111//2 STJOHN'S FOUNDATION EST. 1174 Annual Report And consolidated financial statements for the year ended 31 December 2023. Registered charity 201476 CONTENTS Trustees, annual report Independent auditor's report 43 Consolidated statement of financial activities 47 Consolidated balance sheet 48 Charity balance sheet 49 Consolidated statement ofcashflows 50 Notes to the financial statements 52 St John's Foundation Est. 1174 TRUSTEES, ANNUAL REPORT The Trustees presenttheir 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 fortheyear ended 31 December 2023. This report is prepared in line with the CharitiesAct 2011 and SORP (FRS 102). For850 years, St John's Foundation has been changing people's lives, for good with the Charity's objects being to provide almshouse accommodation and relief to those who are in need by reason of age, ill-health, disability, financial hardship orother disadvantage within Bath and the surrounding area. In 2020. we launched our Foundation Fund to ensure that every child under 12 has the chance to grow up as a healthy. happy. and educated memberof ourcommunity. We work to provide children the supportthey need to lead fulfillin& independent lives beyond school and into older age. We are detennined to narrowthe primary school educational attainment gap, which is particularly acute in our area. This is to ensure that underserved children in the local area can getthe best start in life and we have started to referto this programme as'Best stsrt in Life. rather than the Foundation Fund as we feel it better reflects its ambition. Alongside this, we continue our long-standing work providing older people with housing and outreach services. With older adults now outnumbering younger people in our region, it's more importantthan everthat wefoster an age-friendly community, promoting independent living for longer. Ourcity and the neighbourhoods around it are beautiful and age-old. However, divisions and inequalities are concealed behind the veneerof Bath stone and rural beauty. This is why, through our Crisis Programme, we provide relief forthose who have reached a point of financial crisis in their life and need suppo We are continuously working to address the challenges our community faces, forging connections with like-minded charities and donors fortheir specific knowledge and expertise. as well as their abilityto help implement our initiatives and programmes to support positive social change. Stjohn's Foundatlon Est. 1174 Through our charitsble delivery. we help under-served younger people, mature adults and those in crisis. We believe in helping to shape a much kinder and more caring community, where everybody, irrespective of age or social environment. has the opportunity to thrive and lead fulfilling lives. The Good Living Service Almshouses Almshouses activelywork to create an environment thatempowers residents to make their own choices and live life on their own tenns. With the appropriate support provided by St John's, our residents can maintain their independence for longer, enhancingtheir overall well-being and quality of life. In 2023, 108 residents lived in St John's almshouses. St John's almshouses are more than just a refuge forolder people, they are the basis of a thriving community. that through a variety of mean5, provide support and friendship. Made up of people from a range of backgrounds and walks of life, our residents enjoy each other's company and culture, whilst maintsining and sharingtheirown individuality. The almshouses themselves are a unique tapestry of each resident's personality. Beautifully decorated and representative of the experiences and journeys that our residents have encountered throughouttheir lives, the apartments play a large part in cementing our residents place within our community. whilst helpingthem to feel safe, secure and supported. St John's Foundatlon ESL 1174 Advice Service The advice service offered by the Good Living team encompasses a range of support options, rangingfrom direct help, to signpostingto specialist services. The advice sep4ice offers help with admin tasks such as signing up for, and understanding pension credits and housing benefits, as well as supporting with health needs and ensuring residents can access the right support they need. The serrfice goes furtherthan just our residents and provides the families of people living in our almshouses support and advice when required. The Good Living team take pride in being reactive to the needs of the people we work with and offercreative solution5 for a wealth of situations. The Good Living team recognise that sometimes, when older people's needs change, theirfamilies may not be aware of the best route of support and in response, they ensure that the best advisory serwice is available and can offersupport and reassurance forthose who may be experiencing difficulties as they ortheir relatives age. In 2023. we gave advice and signposting to 293 older adults. Activities The activities programme, run by the Good Living Service aim5 to provide residents from within our almshouse community, and adults over55 in the wider BaNES community, a comprehensive programme of activities designed to enrich wellbeing. build confidence and encourage connections in daily life. The classes offer activities that engage both the body and the mind, whilst bringing together older adults from within the community. The Good Living service ran 71 active leaming classes in 2022. These classes were attended by over 372 older adults from across Bath and North East Somerse( which equated to 7,269 attendances across the year. 49 of our 102 residents attend activities within our programme, Of the 17 different activities we provide, 14 of these are full. Ballet, Pilates and Stitch continue to be our most popular, with the Good Living SeNice providing increased sessions for Pilates and Ballet. Use of our Space Through our provision of space on site, we are currentlysupportingvarious charities in Bath and North East Somerset, offering them use of both The Bubble and Combe Park free of charge. In 2023, 9 charities used our space, with 372 people attendingthese sessions throughoutthe year. These 9 charities include: Bath Mind. Bath Welcomes Refugees, Bath Macular Society, Stillwaters Group, Mencap, Bath Diabetes Group, Alzheimerfs Society, Bath Climate Hub and Rice Clinic. St John's FoundatSon Est. 1174 Ageing Well Bath & North East Somerset Towards the end of 2023. St John's jointly funded the Age Friendly Bath & North East Somerset programme. This collaborative programme with Age UK Bath is designed to drive change in the region to improve the lives of older people. It aims to establish a World Health Organi5ation accredited age friendly community and with this, strengthen compassionate and healthy communities locally. The programme's first aim is to gather intelligence to infonm the Health and Wellbeing board and ensure older people's needs and views are listened to when decisions are made. Aswell as an Ageingwell Forum and a steering group, the programme will also collaborate with the existing Ageingwell Networl facilitsted by Bath and North East Somerset'sThird Sector Group {3SG). The network has so far welcomed 100 participants from 35 organisations supporting older adults. Partnership Working Pets As Therapy (PAT): The Good Living team partnerwith PetsAs Therapy to provide support-animalvisits to our residents. The service supports residents in both their health and wellbeing by providing accessto the companionship of an animal to people who may be sufferingfrom health issues orexperiencing isolation due to circumstances beyond their control. Currently, PAT volunteers visit on a weekly basis. Active Ageing: The team have been working alongside the University of Bath on a bid forfundingfortwo Active Ageing projects. If successful, these projects will enable the universityto workwith our alms-residentsto develop strategies forolder people to live independently for longer. Connecting Generations: Working with Connecting Generations, students from the University of Bath offerfree technology support to our alms-residents. who are encouraged to bring their phones. iPads, laptops and devices for impartial help and advice. This has been a successful endeavourwith residents and students enjoyingthe opportunityto socialise with each other. St John's Foundation ESL 1174 Best start in Life (formerly known as The Foundation Fund) Academic attainment levels have, historically. been lower among children from under-served backgrounds for a variety of complex reasons. The gap between the highest and lowest achieving pupils has been exacerbated over recent years by the pandemic, schools have faced a challenging task to narrow this disparity back down to pre-COVID levels. The impact of the cost-of-living crisis on families has furtherdeepened the complexity of this challenge. Before the pandemic struck, in February 2020, St John's Foundation launched an ambitious ten-yearstrategy and pledge to support under-seNed ChIld￿n through interventions within our Foundation Fund. The aim ofourfvnd is to narrow the attainment gap for Key Stsge 2 children living in Bath and North East Somerset (BaNES) through a broad range of initiatives. This crucial work will bestsupport chIld￿n aged O to 12 and level out the opportunities for them to thrive. Supporting 04 years Early Nurture Service The number of children with mental health concerns across Bath and North East Somerset is increasing year on year. Our Early Nurture Service is tacklingthis growing issue by providing sUPPOrt to nurseries and pre-schools so they can identify and assess children experiencing social. emotional and mentsl health {SEMH) issues. Using an accredited SEMH assessment, children are supported through their early years settings and into primary school. In 2023, we provided support to 146 children across six early years settings through the programme. Additionally. the team conducted training sessions for 16 early years practitioners, empowering them with the skills necessary to effectively support children. Perinatal and Emotlonal Wellbeing Partnershlp Becoming a new parent can be challenging and overwhelming. St John's works alongside local services to care for the mental health of new parents, providing a comprehensive approach to address the emotional wellbeing of those navigating parenthood. Working together with local partners. in 2023 St John's supported 22 new mothers With 90% of them showing considerable improvement in their mental health. St John's Foundation Est. 1174 Language for Lrfe Evidence shows the importance ofspeech and language development in young children, it is fundamental to their ability to learn. As they learn, it is also crucial forchildren to get help to develop their communication skills so they are able to manage their emotions and behaviours. However, under-seNed children often arrive at school with lowerspeech and language ability than their peers, leading to an early language gap. Language for Life is a speech and language programme supporting nursery-age children to improve their communication skills. Every child is assessed and a personalised plan is developed forthose requiring supporL The hope is that more under-served children will begin their school life with the level of speech and language they need for a better chance of fulfilling a successful school experience. At the start of the 202112022 academic year, 84 per cent of children assessed at participating settings were identified as needing extra support, including the majority of chIld￿n in receipt of early years pupil premium (PIPP). By the end of the 202212023 year, this figure reduced tojust 29 per cent. Throughout 2023, 23 early year settings were involved in the pilot programme. Given the success of the programme, Language for Life is now being extended to an additional 45 settings. St John's FoundatSon Est. 1174 Supportlng 4-12 years As part of our ten-year strategy, St John's launched the Primary Empowerment Programme (PEP). The programme provides additional support with readin& writing. mathematics and oracy as well as emotional and behavioural support. The programme supports 1,657 children within seven primary schools in BaNES which, together, teach 40% of the region's most under-served children. Close collaboration with the respective head teachers has helped to shape the programme and direct its focus to where the support would be most beneficial to each school. At the end of the 2022123 school year, the PEP completed its second year and initial data indicates a clear movement towards more children meeting expected academic levels for theiryear group. However, the initiative is notjust about hard figures. The wide range of support offered is making a tangible difference to many pupils, self-confidence and wellbeing, as well as positive knock-on effects this has on their teachers. school communities and parents. Most powerfully, the anecdotal evidence so far has been overwhelmingly positive. Feedback from head teachers often focuses on the difficulty of quantifying the impact of the PEP'S various support streams, as it continuesto be so wide-ranging. One head teacher says that the PEP"has enabled ourschool to proactively support our children in ways which we would have only been able to dream about without this funding., adding: °Children now read more books than two years ago and in KS2 they read on average for seven minutes longer each day. They become fluent readers earlier, are proud of their reading and love talking about it. l also feel that the broad range of consultation and training has helped usto move forward and recover much quickerfollowing the pandemic." Behavioural and emotional support One key focus has been around behavioural and emotional support. In the wake of multiple lockdowns, the additional support for emotional and mental health (SEMH) needs, particularly for children with special e(lucational needs and disabilities (SEND) has been overwhelmingfor many schools, with longwaiting lists to receive any specialist support. As part of the programme, the schools are receiving trainin& guidance and support from specialist providers. Brighter Futures. Funded by St John's, they help to improve learning and wellbeing outcomesforthese children and equip the teachers with the toolsthey need to provide ongoing support. This has in many cases changed schools. approaches and culture in thi5 area, with positive outcomes such as reduced numbers of suspensions. The total cost of the Primary Empowerment Programme in 2023 was £734,046. St John's Foundation ESL 1174 Supportlng children and familie5 Safe places Access to a safe place is a fundamental human right. When we e5tsbli5hed our Foundation Fund in 2020, we recognised that one of the issues families might face would be a shortage of places outside of school hours where they would feel safe and which would contribute to their general well-being. Our definition of a 'Safe Place, is a place where children and their parents can go to engage with each other and have access to activities and supporL Through accessing a safe place children and parents have the opportunity to engage with theircommunity and feel a better sense of connection and belonging. They are often also able to access nutritious food to support their physical wellbeing. In 2023, St John's published a map of all Safe Places across Bath and North East Somerset. The locations vary from sports clubs to community halls and churches with many organising activities for children to get involved with. This includes the Glasshouse Academy which St John's has funded on a five-year agreement (starting 2020) where children can go with the aim of raisingtheir aspiration and opportunities. Other activities on the mapping support older adults and some Safe Places also have kitchens. which means food can be offered. Nutritious Food Everyyoung person has the potential to do well at school. However, a lack of nutritious food can affect brain developmenL Many families whose children attend the seven Primary Empowerment Programme schools struggle financially but are not eligible forfree school meals. St John's funds school meals forchildren who are not entitled to free school meals so they can have a hot lunch each day. With proven links between nutritious food and academic achievement this, in turn, benefits children's brain de¥elopment and their ability to concentrate and learn. As well as supporting children's academic achievements, these measures impactthe wider class and teachers, by reducing disruptive behaviour caused by hunger. The initiative also provides supportto parents who are struggling to feed their families in these economically challenging times by supporting their financial and mental wellbeing. In 2023. St John's provided 49,242 free school meals for 406 children across six schools. st John'5 Foundatlon Est. 1174 Big Education St John's partnered with Bath and North East Somerset Council to embark on a joint project to support schools across the region with the persistent attainment gap. The aim of this project is to improve educational outcomes for under-serwed pupils. Big Education, an organisation with extensive experience in working with education providers to effect change. was successfully appointed as project lead. The venture will see Big Education analyse local needs and data for different approaches adopted by schools across the region. This will help formulate a new strategy to deliverthe best outcomes for under-served pupils across the region. Ajoint report detailing findings on the disadvantage gap in Bath and North East Somerset was published in May 2023. Big Education have subsequently worked with school leaders to research practices under the area5 of parental engagement, behaviour and self-regulation and aspiration. It is hoped that schools will be able to implement new ways of supporting children in these areas. The programme will run until the end of the 2024125 academicyear. with findings being shared with local and national stakeholders. Crisis Programme In 2023, St John's received 490 applications to our Crisis Programme. 332 of these were approved and a total of £203.000 was awarded. Of these applications, 170 supported single people, 115 were to support families who had children underthe age of 12 years old and the remaining47 were forfamilies with children over 12 years old, or couples without dependents. The total number of applications remained below the levels seen priorto the pandemic. largely due to Bath & North-East Somerset Council's Welfare Support Scheme continuingto have a significantly-increased budget from the Government's"Household Support Fund" in response to the cost-of-living crisis. However. the number of applications remained consistentthroughoutthe year with sustained demand for help and the HSF is expected to come to an end in October 2024. St John'5 Foundation Est. 1174 Project funding Debt continues to be a big problem for under-served households in BaNES and nationally and St John's has funded debt advisory services at Citizen'sAdvice Bath & North East Somerset. Since December 2021. the team have worked with local residents to support them with clearing debt and obtaining benefits orother funding, to the value of over £lm. The funding has been agreed for an additional three years, running until 2026. In 2022, funding totalling £30,000 was awarded to Curo's pilot furnished tenancy programme- Cosy Start. This programme has supported 16 households over the two years by providing them with fully furnished properties. Rent arrears amongthese households is currently at 0%, this contrasts with the average of 18% of new universal credit tenancies going into rent arrears. The feedback from the Cosy Stsrt beneficiaries has been extremely positive and plans are in place to expand the programme in 2024. Property and investments When St John's launched its current strategy in February 2020, strategic asset review was undertaken to assess the investment portfolio allocation. This concluded that the Charity should reduce its reliance on property investments. This will enable Stjohn's to re-invest the funds in other classes of investment assets. It will help achieve a more balanced mix of investments and therefore generate the income St John's requires to continue implementing its ambitious programme of charitable activities, as well as maintaining the financial health of the Charity for future generations. In 2023, the Charity sold ten properties worth £11.503m at a profit of £1.191m and continued its programme of marketing selected properties for sale- this process will continue over the next few years. 10 St John's Foundatlon Est. 1174 NSF, FU, Over the six years remaining of its currentten-year strategy, St John's will manage its investments to meet the aims of: . Establishing, in collaboration with others. an age-friendly community across Bath and North East Somerset. This includes maintsining and growing our almshouse accommodation. • Building communities where every child under 12 is supported to grow into a healthy. happy, and educated member of the community, courtesy ofthe Best Start in Life. Providing funding for individuals in crisis, Courtesy of the Crisis Programme. The length of St John's tenure is testament to the Charity's ability to move with the times and continue to deliver a wide range of seNices that address the changing needs of our community. st John's will continue to review the impactof ourcharitable arms and will continue to work with its partners to deliver our aims and shape future work 11 St John's Foundation Est. 1174 Ik ii,. The Trading Company is owned bythe Charity. Revenue is generated bythe Trading Companythrough the letting of seniiced apartments at St Catherine's Hospitsl and the provision of serviced offices and event space at the House of St John's. The Trading Company aims to gift as much of its taxable profits to the Charity as possible. Ultimately, it aims to gift 100% of profits to the Charity although dueto the need to repay set up costs and the time required to grow the business to itsfull potential. such gift aiding of profits is not expected in the next few years. St Catherine's Hospital Comprising 10 one-bedroom apartments, St Catherine's offers a truly tranquil sanctuary in the heart of Bath. Run by our dedicated commercial trading subsidiary, the holiday lets will generate funds that support ourwide range of charitable work across Bath and North East Somerset. People staying at Stcatherine's are not only enjoying a lovely stay in Bath. they are also helping to fund positive change within the local community. IVS a place to stay with a social purpose. 12 St John's Foundatlon Est. 1174 House of St John's In 2019, the charity began an extensive renovation project of their Grade I listed property, l Queen Square. In February 2022, the Trading Company launched the House of St John's, offering a range of private offices, co-working lounges, dedicated desks, meeting rooms, and an event space. After nearly two years of operation, in 2023, the team assessed the space to optimise layout and usage. With a significant portion of offices already sold, the focus shifted to meeting rooms as a key revenue driver, resulting in the repurposing of the first floor tojust meeting rooms and events. Due to high demand, the co-working offering was capped at 40 rnemberships to ensure optimal utilisation of space. Additionally, a more flexible membership model was introduced to accommodate member needs. In September of that year, the dedicated desk capacity was expanded frorn 4 to 6, all of which have been sold. In 2023, the House also introduced a new product, a registered business address. This seNice provides clients with the use of its prestigious Bath address. This additional offering serves as a passive income generatorforthe House. As the House of St John's charity partner, profits will be gifted to St John's and the focus is on developing a sustainable business which will lead to a long-term profit stream. This will take time as set up costs were high and the business has had to adapt to changing markets. However, business plans are in place to deliver the repayment of debts and provide future profits. Stjohn's Foundation Est. 1174 STRUCTURE, GOVERNANCE AND MANAGEMENT Legal structure St John's Foundation Est. 1174 (the Charity) is controlled by a trustee company, St John's Hospitsl Trustee Limited (registration 08188066). The trustee company has a board of unpaid directors. who are effectively the trustees of the Charity. oundati The Charity is an unincorporated Charity registered in England and Wales (reference 201476). It is governed by a Charity Commission Scheme dated 25 September 2012 as amended on 8 February 2017 and by resolution dated 28 September 2017. St John's Hospital Tiading Company Ltd {registration 08632453) is the trading arm of the Charity and is a wholly owned subsidiary. St John's Hospita radingcompan Ltd There is a second subsidiary company, wholly owned by the Charity- St John's Hospital Design and Build Ltd {registration 1523021). This is currently a dormant company. 14 Stjohn's Foundation Est. 1174 GOVERNANCE The Charity Governance Code The Code {published in 2017 and reviewed in 2020) sets out seven principles of good governance, including: Organisational ••• Decision making, risk and control Purpose Leadership Integrity Board effectiveness Equality. diversity and inclusion Openness and accountability 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, well-governed 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. 15 St John'$ Foundatlon Est. 1174 HOW OUR VALUES SUPPORT EFFECTIVE GOVERNANCE TRUST We embrace ourorganisational values of Courage, Kindness and Trust and apply these valuesto everythingwe do and in how we treat one another. The breadth of St John'5 work neces5itstes a diverse workforce and each one of the Trustees and the employees help to make our organisation an uplifting and cohesive place to work. COURAGE We attively encouragethe sharing of ideas and promote continuing personal development. KINDNESS St John's Foundation Est. 1174 16 In line with the Articles of Association of St John's Hospital Trustee Limited I'the Articles,), the Board ofTrustees must compromise between 10 and 14 members. Trustees are each appointed for a term of three years and may be re-appointed to servefor up to nineyears. Decision-making The Board held fourformal meetings and two development days during 2023 to determine strategy, approve financial plans and consider key policies. The Board has delegated authorityfor 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 The Board and the Committees review their perfonnance annually. This is carried out through discussion and has been supported usingsurveys to gain insight into trustee opinions on effectiveness. An appraisal of the Chair is conducted regularly bythe Senior Independent trustee and one was undertaken in 2023. As one of the recommendations arising from the Corporate Govemance Code review, the trustees are considering whether to undertake external evaluations of performance and how individual trustee performance will be reviewed in the future. St John's Foundation Est. 1174 17 COMMITTEES Committee Purpose To assure the Board that there is an adequate system in placeto measure strategic charitable delivery and impact of the organisation. While CDIC'S primary function is a55urance, its purpose a150 includes supporting continuous improvement in the way impact is measured and demonstrated. Charitable Delivery and Impact (CDIC) 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. includingcompliance with all relevant regulations that relate to the Charity's activities. This includes overseeing the accounts and audit process. Audit and Risk Committee (ARC) Investment Committee 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. (INV) Remuneration & Nominations Committee To oversee the trustee appointment process and to ensure that StJohn'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. (REM) 18 St John's Foundation Est. 1174 Committee membership, alongwith a list of professional advisors, is available in the'Legal and administrative information. and 'Advisers section below. The Trustees have delegated day-to4ay management ofthe 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 forthe 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 budgeL 19 St John's Foundation Est. 1174 TRUSTEE RECRUITMENT AND TRAINING The Remuneration and Nominations Committee detenninesthe appointment procedures for new trustees including howthe vacancies will be advertised. This is through social media and an extemal recruitment agency, this ensures the Charity can recruit trustees from diverse professional backgrounds. 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 bythe Board. Once appointed new trustees are provided with training through an induction pack. This includes a trustee handl)ook which is reviewed and updated regularly and shared with all trustees. Furthertraining may be offered where needs are identified. Throughout the year the Charity updates trustees using seminars and briefings. Aformal training schedule was adopted 2022 and opportunities for continued professional development offered on voluntary basis to the Board. In 2023, this continued with trustees feeding back on the skills they wish to focus on developing in future year. A budget exists to pay for trustees to attend individual, and skill based CPD events. 20 StJohn'5 Foundatlon Est. 1174 FUNDRAISING Whilst over recentyears. the Charity did not actively fund raise it did sometimes generate funds from the public through events. The primary purpose ofthese has not been fund- raising but awareness raising. In recognisingthe significant milestone of the Charity's 850th birthday in 2024, it was considered that there may be a wider number of people engaging with St John's who maywish to donate or raise funds forthe Charity. Therefore, a fundraising page was set up on the Charity's website and the Charity registered with the Fundraising Regulator, committing to the Code of Fundraising Practice and the Fundraising Promise. QR codes and links to the fvndraising page have been added to publications by the Charity and anyone approaching the charity wishing to donate or fundraise have been directed to the donate page. The donations are managed through Just Giving and allows relevanttaxpayersto giftaid their donations. The page includes frequently asked questions which includes details on what to expect in relation to fundraising by StJohn's, the Code underwhich the Charity operates and the complaints process. During 2023, the Charity received zero complaints with regards to fundraising practices (2022 zero). In 2023, some employees and members of the public sought sponsorship for events to raise funds for St John's Foundation. This isvia donation pages, such as Just Giving. Dueto the nature of these events no pressure is puton individuals to donate. 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. The Trading Company is operated as a social enterprise to raise funds for the Charity. Communications and actions taken in relation to usingthe Charity to promote for commercial advantage is compliant with the Charities {Protection and Social Investment) Act 2016, an Act with which the Charity is also compliant. 21 St John'$ Foundatlon Est. 1174 LEGAL AND ADMINISTRATIVE INFORMATION Registered office: Telephone: Email: Website: Charity reference: Trustee: Patron: 415 Chapel Court, Bath. BAI ISQ 01225 486400 info@stjohnsbath.org.uk www.stjohnsbath.or&uk 201476 St John's Hospitsl Trustee Limited (08188066) Her Majesty The Queen 22 St John's Foundation Est. 1174 OUR DIRECTORS Directors of St John's Hospital Trustee Limited ('The Trustees,) & Committee Membership CDIC ARC INV REM Ben Fletcher (Chair) Ash ley Ayre Jama Benmi Catharine Brown Moira Brennan Richard Brown Rev Roger Driver rey ayes Nicholas Hunt Jo nLa Karen MacGregor Ken Scott Carole Stott Madeleine Musselwhite Lorraine Eric Zwickel Resigned.. 23 Jul 2024 Resigned.. 6 Jun 2024 ou Resigned.. 30 Mar2023 Appointed: 14 23. Resigned.. 26 Jun 24 Retifed: 28 Sept 2023 RÈsigr)ed: 30 Mar2023 In air Appointed.. 28 Sept 2023 owar I￿￿)Inted.. 14 Dec 2023 Appointed: 14 Dec 2023 Committee Chair Committee Member 23 Stjohn's Foundatlon Est. 1174 Directors of St John's Hospital Trading Company Ltd. Ashley Ayre Caroline Bee Jamal Benmiloud Moira Brennan Louise Harvey David Hobdey Karen MacGregor Ken Scott Catharine Brown Laura Alexander A Trustee ofthe Charity Finance Director of the Charity A Trustee ofthe Charity A Trustee of the Charity (Chair) Executive Director of the Charity Chief Executive of the Charity A Trustee of the Charity A Trustee of the Charity A Trustee of the Charity (Chair} Appointed 14 Dec 2023. Resigned IS Jul 2024 Cornmercial Director of the Charity Appointed 14 Dec 2023 Resigned 6 Jun 2024 Resigned 24 Mar 2023 Retired 28 Sept 2023 Stood down 14 Dec 2023 stood down 14 Dec 2023 Executive Team Catharine Brown David Hobdey Louise HaNey Caroline Bee Laura Alexander Interirn Chief Executive (from 15 Jul 2024) Chief Executive (until 18 Jul 20241 Executive Director of the Foundation Fund (until 28 Jun 20241 Director of Finance Commercial Directorand Managing Directorof St John'5 H05Pital Trading Company (from l Jun 20231 24 St John's Foundatlon ESL 1174 OUR PROFESSIONAL ADVISERS External Auditor. Crowe U.K. LLP 4th Floor, St James House, St James. Square, Cheltenham, GL50 3PR Bankers: Handelsbanken PIC 7 Henry St, Bath, BAI IJR Hampdens & Co PIC 9 Charlotte Square. Edinburgh. EH2 4DR Solicitors: Thrings LLP 2 Queen Square. Bath, BAI 2HQ Stone King LLP Upper Borough Court. Upper Borough Walls, Bath BAI IHJ Moger Drewetts LLP, St James House, The Square. Lower Bristol Rd, Bath BA2 3BH Investment Managers: Evelyn Partners Investment Management LLP Portwall Place, Portwall Lane, Bristol, BSI 6NA Schroder & Co Ltd trading as Cazenove Capital, l London Wall Place, London EC2Y SAU Charities Property Fund Savills Investment Management. 33 Margaret Street, London, WIG OJD Chartered Surveyors: Jones Lang Lasalle Ltd 31 Great George St. Bristol. BSI 5QD Martin Blake Associates Ltd 8a Bartlett St, Bath, BAI 2QZ Carter Jonas 5-6 Wood St. Bath, BAI 2JQ C Squared 82 Walcot St. Bath BA15BD 25 St John's Foundatlon Est. 1174 Fl The consolidated income for 2023 was £5.7m. This is the higherthan the £5.3m in the previous year. Investment income remained broadly at the same level (c£3.9m). However, income from both trading and charitable activities grew. Other Trading income AlMs1￿U$e & olderpeople income 1496 Financial investments IdNidendsl 37% Prowtyinvestwts (rent) 3N 26 St John's Foundatlon E5t. 1174 Income from charitable activities, which includes income from almshouses and residential care. increased by £196,000 (24%) in 2023 from 2022. The monthly maintenance charge paid by residents within the almshouses was reviewed in year and increased in alignment with the Local HousingAllowance. This was the main driver of the 24% i ncrea5e in income froffl charitable activities. Donations and legacies Donation income fell from £73,000 in 2022 to £3,000 in 2023. This is because at the end of 2022 a grant of £70,000 was received towards the end of the year from the Julia and Hans Rausing Trust, to mark the accession of Her Majesty the Queen. The funds were provided for core costs of the organisation and have been treated as unrestricted income. Investment income Investment income in 2023 was £3.9m, the same as in 2022. Within this, propety income continued to fall as properties were sold andlor held vacant for disposal. Residential income fell by £23,000 (2.9%) and commercial income by £87,000 (4.7%). This was offset by higher dividend income with financial investment income increasing by 12.8% in yearfrom £1.2m to £1.4m. With property disposals planned into 2024 and the reinvestment of proceeds into the financial investments, the trend seen in 2023 from property income to dividends, is expected to continue into 2024. St John's Foundatlon Est. 1174 27 Trading actNities As discussed above, the Trading Company saw an increase in overall income of £207,000 134.6%). This was due to the growth in the House of St John's which saw turnover increase by 150% to £455,000 as the business entered it's second year of trading. The income from House of St John's was however. offset by a decrease in income from St Catherine's which fell by £66,000 (15.9%). During 2023, the holiday apartmentoperator running St Catherine's on the trading company's behalf went into voluntary liquidation. The running of the business was transferred to a company connected to the directors of the liquidated business for a few months whilst St John's sought a new managing agent. The new managing agents were appointed in January 2024 and started trading with St Catherine's in February 2024. These changes led to reduced income and higher costs duringthe transition. The House of St John's generated income from office rental, event space hire and co-working memberships. The business operated at a loss which was anticipated as itwas only the second year of trading. Expenditure Total expenditure in 2023 was £6.8m (2022: £6.5m). After consolidation adjustments, costs forthe Trading Company were £693,000 in 2023 (2022: £674,000). Charitable Delivery Expenditure on charitable deliverywas £1.2m higher in 2023 than in 2022 but only £42,000 higher than budgeted. The year on year increase was largely driven by an exercise in 2023 to review cost allocations. The basis of overhead allocation had not been reviewed since the introduction ofthe new strategy in 2020 and it was felt thatthe historical method of allocating costs no longer reflected the true underlying nature of the costs and use of overheads on different activities. There were also some costs which could be directly attributed to the almhouses or investment properties with some improved cost coding. The allocation of central overheads to charitable activities increased from £660,000 i n 2022 to £1.5m in 2023. Spend on the almshouses was £240,000 (29%) higher in 2023 than 2022 but £60,000 lower than budget. These extra costs reflect ongoing maintenance costs and increasing costs of utilities, as well as an inflationary increase in wage5 duringthe year. Significant repairs and capital costs on the almshouses are planned for 2024 as part of the cyclical maintenance of the buildings. Stjohn's Foundatlon Est. 1174 28 Spend on Funding and Impact in 2023 was also slightly higher at £1.8m before overheads compared to £1.7m in 2022 but below budget by £365,000. The decrease expected from the final tranche of multi-yearfunding awards to which the Charity had committed prior to the implementation of the new strategy in 2022 was offset by the introduction of a free school meals programme. Underthis programme, the Charity agreed to fund school meals across seven local primary schools for those not entitled to free school meals underthe government scheme. However, spend on this was £250,000 lower than budgeted dueto over estimatingthe take up of meals and speed at which the programme would be rolled out. The crisis fund saw fewer applicants and spend in 2023 was £80.000 below budget. Further information on charitable activities is provided above and in Note 7 below. Costs of Raising Funds There was a significant decrease in the cost of raising funds in 2023 compared to 2022. This relates to the cost of operating the investment property portfolio and most of the decrease is due to the cost allocation exercise discussed above. Before allocation of central overheads, spendingon property management costs fell by £404.000 to £749.000 (2021: £1.15m). 2022 included one-off costs associated with the new investment Strategy. including professional advice on disposal strategies and a significant increase in planned maintenance costs on the residential estate compared to 2021. Such repair costs fluctuate year on year and are programmed over a 30-year propety plan. Higher costs had been budgeted for in 2023 but repairs which were not deemed essential or likely to generate a return on sale were not undertaken on properties due for disposal. Property costs were 16% below budget as a result The disposal strategy should lead to repair costs reducing each year as the numberof buildings in the porttolio reduces. Inflationary increases in the year meant the cost of building repairs. insurance, computer software, licensing and general consumables became more expensive. Electricity costs increased due to the long-term price contract ending in July 2023, and whilst significant increases were seen these remained below the budgeted position. which had been over prudent. The gas contract is due for renewal in 2024. It is anticipated that this will lead to significant unit Cost increases which is being built into financial plans. There were also increased costs within the finance team as three ofthe fourteam members went on maternity leave in 2024, leadingto increased costs of providing cover and recruitment. St John's Foundatlon Est. 1174 29 Volunteers The Charity supports many people in Bath and North East Somerset with the valued help of volunteers who workwith the Good Living Service. We are incredibly grateful for the time and effort of the volunteers who support the activities of the Charity. Annual Deficit Overall, the operating deficit for 2023 was £1.083m (2022: £1.145m} before gains and losses on investments. Valuation gains on both listed investments and the property portfolio have created a positive net movement in funds of £3.4m compared to a negative net return of £13.Om in 2022. 2022 reflected a decrease in the financial markets affecting both equities and property prices as at 31 December 2022. In 2022 property valuations were affected by a decision to amend the valuation assumptions on the majority of the ￿SIdential property portfolio. The trustees had agreed that it was in the Charitls best interestto sell a significant proportion of the residential estate on a portfolio basiswith tenants in situ. This approach would lead to a lower marketvalue being achieved on sale than if the properties were sold on an individual basis with vacant possession (the basis usually used in the financial statements to determine fairvalue). The trustees were therefore of the view that the fair value of these properties should reflect the decisions made atyear end and agreed to reduce the fairvalue to a portFolio basis with tenants in situ for those properties being marketed as such at the year end. During 2023, it became clear that the discount in selling the properties with tenants in situ would be too large to justify a sale and the decision was made to sell the properties on a piecemeal basis when vacant. The properties are therefore valued on a vacant possession basis as at 31 December 2023. The Charity adopted a total return method of accounting from the 1st of 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.Om. In arrivin8 at these values. the trustees used the indexed values of the permanent endowment at l January 1995 to represent the preserved value of the original gifL St John's Foundation Est. 1174 30 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 CPl+4% return is available to support charitsble activities. 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). Why CPI +4%? CPI (the Consumer Prices Index) is a measure of inflation. The use of an appropriate measure of inflation is importanL The Retail Prices Index (RPI) has historically been used by the Charity but following carefvl consideration. the trustees agreed to move to CPI from l 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.Om for CPI (2022: £4.765m CPI). 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 2023 £4.5m of unapplied total return was allocated to income (2022: £3.5m). 31 At the year end, the Charity held £105.Im of investments (2022: £106.4m). Ofthis, £51.7m (49%) was property in Bath (2022: £62.8m159%). 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 to establish an appropriate tsrget. 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 detsiled 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. St John's Foundatlon E5t. 1174 32 A few notes on our Investment Policy: . There is no limit on investment in individual assets. but the Investment Committee actively monitors any assetwhich makes up more than 5% of the value of the portfolio. . The Investment Policy allowsfor investment in any type of asset, with the exception of derivatives (unless forthe purpose of hedging) and individual investments may be excluded where there is conflict with the Charitys 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 carerfs centre, the purpose of which aligned to the Charity's object of assisting those in need. These do notform a material part of the Charl￿S charitable or investment activities. 33 St John's Foundation Est. 1174 SIBL TI4G The trustees recognise the importance of responsible investment {Rl) 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 l- 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 anystrict exclusion criteria in relation to the investmentvalues (though appointee investment managers may themselves have their own baseline exclusions). The investment values should provide a guidingcontext for investment decision making as they are important to the Charity. 34 Stjohn's Foundation Est. 1174 The trustees also seek continuous improvement in how the Charity's investments can be betteraligned to its investment values whilst still providing the best financial return within an acceptable level of risk. In the first instance the trustees expectthe following in relation to Rl considerations: Investment managers must be signatories of the UN Principles of Responsible Investment (PRI) and report annually to the trustees on their performance against the UN PRI. Investment managers are required to reportto the trustees on any baseline level of investment exclusions applied bythem to the Charity's Portfolios and the trustees are to be kept appraised of any developments in exclusion policy by the investment managers. Where investment managers place the Charitys funds with 3rd paty 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 trustees showing how the Charity's managed portfolios are performing in relation to Rl considerations and where possible, this should be reported in relation to the Charity's investment values. The trustees acknowledge that this reporting will be emergent but expects itto become more mature overtime to enable the trustees to track how well the Charity's investments are aligned to the Charity's values. It is expected that investment managers will reportto the trustees on a quarterly basis on any conduct breach of the UN Global Compact by companies within our investment portfolio. Individual investments may be excluded if seen to conflict with the investmentvalues. 35 Stjohn's Foundatlon Est. 1174 CHARITY RESERVES Most of the Charity's reseNes 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 2023, total charity reserves were £115.3m {2022: £112.9m). The Charity adopts a zero 'free° reserves policy. However, not all 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 calculatingthe'free, reserves as they are not readily available for spendin Charityonty Invested endowment 100.5 Functional endowment Operational assets (excludingendov￿I Commitments Any operational fixed assets not already excluded from unrestricted funds through the functional endowment (e.g., head office) of £1.7m (2022: £1.5m). Restricted funds (0.5) Committed awards or building contracts, not included as a liability in the accounts of £1.3m (except those already excluded from unrestricted funds through the functional endowment) {2022: £1.2m). Total reseNes 36 St John's Foundatlon Est. 1174 At the year-end there were negative 'free' reserves held- in other words there was a defi'cit of £0.5m such that the accounts show that there are insufficient unrestricted reserves held to meet commitments as at 31 December 2023. This is against the reserves policy set in 2021 when the trustees reviewed and revised the Reserves Policy forthe Charity to adopt a zero free Resenie Policy. This policy aims to draw down funds from the unapplied total returns into unrestricted resenies only as required to meet operational expenditure in any given year. including enough to cover commitments at yearend. The trustees consider a zero"free" reserves policy to be a reasonable approach as the Charity adopts a total return approach and holds significant unapplied total retums which can be expended as required. The level of reserves required fortransfer must be set priorto the year end and is usually set at a high-level estimate of what is required. Unfortunately, the resolution passed bythe Board of Trustees in December 2023 capped the increase at £4.5m which was less than the amount required once the year end adjustments had been made. As a resultthere is a deficit on free reserves atyear end. This is not a cause for concern however, as the charity can make transfers in year as required from unapplied total returns and the levels of these are significant, being £47.7m at year-end. Therefore, whilst showing a deficiton unrestricted 'free' reserves, there was more than sufficient funds available in other reser*Jes to meet commitments and a transferwas made in March 2024from unapplied total returns to unrestricted reserves to cover the year end deficit. 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, the Good Living Seniice and funding awards forfuture generations and protects the spending power of this by inflation. Unapplied total returns in excess of this are expendable on the Foundation Fund and othersubsequent 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 15 expected to fluctuate but the average position is considered and taken into financial planning to determine spending plans and budgets. 37 Stjohn's Foundatlon E5t. 1174 r• q 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. TheAudit and Risk Committee reviews the Corporate Risk Register fourtimes 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 impacL economic and people related risks as follows: Charitable impact risk: failure to achieve andlor demonstrate charitsble impactto the extent intended. Mitigating actions: Robust due diligence processes are in place for established charitsble work throughout the crisis programme and alms-houses. The 2020- 2030 strategy, covering all aspects of charitable delivery including its ambitious goal to reducethe 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. 38 St John'5 Foundatlpn E$t. 1174 Mitigating actions: St John's takes a long-term view on its investments. and it uses professional investment managers forthe financial portfolio to enable recovery and future growth, and to mitigate short-term impacts. 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 Investrnent Committee and Board. The new investment strategy and divestment of properties is a mitigating action to this risk by better diversifying the portfolio. On an operational level. employees are supported to regularly engage with budgetl 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 event5. Regular internal communications ensure employees feel informed and understsnd 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 I:Is, with support given for training as needed. 39 St John's Foundation Est. 1174 Golng 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 (includingthe 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 and if required, the financial investments could be liquidated. St John's Foundation Est. 1174 yry TE TRU TO EE s4 The Trustee is responsible for preparing the Trustee'sAnnual Report and the financial statements in accordance with applicable law and United Kingdom GenerallyAccepted Accounting Practice (United Kingdom). The law applicable to charities in England and Wales requires the Trustee to prepare financial statements for each finantial year which give a true and fairview 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 forthat 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; Makejudgments 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 ststements; and Prepare the financial statements on the going concem basis unless it is inappropriate to presume thatthe Charity will continue in business. 41 Stjohn's Foundatlon Est. 1174 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 thetrust 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 forthe maintenance and integrity of the financial information included on the Charity's website. Legislation in the United Kingdom goveming the preparation and dissemination of financial statements may differfrom legislation in other jurisdictions. Crowe U.K. LLP have been appointed as auditors in the period. A resolution for the reappointment of Crowe U.K. LLP a5 auditorsforthe Charitywill be proposed at the forthcomingAnnual General Meeting. Approved by the Trustee on 26th September2024 and signed on its behalf by: Name: Signature: Name: Signature: St John's Foundation ESL 1174 42 Stjohn's Foundatlon ESL 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 2023 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 2023 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. ## **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. **43** 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 41 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. ## **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. **44** **St John's Foundation Est. 1174** 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. 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. **45** **St John's Foundation Est. 1174** We identified the greatest risk of material impact on the financial statements from irregularities, includingG fraud, to be the override of controls by management and investment properties. Our audit procedures toG respond to these risks included enquiries of management about their own identification and assessmentG of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates forG biases, reviewing regulatory correspondence with the Charity Commission, and reading minutes ofG meetings of those charged with governance and designing audit procedures over investment properties. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detectedG some material misstatements in the financial statements, even though we have properly planned andG performed our audit in accordance with auditing standards. For example, the further removed noncompliance with laws and regulations (irregularities) is from the events and transactions reflected in theG financial statements, the less likely the inherently limited procedures required by auditing standardsG would identify it. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,G they could reasonably be expected to influence the economic decisions of users taken on the basis ofG these financial statements. ## **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 toG the charity’s trustees those matters we are required to state to them in an auditor’s report and for no otherG purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone otherG than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinionsG we have formed. Crowe U.K. LLP Statutory Auditor Fourth Floor St James House St James Square Cheltenham GL50 3PR ## Date: 24 October 2024 Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility forG appointment as auditor of a company under section 1212 of the Companies Act 2006. **46** **St John's Foundation Est. 1174** St John's F•undatlon Est. 1174 Year ended 31 D•comber 2023 T•tal Totsl Chathablt*EMt*s Imwment in(ome 0thertr•dln8art￿IknS DonatKinsand le8aths Transfer to Income 3￿1 797 3J58 73 17•m (4S T•t•ll￿o￿• Ewdltu Expendltureon tharltsbl••ctkth&" OlderaduttSseN(e5 Fundin8 and Impa Total expendlture on thxtsble 2262 2J46 114 2391 25TS U4 3.715 Cost of ratsln8lunds Other èxptndltufe 187 2P4J 674 693 Il•tl•xp•ndllurnl b•lov•ln¥•#m•rt (kn)I Net gains Illossesl on in¥•tments Net{ewnditUTell inmme Transfers betsveen funds Il•t{•XP•Adltyr•)I IM•m•&n•trnowm￿1ft knds 2514 114J061 11•¢on¢lU•don Total funds bfOU8ht forvmrd T•tslfuTrdsCWrt￿ torw•Thl 2371 109.796 114745 Th•notes on pages 52 to 81fomi p*t ofihese f•￿d￿ sthteffl￿t 47 St John's Foundatlon Est. 1174 St JOI￿.5 Foun(kntlon ESL 1174 A8 at31 December 2023 21123 2022 knlangdjle a55*s T•NJ*l• •ssds- fr08hdd piDMy Olh•rtwwkn* fu•d 45S 10 11 12 30 11fft30 539 11.7fr3 313 Fmqnoaf and pmwtyrn*5tm•ts 13 14 105AJgo 11ts.439 67 117J67 14 15 1.134 C&sh Al b•* •KI in h•r#1 C￿. tys. folwJ wlhm (32841 (5.856) curr•nl (￿>￿> (4J121 ••••ts l••* ¢m•rtll•blU••• 114J24 {1.5W) (1.819) 4• Gr￿P IM￿led qnd4Y4Trert fjjnd 17• 17b 18 19 99993 12.192 129 2.4 97.358 12.3C R(k¥bwgh unrns1￿￿od g8nanl R85tri¢a8d 2.571 29 wJ¢horsod ty155wa bytho Tw*•• ot Ih fftqet•wJ held on 20 Wfflilw2024 •w• *•J on ts bgfdlby. Stjohn's Foundatlon Est. 1174 St John's FourKlatlon ESL 1174 As at 31 December 2023 CILIIOTY BALAKE ￿ET 2023 2021 io 23 11042 373 11.721 12 13 14 105.140 88 117341 87 111.414 14 15 Oeb1ty5 Ce5h •1 b•* •wJ m h•¥1 2.059 791 2J5• 1,795 1J2• .249 (399) f4J(mt (Witss) 13.705) Totsl ••••ts l••• ¢*rntt Il•bllll•• 11•I47 11470• (i.soo) {1.820) Totsl Mt•••• Cl*rfty rn••ry•• Inwstsd wdc*Th¢nl •Jnd FvndhMI ¢n*Jxn¢M ￿nd Roxburyh eJMlo*mqrf 17• 17b 18 19 11Y)535 12.192 129 2,402 97.795 12,3 132 2.018 ReStsKI￿ fund5 Thg nths ￿ pogB$ 52 10 811Th p•rf dllM• OJ￿¢*1 Tlme IM￿11 apP￿rnI tIK*tsed lorlssue bythe TpJ*o• al lh• m•thg hthj ￿ 28 2024 w￿5111￿j on ts b8hdlby L*kn 49 St John's Foundatlon ESL 1174 St John's Foundation Est. 1174 Year ondod 31 D•c•mber 2023 COIISOUDATED STAT2MEiif QFCASH FLOI¥S 14.431) J061 Rep￿￿￿1$ ofborrowin 1221 P21 (2891 Dthlends.interesi and rentsfrom Inh￿tments Costs 0fgenerati￿funds paKI by endO￿￿￿t¢0ptsi 1rnpro￿rneDtslo in%￿tment prop¢rtiEs Movement ofash held bybrokernto in¥estments Puffhistofin4estments Proceedsfrom thesaleoliibwtments So(ial kn¥estmentsrep4id purch￿*01proPe(ty. plant and equlpment Adjustmffit io cost of1ntangknleadd*￿TrS due toVATfeCV*ry Pu￿hOSe0[ intan¥iblea55et5 3JQl 12821 13221 114.7331 15,6551 5A15 32 Ill21 31 1367) U71 3267 8J47 ch￿8• kn cash and ¢ash equirtlents in the>wr Cash osh equpAlents atthe begknnin8 ofthe 3.426 11,86 37 Net Incomel Itxpendiluo)forthe sear (perS•t•Ywt oifwnd4Aah*iesl DeprKiation ar+d amort15at￿n tharyes IGalnllLoss on in%¢￿MentS D￿eNdI interest and rentsfrom In%wtsThents Iln(rea5ell Decrease in de￿or5 Deueasel Iirfrease kn crediiors Cost ol 8eneratlnglunds from endow•J (aplt•l 114J 237 13A271 13yIV 961 31 I￿1) 282 187 The (ashflowstatement has been restated for2022 to ryroN*thea¢¢urxytsfpresent*w)n byll￿￿dkn1the0lvdrnft fadl￿w￿th cash and cash eq¢Jl¥alent on the la￿01 the cashflow. In prKYJWS thi% w•ssho*m onlyi) the note. 50 St John's Foundatlon Est. 1174 st Johnls Foundation Est. 1174 Year ended 31 December 2023 C01150LIDATfD STATEIIE•rr OFCASH KOWS (coimiKIED) Atstsrt At•nd•fy•w Cash (￿￿dIaftlad￿reP0>￿ie on Y• 2.1)381 14J631 IKITE C:•*4•l¢hanplA JMtd•bt C•sh (herdraft fao'lityropapble on dem•nd U02 038 19361 11731 27 3.427 (43631 (2021 201 385 Loans lalllngdu•**hFn one%￿r Loans fallinidueafterone s￿r Totsl 12r4] 669 51 Stjohn's Foundatlon Est. 1174 St John's Foundatlon ESL 1174 Year ended 31 December 2023 N•tsJt• th• Stat•m•nts PAn¢1p￿At<0un11n1p•￿c1•1 C(ThcAKlation gty fThinclal ststemerfs c(mwlidate fnwKo1 slatemerts ofthe ch¥ty aThl itswlx)Ily subsKlory.St Jthn¥ kknspital TradI￿cOmPary Ltd (the sub5Kliary J yearernled 31 December2023. Tl* re￿Its d the sthsidiary fordEyearare sett>rt til 13.Tr*grfAP wll be refeThed to chJrfW IlWou￿ tPese fi￿r￿tal stateff*rt%AI sales prftslove been el•1*rn￿ c4yudidatinThe Mayorof Bath's ftel￿ FuThl (Chaiiy ref. 2046491 has beenCo￿OI*lated as in lir*with tr* exempti￿ gftrted by the CLNnpari £t 21M)6. its irtlusicffl Is nrt mateiial forthe pwPc￿Q of 8P4rya bueard farview. Tro apprcpi3aten￿cfthiS treatmèntis miÈwÉd annually. Basis of pw•arnl The fwoncial stateff*nts have been prepared inacc*)n1arKe￿ththe StrteTh*rtd Rec(ynmended Prdcticv. P£cwnting arxl Reportwwby Charitie5 P￿Par￿￿tI*VrWwKIal stst•nÈrts in accordance wth the FIna￿ ial Reptytii SlaTrJard applKable inthe UK and the Rep￿1￿ d Irei¥AI IFRS102 SORPI arnl Ihe Finar*i)l Reprytre Slandanl applicable inthe United K￿d0M Republr d Irda￿ fFR￿02)IeffeCtive IstJaThwry 2019}arbJ the cha￿leS kt2011 aNJ UK Ge￿rdIlY kcepted kc¢xrt¥ry Prnctr St John's Fcwrflatlon & IL74 ciJWhrtes a publk benefrteiw asdefr*d by FRS102 and iian urn)ctypardted Chrfty: itswbsiliary isa limited comp￿.Th currny is #•ln¥.Tr* ￿&stered addretsol brth the Char*i and its sthsidixy i%415 Chapel CM Bth BAI ISQ.The c• cl vKtyprntW￿fortheS￿s1d1ory 15 Utyied Kirydon. Exeptasset¢xrtbelcAV, the frw£ial ststenMts have beenprepared uThlerthe lirtuical costconVerknr￿ Tth *ÉYr recognised at£￿t￿l￿￿OclWmV81￿. loperatsnai pmpetI￿) atdeemed CIAL Invesknent pr(Pert￿ are slTh¥n at their rela1￿1 am(xNts arKI portfolTh are ¥al￿d atclcfjw mathetVa1￿ These pdicies have beenapplied Ca￿LstendY ttwlYArttt*cwrent ard pthryear. The results forts* Chaiity aTrJ reco￿lIat￿M￿fWdS are *KA¥Thin￿les 17 to22.The Chai*y has alsotskenqualfyin8 eXempli￿a¥a￿lb1e toaquallyireentity ffi FRS102fbryntt* wfftmerrtto preserta only cashflvtht statew* 52 Stjohn's Foundation Est. 1174 st John's Foundatlon Est. 1174 Year ended 31 December 2023 Not•sto th• Flnanclal Strt•mthts Prfnclp•lAcc•untlns Pollclu (¢ontlny•d) Charity c(￿lde￿ th4tithas adequate ￿50￿CeStOC0n1Inue in q)erntKmal existe￿e frytre fryp5eeable f￿￿e arxl has adopted the g¢ing c1￿cern as5uryytK￿ in preparn8 these f￿a￿la1 ststements. The trusteesactsely planfcf ts Ckority to e>istfcf mary Yea￿aThJ thi5 15 Rfiected in the approaches tsken to both I0￿-tem7 planrfn8 of I￿eStm*￿ aTrJ Rser¥e4 detailed ab￿e. These approxhes plaw*d Iwel of unappltd totsl retm held by tl* Ch¥ity the discreti￿ that bt hasover tseypernlitwe) mean that wh1st koavily relianton investsnent Rtyrn8tt* tr￿tee5 c(msiderthe Ctwity to be reslienttoshcrter.terrn vdataity in its in4estments and plans aR in place to ￿Main adequately rEsourced to meet need of both p￿ertalKI futwe berEficiarEs. To provide ample headn>)rn. overdrnft facilit*s are in place c¢Nera rea5￿able wO￿terties. ts rec￿nised (y•erthe terni lease wthany lease I￿ent￿eS spread evenly olerthe lease term. Particularattenli(v> has been gr￿n tli5 yearto assessing tre pr￿abl1￿ of ￿ce￿Ing rentsl iK(Yne beffxe it is ￿￿ogn￿ed (see ￿C￿ntir£ pcAicy"key s(xKces estimatM)n U￿ertainty'}. Anthwse irKome presents fees frcm ￿Sidents and other seNKe user income and is crndbted to tr* msthcted fuNI. It is recwl￿d in perx)d to wlich alm5kn￿ ￿sIde￿ relates cffi an accruals basis. Donatiorts and grdnts (k￿lI0n5 are accounted for*then received. DonatNsAknprtto specfK *yshe5 14tIE dorM are caryEd to the relevant restricted fund. 53 St John's Foundatlon Est. 1174 St John's Foundation Est. 1174 Year ended 31 December 2023 Not•sto the Hnanclal Stat•m•nts Prfnclp4lA<r01 categNies ofeypeTrJiture nthe SOFA fv cost of rniS#Vd ful￿5 includes invesknert managen*rt c*f¢xb(rthcwlisted and prryety irwestment& Eypenditijrn on charftsble xtNit*s IrKI￿leStr*C0stOfnMr*ry(￿almstr￿￿￿ athach seNKe5 aNI oWawa￿S programme. Please also ￿feft0ts paragraph beluw regardir¥the all¢xatMM ofsuppryt coststo actwitse& Fwxling awards payable Funding awards payable are paynw*s made tothvd parties li ts fUrt￿rn￿e ch*ity s object& Intt* case of an unconditional award offer this 15 accTh*d cmce the ￿CIpleftt ha5 been rk)tif*d (*the award. Where perfOrnia￿e. lated conditithis are attached the castdthe awa￿ is ￿c(￿l$ed ￿ttl1 the￿ is S￿lenteV￿le[￿e thatthe corKlitityswill be met Indlvldual awanls a￿ recogwd on appnwal dthe awanl. P4*Jl&yearawaftls forcoR fwNlI￿aR ￿c￿l$ed in fvll on approval dthe award where there are no perf(rne cryKlitv)ns attsclEd. Irrecoverable VAT IrrecuoerableVAT ischa￿ed tothe SOFA¢xcapitsltsed as partdthe costof the ￿lated asseL approprfate. The chaiity has ¢)pted tocharge taxon certain crnrcial prry)erties arnl rec{We￿ the associated inptrtVAT. Al other expertses are shthvn iKlU￿e of rthrec(We￿le VAT. Allocation of support costs Genernl rnanagernerteyperses (WKI￿lI%depreC1￿M pn)pety costs a￿1 the costLI supporting teams) and go4emance costs a￿ apportkThd between chayitsble actNities rnisxw f￿d&The splitof u4ert*ads is a close flection oftlE time spert ￿ each KtNty. G(plema￿e c05tsffK1￿1e a￿lita￿j aCc￿nting fees,arnl Tnstee expenses. 54 St John's Foundatlon Est. 1174 St John's Foundation Est. 1174 Year ended 31 December 2023 N•tsst• th• Nnan¢ld St•taaMnts prfThclp￿ACC0Vnt1n1PoUtlQS (contknuod) Gifts in k￿￿.dOn1ted setvKesorfacillies arnl volw*e•5 Tlwe aR esiNnated and rKI￿led in the wicKI in I¥￿h ￿￿ed. Inact￿d3fiCe Iwth the ChaiitRs SORP IFftS1O2}.¥d￿rt￿Tre 15 Wt rec08r￿1 SOFA IA(¥e irf(Ymaknabwt tt*YC¢￿u1￿￿lSexpla1ned intt* Tnsteets ar*Mo1 Intr￿ible T￿1 assets Intsr¥ible fued assets are tIKW thh lack plrysral butPftY4Ale an(MWVYd ecornm￿ bethlortl chaiity.TIw ￿ ￿08￿ed at l¥str¥ic costaThl sthlsequattly arr￿lSed soasto￿lte dfthe costoverthare4>ected useful INe5. as follo Website 3yeatsl 33%peramum S(th¥are & braThls 4 yearsl 25* Perar￿￿￿ T￿ble r￿e0 assets The Ivnitabfft whKh awts aE¥capttalised s £5(Kl (ftyiThJNwJ￿l pWchaS￿> £lm) 1aggregated}.off￿e and c(*nputerequipmert fffts a￿1 nMXtyvetrides aRs1ated atcost lessdepreciatw)n pft*LsI￿ for iry)airwÉrt Oeprec•at¥)n iscalculated towrite dfthè cost<{￿h r￿d assets ￿ertr￿1rWecled ￿efi￿ INes; the rate used forthis purpose i)tt* charfty is5%to25%perarwnona straightlkne bas&depeThlK¥¢￿thè asset Inthe trad￿￿ compary the rdtesvary from IO%to33q Hws1￿ and adm#)ists3tive pmperties H1yJsi￿ and admini5tiatrrfe pwertiEs are i￿ll￿ded inthe fmaKial 5tstfftntas frEelKAd fD*d asse￿ ￿ c05t of freelKld propertk5￿p￿$erts deemed Cc6tatlStJa￿ry 2014 urdertsansitionto FR5102, plus $￿Sequent additkY6 atCOsL Assets are ststed atdeemed c¢Jst lessaccunNAated dep￿cIati(￿ aTrJ ary accumulatsd inpain*nt losse& Dep￿(lat￿￿ l5ca1c￿ated tOTMkn d(l￿t￿ c05tlesse5lim￿ed ffjxlual Val￿ d all tangible f￿1 3s5ets. (rthefthan freetrKJld larKI, ￿ertr*￿eY￿eCIed usefiA INesu5iryts #rdigtrL4ine mettKxl. The applicable rdte w. Foehold buildffy 50yeatsl 2% per*v• Freehold land is MÉdepTeciated. Adepreciaticm rdted2%isapplied tothe bi•ldMy'c(6LwlKh isassessed to be tvN)thYdsofdxtotal pffjperty value le55 15 ffjllual valup. 55 St John's Foundatlon ESL 1174 St John's Foundatlon Est. 1174 Year ended 31 December 2023 Not•sto th• Anknclal Stat•m•nts PrfnclpalAc¢oyntln¢PoU¢les (¢ontInu￿) F￿ed assetinveslments InVestr￿fit pffjpert*s The chaiity ¢A¥ns freelyjid Pr￿ert￿aN1 gr￿TrI ￿ntsf(￿lI￿y temi iNeslmert In actoftlarte with FRS102 these are YKluded w)the balance sheet atvalual*)n at31 December 2023. tt* SwpI￿ wl(6s arfyrg onyevaluation has beentr￿Sfen￿d tothe releva*rtreseNe.Ondi4)osal drNestmertprr4>eitie4the r*tgaincrloss ondi¥osal is calculatsd aThl trdnsfel￿1 to the rele4** ￿SeNe. The gail or lossiscalcu11aed as the pnKeeds less bod< value at the p￿IC￿yeareThI less d1￿ct costsddi¥*osal. suchasagertand le￿ fee& Q￿thI irwe5tff*rts Invesknents are Irilially recogni5ed atthertransKIb￿vaIue ard ￿￿SequendY measured attheirfairvalue as atthe bJlarKe sheet date u5irg the c105i¥ market bid prK¢ The SoFAinCl￿*es the rtgaiNs and I(￿ ari5wE on revaluati￿ arxl d￿Posalst1￿Jg1KXrtthe year. The swpluswdeftit on Thaluation has been credited or charged to ￿SeNe4 as appn)priale. The charfty does rn)t haveary derfvatr4es¢x¢Xherc(rylexfinaKbl tr&tA*nerts. S(xial iTr4e51ments Social iThestments are inthe fonm of£￿￿eSSKThry loanstoiPffd partie8wlKh am tOge￿late a fir4Kial retym vthilstfurtheringtre chaiitsble airrs ofthe chaTity.As sucl4ttpy have been classif￿d as mixed.molp4e irNeslments. These loans a￿ initsally Trcr8n￿Èd atthe am(xrtdrawndthvnarnl the Carryi￿ amountthen adj￿ to ofiect capitil repaymertsaNI aTry accrued wrterestaTrJ inwawmertin with paragrnph 2126 rfthe FRS 102 SORP. lTriestrnert in xknsKJiary The investrnerrt in tre s￿$dIary is ￿ld atcost The Charity d￿5 mt pay tai pThided ary SU￿l￿orgaInS a￿ forchafftable pwposes. Forthe st*Jsldiary, cuThenttax s pr¢Nided at amtyjnts expected to be payj lor￿cl>leIedj tax rdtes ar￿ lawsthat twve been enacted atts balance street date. 56 Stjohn's Foundatlon Est. 1174 St Johnls Foundation Est. 1174 Year ended 31 December2023 Not•sto th• Hnancl•l Ststm•bts PrlKlpalA<¢•untlngP•Ucla (conllnued) FurKI accouthg Unres1￿cted fuTrls are J•ali able tospeTrJ ￿ac￿lte5 thatfwtlvary cl tt* pu￿￿e5 ofts* charfty, Restricted atKI end¢)WMentfw￿S are subjectto specffK restrKlim5 wnpwd by d(XKY¢éttp rKryne orttE Charity Commi55MX Furtherejplanation of each I￿￿1 held by the chaiity Isc￿￿31ned wi 17.22 oftkne fThncial 5tstenkn Total accomlirq Thè Charity Cunrnissmin pemiited tr* chaitiy toadopttr* ￿e dtotsl retyrn n Rlation to its peffranentendth*mert 2Sth September 2012. The power pemiits the Trustee to Thest Pemp￿nteThy0VM1ents to ma￿MISet0tJI retsmn and to make avalable an apprq)riate pryt￿ tothe totsl retwnft*eyPernlit￿ each year. Urtil this pfftris ey£rcised the totsl rebfft shall be an'lmapplied thl retwrf atNI omain as pwtofthe pem)ar*ntendthyment Trustee has used the indexed val￿5 d the pemMnerf(erKlchymertatlst Jar￿ry 1995 to pR$enttt*.p￿ed Val￿,0fthe original grfL Flnancial w*Nments charity only hasfmancial assets ar￿ rMa￿lJI liablitie5 thatqualfy as basic finarKiJI iAstNrnerts. Basic financial in5twments are initially rKc¥nised attra￿tIOn value aThl sthseqwrtly Mea￿￿d atam(xltsed c(rt Fv)wKial assets IncI(￿e tr*charity'strade aTrJ otherrecep4able& FinaKial liabilities rKludethe charity% trnde credit¢x CCn￿1S aThd othercredt( Trade. thr debt(X5 arnl aecrt￿d ￿Orne are recre[￿ atthesetdemefitanMXKbtdue afterary discourtsoffered. Prepayments a￿ valwl at p￿Pa￿l netd discoUntsd￿. Cash and cash equivalerts Cash and cash at bank c(Thprfse short temi IWY IKiiid slK¥I matyrfty dthree mcyth wless frc the date cl ac9￿sItion ￿0peN￿ofthe depositorsThilaraccfM 57 St Jahn's Foundatlon Est. 1174 St John's Foundatlon Est. 1174 Year ended 31 Decen*er 2023 Notu to th• Flnaftcl•l Stat•monts Prln¢lp•lkcountlTrgPoU¢l•s (¢•ntknMd) Creditors c￿dItO￿aR rncc8iised atthetrsetden*rtaff#xmtafterail¢yw8f(xary tTrdediscfArtsd Employeesoftt* chaiity a￿￿1}tted toF•ia def•*d c￿￿7but1￿ scPeme.Tr pens*￿ costscharged wi thè year representthe am(￿ntO1 tt* cOnt￿>U1￿￿￿paYable tothe defmed cL￿tr￿Ut1)nsChÈffle in ospect afthe acclxrtir perb)d. The chaiity's pensith) C¢)ntrt*uli)r6forcun￿eMpII￿eeSare charged to the sOFAIntr￿ yearln whichthe c¢yrtribution ari￿ The charity has rnliabllty beyLYd n￿kin8 itscontrib￿I[x&Sa￿I payiNaacross tt* deductiors for the ernployees. cthttthulio sources ofestimation u￿ertainty Revaluatm of pnjpeit The charity carrEs its iwestment pn)pety atfairvalue.wth farvalue being ￿COgnised kn the SOF Fairvatue isdetemilied by irKJepernJentva1uatN￿SpecItIIsts ￿l￿diSco￿ted cath fl￿¥ mcKlelscNeran apprq)riate peiK)d, with the rEti￿On* in tr*fnal yearcapitaltsed irto Pe￿ets*.A1ICW3nCe$a￿ made foryoids aThJ the cc6tfl Managen￿rt￿paits arnl maM*eTha￿e.The diSclKIryi5 JGryErnor Mrs M F 89snell i531)wertor 6J81 405 38￿0 1148 39￿0 bath and North Ea5t&m*r5et Third SedorGroup Ilr R OThAr saTwu5tee Xl.425 In 202LMrO HobdoylCEO 0ftheCharit￿ 8Mted ashon4wm IKenceto 0(￿￿￿#1 ofChand¢s ￿?￿se.a1 fflathet reni ol£Y50 per tnonih. The market rentwas in line wlth an kndepwdwt iett#igawVsvauatw. wopvtyws¥acant b¢InEm¥￿eted dUr￿lth15 period, with the licen￿t0 0ccupybeK*gf￿t¢d widerthecondrtion %Ve4Mywould contY•Jeto beW￿d ouLwd norKe w)uld bell￿ ¥a bwr w found.Total incomeof£nl Pon.. £43n was recei4ed kn the>*ar. oftAh*th £nl (2021. £Olwas dueat the balancesheetd8te.The lteA￿t0 occupy lasted So days afid Mr Mobdtyrntmd outon 14KIi12021 In 2023.theCharKyheld montyas agent on bthalf of8ath UnlMn*ed.a con*nuNty*iterest *lita￿￿ Mro Hobdeyisa d*eitor.Atotal of E5JJOO was recefy*d durkngthe yèar.with 4 baon¢¢ r￿ain￿lOfE9Jlo4t3l Orf¢mber 2023 9021. É43401 Unlimited u5e5 lQueen Square as its Re8tstwed oifKe lor¥thith ihere is no char8eand usedthe lknusefore4Wts and meetin8spècelofwhth £nl Ik122&6671 ofin¥o*¢s raised bythe tr•dlngcomp&ry. There*rre notransKtlonswih the Truxeeor Dtherrelatsd p•trsduringthe￿¥.Otherth?rt thosedisciosed (2022: nonel.Nty baanos werèoutstsndknqto or fvom related wlies•ttheswr•)d P02Z" 59 St John's Foundatlon Est. 1174 Chartablèadi*i 8M 814 3158 othèrtradkn8athit*s Donatknnsand le8aths rrnn$lerto ￿¢•the T•lallncorn• 73 io end￿vIton thw*èbleadrkn: Re5hJentiai (¥e &5VPPOrt Funding and impact Total expend*ureon charitabie•Lkn*o I￿75 1107 24 3.775 Cost of raignlfunds her e>penditure 674 674 Net gansl Ilossu) on kn*stments Netin￿ffle Tronsfvs bemen fvnds J6 114J( 6) (i. T*)tal frJndsbrou￿t fo￿ard 52 1265ll 109,797 60 Stjohn's Foundatlon Est. 1174 C¢Mffl¢r¢i•lkn*stm*rntprt*P•tys R•s*j￿t*1 In*5tm¢rt woptit L762 L762 Intettst ret￿￿￿0￿ Intor•5ton (Ish d•posts Ilrtps*Dment fvndlngordM•¢bJns fr0m0thtrdw*•￿é￿Fnd8t1tsfftsW¢￿*￿tC4￿￿d *2023.In V•XTW•S rectfftdfrnmwth tharKabIefour￿atbn.AII ￿h￿Idonaly•n5W•1ffl¥I arno￿ts oldtta￿lts svkes Fundhimd fftpact U75 T•tsl 174 Prowty1￿￿5IrnQfit mwentcosts otherkn￿51m¢fitrn￿JvmWIfOsts 61 Stjohn's Foundatlon Est. 1174 StJ•hrf*F•W￿￿•fvtsLllT4 674 T•tsl 674 Th•n knndhll Pth¥ySthool PEP free sth¢)al meaisand bre*kfast pro￿￿ Caale Prfmlrykho Nochltd Gr* BtIlES2021.2122 F¥eSh¥eSouth l¥•st Nochlid *oukl f¥0 BUIES2021.1111 F¥eSh¥eStyJth Itlest Lahw*8ÈfotLWe Plloi Br￿£sc￿Jna St marf5with1￿Ol)fft Rdthng•d TArit#w*pport St MwYsP¥Kn*ySthoolWANhWrt T1￿m•cOUn￿elllftg- PE¥IP PEP Numwxysupport Chldr•n YO￿1p￿t*s￿oI￿k PEP RwdA)gind i¥itffigSupport PEPfF4•sth00l mtals&)d br•akkM chjb pmb¥h)n 51 Pthi4ySthool ier frJture5 £250IJ74 £T6,702 67*51 É60J( $7WI £51243 E47M) É471WAI É4Qm) J￿5 £37Jth) £36Jl8 ,791 I I É29MI £29M* £24.752 £2UOi Duthith• >w£j9381￿ r•lundodt•th•th¥*yb•lw•ffani p•kl 0￿¢9 Dee*kn8Heoith &I￿P￿dInpp Lanyaylor UlePIoi PEP L*aty>Jpport IKRGC¥• Roundhlll Re•Jln8 •dl**kng&¥port Roundhiu l>m¥ySTrJ Po PEP Iree xthool ffle3￿ al￿ brÉ￿tanC1￿b RouThlhill p1kn￿5th0o1 PEP fre• sthool meals and tve*kfastdub pyokni C•#* No Child &knuld Go Huntryirt BINES2021.2121 F¥eSh¥¢￿th W No Child thould Go in 81•4ESX+21.2022 LanyAaplorLrfe PRol St M￿5 Wrilhlknyon Re•d￿l￿￿ ly￿knIg••rt St Pr•wyS¢tr•)ollW*NiW¥)n Trauma Counsdlkni-PEWP PEP t￿m￿J(Y￿PpQft chId￿Th YO¥n8P4ople¥Ne￿ PEP Re•Jkniwd Wfttin8 5¥pport Ruth PEP free 5th￿1 meals Ind t¥eakl•stcbJb St l(offt• Pwh)wySd*)ol Twerton Inff￿ts SdM>oI £]5Mt £29￿1 £24.752 £woi U95 rln8the)w E19J8Jwh*•hJndodto th•th*ty*i O￿t• Ora*kn¢H••lth &IndeP￿den￿￿2o2I ￿ed knlkne w*h the V)nl¥JetsTh￿t(2O22 £nll. St John's Foundatlon Est. 1174 45 T&¥mth•tkn Ind ted¥ndw¢• salarycoA5in Il•Jofnotx&lh•rew*DOtvmknkn" n501•nplaymt• th•ye•rQ022..tlr••L￿I1MOUfftts had been hltywtythe dw•dUlts￿•S 14 Tr•dlni&xNlt4eS loUowknRband* £60m.£70X .£90P £9)￿1.£1(¢(￿j St Johnl consllers*s persomd knCafflvts*lhed*tdotsolihoTn￿ee*￿dthéIMC￿I￿￿1é￿. Tr¢rnploJ*rpeft*n conirtbuiwJnsm4d•ln r•spoa •lkryrnanaymMtperyo•r￿t•thtdefffiEd￿￿btsrtM5th￿• ￿pL￿ted to r1021.£JPJO). 140 whanwdwspedaiivmsapptyand thlieweAo￿•￿aIpefi￿fi an¥¥•wfrJrthe5t•nF4ty>Wk Th•toialwTrpbyrbwi b￿¢r￿S 65 St John's Foundatlon Est. 1174 stJokn'4F•unl•Oom E*L 1174 In 20UthtChaiitythW £97.481 P022.. £97241) kjrthe leaseoFStCathuknesHosOtal totheTradkngCompw.and it thar8*d £133J2312021. £13393Jfoiiheleaseofthe Houseof St John¥U I)Jeen Squèrtj. Als0,alStsrelJtlnitotheTradKhiCompanylsuch as insurwo.ullths.repx5and stsff tine)Mveffethty to theTradfftiC0mp￿YttCO$t. 2023.thi5 ¥nounted to É94m I￿21.￿&*109 Atthe￿ar end.IheTrJdmgCo owed the CharityÉL02m (2021. Emmii.Thi5 d£472>M in re5PKt of rentand fethar8e512022: £￿.44n.un1ti￿tid fent of£nit held as acuued bythe ch*ty¢￿2￿ £12&(QOK the loan shown IlOte15 of£475Jthl P021. £475.IXJ)I and other$undry￿1ounts owed ffiyrethrys￿d knterem accrn&so1£71J911£18JSO}. Dum820Uall the dwe¢tor5ofth¢Trus￿tylEW￿¢d w **th¢rtwhe *nde4Xrt￿M*hty￿t￿ryftsIM ofrwwnw•t￿ or¢Jtherbenefft in of k￿￿{2021..£n1 ens*$￿ toth*dirtttors ofthe Truxeein 2023totalledEIST2 (2022 £2lll Theseey4eAxsvMepa•Jto si¢dtrettots12021' on•dwectorl for tA¥ei and sulmieno. Trnsteo Indemrblty ￿b$￿￿￿te was purthas•d byth•th*ityon bel￿OftheT¢UXt¢.Th¢ w¥$ £5m kn both IOIZ and 202IThecostof the polKywas £5285 P021. £52851. h Imprmrneni Distrkt Cyr Twerton Infant Sdbool IlulberryPark CommunityBeorf45tic*ty 6181 40J12 38MO 2J48 Ilr5 H F B05n¢ll is a Dwediy Ilr D +*Jtsdw 15 aGo¥trrN MYS H F Bosnell Sa Diredor h and Pknrth East Sofflor*tThkd SeusèfOre￿fitsInd mt*tMltspx*for%*knth £rtl Q022£667101in4•)K¢s %*r* falsed bythetradih8rx*mp•Ay. The￿ were no tr•is•dK)nsw*h theTrusteeof otlw related p>tss d¥rnitl*y.otherthan th05¢di5dosed (2022.. nonel.Nts balan05 ereoutstandirbl ioorfrom Mlatedpwt*sat the￿ar-￿0 ntthel 66 St John's Foundatlon Est. 1174 StJohm¥F￿fftd*1QTr ESL 1174 Not•At•th• Ilnantlal St*wwAts At l January 2023 Add¢ions Oisposals At 31 December 2023 140 127 At l January 2023 Charge Elimmiated on dl4)osal At31 December 2023 17 io N•t book v4u• At31 l>ec*mber 2023 Al 31 December 2022 67 Stjohn's Foundatlon Est. 1174 St￿1￿,8 U74 Il•tq•t•th• An•KlalSl•t•n• T•tsl At l January2023 Addrtions Disposals At 31 December X113 1749 747 3.749 747 At l January2023 Char8e k+r the￿•( At 31 December 2023 37 249 4.733 H•tbo•k ¥th• At 3J lJrf*mber 1023 At 31 Drftmber 1022 1642 1672 630 3.417 T4ts( h•p•l At l January 2023 Additions Dlsposals At31 De¢ember 2023 3.749 747 I6￿4 749 747 16J74 At l j￿Uary102J Charge forthejt At 31 Decembef 2023 2J9 37 249 4.732 MqtbD•k ¥th• At 31 Decémber 2023 At 31 December 2022 4yS 675 IL642 iL721 &4J7 2M2 68 St John's Foundatlon Est. 1174 Stjokn's EIL 1174 Yw•nd•d 31 DK•nbBr2tr13 Totsl At l Janu¥y2023 Addttions Disposals At31 De¢emberJ123 63 126 317 U43 At l J•nuary2023 C￿rge101 th•>* Eilm5nated on dkposai At 31 De￿mber1013 24 513 91 28 35 At 31 December2023 At 31 December2022 495 274 539 313 39 T•t•l At l January2023 Addition5 D&posals At 310ecernber2023 47 577 303 63 At lJanuary 2023 Charye forthe Eliminated on dispwl At 31 Oecember 2023 Il•tts••l¢ ¥44• At 31 Decomber 2023 At 31 ￿e￿ber 2022 418 42 453 26 507 37 373 28 69 St John's Foundatlon Est. 1174 StJohnts FO￿￿10￿ W A174 Con*Ud•l•d Market ¥alueat l January2023 Addit￿nst0 kh*stmentsat cost 641 W6h39 14.733 14127 Dsposal proaeds nrtof tran5at#)n costs 16924 Galns Mownertt kn cash ￿ld by brok•s for feinb*simeE)t 76 3.427 M•rt(rt¥ahMat31 D•¢•mbw2011 51.749 53341 10SP All In*stments a￿ can*d at the¥lair￿lUe. In￿lmeTrts￿ equi1*5and interest securfft*5 we all traded on publr markets. The l*value for quoted ITh￿￿tMents is the m¥ketvalue. uslngthe bxl prke. The th¥itis commeroal trt*stment propertieswere fe-valued byjones Lan8LaSalle L•nited.Chartered ￿rI*￿I$,0ft the basis ofdtscounted cath flowat 31 December 2023.TheN7lue of the resKlentiai propeft*$15 based on the rv4aluatioft of the Portfol￿ byjones LangLaSalle Llmked on a market ￿l￿e basb asat31 Oecember 2021 In 2022.howthr.a decisititi had been made to di%pxe ofthree blocks of residential property as in*stment portfollo assets. The f¥ waue of thtte assets wasdetermlned on the basis of market valueon the assumption ala sale of a whole Portfol￿ t*ith tenants in situ. and not on an fftdpAdual sale wSth ￿can1 possessh)n basls las li pr￿*￿uS )eats4nd li 202314s this¥As de*ntd to better rdett the fakvalue ¢0 the thw6tyasat 31 Decembw2022.The Impartofthi5thange in acn and Ind￿￿Ul1 ￿le as at Decembei2022. Thesale did not occurand the de￿￿)n f*as mthto sell th• prwrtieswlth vacant posses*in on piecemeal Sotial Snvestments also form partofthetharws •h*sbMnts Inote14). Market value at lJanuary2023 62.798 43.641 106 Addtiionsto ￿strnentsat cost 14,733 A4127 Dtsp)sal proceeds Galns M04Ynent in cash held ty brokns for relnwstment 169241 1176 119,6181 3.427 54749 53341 10SJ40 70 St John's Foundation ESL 1174 StJ•lM'sF•undall•n ESL 1174 Y•r•nd•d3J D•¢•mb•rlO ThetharItytr￿sthQ enilresharecapkal of& JOhn¥lknS&￿ TwthgCompBnyLtd.a (Dryanyincorporat•d in En¢l￿d and Wales. ￿MPar}Y regstrniw)n Nmber(*632453. The th•re captai ofstjohn's Hc+Wal TradlnIComp￿yLld cornpr Som￿l0rdINary$hJles of£J.¥thlth Ire all¥thollyo¥med bythe th¥ity.The a£lr&lesolSt John'sHosphl Tradkn8 CompanyLtd are apartmthts and ¢¢>Wts￿jft$spaCe. Cost 01￿leS Gmssprfrt AdministratA* ¢Ypenses Operatk+na eypensos Othrfincome (4¥ 591 13U) Interest payable (L•ullpr•fftb•f•rntsx Ta¥Ation {L•Mliw•fftthts 431 (3351 Tot￿ assets Total liètrflit*5 481 (47J) 14181 The tharltyalso owns th• entYeshareGiiytai ofStJtthn s TrW*al Dew ￿ld Ltd. a companylicorporated in Engl￿d and Wales. company rrystrattsn number152131llL Tht shafec4)ital of St John's HosMal Desi￿ &bild cornprse5 1 ordinaryshareol ELwllth ist*hollyowned bythethafty.This comp•nyi5 has nottraded and i50Jrronttydomiant butwas established to artasa dE5V and buld rornpanyh)rthefutyrecon#ruclwJn proiertsandso maytr•Jt li the luture. S•¢l•l R￿p￿ble Mi moreihan one Reoprdble in lessthan one 67 32 The mryed nTrotrrt ￿*stMent3bO* represents a new loan issued on 1st December2023 to a pwty.Thisloan replaced two concessbnaryloans to that samÈ5in8le partydrawn togeil*r on 28th Ociobw 2015. Eath oltht loan5 15 secured by• le8al th¥y*)wfreehold propeityarKI thwged ￿terest at a rnte of At the￿r ihere were no )mountscommited Iwt undr•*m120Tr.Thll.Jndtho •nountsthat had been ￿pr￿*d sub thé weement ofterms (lott. nll. 71 St John's Foundatlon Est. 1174 stj•1￿•sl￿n1*￿fft 1174 Not•stoth•Hn•KtslStstwMHts ¢•n￿lI￿*t•d Tradedebtors Prepaynents *d •cuued iicome Taxation and sodal seojrty Otherdebtors 258 579 592 Trade debtors PrePa￿￿ents and acuiKd Income Other debtors Arnounts OTNed bysubsidiary 216 7% 441 573 795 Induded wihin eonsolthted Pr¢p•Yn￿ts and a¢uved kKome are leaselncenti* ad￿stment$0f￿9I￿o (2021. E16ICIYJI. ofwhlch £257[￿ ¥edw in morethan r)n¢￿T (2022 £21LW.Wrthin amounts owed bythq substiliaryis £475Wofa loan I2￿22. £475AKJOI and £8IXrfJ ol interest aCcruknga￿knst thls12022: É01. The loan agreement was ￿tered on an arms length basis at a market rateof Inierest (42%aboYe basel and ihe Charityhas taken a charge¢Mrthe assets olthe tradingThe Iwns repjyable gn dwrtd we ￿OuntsdU¢tO Ilrfyne l*whold ten•ntsfor thelw leases 15 repayablewhen the propertie5are¥&*ed. Induded other ueditorsJ5 laJ22.' f14w4 reyesth￿8the*rfIvnt￿ asapnt for4 small Unin¢0￿¢¢11e4 Iluntaryor8anSsation ulled Both Wom•n's Fund £9J60 (202Z: £4wII 19r￿h Unlv¥¥rted for whKh St John's FoundatKJn has ayeed to adrnknswfvndsand ￿ asan agonL Themonies in wr•sented gr•nts lOtèlllng£lOP(Kifrom th• loul authorltylesstwo p•Nnffits madeon beh&fol Bath Unlkn*ed.*dudkngone to thetr¥dlngcomp¥nyforrnom h*e. No other *nounts were recep￿d or out li thes*4f ￿7 rolatkn to thesefund> In the firsi quarterof 2024.alurther£5JX was all monieswere Pa￿ atross to Bath thilwnrted•)d theapntyarrnn8ement téased. Defwred income mo¥wn¢nt: Ch•lty 6n 8alan¢eat l January2Q23 Amount released 41 th•￿ar AmouNtdolerred in the￿ar BIaTr￿￿ 31 Decernber2023 11,7891 L675 251 1)16 Defe￿￿ inC¢￿e is made up of renlal KKOrne￿￿Yd in •dwCeofthe￿￿ynkngP￿d tgwhrh il rel*5. Lo&)s repajoblt upon dornand 73 St John's Foundatlon E$t. 1174 St John's Foundatlon Est. 1174 Year ended 31 D•comb•r 2023 Th¢ pemwn￿tln￿￿ted èndo*rntfund rnwe5ents thefwid50fthtth•Titydeifftd fftknyltsond lewies recei¥*dsincèits foundation. It15 tobe held and m•ntained Fn pewity. In￿nent￿cOme8ftd su￿lUSt$0rtleffi£lts ￿Sin￿On thesaleor revalujtion oflnvestment propertie5 and in%*Stments￿knJn5fel￿1tt>the pemlanentendowmentfund. ￿PenSeS incur￿1 Inthe ministrntion orprotedlonoltheendow￿ntIn4VIMents arecharyed tothefund. From15tJaThJary2013, theTru5tee hasadopied the vseof totsl re￿rn accountiniin vol*ion to its in%*5 The in*strnentpoweroftolai was g￿le0 bYtheCh•con￿￿ss1on on 25th SeptemberXIII The powtrpermitsthe Trustee to 1nvestpemwn￿tend0WFMntsto maxirnisetotalrewm ￿dID make waliable an apprnprl*e p)rtlon of thekntal retyrnfor expenditrJrE each JEar. Untilthi5 POVrtrisexerrised in full, th•tportK>n ofthetotsl rtum which 15 in exce550fthe amountrequirtd to preser¥etr*¥alueofthe ptrnanenter￿oIllnen(sha￿ btah'unawlied lotst Trttwn'and wnaln •s partofthe PeTh￿ent endo¥wnent TheTn￿teehaS used the indexedTdues olihe peThnlAenter￿o￿nenlatistj•nUètyts9s ts representthe'pRsefftd lue, ofthe ortglnalgllL Ihderspe¢ifi¢ povrns Inthegobwnin8Sctr•me. tho Twstee ￿￿01t0￿ thein*sDNntperforniance sn of maintsiningthè purchasin8p0￿1olthecOreendoWme￿tala1nsI infiaiioN*thilepJ)•blingth¢n8.temispendin8rate of4* ofthe thrt+)eafab*rngevalueofthepemHnent•ndo*Tr)ofiL The•muntssetasopeningunapplied retrm, togdlv*Tththe ￿Tr￿untIl10(al•dt0 iKomtin t￿)￿TflOmthèunapp1led total fetum.and theamountof unapp&ed totsl alloated to cawtslin theieprxtingperiod lin orderto mainiain the realwdiueofthe orfgknalwft) arndisdoyd belo 74 St John's Foundatlon Est. 1174 St John's Foundatlon Est. 1174 Year ended 31 December2023 T•tsi 453W 64 In￿￿￿nent￿co￿ Realwdand ￿Tralis￿d E•ins 3J51 (W551 3A51 lll.9531 11821 19J521 1352 Totslvrtumlorth•> IhappliedtotsiTEtyrn allor*d* incon CPI W>lift 19JS 135U) 14.7651 117,438) 4.785 4.7 lll.6731 AtlJwNy2•1J 50J45 472IJ 97Jg8 In￿lmentIne¢me Realisedand unmlised losses 3092 3,430 JJ92 143Q Tot•lrnlwnf•rth•y ijnapplied totsl retymailotated toinco CPlupllft {4￿￿) 14JOOI 47142 99.993 TF*abO%*f1gu￿$￿ClUdethefi•￿tt0n0lefftdOwnenthmdlnQ1eIIbl wdthe R0xweNltyrth￿d InoteUI. 75- St John's Foundatlon Est. 1174 st John's Fwndatlon Est. 1174 Year ended 31 D•cember 2023 i•t fttabsedand ￿realISed8*nI IW531 12821 19.1521 13521) 12821 19.1521 13521) 14,7651 117.4¥ LknappUedto¢•lr•tvm thtodtyincom• CPI uplift IW731 50J45 47WI 91.755 3.999 3N28 U87) 7240 Rtalised *)d ￿(••ILled10$Ses (4SODI CPI uOft 2.740 52 Iw￿35 Theabo¥efyrtsexdudethefundioTralendownent14md Inotr 17bl andthelbthwKhendw1￿tfyftd Inoteiai. 76 St John's Foundatlon Est. 1174 St John's Foundation ESL 1174 Year •nded 31 December2023 Thfund1on4l￿dOrnt￿5th1tpartoftheeftd0￿rOrf1￿￿wth isheldfwt)P•7tK*naL rntherthan in¥esknentpuryMes.ardls therefo￿ notlnduded kntalrEtyrncaculthn&Theassots*fiKhrnakeupthefuncbonal ¢n￿¥m￿llarnthostv￿￿h￿￿• almshouses*thelme the2012kheme¥05appwbEd IChapelH(wse, F￿10¢¢￿￿1Jvkn Wood House. R(￿￿1*1•40￿$*. Ch•nd¢)s Use, CombePwki.* M¥daien Chwl. Thefvnctionèlthdo￿Y￿￿sts indudes £U73m12rytt. ÉL924mi setasidtforlutyre alrnshouse pmisioftundwth¢2o17khon**th￿th•th*￿e￿￿SefjfCh￿￿js￿￿ S¢Catr**ie'swasappro* 12,420 (Def￿4 Trnrthr5 192 132 140 VthJ*ion Uos2es1 The RoybuTth perni•nentendowrnntfundhas been sho*Trsep•*inthese notesJ5.unlikethe re5tofthecharitysendo*td funds. theincomefmm INS lund ho5 arosln'ctedwry*xtr. tr> wyidèrehdlof ￿ne1*¥￿mIn ¢y¥vthe •geofSt) inthe Bath •rpJ. 77 St John's Foundatlon Est. 1174 St John's Foundation Est. 1174 Year ended 31 December 2023 The unre5tyi(ted fvnd 15 Ihe ￿n￿41$Y[p￿s0flnlg$ts￿l￿K0Me0￿Ythedtfi￿tonthtPI0thn of•lmsho ¥c￿mm0d811On.theCQ$tQIY¥nts￿dc0nr￿nityOUtr￿ •p¥4￿bIe*the{￿5crdion oftheTNsteefor maifvtenan¢eofthe pemianentendo%wnentèrMI otherpuo0sestoxhl￿ thetharttableoblecb4uofthÈtharfty. Operaiiniresutt Totsi r•trJm tRnsler hDm p￿D￿t endornt (46651 14¥6) 4JOD 3521 Nttn¥)wmentin the￿ar &lanu broughtfofward 2571 2A71 Operatyngrtsult Total rthffl irnnsfer Irom penn￿￿t efid0￿￿t 14.4781 3,521 lTrn5feroffunction*fyendowed*ssetèdthtior lkt Thwn*ntlnthe P161 19571 iancebroughtfomard 3575 2.618 78 Stjohn's Foundatlon Est. 1174 St Johnls Foundatlon Est. 1174 Year ended 31 Drf•mber 2023 T•ttl r••0 r 8èlancebrou8htfonwd In¢oft Expenditu 14 26 1441 io T•t B•lancebWfoAva In¢0 Expenditu 52 117) (i) 1241 14 The westrKW fund forRoxW felatesty netlrKoff*oc**td frwnthePA*xbJr8hendryrntlsee Note18abo￿) A rEStricted leKKywas pwiqded to th*tharftytosupportS¢John's intohMWlbtyoyu*•¢h •clK4iies lof thosein 81th Mr75>*atsof VafkMMFuThts Jrtnsthe y¥arthecharftyreCei￿￿ddonat1QnSlor￿dftCre5￿rtffte4lsWd xb¥11￿5TWhI¢hW￿E$p*ntin >tar. These totalled ie5S that EL(w. 88th & 14orth E•stSonw5etCouKil thp•d £25,0ty) tow15a 4 Edycatwnwoiprt*thithwa5 4x¥sPWJtin year. fund Trntsferdunappkd tts￿ rttymto intoffe 4JOO 79 Stjohn's Foundation Est. 1174 st John's Foundation Est. 1174 Yearended 31 December2023 nd As at 31 Dttember2023 Tangiblefixed assds Intangiblefimed assets Investments Social inve5tmffits Cash and bankbalattes Othercurremt assets and liabilities 169 IC4C80 iJ02 ,no) (Ino) 114749 T•tsl nd As at 3L Dec￿)ber2022 Tangiblefixed assets Intanglblefixed assds InvÈstmwts SocSal inveStM￿t$ Cash and bankbalances Other currffita55ets and liabllities 022 I￿439 142%) 80 St John's Foundatlon Est. 1174 st John's Foundation ESL 1174 Year end•d 31 DKember 2023 Cai4talexpffidlture¢tynmrtmwts.. 2J 20 LryaI¢onuiwtLY*rttotr*ildalmsh￿ 813 Theleg4lcommltMffit￿ith theCharityo#))n¥5SiW tobJild almshouse5 is•lsorthted int￿￿jnC%tonll *thm•rtfund Inole17bl. Thecharityactsas ltssorfor its<(Nwwoaland restknti•luWestm￿l y•pffjiwth110liosaTrJ is conirnctual1y￿I5￿￿to ré£el*lutUM4fKomÉ ThefUiufemJnirnuml•sepaJYtwtswthnonarfdl•bltopwati￿ lthstsupected toberttei¥&J bythecharityaThdGri)upaMdueasb)Ilows: 2•23 Wlthin oThey&r 8#AVe￿Oneand fl%*>*ats hufiveyears &iry3 11,7n Thechafityleases pathfttspaces fèrstaff using iheh•adoffice Thofutstr•mlniffrttmle4sep)yry*rts undor r￿Tr U7,LJXI. Includalwirhsn'p•)5ionc¢sts' in We8•rep￿s￿OnsdMleMana1*n￿fllw•yJb￿olfI4.c