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2021-12-31-accounts

2021 Annual Report And consolidated financial statements for the year ended 31 December 2021

REGISTERED CHARITY 201476 PATRON: HRH THE DUCHESS OF CORNWALL

CONTENTS

Trustees' annual report Page 3
Independent auditor's report Page 44
Consolidated statement of financial activities Page 48
Consolidated balance sheet Page 49
Charity balance sheet Page 50
Consolidated statement of cashflows Page 51
Notes to the financial statements Page 52

St John's Foundation Est. 1174

TRUSTEES' ANNUAL REPORT

The Trustees present their annual report and consolidated financial statements. This includes the financial results of St John's Foundation Est. 1174 ('St John's' or ‘the Charity’) and its subsidiary, St John's Hospital Trading Company Ltd for the year ended 31 December 2021. This report is prepared in line with the Charities Act 2011 and SORP (FRS 102).

Founded in the 12th century, St John’s is one of the UK’s oldest charities. The objects of the Charity being the provision of almshouse accommodation and the relief of those who are in need by reason of age, illhealth, disability, financial hardship or other disadvantage within Bath and the surrounding area.

With 847 years of caring for those in crisis, St John’s Foundation has amassed an extraordinary amount of ‘resource’ comprising knowledge, expertise, funding, together with the sheer length of time St John’s has been in operation as a successful charity. Working closely with partner organisations and charities based in Bath and the surrounding area, every aspect of St John’s delivered work is built upon its values of trust, kindness and courage and inspired by its purpose: To change lives. For good.

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Over the centuries, St John’s has developed an investment portfolio. This financial independence enables the Charity to act as a neutral partner, to advocate for the organisations it supports, and the ability to continually adapt and respond accordingly.

Delivering its charitable objects while ensuring maximum public benefits was imperative when shaping its ten-year strategy. 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 the 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 their purpose for the public benefit are set out on the pages that follow.

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St John's Foundation Est. 1174

At the beginning of 2020, after carrying out extensive research to identify key issues affecting society, St John’s launched its Foundation Fund as part of its ambitious ten-year strategy. The Foundation Fund focuses on supporting disadvantaged children from birth to twelve years old, together with families; this initiative sits alongside the Charity’s almshouse provision and older adults service.

For the first time in history, adults aged 60 and over are the fastest-growing group in our population. This changes both society’s demographic and lifestyle expectations, with many of these older adults living on their own. In days gone by, an ageing parent may have looked to their children for support in later life but now, with the localised extended family network more of a rarity, this is far less likely to be the case.

Research has shown that access to support services, together with a varied social life and participation in a thriving community all help older adults maintain an independent lifestyle. In addition, an active mind is as important as an active body with studies showing that you can boost your immune system and delay the onset of conditions such as depression and dementia just by keeping your brain engaged and stimulated.

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St John's Foundation Est. 1174

Unfortunately, older people, particularly those with physical and financial limitations, often find it challenging to stay connected within their community. This may be because of lack of transportation, health conditions that limit mobility, and friends and loved ones living at a distance or moving away. Each of these can be difficult to overcome for an adult living on their own and the challenges may be exacerbated by financial hardship.

St John’s recognises that many older adults in their region are facing these challenges and, as part of its service provision, the Charity does all it can to address these challenges. The Community Outreach Service was already offering a range of physical, social and mental stimulation activities. However, the Charity acknowledged the service was not reaching as many older adults as it could be. As part of a strategic change St John’s brought together the Community Outreach Service, Independent Living Service, Chaplaincy and almshouse provision into a single unified ‘Good Living Service’.

The Good Living Service, which launched in September 2021, was a bold move as it meant both significant restructuring within the Charity and, also, a move away from the paternalistic approach that St John’s had previously adopted, to the establishment of a proactive community. With less than five percent of their almshouse tenants in receipt of regulated personal care, the Charity took the decision to de-register from the Care Quality Commission as the bureaucratic burden of work involved in maintaining the registration was disproportionate to the needs of only a small number of people; instead, the Good Living Service is now on hand to signpost residents to approved providers, and as necessary, to external organisations providing an out of hours call service.

The Good Living Service worked with the residents and beneficiaries to ensure any concerns or doubts were resolved during the transition, and the service is going from strength to strength; this is borne out with attendee numbers at activities soaring and, also, further buy-in and interaction from the almshouse residents who had previously been reluctant to get involved.

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PLANS FOR
THE FUTURE
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Over the eight years remaining of the ten-year strategy, St John’s will manage its investments to meet the aims of:

This will be through expanding the work commenced in the first two years of the strategy (see Performance detailed below) and through new initiatives not yet determined. St John’s considers that to maximise impact, the Charity needs to be agile in understanding and best meeting needs. St John’s understands the value of collaboration, research, market intelligence and objective assessment of performance and impact. Learning from these will ensure that future activities are evolved to best deliver the above aims and shape future plans through continuous improvement in charitable delivery.

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OUR
PERFORMANCE
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The Foundation Fund

February 2020 saw the creation of the Foundation Fund, developed with the specific aim of narrowing the Attainment Gap for Key Stage 2 children living in Bath and North East Somerset. Since the launch of the fund programmes have been funded that best support children aged 0 to 12 years old and their families.

Early Years

Language for Life – In July 2021, St John’s Foundation collaborated with HCRG Care Group (formerly Virgin Care) and BaNES Council, to launch the Language for Life project. This project focuses on supporting pre-school children to reach their age-related expectations in communication and language development before they transition into primary school settings in Bath and Keynsham.

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Language for Life offers a refreshed, area-specific early years approach to speech and language development. With the support of a newly appointed lead Speech and Language Therapist, Early Years practitioners are offered the opportunity to adopt the Wellcomm communications and language toolkit; an evidence-based assessment and intervention programme designed for use by Early Years practitioners with no additional specialist skills required.

Perinatal Emotional Wellbeing Partnership (PEWP) – Initially funded by the local Clinical Commissioning Group (CCG), the Bath and North East Somerset Perinatal Emotional Wellbeing Partnership (PEWP) supports the mental health of mothers in the period immediately before and after the birth of their children. The PEWP brings together NHS midwives, HCRG Care health visitors, BaNES children’s centres and several local charities to support new mothers experiencing mild-to-moderate mental health needs, through a range of oneto-one and group-based interventions.

St John’s awarded match-funding alongside the CCG to fund three organisations to deliver services as part of the PEWP. These services were Bluebell Care, Bright Start and Open Space. Combined, these services support approximately 75 beneficiaries per year.

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Nutritious Food

Over £100,000 was awarded to projects that provide access to affordable food and wider support in our community. These included:

St John’s granted up to £3,000 each to local charities, as part of the Summer Holiday Activities Fund. These charities included Bath City FC Foundation, Family Action, First Steps, Julian House, Oasis Hub, Off the Record, PCC of Peasedown St John, Southside, Sporting Family Change, VOICES and Young Bristol. This fund was specifically for positive activities for children aged 12 and under, and their families over the school summer holidays.

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Primary Empowerment Programme

Throughout 2021, the Foundation Fund engaged with seven local primary schools that have 40% of the most disadvantaged primary school children in Bath and North East Somerset to provide these pupils with additional support with foundational reading, writing, oracy, and mathematics, as well as emotional and behavioural support.

£820,841 was released to fund six delivery partners to support the seven schools under the strands of oracy; reading and writing; numeracy and emotional and behavioural support. The schools themselves have also received funding to directly support their reading and writing work.

The Primary Empowerment Schools are:

The schools received a further £7,000 each at the beginning of 2021 to support them through the Covid-19 pandemic. They were encouraged to use this funding to support activities the children would have otherwise missed out on. These funds were used to supply reading books, swimming lessons and a school dog.

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Crisis Programme

By the close of 2021, St John’s had awarded direct financial support to 887 families and individuals who experienced a point of crisis in their lives. This support amounted to £253,663.

Significant challenges posed by the pandemic and the ever-rising cost of living, saw the demand for St John’s Crisis Programme continue throughout 2021. Expenses such as funeral costs, debt relief orders, bankruptcy fees and counselling saw a significant rise throughout the year as the pandemic showed no signs of abating. St John’s continued to use a high proportion of the Crisis Programme budget on essential needs such as carpets, white goods and furniture for new tenants.

Given the challenges posed by the pandemic and the ever-rising cost of living, it is anticipated the demand for crisis support will remain steady through 2022 and increase once Bath and North East Somerset Council’s Welfare Support budget reverts to pre-pandemic levels in April 2023.

Curo tenant applications account for 65% of the annual crisis budget. A working group has been set up with Curo, Welfare Support and St John’s to create joint approaches to support Curo’s vulnerable tenants, and to identify ways in which Curo’s longer-term reliance on crisis support options can be reduced.

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Crisis Projects Fund

A total of £53,445 was awarded in support of 6 charitable projects which align closely with the aims of the Crisis Programme:

Citizens Advice Match funding with Wessex Water the roles of two Debt £30,000
Caseworkers
VOICES Supporting the domestic violence Charity relocate into a new
Safe Space Centre, which they will cohabit with SARSAS		 £10,000
Salvation Army Fitting out the communal spaces of a new Women's Safe House,
which supports victims of human trafficking.		 £5,000
Bath Welcomes
Refugees		 Cost associated with resettling Afghan refugee families
across Bath and North East Somerset		 £5,000
Nest Project Purchasing equipment for families which is either rarely
donated or not donated in good quality		 £1,945
1st Impressions Start up costs for a newly formed CIC supporting
vulnerable women to find employment		 £1,500

These projects either provide direct support to individuals and families before their situations reach crisis point, or can provide goods and services in more efficient and/or cost-effective ways than the Foundation Fund team.

Citizens Advice and VOICES have been awarded multi-year commitments of funding. Final funds for these two projects will be released in 2022, subject to the satisfactory completion of monitoring reports. All other awards were oneoffs, although St John’s will remain in close contact with the organisations and monitor the impact of the awards.

Organisation and Core Funding Programmes

In 2021 £311,936 was released to support 16 multi-year projects, through the St John’s legacy Organisation and Core Funding Programmes. These were the final instalments; monitoring of these projects will continue.

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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.

Since 2019, the trading company has operated ten high quality holiday apartments at St Catherine’s Hospital (a former almshouse leased at market rent to the subsidiary). In 2021, work finished on the trading company’s second commercial venture, the House of St John’s at 1 Queen Square. This is also leased at market rent from the Charity.

The building has been thoughtfully refurbished and now hosts a variety of private offices; flexible and dedicated desks; meeting rooms and a stylish event space. This is workspace powered by social purpose. Its unique selling point is that St John’s Foundation is its charity partner and profits from the new venture are to be gifted to the Charity to fund positive societal change.

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STRUCTURE, GOVERNANCE AND MANAGEMENT

Legal structure

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St John's Hospital
Trustee Limited
COMPANY
Board of Directors
('the Trustees')
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St John's
Foundation Est. 1174
CHARITY
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St John's Hospital
Trading Company
Limited
TRADING COMPANY
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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 and amended on 8 February 2017.

St John’s Hospital Trading Company Limited (registration 08632453) is the trading arm of the Charity and is a wholly owned subsidiary.

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GOVERNANCE

The Charity Governance Code

The Code (published in 2017) sets out seven principles of good governance, including:

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Decision making,
Organisational
Leadership Integrity risk
Purpose
and control
Equality, Openness
Board
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. All Trustees have signed a Code of Conduct based upon the Charity Governance Code. Our current governance arrangements are set out in the report.

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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 the Trustees and the employees help 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

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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 compromise between 10 and 14 members. Trustees are each appointed for a term of three years and may be re-appointed to serve for up to nine years.

Decision-making

The Board held four formal meetings and two development days during 2021 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.

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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 using 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 how individual trustee performance will be reviewed in the future.

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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 to ensure 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.

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St John's Foundation Est. 1174

Committee membership, along with a list of professional advisors, is available in the ‘Legal and administrative information’ and ‘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.

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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 2021, there were no face-to-face training courses but details of virtual events such as webinars were shared with Trustees. A formal training schedule will resume in 2022 and opportunities for continued professional development will be offered on a voluntary basis to the board

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Fundraising

During 2021, the Charity received zero complaints with regards to fundraising practices (2020: zero)

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. It is anticipated that in 2022, some employees and members of the public will be seeking sponsorship for events to raise funds for St John’s Foundation. This will be via donation pages, such as Just Giving and due to the nature of these events no pressure is put on individuals to donate and there is very little perceived risk to vulnerable people or other members of the public in relation to fundraising. We never use an external partner to raise funds, but the Trading Company will be operated as a social enterprise to raise funds for the Charity in 2022 and in future years.

Communications and actions taken in relation to using the Charity to promote for commercial advantage will need to be compliant with the Charities (Protection and Social Investment) Act 2016, an Act which the Charity is also compliant with.

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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

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OUR DIRECTORS

Directors of St John's Hospital Trustee Limited ('The Trustees') & Committee Membership

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FAR INV REM
Ben Fletcher (Chair)
Ashley Ayre
Jamal Benmiloud from: 27 May 2021
Harriet Bosnell
Moira Brennan
Richard Brown
Rev Roger Driver from: 16 April 2021
Jeffrey Hayes from: 31 March 2021
Nicholas Hunt
John Lakin from: 27 May 2021
Karen MacGregor
Ian MacKenzie until: 24 June 2021
David Purdon until: 24 June 2021
Ken Scott
Carole Stott from: 26 May 2021
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Committee Chair Committee Member

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OUR
DIRECTORS
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Directors of St John's Hospital Trading Company Ltd.

Ashley Ayre A Trustee of the Charity Caroline Bee A Director of the Charity Jamal Benmiloud A Trustee of the Charity (from 24 June 2021) (from 24 June 2021) Moira Brennan A Trustee of the Charity Louise Harvey A Director of the Charity David Hobdey Chief Executive of the Charity Karen Macgregor A Trustee of the Charity David Purdon A Trustee of the Charity (from 24 June 2021) Ken Scott A Trustee of the Charity

Executive Team

David Hobdey Chief Executive Louise Harvey Director of Funding and Impact Caroline Bee Director of Finance

To find out more about the skills and experience of our team please visit - https://stjohnsbath.org.uk/about/our team/

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OUR PROFESSIONAL ADVISORS

External Auditor:

Crowe U.K. LLP 4th 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:

Evelyn Partners Investmeent 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

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FINANCIAL
REVIEW
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Our income in 2021 (£’000s)

Dividends 19.2%

Serviced apartments Almshouses 8.1% 15.2%

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Rent
56.6%
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The consolidated income for 2021 was £5.3m, which is £142k higher than the previous year (£5.2m). This largely reflects a recovery in trading income which was 98% higher in 2021 (£419k) than 2020 (£211k). There were fewer government restrictions and lockdowns in 2021 which enabled the Trading Company to let the holiday apartments for more of the year. International tourism levels remained low but demand by UK residents was higher than in previous years.

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Donations and legacies

A donation of £40k was received in year from the Joseph Matthews Foundation to support community outreach activities for those in Bath over 75 years of age.

Investment income

Investment income in 2021 was £4.0m. This is only £54k lower than in 2020 but reflects a fall in property income of 6% (204k) year on year which has been offset by an increase in dividend income on listed investments of 18% (£154k) compared to 2020. This followed the reinvestment of property disposal proceeds from 2020 into a new investment fund managed by investment managers, Cazenove. Residential rental income has grown in year reflecting market growth in rents but conversely, the market rebasing of retail rents contributed to a fall in commercial rental income during 2021. The average number of vacant units held was higher in 2021 although an improvement in market interest was felt and by year end, most vacant unit being marketed were under offer.

Trading activities

The Trading Company saw a recovery in income compared to 2020 when the serviced apartments at St Catherine’s Hospital had been closed for long intervals during 2020 in line with government instructions. There were fewer periods of closure in 2021 and advantage was taken of pent-up demand for holiday lets.

Almshouse Income

Income from charitable activities, which includes income from almshouses and residential care, decreased by £7k (1%) in 2021 from 2020. There was a fall in care income following the deregulation with the Care Quality Commission (CQC) and cessation of personal care in 2021. Also, as in 2020, there were slightly higher levels of vacancies than usual because assessing potential residents and moving continued to remain difficult due to the pandemic.

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Expenditure

Total expenditure in 2021 was £6.4m (2020: £5.7m).

After consolidation adjustments, costs for the Trading Company were £401k in 2021 (2020: £147k) – the increase being due to setting up the House of St John’s.

Across the group, the costs of property related repairs rose by 21% (£127k) compared to 2020 across the estate. To an extent this reflected delays in works from 2020 (when the risk of Covid limited access to homes) to 2021 and an increased turnover in tenants at the residential properties post pandemic. The condition of the property assets is important. Short- and longterm maintenance plans are in place to ensure that all properties are well maintained, and the cost of repairs will fluctuate year on year.

Utility costs also rose sharply by £42k compared to 2020. This was influenced by the number of vacant investment properties but also the Trading Company taking on 1 Queen Square as the House from October 2021 and associated property costs including business rates.

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The return of activity in the rental market for both residential and commercial property compared to a very subdued 2020, also lead to an increase in professional fees with legal and agency costs in relation to new leases rising significantly in year (rising £136k compared to 2020). Professional fees were also incurred on obtaining advice over transactions between the charity and the trading company in letting 1 Queen Square and setting up a formal loan agreement and in undertaking a strategic review of the property portfolio.

Offsetting property related costs was a decrease in staffing costs due to vacancies in year and a restructuring of both the maintenance and Good Living teams.

The introduction of a new investment portfolio and new investment manager, and the increase in capital value of the managed portfolios, led to an increase in investment management costs in year of £191k. This was, however, be offset by higher levels of investment returns from listed investments.

Expenditure on charitable activities rose by 5% (£194k) compared to 2020. The Foundation Fund grew with details of this being described in detail above.

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Volunteers

The Charity can support many people in Bath and North East Somerset with the valued help of its volunteers who work with our Older Adults Service. 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)

Annual Deficit

Overall, the operating deficit for 2021 was £1.046m (2020: £548k) before gains and losses on investments. This was smaller than the deficit planned for the year with the budget for the year perhaps being over cautious in relation to the on-going impact of the pandemic in 2021. This included assumptions on investment income from property and the cost of legal and professional support that would be required in year.

Valuation gains on both listed investments and the property portfolio have created a positive net movement in funds of £5.6m compared to a negative net return of £10.7m in 2020.

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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 five-year period.

·Investment management costs, like fees charged by investment managers, are deducted within the calculation. This means that the whole CPI+4% return is available to support charitable activities.

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Why CPI +4%?

CPI (the Consumer Prices Index) is a measure of inflation. The use of an appropriate measure of inflation is important. The Retail Prices Index (RPI) has historically been used by the Charity but following careful consideration, the Trustees agreed to move to CPI from 1 January 2021. By ensuring the investments grow in line with inflation, the value of investments is protected to support the needs of future generations. In 2021 the permanent endowment was increase by £2,325k for CPI (2020: £510k for RPI).

The Charity also relies on income from its investments to fund its charitable activities today. The 4% return more than inflation is used to support our existing beneficiaries. In 2021 £2.8m of unapplied total return was allocated to income (2020: £4.6m).

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INVESTMENTS

At the year end, the Charity held £119.2m of investments (2020: £105.6m). Of this, £70.2m (60%) was property in Bath (2020: £67.7m / 64%). 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. A review of the property portfolio was commissioned in year and reports previously commissioned from two independent investment managers in order to establish an appropriate target. This led to a change in the Investment Policy and a new Strategic Asset Allocation. The need to rebalance the investment portfolio (by buying and selling assets) is assessed at least annually with a detailed plan in place to achieve any identified need to rebalance the portfolio.

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.

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80%
60%
40%
60%
20% 40%
0%
Property Shares
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Existing proportion of portfolio

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.

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INVESTMENT
POLICY
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A few notes on our Investment Policy:

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Responsible Investing

The Trustees recognise the importance of responsible investment (RI) and during 2021 the Investment Policy was amended to better reflect the values of the Charity. The UN Sustainable Development Goals (UNSDGs) were recognised as a good indicator of this for investments and the following goals have been adopted as the Charity’s investment values:

UNSD Goal 1 – No poverty UNSD Goal 2 – Zero hunger UNSD Goal 3- Good health and well-being UNSD Goal 4 – Quality education UNSD Goal 10 – Reduced inequalities UNSD Goal 11 – Sustainable cities and communities

The Trustees do not impose any strict exclusion criteria in relation to the investment values (though appointee investment managers may themselves have their own baseline exclusions), but the investment values should provide a guiding context for investment decision making as they are important to the Charity.

The Trustees also seek continuous improvement in how the Charity’s investments can be better aligned to its investment values whilst still providing the best financial return within an acceptable level of risk. In the first instance the Trustees expect the following in relation to RI considerations:

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St John's Foundation Est. 1174

· Investment managers must be signatories of the UN Principles of Responsible Investment (PRI) and report annually to the Trustee on their performance against the UN PRI.

· Investment managers are required to report to the Trustee on any baseline level of investment exclusions applied by them to the Charity’s portfolios and the Trustee is to be kept appraised of any developments in exclusion policy by the investment managers.

· Where investment managers place the Charity’s funds with 3rd party managers, the investment managers must ensure that the third-party managers are also signatories of the UN PRI and they must evaluate their performance in relation to this.

· Annual reports are to be provided to the Trustee showing how the Charity’s managed portfolios are performing in relation to RI considerations and where possible, this should be reported in relation to the Charity’s investment values. The Trustee acknowledges that this reporting will be emergent but expects it to become more mature over time to enable the Trustee to track how well the Charity’s investments are aligned to the Charity’s values.

· It is expected that investment managers will report to the Trustee on a quarterly basis any conduct breach of the UN Global Compact by companies within our investment portfolio.

· Individual investments may be excluded if seen to be in conflict with the investment values.

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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 2021, total reserves were £126.7m (2020: £121.0m).

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Millions
140
126.7
120
(110.6)
100
80
60
40
20 (12.4) (1.4) (2.2)
(0.1) (0.0)
-
Total Invested Functional Operational Commitments Restricted 'Free Reserves'
Reserves Endowment Endowment Assets Funds
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At the year-end there were zero ‘free’ reserves held as in 2021 the Trustees reviewed and revised the reserves policy for the Charity. The Charity now adopts a zero free reserve policy, drawing down funds from the unapplied total returns into unrestricted reserves only as required to meet operational expenditure in any given year. The Trustees consider this to a be a reasonable approach as the Charity adopts a total return approach and holds significant unapplied total returns which can be expended as required.

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St John's Foundation Est. 1174

As shown in the calculation above, not all of the unrestricted fund is relevant in calculating free reserves and a zero ‘free’ reserves policy does not mean that the unrestricted fund is zero. The following are still held in the unrestricted fund and excluded in calculating the ‘free’ reserves as they are not readily available for spending:

· Any operational fixed assets not already excluded from unrestricted funds through the functional endowment (e.g., head office) of £1.4m (2020: £1.4m)

· Designated funds set aside to repair the almshouses of £nil (2020: £0.8m)

· Committed awards or building contracts, not included as a liability in the accounts of £2.2m (except those already excluded from unrestricted funds through the functional endowment) (2020: £0.7m)

The level of unapplied total returns is managed carefully to ensure that the Charity has financial resilience but also maximises the charitable impact by not holding surplus funds. This is achieved through long term financial planning to ensure that investments are maintained at a level which will produce sufficient returns to fund the almshouses, good living service and funding awards for future generations and protects the spending power of this by inflation. Unapplied total returns in excess of this are considered to be expendable on the Foundation Fund and other subsequent strategies and can be released for expenditure by resolution of the Board.

As a long-term approach is taken, the level of unapplied total returns in any one year is expected to fluctuate but the average position is considered and taken into financial planning to determine spending plans and budgets.

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St John's Foundation Est. 1174

RISKS RISKS

Within the Charity, each team actively manages its own risk register 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.

The key risks St John’s manages can be summarised into charitable impact, economic and people related risks as follows:

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St John's Foundation Est. 1174
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RISKS RISKS

Charitable Impact Risk: Failure to achieve and/or demonstrate charitable impact to the extent intended

Mitigating Actions: Robust due diligence processes are in place for established charitable work throughout the crisis programme and alms-houses. The 2020 – 2030 strategy, covering all aspects of charitable delivery including its ambitious goal to reduce the attainment gap in Bath and North East Somerset, is supported by evaluation and delivery partners, and a system of capabilities to drive continuous improvement.

Economic Risk: Failure to achieve the targeted total return which impacts the income/ capital required to pursue strategic aims.

Mitigating Actions: St John’s takes a long-term view on its investments, and it uses professional investment managers for the financial portfolio to enable recovery and future growth, and to mitigate short-term impact. The direct property portfolio is proactively managed with agents’ advice. The long-term financial plan is regularly refreshed and guides discussion, planning and decision making at Investment Committee and Board. On an operational level, employees are supported to regularly engage with budget/ forecasting exercises, actively manage contracts, and consider costs throughout projects to ensure financial efficiency in delivering strategic aims.

People Related Risk: A poor organisational culture results in ineffective operational delivery, there is a high staff turnover and/or there is a failure to build the capabilities that will enable St John’s to deliver its strategy.

Mitigating Actions: Quarterly pulse surveys are circulated to all employees to receive feedback with additional ad hoc staff events. Regular internal communications ensure employees feel informed and understand how their role contributes to the wider strategy. Senior managers are asked to report against the capability system and are invited to explore concerns through coaching and 1:1s, with support given for training as needed.

Going Concern

The charity considers that it has adequate resources to continue in operational existence for the foreseeable future and has adopted the going concern assumption in preparing these financial statements.

The Trustees actively plan for the charity to exist for many years and this is reflected in the approaches taken to both long-term planning of investments and Reserves, detailed above. These approaches (including the planned level of unapplied total returns held by the Charity and the discretion that it has over its expenditure) mean that whilst heavily reliant on investment returns, the Trustees consider the Charity to be resilient to shorter-term volatility in its investments and plans are in place to remain adequately resourced to meet the need of both present and future beneficiaries. To provide ample headroom, overdraft facilities are in place which cover a reasonable worst-case scenario for cash flow.

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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:

The Trustee is responsible for keeping proper accounting records that are sufficient to show and explain the Charity's transactions, that disclose with reasonable accuracy at any time the financial position of the Charity and enables it to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed.

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 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 23 June 2022 and signed on its behalf by:

Moira Brennan (Director)

Harriet Bosnell (Director)

St. John’s Foundation Est. 1174

43

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:

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.

44

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:

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.

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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.

46

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

20 July 2022

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.

47

St John's Foundation Est. 1174

St John's Foundation Est. 1174 Year ended 31 December 2021 CONSOUDATED STATEMENT OF HPiINCIALAcfMTIES Total Totsl Unre51rfrted R￿ICted Endo￿nent fund funds fund 2020 Income and endo¥mientsfrom: Charitable actI￿1t1es Investment incorne Other trading actiwties Donations and legacies Tiansferto Income 856 4,080 211 49 2a 4,020 4,027 419 43 419 2b 17a122 43 2.762 12.7621 Totsl Income 5J96 Expendltur•: Expenditure on charitable aCt￿ltIeS- Older adults seNces'. Funding and impact Comrnunity outreach Total expendlture on charitable actmtles 1067 2335 1,983 1050 1.987 292 4,129 4202 4323 Cost of raisingfunds Other expendlture 297 1.665 396 1,474 141 Total expendltur• 410 5,744 N•t lexpendltur•llln¢ome b•for• Investment IIOs5esl Igaln5 U.9361 Net galnsl Ilossesl on investments Net (expenditu￿) l income Transfers between funds Net ILxp•ndltur•ll Income & n•t movement In fvnds 6595 7,443 14 6595 5,549 IIOJ631 110,7111 119361 42 22 ,9501 110,7111 RKon¢lll)tlon offvnd* Total funds brought forward Totsl lundscarrfed forward 5586 ll5366 120962 131673 14823 126,Mi 120,962 The notes on pages 48 to 77 fom part olthese financial statements. 48 St John's Foundation Est. 1174

Moira Brennan (Director)

Harriet Bosnell (Director)

49

St John's Foundation Est. 1174

Moira Brennan (Director)

Harriet Bosnell (Director)

50

St John's Foundation Est. 1174

St John's Foundation Est. 1174 Year ended 31 December 2021 CONSOUDATED STATEMENT OF CASH FLOWS Cash flows used by op•ratlngxtlvltles InoteA) 17761 17,0871 Cash flows froffl flnanclng actlvlty Cash inflows from new borrowings Repa￿)entS of borrowiThgs N•tcash proVId￿ by financln8x￿Vlty 1592 3331 1259 648 2911 357 Cash flows frorn Investlng KtlvltSe& Dividends, interest and rents from investments Costs ol generatingfunds paNJ byendowment capital lrnprovernent5 to investment properties Movement ol cash held by brokers to In￿lments Purchase ol investments Proceeds from the sale of inNt5tmeThts Social investments repaid Purchase ol property, plant and equipment Adjustmènt ta tost of intanglble additions due to VAT recovery Purchase ol intangible as5et5 Netcash (expended by) I provlded Imiwtjngacthlty 4,027 12971 18461 11391 1133371 7282 4.080 12121 12J341 illii 13,7681 9.476 30 11051 12251 1431 135461 T259 N•t (decr•a￿lI Sncreu• Sn cath cash •quIv￿Qnts 13,0631 529 Change in cash and Cash eguNalents in the year Cash and cash equivalents at the beginning ol the year Cash and cash equlvalents at the •nd of the reporUngp•rfod Inot•8) 13P631 3J68 105 529 2,639 3,168 NOTE A. R•¢on¢lllJllon of net In¢¢me to nrt ¢¥h flowfrom oper•tln8xtMtI•s 2020 Net income I lexpenditurel forthe ￿r (per Statement Of FinaTh￿l Artmtiesl Depreciation and amortisation char8es Disposal of operational assets IGainllLoss on investments Di¥Adends. interest and rents from instments Ilncreasel/Decrease in debtors Increase in creditors Cost of generating funds from endowed capital Cash oufflowfrom operatlngKUvltle5 5549 191 110,7111 176 76 10,163 14.0801 132931 370 212 17,0871 165981 14.0271 3,220 592 297 17761 NOTE & Analysls of cash and cash oqulvalents At start of yr Cash-liows At end ofyear Cash Overdraft Total 3J68 11.0151 2,153 13,0631 115921 14,6551 105 12.6071 125021 51 St John's Foundation Est. 1174

St John's Foundation Est 1174 Year ended 31 December 2021 )testothe FinaKial Statements Principal kcounting Policies Consolidation The group financk31 statements corwlidate the financial statements ofthe charity its wholly owned subsidiary, St John's Trading C¢)mpany Ltd Ilhe Subs￿ iary? for the year eThJed 31 December2021. ￿sUlts ol subsidiary for the year are set out in note 13. The group will be referred to as'st John's'ortr charity. tI¥Cwgho￿ these financial statements. intergroup sale5 and profits have been eliminated upontonsolKlatioTh The Mayor of Bath'5 Relief FLbTh Icharity ￿1. 2046491 has not been consolidated as, in li￿ with exemption granted by Companieskt 2006, its inclusion is not material forthe purpose of gwing a trL aNJ lairview.The appropiiateness ol this t￿atment1S reviewed annually. Basis of p￿paratIOn The financial slalements have been prepared in accryda￿e with the Ststementof Recommended Practice.. Accounting and Reporting by char￿e5 preparingt￿irf1nanc}aI ststements in acc(Kdance with the Financial Reporting Standard applicable in the UK and the RepublK of IrelaTrJ I'FRS102 SORP J and the Financial Reporting Standard applicable in the United Kingdom Republic of Irela￿￿ I'FRS102JlellectNe Isl January 20191 and the Charities Act 2011 and UK Generally ￿cepted A¢counling Practte. Sl. John's Foundation Est. 1174 constitutes a publK benefit entity as defined by FRS102 and 15an Uninco￿orated Charity,. ((s subsidiary is a limited c(xnp8ny. The f￿￿tional currency of the Group is Stert1￿. The registered address of both the Charity and its subsidiary ￿ 415 Chapel Court, Bath, BAI ISQ. The country ol inc¢Npordtion lorthe subskl iary is the United Kingdom. Except as set¢JUt below. the financial statements have been prepa￿d uThJerthe historical cost cth)vention with items cognised at cost ortransaction value. FreelY)Id housing properties (operational properties) a￿ shown at deemed cosL Investment properties are sh(Mn at theirmalued amwrts tre investment portf￿￿ a￿Val￿d at closing market value5. These polKies have been apPl￿d (c￿rstentIY thrvJgFxrt the current arKI pricyear. The results fort￿ charity and reccKiliation of fundsare in rntes 17 to 25. ￿ Charity has also tskenqualifying exemptiors available to a qualifyirE entity in FRS 102 from the reQuire￿￿ntto present a Charity orly cash flow ststemenL 52 St John's Foundation Est. 1174

St John's Foundation Est 1174 Year ended 31 December 2021 )testothe FinaKial Statements Principal kcounting Policies Icontrued) Assessment ol going concem The Trustees have considered the impact ofthe Covkl-19 paThJemK on the Charity's going concem status. The Charity is heavily relianton its investrment portfolio and has seen the capitsl values and i￿ome of both the d1￿ct propety portfolio and managed investment portfolio ￿￿￿ed as a result Of1￿ CovbJ-19 paThlem￿. H(wever, due tothe level ol the unapplied total retums held by the Charity and the discret￿ that rt ha$￿er its expenditure. they do not considerthatthe pandemK will impactthe Charity's ability to ￿m01n a going C¢YKem. To pffNide ample ￿adN￿M. overdraft facilities are in place which covera ￿3$Onable worst-case scenario fL¥ cash fl¢yw. The charity considersthat it has adequate ￿sourceS toc¢J)tinue in ¢)per3tional existence fort￿ foreseeable future and has adopted the going cor￿eM assumptK)n in p￿Paring these fina￿la1 ststements. I ncome recognition I ncome 15 recognised when the charity has entitlementto the IrK0￿￿. it 15 probable thatthe irKome will be recewed, and the amount of income ￿(eIVable can be measured reliably. DwKlend income is recognised w￿n the dividend has been decla￿d. Inte￿$t oncapitsl is ￿cogn￿e￿ when receivable and the amwnt tan be MeasU￿d reliably. This 15 upon notificat￿n by ourinve5tment adviscrf5 orthe bank of the dNidend ￿l￿te￿$ty￿ld. Rental income, from irwestment propertyds, is ￿cOgnised Overt￿ tem Oft￿ lease with any lease incentnies spread evenly over the lease term. Particularattention has been gNen thisyearto assessing the probability of recewing rentsl income befo￿ it is recognised (see accwnting pc4icy.key sourcesof estimat¥￿ uncertainty"). AlMSh￿se I￿orne represents fees from ￿Sidents and othersefyKe userirKcthe arKI is credited to the Un￿StrICted fund. O¢)nations a￿1 grants Oonations are accounted forwhen ￿teNed. Oonatiorts subiectto Specif￿ Wishes of the donots are carried to the relevant restricted fu￿. I ncome from govemmenlgrants 15 recognised when the coThJi￿On50f the grnnt have been met Where there are no conditions. income is recognised upon re(eipL 53 St John's Foundation Est. 1174

St John's Foundation Est 1174 Year ended 31 December 2021 )testothe FinaKial Statements Principal kcounting Policies Icontrued) Expenditure All expenditure is accounted foron an accruals basis and is recogni5ed when there isa legal orcor6tructwe obligation committy'ng the charity to that expeThJiture, f( is probable that settlemenlwill be required an¢J the amount of the obligation can be meaSU￿d ￿lIablY. Ail costs have been directly attsibuted to one of ￿ fu￿t￿￿t catego￿5 of expenditure in SOFA The cost of raising funds includes investment management costs,for both t￿[ listed and property investments. Expenditure on charitable activities i￿ludeS the cost of nJnNngoJr almshyJ5es. outreach services and ￿JraWards programme. Please also referto the paragraph below ￿gardIng alIC<ath￿ cl suPp￿t costs toactNibes. Funding awards payable Funding awards payable are payments made to third parts in the furtherance ol the charity's obie¢t& In the case of an unconditional award offer this is accrued orKe the recipient has been notif*d of award. Where performance- laled conditions a￿ attached the costof the award is ￿ ￿CogniSed untsl the￿ is sullicientevidence that the conditions will be meL I ndwidual awards are ￿Cognised ￿ apprcw310l the award. Multi-yearawards lorccye fuThJing are recogni5ed in full on approval of awai¢J where the￿ a￿ no perf0m￿nCe cornlifions attscw. I rrecoverable VAT I rreeoverable VAT is charged to the SOFA orcapTtalised as partof the cost of the related asse( Whe￿ appropriate. The charity has opted to charge tsxty) certain commercial prope￿e5 and w(wers the aSs￿lated inputVAT. other expenses are shown inclusNe of norFre£￿erab1evAT. Allocation of support costs General managementexperses lirKILKling dePreciat￿n. propety costsand thecost of supporting team51 and govemance costs are app(rtioned belween charitable actNities raising funds based on the propO￿on ol direct costs associated with each actwity. Direct c(tsts eXcI￿le diwt fees from investment managers and awards granted. In thisway, the split ol overheads is a closer reflectN)n of the time 5penton each aCt￿lIty- GovemarKe costs include audit and accrxjnting fees, and Tmstee expeffje& 54 St John's Foundation Est. 1174

St John's Foundation Est 1174 Year ended 31 December 2021 )testothe FinaKial Statements Principal kcounting Policies Icontrued) Gifts in kind, donated servKesor lacilits and vduntee These a￿ estimated and i￿luded in the period in w￿ch they a￿ receNed. In accordance wth the Charities SORP IFRS1021, volunteertime is not recognised in the SOFA More inf0m￿tIOn abwtttircontribution is explained inthe Trustee's annual report. I ntsngible fixed assets I ntangible fixed assets are those which lack pFrysKal substsrKe but prcwhle an (￿-gC1ngeco￿JrniC benefitforthe charity. They are ￿(Ognised at his￿ cost subsequently amlYt￿ed soastowrite offthe cost0vert￿lreXpeCted useful Ives, as follows.. Website 3 yearsl 33% perannum sof￿are & brands 4 Yea￿125% perannum Tangible fixed assets The lim(( above which assets a￿ capitsltsed ts £500 (for irnlNidual pU￿haSes) and £1,000 lagg￿gatedl. Office arJ computer equipment, fixtures and ffftings and motorvehKles a￿ stated atcost less depreciation and provisKJn for impaimient. Depreciation is calculated townte off cosl of SLKh fixed assets ￿erthe1rexpected useful Iwes. the rate used forlhis purp¢)se in the charty 6 25% peranwm ￿ a straght li￿ basi& In tradingcompany ratesvary more as follows.. Telephone & plants Computerequipment Fumilure Otherfittings 3 yea￿/ 33% 4 years125% 5 yeatsl 20% 10 years110 Housing and administratwe properties Housing administratwe properties are I￿l￿ded in the fina￿1￿1 ststement 3$f￿ehOId fixed assets. The costof freehold housing prOpert￿S ￿presents deemed c05tat 1st JarvJary 2014 ur¥Jertrarsf(ion to FR5102. plus subsequent additions at cost. Assets are ststed at deemed cost less accumulated deptviation and any accumulated impaimient losses. Depreciation is calculated to write d(Mn cost less estimated ￿5￿lUa1 value of all tsngible fixed assets, other than freehold lar￿, overtheirexpected useful INes.using the straight-lirE methLxI.The applicable rate is.. F￿ehOld buildings 50years/ 2% peranwm Freehold land is not depreck4ted. AdepreCIat￿ rate of 2% i5applied to buildirgs'cos( which is assessed to be twothirds of the totsl propety value less its residual vall. 55 St John's Foundation Est. 1174

St John's Foundation Est 1174 Year ended 31 December 2021 Notestothe FinarKial Ststements Principal P£counting PoiKies Iccffitirwjedl Fixed asset investments I nvestment prOpert￿S The charity owns freehold properties gr￿nd rents for longtem investment In accorda￿ e with FRS102 these are included in the balance sheet at valuath)n at 31 Oecember2021. the S￿￿luS or l¢Jssarising ¢Jn revaluation has been transferred to the relevant ￿serve. Quoted investments I nvestments are initially recognised at t￿1r transact￿ value subsequently measured al theirfairvalue as at the balance sheet date using the closing market prKe. The SOFA inclLKles the r￿t gains ar¥J losses arising on revaluab'on and disposals throughout year. The surplus ordefKf( arisingon revaluati￿7 has been c￿dited or charged to the Pem)anent Endowment FurKI. Desgnated FurMI or Un￿Str￿ted ReseNes.as appfcpriate. The charity does not have any derivatfves ￿0t￿r c>nplex finènck41 instrun￿nI& Soch31 investrnents Social investments are in fomi of Co￿eSS0nary loans tothirtl Part￿5,Which aim to gererate a financial ￿tuM whi15t furthering the charitable aimsof the charity. As such, they have been classified as mixed-motNe investments. These loans are initially recognised at tl amount drawn dwn aTrJ ￿ carryingamount thenadjusted to reflect capitsl ￿paYments and ary accrued interestand impaim)ent in li￿ with paragfaph 2116 ofthe FRS 102 SORP. I nvestment in subsKliary The investment in the subdiary is held at CC6t. Taxation The Charity does not pay provided any stJrplusorgaiNs are used frycharitable purposes. Forfv subsidiary, current tsx is provided at amounts expected to be paid ￿¢￿ere￿I ￿$ing￿ tsx lates arxl laws that have been enacted at the balance 5heetdate. 56 St John's Foundation Est. 1174

St John's Foundatlon Est. 1174 Year ended 31 December 2021 Notesto the Flnanclal Statements PrlnclpalAccountln8 Pollcles{contlnued) Fund accounting Unrestricted funds are available to 5peTrJ onaCtNIt￿ that furtherany clthe purpose5 of the charity. Designated furJs are unrestricted funds Oft￿ charity, which the Trustee ha5deC￿ed at its discretion to set ashle fora specific purpose. Restricted endowment fuTrJs are subject tospecrfK ￿str￿1￿￿5 imposed by the dorNofthe irKome orthe Charity Commission. Furtherexplanation ofeach fu￿1 held by thecharity 15 corbtal￿d in rb)tes 17-23 dthese fina￿￿11 ststements. Totsl retum accounting The Chaiity C¢)mmissim pemtttetl char7ty to atlopt we oftotsl retum in ￿lat￿￿ toits pemianent erdowment on 25th September2012. The power pemits the Trustee to invest pemanent eThYowments to M3￿MIse total retym and to make available an apPr￿riate portiefi tothe totsl rebjm ftrexperdIbj￿ each year. Until this power is exercised the total retum shall be an'uropplied total retum, remain as part0fts￿ permanentendowment The Trustee has used the indexed value5 01 the pe￿anent erwjowrr￿nt at 1st January 1995 to pre5entthe'p￿5eNed value, ol the original gift. FinorKhl instruments The charity ￿[Y has financial assetsand finarKial 1rab1lrt￿thètq￿Ity as basK fina￿ ial instruments. BasK fIna￿la1 instruments a￿ initially recognised at trar￿t￿)n¥all ar<1 subsequerrtly measuod at amcrtised cosL Financial assets include the charity'strade arKI other￿ce￿able& FinarKK41 liabilits itKI￿e the charity's trade creditors accNals and other c￿dItors. Debtors Trade, otherdebtors and accrued irKome are ￿tog￿Sed atthe settlementamtsjntdue afterary discounts ¢)ffered. Prepayments are valLEd at the amount prepahl net of ary d￿Ojnts due. Cash and cash equNalents Cash and cash at bank comprise shorttemi highly IiquKI Thtestments with a shwt maturity of three montsorless frrmn date of acquigtyon oropening depositorsimilaraccwnL 57 St John's Foundation Est. 1174

St John's Foundation Est 1174 Year ended 31 December 2021 )testothe FinaKial Statements Principal kcounting Policies Icontrued) Creditors Creditors are recognised attheirsettlementaM￿t afterallthvingforany trade d￿￿ntsdUe. Pension costs Employees ol the charity a￿ entitled toioin a defined conti7but￿ scheme. The pengon costs charged in the year represent the amountof the contributions payable to the deli￿d contributK)n scheme in ￿SPect of the accounting period. The charity's penson contributions lorcurrent employees are charged tothe SOFA in the year in whKh the contribution arises. The charty has ￿ liabilty beyo￿ making itsc¢)ntsibutW)￿ arKI payingacross the ded(Ktionsfor the employees, contributKms. Key sources of estimation uncertainty Commercial rents As a resultof the national lockdowns in 2020, mary Oft￿ Charity'scommercial tenants have struggled to raise the income needed lo meet their ￿nts1 oblgatiLy)s in Ivll and on time. Whilst 2021 saw an impi(wement in the situation, lockdowns remained in place lorsome of the yeararJ a ￿rnber￿ tenants still laced financk41 difficulty. The Charity's staff and agents have been in regularcommunicati¢)n with tenants but uncertainty remains 0verW￿thert debts due at the yearend will be paKI.The ossumptions made ￿gardIng our c(xmmercial tenants impact a numberof areas in these financial ststements, inclLhJing inccffie recogni5ed. impairmentof debtOf5, and accnRd and deferred income balances. Management have made an assessment based on tlir knowledge, relationship with the tenant and information available tothem at the time of p￿paring these finarKial ststement& 58 St John's Foundation Est. 1174

St John's Foundation Est. 1174 Year ended 31 December 2021 Notes to the Finanoal Statements L Cornparat￿ Consolidated tement of Financial Acimt Total UnreStr￿ted RestrKted Endowment fund fvnds fund 2020 Inwme and endowments from: Charitable actiwties Investment income Other tradingactmties Donations and legacies Transfer to income Total income 856 ll9 856 4.080 211 49 3955 211 31 4578 5.79S 14,5781 16231 24 SJ96 Expenditure.. Expenditure on charitable artmties.. Residential care & support.. Funding and impact Communityoutrèath Total expendi(ure on charitable att￿t￿5 1.735 I￿29 290 114 I￿50 1,987 292 3?54 61 114 4J29 Cost ol raising funds Other expenditure 1262 141 212 1,474 141 Total expendfture 5357 61 326 5.744 Net Income I le¥pend￿Yre> before In￿Stment (1055es11 gakns 438 1371 19491 15481 Net gains /110ssesl on InNstments Net income Transfers between funds Net Income and net mobtment In funds 12681 170 19,8951 IIOB441 110,1631 110.7111 1371 170 1371 owi 110.7lll Re¢tsn¢lllatign Of fvnds: Total funds brought forward Total fvnds carrRd forward 5586 5.756 io 1271 115,366 104522 120.962 ILO2S1 59 St John's Foundation Est. 1174

St John's Foundation Est. 1174 Year ended 31 December2021 Notes to the Financial Statements 2. In¢ome 2a. In¥e5trnent income Permanent endowment lund Consolkdated UnrestrKted Restritted fund fvnd 20 2020 £YJoo Commercial in%tstment propert￿$ Residential investment properties Property In¥estment Income Interest received on soaal In￿trnent Listed investment5 Interest on cash deposits Non-property investment income 2233 T59 2￿2 2233 759 2992 2.458 737 3J95 1,022 1,029 875 IP35 88S Total 4P20 4027 4M80 2b. Government grants Included within donation5 and legacies 15 £IPC4)12020.. £26.0001 in respert olg0￿rnment grant5. Thi5 wa5 an Infection Control grant, recehied from Bath & North East ￿)merset Council, to coltr additional staff cost incurred as a result ol CovKI-19 restrictions prohibiting thè movemènt ol staff across sites. The 8foup also benèfited from business rates relief in 2021. 3.Total expendttur• on Char￿able artMtI&s Restated 2020 £￿00 aff Costs Depreu•tknn Other Costs 20 Older adults serwces Fundingand impact 979 406 152 852 1.923 1,983 2340 1050 1,988 Total 163 2.775 4323 4J29 4.Total cost of raisingfvnd5 ff costs Depreoatvn Othercosts 20 2020 £YJoo Property investment management costs Other investment rnanagernent costs 527 24 981 133 1,532 133 1391 83 Total 527 24 lJ14 4474 60 St John's Foundation Est. 1174

St John's Foundation Est. 1174 Year ended 31 December 2021 Notes to the Finanoal Statements 5. Qtherexpenditure aff costs DepTe(iatKJn other￿Sts 2021 2020 Trading expenditure 343 141 Total 50 343 396 141 6. Governance costs The charity identifies the costs which ￿late to thecharIt￿5 governan￿ hJnct￿O and these are recorded as part ol the total cost5 01 raising funds (see note 41 and expendrture on tharitable #rtM1￿5{See note 31. Go¥ernance costs are detailed as follows.. 20 2020 Auditor lees (including irreCo￿rab1e VAn'. lor audit semces Accountancyand other prolessKJnal seNces Trustee expenses Corporation tax payable bytradin8company 17 19 30 30 These have been split across actiwties: Restated 13 Older adults ser¥￿e5 Funding and impact PropertyoperatKJnal costs li 12 30 30 Auditor fees lor audit seNces as stated above include wreco¥erable VAT and are dependent upon best estimates of accrued costs. In 2021, actual fees Inet of VAn were £1550012020.. £15MKII. 7. Fundln8 and Impa 2021 2020 Indiwdu31 funding Organisational funding Fundlng and impatt departmental costs 359 i.iio 518 1.494 598 2340 1,987 St John's awarded grants to a number of Ind￿ld￿al5 and organsations in lurtheraft￿ of its charitoble attmties. During 2021, a total of 8012020.. 761 new award5 were made to orgaThi5at￿nS. For award5 payable to 1ndN￿Ual5.the rnaxirnum amount payable is usually £150012020". SIS00) over three years. Followingincreases in the cost of liwn& the limit has been increased to £1,800 from l J3nuary2022. 61 St John's Foundation Est. 1174

St John's Foundation Est. 1174 Year ended 31 De￿rnber 2021 Notestothe Fln•nclal Stsiements 7. Fundlng and Impxt {contlnued) R•clpl•nts oforeanlsatlonal fvndln8award&' All organisath)n awards wf(h a combined totsl of £￿,0￿) oro%Er paid in theparto charitable groups as part of the £1,494,(N]O above are shown below. Oryanls•t50ft Brighter Future5 HCRG Care Group HCRG Care Group Roundhill Primary School Castle Primarysthool Bath Recreation Limf(ed St Michaels Junior khool B&NES Counal St Martin's Garden Primaryschool Trading with Schools- Bristol Citycounul Developing Health & Independence Twerton Infants Sch901 St Keyna Prlmary School 8&NES Counal 3SG Fareshare South West S4RS4S CitizensAdvice We Hear You Horseworld Trust Bright Start Childrens Centre St Mary's Primaryschool Writhlington Bath Rugby FoundatK)n Mercy In Action Bath City FC Community Sports Foundation Bluebell Care Trust White Rose Math5 Designability Citizen5Advi¢e Ruth Miskin The Nest Projert VOICES B&NES Coundl St Mary's Primaryschool Writhlington B&NES Counal Twerton Infants Sthool Bluebell Care Trust St Michae15 Junior School St Martin's Garden Primarysthool Castle Primaryschogl Roundhill Prirnary School St Ke￿a Prirnary School HCRG Care Group Bath City FC Community Sports Foundation The Nest Project Prole¢t PEP Emotional & Behaviour31 Support Language for Life Pilot PEP Oracy &Jpport Roundhill Readingand Writing ￿pport Castlè Primaryschool Readin¥and WritlA8 Support GlasshouseActMty Club St Michael's Readingand Writing &Jpport Language for Lrfe Pilot St Martin's Garden Readingand Wrrting ￿PpOrt PEP Reading and Writing Support Resoltst to &op the ￿olen￿120l9-2o22I Twerton Infants Reading and Writing Support St Keyna Readingand Writin8 &Jpport Health Improvement OFfKer- Food Poverty 3SG Core Funding No Child Should Go Hungry in 8&NES 2021-2022 Jpport for Survi¥ors of Rape and Sexual Abuse Debt Caseworkers Talking 8ollocksl Discobery Trauma Counsel1￿8- PEWP St Marls Writhlington Readln8and Wrr(In8 Support Raisingthe Game Secondary Combined smaller awards forother projects <£15k Bath City FC FoUndat￿n Proiert Manager Mum'scomfort Zone. PEWP PEP Numerwsupport De5ignabilityWorkshop ReiocatKJn and E¥pansioTr Jsine55 o￿lOPMent. Fundraisingand Marketing PEP Reading and Wrr(ing Support The Ntst Proiert Combined smaller awards for other proierts <£lSk Children and Young People's Network Combined smaller awards for other projects <£15k Combined smaller awards for other projetts <£lSk Combined smaller awards for other proprts <£15k Combinetl smaller awards for other proprts <£15k Combined smaller awards for other proierts <£lSk Combined smaller awards for other proprts <£1Sk Combined smaller awards for other projects <£15k Combined smaller awards for other proprts <£15k Cornbined smaller awards for other projerts <£1Sk Combined smaller awards for other proprts <£15k Combined smaller awards for other projects <£15k Combined smaller awards for other proietts <£15k Amount (£1 230.076 78.041 72.179 60,100 57.000 so￿00 47￿00 42,981 41.600 39,000 38,762 38,100 37,100 36548 30￿33 30,000 30￿00 30.000 30￿00 25￿00 24,752 22580 21,733 21280 20,425 20￿75 20,000 20POO 20,000 19,440 19.400 16,625 16.494 IS￿02 10.129 8,450 8250 8,000 7.467 7,450 7,450 7.450 3300 2.750 1?45 62 St John's Foundation Est. 1174

St John's Foundation Est. 1174 Year ended 31 December 2021 Notestothe Flnanclal Ststements 8. Staff costsand remuneratlon of kejf mana8emént pusonnei Wages and Salaries Social securitycosts Pension costs Othèr èmployee beneffts Redundancy costs Agency staff £osis 1,724 156 20 172 17 61 1,996 2J42 Redundancy costs were payable to staff whoseiobswere made redundant as part of their final salary received from the charity. All amount5 had been lully paid bythe balance sheet date. Costs are recogni5ed when there is an obligatb)n to make the redundancy payment. The average number ofperson5 emplo￿ bythe Group duringthejtar and the priorjtar w number number Older Adults ServKes Fundlng& Impact Management,Administration & Other 22 26 48 29 56 Due to the restru¢turing ol serkn in 2021,the 2020 CoMparat￿t$ habe been amended to refiert the new seN¢e headlngs The nurnber 91 ernplo)w whose emoluments were in exce55 01£60.1))O perannum. excluding pensK¢n cost5 and emplgyer's NIC,fell wlthln the followSng bands.. 2020 number number £70.001- £80.OC £80,001- £90,OC £90,001- £100,0 £ioo.ooi- £iio.000 St John's consKlers its key managernent personnel to comprise the directors of the Trustee and the executNt team. The employer pension contributions made in respett ol key management personnel to thedefined contribut¥)n scheme amounted to £28,00012Q20.. £32,000). No enhanced or 5peck?I terms apply and there are no addit￿TraI penS￿n arrangements for these employees. The total employment benefits, including emplo)er pens¥)n and natKJnal insurance coniributw)ns ol the keymanagement personnel were £345,0001202Q.. £430,000). 63 St John's Foundation Est. 1174

St John's Foundation Est. 1174 Year ended 31 December 2021 Notestothe Flnanclal Ststements 9. Related partytransxtlons andtrUSte￿ Éynses and reMunern￿Oft Transxtlons b•twwn th•Charfty andth•Tradln8Subsldl Rent of £97500 was charged bythe Charity in 2021 for St Catherine's Hospr(al.the Trading Companls site oloperations12020.. £97,778). A150, costs relating to St Catherlne's Hospital (such as insurance. utilitie5and repair51 were recharged to the Trading Company at cost.This amounted to £18325 in 202112020.. Q22291. A lease In￿nt￿e of £33,763 was granted bythe Chartyin 2021for House of St John& the Tra¢Jing Compan¥s newventure12020'. £01. A150. COSt5 relating to House of St Johns Isuth as insurance. utilities and repaits. rechargeof staff tirnel were Techarged to the Trading Companyat cost.This amounted to £77￿5 in 202112020: £01, ofwhKh E35,71712020.. £0) was due at the balance sheet date. The CharityinvoKed the Trading Company for managefflent fees of £452812020.. £4,050) in the year, of whKh £125812020.. £4￿50) was due at the balance sheet date. Finally.a loan was promded bythe Charityto the Tfadin8Company (see note 151. Durin8 2021, all the directors of the Trustee continued to gNe their tine and experti5ewithout anyform of remuneration or other benefit in cash or kind12020.. £nill. Expen5e5 paid to the dirertors of the Trustee in 2021 ttstalled £43412020: £1301. Thestexpenses We￿ paid to one dire¢tor12020: two directors) for travel and subsistence. Finally,the Chartyinojfred cateringcosts forfarewell dinners. lunches prior to Board meetings, and selettion panels of £012020.. £8361. Trustee indernnf(y insurance was purthased bythe charityon behalf of the Trustee. The sum insured was £5m In both 2020 and 2021. The cost of thè policywas £4￿05(2020.. £3.6961. 0thartransK￿ons vAth r•iat•d part1•5 •r•summ4wlsqd •sfoll(¥ Payments m•d• 20U Rel•tod party N•lur• ol rthonshlp 2020 Developing Health and Independen¢e Bath Business Improvement OistrKt The Path Rugbycomrnunity Foundath)n Holy Trinity Church (Combe Downl Curo Twerton Infant School Mulberry Park Communty Benefft ￿¢￿ty Mrs S Davies Li a Trustee Mr D Hobdey s a Directorand Chalr Mrs L Har¥Wi5 a Trustee Mr D Purdon is a Trustee Mrs H F eosnell is a Dirertor Mr D Hobdey is a Go%trnor Mrs H F 8tssnell ts a Oirrftor 39137 6,181 35145 160 80￿82 7￿00 6J81 21,733 11,730 46550 In addition io the iransattK)ns presented above. £0 was feceNed Irom ihe May)r ol Bath's Relief Fund in thesar12020.. £6751 in respert of repayment5 for awards which were initiallypaid from the Charity in error.All the Charit￿5 Trustees are a150 TrtJstee5 of the Mayor ol Bath's Relief Fund. All transactionswere executed in the nomal eoutse tsl business. Durlng the year. Mr D Hobdey (CEO ofthe Charltyl was granted a short-term Ikence to ocojpy Flat l of Chandos House, at market rent of £950 per rngnth. The market rent wa5 in line wrth an independent lettingageTht's valuatKJn. The property was vacant and still being marketed during this period, wr(h the li￿nce to occupybeing granted under the conditN)n viewings would continue to be carried out, and notKe would be gi¥en if a buyer was found. Total income of £157512020.. £0) was receNed from this tenancy, of which £1,13712020- £0) was due at the balance sheet date.The licenceto occupy lasted 50 days and Mr Hobdey mo%ed out shortlyafter ￿arend. Duringthe year.the partner of the son of a dose familyfn.end of Mr D Hobdey ICEOof the Charrtyl moved into a flat wrthin the investment portofiio. This was part of the normal course ol business.. the letting being managed by local estate agents who advertised the flat on the open market and advised on markei rent and ihe suitabilityof tenants. There were no transartions with the Trustee or other related parties during the)Ear, otherthan those di5d05ed above12020: none). No balan￿$ were outstanding to or from related parties at thesearnd (2020.. none). St John's Foundation Est. 1174

StJohn's Foundation Est 1174 Yearended 31 December2021 Notestothe Finanaal Statements 10. Intangiblèassets Consolldated and tharity c¢￿$0ildated 2021 £'ooo Charfty 2021 £'crf)o Cost At l January 2021 Addition5 Disposals At 31 December2021 80 43 123 102 knumulated amortisation At l January 2021 Charge Eliminated on disposal At 31 December 2021 21 20 69 Net bc¢J(value Al 31 December 2021 At 31 December2020 54 32 32 65 St John's Foundation Est. 1174

StJohn's Foundation Est 1174 Yearended 31 December2021 Notestothe Finanaal Statements ll.Tangibleassets- freeknld property Consolidated Clty ontre Ccffibe pa￿ Operatlonal almslwxses almshrxtse properties £'ocM) Magdalen chapel £'o Total £.￿0 C05tfvaluatic At l January 2021 Additions Disposals At 31 December2021 8,925 3,749 2.884 740 16.298 14 8.925 3,749 2,891 747 16,312 knumulated depreaation At l January 2021 Charge fortheyear At 31 December 2021 3075 5S 259 37 160 29 51 4,345 128 3.930 296 189 58 4,473 Net bcd(value At 31 December 2021 At 31 December2020 4,995 5,050 3,453 3,490 2.702 2,724 689 11,839 11,953 689 Chadty Clty ontre Combe Park Operatl¢)nal a1ms1KA￿eS almshrA￿e Proper￿eS £'ocM) Magdalen chapel £'oc Total £'ooo C05tfvaluation At l January 2021 Addition5 Disposals At 31 December2021 8,936 3,749 2.884 740 16,309 14 8.936 3,749 2.891 747 16,323 knumulated depredation At l January 2021 Charge fortheyear At 31 December 2021 3075 55 3.930 259 37 296 160 29 189 51 4,345 128 4,473 58 Net bcd(value At 31 December 2021 At 31 December2020 3,453 3,490 2,702 2,724 689 11,850 11,964 5,061 689 66 St John's Foundation Est. 1174

StJohn's Foundation Est 1174 Yearended 31 December2021 Notestothe Finanaal Statements 12. Othertsngiblefixed assets Consolidated offi￿ FIxtU￿and ccl))p￿er equpment fittings systems £'ocM) Motcf vehide5 Total £'o £.￿0 C05t At l January 2021 Additions Disposals At 31 December 2021 P£cumulated depredatlon At l January 2021 Charge fort￿year Eliminated on disposal At 31 December2021 Net bc(4(value At 31 December 2021 At 31 December2020 28 456 17 513 214 26 28 43 715 22 362 33 12 42 28 395 438 249 277 94 105 Charfty offi￿ FSxturesand knputer eq￿pMeftt fittin8S systems £'OL Mottyvehldes Total £'OL £'ooo Cc6t At l January 2021 Additions Disposals At 31 December2021 kcumulated depredatlon At l January 2021 Charge fortheyear Eliminated on disposal At 31 December 2021 Net bc(&value At 31 December 2021 28 456 17 io 12 513 io 28 456 27 511 22 362 28 392 14 434 At 31 December 2020 105 67 St John's Foundation Est. 1174

St John's Foundation Est. 1174 Year ended 31 December 2021 Notsstothe FlnanclalSt8tements l& Flnanclaland prt*pertylnveslments Consolldated Ll#ed property Investsnents Totsl Mart(etvalue at l January 2021 Additionsto investments atcost Disposal Pr￿eedS IL055esl /gains Movement in cash ￿ld by brokers for investment 67.675 37.876 13 J37 17.2821 4.941 IOS,SSI 14,183 17.2821 6,595 1,654 139 139 Marketv•lu•at31 D•c•mber2021 70,175 49,011 119,186 All investments are carried at the1rfairva1￿. Investments in equities and fixed interest securities a￿ all traded M publicmarkets. The fair valueforquoted investments isthe market value. usingthe bid price. Thecharity'scommeroal investment propertieswere re-valued by Jones Lang Lasalle Limited. C￿rtered ￿NeY0r$. and its ￿sidential investment properties by Philip Jennings. Chartered SuNey(¥s. on the basisoldiscounted cashflow at31 December2021. Social investments alsofom part ofthe charity's investmentslnote 141. Choflty Tndlni Invesl subsldlary propeity Investh)ents Totsl marketVal￿ at l January 2021 Plditionsto investments atcost Disposal pr(xeeds (Losses) Igains Movement in cash held by br(&ers for investment 67.675 37,876 13337 17,2821 4,941 105,601 14,183 17,2851 6,598 1.657 139 139 Marketvaiueat31 December2 50 70,175 49,011 119,236 68 St John's Foundation Est. 1174

StJohn's Foundation Est 1174 Yearended 31 December2021 Notestothe Finanaal Statements 13. Finanoal and property investments lo￿tinued) The charity ownstheentiresharec3Pital of StJ(thn's HospitalTr3dingCompany Ltd, a company incorporated in England and W31es- cijmpany registration nurnber08632453. The sharecapital of St John's H05Pital Tradingcompany Ltd comprise550.OOOordinary sharesof £1, which are all wholly owned by thecharity- Thè prinopal3ctivity ofst John'SHi￿pItal TradingC(xnpany Ltd is to manage serVi￿d apartmentsand Pr￿Ure serviceson behalfofst. Jth'sFwndation Est. ll74. 2021 £'OLX) 2020 £,￿)0 Trtradlng resUltsclt￿sub$ld1ary We￿85￿11(￿￿' Turn￿er Cost ofsales Gross profit Administrative epens Operational expenses Other income Operatlngllossllprofit Interest payable ILc6sllprdlt befttetsx Taxation IL¢xsllprdltaftertax 403 208 403 1741 14621 208 1141 12351 25 1161 11331 I￿4) 1161 134 Theaggregatedtheassets, Ilabilitiesand knds4sat310￿MberWaS. 2021 £'ooo 370 453 83 2020 £,￿0 219 168 51 Total assets SharePdoe￿, fi￿d5 14. S￿131 Investments Consolldated dwrSty 2021 £'ooo 2020 £'ooo Mixed motive investments.. Receivable in more than ￿)eyear Receivable in less than oneyear 99 133 32 131 163 The mixed motive investment above Tepresentstwoconcessionary loans loa single partydrawn down togethercfi 28thOctober2015, secured by a legal ch3rge overfreelK)Id property and charged interest at a rateof4%. Attheyearend therewere noamryjntscunmitted but undr3wn12020.. nill,and noamountsthat had been approved subjerttothe agreement ofterms12020-. nill. 69 St John's Foundation Est. 1174

StJohn's Foundation Est 1174 Yearended 31 December2021 Notestothe Finanaal Statements 15. Debtors 2021 £'ooo 2020 £,￿)0 Consolidated Trade debtors Prepayments and accrued income Taxation and social security Otherdebtors 462 482 203 3,955 17 957 4,177 Charity Trade debtors Prepayments and accrued incorne Taxation and soaalsecurity Otherdebtors Am￿nts Lwied by subsidiary 454 481 142 3,955 14 200 1,139 125 Included within consolidated prepayments and ac(rL￿d incomeare lease in￿ntiVe adjustmentsof£174,00012020: £274,000), ofwhich £159,000 are due in more than ￿e yearl2020- £243.¢XJOI. Vlithin amwnt504ved by tI￿subSIdiary is £200,000 ofa loan and £1,000 of interest accruingagainst this. The loan agreement wasentered on an arms length basis at a market rate olinterest14.296 above basel and the Charity has taken a charge overiheassetsofttrtradingc¢)mpany assecurity. Tl loan agreement provides for up to £480,000 to be drawdown on loan which is repayable in equal instalments ￿ler8 years frc¥n September 2022. Attheyearend £180.000 olthe loan was due in more than one year. Alsoinduded within amtxjntsowed tosubsidiary are p￿PoYMents and accrued income of £151,00012020'. £70.000 reclassified from prepaymentsand accrued income). Offsettingtrade debtorsisa bad debt Provisic￿ of £217,00012020'. £157,000). 70 St John's Foundation Est. 1174

StJohn's Foundation Est 1174 Yearended 31 December2021 Notestothe Finanaal Statements 16a.Creditor& amcyjntsfallingdue within cffleyear 2021 £'ooo 2.607 204 317 972 43 57 4,200 2020 £,￿)0 1.015 518 198 488 46 65 2,330 Consolldated Bank overdrafts Loans repayable upon demand Trade creditors crualsand deferred incryne Taxation and soclal security Othercre<Jitors Charlty Bank overdrafts Loans repayable upon demand Trade creditors Actruals and deferred inccffie Taxation and social security Othercredilors £'ooo 2,607 204 238 800 71 57 3,977 £,￿0 1,015 518 161 483 46 65 2,288 The bank overdrafts are seeured againstassets ofthe Charity. The loans repayable cffj demand areamount5due tolifetime leasehold tenants fortheir leases which is repayable when properties arevacated. Included within othercreditors is £16,00012020'. £ll.0c￿lI representing the amount held as agentfora small unincorporated voluntary organisation called Bath Woman's Fvnd forwhich St John's Fow)datiort hasagreed toadministerftjndsantl act as an agent. Noother amountswere received or paid c*rt in the year in relation tothisfijnd. 71 St John's Foundation Est. 1174

St John's Foundation Est. 1174 Year ended 31 December 2021 Notsstothe FlnanclalSt8tements 16a. CredIto￿. amountsfalllngduewlthln oney&r{contlnued) Deferred income mcwement.. Charlty Group Balance at l January 2021 AM￿$nt released in theyear Amount deferred in theyear Balan￿ at 31 De￿Mber2o21 145 11,3091 1,631 467 145 11.3091 1,631 467 Deferretl Income is matle up clrental Income receivetl In advan￿￿thea(c(wntyngPeric￿l towhithit relates. 16b. CrodIto￿•m0untst•l1InldU••fterM0rnthIn oneyw 2020 Consolldated andcharfty Loans repayable upon demand 72 St John's Foundation Est. 1174

St John's Foundation Est. 1174 Year ended 31 December 2021 Notes to the Financial Statements 17a. Invested endowmentfund The permanent invested endowmentfund represents thefund5 01 the charityderived from gifts and legacies received since its foundation. It is to be held and maintained in perpetuity. Investment income and su￿1￿$e$0rdeI1Clts arisingon the sale or revaluation ol investment properties and investments a￿ transferred to the pem)anentendowmentfund. Expenses incurred in the administration or protecbon of theendowment in¥estrnents a￿ charged to the fund. From 1st January2013, theTrustee has adopted the use of total retum xcountsngin relation to its investment Totsl ￿￿Jrn in¥e5tment The investment po￿trOl total retum wasgrnnted bytheChJrityCommission on 25th Septembei2012. The power pemiits the Twstee to invest pemianentendowments to maximise total ￿turn and to make available an appropriate porbon of the total return forexpenditure each year. Until this p0￿Er i5exercised in full, that portion ol the totsl retum ¥thich is in excess ol the amount ￿qUIred to preseNe thevalue of the permanent endowment. shall be an'unapplied total ￿turn. and remaln as partol the pem)anentendowmenL The TnJstee has used the indèxed values ofthe pemanent endowment at 1st January 1995 to rèpresentthe'prèsèNed value, of thèoriwnal wfL Underspecific powers in the governing Scheme, the Trustee monitors the inve5trnent performance in tems ol maintainingthe purchasingpowerof thecore endowment against inllatson. whileenablingthe charity to commit to a long-iem spending rate 01446 of the three-￿araVe{a8eV31Ueol ihe pemianentendowment. The amounts set a5 openingunapplied retum, togetherwth the amountallocated to income in theyearlrom the unapplied total return, and the amountol unapplied total retum allocated to capital in the reporting period lin orderto maintain the real value ol the original gift) are disclosed bèlow. 73 St John's Foundation Est. 1174

St John's Foundation Est. 1174 Year ended 31 December 2021 Notesto the Nnan¢Sal Statements 17a. Invested endowmentfund (continued) Consobdthd endowment ikn•ppliul fund totsl return Tot•1 Atl j￿¥¥ry 2Q20 42,545 70.883 113,428 Movements Inthe reportkni pwk¥d: Investment income Realised and un￿alised gains Less.. property operational and inw&stmentmanagement¢osts Totjl return forthe ye•r Unapplied totsl ￿turn allocated to inctsme Transferto un￿StriCted fundsto reflect 2017 8ains 3.955 19.8691 12121 16,1261 14.5781 Isioi 3.955 19.8691 12121 16,1261 14.5781 510 111.2141 110,7041 At l j￿¥*ry 2Q21 43,055 59.669 102,724 m0￿M•Thts Inth• r•portkni pthlod: Investment income Realised and Un￿alISed losses Less.. propetyoperattonal and in¥e5tmentmanagement Costs Total return lorthe year Unapplied total retum allocated to income CPI uplift 4.020 6,578 12971 10,301 12,7621 12.3251 5.214 4,020 6,578 12971 10,301 12,7621 2,32S 2,325 7,539 At 31 D•¢•mb¢r2021 45,380 64,883 110,263 The above flguresexclude the functSonalendovmRnthJnd (note 17bl and the Roxburgh endovmentfund Inote 181. 74 St John's Foundation Est. 1174

St John's Foundation Est. 1174 Year ended 31 December 2021 Notesto the Nnan¢Sal Statements 17a. Invested endowmentfund (continued) ChwTty endowment ikn•ppliul fund totsl return Tot•1 Atl j￿¥¥ry 2Q20 42,545 70.858 113,403 Movements Inthe reportkni pwk¥d: Investment income Realised and un￿alised gains Less.. property operational and inw&stmentmanagement¢osts Totjl return forthe ye•r Unapplied total ￿turn allocated to income 4.053 19.8691 12121 16,0281 14,5781 Isioi 111.1161 110.6061 4.053 19.8691 12121 16,0281 14,5781 sio 510 At l j￿¥*ry 2Q21 43,055 59.742 102,797 m0￿M•Thts Inth• r•portkni pthlod: Investment income Realised and Un￿alISed losses Less.. propetyoperattonal and in¥e5tmentmanagement Costs Total return lorthe year Unapplied total retum allocated to income CPI uplift 4.152 6,578 12971 10,433 12,7621 12.3251 S,346 4,152 6,578 12971 10,433 12,7621 2,32S 2,325 7,671 At 31 D•¢•mb¢r2021 45,380 65,088 110,468 The above flguresexclude the functSonalendovmRnthJnd (note 17bl and the Roxburgh endovmentfund Inote 181. 75 St John's Foundation Est. 1174

St John's Foundation Est. 1174 Year ended 31 December 2021 Notes to the Financial Statements 17b. FunctSonalendowmentfund The functional endowmentis that partof the endowmentwhich is held loroperational, ratherthan investmentpurpose5, and is therefore not included in totsl retum calculations. Theassets which make up the lunctional endowment are those which were almshouses at the time the 2012 Scheme was approved (Chapel House. Fitzjocelyn l John Wood House. Rosenberg House. Chandos House, Combe Parkl. and Magdalen Chapel. Thefunctional endowment also indudes £1.925m12020.. £1.925ml set aside forfuture almshouse prow$ion undeithe2017 ￿eme when thèchange ofuse of Chandos and Stcatherine's was approved. Charfty&Consolldatsd 20 2020 Balance broughtfowward 12.520 11141 14 12,634 11141 Transfers Balancecarrled lO￿a 12,420 12,520 18. R0xbu￿h endowTnentfund Consolidated and charfty 20 2020 Balance brou8htfoMard Valuation gainsl Ilossesl 123 17 149 1261 Balancecarrfed lo￿a 140 123 The Roxburgh perrnanent end0￿entfUnd ha5 been shown separntelyin these notes as. unlike the rest ol the charity'5 endowed funds, the income from this fund has a restricted purpose.. to ptowde relief lorsingle woman overthe age of SO in the Bath area. 19. Desl8nated fund Extrordinaryrepalts fund 20 £'ooo 21)20 Consolldated and chadty Balance brought I0￿8[d Investment rnènagementCOSt Unrealised gain / Ilossl on revaluation Transfers Balancecarried forwa 826 1351 17891 The fund was set up to ensure that rnonie5 are availableto coverunplanned repair5to the almshou5e5. in instances where no otherfunds are awdilable. Upon remew, the Trustee5deuded to ￿lease1he￿eslgnated fund in 2020. 76 St John's Foundation Est. 1174

St John's Foundation Est. 1174 Year ended 31 December 2021 Notes to the Financial Statements 20. un￿strIcted fund The unrestricted fund is the ￿tsined annual surplus of in¥estmentincorne overthedeliciton the provision ol almshouse accommodation, the cost ol grants and communityoutreach actimties. gjrpluses are available atthediscretion of the Trustee lor maintenance ol the pemianent endowmentand otherpurposes to achieve the charitableobjectives of the charity. 2021 £'ooo 2020 COn￿lI￿ated Realised and Un￿alISed Ilosse51 Igains Operating result Totsl return transfèr from pemwneni endowment fund Transferoldesignated fund Transferof functionallyendo*d asset additions 12331 14,1381 14.6981 2.762 4,578 789 1141 Net movèmènt in the year 11.9501 996 Balance brought lOn￿ard 8aianceurried lo￿ard 5,586 3,636 4,590 5,586 Charlty Realised and unrealised11ossesl Igains Operating result Total return transfer from permanent endowment fund Transferoldesignated fund Transferof functionallyendob%d assei addition$ 12331 14,2191 14,6981 2.762 4,578 1141 Net movernent in the year 11,9501 914 Bal3Th￿ brought lO￿ard 8aianc•carrSedfobward 5,52S 3.575 4,611 5,525 77 St John's Foundation Est. 1174

St John's Foundation Est. 1174 Year ended 31 December 2021 Notes to the Financial Statements 21. Restrlcted funds Consolidated and chatity l•s•t 31 December20211 JosWI Ilatthews Fotshdlon Roxbur Feedini lThfe(tion itslm CMtrol Fuhd Total Balance brought forward Income Expenditure 8aianc•urrS•dfobward io io 50 181 52 40 12 Consolldated and charlty las•t 31 D•c•mber20201 J•s•ph M•tth•ws Fouhdlom Roxbur F••dl Orftslm CMtrol Futhd ToL•I Balance brought lO￿ard Income Expenditurè 8aiancè£arrSÈdforward 47 18 1181 24 1611 io 1381 io Joseph Matth•ws Foundatlon A restricted legawwas pro￿ded to thecharityto supportst John's in ¢ommunityOUtreach actiwtiesforthose in Bath over 75yeats ofagè. 22. Trdnsfers Endowment Unrnstrlct• fund d fund Transferol unapplied totsl return to incomt Transferol lunctionallyendowed asset additsons to relevantlund 12,7621 14 2,762 78 St John's Foundation Est. 1174

StJohn's Foundation ESL 1174 Yearended 31 December2021 Notestothe Financoal Statements Analysls ofnÉt assets bthÉen funds InveAed Fun¢tion•l Roxby endowment endowment eDdowrnent frjnd fund nd Con501idated A•51ric¢•d Dwl8llat¢d frJAd nd Unrestricted fvnd Total As at 31 Decernber2021 £￿00 £'ooo £￿00 £'ooo £'ooo £￿00 Tangiblefixed assets Intangiblelixed assets Investments Social investments Cash and bank balances Other curreni assets and 10,495 12,116 110.132 140 8,915 119.186 131 105 11.87¥ 15,0811 15,0811 110.263 12,420 140 3,636 126,Sll Inv•s¢•d Fuh<tlon dowment •ndowffl•n¢ •ndvwmffit lund Consolld•ted A•strl<t•d Dwl8nat•d fvnd nd Unr•strlct•d fund Totil As at 31 Decernber2020 £￿00 £￿00 £￿00 É'ooo £'ooo £￿00 Tangiblelixed assets Intan8iblèlixed assets Investments Social investment5 Cash and bank balances Other current assets and IiS95 12,058 32 105,551 163 3.168 102,5&J 163 io 110) iioi 102,723 12,520 123 io 120,%2 79 St John's Foundation Est. 1174

StJohn's Foundation ESL 1174 Yearended 31 December2021 Notestothe Financlal Statements 24. Charftableand tapltal commitments Capital expenditurecornmitrnents.. 2021 £Y*oo 1,925 2020 £'ooo Legal commitment to build alm5house5 l Qu￿￿ Square 12112a Old Prt)nd Stree 281 144 2.3￿) 1,925 Thelegal commitment with thecharity Commission to build almshouses Is also rellecied in thefunctional endowment fund Inote17bl. Thecharityacts as lessorlor its commercial and residÉYbtial inveStm￿t propffty portfolios and is contractuallyentitled to rec8ve lutureincome. Thefutureminimurn lea5epayments under non<ancellableopvating lease5 expectgj to be recwved bythecharityand Group aredueas follows.. 2021 £￿00 1,791 5.139 11,C97 2020 £'ooo 1,%6 5,377 11.824 Within oneyear Between oneand liveyears After fiveyears Thecharity lèases parking spaces for staff using the head officè. Thetuture minimum lèasèpayments under non<anceilable operating lease5 bythe charityand Grouparedueas follows: 2011 £￿00 2020 £'ooo 32 io Within oneyear Between oneand fiveyear5 73 At theyear end thecharity had thelollowing conditionalgrant-maknngcommitmwts.. Within oneyear Between oneand fiveyears 1,032 974 2% p￿s1On$ Thecharityopwates a defin￿ contribution schemeforthebentht oliheemployees. During theyear £142,tm (202Q. £158,1￿) was payable into thedefined contribution scheme. The amount dueat theyearwd was £16,(KMJ120Xt. U9,(XX)l. Included within'pen5ion costs, in note8 arepension scheme management fee5 payableol £14,(0)1202fr. £14,(th1. 80 St John's Foundation Est. 1174