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2025-03-31-accounts

Charity Registration No. 218931

Registered Social Housing Provider No. A0611

THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM

ANNUAL REPORT AND FINANCIAL STATEMENTS FORTHEYEARENDED31MARCH2025

THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM

CONTENTS

Page
Governors' Report
Introductory sentences 3
Reference and administrative details 3
Objectives and public benefit 6
Governance and organisation 6
Principal activity 8
Achievements 10
Future plans 14
Financial review 16
Statement of Governors' responsibilities 19
Independent auditor's report 20
Statement of financial activities 23
Balance sheet 24
Statement of cash flows 25
Notes to the statement of cash flows 26
Notes to the accounts 27

THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM

GOVERNORS'REPORT

FOR THE YEAR ENDED 31 MARCH 2025

The Governors present their report and accounts for the year ended 31 March 2025.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charity's governing instruments, the Charities Act 2011 and "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)".

Reference and administrative details

Working title

Charity number

Registered Social Housing Provider No.

Principal address

St John & St Anne

218931

A0611

Mill House South Street Oakham Rutland LE15 SHY

Governing instruments

Principal advisors Auditors

Bankers

Royal Charter dated 3 May 1597 as amended 2 July 1976 Supplemental Charter dated 21 January 1998 as amended 27 February 2003 and 9 February 2011

Price Bailey LLP 36 Tyndall Court Commerce Road Lynchwood Peterborough PE2 SLR Barclays Bank pie 10 High Street Oakham LE15 SAN

Solicitors

Investment Managers

Accountants

vwv PO Box 3501 Bristol BS2 2FL Evelyn Partners Investment Management 14[th ] Floor 103 Colmore Row Birmingham B33AG Max Accountants/Wilson Partners Kings Centre Oakham, LE15 7WD

THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM

GOVERNORS'REPORT

FOR THE YEAR ENDED 31 MARCH 2025

Farmland advisors

Shouler & Son County Chambers Kings Road Melton Mowbray LE13 1QF

Sheldon,Bosley,Knight 2 Grange Cottage Stoughton Grange Gartree Road Leicester LE2 2FB

Murray Estate Agents Market Street Oakham

THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM

GOVERNORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Governors

Chairman

Mr D Pattinson (until 31 July 2024) Mr G Thompson (from 1 August 2024 to date) Name Committee membership Ex-Officio The Bishop of Peterborough The Dean of Peterborough The Patron, Ms C Johnson The Rector of Luffenham The Rector of Uppingham The Vicar of Oakham Ex-Officio appointees on behalf of: The Patron, Ms C Johnson-Hulacki (until 6 December 2024) The Patron, Mrs S Furness (from 6 December 2024) Mr D Cook on behalf of the Bishop of Peterborough Finance Mr G Thompson on behalf of the Dean of Peterborough (from 23 Finance, Property, House February 2024) Rev S Aley on behalf of the Vicar of Oakham Mrs J Mayhew on behalf of Rector of Luffenham (until 31 July 2024) House, Property

Peterborough Diocesan Board of Finance appointees: Mr D Pattinson (until 31 July 2024) Finance, Property Mrs J Mayhew (from 1 August 2024) House, Property MrV Harvey House (Chair), Property Co-Opted: Mrs A Whittington (until 31 July 2024) House Mrs P Woolnough (from 1 August 2024) House Dr K Greenwood House Mr D Johnson Finance & GP, Property (Chair) Mr M Reihill Property Mrs R Gilbert House Mrs C Davies Finance & GP (Chair)

Officers:

CEO Doreen Woodward Finance Officer Caroline Tradewell (until 31 October 2024) Housekeeper Jill Spence Office Manager Steph Daniels/Zita Allen Property Services Manager Donald McClelland Executive Assistant Wendy Legard Planned Works Manager Rob Cotton Residents Support Worker Angie Grubb

THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM

GOVERNORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

VISION: Every resident at St John & St Anne's Almshouse Charity, thrives, feels safe and supported.

MISSION: To be one of the best Almshouses Providers in the country. To enhance the quality of life of our residents by providing good quality, well maintained homes where they can lead independent lives in a caring community setting.

VALUES:

OBJECTIVES

Based on the terms of the original licence for the foundation of the Hospital dated 21 May 1399 and the Royal Charter granted by Queen Elizabeth I in 1597 (and amended in 1976) the Charity's purpose is to provide accommodation for almspeople who shall be poor persons resident at the time of appointment in the District of Rutland or elsewhere in England.

The Governors review annually the strategic elements which they consider appropriate for pursuing the above charitable purpose; during the year under review, they re-confirmed a strategy summarised as follows:

PUBLIC BENEFIT

The Governors have due regard to the Charity Commission's guidance on public benefit. They believe that the Charity provides a public benefit by the provision within the County of accommodation for older people of limited means, which enables them to be able to live independently.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Hospital of St John the Evangelist and St Anne in Okeham is a body corporate (by virtue of the 1597 Royal Charter) with a Governing Body and staff.

. 6.

THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM

GOVERNORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

THE GOVERNING BODY

The Governing Body is made up of 15 members - the Patron ( Mrs C Johnson-Hulacki being a descendant of Archdeacon Johnson, the petitioner for the 1597 Royal Charter, who has asked the charity to select her appointee); five ex-officio Governors (being persons holding specific offices in the Diocese of Peterborough and in certain Rutland parishes); three Governors appointed by the Peterborough Diocesan Board of Finance; and five co-opted Governors. In 2011 provision was made by Supplemental Charter for any ex-officio Governors who so wish to appoint, subject to Governing Body agreement, an appropriate person to represent him or her at meetings of the Governing Body; currently five ex-officio Governors are represented by such an appointment.

The Governing Body meets four times a year; in addition, there are three committees (House, Property, and Finance & General Purposes). Also, from lime-to-time ad hoc working groups are formed to address specific topics.

The Governing Body is conscious of the need to maintain, as far as possible, a matrix of skills and life experience combined with continuity of appointment. To this end Governors approve from time-to-time arrangements for persons who are willing to become full governors when a vacancy arises to attend and participate on a non-voling basis as 'governors-in-waiting'. This is an important aspect of the induction process and ensures an understanding of the Charity is acquired before becoming a full governor. The Charity's induction procedures ensure that prospective governors are made aware of the responsibilities of being a governor. The Charity uses local media, such as Rutland Living magazine and parish newsletters, as well as local knowledge in recruiting prospective governors from the Rutland community.

THE CEO AND STAFF

The Chief Executive Officer, Doreen Woodward is responsible for the day-to-day management of the Charity and there are six other members of staff employed to undertake finance, property, support, and housekeeping functions. To all the staff, we express our sincere thanks as it is through their dedication and commitment, we are able to carry out the good and positive work for our residents. Staff are appointed following standard industry procedures of formal application, interview, background checks such as references, qualifications and enhanced disclosure and barring check.

The Charity is committed to ensuring that all staff and governors are equipped with the knowledge and skills necessary to fulfil their roles effectively and in accordance with regulatory and best practice standards. During the year, staff received training in key areas including safeguarding of vulnerable adults, health and safety, complaint handling, fire safety, and data protection. Training was delivered through a combination of in-person sessions, online modules, and external providers, ensuring accessibility and relevance. The Charity continues to review and adapt its training programme to refiect changes in legislation, and the evolving needs of its residents and community.

The Governors approve remuneration levels designed to enable the Charity to recruit and retain the skilled staff needed to manage, support, and deliver its aims. The Charity has a policy of paying at least the Real Living Wage. Remuneration is adjusted annually in line with CPI rates in the January of that year.

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THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM

GOVERNORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

OUT-SOURCED PROFESSIONAL SERVICES.

The Charity has outsourced certain services, as follows:

Investment Management - Evelyn Partners Investment Management, Payroll Services - Price Bailey LLP,

HR Support - HR Dept.

PRINCIPAL ACTIVITY - BENEFICIARIES & OCCUPANCY

The Charity provides almshouse accommodation and grounds at two sites in Oakham (South Street and St Anne's Close) and one in Uppingham (Johnson Road). It seeks to maintain the accommodation and its grounds in a good state of repair. It provides housing support services to older people of state retirement age who are experiencing financial, housing, or social needs and who can live in independent accommodation.

BENEFICIARIES:

As at the end of the financial year there were 115 beneficiaries (46 male, 69 female) occupying the 103 properties.

Currently the youngest beneficiary is 60 years of age, whilst the eldest is 98 years of age.

Resident Movement during the year

The reasons for any beneficiary seeking accommodation can be complex and varied, but the primary reason given in each of the applications can be broken down as follows:

Applications Received during the year

During the year a total of 37 applications were received in 2024-25 (38 in 2023-24).

The subject of the applications processed can be further broken down as follows:

Single females 13 Single males 19 Couples 5

Of the 37 applicants:

As stated above, the Charity was able to offer homes to 10 individuals during the past year, and we have 10 applicants who have joined our waiting list.

THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM

GOVERNORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

PRINCIPAL ACTIVITY - BENEFICIARIES & OCCUPANCY (continued)

The Charity re-assesses the needs of all outstanding applications as and when any vacancy arises; the fact of being on the waiting list does not in itself amount to a promise of a future appointment, it is the person in the most need at the time of the available accommodation.

OCCUPANCY

The continued desire that the Charity use available void periods to undertake any significant refurbishment and upgrade work necessary to improve the quality of the properties.

The occupancy level target, as stated in the 2023/24 operational objectives (and thus that used as the basis of the 2023/24 budget) was 95%. The actual occupancy rate for the 2024/25 financial year was 98% so we exceeded this target.

The average re-let time for a vacant property across the full year was 54 days (2023-24: 62 days); this was a higher figure due to major refurbishments works required and some shortages in contractor availability. The number of re-lets as a percentage of stock across the year is 8.7% (2023-24: 7.7 %).

PRINCIPAL ACTIVITY -ALMSHOUSE PROPERTIES

The portfolio consists of 103 almshouse properties as follows:

South Street 42 properties • William Dalby House 12 flats • David Royce House 23 flats • Brook Road 7 bungalows St Anne's Close 28 properties Uppingham 33 properties • Bonner House 12 flats • Taylor House 12 flats • Johnson Road 9 bungalows

In addition to the almshouse accommodation, the Charity also maintains a heritage asset, a 14th century Chapel at St Anne's Close.

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THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM

GOVERNORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

ACHIEVEMENTS

Summary

2024 has been a busy year in terms of relets, 9 void properties plus 2 internal transfers so 11 voids in total, and sadly we have had a high number of long-term residents passing away. This is reflected in beneficiary changes, both in respect of beneficiaries moving on to alternative accommodation, and new beneficiaries arriving. There has been a high volume of applications, and a continued theme of applicants at risk of homelessness or living in poor conditions and challenging circumstances.

Completing improvements works in void periods continued to be challenging as our contractor, Nottingham Community Housing Association were restructuring their organisation and were not able to provide the previous service to us going forward. Therefore, we sourced our own contractors to maintain our void refurbishment programme. The charity has almost full occupancy and a waiting list. The charity remains well placed in key resource areas of property, staff, governors, and finance, making it well able to meet its objectives now and in the future.

The charity continues to operate with a minimum 5-year perspective and is sufficiently resourced to consider expansion, should the opportunity arise.

Buildings I Site Development:

During the year:

Generally, the required work is disruptive, of the type that is not practical whilst the property is occupied and undoubtedly extends the length of time a vacant property needs to be classified as a void.

Progress since the commencement of the project is as follows, with the total number of completions to the improved specification as at the end of each financial year being:

2024/25 11 refurbishments completed 2023/24 7 refurbishments completed 2022/23 8 refurbishments completed

THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM

GOVERNORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

ACHIEVEMENTS (continued)

The total number of installations so far completed at the end of the financial year is:

2024/25 51/79 properties installed with a combi-system 2023/24 48/79 properties installed with a combi-system 2022/23 47/79 properties installed with a combi-system

The appointment by SJSA of a second Property Manager in May 2024 has enabled the Charity to have greater involvement in the larger planned works, and management of resident expectations in respect of the repairs service, and to maintain a closer overview of the services that are being delivered. During 2024/25 a survey of repairs placed directly by SJSA with a contractor, returned a satisfaction rate of 100% and were completed on time. (2023/24: 97%).

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THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM

GOVERNORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

ACHIEVEMENTS (continued)

The Residents Satisfaction Survey conducted in 2024 provides the most accurate evidence of how the responsive repairs service is perceived by those it impacts on most. The recorded satisfaction level, at 100%, compares favourably with the 94% recorded in the previous survey. The survey in 2024, aligned with the 'Tenant Satisfaction Measures' standard introduced by the Regulator of Social Housing. The 2024 survey metrics recorded 94% overall satisfaction, 95% satisfied they have a well-maintained home. 96% of residents feel safe in their home, 92% of residents felt the charity was easy to deal with, with 90% feeling they were treated fairly and with respect.

Support Services:

In addition to the provision of housing and property maintenance, the Charity holds the belief that in delivering its strategic objective, to enable beneficiaries to lead "independent lives for as long as possible" ii is important that consideration be given to meeting their various and individual support needs.

In response to national and local changes to both the funding and delivery of health and social services, the Charity has in recent years continued to consider it appropriate that ii should increase its own efforts to deliver effective housing-related support. This has proven to be the correct approach over the past 12 months, as beneficiaries have encountered difficulties in securing other forms of health and social services support.

At the current time SJSA support services are primarily through:

1. Telecare-Support

All properties are covered by a Community Lifeline service delivered by Harborough Borough Council (Harborough Lifeline), and which is fully funded by SJ&SA, regardless of the financial situation of the individual beneficiary.

During the year Harborough Lifeline handled a total of 4,760 SJ&SA generated calls (4,263 in 2023/24). This traffic included health / fall type emergency calls of 56 (36 in 2023/24).

The response times for all calls are monitored and reported on annually, and can be measured against the Quality Standards Framework requirements, as published by TSA (previously Telecare Services Association).

Call Answers Statistics 2023/24 All SJSA Properties

68% answered within 60 seconds (89% - 2023/24) 89% answered within 180 seconds (89% - 2023/24)

Overall, these reported response times do continue to give assurance that our beneficiaries receive an effective and efficient service from Harborough Lifeline.

In addition to the reactive type of tele-support provision detailed above, each beneficiary is also offered the option to use a pro-active service provided by Alertaca/1, commonly known within SJ&SA as the Okay-eachday service.

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THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM

GOVERNORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

ACHIEVEMENTS (continued)

The Alertacall provision was upgraded from a telephone facility to a new tablet-based service. This offers a number of immediate benefits, improving the capability of SJSA to communicate with individual or groups of beneficiaries, and providing a single route for the reporting of repairs that is available to all beneficiaries 24 hours a day. At the same time, this service was made an integral part of the housing package provided, and it has now been possible to sign all residents up to the Okay-each-day service.

During the year there were 1,225 occasions, when the service contacted a named responder due to an individual not logging in. The service also made 92 contacts to local hospital services to monitor the discharge arrangement for a beneficiary. In addition, there were 123 occasions when this service initiated a repair request on behalf of a resident, this has increased significantly since the introduction of the tablets, which facilitate the reporting of repairs for beneficiaries.

The Alertaca/1 service also enables information messages to be delivered electronically to groups of beneficiaries or individuals. In total 286 different messages have been delivered during the year (218 in 2023-24).

The resident feedback conducted in 2024 would suggest that both services are well regarded by those who use them.

1. Personal support

The Charity is very conscious of the role that effective housing related support has in enabling beneficiaries to continue to live independent lives. As such SJ&SA employs a full time Resident Welfare & Benefits Advisor, in order to better meet the needs of the resident group.

Although accessible by all, traditionally the Resident Advisor resource has been focussed on the frailest 20% of our population. Covid meant that more contacts were made to significantly more beneficiaries, some requiring the adoption of new approaches, as the Charity attempted to offer good support to all throughout the pandemic. That increased level of support remains.

The work of the Support Worker has over the past twelve months successfully delivered 24 benefits reviews (30 in 2023/24), 3 Blue Badge applications (7 in 2023/24) and 14 care assessment and occupational therapy referrals (14 in 2023/24).

The SJSA support service was successful in assisting over 10 different beneficiaries to claim a significant amount in new "benefit income" during the year. This continues to demonstrate the positive outcome achievable from active housing support.

THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM

GOVERNORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

ACHIEVEMENTS (continued)

Beneficiary involvement:

The Charity remains firm in its desire to consider the wishes and opinions of its beneficiaries, particularly in those decisions that directly impact on their day-to-day living. This is achieved through:

Recognition & Communication:

The Charity is also conscious of the need to raise awareness within the wider community, and to contribute to the wellbeing of the community beyond the immediate beneficiary group. During the past twelve months this has been achieved by:

FUTURE PLANS

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THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM

GOVERNORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

FUTURE PLANS (continued)

The condition of all properties becoming vacant will continue to be addressed before re-letting lo ensure we continue to offer good quality homes.

VALUE FOR MONEY STATEMENT 2024-25

The format of this year's statement refiects the publication in April 2018 of the Regulator of Social Housing's Value for Money Standard for Registered Providers.


ue for Money Standard for Registered Providers.
Metrics specified by the regulator Outcome
2024/25		 Outcome
2023/24
Metric 1:
Reinvestment %		 2.2% 0.5%
Metric 2a:
New Supply (Social Housing Units)%		 NIL NIL
Metric 2b:
New Supply (Non-Social Housing Units) %		 NIL NIL
Metric 3:
Gearing%		 (12.84%) (11.76%)
Metric 4:
EBITDA (Major Repairs Included)
Interest Cover %		 2,291% 1,881%
Metric 5:
Headline Social Housing Cost per Unit		 £10,543 £8,139
Metric 6A:
%
Operating Margin (social housing lettings only)		 (4.8%) (7.5%)
Metric6B:
Operating Margin (overall)%		 10.4% 10.5%
Metric 7:
Return on Capital Employed %		 0.9% 0.8%

THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM

GOVERNORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

FINANCIAL REVIEW

In the year to 31 March 2025, the Charity's finances benefited from a positive outcome on net incoming resources, of some £114,612 (2024: £96,058), and from a gain on investment valuations of £94,878 (2024: £562,644). As a result, balance sheet total funds have increased to some £12.5 million (2024: £12.3 million), within which cash and cash-equivalents comprise some £1.2 million (2024: £1.1 million).

Investments and investment performance are dealt with in more detail below.

Much of the Charity's expenditure on operational properties is now accounted for as additions to fixed assets. These amounted to £180,237 in the year (2024: £38.010). These costs and plans for future years are significantly affected by the Governors' strategic decision not simply to replace operational property assets on a like-for-like basis as and when they reach the end of their economically useful lives, but to focus on any available improvements better suited to the Charity's objective of providing accommodation suitable for residents to live independently for as long as possible.

The Governors' approach to financing these costs and plans is dealt with further below in the paragraphs on Reserves and Reserves Policy.

Investments and investment performance

The Charity holds investments on account of Permanent Endowment, Restricted and Designated Funds, the investments being spread over farmland, listed investments and cash.

The investment management objectives are that:

In pursuing the above objectives, the Charity maintains a direct investment in farmland; maintains assets in equity-based investments (managed by CCLA) in respect of its Restricted Reserves; and has arranged for the permanent endowment listed investment portfolio to be managed on a discretionary basis by Evelyn Partners Investment Managers, within a framework of ethical investment criteria (adopted from those published for the Church of England) and a willingness to be exposed to a medium level of market risk.

In relation to the investment income objective and the portfolio managed by Evelyn, the Governors set a target of £120,000 before fees for investment income in the year. Income received of £137,891 (2024: £128,518) exceeded this target.

Together with farmland and other investment income, total investment income in the year was £186,908 (2024: £175,381) before investment management costs of £25,061 (2024: £24,192).

In relation to the liquidity objective there was no call during the year to sell or re-allocate investments in order to make an extra contribution to liquidity needs.

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THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM

GOVERNORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

FINANCIAL REVIEW (continued)

Investments and investment performance (continued)

As to the objective relating to capital values, on 31 March 2025 the balance sheet total for investments was £6,135,550 (2024: £6,040,142).

The large majority of this value is in assets which are independently valued at the year end; for one category of investment - the farmland - the Governors' practice is to obtain a professional valuation every three years; as such a fresh valuation was obtained in 2025, with the next one due in 2028.

Reserves and Reserves Policy

At the year end the total funds held by the Charity were some £12.52 million, made up of:

Endowment funds
Restricted funds
Unrestricted designated funds
Unrestricted general funds		 £million
10.88
0.47
0.48
0.69
12.52

The Endowment Funds are the permanent capital of the Charity. On the asset side of the balance sheet, they are represented by:

The Restricted funds are also not available for expenditure. Formally they represent a Recoupment Fund set up in two stages, firstly when the Charity expended capital towards the cost of the South Street, Oakham, flats in 1976, and secondly when capital was expended on the first development at Uppingham in 1980. In both cases, the Charity was required by the Charity Commission to set aside an annual sum of £602 over sixty years to recoup this capital. When that term expires, the capital of the recoupment fund will be added to the Permanent Endowment investments.

By contrast, Unrestricted funds are available for expenditure at Governors' discretion in pursuit of the Charity's purposes. Within this category there are two sub-categories - one where the Governors have 'designated' or earmarked funds for one or more particular future purposes, and General funds which have not been so earmarked.

At the year end the Designated funds of £481,284 comprised an Extraordinary Repairs Reserve of £382,304 and a Cyclical Maintenance Reserve of £98,980.

The Extraordinary Repairs Reserve is used to enable major property expenditure to be planned over a 5-year timescale, having regard to any need for funding above the level of cashflow generated by almshouse operations and investment income. A balance of £382,304 (2024: £382,304) is held in the Extraordinary Repairs Reserve which is sufficient, but is not excessive, having regard to current plans for the next 5 years.

THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM

GOVERNORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

FINANCIAL REVIEW (continued)

Investments and investment performance (continued)

A second designated reserve (for Cyclical Maintenance) is maintained to fund lesser, periodic, planned repairs and maintenance and is funded by an annual transfer from the income of the Charity. A balance of £98,980 (2024: £98,980) is held in the Cyclical Maintenance designated reserve.

The General Unrestricted funds represent the accumulated balance to date of the income of the Charity after meeting all almshouse, management and other running costs and transfers to the Cyclical Maintenance and Extraordinary Repair reserves. In common with other charities, the Charity needs to maintain a balance on such General Reserves in order to ensure that, in the event of any abrupt or unforeseen worsening in the Charity's operating finances, the Charity can continue its activities for a sufficient period of time to be able to recover and/or find a new basis of financing its activities. The relevant annual cost for the Charity is now running at a level of approximately £0.90 million p.a. (total resources excluding depreciation which is not a 'cash cost'); the Unrestricted General Reserve at 31 March 2025 (£686,639) therefore suffices for some 9.13 months' operating 'cash costs'. The Governors consider that this is acceptable in current circumstances.

Risk management

The Governors assess from time to time the major risks to which the Charity is exposed and are satisfied that systems are in place to mitigate exposure to these. These risks relate to:

The Charity's main strategy to address these risks is (i) to review from time to time the particular areas where such risks may be either most likely to arise or where their impact would be most serious and to devise and implement particular mitigation plans as appropriate in the light of such review; and (ii) at all times and on a continuous basis to keep under review, and to report to Governors, any work necessary to ensure that the Charity's properties provide a safe and secure environment.

In addition, Governors are conscious that the scale and smooth running of the Charity's operations depends to a considerable extent upon governmental regimes, systems and services. Some aspects of the future of these are subject to significant uncertainty. Governors seek to minimise the risks to the Charity from such uncertainty by keeping abreast of relevant developments (in particular through the Almshouse Association) and by regular review, particularly at the time of annual budgeting.

THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM

GOVERNORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Statement of Governors' responsibilities

The Governors are responsible for preparing the Governors' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Governors to prepare financial statements for each financial period 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 accounts, the Governors are required to:

The Governors are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the governing instruments. 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.

Thanks are recorded to all the Governors that have given their time freely not only to attend meetings but also to deal with individual matters in the year.

The Governors' report was approved by the Governing Body on .[2] �."�ll..[2] �?5.....

PG_'Tto"'/'>OA_ C/ll!P.,,.vie.::s
�13ff/Jl5lmpson (Aug 28, 2025, Carolyn Davies (Sep 1, 2025, 8:57am)
G Thompson C Davies
Chair Governor

• 19 -

THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM

INDEPENDENT AUDITOR'S REPORT

TO THE GOVERNORS OF THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM

We have audited the financial statements of The Hospital of St John the Evangelist and of St Anne in Okeham for the year ended 31 March 2025, which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, 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 to the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the accounts:

Basis for opinion

We conducted our audit in acccrdance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's 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 UK, including the FRC'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 governors' 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.

Other information

The other information comprises the information included in the Governors' annual report, other than the financial statements and our auditor's report thereon. The Governors are responsible for the other information. 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 fonn 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 in relation to which the Charities (Acccunts and Reports) Regulations 2008 require us to report to you if, in our opinion:

THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE GOVERNORS OF THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM

Responsibilities of Governors

As explained more fully in the Governors' responsibilities statement set out on page 19, the Governors are responsible for the preparation of financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Governors 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 Governors 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 Governors either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor's 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:

Enquiry of management and those charged with governance around actual and potential litigation and claims and any instances of non-compliance with laws and regulations;

Performing audit work to address the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments;

Assessing whether the judgements made in accounting estimates are indicative of a potential bias; Reviewing minutes of meetings of those charged with governance; and Reviewing financial statement disclosures

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standardsand-guidance-for-auditors/Auditors-responsibilities-for-audiUDescription-of-auditors-responsibilities-for-audit.aspx.This description forms part of our auditor's report.

-21 -

THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE GOVERNORS OF THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM

Use of our report

This report is made solely to the Charity's Governors, 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 Governors 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 the Charity's Governors as a body, for our audit work, for this report, or for the opinions we have formed.

Pn_coScuJC2G·luD Price Bailey LLP __j_

Chartered Accountants Statutory Auditor

36 Tyndall Court Commerce Road Lynchwood Peterborough Cambridgeshire PE2 6LR

Price Bailey LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

• 22 •

THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MARCH 2025

Notes
Income and endowments from:
Charitable activities
3
Investments
4
Other income
5
Donations and legacies
6
Total income and endowments
Expenditureon;
Charitable activities
7
Investment management costs
8
Total resources expended
Net incoming/(outgoing) resources before
before transfers and gains/(losses)
on investments
Net gains/(losses) on investments
Net incoming/(outgoing)
resources before transfers
Gross transfers between funds
Net movement in funds
Fund balances at 1 April 2024
Fund balances at 31 March 2025		 Unrestricted
funds
Restricted
funds
Permanent
endowment
funds
Total
Year ended
2025
Total
Period ended
2024
£
£
£
£
£
1,036,068
1,036,068
779,631
186,908
186,908
175,381
2,583
2,583
3,381
180
1,225,559
1,225,559
958,573
878,044
207,842
1,085,886
838,323
24,989
72
25,061
24,192
903,033
207,914
1,110,947
862,515
322,526
(207,914)
114,612
96,058
(7,066)
101,944
94,878
562,644
322,526
(7,066)
(105,970)
209,490
658,702
(195,781)
602
195,179
126,745
(6,464)
89,209
209,490
658,702
1,041,178
478,805
10,788,362
12,308,345
11,649,643
1,167,923
472,341
10,877,571
12,517,835
12,308,345

-23 -

THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM

BALANCE SHEET

AS AT 31 MARCH 2024

Notes
£
Fixed assets
Tangible assets
12
Investments
13
Current assets
Debtors
15
46,922
Investments
205,210
Cash at bank and in hand
1,015,993
1,268,125
Creditors: amounts falling due within
one year
16
(122,995)
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
17
Net assets
Capital funds
Unrestricted funds - general
Unrestricted funds - designated
21
Total unrestricted funds
Endowment funds
22
Including revaluation reserve of £2,428,161 (2024: £2,326,217)
Restricted funds
23
Including revaluation reserve of £358,245 (2024:£365,311)		 £
46,922
205,210
1,015,993
1,268,125
(122,995)		 2025
£
5,399,063
6,135,550		 £
53,718
74,887
1,010,213		 2024
Restated
£
5,428,182
6,040,142
11,534,613
1,145,130		 11,468,324
1,017,722
1,138,818
(121,096)
12,679,743
(161,908)		 12,486,046
(177,701)
12,517,835
686,639
481,284
1,167,923
10,877,571
472,341
12,517,835		 12,308,345
559,895
481,283
1,041,178
10,788,362
478,805
12,308,345

The financial statements were approved by the Governing Body and authorised for issue on ? � . ��� ??? � .. and are signed on its behalf by:

C;V/1/.,,.vie..s PG Tt.o'f>O � �Davies (Aug 29, 2025, �� ffi\ll � gb'/,° (Aog 28, 2025, C Davies

Chair

Governor

THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2025

Notes
Cash flow from operating activities
(i)
Cash flow from investing activities
Purchase of tangible fixed assets
Investment purchases and disposals
(ii)
Interest income
Investment income (net of investment
management costs)
Net cash flow from investing activities
Cash flow from financing activities
Repayment of bank loans
Interest paid
Net cash flow from financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
Cash and cash equivalents consists of:
Cash at bank and in hand
Fixed term cash deposits
Investment cash balances
Cash and cash equivalents at end of year		 £
(180,237)
14,575
39,812
112,830		 2025
£
196,115
(13,020)
(32,650)		 £
(38,010)
(41,270)
37,419
113,770		 2024
Restated
£
80,555
71,909
(29,626)
(16,774)
(15,876)		 (13,295)
(16,331)
150,445
1,120,878		 122,838
998,040
1,271,323 1,120,878
1,015,993
205,210
50,120		 1,010,213
74,887
35,778
1,271,323 1,120,878

THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM

NOTES TO THE STATEMENT OF CASHFLOWS

FOR THE YEAR ENDED 31 MARCH 2025

Notes
Note(i) -Reconciliation of net income/(expenditure) to
net cash flow from operating activities
Net incoming/(outgoing) resources
Adjustments for:
Investment income recognised in statement of financial
activities
Investment management costs
Depreciation and loss on disposal of tangible fixed assets
(iii)
Interest payable
Interest received
Decrease/(lncrease) in debtors
(Decrease)/Increase in creditors
Net cash flow from operating activities
Note(ii) •Investment purchases and disposals
Purchase of other investments
Proceeds on disposal of other investments
Note(iii) •Depreciation and impairment of tangible fixed
assets
Depreciation and impairment of tangible fixed assets
Loss on disposal of tangible fixed assets
Analysis of changes in net debt
Balance at
1 April 2024
£
Cash
1,085,100
Loans due within one year
(16,992)
Loans due after one year
(177,701)
890,407		 2025
2024
£
£
114,612
96,058
(137,891)
(137,962)
25,061
24,192
209,356
173,640
15,876
16,331
(39,812)
(37,419)
6,796
(17,758)
2,117
(36,527)
196,115
80,555
(813,706)
(313,407)
828,281
272,137
14,575
(41,270)
196,743
169,046
12,613
4,594
209,356
173,640
Other
Balance at
Cash
flows
non-cash 31 March 2025
movements
£
£
£
136,103
1,221,203
218
(16,774)
15,793
(161,908)
152,114
1,042,521

• 26 -

THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

Charity information

The Hospital of St John the Evangelist and of St Anne in Okeham is a Registered Charity and Registered Social Housing Provider that is primarily an endowed Almshouse Charity.

1.1 Accounting convention

The Charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 issued on October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.

The Charity is a Registered Social Housing Provider. In accordance with the requirements of the Housing SORP, the Charity has applied the Charities SORP in the preparation of these financial statements.

The accounts 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 Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The accounts are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

The accounts have been prepared on the historical cost convention as modified by the revaluation of investments. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the accounts, the Governors have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Governors continue to adopt the going concern basis of accounting in preparing the accounts.

1.3 Charitable funds

Unrestricted funds

General funds

Unrestricted funds are available for use at the discretion of the Governors in furtherance of their charitable objectives unless the funds have been designated for other purposes.

-27 -

THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies (continued)

1.3 Charitable funds (continued)

Unrestricted funds (continued)

Designated funds

The following unrestricted funds have been designated at the discretion of the Governors for specific purposes as follows:

Extraordinary repair fund

The extraordinary repair fund has been set up to fund large scale repairs, renovations and improvements which occur from time to time.

Cyclical maintenance fund

The cyclical maintenance fund has been set up to fund periodic, non annual, repairs and maintenance and is funded by an annual transfer based on The Almshouse Association guideline figures.

Restricted fund

Recoupment fund

The Recoupment fund was set up in two stages, firstly when the Charity expended capital towards the cost of the South Street, Oakham flats in 1976, and secondly when capital was expended on the first development at Uppingham in 1980. In both cases, the Charity was required by the Charity Commission to set aside an annual sum over sixty years to recoup this capital. When that term expires, the balance on the Reserve will be transferred to the credit of Permanent Endowment and the assets held on account of the reserve transferred to Fixed Asset Investments.

Office conversion project

This fund relates to Social Housing Grant awarded to facilitate the development and provision of Affordable Housing. The use of the grant is restricted to the delivery of affordable dwellings pursuant to Homes England's Shared Ownership Affordable Homes Programme 2016-2021.

Permanent endowment funds

Permanent endowment funds represent the capital of the Charity and are invested in operational properties (i.e. almshouse residential properties), farmland, listed investments and cash. This capital is not expendable but the income generated represents unrestricted income.

1.4 Incoming resources

Income is recognised when the Charity is legally entitled to it.

All residents' weekly maintenance contributions are recognised when due and investment income is recognised when receivable.

1.5 Resources expended

Expenditure is recognised when a legal or constructive obligation has fallen due.

All expenditure is accounted for on an accruals basis. All expenses including governance costs are allocated or apportioned to the applicable expenditure headings. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies {continued)

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Freehold land and housing properties

Freehold land is not depreciated. Depreciation is charged so as to write down the cost of freehold housing properties to their estimated residual value on a straight line basis over their estimated useful economic lives at the following annual rates:

Main fabric of buildings Over 100 years Mechanical installations Over 30 years Roof Over 70 years Electrical installations Over 40 years Windows and external doors Over 30 years Lifts Over 20 years Gas boilers Over 15 years Kitchens Over 20 years Fire alarms and lifeline equipment Over 20 years Buggy store Over 30 years Bathrooms Over 30 years Access ramps/steps Over 30 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities for the year.

Furnishings and equipment

Furnishings and equipment are stated at cost less accumulated depreciation. Depreciation is provided to write off the cost of assets over their expected economic useful lives on a straight line basis of either 10% or 25%.

Social Housing Grant

Where developments have been financed wholly or partly by Social Housing Grant (SHG), the amounts of the grants received are recognised as incoming resources using the performance model. On the sale of a property, or if another relevant event takes place, SHG may become repayable, although it is normally available to be recycled and used for a new Social Housing project approved by the Homes & Communities Agency. The cumulative amount of Social Housing Grant received at 31 March 2025 was £3,086,870 (31 March 2024: £3,086,870).

1.7 Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value at the reporting end date. The surplus or deficit on revaluation is recognised in net incoming/(outgoing) resources for the year.

1.8 Impairment of fixed assets

At each reporting end date, the Governors review the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss {if any).

THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies (continued)

1.8 Impairment of fixed assets (continued)

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use. the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in income/(expenditure) for the year, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9 Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in 'net gains/(losses) on investments' in the Statement of Financial Activities if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

1.10 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, bank overdrafts and cash held as fixed asset investments. Bank overdrafts are shown within borrowings in current liabilities.

1.11 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 bank loans which are subsequently measured at amortised cost using the effective interest method and fixed asset investments which are recognised and subsequently measured in accordance with the accounting policy at note 1.7.

1.12 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13 Value added tax

The Charity is unable to reclaim any Value Added Tax (VAT) it incurs on its expenditure. This irrecoverable tax is a cost to the Charity and consequently all figures within these financial statements are stated inclusive of any VAT incurred (unless stated otherwise).

1.14 Business combinations

Where acquisitions are in substance the gifting of control of a business to the Charity the combination is treated as a non-exchange transaction and the fair value of the gifted assets and liabilities in the transaction is recorded as a gain or loss in the statement of financial activities in the year of combination.

THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies (continued)

1.15 Operating leases

Rentals applicable to operating leases where subsequently all of the benefits and risks of ownership remain with the lessor are charged to the statement of financial activities.

1.16 Major repair costs

The Charity capitalises expenditure on housing properties which results in an enhancement of the economic benefit of the asset such as an increase in the net rental stream over the life of the property. An increase in the net rental stream may arise through an increase in net rental income, a reduction in future maintenance costs, or a significant extension of the useful life of the property.

Expenditure on works which does not meet this criteria is written off to the Statement of Financial Activities in the year in which it is incurred. This includes expenditure incurred to ensure that the property can maintain its existing level of net rental income or the standard of performance anticipated when the property was first acquired or constructed.

2 Critical accounting estimates and judgements

In the application of the Charity's accounting policies, the Governors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Charitable activities

2025
£
Provision of almshouses - residents' weekly maintenance contributions
1,036,068
4
Investments
2025
£
Rental income
9,205
Income from listed investments
137,891
Interest receivable
39,812
186,908		 2024
£
779,631
2024
£
9,444
128,518
37,419
175,381

THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

5
Other income
2025
£
Common room lets
175
Sundry site receipts
2,408
2,583
Analysis by fund
Unrestricted funds
2,583
Restricted funds
2,583
6
Donations and legacies
2025
£
Donations and gifts		 2024
£
865
2,516
3,381
3,381
3,381
2024
£
180

THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

7 Charitable activities

Provision of Almshouses
2025
2024
£
£
Staff costs
294,079
231,742
Depreciation and loss on disposal of fixed assets
209,356
173,640
Day to day maintenance
183,190
75,931
Cyclical maintenance
107,024
113,164
Utilities
20,561
24,897
Window cleaning and materials
7,464
4,170
Support worker expenses
1,106
768
Alertacall
28,010
24,865
Charitable benefit
56,179
55,240
Landscaping
30,945
27,706
Buildings and contents insurance
9,061
8,406
Management
115,731
70,141
Door entry system
2,639
Void properties
610
1,459
1,063,316
814,768
Governance costs (see note 9)
22,570
23,555
1,085,886
838,323
Analysis by fund
Unrestricted funds
878,044
666,759
Endowment funds
207,842
171 564
1,085,886
838,323
Investment management costs
2025
2024
£
£
Investment management
25,061
24,192
25,061
24,192		 Provision of Almshouses
2025
2024
£
£
Staff costs
294,079
231,742
Depreciation and loss on disposal of fixed assets
209,356
173,640
Day to day maintenance
183,190
75,931
Cyclical maintenance
107,024
113,164
Utilities
20,561
24,897
Window cleaning and materials
7,464
4,170
Support worker expenses
1,106
768
Alertacall
28,010
24,865
Charitable benefit
56,179
55,240
Landscaping
30,945
27,706
Buildings and contents insurance
9,061
8,406
Management
115,731
70,141
Door entry system
2,639
Void properties
610
1,459
1,063,316
814,768
Governance costs (see note 9)
22,570
23,555
1,085,886
838,323
Analysis by fund
Unrestricted funds
878,044
666,759
Endowment funds
207,842
171 564
1,085,886
838,323
Investment management costs
2025
2024
£
£
Investment management
25,061
24,192
25,061
24,192		 Provision of Almshouses
2025
2024
£
£
Staff costs
294,079
231,742
Depreciation and loss on disposal of fixed assets
209,356
173,640
Day to day maintenance
183,190
75,931
Cyclical maintenance
107,024
113,164
Utilities
20,561
24,897
Window cleaning and materials
7,464
4,170
Support worker expenses
1,106
768
Alertacall
28,010
24,865
Charitable benefit
56,179
55,240
Landscaping
30,945
27,706
Buildings and contents insurance
9,061
8,406
Management
115,731
70,141
Door entry system
2,639
Void properties
610
1,459
1,063,316
814,768
Governance costs (see note 9)
22,570
23,555
1,085,886
838,323
Analysis by fund
Unrestricted funds
878,044
666,759
Endowment funds
207,842
171 564
1,085,886
838,323
Investment management costs
2025
2024
£
£
Investment management
25,061
24,192
25,061
24,192
814,768
23,555
838,323
666,759
171 564
838,323
2024
£
24,192
24,192

8 Investment management costs

THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

9 Support costs
Governance 2025 2024 Basis of allocation
costs
£ £ £
Audit fees 6,694 6,694 7,224 100% charitable activities
Interest payable 15,876 15,876 16,331100% charitable activities
22,570 22,570 23,555

10 Governors

None of the Governors (or any persons connected with them) received any remuneration from the Charity during the year. None of the Governors were reimbursed expenses during the year (2024: £149).

0

THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

11 Employees

Number of employees

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

2025
Number
CEO
1
Office Manager
1
Property Manager
1
Property Services Manager
Executive Assistant
Residents' Support Worker
Housekeeper
1
7		 2024
Number
1
1
1
1
7

The full time equivalent number of employees receiving annual remuneration excluding employer pension contributions in excess of £60,000 are:

£60,001 to £70,000
£70,001 to £80,000
Employment costs
Wages and salaries
Social security costs
Other pension costs		 2025
£
258,196
22,264
13,619		 1
2024
£
201,146
15,543
15,053
294,079 231,742

Remuneration of key management personnel

The remuneration of key management personnel is as follows:

2025
£
Salary
75,597
Contributions to pension scheme
5,852
81,449		 2024
£
57,306
4,420
61,726

THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

12 Tangible fixed assets

Land and
buildings
£
Cost
At 1 April 2024
8,026,940
Additions
179,169
Disposals
(87,877)
At 31 March 2025
8,118,232
Depreciation and impairment
At 1 April 2024
2,605,222
Depreciation charged in the year
195,229
Depreciation eliminated on disposals
(75,264)
At 31 March 2025
2,725,187
Carrying amount
At 31 March 2025
5,393,045
At 31 March 2024
5,421,718		 Fixture,
Total
fittings and
equipment
£
£
65,205
8,092,145
1,068
180,237
(87,877)
66,273
8,184,505
58,741
2,663,963
1,514
196,743
(75,264)
60,255
2,785,442
6,018
5,399,063
6,464
5,428,182

THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

13 Fixed asset investments

2025
£
Listed investments
5,360,430
Farmland
725,000
Cash and cash equivalents:
- Investment management deposit account
50,120
- COIF deposit account - Extraordinary repair fund
- COIF deposit account - Cyclical maintenance fund
6,135,550		 2024
£
5,289,364
715,000
35,778
6,040,142

The farmland was valued in February 2025 by an independent RIGS Chartered Surveyor. The Governors are of the opinion that this revaluation continues to refiect the fair value of the farmland at 31 March 2025.

The listed investments are valued at market value. The Governors consider variability of investment returns on the permanent endowment to constitute the Charity's major financial risk. This is mitigated by retaining expert investment managers and having a diversified investment portfolio.

Movements in fixed asset investments

Cost or valuation
At 1 April 2024
Additions
Valuation changes
Disposals
At 31 March 2025
Carrying amount
At 31 March 2025
At 31 March 2024		 Cash
Shares
Farmland
Total
£
£
£
£
35,778
5,289,364
715,000
6,040,142
813,706
813,706
14,342
74,672
10,000
99,014
(817,312)
(817,312)
50,120
5,360,430
725,000
6,135,550
50,120
5,360,430
725,000
6,135,550
35,778
5,289,364
715,000
6,040,142

The profit on investment disposals during the year based on historic cost was £150,432 (2024: loss of £12,824).

THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

14
Financial instruments
Carrying amount of financial assets
Equity instruments measured at fair value less impairment
Carrying amount of financial liabilities
Loans measured at amortised cost		 2025
£
5,360,430
5,360,430
178,682		 2024
£
5,289,364
5,289,364
194,693

Financial assets pledged as collateral

The loans are secured and some carry a variable rate of interest as described in note 18.

The interest payments on these loans are therefore susceptible to changes in interest rates. The Governors acknowledge these risks, though they also acknowledge that the financial impact of any increases in interest rates will be mitigated by corresponding increases in the performance of their fixed asset investments.

15
16
17
Debtors
Amounts falling due within one year:
Other debtors
Prepayments and accnued income
Creditors: amounts falling due within one year
Notes
Loans and overdrafts
18
Trade creditors
Other creditors
Taxation and social security
Accruals and deferred income
Creditors: amounts falling due after more than one year
Notes
Loans and overdrafts
18		 2025
£
2024
£
3,153
3,805
43,769
49,913
46,922
53,718
2025
2024
£
£
16,774
16,992
42,762
7,670
33
33
12,121
5,235
51,305
91,166
122,995
121,096
2025
2024
£
£
161,908
177,701

THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

18 Loans and overdrafts

Long term housing loans
Payable within one year
Payable after one year
Amounts included above which fall due after five years:
Payable by instalments		 2025
£
178,682
16,774
161,908
102,597		 2024
£
194,693
16,992
177,701
105,840

The long-term housing loans are secured by specific charges on the Charity's housing properties.

The Charity has loan facilities with the Norwich and Peterborough Building Society and Rutland County Council. The loan facilities are secured by specific charges on the Charity's housing properties.

There are two loans with Rutland County Council. One is a fixed rate loan which is repayable at a rate of 12% per annum, the other has a fixed annual capital repayment with interest calculated at prevailing local government rates.

The remaining loan with the Norwich and Peterborough Building Society is repayable at a variable interest rate based on UBOR plus a margin of 1.25%, subject to a minimum interest rate of 4.2%.

The two loans outstanding with Rutland County Council totalling £108,373 (2024: £109,846) are due to be fully repaid in 2048 and 2052 respectively. The loan of £55,309 (2024: £67,346) outstanding with Norwich and Peterborough Building Society is due to be fully repaid by 2028.

The charity has a loan from The Almshouse Association repayable over 10 years totalling £15,000 (2024: £17,500) which is repaid in six monthly instalments and due to be fully repaid in 2031. The loan is interest free and unsecured.

19 Lease Commitments

The future minimum operating lease payments are as follows:
Within one year
Between one and two years
Between two and five years		 2025
£
18,332
18,332
67,217
103,881		 2024
£
12,221
12,221

THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

20 Analysis of net assets between funds
Unrestricted Designated Restricted Endowment Total
funds funds funds funds
£ £ £ £ £
Fund balances at 31 March
2025 are represented by:
Tangible fixed assets 6,018 5,393,045 5,399,063
Investments 472,341 5,663,209 6,135,550
Current assets/(liabilities) 680,621 481,284 (16,774) 1,145,130
Creditors due after one year (161,908) (161,908)
686,639 481,284 472,341 10,877,571 12,517,835

21 Designated funds

Cyclical maintenance fund
Extraordinary repairs fund		 Balance at
Transfers
Balance at
1 April 2024
31 March 2025
£
£
£
98,980
98,980
382,304
382,304
481,284
481,284		 Balance at
Transfers
Balance at
1 April 2024
31 March 2025
£
£
£
98,980
98,980
382,304
382,304
481,284
481,284
481,284

22 Endowment funds

ndowment funds
Depreciation and
loss on disposal Revaluations Balance at
Balance at of land and gains and 31 March
1 April 2024
buildings		 Transfers losses 2025
£
£		 £ £ £
Permanent endowment fund 10,788,362 (207,914) 195,179 101,944 10,877,571

During the year the charity transferred permitted expenditure of £207,914 from the endowment fund to unrestricted funds, relating to the depreciation and loss on disposal of endowed assets. Each year, a transfer of funds from unrestricted funds to the endowment funds is made to represent the cost of fixed asset additions or improvements to the endowment asset

THE HOSPITAL OF ST JOHN THE EVANGELIST AND OF ST ANNE IN OKEHAM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

23 Restricted funds

Restricted funds
Decrease in Balance at
Balance at value of 31 March
1 April 2024 Income investments Transfers 2025
£ £ £ £ £
Recoupment fund 478,805 (7,066} 602 472,341

24 Capital commitments

The aggregate amount of capital commitments at 31 March 2025 relating to the acquisition of tangible fixed assets was £75,000. There were no other capital commitments at the year end.

25 Prior period restatement

Fixed term cash deposits amounting to £74,887 as at 31 March 2024 have been reclassified from cash at bank and in hand to current asset investments. There is no impact on total funds at 31 March 2024 as a result of this reclassification.