ST JOHN'S LICHFIELD {A Charitable Incorporated Organisation) REGISTERED CHARITY NUMBER 1155998 FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Dalns Audit Ltd Chartered Accountants St Johns Court WiStell Road Lichfield Staffordshire WS14 9DS ST JOHN'S LICHFIELD FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 PAGE Arsnual Report Report ol the Auditors ststement of Finana81 Activities 10 Balan￿ Sheet Statement of Cash Flows 12 Notes lo the Accounts 13-20 ST JOHN'S LICHFIELD ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024 Reference and administrative information The Charity Is 2 charitable incorporated organisalion and is registered with the Charity Commission under charity registration number 1155998. The Charity's activities are ooverned by an amended Constitution adopted on the 2nts March 2021 as amended by a resolution passed on 30th May 2024 The Charity's principal office is located al Si John's Hospi131 Sl John's Lichfield Sl John Street Lichfield Staffs WS13 6PB Website.. www.sl-ohnslichfield.or The Board of Trustees can comprise up lo 10 appointed trustees, who are elected by the Board, and 2 norninaled Iruslees, who are appointed respectively by the President and the Chapter of the Cathedral Church of Lichfield. PresSdont'. The Bishop of Lichfield Trustees.. The Charity trustees who have servecl during the financial year and up to the dale of this report {including those who have retired during th& yearl are listed below.. RBKDyoll N Argust C P Kilto Mrs G Cox Mrs K A Duncan-Brown S RJames Mrs L Lockwood L Robertson Mrs S Sharpe A D Thompson His Hon R S W F Tonking Resigned 28th Novembei 2024 Revd E A Wall President's nominated trustee Chairman Vice-chairman and Chapter's nominated trustee Appointed 291h November 2024 Appointed 31$1 May 2024 There are currently 11 Iruslees. To beller manage the aftairs of the Charity the Trustees operate the following committees which report regularly lo the Trustee Board, which meets approximately every 2 months. Finance and General Purposes IF&GPI: R.B.K. Dyotl (Chairman) N. Argust (Vice chairman} C. P. Kitlo The Reverend E.A. Wall ST JOHN'S LICHFIELD ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024 Reference and administrative information (conlinuedl Appointmènt of Residents: R B K Dyoll Ichairmanl Mrs K.A. Duncan Brown MTS. L. Lockwood Mrs S. Sharpe Mi N Argust Mr L Robertson Gardens and Grounds: Mrs L. Lockwood {Chairman> Mrs S. Sharpe C.P. Kitto In addition, ad hoc working groups are formed to deal with specrfi¢ mallers which cannot be conveniently or effectively considered at a main meeting of the Board, or in F&GP or other formal ¢ommlttee meetings. The Charity's main advisers are as follows- Prin¢ipal Bankers.. CAF Bank Limited 25. Kings Hill Avenue, Kings Hill, Wesl Malling, Kent KT19 4JQ Registered Auditors.. Dains Audit Limited Chartered Accountants St Johns Court Willell Road Lichfield Staffs WS14 9DS Investment Advisers.. RBC Brewin Dolphin Ltd The Chalwin Building 81 Colmore Row Birmingham B3 2AP Sollcltor: Anson5 Solicitors Ltd St. Mary's Chambers Breadmarket Street Lichfield WS13 6LQ Property advlsers And Land Agents: Bagshaws LLP 69 Derby Road Uttoxeler Staffs ST148E STJOHN'S LICHFIELD ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024 Key personnel. Revd Sharon Greensmith - The Master Mrs J Bostock- Bursar Miss W Smith- Office manager Report of the Trustees for th8 year ended 30 Juno 2024 The Trustees present their annual report and financial statements for the year ended 30 June 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 110 Ihe a¢¢ounts and comply with the governing document, the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland effective 1 January 2019. STRUCTURE GOVERNANCE AND MANAGEMENT Hlstory and Governing Document The Charity's activities are governed by an amended constitution adopted on March 2021 (superseding Ih8t of 12 September 20131 as amended by a resolution passed on 30th May 2024. By virtue of a pre-merger vestin9 agreement dated 1 September 2015, the unincorporated charity Sl John's Hospital Iregislered charity number 2147841, transferred 11$ assets lo Sl John's Lichfield. Sl John's Hospital was re-founded in 1495 and was governed by a Charity Commission Scheme dated the 8 January 1976 as varied and affected by further Schemes dated the 25 May 1983, 16 September 1997 and 26 September 2014 and as amended by resolutions dated 3 May 2007 and 3 November 2011. The objects of the Charity are to provide and maintairb almshouse accommodation for beneficiaries who have previously lived in the Diocese of Lichfield. to provide such benefits for the residents as the Trustees de¢ide and lo make provision for the relief of those in need within the Diocese. To qualify for appointment to almshouse accommodation beneficiaries musl be poor persons of good chaTacter who are in need. The Charity does not actively funéraise, but to fulfil its objectives relies on weekly maintenance contributions from resident5 and the careful stewardship of its investment properties and portfolio of stocks and shares. Recruitment and Appolntment of Trustees The conslilulion provides for a maximum of 12 Trustees of whom 10 are elected by the Board, by reso5ution al a meeting of the Board, and 2 are nominated.. one by the President and one by th6 Chapter of the Cathedral Church of Lichfield. All Truslees (whether elocted or rK)minatedl are normally appointed lo serve for a period of 4 ye8rs. In seleeling individuals for appointment as charity tfustees. the skills, kno￿edge and experience needed for the effective administration of the CIO are taken into ¢onsideralion. The Trustees are continuing their efforts lo make further appointments to enhance the skillsel of the Board. Trustee Induction and Tralning A pro forma information sheet is provided to nominating bodie5 prior lo an appoinlmenl. The indu¢lion prO￿s$ for a newly appointed Iruslee comprises of an initial meeting with the Bursar at which an information pack including copies of the current version of the governing document, the most recent annual report and accourils, minutes of Trustees, meetings held in the previous 12 months ané the Charity Commission Guidance 'The Es$enlial Trustee.. what you need to know. is provided. ST JOHN'S LICHFIELD ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024 As part of the training programme Truslees are encouraged lo attend seminars and training sessions provided by the Almshouse Association IAA} of which the ¢hafty is a member. The AA provides information on good practice and ch8nges in the law affeeling almshouse charities. and acls as an authority to lobby the Government and Regulators on behalf of almshouse charities. Organisation Tho Trustees meet regularly throughout the year to consider the Charity's affalrs and its strategy, which includes consideration of grant mak¢ng, investmenls, reserves, risk management policies and performance. Ir) addition, the Tru51ees hold strategic planning days from time to time to Consider particular irnitiatives and challenges. Key managemgnt personnel The Board of Trustees is responsible foT the overall strategic direction of the Charity and for ensuring that the key management personnel, namely the Master, the Bursar end the Office Manager, ifflplemenl the agreed strategy and conduct the Charity's operations in the most effective way, complying with all laws and regulations in a manner consistent wrlh best practice. The Trustees give of their time freely and no Iruslee remuneration or expenses were paid during the year. The Trustees are required lo disclose all relevant interests and register them with the Bursar and, in accordance with the Charity's constilulion. withdraw from decisions where a conflict of interest arises. The Master is responsible for overseeing the welfare of residents and the execution of her duties as chaplain. The Master. Revd Sharon Greensmith, works on a full time basis in recognition of the Importance of the role of the Masler at the heart of the communty al Sl John's. The Master is required lo be a priest in Holy Orders, is licensed by the Bishop of Lichfield and is paid a Stipend at the same rate as all other Anglican priests within the Diocese of Lichfield. The Bursar is efflployed on a part lime basis and works closely with the Chairman and Vice-chairman. She is responsible for the day lo day maTragemenl of the Charity assisted by Ihe full time Office Manager whose responsibility includes adminislralion and the day to day liaison with residents, trustees, staff and visitors. Remuneration for both posts is based on similar roles within the locality and is reviewad annually. Rlsk Management The Trustees have a risk management strategy which comprises.. a wrillen risk analysis., an annual review of the analysis,. the eslablishrnent of systems and procedures to mitigate those risks idenltfied in the analysis-, and Ihe implem8ntalion of procedures designed to minimise any potential impact on the Charity should those risks materialise. Matters addressed include: Investment management where the risks have been ameliorated by appointing external Fund Managers to manage a portfolio of diverse investments designed lo provide a balance be￿een capitsl growth and income-. managemenl of the portfolio of agricultural land through a ￿taIned firm of Land Agenlslsurveyors, who carry out regular reviews and inspections to ensure that the land and buildings are maintained in good condition., Ihe condition of the almshouse buildings and grounds through a retained firm of Architects with expertise in dealing with Grade 1 listed buildings, who cary out quinquennial reviews and annual inspections lo ensure that the buildings and grounds are maintsined in good condition-, a cumprehensive review of Fire Risk and Health & Safety al Work,. a review of Financial Procedures., an annual review of Conflicts of Inlerest-, and a Gomplaints review and self-assessmenl ST JOHN'S LICHFIELD ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024 Objects and Activities for tha Public Benefit The objects of the charily, as provided for by the conslitulion, are.. the provision and maintenance of almshouse housing accommodation for beneficiaries and of any Chapel attached thereto., such charitable purposes for the benefit of the residents leilher generally or individually) as the charity trustees decide.. and the relief of beneficiaries leilher generally or individually} by making grants of money or providing or paying for items, services or facilities ¢al¢ulaled lo relieve the need of such persons. The almshouses are located on separate siles in Lichfield known as Sl John's without the Barrs and St. John's within the Close. Sl John's without the Barrs contains 30 apartments suitable for married couples. St John's within the Close consists of 4 studio apartments and 8 apartments suitable for married couples. Public Beneflt The Trustees confirm thal they have referred to the guidance Contained in the Charity Commission's general guidance on public benefit and have complied with their duties under the Charities Act 2011. Since ils re-foundalion in 1495. St John's has existed for the publi¢ benefit of the citizens of Lichfield and the Diocese of Lichfield. Originally offering sanctuary to just 'lhirteen honest poor men, and refuge for Iravellers who were knithout the Barrs of the City. it has consistently provided Christian 5UPPOrt to those in need and at the year-end it housed 48 residents. I persons resident in Ihe Diocese of Lichfield are welcome to apply for accommodation as va￿nCieS arise and the Trustees strive to make life increasingly comfortable for mernbers of the Sl John's community. St John's Without the Barrs. which is a Grade 1 listed sile. welcomes visitors lo ils Chapel. The Charity benefits from a stable communty for its independent living accommodation and there is always a high level of demand when apartments become available. Residents are encouraged lo act as 'good neighbours, lo each other and enjoy the benefits of living in a safe and secure community and a calm and peaceful environment in the heart of Lichfield. The Chapel is at the centre of community life with daily prayers and weekly Eucharisli¢ services for those who wish lo attend. Revlew of the year Work during the year has continued lo focus on the on-going programme lo ensure that all accommodation reaches the high standard achieved in the new almshouses, whFch were completed to Passivhau5 standards in the year to 2018. During the year Ihls work has focussed on St John's within the Close where three apartments have been remodelled and refurbished alongside a considerable amount of work to the plumbing and pipework seNicing the communal laundry room. The lotsl cost of these works amounted lo £30,000. During the year TrLtstees also dismantled and rebuilt al a cost £29,900 one of the iconic eight chimneys al Ihe 1 5th century East Wing at Sl John's without the Barrs, the chlmney having been leaning for a number of years. During the year the summerhouse lawn in the garden at St John's wllhout the Barrs wa5 rotavated and new turf laid. The gardens and grounds at this sile and al St John's within lh6 Close continued to thrive due lo the care and attention of our gardening contraelors. Residents have also enjoyed the annual Patronal festivai held lo celebrate the festival of St John Ihe Baptist on 24th June 2024. ST JOHN'S LICHFIELD ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE2024 FINANCIAL REVIEW Policy and Performancè In addition lo weekly maintenance contributions from residents. the Charity derives its income from ils portfolio of investments and various property holdings. The property holdings are managed by the TTUStees, who lake appropriate professional advice. The investment portfolio is managed by external fund managers on a di5¢relionary basis, whose brief is to seek capital growih lo maintain Ihe real value of the funds in their hands while providing an annual income to help maintain facilities within the almshouse. The fund managers pursue a moderate risk investment policy and maintain a diversified rtfolio through a combination of UK Government or other high-quality fixed inleresl Stocks, and good quality investments, e.g. FTSE 100 Stocks in the UK and major overseas markets. Th6 Trustees, investmer¢l policy requires that the charity's assets be invested in line wilh its objects though the Trustees do not adopt an exclusionary policy, but individual investments are to be excluded if perceived to conflict with the Charity's purpose. As part of their investment process the fund managers are req(Jired to consider the environmental. social and governance risks and opportunities involved. Over Ihe la$t financlal year, the portfolio has generated a p05ilive total return of 11.96Yrs (afier fees}. This compares to a return of 14.67°/D for the RBC Brewin Dolphin Risk Category 6 portfolio and 11.04Wo for the A5sel Risk Consulianls {ARCI Steady Growth index. The ARC index is made up of over 5,000 charity portfolios from 35 different investment managers and provides a good comparison to the performance of peers with a similar level of investment risk. Portfolio performance has benefilled from investor optimism as infflation moved doser to target levels and central banks began lo cut interest rates lo support their respective economies. Reserves Policy Charity funds at 30 June 2024 lolalled £18.110,511 12023.. £17,855,999] comprising permanent endowment £14,854,48612023: £14,553.3591. restricted funds £197,33012023: £201,124I, designated funds £186,50012023.' £273,342] and income funds £2,872,19512023.. £2,828.174] Iwhi¢h includes £2,732,894 of tangible fixed assetsl12023'. £2.756.1791. 11 is the Charity's intention to rebuild these reserves lo a more acceptable level. The Trustees have reviewed the Charty's needs for reserves in line with the guidance Issued by the Charity Commission and have decided that it is appropriate to maintain free reserves al a minimum of £100,000, this being sufficient lo finance a minimum of 6 months of expendilure. should income be compromised. Al 30 June 2024 the free reserves 8lemenl in the income fund amounted lo £179,428. The reserves policy is reviewed annually. Complaints revlew No complair*ls were received during the year. The Tru5tees' Complaints Policy is compliant with the Housing Ombudsman's Code of Condu¢l. Plans for tho Future The ongoing programme of repla¢ing and upgrading lo provide fully accessible bathrooms and modern kitchens will continue. Remedial works lo a further section of the boundary wall are due to be carried out during the coming year. The Trustees have agreed lo retain the land adjacent to the almshouses at Sl John's wilhoul the Barrs with a view to fedeveloping It lo provide further almshouse accommodation and facilities. ST JOHN'S LICHFIELD ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024 TRUSTEES, RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS The Trustees are responsible for preparing the Trustees. Annual Report and the financial slalements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practicel- The law applicable to ch8rilies in England & Wales require5 the Trustees to prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the charity and of the Income and expenditure of the charity for that period. In preparing these financial statements, the Trustees are required lo. select suitable accounting policies and then apply them consistenlly,- observe the methods and principles in the charit￿es SORP- make judgements and eslimales that are reasonable and prudent., state whether applicable accounting standards have been followed, subject to any malerial departures disclosed and explained in the financial slalement5', and prepare the financial 5talemenls on the going concern basis unless it 15 inappropriate lo presume that Ihe Charity will continue in operation. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy al any lime the financial position of the charity and enable them to ensure that the financlal statements comply with the Charities Act 2011, the Charity {Accounts ar¢d Reports) Regulations and the provisions of the constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for tho prevention and detection of fraud and other Irregularities. Approved by the Trustees on 30th January 2025 and signed on their behJf by.. RBKDyott Chairman of Trustees STJC*I￿S UCHFIELD Independent Auditor's Report to the St John's Lichfleld Oplnlon We have audi18d thefiry8￿aI stat￿￿ ofSlJohTr's Uchfiekl lihe that1ty'lfortheytsrend￿ ￿JUne2024￿thl¢9) cThnF￿Sethe Stslwn&rtof Finan￿IAcb￿ti&S, BdanC&sh￿ and r￿S to thefinan(ialSIa￿snts, indudirKJ sbnthcanlacoJuni'rrfJ wll(ie& Thefinantsal rekNJtingfr8mwrft knal has bw appli￿ hlhdr 1$ 8p￿icable bwand unit￿ KI￿OM thunbng Stanthrd$, indudiw Financial Rewtting Skndard 1D2 7Tre St8ndwdapplrt* t￿ UK anclRBpubliGoflmland1Uni￿ ￿n9(￿l G&)wdlyAcwted ArA￿￿h￿ Ptsc*r*l. Inw*JFthKin tsfinancial stst&nents.' gNea tru&andf8irwew ofthpstateoflhe charitys affalr5 asal 30June 2024, aaTrJ oftsro￿ln9 and aP￿[￿tiC￿0fr￿UrC8s, Inc4udlng Its Irv))meand $xKthJthre. fortheyea11h￿ en￿,. haveb￿n prOp6typrepar￿4n w>>Ydan￿¥vth lthngdoTn G￿er￿NYA￿Ac0Xrth9 aThl ha¥ebeen wepared inaxordance with the requEw•ts ofthe ChanbesArt2011. Baslsforoplnlon WewrLduct&Jwraudil in 2￿rdance￿￿ INetnaty)n31 S￿￿ards on Audibng IUKIIISASIUKII and applicable Ibw. 0￿￿￿nSI￿r1tsts underthos8 sland8rds artfvrU)ErdescnLth N thepujibrfs r65pOnS￿lb.£ts forttEthiloflhefin8n(ial ststementssedion 0f￿r￿&S￿)rL wea￿ Inde￿enIof therhtityin a(xx)th th theethKzl requirem￿15 th813rp rdewanttoourautlloflhefin8noal Ststan￿LS n) the UK. in￿￿￿9￿2FRC.sE1hiC￿l Sland8rO. andwehwefvm&Your 01h¥ethi¢al r8wnwix'h'b8s in acxxrdanc£h*ith th￿e requir￿eth￿. Vve bdievethattheauStEkidaK*wehavaobtaned * SLrfEc1￿t￿d approptstetoyowd8 8 basA5forOurosAn￿. Conduslons relatingto golng conc4m InaththTrg thefin8nc4al ststwi&)ts. we haVe(%￿cl￿￿ thatthe tru5t*s' ys8 ofthewlng oyxxn basi40f8￿Unory In thepreparth ofthtrfinantsal $tat&nent8isapproprfal8. B*&cn thethwehèvekvftym&,we hav8 n¢t 1dsnttl￿anYrnaterlol UnC*￿￿tieS rdating to eV￿ts ndMdl￿ty01o￿lecti¥dy. maywt gnthcanlbxbtonthedwrtys ats1tyt0u￿rt￿as a fora p8rfryJofatleasttsv4¥9 monlhsfrcm when artrèuthcwJfor Owre5pon%bWle58nd ther8s[A)n￿￿￿￿s¢ftha1￿I5l8es %wth rw*#b9*wncEm ar8dE[x￿ ￿ther￿a￿ls￿lI?￿ ofthisrepyL Other InfomHtion Theotherhrfornabw thelnformation indud&l inthe•ustetsannwl rekwjt ¢Jtherihan trefinandal statements arx1 ouraudtofs rewrtth8Mn. lw51eesare￿WM￿b18f0rtheotr¥InfoMa￿.0n c¥jnlain￿j￿ryLh1￿tsa￿n￿l rewtOxcpn*?n ￿ thefnan(id notwvertheothertnfvm*tion and. axc8pltothtrextenioknw5ee¥pl￿Sla￿ in Iwreport wedonotexpTess anyfom ofa￿lanCe LxnLlusw thewn. rresporAbltyK4toMd ￿ olhwitrfomalK)n and, in dc4ry so. ojnsderwhÈth￿kne0ll)Wlnf0￿a￿￿ 15 materialty ￿￿￿￿t￿*h1hefin¥ndaI ststemBntsor rk￿Qbt￿r￿d in tscourse ofthe&KIitoroLha￿0ppearstO bemateriaty mi%sla￿l. 1fwehS￿ufySuth mat￿1a1 Inmn%st*MieS Orappar¥*ma￿al misslathwls, WeaTer￿￿r￿1 lodet￿lne￿hÈll1erth￿s9weS risetoa mat￿21m1sStaIeMert￿ttEffnanI1al Slat*n￿ls1h8mSth Ir. b35ed on theW￿kwe havgp*lOrm￿,w¢[X￿th1alhaIlh8rels a r￿¥￿101 ryu$$tst￿enl0tth￿othervI￿rrnatiOn, we*8 reoutred to repryl thatf¥t vvehaven0thi￿tr>r￿KJrththIs Mattors on whlch we 8r• requlred to report by ewption We ha￿ nothiNJloryJrtn re5p&xofthefolkxtring m8tter51n rdauon tovhxthtsCharftie5lAcawtsand Rwtsl R￿jU￿￿tio1￿2￿18wU1[E ustr) rwrttr)Jou rf, in wroplnkn: rfomationg￿en in th8fr￿￿Laal StateM￿ts islnujrtsstentinary m8tsrial re5p¥A*ith tt)&buste8s' reput or th8clwityhas mtkeptad&watearwnbry ￿￿$., ¢ e￿an(la SH￿8n￿are nol1nagr￿￿t￿ryth ￿e￿L*lting rKrydsarKI reluns", or we hwe not th8 Infomiaf*)n and eWn2Oc￿S￿e￿U1r8knr￿r￿iL Responslbilitiès of tnjstees Asexp￿neé n￿refUl￿ inthetrust885' rsswnsblije5stst8v￿nlsPt¢Yjt0n page7, IhebUStw are resronsAbF8lJrthe kryatatiDnoFlhefirb3rN>al stsbn￿$and satisfi￿ thatbleygve atrue and frairwtr*4. fcrsuth inlemalrnntsd as trEtnJstee5dBtwThrei% n$￿$s￿ryt0 enat4ethB prepardton offinan¢*l stat&n￿ts tha1are1￿f￿ mat&tsl misStstern￿￿ wFtherdueto fraKI or £￿￿[. In pr￿r￿ trefinano81 siatements. thetsu51eesare rwfab￿for5S￿eS￿￿￿ O* 4th, ztto)os ST JOHN'S UCHFIELD BALANCE SHEET 30 JUNE 2024 2024 2023 Notes Flxed Assets Tangible Fixed Assets Chapel Investments 10 5,305,923 Not valued 12.495,608 17,801,531 5.358,547 Not v8lued 12.255,415 17.613.962 12 Current Assets Debtors Cash at Bank and in Hand 13 65.554 328,971 394,525 42.566 317,297 359,863 Less: Creditors: AMoL￿tS falling due wlhin one year 14 45,418 77,133 Not Current Assets 349,107 282.730 Total Assets less Current Llabllltl¢$ Credltors: Amounts falling due after more than one year 15 40,127 18,110.511 40,693 17,855,99 Capital and Reserves Permanent Endowment Restricted Funds Designated Funds Income Account 17 14.854.486 197.330 186,500 2.872.195 14,553,359 201,124 273.342 2.828,174 16 18,110,511 17,855,999 These accounts were approved by the Board of Trustees on 30 January 2025 and signed on their t*ha￿ by: RBKDyott CPKitto Page 11 ST JOHN'S LICHFIELD STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2024 2024 2023 Cash flows from operating activities Net cash used in operating actimties 343,773 791,291 Cash flows from investing activitses Proceeds Irom sale of investments 864.836 756.631 Purchase of investments 1817,000) 1714,5521 Movement in cash in investrnent portfolio 62,232 121,3591 Interest receNed 15.370 9,494 Income from investments 108,349 102.847 Rental income 121,660 120.883 Nel cash provtded by investing activities 355,447 253.944 Change in cash and equivalents during the year 11,674 1537.347} Cash and cash equivalents at beginning of year 317,297 854,644 Cash and cash equivalents 8t end of year 328,971 317.297 Re￿nCIliatiOn of net mov8merrt in funds to nel cash flow from operatlng activltles Nel income for the year las Per SOFA) 254,512 571,596 Adjustments for.. Depreciation charges (Gain51 on investments Dividends and interest from investments Rental ir)come InC￿a59 in debtors Decreasellincrease) in creditors 52,624 1350.2611 1123,7191 1121.6601 122.9881 32,281 1598,2851 67,972 183,2921 {112,341 } {120.8831 15,0191 33,868 {219,695) Page 12 ST JOHN'S LICHFIELD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 1. Establishment of St John's Lichfield St John's Li¢hfièld is z charitable incorporated organisalion, which was registered with the Charity Commission on 4 MarGh 2014. Ils goveming document is 2 constitution approved on 12 September 2013, as amended 2 March 2021 and 30 May 2024. 2. Accounting Policies a} Basis of Accounting The financial statements have been prepared in accordance wth Accounting and Reporting by Ch8rilies.' Statement of Recommended Practice applicab￿ lo ¢harilies preparing their accounts in accordance v￿th the Financial Reporting Stand8rd applicable in the UK and Republic of Ireland IFRS 102) effective 1 January 2019 and the Financial Report5ng Stsndard applicable in th& UK and RepLtblic of Ireland IFRS 1021 and the Charities Act 2011. Th8 charity conslitules a public benefil entity as defined by FRS 102. The financial statements have been prepared under the his10ri¢81 cost convention wlh itsms recognised at cost or transaction value unless otherwise stated in the relevant notes. bl Expenditure Expenditure is accounted for on an accruals basis. Bursavs and managerfs salaries are apportioned 700k lo ¢haritable activities and 30•/0 lo other cosls.12023 - 700/0.'300/.1 Off￿e expenditure is apportioned 800A to charit8ble activities and 20Q/o to other.12023 - 80V/o'.200kl ¢> Tangible Fixed Assets Freehold Property and Propety Improvements The Almshouse5 Sltualed in Sl Jc)hn Street and known as St John's wthoul the Barrs, were constw¢led in the fifteenth century and were extended in the 1960s. There is no record of the original Gost and no value is attributed Iherelo. Itnprovemenl work which has taken place since 1 July 1992 h8s been capitalised and depreciation is being provided at 10 /0 per annum on a straight line basis. The Almshouses completed during 2018 are depreciated on a slfaight line basis ovar 50 years. Intemal fittings, including bathrooms and kitchens, are not depreciated. They ale replaced on a rolling basis and the ctssts ale ¢hBrged to the Cycllcal Maintenance Fund. Leasehold Housing Properlies (The Close) The leasehold housing properties cost relates to the constwction of the Almshouses known as St John's wthin the Close. This development tgok pla￿ during the 1980s and was funded by a Housing Association Grant, a mortgage loan from the Housing Corporation {secured by a charge on the buildings) and from Sl John's Hospital's own resources. Depreciation is provided on a straight line basis, so as lo write off the ¢osl over the term of the lease. dl Housing Association Grant Housing Association Grant IHAG} was paid by the Housing Corporation lowaids the cost of d6velopment.To the extent that the propety has not been depreciated, it is shown as a RestriGted Fund on th& Balance Sheet. l Listed Investments Listed investments are inibally recognised at transaction value and subsequèndy measured at their market value as 8t the balance sheet date. fj Investment Property Investment Propety is included at open markel value subjecl to existing use. Page 13 ST JOHN'S LICHFIELD NOTES TO THE FINANCIAL STATEMENTS {Contlnuedl FOR THE YEAR ENDED 30 JUNE 2024 g} Con$ecratsd No value has boon attributed to consecrated asSOts in the financi31 slalements. h) Cycllcal Repairs and Malntenance St John's Lichfield has eslabllshed a regular programme of cyclical r￿Sir$ and maintenance. Costs are charged to the Cyclical Repairs and Maintenance Fund in the year in which they are incuryed. 11 Cyclical Repalrs and Maintenance Fund T￿$ designated reserve represents amounts set aside for cyGll¢al maintertan¢o. 11 Extraordinary Repalrs Costs of extraordinary ￿paIrs, unless representing Improvements lo the prop8rb8s.are charged lo thè Extraordinary Repairs Reserve in the year in which ihey gre incurred. k} Extraordinary Rèpairs Fund This designat8d re8eNe represents amounts sot aside to carry out malor repairs on the Housing PropÉrties. l) Value Added Tax Sl John's Hospital is not r8gistered for value added tsx. In these Financlal Statements. wher¢ applicable, expènditure is shown inclusive of vatue added tax. 3. Almshouse Running Costs Income oth*r Deslgnated Account Funds Funds Total 2024 Total 2023 Rates and Insurance Heating and Lighting Staff Costs and Contractors Upkeep of Grounds Repairs and Renewals Architects and Surveyors Fees RefurbishFHenl of Masterf5 Houso Sundries Other Benefits for Residents Master's Stipend and Expenses Chapel Expenses DepreciatiL Amount written off Property Improvements Loan Interest Bursar & Manager's Salaries Office Expenses in¢ Telephono 35,010 61,963 31,336 15,297 47,758 4.425 35.010 61.963 31.336 15.297 144.278 4.425 41,097 43,282 23.286 20.684 93.364 96,520 614,765 28,268 1,973 39,054 9,733 51,736 33,201 1,526 45,350 29,546 22.397 33,201 1,526 45,350 29.546 51.736 29.339 888 5,456 38,633 10,506 383,292 888 16,236 5.456 5,527 38.633 37,377 10.506 8,348 509.151 1.034.730 29,339 96.520 Restricted Funds Permanent End¢)wment 3,794 25.545 29.339 In 2023 expenditure frorn designated fund5 totalleLS £646.444, ¢omprising ￿paIrS £31.679. and Tefurbishment of Masterfs House £614.765 In 2023 depie¢iatign included £3,794 financed from restricted funds and £25,545 from permanent gndowmenl. Page 14 STJOHN'S LICHFIELD NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 30 JUNE 2024 4. Other Costs Total 2024 Totsl 2023 Bursar and Managels Salartes Audit and Accountancy Trustee Indemnity Insurance Sundry Expenses Legal Fees Office Expenses Bank Charges 16,558 16,708 3.766 5,449 16,018 11.555 3.766 6.756 360 2,087 91 40.633 2,627 88 45.196 5. Grants Payable 2024 2023 Grants lo individuals 1,350 1,3SO 6. Employee Information 2024 2023 The average weekly number of persons employed during Ihe year, based on a full time equivalent basis was.. Offico Staff Master and Other stsff Staff costs are as follows.. Wages and Salaries Social Security Defined Benefit Pension Conlributlons Defined Contribution Pension conlribLrttons 81,612 88.438 2,555 2,117 7,140 8.320 1,513 1,876 92,820 100,751 No employee received remuneration amounting lo more than £60,000 in either year. Total remuneration of key management personnel was £92,82012023- £90,840). 7. Trustees Remuneration and Expenses and Related Party Transactions No ￿Muneration directly or indirectly out of the funds of the Charity was paid or payable for the year lo any Iruslee or lo any person known to be connected with any of Ihem. No expenses were paid during the year {2023 - £ni11. There were no other related paty Iransactlons. 8. Taxalion Sl John's Lichfield is o registered charity and all income and gains are covered by exemptions. Page 15 STJOHN'S LICHFIELD NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 30 JUNE 2024 9. Net Incoming Resour¢e$ for the Year are stat&d ofter charging: 2024 2023 Amounts written off Propety Improvements Depreciation- Freèhold Property Depreciatson- Leasehold Property Auditors Remuneration.. In their capacity as auditors Other services Trustee Indemr)ity Insurance Interest payable on loan wholly or partly iepayable in more than five years 888 44,500 7,236 16,236 44,500 7,236 10.800 5,908 3.766 8,000 5,555 3,766 5,456 5.527 10. Tanglble Fixed Asset5 Freehold Property Land & Improv8ments Buildlngs Leasehold Housing Properties 2024 2023 Cost al 1 July 2023 5.241.123 1.260,056 549,964 7.051,143 7,051,143 Cost at 30 June 2024 5.241,123 1,260.056 549,964 7,051,143 7,051,143 Depreciation at 1 July 2023 Charge ftsr the ye8r Depreciation at 30 June 2024 267.000 44,500 311,500 1,259,168 B88 1.260,056 166,428 1,692.596 1.624,624 7.236 52,624 67,972 173,664 1,745,220 1,692,596 Net Book Value 30 June 2024 4,929,823 376,300 5.305,923 5,358,547 Freehold Land & Buildings (St John's wlthout thè Barrsl £8,138 represents the purchase of a parcel of land adjacent lo the Almshouses known Bs Sl John's wthout the Barrs. The remaining £5,232,985 represents C05t5 incurred in respect of the new bulks. As more fully explained in note 2lb}. there is no record of the Original cost of the Almshouses known as Sl John's Mrithout the Barrs and no value attributed thèreto. These Alrnshouses were eonslrucled in the fifteenth century and are Grade l Listed Buildings. The trustees consider il inappropriate to obtsin a valuation of these properties as a conventional valuation would be unreliable and the cost would be onerous compared with the additional benefit derived by the users of the financial stslements. Leasahold Housing Properties {The Closel The Almshouses knowll as St John's wthin the Close ￿ere constructed during the 1980s and were funded by a Housing Corporation Grant of £288.386 Ilhe un8mortised amount of which is shown as a Restricted Fund on the Balance Sheet) and a residual mortgage loan of £44,728 repayable with interest calculated al 13.5°/¢ per annum over 60 years from 1 September 1981. The balance of £218.850 was provided from Sl John's Hospital's own resources. The lease is lor a term of 99 years from 2 December 1978. Page 16 STJOHN'S LICHFIELD NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2024 11. Chapel The Chapel is excluded from the financial statements by 510 of the Charities Act 2011. 12. Investments 2024 2023 Listed Investments Investment Portfolio Cash Investrnent Property 4.006.3T8 9,230 8,480,000 12.495,608 3,703.953 71.462 8,480,000 12.255.415 UK Listed Investm8nts M8Tket Value at l July 2023 Additions al cost Disposals during the year Profiullossl on disposal Nel Ljnrealised investment gainsl{lossesl Market Value al 30 June 2024 3,703.953 817,000 1864.8361 4,204 346,057 4.006.378 3.e62.740 714.552 1756.6311 48.738 34.554 3,703,953 Cost at 30 Junè 2023 3,409,138 3,403,162 Held as to.. Endowment Fund Building Fund 4,008,378 3.517,682 186.271 3.703,953 4,006,378 Investrnent Property 2024 2023 P¢)rtfolio Valuation 811 July 2023 Unre81ised gain on revaluation Portfolio valuation al 3D Juno 2024 8.480.000 8,480.000 8,480,000 8,480.000 Unrealised gains included above: Endowment Fund 5,319,948 5.319.948 The investment property portfolio (with the exception ol one housel was rev31ued by Malcolm Gale,MRICS. FA4V. FLAA of Bagshaws LLP in April 2023 on the basis of open maTket value subject to exi51ing use. The remaining property was valued by the trustees in April 2023 on the basis of own makel value subject lo existing use. The trustees confim that there is no malerlal difference to the above valuations as at 30 June 2024. Page 17 ST JOHN'S LICHFIELD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 13. Debtors 2024 2023 Amounts falling due vdthin one year. Rentsl income Prepayments Accrued income orher debtors 20,731 34.036 9,397 1,390 65,554 10,387 20,459 10.035 1.385 42.266 14. Creditors Amounts fa111ng due within one year.. Rentsl income Other creditors and accruals 1,284 44,134 45,418 10,473 66.660 77,133 15. Creditors Amounts falling dye after more than one year-. Loan Isecuredl due 1-5 years Loan Isecuredl due more than 5 years 3.750 36,377 40,127 3,750 36.943 40,693 The mortgage loan is secured by a ¢h8rge on St John's housing ptoperbes wlhin the C105e. The mortgage is repayable by equal instalments of principal and interest, the final inslalment falling due on 31 March 2041. 16. Deslgnated Funds Cycllcal Extraordinary Bullding Fund Maintènance Rèpalrs Total 2024 Balance a11 July 2023 Bank Deposit Intere51 Transfer (lol from Income Account 2D1.908 11,112 70,000 1.434 273,342 11.112 1.434 283,020 96,520 186,500 1,434 213,020 96,520 116,500 70,000 Expenditure during the year Balance al 30 JL¢ne 2D24 70,000 Page 18 ST JOHN'S LICHFIELD NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDEO 30 JUNE 2024 16. Designated Furtd$ Icontlnued Cycllcal MaSntenanc¢ Extraordlnary Building Repalrs Fund Totsl 2023 Balancè 8t 1 July 2022 Investment Incom Bank Deposit Interest Realised GalnllLossl on disposal Unraalised GainsllLossesl on revaluation Transfer from Income Account 197,902 427.835 177,677 2.750 803,414 2.750 5.685 1,825 5.686 1,825 7,281 7.281 100,000 920,955 647,613 273,342 30.OOQ 233.587 31.879 201,908 70.000 497,835 427,835 70,000 189,533 188.099 1.434 Expenditure during thè year Balance at 30 June 2023 17. The a$5ets and liabllitles of the Charity arè r•pr•s•nted by the funds as d#tsilèd Total 2024 Permanent Endowment Restrlcttd Do$lgnat&d Fund Funds Income Account Tangible Fixed Assets Invesltnenls Debtors Cash at Bank and in Hand Creditors.. Within one year Cr8ditors'.More than one yeai 5,305.923 12,495.608 65.554 328,971 145,4181 40,127 18,110,511 2,375,699 12,495,608 197,330 2,732.894 65,554 153,055 139,1811 40,127 2,872,195 110.5841 16,2371 186,500 14.864,486 197,330 186,500 Total 2023 P¢rmanent Endowment Restricted D¥$ignated Funds Funds Income Account Tangible Fixed Assets Investments Debtors Cash at Bank and in Hand Creditors: Within one year Creditors=More than one year 5,358,547 12.255.415 42.566 317,297 177,1331 40,693 17,855.999 2,401,244 12,066,754 201,124 2.756.179 187,227 42.566 145,6371 171.4681 40.693 2.828.174 1,434 91,026 {5.6651 271,908 14,553,359 201,124 273,342 18. Contlngent Llability A Housing A5soaation Grant IHAGI of £288,386 was received towards the cost ofthe con51ru¢iion of the Almshouses known as St John's within the Close. HAG is repayable in certain circumstan￿$ primarily following the sale of a property, but will normally be restricted to net proceeds of sale. 19. Charlty Merger By virtue of a pre merger vesting agreement dated 1 September 2015, the unincorporated ¢harily Sl John's Hospital. tsgistèred charity number 214784. transferred Fts assets to Sl John's LiGhfield. a charitablè incorporated organisalion, rogistgred chaiity number 1155998. 20. Future Commitment AI 30 June 2024 St John's Lithfield had future commitments totalling £12,577, in resp¢¢t of lrft repairs and a stairfifL Page 19 #NJ v) ¢D co* ro orrio r£ a)