2025-03-31-accounts

Charity number: 203653

THE FOUNDATION OF EDWARD STOREY TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

THE FOUNDATION OF EDWARD STOREY

CONTENTS

	Page
Reference and Administrative Details of the Charity, its Trustees and Advisers	1
Trustees' Report	2 - 10
Independent Auditors' Report on the Financial Statements	11 - 14
Statement of Financial Activities	15
Balance Sheet	16
Statement of Cash Flows	17
Notes to the Financial Statements	18 - 38

THE FOUNDATION OF EDWARD STOREY

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025

Trustees	Mrs J M Womack MA, Vice Chair, University Trustee
	Mrs C Lyon MSc MlnstF(Dip), University Trustee
	Dr A R Warren MA BM BCh, Chair, University Trustee
	Mrs H R Bond OBE BA LLM FRSA, University Trustee
	Mrs S Young B.Ed, Co-opted Trustee
	Mrs P G Clyne Cert. Ed, Co-opted Trustee
	Mr R Newman BSc (Hons), Co-opted Trustee
	Mr M Pierce MA, Co-opted Trustee
Charity registered number 203653 Principal office Storey's House Mount Pleasant Cambridge CB3 0BZ Clerk to the Trustees and Chief Executive Officer Mr P Huckstep BSc (Hons) MRICS MCIH Independent auditors Price Bailey LLP Chartered Accountants Tennyson House Cambridge Business Park Cambridge CB4 0WZ Bankers Barclays Bank PLC 9-11 St Andrew's Street Cambridge CB2 3AA

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THE FOUNDATION OF EDWARD STOREY

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025

INTRODUCTION

The Trustees present their annual report and the audited financial statements of the Foundation for the year ended 31 March 2025. The Trustees confirm that this report and financial statements comply with the current statutory requirements, the requirements of the Charity's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

The Foundation of Edward Storey (the Foundation) was established under the will and trust of Edward Storey who died in 1693. As is to be expected, it has changed and evolved considerably over subsequent years to address the challenges that each new generation brings, whilst trying to stay true to the original wishes of its benefactor. This is a balance the Foundation still seeks today, as it aims to ensure it can continue to meet the needs of its beneficiaries now and into the future. From its original 10 almshouses, the Foundation has grown and diversified to now provide 92 flats and bungalows for older people, with more planned, as well as a small grants programme for those facing hardship or distress.

Despite an external environment that remains challenging, the Foundation is still financially strong, benefiting from the access to significant resources with which to help plan and shape its future. A five-year strategy, agreed in 2020 and updated last year, seeks to ensure we continue to use these resources effectively, both in the short, medium and longer term, in order to safeguard our future, and maximise our impact in the furtherance of our charitable objects.

The Foundation’s vision is “to be a source of support for our beneficiaries to live in comfort and security”. Its stated mission is “to provide help and support to eligible beneficiaries through the provision of housing and financial assistance, in order to make a positive and meaningful difference to people’s lives”. A dedicated and highly skilled staff team, working in tandem with an experienced and committed Board of Trustees seek to deliver this vision, underpinned by a culture of shared values such as trust, compassion, teamwork, and openness.

OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT

The Charities Act 2011 defines a charitable purpose explicitly as one that falls within the 13 descriptions of purposes and is for the public benefit. The Trustees have considered the Charity Commission's guidance on the operation of public benefit under the Charities Act 2011 and believe that the requirements have been met under the Foundation’s Objects and Activities as described throughout this report. In particular 'The prevention or relief of poverty' and ‘The relief of those in need, by reason of youth, age, ill-health, disability, financial hardship or other disadvantage'.

The objectives of the Charity are:

• (a) the provision of accommodation for beneficiaries who are in need, hardship or distress and who are women resident in the County of Cambridgeshire (parish beneficiaries), women closely associated with the work of the Church of England (clergy widow beneficiaries), men and women resident in the City of Cambridge (Chesterton beneficiaries) and poor persons resident in the parish of Cherry Hinton (Cherry Hinton beneficiaries);

• (b) such charitable purposes for the benefit of the residents as the Trustees decide;

• (c) the relief of women resident in the County of Cambridgeshire who are in need, hardship or distress; (d) the relief of clergy widow beneficiaries who are in need, hardship or distress.

• (e) to help widows, widowers, divorced or separated spouses of clergy, and children/unmarried daughters of deceased clergy, who are in need, hardship or distress.

ACHIEVEMENTS, PERFORMANCE & IMPACT Overview of the year

The Foundation’s strategic direction places the provision of affordable housing for older people in need at the heart of its mission. In recognising this as its primary purpose, the Foundation seeks to frame its approach to the relief of need, hardship and distress accordingly.

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THE FOUNDATION OF EDWARD STOREY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Over the last year the Foundation has:

• continued to improve services; repair and upgrade our properties; update operational policies and procedures and further enhance governance arrangements over the year.

• maintained high occupancy rates

• managed operating cost to achieve surpluses in excess of budget

• updated its Charitable Scheme

• acquired a further 2 bungalows in Cherry Hinton

• obtained planning permission and developed detailed designs for the construction of an additional 16 sheltered flats

• welcomed 12 new beneficiaries as residents

• completed fire safety improvements at Storey’s House

• upgraded warden call systems at Storey’s House and Chesterton

• developed approaches to sustainability

• re appointed Mrs Joanna Womack and Mrs Ruth Bond as Trustees

• appointed a new Assistant Warden

Accommodation

The Foundation's principal charitable objective is the provision of almshouse accommodation for beneficiaries in need, hardship or distress. This is currently fulfilled by 92 units of sheltered housing spread across five sites in Cambridge City (Storey’s House, Mount Pleasant, Chesterton and Cherry Hinton) and South Cambridgeshire (Vicarage Close, Melbourn).

The views of our residents are important to us in understanding how successfully we are delivering our vision. Comprehensive surveys were undertaken in 2022 and 2023 which show that, across all sites, the Foundation achieved an average satisfaction score of 9 out of 10. Most recently, we surveyed residents who were new to the Foundation, all of whom considered their home a good place to live, that it represented good value for money and that they would recommend the Foundation to a friend or relative.

In addition, research carried out by the Housing Learning and Improvement Network on behalf of the Almshouse Association, suggests that living in an Almshouse can of itself:

• lower the likelihood of residential care admissions

• reduce the likelihood of the use of domiciliary care

• reduce ambulance call outs linked to falls

• reduce the length of stay and delayed discharges from hospital

• reduce GP and A&E visits

• improve health and social wellbeing

• promote healthy ageing

• increase life expectancy.

The accommodation has a steady demand and annual occupancy for the year was 98% (2023/24: 98.3%). The average void turnaround time was 46.5 days (2023/24: 44.2). These figures compare favourably with most housing sector benchmarks of similar properties. Over the year, the Foundation was able to improve the lives of 12 (2023/24: 6) new beneficiaries by offering them safe, secure affordable accommodation which better met their needs.

All sites made an operating surplus before major repairs whilst keeping charges affordable.

In March 2025, as part of the merger with Cherry Hinton Almshouse Charity (CHAC), the Foundation acquired two additional almshouses. These are values in the accounts at their net book value, £108,000. In accordance with accounting practice this acquisition is shown as a donation (see Note 3).

Buildings and Maintenance

The Foundation seeks to maintain its property to a high standard of repair and has robust monitoring systems in place to help support this. During the period, 324 responsive repair jobs were carried out (2023/24: 333), of which 80.8% were completed within 7 days and 97.2% were fixed first time (2023/24: 82% and 96.76% respectively). The average time taken to complete a repair was 7.5 days compared to 6.2 days in 2023/24.

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THE FOUNDATION OF EDWARD STOREY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Periodic and statutory inspection and maintenance of lifts, boilers and plant equipment have all been undertaken along with other important health and safety checks, such as water sampling and testing for legionella infection. In addition, the recommendations of the independent Fire Risk Assessments conducted across the Foundation’s various schemes in 2022 have been completed.

A number of property upgrades were also undertaken, the details of which are shown in the table below:

Planned maintenance and major works are scheduled against a five-year rolling programme, the costs of which are incorporated into the annual budget setting process. Throughout the year, the cost of responsive repairs and small maintenance projects undertaken totalled £65,370 (2023/24: £57,011). Expenditure on extraordinary repairs and cyclical maintenance including the upgrades above comprised £141,979 (2023/24: £231,025) of these £37,072 (2023/24: £33,697) related to upgrades at Chesterton which were met out of permanent endowment, as permitted by the Charity Commission on the merger with the Wray, Jackenett, Merrill and Elie Trust.

Grant Giving – see note 7 to the Accounts

In line with the Foundation’s strategic focus ‘in need’ grants awarded under the Parish Branch were restricted to beneficiaries living in its sheltered housing. Annual grants continued to be paid to 12 (2023/24: 12) existing beneficiaries, as were Christmas gifts to residents.

The Clergy Widow Branch grant giving in this period comprised in need grants to 19 (2023/24: 14) individuals with the highest, being £2,500, (2023/24: £5,500) and the lowest £300 (2023/24: £355). In addition, there were 27 (2023/24: 29) Clergy Widow beneficiaries of annual grants who received monthly payments during the year. The Newton Branch awarded grants to 3 individuals (2023/24: 5) with the highest being £3,100 (2023/24: £2,295) and the lowest £600 (2023/24: 500). In addition, there were 3 Newton Branch beneficiaries (2023/24: 3) of annual grants who received monthly payments during the year and 1 annuitant (2023/24: 1).

FINANCIAL OVERVIEW

The accounts record a net surplus before investment gains of £241,737 for the year (2023/24: net surplus of £335,053). After accounting for the net losses on investments, of £80,699 (2023/24: investment gains of £896,677), there is a net movement in funds for the year of £161,038 (2023/24: £1,231,730).

The overall surplus on the General Reserve Fund was £570,739 (2023/24: £614,315) before making transfers to the reserve accounts and not including gains or losses on the investments.

The largest charge to operational costs is that of the payroll. Trustees review wages and salaries annually to ensure that they remain both competitive and fair by granting, as a minimum, a living wage pay increase. Trustees consider the importance of rewarding staff for their excellent work and loyalty and seek to balance this with affordability and market conditions.

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THE FOUNDATION OF EDWARD STOREY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

In addition to residents’ fees and charges and other operational income, the Foundation benefits from investment income from managed funds and legacy bequests but does not undertake fundraising activities. A breakdown of the principal sources of funding is shown in the graphs below.

INVESTMENT POLICY AND PROCEDURE

All investments are carried at their fair value. Investment in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds, unit trusts and open-ended investment companies are at the bid price. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).

The Foundation’s investments are diversified and include a range of funds comprising UK and Overseas equities, property, fixed interest and bonds. The Board of Trustees has determined that the Foundation should be viewed as a perpetual institution. Therefore, investments that have the potential to generate substantial and long-term total returns that offset, and if possible, exceed, inflation will be important to pursue.

The objectives of the Foundation’s investments are to:

• create sufficient total financial return to enable the Foundation (together with its non-investment resources) to carry out its purposes effectively and for the long term;

• maintain and, if possible, enhance the real value of the invested funds;

• achieve the above with a ‘medium’ level of risk*;

• adopt an appropriate stance on ethical investment.

• *As defined by the European Securities & Markets Authority (ESMA) model.

The Foundation does not make use of derivatives and similar complex financial instruments as it takes the view that investments are held for their long-term growth and annual income. The Foundation has no material investment holdings in markets subject to exchange controls or trading restrictions.

Having established balanced portfolios of unit trusts, the Trustees are not involved in detailed investment management. They do not currently delegate their discretion in relation to their investment function and make all investment decisions themselves; two of the Trustees having long experience of investment matters. They monitor the performance of their portfolios regularly and have access to advice as necessary.

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THE FOUNDATION OF EDWARD STOREY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Net unrealised losses of £80,700 (2023/24: gains £896,677) were recognised from the revaluation of investment funds at the end of the accounting period.

Reserves policy

Historically, Trustees have aimed to maintain free reserves in unrestricted funds at a level which, when invested alongside the Permanent Endowment Fund, would provide income sufficient to cover costs for the coming twelve-month period, which included subsidising the large operating deficit at Edward House and supporting a more expansive grants programme.

With the decision to cease care home operations, scale back grant giving and focus on the management of its property assets, the Foundation’s reserves policy has been revised to better support its strategic objectives. It aims to achieve a balance between current expenditure and the need to maintain significant reserves for the purposes detailed below:

1) Free Reserves – All of the Foundation's Almshouse schemes generate an operating surplus, excluding major repairs. It is considered prudent however for an element of free reserves of somewhere between 12-18 months of operating expenses to be held in order to guard against hostile operating conditions resulting in large unfavourable variances to income or costs. The General Funds carried forward at 31 March 2025 totalled £1,440,138 (£2,031,557 at 31 March 2024).

2) Major Repairs – The level of reserves for major repair work should, as a minimum, be in line with the budget set for the next financial year, plus the estimated costs for the following 6 months (18 months in total) as advised by the Foundation’s surveyors. This is held in the Extraordinary Repairs and Cyclical Maintenance Fund and amounted to £632,578 at 31 March 2025 (£545,277 at 31 March 2024).

3) Capital Reserves – the Foundation has recognised the growing challenges associated with an ageing property portfolio and the increasing risks around obsolescence. It also recognises that one of the most effective ways of meeting need is through the provision of high-quality affordable homes. Trustees consider it important therefore to build sufficient financial capacity within the Foundation’s Capital Fund to future proof, and where possible, expand the existing almshouse estate. The Capital Reserve Fund balance carried forward at 31 March 2025 was £5,630,872 (£4,964,863 at 31 March 2024).

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Foundation was established by the will of Edward Storey and is now governed by The Scheme of the Charity Commission for England and Wales dated 23rd March 2009 which replaced earlier schemes and amendments. This scheme itself was subject to some minor amendment on 31 December 2018 following the merger with the Newton Trust. Further administrative changes were made in July 2021 to reduce Trustee Terms of Office to 3 years and to introduce maximum length of service for new Trustees in recognition of the importance of regular refreshment and renewal of the Board. The Scheme has been further updated by the Charity Commission in January 2025 to accommodate the merger with the Cherry Hinton Almshouse Charity.

The Foundation’s Scheme provides for four 'nominated' members of the Trustees’ Board to be appointed by the Council of the University of Cambridge. Trustees have the power to co-opt not less than three and not more than five other Trustees to the Board from society in general, taking into account the needs of the Foundation. Trustees are normally expected to complete at least one three-year term of office.

The Foundation has adopted the Charity Governance Code and undertakes regular reviews against compliance.

The Trustees are responsible for setting out the general policy of the Charity. Day-to-day operational management is delegated to the Chief Executive Officer who is also the Clerk to the Trustees. A formal Scheme of Delegation was approved by the Board of Trustees in November 2018 and reviewed in September 2022.

The Board has delegated specific responsibilities to three standing subcommittees, the Finance and General Purposes Committee, the Residential Services and Grants Committee and the Development Committee. These Committees assist the Board in ensuring the effectiveness of the Foundation’s operations and that they are in accordance with the corporate objectives, strategies and the annual budget.

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THE FOUNDATION OF EDWARD STOREY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

The Foundation is not affiliated to any other charity or organisation but subscribes to the Almshouse Association and the National Council for Voluntary Organisations. A representative also attends the Annual General Meeting of the Diocesan Bishops' Visitors.

Trustees have an established recruitment and induction policy induction programme to assist in succession planning and to ensure that new Trustees clearly understand their duties and responsibilities. The Foundation encourages and supports Trustees in meeting any training needs.

During the year, Trustees attended 28 formal meetings relating to their governance of the Foundation. Trustee attendance at meetings was 76%. For convenience many committee meetings are held virtually, whilst main Board meetings are face to face. In addition, Trustees have continued to play an important role in the day-to-day working of the Foundation by interviewing prospective residents, approving grant applications, supporting staff and by providing expertise across a range of disciplines.

QUALITY ASSURANCE

The Trustees have adopted a seven-point approach to ensure quality in the operational practice of the Foundation. These points are:

• (a) the detailed assessment as to the suitability of potential residents

• (b) a continuous focus on and review of the needs of current residents

• (c) maintaining accommodation to a high standard

• (d) comprehensive policies, procedures and codes of practice

• (e) a planned programme of staff training and assessment

• (f) established routines of monitoring and reporting

• (g) formal meetings for reviews and validation

RISK MANAGEMENT

The Foundation continues to carry out regular assessments of its ‘business risks' and has prepared a response to risk exposure in the various areas of the charity. These include financial, operational, strategic and governance risks, each of which has been quantified and prioritised according to well established severity, likelihood, and mitigation methodology.

The Foundation's Risk Register was formally reviewed and updated in November 2024. With existing controls in place, most of the risk scores remain unchanged from last year. The Business Risk Analysis identified three risks as being high. These are, in the main, driven by the Edward House redevelopment and are not considered to be matters of material concern. Seven risks have been identified as medium and will continue to be actively managed. The remaining risks are generally considered to be low and will be monitored as appropriate. The Foundation’s top three risks are shown in the table below.

More generally, comprehensive controls are in place to mitigate risks, including an effective governance

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THE FOUNDATION OF EDWARD STOREY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

framework, documented Policies and Procedures, a Scheme of Delegation, routine inspections and programmes of planned maintenance, regular Trustee oversight and scrutiny, various sources of external assurance and detailed Business Continuity arrangements. Trustees receive an annual assurance report from the Clerk setting out in detail the Foundation’s risk management framework resulting in the following Statement of Internal Control being approved.

Statement of Internal Control

The Board has overall responsibility for establishing, maintaining, and reviewing the effectiveness of the system of internal control. The system of internal control is designed to manage risk and provide reasonable (not absolute) assurance that key business objectives and expected outcomes will be achieved. It also exists to give reasonable assurance about the preparation and reliability of financial and operational information, the safeguarding of the Foundation’s assets and interests, and compliance with relevant legislation, law and regulations. The Board recognises that no system of internal control can provide absolute assurance or eliminate all risk.

The Foundation’s assurance framework is designed to provide sufficient, continuous and reliable assurance on organisational stewardship and the management of the major risks to organisational success and delivery of value for money. In meeting its responsibilities, the Board has adopted a risk-based approach to internal control, which is embedded within the normal management and governance processes. Executive responsibility has been clearly defined for the identification, evaluation and control of significant risks. The Clerk, Senior Management Team and Board carry out evaluations of the risks which impact on the Foundation’s ability to meet key business objectives. Risk assessments are carried out and are aligned to the business planning process. The Clerk is responsible for reporting to the Board any significant changes affecting key risks or the breakdown of internal control.

The Board retains responsibility for a defined range of issues covering strategic, operational, financial and compliance issues. The Board has formally adopted the Charity Governance Code and has incorporated many of its principles and recommended good practice. The governance environment is supported by a framework of policies and procedures with which employees are required to comply, covering issues such as delegated authority, segregation of duties, health and safety, data protection, safeguarding and whistleblowing. Financial reporting procedures include detailed budgets for the year ahead which are reviewed and approved by the Board. The Board confirms that there is an ongoing process for identifying, evaluating, and managing significant risks faced by the Foundation. The Board has reviewed the effectiveness of the systems of internal control, including the agreed sources of assurance and confirm they are appropriate for that purpose. The Board is satisfied there is sufficient evidence to confirm that adequate systems of internal control existed and operated throughout the year. No significant weaknesses were identified which would have resulted in material misstatement or loss that would have required disclosure in the financial statements.

FUNDRAISING STANDARDS CA162A

The Foundation does not carry out any fundraising activities; its income comes from maintenance fees, investment dividends and interest. We are therefore not registered with the Fundraising Regulator. We do not fundraise, neither directly, by using third parties or through volunteers. Consequently, there have been no compliance issues, and no fundraising complaints during the year (2023/24: none). We will not accept a donation if we believe it is unlawful to accept it or if accepting it is to the detriment of the charity’s achievement of its purpose.

PLANS FOR THE FUTURE

The revised interim strategy contains the following ten strategic objectives to be achieved by the end of 2026:

• Obtain full planning consent for the construction of 16 new 1 bed apartments.

• Develop suitable funding and delivery mechanisms and engage appropriate contractors.

• Effectively manage construction phase to achieve successful handover.

• Develop strategies/policies for the allocation, management, and marketing of new flats.

• Ensure, as far as is possible, that existing accommodation continues to provide safe, secure and affordable homes that people want to live in.

• Continue taking necessary steps to increase reserves, whilst also exploring options for utilising permanent endowment.

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THE FOUNDATION OF EDWARD STOREY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

• Seek to maintain or improve upon current satisfaction levels across all the Foundation’s sites.

• Develop an agreed set of environmental principles as a precursor to a more comprehensive Sustainability Plan.

• Seek increased opportunities for the role of technology across the Foundation’s activities to include updating our website, reviewing warden call systems and the use of assisted living/smart home adaptations.

• Use the Edward House Development as a catalyst to increase awareness of the Foundation and its work.

KEY MANAGEMENT PERSONNEL REMUNERATION

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 was paid in the accounting period. Details of Trustee expenses and related party transactions are disclosed in notes 8 and 23 to the accounts.

Trustees are required to disclose all relevant interests and register them with the Chief Executive and, in accordance with the Foundation’s policy, withdraw from decisions where a conflict of interest arises.

The pay of the Foundation’s Chief Executive Officer was set on recruitment in 2018 by reference to the local employment market. The rates of staff pay are reviewed annually by Trustees with reference to the University of Cambridge and other similar local and national charities/organisations, as well as the current rate of inflation. Generally, the same percentage increase is applied to all staff, including the Chief Executive. The Foundation became accredited as a Living Wage Employer in May 2023.

TRUSTEES’ RESPONSIBILITIES STATEMENT

The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period.

• In preparing these financial statements, the Trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP 2019 (FRS102);

• make judgments and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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THE FOUNDATION OF EDWARD STOREY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

PROVISION OF INFORMATION TO AUDITOR

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

• so far as that Trustee is aware, there is no relevant audit information of which the company's auditors are unaware, and

• they have taken all the steps that ought to have been taken as a Trustee in order to be aware of any information needed by the company's auditors in connection with preparing their report and to establish that the company's auditors are aware of that information.

This report was approved by the Trustees on and signed on their behalf by:07 Nov 2025

Antony Warren (Nov 7, 2025, 5:19pm)

Dr A R Warren MA BM BCh, Chair

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THE FOUNDATION OF EDWARD STOREY

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE FOUNDATION OF EDWARD STOREY

Opinion

We have audited the financial statements of The Foundation of Edward Storey (the 'charity') for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

In our opinion the financial statements:

• give a true and fair view of the state of the charity's affairs as at 31 March 2025 and of its incoming resources and application of resources for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

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THE FOUNDATION OF EDWARD STOREY

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE FOUNDATION OF EDWARD STOREY (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

• the information given in the Trustees' Report is inconsistent in any material respect with the financial statements; or

• sufficient accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records and returns; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

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THE FOUNDATION OF EDWARD STOREY

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE FOUNDATION OF EDWARD STOREY (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the charity and how it operates and considered the risk of the charity not complying with the applicable laws and regulations including fraud in particular those that could have a material impact on the financial statements. This included those regulations directly related to the financial statements. In relation to the charity this included employment law, financial reporting and health & safety.

The risks were discussed with the audit team and we remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified. These included the following:

• We reviewed systems and procedures to identify potential areas of management override risk. In particular, we carried out testing of journal entries and other adjustments for appropriateness.

• We reviewed minutes of Trustee Board meetings and agreed the financial statement disclosures to underlying supporting documentation.

• We have made enquiries of management and officers of the charity regarding laws and regulations applicable to the organisation and we reviewed the risk management processes and procedures in place.

• We have reviewed any correspondence with the Charity Commission and reviewed the procedures in place for the reporting of incidents to the Trustee Board including serious incident reporting of any such matters if necessary.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Page 13

THE FOUNDATION OF EDWARD STOREY

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE FOUNDATION OF EDWARD STOREY (CONTINUED)

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Price Bailey LLP

Chartered Accountants Statutory Auditors

Tennyson House

Cambridge Business Park

Cambridge CB4 0WZ

Date: 20 November 2025

Price Bailey LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 14

THE FOUNDATION OF EDWARD STOREY

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025

Note Income and endowments from: Donations and legacies 3 Charitable activities 4 Investments 5 Total income and endowments Expenditure on: Charitable activities Total expenditure Net (expenditure)/incom e before net (losses)/gains on investments Net (losses)/gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward	Endowment funds 2025 £ - - - - 37,073 37,073 (37,073) (78,994) (116,067) 13,894,174 (116,067) 13,778,107	Restricted funds 2025 £ 108,000 - - 108,000 - - 108,000 - 108,000 - 108,000 108,000	Unrestricted funds 2025 £ 150 826,940 674,715 1,501,805 1,330,995 1,330,995 170,810 (1,705) 169,105 7,605,876 169,105 7,774,981	Total funds 2025 £ 108,150 826,940 674,715 1,609,805 1,368,068 1,368,068 241,737 (80,699) 161,038 21,500,050 161,038 21,661,088	Total funds 2024 £ 760 748,056 636,808
					1,385,624
					1,050,571
					1,050,571
					335,053 896,677
					1,231,730
					20,268,320 1,231,730
					21,500,050

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 18 to 38 form part of these financial statements.

Page 15

THE FOUNDATION OF EDWARD STOREY

BALANCE SHEET AS AT 31 MARCH 2025

Note Fixed assets Tangible assets 9 Investments 10 Current assets Stocks 11 Debtors 12 Short term investments (formerly shown in long term investments) 13 Cash at bank and in hand Current liabilities Creditors: amounts falling due within one year 14 Net current assets Total net assets Charity funds Endowment funds 15 Restricted funds 15 Unrestricted funds 15 Total funds	599 174,314 3,133,562 144,591 3,453,066 (139,550)	2025 £ 1,202,538 17,145,034 18,347,572 3,313,516 21,661,088 13,778,107 108,000 7,774,981 21,661,088	236 153,029 - 111,636 264,901 (97,249)	2024 £ 1,321,385 20,011,013
				21,332,398 167,652
				21,500,050
				13,894,174 - 7,605,876
				21,500,050

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Dr AR Warren MA BM BCh, Chair

20 Nov 2025 Date: 7 November 2025

Antony Warren (Nov 20, 2025,11:08am)

The notes on pages 18 to 38 form part of these financial statements.

Page 16

THE FOUNDATION OF EDWARD STOREY

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025

Cash flows from operating activities Net cash used in operating activities Cash flows from investing activities Dividends, interests and rents from investments Purchase of tangible fixed assets Proceeds of investments Net purchase / sale of investments Net cash provided by investing activities Net cash provided by financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year	2025 £ (292,782) 674,716 (694) - (348,285) 325,737 - 32,955 111,636 144,591	2024 £ (236,585) 566,605 - - (288,028) 278,577 - 41,992 69,644 111,636

The notes on pages 18 to 38 form part of these financial statements

Page 17

THE FOUNDATION OF EDWARD STOREY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1. General information

The Foundation of Edward Storey is an unincorporated charity which is registered in England & Wales. The principal office is Storey's House, Mount Pleasant, Cambridge, CB3 OBZ.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2015 which has since been withdrawn.

The Foundation of Edward Storey meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The financial statements are stated in GBP which is the functional currency of the charity.

The level of rounding is to the nearest GBP.

There were no significant estimates or judgments made by management in preparing these financial statements.

Page 18

THE FOUNDATION OF EDWARD STOREY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

2.2 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

The funds are dealt with in accordance with the current charitable scheme.

The nature and purpose of the main funds of the Foundation are set out below and details of the movements on the funds are given in the notes that follow.

The permanent endowment funds represent the funds arising out of property originally endowed to the Foundation, supplemented by the funds acquired on the merger with The Wray Jackenett Merrill and Elie Trust and those acquired on the merger with Newton Trust. Under the Scheme, the objects of the charity are to provide housing accommodation, charitable benefits for residents and pensions and relief in need for qualifying clergy widows' beneficiaries, parish beneficiaries and persons in need, hardship or distress.

Clergy widows' beneficiaries are any of the following who are in need, hardship or distress: widows of clergymen of the Church of England, dependants, spouses or former spouses of clergymen of the Church of England, women clergy of the Church of England, women deacons and deaconesses of the Church of England, women missionaries of the Church of England and other women closely involved in the work of the Church of England.

Parish beneficiaries are women who are in need, hardship or distress resident in the County of Cambridgeshire with a preference for those resident in the ancient parishes of Holy Trinity, Cambridge, St Giles, Cambridge, the ecclesiastical parish of Holy Trinity with St Andrew the Great, Cambridge and the parish of the Ascension, Cambridge.

Persons in hardship or distress are those resident in the City of Cambridge, Cambridgeshire with a preference for those resident in the ecclesiastical parishes of Holy Trinity and St. Mary the Great with St. Michael and All Angels.

Under the scheme, funds are not appropriated to specific branches or to classes of beneficiary. The trustees are required to apply the charity's income from endowment and reserve funds, firstly in meeting the proper costs of administering the charity and of managing its property and in making such annual payments to reserve funds, including Cyclical Maintenance and Extraordinary Repair Funds, as they consider necessary. Having met such costs, the trustees are required to apply the remaining income in furthering the objects of the charity, firstly for the benefit of residents, secondly for the relief of clergy widows' beneficiaries and parish beneficiaries, thirdly for the relief of other women in need, hardship or distress resident in the County of Cambridgeshire and fourthly for the relief of other persons in need, hardship or distress resident in the City of Cambridge,

Page 19

THE FOUNDATION OF EDWARD STOREY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

2.2 Fund accounting (continued)

Cambridgeshire.

The General Endowment Fund is a restricted capital fund, however income earned from this fund, together with income earned on the General Reserve fund, is permitted to be expended at the discretion of the trustees to enable the charity to meet its objectives. Accordingly such income is classified as unrestricted. The funds for Cyclical Maintenance and Extraordinary Repairs and Capital Reserve represent unrestricted reserve funds designated by the trustees for the given purpose.

2.3 Going concern

The Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements continue to be prepared on the going concern basis.

The Trustees have prepared budgets, forecasts and cashflows which show that the charity will continue to trade for 12 months from the date of signing these financial statements.

Therefore, the Trustees continue to adopt the going concern basis in preparing these financial statements.

2.4 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Donated gifts in kind are included at valuation and recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the charity of the item is probable and that economic benefit can be measured reliably.

Contributions from residents are recognised in the period to which the provision of accommodation relates.

Income from donations, legacies and fundraising is recognised on receipt or on notification to entitlement if earlier.

Investment income is recognised in the period in which the charity becomes entitled to the income.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.

Page 20

THE FOUNDATION OF EDWARD STOREY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

2.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

All expenditure is recognised on an accruals basis and has been allocated to expense headings on a direct cost basis.

Support costs are those costs incurred directly in support of expenditure on the objects of the charity. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.

Grants and pensions payable are charged to the financial statements as they are payable. Provision is made for grants payable after they are approved by the Trustees and communicated to the recipient.

Some grants are issued with repayment terms, which are contractually agreed with the recipient. These repayable grants and interest-free loans are classified as debtors. When recovery becomes highly unlikely such grants are written off as grants payable.

Redundancy and termination costs are recognised as an expense in the Statement of Financial Activities and a liability on the Balance Sheet immediately at the point the charity is demonstrably committed to either:

• Terminate the employment of an employee or group of employees before normal retirement date; or

• Provide termination benefits as a result of an offer made in order to encourage voluntary redundancy.

The charity is considered to be demonstrably committed only when it has a detailed formal plan for the termination and is without realistic possibility of withdrawal from the plan.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

Page 21

THE FOUNDATION OF EDWARD STOREY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

2.6 Tangible fixed assets and depreciation

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition are included in the measurement of cost.

General repair work to maintain the current conditions of the properties is expensed as incurred. Capital expenditure on operational property is capitalised. Capital expenditure on operational property is defined as any capital expenditure incurred which results in the generation of revenue over and above any existing revenue earned.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method, with the exception of land for which no depreciation is provided.

Depreciation is provided on the following bases:

Operational Property	-	2-8% per annum on cost of buildings
Equipment	-	25% per annum on cost

2.7 Investments

Investments are a form of basic financial instrument. All investments are carried at their fair value. Investment in equities and fixed interest securities are all traded in quoted public markets. Holdings in common investment funds, unit trusts and open-ended investment companies are at bid price. The basis of fair value for quoted investments is equivalent to market value, using bid price. Asset sales and purchases are recognised at the date of trade at cost. All gains and losses are taken to the Statement of Financial Activities as they arise. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value and are included in the Statement of Financial Activities. There were no realised gains during the year.

Investments held as fixed assets are shown at cost less provision for impairment.

2.8 Current asset investments

Current asset investments are short term highly liquid investments and are held at fair value. These include cash on deposit and cash equivalents with a maturity of less than one year.

2.9 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

2.10 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Page 22

THE FOUNDATION OF EDWARD STOREY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

2.11 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.12 Creditors and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

2.13 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of fixed assets which are valued at amortised cost and investments which are valued at fair value at the balance sheet date using the closing quoted market price which is considered to be the fair value. The historical cost of investments is shown in note 10.

2.14 Pensions

The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.

2.15 Significant Accounting Estimates and Judgements

No significant judgements, accounting policies or estimates have been made by management in applying the charity's accounting policies.

3. Income from donations and legacies

Donations (restricted fund - CHAC) Donations	Restricted funds 2025 £ 108,000	Unrestricted funds 2025 £ 150 Unrestricted funds 2024 £ 760	Total funds 2025 £ 108,150
			Total funds 2024 £ 760

Page 23

THE FOUNDATION OF EDWARD STOREY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

3. Income from donations and legacies (continued)

4. Income from charitable activities

Fees from residents Fees from residents Investment income Income from property investments Income from listed investments Interest receivable	Unrestricted funds 2025 £ 826,940 Unrestricted funds 2024 £ 748,056 Unrestricted funds 2025 £ 77,292 492,399 105,024 674,715	Total funds 2025 £ 826,940
		Total funds 2024 £ 748,056
		Total funds 2025 £ 77,292 492,399 105,024
		674,715

5. Investment income

Page 24

THE FOUNDATION OF EDWARD STOREY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

5. Investment income (continued)

Income from property investments Income from listed investments Interest receivable	Unrestricted funds 2024 £ 112,226 454,378 70,204 636,808	Total funds 2024 £ 112,226 454,378 70,204
		636,808

6. Analysis of charitable expenditure

Running expenses of almshouses and care facilities Governance costs Running expenses of almshouses and care facilities Governance costs	Activities undertaken directly 2025 £ 1,030,724 - 1,030,724 Activities undertaken directly 2024 £ 803,283 - 803,283	(Note 7) Grants 2025 £ 109,746 - 109,746 (Note 7) Grants 2024 £ 107,239 - 107,239	Support costs 2025 £ 98,951 128,647 227,598 Support costs 2024 £ 99,564 40,485 140,049	Total funds 2025 £ 1,239,421 128,647
				1,368,068
				Total funds 2024 £ 1,010,086 40,485
				1,050,571

Page 25

THE FOUNDATION OF EDWARD STOREY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

6. Analysis of charitable expenditure (continued)

Analysis of direct costs

Staff costs Depreciation Miscellaneous Establishment costs Stationery, postage and telephone Activities and trips Other staff costs Residents' services Advertising Staff costs Depreciation Miscellaneous Establishment costs Stationery, postage and telephone Activities and trips Other staff costs Residents' services Advertising	Charitable Activities 2025 £ 301,483 46,448 5,372 666,752 1,447 5,245 4,190 (1,360) 1,147 1,030,724 Charitable Activities 2024 £ 278,799 48,237 2,428 453,947 1,528 6,440 4,382 6,002 1,520 803,283	Total funds 2025 £ 301,483 46,448 5,372 666,752 1,447 5,245 4,190 (1,360) 1,147 1,030,724 Total funds 2024 £ 278,799 48,237 2,428 453,947 1,528 6,440 4,382 6,002 1,520 803,283

Page 26

THE FOUNDATION OF EDWARD STOREY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

6. Analysis of charitable expenditure (continued)

Analysis of support costs

Wages and salaries Legal and professional fees Audit and accountancy fees Insurance Computer maintenance and equipment Stationery, postage and telephone Sundry expenses	Other 2025 £ 79,728 - - 6,060 5,367 4,226 3,570 98,951	Governance 2025 £ - 114,549 14,098 - - - - 128,647	Total funds 2025 £ 79,728 114,549 14,098 6,060 5,367 4,226 3,570
			227,598

In both 2025 and 2024 support costs relate to overhead expenses and are apportioned 100% to charitable activities, staff time is apportioned to support costs based upon time spent on activities. Legal and professional fees reflect expenditure on the Edward House project.

Wages and salaries Legal and professional fees Audit and accountancy fees Recruitment costs Insurance Computer maintenance and equipment Stationery, postage and telephone Sundry expenses	Other 2024 £ 74,569 - - 312 6,004 12,350 2,532 3,797 99,564	Governance 2024 £ - 27,645 12,840 - - - - - 40,485	Total funds 2024 £ 74,569 27,645 12,840 312 6,004 12,350 2,532 3,797
			140,049

Page 27

THE FOUNDATION OF EDWARD STOREY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

7. Analysis of grants

Parish grants Clergy widow grants Newton Grants Parish Annual grants Clergy Widow annual grants Newton annual grants	2025 £ 16,555 31,046 5,701 16,244 35,055 5,145 109,746	2024 £ 9,505 28,295 7,171 17,679 39,754 4,835
		107,239

Grants were made in the year to 106 individuals (2024: 106) and no institutions (2024: nil) with a total value of £53,302 (2024: £44,971).

Annual grants totaling £56,444 (2024: £62,268) were given in the year to 39 individuals (2024: 45).

Page 28

THE FOUNDATION OF EDWARD STOREY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

8. Staff costs

Wages and salaries Social security costs Contribution to defined contribution pension schemes	2025 £ 326,150 26,720 28,341 381,211	2024 £ 303,031 23,673 26,664
		353,368

The average number of persons employed by the Charity during the year was as follows:

Administration Operational	2025 No. 4 7 11	2024 No. 4 6
		10

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

		2025	2024
		No.	No.
In the band £70,001	- £80,000	-	1
In the band £80,001	- £90,000	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 (2024: none). Expenses were re-imbursed to Dr Warren during the year totaling £40 in relation to travel costs (2024: Dr Warren £36).

Cost of Charity Trustees Indemnity insurance for the year was £806 (2024: £806).

Total remuneration of 1 member of key management personnel during the year was £93,944 including employers national insurance and pension contributions (2024: 1 member of key management personnel £87,854).

Page 29

THE FOUNDATION OF EDWARD STOREY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

9. Tangible fixed assets

Cost or valuation At 1 April 2024 Additions Disposals At 31 March 2025 Depreciation At 1 April 2024 Charge for the year On disposals At 31 March 2025 Net book value At 31 March 2025 At 31 March 2024 Fixed asset investments Cost or valuation At 1 April 2024 Additions Revaluations Transfers to short term investments At 31 March 2025	Freehold property £ 2,944,090 108,000 (392,405) 2,659,685 1,622,705 46,276 (211,226) 1,457,755 1,201,930 1,321,385 Listed investments £ 17,225,735 - (80,701) - 17,145,034	Office equipment £ 51,234 694 (760) 51,168 51,234 86 (760) 50,560 608 - Other fixed asset investments £ 2,785,278 348,284 - (3,133,562) -	Total £ 2,995,324 108,694 (393,165) 2,710,853 1,673,939 46,362 (211,986) 1,508,315 1,202,538 1,321,385 Total £ 20,011,013 348,284 (80,701) (3,133,562) 17,145,034

10. Fixed asset investments

All investments are carried at their fair value. Historical cost of the listed securities is £12,350,836 (2024: £12,350,836).

Page 30

THE FOUNDATION OF EDWARD STOREY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

11. Stocks

	2025	2024
	£	£
Cleaning, catering and maintenance stocks	599	236

12. Debtors

Due within one year Trade debtors Other debtors Loans to beneficiaries Prepayments and accrued income	2025 £ 9,746 148,130 3,600 12,838 174,314	2024 £ 6,732 126,662 4,792 14,843
		153,029

13.	Current asset investments
		2025	2024
		£	£
	Cash investments	3,133,562	-

Current asset investments includes cash on deposit which will be spent on the upcoming build project. This is a reclassification; the funds were previously shown in long term investments.

14. Creditors: Amounts falling due within one year

Trade creditors Grant commitments Other taxation and social security Other creditors Accruals	2025 £ 93,727 - 7,457 14,154 24,212 139,550	2024 £ 52,640 1,518 6,886 12,770 23,435
		97,249

Page 31

THE FOUNDATION OF EDWARD STOREY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

15. Statement of funds

Statement of funds - current year

Unrestricted funds Designated funds Extraordinary repairs and cyclical maintenance fund Capital reserve fund Sheridan Brown legacy Stella Barnes legacy General funds General Funds - all funds Total Unrestricted funds Permanent endowment funds Wray Fund FES Fund Newton Trust Fund	Balance at 1 April 2024 £ 545,277 4,964,863 62,296 1,883 5,574,319 2,031,557 7,605,876 652,901 12,698,728 542,545 13,894,174	Income £ - - - - - 1,501,805 1,501,805 - - - -	Expenditure £ (104,906) (295,023) - - (399,929) (931,066) (1,330,995) (37,073) - - (37,073)	Transfers in/out £ 192,207 961,032 - - 1,153,239 (1,153,239) - - - - -	Gains/ (Losses) £ - - 7,214 - 7,214 (8,919) (1,705) (2,866) (55,748) (20,380) (78,994)	Balance at 31 March 2025 £ 632,578 5,630,872 69,510 1,883
						6,334,843
						1,440,138
						7,774,981
						612,962 12,642,980 522,165
						13,778,107

Page 32

THE FOUNDATION OF EDWARD STOREY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

15. Statement of funds (continued)

Restricted funds Restricted Fund - CHAC Total of funds	Balance at 1 April 2024 £ - 21,500,050	Income £ 108,000 1,609,805	Expenditure £ - (1,368,068)	Transfers in/out £ - -	Gains/ (Losses) £ - (80,699)	Balance at 31 March 2025 £ 108,000
						21,661,088

Page 33

THE FOUNDATION OF EDWARD STOREY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

15. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds Designated funds Extraordinary repairs and cyclical maintenance fund Capital reserve fund Sheridan Brown legacy Stella Barnes legacy General funds General Funds - all funds Total Unrestricted funds Permanent endowment funds Wray Fund FES Fund Newton Trust Fund	Balance at 1 April 2023 £ 742,950 5,008,829 59,528 1,883 5,813,190 1,340,577 7,153,767 646,508 11,963,800 504,245 13,114,553	Income £ - - - - - 1,385,624 1,385,624 - - - -	Expenditure £ (197,703) (48,238) - - (245,941) (771,309) (1,017,250) (33,321) - - (33,321)	Transfers in/out £ 30 4,273 - - 4,303 (4,303) - - - - -	Gains/ (Losses) £ - - 2,767 - 2,767 80,968 83,735 39,714 734,928 38,300 812,942	Balance at 31 March 2024 £ 545,277 4,964,864 62,295 1,883
						5,574,319
						2,031,557
						7,605,876
						652,901 12,698,728 542,545
						13,894,174

Page 34

THE FOUNDATION OF EDWARD STOREY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

15. Statement of funds (continued)

• Total of funds 20,268,320 1,385,624 (1,050,571) 896,677 21,500,050

16. Statement of Funds (continued)

Extraordinary repairs and cyclical maintenance fund: This fund represents estimated costs, as advised by the Foundation's property managers, in relation to major repairs works.

Capital reserve fund: Provides for future capital expansion.

Sheridan Brown legacy: This legacy was gifted for general use by the charity.

Stella Barnes legacy: This legacy has been designated for the purpose of maintaining the Olga Ball garden and wooden seat.

Wray Permanent Endowment fund: This fund was incorporated on the merger with Wray Jackenett Merrill and Elie Trust in 2009. The capital can only be spent on improvements to the Chesterton Properties.

FES Permanent Endowment fund: This fund is invested with the aim of maintaining the capital (which cannot be spent) whilst providing a contribution towards the continued operation of Edward House and also the Grant funding operation of the Charity.

Newton Trust Permanent Endowment fund: This fund was incorporated on the merger with the Newton Trust in 2019 and the income generated is allocated towards the Grant funding operation of the Charity.

The transfer from the extraordinary repairs and cyclical maintenance fund represents designated amounts for repairs in the year.

CHAC: This restricted fund represents properties transferred from Cherry Hinton Almshouse Charity which are restricted for use and cannot be sold.

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THE FOUNDATION OF EDWARD STOREY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

17. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Total	Permanent endowment funds 2025 £ - 13,778,107 - - 13,778,107	Restricted funds 2025 £ 108,000 - - - 108,000	Unrestricted funds 2025 £ 1,094,538 3,366,927 3,453,066 (139,550) 7,774,981	Total funds 2025 £ 1,202,538 17,145,034 3,453,066 (139,550) 21,661,088

Analysis of net assets between funds - prior year

Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Total	Permanent endowment funds 2024 £ - 13,894,174 - - 13,894,174	Unrestricted funds 2024 £ 1,321,385 6,116,839 264,901 (97,249) 7,605,876	Total funds 2024 £ 1,321,385 20,011,013 264,901 (97,249) 21,500,050

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THE FOUNDATION OF EDWARD STOREY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

18. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the year (as per Statement of Financial Activities) Adjustments for: Depreciation charges Dividends, interests and rents from investments Loss on the sale of fixed assets (Increase)/decrease in stocks Increase in debtors Increase/(decrease) in creditors Losses/(gains) on fixed asset investments Transfer of fixed assets Net cash used in operating activities 19. Analysis of cash and cash equivalents Cash in hand Total cash and cash equivalents 20. Analysis of changes in net debt At 1 April 2024 £ Cash at bank and in hand 111,636 Liquid investments - 111,636	2025 £ 161,038 46,362 (674,716) 181,179 (363) (21,285) 42,301 80,702 (108,000) (292,782) 2025 £ 144,591 144,591 Cash flows £ 32,955 3,133,562 3,166,517	2024 £ 1,231,730 48,238 (566,604) - 169 (12,699) (40,742) (896,677) - (236,585) 2024 £ 111,636 111,636 At 31 March 2025 £ 144,591 3,133,562 3,278,153

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THE FOUNDATION OF EDWARD STOREY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

21. Pension commitments

The charity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted to £28,341 (2024: £26,664). Contributions totaling £3,790 (2024: £3,529) were payable to the fund at the balance sheet date and included in creditors.

22. Capital Commitments

In the year, the charity entered in to a contract for the performance of architectural work. The amounts confirmed for payment in the next financial year is £92,239 (2024: £Nil) and therefore we have disclosed this as a capital commitment within the accounts.

23. Related party transactions

There were no related party transactions in the year (2024 - none).

24. Post balance sheet events

During the year, the Charity received the assets of an existing Charity, Cherry Hinton Almshouse Charity. As noted within the fixed assets, the Charity received some restricted fixed asset additions from CHAC prior to the year end. They have further received an investment portfolio with a value of £117,293 on 16th April 2025. Final cash funds of £246,456 were received on the full closure of the Cherry Hinton Almshouse Charity.

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