**2020 Annual Report** And consolidated financial statements for year ended 31 December 2020 01225 486400 | stjohnsbath.org.uk | 4-5 Chapel Court, Bath **REGISTERED CHARITY 201476 PATRON: HRH THE DUCHESS OF CORNWALL** ## **CONTENTS** |Trustees' annual report|Page 3| |---|---| |Independent auditor's report|Page 40| |Consolidated statement of financial activities|Page 44| |Consolidated balance sheet|Page 45| |Charity balance sheet|Page 46| |Consolidated statement of cashflows|Page 47| |Notes to the financial statements|Page 48| **St John's Foundation Est. 1174** ## **TRUSTEES' ANNUAL REPORT** The Trustees present their annual report and the consolidated financial statements and results of St John's Foundation Est. 1174 ('St John's') and its subsidiary, St John's Hospital Trading Company Ltd for the year ended 31 December 2020. The report is prepared in line with the Charities Act 2011 and SORP (FRS 102). Originally founded in 1174, St John’s Foundation remains one of the oldest charities in Europe, and the oldest in the city of Bath. Over our 847-year history, we have continuously adapted to meet our community’s needs. Founded as an almshouse charity by the fourth Bishop of Bath, we remain true to our original aims, centered on supporting those in need in the local community. The objects of the Charity are the provision of almshouse accommodation and the relief of those who are in need by reason of age, ill-health, disability, financial hardship or other disadvantage within Bath and the surrounding area. We reflect this in our purpose "Changing lives. For good." **St John's Foundation Est. 1174** **3** In February 2020, we launched a new, bold and ambitious 10-year strategy to deliver our purpose and set out a new vision. We will continue to change lives through our Older Adults Services, providing almsapartments and helping older adults across the area to live independently for as long as possible. In addition, we have launched the St John’s Foundation Fund. This new initiative has been set up to address two key areas - inequality of opportunity for children and individuals and families facing crisis. One of the Fund’s overarching aims, relating to inequality of opportunity for children, is to significantly reduce the Key Stage 2 educational attainment gap in Bath and North East Somerset by 2030. **4** **St John's Foundation Est. 1174** Despite its beauty and affluent veneer Bath and North East Somerset is one of the most unequal regions in the UK. Currently, it is estimated over 8,000 children live in poverty in the region with 3,500 in receipt of free school meals; this equates to 1 in 5 children. The unstable circumstances in which these children grow up leads to unmet physical, emotional and educational needs and BaNES is ranked 146 out of 152 in the national educational attainment gap table. We know these inequalities transmit into later life outcomes affecting lifelong health, well-being, career opportunities and wealth. Focusing our strategy on addressing inequalities at an early age will therefore not only relieve current need but the potential for even greater future need too. We are galvanised into action to ensure that every child from birth to twelve years old is supported to grow into a healthy, happy and educated member of our community. This is our vision for the Foundation Fund. Since the start of the pandemic, St John's, together with partner organisations in Bath and North East Somerset has reported a 50% increase in the number of people seeking support through our crisis support fund with debt. **5** **St John's Foundation Est. 1174** Local house prices in Bath are now some of the highest in the land, with salaries some of the lowest. Wealth and poverty sit hand in hand in the region. Over the years this disparity has motivated St John’s to extend its charitable reach and offer support to disadvantaged children and families. The region’s population is ageing, in line with the demographic trends of the developed world, and support for older adults, therefore, also remains at the heart of our strategy. We continue to provide high quality alms accommodation that supports independent living for older adults and augment this with services that can be accessed by the wider population of older adults in the community. In addition, our new strategy will enable us to hone our expertise in the provision of funding and become the initiator of major societal change in our region. Through the Foundation Fund, St John’s will play an integral part in bringing about transformation in BaNES, creating a platform for diverse organisations to collaborate and support childhood development. Our purpose, "Changing Lives, for Good", underpins all that we do, be it through the services we deliver directly or how we interact with other organisations to support the delivery of services by third parties. How we can best deliver our charitable objects and ensure the public benefits is important to us. The Trustees have therefore given due consideration to the Charity Commission's published guidance on the Public Benefit requirement under the Charities Act 2011 in setting its 10 year strategy, in agreeing the aims and objectives of the charity, in setting future plans and in determining its funding awards policy. The main activities undertaken to further the Charity's purpose for the public benefit are set out on the following pages. **6** **St John's Foundation Est. 1174** **----- Start of picture text -----**
OUR
AMBITIOUS
VISION
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**Over the following nine years we will manage our investments so we can:** - Continue to enable older adults to live well through both the provision of almshouses and community outreach services - Continue to provide funding for individuals in crisis - Focus on building communities where every child under 12 is supported to grow into a healthy, happy and educated member of the community. We will lead change in our communities so that every child has: - Nutritious food every day - A safe place outside school hours - Professional support for behavioral and emotional needs - Extra help with foundational reading, writing, oracy and mathematics. **7** **St John's Foundation Est. 1174** **----- Start of picture text -----**
OUR
PERFORMANCE
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## **The Foundation Fund** Since launching the Foundation Fund in early 2020, St John’s has been developing a framework for delivery of its strategy over a 10-year period. Working with a number of different departments of the Local Authority, the University of Bath, Multi-Academy Trust Chief Executives, Primary School Head-teachers, regional representatives of the Department for Education, the Educational Endowment Fund, Public Health England and other organisations and expert advisers, St John’s has set about determining the interventions and related support required to ensure its strategic aims will be met. With uncertainty and pressure created by the Covid-19 pandemic and related ‘lockdown’ restrictions put in place from March 2020, we focused initially on our aim to ensure children have access to nutritious food. We have been instrumental in establishing the BaNES Fair Food Alliance, in partnership with BaNES Council and Feeding Britain, another UK charity. The provision of funding and other related work has helped to significantly reduce food poverty in families and children in the BaNES region and will continue through 2021 and beyond. **8** **St John's Foundation Est. 1174** In partnership with Feeding Britain, the Foundation Fund awarded **£30,000** to support a range of projects providing nutritious food and positive activities to children during the summer holidays. St John’s also worked with the local authority and 3SG, another local charity, to support and advise on the distribution of a further **£65,000** . These funds were focussed on affordable food projects serving children and families in some of Bath and North East Somerset’s most deprived communities. As 2020 progressed, the concept of a ‘Primary Empowerment Programme’ emerged from research with our collaborators. This is focused on the seven primary schools within the local area with the highest levels of disadvantaged children among their pupil populations (as determined by entitlement to free school meals). In spite of the particular challenges faced by our seven schools, wrought by the pandemic, agreement had been reached with all of them, by the end of 2020, regarding the approach to be taken in finalising the first areas of work for the Primary Empowerment Programme. Although focused most strongly on providing support for children’s emotional and behavioural development and on extra help with foundational reading, writing, oracy and mathematics, we expect the programme will support all four of the key aims that will enable us to fulfil our vision for the Foundation Fund in relation to children aged 5-12. Towards the end of 2020, we were also able to scope out a programme to be aimed at pre-school age (‘Early Years’) children, which will focus on building children’s speech and language skills. Both the Early Years and Primary Empowerment Programmes will be launched formally in 2021. Towards the end of 2020, a further programme was conceptualised and was in the early stages of development (in conjunction with a major provider of social housing), which will provide safe places for families and children to use outside school hours. **St John's Foundation Est. 1174** **9** In addition, during December 2020, we appointed ImpactEd, a national impact evaluation specialist, to evaluate the impact of our work. ImpactEd are working alongside key stakeholders and the St John’s team to finalise the design of our Foundation Fund programmes. Immediate support was provided to our identified seven schools to help pupils access online learning. The funding was used to provide hardware devices, connectivity to the internet and staff support time, to ensure children without technology at home would not miss out on vital learning during lockdown. ## **Crisis Support Programme** As part of the Foundation Fund St John’s continued to provide crisis support during 2020 to individuals and families who were struggling financially. Over 600 applications were awarded, totalling £241,459. This financial assistance directly supported people and families living in low-income households across BaNES purchasing essential items they desperately needed. As a direct result of the Covid-19 pandemic, a further £117,619 was awarded through the Crisis Support Programme to other charitable organisations who were directly supporting the people and families most impacted by the pandemic within our community. **St John's Foundation Est. 1174** **10** ## **Organisational Funding Committed in Previous Years** St John’s upheld all financial commitments it had made to organisations prior to the launch of our new strategy. We awarded a total of £1,109,686 from our former Organisational Funding Award programme in support of 66 charitable projects and organisations that are continuing to deliver essential work for the community in line with our charitable aims. These organisations were not only supported financially but were also provided with expert support and guidance to equip them with the tools they needed to develop, and become more sustainable and self-sufficient. More detail on the organisations funded can be found on page 58. ## **Independent Living** We currently have 94 alms-apartments and are committed to increasing the number of dwellings we offer by investing at least a further £1.9m by 2024, in accordance with an obligation to the Charity Commission agreed by St John’s. On average in 2020, 95% of our alms-apartments were occupied (2019: 98%). In addition, Personal Care and Domiciliary Support was delivered to 44 of our residents. The attendance for our activity programme was at an all-time high at the start of 2020, with over 2,300 attendances by March 2020 (up 24% compared to the previous year). Due to Covid-19, the programme transitioned to become an online service, which proved to be successful. Over the course of the year, over **400** people attended classes which totalled over **75** hours of activity. Between lockdowns 1 and 2, the team were able to re-introduce face-to-face activities for a five week period and when the latest lockdown restrictions ease, these face-to-face activities will recommence. The intention is to extend our reach to exceed the pre-pandemic levels and to help more older adults to live independently for longer across Bath and North East Somerset. **St John's Foundation Est. 1174** **11** ## **Trading** These consolidated financial statements include the results of the trading subsidiary, which is an investment for the charity. It was established with a view to generating profits which could be gifted to the charity and used to fund the charitable objectives. In 2019 and 2020 the main trade undertaken was the operation of 10 high quality, holiday apartments at St Catherine’s Hospital (a former almshouse owned by the charity and leased to the subsidiary at a market rent). National lockdown restrictions imposed by the Government led to the holiday lets being closed for significant parts of 2020 and a resultant loss of income and reduction in profitability for the year. **12** ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** **----- Start of picture text -----**
St John's Hospital
Trustee Limited
COMPANY
Board of Directors
('the Trustees')
St John's
Foundation Est. 1174
CHARITY
St John's Hospital
Trading Company
Limited
TRADING COMPANY
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## **Legal structure** St John’s Foundation Est. 1174 (the Charity) is controlled by a trustee company, St John’s Hospital Trustee Limited (registration 08188066). The trustee company has a board of unpaid directors, who are effectively the trustees of the Charity. The Charity is an unincorporated charity registered in England and Wales (reference 201476). It is governed by a Charity Commission Scheme dated 25 September 2012 as amended by a scheme dated 8 February 2017 and a resolution dated 28 September 2017. St John’s Hospital Trading Company Ltd (registration 08632453) is the trading arm of the Charity and is a wholly owned subsidiary. **St John's Foundation Est. 1174** **13** ## **GOVERNANCE** ## **The Charity Governance Code** The Code (published in 2017) sets out seven principles of good governance, including: **----- Start of picture text -----**
Decision making,
Organisational
Leadership Integrity risk
Purpose
and control
Equality,
Board Openness
diversity and
effectiveness
and inclusion
accountability
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The Trustees recognise that effective governance is essential in enabling the Charity to meet its aims and have reviewed the Charity’s governance against the Code. The findings of this review were that St John’s has an effective, wellgoverned board and that the new strategy underpins many elements that are fundamental to the spirit of the Code including transparency, collaboration and strategic drive. There were no significant concerns or risks identified as part of the review but in line with continuous improvement a list of recommendations has been adopted for implementation in 2021. All Trustees have signed a Code of Conduct based upon the Charity Governance Code. Our current governance arrangements are set out in the report. **14** **St John's Foundation Est. 1174** ## **TRUST** ## **COURAGE** **HOW OUR VALUES SUPPORT EFFECTIVE GOVERNANCE** We embrace our organisational values of Courage, Kindness and Trust and apply these values to everything we do and in how we treat one another. The breadth of St John’s work necessitates a diverse workforce and each one of our Trustees and employees helps to make our organisation an uplifting and cohesive place to work. We actively encourage the sharing of ideas and promote continuing personal development. ## **KINDNESS** **St John's Foundation Est. 1174** **15** **----- Start of picture text -----**
GOVERNANCE
STRUCTURE
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## **The Board** In line with the Articles of Association of St John’s Hospital Trustee Limited (“the Articles”), the Board of Trustees must comprise between 10 and 14 members. Trustees are each appointed for a term of five years and may be reappointed to serve for up to 15 years. These appointment terms were reviewed by the Board and a change to lower the lengths of appointment was agreed. It was resolved that all new trustees would be appointed for a term of 3 years and may be re-appointed to serve up to 9 years. The Articles of Association will be amended to reflect this change once transitional arrangements for existing trustees are in place. ## **Decision-making** The Board met six times during 2020 to determine strategy, approve financial plans and consider key policies. The Board has delegated authority for certain decisions to committees, which are made up of Trustees with relevant experience and/or qualifications. Professional advisors attend these committees when necessary to add their insight. **16** **St John's Foundation Est. 1174** The Board and the Committees review their performance annually. This is carried out through discussion and has been supported by the use of surveys to gain insight into Trustee opinions on effectiveness. An appraisal of the Chair is conducted every two years by the Senior Independent Trustee. As one of the recommendations arising from the Corporate Governance Code review, the Trustees are considering whether to undertake external evaluations of performance and also how individual trustee performance will be reviewed in the future. The structure and membership of committees changed early in 2020 and this report sets out the committee structure in place for most of the financial year. **17** **St John's Foundation Est. 1174** ## **COMMITTEES** ## **Committee** **Audit and Risk Committee (ARC)** **Investment Committee (INV)** **Remuneration & Nominations Committee (REM)** ## **Purpose** To assure the Board that there is an adequate system of risk management in place for the activities of the Charity and which ensures effective delivery of all its services, including compliance with all relevant regulations that relate to the Charity’s activities. To recommend the investment strategy for the Charity and to assure the Board that there is an adequate system of processes and controls in place to ensure all the Charity’s investment portfolios, including the property portfolio are appropriately managed to deliver the agreed investment objectives. To oversee the trustee appointment process and CEO/ exec recruitment, ensuring that St John’s has effective remuneration, nomination and Board recruitment policies and procedures in place, which are fair and transparent, adhere to all relevant legislation and support the strategy, objectives and values of the Charity. **18** **St John's Foundation Est. 1174** Committee membership, along with a list of professional advisors, is available in the “Legal and administrative information” and “Our Advisors” section below. The Trustees have delegated day-to-day management of the Charity to the Executive team and the employees of St John’s. ## **Remuneration of the Executive Team** The Remuneration and Nominations committee is responsible for setting remuneration policies for the Executive team, based on individual contributions and the prevailing market. This includes the annual salary, contractual terms of employment and any severance arrangements. For the Charity to meet its strategic goals, it must recruit and retain highly skilled employees. The salaries offered to the Executive team are competitive both locally and within the charitable sector. The Remuneration and Nominations committee, taking advice from the Chief Executive, determines the salaries of the rest of the Executive team. An over-riding factor in salary setting is always affordability in the context of the whole organisation’s budget. **19** **St John's Foundation Est. 1174** ## **Trustee recruitment and training** The Remuneration and Nominations committee determines the appointment procedures for new Trustees including how the vacancies will be advertised. This is through social media and sometimes an external recruitment agency may be used, to ensure greater reach to potential trustees. The Remuneration and Nominations Committee agree the terms and conditions of appointment and any interview process, which will involve a minimum of 2 existing trustees. It then nominates candidates for approval by the Board. Once appointed new Trustees are provided with training through an induction pack. This includes a Trustee handbook which is reviewed and updated regularly and shared with all Trustees. Further training may be offered where needs are identified and throughout the year the Charity aims to update Trustees using seminars and briefings. In 2020, there were no face to face training courses but details of virtual events such as webinars were shared with Trustees. **20** **St John's Foundation Est. 1174** ## **Fundraising** The Charity does not actively fund raise but sometimes generates funds from the public through events where the primary purpose is not fund-raising but awareness raising. Due to the nature of these events no pressure is put on individuals to donate and there is no perceived risk to vulnerable people or other members of the public in relation to fundraising. We never use an external partner to raise funds. During 2020, the Charity received zero complaints with regards to fundraising practices (2019: zero). The Charity is compliant with The Charities (Protection and Social Investment) Act 2016. **21** **St John's Foundation Est. 1174** ## **Legal and Administrative Information** Registered office: 4/5 Chapel Court, Bath, BA1 1SQ Telephone: 01225 486400 Email: info@stjohnsbath.org.uk Website: www.stjohnsbath.org.uk Charity reference: 201476 Trustee: St John’s Hospital Trustee Limited (08188066) Patron: HRH The Duchess of Cornwall **22** **St John's Foundation Est. 1174** ## **OUR DIRECTORS** **Directors of St John's Hospital Trustee Limited ('The Trustees') & Committee Membership** ARC INV REM Ben Fletcher (Chair) from: 19 March 2020 Ashley Ayre Harriet Bosnell Moira Brennan Richard Brown Sarah Davies to: 17 Dec 2020 Nicholas Hunt from: 19 March 2020 Karen MacGregor from: 18 June 2020 Ian MacKenzie David Purdon to: 24 June 2021 Ken Scott Rev Nicholas Williams to: 17 Dec 2020 Rev Roger Driver from: 16 April 2021 Jeffrey Hayes from: 31 March 2021 Carole Stott from: 26 May 2021 Jamal Benmiloud from: 27 May 2021 John Lakin from: 27 May 2021 Committee Chair Committee Member Prior to becoming a Trustee, Jeffrey Hayes was a co-opted advisor to the investment committee. **23** **----- Start of picture text -----**
OUR
DIRECTORS
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## **Directors of St John's Hospital Trading Company Ltd.** Ashley Ayre Caroline Bee Louise Harvey David Hobdey Karen MacGregor David Purdon Ken Scott A Trustee of the Charity A Director of the Charity A Director of the Charity Chief Executive of the Charity A Trustee of the Charity A Trustee of the Charity A Trustee of the Charity from: 18 June 2020 from: 18 June 2020 from: 18 June 2020 from: 14 Aug 2020 fto: 24 June 2021 ## **Executive Team** David Hobdey Chief Executive Louise Harvey Director of Funding and Impact James Edmonds Director of Property Caroline Bee Director of Finance to: 13 March 2020 To find out more about the skills and experience of our team please visit - https://stjohnsbath.org.uk/about/our team/ **24** **St John's Foundation Est. 1174** ## **OUR PROFESSIONAL ADVISORS** ## **External Auditor:** **Crowe U.K. LLP** Fourth Floor, St James House, St James Square, Cheltenham, GL50 3PR ## **Bankers:** **Handelsbanken Plc** 7 Henry St, Bath, BA1 1JR **Hampdens & Co Plc** 9 Charlotte Square, Edinburgh, EH2 4DR ## **Solicitors:** **Thrings LLP** 2 Queen Square, Bath, BA1 2HQ **Stone King LLP** 13 Queen Square, Bath, BA1 2HJ ## **Investment Managers:** **Smith & Williamson Investment Management LLP** Portwall Place , Portwall Lane, Bristol, BS1 6NA Schroder & Co Ltd trading as Cazenove Capital, 1 London Wall Place, London EC2Y 5AU **Charities Property Fund** Savills Investment Management, 33 Margaret Street, London, W1G 0JD ## **Chartered Surveyors:** **Jones Lang LaSalle Ltd** 31 Great George St, Bristol, BS1 5QD **Martin Blake Associates Ltd** 8a Bartlett St, Bath, BA1 2QZ **Carter Jonas** 5-6 Wood St, Bath, BA1 2JQ **Philip Jennings** Suite 1, 25 The Tyning, Widcombe, Bath, BA2 6AL **Savills** Edgar Buildings, 17 George St, Bath, BA1 2EN **25** **St John's Foundation Est. 1174** **----- Start of picture text -----**
FINANCIAL
REVIEW
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## **Our income in 2020 (£’000s)** Almshouses Serviced apartments 7% 2% Rent 28% The consolidated income for 2020 was £5.2m, which is £684k lower than the previous year (£5.9m). This reflected the impact of the pandemic on our investment income. Dividends 62% Donations and legacies There were no large donations in 2020. **26** **St John's Foundation Est. 1174** ## **Investment income** Investment income in 2020 was £4.1m, which is £535k lower than in 2019. £301k of this reduction (56%) was in rental income on the commercial estate, reflecting the heavy reliance in the direct property portfolio on retail properties which were severely affected by national lockdowns. A further £224k (42%) of the fall in income relates to dividends from listed investments, following a particularly volatile year in the financial markets. ## **Trading activities** In addition to this, the Trading Company has generated £208k of income in 2020, a £123k (or 37%) fall from income in 2019 (£331k). The Trading Company is reliant on hospitality business from serviced apartments at St Catherine’s Hospital, which closed for long intervals during the year in line with government instructions. ## **Almshouse Income** Income from charitable activities, which includes income from almshouses and residential care, decreased by £53k (6%) in 2020 from 2019 to £856k. There were slightly higher levels of vacancies than usual because assessing potential residents and moving became more difficult during the pandemic. ## **Expenditure** Total expenditure in 2020 was £5.7m (2019: £6.5m). The cost of managing our investments rose by £239k to £1.5m (2019: £1.2m). This reflects increased levels of bad debt and higher professional fees that have resulted from greater vacancies, tenants falling into administration and renegotiations on leases. **27** **St John's Foundation Est. 1174** To offset increasing costs and reducing income, the Charity decreased the level of funding awarded to local organisations and individuals by £735k to £1.5m (2019: £2.2m). The pandemic created delays in the roll out of our Foundation Fund and the funding programme was adapted in response to the changing needs and environment created under the pandemic shaped. This is described in detail earlier in this report. ## **Volunteers** The Charity is able to support many people in Bath and North East Somerset with the valued help of its volunteers who work with our outreach services and provide administrative support. While national lockdowns prevented much of the usual support in 2020, there were a small number of volunteers supporting residents with their shopping and errands. We are therefore incredibly grateful for the time and effort of our volunteers who make an important impact across the year even though the financial benefit of volunteers is relatively small (so cannot be shown in these statements). ## **Deficit** Overall, the operating deficit for 2020 was £548k (2019: £577k). This was a smaller deficit than planned for the year as spending was reduced in light of the impact of the pandemic on the Charity's finances. The charity plans to have annual deficits in order to reduce the level of unapplied total returns. The level of unapplied returns was however, impacted significantly in year by the decline in value of the direct property portfolio. More detail on our reserves policy follows. Valuation losses, particularly on investment property, have created a negative net movement in funds of £10.7m (2019: £5.4m). **28** **St John's Foundation Est. 1174** ## **TOTAL RETURN** The Charity adopted a Total Return method of accounting from 1 January 2013. On this date the initial value of the unapplied total return was £45.5m and the core capital endowment was valued at £35.0m. In arriving at these values, the Trustees used the indexed values of the permanent endowment at 1 January 1995 to represent the preserved value of the original gift. From this date the Charity has set a target to achieve a ‘total return’ from its investments of inflation + 4% on average each year. ‘Total return’ is the sum of valuation gains and income (e.g. dividends or rent). ## **Calculating our inflation + 4% target:** - The Board recognises that market volatility could cause the value of its investments to fluctuate each year. However, given the Charity’s overall financial strength, the longer-term view is more important. The target is therefore measured as an average over a rolling fiveyear period. - Investment management costs, like fees charged by our investment managers, are deducted within the calculation. This means that the whole RPI+4% return is available to support our charitable activities. **29** **St John's Foundation Est. 1174** ## **Why inflation + 4%?** The use of an appropriate measure of inflation is important. Historically the Charity has used RPI (Retail Price Index) as a measure of inflation and did so throughout 2020. However, after careful consideration the Trustees have agreed to move to CPI from 1 January 2021. By ensuring the investments grow in line with inflation, we are protecting the value of investments to support the needs of future generations. In 2020 the permanent endowment was increased by £510k for RPI (2019: £895k). The Charity also relies on income from its investments to fund its charitable activities today. The 4% return in excess of inflation is used to support our existing beneficiaries. In 2020 £4.6m of unapplied total return was allocated to income (2019: £4.8m). **30** **St John's Foundation Est. 1174** ## **INVESTMENTS** At the year end, the Charity held £105.7m of investments (2019: £119.4m). Of this, £67.7m (64%) was property in Bath (2019: £82.3m / 69%). The Investment Committee has agreed a target strategic allocation of assets (i.e. mix of different types of investments), designed to create the highest return at an acceptable level of risk. Reports were commissioned from two independent investment managers in order to establish an appropriate target. The need to rebalance the investment portfolio (by buying and selling assets) is assessed at least annually. **----- Start of picture text -----**
80%
60%
40% 64%
60%
20% 36% 40%
0%
Property Shares
Existing proportion of portfolio
Target set by Investment Committee
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**Current allocation of assets** Other investments (including a social loan, and cash balances) have not been included, as these make up less than 0.5% of the total value. **31** **St John's Foundation Est. 1174** **----- Start of picture text -----**
INVESTMENT
POLICY
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## **A few notes on our Investment Policy:** There is no limit on investment in individual assets, but the Investment Committee actively monitors any asset which makes up more than 5% of the value of the portfolio. The Investment Policy allows for investment in any type of asset, with the exception of derivatives (unless for the purpose of hedging) and individual investments may be excluded where there is conflict with the Charity’s objectives. The Charity can invest in mixed motive and social investments where they align with the Charity’s objects. It currently holds a small social investment representing two concessionary loans to a carer’s centre, the purpose of which aligned to the Charity’s object of assisting those in need. These do not form a material part of the Charity’s charitable or investment activities. **32** **St John's Foundation Est. 1174** ## **RESERVES** The majority of the Charity’s reserves are held as investments. The income from these investments is needed to support today’s beneficiaries, as well as future generations. The Trustees therefore protect a significant proportion of reserves for future use. At the end of 2020, total reserves were £121.0m (2019: £131.7m). **----- Start of picture text -----**
Millions
140 121.0 (102.8)
120
100
80
60
40
(12.0)
20 (2.7)
(0.0) 3.5
-
Total Invested Operational Committed Restricted 'Free Reserves'
Reserves Endowment Assets
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The free reserves of £3.5m are freely available to spend on any of the Charity’s purposes. This is only 2.9% of the Charity’s net assets. However, St John’s has also accumulated gains and surpluses of £59.7m in the unapplied total return element of the endowment as a result of its large investment portfolio. These funds can also be used to further the Charity’s objects. However, this is managed carefully, as any fall in these funds reduces income available for future generations. **33** **St John's Foundation Est. 1174** ## **Calculating reserves** The starting point for calculating the amount of reserves held is therefore the amount of unrestricted funds. Which was £5.6m at 31 December 2020 (2019: £5.4m). However, some or all of the unrestricted funds of a charity may not be readily available for spending. - This is because spending those funds may adversely impact on the Charity’s ability to deliver its aims. The items that should be excluded from reserves are: any operational fixed assets not already excluded from unrestricted funds through the functional endowment (e.g. head office) of £1.4m (2019: £1.4m) designated funds set aside to repair the almshouses of £nil (2019: £0.8m) committed awards or building contracts, not included as a liability in the accounts of £0.7m (except those already excluded from unrestricted funds through the functional endowment) (2019: £1.2m) As at 31 December 2020 the Charity’s free reserve was £3.5m, which is £1.5m higher than the £2.0m reserve held to cover six months' future operating expenditure, in line with the Charity's own financial regulations. However, this does not address the balances held within unapplied returns which are also expendable on delivering the charitable purpose. The Charity therefore uses its long-term financial plan to consider the level of both unrestricted reserves and unapplied total returns that it needs to maintain for future expenditure in the short, medium and long term. As part of this the Charity sets out to maintain investments at a level which can provide sufficient returns to fund the almshouses, community outreach and individual funding for future generations and protects the spending power of this by inflation. It will use total unapplied returns and unrestricted funds in excess of this to deliver the Foundation Fund and subsequent strategies ('free' reserves). **34** **St John's Foundation Est. 1174** ## **RISKS** Within the Charity, each team manages its own risk register. This is actively managed to ensure mitigating actions are carried out and scoring is up to date. High-scoring risks (i.e. those with significant likelihood and impact) are included on the Corporate Risk Register. The Audit and Risk Committee reviews the Corporate Risk Register at least four times a year and may suggest further actions to reduce the likelihood or impact of a risk. Some of the key risks that St John’s manages are: **Risk:** Failure to achieve the targeted total return of CPI+4% and, as a result, not having enough income and capital to pursue our strategic aims. **Risk:** Commercial, financial and/or reputational risk from the failure of projects. **Mitigating actions:** Long-term financial planning is undertaken to understand the sensitivity of income and capital to different economic scenarios. Regular meetings are held with asset managers. Strategic asset review being undertaken to maximise returns on direct property portfolio. **Mitigating actions:** Detailed business cases are prepared and approved by Board before a project begins. Specialist project teams are set up, and detailed risk analysis is undertaken at every project meeting. **St John's Foundation Est. 1174** **35** ## **RISKS** **Risk:** Delayed implementation of strategic projects, or a failure to invest sufficiently in charitable activities and utilise the unapplied total return, results in failure to support stakeholders and damages the Charity’s reputation. **Risk:** Building costs for the Charity’s capital projects exceed budget. **Mitigating actions:** Committee meetings continue to be held at least quarterly to enable effective decision-making, with additional meetings being held for specific projects when necessary. **Mitigating actions:** Contractors are selected by a thorough tendering process. As part of the tender process, value engineering is carried out, as well as extensive pre-construction surveys. Costs will be monitored carefully whilst the site undergoes construction. An experienced project team is used and is ready to respond swiftly to any change in circumstances. **36** **St John's Foundation Est. 1174** ## **IMPACT OF COVID-19** As detailed in this report the Covid-19 pandemic has affected the Charity in a number of ways and continues to impact upon the risks and future activities of the Charity. It is therefore addressed as part of this Trustee report. In response to the initial outbreak, the Charity implemented its business continuity plan to ensure risks and impacts were properly identified and managed. Community Outreach activities were suspended in line with government guidance and a new online service introduced to continue to engage with vulnerable people in the community. As the government lockdown restrictions change, St John’s will respond accordingly with risk assessments in place to ensure safe operations. The Charity's head office closed and office based staff have been able to work from home using existing equipment and increased use of remote technology such as video conferencing. This technology has also been used to ensure that Board and Committee meetings continue during lockdown. **37** **St John's Foundation Est. 1174** One of the main risks associated with the pandemic has been in relation to the health and safety of employees and residents. The Charity has taken this very seriously and ensured policies and procedures are updated and implemented in line with latest guidance, including the appropriate use of personal, protective, equipment. All residents and employees have been encouraged to take up the offer of a vaccination and in 2021 regular Covid testing has been introduced for employees working on site. A further risk is the economic impact of the pandemic reducing and delaying receipt of our investment income. The cashflow risk has been mitigated by revisions to financial forecasts, careful management of the finances and the introduction of new bank facilities. The longer term impact of the pandemic on our investment income remains uncertain. The Charity is well placed to adapt however given the scale of the unapplied total returns held. The Charity therefore considers that it remains a going concern and will continue to update the long term financial plan and reassess reserve levels and spending plans in line with our reserve policy set out on pages 33-34. **38** **St John's Foundation Est. 1174** ## **STATEMENT OF TRUSTEE'S RESPONSIBILITIES** The Trustee is responsible for preparing the Trustee’s Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom). The law applicable to charities in England and Wales requires the Trustee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and the group and of the incoming resources and application of resources of the charity and the group for that period. In preparing these financial statements, the Trustee is required to: select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgments and estimates that are reasonable and prudent; - state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. It is also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustee is responsible for the maintenance and integrity of the financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Crowe U.K. LLP have been appointed as auditors in the period. A resolution for the reappointment of Crowe U.K. LLP as auditors for the Charity will be proposed at the forthcoming Annual General Meeting. Approved by the Trustee on 24th June 2021 and signed on its behalf by: Mr B Fletcher (Chairman) Ms M E Brennan (Director) **39** **St John's Foundation Est. 1174** ## **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ST. JOHN’S FOUNDATION EST. 1174** ## **Opinion** We have audited the financial statements of St. John’s Foundation Est. 1174 (‘the charity’) and its subsidiary (‘the group’) for the year ended 31 December 2020 which comprise Consolidated statement of financial activities, Consolidated Balance sheet, Charity Balance sheet, Consolidated statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the group’s and the parent charity’s affairs as at 31 December 2020 and of the group’s incoming resources and application of resources, including its income and expenditure, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Charities Act 2011. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. **40** **St John's Foundation Est. 1174** ## **Conclusions relating to going concern** In auditing the financial statements, we have concluded that the trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's or the group’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. ## **Other information** The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. ## **Matters on which we are required to report by exception** We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: - the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or - sufficient and proper accounting records have not been kept by the parent charity; or the financial statements are not in agreement with the accounting records and returns; or we have not received all the information and explanations we require for our audit. ## **Responsibilities of trustees** As explained more fully in the trustees’ responsibilities statement set out on page 39 the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the group’s and the parent charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. **41** **St John's Foundation Est. 1174** ## **Auditor’s responsibilities for the audit of the financial statements** We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Acts and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. ## **Extent to which the audit was considered capable of detecting irregularities, including fraud** Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. We obtained an understanding of the legal and regulatory frameworks within which the charity and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011 together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charity’s and the group’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity and the group for fraud. The laws and regulations we considered in this context were CQC Regulations. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any. **42** **St John's Foundation Est. 1174** We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the completeness and accuracy of income, grants payable to third parties and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Audit & Risk Committee about their own identification and assessment of the risks of irregularities, designing audit procedures over income and grant expenditure, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission and reading minutes of meetings of those charged with governance. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of nondetection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations. ## **Use of our report** This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed. Crowe U.K. LLP Statutory Auditor Fourth Floor St James House St James Square Cheltenham GL50 3PR 12 August 2021 Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. **43** **St John's Foundation Est. 1174** St John's Foundation Est. 1174 Year ended 31 December 2020 CONSOLIDATED STATEMENTOF AIIANCIALAcTI￿TIEs T¢)tal Total Pknte ffijnd funds fund 2020 20 Income and endowments frorn: Ch3ritable attl￿ties In¥estment income Othèr trading actNitTe5 Donatw)ns and legacies Transfer to income Total Intome &56 856 4,080 2ll 49 2a 3955 4,615 350 2b 17aR2 31 4,578 14.5781 16231 E￿nditure. Expenditure on charitable aclivit*s'. Residential Ca￿ &support'. Funding and impact Communityoutreach Total expendr(ure on charitable actNities L735 1,929 290 3.954 114 1350 1,987 292 4J29 1921 2,715 380 5.016 61 ll4 Cost of raisingfunds Other expenditure 1262 141 1,474 141 I￿5 206 Total eypendttur• 5357 326 5.744 6A57 Net k)comel lÉ¥pendlture} beloreln7*rtm•nt (losses11 gains 19491 15481 (57n Net gainsl Ilossesl on investments Net kncome and net mo*ment In funds 1268 170 19.8951 iiowi IIOJ63 (10,7ll) I4￿73} 15h501 Recondilatkln offvnd&" Total funds brought forward Total funds carrled fr•rntard 23 23 S,416 47 126210 131,673 137J23 134673 Thenotes on pages 48 to 77 fomi part ol these ￿￿031 ststemen St John's Foundation Est. 1174 St John's Foundation Est. 1174 As at 310ecember 2020 CONSOLIDATED WANCE SHE 2020 20 IntangJble3ssets Tangible assets- freehold property Other tangible fixed assets Investments.. Financial and property investments Jcial investments io li 12 32 11953 ios 60 12J56 24 13 14 105551 133 117.n4 ll9J77 163 CurrentAss•ts Social investments Debtors Cash at bank and in hand 14 15 30 4 JTI 3J68 7375 30 3553 Creditors.. amounts fallingdue within onejtar Net current assets 16a 123301 IL89)1 Totsl a55ets le55tyrrent llabllttes 133343 Creditors.. arnounts fallingdue after more than one￿¥ 16b 1105n 115701 Totsl net a55ets 0*2 13W3 Group re5er%e5 Invested endowrnent fund Functional endowment fund Roxburgh endowment fund Designated lurKIs Unrestricted general lund Restricted funds 17a 17b 18 19 20 21 102.723 12520 123 ll3.428 12.633 149 826 45YJ 47 13L673 5586 io 0gF2 The notes on pages 48 to 77 fomi part ol these finJ)cial ststements. Thesefinanoal statanwtswere approved and authorised for issue bytheTrustee at the meeting held on 24 June2021 were sig)ed on rts behall ty- Mr B Fletcher (Chairman) Mrs M E Brennan (Director) 45 St John's Foundation Est. 1174 St John's Foundation Est. 1174 As at 31 December 2020 CHARITY BALANCE SHEET Note 2020 £Th)o 2019 FiKed A55ets Intangible assets Tangible assets- freehold property Other tangible assets Inve5tments'. Financial and property investments Social investments io 32 60 IL￿4 105 12J67 24 105,601 133 117135 119227 163 4641 14 CurrentAssets Social investments Debtors Cash at bank and in hand 14 30 4238 3,017 30 929 2,521 3.480 Creditors.. amtsunts falling due wtthin one)tar Net current Assets 16a 122881 4,997 11,8821 1598 Total assets less curnent liabilrt*s 133239 Creditors.. amounts falling due after more than one year 16b 110571 115701 Total net assets 120.975 I31￿69 Charlty ￿SeNeS Invested endowment fund Funciional endowment fund Roxburgh endowment fund Designated funds Unrestricted general hjnd Restricted funds 17a 17b 18 19 20 21 102,797 12520 123 113,403 12,633 149 826 5525 io 120.975 47 131.669 The note5 on pages 48 to 77 form part of thesefinancial statements. These financial statements were approved and authorised for issue by the Trustee at the meeting held on 24 June 2021 and were signed on tts behalf by. Mr B Fletcher Ichairmanl Mrs M E Brennan (Directorl 46 St John's Foundation Est. 1174 St John's Foundation Est. 1174 Year ended 31 December 2020 CONSOLIDATED STATEMENTOF CASH FL(NIS 20 20 Cash flowsused byoperath8aCtk4tks InotèAI I7￿87} 140631 Cash flows from finandn8actfvlty Cash inflows from new borrowings RepayTnent5 ol borrowing5 NetQsh problded byfmandng 589 2911 357 574 Cash flo¥￿ from In*stlngadMtkn' Oividends. interest and rents from in¥estments Costs ol generatingfunds paid ty endowment capital rnprovernent5 to investment prope￿5 Recla55ificatioTr olo5h hdd by brokers to investment5 Purchase of in*stments Proceeds from the saleof In￿StmentS Social investrnents repaid Purchase ol property. plant and equipment Adjustment to cost of intangible additKJns due to VAT1ec￿ry Purchase ol intangible assets Netcash prO￿t￿ byln%*stln8adl¥lty 4￿0 4.615 (2351 IIp251 12J341 illii 13.7681 9,476 30 14H)01 4,750 28 1731 1581 3.402 7259 Net kncreaselldecreasel In cash and cash equfvaents 529 887 Change In cash and cash equNalents in theyear Cash and cash equwalents at the be@nning ol the ￿ar Cash and cash equfvalentsat theend olthe reportkng perlod Ir*ote B} 529 2,639 3,168 18871 3526 2,639 N¢)TEk. ReCOnalKat￿n ofnet incometo net(3sh Ilowfrom operatvigxtr*iip5 2020 20 Net leKpenditurel lorthe >wr Iper Ststemenlof Financial ktviithes) Oèpreciation and amortisatitsn r￿d between cFL3ritsble activ￿e58[KI rai5ingfurKIs based on ttE pr(p(Hti¢yTr of diiect costs a5SLKiated wrth each a£tNity. Direct costs exlude direct fees fr￿ investsnent manager5 afKI awards granted. In th￿ way. the splrt of overheads ￿ a closer ￿flectrOnOfthe Spent￿ each actNity. Govemance costs i￿lude audtt accounting lee& and Tnjstee experse& 50 St John's Foundation Est. 1174 StJohn's Foundation Est 1174 Year ended 31 December 2020 Nctestothe Flnanclal Ststerrths PMci)al kcounti￿ Policie5 Grfts in kiThJ.donated seNites orfacilr(ies and vdurtee T￿se a￿ estimated included intheperth inwthKh a￿ reCeNed.InacC￿d3r￿e Witht￿ Charities SORP IFRS1021.volunteertime is not recogThsed in ￿ SOFA Mixe infoma1K￿ ab￿ltheIr cOntribUtK￿ 6 eyplained in the Trustee s anwal repo lnta￿1ble fixed assets In￿t￿Ible fixed assetsare tlvjse lack plysical SthSts￿ e provKle anoTrgcingecomrrK benefrt forthe (￿lnty. T￿Y are recogntsed athistoK cost a￿1 subsequently am￿tEed soasto write c4f cost t￿ert￿lrexpeCted useful lives, as ffAIN& Website 3 years133% peram￿1? softwa￿ 4 years/ 25% per amum Tangible fLxed assets Duri￿ the year, the liryNt above w￿has5ets a￿ capitalisell ￿d￿Ced fr(Jn E5X¥)Oto £500 Iforindr4Klual purrhasesl a￿1 £1,0￿ {agg￿g0tedl. Val￿ of assets Ik45 not been adjusted fcy thi% change in acc¢JJnting pdicy as the impact is bel*ved to be immaterial due tot￿ low spend, age ofe%istirE Jssets and tr* dep￿tIationappl*d. Office and computerequlpment.f￿luTes rrtting5 motorvehiclesare ststed at cost less deprecrats.on arnl provision for impaimient DePreck1th￿ is calculated towrTte off the costof such rtxed assets cwef theirexpected ful lives., the rate used fortli5 purpose s25% peraMLwn cffi a slrnvghi li￿ ba5r Fk)using arxl administrntwe pr(werties Fk>using arKI adminstratwe prwertles irKluded inthefinanckil ststement a5 freelv)Id ￿ed a5sets.The costof freeknld h)u5ing properties represents deemed cost atlst January 2014 uTrJertransitKn to FRS102, plussubsequent additior￿ at cost Assets are ststed at deen*d cost less accumulated deprecratTh and arry accumdated impairnErrt 1(6ses. Depreciati(M) is calculated to wryte down the cc6t lessestimated ￿￿lua[ value of all trn￿ble fixed assets. other thanfree￿￿[d latxl, over their eypected ￿ful Itves, the straight-IN)e Mell￿d. TIE applicable Trte i& Freehold build irEs 50yea￿l 2% perannum Freehold laThJ ￿ not deP￿CIated. Adeprecla￿n rate cl 296 ￿ appl*d tot￿ buildings'ccst,vthKh s assessed to be two thirds ofthe totsl propetyvalue less ts val￿. 51 St John's Foundation Est. 1174 StJohn's Foundation ESL 1174 Year ended 31 December 2020 Ncts5tott* FIna￿la1 Stalerwts PtrK*al kcountlTrx Polkles (ccrtJrn*d) F￿ed asset iNestn*nts I￿estment properties charty thvtsfreeh)Id propertiesaTrJ gro￿￿ rentsfor10￿ temi The5tnErt In accrydatKe with FRS102 tIEse are i￿7(￿jed in ￿ balance sheet at ValuatK￿ at 31 Decen*er 2020. theswplusry loss affjiThg ￿ revalUatM￿ been knnsferred tothe relevart ￿eNe. Quoted invesiments I￿eStments are initially recognised at t￿lrIran5act￿)nva1ue aTrJ subsequendy ￿aSured at their fairvalue as at balance sheet dale USIngt￿ clogng marf(et bKI prKe. SOFA i￿l￿deS ts ￿tgains3￿1 Ic65es ar6ingon revaluation and disp¢)sals througlK)Uttl* year. sury)lus w defKTrt ariyng on ￿valUat¥)n has been cre¢J((ed charged tot￿ Perrnar￿nt Endthvmert FuThJ. Designated FuThJ ￿Unrestrlcted ReserVesasappr￿flate. charty does nc* have ary de￿a¢￿e$ cf rAherc(*mplex finarKial Pal invesbnents Sc£ial irNestmentsare in the fcym ofcorKe5sionary loars to th.rd partieswFKh aim to generate a finarKial retum whilst furtheringthe charitsble aims cl fv charity. A$ 5(K￿theY have been Classrf￿d as M￿ed.n￿jt￿e invesknents T￿se loans are ￿l￿allY ￿(Qgr￿Sed att￿ am(wrt dra¥￿ and tl* carrying am￿ntt￿n alju5ted to ￿flect capitsl repaymentsarnd any accn*d interest ar￿ invalr￿nt li li)e paragraph 2126ofthe FRS 102 SORP. IrNesiment in 5ubs•Jiary investsment in ￿ subsKliary isheld at cost Taxation Charty does nrA pay ta4 prOv￿ed any surplLLS u gairLS are fcf charitsble purposes. Forthe subsid iary. current tax is prcNided at anY)untse4)ected to be paKI I￿reC￿ered) UgnEt￿ tr< rates lavo th4t have been ern4cted att￿ balance sl*et date. 52 St John's Foundation Est. 1174 St John's Foundation Est 1174 Year ended 31 December 2020 Nctestothe Fknartkl ststernerts PrwKW)al kci)urt1￿ Policies Ic(rtwN*dl Fund acc￿￿1ng Unrestricted fuThls are available to speThl on actNities that fL¥t￿ranY ofthe purpose5 of the charity. Designated funds unrestiicted funds ofthe charity, whch the TnLStee hasde(KJed at itsd s(￿lI￿ to set aside fw a specilbc purpose. Restricted arnl en(lowmentfv￿1sa￿ subpctto Spe(rf￿ ￿tr(t￿)n5 Iry){￿ed by tre d¢Yorol the incorne Charity CommissK)n. Further ewlaN4ticm cl each fw)d held by thecP0rity r$C￿tsired mi r#)tes 17-23 of tr*se fina￿￿￿1 ststements. Tc*al retum acc￿Jr￿in8 Charty Conmnission pem)itted t￿ charity lo adcpl cl i(*al refvm in relation to its pem)anent endowment on 25th Seplember2012. p0￿rpernits theTnfjtee to i￿e$l pemanenl endowments to maximise totsl re￿M aNi to make available an appropwiate pothntothetotal itu￿ eachyear. Until ths pthvei is exercised the totsl return shall bean'unapplEd total retum'arKI remain as part pemiarEnt ew*J￿rnent. The Trustee has the iThJexed values d the pennanentendowmentatlstjanuary 1995 to present the'preserved value, of the Lyiginal gift. Fina￿la1 irtstsun*nts charrty C￿lY ha5 finarKial assets arKi fina￿la1 liabilrtEsthat qualfy as basK finarKial in5trumerrt5. Basic financial instruments are initially ￿C(￿n￿ed attr3rff￿ctIonVal￿ear*I subsequently ￿￿a$L￿ed atamortised cost FinarKial assets irKlude t￿ charity's trade and 0￿(rece￿able* Flia￿la1 liabilibes include the charty'strade credito accwals and ot￿r(reditO Debtors Trade. 0therdebtO￿ aThJ accrued irKome are reCOgn￿ed atthesettlementarThJwrt due afterary d15c￿jnts offered. Prepayments a￿ val(Ed atthe arro(mt p￿pa¥j ￿tOf any d￿¢￿rtS due. Cash arKJ cash eq u￿alents Cash arKI cash at bank comprse short term highly IKiuwJ investrErtswith a maturty of th￿e orless from the date ofacquisit4)noropenry of the depc6it ￿SIMilaracCo￿ll 53 St John's Foundation Est. 1174 St John's Foundation Est 1174 Year ended 31 December 2020 Nctestothe Fknartkl ststernerts PrwKW)al kci)urt1￿ Policies Ic(rtwN*dl C￿dr(c¥S C￿d￿r￿S are recogrised ai their settiemertarnLMtafterallo￿i￿ forany trade di4COUrts due. PensK)ncosts Employees clthe charity are ertided loioifi a defined contrbi utr*n Se￿n*.The pen￿n costscl¥arged ￿ the year repre5enithe amuntof the contribut￿r￿ payable to the defmed contn"but*Jn scheme in re5pectofthe accounb.ng period. The charity s per6icffl contribLrt*Jns forcLwrert emplojees are charged to the SOFAin the year in which the c(mtributK)n arises. chaiity has no liabdty Maki￿ its paylngacro5st￿ deductiorLS f the emplwees'contribu￿rS. Related party IransactKJr6 Transactions with related part￿S are d￿lOSed inthe rntes tothese finarKial statements. St John's polKy is for the Trustee's Dire(los, Executive Team n*mbersand adviser5 tode(laretheir Inte￿$ts and exemptihemselves from all relevant dec6ioTh% and discu55K)nswhich may gNe rse to a cu)flict of interest ¢y iTr4(Ave 3 transactm￿ with a related Key source5 d estimakn.on u￿ertaInty Commercral rents As a ￿sUIt0f the nati(¥wl lockdo￿$ in 2020, mary C￿Arity'S c¢Jnn*rcial tenarts Ikive struggled to raise the income needed to meet their rentsl obligatiorns in f￿1 and on tin*. wINlstt1￿ Charity's stsff agents have been in cffistsnt communication with wrtenant% uncertainty refflJins ￿erW￿￿ttE[the debts due atthe yearend will be PaKS. and the Teliabilrty of future irKome. asy￿p￿.￿S made regardirE ourc￿n￿*rclal tenants impact a nLwnber of areas inthese financial ststemerts. IrKI￿ ir¥ irKome recognised.t￿ impairment cl debtor5. accrued aTrJ defeThed inccmme balarKes. The u￿ertaInty overfubjre ￿ntS hasalso impacted tl* 44vrt( Ofvaluati￿ specialistswhen detemiining the value ofthe Charity s propertrsat theyearend. 54 St John's Foundation Est. 1174 St John's Foundation Est 1174 Year ended 31 December 2020 Notes to the Financial Statemenl Principal Accounting Policies Icontinuedl Key sources of estimation uncertainty Icontinuedl Revaluation of properties The charity carries its investment propety at fairvalue, with changes in the fair value being recognised in the SOFA. Fairvalue is determined by independent valuation specialists usingdiscounted cash fl¢)w models overan appropriate period, with the net income in the final year capitslised into perpetuity- Allowances are made for voids and the cost of management, ￿paIrS and maintenance. The dixount rate use(J reflectsthe overall level of risk associated with the income. Useful economic lives of tangible assets The annual depreciation charge fortangible assets land amortisation for intangible assets) is sensitive to changes in the estimated useful economic lives and residual values ol the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advantement, future investments, economic utili5ation and the physical condition of the a$5ets. See notes 10-12 for the carryingamount ofthe property. land. plant and equipment. Residual value of tangible assets The residual value of operational properties has been estimated at 25% (the land on which the buildings are situated is not depreciated). This estimate has been reached on the basis that, as sites are actively used by the Charity, and the majority are grade l and11 listed, they are kept to a hiBh standard of repair. Itwould therefore not be representative ol the assets, ongoing worth to depreciate them fully. 55 St John's Foundation Est. 1174 St John's Foundation Est. 1174 Year ended 31 December 2020 Notss to the Flnandal %atements L COMparatP￿c0￿￿Il￿Jated Staternentof FknandalArtP4**s Total fvnd funds fvnd In¢omeJnd endowTh¢ntsfrom: Charitable act￿ltieS Investment income 9)9 4,615 350 io 4.455 other trading actnpities Donations and legacie5 Transfer to Income Total Income 350 4,781 14.7811 13261 EXpendI￿re Expenditure oft charitable actmtit Residential care & support.. Funding and impact Communityoutreach Totsl expenditurè on charitable ￿￿rtIeS 1921 2,715 380 5,016 1631 373 4313 91 Cost ol raisinglunds Otherexpenditure 235 1,235 206 Total expenditure 91 347 6h57 Netlncomel lexpendlturel before kn¥e5tment Oosse51 Igalns 174 16731 Net gainsl Oossesl on investments Net incorne I lexpenditurel Transfers between funds Net kn¢ome•nd net mo%wnent In funds 733 15,6061 162791 I4￿73> IS,4501 (781 17 (781 162791 (5,4501 Reconcllath)n of fund Tot31 funds brouEht lorw3rd Total fvndscarthd fon¥ard 4509 5A16 125 47 132.489 137,123 126210 L3L673 56 St John's Foundation Est. 1174 St John's Foundation Est. 1174 Year ended 31 December 2020 Notes to the Flnand•l *tements 2. Income 2a. In%estment Intomè Consolklated fvnd fund endowment fund 2020 Commercial investment properties Resideniial investment properties Propertyin*stment income Interest receryed tsn sooal in*5tment Listed investments Interest on cash deposits N¢n-property In%¢stmtht kn¢ome 2.458 737 2.458 737 2,770 726 3096 753 875 1.(I39 12 Tot•1 4￿1$ 2b. Go*mment yants Included within donations and leg￿leS i% £26,(M)0120J9.. £nill in ￿pecI of govemment ￿ant& Thts indudes a £25.(KIO retail, leisure and hosp((a15tygrant whKh assisted thetraling subsidiaryin cosering losses from rvnnlig seThKed apartments during national lockdowns. The group a150 beneffted from business rate5 relief in 2020. 3.Total e¥p•ndliure on tharltabl• artMtS15 2020 20 Residential care 3nd support Funding and impart Communf(youtrexh 941 771 loso 1.988 291 1921 2,715 380 405 222 Total 4J29 s￿]6 4. Totsl cost of raisln8lunds 2020 Property in*stment manayment COMS Other investment management costs 538 20 833 1391 iJ48 Total 916 L474 57 St John's Foundation Est. 1174 St John's Foundation Est. 1174 Year ended 31 December 2020 Notes to the Fln)ndal Ststements 5. Other eypendl¢ure Other expenditure relates whollyto the operatw)n of serviced apartments at St Cathwines Hospitsl bythe Tr&IingSubs￿lIary. & Go*mantscosts The charity identifies the costs whKh ￿late to the charl￿S gO￿rnan(e lunctKJn and theseare recorded as part olthe total costs ol raising funds (see note41 and expendituie on tharitableactMt*s (see note 31. Go¥emancecosts are detailed as follows.. 2020 2019 Auditor lee5 (including irrÈthvtrable VAn'. for oudit serrices VAT adwicè Accovntancyand other prolessKJnal s*)ices Trustee expen5e5 Corporation tax payable bytrading cOmp￿Y 18 li 35 These ha¥e been split ￿l05S actmties.. Residential care and support Funding and impart Propertyoper3tion* costs Communltyoutrtach io 13 li 35 Auditor fees for audit serwKes as stated abo￿ indvde irrecoverableVATand a￿ depeThJent upon best est*notes of accrued costs. In 2020, actual fees Inet ofvAT) wefe £15,OW P019.. ￿9￿1X11. 7. Fundlng and Impa(t 2019 Individual funding Organisational funding Funding and bmpact departmental costs 359 i.iio 518 1.987 356 1.848 511 2.715 St John's awarded grants to a numberol indi￿d￿alS and organtsations in furtherance of its charitable actMti&s. During 2020, a total 017612019.. 1281 new awaids were made to Organ￿at10￿. For awards payable to indmduals. the maximum amount payable is usually £150012019.. £1.S001 threeyears. Thts rule was relaxed temporarilylrom the beginnine ol the coronavirus crisis untl 7August2020forthose expu￿￿(inghafd5h￿ as adirect result ofthe paThJemK and national lodldown. 58 St John's Foundation Est. 1174 St John's Foundation Est. 1174 Year ended 31 December 2020 Notes to the Flnand•l *tements 7. Fundlngand Impa¢¢ l¢0ntknu￿I R￿pIertts oforganisat￿nal fundin¥award*' All awards of £15,0Tr) or over paKI in theyear to tharitablegroupsas part olthe£LIiO.IX)0abo￿ are shovm below. iknntsatbn 8&NES Counc Bath Mind Off the Record )mer Valley Education Tiusi cio Developing Health & Independen Curo Sound%*ell mu￿ TherapyTrust VOICES RS45 CitiztnsAdvice We He3T You Julian House Bath Reueation Limited 35G Reason Horseworld Twst Make a Mo%* Bath Youth lor Christ Ihe Life Proiett Bath RugbyFoundation Bath Area Play PToJect Jamie's Farm Designability uth5Kle Family Projert CitizensAdwice )uthsKle Famli y Projett )mer Valley Education TfustCIO Bath City FC Community *orts Foundat*Jn The Nest Project Swallow Charlie Waller Memorial Trust Read Around Bath Proht Local Authoritycommissioned Children's SeNce5 Welfare BenelitsAthKe and &pport Listening &Nces MEfs (Media Educ3tK)n Training and Skills) 201&2021 Resolveto Stop the VK)len￿ P019-20211 Hubs for ¢knr70's MUSK Therapy Semces OomestK Abuse Reco*ry Group pro￿amMe5 pport for SUr￿¥0r3 of Rape and knual Abuse Debt Ca5Èw)rktrs Talking Bollocksl Specialst Female Suw)ort Work GlasshouseArtMtyClub 3SG Core Fundwig rime to Talk Di5CO%try Mowig on Upl (2018-20201 juthdown Youth Worker Partht Carer Drop4n Group Raising the G￿e Second ¢Jality Impro¥ement Core Fundo)e Support Designabilityworkshop Relocatrjn and EXP￿5￿)n Strengthening &)uthside?s Impact BD, Fundrèi5in8 and Marketing &Jpport Role DomestK Abuse Programme (Coron￿rUS EKtensKJnl Jstain &Grow Bath City FC Foundat•Jn Project Manager The Nest Project Investment in EffK*n Boys in MindlGirls Mind Too 2019-2021 Readl Talkl Togetherl Amount {• 53,750 40,￿0 40,￿0 39,420 38,762 36278 32,￿0 30,630 30,WO 30,LKJO 30,WO 29,848 29,750 29305 25,70D 25,WO 25,￿0 25,￿J0 22,335 21,733 20,CX)O 20,￿0 20,tKIo 20,WO 20,￿0 19,987 19,97L 19,934 ,GOO 19519 L8,040 ,600 59 St John's Foundation Est. 1174 St John's Foundation Est. 1174 Year ended 31 December 2020 Notes to the Flnand•l *tements & Staff ¢osts remuner)tk*n ofkwmJnaynent personnel 2020 Wages and salaiies Social secuiitycosts PenS￿n costs Otheremployee benefits Redundancy costs Agen￿staff costs 1.724 161 1,663 152 In 157 20 17 61 63 2,055 2 J42 RedundancycoSts￿￿re Pa￿)le to stafl whOsepbs￿re made r￿￿ndaftt as part ol thar final salary from the charity. All amounts had been fully paxl bythebalance sheei date. Cosls3re recognised when there is an obligation to make the redundancy pa￿nent The average number olpersonsemp10￿d iry the Group dUringthe￿ar and the wKJrJwr wa& 2020 umber 20 number Property maintenance Residential care and support Management olthe charity 55 59 The number ol employees whose emolument5were in excess Of£￿IK)0p¢TannUrn,exdydIn8 pension costs and employer's NIC, leil within the follown8 band& 2020 umber 20 number £70.(K)1- £80.000 £80.rK)1- £90,000 £￿.￿)1- £100.0￿) £iOOmi- £llO,(A)O St John'5 considers its kvy management pefsonnei to comprise the dirertors of the TIu5tee and the executive team. The employer pension contribut￿nS m￿e in respect of key management per50nnd to Ihe defined ￿￿trIbutb0n Kheme amounted to £32,0(￿1(2019.. £31.()JOI. No enhanced or speaal ierms applyand there are no ad¢*tional penS￿n arrangaments for these employees. The total employmènt benefits. including empltyer pens￿￿ and national in5uranctcontribution5 of thè key managerntnt pe￿o￿ne1 were £430.00012019: £403,CrfJOI. 60 St John's Foundation Est. 1174 St John's Foundation Est. 1174 Year ended 31 December 2020 Notes to the Fln)ndal Ststements 9. RelJted patytrnnsartbns•nd twste¢s'exp¢ns¢s•nd r•nunerat￿n Transxtkns bètwÈen thecharityand theTW*Jing￿bSw1Iary Rent of £97.778 was charged bythe Charityin 2020 for St CatherFne's Hosptal. the Tr3dingComp3ny's ssteof operations (2019.. É97,4911.Also, costs relating to St Catherine's Hospital (such as insurance. utilit￿5 and repairsl **re r￿harged to the Trading Companyat cost. This amounttd to £22229 in 202012019.. E12.CQll. At theJ*af end. £55.498 was owed by the Trading Companyto the Chafty (2019.. E64,8871. and a further £51.944 is induded in ècuuals in the Trading Company (accrued income in the Charity) in respert ol rent u￿n￿jKed butdue underthe terms of the lease. In 2020. £nil was ￿¥0￿ed bythe Trading ￿b5￿jrarytO theCharityfoT cor15trucbon 5eTh*e512019.. £16￿69). Finally. the Charity inw)ic•l theTradtiigCompanylor management fees of £4,05012019.. É4.4321 tn theyear, ol £4￿50 (2019.. E9861 wa5 duè ai the balance sheèt date. Trusteeeypenses During 2020, all the dirertors of the Trustee continued lo ¥￿￿Eth￿r time and expertise Wit￿￿1 anyfomi of rernuneration or other benefit in cash or kind (2019.. £ndl. Expenses paid to the dirertors ofthe Trustee in 2020totalled £130 POI*_ £9351. These expenses We￿ pa￿ to two directors (2019.. seven directors) lor tr￿( and subsistence. Finally. thecharity incurred cAterin8costs forlarewell dinners. lunches prior to Board meetings, and selection panels of £83612019.. £626￿. Trustee indemnf(y insurancewas pvrthased bythetharityon behalf of the TNstee. sum insured was E5m in ix)th 2019 and 2020. The cost ofthe polwwas £3.69612Ql*. £33￿}. Othwtransa¢lk)ns v41th related part*s¥esummarW asfollow& Ptyments madt 2020 R•iat•d p*ty N*ur• of rd*lonship 2019 Developing Health and IndependerKe Bath Business Improvement District The Bath RugbyCommunr(y FoundatN)n Holy Trinity Church (Combe Downl Holy Trinity Tnjst Curo Twertor¢ Infant khool *s S Davies 15 a Tnt5tee D Hobdeyi5 a Director and Chair P*s L Haffty ts a Tiustee D Purdon is a Trustee Mr D Purdon 15 a Trustee trs H F Bosnell ts a Difector D Hobdeyisa Go¥wnor 39,837 6.L81 35A45 160 94.898 6.181 33,713 47536 13)0 125,084 .682 In addition to the transactions presented abo¥e. £675wa5 recer4ed from the Mayor ol Bath'5 Reliel Fund in the ypar f2019-. £1851 in respect of ￿PayMentS lor awards whith We￿ initially p3wJ fTom the Charty in error. All the Charty5 Tiustee5 are also Trustees of the Mayor ol Bath's Rel*1 Fund.All tran￿t￿nsW￿eexeQrted in the normal course of busi￿$* During the year. Flat 7 olchandos Housè bÈcaMèottupi￿ by Mr l Ruddlt5din.the brother4n-law of Mr D Hobdty ICEOof the Charity). rhe exchange value ol the flat was in line ￿1th an *)dependeni qualified surN*)orfs market valuation.and the salewas in the norrnèl course of business for the Charity. There were no transattions wrth the Trustee or other rdated partE5 during the yeai. otherthan those d￿dOSed abose 12019.. none). No balances wete outstandingto or from related part￿$ at rheye¥-end (2019.. nonel_ 61 St John's Foundation Est. 1174 StJohn's Foundation ESL 1174 Yearended 31 December2020 Notestothe AnandaiSLitements 10. Intsnglbleassets Consdldated ind tharfty 2020 At l January 2020 justmentto cost ofadditions duetoVATrecovery Disposals At 31 De(ember2020 83 131 ￿cuM￿ted amortisatiL At l January 2020 Charge Eliminated on dispc6al At 31 December2020 23 25 48 Netb£￿valUe At 31 December2020 32 At 31 December2019 60 62 St John's Foundation Est. 1174 StJohn's Foundation ESL 1174 Yearended 31 December2020 Notestothe AnandaiSLitements IL Tan￿ble aSsets.freeI￿d prrperty Consdidated Cltywitre C￿bepa1k Operatlonal aIms1KA￿ alm51￿ prcyert5es Magdalen thapel Total c￿alUatIon At l January 2020 dit1￿$ Disposals At 31 De(ember2020 IL262 3A25 547 740 16,374 1761 3,749 1761 16,298 JL262 547 740 ￿cuM￿ted depreciatiL At l January 2020 Charge lortheyear At 31 De(ember2020 3,921 78 222 37 259 31 4,218 127 36 51 4,345 ￿etbL￿kYaIue At 31 De(ember2020 At 31 December2019 7.263 7.341 3.4 3.603 511 11,953 12.156 516 696 Charity Cltywitre Ccthbepark OperatI￿al Magdalen dwpel Tctal CfAtlvaluatl¢ At l January 2020 dIti￿S Oisposals At 31 December2020 IL273 3A25 547 740 16,385 1761 3,749 1761 16.309 JL273 547 740 k￿m￿ated depreriation At l January 2020 Charge fortheyear At 31 December2020 3.921 78 222 37 259 31 4,218 127 4,345 36 51 Netbt￿kYatue At 31 December2020 At 31 December2019 7274 7,352 3.4 3,603 511 IL964 12.167 516 696 63 St John's Foundation Est. 1174 StJohn's Foundation ESL 1174 Yearended 31 December2020 Notestothe AnandaiSLitements 12. Othertan8lbleffixed assets Consdidated and tharity Olke Flxtwesand C￿Puter eq￿Pfflent fitt5ngs systems Mctor vehlde5 Total At l January 2020 dit1￿$ Disposals At 31 December2020 k￿mulated dep￿Ciati¢ At l January 2020 Charge fortheyear Eliminated on disposal At 31 December2020 NetbL￿kValue At 31 December2020 356 408 105 28 456 17 12 513 345 12 17 24 362 408 105 At 31 De(ember2019 li 24 St John's Foundation Est. 1174 StJohn's Foundation ESL 1174 Yearended 31 December2020 Notestothe AnandaiSLitements 13. Flnandal and prLyerty Investments Consdidated Investment Llsted prcpety Investments Tc*al Market value atlJanuary2020 p1diti￿stO investmenlsatcost Disposal proceeds ILossesl Igains Cashheld by brokers for￿inveStMent 82.345 2,134 16,3961 110.4081 36,832 3.768 13.0801 245 ll9,177 5,902 19,4761 110,1631 ill Ma￿etYaIUe3t3lDeQrnber2 67.675 37,876 105,551 l investments are carried att￿Irfalr val￿. Investments in equitiesand fixed interest securities are all traded on public markets. The lairvalue for quoted investments is marketvalue, usingihe bid pricÈ. Thecharity's ecxnmeroal investmènt pr(4)èrtiÈs were re- valued by Jones LangLaSalle Limited. Chartefed Surveyors. and its residential investment properties by Philip Jenning& Chartered Surveyors, on ihe basis ddiscounted cash ftow a131 December2020. Social investments also form partdthe d)arity's inveskniènts In(*e 141. Charfty Tradlng Inveslment Llsted sthsidlary prcperty Investments Tctal Market value atlJanuary2020 dditi￿St0 investmentsatcost Disposal proceeds IL055esl Igains Cashheld by broker5 forreimiestment 82.345 2,134 16,3961 110,4081 36.832 3.768 13.0801 245 119.227 S,902 19,4761 110,1631 Ill Ma￿et¥alue4t31De￿rnber2020 50 67,675 37,876 105,601 65 St John's Foundation Est. 1174 StJohn's Foundation Est 1174 Yearended 31 December2020 Notestothe Anandal*tements 13. Flnandal and pmperty Snvestments(ccffitlnwl) Theeharity ¢)wns the entire s￿ret3pItal of St Jthn's Hospit3lTr3ding C¢Jnpany Ltd, ac¢>npany incorporated in England and Wales- company registration number08632453. The share opital ofst Jthn's Hospital Trading Company Ltd comprises 50,000 ordinary shares ol£L which areall whc41y owned by ihe charity.The piincipal activity of St Jokn's Hc6PitalTradingCompany Ltd is tomanage seNiced apartmentsand pr¢xureSeryi￿SThj behalfofst. John's Foundation Est. 1174. 2020 2019 ThetradlngreAltsoftr*sthIdlarywe￿as￿￿1￿k. Turnover Costolsales Gross profit dministrativeepenses Operational expenses Other income Operattng(Ic6sllprcllt Interest payable ILcfjsllpr(4ttbeftyet Taxation ILrfj5llproltaftertax 350 118 332 181 13031 208 1141 12351 25 1161 21 1161 21 141 17 Tr*aggreWedtt*assetyliabiiitsesand fiMdSas*31De￿￿berWl* 2020 2019 Total assets 219 183 ll9 64 Sharek4ders'fvnds 51 14. Scdal Invertments c￿5¢41dated and 2020 2019 Mixed motive investments= Receivablein more than ￿*year Receivablein less than ￿eye0[ 133 163 30 163 30 193 The mixed rnotive investrnent above represents twO¢Mcessi￿ary loanstoasingleparty drawn tceether¢)n 28th October 2015. secured byè legal d￿rge overfreehold pr¢¥)erty and tharged interestat a rate of496. Attheyearend therewere noamwits cunmitted buf w)drdwn12019: nill,and noamow)tsthathad been approved subiecttothe agreement olterms12019.. nill. 66 St John's Foundation Est. 1174 StJohn's Foundation ESL 1174 Yearended 31 December2020 Notestothe AnandaiSLitements IS. Debto 2020 2019 consc￿d￿ted Tradedebtors Prepaymentsand ac(r(*d incc¥ne Taxati￿ and scKial security Otherdebtors 203 3.955 17 592 4,ITT Charity Tradedebtors Prepaymentsand accnted incc*ne Taxation and social security Other debtors Arn￿ntS ¢Med by subsidiary 142 254 4,025 14 607 65 4,238 929 Included within consolidatèd prepaymentsand XUL*d ino)me arelease incentive adjLStmentsof£274.(K>O12019: £319.0001, of which£243,OOOare due in more than oneyear12019.' £297.(x)01. Asoinduded witlin thecharity's prepaymentsand accrued incomeis a balance of £70,000120]9= £20,1)JOI wP*chrelatestothe subsidiary.offsettingiradedebiixs isa bad debt prfWiSiM of £￿[(￿10120]9. £2.0001. 67 St John's Foundation Est. 1174 StJohn's Foundation ESL 1174 Yearended 31 December2020 Notestothe AnandaiSLitements 16a. CredltLTh'am0￿tsfal1In8dUeWItt￿n (￿eyear 2020 2019 Consdldated Bankoverdrafts Loans repayable upon demand Tradecfeditors ualsand deferred income Taxati(y) and s(Nial security Corporation tax OtherueditOTS L015 518 198 488 46 448 320 830 245 65 2,330 1,890 Charfty Bankoverdrafts Loans repayable upon demand Tradecreditor5 crualsand deferred income Taxation and soual security Othercreditors L015 518 161 296 483 46 246 65 2,288 L882 The bank o4erdr3fts are secured against 3ssetsoftheCharity. The loansrepayableon demand aream￿￿tS duetolifetime leaselk)Id ienantsfortheir leases whichis repayablewhen propertie5arevacated. Included within IAhercredit(xs is£lLOTh)12019- £9,(MXII representIngt￿afflO￿t FEI(l asagentlorasmalluninrDrporated voluntary organisation called 8athWoman's Fund fc*wlichSt John's F¢JJndation has agreed toadministerfijnds and act3s an agent. Noother amounts were r￿1Ved ￿paid (&rt in tIEyearin relation toth"s fvnd. 68 St John's Foundation Est. 1174 StJohn's Foundation ESL 1174 Yearended 31 December2020 Notestothe AnandaiSLitements 16a. CredltLTh'am0￿tsfal1In8dUeWItt￿n (￿eYear(CL￿tln￿lI Deferred income mcwement: Charfty Grcwp Balanceatl January 2020 AMI￿nt released in ttrEyea Amount deferred in year Balanceat 31 December2020 665 12.6671 2,147 145 642 12,5941 2,097 145 16b.Credltor&' amc4JntsfallingdueaftermrKethan meyear 2020 2019 Consc41dated and tharfty Loans repayable upon demand 1.857 1,570 69 St John's Foundation Est. 1174 St John's Foundation Est. 1174 Year ended 31 December 2020 Notestothe Hnanclalstatements 17a. Inb*st•dendo¥wnentfund The permanent invested endOW￿ent fund ￿￿￿eS￿tsthefunds of thetharitydelTr￿d Irom giftsand legaoe5 received since its foundation. ￿ is to be held and maintained in perpetuity. In*stmentincomeand surpluses oidefiots arisingon the sale orrevaluaty'on of investment properties and investments aretransferred tothe pernaThentendowment fund. Expenses incurred In the administration or protection ol theend0wmentifi%Est￿￿nts are charged tothe fund. From 1st January 2013, theTrustee has adopted theuse oltotal accounting in ￿lation to its investsnent Totalretum inve5tsnent The investment POY4w0ftot￿ retum granttd bythe ChafityCon*niss¥on on 25th September2012. The po7A*ipem)its the Trusteeto invest pemianentendovmients to maximisetotsl ￿tuffl and to make availablean appropriate porbon of the totsl retum lorexpenditureeach year. Until this po%*r i5exercised in full. that PO￿On of thetotal retum %thich is in ex￿$$ ol the3nN)unr required to P￿serye thevalue of the pema)entendowna)t, shall bean'unapplied total retum, and remain as part olthe pernanentendowmenL The Tnjstee has used the indexed values ofthe pem1an￿tendOWMent at IstJanuary1995to fepresentthe'prese￿d value'ol theori￿"nalgi U￿lersPectfic Powe￿ in thego4tmingSthenp. the Trustee monitors the inve5trEnt perfomiance in temis of maintainingthe purchasingpowerofthe co￿end0￿mentagain$t inflation. whileenablingthecharitytts committo a lon%-termspending late 014%of the th￿tryear averaRevalueof the pemN)nentendowment The amounts 5et350peningurnappfied retum, togetherwith the an￿UntIl10(3tedtO incoTh* in theyeèrfromthe unapplied total retum, and the amountol unapplied total ￿turn allcKaknl to capitsl in the reFA)rbng period lin orderto maintain the real value of the ￿lEInal yftl arèdisck)sed bèlow. 70 St John's Foundation Est. 1174 St John's Foundation Est. 1174 Year ended 31 December 2020 Notsstothe F5nandalStatements 17a. In4tstedendovAnentfund Icorrtlnued) conS￿dated dowment ilh4¥pIi lund totsl rnturn Tot At l janu￿2019 4L650 77,966 119,616 Movements inthe Yep(*tingpwi•d: Investrnent incoffle Realised and unrealised gaTrns Less.. propertyopeotional and Investment m￿ageMent(oSts Total returnforthe year Unapplied total retum allocated to income Transfer io unrestricted funds to reflect 2017 gains RPI UFdift 4,455 15,6271 12351 11.4071 14.78 4.455 15fi271 12351 11.4071 14.7811 18951 I7.￿3) 16.1881 At I ￿nu￿2020 42545 70.883 113.428 M•v¢mtnts inthe r*portin8wiod: Investment income Realised and unrealised losses Less". propetyoperational and investment M￿agementc0sts Total retumforthe year Unapplied total ietum allocated to income RPI uplift 3,955 19.8691 12121 16,1261 14.5781 15101 IIL2141 110.7041 3,955 I9￿69) 12121 16.1261 145781 510 510 At 31 Dtt•mbor20X+ 43.055 59,669 102.724 The above figurès exdude the luncbonal endowment fund Inotè17bl and theRoxtr￿r8h endownent lund Inote 181. 71 St John's Foundation Est. 1174 St John's Foundation Est. 1174 Year ended 31 December 2020 Notes to the Financial Statements 17a. Invested endoymientfund Icontinuedl Charity endowmert Vnapplied d total retum Totsl Atl January 2019 41,650 77,942 119,592 Movements in the reportingperiod: Investment income Realised and un￿alised gains Less.. propetyoperational and investment Manage￿￿ntcOsts Totsl returnforthe ye¥ Unapplied totsl return allocated to income Transferto Un￿StriCted funds to ￿fleCt20l7 gains RPI uplift 4,455 15,6281 12351 11,4081 14,7811 4.455 15.6281 12351 11,4081 14,7811 895 18951 17.0841 895 16.1891 Atl January 2020 42,545 70,858 113,403 Movements inthe reportingperiod: Investment income 4.053 4.053 19,8691 19,8691 12121 12121 16,0281 16,0281 14.5781 14.5781 15101 111.ll61 110.6061 Reali5ed and unrealised1055e5 Le55'. propetyoperational and investment managerrentcosts Totsl returnforthe year Unapplied total ￿tuM allocated to income RPI uplift 510 510 At31 December2020 43,055 59,742 102,797 The above figures exclude thefunctional endovm)ent lund Inote 17bl and the Roxburgh endovm)entfund (note 181. 72 St John's Foundation Est. 1174 St John's Foundation Est. 1174 Year ended 31 December 2020 Notsstothe F5nandalStatements 17b. Funcuonal endowmentfund The functional endovlmeni is thatpartol theendtyWn￿nt￿idI s ￿ldf0T0p￿atlona1. tstherthan investment purposes. and is therefo￿ notincluded in totsl retum caltyiab'ons_ Theassets *thich n￿ke upthe functional endowment a￿thOse which were almshouses at the tirr* the20125therr￿ was appro¥ed Ichapel House. Fitzjocelyn l John Wood Fk)u5e. Rosenberg House. Chandos House. Combe Pthl, and Magdalen Chapel_ The lunctionai endo%*mentalso includes £1.925m12019.. £1.849ml setaside lorfuture almshouse pro¥i5ion underthe 2017 khwnewhth thethangeofuseol Chandos and Stcatherine's was appro4*d. Charfty& Consoudated 2020 2019 Balano broU￿tfOrWa￿l (Delicrt) 12,633 11141 12,746 11131 Balance(athed fol￿rd 12.519 12.633 l& Roxburyh endovrntfund Consolldated and th¥wlty 2010 2019 Balance b￿Ughtfon*dId Valuation Ilossesl I ￿InS 149 1261 128 21 BalarKeothed fol￿rd 123 149 The Roxburgh Pe￿anenten￿O￿MentfUnd has been sho*Yt separatelyin these rKJtes as. unlikethe ￿$t ofthe charitys endowed lund5, the incomefromthis lund has a re5tsKted purpose: to pro¥ide relief lof sinBlewoman overtheage 0150 in the Bath area. 19. Deslgnatedfund EXtraordSnaryrepal￿ffuftd 2020 2019 Consolidated and tharity Balance brought forward Investment rnanagernent cost Unrealised gain I Ilossl on revaluatrln Transfers Balano tsrtled fotmord 826 121 1351 17891 669 121 IS9 826 Thè fund was set up ￿ ensure that monies are3￿lIable ￿ cover unF4anned rèpairsto thèaknshouses. in instances Whe￿ no other funds areavailable. Vpon ￿vieW, the Twstees dec￿ed to release the designated fund in thefinancial year. A transfer ha5 been made lo unrestricted lund5 Inole 201. 73 St John's Foundation Est. 1174 St John's Foundation ESL 1174 Year ended 31 December 2020 Notestothe Hnandalststements 20. Un￿$￿1(ted fund The unrestricted fund 15 the ￿taIned annual$Ur￿us0f investment income0￿rthe deficiton the proIfj5i9n ol almshouse accommodation, the cost of grants and cOmn￿nIty0utr*ach attivities. su￿lUSt$ are avai1ableatthedls￿t1￿n of the Trustee formaintenance ofthe pemHnentendowrr*ntand otherpwposes toachieve the charitsble objecti￿5 olthe (harty. 2020 2019 Consolidated Realised and Un￿alISed Ilossesl18ains Operating ￿SuIt Totsl ietum transfer from pemianent end0%￿ent fund Transfer ofdesignated fuThJ 12331 14,1381 574 14fi05) 4378 4.781 788 Net moverr*nt in theyear YY5 750 Balance brought lo￿ard Baanttcarri￿ fon¥¥d 4.590 5.5B5 3.840 4590 Chatlty Realised and unrealised Ilossesl I gains Operating rèsult Total retum transfer from ￿M13nent èndornt fund Transfer tsfdesienatsd fund 12331 14.2191 573 14.6231 4,578 4.781 788 Net mo¥ement in theyear 914 731 BèlantÈ brought fomard B*ncecarried forw¥d 4,611 5,525 3.880 4,611 74 St John's Foundation Est. 1174 St John's Foundation Est. 1174 Year ended 31 December 2020 Notsstothe F5nandalStatements 2L Restrfcted funds Consotidated and chaiyty las at 31 Dtt•mber20101 J¢)seph *tthtws Fo￿d￿li0￿ Aoxbwzh itsin Cortn¥l Fund Tot Balance brought foMard Income Expenditu Baancecwrfed fon¥wd 38 47 18 24 1611 io 1381 151 io Consotidattd and charrty las at 310etémber20191 Matthav5 Foundation A¥•nstChikl Poverty Roxiwryh Total Balance brou£hifo￿ard Incon Exp￿ditU Baab)c•carri•d fon¥¥d 125 io 151 13 1911 47 1441 1421 Joseph MJtthew5 Foundation A restricted legacywa5 pro￿7ded to the chaiityto 5UPPOrtSt John'5 in communrty outreath ￿tl￿tIeS forthose in Bath o%*[ 75years of age. 21 Trdnsfers Pvman¢rt •ndWIr￿Trt ikbr•stri£t•d fund fund fund closu￿ of designated lund Transfer ol unapplied totsl reium trj income 789 4,578 17891 14,5781 75 St John's Foundation Est. 1174 StJohn's Foundation ESL 1174 Yearended 31 December2020 Notesto the Financial Statements 23. Analysis of [￿tassets bets¥een funds Invested Functional Roxburgh endowmerrt endowment endowment nd fund fund Consolidated Restrirted Designated nd nd UnrestriL-ted lund Total As at 31 December2020 £'ooo £.￿0 £'ooo Tangible fixed assets Intangible fixed assets Investments Social investments Cash and bank balances Othercurrent assets and 10595 1.463 32 2067 12.058 32 J05.5S1 163 3,168 J02.%1 163 1.925 io 1,233 102.724 12,520 123 io 5,585 120,962 Invested Fun¢tional Roxburyh endowment endowment endowment lund fund fvnd Consolidated Restrkted l)eslgnated fund Unrertrided fund Total As at 31 December2019 £'ooo £.￿0 £'ooo Tangible fixed assets Intangible fixed assets Investments Social investments Cash and bank balances Othercurrent a55ets and 10,784 1.396 12.180 113,235 193 149 4.949 119.177 193 IB49 47 743 2.639 12.5581 12,5761 113,428 12.633 149 47 826 4590 131,673 76 St John's Foundation Est. 1174 StJohn's Foundation ESL 1174 Yearended 31 December2020 Notesto the Financial Statsments 24. Charitable and tapitaltommitments Capital expenditure commitments.. 2020 £,￿0 1,925 281 144 2,350 2019 £'ooo 1,849 Legal commitrnentto build almshouses l Queen Square 12112a Old Bond Street 1,8T9 The legal comrnitmentwith the Charity Commission to build almshouses is also reflected in thefvnctionalendowment fund (note ITbl. Thecharityacts as lessorfor its commercial and residential investment property portfolios and is contractually entitled to receive future incorne. Thefuture minimurn lease payTrents undernon-cancellable operating leasesexpected to be receNed by thecharityand Group are due as follo 2020 £,￿)0 1,966 5.377 11.824 2019 £'ooo 2,534 8.250 15.697 Within oneyear Between one and fwe yea After fNe years The charity leases parking spaces lorstaff using the head office. ThefvIu￿ minirnum lease payrnents under non-caThcellable operatingleases by the charityand Group are due as follo 2020 £.￿0 2019 £'ooo 32 43 Within oneyear Between one and live years io Atthe year end the charity had the followingconditional grant-makingcommitments.. Within oneyear Between one and five years 334 866 25. Pensions The charityoperates a defined contribution scheme forthe benefii oftheemployees. Duringthe year £158.(￿{20I9.. £143,000) was payable into the defined contribution scheme. Theamoynt due at theyear end was S19,0(K>12019.. £19,¢XK)l. Included within'pension costs. in note 8 are pension scheme managetnefitfees payable of £14.(M)012019.. U4,0001. 77 St John's Foundation Est. 1174