2021-12-31-accounts - St John's Hospital Educational Foundation

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Contents			Page
Report of	the Governors		1 —6
Statement	of Governors'	responsibilities
Report of	the independent	examiner
Statement	offinancial activities (SOFA)
Balance sheet			10
Notes forming part of the		financial statements	11-21

Investment Performance	Investment Performance	Investment Performance
For the year ended 31 December 2021 the value of investments increased/						(decreased) and yields			were
as follows:
				2021			2020
		Index	Value at	Value	Yield		Value	Yield
		31.12.2021		0/		0/
Brewin Dolphin	portfolio			9.48		3.07	(1.30)		2.62
UK-FTSE 100	capital return		7,384	14.28			(14.33)
MSCI PIMFA balanced		index
capital return			184.95	10.26			(0.08)


Governors		Date offirst
		Appointment
ExOfficio Governor
The Right Worshipful The Lord	Mayor of Exeter
Representative Governors Miss R Edbrooke		28.11.14
Lady J Stanhope Mr A P Foster (Appointed 27 May 2021) Miss S M Witheridge (Appointed 27 May 2021)		1.6.17 27.5.21 27.5.21
Co-optative Governors Mr TV Knapp (Chairman) Mr D McGahey (Vice-chairman) Mrs J P Regan Mrs G Redman		16.6.04 25.7.18 9.9.87 20.3.02
Mr H Parkin		19.9.12
Revd TWilson		27.7.16
Mr P Holland		29.7.20

		E	0/
General	Fund	1,292,244.06	93.058
Orphan	Fund	30,166.59	2.172
Acland	Fund	66,235.89	4.770
		1,388,646.54	100.000

Following subsequent	Following subsequent	to the General Fund, the combined
as follows:
		0/
General	Fund	93.766
Orphan	Fund	1.946
Acland	Fund	4.288
		100.000

Year Ended 31 Dece	mb	er 2021
				Permanent		Restricted	Funds	Total	Total
			Endowment Funds
				General f	Special 6	Orphan 6	Acland 6	2021 6	2020
			Note
Income
Investment income				103,739		1,281	2,823	107,843	99,123
Total income				103,739		1,281	2,823	107,843	99,123
Expenditure
Costs ofraising funds:
Investment management	costs		4	18,456		254	560	19,270	17,007
Expenditure on charitable	activities:
Grant making activities			5	84,577	2,600	2,180	2,823	92,180	106,783
Total expenditure				103,033	2,600	2,434	3,383	111,450	123,790
Net realised gains/(losses) on Gains/(losses) on revaluation		investments of	7	24,834		515	1 136	26485	(44820)
investments			7	178,296		3,700	8,154	190,150	28,278
Net (expenditure)/income	for
the year before transfers				203,836	(2,600)	3,062	8,730	213,028	(41,209)
Transfer between funds			8	(12,956)	12,356	600
Net (expen diture)/income	for
the year after transfers				190,880	9,756	3,662	8,730	213,028	(41,209)
Net movement in funds				190,880	9,756	3,662	8,730	213,028	(41,209)
Funds brought forward
at 1 January 2021				2,508,368	19,024	50,615	92,077	2,670,084	2,711,293
Funds carried forward
at 31 December 2021			9	2,699,248	28,780	54,277	100,807	2,883,112	2,670,084

			Permanent			Restricted	Funds	Total	Total
			Endowment Funds
			Generalf		Special E	Orphan	Acland 6	2021	2020
	Note
Fixed Assets Investments Investment Property	13 14		2,204,323 475,000			45,747	100,807	2,350,877 475,000	2,147,306 475,000
			2,679,323			45,747	100,807	2,825,877	2,622,306
Current Assets Debtors Cash at bank	15 16		4,584 121,879		12,356 16,424	600 7,930	2,823	17,540 149,056	15,543 121,961
			126,463		28,780	8,530	2,823	166,596	137,504
Liabilities
Creditors: Amounts due within one year	falling 17		106,538				2,823	109,361	89,726
Net Current Assets			19,925		28,780	8,530		57,235	47,778
Net Assets			2,699,248		28,780	54,277	100,807	2,883,112	2,670,084
The funds ofthe charity Restricted funds Permanent endowment			2,699,248		28,780	54,277	100,807	183,864 2,699,248	161,716 2,508,368
Total charity funds	9		2,699,248		28,780	54,277	100,807	2,883,112	2,670,084
Approved by the Governors		on	.....................~7...~Quand il 3 AIJ7	signed	on their behalf by

		Permanent		Restricted Funds		Total	Total
		Endowment Funds
		General f	Specialf	Orphanf	Aclandf	2021 f	2020 f
3. Investment	income
Dividends and	interest	61,723		1,281	2,823	65,827	56,988
Bank and building society interest Rent		16 42,000				16 42,000	135 42,000
		103,739		1,281	2,823	107,843	99,123
4. Investment management costs Property insurance and management Brewin Dolphin fee -revenue 10% - capital 90% Support costs (Note 6)		2,251 1,452 12,249 2,504		254	560	2,251 1,452 13,063 2,504	2,075 1,309 11,778 1,845
		18,456		254	560	19,270	17,007

				Permanent		Restricted	Funds		Total	Total
				Endowment Funds
				General f	Special f	Orphanf		Acland f	2021f	2020 f
5. Grant making		activities
Annual payments				432					432	432
Other grants					2,600	2,180		2,823	7,603	28,745
Financial distributions			(Exeter and
Maynard Schools)				74,132					74,132	70,228
Support costs (Note 6)				10,013					10,013	7,378
				84,577	2,600	2,180		2,823	92,'I 80	106,783
6. Support costs
Clerks' salary				11,259					11,259	10,967
Independent	examination			1,142					1,142	1,128
Meeting expenses
Sundry expenses				115					115	137
VAT reclaim										(3,009)
				12,516					12,516	9,223
Allocated:
Investment management			costs (20%)	2,504					2,504	1,845
Grant making	activities		(80%)	10,012					10,012	7,378
				12,516					12,516	9,223
				Permanent		Restricted	Funds		Total	Total
				Endowment Funds
7. Other recognised gains and losses				General f	Special f	Orphanf		Acland f	2021 f	2020 f
Realised gains/(losses):
Equities				24,938			517	1,141	26,596	(45,555)
Fixed Interest				(104)			(2)	(5)	(111)	735
Property
				24,834			515	1,136	26,485	(44,820)
Unrealised gains/(losses):
Equities				195,576		4,059		8,944	208,579	20,169
Fixed Interest				(17,280)		(359)		(790)	(18,429)	8,109
Property
				178,296		3,700		8,154	190,150	28,278
				203,130		4,215		9,290	216,635	(16,542)

Investments
				2021f	2020
At 1 January 2021				2,147,306	2,175,623
Additions at cost				226,071	395,246
Disposal proceeds				(233,942)	(422,091)
Losses/(gains) on disposals				26,485	(44,820)
Gains/(losses) on revaluation				190,150	28,278
Movement in cash				(5,193)	15,070
At 31 December 2021				2,350,877	2,147,306
			Holding	Cost	Market
Details ofinvestments held	by Brewin Dolphin				Value @
					31.12.21
					F
Aberdeen Asian Mangt			21,600	41,601	49,896
Aberdeen Pic (formerly Standard		Life Aberdeen)	4,592	25,638	11,062
Aberforth Smaller Coys Trust			2,610	26,619	38,210
Admiral Group (330bought 10.02.21)			815	19,701	25,730
Alcon Ag			650	30,754	42,531
Ashtead Group (210sold 16.09.21)			810	8,321	48,130
Bae Systems			2,800	7,950	15,394
Barratt Developments			2,500	13,808	18,700
Biotech Growth Trust (770 sold 10.02.21)			1,830	11,702	21,740
British Telecom 6.375%			50000	80662	68470
Close Bros Group			1,600	25,493	22,464
Croda (168sold 10.02.21)			320	8,532	32,384
DBXTracker MSCI Japan Index			1,600	54,108	88,184
Diageo Pic			1,040	11,265	41,974
Ecofin GBL Utilities			21,000	35,679	41,790
Fidelity Eur Value			24,250	34,254	82,571
Fidelity UCITS/CAV (bought 13.07.21)			13,420	83,103	92,179
Fil Invt Services (UK) (24,000 bought 10.02.21)			47,000	47,727	47,611
Fil Invt Services (Pacific)			36,000	40,862	45,886
First Sentier Investments (UK)			2,033	7,571	12,748
Glaxosmithkline			3,685	52,212	59,203
Henderson Invt Fund			1,150	38,557	47,196
Investec Bank 3.9%(sold 06.01.21)
I Shares			4,300	89,437	151,532
I Shares II			9,805	50,276	55,751
I Shares V (sold 07.07.21)
Jackson Financial (Prudential	demerger)		45		1,408
John Lang Environmental Asset			38,300	39,908	40,215
JP Morgan Asian Investment	Trust		16,824	25,930	75,792
Carried forward to page 16				911,670	1,278,751

Ended 31 December	2021
				Holding	Cost	Market
Details ofinvestments held by Brewin Dolphin (continued)						Value @ 31.12.21
						6
Brought forward from page	15				911670	1 278 751
Legal and General Lloyds TSBBanking Group Muzinich Funds				5,500 33,576 790	15,006 32,627 79,764	16,363 16,049 81,631
National Grid				2,863	18,669	30,342
Nestle				210	19,296	21,691
North Am IncTst				33,200	53,022	92,960
Novartis				285	20,341	18,542
Polar Capital Tech Trust Princess Private Equity Hldngs (2000 bought 10.02.21)				1,250 4,265	14,058 32,405	34,100 51,744
Primary Health Properties (sold 03.09.21) Prudential (1 for 40 13.09.21) Rio Tinto				1,810 990	18,989 36,217	23,068 48,431
Royal Dutch Shell Schroder Unit Trust (bought 07.09.21) Schroders VTG				3,060 87,340 555	60,845 88,388 5,613	49,645 91,096 19,758
Smiths Group Taylor Wimpey Templeton Emerging Markets Investment Twentyfour Am Inv Funds UK Government 4.125% Unilever PLC		Trust (5for 1	26.07.21)	1,260 17,200 14,000 1,035 10,735 760	13,980 23,038 10,092 103,999 40,196 15,757	19,902 30,186 24,864 106,243 41,820 29,986
Vanguard Funds S&P500 Vodafone Group Pic WWP (sold 10.02.21)				2,550 16,100 1,465	78,120 32,638	170,061 18,075
					1,724,730	2,315,308
Cash Deposit (Dealing account)						35,569
Total investments					1,724,730	2,350,877
Allocated:
General Fund			(93.766%)			2,204,323
Orphan Fund Acland Fund			(1.946%) (4.288%)			45,747 100,807
						2,350,877

Year Ended 31 December	Year Ended 31 December	Year Ended 31 December	Year Ended 31 December	2021
14. General fund investment				property
Castle House		and garages, 21 Southernhay			East, Exeter			2021	2020
								6	6
At 1 January	2021							475,000	475,000
Revaluation	during the		year
At 31 December 2021								475,000	475,000
The property	is	valued	by the Governors at open market value.
15. Debtors					Permanent			Restricted Funds		Total	Total
					Endowment	Funds
						General 6	Special F	Orphan F	Acland 6	2021f	2020
Luncheon
VAT											197
Rent
Brewin Dolphin Prepayment		income	account			4,184 350				4,184 350	3,041
Stratton Creber		Commercial		float		50				50
From general	fund					4,584				4,584	3,238
y/e grants							12,356	600		12,956	12,305
						4,584	12,356	600		17,540	15,543
16. Cash at bank
Bank ofScotland					121,879		16,424	7,930	2,823	149,056	121,961
					121,879		16,424	7,930	2,823	149,056	121,961

Yea	r Ended 31 December	202	1
17.	Creditors: amounts falling	due	within one year Permanent Endowment	Funds	Restricted	Funds	Total	Total
			General f.	Special	Orphan f.	Acland f	2021	2020 f.
	Final distributions for year: Exeter School Maynard School To Special & Orphan Fund Brewin Dolphin management Clerk's fees	fee	37,066 37,066 12,956 3,500 3,030			2823	39,889 37,066 12,956 3,500 3030	37,557 35,114 12,305 3,500
	Luncheon costs Independent examination Rent received in advance		1,250 10,500				1,250 10,500	1,250
	VAT		1,170				1,170
			106,538			2,823	109,361	89,726

18. Distribution of General Fund balance ofnet income	18. Distribution of General Fund balance ofnet income	18. Distribution of General Fund balance ofnet income	18. Distribution of General Fund balance ofnet income
				2021		2020
Balance ofnet income (before distributions):
investment Income					103,739		95,572
Less:
Investment Management Costs (note	4)			18,456		16,273
Grant making activities (note 5)				10,012		7,378
Annual payments				1,032		1,032
				29,500		24,683
Less Brewin Dolphin fees capital expense		(90'/0)		(12,249)		(11,044)
					17,251		13,639
Balance available for distribution					86,488		81,933
Distributed:
Exeter School (3/7) 37,066					37,066		35,114
Maynard School (2/7) 24,710			12,356		37,066		35,114
Special Fund (1/7) 12,356					12,356		11,705
(6/7) 74,132	(1/7)		12,356		86,488		81,933
19. Grants to Institutions
					2021		2020
Material grants to institutions:
St David's Primary School St Peter's C of EAided School St Luke's Science and Sports College St Michael's C ofE Primary School St Leonard's C of E Primary School					1,000		2,000 5,102 2,000 2,000 2,000
Trinity CofE VA Primary and Nursery St Peter's C of E Aided School	School						2,000 2,000
Pinhoe C of E VA Primary School St Sidwell's C of E Primary School							2,000 2,000
					1,000		21,102

Year ended 31 Decem	ber	2020
			Permanent	Restricted Funds			Total
			Endowment Funds
			Generalf	Special f	Orphan	Acland	2020 E
Income Investment income			95,572		1,108	2,443	99,123
Total income			95,572		1,108	2,443	99,123
Expenditure
Costs ofraising funds: Investment management	costs		16,273		229	505	17,007
Expenditure on charitable Grant making activities	activities:		78,038	25,052	1,250	2,443	106,783
Total expenditure			94,311	25,052	1,479	2,948	123,790
Net realised (losses)/gains	on	investments	(42,026)		(872)	(1,922)	(44,820)
Gains/(losses) on revaluation investments		of	26,515		550	1,213	28,278
Net (expenditure)/income the year before transfers	for		(14,250)	(25,052)	(693)	(1,214)	(41,209)
Transfer between funds			(12,305)	11,705	600
Net (expenditure)/income the year after transfers	for		(26,555)	(13,347)	(93)	(1,214)	(41,209)
Net movement in funds			(26,555)	(13,347)	(93)	(1,214)	(41,209)
Funds brought forward at 1 January 2020			2,534,923	32,371	50,708	93,291	2,711,293
Funds carried forward at 31 December 2020			2,508,368	19,024	50,615	92,077	2,670,084

			Permanent
			Endowment Funds
			General
9. Net Movements		in funds
Restricted	funds
At 1 January	2020
Movements	for the	year
At 31 December 2020
Permanent	Endowment
At 1 January2020			2,534,923
Movements	for the	year	(26,555)
At 31 December 2020			2,508,368
Total Funds
At 1 January	2020		2,534,923
Movements	for the	year	(26,555)
At 31 December 2020			2,508,368

	Restricted Funds	Restricted Funds	Total
Special	Orphan	Acland	2020
32,371	50,708	93,291	176,370
(13,347)	(93)	(1,214)	(14,654)
19,024	50,615	92,077	161,716
			2,534,923
			(26,555)
			2,508,368
32,371	50,708	93,291	2,711,293
(13,347)	(93)	(1,214)	(41,209)
19,024	50,615	92,077	2,670,084