Charity number: 203653 THE FOUNDATION OF EDWARD STOREY TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
THE FOUNDAnoN OF EDWARD STOREY CONTENTS Page RefereTrce and Administratlve tletalls of th& Charity. its Tntstegs and Advisers Trustees. Rgport Independent Auditors. Report on the Financlal Statements Statement of Financlal Adivilies 2-11 12-14 15 Balance Sheet 16 stst¢ment of Cash Flows 17 Notes to the Financial Statements 18-35
THE FOUNDATION OF EDWARD STOREY REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023 Trustees Mrs J M Womack MA, Chair. Universty Trustee Mrs C Lyon Msc MlnstF{Dipl, Unwersity Trustee Dr A R Warren MA BM Bch, Chair. UniveTSrty Trustee MTS H R Bond OBE BA LLM FRSA, UnNersity Trustee Mrs S Yt)ung B.Ed, Covopled Trustee Mrs P G Clyne Cert. Ed. CcH)pled Trustee Dr l J Lewis Bsc (Eng) PhD. Collopted Trustee Iresigned 18 May 20231 Mr R Newman Bsc IHons). Cwpled Trustee Charty registered number 203653 Prlnclpal office storels House Mount Pleasant Cambridge CB3 OBZ Clerk to the Trustoes and Chief Executlve Officer Mr P Huckslep Bsc (Hons) MRICS MCIH Indendent auditors PrTce Bailey LLP Chartered Accountants Tennyson House Cambridge Business Park Cambridge CB4 OWZ Banke Bardays Bank PLC 9-11 Sl Andrthrfs Street Cambridge C82 Page I
THE FOUNDATION OF EDWARD STOREY TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2023 The Trustees present their annual report and the audited financial statements of the Foundation for the year ended 31 March 2023.The Trustees confirm that this report and financial statements compty wth the current statutory requiiemenls, the requirements of the Chariws goveming doeumenl and the provisions of the Statement of Recommended Practice {SORP}, applicab to charities preparing their aount$ in accordance th the Financial Reporting Standard appIab in the UK and Republic of Ireland {FRS 102) leffecb.ve 1 January 20191. The Foundation of Eo%vard Storey {the Foundation) was established under the will and trust of Edward Slorey who died in 1693. As is lo be expted, it has changed arKI evofved considerably over subsequent years to address the challenges that each new generation brings. whilst trwng to slay true to the original wishes of its benefactor. This is a balance the Foundth"on still kS tojay, as rt aims lo ensure il can continue to meet the needs of its beneficraries and into the future. From its original 10 almshouses, the Foundation has grown and diversified lo provide 90 flats and bvngalows for older pecple, WFth more planned, as well as an assorted grants programme for those facin9 hardship or distress. Despi(e an exiemal enwronment that remains challenging. the Foundation continues to be in good heatth, benefitting from the acces5 10 5ignfftant resources with which lo help plan and shape rts future. A fve-year strategy agreed in 2020 seeks lo ensure it continues to use its resources effectively. both in the short, medium and longer term, in order lo safeguard its future. and maximrze its impact in the furtherance of its charit8ble objects. The Foundation's vision is lo be a source of sUPPOrt for OLtr beneflarieS to live in comfort and securiv. Its stated mission is "to prowde help and support to e1ible beneflarieS through the provision of housing and financal assistance, in order to make a positNe and meaningful drfference to people's lives.. A dedicated and highly skilled staff team, working in tandem with an expenenced and commrtted Board of Trustees seek lo deliver this wsion, underpinned by a culbjre of shared values such as IrusL compassion, teamwork. and openness. OB ES AND ACTMTIES FOR BUC BENEFIT The objectives of the Charity are.. - la) the provision of accommodatn for beneficiaries who are in need, hardship or distress and who a women resident in the County of Cambridgeshire (parish beneficiariesl. women closely a550ciated %Mth the work of the Church of England {ciergy widcm beneficiariesl or men and women resident in the Crty of Cambrsdge (Chesterton benefKiaries}". {bl such charitable purposes for the benefft of the residents as the Trustees decide: {c} the relief of women resident in the County of Cambridgeshire vtho are in need, hardship or distress,. {dl the Telief of clergy Trmdow beneficiaries who are in need. hardship or distress. le} to help wdows. widowers, divorced or separated spouses of ¢iergy. and childrenlunmarried daughteT5 of deceased clergy, who are in need. hardshto or distress. The Charities Act 2011 define5 a charitable purpose eyplicitty as one that falls within 13 descriptions of purposes and is for the public benefft. The Trustees have considered the Charity Commission's guidance on the operation of public benefit under the Challties Ad 2011 and believe that the requirements have been met under the Foundation's Objects and Acliwties as described throughout this report. In particuLar 'The prevention or relief of poverty and 'The rdief of those in need, by reason of youth. age. I1eat[h. disabilty, finaneial hardship or other disaifvanlage,. ACHIEVEMENTS PERFORMANCE & IMPACT OveThi8w ofthe year The Foundation's five-year strategy place5 the pmision of affordable housing for okler people in need at the ntre of rts mission. In recognising this as its primary purpose, the Foundation seeks lo frame its approach lo the relief of need, hardship and distress accordingty. Over the last year the Foundation has: Enhaneed the on its almshouse accommod*ion and 115 res¢dents, introducing new terms of reference for ils Resident Semces and Grants coTnmtee. Page 2
THE FOUNDATION OF EDWARD STOREY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Reviewed its overall seN¢e offer in the wake of the closure of its care home. Developed detsiled plans for the construction of an additional 16 shemered homes. Progressed a merger opportunty which will prowde a fijrther 2 bungalows in Cherry Hinton, as well as significant capital fewpl Minimized void rates. Renewed our long-leTm gas and electncty contract5. Managed ts operating cost to achieve surpluses in excess of budget. Increased conlributt.ons lo reserves in line with new Reserves Policy and strategic aims. Continued to improve ils serVeS.. repair ar upgrade ts properties,. update its operationl policies and procedures and further enhance its govemance arrangements ¢)vef the year. Accommolation The Foundation's prirKipal charitable objectwe is the proviwn of almshouse accommodation for beneficiaries in need. hardship or dislress. This is currentty fulfilled by 90 units of shdlered housing spread across four siles in Cambridge Cty {StoreYs House. Mount Pleasant and Chesterton) and South Cambridgeshire (Wicarage C105e, Melbournl. In June 2022 a suNey was undertaken at cmjr main site. SloreYs Housglmount PSant, to he gauge h successfully the Foundation is lulfilling its v¢sion. 98% of residents fett that their home meet5 their current n$ with 930k feeling safe and secure. 93% of Spondents considered Storels Housel Mount Pleasant was a good place lo live and there was a strong sense of communty. In additv)n, research carried out by the Housing Leaming and Improvement Nefvrk on behalf of the almshouse associab'on. provides ewdence that simpty living in almshouse accommodation can of itself.. Lower the likelihood of residential Ca adMissns. Reduce the likelihood of the use of domiciliary care. Reduce ambulance call QLts linked to falls. Reduce the length of slay and delayed discharges from hosprtaL Reduce GP and A&E visits. Improve health and social Wele11J. Promote heaf(hy ageing. Increase life expedanw. The accommodation has a steady demand and average occupancy for the current year was 98.3% 12021122, 98.OOA}. The average void turnaround time was 68 days 12021122 76.5 days). Both figures represent an improvement on the previous year and compare favourably with most housing sector benchmarks. Over the year. the Foundation was able to improve the lives of 7 new beneficiaries by offering them accommodation whith better met their needs. All four sites made an operating surplus before major repairs whi15t keeping ts charges genuinety affordable. Buildings and Maintenance The Foundation seeks to maintain its propety to a high standard of repair and refullY and has robust monitoring systems in place lo help support this. During the peric¥J.335 responsive repair jobs were carried out 12021122, 4381, of which 74.6% were completed vthin 7 days and 97.6% were fixed first time12021122, 69.50 and 97.90h respectively. The average lime taken to Complete a repair was 11.02 days12021122 10.34 daysl. Periodi¢ and statutory inspection and maintenance of lrfb. boilers and plant equipment have all been undertaken along with othef important heatth and safety checks. such as water sampling and testing for legionella infection. In addition, Fire Risk Assessments were updated across the Foundalions variou5 schemes in 2022 by an independent extemal assessor and good progress has been made in implementing many of the recommendations. A number of prcpety upgrndes were also corrpkted. the details of which are Shown in the following table.. Page 3
THE FOUNDAlloN OF EDWARD STOREY TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Work carried out during 2022-23 Storey'5 House New Court Cannon Court Mount Pleasant Wicarage aose New kitchens installed New bathrooms installed New gas boilers installed New electric boilers installed Lounge heating improvements Whole property refurbishments Planned maintenance and major works are scheduled against a five•year rolling programme. the costs of which are incorpoialed into the annyal budget setting process. Throughout the year, the cost of responsive repairs and small maintenance projects undertaken totalled £55,297 12021r22 £47.5701. Expenditure on major repairs. including the upgrades mentioned above. comprised £99.CK)8 12021r22 £17.964} from the extraordinary repairs and cyclical maintenance fund plu5 £64.101 12021r22 £37.5871 mel out of permanent endowment for work at Chesterton, as pemiitted by the Charrty Comms)n on the mergw with the Wray. Jackenett, MeNill and Elle Trust. Gwing- see note 7 to the Accwn In line with Foundation's strategic fttus 'in neerf grants awarded under the Parish Branch were restricted lo residents of ils shettered housing. Annual grants continued to be paid to 15 existing beneficiaries, as were Christmas gifts lo residents. The Clergy WKlow Branch grant gmng in this pertod compiised in need grants lo 10 indiwduals with the highest being £5.300 12022= £1,790) and the lowest £2(K$ 12022. £158). In addrtion. there were 24 {2022: 241 Cler9y Widow beneficiaries of annual grants who received monthty payments during the year. The Newton Trust Brah awarded grant5 to 2 irKlividuals12022.'5} h the highest being £850 {2022'. £2,015) and the lowest £625 12022: £400). In addrtion. there were 3 Nth(On Trust BTrnch beneficiariès {2022: 31 of annual grants who receNed monlhty payments during the year and 1 annuitant (2022". 1). There were no grants to institutKJns this year. The fdltrwing work cloud. taken from the response5 of beneficiaries. attempts to captures the impact of this giving.. appreciated tlecision morley grant generosity trustees tf¥T news grateful difference overwhelmed feel thanksthank Page 4
THE FOUNDAnoN OF EDWARD STOREY TRUSTEES. REPORT IcoNfiNUEDI FOR THE YEAR ENDED 31 IURCH 2023 NANCIAL OVERVIEW The accounts record a net surplus before investrnefrt gains of £253,224 for the year 12021122 net surplus of £410.4911. After deducting the net losses on investments. of £835,463 12021r22 investment gains of £1.167.8081. there is a net movement in funds for the year of £582.23912021122: £1.578.2991. The overall surplus on the General Reserve Fund wa5 £465,56912022r22 £527.219) before making transfers to the reserve accounts and not including gains or losses on the investsnenls. The largest charge to operational costs i8 thal of the poyroll. Tnlee$ rewew wages and salaries annualty lo ensure that they remain both lpet-1ve and fair by grantsng. as a minimum, a INing wage pay increase. Trustees consider the importance of rewarding staff for th"[ excdlent and loyaty and seek lo balance this with affordability and rnarkel conditions. In addition to rental arKI other operational income. the FourKlal)n beneffts from investm8nt incomg from managed funds and legacy bequests and does not undertake fundraising actrwties. A breakdown of the principal sources of funding is shown in the gfaphs behyw. nalysls of Incorno for tho sar onded 31 March 2023 atysl$ of Inco for the ar ended 31 March 2022 Oonaton$ oJ% DonatioThs 0.1% IrKomeom irmsknents 35.4% kn¢omo Ir(¥n Inskn&nis 34.8% kn¢ome from prawrty inwslments éA% Income propelty insffi8nts 8.3% Income from charitable aGtisiti05 Incomè re$i reclb Intorgst tharilable 56.4 1.6% 02% 56.6% Support& Ana5Jsls of charttable expenditure for the yèar ended 31 March 2023 S¢Jpport& gomanc alyst5 of charitablo expendlture for tb• jpar ended 31 March 2022 1 s15 17.2% 14% thOes undertaken dirocly 74.6% ibes underfaken direcuy 74% Gtsn 8.2% NVE TMENT P LICY AND PERFORMANCE All investments are carried at their fr value. Investment in equities and fixed interest securities are all traded in quoted public markets. prirnarity the London Stock Exthange. Holdings in ccmmmon investment funds, unit trusts Page 5
THE FOUNDATION OF EDWARD STOREY TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 and open-ended investment companies are at the bid price. The basis of fair value for qvoted investments is equivalent lo the market value. using the iMI price. Asset $eS and purchases are reco9nised at the date of trade at cost {thal is their transaction value}. The Foundation operates an invesknent pofjcy that provides fLY a degree of drverstfication of hoklings within different funds and has invested in a number of CIFS in Order to minimise its exposure to vol81ilty in the market and seek I risk inVestntS where possible. As the FourKlation is reliant on distribution yEld in part lo finance ils work this teads to greater exposure to risk from the combinalion of uncertain international markets and vOll1ty in yields, however liquidity risk is considered to be low as all asss are traded and the commitment lo intervention by nITal banks and market regulator5 ha5 continued to provide for ordedy trading in the markets. The Foundation does not make use of derNives and similai ¢omplex financpl instrurnenls as tt takes the view that investments are hekl for their long4em growth and annual income. The Foundation has no material investment holdings in markets subject to exchange controts or trading restrictions. The TTUStees aim lo achieve an irKome from inNestments whh increases at st in line with costs. and capttal perfomiance which al least matd)es infiation. all consistent ¥th prudent levels of risk. They seek lo achieve this wa their portfolios of broad balanced unrt trusts. Hwng established balanced portffAios of unrt trusts. the Tfustees are not invofve<l in detailed investment management. They do not currentty delegate their discretion irb relab.on to their investment function and make all investment decisions themselve5,' two of the Trustees hawng long experience of investment matters. They monitor the perfom)ance of their rtfOlIO$ regylarty and have $$ to advice as necessary. Nel unrealised losses of £835.463 12021r22". gains £1.167.8081 were recognised from the revaluation of investment funds at the end of the &counting peried. RESERVES POLICY Histoncally. Trustees have aimed to mairrtain free reserve5 in unrestricted funds at a level which. when invested alongside the FES PemneI End¢ymient Fund. woukl provide income sufficient to cover costs for the coming twelve-month period. which included subsidising the large operating deficit * Eoknrd House and supporting the Parish Grants programme. With the decision lo close Eolvard House, and to scale back Parish Grant giving the Foundation's Teserves policy was rewsed in September 2020 to tetter support the Strateg objectives set out in the new fiwear plan. It aims to achieve a balance between current expenditure and the need to maintain re5eTves for the purposes detailed 1) FTee Reserves- Al of the Foundat¥)n's Alm$hoLtse schemes generate an operating surplus, excluding major repairs. It is considered Prudent however for an ebèment of ftee reserves of somewhere between 12-18 months of operaling expenses lo be held in order lo guard against hostile operating conditions resulting in large unfavourable variances lo income or costs. The General Fund5 carried lo8rd at 31 March 2023 totslled £1,340,S76 {£1.220.037 at 31 March 2022). 21 Major Repaits- The level of reserves for major repair work $uj. as a minimum. be in line with the budget set for the next financial year. plus the estimated wsts for the following 6 months118 months in totsll as adviseij by the Foundation's property m8nageTS. This is held in the Extraordinary Repairs and Cydieal Maintenance Fund and.amounted to £742,950 at 31 March 2023 {£527,375 at 31 MaTch 20221. Capital Resefves- the strateg Plan 2022025 recognise5 the grtrwing challenges as%)cialed wfth an ageing propety portrolio and the increasing risks around obsolescence. It also recognises that one of the most effective ways of meeting need is through the prowsion of hwh-quality affordable homes. 11 is important therefore to build sufficient finanaal capacity within the Foundation's Capital Fund to future proof, and where possible. expand the existing almshouse estate. Cuffent cost estimates suggest that approximately £12 -15 million may be required to rep*e or upgrade aceommodalion over the medium terni. The Capital Reserve Fund balance carried foNrd at 31 March 2023 was £5.008.8291£5.099,730 at 31 March 20221. 31 Page 6
THE FOUNDATION OF EDWARD STOREY TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 IAARCH 2023 STRUCTURE VERNAN E AND MANAGEMENT The Foundation was established by the wll of Ethvard Slorey and is n(w govemed by The Scheme of the Charity Commission for England and wa dated 23rd March 2009 whh fepLgced eadier schemes and amendments. This scheme itself was subject lo some minor amendment on 31 December 2018 following the merger with the Newton Trust. Further adminislralive changes were made in Juty 2021 to reduce Trustee Temis of Office to 3 years and lo introduce maximum length of service for Trustees in reujgnilion of the importance of fegular refreshment and renewal of the Board. The FOUndn'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 power to CQ-OPt not 5S than three and not more than five other Trustees lo the Board from swely in general. taking into account the needs of the Foundation. Trustees are normally expected lo complete at least one three•year tem of office. The Foundation has adopted the Charity Govemance Code and undertakes reguLar reviews against compliance. Amongst other things, the Code recommends that rf a Trustee has Seed for more than nine years. their reappointment i%.. sutyect to a partKulaty iigorous review and tskes into account rhe need fOrprOg$sive refreshing ofthe board. explained in the Truslees'annual rewl. Sue Young was re• appointed as a Trustee from Juty 2022 for a further 3 years, hang previously served for 36 years. The appointment was carefulty eonsidere(I by the Board of Trustees at their meeting on 12 May 2022 giving due Weht to the overall balan and perfomlance of the Board and the sknlls and knowledge required. The Trustees are responsible for setting out the general policy of the Charity. Day-ttxlay operational management is delegated lo the Chf EXetIVe Offir who ss also the Clerk lo the Trustees. A fomial scheme of delegations was approved by the Boafil of Trustees in November 2018 and rewewed in September 2022. The Board has delegated specifi¢ responsibilrtbes to three standing subcomrnittees, the Finance and General Purposes Committee. the Residential Services and Grants Committee and the Development Committee. These Committees assist the Board in ensuring the effectiveness of the Foundation's operations and that they are in aOrdanCe wlh the corporate oty"ectNes. strategies and the annual budget The Foundation is not affiliated to any other charrty or organisatk)n but subscribe5 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 Diwan Bishops, Wisilors. Trustees have established a comprehensive seteclK)n and induction prograTnme lo ensure that new Trustees clearly understand their duties and responsibilrties and are able to assess their own training needs. The Foundation encourage5 and supports Trustees in ets"ng their training needs, once deternined. During the year. Trustees attended 18 fomial meetings relating to their governance of the Foundation. Trustee attendance al meetings was 95Qh. For convenience many c(Mnmittee meetings are held virtually, whilst main Board meetings are face to face. In addition, Trustees have continued to play an importarit role in the day-l(pday working of the Foundation by interwewing prospecl¢ve reshjents. approving grant applicalKJns. supporting staff and by providing expertise across a range of disciplines. UALITY ASSURANCE The Trustees have adopted a six-point approath to ensuw qualty in the operational prxtice of the Foundation. These points are.. - lal the detailed assessment as to the surtabilty of potential residents Ibl a continuous focus on and review of the needs of current residents {cl maintsining accommodation to a hyjh standard {dl a planned programme of staff training and assessment {el established routines of monitoring and pong ifj fomal meetings for wews and validation Page 7
THE FOUNDATION OF EDWARD STOREY TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 hlARCH 2023 RISK MANAGEMENT The Foundation continues to cary J1 regular assessm¢nts of its 'business risks. and has prepared a response lo risk exposure in the vaiK)us afeas of the charity. These include financial, operational, strategic and govemance risks. each of which has be8n quantrfied and priorrtised according lo well estsblished severty. likelihood. and mibgation pfocedures. The Foundation's Risk Register was formally rewthved and updated in September 2021. With existing controls in place. the Business Risk Anatysis Klenltfied fNe risks as high. These are. in the main, driven by the Edward House redevelopment and specffic repair issues and are not consKlered to be matters of concem. The Foundation's lop five risks are shown in the table beb*. Risk category Ri ststus Prlnclpal a55uran¢e
UT¢eS Risk name Further Mitigati¢n Significant reseThes and instment irKome" High ue assets", Gc4)d bjdgetary contrc4,' Most areas of busirEss generate an operating sUu$.,&yeaT Lwdget.. Rthised reseThes Fdi¢y. year Stsatwc Pkn. +Sed 1 2020., Scheme of delegion,' De0pment Committee ith close link5 to F&GP. Foundation resoLLrced', Tendering prccess fc41owed fo large projects.. DeNelopment Committee close link5 t F&GP'. MLdti skilled Maintenance Offi¢er. Insufficient (ld$ t delir strategic objectiS Continue to build up capital reSenS to meet Ityy lenn asset managemert challenges. Financial High stTrtegy Inefficient resources use Effectwe p1 management and pmCUrnent. High Operation al Or-re11ae on 3rd parties Effective woiecl management andÈ¥Dcurement. gh Business ContinLMIy PaThJemic Plan.. Pc4i¢ies & pr(Kedures in F4ace.' Rwge athjill Cov119 related measure5 introduced.. CthnpLrters replaced in 2018., Increased use of CIoLTrd and Micr050ft Teams;5 year rdhng maintenance schedule. OFeration Complete wlacement of Store$ House rnn fuse boa. ajor Incident Trlgh Signtheant reseThes arKI in4e51ment irKome'. High assets.. Diw5tfied portfclio inste(I tsr the long lemi: Prudent budyet setting,. Good trdgetary control", Fbgh IelS of Trustee o*rsight. Financial Deterioting economic climale High Regu18r monitaryng and ftwew through the F&GP Page 8
THE FOUNDATION OF EDWARD STOREY TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 More generalty, comprehensive contrds are in place lo mittye risks, including an effectNe govemance fr8mework, documented Policies and Procedures. a Scheme of Delegation. routine inspedions and programmes of planned maintenance. regul8r Trustee oversight and scrutiny. vaiious sources of external assurance and detailed Business Continuty arrangements. Trustees receive an annual assurance report from the Clerk setting out in detail the Foundation's risk managernenl framvwork resulting in the follchving SLitement of Intemal Control being approved: Statement of Inlem81 Contrthl The Board has ovefall responsibilty for estlishing. mairrtaining, and the effectiveness of the system of internal control. The system of inlemal Control is deswned to manage rssk and provhle reasonable Inol absolutel assurance that key business objectNes and expected outcomes wll be achieved. It also exists to gwe reasonable assurance, about the prepaTation and reliabilty of financial and operational infomation, the safeguarding of the Foundations assets and interests and Complian wth re81 legislation. law and regulations. The Board recognises that no system of intemal control can provide absolute assurance or eliminate all rtsk The Foundation's assurance framewo¥k is designed to provide sufficienl. continuous and liable assurance on Organisatn01 stewardship and the marbagement of the major risks to organisational SU$$ and delivery of value for money. In meeting its responsibilities. the Board has adopted a riSk-baS approach lo inlemal control, which is embedded within the nom)al management and govemance presses. Executive responsibilty has been clearly defined for the identsficion. evaluation and control of signrfi¢ant risk$. The Clerk, Senior Management Team and 8oard carry out evalualions of the risks which impact on the Foundation's ability to meet key business objectives. Risk assessments are carried out and are altgned to the business planning process. The Clerk is responsible for reportir¥J to the Board any significant changes affecting key risks or the breakdown of intemal control. The Board retains responsibilty for a defined range of issues covering stTrtegic. operational, financial and ¢ompliance issues. The Board has fofmalfy adopted the Charity Govemance Code and has incorporated many of its principles and recommended good practice. The govemance environment is supported by a framework of policies and procedures with which empbyees are required to compty, Covering issues such as delegated aulhorty. segregation of duties. health and safety. data prolectK)n. safeguarding and whistleblowing. Financial reporting prOdureS include detailed budgets for the year ahead which are vieWed and approved by the Board. The Board confimis that there is an ongoing process for idenlty"ng. evaluating, and managing significant risks faced by the Foundation. The Board has revwed the effectiveness of the systems of inlemal control, Including the agreed sources of assurance and confirm they S appropfote for that purpose. The Board is satisfied there is suffieienl evidence to Confimi tha adequate systems of intemal control e$ted and operated throughout the year. No signrficanl weaknesses were tdenb.fied which WLwld have resutted in m*erial misslatemenl or b$$ that woukl have required di5dosure in the financial stalemenls. FUNLkRAISING STANDARDS CA162A The FoLtndation does not raise fund5 from the publio We are not registered with the Fundraising Regulator. As the Trust does not fvndraise, there were no lundraising coMplnIS during the year12022.' none). PLANS FOR THE FUTURE The current five- year strategy contsins the fOlk)vn9 ten strategic obiedives to be completed by 2025: Ensure operational actiwty 15 fully afoned with the Charitable Scheme in respect of the use of in¢ome and capitsl. Seek to increase year on year contributtons to Capital ReseNes in order to facilitate the fLrture upgrading and expansion of current almshouse accommodation. and lo minimize any future Ix)rrowng requirements. commen steps to withdraw from the residential care home market resuRing in the planned closure of Edward House. Phase out the direct provision of widef Parish Grants in order to focus on other strategic priorrties. Rationalise and consolidate non•core assets to support future upgrading and expansion of current almshouse accommcdation. and to minimrLe any future borrwng wuirements. Page 9
THE FOUNDATION OF EDWARD STOREY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Undertake option appraisalsl feasibilty sludEs in respect of the repurposing of the Ethard House site to provide additional almshouse accommallOn. Bring forward detailed plans and prop058ls for the potential upyrading and expansion of current almshouse accommodation across other si(es. Explore allemalbve models of using inCe and eapital for the benefit of residents whilst also ensuring the k)ng-term sustsinabilty of assets. Further develop our thinking around equalty and the provision of mixed sex accommcwjation through the undertaking of appropriate research and consutt*ion. Formalty adopt and seek compliance with the Charty Governance Cod KEY MANAGEMENT PERSONNEL REMUNERA ON The Trustees consider the Board of Trustees and the ChEf Executive {wl)o aL80 acts as Clerk to the Trustees} a$ comprising the key management personnel of the Foundation in charge of direding and controlling the Foundation an(t running and operaling the Foundation on a daY-ldaY basis. All Trustees give of their time free and no Trustee remuneration was paid in the accounting pericKI. Detsils of Trustee expenses and related paty transacti¢Ms are disclosed in notes 8 arKI 21 to the accounts. Trustees are required lo disckjse all relevant interests and register them with the Chief ExttLrtNe and. in accordance with the Foundation's p¢Jlicy, withdraw from decisions where a cOnflt of interest arises. The pay of the FoLtrKlalion's Chief Executive Officer was set on rectuitment in 2018 by reference to the local employment market. The rates of sl8ff pay are by Twstees annually and, genwally, the same percentsge increase is applted to all staff. including the Chief Executwe. TRUSTEES, RESPONSIBILITIES STATEMENT The Trustees are responsible for preparing the Trustee5' report and the financial ststement$ in accordance wth applitxble law and United Kingdorn Accounting Standards {United Kingdom Generalfy Accepted Accounting Praclicel. The law appl1& to charrties in England & Wath requires the Trustees lo ppare financial statements for each financial yeaf which gNe a true and fair view of the stale of affairs of the charty and of the incoming resources ar application of resources of the charity for that peritrd. In preparing these financial statements. the Trustees are required lo.. select suitable accounting and then appty them consistent. observe the methods and principles in the Charities SORP 2019 {FRS1021', make judgments and ac¢ounth"ng estimates that are ieasonable and prudent-. slate whether applicable UK Accounting Standards have been folltyyed, subject to any material departures disclosed and explained in the financial stalemenls., prepare the financial ststements on the going concern basi5 unless it is inappropriate lo presume that the charity will continue in operation. The Trustees are responsible for keeping proper XCOLEnting records that are sufficient lo show and explain the charitls transactions and disdose Tr#th reasonable accuracy al any lime the financial position of the charity and enable them lo ensure that the financial statemenls comply the ChaTities Act 2011. the Charty (Accounts and Reports} Regulations 2008 and the provisKsns of the trust deed. They are also responsible for safeguardin9 the assets of the charty and hence for taking reason&ie Steps for the preventKJn and detection of Iraud and other irregularities. Page10
THE FOUNDATION OF EDWARD STOREY TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 PROVISION OF INFORMAT N TO AUDITOR Each of the persons who are Trustees at the when this Trustees, report is approved has confirmed that". so far as that Trustee is aware. there 15 no relwant audit infOrMatn of vthich the ccwnpany's auditors are unaware, and they have taken all the steps that ought to have been taken as a Trustee in order lo be aware of any information needed by the companls auditors in connection with preparing their report and to establish that the companys auditors are awa ofthal information. £02J and svJned on their behair ty. DrA Rwarren MA BM Bch (Chair of Trusleesl Page11
THE FOUNDATION OF EDWARD STOREY INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE FOUNDATION OF EDWARD STOREY Opinlon We have audf(ed the financial statements of The Foundion of Ethard Storey (the 'chartyl for the year ended 31 March 2023 which comprise the Statement of Financial Aclivities, the Balance Sheet, the Statement of Cash Flows and the retated notes. including a summary of signfftanl 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 8nd Republic of Ireland. (United Kingdom Generally Accepted Accounts"ng Prti}. In our opinion the financial slatements". give a true and fair view of the state of the charitys affairs as at 31 March 2023 and of sis incoming resources and application of resources for the year then ended.. have been property prepared in accordance United Kingdom Generalty Accepted Accounting Practice," and have been prepared in accordance with the requirements of the Chariknes Act 2011. Basis for opinion We ¢onducted our audii in accordance with IntemKJnal Standards on Audrting (UK) (ISAS {UK)l and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilrtie5 for the audit of the financial statements section of our report. We a independent of Ihe charity in accordance with the ethical requirements that are levant to our audit of the financi statements in the United Kingdom, including the Financial Reporting Councifs Ethul Standard, and we have fvlfilled our other ethical responsibilitie$ in accordan with these requirements. We believe that the audit wden¢e we have obtaine(l is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have conduded that the Tru5tees' use of the going concern basis of a¢¢ounling in the ppar8tt0n of the financial ststements is appropriate. Based on the work we have perfomied. we have not identffied any material uneertainlies rdaling to events or onditions that, individually or collectively. may cast signthcant doubl on the charitls abilrty lo contsnue as a going concem for a period of al st months from when the finanrAal statements are authori5ed for issue. Our responsibilities and the responsibilrtE5 of the Trustees with respect lo going COrM are described in the relevant sectK)ns of this re1L Oiher inforniation The other infomiation comprises the lTrfomWi induded in the Ann Report other than the financial statements and our Auditors, Report thereon. The Trustees are responsible for the other infornialion contained wlhin the Annual Report. Our opinion on the financial statements does not cover the other information and, except lo the extent olheiwise explicitly stated in our report. we do not express any form of assurance conclusion Ihereon. Our responsibility is lo lead the other infomiation and. in doing so, consider whether the other infomiation is malerialty InnSiStent wtth the financtal stslements or our knowledge obtained in the course of thè audit, or olheN4ise appears to be materialty missLited. If we entify SLTrch material inconsistencies or apparent material misstatements. we afe required lo detemiine whether this gives rise lo a material misslalemenl in the financial ststemenls themselves. If. based on the wort we have performed, we conclude that there is a material misstatement of this other infomwtion. we are required to report that fad. We have nothing to report in this regard. Page 12
THE FOUNDATION OF EDWARD STOREY INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE FOUNDATION OF EDWARD STOREY {COIfflNUED} Matters on whlch we are required lo report by exceptlon We have nothing to report in respect of the fOlknn9 matters where the Charities {Aceounls and Reports) RegLslathJns 2008 requires us to report to rf. in our Wn.. Ihe information gNen in the Trustees. Rewt 1$ inconsistent in any material respect with the financial slalements., or sufficient accounting reeords have nol been kept.. or the financial ststements are not in agreement with the accounting records and relums", or we have not ieceiveA all the information and ¢xpLanations we require for our aud Responsibilities of trustees As explained more fulty in the Trustees. Responsibiliknes Statement, the Trustees are responsible for the preparation of the financial statements which gwe a true and fair view. and for such inlemal control as the Trustees determine is necessary to enable the preparation of financial ststements that are ffee from material misstatement. whether due to fraLFd or efror. In preparing the financial statement$, the Truslees are resp)nsbi le for assessing the charitls ability to continue as a going concern, disctosing, as applicable, matter5 reLqled to going concern and using the gotng concern basis of accounting unless the Truslees eith intend to Iuldate the charty or to cease operations. or have no realistic akernative but to do so. Auditors. responsibilities for the audlt of the financial staternents We have been appointed as auditor under section 144 of the Charibe5 Act 2011 and rep)rt in accordance with the Act and ielevant regulations made or .9 effect thefeunder. Our obieclives are lo obtain reasonable assuran about whether the financial statements a5 a whole are free from material missLemenl. whether due to fraud or error. and to issue an Audrtors. Report that includes our opinion. Reasonable assurance is a high level of assurance, but 15 not a guarantee that an audit conducted in accordance with ISAS (UK) will aw detect a material misslatemenl when it exists. Misstatements can arise from fraud or error and a considered material rf, indiwdually or in the aggregate, they could reasonab be expected lo influence the economic decisions of users Len on the basis of these financAal slalements. Irregularities. including fraud. are instances of non-compliance with laws and regulations. We design procedures in line wrth our responsibilities. oudined above. to detect material mi5slalements in respect of irregularities, including fraud. The extent to which our procedures a capable of detecting itregulanties, including fraud is detailed beNwr. We gained an understanding of the 1 and regulatory framework applicable to the chanty and how it operes and considered the risk of the Chanty not comptying 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 lo the finanaal statements. In relation to the chaiity this included employThent law. financial reporting and heakh & safety. The risks were discussed with the audit team and we remained alert lo any indications of non•compliance throughout the audtt. We carried OLrt specffic procedures to addres5 the risks identified. These induded the following: We reviewed Systems and Pfccedures to identrfy potential ar&qs of management override Tisk. In particular. we earried out testing of joumal entries and other adjusknents for appmpriatene$$. We rewewed minutes of Trustee Board tttIng5 and agreed the financial statement disclosure5 to undertying 5UPPOrting dctumentation. Page 13
THE FOUNDAnoN OF EDWARD STOREY INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE FOUNDATION OF EDWARD STOREY (CONTINUED) We have made enquiries of managefftht and Offir$ oflhe charity regarding laws and regulations applicable to the organi%alK)n and we reVrtI the risk management pr¢xesses and Procedures in place. We have reviewed any correspondence wth the Charity Commision and rewewed the procedures in place for the reporting of incKlents to the Twslee Board indudin9 serious incKlenl reporting of any such matters if necessary. A fvrther deriPtIon of our responsibilities for the audit of the financk81 statements is loca on the Financial Reporting Councifs website at.. vMw.frc. .ukJauditorsres sibilitv&s. This description forms part of our Audilots. Report. Use of our report This report is made soldy to the charilvs tsustees, as a body. in accordan with Part 4 of the Charities IA¢counts and Reports) Regulations 2008. Our audrt work has been undertaken so that we might state to the charity's Iruslees tho$e matters we are required to state to them in an Audrtors. Report and for no other purpose. To the fullest extent permitted by law, we do rKJt accept or assume responsibility lo anyone other than tho charity and its trustees. as a body. for our audit work. this rer[ or for the opinions we have fomgd. Price Bailey LLP Chartered Accountsnts Statutory Auditors Tennyson House Cambridge Business Park Cambridge CB4 OWZ Date.. 22 August 2023 Pre BaiEey LLP are elKJib to &t as audiiors in tem75 of s&kn¢Jn 1212 of the Compan5 Act 2006. Page 14
THE FOUNDATION OF EDWARD STOREY STATEMENT OF FINANCIAL ACTIVMES FOR THE YEAR ENDED 31 MARCH 2023 Pemianent ErKlowmenl Unrestricted funds funds 2023 2023 Totsl funds 2023 Total funds 2022 Note Income and endowments from: Donations and legacies Charitable activrtie5 Investments 3.250 688,612 529,725 3.250 688.612 529,725 825 655,533 501,555 Total income and endoymients 1.221.587 1.221.587 1,157,913 Expenditure on: Chaiitable activities 64.101 904.262 968.363 747,422 Total expenditure 64.101 904,262 968.363 747.422 Net lexpenditure}fincome before net Ilossesvgains on investments Nel Ilossesygains on investments Total {expendtturel I Income for the year (64,101) (762.891) 317.325 172,572) 253,224 (835,4631 410,491 1.167,808 1826,992) 244.753 {582.2391 1,578,299 Reconclllatlon of funds: Total fLTrnds brought fomanl Net movement in funds 13.941,545 1826,992) 6,9.014 244.753 20,850,559 1582,2391 19,272,260 1.578,299 Total funds carrled forward 13,114,553 7.153.767 20,268,320 20.850.559 The Statement of FinarKial Actimties include5 dl gains and k)sse$ rwnised in the year. The notes on pages 18 to 35 fom part of $8 financial statements. Page 15
THE FOUNDATION OF EDWARD STOREY BALANCE SHEEr AS AT 31 PAARCH 2023 2023 2022 Fixed assets Tangible assets Investsments 1,369,622 18.826.308 1,418,860 19,240,861 10 20.195.930 20,659.721 Current assets Stocks Debtors Cash at bank and hand 11 405 140,334 69,644 473 138,385 108.890 12 210,383 247.748 Creditors: OUnts falling due wthin one 13 {137.9931 (56.910) Net Current assets 72.390 190,838 Total net assets 20.268,320 20.850,559 Charity funds Endowment fijnds Unrgslithd funds 14 13.114.553 7.153,767 13,941,545 6,909,014 14 Total funds 20.268.320 20.850,559 The financial statements were approved and authorised for issue by the Trustee$ and swned on their behalf by. {Chair of Trustee51 Dale.. 2010712023 The rK>tes on pages 18 to 35 fomi part of these financial statements. Page 16
THE FOUNDAnoN OF EDWARD STOREY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AIARCH 2023 2023 2022 Cash flows from operatlng activilles Nel tash used in operating adivrties 1128.905) {85.5751 Cash flo from Investing activities DNidends, interests and rents from investments Nel purchase I sale of investments 510,569 501,555 1420,9101 {368,9191 Net cash Pfovid8d by investing activtties 89,659 132.638 Cash floyts from financing activilies Change in cash and cash equivalents in the year Cash arKI $h equivalents at the beginning of the year {39.2461 47.061 108.890 61.829 Cash and $h equivalents at the end of the year 69,644 108.890 The notes on pages 18 to 35 form part of these finanual St*ents Page 17
THE FOUNDATION OF EDWARD STOREY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 IAARCH 2023 General infom)atlon The Foundalron of Edward Slorey is an unIncp0ts charity 1¢h is regi51ered in England & Wales. The principal office is Storels House. Mount Pleasant. Cambrwjge. CB3 OBI A¢eounting pollcies 2.1 Basis of preparation of financial statements The nar10[ slalements have been prepaied in accordance with the Charities SORP {FRS 1021- Accounting and Reporting by Charities". Ststement of Recommended Practice applicable to charities preparing their accounts in accordance wrth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191 and the Charities Act 2011. The financial statements have been prepared to gwe a and fairf view and have departed from the Charities {Accounts and Reports) Regulations 2008 onty lo the extent required to provide a Irue and fairf view. This departure has invofved folkwAng the Charities SORP IFRS 1021 published in October 2019 rather than the Accounting and Reporting by Charities". Statement of Recommended Practi effethe frc¥n 1 April 2005 whKh has since been wthdrawn. The Foundation of Ethrd Storey meets the deffinon of a public benefit entity under FRS 102. Assets and liabilities are inrtialty recognise<l al historical cost or transaction value unless olherw5e staled in the relevant accounting [lley. The financial statements are ststed in GBP Wh is the functional currency of the charity. The level of rounding is to the nearest GBP. There were no signrfwt estimates or judgements m* by management in Preparing these financial statements. Page 18
THE FOUNDATION OF EDWARD STOREY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accounting policies (continued 2.2 Fund accounting General funds are unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objeclives of the Charty and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been sel aside by the Trustees for particular purposes. The airn and use of designated fund is set out in the notes to the financial statements. Investment inccffle. gains and bsses are alkjcated lo the appr(4)riate furKI. The funds are dealt with in xcordance with the current Charitab scheme. The nature and purpose of the main funds of the Foun¢Jation are sel out bel¢)w and details of the movements on the funds are gNen in the notes that follow. The permanent endowment funds represent the fvnds arising out of propety oiiginally endowed lo the Foundation, supplemented by the funds acquired on the merger with The Wray Jackenett Merrill and Elle TTUSt and those acquired on the meTger with Newton Trust. Under the Scheme, the objects of the charity are lo provide housing accommi>dation. chartsble benefits for residents and pensions and relief in need for qUa1rf'n9 GrgY widows. beneficiaries, parish beneficiaries and persons in need. hardship or distress. Clergy widows. beneficiaries are any of the foll(hving who are in need. hardship or dist$$.. widows of clergymen of the Church of England. dependanls. spouses or fOrnr spouses of clergymen of the Church of England, women clergy of the Church of England, women deacons and deaconesses of the Church of Engiand. women missK)naries of the Church of England and other women closely involved in the work of the Church of England. Parish beneficiaries are V*rJmen who are in need. hardship or distress resident in the County of Cambridgeshire %w¢h a preference for those re5Bdenl in the ancnt parishes of Hoty Trinty, Cambridge. Sl Giles, Cambridge. the ecclesiastical parish of Hdy Trinity with St Andrew the Great. Cambridge and the parish of the Ascension. Cambridge. Persons in hardship or distress are those resident in the Cty of Cambridge, Cambridgeshire with a preference for those resident in Ihe ecclesiastical parishes of Hoty Trinty and Sl. Mary the Great with St. Michael and All Ange&. Under the scheme. funds are not appropriated lo speo'fic branches Of lo cla5se5 of beneficiary. The trustees are required lo appty the chartys income from endowment and reserve funds. firstly in meeting the proper costs of administering the chanty and of managing ils property and in making such annual payThenls to reserve funds, including Cyclical Maintenance and Extraordinary Repair Funds, as they nsider necessary. Hang met such costs. the trustees a required to apply the remaining income in furthering the objects of the eharity, first for the benefit of residents. secondly for the relief of tlergy widows, beneficiaries and parish beneficiaries, thirdly for the relief of other women in need. hardship or distre55 resident in the County of Carnbridgeshi and fourthly for the relief of other persons in need, hardshp or distress resident in the Cty of Cambridge. Cambridgeshire. The General Endovrnenl Fund is a restrrcted captsl fund. however ineome eamed from this fund, together with income earned on the General Reserve fund, is perniitted lo be expended al the diserelion of the trustees to enable the charity to meet rts objectives. AOrdInglY such income is dassified as unrestricted. The furKls for Cyclical maintenan and Extraordinary Repairs and Capital Reserye represent unrestricted reserve furK15 designated by the trustees for the given PUTPOSe. Page 19
ThE FOUNDATION OF EDWARD STOREY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accounting policies {continued) 2.3 Golng concern The Tru51ees have a reasonable expectation that the chafity has adequate resources to continue in operational existence for the foreseeable futu. Accordingty, the financial statements continue lo be prepared on the goin9 concem basis. The Trustees have prepared budgets. forecasts and cashftows whKh show thal the charity will continue lo trade for 12 months ftcrfn the dale of signing these financial stalemenls. Therefore. the Twslees continue to adopt the going concem basis in preparing these financial statements. 2A Income All income 1$ recognised once the Charity has entitlement lo the income, it is probable that the income will be received and the Tr)Unt of inccwne receivable can be measured reliabty. Donated grfts in kind are included at Valuat and recognised as income when the charity has covrtrol over the item, any conditions associated wih the donated i(em have been mel, the receipt of economic benefit from the use of the chanty of the item is probable and that economic benefit can be measured ltabty. Contributions from residents are reecgnised in the period to which the PfOVi5ion of accommodation relate5. Income from donatNJll5. leg&ies and fundraising is renised on rece¢pt or on notification lo en1ent rf earfier. InveslffÈnt income is fecognised in the peric#J in which the charity becomes entrtled to the income. Interest on furKls held on deposit is included when receNabk and the amount can be measured liabty by the charity,. this L8 nomially upon notificalft of the interest paid or payablg by the Bank. Page 20
THE FOUNDAnoN OF EDWARD STOREY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accounting policie5 {continued) 2.5 Expenditure Expenditure is reCgniSed once there is a legal or constructive obligation to transfer economic benefit to a third party. it Is Probable that a transfer of economic beneffts will be required in selllement and the amount ofthe obligation can be measured liab. Expenditure is classrfd by adimty. The wsts of each are made up of the lotal of direct costs and shared eosls. including support costs invofved in undertaking each activity. Direct costs attributable lo a single activity are allo(aled directly to that activrty. Shared costs whh contribute to more than one activity and 5UPPOrt costs vthich rkot attributable to a single activity are apP0.0ned bettveen those actiwties on a basis consistent with the use of resources. Central staff costs are allocated on the basis of lime spent. and depieciats.on charges allocated on the portion of the asset's use. All expenditure is reccgnised on an accruals basis and has been alkKated to expense headings on a direct cost basis. Support Costs are those costs incurred diredty in support of expenditure on the objects of the charity. Governance costs are those incurred in conneclw)n with admini5tralion of the charity and compliance th constitutional and statLrtory wuirements. Grants and pensions payawe are charged lo the financial slalements as they are payble. Promsion is made for grants payable after they are approved by the Trustees and communicated to the recipient. Some grants are issued repayment temis. which are contractually agreed with the recipient. These repayable grants and interest4ree loans are classrfied as deblor5. When wovery becomes hhlY unlikely such grants are written off as grants payable. Redundancy and leIallOn costs are rwnised a5 an expense in the Slatemenl of Financial Aclivrties and a liabilty C the Balance Sheet wnmediety al Ihe point the charty is demonstrabty committed to either . Terninale the employment of an employee or group of &nployees before normal retirement date: or Provide lerminotion benefits as a resum of an offer made in order to encourage voluntary redundancy. The charity 15 COn5ideied lo k demon$lrabty committed onty when il has a detailed foTmal pEan for the termination and is wthout realistic possibilty of withdrawal from the plan. Expenditure on charitable activrties rs incurred on directly undertaking the actswties which further the Charitls objectives. as well as any a$Sled support Costs. 2.6 Tangible fued assets and depreciation Tangible fixed assets are initialty reccfvgnised at cost. After recognition. under the cost model, tangible fixed assets ale measured al cost less accumulated depreckation and any accumulated impairment losses. Ml costs incurred to bring a tangible fixed asset into its intended wot1(ing condrtion are included in the measurement of cosL General repair work to maintain the current condrtions of the properties is expensed as incufred. Capital expenditure on operalKsnal property is caprtalised. Capital expenditure on operational property is defined as any Capital expenditure incurred whh results in the generation of revenue over and above any existsng revenue eamed. Page 21
THE FOUNDATION OF EDWARD STOREY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accounting policies Icontinuedl 2.6 Tanglble fixed assets and depreclatlon Icontinuedl Depreciation is charged so as to allocate the cosl of tangible fixed assets less their residual value over their estimated useful lives, using the strayht4ine methcxl, wrth the exception of land for which no depreciation is provided. Depreciation is provided ¢Jn the follcwing bases: Operational Property Equipment - 24% per annum on cost of buildings - 25% per annum on cost 2.7 Investments Investments are a fom of basK financaal instrument. All investments are carried al their fair value. Investment in equities and fixed interest securities are all traded in quoted publ markets. Holdings in common investment funds, unit trusts and opertended investment companies are al bid price. The basis of fair value for quoted investments is eqvivalenl lo market value, using bid price. Asset sales and purchases are recognised at the dale of trade at cost. All gains and losses are taken lo the Statement of Financial Activities as they arise. Unrealised gains and 105ses are calculated as the difference betsveen the fair value * the year end and their carrying value and are included in the ststemenl of Financial Activities. There were no reali5ed gains during the year. Investments held as fNe(l asset$ are shown al cost less prowsKJn for impaimient 2.8 stocks StkS are valued at the kThver of cost and net realisab value after making due allowance for obsc4ete and Sl-rrJV1ng stocks. 2.9 Debtors Trade and other debtors are reeognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaKI net of any trade discounts duo. 2.10 Cash at bank and in hand Cash at bank and in hand indudes cash and short4erm high liquid investments with a short maturity of three nN)nlhs or less from the date of acquisiti. or cyening of the deposit or similar account. 2.11 Creditors and provislons abilities are recc¥Jnised when there is an obligatson at the Balare Sheet dale as a resuh of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the setuernenl can be estimated reliabty. Liabilthes are recognised al the amount that the Chanty an11paleS it wll pay to Sett the debt or the amount it has receNed as advaed payThents for the goods or semces rt must provide. Page 22
THE FOUNDATION OF EDWARD STOREY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accounting policies (continued) 2.12 Financlal Instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial irtruments. Basic financial instruments are initially rwnised at transaction value and subsequently measured at their settjernenl value wrth the exception of fixed asset5 which are valued al amortised cost and investments which are valued al fair value at the balance sheet date using the closing quoted market price which is considered to be the fair value. The hislofical cost of investments is shown in note 10. 2.13 Pension$ The Charity operates a defined contributk)n pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the ypar. Income from donatlons and legacies Unrestrided ftjnds 2023 Total funds 2023 Donations 3,250 3,250 Unrestricted funds 2022 Total funds 2022 Donations 825 825 Income from ¢haritable activities Unrestricted funds 2023 Total funds 2023 Fees from residents 688.612 688,612 Page 23
THE FOUNDATION OF EDWARD STOREY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Income frorn charitable activitles {continued) Unrestricted funds 2022 Total funds 2022 Fee5 from residents 655.533 655.533 Investment incorne Unrestricted fund$ 2023 Total fvnds 2023 Income from propety investnEnts Income from listed investrnents Interest receNable 7T.823 432,746 19,156 77,823 432,746 19,156 S29,725 529.725 Unrestricted Jnds 2022 Total fund5 2022 Incom8 from propety investments Income from listed investments Interest receivable 95.865 402,970 2,720 95.865 402,970 2,720 501,555 501,555 Page 24
THE FOUNDAnoN OF EDWARD STOREY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Analysis of charitable expenditure A"Ve5 undertaken direclty 2023 (Note 71 Grants 2023 Support costs 2023 Total nds 2023 Running expenses of almshouses and eare facilities Governance e05ts 722.303 79.209 91,349 75.502 892,861 75,502 722.303 79.209 166.851 968,363 undertaken directty 2022 (Note 7} Gianls 2022 Support costs 2022 Total funds 2022 Running expenses of almshouses and core facilities 553.700 86.209 85.616 21.897 n5,525 21.897 Govemonce costs 553.700 86,209 107,513 747,422 Analysis of direct costs Charitable Activities 2023 Tota5 funds 2023 Staff costs Depreci*ion Miscellaneous Establishment costs Stationery, postage and telephone Activities and trips Other stsff costs Resident5. services 275.665 49.236 5,565 375,790 1,495 4.920 2.477 5,977 1,178 275.665 49.236 5,565 375,790 1,495 4.920 2.477 5.977 1.178 Advertising 722,303 722.303 Page 25
THE FOUNDATION OF EDWARD STOREY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Anatysis of charitable expenditute {continued) Analysls of dire¢t costs lcontinuedl Charrtable Activities 2022 Total funds 2022 Staff costs Depreciation Miscellaneous Est8blishment costs Stationery, postage and lehone Activities and trips Other staff costs Residents. services Advertising 253.491 61.176 4.435 212,976 1,470 2,607 253,491 61,176 4.435 212,976 1,470 2.607 2.666 14,114 765 14,114 765 553.700 553,700 Anatysis of support Costs Totsl fvnds 2023 Other Govemance 2023 2023 Wages and salaries Legal and professKJnal fees tses Audit and accounlancy fees Insurance Computer maintenance and equipment Slalionery, postage and telephorke Sundry expenses 70.420 70.420 62.873 12.629 5.293 10,355 3,072 2,209 62,873 12,629 5.293 10.355 3.072 2.209 91.349 75,502 166.851 In both 2023 and 2022 support COSts relale lo overhead expenses arKI are apportK)ned 100% to chantable activities. staff lime is apportioned to SUpt costs based upon time spent on actwf(ies. Page 26
THE FOUNDATION OF EDWARD STOREY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Analysis of charitable expenditure l¢ontinu8dl Analysls of support costs l¢ontinuedl Total funds 2022 Other Govemanee 2022 2022 Wages and salaries Legal and professional fees Audit and accounlanGy fees Insurance Computer maintenance and equIpnt Stationery, postage and telephone Sundry expenses 62.554 62,554 11.643 10.254 5,781 9,549 11.643 10.254 5.781 9.549 3.6 4,666 85.616 21,897 107.513 Anatysis of grants 2023 2022 Parish grants Clergy widow grants Parish annual grants Ipensionsl Clergy widow annual grants (pensions) 7,530 17.532 18.524 35,623 5.124 26,829 20,079 34,177 79,209 86.209 Grants were made in the year lo 102 indNiduas (2022." 107) and no in$titution512022'. nil) with a total value of £25.06212022: £33,984). Annual grnnts lotslling £54,14712022.. £S4.256} were given in the year lo 42 indtviduals12022'. 481. Staff costs 2023 2022 Wages and salaries Social SuTY costs Contribution to defined contribution pension sthemes 297,352 23,863 24,870 272,033 20,181 23,831 346.085 316,045 Page 27
THE FOUNDATION OF EDWARD STOREY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 klARCH 2023 Staff costs Icontinufjdl The average number of persons employed by the Charity during the year was as follows.. 2023 2022 No. Administration Operational 11 The number of empbyees vhbose empknyee beneffts 1exdJlftY employer pension costs) exceeded £60.000 vrds.. 2023 No. 2022 No. In the band £60,001- £70,OLKI The TTuslees consider the Board of Trustees and the Chief Executive (who also acts as Clerk to the TTLisleesl as cornpr¥sing the key management personnel of the Foundation in charge of directing and controlling the Foundation and running and operattng the Foundaton on a day-to-day basis. All Trusteos give of their time freety and no Tntstee rUneration or expenses werg paid in the accounting peiiod (2022.. none). Total remuneration of 1 member of key rnanagemenl personnel during the year was £83,575 inclLKling employers national insurance and pension contn"bub"ons {2022= 1 member of key management personnel £78.234). Tangible fixed assets Freehold propety Office equipmenl Total Cost or valuatlon At 1 April 2022 2.944.089 108,912 3,053,001 At 31 March 2023 2.944.089 108,912 3.053.001 Depreciation At 1 April 2022 Charge for the year 1.526.228 48.239 107,913 1,634,141 49,238 At 31 March 2023 1.574,467 108,912 1,683,379 Page 28
THE FOUNDAlloN OF EDWARD STOREY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Tangible fixod assets Icontinued) Freehok propetty oirice equipment Total Net book value At 31 March 2023 1.369,622 1.369.622 At 31 March 2022 1.417.861 999 1,418,860 10. Fixed asset investments Listed Cash held for securities investments Total Cost or valuation At 1 April 2022 Additions Revaluations 17.164.520 2.076,341 420,909 19,240,861 420,909 (835.4621 {835.462) Al 31 March 2023 16,329.058 2.497.250 18.826,308 All investments are carried at their fair value. Historic cost of Ihe listed securities is £12.350,836 (2022.. £12,350,836). 11. Stocks 2023 2022 Cleaning, catering and maintsnance stock5 405 473 12. Debtors 2023 2022 Due within one year Trade debtors other debtors Loans to beneflarieS Prepayments and CTUed incoff 4,251 117.871 6,134 12,078 6,083 113.002 7.252 12,048 140,334 138.385 Page 29
THE FOUNDATION OF EDWARD STOREY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 13. Creditots: Amounts falling due within one year 2023 2022 Trade creditors Grant commrtmenls Other ta10n and social security other cieditors Accwals 83,623 S,404 7,501 18,432 23,033 8.090 3.185 5,926 21,367 18,342 137,993 56,910 Page 30
THE FOUNDATION OF EDWARD STOREY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 14. Statement of funds Statement of funds- ¢urrent year Balance al 31 March 2023 Balan at 1 April 2022 Transfers inlout Gains1 (Losses) Income Expenditure Unrestricted funds Designated funds Extraordinary repair5 and cyclical maintenance fund Capital reserve fund Sheridan Brown legacy Stella Bames legacy 527,375 {99.008) 314,S83 742,950 5.099.732 {49.236) (41,66n 5.008.829 59.991 {462) 59.529 1.883 1,883 5.688.981 (148,2441 272,916 1462} 5.813.191 General funds General Funds- all funds 1.220,033 1,221.587 1756.0181 (272.9161 172.1101 1,340,576 Total Unrestricted funds 6.909.014 1,221,587 I.262> 172,572) 7.153,767 Pgrmanent endowment funds Wray Fund FES Fund Newton Tnjst Fund 751,902 12,659,IX17 {64.1011 141,293) 646,508 1695,207) 11,963.800 530.636 (26,3911 504.245 13.941,545 (64.101) 1762.891) 13,114,553 Total of funds 20,850,559 1,221.587 {968.363) 1835,4631 20.268.320 Page 31
THE FOUNDATION OF EDWARD STOREY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 14. Statement of fvnds {continued) statement of funds- prlor year Balance at 31 March 2022 Balance at 1 April 2021 Trdnsfers irvout Gainsl (Losses) IroMe Expenditure Unrestricted funds Designated funds Extraordinary repairs and cyclic81 maintenance fund Capital reserve fund 501,823 (17,9641 43.516 527,375 4.622.633 (61.177) 538.274 5.099.730 Sheridan Brown legacy Stella Barnes legacy 52.729 7.260 59,989 1,883 1,883 5,179.C68 (79.141) 581,790 7,260 5.688.977 General funds General Funds- all funds 1.174.443 1.157.913 1630,6941 (s81.7) 100.165 1.220.037 Total Unrestricted funds 6.353,511 1,157.913 (709.835) 107.425 6.909,014 Permanent endovfflient funds Wray Fund FES Fund Newtori Trust Fund 729,873 11,703.099 (37.58T) 59.616 751,902 955,908 12,659.007 485.771 44,859 530,636 12,918.749 137.587) 1.(0.383 13,941,545 Total of funds 19,272,260 1,157,913 (747.422} 1,167,808 20,850,559 Page 32
THE FOUNDATION OF EDWARD STOREY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 14. Statement of funds {continued) 1S. Statement of Funds Icontlnuedl Extraordinary repairs and cyclical maintenance fund: This fund represents estimated costs, as advised by the Foundation's prcpety managef5, in remion to major repairs works. Capltsl reserrfe fund: ProvMJes for future capital expans¥)n. Sheridan Brown le9acy: This acy was gifted for general use by the charity. Stella Barnes legaw: This gacy has been designattsl for the purp¢)$8 of maintsining the Olga Ball garden and WL%)den seat Wray Pemianent Endowment fund. This fund was incorporated on the merger wf(h Wray Jackenett Merrill and Elle Trust in 2C4]9. The capital can only be spent on improvements lo the Chesterton Properties. FES Permanènt Endovmient fund: This fund invested with the aim of maintaining the capital {which cannot be spent) whilst provhling a contribution l(ward$ the continued operation of Edward House and also the Grant tunding operation of the ChaTty. Nevrton Trust Permanent Endowment fund: This fund was incorporated on the merger with the Newton Trust in 2019 and the ineome generated is allcKated towards the Grant fvnding operab.on of the Charty. The transfer from the extraordinary repairs and 11 mainlertsance fund represents design*ed amounts for repairs in the year. 16. Anatysis of net assets between fiinds Anatysls of net assets between funds- current year Permanent endowment Unrestricted funds funds 2023 2023 Total funds 2023 Tangible fixed assets Fixed asset inVestmts Current assets Creditors due wthin one yEar 1,369,822 1,369,622 5.711.755 18.828,308 210.383 210.383 1137.993} (137,993} 13,114.553 Total 13.114,553 7,1 S3,767 20.268,320 Page 33
THE FOUNDATION OF EDWARD STOREY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 16. Analysis of net assets between funds (continued) Analysls of net assets between funds- prlor year Permanent endNment UnStrIcted funds fijnds 2022 2022 Total funds 2022 Tangible rd assots Fixwj asset investsnenls Current assets Creditors due thIn one year 1.418.860 1,418,860 5,299,316 19,240,861 247,748 247,748 (56,9101 {56,9101 13.941.545 Total 13,941.545 6,909,014 20,850.559 17. Reconclllatlon of net movement in fvnds lo net cash fk>w from opernting activities 2023 2022 Net incomelexpenditure for the year (as per Statement of Financial Activities) 1582.239) 1,578,299 Adjustments for: Depreciation charges Dividends. interests and rents from inveslments Decreasel{increasel in stocks Increase in (Jeblors Increaselldecreasel in creditiys (Gainsy losses on fixed asset investrnents 49,237 61,176 {510,5691 1501,555} 68 11351 11.949) 111,1331 81,084 (44,4191 835,463 11.167,8081 Net cash used In operating activit$ {128.9051 185.575) 18. Analysis of cash and cash equlvalgDts 2023 2022 Cash in hand 69.644 108,890 Total cash and cash equivalents 69,644 108,890 Pa9e 34
THE FOUNDATION OF EDWARD STOREY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 hWICH 2023 19. Anatysls of changes In nel debt At 1 April 2022 Cash flows At 31 March 2023 Cash at bank and in hand 108.890 (39,2461 69,644 108,890 139,246) 69,644 20. Pension commitments The charity operates a defined eontn"bulions pension scheme. The assets of the scheme are he separately from those of the charrty in an indeperKlenlty administered fvnd. The pension cost charge represents contributions payable by the charity lo the fund and amounted lo £24,870 12022. £23,8311- Contributn$ totslling £3.32012022.' £3.1411 were payable lo the fund at the balance sheet dale and included in crwjitor 21. Related party tran$action$ There were no related party transactK)ns in the year12022- none). Page 35