St John's Hospital Educational Foundation Report and Financial Statements For the Year Ended 31 December 2023 Registered Charity No: 306676
St John's Hospital Educational Foundation Year Ended 31 December 2023 Contents Page Report of the Governors Statement of Governors, responsibilities Report of the independent examiner Statement of financial activities (SOFA) Balance sheet 10 Notes forming part of the financial statements 11 21
Page 1 St John's Hospital Educational Foundation Report of the Governors for the year ended 31 December 2023 The Governors present their Report and Accounts for the year ended 31 December 2023. They are satisfied that the Accounts comply with the Constitution as described below and the recommendations of the Statement of Recommended Practice Accounting and Reporting by Charities and comply with applicable law. Objectives and Activities Objects The objects of the Foundation are to apply the net income as follows. General Fund Fixed annual payments 1. £32 for maintenance of lectures in Exeter College, Oxford. (Payment founded by Sir John Maynard, 1637). 2. £10 to the Trustees of Eliza Hele's Charity, Moretonhampstead. (Payment founded 1658). This charity ceased to exist during 2008 and the annual payment has lapsed. 3. £400 to the Trustees of Hele's School (now Hele's Educational Trust) 4. £400 - £600 to the Orphan Fund Residue 1. Three-sevenths to the Governors of Exeter School 2. Two-sevenths to the Governors of Maynard School 3. One-seventh to any one or both of the Governing Bodies of Exeter School and Maynard School at the discretion of the Governors 4. One-seventh to the Special Fund Orphan Fund Net income of the Orphan Fund shall be applied in providing for the education and maintenance of orphan children resident within a distance of fifteen miles from Guildhall, Exeter. Special Fund Income of the Special Fund shall be applied in any one or all of the following ways. a) In the maintenance and improvement of any voluntary aided Church of England School in the City of Exeter. b) In providing for Church of England Schools in the City of Exeter such special benefits of a kind not normally provided by the local education authority. c) In promoting the education (including social and physical training) of persons under the age of 25 years who have at any time attended as pupils of a secondary school in Exeter and who are in need of financial assistance. Acland Fund Net incomes of the Acland Exhibition Fund to be paid to the Governing Body of Exeter School and applied by the school for the benefit of persons who have not attained the age of 25 years, who are attending, or have for not less than three years attended, Exeter School and are in need of financial assistance. Financial assistance can be for school scholarships, clothing, books, tools etc, for a profession, trade or calling, scholarships to travel abroad for education, studying music or other arts, prizes for students attending Exeter School, grants to organised parties to travel abroad.
Page 2 St John's Hospital Educational Foundation Report of the Governors for the year ended 31 December 2023 Objectives and Activities (continued) Public Benefit The Foundation provides benefit to the public in three areas: To individuals and organisations who apply to the Foundation for financial assistance within the terms of the Orphan Fund or Special Fund (as set out on page 1). To Exeter School where the funds are used for educational purposes including to provide free places to pupils from the maintained sector from families of limited means. To The Maynard School where the funds are used for advancing education including the provision of means tested bursaries of up to 100 %. Review of activities The Governors, long-term strategy is to maintain a sound investment base to produce reasonable income and capital growth. The investment base has been built up over recent years by selling the Foundation's freehold interest in various farms in and around Clyst St Lawrence, Nr Exeter, Devon. The Governors sold the last residential propety, Willis Cottage, together with a small amount of repurchased land, on 2 August 2006. The Governors have already diversified the investment base and acquired a freehold commercial property in 2001, with a view to obtaining a reasonable rental income along with capital growth. The Charity made donations and grants totalling £95,748 for the year. Further details are set out in note 5. This includes "other grants to eleven individuals or organisations, including amounts of up to £250 to various individuals (to help with the cost of education, expeditions and training). After taking into account the grants made during the year, and the income due from the General Fund to the Special Fund for the yearjust ended, the Foundation has accumulated undistributed income as follows.- 2023 2022 General fund Special fund Orphan fund Acland fund 24,941 12,165 30,349 10,282 Total 37,106 40,631 The Governors expect to distribute most of these funds by awarding grants to qualifying individuals and schools over the next year.
St John's Hospital Educational Foundation Page 3 Report of the Governors for the year ended 31 December 2023 Achievements and Performance Achievements The General and Acland fund net income is paid on in full to the appropriate beneficiaries each year. The Special fund made awards to individuals and schools totalling £17,848 during the year leaving accumulated funds of £24,941 undistributed at the year-end, and the Orphan fund made awards totalling £0 leaving accumulated funds of £12,165 undistributed. Investment Performance For the year ended 31 December 2023 the value of investments increased/ (decreased) and yields were as follows: 2023 Value 2022 Value Index Value at 31.12.2023 Yield Yield Brewin Dolphin portfolio UK-FTSE 100 capital return MSCI PIMFA balanced index capital return 5.61 3.77 3.20 (10.74) 0.92 2.65 7,733 178.95 7.73 (10.19) Financial Review Permanent endowment At 31 December 2023 the Foundation had Permanent Endowment valued at £2,710,960 as set out in note 9. The Governors are satisfied that a fair proportion of the Foundation's management and administration expenses are met each year out of income generated from the Permanent Endowment, part of which may be applied for this purpose. Investment powers and policy The Foundation's Governing Scheme does not include any specific investment powers so the investment powers are now as granted by The Trustee Act 2000, which came into force on 1 February 2001. The Foundation's policy is to invest its permanent endowment in investments and property as listed under fixed assets on the balance sheet. The investments comprise direct stock market investments managed by Brewin Dolphin. The primary investment objective is a balance between income and capital growth subject to a medium level of risk. No investment restrictions or limitations apply to the portfolios. The investment portfolio is currently managed by Brewin Dolphin. Management and administration costs During 2011 Governors agreed that for the year ended 31 December 2011 and subsequent years: 80 % of Brewin Dolphin management charges will be treated as a capital expense. It is no longer appropriate to allocate a proportion of the Brewin Dolphin and Francis Clark management charges to the Orphan and Acland Funds. Governors subsequently agreed that from 1 January 2014: 90 % of Brewin Dolphin management charges will be treated as a capital expense.
St John's Hospital Educational Foundation Page 4 Report of the Governor's for the year ended 31 December 2023 Financial Review (continued) Reserves At 31 December 2023 there were reserves totalling £37,106 representing accumulated income of the Special and Orphan Funds. The Foundation does not need to accumulate reserves and its policy is to distribute accumulated income when suitable applicants are identified. Legal and administrative information Governors and charity trustees The Foundation's Governors are the charity trustees of St John's Hospital Educational Foundation ("the charity"), and have all served in office throughout the year and to the date of this report except where indicated. They are: Governors Date of first Appointment Ex Officio Governor The Right Worshipful The Lord Mayor of Exeter Representative Governors Miss R Edbrooke Lady J Stanhope Mr A P Foster Miss S M Witheridge 28.11.14 01.06.17 27.05.21 27.05.21 Co-optative Governors Mr T V Knapp (Chairman to 21 June 2023) (Vice-chairman from 21 June 2023) Mr D McGahey (Vice-chairman to 21 June 2023) (Chairman from 21 June 2023) Mrs G Redman Mr P Holland Mr M Caines MBE DL Mr A Langdon 16.06.04 25.07.18 20.03.02 29.07.20 01.08.22 16.09.22 Clerks PKF Francis Clark LLP, Chartered Accountants, Centenary House, Peninsula Park, Rydon Lane, Exeter, EX2 7XE. Bankers Bank of Scotland, 33 Old Broad Street, London, EC2N 1 HZ Investment Adviser RBC Brewin Dolphin, Vantage Point, Woodwater Park, Pynes Hill, Exeter, EX2 5FD Independent examiner Bush & Co Limited, Chartered Accountants, 2 Barnfield Crescent, Exeter, EX1 1 QT
St John's Hospital Educational Foundation Page 5 Report of the Governors for the year ended 31 December 2023 Structure, Governance and Management Constitution St John's Hospital Educational Foundation is a Trust, which can be traced back over 850 years to 1170. The present Constitution is based on a Scheme dated 25 October 1935 and alterations sealed on 26 November 1958 and 10 May 1988 and as amended by a S74D resolution dated 18 November 2009. The Trust has charitable status, charity registration number 306676. Appointment of Governors A maximum of four Representative Governors appointed by Devon County Council for a period of four years expiring May 2025. A maximum of seven Co-optative Governors appointed by the Governors of St John's for a period of five years. Administration The Governing Body meet three times a year (being as far as possible, the third Wednesday in the months of March, June and November) to deal with the business of the Foundation. A Finance Sub-committee, currently comprising the Chairman, Vice-chairman, Lady J Stanhope and Mr A Foster, meet with Brokers on an ad-hoc basis to discuss investment strategy and performance. There is also a policy statement whereby the Chairman and Clerk meet regularly to deal with grant applications up to a maximum of £500 (increased from £400 April 2020). The administration of the Foundation has, over recent years, been streamlined by the divestment of prize fund investments and lump sum payments in lieu of future annual payments. On 24 January 2011 the three separate investment portfolios for the General, Orphan and Acland Funds were merged to reduce administration. The valuations at that date were: General Fund Orphan Fund Acland Fund 1,292,244.06 30,166.59 66,235.89 93.058 2.172 4.770 1,388,646.54 100.000 Following subsequent additions to the General Fund, the combined investment portfolio is now apportioned as follows: General Fund Orphan Fund Acland Fund 93.884 1.909 4.207 100.000 Relationship with Other Charities Under the Governing Scheme a total of six-sevenths of the charity's annual surplus shall be paid to Exeter School and The Maynard School. These schools are both registered charities in the City of Exeter.
Page 6 St John's Hospital Educational Foundation Report of the Governor's for the year ended 31 December 2023 Structure, Governance and Management (continued) Related parties During the year, the following governors were governors of the schools ofwhich receive the charity's annual surplus: David McGahey (Chairman) governor at Exeter School Rowan Edbrooke governor at Exeter School Sarah Witheridge governor at The Maynard School Peter Holland governor at The Maynard School Risk management The Governors have assessed the major risks to which the Foundation is exposed and are satisfied that systems are in place to mitigate those risks. The major risks identified are: Investment risk - the risk of financial loss is mitigated by regular performance monitoring. Loss of key staff - the Clerk to the Governors has arrangements in place to ensure that there is no loss of key documentation or knowledge. Insurance risk, of our key asset, Castle House - mitigated by landlords and tenants, insurance cover.
Page 7 St John's Hospital Educational Foundation Statement of Governors, Responsibilities Charity Law requires the Governors as the trustees of the Charity to prepare financial statements for each financial year which give a true and fair view of the Charity's financial activities during the year and its financial position at the end of the year. In preparing the financial statements the Governors should follow best practice and Select suitable accounting policies and apply them consistently. Make judgements and estimates that are reasonable and prudent. Follow applicable accounting standards and the Charities SORP, disclosing and explaining any departures in the financial statements" and Prepare the financial statements on the going concern basis unless it is inappropriate to assume that the Charity will continue in operation. The Governors are responsible for keeping accounting records, which are such as to disclose, with reasonable accuracy, the financial position of the Charity at any time, and to enable them as trustees to ensure that the financial statements comply with charity law. The Governors are also responsible for safeguarding the Charity's assets, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. (6( 2024
Page 8 St John's Hospital Educational Foundation Independent examiner's report to the Governors of St John's Hospital Educational Foundation I report on the accounts of the Foundation for the year ended 31 December 2023, which are set out on pages 9 to 21. Respective responsibilities of Governors and examiner The Charity's Governors are responsible for the preparation of the accounts. The Charity's Governors consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. It is my responsibility to: examine the accounts under section 145 of the 2011 Act, follow the procedures laid down in the General Directions given by the Charity Commissioner under section 145(5)(b) of the 2011 Act. and state whether particular matters have come to my attention. Basis of independent examiner's report My examination was carried out in accordance with the General Directions given by the Charity Commissioner. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and the seeking of explanations from you as Governors concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a "true and fair view" and the report is limited to those matters set out in the statement below. Independent examiner's statement In connection with my examination, no matter has come to my attention: Which gives me reasonable cause to believe that, in any material respect, the requirements: To keep accounting records in accordance with section 130 of the 2011 Act, and To prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act have not been met; or To which,"in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Mrs S Truran FCCA, FCA Bush & Co Limited Chartered Accountants 2 Barnfield Crescent Exeter EX11QT Dated: 4 &)"2Y-
Page 9 St John's Hospital Educational Foundation Statement Of Financial Activities (SOFA) Year Ended 31 December 2023 Pennanent Endowment & Restricted Funds Permanent Endowment Funds General Total Total Special Orphan Acland 2023 2022 Note Income Investment income 105,169 1,282 2,824 109,275 104,441 Total income 105,169 1,282 2,824 109,276 104,441 Expenditure Costs of raising funds. Investment management costs 18,322 241 532 19,095 19,895 Expenditure on charitable activities. Grant making activities 85,676 17,848 2,824 106,348 94,158 Total expenditure 103,998 17,848 241 3,356 125,443 114,053 Net realised (losses)/gains on investments Gains/(losses) on revaluation of investments (10,931) (222) (490) (11,643) (61,903) 133,294 2,710 5,973 141,977 (177,697) Net incomel(expenditure) for the year before transfers 123,534 (17,848) 3,529 4,951 114,166 (249,212) Transfer between funds (13,040) 12,440 600 Net incomel(expendlture) for the year after transfers 110,494 (5,408) 4,129 4,951 114,166 (249,212) Net movement in funds 110,494 (5,408) 4,129 4,951 114,166 (249,212) Funds brought forward at 1 January 2023 2,462,459 30,349 51,114 89,978 2,633,900 2,883,112 Funds carried forward at 31 December 2022 2,572,953 24,941 55,243 94,929 2,748,066 2,633,900
Page 10 St John's Hospital Educational Foundation Balance Sheet As at 31 December 2023 Pormanent Endowment Funds General Permanent Endowment & Restrlcted Funds Total Total Speclal Orphan Acland 2023 2022 Note Flxed Assets Investments Investment Property 13 14 2,118,447 475,000 43,078 94,929 2,256,454 475,000 2,098.342 475,000 2,593,447 43,078 94,929 2,731,454 2,573,342 Current Assets Debtors Cash at bank 15 16 5,852 78,109 12,440 12,501 600 11,565 18,892 104,999 16,076 150,021 2,824 83,961 24,941 12,165 2,824 123,891 166,097 Liabilities Creditors: Amounts falling due within one year 17 104,455 2,824 107,279 105,539 Net Current Assets (20,494) 24,941 12,165 16,612 60,558 Net Assets 2,572,953 24,941 55,243 94,929 2,748,066 2,633,900 The funds of the charity Restricted funds Permanent endowment 24,941 12,165 43,078 37,106 2,710,960 40,631 2,593,269 2,572,953 94,929 Total charity funds 2,572,953 24,941 55,243 94,929 2,748,066 2,633,900 Approved by the Governors o d signed on their behalf by The notes on pages 11 to 21 form part of these accounts.
Page 11 St John's Hospital Educational Foundation Notes forming part of the financial statements Year Ended 31 December 2023 St John's Hospital Educational Foundation meets the definition of a public benefit entity under FRS 102. The financial statements have been prepared on a going concern basis and the Trustees are not aware of any material uncertainties that would cast doubt on the charity's ability to continue as a going COnrn. Status of Trust The purpose of the trust is to provide financial assistance to promote education, mainly in the City of Exeter. The trust has existed for 670 years and the position was clarified by a scheme sealed by the Charity Commissioners dated 25 October 1935 and alterations sealed on 26 November 1958 and 10 May 1988 and as amended by a S74D resolution dated 18 November 2009. Historically the "trustees" and "trust" are referred to as "governors" and "foundation" respectively. These historical terms are used throughout the financial statements. The foundation is a Registered Charity, registration number 306676. Principal accounting policies The financial statements are prepared under the historical cost convention as modified by the revaluation of investments and in accordance with applicable accounting standards, Charities Act 2011 and the Charities Statement of Recommended Practi (FRS 102). Accumulated Funds Permanent Endowment The Foundation's Permanent Endowment comprises the General Fund. The movements for the year, as set out in note 9, represent the effect of the revaluation of the underlying investments and the profiuloss on redemption of certain gilts and disposal of other investments. Restricted Funds Restricted Funds, as set out in note 9, comprise the Special, Orphan and Adand Funds. The restrictions that apply to each fund are as set out in the Governing Scheme, as summarised in the Governors, Report. Investments and investment income Stock market investments are shown at fair value at the balance sheet date. Any gain or loss on revaluation is taken to the SOFA. Investment income is accounted for in the period in which the Foundation is entitled to receipt. Accured interest on gilt investments is accounted for by way of the annual revaluation adjustment. The investment property is valued by Governors at fair value at the balance sheet date. c. Expenditure Expenditure is accounted for on an accruals basis and has been dassifed under headings that aggregate all costs relating to the category. Where costs cannot be directly attributed to an activity they have been allocated to activities on a basis consistent with the use of resources. The allocation of support costs is set out in Note 6. d. Grants and bursarles Grants and bursaries awarded from restricted funds are induded as expenditure in the period the grant is committed, subject to the satisfaction of any performance related clauses. Value Added Tax The Foundation is registered for Value Added Tax (VAT) with effect from 1 August 2002. Expenditure in these financial statements includes irrecoverable VAT where appropriate.
Page 12 St John's Hospital Educational Foundation Notes forming part of the financial statements Year Ended 31 December 2023 Cash balances Cash at bank and cash in hand represents amounts held to meet short-term cash commitments as they fall due. This includes cash and short term deposits with a maturity of three months or less from the date of acquisition or opening of the account. Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid less any trade discounts due. Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Financial instruments The Trust only has financial assets of a kind that qualify as basic financial instruments i.e. cash, investments, short-term debtors and creditors, which are initially recorded at transaction value. Investments are revalued at market value through the statement of financial activities. Permanent Endowment Funds General Permanent Endowment & Restricted Funds Orphan Total 2023 Total 2022 Special Acland 3. Investment income Dividends and interest Bank interest Rent 63,033 136 42,000 1,282 2,824 67,139 136 42,000 62,307 134 42,000 105,169 1,282 2,824 109,275 104,441 4. Investment management costs Property insurance and management Brewin Dolphin fee - revenue 10°/ capital 90 % Support costs (Note 6) 2,398 1,405 11,869 2,650 2,398 1,405 12,642 2,650 2,928 1,437 12,933 2,597 241 532 18,322 241 532 19,095 19,895
Page 13 St John's Hospital Educational Foundation Notes forming part of the financial statements Year Ended 31 December 2023 Permanent Endowment Funds General Permanent Endowment & Restricted Funds Orphan Total 2023 Total 2022 Special Acland 5. Grant making activities Annual payments Other grants Financial distributions (Exeter and Maynard Schools) Support costs (Note 6) 432 432 20,672 432 12,902 17,848 2,824 74,644 10,600 74,644 10,600 70,436 10,388 85,676 17,848 2,824 106,348 94,158 6. Support costs Clerks, salary Independent examination Meeting expenses Sundry expenses 11,453 1,358 80 359 11,453 1,358 80 359 11,604 1,249 132 13,250 13,250 12,985 Allocated: Investment management costs (200/0) Grant making activities (80 % ) 2,650 10,600 2,650 10,600 2,597 10,388 13,250 13,250 12,985 General Special Orphan Acland 2023 2022 7. Other recognised gains and losses Realised gainsl(losses) Equities Fixed Interest Property (11,145) 214 (226) (500) 10 (11,871) 228 (37,716) (24,187) (10,931) (222) (490) (11,643) (61,903) Unrealised gains/(losses): Equities Fixed Interest Property 126,025 7,269 2,562 148 5,647 326 134,234 7,743 (157,107) (20,590) 133,294 2,710 5,973 141,977 (177,697) 122,363 2,488 5,483 130,334 (239,600)
Page 14 St John's Hospital Educational Foundation Notes forming part of the financial statements Year Ended 31 December 2023 8. Transfers between Funds The annual transfer of funds from General Fund comprises: £12,440 - transfer of 1t7th of annual surplus to Special Fund £600 - transfer of fixed annual payment to Orphan Fund Permanent Endowment Funds Permanent Endowment & Restrlcted Funds General Special Orphan Acland 2023 2022 9. Net Movements in funds Restricted funds At 1 January 2023 Movements for the year 30,349 (5,408) 10,282 1,883 40,631 (3,525) 37,310 3,321 At 31 December 2023 24,941 12,165 37,106 40,631 Permanent Endowment At 1 January 2023 Movements for the year 2,462,459 110,494 40,832 2,246 89,978 4,951 2,593,269 117,691 2,845,802 (252,533) At 31 December 2023 2,572,953 43,078 94,929 2,710,960 2,593,269 Total Funds At 1 January 2023 Movements for the year 2,462,459 110,494 30,349 (5,408) 51,114 4,129 89,978 4,951 2,633,900 114,166 2,883,112 (249,212) At 31 December 2023 2,572,953 24,941 55,243 94,929 2,748,066 2,633,900 10. General fund ranges Net Current Llabilitles Property Investments Bank Total At 31 December 2022 475,000 1,967,532 119,057 (99,130) 2,462,459 At 31 December 2023 475,000 2,118,447 78,109 (98,603) 2,572,953 11. Staff numbers and costs and related party transactlons The Foundation does not employ any staff. Administration is carried out by the partners, former partner and staff of the Clerks, Messrs PKF Francis Clark LLP, Chartered Accountants. 2023 2022 Fees paid to the Clerk, induding unrecoverable VAT 11,453 11,604 Trustees are not remunerated, and are not reimbursed expenses for attending meetings. There were no related party transactions during the year. 12. Independent examiner fees 2023 2022 Fees paid to the Independent examiner including unrecoverable VAT 1,358 1,249
Page 15 St John's Hospital Educational Foundation Notes forming part of the financial statements Year Ended 31 December 2023 13 Investments 2023 2022 At 1 January 2023 Additions at cost Disposal proceeds Losses/(gains) on disposals Lossesl(gains) on revaluation Movement in cash 2,098,342 547,295 (415,783) (11,643) 141,977 (103,734) 2,350,877 270,928 (377,815) (61,903) (177,697) 93,952 At 31 December 2023 2,256,454 2,098,342 Holding Cost Market Value @ 31.12.23 Details of investments held by Brewin Dolphin Aberdeen Asian Mangt Aberforth Smaller Coys Trust Admiral Group Alcon Ag Apple (70 bought 09.02.22) Ashtead Group Bae Systems Barratt Developments Berkshire Hathaway (bought 4.5.23) British Telecom 6.375 % Close Bros Group Coca-cola (bought 19.9.23) DBX Tracker MSCI Japan Index (200 sold 24.2.23) Diageo PIC Estee Lauder (sold 19.9.23) Fastenal Com (bought 19.9.23) Fidelity Eur Value Fidelity UCITS/CAV (5,800 bought 24.2.23) Fil Invt Services (Pacific) First Sentier Investments (UK) Glaxosmithkline Greencoat UK Wind (bought 19.9.23) Haleon Home Depot Inc (bought 19.9.23) Institutional Cash Series (34,945 bought 12.6.23 25,000 bought 25.9.23) I Shares (837 bought 19.9.23) John Lang Environmental Asset JP Morgan Asian Investment Trust JP Morgan Etfs Ireland (sold 4.5.23) J.P Morgan Chase & Co (bought 19.9.23) 21,600 2,610 815 650 210 520 2,800 2,500 155 50,000 1,600 531 1,400 1,040 41,601 26,619 19,701 30,754 28,212 5,342 7,950 13,808 39,383 80,662 25,493 25,015 47,344 11,265 44,928 35,966 21,875 39,775 31,717 28,402 31,094 14,065 43,367 56,663 12,704 24,547 81,634 29,702 358 24,250 20,120 36,000 2,033 2,948 14,861 3,685 70 59,945 5,137 47,200 16,824 15,865 34,254 129,066 40,862 7,571 42,302 20,966 9,910 17,883 59,945 119,414 50,060 25,930 18,190 87,300 147,832 44,446 13,371 42,752 22,514 11,853 19,030 59,945 192,098 47,955 57,202 132 15,961 17,614 Carried forward to page 16 993,138 1,278,541
Page 16 St John's Hospital Educational Foundation Notes forming part of the financial statements Year Ended 31 December 2023 Holding Cost Market Value @ 31.12.23 Details of investments held by Brewin Dolphin (continued) Brought forward from page 15 993,138 1,278,541 Legal and General Lloyds TSB Banking Group Maitland Instilutional Serv (sold 19.9.23) Muzinich Funds (sold 13.6.23) Nalional Grid (sold 4.5.23 and 10.7.23) Nestle North Am IncTst (bought 16,500 24.2.23, sold 35,460 19.9.23} Novartis Polar Capital Tech Trust Princess Pnvate Equity Hldngs Prudential Rio Tinto Royal Dutch Shell Sandoz Gp (stock as dividend 4.10.23) Schroders Investment Fund (bought 5.5.23) Schroder Unit Trust Schroders wfG Schwab (Charles) Corp (bought 19.9.23) Sherwin-williams (43 bought 4.5.23) Smiths Group Taylor Wimpey Templeton Emerging Markets Investment Trust UK Government 4.125 % (sold 4.5.23 and 19.9.23) UK Government 4.125 % (34,250 bought 4.5.23, 74,643 bought 15.6.23) Unilever PLC Vanguard Funds S&P 500 (bought 486 4.5.23) Vanguard Investment Funds (bought 19.9.23) Vodafone Group PIC (sold 19.9.23) 31 Infrastructure 7,400 33,576 19,984 32,627 18,581 16,019 210 14,240 435 19,296 29,422 30,709 14,058 32,405 18,989 36,217 60,845 19,090 41.296 34,417 32,438 38.351 16.058 57.836 78,688 2,195 35,664 51,306 14,032 18,458 28,872 22,220 25.293 21,224 1,250 4,265 1,810 990 3,060 87 75,930 60,000 3,264 342 118 40,159 60,720 5,613 15,997 22,927 13.980 23.038 10,092 1,260 17,200 14,000 108,893 760 2,746 216 108,854 15,757 112,199 19,747 112,473 28,880 194,682 19,939 7,500 25,160 24,113 1,761,933 2.230.666 Cash Deposit (Dealing account) 25,788 25,788 Total Investments 1,787,721 2,256,454 Allocated: General Fund Orphan Fund Acland Fund {93.884'/0) (1.909%) (4.207Q/o) 2,118.447 43,078 94,929 2,256.454
Page 17 St John's Hospital Educational Foundation Notes forming part of the financial statements Year Ended 31 December 2023 14. General fund investment property Castle House and garages, 21 Southernhay East, Exeter 2023 2022 At 1 January 2023 Revaluation during the year 475,000 475,000 At 31 December 2023 475,000 475,000 The property is valued by the Governors at open market value. 15. Debtors Permanent Endowment Funds General Permanent Endowment & Restricted Funds Orphan Total 2023 Total 2022 Special Acland Brewin Dolphin income account Prepayment Stratton Creber Commercial float 5,452 350 50 5,452 350 50 3,337 350 50 5,852 5,852 3,737 From general fund y/e grants 12,440 600 13,040 12,339 5,852 12,440 600 18,892 16,076 16. Cash at bank Bank of Scotland 78,109 12,501 11,565 2,824 104,999 150,021
Page 18 St John's Hospital Educational Foundation Notes forming part of the financial statements Year Ended 31 December 2023 17. Creditors: amounts falling due within one year Permanent Endowment Funds General Permanent Endowment & Restricted Funds Orphan Total 2023 Total 2022 Special Acland Final distributions for year: Exeter School Maynard School To Special & Orphan Fund Brewin Dolphin management fee Clerk's fees Luncheon costs Independent examination Rent received in advance VAT Annual Payments 37,322 37,322 13,040 3,500 2,824 40,146 37,322 13,040 3,500 37,890 35,218 12,339 3,500 3,134 100 1,300 10,500 1,126 432 1,400 10,500 939 432 1,400 10,500 939 432 104,455 2,824 107,279 105,539 Performance related grants The following special fund grants have been awarded but not yet included as a payment or liability as the payment is dependent on the performance of a project approved by the Governors of St Johns: St Sidwell's Primary School Pinhoe Primary School St Leonard's Primary School 7,500 1,200 7,500 16,200
Page 19 St John's Hospital Educational Foundation Notes forming part of the financial statements Year Ended 31 December 2023 18. Distribution of General Fund balance of net income 2023 2022 Balance of net income (before distributions): Investment Income 105,169 100,557 Less: Investment Management Costs (note 4) Grant making activities (note 5) Annual payments 18,322 10,600 1,032 19,088 10,388 1,032 29,954 (11,869) 30,508 (12,126) Less Brewin Dolphin fees capital expense (90 % ) 18,085 18,382 Balance available for distribution 87,084 82,175 Distributed: Exeter School (317) Maynard School (217) Special Fund (117) 37,322 24,882 12,440 37,322 37,322 12,440 35,218 35,218 11,739 12,440 (617) 74,644 (117) 12,440 87,084 82,175 19. Grants to Institutions 2023 2022 St Luke's Science and Sports College St Peter's CofE Aided School St Michael's Primary School Heavitree Pinhoe C of E Primary School 7,500 2,398 7,500 6,300 16,198 7,500
Page 20 St John's Hospital Educational Foundation Notes forming part of the financial statements Year Ended 31 December 2023 20. Statement of Financial Activities - Comparative information Year ended 31 December 2022 Permanent Endowment Funds General Permanent Endowment & Restricted Funds Special Orphan Acland Total 2022 Income Investment income 100,557 1,212 2,672 104,441 Totsl income 100,557 1,212 2,672 104,441 Expenditure Costs of raising funds." Investment management costs 19,088 252 555 19,895 Expenditure on charitable activities." Grant making activities 81,256 10,170 60 2,672 94,158 Total expenditure 100,344 10,170 312 3,227 114,053 Net realised (losses)/gains on investments Gains/(losses) on revaluation of investments (58,044) (1,205) (2,654) (61,903) (166,619) (3,458) (7,620) (177,697) Net (expenditure)/income for the year before transfers (224,450) (10,170) (3,763) (10,829) (249,212) Transfer between funds (12,339) 11,739 600 Net (expenditure)/income for the year after transfers (236,789) 1,569 (3,163) (10,829) (249,212) Net movement in funds (236,789) 1,569 (3,163) (10,829) (249,212) Funds brought forward at 1 January 2022 2,699,248 28,780 54,277 100,807 2,883,112 Funds carried forward at 31 December 2022 2,462,459 30,349 51,114 89,978 2,633,900
Page 21 St John's Hospital Educational Foundation Notes forming part of the financial statements Year Ended 31 December 2023 21. Net Movements in funds - Comparative information Year ended 31 December 2022 Permanent Endowment Funds General Permanent Endowment & Restricted Funds Special Orphan Total 2022 Acland Net Movements in funds Restricted funds At 1 January 2022 Movements for the year 28,780 1,569 8,530 1,752 37,310 3,321 At 31 December 2022 30,349 10,282 40,631 Permanent Endowment At 1 January 2022 Movements for the year 2,699,248 (236,789) 45,747 100,807 2,845,802 (4,915) (10,829) (252,533) At 31 December 2022 2,462,459 40,832 89,978 2,593,269 Total Funds At 1 January 2022 Movements for the year 2,699,248 (236,789) 28,780 1,569 54,277 100,807 2,883,112 (3,163) (10,829) (249,212) At 31 December 2022 2,462,459 30,349 51,114 89,978 2,633,900