Charity number: 1087159
IMPEX MANAGEMENT FOUNDATION
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
IMPEX MANAGEMENT FOUNDATION
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 11 |
IMPEX MANAGEMENT FOUNDATION
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2022
Trustees I G Gibson C M Gibson Mrs A L Gibson Mrs K L Mitchell
Charity registered number 1087159 Principal office Warren House 2 Argent Court Sylvan Way Basildon Essex SS15 6TH Accountants Barnes Roffe LLP Chartered Accountants Leytonstone House Leytonstone London E11 1GA
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IMPEX MANAGEMENT FOUNDATION
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2022
The Trustees present their annual report together with the financial statements of the Charity for the 1 January 2022 to 31 December 2022. The Trustees confirm that the Annual Report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
Objectives and activities
a. Policies and objectives
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit and in particular to its supplementary public benefit guidance on the advancement of education.
The charity's objectives are the advancement of education for the relief of poverty, sickness and distress and for other charitable purposes that the Trustees may determine.
b. Grant making and reserve policies
Grants and awards are made by the Trustees in accordance with the charitable objectives as defined in the governing document. The awards are made to individuals and institutions that the Trustees believe satisfy these objectives.
It is the Trustees' policy to distribute funds within a reasonable period of time following receipt, and, after appropriate awards have been identified, without the need to hold funds in reserve. The unrestricted funds at the year end will be awarded to suitable causes as they are identified.
Achievements and performance
a. Review of activities and future developments
During the year the charity raised £30,000 in donations. The Trustees made three awards totalling £29,435 during the period in furtherance of the charity's objectives. The Trustees anticipate similar levels of income for the year ending 31 December 2023 and will continue to make grants in accordance with the charity's objectives.
b. Investment policy and performance
The Trust Deed authorises the Trustees to make and hold investments using the general funds of the charity, but no such investments are presently held.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
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IMPEX MANAGEMENT FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
Structure, governance and management
a. Constitution
Impex Management Foundation is a registered charity, number 1087159, and is constituted under a Trust deed dated 23 April 2001.
b. Methods of appointment or election of Trustees
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
The Trustees named on page 1 have held office throughout the year.
The first Trustees are appointed as trustees for life with further trustees being appointed for a term of office of ten years. A retiring Trustee may be reappointed at the end of their term of office. New trustees are appointed by the current trustees.
c. Risk management
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
Statement of Trustees' responsibilities
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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IMPEX MANAGEMENT FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
Approved by order of the members of the board of Trustees on 20 March 2023 and signed on their behalf by:
I G Gibson Trustee
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IMPEX MANAGEMENT FOUNDATION
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2022
Independent Examiner's Report to the Trustees of Impex Management Foundation ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2022.
Responsibilities and Basis of Report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's Statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Signed:
Dated: 23 March 2023
Andrew May FCCA
Barnes Roffe LLP Chartered Accountants Leytonstone House Leytonstone E11 1GA
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IMPEX MANAGEMENT FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
| Note Income from: Donations and legacies 3 Total income Expenditure on: Charitable activities Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2022 £ 30,000 30,000 29,465 29,465 535 50,203 535 50,738 |
Total funds 2022 £ 30,000 30,000 29,465 29,465 535 50,203 535 50,738 |
Total funds 2021 £ 30,000 |
|---|---|---|---|
| 30,000 | |||
| 24,168 | |||
| 24,168 | |||
| 5,832 | |||
| 44,371 5,832 |
|||
| 50,203 |
The notes on pages 8 to 11 form part of these financial statements.
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IMPEX MANAGEMENT FOUNDATION
BALANCE SHEET AS AT 31 DECEMBER 2022
| Note Current assets Cash at bank and in hand Total net assets Charity funds Unrestricted funds 6 Total funds |
2022 £ 50,738 50,738 50,738 50,738 |
2021 £ 50,203 |
|---|---|---|
| 50,203 | ||
| 50,203 | ||
| 50,203 |
The financial statements were approved and authorised for issue by the Trustees on 20 March 2023 and signed on their behalf by:
I G Gibson Trustee
The notes on pages 8 to 11 form part of these financial statements.
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IMPEX MANAGEMENT FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
1. General information
Impex Management Foundation is a charity registered in England and Wales, number 1087159. Its registered office is Warren House, 2 Argent Court, Sylvan Way, Basildon, Essex, SS15 6TH.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
Impex Management Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
2.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Charitable activities and Governance costs are costs incurred on the charity's educational operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
2.4 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
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IMPEX MANAGEMENT FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
2. Accounting policies (continued)
2.5 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.
2.6 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
3. Income from donations
| Donations Donations |
Unrestricted funds 2022 £ 30,000 Unrestricted funds 2021 £ 30,000 |
Total funds 2022 £ 30,000 |
|---|---|---|
| Total funds 2021 £ 30,000 |
4. Analysis of grants
| Total | ||
|---|---|---|
| Grants made | funds | |
| 2022 | 2022 | |
| £ | £ | |
| Grants to welfare charities | 29,435 | 29,435 |
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IMPEX MANAGEMENT FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
4. Analysis of grants (continued)
| Grants to welfare charities List of grants payable The British Red Cross - Helping people in the UK and around the world, get the support they need if crisis strikes. Kids Inspire - To ensure that all children in the UK receive specialist support to become healthy adults who lead complete and fulfilling lives. Hutton and Shenfield Union Church - Sharing their faith, in word and action, with the community around them and caring for, supporting and encouraging one another in every way they can. Children with Cancer - Raising money for research and providing care for children with cancer and their families Saint Francis Hospice - To provide care and support to those affected by a life-limiting illness. Medical Detection Dogs - Training dogs to detect the odour of human disease with the aim of developing faster, more efficient and less invasive diagnostics that lead to better patient outcomes |
Grants made 2021 £ 24,138 2022 £ 20,000 5,358 4,077 - - - 29,435 |
Total funds 2021 £ 24,138 |
|---|---|---|
| 2021 £ - - - 200 13,938 10,000 |
||
| 24,138 |
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IMPEX MANAGEMENT FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
5. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2021 - £NIL) .
During the year ended 31 December 2022, no Trustee expenses have been incurred (2021 - £NIL) .
6. Statement of funds
Statement of funds - current year
| General funds Statement of funds - prior year General Funds |
Balance at 1 January 2022 £ 50,203 Balance at 1 January 2021 £ 44,371 |
Income £ 30,000 Income £ 30,000 |
Expenditure £ Balance at 31 December 2022 £ (29,465) 50,738 Expenditure £ Balance at 31 December 2021 £ (24,168) 50,203 |
|---|---|---|---|
7. Related party transactions
Impex Management Foundation received donations of £30,000 (2021 - £30,000) during the period from Impex Management Company Limited, a company under the control of the Trustees, I G and Mrs A L Gibson.
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