Charity number: 203653 THE FOUNDATION OF EDWARD STOREY TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE FOUNDATION OF EDWARD STOREY Page Reference and Admlnistrative Detai15 of the Chttrlty. Its Tntee8 and Adv15ers Tntees. Report Independent Audltovs. Report on the Flnanclal Statoments ststement of Financial Actlvltles 2-11 12-14 15 Balanco Sheet 16 Statement of Cash FIV*7 17 Notes to the Flnanclal Statements 18-35
THE FOUNDATION OF EDWARD STOREY REFERENCE AND ADMINISTRATIVE DEfAILS OF ThE CHARrN. rrs TRusfEES AND ADVISERS FOR THE YeAR ENDED 31 MARCH 2024 Tn$ Mrs J M W¢yna Chair, untyT1USts8 Mrs C Lyon Msc MlnslFIDi)). Unr¥ErstyTrustee Dr A R Warren BM Bch, Chair, University Trnstee Mrs H R BorKI OBE BA LLM FRSA University Trustee Mrs S Young B.Ed. Tnlee Mrs P G Cthe CerL Ed, c9d Tntee Dr l J Le•AS Bsc IEng) PhD. Ctropted Trustee (restgn8d 18 W 2023) Mr R Neman Bsc {Hons), CTropted Trustee Mr M Piwce. (apIn1 20 July 2023) Charfty reglstered number Principal offlce Siorerfs Hse Trknunt pteasant Cwnbridge CB3 OBZ Clerk to the Trustees and Chlef Executlve OfflGer Mr P Huckstep Bsc IH(Ms) MRICS MCIH Indepondent audltorn Price Bailey LLP Tennyson House Cambridge Business Pa Cambridge Bankers Bard B8nk PLC 11 St Andrels Street Cambridge CB2 3AA Page 1
THE FOUNDATION OF EDWARD STOREY TRUSTEES. REPORT FOR THE YEAR Et4DED 31 MARCH 2024 The Trustees present their annual report and the audited financial ststements of the Foundation for tho yoar ended 31 March 2024. The Trustee5 cL¢nfirm that thts report arKI finanri81 statements CLxnply wth the current ststutory ruirements, the r4uirements of the Charws govemiw d¢xument 8nd the prowsions of the Statement of Recommended Practice (SORP), applkale to tharitiès prepartng their accounts in accordance with the Financial Reporting Standard applice in the UK and Republ of Ireland IFRS 1021 (effect[ 1 January 2019}. The Foundatkjn of Edward Storey (the Foundation) wa5 e5tablrsh&J under the will and trust of Eoward Storey who died in 1693. As is to be exFecteAI, it has charwj and eVC considerabty over subsequent years to address the challenges that each new geneTatK)n brings. vknilsl tsying to stay true to the original wshes of tts benefactor. is a b81ance the Foundaticffl still seeks t(thy, as it aims to ensure it can continue to meet the needs of its erIaries now and into the future. Frun its orKJinal 10 almshouses. the Foundation has grown and diversrfied to provide 90 flats and bUngaIcN for pwjle. with more plartned, as well as an assorted grants FraMMe forthose fxing hardship dIStresS Despite an extemal enwronment that remans chal141ng. the Foundation CclinueS to te in gctyJd health. benefitting frLYn the access to gnfftant resources with whtch to help plan and shape its future. A fJvwaT strategy, agreed in 2020 and updated this year. seeks to ensure continu8 to use our resources effectively, both in the shor( medium and bnger tm, in order to safeguard fulure, and maximize our impact in the furtheranee of our charrtable objeLts. The Foundatbjn's vtsion is "to be a souYr of SUprt ftt our benefrar to INe In comfort and stturw. Its stated misSn is Yo promde hdp and suppcrft to dyib beneficiar through the provtsion of housing and finawal assistsnce. in order to make a FJsitNE and meaningful drfFeren to people's lives". A dedicated and highly skiNed staff team, wJrkirvJ in tandwn ¥th an experienced and commrtt&J Board of Trustees seek to deliver this vision, undetpinngj ty a {le d sh¥eJJ vaues such as trust oJmpa8sbn, 18amth. and openness TIES FOR THE PUBUC BENEFIT The Charities Act 2011 defines a charitsb purpose expfth as one that falls wthin 13 descriptions of purposes and is for the public benefit. The Trustees have CCsler&I the Charity Ccwnmilon'S guidance on the operation of public benefrt Uler the Charities Ad 2011 and belw th the requirements have been met under the Foundation's Objects and Actmttes as des¢riW throughoLrt thks report. In partiLyJlar The prevention or relief of povew and 'The reiief of those in need. by reason of WLrth. &Je. H1th, disabilty. financi81 hardship ¢)ther disadvantage,. The ob5ectives dthe Charity ar& {a) provision ofa¢cM&alon benefKiaries Vlkn are in n1, hardship or distress and who a women Tesident in the County of CambrHJgeshire (parish b8neficiariesl. women closely associated wlth the wort of the Church of England {dgYK1OW benefKiaries) or men and women resident in the City crf Camblldge (Chesterton beneficiaries)" (bl such charitable purposes for the benefft of the resKlents as the Tru$lggs d[de. (cl the rdief of rnen reshjenl in the County of Cambridgeshire Itho are in need, hardship or distress; (dl the rdief of deTrJywidow benefiaaries vtho are in need. hardship or distress. (e) to help vAd¢M. widctheTS. divorc&J or Separa SF¥)uses of dergy, and thikjrenlunmarried daughters of deceas&l clergy. are h ne&J. hardshlp or rftstress. HIEI P4MCE & IMPACT OveThMv olts y The Foundation's strategic diredton places the provision of affordable th)using for older people in at the ¢entre of ts mission. In rec(*Jnising this as its primary purpose. the Found8knon seeks to frame Its apph to the relf of need. hardshp and distress xefjrdingty.O¥vthe last the Foundalhjn has.. Replac£d front dcors and dLwrs Io all flats cOmeted ccffiprehenstve offire safety sl Sws House Page 2
THE FOUNDATION OF EIMARD STOREY TRUSTEES. REPORT IcoimNUED) FOR THE YEAR ENDED 31 MARCH 2024 ReMwRd our approach to Equalty. Diversty and Inclus Prcduced a fi]st Annual Report for resKlents Revi our Investrnenl and Reserves Pdicy Successfully CCP1eted our 2021>25 Strat aheaj of schedule Approved a further >year Interim StratgJyto 2026 Appoin a new Trustee Appld for planning pemiisSn f the constnKaion of an ajdititsnal 16 sheltered hcrfnes Continued to pursue a mwger cfwrtunty whth WU PTovide a further 2 bungal¢XS in Cherry Hinton. as 11 as ¥ signifunt Capital rttei Maintained high cccupancy rates Managed OUT cwating coslto SuuSe5 in excess of budget Continued to improve services., repair and upgrade our prcpertEs.' update Operatal pdicies and proc&Jures and further enhance govemance aThangements ow the year. The Foundation's prinapal drItable objectNe is the proviston of almshouse accommcdation for beneficiaries In need. hardship or distress. Thi8 is curr• fulfilted by 90 unAs of shefter&J hOUs1g spread across four srtes in C&nbridge City Istorerfs House. mnt Pknant akKI Chesteth) and Sujth cbridgeshlre (Vicarage Close, Mdt(Jum). Fonowing the successful Survey of our reshlents at strfs HoLL%e during the previous >ear. thL8 was repeated at our other sites in August to hetp gauge hcw successfujty the Foundation is fulfilling Tts vislon. 94% of these residents felt that thar home meets Ir cJJrrenl needs 100% feeling safe and secure. 100% of respondents considered their home to be a good plw to INE aThJ there Vds generalty a strong sense of CLYnmunty. In additson, research carried (xrt by Ihe Housing Leamiro and Improvement Netsvth on behall of thè Almshous& A8swati. provides idence that rwing in 8lmshm AnModatIon can of itself.. Lwr the likdihc<d of resijential care &Jmi5sN)ns Reduce the likeh0(j ofthg use of dornidkiry we Reduce ambuian¢8 CJI outs linked to fdls Reduce the length of slay arKI del8yEd discharges from ho¥Jital Reduce GP and A&E wsits Improve health and s[81 ¥being Prcfflote heartty ageing Increase frfe expectsnty. The accomm&latIc has a ste demHI and ¢xcuFBrKy ts the Gurrent year was 98.3% whth is the same as for 2022f23. The average voKi tumaround time was 44.2 vthich is an nprOveMent up)n tho 68 reported for 2022r23. Bcth fyure5 compare faurablY th most housing sector benchmarks of similar pr(werties. Over the year, the Foundation was able to impro¥E the IT of 6 {2022r23 7) new benefiarleS by All four sites made an operatlng surplus before major lerS vthllst keeping charges affordabt BU1n$ and Maintena The FouTrJation seeks to maintan ts rxq)erty to a high slandard of repair and has robust monitoring $emS in place to hdp support this. During the peri. 333 sEnsive repair job5 K4we carried out (2022r23, 3351, of whth 82% complthj ithin 7 days and 96.PA ere fixed first time {2022r23. 74.6QA and 97.6¢ respeclivety). The avw tine taken to cc¥npl a rera¥ 622 d•s e(%npared to 11.02 days in 21Y22r23. PerTcdic and Statut Inspectiffi a1 Maintena d lfts. le[S plant equiwent haNE all been undertaken along with othw important health and safety ched(s, such as water sampling and testing for legiondla infection. In addit, ge4)d progress has been made in DnplementirrfJ the re(xrfnmendations of the independent Fire Rlsk Assessments conducted acfOSS the FoundatiLM'S Wdrtc4ts Schem in 2022. Pag? 3
THE FOUNDATION OF EDWARD STOREY TRUSTEES, REPORT IcoKfiNUEO) FOR THE YEAR ENDED 31 MARCH 2024 A number of FffOFerty upgrades Ere alw c(p1¢d. thg detali s ofwhich are shthvn in the tablo bekw. Worfr camedoutthring 2023-24 New kitchens irstaHed New balhrooms instalted New as boilers instalied New electric boikrs inStald Lou e heatin r0ments Whole refurbishments Storey's House Cannon Court Mount Pleasant Vlcarage Close Court Planned mantenance aTKI major are scheduled aganst a rc4lrJ prtsjranme. the cx)sts of whith 8re irKoTPOTated into the annual bw setting pr¢Kes8. Throughout the year, the cctst of responsive repairs and smdl malntenance prc¥ects Undertak totsllgj £57.011 (2022r23 £55.297). Expenditure on the upgrades above comprised £8.094 (2022123 £34.7) frcm the extraordinary rq)alr8 and wtical maintenance fund plus partial flat refurbishments and bo1 replacemlS at Chestertcn, tdalling £33,321 {2022r23 £64,100) which were met out cl pernanent endnent as pernittgj by the Charty C(Ynmission on the merger vAth the Wray. Jackonett. Mefflll and El TrusL Gr8nt Giving- see nole 7t0 the ALxounts In Ilne the FJati¢'s Strategic fottus 'in need. grants aWd under the Parish Branch were restrictèj to residents of its shettered housing. Annual grants continued to be paid to 12 <2023.'151 exsting benefKiaries, as were Chiistsnas gifts to residents. The Clergy Branth grant giving in pri In need grants to 14 (2023'.10) indwidu8ls Mnth the highest, a repayable granL being £5,500, {2023: £5,300) and t >ve$t £35512023: £200}. In addition, there Vre 29 (2023.241 ClergyWKltyw beneftaali of annud gTants 7th0 mthty paITnts during the year. The Nen Branch awardgj grants to 5 indiv*Jua]$12Q3:2) wth the highest being £2.295 (2023.. £850) and the lowwt £5¢XI 12023.'625). In addit)n, there Branch 8ClarieS(2023..3) of annual grants who received monthty payments during the r and 18nnuilanl {2023:1}. There were no grartts to insfiiubons this year. The followtng word doud, taken from the resSe5 of annual grant benefidarieg. attemÈXs to catrture8 the impact of this givwo.. 51 differEFKe It thank thanks pass sJeUpbleJ ye please grateful grant trustees email Page 4
THE FOUNDATION OF EDWARD STOREY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 FINANCEAL OVERVIEW The acct)unts record a net surplu$ be1Ce inent g&ns of £335.053 for the ypar {2¢322f23 net surplus of £253.224). After accounting for the net gans Inents, of £896.677 {2022r23 invethent hjsses £835,463), there is a net movement in funds forthe of £1,231.7230 {2022r23: £582.2391. The overall surplus C the General Reserve Fund was £614.315 (2022r23 £465.5691 before makiru transfers to Ihe reseNe accounts and not indtjding gains or Icffjses on the Investments. The large8t thapJe to Lyrattonal (#)sts is Ihat (rf the payTrJl. Trustees re)tiVW Wdges and salaries annually to ensure that they remain both crynpdve and fair by granting. as a minimum, a living wage pay increase. Trustees consider the importance of r&varding staff for their excellent 1)Ik and loyalty and seek to balance this with affordabilty arKI market cond'c$. In additrcrt to rental and other operatilal irrtry the FOundatiC benefits frcth inve5tsnenl Income from managed funds and legacy bequests and noi und&tske fundraisiry actre& A breakdown ofthe principal sources of fundirg is shcvm in the graphs belN. Is of for th• yo¥ WKl8d 31 Mw¢h 2023 8Th18d 31 hlach 2024 0.1% $27% 3&4% 8.3% Incornefrcm char[bI? 6A% Inknt891 &1% governance st 132% Ai15 of charft*le &xponthiur• f¢¥ the •nthd 31 March 23 for the ended 31 Alarth 2024 Grants 102% 7& drxty Page 5
THE FOUNDATK)N OF EDWARD STOREY TRUSTEES. REPORT {COPrnNUED) FOR THE YEAR ENDED 31 MARCH 2024 STMENT POUCY AND PROCEOU All investments are carried al their fair Vdlue. IntMt in equities and ed Interest seCurieS are all traded in quoted public markets. primarily the Lond Stk Exchange. Hoklings in comm¢)n investment futvls, unit trusts and open-ended investment companies are at the bKI Pri The basis of fair value for quobj investments is equwalent to the market value. using the bid price. Asset sales ald wrchases are reco3nised at the date of trade at cost {that is their transac Ydlue). The FoundatI'S Vestrnellts are dILf and indude a range of funds CCffiPTksirvJ UK and Overseas ultles. propety, fixed interest and tds. The Board of Trustees has ddemiined that the Foundation should be Ved as a perpetual inststutron. Therefore, in%Estrnents that have the poterrth?I to generate substantial and lonterm totsl retums that offsel. and if Fossib, exceed. inflatrjn wmi be imFQrtant to pursue. The obltIveS oflhe Foundation's 1ry4Bskn are to: create suffiaenl totsl financial relum to eftabi8 the Fndakn (logher its norFnvestinent resource81 to cary out its purposes effectNdy and forthe toro te., maintain and. if possib. enhance the real value of the invested funds: achieve the above hth a'medium, le4el of risk." adopt an appropriate Stan on eth 1ftent The Foundaticrt does rKA make use of 8nd swnir £1PX finanaa instrLments as It takes the vlvN that Investments are held for their lontrtemi gr(x•Ah arKI annu81 incom& The Foundalbn has no materral investment hddings in markds subject to exchange curtrots ortrading restricbs. Hwng established balancoj portfc4hX of unit trusts. the Tntstees are not involv&J in detailed investment management. They do not currenlty ddeg thr diSCretic in rdatIC to Iheir investment functKM and make 811 investment decisions themsefves,. IVKJ of the Trustees having kjng experi of investment matters. They monitor tha perfomiarKe of their pryttdios regulwty aThJ acc trj as nec05sary. Net unreaii8&1 gains of £8.677 (2022r23.' losses £835,463) recognised from the revaluation of investrnent furKls at the end of the aecAJunttng r RESERVES POLICY Historie[y. Trustees have aimed to mantain fr reseNes in unrestrthd funds at a W which, when Invested alongskle the FES Permanent Endcr•Knent Fund. would prowde income sufficient to cover costs for the coming twetve-month Feriod, inchjded subs¥J151ng the large operatlng defKit al Edward House and supporting the Parish Grants prryJrrn& wrth the es to cease care erationS and to scab back Parish Grant gng. the Foundation's reserves policy was revis&l to better suky)rt bts strabJic (jecti. Thi5 was fvrther refined in January. 11 aims to achreve a balance betsn current expditure aTrJ the need to maintain reserves for the purposes detailed bek.. 11 Free ReseNes- A]1 of the Foundation's Atmshouse schemes gener*e an operatirvJ surplu5. exduding major repairs. It is considered ptudent hcfy¥w for an element offree reserves of scmewhere befven 12-18 months of operating expenses to be held in order to guard against hostile operating conditions reSLting in large unfavouratAe variances to incryne costs. The Gensal Funds carri1 forward al 31 March 2024 totald £2.031.5571£1.340.577 at 31 March 2023). 2) Mq'or Repwrs- The level of reseffts for major rqla1r¥ shcmjkl. as a mininLtm, be In line wilh the budget set for the next year, plus the estwnated costs for the fdknMng 6 month5118 months in total) as athse(I by the Foundation's property marers. This is hekl in the Extraordinary Repalrs and Cyclical Maintenance Fund and amounw to £545.277 at 31 March 2024 {£742.950 at 31 March 2023). Page 6
THE FOUNDATION OF EDWARD STOREY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 IJARCH 2024 3) Capitsl Reserves-the Foundation recognise5 the gru4ving challenges a5xtrat with an ageing propety FQrtrolio and the increasing risks around obsolWn. ft also rnISeS that one ofthe most effeclNe way8 of meeting need is through the promsion of high-qualty affordable hcxnes. It is important therefore to bulld suffiaenl financia capactywithin the Foundation's capit Fund lo fLrture pr¢>)f. and where p)ssibl8, expand the sting almshrse estste. Current cost estimates suggest that approximatety£12-15 mis1 may be required to repl&e or stqnifKanty upgrade acccThmoJation overlhe medium ten. Th& Capital Reserve Fund baL8nce carried forward at 31 Marth 2024 was £4.W.8641£5.008,829 at 31 KlarGh 21)23). STrUCTURE GOVERNANCE AND MANAGEM The Foundation Wds esiablished by the wl1 of E(Nvard Story and Is gobemed by The Stheme of the Charity mission for England and Wales dated 23rd March 2009 vthith replaced eadier schemes and amendmertts. This scheme tseK was sutyect to scme mIrr amendment on 31 Deber 2018 fOlk)vng the merger wlh the Nwrton Trust Further administrative changes re male in Juty 2021 to reduce Trustee Temis of Office lo 3 years and to introduce maximum length of Servi for new Trustees In recognition of the importance of regular refreshment and renewal ofthe Board. The Foundation's Scheme proNvdes ts four'nCrfnlnth rnbS ofthe Tn. Board to be ¥pointed by the Councli ofthe Universty of Cambridge. Trustees have the purt to cA>t not kss than three and not more than fNa other Tnjstees to the Board from sTriety in general, taking into a(nI the needs of the Foundation. Trust are normalty expected to CLimplete at least thrwEarterm of Offe. The Foundation ha% adw the Charly G0Vem Ce and undkes ular revie•VS against complianc The Trustees are responsible for setting out the general of the Chartty. Day-tcaY operatlonal management is delega to the Chief Ex&utNe orrtcervA]o is also the c to the Tnjstees. A formal Scheme of Delegation Wds 8pproved by the Board of Trustees in November 2018 and in S)tnber 2022. The Board has ddegated resrSties to three standiTrJ sukKommiitees. the Fina and Ganeral Purposes CnMittee, the Re$KItraI Ser¥itss and Grants Committee and the Development Committee. These Ccmmitiaes assist the Board in ensuring the eff&knness of the FourKlation's operations and that they are in accordance v41th the COrle LleC8. strat&Jies and the annual btKlget The Foundation is not affated to ary other dlIty c organisatk bth subscrts to the Aknshouse Associatie and the NatiCal COU11 for VcAuntary OrglsaIlOn$. A representati al80 attents the Annuat General Meetlng of the Di¢Kesan Bishops. Visitors. Trustees have esta)ll8hed a ccmprehensNe selecon and induction programme to ensure that rw TTuslÈes cleaY understand their dLrtles and responsibilities and are able to assess their own training ne&Js. The Foundation encourages and supports Trustees in meing theirtraining [. once determined. DLtring the year. Trustees attended 19 fonna meetirvJ$ relabng to thr govemance of the Foun¢Jion. Trustee attendance at meettngs was 102% (due to some Trustees akn attendlng suttommittees whh they do not fomiaty sit on). For convenierKe mary ccmmittee meebngs arè held virtualW. whiLst main Board meetiS are fe lo face. In addTtN)n, Trustees have Continu to aY an IMpant role in the dato4ay worklng of the Foundation ty inlervievjing prosp&#tNE residents. apF>rowng grant aF¢$I10nS, supporting staff and by providlng expertise across a range of dbciF4ines. UALI The Trustees have adq)ted a six-potnt approath to ensure qu81ty in the prathe of the Foundallon. These pjints are: la) the detsw assess as to the suftablbty of rotentlal resdents Ib) a continuous focJJs on and revivN of the needs of currwbt res¥Jents Ic) maintaining accommodation to a high stsnd8rd Id) a klanned prDJramme of staff training and assessment le} established rLwtines of mcfflitoring and rep)rting lfj Ial meetings remeW and al*jaIl Page 7
THE FOUNDATION OF EDWARD STOREY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 RISK MANAGEME The Fndati ojntinues to ¢yJi rg3ular assessments of 'business risks, and has prepared a response to risk exposure in the vari)u5 areas of the charity. Th irtclude finanual, opwational, Strategic and govemance risks, eath of whlth has bn quantified and prIlSed aCCding to 11 established severity, likdihood, and mitation predUreS. The Fc4Jndalion's Risk Register was fcfftlty aTKI in NovembBr. Wrth existing tA)ntrols In p]ace. the Business Risk Ana5$ Kientified four risks as being high. These are. in the main, driven by the Edward HcSe redevelcprnent and are not consblered to be matters of concem. The Foundation's top four risks are shown in the table belthu. Risk catego Risk sta$ Prlnclpal SoUrS of assurnnce Rlsk name Further Mitigation Signtficant reseNes aTrJ inStment income" High Value assets: Good bujgetary control" Most areas of b1rsS generate an operatiThJ surplus; Good finarjaI plannirKJ: Revised resers policy. knsufficient fuNJs to delver strategic objeclives Continue to build up Gapital reseN8S to meetlong Éenn ass8t management challenges. Flnancial Hlgh Good Strategic Planning: of Delegation: Delopment Committee with cbse finks to F&GP. Strategy bEfficient of resources Effecfrve project management and procurement. High FOUlatiOn wel resourced: Tenderiro process foknEd for large projects; Delopment Committee wtth dose nkS to F&GP., m{1 skilled Maintenance Officer. Operational Over-reliarce on 3rd parties Effects've project managementand procuremenL High illi Significant ser¥f$ and lnstrnent ioMe. High vakE assets", DiveIfied portfolio inted for the tenn: Prudent bLMlget settiThJ: (>)od budgetary control. High leIS of Trustee oversighL DeterioratiiyJ economic rate Regularmonitoring and reviewthrough the F&GP Financial High Page 8
THE FOUNDATION OF EDWARD STOREY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 More general, comprehenspft controls are In pl to mgate risks, induding an effective g(y48m8nce framework, dLxumented pleS and Procgjures. a Scherne of Delegatson. routine inspection5 and programmes of planned maintenance. regular Trustee oversvJht and scwtiry. WdriOUS sources of extemal assurance and detsiled Business Continuity arrangements. Truslees receive an annual assuranra report frcn the Clerk setting oul in detsil the FalIt)n's risk management framEwrf( resulting in the fo1n9 Statement of Intemal Control beiw aPproEd. ststemert of lrtem81 Contr The Board has overatl re5pon31biTty for establishing, mairrtainlng. and reving the effectiveness of the system of intemal control. The system of intemal contrd is designed to manage risk and pe reasonable {not absc4ute) assurance that key business rthjectives an(J exTded outeS be achieved. It also ests to gtve reasonable assurance, aLt the preparalion and rklIty of finanal and oP70na1 irrformati¢)n, the safeguarding of the FcljndaticS assets aThJ inlerests and c(npliance with rdevant legislat, law and regu]ations. The Board recconlses that no SyEtem of Internal contrc4 can pKNide absolute assurance or eiimir all risk The Foundatton's assurance framthwfk is designed to wovtde Suff8n( [nLKyUs and reltable assurance on oroanisalional stLWdrdshtp and the managemeni of the major risks to organisational success and delNery of value for rney. In meeting bts responsibile$. the Board has 8dopt&Y a iisk-based appro&h lo Intern contrc4, whith is embedded wthin the normal management and govemance prcosses. Executfve respon8ibility ha8 been deaty defined for the klenlifution. evduation and corrtrol of sunificant risks. The Crk. Senior Management Team and Board cary out evaluat#Ms the [kS Vthh impxt on the Foundation's abilty to meet key business oblteS. Flsk assessments are carTiPAJ out aThY are alb3ngJ to the sInesS plannirg prccess. The Clerk is responsib]e for repNtw lo Ihe Board any svJnifwit changes affecting key risks or the breakdown of internal conlrc4. The Board retsins resp)n$bi ilty for a definwj range of issues CONEring strateg, operatonal. financial and compliance issues. The Board has foTmalty adopted the Charity G¢)Vernan CcJe and has incorporated mary of its prinupies and recLJnmended good practice. The govemance envIrCMent supported by a framework of pOIleS and prc¢edures with which anployees are Nuired to c(¥nply. covering issues sucth as delegated authority, regatIOn of dutte5, heath and saf. d*a prrteLb. Safeguarding and bthisleblowing. Financial reporting prcredures indude detsited bttyts the year ahead vthith are revthved and approved by the BoaTd. The Board confiTms that there is an ongoing process for hjentyng. evaluating, and managing significant risks faced by the Foundation. The Board has revithwj the effectiveness of the systems of intemal controi, including the agreed sources of assurance and confirm they are appropriate for that purpose. The Board is satisfied there 1$ sufficient wdence to confirrn that adg4uate systems of internal corrtrol existed and operated throughoLrt the year. No signfficant YeSseS wer8 identified vthith would ha%E resulted In materlal misststement (Y toss that VKJuld have requireAJ disdosure in the financial ststements. FUNDRAISING STMDARDS CA162A The Foundation does not caffy any fvrKlrwsirg altS.. hs irKcffie comes from maintenance fees. investrnent diwdends and interesL We are therefore not registered the FundsIng Regulalor. Since we do not fundraise. whether dir, by using third parties or through volunteers, re have been no cornplian issues. and no fundNsing cNplaints dUrij the 12022r23: none). We wll not aept a donation if we believe it is Unl1 to accept it or rf acc4Aing il is to the detrDnent of the CharitS achieMÈmenl of its purpose. PL4NS FOR THE FUTURE The revised interim strategy c¢)ntsins the fc4hy•Ang ten strategK to be acJ)iewJJ by the end of 2026: Obtain full plannirsg consent for the constructh?n of 16 ne4V 1 bed apartments. Develop suitable funding and ddi¥ mthniwns and engage approprtate contracto Effectiveiy manage Struction phase to hve successful handover. Develop strategieslpdicies forthe aliocatton, managemen( and marketing of nvbvflats. Ensure, as far as is possible, that &Sting aCcmCoti continu&s to PrOde safe, secure arw affordable homes that pwle vrant lo fbve in. PJe 9
THE FOUNDATION OF EDWARD STOREY TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 PIARCH 2024 Continue taking steps to Incr reserves, 7th11 st aso expltiring opttorts for LrtllSsing pem8nent endowmenl. Sea to m&nlaln or nnprove Uf4)n current satiSf110n19vetS across all the Foundatton's sites. Develcp an agreed Set of enmronmerttd Prip]eS as a precursorto a more cprehenSNe Sustainabilty Plan. Sed( increased opportuntties forthe rcle of tethnoloJy across the Foundation's actieS to Indude updating ourMbsitq revi6wng Warden call smS and th8 use of assisted INi@smart home ad8Pt8tions. Use the Edvrdrd House (propowj otrledivo 41 as a (ztalyst to increase avrdreness ofthe Foundatiw and ts th. MAK4G ENT PE SONNE UNE ON The Trustees consider the Board of Trustees and the Chief Ex&LrtNE (who aL80 xts as Clerk to the Tnjstees) as comprising the key marwent personnel of the Foundation in charge of directing and controlh'ng the Foundation 2nd runnlng and operating the Foundation on a d¥tt>day basis. All TTLteeS grve of their time freety and no Trustee remuneration was paid in the accounting period. Dils of Trustee expenses and rel8led party transactlons are di8cknsed In notes 8 and 21 tothe aetounts. Tnjstees are required to disclctse all relevant and register them W1 the Chief Execut and. In accordance wth the FoundatvJn's wAicy, withdrzw frL¥n decisions whwe a COnf¢t of intorest arK8es. The pay of the Foundation's Chtef Executive OffThr vras set on rruitrnent in 2018 by reference to the k¢al eMplont markeL The rates of staff pay are annual by Trustees reference to the Unlversty of Cambridge and other similar and natnal charibeknnisations. as well as the current rate of inflation. Gener. the same penIg? InGre is applied to all staff, in¢ding Ihe Chief ExKUtl. The Foundation became accredited as a Lmng Wage Emplo in hAay 2W23. ES. spo SIBIL]Es STATEMENT The Trustees are responsible for preparing the Truslees. report and the financial statements in aecordanee wlh applicable l&v and United IfjTvJdom Acojunting Standards (United Kingth Generalty Accepted Accounting Practice). The law appltcable to charthes in EngL4nd & Wal&$ wuires the Trustees to prepare financial statements for eath financi year which gNe a true and fair view of Ihe stste of affairs of the charity and of the incoming r&sources and appltron of resourrx ofthe charity thal per. In prepaTÈng Ihese finCk1 Statents. the TrLtsts are Nuir8J to: setect suitsble acc(yJntiThJ ]cleS and then apptythwn cons10. obseNe the meth¢>ts and priwples in the Charilies SORP 2019 (FRS1021: makejudgments and accounting estimates that are reasonable and prudent., state vthether apPCable UK Accounting Standards have been fotltrAEd, subject to any material departu8 dlsclcsed and explained in the financid statements. prepare the fwnck71 staternerrts on the going basis ue¥S rt is PPrOPri to presume that the charity will contlnue In cyration. The Trustees are rewsible for kee[ng proper xcounting red8 that ae Suffent to shtrhT and explain the ¢hariVs transactions an¢1 tjisdose wilh reasonable accurxy al any time the financial position of the charity and enable th to ensure that the financi81 statements ¢))mpty with the chare$ Act 2011. the Charty {Accounts and Reports) ReguL8tions 2tsJ8 arKI the prOw$S of the trust deed. They are aL80 responsbi le for safeguarding the assets of the ¢harty and hence for tairvJ reasonth sty for the preIc and detect)n of fraud aTr other irregulareS. Page 10
THE FOUNDATION OF EDWARD STOREY TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 PROVtSlON OF INFORKqATto TO AUDITOR Each dthe persons lJo are Tnjstees at the time kn this TTUStees' reF#Jrt is apprd ha8 confimied that.. 80 far as that Trustee i8 aere. there ]s no relèvant authi informthn ofvthich the cc¥npanls auditors are unaware, and they have taken all the steps that ought to have been taken as a Trustee in orderto be aware of any infomalion needed by the compaws auditors in connection with preparing their rekK)rt and to establish that the ccffipanWs auditors are (rf thal infc¥mation. This report was prOd bythe Trustees ¢ and S3ned on ther behaif ty. DrA R Warren BM Bch. Chalr Page11
THE FOUNDATION OF EDWARD STOREY INDEPENDENT AUtMTORS' REPORT TO THE TRUSTEES OF THE FOUNDATION OF EDWARD STOREY Oplnlon We have audited the financt81 statements (rf The F¢JJThtstion of Elknrd Storey ohe'charrt for the ygar ended 31 March 2024 which comprise the Statent of Financiat Athibes. the B818nce Shee( the Statement of Cash Fl¢)NS and the related notes. iluding a summary of signffuil acojunting Pc. The finanGial reporting frdmewJTk that has been applied in their preparat i8 appIable knv 8nd United Kingdom AcMunting Standards, induding Financial R8POrtiro Standard 102 The Financral Reportrng Standard applicable in the UK and RePUbC of Irdand (Unitaj Qng GenerAccepted Accountwo Practice). In our opintran the financial stslements: give a true 8fKI fair view of the stste ( the charrvs affairs as at 31 Marth 2024 and of its inGcrfning resources and aFPCatIon of resources for the sEar then ended,. have been property prepared in xMrdance with Unitgj lfjngdom G8neraUy Acceptejj Accounting Practice,. ld have been prepared In xcordance the rqimrements of the Charities AGI 2011. Basls foroplnlon Wa conducted our audit in actsjrdancè ilh Standards on AUdj (U]Q IISAS (UK)) and appIble law. Our reswnsbilitses un those standards are fvrther described in the Auditor5, resp)rtsIbilit for the audit of the financial statements section of our rep)rL We are indeFendent crf the charity in ordanCe with the ethical requirements that are rdeyanl to wr audit of the financkgl statWnts in the UniteAI lQngdcn, induding the Financi ReFthing c(nCirS EthKal Standard. and hwe fulfilled our other elhical responsibikties in accordance wlh these requirements. We belve that the audit evidenc£ have obtained Is sufficient and 8pprq)riate to prcwhje a basis for (r (pin1¢. ConctU51ons relatlng to golng concern In audthng the finan¢?al statements. haw ct)ncluded that the TrLtea5. of the going concem besis of counting in the preparation of the financiat statements i8 apprq)riale. Based on the have performed. not ary material uncertainlw relating to events or conditions that, indrwdually or colwiwty, may cast signrfwt doubt on the charitys abilty to ntinue as a going concem a period (rf at leastlthB fr¢Th wtwi the financial statements are aulhorised for tssue. Our responsibilities 8nd the les81110S of the Trustees to goiro concem are describ in the relevant secti¢$ of repLvL Other Infomiation The other infomiaion eomyises the irrfomiation BKluded in the Annual R other than the fmancial staternents and our Auditors. Report therenn. The Trustees are responsib for the clher infomation contsrned within the Annual ReporL Our CPIn on the firbancial sLknents does not cover the other infomiation and, except to the extent othervoise expl1 stated in cyJr rwL do ncrt express any form of assurance C4)ncluslon thereon. Our responsibility B to read the other infoTmation and. in doing so, consider vthalher the other infomialion is materialty inconsistent wth the financial statements or cmjr knovA obtained in the urSe of the audlL or olheNse appearB to be rnalerialPy mMtated. If Klentrfy such material inconskenCI6S or apparent material rnisstatements. we are required to determirE vthdher thi8 gNes rise to a materi81 misstatement In the finanaal stslements themselves. If, based on the %%vrk ¥ have Perft. wnclude that there is a malerMI misstatent of this other infomiatKm, are required to r) that f We have nothing to reFJt ni thts reg¥d. Page 12
THE FOUNDATION OF EDWARD STOREf INDEPENDENT AUDrroRS' REPORT TO THE TRUSTEES OF THE FOUNDATION OF EDWARD STOREY (CONTINUED) Matters on which we are requlred to veport by excepdon We have ncrthing to rep¢)rt In re8kd of matters vrtwe the Charthes (Accounts and Reports) Reguktions 2008 rg]uire5 US to reP(t to >ry if. in our Inion. the infomiation given In the Truslees. Rep)rt is inconsistent in any materfal re¥ed the financk81 suffiaenl )lInting records not been kept the financial statements are not in &Jreemenlvth the w)unting rec(d$ and retums,. or we have not Ned all the infomiatit and expL8nations require for cr aJ[L Responsibiliti8s of trustaes As eXplned more fulty in the Trustees. RespIktIeS SlatemenL the Trustees are responsib for the preparation of the financial statements vthSch g a tn and far view. and such intemal control as the Tfustees detemine ts neeessary to enable the preparabon of finane4al ststanents that are free from material mrsstatemenl. t)ether due to fraLbJ or . In preparirvJ the financwl statwnents, the Trust885 are r85pc¥Jsiblg for assessing thg tharitys abilty to continue as a goiro concern, disclosing. as appl, matters related to wng cLwm and using the goiro concern basis of a¢Unting untess the Trustees either intend to Uidate the charty or to cease operations, or have no realistic alteMat but to do so. Audltors. re8ponslbllltles forthe audlt of the financlal statements We have been appc4rtteA as auditor urKler srftion 144 of the chare8 Act 2011 and repjrt kn aCCordce vAth the Act and relevant regu]atH)ns made cf hwng et thereunder. Our objectives are to cl)twn reasonable assurance atout vthether the financpl statwnonts as a whole are freg from mknial misstslemenL whether due to fraud or err, and to issue an Auditors, Report that indudes our opin)n. Reasonable assurance is a high of assurance, bLrt is not a guarantee that an audit conducted in accordance with ISAS (UK) will 8W detect a m8lertd mtss18tement when ft eSts. Misstatements can arise from fraud or error and are con3hJereA material rf. lThJrdua1 or in the aggregate. they could reasonably be expected to fflLEn the eC¢0m deci4ws d uw5 on the basis of these finan¢ig15tatements. ItYegUlares. IludIng fraud. are instances of rTrplianCe and vat)nS. We design procedures In line with our r8sponsibili(ies. oJUined abjve. to de materi81 misslatements in respect of Irregularities. induding fraud. The extent lo lch our procejjures ar8 Capab of detectiru wregularitses, InctL1ng fraLtd is detailed belw. We gained an undeTslandirvJ of the legal and jUlatOry frafflem) appluble to the charity and how It operates and ¢81dered the risk of the charity not cc#nplwng vrith the appIable I5 and regulations Including fraud in particular those Ihat Ctwld have a material npacE on the financial statements. This includga those reguiations direcuy related to the fir¢anckql Statemen In relatv)n to thg tharty thi5 induthl employm1 tav, financyal reporting and health & safety. The risks were discussed with audit tean and remained to ary indications of non<ompliance throUghl the audit. We carried out specrfic prccedures to address the risks identrfied. These included the follcAViry: We rwthved systems and prc¢edure5 to tdentify WtentI areas of manawent override risk. In P8rtKu18r. crrd OLbt testing of joumaE enlries and other adjuslmerts for appwiatene4s. We re1Ved mlnules of TrLtstee Board meetings and agre&d the finaKi81 statement disck6ures lo undertyirtg supporting d<xUmentatiC. Page 13
ThE FOUNDATION OF EDWARD STOREY INDEPENDEKf AUDITORS. REPORT TO THE TRUSTEES OF THE FOUNDATION OF EDWARD STOREY (CONTINUED We have mado ¢rUlneS of management and officets ofthe charty regarding lavs and regulations applicable to the organisaton and the risk manageMt Pr(seS and prccedures in place. We have revievd any corresporNJence vAth the Charity commis)n and rwriaved the procedure8 in pLgC8 for the Teporting of inudents to the Trustee Board induding serious incident reporting of ary such matters rf nexessary. A furlher desGriptw d our resp)nsftJlities for tha audit of th8 finandal ststements is kKated on Ihe Financial Report¢ng Councifs wpbsite at VAthV.frc. .uklauditors n[rAles. This desCriptsn fonns part of our Auditor8, RepKJtt Use of otsr report This report is made to the clwitys trustees, as 8 toty, in aOrdanCe Part 4 of the Charities (Accounts and Reports) Regul8tions 2008. Our audit work has und*taken so that we might stale lo the chariws trustees those matters we are required to state to them in sn Auditots, Rewt and for no other purpose. To the fullest extent pemiitta by knv, we do not accept or a5suma responsi.Ity to anyone other than the charty and its trustees, as a ty. for raUditDrk, this rep(rt or for the cpinions have fomied. Prlce Balley LLP Chartered Accountants stalutory Auditors Tennyson House Cambridge Buslne5s Park Cambridge CB4 OWZ Date: 2 August 2024 Price Bailey LLP are elyble to act as alitOrS in tenns of 1212 of the Companies Act 2(. Page 14
THE FOUNDATION OF EDWARD STOREY STATEMENT OF FINANCIAL ACTivmES FOR THE YEAR ENDED 31 PIARCH 2024 EndcAwnent Unrestricted funds fvrKI$ 2024 2024 T¢*al funds 2024 Total funds 2023 Income and endowme from: Donations and kgactes Charitable actmtss Investments 760 748,0 760 748.056 636,808 3,2SO 688,612 529.725 Totsl income and endowrne I.385.4 1,385,624 1,221,587 Expendlture on: Ch8ritsble actmties 33.321 1.017,250 1,050,571 968, Total expendlture 33,321 1,017,250 1,050.571 9S8.363 Net (expendItUreneOme before net galnslllosses) on Investments Net galnsluosses) on Investrnents Totsl incoma l (8xpendtture} forthe (33.321} 812.942 368,374 335.053 253,224 (835,463) 779,621 452.109 1,231,730 1582.239) Reconclllatlon of fvnds: Total funds brought forwdrd Net Movent funds 13.114,553 779.621 7.153,767 452,109 20.268.320 1231,730 20.850,559 {582.2391 Total funds carrled fOard 13,894,174 7.605.876 21.50D.050 20,268.320 The Statement of Financtal ktviknes inLS alt gains al k)s8es fecLyJnlsed In the ar. The notes on pages 18 to 35 fcffii part of these rmar1 statwnerts. Page 15
THE FOUNDATION OF EDWARD STOREY AS AT 31 MARCH 2024 2024 2023 Flxed assets Tangible assets Investments 1,321,385 20.011.013 1,369,622 18,826,308 10 21.332,398 20,195,930 Current Sloths Debtors Cash at bank and in hand 11 12 236 1S3,029 111,638 140.334 69,6M 264.901 210,383 Creditors.. amounts dUeVthn one 13 197.249) (137,993) Net current ass 167,652 72,390 Totsl net assets 21.500.050 20.268.320 Charityfunds Endowment funds Unrestrtcted funds 14 14 13.894.174 7.605.876 13,114,553 7,153,767 Totsl funds 21,SCiI.050 20,268,320 The finanual statements appro*1 a for Essue bythe TeS arh4 svJn&l on their behatf by.. The notes on pages 18 to 35 fcffli part ofthese finawial statn. Page 16
THE FOUNDATION OF EDWARD STOREY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Cash flows from operdtlng aclmtles Net cash US in operating actsvitS {2*,6851 (128,905) Cash fIows from Investing xlivities ONidends. interests and rents from Ints Nel purchase I sale of intrents .605 510.569 1288,028) (420.9101 Net cash provided by Inv¥ting adivitles 278.577 89.659 Cash fl¢)ws from financlng acll¥ltles Net cash provided by financing activits Change In cash and cash equlvalent8 In the year Cash and cash eQuNal at the beginning ofth? 5wr 41.992 (39.246) 108,890 Cash and cash equlvalents at the end of the year 111.636 69.644 The notes on pages 18 to 35 fom part crfthese fin8rti81 statements Page 17
THE FOUNDATION OF EDWARD STOREY NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 MARCH 2024 Gen•ral Infonnation Th8 Foundation of Edward Storey i8 an Unorp8 rjwity vknich registered in England & Wales. The principal ¢)ffice is Stortys HI), M¢)unt Pleas C Caxbridge. CB3 OBL Accountlng pollcles 2.1 Ba5i5 of prepardtion of financlal statements The finanaal have been prepar&4 in aceordance with the Charities SORP {FRS 12) - Accounting and RepNbng by charit$. Slatement of Rllmended Pr&Xice applicable to Charities preparing their accounts in accordance with the Financial Rewting StarKlard applicable in the UK and RePUbr of Ireland (FRS 1021 (efftt1v 1 January 2019) and the Charibes Act 2011. The fin8ncial 8talements ha been prwed to a Irue and fairf wiew and have departed from the Charittes {ACUrrtS and Repryts) RjUtIonS 2008 to the extent ruIred to PrOde a 'true and faiff This deparbjre has inthl fc1b•ng the Charibes SORP (FRS 102) publtshed in October 2019 rather than the Ac(JyJnting and Reporting by Charthes.. Statement of Reccfjnmended Practice effective frcm 1 April 2015 has been withdrn. The Foundatron of Edward Storey meets the definitb)n of a Publ berTrefit entty under FRS 102. Assets and liablts"es are Initity rned at historical cost or transaction value unless Othemse stated in the rdevant accounting pdw. The financiat ststements are stated in G8Ptiich is the fitnal currency of the charity. The I cl rndIng is to the nearest GBP. There wEre rKJ signfftant eslwn* or made by man4ement in preparing these financial ststements. Page18
THE FOUNDATION OF EDWARD STOREY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles Icontlnued) 22 Fund accounting General funds are unrestricted funds vthich are avalable for use al the discreti of the Trustees In further8nce of the general thiectives of Ihe Charity and thich have not designated for other purposes. De5ignabJ furvjs comFw unrestridgj funds that have been set askle bythe Trustees for particular purp¢)ses. The and use of each deSpana fund is set in the notes to the financlal statements. Investment Inc¢, gains and tsses are to the appropriate fvnd. The funds are deall with in nce the current charitabte sch8. The nature and purpose of the rnn fijnds of the Foundation are set out beltrw and details of the rnovemants on the funds are gfven in the fr6$ thatfclkyw. The permanent endthvment funds represent the funds arising out of propety originally endowed to the Found1. supplwnented bythe funds wuired ¢)n the mergerwith The Wray Jackenett Mefrill and Elle Trust and those acquirgj on the Nn Tntst. UrKler the Scheme. the 0eCtS of the charity are to promde housing acc4)mmcdation. charitable beneffts for restdents and pensK)ns d relief in need for qual[ng dergy beneficiaries, parish beneficiar% and persons in nea, hardshlp or distress. Clergy vd(Y¥S, beneficiaries are ary of the fO[knn9 who are in need. hardship or distress: wrdNs of dergwnen oflhe Church of Engtand. dependants. spous&% or former spouses of Crgyrnen of the Church of Engfand, women ckrgy of the Church of England, women denS and deacones of the Church of Engw. womers missionar$ ( the Churcj) of Engiand and olher vK¥nen thse invofved in the of the Church crf England. Parish tenefictaries are Men are in ne&J. hardshlp or distress resident in the County of Cambrklgeshire wth a preference for those resident in the ancient parishes of Hoty Trinty, Cambridge, St Giles, Cambrid98. the ecd&8iastKal parish of Hdy Trinty with St Andrew the Grea( Cambridge and the parish ofthe Ascens¥M Cambridge. Persons In hardship or dtslress ¥e those resKlent in the Cty of Cambridge, Cambridgeshire th a preference for those resKJent in the ee£IesiaSti parish&s of H(4y Trinty and SL Mary the Great unth St. Mlchael and All Angds. Under the scheme, fijrtds are not apprcpriated to specffj bran¢hes or to dasses of benefictary. The twstees are required to ap the charitys IrMe from er¥J(wnnent and rese8 funds. firstly in meeting the prr costs of administering the charity and of managing its property and in making such annual payments to rese funds, including Maintenance and Extraordinary Repair Funds. as they C(¥er necessary. Having met such costs, the trustees are required to app the remaining Inccffle in lurthering the Obj of the chanty. firstfy for the Eenefft of resKlents. secondly for the relf of dergy wd¢JWS' nefiCiarIeS and parish benerlaries. thlrdty for Ihe relief of other w(¥nen in need. hardship or distress restht in the County of Cambridgeshire and rthty for the relief of other per80ns in need. hardship or distress resident in the Cty of Cambrvjge, Cafflbridgeshir& The General EndowThent Fund ks a Testrided Capital fund. hrAer irK(yne eamed this fund, together with income eaM crf] the General Reswve fund. is pemiitted lo be expended at the discretion of the trustees to enabb the charity to meet its objectiiEs. Aea)rdirYd such intthne is dassrfth as Unrested. The fvnds for Cjrltcat Mntenan and Extraordinary Repairs and C¥ital Reserve represent unrestricleA reserve fu1$ desanated by the trustees for the g1 purp¢)se. Page 19
THE FOUNDATION OF EDWARD sfoREY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 PIARCH 2024 Accounting policies ItinUed> 2J Going contem The Trustees ha a reasonle expectati that the charty has adequate resources lo continue In operational existence fc the fcyeseeable future. Acojrdingty, the finanrA81 ststements continue to be preped on the going concem basi& The Tnlee8 have prepar&J budgets. forecasts cashkn whlch slN)w that Ihe charty wll continue to tr&e for 12 months from the dale ofsigning these financial statements. Thereffft, the Twsi*s ttjntinue to ad(yt the goTTrJ concem basis n preparing these financial statwnents. 2A Income I Inccrne is recognised Or the Charity has entittanert to the Income. rt Is probable that the income wll be receiveA and the amount of Irome rtteivat4e can be measured rdiabty. Dat gffts in are induded at valLWtion and rgnised as income vthen the charity has contral 0r the item. any condttsons aSSLy4at the donated item have been me( the elpt of economic benefrt frLNn the ofthe clwity ofthe item 18 probab and that ewrK)rn benefft Gan be measured reliably. Contributions from residents are rwnised In the Fer to whKh the 1w0v10D of acccqnmodation Income from dOnan8, leg$ and fundr8isirvJ is re(xMJniwl on rlpt or on n0tffuln to entillement rf ¥er. IrNeslment income is reC¢•d in the wi vkntch the charity bne8 ent11kl to the Interest ffiJrKls held on d4o5it 15 in(auded vthen 1Vable the wncamt can be rneasur• rdiabty bythe charity. thi8 is ncalty upon nobfKats ofthe interest wd or payablg by the Bank. Poge 20
THE FOUNDATION OF ENARD STOREY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Ac¢ounllng polklos {coDllnuod) Z5 Exp8nditure Expenditure is recc4Jnised Or there is a legal constructive obligation to transfer econcfflic benefit to a third paty. it is prc4)able Ihat a transfer of or1C benefits will be required in settkn)ent and thè amount CO the ci)IallOn &qn be measured reliably. Eypentfrture k8 Ctassffied by adr4ty. The costs of exh aCtrty are me up of the totsl of direct costs and shared costs. including supwt costs invoW in undertaking each activty. Direct Costs attributable to 8 single actswty are a[kted dY to that actsty. ShareAI costs which corrtribule to more than one and suppjrt costs are not attributab]e to a Sing activity are aprx)rtioned befven tIK>se actimbes on a basis consistent ¥th the use of resource& Central staff costs are 8tlc¢ated on the basis of time S[t, and deprlaIM)n charges allocated on the wtion of the asset's All oxpgnditure K8 reeogniwd on an rJu basis and has b7 atkxated to expense headings on a direct cost basis. Support costs are those ccts irKJJned dirth in SUFV%t of expenrfrture on the objects ofthe ctharity. Govemance costs are those inc#Jrred in conne£tion with administration of the charty and CLvnpliance with constttutlonal and stabjtory requir&nenls. Grants and pensio payabk are charg&d to the financial statements as they are payblo Pro¥TOn 15 made fcy grants payable after they are WrOd bythe and communicatwj to the recipienL Stjme grants are issued ryth repa>Tnent tem. are contr&lualty agreed the recipienL These repayable grants and interest.free k)ans are clas5ifÉd as debtor& When recovery becomes highty unlthdy such grants are vrtitten off as grants payab. Rgjundancy and tefminatton c¥ts are recogniwj as an experw in the Statwnerrt of Financtal Adrves and a liabilty on the Balance Sheet imMlIatelY at the pc4nt the tharity is demonstrably committèj to elther.. . Teminate the eMp1w of an emplw or grw oleme$ before nomial retlrement date., or . temNnation tenefits as a result of an offer m&Je in order io encourag8 voluntary r8dundancy. The charty is considerfyd to bg dOnstrty CornMed only when it has a detaId fom)al plan for the temiination and is vjithout realistic possik41ty of ¥thdraWal the pL4n. Expen¢ffiiTe on charitable athittes 15 incurr1 directty undertaking the xtmbes lch further the Charivs c¥eLtives. as EII as any a$srat supFot costs. 16 Tangible fixed assets and depreciation Tangiile fixed assets are Innially at (>)st. After rnition, under t cost mcKlel, tanglble assets are measured at ct less accumulaw depreciatKJn and ary a¢cumulalaJ impairment kjsses. All wsts Incurrè lo bring a tsngible fixed assd nto its intended thK¥king condrtion are induded in the measurement of cost General repair th to maintain the curr* condit1$ of the pmwties is expensed a$ in¢urrgJ. Captial expenditure ¢)perats"onat property is tspitalisejl. C8Pitat expenditure on operational property is defined as any cq)ital e%Tndire in(xThJ vthich resutis In the generation frf revenue over 8nd above any existing revenue eam&l. Page 21
THE FOUNDATION OF EDWARD STOREY NOTES TO THE FINANCIAL STATEMEIUS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles Icontlnued) 2 Tanglble fixed assots and dgpreGtatlon (Gontinuod) DepreThat1 Is charged so as to allocate the cost of langiblo fixed assets less their residual value over their estirnat&J usthl lives, using the straigh14ine methcNJ, ¥th the excepticm of land for which Dep18{ is prowded on tt fing b. Operydtlon81 Prcp Equiw•it - 2-8% per annum C c4Jst of building5 - 25% perannum on cost Z7 Imiestments Inlments e a f(wm of basK financial instnThL AJI Inents are CWTied at their fair valu& Investment in uitieS and fix&rf interest slieS are all tr&Y&J in quoted public markets. Hddings In common investrnent furKls. unit trusts 8nd even4nd investment COMpanS are al bid price. The basis of fair e for quctsj intrnents is ulent to market value. using bhy price. Asset Sales and purchases are reco3ntsgJ at the date d traje at cost gains and losses are taken to the Statement of Finanaal Actiwtses as they 8w. UnreiSed gains and loss are calculated as thè dtfference be the fair v81ue at the r and their carrying value and ¥e tiK]uded in the Ststemt of FinwKial ktivtties Tlwewere Tr) realised gains durbng the yow. Investmerts held as f1 assets are shrJ4W at cost ress pro41s)n for impainnenL 2.8 Stocks Sto(s are v8lu&J at the of cc6t reafts&4e value after making due all0dce for 19 Debtorn Trade and other debt0 are at the settknient amount after any trade di8couni offered. Prepayments are valLd at Ihe ancwnt prepakj ofany trwje discounts duo. 110 Cash at bank and In hand Cash at bank and in hand indudes cash 8hort4emi hlghty liquhl invesknents with a slKJrt maturtty ofthree months or less fr(Mn the date of wuisthon or opening ofthe derJsIt c slmllar 8ccounL 2.11 Credltors and provlstons Liabi1th5 are rectsJni5ed when there is an )gati at the Balar Sheet date as a rasult of a past event. it is preèable that a transfw of eccfjt¥n benefft be requir&J n setdement, and the amTrt of the seluement ¢8n be estimated rdiabty. abillties are recogniged at the wn¢yJnt that th8 Charfty anllcipates it will pay to settle the debt or the ounl il has rec1 as athrdnced paymerrts forthe gcths or se[Ni it must provJe. Page 22
THE FOUNDATION OF EfwARD STOREY NOTES TO THE ANANCIAL STATEMETrirs FOR THE YEAR ENDED 31 IJARCH 2024 Accountlng polkles (contlnued) 112 Financial Instruments The Charity onty has financial assets arKI financi81 fk4bilths OF 8 kind that qualrfy as basic financAal instruTnents. Basic ffftanci inslnm)ts are initialty reccb3ni8ed at trans8Cti¢)n value and subsequenuy measured at their settlement value with the exception of frxed assets vknich are valued at amortised cost and investments vthith are valued at fair value at the balance sheet date using the ctosing quoted market price which is Candere to be the fair value. The historical cost of invesknents is shchvn in note 10. 2.13 Penslons The Charity rwrates a defin&d corrtrtrJUti PenSn scheme tho pen8Th) tharge represents the amounts payab by the Charity to the fwKf in rw oflhe T. 114 8ignificant AcUnting Estimates and Judgements No signrfKant judgements, xcounting eS or esfirn* have been made by management in appng the ch8ritWs ac(xiunttng pokns. Income from donatlons and legacles Unrestrtded funds 2024 Total funds 2024 Donabons 760 Unrestricted fund8 2023 Total funds 2023 Donotions 3.250 3.250 Income from charitsbl• activiti8S Unrestricted furKIs 2024 T¢)tal funds 2024 Faes from reshjents 748,056 748,056 Pa98 23
THE FOUNDATION OF EDWARD STOREY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from charltsble acthiitles (contlnued} Unrestricted funds 2023 Total funds 2023 688,612 688,612 Unrestric funds 2024 Total fLrnds 2024 Income frun property Irwestrnts Income frLNn listed investsments Interest reCb 112,228 454,378 70,204 112,226 454,378 70,204 636.808 636.808 Uftrestrided funds 2023 Totsl funds 2023 InCe frcrfn pr(ygty inves1mS Inc(Mne frcrfn lisw in¥pstrwts Interest receivable 77.823 432.746 19.156 7T,823 432.746 19.156 529,725 529,725 Page 24
THE FOUNDATION OF EDWARD STOREY NOTES TO THE FINANCIAL STATEMEpirs FOR THE YEAR ENDED 31 PaARCH 2024 Anatysls of charitablg expwditure urblertaken directy 2024 ( 7) Suppjt Grants costs 2024 2024 Total funds 2024 Running expenses ol dmshyjses and care fadlities 803283 107,239 99,W 1,010,086 40,485 803.283 107.239 140,049 1,050,571 undertak directy 2023 (Note 7) Grants 2023 Supwt costs 2023 Total funds 2023 Running expenses and faaltties 79,209 91,349 75,502 892,861 75.502 79,209 166.851 8,363 Analysis of dlrect costs Charitable Actknties 2024 funds 2024 278.799 48.237 2.428 453,947 1.528 6.440 278.799 48.237 2.428 453.947 1.528 6.440 DepreciatK)n miscd1aruS Establishment costs Stationery. postsge aThJ lephOne Activities arKI trps Other st8ff costs Residents, seNces Afvertisng 6.002 1,520 1.520 803.283 803.283 Page 25
THE FOUNDATION OF EDWARD STOREY NOTES TO THE HNANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysls ol charhable expendi {continued) Analysls of dlreGt ¢ts {contSDued) CIw5table Total funds 2023 2023 275.665 275,665 49.236 49236 5,565 5.565 375.7 375,7 1.495 1.495 4.920 4,920 2,477 2,477 5,977 1,178 DepreatIOn igcellarous Establishment costs Stationery. postsge aTrJ Actimbes and trips Other staff cc Residents, wvices Advertbsing 1,178 722.303 722,303 An8is of support Gosts Total funds 2024 2024 2024 Wages and salaries Legal and professI¢J fees fees Audit and accrAJntaw fees Re¢ruitinent Insurance Comwter maintenance and equipment stationery, postage and telephone Sundry expenses 74.569 74,569 27.645 12,840 312 6.004 12.350 2.532 3.797 27,645 12,840 312 6.004 12,350 1532 3,797 40.485 140,049 In bLth 2024 8ThJ 2023 support cc6ts relate to Overt expenses and are apwbona 1C(I% to thwitsble athibe¥. staff time is to suFp)rtoJsls b8sal UFon time Spent on activities. Page 26
THE FOUNDATION OF EtY•VARD STOREY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Anatysls of charitable expendliure {contlnuedl Analysls of 8UPPOrt costs (continued) Total fvnds 2023 2023 2023 Wages and salaries Legal and professional fe8S Audit and jnn1fees Insuran Ccfflputer malntenanee and UIpment SlatK)nery, postage and Sundry exp 70,420 70,420 62,873 12.629 5293 10,355 3,on 2.209 62,873 12,629 5.293 10,355 3.072 2,209 91,349 75.502 166,851 Analysls of grdnts 2024 2023 Parish grants Clergy wid(AV grants Newton Grants Parish knnuèl grants Clergy Wid• annual gwts Nevlton annuat grants 9.505 28295 7,171 17,679 39.754 4,835 7,530 16.153 1,379 18,524 31, 3.827 107,239 79,209 Grants there m* in the yearto 1(6 in(fNiduats (2023: 102) instibjtions (%J23: nil) with a totsl valua of £44.971 {2023.. £25.2). Annud grants lotallry £62287 (2023.. £54.147) gTrM) in to 45 irKlivwJLth {2023: 42). Paye 27
THE FOUNDATION OF EDWARD STOREY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
8. Staff costs
| Wages and salaries Social security costs Contribution to defined contribution pension schemes |
2024 £ 303,031 23,673 26,664 353,368 |
2023 £ 297,352 23,863 24,870 |
|---|---|---|
| 346,085 |
The average number of persons employed by the Charity during the year was as follows:
| Administration Operational |
2024 No. 4 6 10 |
2023 No. 4 7 |
|---|---|---|
| 11 |
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
| 2024 | 2023 | ||
|---|---|---|---|
| No. | No. | ||
| In the band £60,001 | - £70,000 | - | 1 |
| In the band £70,001 | - £80,000 | 1 | - |
The Trustees consider the Board of Trustees and the Chief Executive (who also acts as Clerk to the Trustees) as comprising the key management personnel of the Foundation in charge of directing and controlling the Foundation and running and operating the Foundation on a day-to-day basis. All Trustees give of their time freely and no Trustee remuneration were paid in the accounting period (2023: none). Expenses were re-imbursed to Dr Warren during the year totalling £36 (2023: Dr Warren £60).
Cost of Charity Trustees Indemnity insurance for the year was £806 (2023: £806).
Total remuneration of 1 member of key management personnel during the year was £87,854 including employers national insurance and pension contributions (2023: 1 member of key management personnel £83,575).
Page 28
THE FOUNDATION OF EDWARD STOREY NOTES TO THE HNANCIAL 8TATEMEPtrs FOR THE YEAR ENDED 31 MARCH 2024 Tanglble fixed assets Freehokl propety Office uipment Total Cost orvaluatlon At 1 April 2023 1944.089 108.912 (57,678) 3.053.001 (57.678) At 31 Marth 2024 2.944.089 51.234 2.995,323 At 1 April 2023 Charge for the year On th8wsals 1.574.467 48,237 108.912 1.683,379 48.237 {57,6781 {57.678) At 31 March 2024 1.622.704 51.234 1,673,938 Net book value At 31 March 2024 1.321.385 1,321,385 At 31 March 2023 1.369.622 1,369,622 10. Flxad asset Invoslmgnts LiSj Cash held for Tol Cost or valuatlon At 1 A. 2023 Additions 16.329.058 2,497,250 18,826,308 288,028 288,028 896,677 At 31 March 2024 17.225.735 2.785,278 20,011,013 All investments are carried at their fair vJ- ue. Hi5ts¥iGal i>Jst (rf the lis saxrities is £12,350,836 (2023.. £12.350.836). Page 29
THE FOUNDATION OF EDWARD STOREY NOTES TO THE FINANCIAL STATEME18 FOR THE YEAR ENDED 31 MARCH 2024 11. Stocks 2024 2023 ewting, c*riThJ and martsnance stc 236 405 12. Debto 2024 2023 Due wlthln one year Trade debtors 6.732 126,662 4,792 14,843 4.251 117,871 6.134 12,078 Loans to beneficiaries Prepayments and a¢U9d inoyne 153,029 140.334 13. CredltOV8: Amounts falllng due w5th1n one y 2024 2023 83,623 5.404 7.501 18,432 23,033 Grant c(4nmitmw Other tayation and social security Other creditors 1.518 6,886 12,770 23,435 97.249 137,993 Page 30
THE FOUNDATION OF EDWARD STOREY NOTES TO THE FINANCIAL STATEME18 FOR THE YEAR ENDED 31 MARCH 2024 14. Statsment olfunds Statement of funds • current year Batance at 31 MarGh 2024 Balance ai 1 4)rd 2023 Trfe inl<)ut Gain (Losses) Inccthe EX[d[re funds Designated funds E%tra(*dinary repairs and maintena[¢ fund 742,950 (197.703) 545,277 fund Sheridan Br legacy Stella Bames 5.00&829 (48238) 4273 4,964,864 59,528 2,767 62,295 1.883 5.813.190 (245,941) 4,303 2.767 5,574,319 General funds Gener81 Funds- all funds 1.340.577 1.365.24 1771,309) (4,303) 80,8 2.031.557 Unrestrlcted funds 7.153.767 1.385.624 {1.017,250) 83.735 7.605.876 Pennanent endowmanl funds Wray Fund FES Fund NeW£on Trust Fund (33.321) 39,714 652,1 734,928 12.698,728 11.963.atKJ 504.245 38.300 542.545 13.114.553 (33,321) 812,942 13,894,174 Total of funds 20,268,320 1.385.S24 {1,050.571) 8,677 21.5C(J.050 Page 31
THE FOUNDATION OF EDWARD STOREY NOTES TO THE FINANCIAL STATEMEpirs FOR THE YEAR ENDED 31 MARCH 2024 1& Statement of funds (ntinued1 8tatement of funds- prloryear Baiance at 31 March 2023 Balance at 1 Aprd 2022 Trdn8feTB inlout Gainsl {Losses) Unrestrkted lunds Designatsd funds Extraordinary repaits and cydtst maintenance fund 527.375 (99.0081 314.583 742,950 fund Sheridan Brown legacy stella Bames legacy 5,099,732 (49236) {41,ffin 5.008,829 {462) 59,529 1.883 1,883 5,688.981 {148,244) 272,916 (462) 5.813.191 Genernl fund8 Gener Funds- all funds 1.220.033 1.221.587 (756,018) (272.916) (72.110) 1.340.576 Unrestrlcted funds 6.909,014 1,221.587 (904,262) (72.572) 7.153.767 Pemianent endt)wment fundg Wray Fund FES Fund N6Nton Trust Fund 751. 12.659.CQ7 (64.101) (41.293) 646,508 (695.20n 11,963.aoJ (26,391) 504,245 13,941,545 (64.101) (762,8911 13,114.553 Total of funds 20.850.559 1.221.587 IW.363} 1835,4631 20,268.320 Page 32
THE FOUNDATION OF EDWARD STOREY NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 MARCH 2024 14. Slatement of funds (conttnued) 1% Statement of Funds {contlnued) Extrnordinary repairs and cyclical nMlntenan¢e fund: Th¢s fund represents estimated costs. as vised by the Foundath?n's property managers, in relation to m8ior repairs works. Capltal reserye fund: Proridos for fuiure capital exp1)n. Sheridan Br(Th 1ogaGy: This legxywa5 gifted for ger1 use by the charity. Stella Barnes legw. Thks l&3xy Ik been deSv3rted tr the purpose of malntaining the Olga Ball garden and wcden se Wray P8rn1anent Endowment fund: This furbj Wds trworaled on the merger vath Wray Jackenett Menill and Elle Trust in 2009. The capila can onty be spènt on improvements lo the Chesterton FES Pembanent End¢ymént fund: This fund ts investaj th8 aim of maintaining the capital {whith Innot be spent) wthi15t prcNidirvJ a c(thuti t(P*8rds the ¢clInued Lwation of EQW House arKI also the Grant funding cperation ofthe Chanty. Newton Tnt Pernnent Endowment fund: Thrs furKI was i1 on the merger wlih the Nen Trust in 2019 and the inc(#ne generabj is afkncabJ towards the Grant funding OFeratiDn of the Charity. The trants from the extraNdinary repa and ¢41tl Main fttnd represents de8vJnated amourts repairs in the year. 16. Analysis of net assets boiween funds end¢nl Unrestricted fijnds funds 2024 2024 funds 2W24 Tangible fixgj assets Fixed asset irwestmonts Current assets Creditors due within rne y 1,321,385 1,321,385 6.116.839 20.011,013 264,901 264,901 197,249) <97,249) 13,894.174 Total 13,894,174 7,605,876 21.500.050 Page 33
THE FOUNDATION OF EfNIARD STOREY NufES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 IIARCH 2024 16. Analysls of net assets bBtweon funds {contlnuedl Analysls of net assets botween funds. prfor pgrfod Pemianent end(ywment Unrestrii funds 2023 Total funds 2023 2023 Tangible ffxed assats Fixed asset In5ments Current assets Creditors due within C > 1,389,622 1,369,622 5.711,755 18,826.308 210.383 210,383 (137.9931 {137.993) 13,114.553 Total 13,114,553 7,153,767 20,268,320 17. Reconclllatlon of net movemert In rtd* to net cash fkbwfram operating activities 2024 2023 Net InccmelexpditUre for the (as y Statement d Fin Actmlies) 1.231,730 {582,239) Adjustments for. Depre£lats charges Dividends. inteSts arKI frryn IneAts 48.238 49,237 (566,604) (510,5691 68 (1,949) 81.084 835,463 Increase in debtors Increasel{decreas8) in creditors (Gainsll losses c fixed asset investments (12,6991 (40,742) 1896.67n Net cash used In operathig activittes {236,585) (128,9051 18. Analysls of Cash and oquivalents 2024 2023 Cash In hand 111,636 69.644 Totsl and cash equlvalents 111.636 69.644 Page 34
THE FOUNDATION OF EDWARD STOREY NOTES TO THE FINANCIAL STATEMEPtrs FOR THE YEAR EN[D 31 MARCH 2024 19. Analysis of ¢hang•s in net debt At 1 April 2023 Cash fk)ws At 31 Marth 2024 Cash at bank arKI in har 41.992 111.636 41,992 111,836 2 Penslon commltm8nts The charity operate8 a defined c(Yrtrft)utK>ns sch*n& Thè assats of the scheme are hekl separalety from those of the charity in an ilependenty &Jmink8tered fund. The Fension cost charge represents contrbutions Payab by the charity to the fund aThJ am¢wnled to £26,664 {2023: Q4,870). Contributions trjtsIng £3,529 (2023.. £3.3201 ¢ payable to the fund 21 Ihe b8]ance sheet date and inctud&J in cTrditors. There no related paty transactions ni (2023. none). Paoe 35