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 Tn￿tee8 and Adv15ers Tn￿tees. 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, un￿￿tyT1USts8 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. Tn￿lee Mrs P G Cthe CerL Ed, c￿￿9d Tn￿tee Dr l J Le•AS Bsc IEng) PhD. Ctropted Trustee (restgn8d 18 W 2023) Mr R Ne*man Bsc {Hons), CTropted Trustee Mr M Piwce. (ap￿In1￿ 20 July 2023) Charfty reglstered number Principal offlce Siorerfs H￿se 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 Andre*ls 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 r￿uirements, 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 applic*e 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 ￿erI￿aries 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 F￿raMMe forthose fxing hardship ￿dIStresS Despite an extemal enwronment that remans chal14￿1ng. the Foundation Cc￿linueS 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 t￿m, 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 SUp￿rt ftt our benef￿rar￿ to INe In comfort and stturw. Its stated misS￿n is Yo promde hdp and suppcrft to dyib￿ beneficiar￿ through the provtsion of housing and finawal assistsnce. in order to make a F*JsitNE 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 {￿l￿￿e 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 CC￿s￿ler&I the Charity Ccwnmi￿lon'S guidance on the operation of public benefrt Ul￿er 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. ￿H￿1th, disabilty. financi81 hardship ￿ ¢)ther disadvantage,. The ob5ectives dthe Charity ar& {a) provision ofa¢c￿M&￿alon benefKiaries Vlkn are in n￿1, 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 {d￿gY￿K1OW 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 app￿h to the rel￿f of need. hardshp and distress xefjrdingty.O¥vthe last the Foundalhjn has.. Replac£d front dcors and dLwrs Io all flats cOm￿eted 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 CC￿P1eted our 2021>25 Strat￿ aheaj of schedule Approved a further >year Interim StratgJyto 2026 Appoin￿ a new Trustee Appl*d for planning pemiisS￿n 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 Su￿uSe5 in excess of budget Continued to improve services., repair and upgrade our prcpertEs.' update Operat￿al pdicies and proc&Jures and further enhance govemance aThangements ow the year. The Foundation's prinapal d￿rItable objectNe is the proviston of almshouse accommcdation for beneficiaries In need. hardship or distress. Thi8 is curr• fulfilted by 90 unAs of shefter&J hOUs￿1g spread across four srtes in C&nbridge City Istorerfs House. m￿nt Pknant akKI Chesteth) and Sujth c￿bridgeshlre (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 I￿r 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 likdihcve$t £35512023: £200}. In addition, there V￿re 29 (2023.241 ClergyWKltyw beneftaali￿ of annud gTants 7*th0 m￿thty paIT￿nts during the year. The Ne￿n Branch awardgj grants to 5 indiv*Jua]$12Q3:2) wth the highest being £2.295 (2023.. £850) and the lowwt £5¢XI 12023.'625). In addit￿)n, there Branch ￿8￿ClarieS(2023..3) of annual grants who received monthty payments during the ￿r and 18nnuilanl {2023:1}. There were no grartts to insfiiubons this year. The followtng word doud, taken from the res￿￿Se5 of annual grant benefidarieg. attemÈXs to catrture8 the impact of this givwo.. 51 differEFKe It thank thanks pass sJeUpbleJ ye please grateful grant trustees email Page 4 THE FOUNDATION OF EDWARD STOREY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 FINANCEAL OVERVIEW The acct)unts record a net surplu$ be1C￿e in￿ent g&ns of £335.053 for the ypar {2¢322f23 net surplus of £253.224). After accounting for the net gans ￿ In￿ents, 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 crynpd￿ve 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 operatil￿al irrtry the FOundatiC￿ benefits frcth inve5tsnenl Income from managed funds and legacy bequests and noi und&tske fundraisiry actr￿e& 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% Ai*15 of charft*le &xponthiur• f¢¥ the •nthd 31 March 2￿3 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. In￿tM￿t in equities and ￿ed Interest seCuri￿eS are all traded in quoted public markets. primarily the Lond￿ St￿k 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 dI￿Lf￿ and indude a range of funds CCffiPTksirvJ UK and Overseas ultles. propety, fixed interest and t￿ds. The Board of Trustees has ddemiined that the Foundation should be V￿ed as a perpetual inststutron. Therefore, in%Estrnents that have the poterrth?I to generate substantial and lon*term totsl retums that offsel. and if Fossib￿, exceed. inflatrjn wmi be imFQrtant to pursue. The obl￿tIveS oflhe Foundation's 1ry4Bskn￿ are to: create suffiaenl totsl financial relum to eftabi8 the F￿ndakn (log*her￿ 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 h￿th a'medium, le4el of risk." adopt an appropriate Stan￿ on eth￿ 1ft￿ent The Foundaticrt does rKA make use of 8nd swni￿r £￿1P￿X 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 restricb￿s. Hwng established balancoj portfc4hX of unit trusts. the Tntstees are not involv&J in detailed investment management. They do not currenlty ddeg* th￿r 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 ￿e￿s￿ to cease care ￿erationS and to scab back Parish Grant g￿ng. 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 bets￿n current exp￿diture 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 befv￿en 12-18 months of operating expenses to be held in order to guard against hostile operating conditions reSL￿ting in large unfavouratAe variances to incryne costs. The Gensal Funds carri￿1 forward al 31 March 2024 total￿d £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 mar￿ers. 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 r￿nISeS 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 almshr￿se estste. Current cost estimates suggest that approximatety£12-15 mis1￿￿ may be required to repl&e or stqnifKanty upgrade acccThmoJation overlhe medium te￿n. 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 mIr￿r amendment on 31 De￿ber 2018 fOlk)v￿ng 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￿ rn￿b￿S 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 Off￿e. The Foundation ha% adw the Charly G0Vem￿ C￿e and und*kes ￿ular revie•VS against complianc The Trustees are responsible for setting out the general of the Chartty. Day-tc￿aY 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￿)t￿nber 2022. The Board has ddegated resr￿S￿￿ties to three standiTrJ sukKommiitees. the Fina￿ and Ganeral Purposes C￿nMittee, the Re$KI￿traI 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 COr￿l￿e L*leC￿8. strat&Jies and the annual btKlget The Foundation is not aff*ated to ary other d￿lIty c* organisatk￿ bth subscrts to the Aknshouse Associatie and the NatiC￿al COU￿11 for VcAuntary Org￿lsaIlOn$. A representati￿ al80 attents the Annuat General Meetlng of the Di¢Kesan Bishops. Visitors. Trustees have esta)ll8hed a ccmprehensNe selec*on and induction programme to ensure that rw TTuslÈes clea￿Y understand their dLrtles and responsibilities and are able to assess their own training ne&Js. The Foundation encourages and supports Trustees in me*ing theirtraining [￿. once determined. DLtring the year. Trustees attended 19 fonna meetirvJ$ relabng to th￿r govemance of the Foun¢J*ion. Trustee attendance at meettngs was 102% (due to some Trustees akn attendlng suttommittees wh￿h they do not fomiaty sit on). For convenierKe mary ccmmittee meebngs arè held virtualW. whiLst main Board meeti￿S are f￿e lo face. In addTtN)n, Trustees have Continu￿ to ￿aY an IMp￿ant role in the da*to4ay worklng of the Foundation ty inlervievjing prosp&#tNE residents. apF>rowng grant aF¢$I￿*10nS, supporting staff and by providlng expertise across a range of dbciF4ines. UALI The Trustees have adq)ted a six-potnt approath to ensure qu81ty in the prathe of the Foundallon. These pjints are: la) the detsw assess￿ as to the suftablbty of rotentlal res￿dents Ib) a continuous focJJs on and revivN of the needs of currwbt res¥Jents Ic) maintaining accommodation to a high stsnd8rd Id) a klanned prDJramme of staff training and assessment le} established rLwtines of mcfflitoring and rep)rting lfj I￿al meetings remeW￿ and ￿al*jaIl Page 7 THE FOUNDATION OF EDWARD STOREY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 RISK MANAGEME The F￿ndati￿ ojntinues to ¢yJi rg3ular assessments of 'business risks, and has prepared a response to risk exposure in the vari)u5 areas of the charity. Th￿ irtclude finanual, opwational, Strategic and govemance risks, eath of whlth has b*n quantified and prI￿l￿Sed aCC￿ding to ￿*11 established severity, likdihood, and mit￿ation pr￿edUreS. The Fc4Jndalion's Risk Register was fcfft￿lty aTKI in NovembBr. Wrth existing tA)ntrols In p]ace. the Business Risk Ana￿5￿$ Kientified four risks as being high. These are. in the main, driven by the Edward Hc￿Se 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 SoUr￿S of assurnnce Rlsk name Further Mitigation Signtficant reseNes aTrJ in￿Stment income" High Value assets: Good bujgetary control" Most areas of b￿1r￿sS generate an operatiThJ surplus; Good finar￿jaI plannirKJ: Revised reser*s 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: De￿lopment Committee with cbse finks to F&GP. Strategy bEfficient of resources Effecfrve project management and procurement. High FOU￿latiOn wel resourced: Tenderiro process foknEd for large projects; De*lopment 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 ln￿strnent i￿oMe. High vakE assets", Dive￿Ified portfolio in￿ted for the tenn: Prudent bLMlget settiThJ: (>)od budgetary control. High le￿IS 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 m￿gate risks, induding an effective g(y48m8nce framework, dLxumented p￿￿leS 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 frc*n the Clerk setting oul in detsil the F￿￿￿alIt)n's risk management framEwrf( resulting in the fo1￿￿n9 Statement of Intemal Control beiw aPpro￿Ed. ststemert of lrtem81 Contr The Board has overatl re5pon31biTty for establishing, mairrtainlng. and revi￿ng the effectiveness of the system of intemal control. The system of intemal contrd is designed to manage risk and p￿￿￿e reasonable {not absc4ute) assurance that key business r*thjectives an(J exT*ded out￿eS be achieved. It also e￿sts to gtve reasonable assurance, aL￿t the preparalion and r￿k￿lIty of finan￿al and oP￿￿70na1 irrformati¢)n, the safeguarding of the Fcljndatic￿S 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 Suff￿8n( ￿[nLKyUs and reltable assurance on oroanisalional stLWdrdshtp and the managemeni of the major risks to organisational success and delNery of value for rn￿ey. In meeting bts responsibil￿e$. the Board has 8dopt&Y a iisk-based appro&h lo Intern￿ contrc4, whith is embedded wthin the normal management and govemance prcosses. Executfve respon8ibility ha8 been deaty defined for the klenlifution. evduation and corrtrol of sunificant risks. The C￿rk. Senior Management Team and Board cary out evaluat#Ms ￿the [￿kS Vth￿h impxt on the Foundation's abilty to meet key business obl￿t￿eS. Flsk assessments are carTiPAJ out aThY are alb3ngJ to the ￿sInesS plannirg prccess. The Clerk is responsib]e for repNtw lo Ihe Board any svJnifwit changes affecting key risks or the breakdown of internal conlrc4. The Board retsins resp)n$bi ilty for a definwj range of issues CONEring strateg￿, operatonal. financial and compliance issues. The Board has foTmalty adopted the Charity G¢)Vernan￿ Cc*Je and has incorporated mary of its prinupies and recLJnmended good practice. The govemance envIrC￿Ment supported by a framework of pOI￿leS 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 Y￿eSseS 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 a￿lt￿S.. hs irKcffie comes from maintenance fees. investrnent diwdends and interesL We are therefore not registered the Fund￿sIng Regulalor. Since we do not fundraise. whether dir￿, by using third parties or through volunteers, ￿re have been no cornplian issues. and no fundNsing c￿Nplaints dUri￿j the ￿ 12022r23: none). We wll not a￿ept a donation if we believe it is Unl￿￿1 to accept it or rf acc4Aing il is to the detrDnent of the Charit￿S 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 ￿h￿ve successful handover. Develop strategieslpdicies forthe aliocatton, managemen( and marketing of nvbvflats. Ensure, as far as is possible, that &￿Sting aCc￿mC￿￿oti￿ continu&s to PrO￿de safe, secure arw affordable homes that pwle vrant lo fbve in. P￿Je 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 satiSf￿110n19vetS across all the Foundatton's sites. Develcp an agreed Set of enmronmerttd Pri￿p]eS as a precursorto a more c￿￿prehenSNe Sustainabilty Plan. Sed( increased opportuntties forthe rcle of tethnoloJy across the Foundation's acti￿￿eS to Indude updating ourM*bsitq revi6wng Warden call s￿mS 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 TTL￿teeS grve of their time freety and no Trustee remuneration was paid in the accounting period. D*ils 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 W￿1￿ 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 r￿ruitrnent in 2018 by reference to the k¢al eMpl￿ont markeL The rates of staff pay are annual￿ by Trustees reference to the Unlversty of Cambridge and other similar and nat￿nal charibeknnisations. as well as the current rate of inflation. Gener￿￿. the same pe￿nI￿g? 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 appl￿tron of resourrx ofthe charity thal per￿￿. In prepaTÈng Ihese fin￿Ck1 Stat￿ents. the TrLtst*s are Nuir8J to: setect suitsble acc(yJntiThJ ￿]cleS and then apptythwn cons￿10￿￿. obseNe the meth¢>ts and priwples in the Charilies SORP 2019 (FRS1021: makejudgments and accounting estimates that are reasonable and prudent., state vthether apP￿Cable UK Accounting Standards have been fotltrAEd, subject to any material departu￿8 dlsclcsed and explained in the financid statements. prepare the fwnck71 staternerrts on the going basis u￿e¥S rt is ￿PPrOPri￿ to presume that the charity will contlnue In cyration. The Trustees are rewsible for kee[￿ng proper xcounting re￿*d8 that ae Suff￿ent 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 char￿e$ 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 pre￿Ic￿ and detect￿)n of fraud aTr other irregular￿eS. 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 appr￿d ha8 confimied that.. 80 far as that Trustee i8 a*ere. 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 ￿prO￿d bythe Trustees ¢ and S￿3ned 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 Stat￿ent of Financiat Athibes. the B818nce Shee( the Statement of Cash Fl¢)NS and the related notes. i￿luding a summary of signffuil acojunting P￿c￿. The finanGial reporting frdmewJTk that has been applied in their preparat￿ i8 appI￿able knv 8nd United Kingdom AcMunting Standards, induding Financial R8POrtiro Standard 102 The Financral Reportrng Standard applicable in the UK and RePUb￿C of Irdand (Unitaj ￿Qng￿ Gener*Accepted 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 aFP￿CatIon 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 AUd￿￿j (U]Q IISAS (UK)) and appI￿*ble 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 statWn￿ts in the UniteAI lQngdc*n, induding the Financi￿ ReFthing c(￿nCirS EthKal Standard. and hwe fulfilled our other elhical responsibikties in accordance wlh these requirements. We bel*ve 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 TrL￿tea5. 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 leastl*thB fr¢Th wtwi the financial statements are aulhorised for tssue. Our responsibilities 8nd the les￿￿8￿11￿10S 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 expl￿1￿ 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 inconsk￿enCI6S 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 misstat￿ent of this other infomiatKm, ￿ are required to r￿)￿ that f We have nothing to reF*Jt 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 re8k*d 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 c￿r a￿J[L Responsibiliti8s of trustaes As eXpl￿ned more fulty in the Trustees. Resp￿Ik￿￿tIeS 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 char￿e8 Act 2011 and repjrt kn aCCord￿ce vAth the Act and relevant regu]atH)ns made cf hwng e￿t 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 e￿Sts. Misstatements can arise from fraud or error and are con3hJereA material rf. lThJr￿dua1￿ or in the aggregate. they could reasonably be expected to ￿fflLEn￿ the eC¢￿0m￿ deci4ws d uw5 on the basis of these finan¢ig15tatements. ItYegUlar￿es. I￿ludIng fraud. are instances of r￿Tr￿plianCe and ￿v￿at￿)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, InctL￿1ng 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 appI￿able I￿5 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 employm￿1 tav, financyal reporting and health & safety. The risks were discussed with ￿ audit tean and remained to ary indications of non 2J Going contem The Trustees ha* a reason*le expectati￿ that the charty has adequate resources lo continue In operational existence fc￿ the fcyeseeable future. Acojrdingty, the finanrA81 ststements continue to be prep￿ed on the going concem basi& The Tn￿lee8 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 Ir￿ome rtteivat4e can be measured rdiabty. D￿at￿￿ gffts in are induded at valLWtion and r￿￿gnised as income vthen the charity has contral 0￿r 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 1w0v￿10D of acccqnmodation Income from dOna￿n8, leg￿$ and fundr8isirvJ is re(xMJniwl on r￿lpt or on n0tfful￿n to entillement rf ￿¥￿er. IrNeslment income is reC¢￿•￿d in the wi vkntch the charity b￿ne8 ent11k￿l to the Interest ffiJrKls held on d4o5it 15 in(auded vthen ￿1Vable the wncamt can be rneasur• rdiabty bythe charity. thi8 is nc￿alty 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 ￿or￿1C benefits will be required in settkn)ent and thè amount CO the ci)I￿allOn &qn be measured reliably. Eypentfrture k8 Ctassffied by adr4ty. The costs of exh aCtr￿ty are m￿e 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[k￿ted d￿￿Y to that acts￿ty. ShareAI costs which corrtribule to more than one and suppjrt costs are not attributab]e to a Sing￿ activity are aprx)rtioned befv￿en 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 depr￿laIM)n charges allocated on the wtion of the asset's All oxpgnditure K8 reeogniwd on an *rJu* basis and has b￿7 atkxated to expense headings on a direct cost basis. Support costs are those cc*ts 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 WrO￿d 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 Adrv￿es and a liabilty on the Balance Sheet imM￿lIatelY at the pc4nt the tharity is demonstrably committèj to elther.. . Teminate the eMp1w￿ of an emplw or grw olem￿￿e$ 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 d￿Onstr￿ty CornM￿ed only when it has a detaI￿d fom)al plan for the temiination and is vjithout realistic possik41ty of ¥￿thdraWal the pL4n. Expen¢ffiiTe on charitable athittes 15 incurr￿1 directty undertaking the xtmbes ￿lch further the Charivs c*¥eLtives. as *EII as any a$s￿rat￿ supFot costs. 16 Tangible fixed assets and depreciation Tangiile fixed assets are Innially at (>)st. After r￿nition, under t￿ cost mcKlel, tanglble assets are measured at c￿t less accumulaw depreciatKJn and ary a¢cumulalaJ impairment kjsses. All wsts Incurrè￿ lo bring a tsngible fixed assd nto its intended thK¥king condrtion are induded in the measurement of cost General repair th to maintain the curr￿* condit1￿$ 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%T￿ndi￿re 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 Dep￿18*{￿ is prowded on tt* f￿￿ing b￿. Operydtlon81 Prcp Equiw•it - 2-8% per annum C￿ c4Jst of building5 - 25% perannum on cost Z7 Imiestments In￿lments ￿e a f(wm of basK financial instnTh￿L AJI In￿ents are CWTied at their fair valu& Investment in ￿uitieS and fix&rf interest s￿li￿eS are all tr&Y&J in quoted public markets. Hddings In common investrnent furKls. unit trusts 8nd even4nd￿ investment COMpan￿S are al bid price. The basis of fair ￿￿e for quctsj intrnents is ￿u￿lent 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. Unre￿iSed 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 Ststem￿t of FinwKial ktivtties Tlwewere Tr) realised gains durbng the yow. Investmerts held as f￿1 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 all0￿d￿ce for 19 Debtorn Trade and other debt0￿ are at the settknient amount after any trade di8couni offered. Prepayments are valL￿d 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 der*JsIt 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 am￿Trt 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 rec￿1 as athrdnced paymerrts forthe gcths or se[Ni￿ it must prov*Je. 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 Can￿dere￿ 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￿ PenS￿n scheme tho pen8Th) tharge represents the amounts payab￿ by the Charity to the fwKf in rw oflhe ￿T. 114 8ignificant Ac￿Unting Estimates and Judgements No signrfKant judgements, xcounting ￿￿eS or esfirn* have been made by management in app￿ng 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 Irwestrn￿ts Income frLNn listed investsments Interest reC￿b 112,228 454,378 70,204 112,226 454,378 70,204 636.808 636.808 Uftrestrided funds 2023 Totsl funds 2023 InC￿e frcrfn pr(ygty inves1m￿S 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 miscd1ar￿uS Establishment costs Stationery. postsge aThJ le￿phOne 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 Depre￿atIOn igcellar*ous Establishment costs Stationery. postsge aTrJ Actimbes and trips Other staff cc Residents, wvices Advertbsing 1,178 722.303 722,303 An*8is 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 ￿jn￿n￿1fees 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 LiS￿j 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 STATEME1￿8 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 STATEME1￿8 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 T￿r￿fe 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 exp￿1)n. Sheridan Br(￿Th 1ogaGy: This legxywa5 gifted for ger￿1 use by the charity. Stella Barnes legw. Thks l&3xy Ik* been deSv3r￿ted 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¢y*mént fund: This fund ts investaj ￿ th8 aim of maintaining the capital {whith Innot be spent) wthi15t prcNidirvJ a c(thuti￿ t(P*8rds the ¢c￿lInued Lwation of EQW House arKI also the Grant funding cperation ofthe Chanty. Newton Tn￿t Pern￿nent Endowment fund: Thrs furKI was i1￿ on the merger wlih the Ne￿n 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 ¢￿41t￿l Main￿ fttnd represents de8vJnated amourts repairs in the year. 16. Analysis of net assets boiween funds end¢￿n￿l 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 In￿5￿ments 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 Inccmelexp￿ditUre for the (as y Statement d Fin￿￿ Actmlies) 1.231,730 {582,239) Adjustments for. Depre£lats￿ charges Dividends. int￿eSts arKI frryn In￿eAts 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 i￿lependenty &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 trjtsI￿ng £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