The Leicester Freemen's Deputies A Registered Charity No. 244732 Annual Report & Accounts 2025
LEICESTER FREEMEN'S ESTATE CONTENTS OF THE FINANCIAL STATEMENT8 FOR THE YEAR ENDED 31 DECEMBER 2025 Page Roport of the Trustees Trustees Responsibility Statemènt 11 Report of the Independent Auditors 12-13 Staternent of Financial Activities 14 Ststem6nt of FanCIal Positron 15 Notes lo the Fin2nclal Statements Detailed St8t8ment of Financlal Activities 23-24
LEICESTER FREEMEN'S ESTATE REPORT OFTHE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025 The Annual R8POrt and Accounts is published on th8website for all Freemen and theirwidows Orwidowe and issubmitied to the Charity Commission. The Charity operates a website, and the Deputies aCknedge their responsibility for tha maintenancè and intègrity ol such information. Thè Annual Report and Accounts are published on the webslte and fDr non.UK reader5 it should be not8d that l£gislation in thg UK governing the preparation and di55eminaiion of financial statemen15 tnay differ fra 18gislalion in olherjurisdictions. The Deputies arg satisfied that these requirernents have been rnet The Charity exists to serve hor$dilary Freemen ol the City ol LeiGgSter and their widow5 or wdowers. Trustee5 are known a5 Deputie5. Mission Statement The Mission Statement is To admSnister and manage the Leicester Frg¢men's Estat8 Charity forth& b8n8fit of aged n89dy Freemen of the Cty ol Lèlcèster. théir widows orwidowers ond future generations of Freemen." OBJECTIVES AND ACTIVITIES Objective$ and alm$ Th8 Deputles aim to.. 11 Run the Charty in a profg8sional and ethical rnanner within the guidelines of th8 Statuiory Instruments, using qualified advlsors as necpssary. 21 Provlde a safè living and working environment for all residents. staff and visitots to the estate. 31 Ensure that an adequate level of lundlng Is provided to support ongoing needs. 41 Use incom8 reed to provid8 financial support to qualifying beneficiaries in the fomi of charitable payments, for th& adminislration Qt the Charity, for tho 5ecLSrity arid w8lf8r8 of r8sid8nts and forth8 m8lfttenan¢e of FeMen.$ Holl estate. 51 Ensur8 that the Charity's assets are maintsined for tha b8n¢fil of future generations. 61 Maintain Freem8n's Holt with continued investment in th8 properbes to provide a Safg, comfortabla and $ecur6 environment for all residènts. 71 Nurtur8 a community spirlt and malntsln hartnony for th& bgn$fit of residents at Freemen's Holt. 81 Provide Soryal activitses to encourage interaction between residents, Deputies aad friends to avoid isolation and lonelines5. 91 Provide charitable payments to eligib18 agod needy Freemen or Freemens widow5 or widowers living in Leicest8r City and Lelcestershlre. 101 Providè guid8nc8 to bgnefi¢i8rSes and potential b8n8fici0ri88 on po88ibl& sources of help and Support. 111 Run Ihe charityfor th8 ben8fil of Freemgn and their wdows orwidoweTS. 121 Providè us8 of the community fadlltiés to the local comrnunity through hosted visits. SlgnifiGant activitles The Wellare Gommittee reviews all charitable payment and bU9810W applications a9ainsl a9reed criteria. Vacant bungalows are allocated to tha most needy applicant at th8 time of appolntmeHt. Tho Deputie5 arrange an appointment to meEI wth applicants. A report Is then made to the Welfaie Gomrnittee, which makes an initial decisiotTr and recommendation regardirig all applications, which arg Ihen further consi¢ered by The Board of Deputies and accepted or rejecled. The Manager advises th& applirnt of the dedsion lollowng the meeting. Beneficiaries must live in Leic8Ster City or Leicestershlre at the time ol appointrnent except in special ¢858s which require approval trom the Charity Commi5310n.
LEICESTER FREEMEN'S ESTATE REPORT OF THE TRUSTEES FOR THE Y&IR ENDED 31 DECEMBER 2025 Slgnlfi¢ant a¢tlvltlès- contsnu¢d A d8tabasÈ registèr of FreetneTr and Freeman's widows and widowgrs is maSntained by thB Manager with the objective of providing infomiation on an ongolng basis to PO55ible beneficiaries, to determine who is eligible to vote in any glecb.on to th8 Board and to 8nable communication with Freemen woHdwide. Publlc benefit In planning, $etting objectives and detemiining activllies the Deputies have paid due regard to the Charity Comrni&8ion 'General Guidance on Public Benefiv. Th8 benefiaaries of the Charty are h&reditary rather than honordry Fr99men of the City of Lei¢8ster. This rn8ans that the Freedom passes down from generation to generation through th8 81igib18 line. Today there are many hundreds of potential beneficiaries., however, data protection and unadvi5ed change5 01 address preclude the establishment of an exact figure. which is eslimaled to be over 1.200. Slnce 2009, women have also been eligible to take up the Fr6odom r&sulling in gr88ter numbers of potential beneficiarie5 frotn mole divers8 background5 and socio- econornic group5. The benefits provided lo those eligible are financial a5SlStance in the form ol Gharitable payments, financial loans a accommodation in the shelt8r8d housing136 bung81owsl owned by the Charity at Freemen'y Holl. Th¢ t8rm'aged' is for guidan¢o. To be eligible to live at Freemen's Holl the Deputies Interpret thls as appli¢ants being In reGeipt ofsldte retirefflent pension. By exception, rmiSsion to live al Fr&emen's Holt rnay be granted to beneficiaries who are below 5tatE retiretnent age. However, thgir continu&d 81igibility is reviewed in line with the Chaiity5 governing documant, The Ch8rilies ILeicester Fr8emen's Estalel Order 1977 IS18tuiory InslnJm8ntsl. guideline$ from lh8 Alrnshouse Association and with approval from e Ch2rity Comrnission. In 2024 the Board decided to allow residents to be in paid work. $ubj8Ct to ¢ertain guid81ing8 la$ datalled in th& Welfare SUb0MMte@ hlghlightsl. In the past the temi'needy" related only lo financial need, but nowadays tho terrn has a wider interpretation and may also include ne8ds that aris8 from living in a house or home whlch has become too big lo cope with, problems with Climbing stairs and oth&r agè or health relat8d issues. Oth&r'ne8d8' which th8 oharily will consider arg lonelines8, isolabon, saf8ty, sècurity. this list is not exhaustive, and each application will be considered on its Individual merits. Resid&nt$ ar$ reqUId to pay a weekly maintenance contribution lowards the upk8ep of th8 properti8s and estate at Fre8rn8n's Holt. Residents are also responsible for paylng gas, elBclric, wat6r, couricil tax, tèlephonefintemel bills of their bungalow8. A continuou$ programme Is In place to maintsin and enhan the awommodation providgd and io ensurg a 8afg and S8cure &nvirDnment for all benefioaries. Help and guidance Is offered to btrnèfi¢iaries on request to enable thern to apply for all availabl8 statg beneffls and to 8cc85S 8UPPQrt services provi(Sed by statutory and voluntary organisabons, Allotmènts ale avail£bl8 to both rg$ident& and people liwng locally, although priority is given to FT88rnen. Facilities at FreernEn'5 Holt are ideal for tho$¢ with mobility problem5. Use of the community centre h8s been offered lo the local community, including the ¢hurGh and local r88idential hom8. Dyrlng 2025, 8heltered aG¢ommodation was provided for 44 p8rsons and ¢haAtable payments lotalling £2,880 We made to two beneficlaries. Th8 provi8ion of 36 bungalows for th6 Charit518 b8nefi¢lartes enables more local ¢ounGil, social and priv8te owned accommodation to be 8vailab18 to the publ1¢ at18rg8. ACHIEVEMENT AND PERFORMANCE Welfare sub.Gommittee highlights 11 The n8w Freemen's En9agement OfficEr start8d in January, initially on a temporary basls for slx months, The role was madè permanent in June. The key function ol the role 15.. To zct a5 a visiting friend, on behalf of th8 Bo&rd of D8puties, to residents ol Freemen's Holt, and to contact and visit Frgomen ott site as required. 21 A monthly evening quiz or supper evaning was held ihroughout the year wilh residents, Deputies and non-residential Freemei belng invited to gttend. 31 Noibngham On Call continued lo provide a Mle alarrn monitoring serwce to th8 estate. 41 TunsWI conunued to provide a 5eNc8 to maintain th9 alami rnonitoring system.
LEICESTER FREEMEN'S ESTATE REPORT OF THE TRUSTEES FOR THE YEARENDED 31 DECEMBER 2025 Wglfarg sub-¢gmmitt89 hlghlights -continued 51 Monthly charitable payrnents totalling £2,880 were made to two beneficiaThes between January and December. Ea benefi¢igry also ¢eIV0 a Chrfstmas hamper to the value of£50. distributed by the Deputies in December. 61 Bungalow vacancies were advertssed in the quarterly edition of Gildhall News and on the website. 71 A weeY resid8nl run coffee moming was held wth ail resid8nts, and their friends and families were welcome to attend. 81 Aftstst h8allh praotih"on6r conlnued to offer gppointments on a six-we&kly basis for r8sidents. 91 Following a review of the visitorfs accommodation charge il wa$ incrg888d to £40 per room, per night. Deputies took the cleaning and energy costs into account when rnaking the decision. The new ratè cafne into effect on 1st June 2025.. a letter was sent to resident5 in May to Gonfirm thi5. 101 A coffee mDrning 10 5UPPOrt the Macmillan Cancer Suppgrt Charity was helc5 on Monday 22nd Seplernber, £263.92 was raised and the Board agre8d to contribute and round it up to £300. 111 On 151 January 2025 a changg ¢ame into effe¢t whereby residènts would ba pemiitied to be in paid work subject to the following guidelin8S'. 181 Part 11rn8 working only- no moro than 16 hour5 per week Ibl Annval gross 5alaryleaming5 mu$t not exceed £12,570, per person. Both resid8nts can work ir they a a couple. The salarylearning5 limit cannot be cotnbined b&tween two 3pplicants (¢1 No commercial vehicles lo be kept on sitè at any tima Idl No workin9 from home l&) Must be spectful to nèighbours during 88Y hour511at8 evenings 10 Plck-ups and drop off must b8 at th8 gal88 $0 not to Incraasa traffic On th& 8State Igl No work-related meetings on site A letter was Sent to all Freemen of the City of Leicesierto inform thern of thi5 Ghange. The Criterion for sIdentS remain 'needy aged Freemen, the change t(> allow residents to be In paid work was an acknowledgemÈnt of the hardship many people fa¢9 when tt)ey retire. and the hèalthlsocial benefit5 work ha5 on individuals who wish to main actlv8 In work. 121 staff and two Deputies complèted an online Safeguarding cours8 provid8d by th8 Ajrnshouse As50a8tion. 131 Tab Chi and Sit Fit classes were Introduced on a fortnighly basis. 141 Several rllinibus trip5 We organised to V8ri0us Garden C9ntr88. 151 Bungalow 22 was allocated to a n8w resident in April 2025. 161 A ¢elebration event wa$ held on 8th May to cornm8rnor818 the historic occa8Eon of the 80th anniversary of VE Ivictory in Europe} Day. 171 Chri5tma5 lebrations included Christmas tree trlmming, a visit from South Fields Brass Band and quiz, and Nvo film shows. The 8oard sent each resident a small glft with their Christrnas cards. 181 The Christmas Lunch was held in the community centre with a ca18rer providin9 the food. R8sidenis. Deputies. Staff and non-residenbal Freemen were all invited. 19} Bungalow 30 was vacat8d in April. Bungalows 18, 20 & 21 remalnecs vacant throughout the year. At the end of 2025, there were four $¢andard bungalows vacant. 201 a¢tivitie$ were run on a'not for profrt. basis.
LEICESTER FREEMEN'S ESTATE REPORT OF THE TRUSTEES FOR THEYEAR ENDED 31 DECEMBER 2025 Property and Estates sub-cornmltlee hlghlights 11 Routine repairs. maintenance. and scheduled remedial work w&r8 carried out throughout the year as and when necessary. Quotes were sought for larger projeds as required. 21 Bungalow 21 had a leak caused by a frozen pipe in January. The leak caused d8mag8 to the pipework and ceilings. Thg bungalow was vacant, but th8 family were in th8 procass of ¢18aring it. Th8 bungalow was fijlly refurbish8d later in the year. The woth included a complete re%wre, new kitch8n. new wel room, decorating throughout. flooring replaced throughout and block paving reinststing on the rear patio. 31 Various redundant garden ma¢hinery wa5 sold in 2025. Th8 rrachin8ry W88 advertised in th8 Gildhall News and Inte$ted partie5 were asked to 5ubrnil closed bids. 41 The accommodation rooms, shower room and downstairs toilèt In th6 office building was r9nova19d in March. N&w flooring was installed in the entran¢e lobby, stairs and landing. 51 The Grounds Maint8nance Conlra¢t wth M&BG was renewed in March for a furth8r year. M&BG also continued to provlde a grittlng servi¢e on tha roads & paths on the e8lat8 when required. 61 The Anriual Insp8ction wa8 ¢arrfed out In April and a list of items needing attention was cotnpiled. Outstanding items from the list were reviewed by the Deput18s in Committe¢ Moetings on a gular basis. 71 Annu81 PAT te$ling was (arriod out tluring June. 81 The annual testing of fir8 8Xtin9uishers was eaffled out by A55ured Fire Protection during July. 91 Th8 BoaAI dgclded bungalows 18 and 30 shoukd ba 8xt&nded. Plannlng pemilssffion was alraady Approvèd to extènd both bungalow$ to the front. but th8 Board dacid8d 8n extension to the ar of bungslow 18 was prefer3ble. A new planning application was submitted for bungalow 18. An ecological survey was carri&d out as per the new plannlng proces$. Planning psmiission for a rear ¢xtension Df bungalow 18 wa¥ opprgv¢¢ in Qle¢ember. Bungalows 18 & 30 wll be extended in 2026. 101 The wgl rooms of bungalows 11, 12, 13 & 22 were refurbi$hod during the y8?r as part of a programffl8 of improvement. 111 A18rge Lirne Tree was felled as an prnergency by Leicester City Councjl after it was found to have a large split Dear its base. The etn?rgenGy services w8re called as a precaution as the tree was dose to Midd18ton Street. 121 The p&strian sida gate motorwas replac8d in June. 131 Thg annual gas inspections of the bungalows, the office 8nd community centre were completed In October.
LEICESTER FREEMEN'S ESTATÉ REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEM92R2025 Geneyal Purpose subrfommlttee hlghllghts 11 D8PUties continued to hold monthly Committee meeting5 on Monday evEning5. Each CDrnmittee rnEEting was held conse¢utively with all Deputies afounif thE table at the sarne tim8 to consider Property and Estales, Weffare and General Purposè matters In tum. 21 The Rnanc8 committèe mal monthly on Monday aftemoons. 31 The 08PUtl8s conduct8d their annual revipw of the Weekly maintenan Contribution and had derided to incae it from £174.68 to £180.00 per standard bungalows and from £244.51 to £250.00 for extended bungalows. Thr88 months, written notlcè was glven to residents on 1st March 2025. 41 The Assistant Manager retired in May. A subrnm1ttee oversaw the recruitment proces8 and the new Assislanl Manager stsrted in June. Sl The previous 8ccount8nls informed the offlce as short notl¢e Ihal they could no longer provlde thelr audil servl¢es. Berry AcGQUntants were appointed to cornpl81& the audit of th8 2024 accounts. The Annual Return to tho Charity Comrnission was completgd in October. 61 In 2023, th8 Board received a re58arch document compiled by a FrÈemen of the Clty of Lelcester detaillng the history of the Leic8Ster Fraemen. The originator of this research is a former 808rd mewnber who has 1)een a Freemen for OVEr 50 ye215. ctsfounderof the Gild and its Archwist who1$ now a SIdent al Freemen's Holt. As there Is no published book about LeiGe5ter Freemen the Board accepted the gift of th8 research and agr88d to publish and print it into 8 book. Two Daputies work8d alongside the author to hav8 the book published profÉs5ionAlly. 300 copies w8r8 d81iver8d to thè offic8 in June. Copies w8re 'sold' for a minimum donation of £20. Copies W8re donated to various org8nisations in L81C85tershire 85 w811 as th8 mandatory Ilbrary deposits. 71 A cheese and wine evening to18uneh the bookwas held in August. The bcx)k was prosented to the Lord Mayor ol Lgicester at Town Hall in August. 81 A private Fac8book group w88 cr881ed for the Freernen of Leicester and thair spouses or widows. The aSm of the group 15 to aid Swift communication and promote the activsties of the charity. Invitations lo join the group wer8 sent to all Fremen of Leicester. 91 The Freemen's Funday event which was due io be held in June was cancelled due to a lack of bookin98. There was a small cost to cancel the event. 101 The Board hosted th8 Lord Mayor of Lai¢oStbr and the Deputy Lord kneutenant ol Lei¢e5tetshire for an Aftemoon Tea event in July. The guests wer8 tak8n on a tour of the estate, the grounds and bungalows. A ch8que lor £100 was presented for both of the Lord Mayorfs nominat8d tharities whiGh were The Joe Humphries M&morial Tru818nd Andy's Man Club. 111 A $uN9y was Sent to all Freemen in Augu$t regarding bungalow v8cancSes to bètter understand the ¢urrent r8quiroments and enable the Board to plan for future potential bungalow 6Xtensions. 121 The Gild, which wa5 a sperate body from the d)arity, sadly decided it needed to dissolv8 in September as it could no longer function, The ¢harity sent a letter to all Freamen on behalf of the Gild to inform th8m of this. As p8r the Gild's rul8S. the funds held by the GSld, which totalled £11,451.e1. were transferred to th8 charity. These funds wll ba k8pt in a 5perale accounl for safek8&ping until such time the Gild can be rel0ed. 131 The Annual Dinner wa5 held in October at the Tast6 Restaur8nt 8t Leicester College. 141 The Code of Governance was revi$wed in Novemb8r. 151 Three making fre8 Ceremonies were held in 2025 where ten people tDok theirfre8dorn. 161 The w8bsitg was maintained during the year with both Charity and Gild ev8nls being publi¢ised. FreemeTF are advised to contact th8 offic8 if they wish to see a copy of Board minutes, AGM tninutes or annual ports. The Gildhall News 15 available for all io access via the website.
LEIGESTER FREEMEN'S ESTATE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025 FINANCIAL REVIEW Flnan¢lal posltlon The financial slatemants for 2025 havg been prepared in line wilh th8 Charities Statement of Recommended Practice ISORPI IFRS 1021. Incoming resources for 2025 generated from inveslrnents, weekly maintenance contribution8 for bungalow5 eNMCI, ac¢ommodation charges and bank intsr6st, amounted to £322.288 Cornpared with £298.076 in 2024. InGluded in donation5 income for 2025 is £11.452 trom a Gild Fund Tran5Yer, which is to be held in Trust. In¢om8 has tended to remain fairfy steady year on y8ar due to the spread ol inv8strnents within both thè Capitsl and Revenue and th• ¢haritab1e inveslmant portfolios. Tho only other sizeable source of income comgs from weekly maint8nance contributions, which are predictable. These factors. alongside prudent financial management. r8duce financial risks to the Charity irn both the short and long terrn. Expenditure lor 2025 lot2lled £294,604 ¢ompar8d to £315,138 in 2024 a d8cr8aso of 6.5%. Wages ¢0sts increased due to the average ernployee number increasing from 2 to 3. R8pair cost5 were particularly high in 2024 and included 5ignrfi¢anl rapairs. Thi5 year much of the significant improvernentwork and npw wet rooms hav8 been capilalised. (Total costs transferred from repair5 to capltal for 2025 were £100.8021. Pension liability Incuryed by the Charity amounled to £3,096 for 2025 as compared to £2.342 for 2024. No funds 8r8 collected frorn the general public or other outsid& sourGes. Residents at Freemen'$ Holt pay a weekly maintenance contribution towards th8 upkeep of the estste, collectèd monthly by standing order. Otherwise, the Charity depends primarily on dividends from investments. The Depubes, objective is for th8 investment portfollo to achieve adequate growth in order to protect Incom8 leve15 in futtjre year8. The Deputies also aiffl lo attract a sufficient yield to enabl& them lo carry oul nè¢*ssary upgrades and rgpairs whilst still providing an apprDpriat¥ level of &upport to all Freomen and Froeman's wOow$ or widowers. In parucular, the Deputies intend to Gontinue to.. Maintain the overall 8stat8 to a hlgh standard Upgrade and improv8 all proporties at Frèemèn's Holt a5 th6 need arises Extend bungalows deemed suitable for ext8nsion as these become available subject to finance availabillty Provid8 charrt2ble payments to qU81ifyng 898d needy Freemen or th81r widows or widowers bl dl n¥estment perfomiance Invesbnent rforManCe during 2025 showed 8 slight uptum from 2024 wth the total valuo of inv8Stments dosing 2025 at £7.167,821 compared wth £7,017.420 ztthe start of the ye&r, an Increase in value of 2.1%. Incorn8 from investhents w8S £214.022, a yield O12.99,{2024.. 2.97U/ol. This remained con$ist8nt with 2024. Th8 perfCrrnan of tho non-charty investments wa5 reviewed on a r8gular b8515 in ¢omparison wtih the WMA b81anced nd8x. a r&cognised investment benchmark, a5 well as the Brewin Dolphin Risk Measure. Charges for rnan3ging the non-charity inY8Stments increHsed 51ighdy to £17.479 in 2025 from £16,538 in 2024. The Charity's need for income 45 di¢lated by the need to maintain the oPeraOn$ and objects of the Charfty and 50 the Investm&nt objective is to genèrat8 an income retum of approximately 3°/0 to 4% per annum over the rnedium term 5-10 years. In addition, the Trustees are looking for long-tem real returns such that in¢om8 increases al least In lino wqth inflation. along with the real valu8 of the ass8ts ovgr the long.t8rm. The Charity has a long-hold objective that in¢ome should exceed infiation as measured by the Consumer Price8 Index, which ended the year al 3.4¥o12024-. 2.5?/ol. As income for 2025 welde(S a 2.99trk r&tum. this objective wa8 therefo Dot achieved. Inv8sfment policy and oble¢tlv&s Th& Oepulies long-tèrm objactiva is to seek diversifiedl Tnedium risk inve8tment8. which will mainiain th8iT r881 valuè whilst also eaming an income. Throughout the year investment advic& has been received from th8 inv8Stment managers. RBC 8reivin Dolphin, and a Client Review meeting was held in May. Although there are no restrictions on the inv&slm&nts that the Charity make, the Deputies have slated thal th8 ChaThty'S assets should b9 invested in line with its aims and have th&refore adopted an exclusionary poli¢y with companies whose v21ue5 and prin¢ipl&s are not in Sine with these aims.
LEICESTER FREEMEN'S EBTATE REPORT OF THE TRUSTEES FOR THEYEAR ENDED 31 DECEMBER 2025 Investmont prill¢y- contSnu4d The Deputies a aware that 50me ¢ornpanies operat8 in areas that n8gatively aff8Ct the 8nvironrn8nt in various ways, or in areas where hurnan rights are not observed. However, in the majority of ¢ase$ the Qepulle$ a¢kn¢wled9e that most rnajor listed companies will a150 have made positive contributions for community involvement and equal opporiunities and may mak• positlv8 contrfbutions to tho environmant. Thg Deputies also hold significant ch8rity invesbrents with CCLA and M&G, which are both collective investmentschemes. Holding CCLA and M&G inv8Stments in addition to the Capitsl and Rgvenue Portfolio manag8d by RBC Br8win Dolphin helps to minirnisa risk and the 8dministralive burden of managing inveslm8nis. whilst providing a regular income stream that maximises payrnents due tLI the f2vourable tax treatm?nl ol all charity funds. A dient review tneeting wa8 held in August with CCLA and October with M&G. Reseryes pollcy To meet the obje¢tsves ol the Charity the Deputies polley is to provide an appropriate level of administration to ensure the estate Is properfy maintained and that relief may be given to aged needy Freemen and Freemen's widows and widowers. The Deputies ¢onducl an Annual Inspection of the estate lo identify any problems. d8termin8 upgrade prograrnme5 or projects required and to ensure that the propere$ and ground$ are maintained to a high standard. Maintenance work 15 idsntif18d. actioned and monitored by th8 D8puti8s on a monlhly basis and funded by income from investments. The M&G Mulll Asset Fund is the designated Emergency RepoirFund. thi5 fund ha5 avalue 01£14k. The Deputies Consider that sufficient re50uroes are quickly available within th8 investment portrolios to cover any emergency that might o¢cur, such that they do not need lo hold significant fund5 85 a separate ERF. The estate is well malnlained and th& Charity is able to fund major r8p8lrs, building work and other plannÈd malor prol8cts from th& sale of investments h8ld in the Capiial and Revenue or Charity portfolios. Other Fre8 Reserves will be kept at a minirnurn lev61. STRUCTURE, GOVERNANCE AhlD MANAGEMENT Ggverning do¢ument Th& Charity is administered by th8 Board of Deputies which, as a corporate body, is known as The Leice8ter Fr88m8n's Deputies., established under Ttte Charities (Leicester Freefflen'5 Estate) Order 1977 (Statutory In5trurnent51. Rules goveming the Charity ar8 detail8d in thes8 Statutory Instruments, which were approved by Parliament on 15th D8c8mb8r 1977. Th& Board of Deputies is the governing body of the Charity, r8sppnsible for establishing and implementing the airns and abje¢tiv8s containad in Its mission statement, and for ongoing management. Funding for the Charity originated frorn th8 compulsory pur¢ha$e of land that belonged to the Fre8m8n of L&ic8Ster for many centurie5. When the last of these lands known as Freemen's Common was purchased by the City Counci1 in th 1960s, tha funds raised werg used to purchase an 3rea of 7.5 aGres in Aylesione, Leicesler, now known as Frqemen's Holl. Thity-slx bungalows and otherfacilities, including a community centre, have been built there, with surplus funds being invested to g8n8ral& ongoing income for the Charity. Ellglblllty to tho Fra6dom To b8com8 a Fraernan, a candidate rnu$t bè al lea$1 18 years old and be able lo prove 3n eligibility line to a hereditary Freeman of the City of Leicester. Womèn have been eligible lo become a Freeman 81nce 25th June 2009., prior lo this da18 inheritanGo w86 through an unbroken male line. Writlen 8ppli¢ati¢n8 should be made to the Lord Mayols Civic Office, LeiGe5ter City CDuncil, 3rd Floor, City Hall, 115, Charle5 Street, Leicester, LE1 1FZ. Al new Freem8n are swom in by the ¢ivi¢ Lord Mayor al a ¢er8mony held at the Town Hall. Thé"Freedom' onc& given is a lifÈtimè honour. STRUCTURE, GOVERNANCE AND MANAGEMENT Reciuitment and appointment of new Deputles Deputie5 must be Freemen of the City of Leicester and reslde within L&i¢e$ter City or Leicastershire. They provid8 their time and expertise to the Charity on a voluntary basis, Two nominations by other giStered Freemen who reside in Leicesler City Dr Leice5ter¥hire, Sre requir8d for a can¢ida¢e to b8¢om¥ a Deputy. Deputies may not be b8n&fiaaries of the Charity. Providing they are eligible to act as a charity truste8, and subject to an application prtscess. Deputie5 may be accepted
LEICESTER FREEMEN'S ESTATÉ REPORT OF THETRUSTEES FOR THEYEAR ENDED 31 DECEMBER 2025 Recruitment and appolntment-contlnued onlothe Board and seNeforlhree years. 5ubjecttovacancies alth8 lim8 of their nomination. DgPUt18s r8ceivetheirtraining by worting actively on the sub-committees and attending SpealISt courses as necessary. Each Deputy receiv95 8 copy of the Code ol Governonce, and the legal requirements for Charity Trustees 8r8 outlined on appointsllent during structured induction training wfth the Clerk. Deputles may be re-norninat8d 01 fhe AGM after thre8 year¥. servie8. It is customary for the Chair of the Board to have had previous setvl¢e on each commlllee. The Chair and Vi-Chair may serve for up to two years. If more than 21 Deputies are nomlnated, an election is held in March frorn 21 D8puties er8 elected by r8gist8r8d Freemen, Freemen's Ividows and wldowerfs resldent in Leister Cily or L8icestershir8. Organtsatlonal structur8 Up to 21 Deputies rnay Serve on the Board. During 2025 the Board, rnade up of 14 Deputies, met quarterly lo review the workings of four committees-. Finance. General Purp058$ Iknown as GPI, Welfare anil Propoty & Estates. All four mmittees met monthly to focus on Various asp8cts of th8 Charity. All Deputi&5 58Ne on the 808rd and are appointed to othEr Gotnmittees at gaGh Annual General Meeting IAGMI. Dec151on making ltsrns raquiring action are detailed in committee agendas which 8re circulated prior to rneelings for IhB Deputies consideration. Urg8nt items a raised as necessary wth ¢ornmittee Chair between meelngs. Decislons ar8 recorded in reports lor each ¢ommitt*e. and ¢h888 are fAr¢ulated to 811 D8puti85 after meetings. Th8 Clerk gnd Assistant Gl8rk implement the adion items idantified by th8 D&putl8S. The Board of Deputies holds an Open Board meeting in th8 Community Cgntre al Fr88men's Holt on a quartarty basls. The Board approves the r8POrts ofthe committ8es gnd is pr8par8d to r8c&we cotnplaints. requisitions orany other business from Freemen or Freemen's widows or widowers present at the meeting. Staff The Charity emplDy8 three mgmbgrs of Staff, the Manager Wofks full-bm8 hour8, the Assistant Manager 8nd Fr8&m8n's Engag&m&nl Officer work on a p8rt-time basis. Pay and remvneration for st8ff is established and reviewed annually in January by the GP committee. Co$1 of living iridiGes are taken into aGGOUnt in the annual pay VIew. Thè N8tional Jolnt Council pay scale is us&d as a benchmark lo datonmine the Starting salary lor new ro¢ruits. Perforrnance reviews are conducted for all staff 8nriually. Wlder neork- The Glld of Freemen The Gild of Freern8n was formed in 1976 as a separale body to organise soclal and regalia activitles. In 2025 the Gild dissofved as il could no longer fun¢lion. Th$ funds previously held by the Gild were transferred to the charity lor Safekeeping. thè fund5 wll be held in a separate account unb"I such tim8 the Gild r8forms.
LEICESTER FREEMEN'S ESTATE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025 STRUCTURE. GOVERNANCE AND MANAGEMENT- Continued Related parttgs The Leice51er Freemen's Estate Charity.. is regislEred with the Charity Commission for England & Wales, Charity No 244732 belongs to thè Am8house Association to ensure that the Charity 15 aware of relevant 8nd up-to-dats legislation. and the initiatives of other similar organisations is a member of the National Council for Voluntary Organisations INCVOI whlch Is thè largasi urnbr8112 body for th8 voluntary Qnd community sector in England until 2025 work8d in co-operation wilh"The Gild of Freèmen of the City ol Leicesterf until 2025 fund8d and distributed the Gildhall Neyis, which wa3 produced by the Gild and delalls organlsed social functions 8nd artides about the Freetnen of Leic&st8r. This quarterly publicatlon, In conjunction with th8 W8bsit8, was the main communication tool for the Ch8rity. The Gildhall News is available on the website and was also sènt by post if reouesled to Freemen and Fr88m&n's widows or%¥idowers, as well as to associate mernbers of the Gild. Risk managoment The D8PUties have a duty tD identify and review the risk5 tc which the charity is exposed and to ensure appropriate contro15 are in plaGe to provide rgasonablg assurance against fraud and error. The risk register is reviewed annually, updated and acted upon. as necessary. The D8PUti8s have taken steps to confirm that the buildings, estate ground5, residents, staff. eontractors. visitors and Deputies are adequately covere(f by insurance. In addition. the lleputies have exatnined other operational and busin8SS ri5k5 which rnay occur to ensure that adequate controls are in place to mitigate such risks. The Depulle$ take adviGe from qualffied advlsors as necessary. In the evènl that the Charity should c&ase to operate. sufficient monigs arg held to fund th8 ¢lo$ure. REFERENCE AND ADMINISTRATIVE DETAILS Re9lStored Charlty number 244732 PTincipal addr¢ss Estate Offic8 32 Freernen's Holl Old Church Street LeiSter Leicestershire LE2 8NH Tru$t¢ts Name Role Date appolnted wilhÉn 2025 Dale rp55gned within 2025 ynn Roffe8 Malcolm Ballard Chair of Board ice Chair of Board, Chair of eneral Purpose5, Ch8ir of Prop8rty nd Estat8s hair of Welfare hair of FiTrancerrreasvrer ice Chair of Propety and Eststes ice Chair of Welfare ce Chair of Finance Deputy D8puly Deputy Deputy Depuly epity Deputy ue Freeman U5an Pallett hrislopher Campbèll Linda Norman obert stain8S eler Barratt eter Bal&s Sue Cav drew Chawner Neil Findley oseph Goddard ucy Manship December 2025 hlarch 2025 September 2025 May 2025
LEICESTER FREEMEN'S ESTATE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025 Attendan¢e of DepvtSes at BL)ard & Cgmmlttee Meetings from January 1 to December 31 2025 Name Board MeBllng5 & AGM CommSttee Meetlngs 1Sneludlng FSnanc8 Moetln SummonFd Total Me•ting$ Summon8d Att8nd8d Att&nded Summonod 29 Attended Malcolm Ballard 24 24 Peter 8arratt 14 29 16 15 eter Bates 12 17 hrislopher Campbell usan Cave 12 10 17 12 ndrew Chawner Neil Findley usan Freernan ospeh Goddard u¢y Manship nda Norrnan US2n Pallett ynn Roffee Robert Staines 17 14 16 15 21 14 26 1£ 13 24 24 21 29 29 23 23 27 24 22 29 The meetings list above doe5 not indude special meeknngs, 8ub-committ¢e meetings, the annual inspo¢ts"on and olher ad- hoc rneetings held during 2025. REFERENCE AND ADMINISTRATIVE DEfAILS Auditors TAG Berry Audit mitt Bowden House 36 Northampton Road Market Harborough Leicestershirts LE16 9HE PLANS FOR FUTURE PERIODS The DÈputies plan lo.. ReGruit nEW Depytie$ lo bring diffsrent ideas and experience to the Board. Attract new r8sidents to bungalow5 vihich becorne varant èl Freemen's Holt. Ensure that potential baneficiaries ar8 aware of the fin8ncial assi51aTrce that may be available to them and provide guidance with claims. Invite Freemen, Fre$mon's widows or widowers and their families to Freemen's Hdl for soci81 aclivi118s and extend the range of a¢tivities on offer. as and whèn possible. Gontinue to maintain and upgrade bungalows. Continu8 tri refurbish bungalow5 Whe they are vaGaled. Continue to extend suitable bungalow5 a$ they become av811able sybj¢ctto financa availability. Continue to maintain the estate grounds to 8 high st8ndard. Continue to maintain the website and prornole the Charity and Gild through th8 website. Continue the ongoing development ol organisaliDTral poli¢ie$ and procedures. Complete work to create a new eleGlronic Register of FeMen from 1995 that can be added to for futur8. 31 41 51 61 71 81 91 I clos8 by thanking all Deputies and Staff for fh8ir haid work and assistance during the p8St yèar and by expressing rny best wishes for 2026 tts all rnembers of the Freemen family. Approved by the Board of Dgpuues on 11 March 2026 and wère signed on its b8ha5f by.. Lynn Roffee- Chair ol Board 10
LEICESTER FREEMEN'S ESTATE TRUSTEES RESPONSIBILITY STATEMENT FOR THEYeAR ENDED 31 DEGEMBER 2025 The Tru$t8es ID8PUtie$l aro r88ponsible for pr&paring the Trustaes, Annual Report and the financial statements in accordance with applicable law and Unitéd lfjngdom A¢counting Standards Iunited lQngdom Generally AG¢ept6d Accounting Practicel. The law applicable lo Charft8S in England & Wale8lNorthern Ireland re9reS the Tru81¢8S to prgpare financial ststernents for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and applicats.on of SOUrceS ofthe charity for that period. In preparing th88e financial slat8rnent8, the Trustees are required to.. select suitable ac¢ounting policies and then apply them consistently., observe tte methods and priD¢ipl85 in th8 Charibe5 SORP IFRS 1021-. rnake judgem&nts and estimates that a reasonable and pruuaent., state whether applicable accounting siandards have been followed, subj8Ct to any m8terial departurès disclosed and 8xplain8d in the financial statements prepare th$ fiThanGtiI1 statements on the going concem basis unless it is inapproprfate to presume that the Gharity will continue in operation. Th9 Truslegs are SPonsible for keeping proptsr accounting records that dis¢lose with reasonable accuracy 8t any tim8 thp financial position of the charity and enable th8rn to ensurg that the finan¢ial St8ments comply wilh the Charities A¢t 2011 the Charity (Accounts and Reports) R8gulalions 2008 and the provisions of Thg Charili8s (Leicestsr Freemen's Eslatel Order 1977 (Statutory Insirument51. Trustees are also responsible for safeguarding the assets of tha charity and hence for takin9 reasonable steps for thè prevention and detectiun of fraud and other irf8gularities. 11
REPORT OF THE INDEPENDENT AiSDITOR5 ro THE TRUSTEES OF LEICESTER FREEMEN'S ESTATE Oplnlon We have audited the financial statements of L?icester FreeThen's Estaie (the 'charity'l for the year gnded 31 Dec8mber 2025 which comprise th8 Statement of Financial Activities, the Statement of Financial Position and notes to the financial slatgments, including stgnificant accounting policies. The financial reporting framework that has been applied in their preparation Is applicable low and United Kingdom Accounting Standards (United Kingdom Gangrally Accepted AGcounting Practi¢sl. In our opinion the finan¢i81 $tatem8nt$'. giva a true and lair view of the slate of the charity's affairs as al 31 December 2025 of it5 incomino resources and appliGabon ol $oUrceS for tho year then ended., have been properly prepared in accordan¢e with Uniied Kingdom Generally Accepted Aco)unting Practs"ce', and have been pr8pared In aword8nce with the requirem&nts of tho Charities Act 2011. Basls for gplnlon We conducted our audit in accordance with Int8m8tional St2ndard8 on Auditing IUKI IISAS IUKII and spplicable law. Our respDnSibililies und8r those stsn¢ards are further described in the Auditors responsibilities for the audit of the financial staiernents section of our report. W8 arè independent ol th8 charity in accordance with the ethical requirements that aro relevant to our audit ol the financial statement5 In th9 UK. induding the FRC'S Ethi1 Stand8rd, and w8 have fullilled our other ethical responsibilities in accordanc& with these requir8men15. We beli&ve Ihat the audit evid8n¢e we hav8 obtained is sufficient and approprfate to provide a basls for our opinion. Conclusions relating to golng ¢ollGern We h8ve nothing 10 report in respect of th8 followng mattgrs in relatk)n to which the ISAS {UKI rèqulrg US to report tts you wher8.. th9 trusl888' us$ of the going Concern basls of 3CGounting in tha pparation of the financial 81aternents is not appropriat&', or the trustees have not disclosed in th8 financial statements any identified mal8rial unc8rtainties that may cast significant doubt about the Charity's ability lo conb"nu8 to adopt th8 going concern basis of accounung for a period of at lÈa8t twelve month5 from the date when the fin&naal statements a auth0ri5ed for issue. Other Inforrnatlon Thg other inforrnation ¢ompri$8s the information included in the 8nnual report, other than the financi815tst8menls and our Independent Auditors report Ihereon. The tTusts88 are responsible for the othgr infomalion within tho annual wport. Our opinion on the financial stat8Tn8nt$ does not ¢ovorthe other infomation and w8 do not expross anyform of assuran¢e ¢onclu5ion theTeDn. Our responsibility is to read th8 Other Information and in doing so consider wh$ther the other information is materially inconsistent with the financlal $18t8ments or our knowledge ob18ined in Ih? course of Iho audit or otherwise appears to be materia11y misstated. If we identify such material Inconsistencle5 or apparenl rnaterial rni5slaternent$. wg are requir8d to det&rmln8 whethpr this giv85 ri$8 to a material mis$iat8ment in the financial 8t8temonts themselvgs. If, based on th8 work w8 have perforrned. we conclude that there is a material mls8tateTnent ol this other information, we are r8quired lo r8POrt thatfact. We have nothing to raport in this regard. Matters on whlch we are requir8d to report by exception We have nothing to report in resp8Ct of the following matters in relation to which the Charities (Aunt$ and Reportsl Regulations 2008 requires US to r8POrt to you if, in our opinion.. the information given in the financial statements Is incon5iStent In any tnaterfal rgspeGlwith the report,. or sufficient accounting ¢OrdS have not been kept., or the financial stst8m$nts are not in agreement with th& accounting records.. or we have not r&ceived all the information and explanations we raquire for our aud Responsibilitles of trustees As explain8d tnDre fully in the Trustees Responsibility Sl816ment, the trustaes 8 rèsponsible for the preparation of the financial statements and lor being satisfied that they give a tru& and fair vi8w, and for SUGh intema5 ¢ontrol as th8 trustees determine is n8ce55ary to enable th8 preparab.on offinancI statements that are free from material misstatÈmenl. whether due to fraud or error. In preparing the financial statements. the trustees are responsible fL)r assessing the charity's ability to continue as a going on¢ern, disclosing, as applicable, metter8 related to going ¢onc8m and using the going Concern basis of accounting unless the trustee5 either iriténd to ceasg operations, or have no r8ali5tic altemative but to do so. 12
REPORT OF THE INDEPENDENT AUDITORS TOTHE TRUSTEES OF LEICESYER FREEMEN'S ESTATE Auditors Tesponslbiliti08 forthe audit ot the flnancial ststernents We hava been appointed as audiior under 5ects.on 144 of the Ch8rities Ad2011 Bnd POrt in ac¢ordan¢e with the Act and relevant regulations rnade or having effect thereunder. Ourobjectives are to obtain reasonable assuranc8 about wh8therthefinan¢ial Statements as a whole are free from materlal misstalemenl. whether due to fraud or error. and to issue an Audilorfs Report that includès our opinion. Reasonable assurance 1$ a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always dete¢l a material mi5Staternent when it exists. Mis5tstem9nts can arise trom fraud or error and are considered malgri81 If, individually orin the aggr8gate, th&y could reasonablybe expectad to Influen the ewnomic deosions of u5er8 taken on the basis Of these financial 5tatèment5. The extent lo whiGh our ProdureS are capable of detecting irregularities, induding fraud is detailed below: In identifying and a55essing risks of tnat$rial rnisstatement in respect of irregularities, Including fraud and non-Gompliance with laws and regulatlOn5 our procedures included the following.. Wè obtained an understandin9 of the légal and regulatory frdmeworks applioble to the Charity and th8 sector in whiGh they operata. Vle d8termin8d that the following Saws and r8gulatiDn$ were most slgnfficanl.. Charities Act 2011 Charities SORP IFRS1021 The Charitie5 IL8ice8t¢r Freemen's Estate) Order 19TI We obtained an understanding ol how the Charily is complying with Iho88 legal and reguSatory frameworks by making inquirios to the tnanag8rnEnt. We corroboratgd our inquiries through our review of board minut&s. W8 assessed the 8u8CePtlbility of the Compan15 financial statements to materfal misStat¢ment including how fraud mighl occur. Audit prdureS pgrforrnèd by th• engagement team included." Identifylng and as8e5sing th8 design off8ctiveness of controls manag8rngnt ha5 in place to prevent and detect fraud., Understanding how those ¢harged with govemanc8 con5idèr8d and addr885ed th8 potential for override of controls or othar inapprtsprfate influen¢e over the financial reporting process,. Challenging assumptions and Judgments made by management in Its 8ignifi(%nt acoounting estimates.. Assessing the extent of cornpll8nc8 wth Y)e ral8V8nt laws and ragulation8. 8ecau88 of the inherent limitations olan audit, there 15 a risk th8twe will not detect all irregularities. including those leading to a material misstalÈment in the finan¢lal staternents or non-compliance wllh regul8tion. Th8 risk in¢r88se5 the more that complian¢e with a law or regulation is r6movÈd from the events and tr8nsaGtions rgfleGted in the financial statements. as we will be less likely to b¢come aware of instsnc8s of non-compllance. Tha r18k is also gr8atei regarding irregularities occurring du8 to fraud rather than error, as fraud involv88 intentional con¢ealrnent. forgery. collusion. omission or mi8repr888nt8tlDn. A further description of our responsibilitiBs for lh8 audit ol th8 financial statements is located on the Financlal Reporting Council's website at www.frc.Drg.ukJauditor5responsibiliknes. This description lomis part ol our Auditorf8 Report. Us¢ of our rkpL)rt This report is made solely to the charty's trustees, as a body, in accordance with part 4 of thè Charities (Accounts and Reports) Regulations 2008 Section 144 of the Charities Ael 2011 and regulations made undar Section 154 of thalAcl. Our auditwork has b8en undertaken so that we rnighl st2t8 to the Charity's truste&s tho$e matters we are requir8d to staig to them in an auditors, roport and lor no other purpose. To the fullest extent pemilled by13w, we do not accept or assume responsibility to anyone other than the c arity and the charity's tru51ees as 8 body, for our audit work, for thi5 report, orfor th8 Gpinions w& have fomied. Mr Mark Woods BSG I onsl BF FCA (Senior Statutory Auditor) For and on behalf of TAG Berry Audit Limit8d, Stalulory Auditor Charter8d Accountants Bowden Hou8e 36 Northampton Road Market HaTborough Lei¢e$lershirtr LE16 PHE Dat8 11 Nlar¢h 2026 13
LEICESTER FREEMEN'S ESTATE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025 31112125 Total funds 31112124 Total funds Unr8strIBted funds Restricted fund Notes INGOME AND ENDOWMENTS FROM Donations and othsr in¢om8 Charitable a¢tlvltles Manag8ment of the Leicester Freemen's Estat9 Investsn8nt Income 18.834 1B.834 2,525 87,239 87,239 87,051 216,215 216,215 208,500 Total 322,288 322.288 298,076 EXPENDITURE ON Rai$ing funds Investrnent management ctssts 17,479 17A79 16,538 17.479 17,479 18,538 Charitable actlvities Management ofthe Leicester Freemen's Estatè 265,901 265,901 286,169 Govern8ncg ¢osts 6.820 6.820 7,408 Other 4,404 4,404 5.085 Total 277,125 277,12S 298,660 Net gains on investment5 196,483 198,Q82 303,327 NET INCOME 224.167 1,599 225,766 286,265 RECONCILIATION OF FUNDS TL)tsl fund$ brought folward 8.372,845 14.022 8,386,867 8,100.602 Transfer of funds TOTAL FUNDS CARRIED FORWARD 8,597,012 15.621 8,612 633 8.386,867 14
LEIGESTER FREEMEN'S ESTATE STATEMENT OF FINANCiAL POSITION AT 31 DECEMBER2025 31112125 Total fund$ 31112124 Total funds Unr8stri¢ted fuNd$ Restricted fund Notes FIXED ASSETS Tangible zssets Inv88tments 1,401,839 7.152.200 1,401.839 7,167.822 1,334,133 7,017,420 6,554.039 15,622 8,569,861 8,337,553 CURRENT ASSETS Debtor8 Cash gt bat)k and sn hand 10 30,e38 19,335 30,638 19,335 22,205 49.973 49,973 42,581 CREDITORS Amounts fallin9 due wltrin one year 17,0001 (7,OOQI 17.2671 NETCURRENT ASSETS 42,973 3S,314 TOTAL ASSETS LESS CURRENT UABILITIES 8,597.012 15,622 8,612,634 8,386.887 NET ASSErs 8 597,012 15.622 8,612.634 8,386.867 FUNDS Unrestricted funds Reslri¢led funds 12 8,597,012 8.372,845 TOTAL FUNDS 8,612.634 8.386.867 The financial statements We approved by the Board of Dgputies on 11 Mar¢h 2026 and ware signecl on its behalf by.. Lynn Roffe8- Chalr of the Board 15
LEICESTER FReEMEN'S ÉSTATE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 ACCOUNTING POLICIES Charity informatlon The Lei¢e$ter Freemen's D8putiès is a r8CiSt8red charity. Basls of preparing th• financial 5talem•nts The finan¢ial 5tatement$ have been prepared in accordance with the charitie$ gov8rning do¢um8nt. the Charit585 Act 2011, FRS102 'The Financial Reporting standard applicable in the UK and Republic of Ireland. and th8 Charities SORP'?ccounting and reporting by chariti85-. Statement ofRe¢ommended Practice applicableto charities preparing their accounts in a¢¢ordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 Thè charity is a public benefit entity as defined by FRS 102.The charlty has taken advantage of the provision the SORP for Gharities nol to prepar6 8 stat&ment of cashflows. The financial 5t8t8rnent$ have departed from the chadlie$ (Accounts end Report51 R8gulations 2008 onty to the extent requlred to provide a tru8 8nd fairviÉw. This departure h8s involved the following stat8ment ol recornrnanded praclce for charitses applying FRS102 rather than the version of the stat8m8nl ol rocommen¢ed practice which is referred to in tha r8gulations but which has since beèn withdrawn. The financial statBrnent arg piepaied In 8ierting whlch is the functional currency of the ch&rity. Monetary amount5 in th8sa finan¢ia1 stal8ments are round8d to the nearest £. Thg financial si8t8fflents hav8 been prepared und8r the historic81 Gost (x)nvention, rnodified to include the rovaluation of inve8trn8nts al fair v8luo. Th8 principle accounting pollcies adopted arts set out below. Going GDncern Thg Oeputie5 consider that th8re ty no mat8ri81 uncertalnties about the charitls abilty to Continue as a going Concern. With respect to the next reporting period. 31st D8c&rnber 2025, the most significant areas of urnrtaInty that affect the carrying valuos of assets held by the Charity are the level of investm&nl retum and the performanc8 of investment rnarkels Is88 the investment policy 8nd performance and risk m8n8gement S8Ctions of the Deputies Annual Report for more information). In¢ome l income Is re¢ognised once Ihe Charity h85 enlitlemenl to lh¢ in¢omè, it Is probable that the in¢om8 will be received and th8 amount of income receivable can b9 m8asured reliably. Donations are re¢ognlsed when the Chanty has been notled in ivriting of both the amount and s8ttl£tngnt datg. In the event thal a donation is suble¢t to conditions Ih8t requir& a level of performanc# b8fore the Charity is entitled to the funds, th8 inGome is delgrr¢d and not rewgnised until either th089 conditions are fully mÈt or Ihe fulfilment of those conditions is wholly within the Gontrol of the Charity and it is probable that tho89 conditions will be fulfilled in the reporting p8riod. LegaGy gifts are recognised on a c859 by caSE basis followng the granting of probate when the 8dmini5tr8torl xecutor for thE estate has ¢omrnunicated in writing both the amount and setuement date. In thè ovent that the gift is in the fom of an ass8lolhaF than cash or afin8nci81 asset traded on a recognised Stock exchange, recognition is subjeGt to the value of the grft being reliably m8asurable wlth a degree of reasonable aUraCY and the title lo the asset heving been transferred to the Charity. Interest on funds held on dep051t is inGluded whgn receivable and the arnount can be measured reliably by th8 charity. This is normally upon notif5¢ation of the int8rest paid or payable by the bank. Dividends are r8cogni5ed once the dividend has been declared and nobfication has bÈ&n rec&ived of the dividend due. Thi5 is nom811y upo notification by our investment advisor of the dividend yield of th8 investmènt portfolio. Expenditure Liabilities 8re recognised as expenditure as soon as [he is a lagal or constructive obligation coThrnitting th8 charity to that expenditure. it is probable that a transfer of e¢onomic benefits wll be raquired settlement and the amount of the obligation can be measured reliably. Exp8nditur6 is aCunted for on an a¢¢ru81s basis and h88 b&8n classified under headings th8t aggregate all Cost related lo the Category. Where costs ¢annot b8 dirg¢Uy attributed to parts¢ular headings th6y have been allotsted to activitles on a b8sis conslstent wth the use of SOUrces. Grants payable are payments mad8 to third paites in the furthoranc8 of th8 charitab19 0bj8cts ol the Charity. Payrnenl 15 re¢ognis6d once the recipient has been notified of the grant award. Thè notification gives r8cipient a rea8on8bSe expectstion that th8y wi11 1ve the award. Ralslng fund5 Raising funds includes all expenditure incurred by tha charity to raise funds forits charitsbl8 purposes and includ85 costs of a51 fundrai5in9 a¢tivities. event5 and non<haritable trading. 16
LEICESTER FREEMEN'S ESTATE NOTES TO THE FINANCIAL STATEMENTS . CONTINUÉD FOR THE YEAR ENDED 31 DECEMBER2025 ACCOUNTING POLICIES - eontlnued Charltable activitie$ Cost8 ol ¢haritabl8 activities includè contribution5 to Freemen and Freemen'8 widows and widowers, estste and property maintenance. admlnislrabon and govemanc& costs. Allocatlon ol support and governance costs Support cost8 have been allocated between gavemance and 8UPPQrt ¢o$ls. Govemance costs comprise all ¢o$tS involving the public a¢¢oun¢8bility of the charity and Its wmpliance with r8gulation and good pra¢tice. Thesa CO8Is includa costs related to stalutory audit and accounting lees. Support costs relat8 to the Deputies travelling expens85. Tanglble fixod assets Tangiblo flx8d 88s8ts arg initially measured at cost and subsequently mèasured at cost or valuation, nel of d8preGiabon and any impalrment Ios5e5. Depreciation 15 ¥e¢ognised 50 as to write off the cost or valuation of a5$ets less their residual valu8s over its e5timatod useful lrfe. Feold property Planl and maGhinery The gain or loss arising on the disposal of 8n asset is deterrnin@(5 as the diff8ren¢e between the Sales proceeds nd the csrwng valu$ of th8 asset and 18 r$cogni8ed in the statement of fin8ncial activilie8. - 10% on st and 2% on cost - 25Vo on cost Taxatio The Charity is ex8mpt from tax on its charitable ac¥vlti88. Fund accountin9 FIx8d asset investmènts are initially measured at IransactTon pric9 excludlng transaction cosls and are subsequently measured at fair value at ea¢h reporknng date. Changes in fair value &re recognised in net incomellexpendilurel for the year. Tran58Ction costs are expensed as incutred. The charity has a portfolio of unrestrlcte4 fjjnds. Unre5tri¢l8d incotne funds cornpri5e those funds which the tru5tPe5 ar& free to use for any purpose in furthÈranc8 of the ¢haritable objects. and designated funds whirh ¢ompris8 monies sel asid8 towards improying and maintaining th8 estate and buildings. TMor¢ is a sJngl8 designated fund,"Extraordinary Repair Funcl. dotails of which arg dis¢losed in the notas. Cash and Ga$h equlval6nts Cash and cash 8quivalent5 include cash in hand, deposits hald af call with banks, other short-t8mi liquid inve5ttHents with original tnaturitie$ of three months or less. Financial instruments The charity has alecled to apply th8 provisions of Section 11 'S6cbon 11 'Basl¢ Finanoal Instrumenl$' of FRS102 to a51 its financial instruments. Finan¢ial instruments are re¢ogni$8d in the charity's balance sheet when the chaNty b8comes paty to the coniractual provisions of the instrument. Employee beneflts The cost of any unu&tsd hollday entiement is reGogni88d ts) th¢ period in which the employgè's Services are rec8iv8d. Penslon costs and other post-retlrement benefit$ The Charity operates a defined contribution pension schetne. Contributions parable to the charity's pension scheme ar9 charged to the Statement of Flnan¢ial Activities in th8 period to whiGh they r81at8. 17
LEICESTER FREEMEN'S ESTATE NOTES TO THE FINANCIAL STATEMENTS-CONTINUED FOR THEYEARENDED 31 DECEMBER 2025 INVESTMENT INCOME 31112125 31112124 Dividends received- Brewin Dolphin Divid&nds rgceiv8d - Other Investments Deposit account interest 88,628 127,394 193 85,081 122,831 588 216.21$ 208,500 INVESTMENT MANAGEMENT COSTS 3111212$ 31112124 Investsnent portfolio management costs 17A79 16.538 AUDITORS, REMUNERATION 31112125 31112124 Fges payable to the charity's audltors forth6 audit of the charfty's ffinancial statemenis 4.200 4.099 TRUSTEES. REMUNERATION AND BENEFITS Th8r8 werg no truste8s' r8rnuneration or other benefits for th8 year anded 31 December 2025 nor for the ygar nded 31 Decemb8r 2024. The Oepubes all give freely their time 8nd expertise wthout any form of remuneration tsr oU)er ben9fit in ca8h or kind12024.. £nill. Trustees. expen5e5 Expense5 paid lo the trustees in the year lolalled £1,71412024.. e1,7151. These expenses were made up 0114 Deputies12024.. 16} reirnbursed for their travel and subsistence exp9nses. STAFF cosrs Th8 average monlhly number ol employees during the yearwa5 a5 follows.. 31112125 31112124 Support staff No employees recenied emoluments In ex¢es5 of £80,000. All thè 8mploye8s were involved In providing eithersUPPOrt to the govemaTr¢e of the Charity or sUPPOrt services lo charitable activitl85.
LEICESTER FREEMEN'S ESTATE NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DEGEMBER 2025 INVESTMENT INCOME 31112125 31112124 Dividends received- Brgwin Dolphin Dividends re¢eived- Other Investments D8POSIt aiGounl interest 88.628 127.394 193 85.081 122.831 588 216,21 S 208 500 INVESTMENT MANAGEMENT COSTS 31112125 31112124 Investrnant portfolio management costs 16.538 AUDITORS, REMUNERATION 31112125 31112124 Fe&s payable to the charity's auditors forth• audit of th8 charitys financial statements 4,200 4,099 TRUSTEES. REMUNERATION AND BENEFITS There were no tsust8es' r&rnun8ration or other benefits for the year endod 31 December 2025 nor for the year ended 31 00mb8r 2024. The Deputies all give fmly th8ir time and expertlse wthout any fortn of remuneration or other b8t)8fit in Gssh or kind12024." £nill. Tru$tee$' expenses Expenses paid 10 the trustee5 in the year lotalled £1.71412024-. £1.7151. These exp&ns?s were made up of 14 Deputies12024'. 161 reimburs&d for their travel 2nd subsisten¢8 expenses. STAFF cosrs The averag& monthly nutnberof employe8$ durin9 the yearwas as follow$- 31112125 31112124 Support staff No 8mpIoy06$ ¢1Ved emoluments in &xce5s of £60,000. I the employees were invofved in providing 8lth&r supportto the governan¢& of the Charity or support services to charitable activitie$.
LEICESTER FREEMEN'S ESTATE NOTES TOTHE FINANCIAL STATEMENTS-CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2025 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrèstdcted fvnds Tot&1 funds Restrict8d fund INCOME AND ENDOWMENTS FROM Oonalions and legacies Charitable aGtivsti*$ Manag8m8nt of the Lei¢ester Freemen's E8tata 18.834 18.834 87,239 87,239 InvestmÈnt ine£)m8 216,215 216.215 Total 322.288 322.288 EXPENDITURE ON Inv8Stment management costs Charitable a¢tlvltle$ Manag8tn8nt of the L8icesier Fr88men's E5tAI Governance costs other 17,479 17,479 265.901 6,820 4.404 265.901 6.820 4.404 Total 294,e04 294,604 Net galnslllos5esl gn inyestmèr 19648S 198,082 NET IN¢OMEI(EXPENDURE> 224,167 1.599 225.766 RECONCILIATION OF FUNDS Total funds brought forward 8.372,845 14.022 8,386.867 Transfor of funds TOTAL FUNDS CARRIÉD FORWARD 8 597,012 15,621 8.612,633 20
LEICESTER FREEMEN'S ESTATE NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2025 TANGIBLE FIXED ASSETS Freehold property Plant an machinery Tot815 COST At l January 2025 Additions Disposal$ 1.820,815 108.211 93.880 1,914.695 108.211 At 31 Decemb8r 2025 1,929,026 93,880 2,022,906 DEPRECIATION At 1 January 2025 Charge for year Elirninatèd on di5P05al 490,135 38.742 90.427 1,763 580,562 40.505 At 31 Decemb$r 2025 528.877 92.190 621.067 NET BOOKVALUE At 31 December 2025 1.440 149 1401,839 At 31 00¢8mber 2024 1,330,680 3,453 1,334.133 Thè fréehold land and buildings are utilised in the running of the Charity and are not held as an inv$slm8nl. Th Charity's property and building5 were valued on 15th D8cÈmber 2017 by Fothergill Wyall. Chartered SuTv6yof5 & Valu£is of 26 land21& Rd, Lei¢&ster LE2 2DA at an open m8rkel value of £4,960,000. FIXED A8SET INvesTMENTS Brewin Dolphin Portfolio Other Investments Totals MARKET VALUE At 1 January 2025 Additions trj inv6stment at cost Di5posals- N8t proceeds Withdrawals Net unrealised g8in¥lllossesl on revalualDn Net realised Ilossesl on disposal 3.200,242 375,595 1398.2761 3,817.178 7,017,420 375.595 1398,2761 125.0001 216,442 18,3601 125,0001 153.0321 269,474 18,3001 At 31 Dècember 2025 3.428 675 3,739.146 7 167,821 At 31 Dec¢mber 2024 3,200,242 3,817,178 7.017,420 Fix8d &5SOt Snv8Stments in quoted shares, traded bonds and 5irnilar investments and inv8stsHent properties are inibally recorded at (x>$t and subsequently at fair value Ith8ir market value) at th& b218nce sheet date. 10. DEBTORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 31112125 31112124 Other debtors Prep3ymenls 23,785 6.852 16,022 6,183 20,637 22,205 21
LEICESTER FREEMEN'S ESTATE NOTES TOTHE FINANCIAL STATEMENTS. CONT]NUED FOR THEYEAR ENDED 31 DECEMBER2025 11. CREDITORS,. AMOUNTS FALLING DUE WITHIN ONE YEAR 31112125 31112124 Other cr8ditor5 Awruals 618 636 6.631 7,000 7,267 12. RELATED PARTY DISCLOSURES Thera wor¢ related party transactions lor th8 ye4r ended 31 Decambgr 2025. 13. AUDITOR'S LIABILITY LIMITATION AGREEMENT The total aggregate liabilityto the company, of whatever nature. whether in contract, tort or othernqsg, ofthe Auditor for any losses whatsoever and howsoever caused arising from or in any way connected wilh this engagement shall not exceed £100,000. The d8te of the resolution was 14 August 2025. 22
LEICESTER FREEMEN'S ESTATE DETAILED STATEMÉNT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025 31112125 31112124 INCOME AND ENDOWMENTS DOna¢S and other Income Donations liscellaneous Sn¢om8 1,911 16,923 2.525 18.834 2.525 Inv85tment In¢om• Divid8nds re¢eived- Brewin Dolphin Dividand5 receiv8d- Other Investrnenis Deposit a¢Ut Int8r85t 88,628 127,394 193 85,081 122.831 588 216,215 208,500 Charltable adlvltles Bungalows- WeeY Maintenanca Contributions (WMCI A0MmOdation charyes 84,770 2.469 85,041 2,010 Total Incoming resources 322,288 298,076 EXPENDITURE Investment management costs Investsn8nt portrolio man&gern8nt Costs 17,479 18,538 Charitable activltlo$ Wages Pensions Computer expanses Cleaning stsff Irav811ing expens8$ Telephone Printing and slatitsnery Postagé Sundries Estate management- Repairs Estatè management- 8ung£low repairwDrk- insuran¢0 claim Eslale manag8ment- D8preciation Estsle management- Profit on dispD521 of fix8d assets Estate management- Councll rate5, insuranc8 Estate managetnent- GaslElecWat8r Alarm monitoring costs Annu81 inspÈ¢tlon dinner Aebvities and ev&nts Book Costs Freehold property- Depreciation 94,550 3,096 S.393 3,302 80.945 2,342 1.795 1,964 72 886 2,265 2,248 741 116.186 872 1,976 2,325 1,474 79,683 1,763 13,8601 14,196 8,32Z 8,570 1,231 6,267 1,765 11,045 11.218 6,728 1,100 6,385 2,631 35,793 265,902 286,109 other Chari18ble payments Donabons to Cherfty 2,880 2,640 4,404 5,085 Thi5 page doè8 not form part of the slatutory financlal st8tem$nts 23
LEICESTER FREEMEN'S ESTATE DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025 31112125 31112124 Support Costs Governan¢e costs Auditors, remuneration and payroll costs Oepulies Iravelling 8xp8nsgs Le9al an¢ prr>fessional costs 5,105 1.714 4,099 1,715 1,592 6,819 7,406 Total resour¢•$ ¢xpendgd 294,604 315,138 Net InGomelldeficit} bofore galns and losses 27,684 117,0621 Rèallsod recc•gni$ed gain5 and losses Reali59d IIO$s8sI on iTrvestments Unr8alised gains on investments 118,3601 216.442 123.6181 326.945 Net InGornellgxp•ndituM} 225,766 286.265 This pagss dtses not form part of th8 Statutory financi21 statements 24