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2024-12-31-accounts

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ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024.

REGISTERED CHARITY 201476 ST JOHN’S FOUNDATION EST.1174 4-5 CHAPEL COURT, BATH, BA1 1SQ

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“I WISH ALL LOCAL AREAS WERE LUCKY ENOUGH TO HAVE A ST JOHN’S. THERE IS SO MUCH AMBITION, WILLINGNESS TO HELP, FINANCIAL SUPPORT, AND RESOURCE THAT SITS BEHIND THE CHARITY” BATH AND NORTH EAST SOMERSET COUNCIL

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TABLE OF CONTENTS

FINANCIAL STATEMENTS

CHAIR’S 4 FOREWORD WELCOME FROM 5 OUR CEO 2024 HIGHLIGHTS 6 INTRODUCTION 7 WELCOMING OUR 8 ROYAL PATRON OUR 850 YEAR 9 HISTORY THE LANDSCAPE 10 WE WORK IN OUR CHARITABLE 11 WORK STRUCTURE, 33 GOVERNANCE AND MANAGEMENT FINANCIAL REVIEW 40

STATEMENT OF TRUSTEE 50 RESPONSIBILITIES INDEPENDENT AUDITOR'S 51 REPORT CONSOLIDATED STATEMENT OF 55 FINANCIAL ACTIVITIES CONSOLIDATED BALANCE 56 SHEET CHARITY BALANCE SHEET 57 CONSOLIDATED STATEMENT OF 58 CASHFLOWS NOTES TO THE FINANCIAL 60 STATEMENTS

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CHAIR’S FOREWORD

I AM HONOURED TO INTRODUCE MYSELF AS THE NEW CHAIR OF ST JOHN’S FOUNDATION AND TO BE PART OF SUCH AN EXTRAORDINARY ORGANISATION.

Having taken up the role in January 2025, I would like to extend my thanks to my predecessor, Ben Fletcher, for his dedication and leadership. Under his guidance, St John’s ensured that we continue to support those most in need across our community.

Last year was a truly remarkable one for St John’s. Our 850th anniversary celebrations were a testament to the Charity’s deep-rooted history and the unwavering commitment of our team, partners, and supporters.

While we take great pride in our past achievements, our focus is firmly on the future. We are now halfway through our 10-year strategic plan, and this is a pivotal time to reflect on our progress and adapt to meet the evolving needs of those we serve. Our mission remains as important today as it was 850 years ago – to provide security, support, and opportunity to those experiencing disadvantage in Bath and beyond.

Having lived in Bath for 25 years, I have seen first-hand the challenges our community faces. That is why I was so drawn to St John’s and why I am committed to building on its extraordinary legacy. I look forward to working closely with our dedicated team, Board, and partners to drive meaningful change and ensure we continue to make a lasting difference in people’s lives.

SANDY FORBES CHAIR, ST JOHN’S FOUNDATION

Thank you to everyone who has supported St John’s throughout this journey. Together, we will continue to evolve, grow, and make an even greater impact in the years ahead.

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WELCOME FROM OUR CEO I AM DELIGHTED TO INTRODUCE OUR 2024 ANNUAL REPORT AND TO REFLECT ON WHAT HAS BEEN AN EXTRAORDINARY YEAR FOR OUR CHARITY.

While I was formally appointed CEO in January 2025, I had the privilege of serving as Interim CEO from July 2024, following the retirement of David Hobdey. I would like to extend my sincere thanks to David for his six years of dedicated leadership and his unwavering commitment to furthering St John’s mission. His work has left a lasting impact, and we are deeply grateful for his service.

Last year marked a truly historic moment for St John’s as we celebrated our 850th anniversary. One of the highlights of this remarkable milestone was the visit from Her Majesty The Queen in February, when we held a special celebration at Bath Abbey. It was a moment of immense pride, bringing the Charity back to the heart of Bath and reinforcing our deep-rooted connection with the city. Our celebrations continued in June at Founder’s Day, where we honoured our almshouse residents – the very people at the heart of our mission.

As part of our anniversary campaign, we championed a unique and exciting project, funded by local organisations – a book called The Day the Alien Came, written by 192 children. This creative endeavour was a fantastic success and a testament to the incredible young people we support.

Beyond the celebrations, we remained steadfast in our founding mission: providing almshouse accommodation to older adults. In 2024, 102 people lived with us, and we were immensely proud that 100% of our residents in a recent survey said they felt treated with kindness, compassion, and dignity.

Our commitment to supporting the wider community continued through our crisis programme, which provided financial assistance to 654 people in need. We also deepened our work with under-served children, offering vital educational and behavioural support to ensure that every child has the opportunity to thrive.

CATHARINE BROWN CEO, ST JOHN’S FOUNDATION

2024 was a year of incredible achievements, and we are so proud of the impact we made. This annual report summarises our progress and the difference we have been able to make thanks to the dedication of our team, our partners, and our supporters. As we look ahead, we remain committed to honouring our 850-year legacy while embracing the future with optimism, innovation, and a renewed drive to support those who need us most.

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OUR 2024 HIGHLIGHTS

SUPPORTING OLDER ADULTS 55+

102 residents lived in our almshouses.

100% of residents said staff treated them with kindness, compassion and dignity.

6,608 attendances to our activity classes.

SUPPORTING CHILDREN AGED 0-12

56,309 hot school meals provided for children. 410

SUPPORTING PEOPLE IN CRISIS

654 beneficiaries supported through our crisis programme.

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INTRODUCTION

FOR OVER 850 YEARS, ST JOHN’S FOUNDATION HAS BEEN CHANGING PEOPLE’S LIVES, FOR GOOD. EVERY ASPECT OF OUR WORK IS BUILT UPON OUR VALUES OF TRUST, KINDNESS, AND COURAGE.

At the heart of St John’s mission is our charitable objective: to provide almshouse accommodation and relief to those who are in need by reason of age, ill-health, disability, financial hardship, or other disadvantage within Bath and the surrounding area.

With over 850 years of history, St John's stands as the oldest charity in the Bath community. While the world around us has evolved, the challenges we aim to address have remained ever-present. We are committed to confronting these issues with unwavering determination, ensuring that those who need help most within our community receive the support, care, and opportunities they deserve.

Our focus is on creating an age-friendly community, one where older adults can live independently and with dignity for as long as possible, supported by both our housing and outreach services. In parallel, we continue to support individuals facing crisis, while striving to create environments where children can grow up happy, healthy, and well-educated.

This is the annual report and consolidated financial statements for St John's Foundation Est. 1174 ('St John's' or ‘the Charity’) and its subsidiary, St John's Hospital Trading Company Ltd, for the year ending 31 December 2024. These documents have been prepared in accordance with the Charities Act 2011 and SORP (FRS 102).

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IN FEBRUARY, WE HAD THE HONOUR OF WELCOMING OUR PATRON, HER MAJESTY THE QUEEN, TO CELEBRATE ST JOHN’S FOUNDATION’S 850TH ANNIVERSARY.

It was an unforgettable day, filled with joy as Her Majesty began her visit to our chapel, enjoying tea and cake with our almshouse residents. Her warmth and interest in their stories made the occasion incredibly special.

She then walked through Bath’s city centre, to the delight of the gathered public. At Bath Abbey, 500 primary school pupils from our partner schools waved St John’s flags, creating an electric atmosphere. The Queen stopped to greet many of the children, making the day truly magical for them.

Inside the Abbey, over 500 guests attended a celebration service led by Reverend Jacky Wise. It was a fitting tribute to our history and impact. To mark the occasion, Her Majesty unveiled a commemorative plaque, now placed in our courtyard – the very site where our journey began 850 years ago.

This visit was a highlight of an extraordinary year for St John’s and a reminder of the deep connections we share with the community. It was a day we will cherish forever, marking a historic milestone in the most special way.

WE ARE INCREDIBLY GRATEFUL TO HER MAJESTY THE QUEEN FOR BEING OUR PATRON AND FOR HER CONTINUOUS SUPPORT OF OUR MISSION.

WELCOMING OUR ROYAL PATRON

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OUR 850 YEARS

IT ALL BEGAN IN 1174...

1174

French cleric Bishop Reginald Fitzjocelyn created St John’s Hospital to alleviate poverty and chronic living conditions in Bath

1444

St Catherine’s Hospital was built as an almshouse. Residents were known as inmates, reflecting the strict way of life.

1530

Henry VIII abolished Catholicism and founded the Church of England. St John’s avoided confiscation of land and wealth by appointing a nonclerical Master.

1727

John Wood, the celebrated Bath architect, completed his first commission which was for St John’s. John Wood House was built when he was just 23.

1970

1851

2003

The Crisis Programme was launched – a fund to support people in crisis living in Bath. Since then, we have supported tens of thousands of local people facing financial difficulties and the programme continues today.

The 1851 census shows that 228 people lived in the Chapel Court almshouses . Residents ranged from paupers to a solicitor’s clerk widow and a birdcage maker.

Our new almshouse building Combe Park opened, offering another 54 homes to older adults in our community.

2020

2015

2024

The Best Start in Life initiative was launched. The initiative is specifically focused on closing the primary age educational attainment gap; providing all children the opportunity to grow into healthy, happy, and educated members of society.

St John’s Foundation marks its 850th anniversary with a special event at Bath Abbey and a year of celebration.

Our community outreach and activities service launched to help older adults in Bath avoid isolation and loneliness.

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OUR COMMUNITY

BATH AND NORTH EAST SOMERSET HAS ITS SHARE OF CHALLENGES THAT WE ARE WORKING TO ADDRESS..

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LOWEST
PERFORMING
local authority for the
Key Stage 2
attainment gap
9%
9%
of children aged 0 to
15 are living in relative of primary pupils
poverty said they hadn’t
eaten anything
before school
18%
of residents worried
that food would run
out before they could -10
buy more
Life expectancy in
deprived areas is up to
10 years lower then
wealthier areas
https://thehub.bathnes.gov.uk/Page/11031#:~:text=Every%20two%20years%2C%20Bath%20%26%20North,state%20schools%20and%20Bath%20College. - B&NES Primary Results 2024 (PDF , 1.02 MB)
-
https://www.bathnes.gov.uk/sites/default/files/Strategic%20Evidence%20Base%20 %20Main%20Document%2024%20July%202024_1.pdf
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OUR AMBITION IS TO ENSURE AGE IS NOT A BARRIER TO LIVING WELL BY CREATING A COMMUNITY THAT SUPPORTS OLDER PEOPLE TO ENJOY LIFE INDEPENDENTLY.

Our aim is to work collaboratively to create an age-friendly community across Bath and North East Somerset through a variety of initiatives.

ALMSHOUSE ACCOMODATION

St John’s provides high-quality almshouse apartments in Bath, offering affordable, independent living for over-65s in a supportive community that enhances wellbeing and reduces isolation.

ACTIVITIES PROGRAMME

St John’s offers a vibrant programme of activities for over55s in Bath and North East Somerset, promoting wellbeing, independence, and community through daily events for all skill levels.

ADVICE SERVICE

St John’s offers free advice and support for over-55s in Bath and North East Somerset, helping them navigate everyday challenges and maintain independent living.

PASTORAL CARE

We provide emotional, social, and spiritual care to our almshouse residents and over-55s in our community. Our inclusive Chaplain offers informal advice, a listening ear, guided prayer, and traditional worship.

SUPPORTING OLDER ADULTS

GOOD LIVING.

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GOOD LIVING ALSMHOUSES 2024 HIGHLIGHTS

102 RESIDENTS LIVED WITH US, WITH

98% OF THEM SAYING THEY FELT SAFE AND SECURE HERE. 79 OF OUR RESIDENTS RECEIVED PASTORAL SUPPORT LAST YEAR, AND 100% OF THEM SAID OUR STAFF TREATED THEM WITH KINDNESS, COMPASSION AND DIGNITY.

THERE WERE A TOTAL OF 245 ATTENDANCES FROM RESIDENTS TO OUR COSY COOK MEALS IN 2024. 18

*source of data St John’s Foundation 2024 resident survey

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BEFORE I CAME TO ST JOHN’S I LIVED IN A HORRIBLE, COLD FLAT. Before I came to St John’s I lived in a horrible, cold flat. There were drug users and dealers outside my front door daily. Police raids had become a regular occurrence. My family and friends were so worried for my safety. I suffered from depression, and I was always worried about my security. I always double bolted my doors. I was there for 11 years until someone recommended St John’s to me. The rest is history.

I am so happy here. I feel the warmth, security, companionship, the respect and compassion of the staff. I have made friends, and we all look out for each other. I can get involved with the activities that interest me and I am always treated with respect and feel valued. I am so happy here, having been depressed before. I know I am warm and safe here.

A ST JOHN’S RESIDENT’S STORY

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GOOD LIVING ACTIVITIES 2024 HIGHLIGHTS 367 OLDER ADULTS ATTENDED OUR ACTIVITY CLASSES. THERE WERE 6,608 ATTENDANCES TO OUR ACTIVITY CLASSES THROUGHOUT THE YEAR. 64 ACTIVITIES WERE AVAILABLE FOR OLDER ADULTS TO ATTEND.

“I enjoy taking ballet classes, as they cater to people of all abilities, making it a welcoming environment for everyone. I love the social side of the class, which encourages connections with others whilst I work on strengthening my balance. I would definitely recommend these ballet classes to anyone looking to

improve their balance and discipline, especially if they have a passion for music. It's a wonderful way to combine fitness and

creativity!”

A ST JOHN'S ACTIVITY USER

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GOOD LIVING - 2024 PARTNERSHIP WORKING

£15,000 GIVEN TO SUPPORT BATH SHED

to help them establish their new location at Bath City Farm. Bath Shed is a community group for people over 50, offering a space to connect and create. it’s a place to combat loneliness and isolation while having fun.

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CHARITIES USED OUR SPACES.

We supported a range of local charities last year by offering free use of The Bubble and Combe Park. These include Bath Mind, Age UK BaNES, Bath Welcomes Refugees, BANES Climate Hub, U3A, Sight Support Southwest, Bath Macular Group, Bath Diabetes Group, Mencap, and ReMind UK.

£15,000 GIVEN TO REMIND UK FOR THEIR HEALTHY BRAIN CLINIC

This new clinic helps people identify risk factors early to retain cognitive wellbeing for as long as possible.

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OLDER ADULTS ATTENDED OUR TECH SUPPORT GROUPS.

The sessions offer support for older adults with a range of digital devices.

102 RESIDENTS ATTENDED PETS AS THERAPY SESSIONS.

The sessions aim to improve health and wellbeing while reducing isolation and loneliness by offering visits from volunteers accompanied by their dogs.

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AGEING WELL BANES

WE CONTINUED OUR COLLABORATION WITH AGE UK AND 3SG TO MAKE BATH AND NORTH EAST SOMERSET AN AGE-FRIENDLY COMMUNITY.

The Ageing Well BaNES programme was launched in December 2023 with the aim of ensuring people aged 55+ can thrive in an inclusive and supportive environment.

The initiative which includes charities, businesses, and public sector organisations, is focusing on key areas such as accessible housing, transport, social connections, and health services to improve the quality of life for older adults.

In 2024, we achieved the following milestones:

Launched the Older People’s Forum, giving older adults a collective voice and a chance to engage with community projects.

Our Head of Good Living Service, Lynn Toman, teamed up with Age UK’s Bath and North East Somerset CEO, Simon Allen, to deliver a seminar at The Business Exchange South West Charity Expo about building an age-friendly community through the Ageing Well Network.

£40,000 OF FUNDING GIVEN TO HELP MAKE BANES AN AGE FRIENDLY COMMUNITY.

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OUR VISION IS FOR EVERY CHILD TO GROW UP TO BE HAPPY, HEALTHY AND EDUCATED MEMBERS OF OUR COMMUNITY.

Our aim is to narrowing the educational attainment gap for Key Stage 2 children living in our community through a range of initiatives.

PRE-SCHOOL CHILDREN

The Early Nurture Service provides early-intervention support for young children’s social, emotional, and mental health (SEMH) needs in highdeprivation areas, enhancing assessments, support, and capacity within nurseries.

The Language for Life project trains early years practitioners to use the WellComm assessment toolkit, enabling early identification and support for children's language and communication needs to help them start school on par with their peers.

The Perinatal and Emotional Wellbeing Partnership supports new parents' mental health by working with local services to provide emotional wellbeing support, helping them navigate the challenges of parenthood.

PRIMARY SCHOOL CHILDREN

The Primary Empowerment Programme provides targeted academic and emotional support to children, equipping teachers with training, resources, and specialist guidance to improve learning and wellbeing outcomes.

SUPPORTING CHILDREN AGED 0-12 BEST START IN LIFE.

FAMILIES

The Nutritious Food programme tackles food poverty by funding local initiatives that provide access to nutritious food, supporting children's health, development, and academic success.

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EARLY NURTURE SERVICE 2024 HIGHLIGHTS

OUR AMBITION IS TO SUPPORT CHILDREN AGED 2 – 5 TO REGULATE THEIR SOCIAL, EMOTIONAL AND MENTAL HEALTH.

250 CHILDREN SUPPORTED ACROSS

6 EARLY YEAR SETTINGS, WITH

35 PRACTITIONERS TRAINED.

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OUR AMBITION IS TO INCREASE THE NUMBER OF CHILDREN AGED 2-5 REACHING THEIR AGE-RELATED EXPECTATIONS. 706 CHILDREN ASSESSED AND SUPPORTED.

THE PROGRESS THE CHILDREN MADE THROUGH THE PROGRAMME:

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RED AMBER GREEN
80%
60%
40%
20%
0%
FIRST ASSESSMENT LAST ASSESSMENT
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This graph represents the children who were assessed and supported through the programme in 2023-2024. Those in red represent children who have severe speech and language needs, amber represents children with moderate speech and language needs and green represents children whose speech and language is on track. The graph shows the progression made from their first to their last assessment. The total number assessed in the last assessment was 706 (there are some differences in the children assessed in first and last screenings).

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THE PERINATAL AND EMOTIONAL WELLBEING PARTNERSHIP 2024 HIGHLIGHTS

OUR AMBITION IS TO IMPROVE MENTAL HEALTH OUTCOMES FOR VULNERABLE NEW PARENTS. 199 NEW PARENTS SUPPORTED

90% OF NEW PARENTS SHOWED CONSIDERABLE IMPROVEMENT IN THEIR MENTAL HEALTH AFTER SUPPORT.

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PRIMARY EMPOWERMENT PROGRAMME 2024 HIGHLIGHTS

OUR AMBITION IS TO SUPPORT CHILDREN WITH THEIR READING, WRITING, MATHEMATICS AND ORACY SKILLS, AS WELL AS THEIR EMOTIONAL AND BEHAVIOURAL NEEDS. £790,431 OF FUNDING RELEASED TO ~~7~~ SCHOOLS, WHICH SUPPORTED

1,358 CHILDREN.

56,309 HOT SCHOOL MEALS GIVEN TO

410 CHILDREN IN 2024.

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MY SON IS A BUNDLE OF CREATIVITY AND JOY, ALWAYS EXCITED ABOUT SCHOOL.

He doesn’t have any specific dislikes in school and loves playtime with his friends and learning new things. He loves art and is incredibly crafty and creative. However, when he started school, we noticed some real difficulties he was having, particularly in language-based lessons and specifically around his reading.

Despite his positive attitude towards school, he really struggled with his speech and language. His speech was delayed, and reading was a real challenge for him. As a parent, it was horrible to see him frustrated and struggling when attempting to read.

The speech and language therapist that St John’s gave him has been incredible. It’s boosted his confidence so much and she’s been so patient with him. His phonics and pronunciation have improved significantly. His progress from last year is nothing short of remarkable. The time spent with the speech therapist has made an unbelievable difference. I can’t express enough how happy I am with the change I see in him and the difference in his development.

A PARENT’S STORY

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NUTRITIOUS FOOD 2024 HIGHLIGHTS

OUR AMBITION IS TO PROVIDE ACCESS TO NUTRITIOUS FOOD FOR UNDER-SERVED FAMILIES.

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GROUPS BENEFITED

120 TONNES OF FOOD DISTRIBUTED, EQUIVALENT TO

283,976 MEALS WHICH BENEFITED, OVER

3,000 PEOPLE.

£34,947 IN FUNDING FOR A ROLE WITHIN PUBLIC HEALTH TO REDUCE FOOD INSECURITY IN OUR COMMUNITY.

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Bath is a beautiful city, but beneath its wealthy veneer are sections of the community that are facing a daily struggle to get by and put food on the table. In the Strategic Evidence Base report* for Bath and North East Somerset Council it was estimated another 4,000 people will fall into absolute poverty this year, including 1,500 children.

Much like in other locations, poverty across BaNES is a complex and often entrenched issue, stemming from multiple causes, therefore the provision of a variety of support services is vital in supporting our communities.

THIS IS WHY ST JOHN’S PROVIDES SUPPORT THROUGH OUR CRISIS PROGRAMME. WE OFFER FINANCIAL AID TO INDIVIDUALS AND FAMILIES WHO ARE STRUGGLING TO MAKE ENDS MEET.

The programme aims to fulfil the most essential needs, such as providing white goods, furniture, counselling, and debt support. The programme also offers basic skills training to people who are struggling to access training or education opportunities, to help them gain secure employment and escape poverty.

To be eligible for support, the individual or family must be living within Bath and North East Somerset with a monthly disposable income of less than £250 for a household with no dependent children, £275 for a household with up to two dependent children, or £300 for a household with three or more dependent children.

SUPPORTING THOSE IN CRISIS

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CRISIS PROGRAMME & CRISIS PROJECTS.

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CRISIS PROGRAMME - 2024 HIGHLIGHTS

£235,241 AWARDED IN GRANTS

TO 323 APPLICATIONS

WHICH SUPPORTED 654

INDIVIDUALS AND FAMILIES

----- Start of picture text -----
116
OF WHICH WERE
FAMILIES WITH
CHILDREN UNDER 12
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HOW OUR GRANTS WERE SPENT:

----- Start of picture text -----
OTHER
HOUSEHOLD ITEMS
5%
8%
COUNCIL TAX ARREARS
5%
REMOVAL COSTS
6%
WHITE GOODS
51%
RENT ARREARS
6%
FURNITURE
19%
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A PARENT WITH TWO CHILDREN HAD TO MOVE QUICKLY TO ESCAPE DOMESTIC ABUSE, FLEEING WITH ONLY MINIMAL FURNITURE AND WITHOUT THE CHILDREN’S BELONGINGS.

An application was made to St John’s by the children’s primary school for new furniture, which included a desk for the eldest child to do their homework and a new bike, as their previous one had to be left behind.

The school reported that this support was invaluable for the family and helped them all to settle and create a new safe homely environment of fun and happiness, providing the children with items that all children should have.

A CRISIS PROGRAMME BENEFICIARY’S 26STORY

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CRISIS PROJECT FUND - 2024 HIGHLIGHTS

IN ADDITION TO THE GRANTS GIVEN TO INDIVIDUALS THROUGH OUR CRISIS PROGRAMME, WE ALSO SUPPORT THREE KEY INITIATIVES, EACH DESIGNED TO PROVIDE LONG-TERM SUPPORT AND STABILITY FOR THOSE IN NEED.

Cosy Start (£30,000) marked its third and final year as a pilot scheme in partnership with social housing provider Curo. The initiative aimed to help new tenants by providing basic furnishings and carpets, reducing financial strain and increasing tenancy success. Since its launch in February 2023, 21 households have benefitted, with none experiencing tenancy failure - compared to a 9% failure rate usually seen in new tenancies.

Citizens Advice Debt Caseworkers (£49,350) continued to receive support for dedicated roles focused on income maximisation and debt reduction. Now in its fifth year, this funding has helped Citizens Advice generate over £1.5 million in financial outcomes for clients.

3SG Director Role Core Funding (£20,000) ensured continued leadership for 3SG, an organisation vital to BaNES' charity sector. Throughout 2024, their director played a key role in navigating funding and commissioning challenges as the local authority reduced spending and the Integrated Care Board adjusted its processes. With funding secured until July 2026, 3SG plans to recruit a business development manager to explore future sustainability.

£99,350 AWARDED IN PROJECT FUNDING TO 3 LOCAL ORGANISATIONS

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OUR 850TH YEAR

2024 MARKED A SIGNIFICANT MILESTONE FOR ST JOHN’S FOUNDATION AS WE CELEBRATED OUR 850TH ANNIVERSARY.

On the 1st February, we held a Service of Celebration at Bath Abbey and were delighted to welcome Her Majesty The Queen to the city. Attendees included our beneficiaries, supporters, community members, all of the St John’s team, and our partners. Her Majesty’s attendance at the event made the occasion even more special, with children from local schools and members of the public lining the streets as Her Majesty approached the Abbey after having enjoyed tea and cake with our almshouse residents.

In the summer, the team transformed SouthGate into a spectacular English garden, with a St John’s branded installation at the heart of the shopping centre.

In June, we proudly celebrated our 850th Founder’s Day , bringing together residents, Board, and staff for a wonderful afternoon of entertainment, tea and fun. The day was filled with performances from our residents and delicious catering provided by The Francis Hotel.

We created a one-of-a-kind children’s book The Day the Alien Came . Alongside children’s author Stewart Foster and illustrator Andrew Prescott, we worked with 192 pupils from the seven primary schools that we support. The book was sold to raise money to be used to buy books for libraries of the schools who contributed.

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SERVICE OF SOUTHGATE FOUNDER’S THE DAY THE
CELEBRATION INSTALLATION DAY ALIEN CAME
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WHEN ST JOHN’S LAUNCHED ITS CURRENT STRATEGY IN FEBRUARY 2020, A 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 St John's to reinvest 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 2024 5

PROPERTIES WERE SOLD WORTH £5.9M

PROPERTY AND INVESTMENTS

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PLANS FOR THE FUTURE

Moving forward St John’s will manage its investments to meet the aims of:

In 2025, St John’s will conduct a strategic review to enhance the effectiveness and impact of our charitable services within the community.

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THE TRADING COMPANY IS OWNED BY THE CHARITY AND GENERATES VITAL REVENUE TO SUPPORT ST JOHN’S BY GIFTING AS MUCH OF ITS TAXABLE PROFITS AS POSSIBLE, WITH THE GOAL OF DONATING 100% OF ITS PROFITS TO THE CHARITY.

St Catherine’s, a beautifully refurbished Grade II listed building in the heart of Bath, now features ten boutique one-bedroom serviced apartments. Overlooking a peaceful courtyard garden, these offer a serene city retreat. In January 2024, we partnered with Curated Property, a new booking agent who has helped boost bookings at St Catherine’s.

The House of St John’s , launched by the Trading Company in 2022, provides a range of private offices, dedicated desks, co-working spaces, and a stylish event venue. In 2024, the House expanded its offerings to include wedding ceremonies on Saturdays, ensuring that the building is utilised to its full potential outside of business hours.

ST JOHN’S HOSPITAL TRADING COMPANY

Due to the need to repay set up costs and the time required to grow the business, the Trading Company has experienced trading losses in its initial years and gift aiding of profits is not anticipated in 2025. It has paid rent for the use of its properties of £204k this year. The focus is on developing a sustainable business which will lead to a long-term profit stream. The growth of the business has been slower than originally anticipated but a change in executive management in 2023 has helped to ensure robust business plans are in place to repay debt and provide future profits. This has involved adapting to the market challenges and maximising the use of the building for both business and consumer use. The introduction of weddings and strengthening of meeting and event usage has been part of this.

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HOUSE OF ST JOHN’S 2024 HIGHLIGHTS

39 CO-WORKERS AT THE END OF 2024.

413 MEETING ROOMS BOOKED BY

146 ORGANISATIONS.

14 ORGANISATIONS JOINED OUR HOUSE ASSOCIATE PROGRAMME.

33 EVENTS WERE HELD. WE LAUNCHED OUR WEDDING CEREMONY OFFERING IN OCTOBER!

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STRUCTURE, GOVERNANCE AND MANAGEMENT LEGAL STRUCTURE

ST JOHN’S HOSPITAL TRUSTEE LIMITED - THE COMPANY

St John’s Foundation Est. 1174 (the Charity) has a sole corporate trustee, St John’s Hospital Trustee Limited ( registration 08188066) (the “Trustee Company”). The Trustee Company has a Board of unpaid directors (the “Board”) .

ST JOHN’S FOUNDATION EST.1174 - THE CHARITY The Charity is an unincorporated Charity registered in England and Wales (reference 201476). It is governed by a Charity Commission Scheme dated 25 September 2012 as amended on 8 February 2017 and by resolution dated 28 September 2017.

ST JOHN’S HOSPITAL TRADING COMPANY LTD - THE TRADING COMPANY

St John’s Hospital Trading Company Ltd (registration 08632453) is the trading arm of the Charity and is a wholly owned subsidiary. There is a second subsidiary company, wholly owned by the Charity - St John’s Hospital Design and Build Ltd (registration 15213021). This is currently a dormant company.

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GOVERNANCE STRUCTURE

IN LINE WITH THE ARTICLES OF ASSOCIATION OF ST JOHN’S HOSPITAL TRUSTEE LIMITED (‘THE ARTICLES’), THE BOARD OF DIRECTORS MUST COMPROMISE BETWEEN 10 AND 14 MEMBERS. THIS HAS BEEN TEMPORARILY INCREASED UNDER A RESOLUTION TO 16 MEMBERS DURING 2025. DIRECTORS ARE EACH APPOINTED FOR A TERM OF THREE YEARS AND MAY BE RE-APPOINTED TO SERVE FOR UP TO NINE YEARS

DIRECTORS OF ST JOHN'S HOSPITAL TRUSTEE LIMITED

Board Chair - Ben Fletcher (resigned 23 July 2024) Board Chair - Sandy Forbes (appointed 2 January 2025) Board Vice Chair - John Lakin (acting Chair 30 May 2024 - 2 January 2025) Investment Committee Chair - Richard Brown (resigned 14 May 2025) Investment Committee Chair & Senior Independent Director* - Ken Scott (appointed 14 May 2025)

Audit & Risk Chair - Madeleine Musselwhite Karen MacGregor

Jeff Hayes

Carole Stott

Reverend Roger Driver Lorraine Coward Eric Zwickel

Juliet Crisp (appointed 1 April 2025) Alun Brannigan (appointed 1 April 2025) John Bearman (appointed 1 April 2025) Bryan Sergeant (appointed 1 April 2025) Helen Mee (appointed 26 June 2025) Ashley Ayre (resigned 6 June 2024) Catharine Brown (resigned 26 June 2024)

*Ben Fletcher took a leave of absence as Board Chair from 30 May 2025 while he ran for parliamentary election and then resigned on 23 July 2025.

DIRECTORS OF ST JOHN'S HOSPITAL TRADING COMPANY LTD.

Chair - Ken Scott (appointed 26 June 2024) Chair - Catharine Brown (resigned 26 June 2024) Karen MacGregor Laura Alexander

Caroline Bee (resigned 17 April 2025) Catharine Brown (resigned 15 July 2024)

Ashley Ayre (resigned 6 June 2024) Bryan Sergeant

Non-Executive Director - Graham Leech (appointed on 12 August 2024) Non-Executive Director - William Riordan (appointed 1 April 2025)

EXECUTIVE DIRECTORS AT ST JOHN’S FOUNDATION EST.1174

Chief Executive - David Hobdey (retired 19 July 2024) Chief Executive - Catharine Brown (permanent CEO from 30 January 2025, interim CEO from 15 July 2024 )

Director of Finance - Caroline Bee (resigned 17 April 2025) Interim Director of Finance - Jo Killip (appointed 21 April) Director of Commercial Operations - Laura Alexander Executive Director of The Foundation Fund - Louise Harvey (left 21 June 2024)

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BOARD COMMITTEES BOARD COMMITTEES BOARD COMMITTEES
CHARITABLE
DELIVERY & IMPACT
COMMITTEE		 INVESTMENT
COMMITTEE		 AUDIT & RISK REMUNERATION &
NOMINATIONS
COMMITTEE		 TRADING
COMPANY
CHAIR
JOHN LAKIN		 CHAIR
RICHARD
BROWN		 CHAIR
MADELEINE
MUSSELWHITE		 CHAIR -BEN FLETCHER
RESIGNED 23 JULY 2024		 CHAIR
KEN SCOTT
VICE CHAIR
CAROLE STOTT		 VICE CHAIR
JEFF HAYES		 VICE CHAIR
KAREN
MACGREGOR		 CHAIR -JOHN LAKIN
APPOINTED 23 JULY 2024		 VICE CHAIR
KAREN MACGREGOR
KAREN
MACGREGOR		 KEN SCOTT ROGER
DRIVER		 KEN SCOTT NED - GRAHAM LEECH
APPOINTED 12 AUGUST
LORRAINE
COWARD		 ERIC
ZWICKEL		 LORRAINE
COWARD		 JEFF HAYES CATHARINE BROWN
RESIGNED 15 JULY 2024
HELEN MEE BRYAN SERGEANT
APPOINTED 26 JUNE
2025		 APPOINTED 26 JUNE
2025		 CAROLE STOTT ASHLEY AYRE
RESIGNED 6 JUNE 2024
ASHLEY AYRE ASHLEY AYRE
RESIGNED 6 JUNE 2024 RESIGNED 6 JUNE 2024

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GOVERNANCE - DECISION MAKING

The Board held five formal meetings and two development days during 2024 to determine strategy, approve financial plans, and consider key policies. The Board has delegated authority for certain decisions to committees, which are made up of Directors with relevant experience and/or qualifications. Professional advisors attend these committees when necessary to add their insight.

THE CHARITY GOVERNANCE CODE

THE CODE (PUBLISHED IN 2017 AND REVIEWED IN 2020) SETS OUT SEVEN PRINCIPLES OF GOOD GOVERNANCE, INCLUDING:

DECISION MAKING, EQUALITY, OPENNESS ORGANISATIONAL BOARD LEADERSHIP INTEGRITY RISK DIVERSITY AND PURPOSE EFFECTIVENESS AND CONTROL AND INCLUSION ACCOUNTABILITY

The Board recognise that effective governance is essential in enabling the Charity to meet its aims.

During the year, the Board commissioned an independent review of the Charity’s governance practices against the Code. As part of our commitment to continuous improvement, the Board has established a structured development programme to uphold the highest standards across the seven principles of good governance.

To support this, the Board has introduced in 21 May 2025 a new Governance and Nominations Committee which will lead the implementation of the review’s recommendation and drive ongoing governance improvements.

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COMMITTEES

CHARITABLE DELIVERY & IMPACT COMMITTEE

The purpose of this committee is to assure the Board that there is an adequate system in place to measure strategic charitable delivery and impact of the organisation. While CDIC’s primary function is assurance, its purpose also includes supporting continuous improvement in the way impact is measured and demonstrated.

INVESTMENT COMMITTEE

The purpose of this committee is 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.

TRADING COMPANY BOARD

The purpose of this committee is to ensure that the Trading Company is well managed, in compliance with all relevant regulations and in the best interests of the Charity except where prohibited under UK law (for example where there is an unavoidable conflict of interest).

REMUNERATION AND NOMINATIONS COMMITTEE

The REMCO is a committee of and established under the authority of the Board. Its main purpose is to oversee the Trustee appointment process and to ensure that St John’s has effective remuneration, nomination and Board recruitment policies and procedures in place, which are fair and transparent, adhere to all relevant legislation and support the strategy, objectives and values of St John’s.

AUDIT & RISK

The purpose of this committee is to assure the Board that there is an adequate system of risk management in place for the activities of the Charity and which ensures effective delivery of all its services, including compliance with all relevant regulations that relate to the Charity’s activities. This includes overseeing the accounts and audit process.

ALMSHOUSE DEVELOPMENT

This committee was established to recommend decisions to the Board on how St John’s fulfils its obligation to the Charity Commission to spend £1.9m on almshouse accommodation. The Committee assures the Board that there is an adequate system of processes and controls in place to ensure that the repurposing is carried out in a way that meets best practice and maximises charitable impact for future beneficiaries.

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RECRUITMENT AND TRAINING

During 2024, there was a significant recruitment campaign for directors, with new directors appointed in the first quarter of 2025. The Board determined the appointment procedures for new directors including how the vacancies were advertised through social media and an external recruitment agency. This helped to ensure the Charity could recruit directors from diverse

professional backgrounds. The Board agreed the terms and conditions of appointment and the interview process, which involved a minimum of 2 existing directors. The recruitment panel then nominated candidates for approval by the board. In April 2025 a new Governance and Nominations Committee was created and will take over the recruitment process.

Once appointed new directors are provided with training through an induction pack. This includes a director handbook and the pack was reviewed and significantly updated to reflect best practice at the start of 2025 and shared with all directors. As part of the induction directors identify their skills and training needs with further training offered where needs are identified. Throughout the year the Charity updates directors using seminars and briefings. Other opportunities for continued professional development are offered on a voluntary basis to the Board, with directors feeding back on the skills they wish to focus on developing further. A budget exists to pay for directors to attend individual, and skill-based CPD events.

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FUNDRAISING

In recognition of the Charity’s 850th anniversary in 2024, St John’s undertook a range of fundraising initiatives. The primary purpose of these was to raise awareness of the charity and the causes it supports rather than generating significant funds. In March, eight runners participated in the Bath Half Marathon on behalf of St John’s, raising a total of £1,742 through the donation platform JustGiving. These events are designed to encourage voluntary contributions without placing any pressure on individuals. As a result, there is minimal perceived risk to vulnerable individuals or the wider public in relation to our fundraising activities. Additionally, we do not engage external partners to raise funds on our behalf. The Charity’s Trading Company operates as a social enterprise, generating revenue to support our mission.

A key partnership in 2024 was with SouthGate Bath, where we installed an English Garden display at the heart of the shopping centre. Visitors were encouraged to take photos within the installation and donate an amount of their choice to St John’s, raising £760. In December, we collaborated with SouthGate Bath again for their Christmas display, where visitors could donate £1 to illuminate a giant penguin. This initiative raised £960.

In preparation for the 850th campaign, under the impression that people may want to donate in our milestone year, we set up a dedicated fundraising page on the Charity’s website in 2023. The Charity registered with the Fundraising Regulator, demonstrating our commitment to the Code of Fundraising Practice and the Fundraising Promise. QR codes and links to the fundraising page have been included in Charity publications, ensuring that anyone interested in donating or fundraising is directed to the appropriate platform. Donations are processed through JustGiving, enabling eligible taxpayers to Gift Aid their contributions.

To provide transparency, our fundraising page includes frequently asked questions covering topics such as St John’s fundraising approach, the regulatory Code we adhere to, and the complaints process. In 2024, the Charity received zero complaints regarding fundraising practices (2023: zero).

All communications and actions related to leveraging the Charity for commercial advantage comply with the Charities (Protection and Social Investment) Act 2016, ensuring full regulatory adherence to this Act. We are committed to ethical fundraising and take particular care when engaging with individuals who may be in vulnerable circumstances. We recognise that vulnerability can take many forms, including age, mental or physical health conditions, disability, or life events that may affect a person’s ability to make an informed decision. We do not knowingly solicit or accept donations from anyone we believe may be unable to give informed consent, and we are committed to reviewing and, if appropriate, refunding donations made under such circumstances.

BATH HALF MARATHON

SOUTHGATE SUMMER INSTALLATION

SOUTHGATE WINTER INSTALLATION

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FINANCIAL REVIEW

IN 2024, THE CONSOLIDATED INCOME WAS £5.6M (£5.7M IN 2023). AND THE INVESTMENT INCOME WAS (£3.9M IN 2023). £3.5M INCOME FROM BOTH TRADING AND CHARITABLE ACTIVITIES GREW.

ALMSHOUSE AND OLDER PEOPLE INCOME 20%

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OTHER
TRADING INCOME 1%
16%
PROPERTY INVESTMENTS (RENT)
37%
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----- Start of picture text -----
FINANCIAL INVESTMENTS (DIVIDENDS)
26%
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FINANCIAL REVIEW

CHARITABLE INCOME

Income from charitable activities, which includes income from almshouses and residential care, increased by £139,000 (14%) in 2024 from 2023.

The monthly maintenance charge paid by residents within the almshouses was reviewed in year and increased in alignment with the Local Housing Allowance. This was the main driver of the 14% increase in income from charitable activities.

Income from donations increased by £10k in 2024 to £13k.

INVESTMENT INCOME

Investment income in 2024 was £3.5m (2023: £3.9m). Within this, property income continued to fall as properties were sold and/or held vacant for disposal. Residential income fell by £100,000 (13%) and commercial income by £358,000 (20%). This was offset by higher dividend income with financial investment income increasing by 6% in year from £1.35m to £1.4m. With property disposals planned into 2025 and the reinvestment of proceeds into the financial investments to diversify the investment portfolio, the trend seen in 2024 from property income to dividends, is expected to continue into 2025. The shifting focus of the investment portfolio is also likely to see income levels fall with more emphasis on capital gains under the total return approach.

TRADING ACTIVITIES

As discussed above, the Trading Company saw an increase in overall income of £111,000 (14%) following improved years for both the House of St John’s and St Catherine’s apartments.

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 whilst new income streams are being developed. The House of St John’s produced turnover of £552,000 in 2024 (£455,000 in 2023) and an overall loss of £118,000 (£186,000 in 2023).

During 2023, the holiday apartment operator 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 during the transition. However, the business has recovered well in 2024, producing income of £363,000 (2023: £350,000) and a small loss of £27,000 (2023: profit of £136,000).

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FINANCIAL REVIEW

EXPENDITURE

Total expenditure in 2024 was £7.2m (2023: £6.8m).

CHARITABLE DELIVERY

Expenditure on charitable delivery was £399,000 (8%) higher in 2024 than in 2023.

Spending on Older Adults Services was £2,696,000 in 2024 (2023: £2,391,000), but 1% lower than the 2024 budget of £2,721,000. Awards of £79,000 were given to projects dedicated to older people in B&NES in 2024 (2023: £nil). Central overheads reallocated were £165,000 higher in 2024 than in 2023, reflecting 850th celebrations (£152,000 in total, £79,000 of which has been allocated to Older Adults Services), and staff costs are also higher overall in 2024 reflecting inflationary increases, maternity leave and one-off costs.

Spending on Funding and Impact was £2,669,000 in 2024 (2023: £2,575,000), and 1.5% lower than the 2024 budget, in line with planned spending on the Best Start in Life and crisis funds, the activities of which are detailed earlier in this report.

COSTS OF RAISING FUNDS

The cost of raising funds fell by 8% in 2024 to £1,046,000. The reduction was driven by lower property management costs, following property sales.

Listed investment management costs were £214,000 in 2024 (62% higher than £132,000 in 2023) due to higher valuations including £3m of transfers into listed investments from property (fees are based on portfolio valuation).

Before allocation of central overheads, spending on property management costs fell by £186,000 to £562,000 (2023: £749,000). Repair costs fluctuate year on year and are programmed over a 30-year property plan. Higher costs had been budgeted for in 2024 but repairs which were not deemed essential or likely to generate a return on sale were not undertaken on properties due for disposal. The disposal strategy should lead to repair costs reducing each year as the number of buildings in the portfolio reduces. Costs associated with new leases and renewals on the commercial estate were £50k (52%) lower in 2024 than in the prior year, and this is due to the terms of individual leases (£34,000 of the £97,000 spend in 2023 relates to a single property).

VOLUNTEERS

The Charity supports people in Bath and North East Somerset with the valued help of a small team of volunteers who work with the Good Living Service. We are incredibly grateful for the time and effort of the volunteers who support the activities of the Charity.

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FINANCIAL REVIEW

ANNUAL DEFICIT

Overall, the operating deficit for 2024 was £1.58m (2023: £1.08m) before gains and losses on investments.

Valuation gains on both listed investments and the property portfolio have created a positive movement in funds of £1.8m (2023: £3.4m) to leave an overall positive net movement in funds of £240k (2023: £2.344m).

Valuation gains are recognised as the Charity adopts a total return method of accounting. This was first adopted 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 £35.0m. In arriving at these values, the Board used the indexed values of the permanent endowment at 1 January 1995 to represent the preserved value of the original gift.

CALCULATING OUR INFLATION +4% TARGET:

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).

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, and the focus of the Charity on long-term housing through almshouses, a longer-term view is deemed 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 it is a net CPI+4% return which is targeted to provide the whole CPI+4% to support charitable activities.

WHY CPI +4%?

CPI (the Consumer Prices Index) is a measure of inflation. The use of an appropriate measure of inflation is important. The Retail Prices Index (RPI) was historically used by the Charity but following careful consideration, the Board agreed to move to CPI from 1 January 2021. By ensuring the investments grow in line with inflation, the value of investments is protected to support the needs of future generations. In 2024 the permanent endowment was increase by £1.36m for CPI (2023: £2.06m CPI).

The Charity also relies on income and capital growth from its investments to fund its charitable activities today. The 4% return targeted above inflation is targeted for drawing down to spend on supporting current beneficiaries. In 2024 £5.4m of unapplied total return was allocated to income (2023: £4.5m).

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INVESTMENTS

At the year end, the Charity held £103.9m of investments (2023: £105.1m). Of this, £43.5m (42%) was property in Bath (2023: £51.7m / 45%).

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. The need to rebalance the investment portfolio (by buying and selling assets) is assessed at least annually with a detailed plan in place to achieve any identified need to rebalance the portfolio. Other investments (including a social loan, and cash balances) have not been included, as these make up less than 0.5% of the total value.

A FEW NOTES ON OUR INVESTMENT POLICY

80%

INVESTMENTS AND STRATEGIC ASSET ALLOCATION

Portfolio Strategy and Composition: Since adopting its current strategy in 2020, the Charity has sought to reduce reliance on direct property in favour of greater diversification through financial investments. In 2024, five properties were sold, generating £5.9m for potential reinvestment. The portfolio now comprises 42% property and 58% financial assets, moving toward the long-term target of 30:70. While diversification remains a priority, the Investment Committee continues to assess market timing and retains flexibility where properties yield strong income or serve the charitable mission.

Performance and Income: The portfolio delivered a total return of 4.1% in 2024, below the long-term benchmark of CPI +4% (8.7%), largely due to a £2.3m downward revaluation of property. Nonetheless, income performance was resilient, supported by stable financial returns and continued rental contributions from unsold properties.

Forthcoming Strategic Review: In the second half of 2025, the Charity will undertake a Strategic Asset Review to reassess the optimal portfolio mix, risk appetite, and drawdown strategy. This will support long-term decisions on liquidity, capital preservation, and mission alignment within our Total Return approach, reinforcing the Charity’s commitment to financial resilience and meaningful impact.

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70%
58%
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60%
40%
70%
58%
20%
42%
30%
0%
PROPERTY FINANCIAL
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FINANCIAL INVESTMENTS

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EXISTING PROPORTION OF PORTFOLIO
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TARGET SET BY INVESTMENT COMMITTEE

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RESPONSIBLE INVESTING

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

UNSD Goal 1 – No poverty

The Board does not impose any strict exclusion criteria in relation to the investment values (though appointee investment managers may themselves have their own baseline exclusions). The investment values should provide a guiding context for investment decision making as they are important to the Charity. Any possible misalignment of investment with the guiding principles are raised on a quarterly basis with the Investment Committee.

The Board also seeks continuous improvement in how the Charity’s investments can be better aligned to its investment values whilst still providing the best financial return within an acceptable level of risk. In the first instance the Board expect the following in relation to RI considerations: Investment managers must be signatories of the UN Principles of Responsible Investment (PRI) and report annually to the Board on their performance against the UN PRI.

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

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CHARITY RESERVES

Most of the Charity’s reserves are held as investments. The income from these investments is needed to support today’s beneficiaries, as well as future generations. The Board therefore protect a significant proportion of reserves for future use. At the end of 2024, total Charity reserves were £114.9m (2023: £114.7m).

The Charity adopts a zero “free” reserves policy. This policy aims to draw down funds from the unapplied total returns into unrestricted reserves only as required to meet operational expenditure in any given year, including enough to cover commitments at year end.

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 calculating the ‘free’ reserves as they are not readily available for spending:

Any operational fixed assets not already excluded from unrestricted funds through the functional endowment (e.g., head office) of £1.7m (2023: £1.7m).

Committed awards or building contracts, not included as a liability in the accounts of £1.2m (except those already excluded from unrestricted funds through the functional endowment) (2023: £1.2m).

CHARITY ONLY (£’000S) (£’000S)
INVESTED ENDOWMENT £100,474
FUNCTIONAL ENDOWMENT £12,215
OPERATIONAL ASSETS
(EXCLUDING ENDOWED)		 £1,733
COMMITMENTS £1,244
RESTRICTED FUNDS £16
“FREE” RESERVES £NIL
TOTAL RESERVES £115,682

At 31 December 2024, there were £nil free reserves. In 2023, there was a deficit of £0.5m, such that the accounts showed insufficient unrestricted reserves held to meet the commitments that existed at the time. However, this deficit was corrected by “top up” transfers from unapplied total return to unrestricted funds during 2024.

The Boards considers a zero “free” reserves policy to be a reasonable approach as the Charity adopts a total return approach and holds significant unapplied total returns which can be expended as required. The level of reserves required for transfer must be set prior to the year end and is usually set at a high-level estimate of what is required.

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 Service and funding awards for future generations and protects the spending power of this by inflation. Unapplied total returns in excess of this are expendable on the Best Start in Life strategy and other subsequent strategies and can be released for expenditure by resolution of the Board.

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

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RISKS

Within the Charity, each team actively manages its own risk register to ensure mitigating actions are carried out and scoring is up to date. High-scoring risks (i.e., those with significant likelihood and impact) are included on the Corporate Risk Register. The Audit and Risk Committee reviews the Corporate Risk Register four times a year and may suggest further actions to reduce the likelihood or impact of a risk.

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

Charitable impact risk: failure to achieve and/or demonstrate charitable impact to the extent intended. Mitigating actions: Robust due diligence processes are in place for established charitable work throughout the crisis programme and almshouses. The 2020 – 2030 strategy, covering all aspects of charitable delivery including its ambitious goal to reduce the attainment gap in Bath and North East Somerset, is supported by evaluation and delivery partners, and a system of capabilities to drive continuous improvement. A detailed strategic review is planned in 2025 which will further focus on mitigating this risk.

Economic Risk: Failure to achieve the targeted total return which impacts the income/ capital required to pursue strategic aims. This encompasses the short-term volatility in investment values particularly in current economic climate.

Mitigating actions: The Charity takes a long-term view on its investments, and it uses professional investment managers for the financial portfolio to enable recovery and future growth, and to mitigate short-term 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 Investment 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 budget/ forecasting exercises, actively manage contracts, and consider costs throughout projects to ensure financial efficiency in delivering strategic aims.

People-related risk: A member of staff is unexpectedly unable to carry out their duties, which has a detrimental impact on service delivery or creates a risk through lack of information sharing. This risk is naturally high for a small organisation with several small but specialist roles. The risk has increased with employee absences due to ill-health and a turnover in the executive team.

Mitigating actions: Small teams such as finance and governance have developed clear procedure notes for people to follow in the event of absences. Document storage structures are centralised to improve visibility and access across teams with consistency of approach. If needed, the technology team is able to open access to all folders as directed by executive approval. Where possible, teams are encouraged to share and shadow key tasks to reduce the reliance on any one role. The new finance system will include clear delegation routes which enables redirection in the event of absence and the organisation’s culture focuses on collaboration encouraging people to handover where as much as possible before an absence and that teams work together in the event of unplanned absence.

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GOING CONCERN

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

The Board actively plan for the Charity to exist for many years, and this is reflected in the approaches taken to both long-term planning of investments and reserves, detailed above. These approaches (including the planned level of unapplied total returns held by the Charity and the discretion that it has over its expenditure) mean that whilst heavily reliant on investment returns, the Board 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 worstcase scenario for cash flow and if required, the financial investments could be liquidated.

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PROFESSIONAL ADVISORS

EXTERNAL AUDITOR

Crowe U.K. LLP 4th Floor, St James House, St James’ Square, Cheltenham, GL50 3PR

BANKERS

Handelsbanken Plc 7 Henry St, Bath, BA1 1JR Hampdens & Co Plc 20/21 Charlotte Square, Edinburgh, EH2 4DR

SOLICITORS

Thrings LLP 2 Queen Square, Bath, BA1 2HQ Stone King LLP Upper Borough Court, Upper Borough Walls, Bath BA1 1HJ 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, BS1 6NA Schroder & Co Ltd trading as Cazenove Capital, 1 London Wall Place, London EC2Y 5AU Charities Property Fund Savills Investment Management, 33 Margaret Street, London, W1G 0JD

CHARTERED SURVEYORS

Jones Lang LaSalle Ltd 31 Great George St, Bristol, BS1 5QD Martin Blake Associates Ltd 8a Bartlett St, Bath, BA1 2QZ Carter Jonas 5-6 Wood St, Bath, BA1 2JQ C Squared 82 Walcot St, Bath BA15BD

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STATEMENT OF TRUSTEE COMPANY RESPONSIBILITIES

The Trustee Company is responsible for preparing the Trustee’s Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom).

The law applicable to charities in England and Wales requires the Trustee Company to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and the group and of the incoming resources and application of resources of the Charity and the group for that period.

Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.

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

It is also responsible for safeguarding the assets of the Charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustee Company is responsible for the maintenance and integrity of the financial information included on the Charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Crowe U.K. LLP have been appointed as auditors in the period. A resolution for the reappointment of Crowe U.K. LLP as auditors for the Charity will be proposed at the forthcoming Annual General Meeting.

th

The Trustees’ Report and this Statement of Trustee Company Responsibilities are authorised for issue by the Board of the Trustee Company on 26 June 2025.

Sandy Forbes Name: ........................................................... Signature: ............................................................

Name: ........................................................... Signature: ............................................................

Madeleine Musselwhite

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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 2024 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 2024 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 Company'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.

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Our responsibilities and the responsibilities of the Trustee Company with respect to going concern are described in the relevant sections of this report.

OTHER INFORMATION

The Trustee Company is 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 Trustee 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 TRUSTEE COMPANY

As explained more fully in the Trustee Company responsibilities statement set out on page 50 the Trustee Company is 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 Trustee Company 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 Trustee Company is 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 Trustee Company 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.

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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 Trustee Company and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management and investment properties. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, and reading minutes of meetings of those charged with governance and designing audit procedures over investment properties.

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Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

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.

USE OF OUR REPORT

This report is made solely to the Charity’s Board, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity’s Trustee Company those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity’s Trustee Company as a body, for our audit work, for this report, or for the opinions we have formed.

Crowe U.K. LLP Statutory Auditor Fourth Floor St James House St James Square Cheltenham GL50 3PR

Crowe U.K. LLP is eligible for appointment as auditor of the Charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

54

Docusign EnvelopÈ ID". 366E483A-15B8482B451445F3C153E92D St John's Foundation Est. 1174 Year ended 31 December 2024 Co￿oLIDATED STATEMENT OF FINANCIALAcfiviTIES Tot•1 Totsl UnYestslct•d fund R•strfct•d Endowment funds fund 2024 2023 Note Incom• and •ndowm•nts from: Charitable actmties Investment income Other trading activities Donation5 and legacies Transfer lo income Total Incom• lJ49 1,149 3￿28 937 I,oio 3901 797 2a 3512 937 13 5,430 7,537 2b 17anl 15,4301 11,9181 5,627 5,ni Exp•ndltuY•: Expenditure on charitable a￿￿tIeS.. Older adults servi￿5 Funding and impact Total expendrture on charitable actlvitles 2573 2,657 5230 114 2,696 2,669 5,365 2.391 2,S7S 4,966 12 21 114 Cost of raislngfund$ Other expenditure 732 797 314 1,046 797 1,135 693 Total •xp•ndStur• 428 N•t l•xp•ndltur•l b•for• 1n￿ltM•nt pln% TT8 13 Net gains on Investments Net income I lexpenditurel Transfers between funds N•t I•Mp•ndlturnll Incom• & n•t mov•m•nt In fundi J,821 15251 137 1,821 240 3,427 778 11371 1131 21 1131 13881 RKonclllatlon of funds: Total funds brought forward 22 2,406 29 U2J14 114,749 112,405 Totsl fund$ ¢•rrl¢d foN•rd 22 3,047 16 111,926 114,989 114,749 The notes on pages 60 to 87 form part ofthe5e financial statement& 55

Docusign EnvelopÈ ID". 366E483A-15B8482B451445F3C153E92D st John's Foundation Est. 1174 As at 31 December 2024 CONSOLIDATED BALANCE SHEET Not• 2024 2023 Hx•d Ass•ts Intangible assets Tangible as%èts- freehtsld property Other tangible fixed assets Investments.. Financial and property investments Social investments io 18 11,683 555 30 11,630 539 103.883 63 116302 105,090 68 117,357 14 CurrentA55ets Social investments Debtors Cash at bank and in hand 14 lJ80 2,344 3.529 1,134 1,102 2,236 Creditors: amounts falling due within one year 16a 133701 13,2841 Net current assets I IllablltSesl 11,0481 ToL•l iss•ts l•ss <urnt Il•bllltl 116,361 116,309 Creditors: amounts falllng due after more than one year 16b IlJ721 11,5601 Totsl n•t ass•ts 114.989 114,749 Group r•4ry•1 Invested endowment luncj Functional endowment fund Roxburgh endowment fund Unrestricted general fund Restricted lunds 17a 17b 18 19 20 99579 12215 132 3.047 16 99,993 12,192 129 2,406 29 114 749 The notes on pages 60 to 87 form part olthese financlal statements. These financial statements were approved and authoflsed for issue bythe Trustee at the meeting held on 26th June 2025 and were signed on its behalf by. 8Mdby.' Sandy Forbes SMd by.. Madeleine Musselwhite 56

Docusign EnvelopÈ ID". 366E483A-15B8482B451445F3C153E92D St John's Foundation Est. 1174 As at 31 December 2024 CHARITY BALANCE SHEET Not• 2024 2023 Flx•d Ass•ts Intangible assets Tangible assets- freehold property Other tangible assets Investments= Financial and property investments Social investments io 17 11.695 401 23 11,642 373 103,933 63 116,109 105,140 68 117,246 14 CurrentAssèts Social investments Dèbtors Cash at bank and in hand 14 1,945 2,211 4J61 2,059 791 2,850 Creditors: amount5 lallingdue within oneyear Net current aswtsl Iliabililiesl 16a 32161 94S 3,249 13991 Total aii•ts I•M Ilibllltl 117,054 116,847 Credltors.. amounts fallingdue after more than one year 16b IlJ721 115601 Totil n•tau•ts 115 287 Charlty r•i•rv Invested endtswmènt fund Functional endowment fund Roxburgh endowment fund Unrestricted general fund Restricted funds 174 17b IOOJ41 12,215 132 2,978 16 100535 12,192 129 2,402 29 19 20 115 287 The notes on pages 60- 87 form part of these financial 5taternents. These financial statements were approved and authorised for issue by the Trustee at the meeting held on 26th June 2025 and were signed on its behalf by. 8*Mdby.' Sandy Forbes 81gfi•d by.. AaLLu￿£ Madelelne Musselwhlte 57

Docusign EnvelopÈ ID". 366E483A-15B8482B451445F3C153E92D St John's Foundation Est. 1174 Year ended 31 December 2024 CONSOLIDATED STATEMENTOFCASH FLOWS 2024 2023 Cash flows us•d by op•rntlni actlvltl•s Inot•A} 14,6931 14,4311 C•sh flowsfrnm fln•nclng•ctlvlty Repayments ol borrowings Net cash frorn I (used Inl flnanclngactlvlty 1181 1181 12891 12891 C•sh flowslrom Inv•stlni•¢tl¥lll•$: Di¥idend$, interest and rents from Investments Costs of generatingfunds paid byendowment capital Improvements to investment properties Movement ol cash held by brokers to Sn¥e5tments Purchase of investment5 PrO￿edS from the sale of investments Social Snvestments repaid Purchase of property, plant and equlpment Purchase of intangible assets N•t cash pYovld•d by Inv•rtln8*¢tlvlty 3528 13141 3,901 11871 1941 Isi 123,001) 26,035 114,7331 19,618 31 13671 12941 121 5,947 8,147 N•t Incr•x• In cuh and c•sh •qulv•l•nts 36 Chan8e in cash and cash equivalents in the year Cash and cash equwalents at the beginning of the year C•sh c•sh •qulv•l•nts •t the end ol th• r•portlng p•rfod (not• 8) 1,236 19371 299 3,426 143631 937 NOTE A: R•conclU•tlon of n•tlncom• to n•t cxh flow from op•r•tlni ac￿¥111•$ 2024 2013 Net income for the year Iper Statemenl of Financial ACtI￿tIes) Depreciation and amortisation Charges (Gain) on investments Diwdends, interest and rents from Investments Oncreasel l Decrease in debtors (Decrease) I Increase in creditors Cost of generating fund5 from endowed capital Cash oufflow from op•ratlngactlvltl•s 240 239 110211 135281 1461 191) 314 2J44 237 13,4271 13,9011 46 83 187 58

Docusign EnvelopÈ ID". 366E483A-15B8482B451445F3C153E92D St John's Foundation Est. 1174 Year ended 31 December 2024 CONSOLIDATED STATEMENT OF CASH FLOWS ICONTINUEDI NOTE &. Analyslsolclsh •nd cash •4ul¥•l•nts At stsrt of y•ar At •nd of y•ar Cash Overdraft la¢ility repayable on demand Totsl IJ02 12,0381 19361 2,344 12,0451 299 NOTE C: Analysisof changes in netdebt Atstart ofyw Cash-flows Atend of ye Cash Overdraft facility repayable on demand IJ02 12,0381 19361 11731 115601 12,6691 1242 2,344 12,0451 299 13431 11,372 11,4161 1,235 11701 188 1253 Loans falling due within one year Loans falling due after one ￿ar Totsl 59

Docusign EnvelopÈ ID". 366E483A-15B8482B451445F3C153E92D St John's Foundation Est. 1174 Year ended 31 December 2024 Notesto the Flnanclal Statements Prlnclpal Accountlng Pollcles Consolidation The group financial statements consolidate the financial ststements of the charity and its wholly owned subsidiary, St John's Hosp ital Trad ing Company Ltd I'the subsidiary J forthe yearended 310ecember 2024. The results of the subsid iary forthe year are set out in note 13. The group will be ￿ferred to as'st John's, or'the charity, throughout these financial ststements. Ail intergroup sales and profits have been eliminated upon consolidation. The Mayor of Bath's Relief FuThJ (Charity ref. 2046491 has not been consolidated as, in line wtth the exemption grnnted by the Companies Act 2006, its inclusion is not material forthe purpose of giving a true and fairview. The appropriateness of thi5 treatment is reviewed annually. St John's Hospital Design and Build Ltd, an add itional subsid iary inc¢Nporated 16 October 2023, has not been consolidated as it is domiant. Basis of preparation The financial ststements have been prepared in accordance withthe Ststementof Recommended Practice.. Accounting and Reporting by Charities preparing theirfinancial statements in accordance with the Financial Reporting Standard ap plicable in the UK and the Republic of I￿land I'FRS102 SORP'I and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland I'FRS102'lleffectrve 1st January 20191 the Charities Act2011 and UK Generally kcepted Accountsng Practice. St. John's Foundation Est. 1174 constStutes a publlc benefrt en￿ty as defined by FRS102 and is an unirKorporated Charity,. its subsidiary is a limited company, The functional currency of the Group is sterting. The ￿giSte￿d add￿$5 of both the Charity and its subsid iary is 415 Chapel Court, Bath. BAI ISQ. The c￿ntry of incorporation f￿the subsid iary is the United Kingdom. Except as set out below. the financial ststements have been p rePa￿d underthe historical cost convention with items recognised at cost or transaction value. Freehold housing properties (operational properties) are sh¢)wn at deemed cost I nvestrnent properties are shown at their revalued amounts and the investment portfolios are valued at closing market values. These policies have been applied consistently throughout the current and prioryear. The results forthe charity and reconciliation of fund5 are shown in notes 17 to 22. The Charity has also taken q ualifying exemptions available to a q ualifying entity in FRS 102 from the ￿qUirementto present a Charity only cash flow statement 60

Docusign EnvelopÈ ID". 366E483A-15B8482B451445F3C153E92D St John's Foundation Est. 1174 Year ended 31 December 2024 Notesto theFlnanclal Statements Prlncipal Aecountlng Pollcles Icontlnued) Assessment of going concem The Charity c{y)side￿ that it has adeq uate resources to continue in operational existence forthe foreseeable future and has adopted the going concem assumption in preparing these financial statements. The trustees actively plan forthe Charity toexistfor many years, and this is reflected in the approaches taken to both long-tem planning of irniestments and reserves, detailed above. These approaches li￿lud ing the planned level of unapplied totsl ￿turns held by the Charity and the discretion that it has over its expend iturel mean that whilst heavily reliant on investment retum% the trustees consider the Charity to be resilient to shorter-temi volatility in its investments and plan5 are in place to remain adequately resourced to meet the need of both present and future beneficiaries. To provide ample headroom, overd raft facilities are in place which cover a reasonable worst.case scenario for cash flow and if ￿q Ul￿d. the financial investments could be liquidated, Income ￿CognItion Income is recognised when the charity has entitlement tothe income, it is probable that the income will be received, and the amount of income ￿Ceivable can be measured reliably. DivideThJ income is recognised when the d ividend has been declared. Interest on capitsl is recognised when receivable 3rKI the 3mountc3n be measured rel iably. This is upon notification by our investment advisors orthe bank of the dividend or Inte￿St yield. Rental income, from investment properties,15 recogni5ed overthe term of the lease with any lease incentives spread evenly over the lease temi. Particular attention has been given this yearto assessing the probabil ity of ￿CeiVIng ￿nts1 income befo￿ it is recognised (see accounting policy "key sources of estimation uncertainty"). A mshouse income represents fees from ￿Sidents and otherseNice user income and is credited to the unrestricted fund. It is recognised in the period towhich the almshouse residency relates on an accruals basis. Donations and grants Donations are accounted forwhen received. Donations subject to specific wishes of the donors are carried to the relevant restricted fund. 61

Docusign EnvelopÈ ID". 366E483A-15B8482B451445F3C153E92D St John's Foundation Est. 1174 Year ended 31 December 2024 Notesto the financial Statements Principal Accounting Policies (continued) Expend iture All expendtture is accounted for on an accruals basis and is recognised when there is a legal or constnjctrve obligat￿n committing the charity to that expend iture, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All costs have been directly attributed to one of the functional categories of expenditure in the SOFA The cost of raising funds includes I￿estment management costs, for both our listed and propety investments. ExpeNI iture on charitsble activities includes the cost of running our almshouses, outreach seNices and ourawards programme. Please also refer tothe paragraph below regarding the allocation of support costs to activities. Fund ing awards payable Funding awards payable are payments made tothird parties In the furtherance ofthe charity's objects. Inthe case of an unconditional award offerthis is accrued once the reciplent has been notified of the award. Where perfomance- related conditions are attsC￿d the cost of the award is not recognised until there is sufficiert evidence that the cond itions will be met Ind ivid ual awards are recognised on approv31 of the award. Multi-year awards forcore funding are recognised in full on approval ofthe award where there are no performance conditions attached. Irrecoverable VAT Irrecoverable VAT is charged to the SOFA orcapitalised as part of the cost of the related asset, where appropriate. The charity has opted to charge tax on certain commercial properbes and recover5 the associated inputVAT. All other expenses are shown inclusive of Thjn-recoverable VAT. Allocation of support costs General managementexpenses (including depreciation, propety costs and the costofsupportingteamsl and govemance costs are apportioned be￿een charitable activities and raising funds. The split of overheads is a close reflection of the time spent on each activity. Govemance costs include auditand accounting fees. and TNstee expenses. 62

Docusign EnvelopÈ ID". 366E483A-15B8482B451445F3C153E92D St John's Foundation Est. 1174 Year ended 31 December 2024 Notesto the Flnanclal Statements Prln¢lpalA¢counting Pollcles (contlnued) Gifts in kind. donated services orfacilities and voluntee These are estimated and included in period in which they are received. In accordance with the Charities SORP IFRS1021,volunteer time is not recognised in the SO FA More infomation abouttheir contribution is explained in the Trnstee's annual ￿pOrL Intsngible fixed assets Intsngible fixed assets a￿ those which lack physical substsnce but provide an on-going economic benefit forthe charity. They are recognised at historic cost and subseq uently amortised $0 as to write off tIE cost overtheir expected useful lives, as follows.. Website 3 yearsl 330h perannum Software& brands 4 years/ 25% perannum Tangible f ixed assets The limit above which assets are capitsli5ed is £500 (for ind Nidual purchases) and £1,000 laggregated}. Office and computer eq uipment. fixtu￿$ and fittings and motorvehicles a￿ ststed at cost less d epreciation and provision for impairment Depreciation is calculated to write off the cost of such fixed assets overtheir expected useful lives. the rate used for this purpose in the charity is 5% to 25% per annum on a straight line basis, depending on the asseL In the trading company the ratesvary from IO%to 33%. Housing and ad ministrative properties Housing and ad ministrative properties are included in the financial statement as freehold fixed asse￿ The cost of freehold housing properties represents d eemed cost at 1st January 2014 under transltion to FRS102, plus subsequent additions atcost. Assets are ststed atdeemed cost less accumulated depreciation and any accumulated impaiment losses. Dep reciation is calculated to write down the cost less estimated residual value of all tangible fixed assets, other than freehold land, over their expected useful lives, using the straight-line rneth￿. The appl icable rate is.. Freehold buildings 50 yeatsl 20A) perannum Freehold land is not depreciated. A depreciation rate of 2% is applied to the build ings. cos¢ which is assessed to be I￿0th1rd5 ofthe totsl propety value less its ￿SIdUal value. 63

Docusign EnvelopÈ ID". 366E483A-15B8482B451445F3C153E92D St John's Foundation Est. 1174 Year ended 31 December 2024 Notesto theFlnanclal Statements Prlnclpal Accountln8 Pollcle$ (contlnued) Fixed asset investments Investment properbes The charity owns freehold properties and ground rents for long tem investment. In atcordance with FRS102 these are included in the balance sheet at valuation at 31 December 2024, and the suplus or loss arising on revaluation has been trarsferred tothe relevant reserve. On d isposal of irwestment properties, the net gain or loss on disposal is calculated and trar6ferred to the relevant reseNe. The gain or loss is calcultaed as the proceeds less book value at the previous year erKI les5 direct costs of disposal, such as agent and legal fees. Quoted investments Investments are inibally recognised at theirtransaction value and subsequently measured at theirfairvalue as at the balance sheet date using the closing market bid price. The SOFA includes the net gains and losses arising on revaluation dlsposals throughout year. The surplus ordef1c￿ arising on revaluation has been credited or charyed to ￿seNeS. as appropriate. The charity dces not have any deiivatvies or othercc4nplex financial instNments. Social investments Social investments are in the form of concessionary loans to third parties. whrh aim to generate a financial retum whilst furthering the charitable aims of the charity. As such, they have been classified as mixed-motwe investments. These loans a￿ initially recognised at the amount drawn down and the carrying amount then adjusted to ￿flect capital ￿paYrnents and any accrued interest and impaimient in line with paragraph 21.26 of the FRS 102 SORP. Investment in subsidiary The investment in the subsidiary is held at cost and reviewed annually for impaimienL Taxation The Charity does not pay tax, provided any surplus or gains are used forcharitable purposes. For the subsidiary, cuThent tsx is provided at amounts expectsd to be paid lor recovered) using the tsx rates and laws that have been enacted at the balance sheet date. 64

Docusign EnvelopÈ ID". 366E483A-15B8482B451445F3C153E92D St John's Foundation Est. 1174 Year ended 31 December 2024 Notesto the Flnancialstatements PrlnclpalAccountlnzPollcles (cont5nued) Fund accounting Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Restiicted and endcmment funds are subject to specrfic restrictions imposed by the donor of the income orthe Charity Commission. Furtherexplanation ofeach fund held by the charity is contained in notes 17-22 ofthese financial ststements. Total retum accounting The Charty Commission pennitted the charity to adoptthe use oftotsl return In relation to its pemanent endowment on 25th September2012. The powerpemiits the Trustee to invest permanentendowmentsto maximise total retum and to make available an appropriate portion to the totsl retum for expend iture each year. Until this power is exercised the total retum shall be an'unapplied total retum, and remain as partofthe permanent endowment The Trustee has used the indexed values ofthe permanentendowmentat 1st January 1995 to presentthe'preseNed value, of the original gift FinarLial instruments The charity only has financial assets and financial liabilities that q ualfy as basic financial irstruments. Basic financial instruments are initially recognised at transaction value and subseq uently measured at amortised cost. Financial assets include the charity's trade and other receivables. Financial liabilities include the charity's trade credito￿, accruals and other creditors. Debtors Trade, otherdebtors and accnjed income are recognised atthe settlementamount due afterany discounts offered. Prepaymentsare valued atthe amount prepaid netofany discountsdue. Cash and cashequivalents Cash and cash at bank comprise Shortte￿n highly liquid investments with a short maturity of three months or less from the date of acquisition oropening of the deposttor similaraccount. 65

Docusign EnvelopÈ ID". 366E483A-15B8482B451445F3C153E92D st John's Foundation Est. 1174 Year ended 31 December 2024 Notesto the Yinancial Statements PrSnclpal Accountlng Pollcles (contlnued) C￿dItO C￿dito￿ are recognised at their settlement amount after allowing forary trade discounts due. Pension costs Employees of the charity are entided to l0Sn a deflned contribution scheme. The pension costs charged the year representthe amount of the contributions payable to the defir*d contribution scheme in respect of the accounting period. The charity's pension contribLrtions forcurrent employees are charged to the SOFA in the year in which the contribution arises. The charity has no liability beyond making its contributions and paying across the deducts'ons for the employees, contribution& Key sources of estimation uncertainty Revaluation of properties The charity carries its investment propety at fairvalue, wr(h changes in the fairvalue being recognised in the SOF Fair value is determined by independent valuation specialists using d iscounted cash flow models over an appropriate period, with the net irKome in the final year capitalised into perpetuity. Allowances are made forvoids and the cost of managemenL repaits and maintenance. The discount rate used reflects the overall level of risk assttiated with the income. Useful economic lThies of tanglble assets The annual depreciation charge fortsngible assets land amortisation forlntangible assets) Is sensitfve to changes In the estimated useful economic lives and residual values of the assets. The useful economic Iwes and ￿ sidual values are kE-assessed anwally. TPey a￿ amended when necessary to reflect cUr￿nt estimates. based on technological advancemenl future investments, economic utilisaticw) aThJ the physical condition of the assets. See notes 10-12 for the carying amountofthe propety, land,plantand equipmenL Residual value of tangible assets The ￿sIdUal value of operatK)nal properties has been estimated at 25% (the land on which the buildings are sf(uated is not depreciated). This estimate has been reached C￿ the basis that, as sites are actively used by the charity, and the majority are grnde l and I I listed.they are kept to a high standard of repair. It would theref¢xe not be representstNe of the assets, ongoing worth to depreciate them fully. 66

Docusign EnvelopÈ ID". 366E483A-15B8482B451445F3C153E92D StJohn's Found•tlon ESL 1174 Yerended 31 De(•mber2024 N¢+t•stoth• Fln¢lal Stat•mMts l. C•mpwatlv• C•nsoUd•t•d St•t•m•ntof FIna￿llA¢¢￿tI•s T•tal ilnY•stslct•d fund R•strfct•d endowm•nt funds fund 20 In¢om• and qndowm•ntsfrvm: Charitable èctwf(ies lTr¥estment income Other trading artiwtles Donations and le8acs Transfer to income Total In¢om• 985 25 I,oio 3.901 797 3092 797 4.5 (¢041 5,711 Exp•ndltrJrn: Expenditure on tharitable attlvfitles.. Residential care & 5UPPOrt Funding and impact Total expendlture on ch4rltable4a￿les 2,262 2,546 4.808 114 2,391 2575 29 U4 C05t ol ra15kn8funds otherexpenditure 187 lJ35 693 693 Totsl •xp•ndlturn 301 6,794 N•t ID¢•m•l l•xp•ndltyY•l b•ft+r• Inv•stsn•ntllosMsl I q•lni 1169 Net gains I11055esl on investment5 Net income Transfers between fvnd$ N•t In¢orn• and n•tm•¥•m•ntln funds 3,427 2518 3.427 11651 R•¢on¢lU•tl•n Of lynds.. Tot31 funds brought forward Total fundi c•Nl•d loNwd 2571 38 109,796 112,314 112.405 114,749 67

Docusign EnvelopÈ ID". 366E483A-15B8482B451445F3C153E92D stJohTr's Foundatlon ESL 1174 Y•ar•nd•d 31 D•c•mb•r2024 Ntrtsito th• Fln•n¢ll Stt•m•nts 2. Incom• In¥•Jtmwtlncom• Cgnsolldat•d lthrqstslrtqd nd P•rni￿•Trt •ndowrn•nt fund R•5blct•d lund Commeraal investment properts Re5Jentk11 investment propertie5 Prnp•rty Inv•rtm•nt In¢orn• Interest receNed on sotsal in*stment Listed Inve5tment5 Inlerest on cash deposit$ Other interest Non.prop•rty In¥•rtm•ni In¢om• 1.404 680 1.404 1,762 780 1,423 1.431 1355 iJ59 T•t•l 2b. Dtsmtboni Ind l•ptl•i lncludlni￿14rnm•nt No government fundlngorilonations frorn other charf(able found•tKsnswere recewed in 2024.All other donations were sm•ll amounts re(eiv4d Ihrou8h the year. 3. Totsl •xp•ndltur•an charltabl• lCd￿tIo St￿ ¢ort• D•pMclatl•n oih•rc¢sts 2023 Older adults Se￿￿$ Fundlngand Impact IP98 614 169 L429 2,047 2,696 2,669 2391 2575 Totsl ITT 4. Totsl cost•lrnlslnilunds Staff costs D•prnclatl•n oihwcojts Property investment mana8tment costs Other investment management costs 236 590 214 832 214 1,fr)3 132 236 68

Docusign EnvelopÈ ID". 366E483A-15B8482B451445F3C153E92D St John's Foundatlon E5L 1174 Y•armd•d 31 DK•mb•r2024 Not•stoth• FITh￿￿111 Statsrnqnts 5. 0th•r•xp•ndl￿r• Staff costi Depreclatlon Otherc05ts 2024 Tradin8 expenditure 159 58 580 797 693 T•t•l 159 56 580 797 693 & Go¥•rnx￿• costs The tharityidentifies the costs which relate to ihe tharitys governance function and these are recoréed as part olthe total costs of fa￿1￿8 funds (see note 41 and expenditure on charitable actNities (see note 31 and such (osts are recorded in other expenditurewhen incurred by the Trading Company. Governance costs are detailed a$ lollows.. 2024 Auditor lee5 linduding irrecoverable VAn'. lor audit services Accountancy and other professional 5ervice5 Trustee expenses 22 21 29 32 57 These have been split a¢ross act￿t￿$.. Older idult5 3erwce$ Funding and impart Propertyoper•tional co$t$ Other expend￿(ure 14 14 22 32 57 Auditorleesfor audit serwces as stated above inelude irrecoverableVATand are dependeni upon best estimates ol èc£rued costk In 2024, attual fees Inet olVAT) were É19J7412023,. É18LMJI. 7. Fundlniand Imptt lThdNhlual fundin8 Or8anisatKJn31 lundlng Funding SUPPOrt costs 235 1361 1.073 2.669 157 1268 2575 St John's awarded grants to a numbei of IndNKluals and organisatlons In furtheranc• of its charitable a(tTrities. Durlng2024, a total of 10612023.. 441 new award5were made to organisatb)Ths. For awards payablt to indi¥iduals.the maximum amount payable b U5ually£1￿0o0vÈf two ￿ar5 12023,. EIIQO o¥er two yeaisl. 69

Docusign EnvelopÈ ID". 366E483A-15B8482B451445F3C153E92D st John's Found•tlon ESL 1174 y￿rended 31 DKember2024 Notest•the Nnw¢l•l St•tements 7. Fundlng•nd ImpKt {c•ntInu￿] Il•clplentsof ovgM1Mtlon￿lun11n1•W4rts. All organi5ation Jwards with a combined total of £1S,OW or 0￿r paid in the yeaf to charttbblegroups as part of the £ above are shown below. PrtrJ•ct PEP EMot￿n01 & Beha¥Aoural Support PEP Oracy Support Roundhill Readin8 and Wfltln8 gjpport Castle Primary School Readlngand Writing Support Early Nurture Senrice Pilot Glasshouse ActDAty Club Debtcaseworker$ 2023- 2026 St Michael'5 Re3din8and Wri(iThg ￿pport St Martin's Garden Readingand Writin8 Support Language for Llfe 2024- 2026 Language lor Llle 2024- 2026 Language for Llfe 2024- 2026 Oypnlutlon Brighter Future5 HCRG Care Group Roundhill Primary Sthool Castle Primary khool Brighter Futures Bath Recreatton Llmited CStizens A1￿ce BANes St Michae15 Junior School St Mèrtin's Gardèn Primary School B&NES Council HCRG Care Group HCRG Care Group Amount 1£) E263.928 £72.OOD £60.10 £57.OOD £53,442 £50.00(1 £49J50 £47.60 £41.60D £40,925 £40333 £40J33 kkl Language for Life 2024- 1026 Organisat￿nal Funding- Good Li*in8 2024-AgeingWell B&NES Twerton Infants Reading and Writing Support St Keyna Readin8 and Writin8 Support No ChAd Should Go Hungry in B&NES 2024 Health lrnprovement Officer- food poverty'24-'27 Furnished tenanty pllot- Cosystart St Mary's Wflthlington Reading•nd Writing Support PEP Nurneracy ￿PpOrt Dlrector role core funding Language lor Llle 2024- 2026 Language for Llle 2024- 2026 Healthy Brain Clinic RICE A pérmanent home lor 8ath Shed 8roup at Bath CrtyFarm HCRG Care Group Age UK Bath & North East Somerset Ltd, GBP Twerton Inlants School St Keyna Primary School Fareshare &)uth West 8&NES Council Curo St Mary's Prirnaryschool Writhlington White Rose Education 3SG 8&NES Councll 8&NES Council RICE Clinic, GBP Bath City Farm £40333 £40,00 £38.IOCI £37.10 £35,OOCI £34.947 £30.OOD £29,080 £23.989 £20,OOCI £18338 £18J38 £￿,00 70

Docusign EnvelopÈ ID". 366E483A-15B8482B451445F3C153E92D stJohn's F¢und•tlon ESL 1174 Year•nd•d 31 December20Z4 N•tss to the Fln•Dclal StatemMts 8. Staff cost% and remun•Trfion of kgyrn4naprnent pl￿0nn•1 2024 Wages and salarits Social Security costs Pen5tyJn cost5 Otheremployee benefits Agencystall c05ts 1,724 162 1518 162 13 74 2,135 157 Induded in the aboN is £194k relatSnBto terminatSon payments to two member5 015taff in 2024 UO23'. none). The aNtrage numberol persons employed bythe Group durlng theye8r and the pdor)tarwas.' 2014 hurnbw nurnb•r Older adults S•￿c•S Funding & impact Management.3dministrJtlon &other Tradin8 aciwities 14 21 22 41 43 The number ofemplo)es whoseemoluments were th excess olE6QP(Kl per annum,excludln8 penslon costs and employer's NIC, lell wlthln the lollowlnK bands: 2024 21n3 nyrnb•r nyrnb•r E60,001- £70,000 E80,001- £90,000 E90,001- £IOODOO Eiio,ooi- £llo,wo £150￿01- £I60,WO £160￿01- £170.ty)0 St John's conslders its key management personnel to comprise the direttors of ihe Trustee and the exewtl¥ team. The emplo>tr penslon contrlbutions mad• in resp•ct of key management pefsonnel io the defined cor*tribution scheme amounted to £34,00012023.. £30M(KII. Mo enhanced or special terms apply and there are no addrtional pension arrangements lor these employees. The total employment benefits. indudin8employe¥ pension and national insurance contrthut¢on5 olthe key mana8ement personnel were £629,000 (2023: £370.0001. 71

Docusign EnvelopÈ ID". 366E483A-15B8482B451445F3C153E92D StJohn'sFoundation ESL 1174 Yw•nd¢d 31 Dff ¢mbw2024 Ilot•5toth• Pln•ncl•l St•t•m•nlS Ilelated ptytTrn5xtions and trnstee5' ¢xpen5e5 romuneration Trnns•cUons b•tw••n th•Chivltywd th• Tndlnisubsldliry In 2024, the Ch3rilycharged £9751912023.. £97,481> for (he lease of St Catherlne's Hospital to the TradingCompany,and it chirged £123.12212023'. E133.923 forthe lease of the House of St John's IL Queen Squarel. A 12 month rent reductw)n from £14Lrts) to £120.000 perannum was granted by thecharityto theTradingCompanyfor l Queen &]uare from 24th June Z024. Also, costs relatingro the Tradingcompanylsuch as insurance, utilits, repairs and stafltimel were retharged to theTradingCompanyat (0St. In 2024, Ihis amounied to E88,21512023.. £91,770). At theyear end. Ihe Trading Companyowed the CharityE950,000 in respect of rent and recharge512023'. E9IS.0001,excludingthe uninvoiced rent oIEnil held as accrued income byiheCharityl2023.. £125.0001.The unin￿1ced rent of £125,W) (accrued duringthecowid lockdownl was written off bythe Charityduring2023. TThst•• •xpqfi Duiing 2024,all the dlrector5 of theTrv5tee ¢ont5nued to ¥￿e theirtlme•nd expertisewhout ènylonth of rernurterat￿n orother beneltt In ush Expenses paid to the d￿eCtorS0[ theTrustee in 2024totalled £1,74312023.' £15721. These expen5eswerepaid to fivedirectors120Z3'. sixd¥e(torsl lortravel and subststence. Tiusiee Indemnftyinsurante w•s purth•sed bythe£hirftyon behallofihe Tru$iee. Th• svm In$urtd w•$ ÉSM In both 1023 •nd 2024. Th¢coSt ol Ihe pollcywas E528512023.. £52851. 0th•rtrnnMC￿•N wlth Y•lt•d partltt ar•sumNwlMd ¥l•llowL' Ym•ntsM￿+ R•latwl p•rty Bath Business Improvemeni Di$trlrt Twerlon Inlant khool Bath ansj North Ea51 Somerset Thlrd S•rtor Group CIO Bath Unlimited Nt￿r• olr•i•tlgn¥hlp Mrs C Bee is a DirÈttor Mr D Hobdey 1$ B Go%wno1 Mr R Drkn i4 o Tru5t•e Mr D Trlobdey 15 0 Director 5,669 3930 28,973 In 2024, the Chartyheld moneyas agent on behallolBath unlimited,0￿MMunItyInt1ve$t initative ￿ whKh Mr D Hobd•yi5 a director.Atotsl ol Enll was recel¥d duringtheyear, with a bolance remaining of £nil at 31 December 201411023.. £9,340). Thwewere no tran5aCtion5 wlth theTru5tee orolher related parties during the year,otherthan th05edlK105ed above12023: none). No balanus Wefeoutstand￿8 to ortrom related parties at thes*ar4nd12023.' nonel. 72

Docusign EnvelopÈ ID". 366E483A-15B8482B451445F3C153E92D st John's Foundatlon Est 1174 Year ended 31 December2024 Note5 to the Flnanclal St4tsments 10. IntanKlbl• •ss•ts Consolldat•d and ch•blty con￿lIdthd 2024 Charfty 2024 Cost At l January 2024 Additions Disposals At 310ecember 2024 127 129 urnuled •rnortls•tlon At l January 2024 Charge Eliminated on dspc>sal At 31 December 2024 104 14 132 112 N•t book vlu• At 310e¢embei 2024 At 31 December 2023 17 23 30 73

Docusign EnvelopÈ ID". 366E483A-15B8482B451445F3C153E92D st John's F<>undatltsn Est. 1174 Yèar ènd￿ 31 Detember2024 Not•s to th• Flnanclal Stat•m•nts 11. T•n8ible wets- freehold property Consolldat¢d C5ty<entr Combe Park almshoux5 almshouse New Operational almshous• properties Ch•pe15 Total CosV¥•luatlon At l January 2024 Additions Disposals At 31 Decernber 2024 7,998 3.749 125 52 40 2191 1,673 16J63 183 8.010 3W74 92 2097 1,673 16y6 Accumulated depvecla¢l•n At l January 2024 Charge for the year At 31 Decernber 2024 3,949 369 249 166 4.733 38 407 29 278 17 183 3,99S 4063 book vlu• At 31 Decèmber 2024 At 31 December 2023 4,015 4,049 3,467 92 2&19 2fi42 1,490 52 11.630 Charfty Clty cen￿ Combè Pa •lmshous•s almshous• New lmshou5• Op•rntion•l Pro￿rtIeS Chap•is T•t•l CosV¥•luatlon At l January 2024 Additions Disposals At 31 December 2024 8,009 3,749 125 52 2A91 1,673 16J74 183 40 8,021 3074 92 2097 1,673 16557 Accumulat•d d•pY•clatlon At l January 2024 Charge for the year At 31 December 2024 3,948 46 3.994 369 38 407 249 29 166 17 4,732 278 183 4B62 book vilu• At 31 Decernber 2024 At 31 Decernber 2023 4,027 4,061 3,467 3,380 92 52 2￿19 2N2 1,490 1,507 ll.695 U,642 74

Docusign EnvelopÈ ID". 366E483A-15B8482B451445F3C153E92D StJohn's Foundatlon ESL 1174 Year•nd•d 31 D•cernber2024 Notesto the Financlal Statements 12. Oth•rtanglbl•flx•d ass•ts Consolldatsd Offl¢• •4ulpm•nt Flxtur•s•hd flttlny Computer yst•ms Tot•l Cost At l January2024 Additions Disposals At 31 De¢ember 2024 Ac¢urnulatsd d•pr•cl•tlon At l January 2024 Charge lor the year Eliminated on disposal At 310ecember 2024 Net book volye At 31 December 2024 At 31 December 2023 28 1036 92 79 lJ43 28 lJ28 98 1254 28 541 3S 95 28 624 47 699 504 49S si sss 539 44 Offl¢• •qulpm•nt FIMtur•s•nd flttlnp Comput•r Jyst•mi Totsl Cost At l January2024 Additions Disposals At 310ecember 2024 Accumulltsd depr•cl•tlon At l January 2024 Charge lor the year Eliminated on disposal At 310ecember 2024 Nt book valu• At 31 Oecember 2024 At 31 December 2023 28 789 63 72 28 850 74 952 28 453 26 507 28 489 34 551 361 40 401 336 37 373 75

Docusign EnvelopÈ ID". 366E483A-15B8482B451445F3C153E92D St John's Foundatl•n ESL 1174 Ye•rended 31 December2024 Ilotss to the Flnanclal Ststsments 13. Flnanclal and pyoperty Investments Cortsolldat Inv•stm•nt Llst•d PmPbtJl Imiestments Totsl Markèt value at l January2024 Additions to inststments at cost Disposal proceeds net oltransactlon costs ILossesl l Gains Movement in cash held by brokers for relnve$tment 51,749 53,341 23,001 (20,2441 105P90 23,001 126,0351 15,7911 12.4461 4267 1.821 M••t ¥￿U•t 31 D•¢•mb¢r2024 43512 60,371 103083 All investments are carried at their fair value. Investments in equities and fixed interest securities are all traded on public markets. The fair value for quoted investments is the market value. using the bid price. The charitls commercial investment properties were re-valued by Jones Lang Lasalle Limited. Chartered Surveyors. on the basis ol discounted cash flow at 31 De￿mber 2024. Thevalue ol the residential pioperties is based on the revaluation of the portfolio by Jones Lang Lasalle Limited on a market value basis as at 31 December 2024. Soclal Investments also lorm part of the charitys Investments (note 141. Chdty Tradlni bsldl8ry Inv•stm•nt Llst•d pMprty Invtstmtnts Totsl Market value at l January2024 Additions to instments at cost Disp¢sal proceeds Gains I Ilossesl Movement in cash held by brokers for relnstment 50 51,749 53,341 23,001 (20,2441 4267 105,140 23,001 126,0351 1.821 15,7911 12,4461 Mwket V41ue•t 31 DKernber2014 50 43512 60,371 103,933 76

Docusign EnvelopÈ ID". 366E483A-15B8482B451445F3C153E92D StJohn's Foundation ESL 1174 Yéarended 31 Docember2024 Notss to th• Flnanclal Stst•m•nts 13. Flnanclal and pYop•rty Inv•stsn•nts IcontSnu•dl The charityowns the entire share capital ol St John's Hospital Tradingcompany Ltd. a company incorporated In England and Wales-company registration number 08632453. The share capital of St John's Hospital Trading Company Ltd compiises 50.OCII ordinary shares ol £1. whKh are all wholly owned bythe charity. The principal actNities ol St John's Hospital Trading Company Ltd are to manage seNThl apartments and coworking space. 2024 2023 Th• trJdln8ffesults of thesubsldl•ry w•r• as follows: Turnover Cost ol sales Gross proflt Administrative expenses Operational expenses Other income Op•r•tlni IloMI Interest payable ILtsssl b•for¢ ts Taxation IL•MI •ft•rts¥ 916 805 916 1411 19771 805 1571 17591 11021 1451 11471 1431 11471 Th• wyt•ol th• us•ts, Ilabllltl•s funds ￿ It 31 Dff•rnb•rw 2024 2023 Total assets 485 11,1041 6191 11,0791 1471 Sh•r•hDld•r51 fvndl The charityalso owns the entlre share capital of St John's Hospital Desi8n and Build Ltd, a company incorporated in England and Wales- company registration number 15213021. The share capltal ol St John's Hospltal Design and Build Ltd comprises l ordinaryshare of £1, whlch is whollyowned by the charity. This company has not traded and Ss ojrrentlydormant but was establlshed to act as a design and build company lor the future construction projects and so maytrade in the future. 14. Socl•l In¥•stm•nts consolldat￿ and charfty 2024 Mixed motive investments.. Re¢eivable in more than one year Recewable in less than one year 63 68 The Mixed motive investment above represents a loan issued on 1st December 2023 to a sin8le party. This loan replaced two concessionary loans to that same single partydrawn down together on 28th Ortober 2015. Eath ol the loans is secured by a legal charge over freehold propertyand charged interest at a rate of 4%. At the year end there were no amounts committed but undrawn12023'. nlll, and no amounts that had been approved sublect to the agreemènt of terms12023'. nill. 77

Docusign EnvelopÈ ID". 366E483A-15B8482B451445F3C153E92D stJohn's Foundatlon Est. 1174 Yearended 31 December2024 Not•sto th• Fln•nclal Ststements 15. Debto 2024 2023 Cons01idJted Trade debtors Prepayment5 and accrued income Other debtors 411 761 2S8 869 1,180 Chablty Trade debtors Prepayments and accrued Income Other debtors Amounts owed bysubsJiary 259 728 216 796 950 1,945 2,059 Included within consolidated prepayments Wld accrued income are lease incentive adjustment5 of £309,00012023: £294,0001,ol which £266,000 are due in more than one year12023'. £257,000). Within amounts owed by the 5vbsidiary £455,000 ol a loan12023: £475,0001 and £nil ol interest accruing against this12023'. £8,000). The loan agreement Wa5 entered on an arms length basis at a market rate ol intere5t14.2% abo¥e basel and the Charity has taken a charge over the assets of the trading cornpany as security. The loan agreement provKles lor up to £480,000 to be drawdown on loan which is repayable in equal instalrnents over 8 )tars frorn Septernber 2022. RepayTnents of £20,000 were made in the ye¥r but the remaining loan repayments have been deferred. At the year tnd £275,OIXI gf the104n was due in mtsre than one year. Also Included withln amounts owed t¢ subsidlary ale prèpayments and a¢¢rued income of £71POO12023.. £72,000 re¢l)ssifd from prepayments and accrued incomel. OflsÈtting trade debt¢rs is a bad dèbt prov5sion of £86,00012023.. £154,000). 78

Docusign EnvelopÈ ID". 366E483A-15B8482B451445F3C153E92D stJohn's Found￿￿On Est. 1174 Y••r•nd•d 31 D•c•mb•r 2024 Notsstt+the Flnanflal Ststements 16a. CrÈditots: amounts fallin8du* within ont yèar 2024 2023 Consolldated Bank ovèrdrafts Loan5 repayable upon demand Trade creditor5 Attruals and dèfèrred income Taxation and social security Other creditors 2,045 343 277 546 72 87 3370 2.038 173 3r0 467 3.284 Ch•rfty Bank overdrafts Loans repayable upon demand Tradè creditors Accruals and deferred income Taxation and social security Other ¢reditors 2.045 343 2.038 173 197 359 469 124 72 51 3216 3,249 The bank overdrafts are repayable on demand and revlewed annually and relate to two facllltSes. One is a facility of up to É3m secured against those Investment assets of the Charity Managed by Eve1￿ Partners. These assets were valued at £31.366m at the year end wrth borrowlng against this of £2.045m at 310ecember12023.' £2.038ml. The second overdraft lacilltyol up to £1.5m was not In use at year end12023.. £1.5ml but was avallable lor use and Is secured agalnst Investment propertles valtsed at £12.48m as at 31 December 2024. The loans repayable on demand areamounts due to Ilfetlme leasehold tenants for thelr leaseswhith is repayable when the properties are vacated. Included within other creditor5 is £24,00012023'. £29,000> representing the amount held as agent lor a small unincorporated voluntary orgartisation Called Bath Women's Fund and £nil12023'. £9J601 lor Bath Unlimited lor which St John's Foundatitsn has agreed to administer funds and ad as an agent. Deferred Income movement: Ch•rlty Gr•up Balance at l January 2024 Amount released in the year Amount deferred ID the ￿ar Balance at 31 De￿rnber 2024 300 11,3531 1368 315 251 IL1481 1,165 Deferred income 15 made up of rental incoffle re￿nied in advan￿ of the accounting period to whKh it relates. 16b. Crndltors: amounti lallln$du• •ft•rmor• than on•y••r 2024 2023 Con3glld•ted charfty Loan5 repayable upon demand lJ72 1,560 79

Docusign EnvelopÈ ID". 366E483A-15B8482B451445F3C153E92D st John's Foundation Est. 1174 Year ended 31 December 2024 Not•sto th• finan<ialStat•m•nts 174. Invested endowmentfvnd The pemi•nentinvested endowmentfund represents Ihefunds of the charityderived from gifts and legacies receiveil since its foundation. It is to be held and maintained in Pe￿etuIty. Investment income and surpluses ordeficits arising on the sale or revaluation of investment properties and investments aretranslerred to the permanent endowment fund. Expenses inCU￿d in the dministration or protection ol the endowrnent investments are charged to the fund. From 1st January 2013. the Trustee has adopted the use of t()tal ￿lUM accountirng in relation to its investment. Totalr•tsm Imi•stM•nt The investment powerof totsl ￿turn was 8ranted bythe Charity Commission on 25th September2012. The powerpemiitstheTrustee lo invest pe￿aDent endowrnents to maximise total retum and to makeavailable an appropriate portion of the total retum lor expendlture each year. Untll thls power is exeicised in lull, that portion ol the totsl retum which is In excess of the amount requlred to presetve the valueol the pemanentendowment. shall be an'unapplied total retum. and remain as part of the permanent endowment The Trustee has used the indexed values of the pemianentendowmentat 1st January1995 to representthe'presetved value, of the original gifL Llnderspecific powers in the goveming Scheme. theTrLtstee monitors the investment perfomance In terms ol maintainingthe purchasing powerol the core endowment against inflation. while enabling the ch8rityto commStto a long-temi spendlng rate 01496 ol the three-yearaveragevalue of the permanentendowmenL The amounts setas tspening unapplied retum. togetherwith the amount allocated lo Sncome in the yearlrom the unapplied total relym, and the amountol unapplied total relvm allocated to capitsl in the feportingperiod lin orderto maSntsln the ￿41 value of the orlginal gift) are dlsclosed belc*W. 80

Docusign EnvelopÈ ID". 366E483A-15B8482B451445F3C153E92D St John's Foundation Est. 1174 Year ended 31 December 2024 Notes to the Flnandalststements 17L In¥•st•d •ndDwm•ntfund Icontinu•dl p•￿anInt ¢ndowment IlnapplS¢d lunl totsl Yetym ConsoUdat•d T•tsl Atl Jnury 2023 50,145 47.213 97,358 Mov•m•nts in th• r•portlni p•rlod: Investment income Realised and unrealised gains Less.. propetyoperational and investment managementcosts Tot•1 r•tum forthe ye•r Unapplied total retuin allouted to income CPI Uplift 3,892 3.430 11871 7,135 14.5001 12.0061 629 3,892 3,430 11871 7,135 14,5001 2.006 2.006 2,635 Atl J•nuary 2024 52.151 47.842 99,993 Mov•m•nts In th• rnportlni p•rlod: Inveslment income Realised and unreJlised losses Les5'. propertyoperational and investment managementcosts Total r•turn forth•y••r Unapplied total return allocated to income CPI uplift 3,512 1,818 13141 5,016 15.4301 11.3561 11,7701 3,512 1,818 13141 S.016 IS,4301 1,356 1,356 14141 At31 D•c•M￿l 2024 53,507 46,072 99,579 The above figures exclude the functlonal endowment fund Inote 17bl and Ihe Roxburgh endowmentfund (note 181. 81

Docusign EnvelopÈ ID". 366E483A-15B8482B451445F3C153E92D st John's Foundation Est. 1174 Year ended 31 December 2024 Notestothe Fln•nci•lSt•tements 17a Inv•st•d •ndowm•nt fund {contlnu•dl P•rm•Mnt end•wmtnt lund Charlty Un•pplled total r•trJm Totsl Atl Janu•ry 2023 50.145 47.650 97,795 Mov•m•nts In th• r•portlngp•rlod: Investment income Realised and unrealised gains Less.. piopetyoperalional and investment managementcosts Total return fortheyelr Unapplied total retum allocated to income CPI uplift 3.999 3,428 11871 7,240 14.5001 12,0061 734 3.999 3,428 11871 7,240 14,5001 2.CK16 2.CK16 2,740 Atl Jinu•ry 2024 52.151 48.384 100.535 Mov•m•nts In th• r•portlnip•rlod: Investment income Reallsed and unrealSsed losses Less.. propetyoperation31 and investment managementcosts Total r•turn for th•y•ar Unapplied total retlbm allocated to income CPI uplilt 3.734 1,816 3141 5,236 15,4301 11.3561 11.5501 3,734 1,816 1314 5.236 15,4301 1,356 1.356 11941 At31 D•c•mb•r2024 53,507 46,834 100,341 The above figures exclude the functional endowment fund (note 17bl and the Roxburgh endowmentfund (note 181. 82

Docusign EnvelopÈ ID". 366E483A-15B8482B451445F3C153E92D St John's Foundation Est. 1174 Year ended 31 December 2024 Nottt to th• FlnandlStt•M•nts 17b. FunctloThai•ndowm•ntfund The functional endowmentis that partof the endowmentwhich is held foroperational. ratherthan investment purposes, and is the￿f0￿ not included in total ￿tUrn calculations. The assets which make up the functional endowment are those which we almshouses at the time the 2012 Schemewas approved (Chapel House. Fitzjocelyn l John Wood House, Rosenberg House. Chandos House. Combe Parkl. and Magdalen Chapel. The functional endowmentalso includes £1.833m12023'. É1.873ml set aside forfuture almshouse provision underthe 2017 Scheme when the change of use ofchandos and Stcatherine's was approved. Ch•rlty& Consolbd•t•d 2024 2023 B•l•nc• brouthtforw•rd 12.192 11141 137 12,306 11141 Trnn5fers Balanc• carrl•d fornTard 12.215 12,192 18. ROx￿rth •ndowM•nt fund Consolld•t•d ind ch*rlty 2024 2023 B•l•n¢• broughtlor¥¥•rd Valuation gains I11055es1 129 132 131 B•l•nc• c•rrl•d forward 132 129 The Roxburgh permanent endowment fund has been shown separatelyin these note5 as, unlike the Test ofthe charitys endowed lunds, the incomelrom this fund has a restricted purpose.. to prowde relief lorsin8le wr•man overthe age of SO in the Bath area. 83

Docusign EnvelopÈ ID". 366E483A-15B8482B451445F3C153E92D St John's Foundation Est. 1174 Year ended 31 December 2024 Not•s to th• FlnanclalStat•m•nts 19. UnY•stslrt•dlund The unrestricted fund Isthe retained anntsal surplus ol Investment incomeoverthe dellcit on the provision of almshouse accommodation. thecost olgrants and Communityout￿ach activities. Surpluses a￿ available at the discretion of the Tnjstee for malntenanee ol the pemanènt endowmentand otherpurposes to achievèthe charltable obthedves olthècharfty. 2024 2023 Conxolldat•d Operating ￿sUIt Total return translerlrorr pennanentendowmentlund Trnnsferol lunctyonallyendowed assetadditions 14.6521 5,430 11371 14,6651 4,SOO Net movement In theyear 641 11651 Balance brought lorward 84lanc• ￿rrI•d forard 2,406 3.047 2,571 2,406 Ch•rlty Opera￿ngresU1t Total ￿turn translerlrorn pennanentendowment fund Transferol lunctionallyendowed assetadditions 14,7171 5,430 11371 14.7161 4,500 Net movement in theyear 576 12161 Balance brought loThvard 8atsnt• tnl•dfDrw*rd 2,402 2.978 2,618 2,402 84

Docusign EnvelopÈ ID". 366E483A-15B8482B451445F3C153E92D St John's Foundation Est. 1174 Year ended 31 December 2024 Note5tothe Financialstatements 20. R•slrlrt¢dfvnds ctsn$oll￿t•d and tharhyl•sat 31 D•c•mb•r20241 Jomph Matthewi Oth•ron••ff fyndl T•tsl Balance brought lorward Income Expenditu io 18 29 iiol iioi 16 16 Jos•ph M•tth•w# Found•llon Roll￿ Consolldat•d and th•rltylu4t 31 D•c•mb•r20131 F••dlni tsln C•ntrolFund Totsl Balance broughi lorward Income Expenditure BI￿￿(¢11rkdf0￿I1d 23 14 26 1261 1441 29 io 18 Roxbyr The resiricted lund lor Roxburgh ￿lateSt0 net income receiNd from the Roxburgh endowment Isee Note 18 abovel Jos•ph M•tth•wJ Found•tlon A restricted le8xywas provSded iothe charityto support StJohn's In communityOUtMach aclmties lorthosé In Bath over75 ￿arS ol age. Oth•ron• off r•strld•dfvnd# OU￿ngtheyear ihe charity received donadonsforspeclllcresldent meals and athvltles whlch were spentln year. These totslled less that £l.000. 21. Transf•rs •nd•wm•nt qndowmeTrt lund lund Unmtrl¢ted lund Translerol unapplied totsl ￿tuM to income Translerol additions to funttlonallyendo**d propertles 15,4301 5,430 137 85

Docusign EnvelopÈ ID". 366E483A-15B8482B451445F3C153E92D St John's Foundation Est. 1174 Year ended 31 December 2024 Notes toth• Fin•nd•l Stst•ments 22.Analysls of netassets betweenfunds lfivest•d Funrtlgnjl Roxburyh •ndowm•nt •ndowm•nt •ndowm•nt nd nd lund Consolldated R•rtrlct•d lund Unr•strfrt•d fvnd Total As at 31 December 2024 £'ooo £'ooo £'ooo £'ooo £'ooo Tangiblefixed a55et5 Intangible fixed assets Investments Social investments Cash and bank balances Other current assets and liabilitie5 10.382 12,238 18 103.883 18 4.240 99.￿1 132 16 495 13,5621 13,561 12.215 132 16 114.989 Inv•rt•d Functlon•l Roxburyh •ndowm•nt •nd•wm•nt •ndowm•nt fund R•strfct•d fund Conwlldat•d Unrwtrfct•d fvnd Tot•1 As at 31 December 2023 £'ooo £'ooD £'ooo £'ooo £'oDo Tangible fixed assets Intangible fixed assets Investments Social Investments Cash and bank balances Other current assets and 10,319 12,169 129 I¢￿.( l.8r3 29 1.102 13,7101 13,710) 99.993 12,192 129 29 114,749 86

Docusign EnvelopÈ ID". 366E483A-15B8482B451445F3C153E92D St John's Foundation Est. 1174 Yearended 31 December 2024 Notestothe Flnancial Statements 23. Charltabie andcapltal commltmert Capital expenditurecommitments.. 2024 £'ooo 2023 £'ooo Legal commitment to bulld almshouses 1,873 The legal comwnitment with thecharity Commission to build almshouses is also rdected in the tunctional Éndowment lund Inote17bl. Thecharityacts as lessor for its commercial and residential investment property portlolios and is contractually entitled to recelvefutureincome. Thefuture minimum leasepayments under non<anceilableoperatlng leases exptxted to be received bythecharityand Group aredueas follow5. In the prioryear financial staternents. leèsecommitments were not consolidat￿. The note bdow has been restated to reflect consolidated numbers 1￿clUdIng rent duefrom thecharity's Trading subsidiary to the Ch3rityl. No other figures in thesefinancial statements areimpacted. 2023 reststed £'ooo 1,377 3.229 12.265 2024 £'ooo 1,266 Within oneyear Between one and fiveyears After hveyears 16.556 Thecharity leases parking spaces for staff using the head office. Thefuture minimum leasepayments under non-cancell3ble operating lease5 bythecharity and Group aredueas follows-. 2014 £'ooo 1023 £'ooo Wlthin oneyear BetW￿n one and fiveyears At theyearend thecharity had thefollowing conditional grant-making commitments., Within oneyear Between one and fiveyears 1.164 317 24. P•Thslons Thecharityoperates a defined contribution schemefor the benefit of theemployees. During theyear É148,Cth (2023.. U49,OCI)I was payable into thedefined contribution scheme. The amount due at theyear end was £17,(Jx)12023'. £18,(WI. Included within'pension costs, in note 8 are pension scheme managcment fees payableol £14,¢XQ12023.. £14,&))I. 87