St John's Hospital Educational Foundation Report and Financial Statements For the Year Ended 31 December 2024 Registered Charity No: 306676
St John's Hospital Educational Foundation Year Ended 31 December 2024 Contents Page Report of the Governors Stalement of Governors, responsibilities Report of the independent examiner Statement of financial activities (SOFA) Balance sheet 10 Notes forming part of the financial statements
Page 1 St John's Hospital Educational Foundation Report of the Governors for the year ended 31 December 2024 The Governors present their Report and Accounts for the year ended 31 December 2024. They are satisfied that the Accounts comply with the Constilution 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 Ihe 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. 16371. 2. £1010 the Trustees of Eliza Hele's Charity. Morelonhampslead. (Payment founded 16581. 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-sevenlhs to the Govemors of Exeter School 2. Two-sevenths to the Governors of Maynard School 3. One-sevenlh lo 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. Speclal Fund Income of Ihe Special Fund shall be applied in any one or all of the following ways.. al In the maintenance and improvement of any voluntary aided Church of England School in the City of Exeter. bl 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. cl In promoting the education (including social and physical training) of persons under the age of 25 years who have al any time attended as pupils of a secondary school in Exeter and who are in need of financial as51Stance. 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 lo 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 2024 Objectives and Activities (continuedl Public Benefit The Foundation provides benefit lo the public in three areas.. To individuals and organisations who apply to the Foundation for financial assistance within the tems of the Orphan Fund or Special Fund las set out on page 11. To Exeter School where the funds are used for educational purposes including lo supplement sixth form bursaries and awards offering up to the full tuition fees. To The Maynard School where the funds are used for advancing education including the provision of means tested bursaries of up lo 1000/0. Review of activities The Govemors, 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 Sl Lawrence, Nr Exeter, Devon. The Governors 501d the last residential property, Willis Cottage, together with a small amount of Tepurchased land, on 2 August 2006. The Governors have already diversified the investment base and acquired a freehold commercial propety in 2001, with a view to obtaining a reasonable rental income along with capital growth. During the year ended 31 December 2024 the Govemors reviewed the pertomance of the investment portfolio and interviewed alternative providers. CCLA Investment Management were appointed to replace Brewin Dolphin and commenced active management on 4 November 2024. The Charity made donations and grants lolalling £95,988 for the year. Further details are sel out in note 5. This includes "other grants" to eighteen individuals or organisalions, including amounts of up to £500 to various individuals {to help with the cost of education. expeditions and Irainingl After taking into account the grants made during the year, and the income due from the General Fund lo the Special Fund for the yearjust ended, the Foundation has accumulated undislributed income as follows:_ 2024 2023 General fund Special fund Orphan fund Acland fund 24,801 13,598 24,941 12.165 Total 38,399 37.106 The Governors expect lo 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 2024 Achievements and Performance Achievements The General and Acland fund net income 15 paid on in full to the appropriate beneficiaries each year. The Special fund made awards to individuals and schools lotalling £13,250 during the year leaving accumulated funds of £24.801 undislributed at the year-end, and the Orphan fund made awards tot811ing £565 leaving accumulated funds of £13,598 undistributed. Investment Parformance For the year ended 31 December 2024 the value of investments increasedl Idecreasedl and yields were as follows: 2024 Value 2023 Value Index Value at 31.12.2024 Yield Yield Brewin DolphinlCCLA portfolio UK-FTSE 100 capital return MSCI PIMFA balanced index Capilal return 6.83 5.69 3.24 5.61 3.77 3.20 8,173 193.56 8.16 7.73 Financial Review Porman6nt endowment At 31 December 2024 the Foundation had Permanent Endowment valued at £2,865,176 as set out in note 9. The Governors are satisfied that a fair proportion of the Foundation's management and administration expenses ar8 met each year out of income generated from th8 Permanent Endowment. part of which may be applied for this purpose. Investment powers and policy The FoLJndalion'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 ils pemanent endowment in investments and property as listed under fixed asset5 on the balance sheet. The investments comprise direct stock market investments managed by Brewin Dolphin until 4 November 2024, and by CCLA from 4 November 2024. The primary investment objective is a balance beeen income and capital growth subject lo a medium level of risk. No investment strictions or limitations apply to the portfolios. The investment portfolio is currently managed by CCLA. Managemont and adminlstratlon costs During 2011 Governors agreed that for the year ended 31 December 2011 and subsequent years.. 800/0 of Brewin Dolphin management charges will be treated as a capital expense; It is no longer appropriate lo allocate a proportion of the Brewin Dolphin and Francis Clark management charges to the Orphan and Acland Funds. Govemors subsequently agreed that from 1 January 2014.. 900/0 of Brewin Dolphin management charges will be Ireated as a capital expense. From 4 November 2024 all CCLA management charges are treated as a capital expense.
St John's Hospital Educational Foundation Page 4 Report of the Governor's for the year ended 31 December 2024 Financial Review (continued) Reserves Al 31 December 2024 ther8 were reserves tolalling £38,399 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 charlty trustees The Foundation's Governors are the charity truslees of Sl John's Hospital Educational Foundation {'the charity-l. and have all serned in offlce throughout the year and lo the dale of this report except where indicated. They are.. Govèrnors Date of first Appointment Ex Officlo Governor The Right Worshipful The Lord Mayor of Exeter Represantatlve Governors Miss R Edbrooke Lady J Stanhope Mr A P Foster Miss S M Wilheridge 28.11.14 01.06,17 27.05.21 27.05.21 Co-optatlva Governor8 Mr D McGahey (Chairman) Mr T V Knapp (Vice-chairman) Mrs G Redman Mr P Holland Mr M Caines MBE DL Mr A Langdon Mr P Randall 25.07.18 16.06,04 20.03.02 29.07.20 01.08.22 16.09.22 19.06.24 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 1HZ Investment Advlser RBC Brewin Dolphin, Vantage Poinl. Woodwater Park, Pynes Hill, Exeler, EX2 5FD (to 04.11.24) CCLA Investment Management, 1 Angel Lane. London, EC4R 3AB (from 04.11,241 Independent examlner Streets Bush Limited, Chartered Accountsnts, 2 Bamfield Crescent. Exeter. EX1 1QT
St John's Hospital Educational Foundation Page 5 Report of the Governors for the year ended 31 December 2024 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 Govemors appointed by the Governors of St John's for a period of five years. Administratlon The Governing Body meet three times a year (being as far as possible, the third Wednesday in the months of March, Jun8 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 wilh Brokers on an ad-hoc basis to discuss investment strategy and performance. There is also a policy statement whereby the Chairman and Clerk meel regularly to deal wlh grant applications up to a maximum of £500 {increased from £400 April 20201. The administration of the Foundation has. over recent years, been streamlined by the div8Stmenl of prize fund investmenls 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 lo 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 AGland Fund 93.884 1.909 4,207 100.000 Relationshlp 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 schoo15 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 2024 Structure, Governance and Management (continued) Related parties During the year, the following govemors were governors ofthe schools ofwhich receive the charity's annual surplus.. David McGahey (Chairman) govemor at Exeter School Rowan Edbrooke governor at Exeter School Sarah Witheridge govemor at The Maynard School Peter Holland governor at The Maynard School Phil Randall headlea¢her at Sl Peter's C of E Aided School Michae1 Caines works with Exeter College via Th8 Michael Caines Academy Rlsk management The Governors have assessed the major risks lo 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 miligaled by regular performance monitoring. Loss of key slaff - the Clerk to the Governors has arrangements in place lo 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 Govemors 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 Govemors should follow best practice and Select suitable accounting policies and apply Ihem consistently., Make judgements and estimates that are reasonable and prudenl., 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 Govemors 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 slalements comply with charity law. The Govemors 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. 18th June 2025
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 2024. which are set out on pages 9 to 21. Respective responsibilities of Governors and examiner The Charity's Govemors are responsible for the preparation of the accounls. The Charity's Governors consider that an audit is not required for this year under section 144(21 of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. It is my responsibility lo: examine the accounts under section 145 Df the 2011 Act.. follow the procedures laid down in the General Directions giv8n by the Charity Commissioner under section 145{5llbl of the 2011 Act., and state whether particular matter5 have come lo 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 comparison of the accounts presented with those records. It also includes ¢onsid&ralion of any unusual items or disclosur8s in the accounts, and the seeking of explanations from you as Govemors concerning any such matters The procedures undertaken do not provid& all the evidence that would be required in an audit, and consequently no opinion is given as lo whether the accounts present a 'lrue and fair view. and the report is limited lo 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 lo believe that. in any material respect, the requirements: To keep accounting records in accordance with s8Ction 130 of the 2011 Act., and To prepare accounts which accord with the accounting records and lo comply wth the accounting requirements of the 2011 Act have not been mel.. or To which, in my opinion. attention should be drawn in order lo enable a proper underslanding of the accounts lo be reached, Mrs Sunny Truran FCCA, FCA Streets Bush Limited Chartered Accountant5 2 Barnfield Crescent Exeter EX1 1QT Dated.. 11 fjILb] 7aLs
Page 9 St John's Hospital Educational Foundation Stat¢rn¢nt Of Flnanclal Actlvltl•$ ISOFAI Year Ended 31 D8combgr 2024 P•nMnont Endowm•nt & Restrict Fund6 P•mi•nent fndowm•nt Fu#d8 G•n•ral Total Total s¢111 Orphan Acland 2024 2023 Mot• Incom• Inv8slm•nl Income 111.661 1.396 3,077 116.134 109.275 Tot•1 In¢om• 111,M1 J.OTT 116.134 109.275 E¥p•ndltur• Costs ofraiw funds. Invosimani mana9•w•nl co¥ls 17.124 214 471 I T,809 19.095 Expendituro on ¢hntablo acifvttlos. Grani maklng activi15 91,340 13.250 565 3.077 108.232 106.348 T+)tsl •xp•ndi¢ur• 108.484 1J,250 779 3.$48 126,041 125.443 Nol r•aY5e(S Ib550yVy8in$ on Invesimgnl4 G&n8llk)58e$l on r•valualion tsf Inv8simonis 125,393 2.550 5.619 133.562 111.6431 608 1.340 31.854 141.977 N•t IncoTh•ll•xp•ndltur•l lor th• y•ar b•lor• tr•n•f•ri 159.496 113.250 3.775 8,488 155.509 114.166 TrDn$l•r b•M•n lun 13.110 800 In¢om•ll•xp•ndltur•l for th• y••r Alt•r trin•f•v• 144.T88 11401 4.375 6,488 155,509 114.186 N•1 m•v•m•ht Ir lund• 144.ri6 4,375 8.488 155,509 114.168 Funda brought forward al l January 2024 2.572.953 24.941 55.243 94.929 2.748,(A6 2.633.500 Fundi eirrl•d lomard al JI D•c•mbgr 2Q24 2,711,739 24.801 59,618 101.417 2,9Q3.575 2.748,066
Page 10 St John's Hospital Educational Foundation 8alan¢e Shèèt As at 31 December 2024 Permanent Endowmènt & R•gtrl¢ted Funds Pormanent Endowmont Fund$ G•n•ral Total Totsl 8poclal Orphan AGland 2024 2023 Not• Flx•d As¥ets Inve$lm8nls Inv981rngnl Property 13 14 2.283.235 475,000 46.020 101,417 2.410.672 475,000 2.256.454 475.01)0 2,738,235 46,020 101.417 2.885.872 2,731.454 Curf•nt A•••ts Deblofs Cash al bank 15 17.077 75.993 13,110 11,691 6QO 12.998 30,787 103.759 18.892 104.999 3,077 93.070 24,801 13.598 3,077 134.546 123.891 Cradllors. Amounts fallino due within one ygar 17 113.$68 3,077 116.843 107.279 N•t Current ILl•bllltyVA•801• 120,4961 24,801 13,598 17,gOJ 16.612 N•t A•••t• 2.717.739 24,801 S9,618 101.417 2.903.575 2.748.066 Th• lund• ol th• ¢h4rlty Reslficled lund8 P8rman8nl 8ndosvmoni 24,801 13.598 46,020 38.399 2.865.176 37,106 2.710.960 2,717.739 101,417 Total charity fvndB 2,717,739 24.801 59,818 101.417 2,903,575 2.748,066 Approved by th¢ Governors on 18th June 2025 anLI si9ned on their b•half by Thg nolgj on page5 11 10 21 form part of Ih•se 8ccounl¥.
Page 11 St John's Hospital Educational Foundation Notes formlng part of Ihe financial statements Year Ended 31 December 2024 Sl John's Hospital Educational Foundation meets the dehnits'on of a public benefit onlity under FRS 102. The financial statements have been prepared on a going concern basis and the Trugtges are not awar& ol any material uncertainties that would cast doubl on the charity's ability lo ntinUe as a going concern. 1 Status ¢1 Trust Th• purpose of the Injsl is lo provide financial assistance lo promole educaknon. mainly in the City of Exet8r. The Iru$l has 0XlSt8d lor 670 years Ind the position was clartried by a scheme sealed by tho Charity Commissioners dated 25 October 1935 and alterations sealed on 26 November 1958 and 10 May 1988 nd as amended by a S74D resolution dated 18 November 2009. Historically the "trustees" and'lrusl. are referred lo as 'governors' and "foundation. respectively. Thes historical lerrns are Used throughout the financial Statements. The foundation i¥ a Regisl8r8d Charity. ragistration number 306676. 2 Prln¢lpal a¢¢ounllng poll¢l•• The financi81 stalemènis arè prèpared under the hlsloricas cost eonvenlion a8 modified by the ravaluallon of Inveglm6nl8 and In accordance with app11cable accounting $18nJards, Charities Acl 2011 and Ihg Charits'es Slal&m¥nl of Rgcomm&nded Pr8cll¢o IFRS 1021. 4. Ac¢urnulat•d Fund4 P•nnan•nt Endowm•nt The Foundation's Permanent Endowmenl comprises the General Fund. The movgmenls lor Ihe year, as s&1 out In note 9, r&pr88enl the effecl ol the revaluation ol Ihtr underlying inv¢$lm¢nls and the profiVIo85 on radamplion ol c8rtain gills and dSsposal ol othar inveslm8nl$. R•8td¢t•d Fund$ Rosldcled Funds, ag set oul in note 9, comprisè Ihe Special, Orphan and Acland Fun¢J¥. Th& rgslri¢lions that apply 10 oach fund are a$ 801 oul in tho Govgming S¢heme, as $ummari8ed in the Governors. Report. b. Inv••tm•ntB and Inv•slm•nt Incum• Stock morkgl Invostmont$ ar6 ghown al fair value 91 th8 balAnc8 gheel dat8. Any gain or loss on revaluallon is taken to ¢he SOFA. Inveslmenl income is aceounled lor in the period in %4thich the Foundalion is entitled lo receipt. Accrued interest on gill Inve51menls is accounled lor by way ol the annual revaluation adjuslmenl. The investment property 1$ valued by Governors al lair value at Ihg balanc& shaal dalo. ¢. Exp•ndlturn Expendlture Is accounlod for on an a¢cnJals basi5 and ha5 been ¢185sifgd under haadings that aggr*gato all costs relallng lo th& ¢alggory. Where Costs c8nnol be dir&¢lly allribuled lo an a¢livily they havo b¢en allocalgd lo activitie5 on a basis consistent wth the Ltse of resources. The all(atIon of 5upporf costs is set out in Note 6. d. Gr•nts and bursarl•$ Grants and bursaries awarded Irom restricted funds are included as 8xpend¢turg in the period the granl 1$ ornmiiied, subject lo the 5ali8f8clion of any performance related clauses. Valu• Add•d Tax Th& Foundation is regislored lor Value Added IVATI wilh effecl Irgm 1 August 21X)2. Expenditure in these financial slalemenls in¢liJdes irre¢overable VAT where appropriate.
Page 12 St John's Hospital Educational Foundation Noto8 fomilng part of the flnanclal statèmènts Year Ended 31 December 2024 Cah balance Cash al bank and cash In han(J r8presenls amounts held to meel short-lemi cash commitments as Ih8y fall due. This includ85 cash and Short 18rrn d8P051ts with 8 ffl8turity of thr89 rnonths or loss from the dale ol acquisition or opening ol the account. D•btors Trade and olher dobtors are rcognised at the $8111èmenl amount duo aftèr any Irada dlscount offered. Prgpoyrngnt5 are valu•d ai the amount pr8paid less any Irada discounts duè. Cr•dllor8 and provlslon• credito and provisions are recognised whgr8 the tharity h89 8 pr888nl obligation f•suMing from a past evenl that will prDbably result in thè Iransler ol funds lo a Ihlrd party and the amount due lo Sollle the obligation can be measured or eslimaled reliably. Flnanclal In•trum•nt• The Trusl only h38 financial assals ol a kind that qualify as bask financial instruments i.e cash, inve$tm8nls, short-ièm dèbtors and cr8dllors, which aw initlally recorded al transaction valuè. Inve$tmgn¢s ar• r8valued al rnarkal value Ihrough the slalemonl of financial acllvitlg¥. Porman•n¢ Endowm•nt Funds Gonoral P•rman•nt Endowm•nl & R••tdet•d Funds Orphan Totjl 2024 Total 2023 Sp•¢l*l A¢land 3. Inv•stm•nt Incom• Dlvldènds and Int•rest Bank interest Rent 68.668 993 42,000 1.396 3,077 73,141 993 42,000 fj7,139 136 42,000 111.661 1,396 3.077 116.134 109,275 4. Inv•8tm•nt management co$t• Prop8rty Insurance and managemg111 Brewin Oolphin fee- rev8nu8 1 OYO - capilal 90% Support COSts (Note 61 2,059 1.491 10,513 3.061 2.059 1,491 11.198 3.061 2,398 1.405 12.642 2.650 214 471 17.124 214 471 17,809 19,09S
Page 13 St John's Hospital Educational Foundation Notes forming part of the fSnanclal $tat6ments Year Ended 31 December 2024 Pemianent Endowmènt Fund¥ GonOTal P•rnian•nt Endowment & R•$ltl¢t•d Funds Orphan Total 2024 Total 2023 Sp•clal Acl•nd 5. Grant maklng actltle% Annual payments Other grant5 Flnanclal dislribulions (Extrlor and Maynard Schools) Support costs INote 61 432 432 16,892 432 20.672 13,250 565 3.077 78.664 12.244 78,e64 12,244 74,644 10.600 91.340 13,250 565 3,077 108.232 106,348 6. Support ¢o•ts Clerks, 5818ry Independent examinatlon M¥oling 6xpanse5 Sundry expenses 12.628 1.419 12,828 1.419 11,453 1,358 80 359 1.258 1.258 1 S.305 15,305 13,250 Allocaied. Inv•slmenl managernenl cosl$120%1 Grant m8king aclivitiès180%1 3.061 12.244 3.0$1 12,244 2.650 10,600 15,305 15,30S 13,250 G•n•ral 8p•cl•l Orphan AGland 2024 2023 7. Oth•r r•cognls•d galn¥ and 19$¥•8 Raalised gainslllossesl., Equitro$ Fixed Interest Proporty 128.000 12,6071 2.603 1531 5.736 136.339 12.7771 111.8711 228 125,393 2,SSO 5,619 133.582 111,6431 Unrealised gain51llos5esl'. Equillès Fixed Interest Prop8ty 29.906 608 1.340 31,854 134,234 7.743 29,906 608 1,340 31,854 141.977 155,299 3.158 6,959 165.416 130.334
Pag• 14 St John's Hospital Educatlonal Foundation Notes formlng part ot thé flnancial statements Year Ended 31 December 2024 8. Tranlfers belw¢¢n Fynd$ Tha annual Irans18r ol funds Irom General compnses". £13. 100- Iran51w ol 117th ol annual surplus lo Spgcial Fund £600- Iransfer ol fixed annual payment tD Orthon Fund P•mwn•nt Endowm•nt Fund? G•ner•l P•muMnt Endowm•nt & R••trl¢t•d Fund• Orpha Spla1 A¢l•nd 2024 2023 g N•t Movemefit¥ In fundjk R•sttkt•d lunds Al l January 2024 M¢ivem•nls for year 24.941 11401 12.165 1.433 37,106 1.293 40.631 13,5251 At 31 D8Mb 2024 24.801 13,$•8 38,399 37.106 P•rm•n•nt Endowm•nt Al 1 January 2024 Movemen1$ lor Iho year 2.572.953 144.786 43.078 2,942 94,929 6.488 2.710,9eo 1S4,211 2,593.289 177.691 At 31 D•cembgr 2024 2.717,739 46,020 101,417 2.865.176 2.710.960 Tot•1 Funds Ai l January 2024 Movemonls lor th8 y•ar 2.572,953 144,786 24,941 11401 55.243 4.375 94,929 6,488 2,748,066 155,509 2,e33.900 114.166 At 31 DeMtser 2024 2.717.739 24.801 59.618 101,417 2,903.575 2.748.Q66 10. G•n•ral lund rang•• N•t Currnnt Prop•rty Inw$lm•nt• 8•n Total At 31 Decernber 2023 475,000 2. 118.447 78.109 198.6031 2.S72,9S3 At 31 D•cofflb•r 2024 475.000 2.283.235 75,993 196.4891 2.717.739 11. Staff nvmbers Jnd ¢o•tJ and r•lat•d p8rty tran¥actlon• The Fourk1alK)n do8s not omploy any 51aff. Adrninijtratlon 1$ carried out by the partners, lorw parfnar and staff of the Clerks. Me55rs PKF Francis Clark LLP. Cthqrtefed knountants. 2024 2023 f•os paid to Clerk, includiThJ unr•cov•rabl• VAT 12,620 11.453 Tru81•88 ar• nol r8rnuneraled. and are not reimbursed for amending me•lings. Thero no r6laittJ party transactions during the yr 12. Indewnd•nt ¢x¥nln•r l• 2024 2023 Fees paid to the Independenl oxaminer Including unrecoverabl8 VAT 1,419 1.356
Pgge IS St John's Hospital Educatlonal Foundation Notes formlng part of the flnanclal stat?monts Year Ended 31 December 2024 13 In¥•stmonts 2024 2023 At 1 January 2024 Addilions al G051 Dispo&al proceeds G8insllloss881 on di8P05HIs Gainslllosse$i on revaluation Movam8nl in castvdebltys 2.256.454 2.B94,048 12,8&2,9581 133.562 31.854 122.2881 2.096.342 547.295 1415,7831 111.6431 141.917 1103.7341 At 31 DK8mb8r 2024 2.410.672 2,256,454 Holillng Coit M•rk•t D•lll• ol Inv•$tmant• fonn•rfy held by 8r•wln Oolphln and now h•ld by CCLA 31.12.24 Ab8rdeon Asian Mangl Isold 28.05 241 Aberforth Smaller Coys Tw$1 (SO 28 10 241 Admiral Group Isold 28 05.241 ¢on Ag l$old 28.10.241 Phabo11341 boughl 22 03.24. 28 10.241 AJn8zon1247 boughl 22 03.24. sold 04.11241 Apple l$dd 2103 241 Ashload Group l$Jd 04 11.241 Bae Sys18rns l$old 28 10.241 9orr8tt Devalopm8nls1501d 28 10.241 B8rksbiro HOaWaY Isr)kl 28.05.241 Bnllsh T81ocom 6 375% 22.03.241 Close 8ros Group Isold 02.02.241 Co¢a.Co18 l$dd Q4 11.241 DBX Tracker MSCI J•p8n Index l>old 28.10 241 DlJg80 Plc150k104.11.241 F•$tonal Com 18dd 28.10.241 Fldollty Eur Valu1gold 28.10 241 Fld811ty UCITSICAV Isold 28. 10.241 Fll Invi SeThices IPacificl18old 29 10 241 Flrnt Seniier Inve$imenis IUKI Isold 28.10.241 Glaxosmilhkllne1501d 28.10.241 Greon¢oal UK Wlnd l&dd 04.11.241 Halo¢n Iwid 28 10.241 Home Depot Inc15dd 28 10 241 In$iltullon81 Cash S8ri88110.000 sold 25.03 24, 10.000 $old 09 10 24. 39.945 sdd 28 10.241 In18rconlinBnlal Ex¢hango1375 bought 30 05.24. 04 11.241 I ShBre9 (sold 28.10 241 John Lang EnvKonmenl81 A8S811sokl 28.10.241 JP Morgan Asiaft Inve$imenl TfU51 Isold 28 10.241 J.P Morg8n Chase & Co Isol(J 28.10 241 Carried Irxworo lo pag? 18
P4y I• st John's Ho•pttal Edueatlonal Foundatlon Not•1 formlng part olth• flnanclal •tatèm•nt• Ytrat Ertd•d 31 O•c•mb•r 2024 Jt.11.24 I tr(¥n p•gv 15 Ligii Ahd G•n•f41 14.182 fthihl 22 OJ Y. I7.08?¢ 1110231 LWI f58 8ankkng tsrP ?1 OJ F>137 02 24 240 25 03 24 143 tthghl 29Q524 420 29 10 241 1465 Wt JO OS 24 28 10 211 kknogon 1121 btyJ¥thl 22 03 24. Iohyo4 11 241 Ml 122.828 iwjht 29 05 24 ohJ 29 10 241 N•itt• 1228b(W122 OJ 24. 01 11 241 North Am w¢ri1 28.05.241 No¥wt¥ lyohy 28 10.24 NuvdD GblI• 061 bwyhl 2002 24 29 10 241 T•ch Iiusl I5Lrfd 26 10 24 PDDc•i• PiiyJl• 2805 241 20 10 241 20 10 211 RDYAI SW 18 10 241 0202 8thr[ Aw 159 278 29 05 24 xèj 29 10 241 Inv•4trnoDt Fund kg 1() 241 $¢tyityJ•t Unrt Titsii 19 Od ?41 Sthrty2•t• VTG I0 20 IU 241 schwab ICh•TipJl C[101 28 10 241 Styro l? e6? hJJghl ?? 02 24 WJ 11241 .Wthrns I1 22 03 241 i 2a 10 241 TbJf bry•y iowJ 28 10 241 errw9ty Trwiil¢ 28 10241 UK Go¥wnrMn14 125% ZJ 10 241 Urthw PLC 28 10 241 S&P IT OTS J(*9 (19al ?1 1817 24 10 241 In¥••lm•ni Furth TJ 10 ZII CQIF Ch•Arth•i VlaTrI FLd [1> 129 01 11 24. IQZ.420 bwl 05 11 24. 402 t¥hI l l 11 24 2 J7>.J17 2.407 172 2.31S.317 ?.401.172 • CCLA r• rndmor •1m•t 2J7&•1T 2.410.•72 FthJ {ph Fw 193 884%) 2.203 230 46020 14 207%1 2.41•.172
PJg• 17 St John's Hospital Educational Foundation Not•s fornilng part of Ihg flnan¢lal stat8m•nts Y•ar Ended 31 Decomber 2024 14. G•n•rnl fund Ivtm•t property C•¥th Hou•• and yirnga8, 21 Southornhay Eut. Ex•t•r 2024 2023 Al 1 January 2024 Revaluation during tho ¥r 475,000 475.000 AI 31 Docombor 2024 475,000 475.000 The prop•rty 1$ val0 by Ihg Governor5 al open markel v41utr 15 D•btty• Permanent Endowrn•nt P•rm•n•nt Endowm•n14 R•itrt¢t• Fund> Orphan Tot•1 2014 Tot•1 2023 Sp•cl•l A¢l•nd COIF dividends Brewn Oolphift In¢om¢ a¢counl Prepayment Slrqfon Cr•ber Commeici81 ftoai 16,877 18.677 5.452 350 50 350 31JO 50 17,077 17,077 5.152 From genernl fund ylo gran 13,110 600 13,710 13,040 17.077 13,110 000 30,787 18,892 16 Ca•h It b•nk e•nk tyf s111nd 75.993 11.691 12.998 3,077 103,759 lQ4,999
Pago 18 St John's Hospltal Educational Foundation Notes formlng part of the financial statements Year Ended 31 December 2024 17. Cr•dltors- amounts falllng due wllhin one year Permanent Endowmant Fund$ Gon•ral P•rnianent Endowm•nt & R•strlcted Funds Orphan Total 2024 Totsl 2023 Speclal Acland Final dislribulions for year.. Exeter School aynard School ro Sp8cial & Orphan Fund Brewin Dolphin management les Clark's le&s Amount due lo CCLA B3A Costs Indop&ndent 8xamlnation Rent recelved in advance VAr Annual Paymont3 39.332 39,332 13.710 3,077 42,409 39,332 13,710 40.146 37,322 13,040 3,500 3,690 3,500 3.690 3.500 30 1,500 10,500 1,108 864 i.soo 10,500 1,108 1.400 10,500 939 432 113.568 3,077 118,843 107,279 P•rforman¢• r•l4t•d grants The following special fund grynts havè bèèn awarded bul not yel In¢luded as a payment or Ilability as th¢ payment 1$ dep&nd&nl on Iho performance ol a projecl approved by lh8 Governor& ol Sl Johns.. Si Sidwell'8 Prlmory S¢hool Sl David's Primary School 7.500 7.500 15,000
Page 19 St John's Hospital Educational Foundation Notes forming part of the financial statements Year Ended 31 December 2024 18. Distrlbutlon of General Fund balanc? of net income 2024 2023 Balance of net income (before distributions).. Investment Income 111,661 105,169 Less.. Investment Management Costs (note 4) Grant making activiti6s (note 5) Annual payments 17,124 12,244 1,032 18,322 10,600 1,032 30,400 110,513) 29,954 111,8691 Less Brewin Dolphin fee8 capital expense (90¥01 19,887 18,085 Balance available for distribution 91,774 87.084 Distributed.. Exeter School 13ri) Maynard School {217) Speci81 Fund 11171 39,332 26,221 13,110 39,332 39,332 13,110 37,322 37,322 12,440 13,111 (6rii 78,663 (1171 13.111 91,774 87,084 19. Grants to Instltutions 2024 2023 St Leonard's Prirnary School St Peter's C of E Aided School St Michael's Primary School Heavitree Pinhae C of E Primary School 7,500 2,398 7.500 6,300 1,200 8,700 16,198
Page 20 St John's Hospltal Educatlonal Foundatlon Notes formlng part of the financlal statements Year Ended 31 December 2024 20, Statement of Financial Activlti88 - Comparative Infomiallon Year ended 31 December 2023 P•m)an•nt Endowrnont Fund8 G•noral Panranent Endowmont & Rostrlcted Funds Spo¢lal Orphan Acland Total 2023 Income Inve51mertl in¢ome 105,169 1,282 2.824 109,275 Total In¢ome 105,169 1,282 2.824 109.275 Expendltur& Costs ofraising lunds.. Inwestmeni management co818 18.322 241 532 19,095 Sxpe17ditur8 on charilablfy a¢livitl88.' Grant making a¢llvstie5 85.676 17,848 2,824 106,348 Total expendlturo 103,998 17.848 241 3,356 12S,443 Nel realis&d Ilossesllgains on investments Gainslllosses} on revaluation of Investments 110.9311 12221 14901 111,8431 133,294 2.710 5.973 141,977 Net lexpendllurelllncom¢ for th• year before tran8fern 123.534 117.8481 3.529 4,951 114,166 Transfer between funds 112,0401 12.440 600 Nel lexpendilur8llincomg lor the year aftar transfgrs 110,494 15.4081 4,129 4.951 114,168 Nel movement in funds 110.494 15,4081 4,129 4.951 114,166 Funds brought fopNard al 1 January 2023 2.462.459 30,349 51.114 89.978 2,633,900 Funds ¢8rried forward at 310eGofflb¢r 2023 2,572,953 24.941 55.243 94,929 2.748.066
Pag• 21 St John's Hospital Educational Foundation Notes forniing part of the financial statements Year Ended 31 December 2024 21. Net Movements In funds - Comparatlve Inlorniatlon Yoar ond•d 31 Dacomber 2023 Permanent Endowment Funds General Permanent Endowment & Rastricted Funds Sp8¢lal Orphan Total 2023 Acland Not Movomonts Sn fundj Restrlcted funds Al 1 January 2023 Movements for Ihe year 30.349 15.408 10,282 1,883 40,631 13,5251 Al 31 December 2023 24,941 12,165 37,106 Permanent Endowment Al 1 January 2023 Mov8rn8nls for the year 2,462,459 110.494 40,832 2.246 89.978 4,951 2,S93.269 117,691 Al 31 December 2023 2,572,953 43,078 94,929 2,710.960 Total Funds Al l January 2023 Movements for the year 2.462,459 110,494 30,349 15,408) 51.114 4.129 89,978 4,951 2,633.900 114,166 Al 31 Decembor 2023 2,572.953 24,941 55,243 94,929 2,748,066