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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.
- Hosted an event to launch our Ageing Well survey, gathering insights from individuals aged 55+ to better understand the current landscape, identify areas for improvement, and inform our action plan.
- Received 1,400 responses to the Ageing Well survey, which are now guiding our efforts to create a more age-friendly BaNES.
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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## Docusign Envelope ID: 366E483A-15B8-482B-8514-45F3C153E92D **LANGUAGE FOR LIFE 2024 HIGHLIGHTS**
**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
**----- End of picture text -----**
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.**
## **30**
**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**
* - https://www.bathnes.gov.uk/sites/default/files/Strategic%20Evidence%20Base%20 %20Main%20Document%2024%20July%202024_1.pdf
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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
**----- End of picture text -----**
## **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.
**----- Start of picture text -----**
SERVICE OF SOUTHGATE FOUNDER’S THE DAY THE
CELEBRATION INSTALLATION DAY ALIEN CAME
**----- End of picture text -----**
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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:
- Establishing, in collaboration with others, an age-friendly community across Bath and North East Somerset. This includes maintaining and growing our almshouse accommodation.
- Building communities where every child under 12 is supported to grow into a healthy, happy, and educated member of the community, courtesy of the Best Start in Life.
- Providing funding for individuals in crisis, courtesy of the Crisis Programme.
- The length of St John's tenure is testament to the Charity's ability to move with the times and continue to deliver a wide range of services that address the changing needs of our community. St John’s will continue to review the impact of our charitable arms and will continue to work with its partners to deliver our aims and shape future work.
**In 2025, St John’s will conduct a strategic review to enhance the effectiveness and impact of our charitable services within the community.**
**30**
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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.
**31**
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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**|||
**35**
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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.
**38**
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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%**
**----- Start of picture text -----**
OTHER
TRADING INCOME 1%
16%
PROPERTY INVESTMENTS (RENT)
37%
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**----- Start of picture text -----**
FINANCIAL INVESTMENTS (DIVIDENDS)
26%
**----- End of picture text -----**
**40**
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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).
**41**
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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.
**42**
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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).
**43**
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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.
**----- Start of picture text -----**
70%
58%
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60%
40%
70%
58%
20%
42%
30%
0%
PROPERTY FINANCIAL
**----- End of picture text -----**
## **FINANCIAL INVESTMENTS**
**----- Start of picture text -----**
EXISTING PROPORTION OF PORTFOLIO
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**TARGET SET BY INVESTMENT COMMITTEE**
**44**
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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
- UNSD Goal 2 – Zero hunger
- UNSD Goal 3 - Good health and well-being
- UNSD Goal 4 – Quality education
- UNSD Goal 10 – Reduced inequalities
- UNSD Goal 11 – Sustainable cities and communities
The 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.
- Investment managers are required to report to the Board on any baseline level of investment exclusions applied by them to the Charity’s portfolios and the Board is to be kept appraised of any developments in exclusion policy by the investment managers.
- Where investment managers place the Charity’s funds with 3rd party managers, the investment managers must ensure that the third-party managers are also signatories of the UN PRI, and they must evaluate their performance in relation to this.
- Annual reports are to be provided to the Board showing how the Charity’s managed portfolios are performing in relation to RI considerations and where possible, this should be reported in relation to the Charity’s investment values. The Board acknowledge that this reporting will be emergent but expects it to become more mature over time to enable the Board to track how well the Charity’s investments are aligned to the Charity’s values. It is expected that investment managers will report to the Investment Committee on a quarterly basis on any conduct breach of the UN Global
- Compact by companies within our investment portfolio.
Individual investments may be excluded if seen to conflict with the investment values.
**45**
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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.
**46**
Docusign Envelope ID: 366E483A-15B8-482B-8514-45F3C153E92D
## **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.
**47**
Docusign Envelope ID: 366E483A-15B8-482B-8514-45F3C153E92D
## **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.
**48**
Docusign Envelope ID: 366E483A-15B8-482B-8514-45F3C153E92D
## **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
**49**
Docusign Envelope ID: 366E483A-15B8-482B-8514-45F3C153E92D
## **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.
- In preparing these financial statements, the Trustee Company is required to:
- Select suitable accounting policies and then apply them consistently; Observe the methods and principles in the Charities SORP;
- Make judgments and estimates that are reasonable and prudent;
- State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustee 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
**50**
Docusign Envelope ID: 366E483A-15B8-482B-8514-45F3C153E92D
## **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.
**51**
Docusign Envelope ID: 366E483A-15B8-482B-8514-45F3C153E92D
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.
**52**
Docusign Envelope ID: 366E483A-15B8-482B-8514-45F3C153E92D
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.
**53**
Docusign Envelope ID: 366E483A-15B8-482B-8514-45F3C153E92D
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
CooLIDATED 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
328
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 atIeS..
Older adults servi5
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• 1nltM•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 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, utilit*s, 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 unin1ced 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 expertisew*hout ènylonth of rernurteratn orother beneltt In ush
Expenses paid to the deCtorS0[ 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•l*t•d partltt ar•sumNwlMd ¥l•llowL'
Ym•ntsM+
R•latwl p•rty
Bath Business Improvemeni Di$trlrt
Twerlon Inlant khool
Bath ansj North Ea51 Somerset Thlrd S•rtor Group CIO
Bath Unlimited
N*tr• olr•i•tlgn¥hlp
Mrs C Bee is a DirÈttor
Mr D Hobdey 1$ B Go%wno1
Mr R Drkn i4 o Tru5t•e
Mr D Trlobdey 15 0 Director
5,669
39*30
28,973
In 2024, the Chartyheld moneyas agent on behallolBath unlimited,0MMunItyInt1ve$t initative whKh Mr D Hobd•yi5 a director.Atotsl ol
Enll was recel¥*d duringtheyear, with a bolance remaining of £nil at 31 December 201411023.. £9,340).
Thwewere no tran5aCtion5 wlth theTru5tee orolher related parties during the year,otherthan th05edlK105ed above12023: none). No balanus
Wefeoutstand8 to ortrom related parties at thes*ar4nd12023.' nonel.
72
Docusign EnvelopÈ ID". 366E483A-15B8482B451445F3C153E92D
st John's Foundatlon Est 1174
Year ended 31 December2024
Note5 to the Flnanclal St4tsments
10. IntanKlbl• •ss•ts
Consolldat•d and ch•blty
conlIdthd
2024
Charfty
2024
Cost
At l January 2024
Additions
Disposals
At 310ecember 2024
127
129
urnul*ed •rnortls•tlon
At l January 2024
Charge
Eliminated on dspc>sal
At 31 December 2024
104
14
132
112
N•t book v*lu•
At 310e¢embei 2024
At 31 December 2023
17
23
30
73
Docusign EnvelopÈ ID". 366E483A-15B8482B451445F3C153E92D
st John's F<>undatltsn Est. 1174
Yèar ènd 31 Detember2024
Not•s to th• Flnanclal Stat•m•nts
11. T•n8ible wets- freehold property
Consolldat¢d
C5ty representing the amount held as agent lor a small unincorporated
voluntary orgartisation Called Bath Women's Fund and £nil12023'. £9J601 lor Bath Unlimited lor which St John's Foundatitsn has
agreed to administer funds and ad as an agent.
Deferred Income movement:
Ch•rlty
Gr•up
Balance at l January 2024
Amount released in the year
Amount deferred ID the ar
Balance at 31 Dernber 2024
300
11,3531
1368
315
251
IL1481
1,165
Deferred income 15 made up of rental incoffle renied in advan of the accounting period to whKh it relates.
16b. Crndltors: amounti lallln$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