Of £50. d15tribut8d by the Deputie5 in D&cemb8r. 51 Bungalow vacanaes wer& advertlsed in the quartedy edition of Gildhall News and on the websrte. 61 A weekty resident run coffee morning was held with all residents and their friends snd families are welc0rn8 to attend. 71 A foot he81th praclilioner continued to offer appointments on a six-weekty basi5 for residents. 81 Residents were given a small box of chocolates for Valentine's Day. 91 Following 8 review ol the visitor's accommodation charge il was increased lo £30 per loom. per night. Deputies took the cleaning and energy ¢osls into account when making the deu$ion. The new rate carne into effect on 1st Augusl 2024, a lett¥r wa5 sent to resident5 In May to confirm this. 101 A coffee morning to 5UPPOrt the Ma¢mtllan Cancer Support Charity was held on Monday 30th SÈptembor. £82.40 was ra15ed. 111 Dunng the year. the Board considered a proposal to allow residents to ba in paid work. All residellt5 and Freemen ol the City of Leicester were consulted on this proposal and were asked to submit Iheir views. The Board took the feedback into consideration. The Board sought spe¢i81ist legal advice on Ihis issue. In December. the 8oard Jnnounced a change 10 allow residents lo be in paid work subject to the following guidelines.. 18) Part time working only- no more fhsn 16 hours ppr week Ibl Annual gross sal8ry/eamings musl not exceed £12,5TO, perperson Both sidentS can if they a couple. ThÈ s818ry/eamin9s limit cannot be Gcmbined tsetw&èn two applNGJnls (cl No commerci81 vehicles to be kept on sil& 81 any firne {d) No working from home lel Must be r85pectful to neighbours oluitng earty houtsnate evenings (Q Pick-ups ancl drop off rnusl bé al the gat85 so nol to IllGre55e ftsffic on the 8Stafs (gl No Wolk-1318d rneetings on &téTr A letter was Sent to all Fretrmen of the City of Leicester to inform them of this rhange. The ¢riterion for rÈsid8nlS remain5 'needy aged Freemen,, the change to allow residents to be in paid work was an a¢knowledgemenl of the hardship many people face when Ihey retire, and the health150al benefits work has on indwiduals who wish to remain active in work. This ¢hange would come inlo effect from January 2025. 121 Durring the year, the Board considered a proposal to recroil into the pr8VIOU5 'Visitorf rolp. Residents and staff were consulted on this proposal, two meetings We held with residents. and they were able to submit their views in writing. The Board decided to recruit into a eW staff rol&, called the Freernen's Engagement Officer. This was on è temporary basis for six months when the role will be reviewed again to detemine rf il should be a pemianent POsib"on. The role is twenty hours per week, Monday to Friday. InleNiews were held in De¢&mb8r and the successfu1 applicant Started in January 2025. 131 Two DVD film shows was held during the year with a popular film being shown to rèsidents. 141 Christtn85 celebrations included Christmas tree trirnming, a visit from South Fields Brass Band and a r2rol concert at Sl. Andrew's Church lorganised by the Gild). The Board 5enl each resident a Small gift wth their Christmas cards. 151 The Christrn8$ outing was to Kilwarth Spring$ Golf Club for a festive three course lunch. Residents. D8putl8s. Staff and non-re5idenlial Freemen were all invited. 161 Bungalows 18 and 21 were vacated in September an¢5 October re$pectively. At Ihe end 012024, the were four snd0rd bung81ows vscanl. 171 No bungalow8 were allocaieo lo new residents in 2024. 181 All actbvities were run on a 'not for profiv, basis.
LEICESTER FREEMEN'S ESTATE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Property and Estate5 5ub-Gommittee highlights 11 Routine repairs, maintenance. and scheduled ramedial work We carried out throughout the year 88 and when necessary. Quotes were sought for larger projed$ as required. 21 Several bungalow roots had minor leak rèpairs following heavg rainfall in January. The contractor also ¢arri8cS out a Visual inspection on all roofs on the estate to gel ahead of any future issues. The contiactor rewmmended eightvalleys, and several areas of flashing We repointed. The work was cornpleted in April. 31 A Positivè Input Ventilation unrt was installed at bungalow 6 in January to re501ve a condensation issue. 41 A water pipe froze and but5t in the community Cent in January. The plumber carried out the repair and advised on preventative measures going forward. The pipework wss a150 lagged. 51 The Office kitchen door was plaCe with an appropriate fire rated door in January. Additional ernergency lighting was Installed iri the office. additional C02 &xlinguishers were purchased lor the office and communty centre and the frre noticès weiè replaced In the office and community Cent in February. Additional fire alarms were installod In the offi building and bungalow 37 gara9e in July. These a¢tion8 w8re recomrnended from a Fire Risk Assessment. 61 A large branch from a trpe f?11 onto a boundary fen¢e in January. It damaged the fen¢? and a neighbours shed. The branch was Cleared by our Ground5 Contractor. We werE informed by our insurance coThpany that the neighbouT neeoed to claim on their own insurance for the damage. The Board agreed lo offer th& neighbour £250 a$ a gesture of goodwill. The tree was inspected by Leicesl&r City Council who advised the te should be felled. Leicesler City Council felled th& tree In February. 71 A robu51 picni¢ table and chairs were purchased in February. Improvements were made to the picnic 8r8a in April including adding festoon lighting. 81 The Grounds Maintenance Contract with M&BG wa$ renewed in March for a further year. M&BG 3150 ¢ontinued to provide a gritting 5eTvi¢e on the roads & paths on the e818te when required. 91 All the railings and lampposts on the 8818te were repainted in Mar¢h. 101 The Annual Inspection w35 carried out in April and a Ilsl of items needing attention was compiled. outsl8nding items from the list were reviewed by the Deputies in Committee Meetings on a regular basis. 111 A large te on the riverbank was felled during high winds in April. The Canal and River Trust were gwen pemiission to acce5$ our e$lale lo cl?8r the tree. It wa5 cleaied at no c05t the Charity- 121 The cornmunal skip for wa$ie was removed from the e$181e in May. Letters were sent to sIdentS and allotsnent holders to inform them of this change. The two green bin5 for garden waste remained in place. 131 The Office t)uilding wooden cladding was r8painled in June. 141 The ground5 contractor cleared a vaGanl allotment plot which wa$ overgrown. and jet wa$hed Several are8s in Jun&. 151 Severn Trent excavated a small section of the path in front of No.1 D to repair a leak in June. The 9round was reinstated and made good. 161 The bowls Tnat whi¢h had been stOd in one the garages and not been used for many years was donated lo the Houghton on the Hill bowl$ dub in June. 171 Annual PAT testing wa5 carried out during June. 181 The w81 room of bungalow 23 was renovated in July. The floor had failed, and the room rgquired modgrni¥alion. The renovation inclu(fed installing high quality wall panels. making the window small8r. relev8lling the floor and installing a fl08ting Sink. 191 Intruder alarms were installed In the office building and ¢Dmrnunity Centr¢ in Juty. A letter wa5 sent to SIdentS lo infomi thern of the operation Df the 81arni systems. 201 The annual testing of fire extinguishe15 was carried out by Assu Fire Protection during July. 211 The flat roof of bungalow 35 was replaced in August. An insurance backed gu8raniée was given with the work.
LEICESTER FREEMEN'S ESTATE REPORTOF THE TRVST£ES FOR THE YEAR ENDED 31 DECEMBER 2024 221 The electric shower and cable were replaced in bunsalow$ 5 & 15 in August. Thls wa5 $0 they had the 5arne rating a5 other bungalows on the estate. 231 A total rebuild cost Valuation of the es181e w8$ arranged by our insurance company in September. 241 The gas hob at bungalow 17 was replaced with an electric hob for safety aSonS in Septemb&r. The Board paid for the cost of the install81ion and the residents p8id lor the hob. 251 The renovation of bungalow 20 was ¢ompl&led in October. The work included a full rtwie. new kitchen, newwardrobes, replastering some areas. redecorating throughout and reinstating block paving on th8 ar patio. 261 The planting at the 'Quiet Garden. and area nèxt lo No.24 was irnprov&d in October. The work was c8rried out by a company owned by a Deputy. Christopher Campbell. Quotes were sought fDr the work. Christopher Campbell wa$ not present during the discussion of th15 itetn. 271 The wel mom of bungalow 33 was rÈnov8ted in October lo the same specification as bungalow 23 listed above Ipoint 131. The wel room floor had failed. 281 The annual 9a$ inspe¢iions of the bungalows, the offKe and community centre were completed in October. 291 KJT Window Cleaning Carried out monthly window cleaning across the 8Stat8. KJT clear8d thè gutters in February and O¢lober and also cleaned the fascia boards in October. 301 A fault was identified with the Tun5tall acces5 contro1 system in October. The speech rnodules in certain bungalows were making a loud, distorted sound when calls were made from the gate. The Tunsiall engineers made several visits lo find the f8uIt. We were advised an underground cable wa$ (5amaged. it wa5 repla in November. 311 A tsultwa5 ILlentifie(I wth the fire alami in Ihe community centre. 11 was repair8d by Tunslall in Novgmb8r. 321 Followng an inspection of all the bungslow wet rDom8. the Eoard decided lo implement a pro9ramme to improve them. Three wet rooms will renovatÈd every year going foThvard b38ed on the condition of them. 331 The Communal lumble dryerwa5 Serviced in November. 341 The boiler at bungalow 34 was replaced in November as il had a major fault. 351 rhe flat roof and valleys of bungglow 29 were replaced in November as they We leaking. The fiat roof was past its expe¢ted lrfespan. An insurance backed guarantee was given wilh the work for the fial roof. 361 The Board were previously made swar8 of the nationwide Digital Switd)over which may a¢1 the TLJn$tall alami $yslem. Tunstall advised the ChatFty'5 alarm systern would not need lo be replaced., however, an additional pie¢e of eouipment, an IP conn&ctor. would be requi. ThE instsllation of the IP connector was complet&d in November. 371 Th& Board decided to clear the garages and stores. It W8s agreed the valuable items of garden equipment would b8 sold next year and other items of no value would be disposed of. 381 Trace heating was installed on the exterior Condpnsaie pipe of all propertie5 on the estate. This was to preventthe pipe freezing and causing issues with healing. The work was compl&led in December. 391 All the bolL9rd lights on the estate were replaced in Decèmber. tsenty-four in total. There had been an ongoing issue with the pr&vious bollard li9hling. 401 The consumer unil in the Office building was upgraded with RCBDS in December. 411 Macenviro Continued to provide a contracted pest control s&rvlce with Quarterly visits. 421 During the year. Harcourt Repair5 replaced nurnerous windowpane units which had failed and also replaced several handle5 and doors. 431 Several blocked drains and road gullies were Clead during the year by County Drains.
LEICESTER FREEMEN'S ESTATE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 General Purpose sub*ommrttee highlight$ 11 Deputies continued to hold monthly committee meeth'ng5 on Monday evenings. Each eornmilttre meeting was held consecutively with all Deputies around the table at the same lime lo considei Property and Estates. Welfare and General Purpose malleis In lum. 21 The Flnance cowmittee mel on Monday afternoons. 31 The Board discussed a request to allow the ashes lo be scattered on the est8tè. Rèsidènts wère consulted and asked to give their view5 on this issue The Board decided no ash&s w8re to be buried or scatted on the estate. A notice was plad on our wobsite and in the May edition of the Gildhall News. 41 In M8rch. the Deputies agreed on their roles for the coming year lor Chairs and Vice Chairs. 51 The Deputi&s conducted their annual review of th& Weekly Maint8nance Contribution and had dÈcid8d to incre85e it by 5% trom June 2024. Three months. written nolice was given lo Sidents on 1st March 2024. 61 Mr RD55 Norman retired as a Deputy in April 2024. 71 The Annual Return to th& Charity Commi5SiOn W8s completed in April. 81 Th& Board approved the following new poliaes in May." Data Protection, Ernployee Code of Conduct. Equality &nd Dniersity, Expenses, Sickness Absence Procedure, Time Off in Lieu ITOILI. 91 The biennial Garden Party was held on Sun<5ay 9th June. Approximately 400 Fre8m&n and their families attended the event. A sEnall sub-commillee laky plans for 6 months and ensured the event rem8ined within the £S,000 budget. A range of stalls, bouncy castle, raffles. competitions, hog roast food and band were provided. £1,492.71 was raised for LOROS. 101 A meeting was held to review the 2024 G8rden Party lo see what could b8 changed Dr improved for the next 8v&nt. A purpose for the event was agreed as follow5- The puipose of the Garden Psrtyi5 to bring the community of Fen 8nd th8ir f8rnilies together. W& hope overlhe ye&rs Ferne will acquir8 8 conn8Ction and fondness with Freemen s Holl. It is an opportunity to showcase F@mn s Holt to pol8ntial bungalow applicants and enGourage Ferne to become D8PUties. The Board hav& a180 agreed to hold Ihp next event on Sunday 29th June 2025. Prepaiations began in the18tter month5 of 2024. There will be an emphasis on showcasing Freemen's Holl. the Gild and the history of the Freemen of Léi¢e$ler The norninate(I charty will be Rainbows Hospice for Children and Young People, based in Loughborough. 111 Yhe Office had to be closed for a week June duo to staffing issues. Deputie5 attended Freernen'5 Holt daily during this time. Residents wpre inforrn&d of th8 Office closure. 121 The Board hosted the Lord Mayor of Leicester and th& Deputy Lord Lieutenant of Leicestershire for an Afternoon Tea event in July. The guests were taken on a tour of the eslale. Ihe grounds and bungalows. A cheque for £200 was presented for the Lord Mayorfs Appeal which this year was the Parents Association for Senously 111 Children A ¢hÈque for £1,500 wa$ present8d to LOROS, which was th8 funds raised frorn th& 2024 Garden Paty. 131 An East Midlands Regional Almshouse Association Meeting was hosted in the Cornmunity Centre in S2ptember. A buffet lunch was provided for Ihp guests. Guests were given a tour of th& estate and bungalow$. 141 The Annual Dinner was held in October at the Taste Re5t8urant 8t Le[ster College. 151 Staff were asked to complete an activity log every 30 minutes in Ociober. This 8xercise gav8 Deputies a bettei understanding ol the varyety of tasks staff complete. 161 Staff vIewS were carried out during November. 171 Mr Barry Daniell. a serving Deputy. pa8$ed away in December. Barry served as a Deputy for fvvelvg ygors, in various roles including Chair of the Board 181 Three making free cerernonies were held in 2024 where twenty-lwo peoplg logk their fed0rn. 191 The website wa5 maintained during the year with both Charity and Gild events b8ing publicised. Freemèn alE advised to ¢ontact the Office rf they wish to see 8 copy of Board minutes, AGM minute5 or annual report5. The Gildhall New$ is available for all tu access via th& website 201 A se¢tion on the website was developed for Deputies. The seclion included useful infomation lor Deputies such as ¢oni8Ct inforrnation, rneeting minute5, policies amongst other things. Access 15 removed when Depuli&s retir6 fiom the Boar¢.
LEICESTER FREEMEN'S ESTATE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEM8ER 2024 Gener41 Purpose sub.¢ommlttee hlghlights - continued 211 In 2023, the Board received 2 research docurnenl compiled by a Freemen of the CIIY Df Leice$ler detail¥ng the history of the L&ice$ter Freemen. The originator of Ihis res8arch is a former Board member who has been a Fieernen for ovEr 50 years. a co-founder of the Gild and ils Archivist who 15 now a residenl at Freemen's Holt. A8 thère Is no published book about Leicester Freemen the Board ac¢epled the gift of Ihe research and have 8gfeed lo publish and pnnt it into a book. Two Depulies ale working alongside Ihe authorto hav8 the book published piofession811y. Work on this project continued in 2024 bul unfortunately due to unexpe¢led delays this work will Continue into 2025. The Board agreed to purchase the imagos and licenses required for the book. Troubador Publishers were appointed to publish the book, and s8veral meeting8 were held wilh them.
LEICESTER FREEMEN'S ESTATE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 FINANCIAL REVIEW Financial position The fin8nci81 siaternents for 2024 have been prepared in line wlth th8 Charities St818ment of Recomrnended Practice ISORPI IFRS 1021. Incoming resources for 2024 generated from inve$tmenl$, weekly maintenanc8 contributions for bungalows IWMCI, accommodation ch8rg8S 8nd b8nk intèrest, amounted io t298,076 compar8d with £304,B96 in 2023. Induded in income for 2023 was 81s0 Ime insuranc8 claim received of £19.644 lor the repair to bungalow 31 after an in¢ident whereby a caf accidantly drov& into the prop&ty. This Covered the expenses paid out. Income has tended to rem8in fairly steady year Dn year due ti) the spread OF investments within both th8 C8Pit81 and Revenu8 and the charitable investmant portfolios. The only olhor siz8abl& source of income com&s from weekly m3inlen8nce ¢onlributiDns, whi¢h are predictable. These factors, alongside prudent finan¢ial m8nagement. reduee financial risks to the Charity in both thè short and ltsng t8rm. ExpÈnt5iture for 2024 totalled £315.198 Gompar6d to £275.343 in 2023 lex¢luding £20.425 re expenses incurr8d, covered by the insurance claim, on the water dam2gel, an increase of 14.4YD. Thert W3s mort expenéltur& on maintenance du8 to further repairs being made on the estate. along with the geTrgral increase in costs in line with intrea8iftg inflation. Th8 additional 8Kp&nditure was due to several irnprov8menl projects dUng the year. Pension liability incurrod by the Charity amounted to £2,342 for 2024 as ¢ompar$d to £2.293 for 2023. No funds ar8 collectèd from the gener81 publi¢ or other otstside sources. Residents at Freemen's Holt pay a weekly maintenance contribution toward5 the upkeep of th8 estste, Co1cted monthly by standi9 Order. Olhorwise. the Charity depends primarily on dividends from inv8stmenls. The Depulie5' objective is lor the investsrent portfolio to achieve aclequate growth in order to protect income levels in future years. The Depulie5 a150 aim to attract a suffici8nt yield to enable them to carry out nac8ssary upgrades and repairs whil$1 Still providing an appropriate level of support to all Freem8n and Freemen's widows or widowers. In parCUlar, the Qeputies intend tri continue lo. Maintain the overall estat8 to a high standard Upgrade and improve all properties at Fre8m8n's Holt as the need arises Extend bungalow5 deEtned suitable for extension as these becorne available subject to finence availability Provide charitable payrnen15 to qualifying aged needy Freemen or their wdow5 orwidower5 bl dl Investment performance Investment p¢rtornianc¢ during 2024 showed £ slight uplum frorn 2023 with Ihe total value of investments c4osing 2024 at £7.017.420 COFnpared with £6.697,403 at th8 start of the year, an inGr0ase In valué of 4.8Yo. This is due to the general perforrnanc& of the stock market during 2024. InGorne fforn inve5trnents wa5 £208.SOQ. a yield o12.97Vo 12023.. 2.99%). This rÈmained conslstent with 2023. The perfomiance of the non-charity investmants wa$ reviewed on a regular basis in comparison with the WMA batanc&d index. a recognised investmenl benchmark, a$ w911 as the Brewin Dolphin Risk Measure. Charges for managing th¢ non-charity inv85lments in¢re8sed sli9htly to £16.538 in 2024 trom £15.670 in 2023. The Charitys n8ed for incom& is di¢tated by the need to maintain the operations 8nd objects of th8 Charity and so the invèstment obj8cliva is lo generate an incone relum of approxirnately 3Yo to 4% per annum over tha medium t8rm 5-10 years. In zoldilion, Ihe Truste8s are looking for long-term real returns such that incom8 Increases at least in line with inflation, along %vilh the real value of the assets over the long-term. Th8 Charity ha5 a long-held objective that In¢ome should exceed inflation 25 measured by the Consumer Pfices Index, which Ènded th# year at 2.5% 12023.. 5.2¥.1- As income ftsi 2024 yielded a 2.97Vo return, this objective was therefore achieved. Inve$trnent policy and objoctives The Deputies long-term objective is io $8ek cliv&rsifiedl m8dium risk inv8Stments. which wll maintain their real valu@ whilst also eaming an income. Throughout th8 year inve5trnent advice has been received from the inv8Stment managers, RBC Br8win Dolphin. and a CliÈnt Review m88ling was held in May 2024. Although there are no restrictions on the invesltDent5 that the Charity can mak8, Ihe Deputies have Staled that the Charity's assets should be invasled tn lina with Its aim8 an have therefo adopted sn exclusionary poli¢y with cofflp8ni8s whos8 Yalu8s and principles are not in lin8 Wlth the58 airns.
LEICESTER FREEMEN'S ESTATE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Investment policy- continued ThÈ Deputies a aware Ihal some GOTnpanies operate in a85 that negatively affect the environrnenl In various ways. or in aieas wher& human rights are not observed. HowevÈr, in the m8jonty of casès the Oeputies acknowledge that most tnajoi lisl8d companies will also hav8 rnade positive contributions for community involvement and equal opportunit185 an may make positive ¢ontribulions lo the environmenl. The Deputie5 also hold significant charity investments wilh CCLA and M&G, which tt both collective investmeni schemes. Holding CCLA and M&G Investments In add1tion to the Capital and Revenue PDrtfo5io managed by RBC Brewin Dolphin helps lo minimise D5k and the adtninistralive burden of managing investments, whi15t providing a regular inrorne stream that maximises payments due lo the favourable tax treatment of 811 charity funds. A client review Meeting w8s held In Au9usI with CCLA and October with M&G. Reserves polity To meet the objediv85 of the Charity thè Oeputies policy 15 lo providè an appropriatè lèvel of administration lo ensure the estate 1$ properly maintained an(S that relief may be given to ag&d needy Freemen and Fr88rnen's widows and widow8rs. The Deputies ¢ondu¢l an Annual Inspection of the eslale to ieentify any problems, determin8 UP9rade programmes or projects iequiied and to ensure that the properties and ground5 ale tnaintained to a high standard. maintenan work is identified. actioned and monitored by the Deputies on a rnonthly basis and funded by incoThe fmm investments. The M&G Mulli Asset Fund is the desi9n8ted Emergency Repair Fund. this fufjd ha5 a value 01£14k. The Deputies consider that sufficient resource5 are quickly available within the inveslrnent portfolios to CDVEI any emergen¢y that mi9ht occur, such that they do not need to hold significant funds as a separat& ERF. The estste is well msintsined and th& Charity is able lo fund rnajor repairs. building work and other planned major projects from the sale of inve$tm*nls held in the Capital and Revenue or Charity portfolios. other Free Re5erve5 will be kept al a tninirnurn level. STRUCTURE, GOVERNANCE AND MANAGEMENT Gove¥n5ng document The Charity 15 adrninistered by the Board of Deputies which, a5 a corporate body. 1$ known J$ "The Lei¢esler FrÈ8mèn's Deputie8 8sl8blish8d under The Charities ILeicester Freemen's Estate) Order 1977 Istatutory Instfutnenisl Rules goveming the Charity are detailetl in these St3tutory In5trument5. whi¢h We approved by Parliament on 15th D8C8mber 1977. The Board of Oèputs"e8 is the goveming body of the Charty. spOnsible for e$lablishing 2nd implementiTrg the aims and obj8cliv&s contained in its mission stslement, and for ils ongoing management. Funding for the Charity originated from the compulsory purchase of land that belgnged to the Freernen of Le151er for many centuries When the 12$1 of these land5 known as Freemen s Common was purchasfrd by Ihfr City Council in the 1960s, the funds raised were used lo purchase an aiea of 7.5 acres in Aylestone. Leicesler, now kt70wn as Femen,5 Holl. Thity-six bungalows and other facilities. including a community centre, have been built there. wilh surplus funds being nvested to generate ongoing income for the Ch2rity. Ellglblllty to the Freedom To become a Freeman. a csndidate must be al least 18 years old and be able to prove an eligibility Sine to a hereditary Freeman ofthe City ol Leicesler. Women have been eligible lo become a Freeman since 25th June 2009., prior lo this dale inheritance was through an unbroken male line. Vlrillen applications should be mad& to the Lord Mayofs Civic Office, Leicester City Council, 3rd Floor, City Hall, 115. Charles Street, Leicester, LE1 1 FZ. All new Freemen are sworn in by the civic Lord Mayor at a ceremony held at the Town Hall. Tha °Freedom" onGe given is a lifetime honour. STRUCTURE, GOVERNANCE AND MANAGEMENT Re¢iuitrnent antl appointrn8nt ol new Deputies Deputies rDU51 be Pernen of the City of Leicester and reside within Lei¢e51er City or Leicestershire. They provide their time and expertise lo the Charity on a voluntary basis. Two nominations by other registered Freemen who reside in Leicester City or Leicestershire, ar6 required for a candidate to become a Deputy. Deputies may not be beneficiaries of the Ch8rity. Providing they are eli9ible to act as a charity trust8&. and subject to 8n application process, Deputies may be accepted
LEICESTER FREEMEN'S ESTATE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Re¢ruitmtnl and appointment-continued onto the Board and seNe forthree years, subje¢l to vacanues at the time oftheir nomination. Deputie5 recEive theirtraining by working aclively on the 5ub-committe&s and attending $pe¢181ist courses as netessary. Each Deputy ¢É]ve$ a Copy of the Code of Governance, and th& legal reqU1mentS for Chanty Trustees are outlined on appointment during structured induction training with th& Clerk. Deputies may be re-nominated at the AGM after threè years, servicè. It is customary for the Chair of the Board to have had previous 5ervic¢ on each committee. Th& Chair and Vice-chair may seNe lor up 10 two years. If more than 21 Deputies are nomlnated, an election is held in March ffom which 21 Deputtes are elected by registered Freemen, Freemen'$ widows and widowers resident in Ltricester City or Leicestershire. Organisational 51ructur8 Up to 21 Depulies rnay serve on the Board. During 2024 the Board, made up of 15 Deputies, met quarterfy lo review the workings of four comrnitlees.. Finance, General Purposes Iknown as GPI. Welfare and Propety & Estates. commitl&es mel monthly to focus on various aspects of the Charity. All DEPUties serve on the Board and are appointed to other committees al each Annual G&neral Meeting IAGMI. De¢l$lon makin9 Items requiring a¢tion 3re detailed in cornrnittee agen(5as which are circulated prior tD rneetings for the Deputies consideration Urgent it&m8 ar& r8is&d as necessary with comrnrttee Chair b&twÈen meetings Decisions are recorded in report5 foreach committee and these are circulated to 811 Deputies aft&r meetings. The Clerk and Assistant C18rk implornenl the aciion Ileffls idèntified by the Deputies. Th8 Board of Deputies holds an Open Board meeting in the Communty Centre at FeMen.$ Holl on a quarterly basls. The Board approves the reports ofthe committee$ and 15 prepared to receive complaints. qUiSitIOnS or any otherbusine$8 from Freemen or Freemen's widows or widowers present at the meeting. Staff The Charity &mploy5 two members of staff. the Managerlclerk work5 full.titne hours. and the A5S1Stanl Managerlcletk works OTr a part-lime basis Pay 8nd remuneration for staff is establlshed and reviewed annually in January by th8 GP committee. Co$t Df living Indice5 are taken into account in th8 annual pay rsview. The National Joint Council pay scale is Used as a benchmark lo determine th& starting salary for new ClU1t5. PerfoFrnance ieview5 ale conducted for all staff annually. Wider netrlork. The Gild of Freèmen The Gild of Freemen was formed in 1Q78 as a Separate body to oryanise social and regalia activities. The Gild is run by Freemen volunteer5 elected to the Court. lis governing body. The Gild gains ils funds from subscriptions, funttraising an donations from members and associate mernber8. The Gild 16 not by Ihfj Charity, but some Deputies are Gild officers or warden8. There is a strong1ink between the Gild and the Town Hall where Freemen in their regalia are inmted to Special 0¢¢88ions organised by the Civic Lord Mayor. High Sheriff of Lei¢e5tfrrshi and other civic bodies. Freemen can choose lo pay an annual subscription to be rnember5 of the Gild and enjoy the benefits ol the social and other activities provided. Non-member5hip, or choosing to opt-ovl ofthe Gild has no beanng on Ihe"Freedom" which, once given las previously slaledl. is a lifetime honour. On payment ot the appropriate fee. Fr8emen's widows, widoweis or spouses, as well as children and grandchildren aoed 18 years or over. rnay become asspciate members of the Gild. a$ may full mernber5 of other GildslGuilds of Freemen in England and Wales. 10
LEICESTER FREEMEN'S ESTATE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT- ¢ontinuod Related partles The Leie&ster Freemen's Estate Charity.. is registereEI with the Charity Commission for England & Wales. Charity No 244732 belong$10 the Almshouse A550cialion lo ensure th8tthe Charity is aware Df relevantand up40-date legi$181ion, and the initiatives of other similar organisaiions 15 a member of the National Council for Voluntary Organis8tions INCVOI which is thè largest umbrella body for the voluntary and community Sector in England works in co-operation with"The Gild of FeMen of the City of Leicesterf, fund5 and éi$tribtst&s the Gildhall News. which is produced by the Gild and details organised social function5 and arti¢les about the Fieemen of Leicester. This quarterly publication, in coniunclion with the website, is the rnain communication tool far the Charity. The Gildhall News is available on the website and 18 8180 sent by post if requested lo Freemen and Freemen's widows oiwidowers. as well as to associat8 rnembers ofthe Gild. Risk management The DEPUtie$ have a duty to identify and review the risks 10 which the oh8rlty Is axposed and to ensure appropriate controls are in place to provide reasonable assurance ao8in$t fraud error. The risk register 1$ r8V18wgd annually. upd81ed and acted upon, a5 necessary. The DÈpulies have t3ken steps lo confimi that the building8, estate grounds, residents, staff. contractots. visitors and D&pulies ale adequately ¢over&d by insurance. lft adoilion, the Deputies have exawined other operatiDnal and business risks which moy occur to ensure Ihat adequate controls are in place to rnitigate such risks. The Deputie5 lake advice from qualified advisors as n&c85Sary. In the event that thè Charity should cease to operate. sufficient tnonips are held lo fund the ¢losur8. REFERENCE AND ADM5NISTRATIVE DETAILS Reglstered Charity numbEr 244732 Principal address Estate OfFi¢e 32 Fieemen's Holt Old Church Street Leicester Leic&slershire LE2 8NH TrusleÈs Nam• Role Date appointed wlthln 2024 Date resigned wlthln 2024 Lynn Roffee Malcolm 8allard h3ir of Board IC8 Chair of Board, Chair Df General Purp05e5, Chair ol Propety nd E5tstes hair ofWeWar¢ Chsir of Finan¢etfreasur8r ice Chair of Propety and Est8tes ice Chair of Welf31e ice Chair of Finance Deputy 08puty Deputy Deputy Dèputy Deputy Deputy puty ue Freernan Susan P8llelt hrislopher Campb811 Lind8 Norman Robèrt siaines .Peler Bèrratt Peter Bates Sue Cave ndr&w Chswner oseph Goddaré Barry Daniell Ross Norman Lucy M8nship Decembei 2024 December 2024 April 2024
LEICESTER FREEMEN'5 ESTATE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Attendan¢e of Deput185 at Board & Commlttee Meetings from January 1 to Decèmber 31 2024 Mam Board Meetings & AGM Committee Meetlngs linclijding Fln•ne• Meetin Summoned Total M••tlngs Summoned Attended Attended 19 Sumtnoned Attended 22 Malcolrn Ballard Peter 8arratt Peler Bales hristopher Campbell Susan Cave 24 29 12 17 17 17 ndrew Chawner B81ry Daniell U5an Freeman o$peh Goddaid uty Manship Linda NorTnan 12 17 23 21 27 25 10 20 12 17 fo 17 12 oss Norman Susan Palleti ynn Roffee obert Slaines 24 24 29 22 17 13 29 24 21 29 25 The meetings list above does not include speci81 meetings. sub•committee meetings, the annual inspection and othei ad- hoc meetings held dunng 2024. REFERENCE AND AQMINISTRA TIVE DETAILS Auditors TAG Bèrry Audit Limited Bowden House 36 Nor¢hafflplon Road Marf<ei Harborough Leie&slershire LE16 9HE PLAI4S FOR FUTURE PERIQDS The Deputies plan to.. Recruit new Deputies to bring different ideas and experience to the Board. Attract new residenis to bungalows which becom8 vacant 21 Fieemen's Holt. Ensure that poleniial beneficiaries are aware of th8 financial as8islan¢e that may be available to them 3nd provide guidanc with claims. Invite Freern&n, Freemen'5 widows orwidowers and their families to FeMen,5 Holt for social 8cbvilies and 8*(end the range of 8Ctivilies on offer, as and when possible. Continue to maintain 2nd upgrade bungalows. Continue to refurbish bungalow5 when they are vststed. Continue to @xtend suitablè bungalows as they become available subject to finance availability. Continue to maintain the eslal8 grounds Io 8 high standard. Continue to rnainlain the website and promote the Charity and Gild through the web$ite. Continue the ongoing deve1oprnent of organisational policies and PrOU$. Complete work lo create a new eleclronic Reg15ter ol Freemen from 1995 that can be added lo for the future 31 51 61 71 81 91 101 I close by thanking all Dèputie5 and Staff for their hard work and a55i5tance during the past year anis by expressing my besi wishes for 2025 to all mernber5 of the F&Men family. Approved by the Board of Deputies on 8 Septernber 2025 and were signed on Its behalf by-. Lynn Roffee- Chair of 8oaFd 12
LEICESTER FREEMEN'S ESTATE TRUSTEES RESPONSIBILITY STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 The Twslees IDepuliesl are responsible for preparing the Trustee5' Annual Report and the financial sialernents in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practic&l. The law applicabl& lo charities in EngSand & WaleslNorthern Iroland requi$ the Trustees lo prepare financial Statements for each financial year which giv& a true tsir view of the stale of affairs ol the ¢haThly and of the incoming re5Durces and application of resources of the charity for Ihyl period In preparing IheSE financial statetnents, the Trustees afft required to.. select surtable accounting policies and then apply them consistently.. observe the rnethods and principle5 ID the chatieS SORP IFRS 1021". make 5udgemenl$ and estimates that are 8$ornable and prudent". state whether applicable accounting 51andaid5 have been followed, subjoct lo any material departures di5dosed and explained in the financial staieTnents prepare the financial statements on the going concern basis unlèss it is inappropriate to presume that the charity will continu8 in operation. The Tnjstees are responsible for keeping proper accounting records that di$¢lo$e with 8$onable ac¢uracy 81 any time the financial position of the charity and enable Ih?m lo ensure that the financial slaternents cornply wtlh the Charilles A¢t 2011, the Charity (Account8 2nd Reportsl RÈgulation$ 2008 and the provisions of The Charitie8 ILeicester Freemen's E$latel Order 1977 Istalulory Inslrumentsl. Trusieè5 arè alsts responsitile for safeguarding the asse18 of the charity and hence for taking reasonable steps for the pievention and detection of fraud and other irr&gularilie5.
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF LEICESTÈR FREEMEN'S ESTATE Opinion We have audit&d the financial statements of Leicester Fr&ernen's Estate Ithe 'charity'l for the year ended 31 December 2024 which comprise the S18ternent of Financial Activitles. the Statement of Financial Pc5ition and notes lo the financial statements. including significant accounting policies The financial reporting framework that ha$ been applied In their preparation Is applicable law and United Kingdom A¢coJnting St8nd8rds (United Kingdom G¢nerally Accepted Accounting Practice). In our opinion the finan¢ial $181&ments' give a tiue and lair view ol the stste ol the chaity's affairs as al 31 December 2024 8nd of its inctsming resources and applic81ion of iesources for the year then ended.. have been properly prepared in accordancp with United Kingdom G8nerally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinio We conducted our audit in accordan¢e with International Standaid5 on Audiling IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for the audit of the financial statements section of our i&port. We are in(fEpendenl of the charity in accordance with IhE ethi¢al requirements that a rel&v8nt lo our audit of the financial statements in the UK, includig the FRC'S Elhical Standard, and we have fulfilled our other ethical re$pon$ibilili&s in accordance with these requirements We believe that the audit Èvidence we have obtained is sufficient and appropriate lo piovide a basi$ for our opinion. Conclu5Tr0ns relatln9 to going concern have nothing ID repDrt in SpeCt of the following matters in relation to which the ISAS IUKI require us to report lo you where.. the trustees, use of the going concern basis of accounting in the preparation of the financial &taternents is not appropriate.. or the trustees have not disclosed in the finarEcial statements any identified materlal unc8rtaintl85 that may cast $1gnificant doubl aboul the charity'5 ability to continue to adopt the going concern basis of accounting lor a period of at least hwelve rnonths from the date when the financial slalements are authorised for issue. other information The olh&r information CoP[1SeS the information included in the 8nnu81 report, other than the finan¢ial statÈments and our Independent Auditors report thereon. The trustÈes are responsibl& for the other infomialion within the annual reptsrt. Our opinion on the financial statements does not cover thè other information and we do not express any forrn of 8S5uran conclusion thereon Our responsibility is lo read the other information and in doing 50 Gvnsider whether the other inforTnatlOn 15 materially inconsistent with the financial staiemenis or our knowledge obtained in the course of the audit or Otherwise appears to be materislly Tni55taled. Ilwe identify such material inconsisl8ncies or apparent material misstalement5, we are required to determine whether this gives rise to a materi81 misststernent in the financial staternenls themselves. If, based on the work w8 have performed, we conclude that there is a material tni5Staternenl of this other infortnation. we are required to report thatfact. We have nolhlng to report in this regard Matters on which we are required to report by trxGeption We have nothing lo report in respect of the following matter5 in relation to which the Charrt18s (Accounts and Report51 R8gulations 2008 requires us to report to you If. in our opinion.. the information given in the financial statements is in¢onsistenl any material respect with the port.. or sufficienl accounting CordS havè not been kept.. or the financial statements are not in agreement with the accounting records,. or we have not received all the infom•iion and explanations we quir4 for our audit. R•5ponsibilits'es of trustees As explained more fully In the Trustees Responsibilty Statement, the trustees are re5pon5ib1e for the prep3r8tion of the financial statements and for being satisfi&d thai they give a true and fair view, and for such internal ¢ontrol as thè trustees detemiine Is necessary lo enable the preparation offinancial statements that are fe from material misstatem¢nt, whether due to fraud or error In preparing the financial staiemènts, the trustees are responsible for assessing the charity's ability to continue as a going concern, dis¢losing. as 8ppli¢able, malters related lo going concem and using the going wn¢ern ba$1$ of accounting unles8 the IrustÈes either intend to cÈase operations, or have no realisti¢ altemative but lo do so. The notes fomi part of th¢$¢ fintsncial Ètat¢mentB
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF LEICESTER FREEMEN'S ESTATE Auditor5 responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accoidsnTr with the Act and relevant regulations made or having effect thereunder. Our objectives are lo obtain reasonable assufance about whether the financial slalements as a whole are free from rnalerial misstatement, whether due to fraud or error. and to issue an Auditorfs Report that includes our opinion Reasonable assurance is a high level ol assurance, but is not a guaianlee that an audit conducted sn accordance with ISAS IUKI will always dèlècl a rnatèrial misstatemenl when il exists. Misstatements can arise from fiaud or error and a considered material Il, Individually or In the aggregate, they could reasonably be expected to influence the economic decisions ol users taken on the basis of these financial 51atetnent5. The extenl lo which our procedures are capable ol detecting irregularities, including fraud is detailed below-. In identifying and assessing risks of material misstatement respect of irregularities. including fraud and non-corHpliance with laws and regulations our procedures included the following.. We obtained an understanding of thè lega5 and regulatory frameworks applicable to the Charity and the sector in which they operate. We delermined that the following laws and regulations were most significant.. Charities Act 2011 Charities SORP IFRS1021 The Charities (Leicester Freernen's Estate) Order 1977 We obtained an understanding of how the Charity is complying with those legal and regulatory frameworks by making inquiries to the rnanagernent. We corroborated our inquiries through our review of board minutes. We asse55ed the 5usceptibilty of the Company's financial staternent5 to rnaterial mis5tatemenl including how fraucl might occur. Audit procedur6s performed by the eng8gement team included. Identifying and assessing the desion effectiveness of ctsntiols management has in place to prevent and detect fraud". Understanding how those charged with govemance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting proce5S', Challenging assumptions and judgments Made by management in Its significant accounting eslimales.. Assessing the extent ol compliance with the relevant laws and regulations. Becausè of the Inherent limitations of an audit. there Is a risk that we will not delecl all irregularitie5, Incluijing those leading to a material misstatement in the financial slalements or non-compliance with regulation. The risk increases the more that compliance with a law or iegulation 15 iemoved from the events and traTisactions reflected in the financial statements, as we will be less likely to become aware of instance5 of non-complian. The risk is also greater regarding iriegularitie5 occurring due to fr8ud rather than error. as fraud involves intentional concealment, forgery. Gollusion. omission or misrepresenlalion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's web5rte at www.frc.org.uklavditorsrespon5ibilities. This description forms part of our Auditor's Report. Use of our report This report Is made solely lo the charity's tIU5tees, as a body. in accordance with part 4 of the Chanties (Accounts and Reports) Regulations 2008 Section 144 of the Charities AGt 2011 and regulations made under Section 154 01 that Act. Our audit work has been undertaken so that we Might state to the charity's trustees those matters WÉ are required to state to them in an auditors, report and for no other puip05e. To the fullest extent permitted by law. we do not accept or assume r8sponsibility to anyone other than the chari the opinions we have formed. and the charity's trustees as a body, for our audit work. for th15 ieport. or for Mr Mark Woods 8Sc (Honsl BFP FCA @enioi Statutory Audilorl For and on behalf of TAG Berry Audit Lirnited. Statutory Auditor Chartered Accountants Bowden House 36 Northampton Road Market Harboiough Leicestershire LE16 PHE Date 191102S The notes lomi part ol these financial statements 15
LEICESTER FREEMEN'S ESTATE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDEO 31 DECEMBER 2024 31112124 Total funds 31112123 Total funds Unreslri¢ted funds Restricted fund Note$ INCOME AND ENDOWMENTS FROM Donations and other Income Charitable a¢tivltle$ Man8gement of the Leicester Freemen's Estatè 2.525 2.$25 23,129 87,051 87,051 80,722 Inveslrnent inwme 208,800 208 500 Total 298,076 298,076 304,896 EXPÉNDITURE ON RaS$lng funds Investment management costs 16,538 16,538 15,670 18,538 16,838 15.670 Charttable a¢tlvitle$ Management of the Lei¢e$ter Fernen.s Estste 286,109 286,169 269,574 Governance costs 7.408 7,406 7,999 Other 5.085 2.525 Total 298.600 298.660 280,098 Net gainslllossesl on investments 302,873 454 303,327 NET INCOMEIIEXPENDITUREI 285.811 454 286,265 428,237 RECONCILIATION OF FUNDS Total funds brought forward 8.087,034 13.568 8,100,602 7.672,365 Transfer of fund5 TOTAL FUNDS CARRIED FORWARD 8,372,845 14.022 8.386.867 8.100,602 The nf>lp.% fotrn part of these finanual statements 16
LEICESTER FREEMEN'S ESTATE STATEMENT OF FINANCIAL POSITION AT 31 DECEMBER 2024 31112124 Total funds 31112123 Totsl funds Unrestricted fund5 Re$tridÈd fund Not es FIXED ASSETS Tangible assets Investments 1.334.133 7.D03.398 1,334,133 7,017.420 1,328.706 6,697,403 14,022 8.337.531 14,022 8,337,553 8,026,109 CURRENT ASSETS Debtors Cash at bank and in hand 10 22.205 20.375 22.205 20,375 26,867 42,581 42,581 97.445 CREDITORS Arnounts falling due wthin one year 17,2671 17,2671 122,9521 NET CURRENT ASSETS 35.314 74.493 TOTAL ASSETS LESS CURRENT LIABILITIES 8,372.859 14,022 8,386,867 8.100.602 NET ASSETS 8.372.859 14.022 8.388.867 8.100602 FUNDS Unrestricted funds Restrided funds 12 8,372.845 14,022 7,659.026 13.339 TOTAL FUNDS 8 386,867 7,672.365 The financial statements were approved by the Board of Deputies on 8 Septernber 2028 and were signed on its behalf by.. Lynn Roffee- Ch8ir of the Board The notes forrn part of the8e finantsAI statements
LEICESTER FREEMEN'S ESTATE NOTES TO THE FIP4ANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOVNTING POLICIES Charity infomiation The Leicester Freernen's Deput1es is a registered charity. Basis of prepaTing the financial ststements The financial statements have been prepared in a¢¢ordance with the charitie5 governing docum8nl, the Ch8rit18S Act 2011, FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charitie$ SORP'accounting and reporting by ¢harilies' Statement of ReGommended Praclic8 applicable lo ¢harilies preparing their accounts in 8ccord8nce wilh the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland IFRS 1021 The charity is a public benefit entity as defined by FR8 102.The charty has taken advantage of the provision In the SORP for ¢harities not lo prepare a statement of cashflows. The financial 8taternenls have departed from the charities IAccounls and Report51 Regulations 2008 onty to the extent required to provide a true and f2irviEW. This departure has invofved IhE following statement of ¢0mmended pr8Cti¢e for charities applying FRS102 rathei than the version of the statement ol recommended practice which is referred io in the regulglions bul which has since been withdrawn. The financial 8tat&ment 8re prepared In 5teiling which is the functional currency of the charity. Monetary amounts in these financial 5taletnenls are rounded lo the neare51 £. The financial statements have been prep8i&d under the historical cost convention. modified io indude the revaluation of investments al f8ir value. The prinople accounting poli¢ies adopted a set out below. Going concBrn Th& Deputies consider that ther8 are no material un¢&rtainlies about the charity's ability to continue as a going concerfj. respÈcl lo IhÈ next reporting peiiod. 31 $t De¢ember 2025. the mo81 significant areas of uncertainty that affect the carrying values of assets held by the Chanty are the level of investm2nt retum and the performance of investrnenl markets Isee the investrnent policy and performance 8nd risk managem8nl sections of lh8 Deputies Annual Report for more information). Irs¢ome All income is recogni5ed onre thè Charity has enlillemenl to the Incom8, it 15 probable that the incolne will be received and the amount of income receivable can be measured reliably. Don8tions are recogni5ea when IhÈ Charity has been notified in writing of both the arnounl and settlement date. In the &vent that a donation Is subject lo conditions that require a level of perfDfrn8nce before the Charity is entitled to Ihe funds, Ihe inCDme Is deferred and not recognised until either Ihu$e ¢ondilions are fully met or th8 fulfilmenl of those conditlOn5 is Ivholly within the control of the Charity and it is probabl& that those condrtions will be fulfill&d in th& reportin9 p&riod. Legacy gift5 are rerognised on a ease by tase b8S18 following th8 grantin9 of probate when the adminislralorl executor lor the eslale has ¢ommuni¢8led in writing both the atnounl and settlement date In the event that the gift is in the forn of an asset other than cash ora financial asset traded on a recogni5ed stock exch8fig&, r8cognition is Subject to the valuE of the gift being reliably m&asurable with a degree of reasonable accuracy and the title lo the as8et having been transferred to the ChaTrty. Interest on funds held on deposit is includ8d when receivable and the amount tan be mea5uitrd reliabty by the Ghanly. This 1$ normally upon notification of the interest paid or payable by the b8nk. Dividends are recognised once thè dividènd has been declared and notific8tion has been received of the dividend due. Thi5 15 normally upon notification by our investment advisoi of the dividend yield of the investrnent portfolio. Expenditure Liabilit188 ar8 r&cDgnis8d as expenditure a8 soon as there 15 a legal or ¢onslructive obligation committing the charity to that expenditure. it is probable Ihal a transfer of econotni¢ ben&fils will be required in settlement and the afflount of the obligation can be measur8d reliably. Expenditure is accounted for on an accruals basis and has been c18ssified under heading5 that aggregate all cost related to the catEgory. whe ¢o$l$ cannot be directly attnbut8d to particular he8dings they have been allocated to activities on a basis consistent wlh the use ol rp50urGes. Grants payable 8re paym&nts m8de lo Ihird parties in the furtherance of the charitable objec15 01 the Charity. Payment is reco9ni5ed once the recipient has been notified ol the grant award. The notification gives the recipient a reasonable expectalion that they will receive the award. Raising funrls Raising funds includes all expenditure incurred by the ch2rty to raise funds for its charitsble purposes and Indudes costs of all fundra151ng aGtivities. event5 and non-chaFilabl8 Irading. 18
LEICESTER FREEMEN'S ESTATE NOTES TO THE FINAPICIAL STATEMENTS . CONTINUED FOR THE YEAR ENDED 31 DECEM8ER 2024 ACCOUNTING POLICIES . continugd Charltable activities Costs of chanlable a¢tivities Include contribuliDns to Fr8emen and FeMen.$ widow8 and wdowefs, estate and property maintènance. administration and goveinan¢e costs Allo¢ation of support and governance costs Support costs hav& been 3llD¢ated between governanee and support cost$. Goveman¢e ¢osts comprise all costs involving the public accountability of th2 charity and its compli8nce with regulation and oood practice. These ¢o$ls include costs relaled to staiulory audit ancl accounting fees. Support costs late to Ihe D8PUtie5 travelling expenses. Tan9ible fixed assets Tangible fixed 8Ssels •re Iniliglly measurèd at cost and subsèquently rneasud al cost or valuation. net of depreciation and any impairment losses. Depreciation is recognised SD as lo write off the cos1 or valuaiion of assets les5 their residual values over ¥t5 estimated usèful lif& Freehold property Plant and machinery 10% on ¢o$t and 2% on wst 25V4 on cost The g8in or loss afising on thè d18posal of an asset is deleimined as th& difference between the sales proceeds and the carrying value of the asset and is recognised in the statement of financial a¢tivrtie8. Taxation The charity is exernpl from tax on It5 charitable actwilies. Fund a¢¢ounting Fixed 8ss&I inv&stments are inrtially easUre at transaction price excludlng transaction costs and a subsequenlly ffleasured al fair valu8 at each reporting date. Changes in fair value are cOgnised in net incomellexpenditur81 for the year. Transaction costs are expÈnsed as incurred. The charity has a portfolio of unreslricled funds. Uniestricled income funds comprise those lunds which the trustees are free lo use for any purpose In furtherance of the charitable objec15, and designated funds which comprise monies set aside iowards improving and maintaining the estate and buildings. There is a 51ngle designated funcf."Extraordinary Repair Fund" details of which are disclosed in the notes. Cash and cash equivalents Cash and rA5h equivalenls include cash in hand. deposits held at call wilh banks. olher short4erm liquid investfflenls with original malurilies of three months or less. Flnancial instrurnents The charity has eleeled to apply the provisions of Section 11 'Seclion 11 'Ba5ic Fsnancial Instruments, of FRS102 Financial inslTument5 are recognised in the charity'5 balance sheet when the charity bècom8$ pary to the coniraclual provisions of thè instrum&nl. Employee beneftts The cost of any unusèd holiday entitlement is recognised in the period in which the ernp1oyee'8 services are received. Pension costs and other post-retirement benefits The charity opeiates a defined ContribtIon pension scheme. Contnbutions payabl8 to the charity's pension s¢heme are ¢hargÈd lo the Statement of Financial A¢iivities in the period to which they relate. 19
LEIGESTER FREEMEN'S ESTATE NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 INVESTMENT INCOME 3111 J24 31112123 Dividends received - 8Win Dolphin Dividelld5 rece5ved- Other IVestments Dep05il account interest 85,081 122,831 588 72.244 128,123 478 208,SOO 201,045 INVESTMENT MANAGEMENT COSTS 31112124 31112r23 Investment portfolio rn3TTagement Costs AUDITORS, REMUNERATION 31112124 31112r23 Fees payable to thE Gharity'5 auditors for the audit of the ch8rily'$ financ4al 51aterllenls 4,099 4,230 TRUSTEES. REMUNERATION AND BENEFITS There were no tnjstees. remuneration or other benefits for the y&ar ended 31 December 2024 nor lor the year ended 31 December 2023. The Deputie5 all give freely their time and expertise without any form of remuneratlon or olher benefit in ¢a$h or kiné 12023.- £nill- Trustees, expen8e8 Expenses paid to IhE trustee5 in the year totalled £1,71512023.. £2,562). These expenses wert made up of 16 Oeputie$12023- 171 reitnbursed for their travel and 5ub55Stence expensE5. STAFF COSTS The average monthly number of ernploye8s during the year was as follows. 31112124 31112123 Support staff No employee5 receiwed emoluments in excess of £60,00D. All the employees were involved in providing either sUPPOrt to the governance of the Ch8rty or support 5etvices lo charitable activities. 20
LEICESTER FREEMEN'S ESTATE NOTES TO THE FINANCIAL STATEMENTS. CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 OMPARATIVES FOR THE STATEMENT OF FINAN¢IALAcfiviTIES Unrestricted funds Total funds Restricted fund INCOME AND ENDOWMENTS FROM DonatlOn5 legacies Charitable activitie5 Managefflenl of the Leicester Freemen's Eslale 23,129 23,12g 80.722 80.722 nve51rnent incotne 201.045 201,045 Total 304,896 304.896 EXPENDITURE ON Investment rn8nagemenl co81$ Charitable activities Manag&menl of th& Leicester Freemen's Estate Governance costs Other 15.670 15.670 269.574 7,999 2,525 269,574 7,999 2,525 Total 280,098 280.098 Net gainslllossesl on investment8 418.880 229 419,109 NET INCOMEIIEXPFNDITUREI 428.008 229 428,237 RECONCILIATION OF FUNDS Totsl fund$ brought forward 7.659,026 13.339 7.672.365 Transfer of funds TOTAL FUNOS CARRIED FORWARD 8.087,034 8.100,602 21
LEICESTER FREEMEN'S ESTATE NOTES TO THE FINANCIAL STATEMENTS. CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 TANG18LE FIXED ASSETS Freehold property Plant and machinery Totals COST Al 1 January 2024 Additions Disposals 1.777,830 42,985 93,880 1.871,710 42,985 Al 31 December 2024 1,820,815 93,880 1,914,895 DEPRECIATION Al 1 January 2024 Charge for year Eliminated on dispo881 454,342 35,793 88,662 1.785 505.8e3 37,558 Al 31 DeInber 2024 490,135 90,427 580.562 NET BOOK VALUE At 31 DeGember 2024 1 330.680 2,453 1.334,133 At 31 December 2023 1,323,488 1.328.708 The freehold land and buildings ere ulilised in the nnning of th& Charity and are not held as an investment. The Charty'5 property and buildings were valued on Isth December 2017 by Fothergill Vfyatt, Chartered Surveyors & Valuers of 26 Allandale Rd, Leicester LE2 2DA at an open rnarket value of £4.960,000. FIXED ASSET INVESTMENTS Brewin Dolphin Portfolio Other InvÈstments Totals MARKET VALVE Al 1 January 2024 Additions lo investment al cost OispDsals- Net proee&ds Nel unrea118ed 9ainslllossesl on r&valuation Net realised gainslllDsse81 on disposal 2.993,177 394.803 1405,1131 240,993 23.6181 3.704,228 27.000 6.697.403 421,803 1405,1131 326,945 23,6181 85.952 At 31 December 2024 3 200 242 3817,178 7017420 At 31 December 2023 2993.177 3.704.226 6,697.403 Fixed asset Investments in quoted sh8res. traded bonds and similar investments and investment prop8rti88 are initially recorded at cost and subsequently at fair value Ilheir market value) at the balan¢e sheel dale. DEBTORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 31112124 31112r23 Other debtors PrepayTnent5 16,022 6,183 21,025 5,842 22.205 26,867 22
LEICESTER FREEMEN'S ESTATE NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 11. CREDITOR5.. AMOUNTS FALLING DUE WITHIN ONE YEAR 31112124 31112r23 Taxation and social security Other creditors Accruals 636 493 22.459 12. RELATED PARTY DISCLOSURES There were no related paty transactions for the year ended 310ecember 2024. 13. AUDITOR'S LIABILITY LIMITA TION AGREEMENT The total aggr&gat¢ liability to the company, ofwhalever nature, whelhgr in contract, tort orotherwise, ofthe Auditor for any losses whatsoever and how508ver caused arising from or in any way connected wth this engagement shall not exceed £100,000. The date of the resolution wa5 14 August 2025. 23
LEICESTER FREEMEN'S ESTATE DETAILED STATEMENT OF FINANCIAL ACTiviriÈs FOR THE YEAR ENDED 31 DECEMBER 2024 31112124 31112123 INCOME AND ENDOWMENTS Donatlons and other income Donations mis112neous income Insurance daim 1.262 2,223 19,644 2,525 2.525 Investment in¢ome Oividends received BWin Dolphin Dividends received Othei Inveslfflents Depo$il a¢¢ounl interest 85,081 122,831 588 72,444 128,123 478 208 500 201,045 Charltsble activitles Bungalow5 - Weekly Maint&n8nce Contributions (WMCI Accommodation charges 8S,041 2,010 79,357 1.365 87,051 80,722 Total incomlng resources 298.530 304,896 EXPENDITURE Investment management costs Investment portfolio rnanag8ment costs 16.538 15.670 Charitable activit108 Wages Pension8 Comput&r expenses C18aning Staff travelling expenses Telephoné Printing and slalionery Postsge Sundries E51ate management_ Repairs Estate management- Bungalow repaii work- insur8n¢e claim Estate rnanagemenl- Dèpieciation E$tale nanagemenl- Profil on d15PDsal of fixed assets Estate management- Council rate5, insurance Estate management- G8sIEleclWater Alarm monitoring costs Annual inspeciion dinner Aclivilies anu event5 Book Costs Freehold property- D8pretiation 80,945 2,342 1,798 1,964 72 886 2,265 2,248 741 116,186 79,454 2,293 1,311 24 807 2,380 1,545 1,577 91.582 20,425 2,208 12621 8.575 12.759 5,513 838 3.350 1,765 11,045 11,218 6,728 1,100 6,385 2,631 35.19S 286,109 269.932 othèr Charilable payments Donations lo Charity 2,640 2,525 S,085 2.525 This page doe¥ not forrn part of the stattOry financial statement3 24
LEICESTER FREEMEN'S ESTATE DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 31112124 31112123 Support Cts5ts Governance ¢(>sts Auditors, remuneratso Deputies travelling expenses A¢countancy Legal and professional cos1$ 4,099 1,715 4,230 2.146 394 871 1,592 7.406 Total re$ources expended 315.138 295.768 Net Ideficltl linGome before gains and losses 117,0821 9,128 R¢ali$ed recognised gains and 10$5e$ Re81ised gain5 on investments Unre81ised gain51llos58sI on investments 123,6181 326,945 180.186 238,922 Net in¢om¢llexpenditurel 286,265 428.236 Thi¥ p$ge doe? not form part of Ihe staiulory finan¢lal statements 25