Charity registration number 1088950 (England and Wales) THE IPSWICH CERAMIC FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 THE IPSWICH CERAMIC FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trustees CNBKelly N Khattar Charlty number {England and Wales) 1088950 Prlnclpal address 3 Stukeley Street London WC2B 5LB Independent examiner Gravita AH Limited Aldgate Tower 2 Leman Street London E1 8FA THE IPSWICH CERAMIC FOUNDATION CONTENTS Page Trustees report Independent examinerfs report Statement of financial activities statement of financial position Notes to the financial statemènts 5-11 THE IPSWICH CERAMIC FOUNDATION TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Truslees presenl their annual report and financial statements for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financlal statements and comply with the Charity's goveming document, the Charities Act 2011 and "Accounting and Reporting by Charities.. Statement of Recommended Practi￿ 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)" Objèctives and activitles On 15 July 2024 the Foundation's name changed from The Baylight Foundation to the Ipswch Ceramic Foundab'on. The Charity's object of the Foundation is to provide funds for the benefit of research relating to education, procurement, aesthetics and environmental issues. The Trustees have paid dua regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake. Flnancial revlew As at 31 March 2024, the charity has net assets of £1,623. It is the policy of Ihé Charity Ihat unrestricted funds which have not been designaled for a specrfic use should be maintained at a level equivalent to between three and six month's expenditure. The Trustees consider that reserves at this level will ensure that, in the evenl of a significant drop in funding, they will be able to continue the Charity's current activities while consideration is given to ways in which additional lunds may be raised. This level of raserves has been maintained throughout the year. The Trustees have assessed the major risks to whlch the Charity is exposed, and are satisfied that systems are in pla￿ to mitigate exposure to the major risks. Structurey governance and management The charity Is governed by a declaration of trust. The charity number is 1088950. The Charity 18 administrated by the trustees throu9hout the year who have Lonfirmed that they wll remain in the office for the ensuing year. The Truslees who served during the year and up to the date of signature of the financial statements were.. CNBKelly N Khallar Trustees are appointed by a resolution of the trustees passed at a special meeting. The Twitees eport was approved by the Board of Trustees. CNBKéIIy Trustee Dated.. 21 January.2025 THE IPSWICH CERAMIC FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE IPSWICH CERAMIC FOUNDATION I report to the charity trustees on my examination of the financial Statements of The Ipswch Ceramic Foundation {the Charity) for the year ended 31 March 2024 which are set out on pages 3 to 11. Responslbilitles and basis of report As the charity's trustees you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Aci 2011 ('the Act,). I report in r¢spect of my examination of your charilvs financial %t2tements carried out under section 145 of Ihe Act and in carrying out my examination I have followed the applicable Directtons givèn by the Charity Commission under section 145{5)(b) of the Act. Independent examiner's statement I have completed my examination. I confimi that no malters have come to my attention in connection with the examination giving me cause to believe that in any material respect- accounting records were not kept in respect of the Charity as required by section 130 of the Charlties Act 2011. the financial statements do not accord with those records., or the financial statemenls do not comply w5th the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than 8ny requirement that the financial statements 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 mallers in connection wtth the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Gravita AH Limited Chartered accountants Bashir Khan ACCA Aldgate Tower 2 Leman Street London E18FA 21 January 2025 THE IPSWICH CERAMIC FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted funds 2024 Unrestricted funds 2023 Notes Income and ondowments from: Donatlons and legacies Charstable aclivities other income 75,000 8,848 605 160,000 38,513 2,934 Total Income 82.453 201,447 Expenditure on: Charitable activities 81,564 343,978 Total expenditure 81,564 343,978 Net Incomellexpenditure) and movement in funds 889 (142,531) Reconclllatlon of funds: Fund balances at 1 April 2023 734 143,265 Fund balances at 31 March 2024 1,623 734 The statement of financial activities includes all gains and losses recognised in the year. All Income and expenditure derive from conlinuing activities. THE IPSWICH CERAMIC FOUNDATION STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2024 2024 2023 Notes Current assets Debtors Cash at bank and in hand 360 4,978 53,940 8,050 5.338 61,990 Creditors: amounts falllng due wlthin one year (3.715) {61,256) 734 Net current assets 1,623 Income funds Unrestrlcted funds 734 1,623 1,623 734 The financial statements were approved by the Trustees on 21 January 2025 B Kè11y Trustee THE IPSWICH CERAMIC FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting pollcies Charity Information The Ipswich Ceramic Foundation is a registered charity established under a Deed of Trust dated 2 July 2001. 1.1 Accounting convention The financial stalements have been prepared in accordance with the Charivs [goveming documentl. thp Cliarilies AGt 2011, FRS 102 Fhe Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the Charities SORP °Accounting and Reporting by Charities: Statement ol Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland (FRS 102)° (effective 1 January 2019). The Charity is a Public Benefit Entity as defined by FRS 102. The Charity has taken advantage of the provisians in the SORP for charities not to prepare a Stat￿nent of Cash Flows. The financial statements are prepared in sterting. ￿lch is the functional GU￿enCY of the Charity. Monetary amounts in these financial statements are rounded to the nearest £. The accounts have been prepared under the historical ￿st cAinvention. The principal accounting policles adopted are set out below. 1.2 Golng concern At the time of approving the financial stalemenls, the Ttuslees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of Ihelr charitable objectives unless the funds have been designated for other purposes. Restricted funds are subject lo specific Conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial slatements. 1.4 Incoming resources Cash donations are recognised on receipt. other donations are recognised once the Charity has been notified of the donation. Income tax recovorable in relation to donations received under Gift Aid or deeds of covenant is recognlsed at the time of the donation. Rental income from operating leases is ieGognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease temi. Turnover Is measured al the fair value of the consideration received or receivable and represents amoLFnts receivable for goods and services piovided in the normal course of business. net of discounts. VAT and other sales related taxes. THE IPSWICH CERAMIC FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued) 1,5 Tanglble flxed assets Tangible fixed assets are initially measured at cost and subsequently measured al cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over Iheir useful lives on the followng bases-. Fixtures. fittings & equipment 20% straight line The gain or loss arÈsing on the disposal of an asset is detemiined as the difference between the sale proceeds and the carying value of the asset, and is recognised in the statement of financial activities. The assets, residual values and useful live5 are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospedively. 1.6 Cash and cash equivalents Cash and cash equivalents include cash in hand. 1.7 Financlal instruments The Charity has elected to apply the provisions of Section 11 'Basic Financial Instrumenls, of FRS 102 to all of ils financial instruments. Financial instruments are recognised in the Charily's balance sheet Mthen the Charity becomes party lo the contractual provisions of the instrument. Financial assets and liabilities are offset. with the net amounls presented in the financial statements, when there is a legally enforGeable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Baslc financial assets Basi¢ financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and ale subsequently carried at anTOrtlsed cost Ubing the effective interest rnethod unless the arrangement constitutes a financing transadion, where thè transaction is measured at the presenl value of the future receipts discounted at a market rate of interest. Financlal assets classified as re￿1vable within one year are not amortised. Impaim7ent of financial assets Financial a88els, other than th08e held at fair value through incDmÈ 2nd expenditure, are assessed for indicators of impairment at each reporting date. Financi81 assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial reGognilion of the financial asset, the estimaled future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assat's original effective interest rale. The impairment loss is reGogiiised in net incomel{expenditure) for the year. If thera is a decrease in the impairment l()ss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such Ihal the current carying amount does not exceed what the carrying amounl would have been, had the impairment not previously been recognised. The mpairment reversal is recognised in net incomel{expendilure) for the year. THE IPSWICH CERAMIC FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policles {Continuedl Derecognition of financial assets Financial assels are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Charity transfers the financial asset and substantially all the risks and rewards of ownership lo another entity. or if some significant risks and rewards of ownership are relained but control of the asset has transferred to another paty that is able to sell the asset in its entirety to an unrelated third party. Basic financial Ilabilities Basic financial liabilities, including creditors and trade loan balances from connecled entities are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted al a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instrument8 are svbsequenlly Garrted at amortised cost, using the effective interest rale method. Trade creditors are obligations to pay for goods or seNices that have been acquired in the ordinary course of operations from suppliers. Amounls payable are classified as current liabilities if payment is due within one year or Sess. If not, they are presented as n0n-cu￿ent liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of financfal liabilities Financial liabilities are derecognised when the Charity's contractual obligations expire or are discharged or cancelled. Income from donations and legacles Unrestrfcted funds 2024 Unrestricted funds 2023 Donations and gSfts 75.000 160,000 r£J O Ty o UJ (o THE IPSWICH CERAMIC FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 other Income Unrestrlcted Unrestricted funds funds 2024 2023 Other income 605 2,934 Other income relates to cleaning services. Charitable actlvitles Charltable Charitable Expenditure Expenditure 2024 2023 Charitable donations Rent payable Media expenses Event costs Cleaning costs Insurance Marketing and exhibition Costs Motor, travel and entertaining Printing, postage and stationery Depreciation maintenan￿ expenses Sundry expenses Light & Heat Rates Bad Debts Bank charges 60.636 219,065 373 100 5,939 503 814 32 34 897 6,849 117 6,039 5,302 69,171 318 2,448 575 3,182 350 370 72 7,247 1,146 {3,746) 431 1,790 81,564 343,978 81.564 343,978 Accountancy fees were paid by Baylight Properties Limited. Trustees None of the Trustees (or any person5 connected with them) re￿IVed any remuneration or benefits froyn the Charity during the year. Employees There were no employees during the year. THE IPSWICH CERAMIC FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Debtors 2024 2023 Amounts falling due withln one year: 3,015 360 50,565 Trade debtors Olher debtors Prepayments and accrued income 360 360 53,940 Trade debtors disclosed above are dassified as loans and receivables and are therefore measured at amortised cost. Trade debtors are stated after provisions for impairment of £nil (2023: £3,746) Creditors: amounts falllng due within one year 2024 2023 Trade creditors other creditors 2,715 1,000 60,258 1,000 3,715 61,256 10 Operating lease commltments Lessee At the reporting end date the Charity had outstanding commitments for fuiure minimum lease payments under non-cancellable operating leases, which fall due as follows: 2024 2023 69,020 Within one year 11 Related party transactions 10- THE IPSWICH CERAMIC FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 11 Related party transactions (Contlnued) Transactions with related parties During the year the Charity entered into the following transactions with related parties: Sale of goods 2024 Donattons payable 2024 2023 2023 Other related parties 54,636 Donations receivable 2024 2023 Rent payable 2024 2023 Other related parties 75.000 160,000 69,171 219,085 75,000 160,000 69,171 219,065 Donations payable include £nil (2023.. £54.636) made to charilies where a trustee of this Gharity is also a trustee or chair of the receiving charity. 11