**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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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:
- Continuing to enable older adults to live well, courtesy of the Good Living Service Focusing on building communities where every child under 12 is supported to grow into a healthy, happy and educated member of the community Continuing to provide funding for individuals in crisis
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:
- Bath and North East Somerset Council – funding for the role of Public Health Officer in relation to food insecurity.
- Bath and North East Somerset Council – supporting the local authority to carry out bi-annual Health and Wellbeing Surveys across all local primary and secondary schools
- FareShare South West – supplying nutritious food to many affordable food projects run by charities across Bath and North East Somerset
- Oasis Hub – start-up costs for a pantry project in Southdown, co-funded with Feeding Britain Schools – funding to support breakfast club provision for schools accessing our Primary Empowerment Programme
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:**
- Castle Primary School, Keynsham
- Round hill Primary School, Southdown, Bath
- St Keyna Primary School, Keynsham
- St Martin’s Garden Primary School, Odd Down, Bath
- St Mary’s School, Writhlington
- St Michael’s Junior Church School, Twerton, Bath
- Twerton Infants School, Twerton, Bath
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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## **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**
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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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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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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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**St John's Foundation Est. 1174**
## **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.
**----- Start of picture text -----**
80%
60%
40%
60%
20% 40%
0%
Property Shares
**----- End of picture text -----**
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.
**35**
**St John's Foundation Est. 1174**
**----- Start of picture text -----**
INVESTMENT
POLICY
**----- End of picture text -----**
## **A few notes on our Investment Policy:**
- There is no limit on investment in individual assets, but the Investment Committee actively monitors any asset which makes up more than 5% of the value of the portfolio.
- The Investment Policy allows for investment in any type of asset, with the exception of derivatives (unless for the purpose of hedging) and individual investments may be excluded where there is conflict with the Charity’s objectives.
- The Charity can invest in mixed motive and social investments where they align with the Charity’s objects. It currently holds a small social investment representing two concessionary loans to a carer’s centre, the purpose of which aligned to the Charity’s object of assisting those in need. These do not form a material part of the Charity’s charitable or investment activities.
**36**
**St John's Foundation Est. 1174**
## **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:
**37**
**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.
**38**
**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).
**----- Start of picture text -----**
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
**----- End of picture text -----**
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.
**39**
**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.
**40**
**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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41
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.
**42**
**St John's Foundation Est. 1174**
## **STATEMENT OF**
## **TRUSTEE'S RESPONSIBILITIES**
The Trustee is responsible for preparing the Trustee’s Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom).
The law applicable to charities in England and Wales requires the Trustee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and the group and of the incoming resources and application of resources of the Charity and the group for that period.
In preparing these financial statements, the Trustee is required to:
- Select suitable accounting policies and then apply them consistently;
- Observe the methods and principles in the Charities SORP;
- Make judgments and estimates that are reasonable and prudent;
- State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
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:
- give a true and fair view of the state of the group’s and the parent charity’s affairs as at 31 December 2020 and of the group’s incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
**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:
- the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or
- sufficient and proper accounting records have not been kept by the parent charity; or the financial statements are not in agreement with the accounting records and returns; or we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the trustees’ responsibilities statement set out on page 39 the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the group’s and the parent charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
**45**
**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 RICted Endonent
fund
funds
fund
2020
Income and endo¥mientsfrom:
Charitable actI1t1es
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 aCtltIeS-
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 financln8xVlty
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 Inlments
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•alI Sncreu• Sn cath cash •quIvQnts
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 FinaThl Artmtiesl
Depreciation and amortisation char8es
Disposal of operational assets
IGainllLoss on investments
Di¥Adends. interest and rents from in*stments
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
y*r
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 tatment1S reviewed
annually.
Basis of pparatIOn
The financial slalements have been prepared in accrydae with the Ststementof Recommended Practice..
Accounting and Reporting by chare5 preparingtirf1nanc}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 Unincoorated
Charity,. ((s subsidiary is a limited c(xnp8ny. The ftional 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 prepad 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 aVald at closing
market value5. These polKies have been apPld (crstentIY thrvJgF*xrt the current arKI pric*year.
The results fort charity and recc*Kiliation of fundsare in rntes 17 to 25. Charity has also tskenqualifying
exemptiors available to a qualifyirE entity in FRS 102 from the reQuirentto 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 iome of both the d1ct 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$er its expenditure. they do not
considerthatthe pandemK will impactthe Charity's ability to m01n a going C¢YKem. To pffNide ample adNM.
overdraft facilities are in place which covera 3$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 coreM assumptK)n in pParing these finala1 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 wn the dividend
has been declad. Inte$t oncapitsl is cogne when receivable and the amwnt tan be MeasUd reliably. This
15 upon notificatn by ourinve5tment adviscrf5 orthe bank of the dNidend lte$tyld.
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"). AlMShse Iorne
represents fees from Sidents and othersefyKe userirKcthe arKI is credited to the UnStrICted fund.
O¢)nations a1 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 coThJiOn50f 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 meaSUd lIablY.
Ail costs have been directly attsibuted to one of fut*t catego5 of expenditure in SOFA The cost of
raising funds includes investment management costs,for both t[ listed and property investments. Expenditure on
charitable activities iludeS the cost of nJnNngoJr almshyJ5es. outreach services and JraWards programme.
Please also referto the paragraph below gardIng alICnplex finènck41 instrunnI&
Soch31 investrnents
Social investments are in fomi of CoeSS0nary loans tothirtl Part5,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 sub*diary 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 ¢ereI $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 fur*Js
are unrestricted funds Oft charity, which the Trustee ha5deCed at its discretion to set ashle fora specific purpose.
Restricted endowment fuTrJs are subject tospecrfK str15 imposed by the dor*Nofthe irKome orthe Charity
Commission. Furtherexplanation ofeach fu1 held by thecharity 15 corbtald in rb)tes 17-23 dthese fina11
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 M3MIse total retym
and to make available an apPrriate 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 peanent erwjowrrnt at 1st January 1995 to pre5entthe'p5eNed
value, ol the original gift.
FinorKhl instruments
The charity [Y has financial assetsand finarKial 1rab1lrtthètqIty as basK fina ial instruments. BasK fInala1
instruments a initially recognised at trart)n¥all* ar<1 subsequerrtly measuod at amcrtised cosL Financial
assets include the charity'strade arKI otherceable& FinarKK41 liabilit*s itKIe the charity's trade creditors
accNals and other cdItors.
Debtors
Trade, otherdebtors and accrued irKome are togSed atthe settlementamtsjntdue afterary discounts ¢)ffered.
Prepayments are valLEd at the amount prepahl net of ary dOjnts 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 attheirsettlementaMt afterallthvingforany trade dntsdUe.
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 delid 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 yearar*J a rnber tenants still laced financk41 difficulty. The
Charity's staff and agents have been in regularcommunicati¢)n with tenants but uncertainty remains 0verWthert
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 tl*ir knowledge, relationship with the
tenant and information available tothem at the time of pparing 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
UnreStrted 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 attt5
1.735
I29
290
114
I50
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¥pendYre> before InStment (1055es11 gakns
438
1371
19491
15481
Net gains /110ssesl on InN*stments
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 Intrnent
Listed investment5
Interest on cash deposits
Non-property investment income
2233
T59
22
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 olg0rnment 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 Charable 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 otherSts
2021
2020
Trading expenditure
343
141
Total
50
343
396
141
6. Governance costs
The charity identifies the costs which late to thecharIt5 governan hJnctO and these are recorded as part ol the total
cost5 01 raising funds (see note 41 and expendrture on tharitable #rtM15{See note 31. Go¥ernance costs are detailed as
follows..
20
2020
Auditor lees (including irreCorab1e 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 Indldal5 and organsations in lurtheraft of its charitoble attmties. During 2021, a
total of 8012020.. 761 new award5 were made to orgaThi5atnS. For award5 payable to 1ndNUal5.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 Dernber 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 Kea 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 olen120l9-2o22I
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 Counsel18- PEWP
St Marls Writhlington Readln8and Wrr(In8 Support
Raisingthe Game Secondary
Combined smaller awards forother projects <£15k
Bath City FC FoUndatn Proiert Manager
Mum'scomfort Zone. PEWP
PEP Numerwsupport
De5ignabilityWorkshop ReiocatKJn and E¥pansioTr
Jsine55 olOPMent. 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
so00
4700
42,981
41.600
39,000
38,762
38,100
37,100
36548
3033
30,000
3000
30.000
3000
2500
24,752
22580
21,733
21280
20,425
2075
20,000
20POO
20,000
19,440
19.400
16,625
16.494
IS02
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 CoMparatt$ 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 additTraI penSn 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 reMunernOft
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 Innte 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 £775 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..
£450) 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 £405(2020.. £3.6961.
0thartransKons 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
8082
700
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 thes*ar12020.. £6751 in
respert of repayment5 for awards which were initiallypaid from the Charity in error.All the Charit5 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 lince 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 thesear*nd (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
a1ms1KAeS almshrAe PropereS
£'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 FIxtUand ccl))per
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 fortyear
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
eqpMeftt
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 PreedS
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. Crtered 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 lotinued)
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'SHipItal TradingC(xnpany Ltd is to manage serVid
apartmentsand PrUre serviceson behalfofst. Jth'sFwndation Est. ll74.
2021
£'OLX)
2020
£,)0
Tr*tradlng resUltscltsub$ld1ary We8511('
Turner
Cost ofsales
Gross profit
Administrative epen*s
Operational expenses
Other income
Operatlngllossllprofit
Interest payable
ILc6sllprdlt befttetsx
Taxation
IL¢xsllprdltaftertax
403
208
403
1741
14621
208
1141
12351
25
1161
11331
I4)
1161
134
Theaggregatedtheassets, Ilabilitiesand knds4sat310MberWaS.
2021
£'ooo
370
453
83
2020
£,0
219
168
51
Total assets
SharePdoe, fid5
14. S131 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
Amnts Lwied by subsidiary
454
481
142
3,955
14
200
1,139
125
Included within consolidated prepayments and ac(rLd incomeare lease inntiVe adjustmentsof£174,00012020: £274,000), ofwhich
£159,000 are due in more than e yearl2020- £243.¢XJOI. Vlithin amwnt504ved by tIsubSIdiary 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 overiheassetsofttr*tradingc¢)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 pPoYMents 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