Charity number: 203653 THE FOUNDATION OF EDWARD STOREY TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
THE FOUNDATION OF EDWARD STOREY CONTENTS Page Referen¢e and Adrninistratlve Detalls of the Charity. its Trusteesand Advisers Trustees. Report 2-10 Independent Auditors. Report on theFinancial Ststements ststement of Financial Activitie¥ 14 Balance Shegt 15 Statemenl of Cash Flows 16 Notes to the Flnancial Statements 17-34
THE FOUNDATION OF EDWARD STOREY REFERENCE AND ADMINISTRATIVE DEfAILS OF THE CHARI, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2022 Trustees Mrs J M Womack MA. Vice Chair. University Trustee Mrs C Lyon Msc MlnstF(Dip). University Trustee Dr A R Watren MA BM Bch, Chair. UnNersity Trustee Mrs H R Bond OBE BA LLM FRSA, University Trustee Mrs S Young B.Ed, Co-opted Trustee Mrs L Walser Bsc PhD. Co-opted TTUStee {resigned 31S1 August 20211 Mrs P G Ctyne Cert. Ed. Co-opted Trustee Dr l J Lewis Bse (Eng) PhD, Co-OPtedTnJstee Mr R Newman Bsc (Hons) {appoinled 10th June 2021) Charfty registered number 203653 Prlnclpal office StOY's House Mount Pleasant Cambridge CB3 OBZ Prlncipal operating offlce Storey's House Mount Pleasant Cambridge CB3 OBZ Clerk to theTrustees and Chief Executive Officer Mr P Huckstep Bsc {Honsl MRICS MCIH Independent auditoys Price Bailey LLP Chartered Accountants Tennyson House Cambridge Business Park Cambridge CB4 OWZ Bankeys Barclays Bank PLC 9-11 St Andrevlsstreet Cambridge CB2 3AA Page 1
THE FOUNDATION OF EDWARD STOREY TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2022 INTRODUCTION The Foundation of Edward Storey Ilhe FoundatK)nl was established under the will and trusl of Edward Slorey who died in 1693. As is to be expected. it has changed and evolved considerably over subsequent years to address the challenges that each new generation brsngs, whilst trying lo stsy true lo the Original wishes of it5 benefactor. This is a balance the Foundation stsll seeks today, as it aims lo ensure it can continue to meet the needs ol its beneficiarie5 now and into the future. From its original 10 almshouses, Ihe Foundabon has grovln and diversified to provide 90 units ol shelted accommodation, with more planned, as well as an assorted grants programme for those facing hardship or distress. Despite the turbulence of the last 12 months. the Foundation remalns in good health and benefits from access to significant resources wlh which to hdp plan and mould its future. A five-year strategy agreed in 2020 seeks to ensure it continues to use its resource5 effectively, both in the Short. medium and longer lemi. in order to safeguard rts future, and maximize sts impact in the ftJrtheran¢e of its charitable objects. The Foundation's vision of 'being 8 source ofsupport for benefKiarips to Irrfe in comfort and secunty, is underpinned by shared valsjes such as trust. compassion. teamwork. and openness. A dedicated and highly skilled staff team, supported by an experienced and committed Board of Trustees, work together to make a positive and meaningful difference to people's lives through the provision of hou$ing and financial assistsnce. The Trustees present their annual report and the audiled financial statements of the Foundation for the year ended 31 March 2022.The Trustees confirm that this report and financial 5tstements comply wth the current statutory requirements. the requirements of the Charity'5 goveming document and the provisions of the Statement of Recommended Practice ISORPI. applicable lo charities preparing their accounts in accort1an¢e the Financial Reporting Stsndard applicable in the LIK and Republic of Ireland {FRS 102) {effe¢tive 1 January 20191- TIVITIES FOR THE PUBLIC BENEFIT TIVES AND A The Charities Act 2011 defines a charrtable purpose expliciuy as one Ihat falls thIn 13 descriptions of purposes and is for the public benefit. The Trustees have considered the Charity Commission'5 guidance on the operation of public benefit under the Charities Act 2011 and believe that the requirements have been met under the Foundation's Objects and Activities as described throughout this pOrt. In particular The PVentIon or lief of poverty, and 'The relief of those in need, by rea50n of youth, age, ill-heallh. disabilty, financial hardship or other disadvantage,. The objectives of the Charity are:_ la) the provision of accommodation for beneffciaries are In need. hardship or distress and who are women resident in the County of Cambridgeshire {parish beneficiaries). women closely a550csated wth the WOTk of the Church of England (clergy wdow benefich3ries) or men and thmen resident in the Csty of Cambridge (Chesterton beneficiariesl., Ibl such charitable PLErposes for the benefit of the residents as Ihe Trustees decide.. Ic} the relief of women resident in the County of Cambridgeshire who are in need. hardship or distress; Id} the relief of clergy wdow beneficiaries who are in need, hardship or dist$$. (e) to help wdows, wdowers. divorced or separated spouses of clergy. and ¢hildrenlunmarried daughters of de¢eased clergy. who are in need. hardship or distress. ACHIEVEMENTS AND PERFORMANCE Overview of the year The Foundation's five-year strategy places the provision of affordable housing for older people in need at the centre of ils activities. In re¢ognising this as its primary purpose, the Foundation has looked to shape its approach to the relief of need, hardship and distress accordingly. Over the last year the Foundation has." Enhanced Ihe focus on its almshouse accommodation ar¥J residents. Explored options for the provision of additional sheltered homes. Continued 10 SIaMItne ils Parish Branch grant giving. Ensured that its fee setting. annual budgeting and the strategic use of InMe and capital are better aligned to support the medium and l¢Jfo- terni needs of the Foundation's built e5tste. Page 2
THE FOUNDATION OF EDWARD STOREY TRUSTEES, REPORT ICONTINUED) FOR THE YEAR ENDED 31 IAARCH 2022 In particular, the importance of taking measures lo Iwin fijture proofing and expanding the Foundation's homes has been central theme. The closure of Edward House, the Foundation's Care Home al the end of March 2021 has stsrted lo create the financial capacty and operat¢onal space for these changes to be delivered. Feasibility studies have been undertaken and architects now appointed wlh the inlentim of creab'ng around 16 additional flats on the site. Whilst Cov119 has continued to have an impact. the Foundation's strong financial positFon and experienced team of dedicated staff has meant it has been able to meet these challenges in a robust and effective vrdy, With operation5 now largely restored lo those pre pandemic. The Foundation has continued lo improve its seivices; repair and upgrade 11$ properties- update Its operational pollcies and pmcedures and enhance its governance arrangements over the year. Accommodation Sheltered Housin The Foundation's principal charitable objedive is the provision of almshouse a¢¢ommodation for beneficiaries in need. hardship or distress. This is curiently fvlfilled by four sites containing 90 unrts of Sheltered accommodation in Cambridge City {Storey'5 House. Mount Pleasant and Chesterton) and South Camblldgeshire (Vicarage Close, Melbouml. This accommdalion has a steady demarnj and average occupancy for the current yearwas 98%12020121. 96.8%) which compare5 favourably wlh most housing sector benchmarks. Importantly. the Foijndation was able lo help 8 people into new accommodation which better meets their needs. The average void tumaroun¢J time was 76.5 days {2020121, 86.4 days). All four sites made an operating surplus before major repairs. Buildings and Maintenance The Foundation Seeks lo maintain the Foundatlon's propety to a high standard of repair and has this year introduced new monitoring systems to help support this. During the period. 438 responsrve repair jobs were carried out, of which 69.5% were completed within 7 days and 97.9% were fixed first time. The average tsme taken to Complete a repair was 10.34 days. The periodic and statutory inspection and maintenance of lrfls, boilers and plant equipment was undertaken along with other important health and safety matters, such as water sampling and testing for legionella infection, as well as the renewal of Fire Risk Assessments across the Foundation's various schemes. A number of property upgrades were also completed, the detai5s of which are shown below.. Work carried out during 2021-22 Storey's House New Court Cannon Court Mount Pleasant Vicarage Close New kitchens installed New bathrooms installed New gas boilers installed New electric boilers installed Lounge heating improvements Whole property refurbishments Page 3
THE FOUNDATION OF EDWARD STOREY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Planned maintenance and major w0S are scheduled against a fNe-year rolling programme. the costs of which are incorporated into the annual budget setting pwess. Throughout the year. the cost of responsive repairs and small maintenance projects undertaken lolalled £47,470 12020121 £40.5421. Expenditu on the upgrades above comprised £17.964 {2020121 £51.368) ftom the extraordinary repairs and cyclical maintenance fijnd plus partial flat refvrbishmenls and boiler replacements al Chesterton. totalling £37,587, which were mel out of pem)anent en¢Jovmient. as permitted by the Charty Commission on the merger with the Wray. Ja¢kenett. Merrill and Elle Trust. Grant Giving- see note 7 to the Accounls. In line with the Foundation'$ strategic focus'in need. grants awarded under the Parish Branch We restricted to resldents of the sheltered housing. Annual grants continued to be paid to 15 existing beneficiaries. as were Christmas gift$ to residents. The Clergy Wldow Brah grant giving in this period oompnsed grants to 20 individuals with the highest being £1,790 and the lowest£157.90. In addition. there were 24 Clergy WKI(yw beneficiaries of annual grants who ceiVed monthly payrnents during the year. The Newions Branch awarded grants to S individuals vAth the highest being £2.015 and the lowesl £400. In addition, there were 3 Newtons Branch beneficiarie5 of annual grdnts vkno received monthly payments during the year and 1 annuitant. There were no grants lo insbtutions this year. Complainls There were no fomial complaints during the year. NANCIAL OVERVIEW The accounts record a nel surplus before inve$lment gains of £410.491 for the year12020121 net deficit of £105.0981. After adding the nel gains on investments. of £1.167,808 (2020121 investrnent gains of £2.694,3051. thwe is a net movement in funds for the year of £1.578,29912020121- £2.589.2071. The overall Surplus on the General Reserve Fund was £527.219 {2020121 £65.7301 bef making transfers lo the reserve accounts and not induding gains or losses on the investments. The largest charge to operational costs is that of the payroll. Trustees review wages and salarie5 annually to ensure that they remain both competitive and lair by granting, as a minimum, a living wage pay increase. Trustees consider the importance of WardIng staff for their excellent work and loyatty and seek to balance tl)is with affordability and market conditions. In addition to rental and other operational income. the Foundation benefits from investrnent income from managed fvnds and legacy bequests and does nol undertake fiJndNsing activities. A breakdown of the principal sources of lunding is shown in the graph overteaf. Page 4
THE FOUNDATION OF EDWARD STOREY TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Anatysls of Income for tho yoar tnd•d 31 141areh 2022 Anatysls of Inc¢xng for thè y•ar ènded 31 March 2021 Dwation5 0.0% 0.1% 34.8% 25.4% InccrrnfromFYope westments 7.4% ncorn2fvomFvDperty 8.3% Inc¢rnefrcqn ch*ritsb IKomelrcqn IrtW&s¢ Irtterost 56.6% 0.2% 0.1% 67.1% Supporta goveffle ccsts Supp¢rt& govemance Costs 14.4% Analysls of ¢haritsbl¢ èxp8nditur• for tha y•ar gndod 31 March 2022 Anatys5s of charitable exp?nditur¢ for the year end8d 31 March 2021 Grnnts 11.5% 8% AcbYkng$ Ortak•n Aeimies undertaken direcly 85% 74.1% INVESTMENT POLICY AND PERFoRNcE All investments are carried al their fair value. Irwesbment in eq¥Jities arKI fixed interest securiti'es a all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds, unit trusts and open-ended inveslnienl companies are at the bid price. The basis of lair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purehases are recognised at the date of trade at cost {that is their transaction valuel- The Foundation operates an inve$lment pdicy that prowdes for a degree of diversification of holdings within erent ndS and has invested in a number of CIFS in order to minimise ils exposure to volatility in the market and seek low risk investments where possible. As the Foundation is reliant on disth"bution yield in part to finance ils work this leads lo greater exposure lo risk from the Combination of uncertain intemational markets and volatilty in yields, however liquidity risk is considered to be low as all assets are traded and the commthent to intervention by central banks and matkel regulators has continued to provide for orderfy Irading in the maTkels. The Foundation does not make use of derivatives and similar COMP financial instruments as il lakes the view that investments are held for their long-term growth and annual income. The Foundation has no material investment holdings in markets subject to exchange controls or trading restrbctft$. Page 5
THE FOUNDATION OF EDWARD STOREY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 The Trustees aim lo achieve an income from investments which increases at least in line wlh costs, and a capital perfomiance which at least matches infflation. all consistent wih prudent levels of risk. They seek to achieve this via Iheir portfolios of broadly balanced unit trusts. Having established balanced portroli05 of unit trusts. the Trustees are not involved in detailed investment management. They do not currently delegate their discretion in relation to their inveslment fvnction and make all investrnenl decisions themselves,. of the Trustees having long experience of investment matters. They monitor the performance of their portfolios regulady and have access lo advice as neossary. Net unrealised gains of £1.167,80812020f21- gains £2.694,305) re re¢ognised from the revaluation of invèstment fijnds at the end of the accounting period. RESERVES POLICY Historically, Trustees have aimed to maintain free reserves in unrestn.cted funds at a level vthich, %then invested alongside the FES Permanent Endowment Fund, would provide income sufficient to Ver costs for the coming fvlelve-month perio¢J. Historically this was used to subsidise the large operab.ng deficit at Edward House and lo support a large Parish Grants programme. With the de¢isKon to close Edward House, and 10 Scale back Parish Grant giving,Ihe Foundaliori's Teserves policy was revised in September 2020 to support the strategic objectives setout in the newfive-year plan. 11 aims to achieve balance betsyeen current expenditure and the need to maintain Teserves for the purposes detsiled below.. 1) Free Reserves - All of the Foundation's Almshouse schemes generate an operating surplus, excluding major repairs. It is considered prudent howeverfor an element offree reserves of somewhere been 12-18 months of operating expenses to be held in order lo guard against hostsle operating conditions results.ng in large unfavourable variances to income or costs. The General Funds carried forward at 31 March 2022 totalled £1,220,0371£1,174.443 at 31 March 20211. 2} Major Repairs - The level of reserve$ for major repair work should. as • minimum. be in line with the budget sel for the next financial year, plus the estimated cos15 for the following 6 months 118 months in total} in line with the Foundation's five year plan. This is held in the ExtraoTdinary Repairs and Cyclical Maintenance Fund and amounted to £527.375 at 31 March 2022 {£501.823 al 31 MaTch 2021). 31 Capital Reserves - the Strategic Plan 2020-2025 recognises the growing challenges as$oaated wlh an ageing Property portfolio and the increasing risks around obsolescence. It also recognises that one of the most effective ways of meeting need is through the provision of high-quality affofdable homes. It is important therefore to build sufficient financial capacity within the Foundation's Capital Fund to futu proof. and vthere possible. expand the existing almshouse estate. Current ¢ost estimates Suggest that approximately £12-15 million may be required to replace or upgrade accommodation over the medium term. The Capital Reserye Fund balance carried foNard at 31 March 2022 was £5,099.730 {£4,622.633 al 31 March 2021). TRUCTURE GOVERNANCE AND MANA EMENT The Foundation was estsblished by the will of Edward Storey and 1$ now govemed by The Scheme of the Charity Commission for England and Wales date<l 23rd March 2009 %thich replaced eartier schemes and amendments. This scheme itself was subject to some minoT amendment on 31 December 2018 following the merger with the Newtons Tnjsl. Further administrative changes were made in July 2021 to reduce Tw$tee Tems of Office lo 3 years and to introduce maximum length of service fv new Trustees in recOgnitn of the importance of regular refreshment and renew81 of the Board The Foundation's Scheme provides for four'nominated. members of the Trustees. Board to be appointed by the Council of the University of Cambridge. Trustees have the powei to ClP1 not less than three and not more than five other TTUStee$ lo the Board from society in general. taking into account the needs of the Foundatson. Trustees are nomially expected to complete al least one three-year temi of office. Page 6
THE FOUNDATION OF EDWARD STOREY TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2022 The Foundation adopted the Charity Govemance Ccrfle in November 2021 and aims to be compliant by 2025. Amongst other things. the Code recommends that rf a Trustee has served for more than nine years. their reappointsnenl is.. subject to a partKulatyiigomus review and takes info account the needforpmgs$Ive fftfrnshing of the b08rd. explained in the Tnislees. annualreport. Mrs Womack was re- appointed as a Trustee in October 2021 having viouslY served for 15 years. The appointment was carelully considered by the Board of Trustees at their meeb.ng on 16 September 2021 and endorsed by Cambridge University's Advisory Committee on Committee Membership and Extemal Nominaty"ons. The Trustees are responsible for setting out the general policy of the Chartty. Day-to-day operational management is delegated to the Chiel Executive Officer who is also the Clerk to the Trustees. A fomial scheme of delegations was approved by the Board of Tw$tees in November 2018. The Board has delegated sFecific responsibilities lo three standing sU0MmIttee$. the Finance and General Purpo$es Committee, the Residential Services and Grants Committee and the Development Committee. These Committees assist the Board in ensuring the effectiveness ol the Foundation's operations and that they are in accordance wth the corporate objecltves. strategies and the annual budgeL The Foundation is not affiliated to any other charity or organisation but subscribes to the Almshouse Association, the National Council for Voluntary Organisations and also to the Association of Charity Officers. A representative also attends the Annual General Meeting of the Diocesan Bishops, Wisrtors. TNstees have estsblished a CoMphen$1ve selection and induction programme to ensure that new Tnjslees clearty understand their duties and responsibilities and are able to assess their own training needs. The Foundation encourages and supports Truslees in meeting their training needs. once delemined. During the year. Trustees attended 18 fomial meetings relating lo their govemance of the Foundation. Trustee attendance at meetings was 95%. Due to the corona virus pandemic the majority of these meetings continue lo be held virtually, although there was a luM to holding main Board meetings face to frdce in September 2021. In addition.Trustees have continued to play an important role in the daY-tdaY rkIng of the Foundation by interviewing prospective residents, approving grant applications. suppOng staff and by providing expertise across a range of disciplines. UALITY ASSURANCE The Trustee5 have adopted a six-point approach to ensure qualty in the operational practlce of the Fovndation. These points a= _ la} the detailed assessment as to the suitabilty of potential residents Ib} a continuous focu5 on and review of the needs of current residents (c) maintaining accommodath.on to a high standard (d) a planned programme of staff training and assessment (e) established routines of monitoring and reporiing (fj formal meetings for reviews and validation RISK MANAGEMENT The Foundation continues lo cary out regular assessments of its 'business risks, and has prepared a fesponse to risk exposure in the various areas of the tharity. These inclLsde financial. operational, strategic and governance risks. each of which has been quantified and prioritised according to well established seventy, Ilkelihood and mitigation procedures. The Foundation's Risk Register was fomialty revie*ed and updated in September 2021. The lop S risks as they appear in the Business Risk Analysis are shown in the table below. Page 7
THE FOUNDATION OF EDWARD STOREY TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Risk category Risk namg Rlsk ststus Prlnciple as$uran¢e sources of Further Mitlgation Strategy Inefficient use of resour¢e$ Medium 5-year Strategi¢ Plan, Vised in 2020.. Scheme of deatiOn. Trustees. oversight Delivery of &year plan will require detailed consideration of option appraisals and effective project management. Operational Over-reliance on 3rd parties Medium Foundation V11 resourced.. Tendering process fO1Ert for large projects Careful Gonsiderdlion to be given to the appoinfment of any 3nYparties. with clear lem7s of engagement and project govem8nc8 Operational Major Incident Mèdium Business Continuty Pandemic Plan.. Policies & proce(Jures in place.. Range of additional COVID- 19 lated measures introduced.. Computers replace(l in 2018.. Increased use of Cloud and Microsoft Teams" 5 year rolling maintenance schedule and Continued scanning and implementatn of govemment advice Operational Loss of reputation Medium Complaints procedure- Operational policies including grievance & Vdhistjeblowing.. Regular feedback from residents ConsAderdtion be gwen lo engaging aPppriate specialistadvice in respeGtof controve1 orhwh%Jrofile projects Financial Insuffictent frjnds to delrver strategic objectives Medium year strategy almed at increasing reserves and inveslment income.. High value assets.. Good budgetsry control.. Most areas of business generate an operating surplus- S-year budgel Additional financial planning for development of EH srte Many ol these risks are currently elevated because of the Edward House development plans. for which a dedicated Sub- Committee has been established to oversee this work. More generally. comprehensive controls are in place lo mitsgale risks, including an effective govemance frame1)rk, documented Policies and Procedures. a S¢heme of Delegation, routine inspeclions and programmes of planned maintenance. regular Trustee oversight and s¢rutiny. various SOUTces of extemal assurance and detailed Business Continurty arrangements. Trustees receive an annual assurance report from the Clerk setting out in detail the Foundation's rssk management framevrtirtt resulting in the followng Statement of Intemal Control being aPPToved'. Page 8
THE FOUNDATION OF EDWARD STOREY TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2022 statement of Infernal Control The Board has overall responsibility for establishing, maintsining, and revtewng the effectiveness of the system of internal control. The system of intemal control is designed to manage risk and proMde reasonable (not absolutel assurance that key business objectives and expected OLrtcomes wll be achieved. It also exists to give reasonable assurance. about the preparation and reliabilty of financial and operational infomiation, the safeguarding of the Foundations assets and interests and compliance relevant legislation. law and regulab"ons. The Board recognises that no system ol internal control Gan piovide absolute assurance or eliminate all risk. The Foundation's assurance framework is designed to provide suffiaent. continuous and liable assurance on organisational stewardship and the management of the major risks to organisational success an¢J delivery of value for money. In meeting ils responsibilities, the 8oard has adopted a risk-based approach lo intemal control, which is embedded ithin the nomial management and govemance processes. Executive responsibility has been clearfy defined for the identification. evaluation and control of SnIfICant risks. The Clerk, Senior Management Team and Board carry out evaluations of the risks which impact on the Foundation's abifity to meet key business objects"ves. Risk assessments are carried out and are aligned lo the business planning Process. The Clerk is responsible for reporting to the Board any significant changes affecting key ri$ks or the breakdown of intemal ¢ontrd. The Board retsins responsibilty for a defined range of issues wering strategic. operational. financial and compliance Issues. The Board has formalty adopted the Charity Govemance Code and has incorpordted many of its principles and recommended good practice. The governance environment is 5UPPOrted by a framework of policies and procedures with which employees are required to comply, covering issues such a$ delegated authority. segregation of duties, health and safety, data proteth"on, safeguarding and vthislleblowing. Finanual reporting procedures incluije detailed budgets for the year ahead which are vieWel and approved by the Board. The Board confirms thal there is an ongoing process for Klentifying. evaluating. and managing significant risks faced by the Foundation. The Board has vieWed the effectiveness of the system$ of internal control. including the agreed sour¢es of assurance and confim they a appropriate for that purpose. The Board is satisfied there is sufficient evidence lo confirni that 8dequale systems of intemal control existed and operated throughout the year. No significant weaknesses were identified which would have resulted in material misstatement or lo$$ that would have require<l disclosure in the financial slatemenls. FUND-RAISING STANDARD CA162A The Foundation does not raise funds from the public. We are not gIStered with the Fundraising Regulator. As the Trust doe5 not fundraise. the were no fundraising complaints during the year12021.' none). PLANS FOR THE FUTURE The current five- year strategy contsins the followng ten strategic obie¢bves'. Ensure operational activty is fvlly aligned wth the Charitable Scheme in respect of the use of income and Capital. Seek to increase year on year contn"butions to Capital Reserves in order lo la¢ilitate the future upgrading and expansion of current almshouse accommodab"on. and to minimvze any futu borrowing requirernenls. Commence steps to wthdraw from the residential Ca home market resulting in the planned closure of Edward House. Phase out the direct provision of wder Parish Grants in order to focus on other strategic priorities. Rationalise and consolidate non-core assets to SLEPPOrt futu upgrading and expansion of current almshouse aceommodalion, and to minimize any future borrowng requirements. Undertake option appraisal feasibilty sludies in respect of the repurposing of the Edward House site to provide additional almshouse accommodation. Bring forward detailed plans and proposals for the potential upgrading and expansion of current alm5hou5e a¢¢ommodation across other sites. Explore altemative models of using income and captal f¢Y the benefft of residents whilst also ensuring the long-lerm sustainability of assets. Further develop our thinking around equalty and the proviSn of mixed sex aecommcati0n through the undertaking of appropriate research and consultstion. Fornially adopt and seek compliance with the Charity Govemance Code. Page 9
THE FOUNDATION OF EDWARD STOREY TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2022 Y MANAGEMENT PERSONNEL REMUNERATI The Trustees consider the Board of Trustees and the Chief Executive (who also acts as Clerkto the Trustees) as comprising the key management personnel of the Foundation in charge of ¢Jirecting and controlling the Foundation and running and operating the Foundation on a day-to4ay basis. All Trustee5 give of their kn.me freely and no Trustee remuneTation was paid in the accounts.ng period. Details of Trustee expenses and related party transactions are disc105ed in notes 8 and 21 to the anIs. Trustees are required to disclose all relevant interests and register them the Chief Executive and. in accordance with the Foundation's policy. wthdraw from decisions where a conflKt of Interest arises. The pay of the Found8b"on's Chief Exe¢utive Officer was sel on re¢ruiknenl in 2018 by referen¢e to the local employment market. The rales of staff pay are revieweil by Trustees annually and. generally, the same percentage increase is applied to all stsff, including the Chief Executive_ TRUSTEES. RESPONSIBILITIE STATEMENT The Trustees are responsible for preparing the TfUStees' report and the financial statements in accordance wlh applicable law and Untted Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the Trustees to prepare financial 3tstements for each finan¢ial year which give a true and fair wew of the Stale of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements. the Trustee5 are required lo.. sele¢t Suitable accounting policies an*Y then appty them conslstenty.. observe the meththls and principles in the Charitses SORP 2019 (FRS102)". make judgments and accounting estimates that are reasonable and PfudenL stste whelherapplicable UKAccountsng Standards have been followed. subjectto any material departures disdosed and explained in the financial statements.. prepare the financial ststements on the wing concem basis unless r( is inapprctpriale to presume that the charity wll conkn.nue in ¢)peralion. The TTuslees are SpOnSIble for keeping proper accounting records that are sufficient to show and explain the charity's transactsons and disclose wrth reasonable accuracy al any lime the financial position of the charity and enable them to ensure that the financial statements Comply wlh the Charities Act 2011, the Charty (Accounts and Reports) Regulations 2008 and the provisions of the tTUSt deed. They are also Te¥yonsible for safeguarding the assets ol the charity and hence for tsking reasonable steps for the pfevenbon and detection of fraud and other irregularities. PROWSION OF INFORMATION TO A DITOR Each of the persons who are Tfu51ees * the time wthen this Trustee5' report 1$ approved has confirmed that.. $0 far as that Twstee is aware, there is no relevant audrt infomiation of ch the company's auditors are unaware. and they have taken all the steps Ihal ought lo have been taken a$ a Trustee in order to be aware of any infomialion needed by the company's auditors in connecb.on with preparing their report and lo estsblish that the company's auditors are avrare of that infonnatKJn. This report was approved by the Trustees on and signed on their behalf by.. 21 Dr Warren MA BM Bch. Chair Page 10
THE FOUNDATION OF EDWARD STOREY INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE FOUNDATION OF EDWARD STOREY Opinion We have audited the financial stslements of The Foundation of Edward Storey Ithe 'ch2nty'l for the year ended 31 March 2022 which compfise the Statement of Financial Activities, the Balance Sheet, the Ststement of Cash Flows and the related notes. including a summary of signthcant accounting policie5. The financial ieporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporbng Standard applicable in the UK and Republic of Ireland. (United Kingdom Generally Accepted Accounting Praditsl. The financial statements have been prepared in accordance with Accounting and Reporbng by Charities preparing their accounts in accordance wlh the Financial Reporting Standards applicable in the UK and Republic of Ireland IFRS 1021 in preference lo the Accounting and Repo.n9 by Charitses.. Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. This has been done in order for the accounts to provide a true and fair view in accordance wth the Generally Aeeepted Accounting Practice effective for reporting periods beginning on or after 1 January2015. In our opinion the f1nancialstateffnts'. give a true and fair view of the slate of the charity's affairs as at 31 March 2022 and of its incoming reSoUrS and application of resources for the year then ended", have been properfy prepared in accordan with United Kingdom Generalty Accepted Accounting Practice", and have been prepared in accordance with the requirements of the CharÉb"es Act 2011. Basis foropinion We conducted our audit in accordaft¢e wilh Iniemational Standards on Audibng IUKI IISAS IUKII and applicable law. Our responsibilities under those stsndards are ftjrther described in Ihe Auditors, responsibilities for the audit of the financial ststernents section of our reporL We are independent of the charity in accordan with the ethical requirements that are relevant to our audr( of the financial statements in the United Kingdom. including the Financial Reporbng Council'5 Ethical Slandard. and we have fvlfilled our other ethical responsibilities in accordance with these requiremerits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for ouropinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Tnjstees, use of the going concem basis of accounting in the preparalion of the financial statements isappropriate. Based on the work we have performed. we have not identffj any material uncertainties relating lo events or conditions that, individualty or collectively, may cast signfficant doubt on the Charity's ability to continue as a going concem for a period of at least tsvelve months from when the financial statements are authorised for issue. Our responsibilities and the sponSibl]It1eS of the Trustees with respect to going concem are described in the relevant sections of this report. Page11
THE FOUNDATION OF EDWARD STOREY INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE FOUNDATION OF EDWARD STOREY (CONTINUED) Other InfoTmatloTh The olheT infomation comprises the information included in the Annual Report other than the financial statements and our Auditors, Report thereon. The Tnjstees aft responsible for the other infofrnalion contained within the Annual Report. Our opinion on the financial statements dcs not cover the other information and, except to the extent otherwise explicitly ststed in our report. we do not express any form of assurance conclusion thereon. Our sponsibility is to read the other infomiab.on and. in doing so. consider whether the other infomiation is materially in¢onsistenl with the financial statements or our knowledge obtained in the course of the aijdit, or otherwise appears to be matenalty misstated. If we identrfy such material inconsistencies or apparent material misslatemenls, we are required lo detem)ine whether this gives rise to a material misstatement in the financial statements themsefves. If, based on the work we have perfomed. we conclude that there is a material misstatement of this other inf0ml)n. we are required to report that fact We have nothing to reFQrt in thisregard. Matters on which we are required to report by excepdon We have nothing io report in respect of the folk)wing matter& where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if. in 0urop1nn. the infomiation given in the Trustees. Report is inconsistent in any material respect with the financial statements., or sufficient accounling records have not been kept.or the financial statements are not in agreement with the accounting records and retums; or we have not received all the informatKn and explanations we require for our audit Responsibllities of trustees As explained rn0 fulty in the Trustees. ResFonsibilll Statement, the Trustees are Tesponsible for the Preparation of the financial statements which give a true and fair view, and for such intemal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatemenL whether due to fraud or error. In preparing the financial statements, the Truslees are responsible for assessing the chaTity's ability to continue as a going concern, di5¢tosing. as applicable, matters relaled to 90ing concern and usin9 the going concern basis of accounting unless the Trustees etther intend to liquidate the chartty or to cease operabons, or have no realistic alternative but to do . Auditorn, responsibilities for the audlt of the financial ststements We have been appcHnted as auditor under section 144 of the Charibes Act 2011 and report in accordance wilh the Act and relevant regulations made or having effectthereunder. Our objectives are lo obtain reasonable assuran about whether the financial statements as a whole are free from material misstatement. whether due to fraud or error, and lo issue an Auditors, 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 ayS detect a matetial misststemenl when il exists. Misstalemenls can arise from fraud or emr and are considefed material if, indNidualty or in the aggregate, they could reasonably be expected to influence the economic decisions of users laken on the basis of these financialstalemenls. Irregularities, including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. oudined above. to detect material misstatements in SpeCt of irregularities, including fraud. The extent to which our pr¢)cedures a capable of detecting irregularities, including fraud is detailed below: Page 12
THE FOUNDATION OF EDWARD STOREY INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE FOUNDATION OF EDWARD STOREY (CONTINUED) We gained an understanding of the legal and regulatory framework applicable to the charity and how it operates and considered the risk of the charity not complying With the applicable laws and regulations including fraud in particular those that could have a material impact on the financial statements. This included those regulations directly related to the financial statements. In relation to the charity this included employment law, financial reporting and heath & safety. The iisks were discussed with the audit team and we remained alert to any indications of non-compliance throughout the audit. We carried out specific prctedures to address the risks identified. These included the following.. We reviewed systems and procedures to identify potential areas of management override risk. In particular, we carried out testirig of joumal entries and other adjustments for appropriateness. and evaluating the business rationale of significant transactions lo identify large or unusual transactions. We reviewed key aulhoiisalion prtt0du$ decish)n rnang processes for any unusual or oneryoff transactions. We reviewed minutes of Trustee Board meetings and agreed the financial statement disclosures to underlying supporb'ng documentation. We have made enquiries of management and offters of the charity regarding laws and regulations applicable lo the organisalion and we reviewed the risk management pr(Kesses and procedures in plao including a review of the Risk Register. We have reviewed any correspondence wth the Charity Commission and reviewed the procedures in place for the reporting of incidents to the Trustee Board induding serious incident reporting of any such matters if necessary. A further description of our responsibiliti'es fr)r the audii of the finanual siatements is located on the Financial Reporting Council's websile at.. wvM.frc.or .uklauditorsres nsibilibes. This descripts'on fomis part of our Auditors, Report. Use of our report This report is made solety lo the charity's trustees, as a body. in aco)rdance with Part 4 ofthe Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate to the charity's trustees those matters we are required lo state to them in an Audilors. Report and ft)r no other purpose. To the fvllest extent pemiitted by law. we do not accept or assume responsibilty to anyone other than the charity and its trustses. as a body. for our audit work. for this rewr( or for the opinions we have formed. Prlce Bailey LLP Chartered Accountants Statutory Auditors Tennyson House Cambridge Business Park Cambridge CB4 OWZ Dale.. 21 July 2022 Price Bailey LLP are eliqible lo act as auditors in temis of seCtn 1212 of the Companies Act 2006. Page 13
THE FOUNDATION OF EDWARD STOREY sTATEmEP OF FINANCIAL ACTNMES FOR THE YEAR ENDED 31 MARCH2022 Permanent Endowment Unrestricted Funds ftjnds 2022 2022 Total funds 2022 Total funds 2021 Note Income and end¢)wmentsfrorn: Donations and legacies Charitable activthes 825 825 40 655,S33 501.555 655.533 953,092 Investments 501.555 468.085 Total income and endowments 1.157.913 1,157.913 1,421,217 Expgnditure on: Charitable activities 37.587 709,835 747,422 1.526,315 Total expenditure 37.587 709,835 747.422 1.526.31 S Net (expendlturellin¢ome beforenet gains on Investments Net gains on investments (37.5871 1,060.383 448.078 107.425 410.491 1,167.808 1105,0981 2,694,305 Totsl income I lexpendlturel forthe year 1.022.796 555.503 1.578,299 2.589,207 Reconclliation of funds: Total funds brought loNard Nel movement in fund5 12.918.749 1.022.796 6.353,511 555,503 19.272,260 1.578.299 16.683,053 2,589.207 Total funds carried forward 13.941.545 6,909.014 20,850,559 19.272,260 The Statement of Financial Activtbes includes a15 gains and losses reco3nised in the year. The notes on pages 17 to 34 fom part of these financialstateff*nts. Page14
THE FOUNDATION OF EDWARD STOREY BALANCE SHEEr AS AT 31 MARCH2022 2022 2021 Note Fixed assets Tangible assets Investments 1.418,860 19.240.861 1.480,036 17.704,137 10 20.659.721 19,184.173 Current assets Stocks Debtors Cash at bank and inhand 11 12 473 138,385 108.8 127,251 61.829 247.748 189.416 Creditors.. anv)unts falling due withinone year 13 {56.910) {101.3291 Net currentassets 190.838 88.087 Totsl nel assets 20.850,559 19.272,260 Charlty funds Endowment fvnds Unrestrtcted funds 14 14 13,941.545 6,909.014 12,918,749 6,353,511 Total funds 20,850,559 19.272.260 The financial statements were approved and aulhortsed for issue by the Trustees and signed on their behalf by.. DrA arren MA BM8ch Ichair ofTrusteesl Dale.. 219+ 202E The notes on pages 17 to 34 form part ofthese financial statements. Page15
THE FOUNDATION OF EDWARD STOREY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2022 2022 2021 Note Ca$h flows frorn operatingactivities Net cash used in operating actiVitS 16 185.575) (486,037) Cash flovrn from Investlngactivities Dividends, interests and rents from investrnents Net purchase I sale of investments 501,555 1368.9191 468,084 115,658) Net cash provlded by inv¢stlngaclivitiOS 132,636 452.426 Change In cash and cash equlvalents in the year Cash and cash equivalents at the beginning of the year 47,061 133,611) 95.440 61.829 Cash and Cash equivalents at the end of the year 18 108.890 61,829 The note5 on pages 17 10 34 ft>mi part ofthese financial statements Page 16
THE FOUNDATION OF EDWARD STOREY NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 General infoation The Foundation of Edward Storey is an unincorporated charity which is registered in England & Wales. The principal office is Storey's House, Mount PleasanL CarnbrKlge. CB3 OBZ. Accounting policies 2.1 Basis of preparation of financialststements The financial statements have been prepared in accordance with the Charities SORP (FRS 1021- Accounting and Rewrting by Charittes= Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191 and the Charities Act 2011. The ffnancial statements have been prepared to gNe a'true and fail wew and have departed from the Charities (Accounts and Reports) Regulakn"ons 2008 only lo the extent required to provide a 'true and faif. view. This departure has involved following the Charities SORP IFRS 1021 published in October 2019 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effectNe from 1 April 2005 which has since been withdrawn. The Foundation of Edward Storey meets the definiOn ofa public benefft entity under FRS 102. Assets and liabilities are initially recDJrktsed at histori¢21 cost or transacb'on value ¥Jnless otheiSe stated in the relevant accounting policy. The financial statements are slated in GBP whth is the functional currency of the charity. The level of rounding is to the nearest GBP. There were no sunificant estimai&s or judgements ffode by management in preparing these financial statements. Page 17
THE FOUNDATION OF EDWARD STOREY NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accounting policieslconlinued) 2.2 Fund a¢countlng General fvnds are unrestricted funds which are available for use at the discretion of the Trustees in furtheran of the general objectives of the Charity and whh have not been designated for other purposes. Designated bjnds comprise unrestricted fvnds that have set aside by the Tru51ees for particular purposes. The aim and use of each designated fund is set out in the notes io the financial statements. Investrnent income, gains and losses are all¢)cated to the appropriate fvnd. The funds a dealt with in acdance with the current Charitab sche. The nature and purpose of the main fvnds of the Foundation are set out below and details of the mvements on the funds are gNen in the notes thatfollow. The permanent endowment funds represent the funds arising out of property originally endowed to the Foundation. supplemented by the fvnds acqLtired on the merger with The Wray Jackenett Merrill and Elle Trust and those acquired on the merger with Newton Tnjst. Under the Scheme, the objects of the charity are to provide housing accommodation. charitable benefits for resident5 and pensions and relief in need for qualifying clergy widows, beneficiaries. parish beneficiaries and persons in need. hardship or distress. cryy widows, beneficiaries are any of the following who are in need, hardship or distress: widows of dergymen of the Church of England, dependants. spouses or former spouses of clergymen of the Church of England. women clergy of the Church of England. women deacons and deaconesses of the Church of England, women missionaries of the Church of En9land and other women closely involved in the work of the Church of England. Parish beneficiaries are women who are in need. hardship or distress residenl in the County of Cambridgeshire with a preference for those resident in the ancient paiishes of Holy Trinity, Cambridge. Sl Giles. Cambridge, the ecclesiastical parish of Holy Trinity with St Andrew the Great, Cambridge and the parish of the Ascensicffi. Cambridge. Persons in hardship or distress are those resident in the City of Cambridge, Cambrbdgeshire with a preference for Ihose resident in the ecclesiastical pa[he5 of Holy Trinity and St. Mary the Gat with st. Michael and All Angels. Under the scheme, funds are not appropriated to specifi¢ branc1 or to classes of beneficiary. The trustees are required to appty the charity's income from endowment and reserve fvnds, firstly in meeting the proper costs of administering the thanty and of managing its propety and in making such annual payments to reserve fvnds. including Cyclical Maintenance and Extraordinary Repair Funds, as they consider nSsary. Having met such costs, the tTU5tees are required to apply the remaining income in fvrthering the objects of the charity, firsdy for the benefft of residents. secondly for the relief of clergy widows. benefficiaries and parish beneficiaries, thirdly for the relief of other women in need. hardship ordislress Sident in the County of Cambridgeshire and fourthly for the reliefof other persons in need. hardship or distress resident in the City of Cambridge, Cambridgeshire. The General Endowment Fund is a restn.cted capital fund. however income eamed from this fund, together with income eamed on the General Reserve fund. is permitted lo be expended at the discretion of the trustees to enable the chartty to meet its objectives. Accordingly su¢h income is classified as unrestricted. The funds for Cyclical Maintenance and Extraordinary Repairs and Capital Reserve represent unrestn.cted reserve funds designated by the trustees for the given purpose. Page 18
THE FOUNDATION OF EDWARD STOREY NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accounting policieslcontinued) 2.3 Going tontem The Trustee$ have a reasonable expectation that the chaftty has adeqLFate resources to continL¢e in operational existence ft)r the foreseeab future. Accordingly. the financial statements continue lo be prepared on the going concem basis. The Trustees have considered the effects of the COVID-19 pandemic, prepared budgets, forecasts and cashftows which show that the charity will continue to trade for 12 months from the date of signing these financial statements and consider there is no material impact on thecharity. Therefore. the Trustees continue to adopt the going concem basis in preparing these financial statements. 2A Income All income is recognised once the Chanty has entitlement to the income, it is probable that the income will be receNed and the amount of income receivable can be measured reliably. Donated gifts in kind are included al valuation and recognised as income when the charity has ntrol overthe item. any conditions aSslated with the donated item have been mec the receipt of economic benefit trom the use of the charity of the rtem is probable and that economic benefit Can be measured reliably. Conlributtons from residents are recoJnised in the Per to which the provision of a¢commodation relates. Income from donatKtrns. legacies and fvndraising is recognised on receipt or on notification to entitlement rf earlier. Invesbnent income is recognised in the period in whth the charity becomes entitled to the income. Inlerest on funds held on deposit is included when receivable and the amount can be measured reliabty by the charity," this is nomlty upon nots"ficats'on ofthe interest paid or payable by the Bank. Page 19
THE FOUNDATION OF EDWARD STOREY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accounting pollcleslconlinued) 2.5 Expenditure Expenditu is recoanised once there is a legal or constructive obligation to transfer economic benefit to a third paty, It is probable Ihal a transfer of econom benefits will be required in settlement and the amount of the obligation can be measured reliabty. Expenditure is classffied by activity. The costs of each activty are made up of the lolal of direct costs and shared costs. induding support costs invofved in undertaking each actsvity. Direct Costs attributable to a single aetiwty are alk)cated directty lo that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to o single activty are apportioned betsveen those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of spent, and depreciation charges allocated on the portion of the asset's use. All expenditure is recc4Jnised on an accruals basis and has been allccated to expense headings on direct cost basis. Support costs a those ¢osts incurred directty in support of expenditure on the objects of the charity. Governance costs are those incUed in conne¢lion with administrat of the charty and complian with consts"tuttonal and ststutory requirements. Grants and pensions are charged to the financial statements as they are payable. Provision is made tor grants Payab after they are approved by the Trustees and communicated lo the recipient. Some grarkls are issued with repayment tems. which are cnnlradually agreed with the reclpient. These repayable grants and interest-free bans are classified as debtOTS. en recovery becomes highly unlikely such grants are Written off as grants payable. Redundan¢y and tennination costs are recognised as an expense in the Statement of Financial Activities and a liability on the Balance Sheet iMmedtelY at the point the charity is demonstrably committed to either.. . Terminate the employfftnt ofan employee or group of employees before normal retirement date.. or . Provide temiination benefits as a sU11 of an offer made in order to encourage voluntary redundancy. The charity is considered lo be demonstrabty committed only when it has a detailed formal plan for the tennination and is without realistic P05sibilty of withdrawal from the plan. Expenditure on tharitable activf(ies is incurred on directy ijndertaking the activities which further the Charty's objectNes. as well as any associated support costs. 2.6 Tanglble flxed assets and depreciation Tangible fixed assets are inalty fecognised at cosL After recTrJnition, under the cost rnodel, tan9ible fixed assets are measured at cost sS a¢¢umulated depreciation and any accumulated impaimient losses. Al costs incurred to bring a tangible fixed asset into its intended working condition are included in the measurement of cost. General repair WOTk to maintsin the current ndIon5 of the properties is expensed as incurred. Capital expenditure on operational property is capitalised. Capilal expenditure on operatsonal property is defined as any capital expenditure incurred which results in the generation of revenue over and above any existing revenue eamed. Page 20
THE FOUNDATION OF EDWARD STOREY NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accounting poli¢ies(continued> 2.6 Tangible fixgd a$s¢ts and depreciationlcontinued) Depreciation is charged so as to allocate the cost of tsngible fixed assets less their residLSal value over their estimated usefvl lives, using the straight4ine rnethl, with the exception of land for which no depreciation is provided. Depreciation is pro¥ed on the followng bases". Operaliorsal Property Equipment - 2-8% per annum on cost of buildings - 25% per annum on cost 2.7 Investments Investrnenls are a form of basic financial instrument. Al investments are caryied at their fair value. Investment in equrties and fixed interest securities are all traded in quoted public markets. Holdings in common investment funds, unit trusts and open*nded investrnent companies are al bid pri. The basis of fair value for quoted inve5trnents is equNalent to market value, using bid price. Asset sales and purchases are recognised at the date of trade at cost. All gains and losses are taken to the Stslement of Financial ActNits"es as they arise. Unrealised gains and losses are calculated as the difference beeen the fair value at the year end and their carrying value and aTe included in the Statement of Financial Activities. There were no realised gains during the year. Investments hekd as fixed assets are sh¢)wn at cost less provision for impairment. 2A Stocks Stocks are valued at the kAver of cost and net realtsable value after making due allowance for obsolete and slow-moving stocks. 19 Debtors Trade and other debtors are recognised at the settlement arUnt after any trade discount offered. Prepayments are valued at the aK)Unt prepaKI net of any trade discountsdue. 2.10 Cash at bank and In hand Cash at bank and in hand includes cash and short4erm highly liquid investrnents with a short maturity of three month$ or less from the date of acquisition or OFening of the deposit or similar account. 2.11 Creditors and provlslons Liabilities are recognised when there is an obligats.on at the Balance Sheet dale as a result of a past event. it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be esbmated reliabty. Liabilities are recognised al the arrM)unt that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the gt>Jds or services it must provide. Page 21
THE FOUNDATION OF EDWARD STOREY NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH2022 A¢¢ountln9 policie${continued) 2.12 Flnanclal instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial inslrumenls. Basic financial instruments are initialty recognised at transaction value and subsequently measured at their settlement value with the exception of fixed assets which are valued al amortised cost and investments which are valued al fair value at the balan sheet date using the closing quoted market price which is considered to be the fair value. The hisloiical cost of investments is shown in note 10. 2.13 Penslons The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Chanty to the fund in respect of theyear. Incorne from donations and legacies Unrestricted funds 2022 Total Jnds 2022 Donations 825 825 Unrestricted ftjnds 2021 Total funds 2021 Donations 40 40 In¢ome from charitableactiviiies Unrestricted funds 2022 Total fvnds 2022 Fees from residents 655.533 655,533 Page 22
THE FOUNDATION OF EDWARD STOREY NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH2022 In¢ome from charitable activities lcontinuedl Un$trIcd fvnds 2021 Total funds 2021 Fees from residents 953.092 953.092 Investment income Unrestricted fvnds 2022 Total funds 2022 Income from property investments Income from listed investments Interest receNable 95.865 402.970 2.720 95,865 402,970 2.720 501,555 501,555 unreStrted funds 2021 Total funds 2021 Income from propetyinvestments Income from listed investments 104,666 361.328 2.091 104,666 361,328 2.091 Interest receivable 468,085 468,085 Anatysls of ¢haritableexpendiiure Activittes undertaken (Nole 7} directy Grants 2022 Support costs Total funds 2022 2022 2022 Running exwses ofalmshouses and c facilities 86,209 107.513 747.422 553.700 Page 23
THE FOUNDATION OF EDWARD STOREY NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Anatysis ofcharitable expenditure (continued) Acb"vities undertaken direcyy 2021 (Note 71 Grants 2021 Support costs 2021 Total funds 2021 Running expenses of alrrtshouses and care facilibes 1,301.577 116,933 107.805 1.526,315 Analysis of dlrect¢osts Charitable Actsvities 2022 Total fvnds 2022 staff Costs Depreciation Miscellaneous Establishment costs Stationery. postage and telephone Activities and trips Other staff costs Residents. services Advettsing 253.491 61.176 4,435 212.976 1,470 2.607 2.666 14,114 765 253.491 61,176 4.435 212.976 1,470 2,607 2,666 14,114 765 553.700 553,700 Page24
THE FOUNDATION OF EDWARD STOREY NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Anaty$S$ of ¢haritsble expendlture {contlnuedl Analysis of direct costs {continued) Charitable Actwilies 2021 Total funds 2021 Staff costs Depwiation Miscellaneous Establishmentcosts Stationery, postage and telephone Activities and trip$ Other staff costs Residents. services Advertising 872,266 82,997 4.837 244,066 4,575 1.406 2.239 88.364 827 872,266 82,997 4,837 244,066 4.575 1.406 2,239 88,364 827 1,301,577 1.301,577 Analysis of supportcosts Total nds 2022 Govemance 2022 Support 2022 Wages and salaries Legal and professional fees Audit and accountancy fees Insurance Computer, maintenance and equipment Ststionery, poslage and telephone Sundry expenses 62.554 62,554 11,643 10,254 5,781 9.549 3.066 4.666 11,643 10.254 5.781 9.549 3.066 4.666 21.897 85.616 107.513 In tK)th 2022 and 2021 support ¢ost$ relate to overhead expenses and are appotboned 100Y• lo charitable activtties. staff time is apportioned to support costs based upon time spent on acl¥vitses. Page 25
THE FOUNDATION OF EDWARD STOREY NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH2022 Analysis of charitable expendilure {continuedl Anatysis of support costslconlinued) Total fvnds 2021 Govemance 2021 Support 2021 Wages and salaries Legal and professional fees Audit and accountancy fees Insurance Computer. maintenance and equipment Stationery, postage and telephone Sundry expense$ 59.471 59,471 7.932 9,300 11,399 11.726 2,843 5,134 7.932 9,300 t1,399 11.726 2,843 5.134 17.232 90,573 107,805 Analysis of grants 2022 2021 Parish grants Clergy widowgranls Parish annual grants Clergy widow annual grants 5.124 26.829 20,079 34,177 36,297 27,352 22.105 31.179 86.209 116.933 Grants were made ift the year to 107 indNidua1512021-. 1151 and no institutions12021.' nil} with a total value of £33,984 {2021.. £57,976). Included within the grants made are top-up grants towards Edward House residents, fees totalling £nil {2021= £24,716). Annual grants totalling £54.256 {2021: £53.2841 were gNen in the year to 48 individuals (2021.. 431. Page 26
THE FOUNDATION OF EDWARDSTOREY NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 staff costs 2022 2021 Wages and salaries Social security costs Contribution to defined cOntribun pension schemes 272.033 20,181 23,831 825.961 56.851 48,924 316,045 931,736 A number of redundancies took place afterfvll Consulta and agreement by the Board of Trustees in the previous year. The totsl payments in 2021 were £112.427. The poIY is to account for termination payments al the point at which the offer is accepted by theemployee. The average number of persons employed by the Charity during the year was as follows: 2022 No. 2021 No. Administration Operational 28 11 33 The number of employees vthose employee tefits lexduding employer pension costs) exceeded £60,000 was: 2022 No. 2021 No. In the band £60,001- £70,000 The Trustees consider the Board of Trustees and the Chief Executive (who also acts as CleTk to the Trusleesl as comprising the key management personnel of the Foundation in charge of directing and controlling the Foundation and running and operab'ng the Foundation on a day-to-day basis. All Trustees give of their time freety and no Trustee remuneration or expenses were paid in the 3ccouriling peTiod {2021.' none). Totsl remuneration of I member of key management personnel during the year was £78.324 including employers national Insuran and pension ¢ontributions12021.' 1 member of key management personnel £76.852). Page 27
THE FOUNDATION OF EDWARD STOREY NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH2022 Tangible fixed assets Freehold property offi equipTnent Total Co$t or valuation At 1 April 2021 2,944,089 108,912 3.053.001 At 31 March 2022 2,944,089 108.912 3,053,001 Depreciation At 1 April 2021 Charge for the year 1,467.381 58.847 105,584 2.329 1.572.5 61,176 At 31 March 2022 1.526,228 107,913 1,634,141 Net book value At 31 March 2022 1,417.861 999 1,418,860 At 31 March 2021 1.476,708 3,328 1,480,036 10. Fixed asset investments Freehold investment property Cash held for investments Listed Securtties Total Cost or valuation At 1 April 2021 Additions Disposals Unrealised gainsAosses Cash movement 15,246,712 750,000 1.396.000 1,061,425 17.704,137 750,000 {1.396.0001 1,167,808 1.014,916 (1.3.000} 1.167.808 1.014,916 At 31 March 2022 17.164,520 2,076,341 19,240,861 All investments are carried at their fair value. Histor1 cost of the listed securitses is £12.350,83612021: £11,600.8361. Investment propgrty The investsnent properties were sold during the year. Page 28
THE FOUNDATION OF EDWARDSTOREY NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 11. Stocks 2022 2021 Cleaning, catering and maintenancestocks 473 336 12. Debtors 2022 2021 Due within oneyear Trade debtors Other debtors Loans to beneficiaries Prepayments and accrued incon 6.083 113,002 7.252 12.048 9,673 96,646 8,037 12.895 138.385 127.251 13. crltOrS. Amounts fallÉng due wlthln one year 2022 2021 Tfade creditors Grant commitments Other taxation and social security Other creditors Accruals 8.090 3.185 5,926 21.367 18,342 20,755 10,391 26,754 23.370 20,059 56.910 101,329 Page 29
THE FOUNDATION OF EDWARD STOREY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 14. Statement of fuDd$ statement of funds - currentyear Balan al 1 April 2021 Balance at 31 March 2022 Transfers inlout Gainsl (Losses) Income Expenditure Unrestricted Funds Designated Funds Extraordinary repairs and cyclical maintenance fund Capital reserve fund Sheridan Brown legacy Stella Barnes legacy 501.823 {17.9641 43.516 527.375 4,622,633 (61.177) 538.274 5,099.730 52,729 7,260 59.989 1,883 1,883 5.179. (79.1411 581,790 7,260 5,688.977 Genernl funds General Funds- all funds 1.174,443 1.157.913 (630,6941 (581.790} 100.165 1.220,037 Total Unrestricted lunds 6.353.511 1,157.913 {709,8351 107,425 6,909,014 Pemianenl endowment funds Wray Fund FES Fund Newton Fund 729.873 11.703.099 485.777 {37.587) 59,616 751.902 955,908 12,659,007 44.859 530,636 12.918.749 (37,587) 1.060,383 13.941.545 Totsl of funds 19,272.260 1.157.913 (747.422) 1,167,808 20,850,559 Page 30
THE FOUNDATION OF EDWARD STOREY NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 14. Statement of funds (continued) stst¢ment of funds - prioryear Balance at l April 2020 Balan at 31 March 2021 Transfers inloul Gainsl (Losses) Income Expendrture Unre$lri¢ted Funds Designated Funds Extraordinary repairs and ¢y¢lical maintenance fund Capital reseNe fund Sheridan Brown legacy Stella Bames legacy Edward House Amenities Edward House staff Outings 599,525 151,368) {46.334) 501.823 1.563.033 182.9971 3.142,597 4.622.633 39.532 13,197 52.729 1.883 1.883 10.731 (10,7321 {31 2.214,707 {134.365) 3.085,529 13.197 5,179,068 Gèneral funds General Funds- all fvnds 3,586.357 1.421.217 (1,352.5821 (3.085.529) 604,980 1,174.443 Total Unrestricted funds 5.801.064 1.421,217 {1.486.947) 618.177 6.353.511 Pennanent endowment funds Wray Fund FES Fund Nevrton Fund 657.057 9.811,849 413.083 (39.368) 112.184 729.873 1.891,250 11,703,099 72.694 485,777 10.881.989 {39.3681 2.076,128 12,918,749 Total of funds 16,683,053 1.421.217 {1.526.3151 2,694.305 19,272,260 Page 31
THE FOUNDATION OF EDWARD STOREY NOTES TO ThE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 14. Statement of Fund${conlinued Extr?ordlnary repairs and cyclical malntenance fund: This fund represents estsmated costs, as advised by the Foundation's propety managers. in relatton to major repairsworks. The transfer from the extraordinary repairs and cydical maintenance fvnd presents designated amounts for repairs in the year. Capital reserve fund: ProTrrides for fijture capital expansion. Sheridan Brown legacy: This legacy was grfted for general use by the charity. stella Barnes legacy: Thi$ legacy has been designated for the purpose of maintaining the Olga Ball garden and wooden seat. Wrdy Pemianent Endowmentfund: This fund was incorporated on the mergerwf(h Wray Jackenett Merrill and Elle Trust in 2009. The capital can only be spent on improvements to the Chesterton Properties. FES Permanent Endowrnent fund: This fund is invested with the aim of maintsining the capitsl (which cannot be spenll whilst also providing a contribution towards the Grant fvnding operatson of the Charty. Newton's Trust Pemianent Endoont fund: This fund was incorporated on the merger with the Newton's Trust in 2019 and the income generated is allocated t¢)wards the Grant funding operation of the Charity. 15. Anatysis of net assets betweenfunds Analysis of net assets between funds- current year Pemianent endowment Unrestricted funds nds 2022 2022 Total funds 2022 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year 1,418.860 1,418,860 5,299,316 19,240,861 247,748 247,748 156.910) 156.910) 13.941,545 Total 13,941,545 6,909,014 20.850,559 Page 32
THE FOUNDATION OF EDWARDSTOREY NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 15. Analysls of net assets between funds Icontlnued) Analysls of net assets bgtween funds - prioryear Pemianent endowment funds 2021 unrestn.cled fvnds 2021 Total funds 2021 Tangible fixed assets Fixed asset investments Currentassets Creditors due within oneyear 1.480.036 4,785.388 189,416 (101,3291 1.480.036 17.704,137 189,416 1101.329) 12.918.749 Total 12.918.749 6.353,511 19,272,260 16. Reconclllatlon ol net movement in fvnds to net cash Ilow from operatlng actlvities 2022 2021 Net income forthe year (as per Statement of Financial Activities) 1,578,299 2,589,207 Adjustments for: Depreciation charge$ Dividends, interests and rents from investsnents Decreasel{increasel in stocks Decreasel{increasel indebtors Decrease in ¢redttors (Gainsy losses on fixed asset investments 61,176 82,997 {501.555} 1468,0851 {1351 2,850 {11.1331 11.188 144.4191 {9,889} 11.167.808) (2,694,305) Net cash usgd in operating actlvlties 185,575) {486,0371 17. Analysis of ¢a$h and cash equivalents 2022 2021 Cash at bank and in hand 108,890 61,829 Page 33
THE FOUNDATION OF EDWARD STOREY NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH2022 18. Analysis of changes in neldebt At 1 April 2021 At 31 March 2022 Cash flows Cash at bank and in hand 61.829 47.061 108.890 61,829 47,061 108,890 19. Pension commitments The charity operates a defined eontributsons pension scheme. The assets of the scheme are held separately from those of the charity in an independenty administered fund. The pension cost charge Tepresents contributions payable by the charity to the fund and amounted to £23,831 12021: £56,851). Contributions totalling £3,141 {2021.' £6,592) were payable to the fvnd at the balaft sheet date and irscluded in creditors. 20. Related partytransactions There were no related party transactions in the year (2021- none). Page 34