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 conside￿d 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$, to d8ttrmlne who is eliyible tc vots In any
election lo the Board and to enable communication with F￿eMen worfdwide.
Public benefit
In planning, setting objectives and determining activities the Deputies have paid dué ￿gard to the Charity Commi$sion's
General Guidanc& on Public Bènefiv,
Th8 beneficiaries ol the Char￿ty 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$.
Allotments t￿ available lo both residents and people living locally. although p￿o￿ty 1$ 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 health150￿al 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 s￿nd0rd
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 t￿e 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 t￿e 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$hed Several are8s in Jun&.
151 Severn Trent excavated a small section of the path in front of No.1 D to repair a leak in June. The 9round was reinstated and
made good.
161 The bowls Tnat whi¢h had been stO￿d in one the garages and not been used for many years was donated lo the Houghton on
the Hill bowl$ 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 Clea￿d 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 scatte￿d on the estate. A notice
was pla￿d 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 F￿￿￿en 8nd th8ir
f8rnilies together. W& hope overlhe ye&rs F￿erne￿ will acquir8 8 conn8Ction and fondness with Freemen s Holl. It is an
opportunity to showcase F￿@m￿n s Holt to pol8ntial bungalow applicants and enGourage F￿erne￿ 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 f￿ed0rn.
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 dU￿ng 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, Co1￿cted monthly by standi￿9 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$1
Still providing an appropriate level of support to all Freem8n and Freemen's widows or widowers. In par￿CUlar, the Qeputies
intend tri continue lo.
Maintain the overall estat8 to a high standard
Upgrade and improve all properties at Fre8m8n's Holt as the need arises
Extend bungalow5 deEtned suitable for extension as these becorne available subject to finence availability
Provide charitable payrnen15 to qualifying aged needy Freemen or their wdow5 orwidower5
bl
dl
Investment performance
Investment p¢rtornianc¢ during 2024 showed £ slight uplum frorn 2023 with Ihe total value of investments c4osing 2024 at
£7.017.420 COFnpared with £6.697,403 at th8 start of the year, an inGr0ase In valué of 4.8Yo. This is due to the general
perforrnanc& of the stock market during 2024. InGorne fforn inve5trnents wa5 £208.SOQ. a yield o12.97Vo 12023.. 2.99%).
This rÈmained conslstent with 2023.
The perfomiance of the non-charity investmants wa$ 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 a￿85 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 Le1￿51er 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 F￿emen,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 P￿ernen 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 reqU1￿mentS 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$lon makin9
Items requiring a¢tion 3re detailed in cornrnittee agen(5as which are circulated prior tD rneetings for the Deputies
consideration Urgent it&m8 ar& r8is&d as necessary with comrnrttee Chair b&twÈen meetings Decisions are recorded in
report5 foreach committee and these are circulated to 811 Deputies aft&r meetings. The Clerk and Assistant C18rk implornenl
the aciion Ileffls idèntified by the Deputies.
Th8 Board of Deputies holds an Open Board meeting in the Communty Centre at F￿eMen.$ 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$181ion,
and the initiatives of other similar organisaiions
15 a member of the National Council for Voluntary Organis8tions INCVOI which is thè largest umbrella body
for the voluntary and community Sector in England
works in co-operation with"The Gild of F￿eMen of the City of Leicesterf,
fund5 and éi$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$peh Goddaid
uty Manship
Linda NorTnan
12
17
23
21
27
25
10
20
12
17
fo
17
12
oss Norman
Susan Palleti
ynn Roffee
obert Slaines
24
24
29
22
17
13
29
24
21
29
25
The meetings list above does not include speci81 meetings. sub•committee meetings, the annual inspection and othei ad-
hoc meetings held dunng 2024.
REFERENCE AND AQMINISTRA TIVE DETAILS
Auditors
TAG Bèrry Audit Limited
Bowden House
36 Nor¢hafflplon Road
Marf<ei Harborough
Leie&slershire
LE16 9HE
PLAI4S FOR FUTURE PERIQDS
The Deputies plan to..
Recruit new Deputies to bring different ideas and experience to the Board.
Attract new residenis to bungalows which becom8 vacant 21 Fieemen's Holt.
Ensure that poleniial beneficiaries are aware of th8 financial as8islan¢e that may be available to them 3nd
provide guidanc* with claims.
Invite Freern&n, Freemen'5 widows orwidowers and their families to F￿eMen,5 Holt for social 8cbvilies and
8*(end the range of 8Ctivilies on offer, as and when possible.
Continue to maintain 2nd upgrade bungalows.
Continue to refurbish bungalow5 when they are vststed.
Continue to @xtend suitablè bungalows as they become available subject to finance availability.
Continue to maintain the eslal8 grounds Io 8 high standard.
Continue to rnainlain the website and promote the Charity and Gild through the web$ite.
Continue the ongoing deve1oprnent of organisational policies and PrO￿￿U￿$.
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 cha￿tieS 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 $181&ments'
give a tiue and lair view ol the stste ol the chaity's affairs as al 31 December 2024 8nd of its inctsming resources
and applic81ion of iesources for the year then ended..
have been properly prepared in accordancp with United Kingdom G8nerally Accepted Accounting Practice,. and
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinio
We conducted our audit in accordan¢e with International Standaid5 on Audiling IUKI IISAS IUKII and applicable law. Our
responsibilities under those standards are further described in the Auditors responsibilities for the audit of the financial
statements section of our i&port. We are in(fEpendenl of the charity in accordance with IhE ethi¢al requirements that a
rel&v8nt lo our audit of the financial statements in the UK, includi￿g the FRC'S Elhical Standard, and we have fulfilled our
other ethical re$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 Co￿P[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 f￿e 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 F￿ernen.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 F￿eMen.$ 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 rneasu￿d 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 Contrib￿tIon 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 - 8￿Win Dolphin
Dividelld5 rece5ved- Other I￿Vestments
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 De￿Inber 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
mis￿112neous income
Insurance daim
1.262
2,223
19,644
2,525
2.525
Investment in¢ome
Oividends received B￿Win 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 stat￿tOry 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