Charity registration number 1088950 (England and Wales)
THE IPSWICH CERAMIC FOUNDATION
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
THE IPSWICH CERAMIC FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees C N B Kelly N Khattar Charity number (England and Wales) 1088950 Principal address 3 Stukeley Street London WC2B 5LB Independent examiner Gravita Business Services II Limited Aldgate Tower 2 Leman Street London United Kingdom E1 8FA
THE IPSWICH CERAMIC FOUNDATION
CONTENTS
| Page | |
|---|---|
| Trustees report | 1 |
| Independent examiner's report | 2 |
| Statement of financial activities | 3 |
| Statement of financial position | 4 |
| Notes to the financial statements | 5 - 10 |
THE IPSWICH CERAMIC FOUNDATION
TRUSTEES REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The Trustees present their annual report and financial statements for the year ended 31 March 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's governing document, the Charities Act 2011 and "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)".
Objectives and activities
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 due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.
Financial review
As at 31 March 2025, the charity has net assets of £158,154.
It is the policy of the Charity that unrestricted funds which have not been designated for a specific 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 event 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 funds may be raised. This level of reserves has been maintained throughout the year.
The Trustees have assessed the major risks to which the Charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management
The charity is governed by a declaration of trust. The charity number is 1088950.
The Charity is administrated by the trustees throughout the year who have confirmed that they will remain in the office for the ensuing year.
The Trustees who served during the year and up to the date of signature of the financial statements were: C N B Kelly N Khattar
Trustees are appointed by a resolution of the trustees passed at a special meeting.
The Trustees report was approved by the Board of Trustees.
..............................
C N B Kelly Trustee 16/1/2026 Dated: .........................
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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 Ipswich Ceramic Foundation (the Charity) for the year ended 31 March 2025 which are set out on pages 3 to 11.
Responsibilities 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 Act 2011 ('the Act').
I report in respect of my examination of your charity's financial statements carried out under section 145 of the 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 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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1 accounting records were not kept in respect of the Charity as required by section 130 of the Charities Act 2011.
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any 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 matters in connection with 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 Business Services II Ltd Chartered accountants
Bashir Khan ACCA Aldgate Tower 2 Leman Street London E1 8FA United Kingdom 16/1/2026 Dated: .........................
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THE IPSWICH CERAMIC FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2025 | 2024 | ||
| Notes | £ | £ | |
| Income and endowments from: | |||
| Donations and legacies | 2 | 165,856 | 75,000 |
| Charitable activities | 3 | 13 | 6,848 |
| Other income | 4 | - | 605 |
| Total income | 165,869 | 82,453 | |
| Expenditure on: | |||
| Charitable activities | 5 | 9,338 | 81,564 |
| Total expenditure | 9,338 | 81,564 | |
| Net income and movement in funds | 156,531 | 889 | |
| Reconciliation of funds: | |||
| Fund balances at 1 April 2024 | 1,623 | 734 | |
| Fund balances at 31 March 2025 | 158,154 | 1,623 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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THE IPSWICH CERAMIC FOUNDATION
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
| 2025 | 2024 | |||||
|---|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | ||
| Current assets | ||||||
| Stocks | 8 | 153,855 | - | |||
| Debtors | 9 | 1,103 | 360 | |||
| Cash at bank and in hand | 4,396 | 4,978 | ||||
| 159,354 | 5,338 | |||||
| Creditors: amounts falling due within | ||||||
| one year | 10 | (1,200) | (3,715) | |||
| Net current assets | 158,154 | 1,623 | ||||
| Income funds | ||||||
| Unrestricted funds | 158,154 | 1,623 | ||||
| 158,154 | 1,623 | |||||
| 16/1/2026 | ||||||
| The financial statements were approved by the Trustees on ......................... |
.............................. C N B Kelly
Trustee
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THE IPSWICH CERAMIC FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1 Accounting policies
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 statements have been prepared in accordance with the Charity's [governing document], the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 Charity is a Public Benefit Entity as defined by FRS 102.
The Charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.
The accounts have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the Trustees 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 their charitable objectives unless the funds have been designated for other purposes.
Restricted funds are subject to 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 statements.
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 recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Rental income from operating leases is recognised 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 term.
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.
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THE IPSWICH CERAMIC FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
1 Accounting policies
(Continued)
1.5 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at 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 their useful lives on the following bases:
Fixtures, fittings & equipment 20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.
1.6 Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Stock relates to purchase of books, art work, photos etc held for sale and are recorded at cost less impairment.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8 Financial instruments
The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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THE IPSWICH CERAMIC FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
1 Accounting policies
(Continued)
Impairment of financial assets
Financial assets, other than those held at fair value through income and expenditure, are assessed for indicators of impairment at each reporting date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated 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 asset’s original effective interest rate. The impairment loss is recognised in net income/(expenditure) for the year.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in net income/(expenditure) for the year.
Derecognition of financial assets
Financial assets 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 to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Basic financial liabilities
Basic financial liabilities, including creditors and trade loan balances from connected 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 at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.
2 Income from donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| £ | £ | |
| Donations and gifts | 165,856 | 75,000 |
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| Total | 2024 | £ | 32 | 285 | 6,531 | 6,848 | ||
|---|---|---|---|---|---|---|---|---|
| Event Bank |
Income Interest |
2024 2024 |
£ £ |
- 12 |
- - |
- - |
- 12 |
|
| Student Book |
tours sales |
2024 2024 |
£ £ |
- 20 |
285 - |
6,531 - |
6,816 20 |
|
| Total | 2025 | £ | 13 | - | - | 13 | ||
| Book Bank |
sales Interest |
2025 2025 |
£ £ |
- 13 |
- - |
- - |
- 13 |
|
| Student | tours | 2025 | £ | - | - | - | - | |
| Charitable activities | Sale of goods | Services provided under contract | Charitable rental income | |||||
| 3 |
THE IPSWICH CERAMIC FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
4 Other income
| Unrestricted Unrestricted funds funds 2025 2024 £ £ Other income - 605 |
Unrestricted Unrestricted funds funds 2025 2024 £ £ Other income - 605 |
Unrestricted Unrestricted funds funds 2025 2024 £ £ Other income - 605 |
|---|---|---|
| Other income relates to cleaning services. |
5 Charitable activities
| Charitable Expenditure Charitable Expenditure 2025 2024 £ £ Rent payable - 69,171 Media expenses - 318 Cleaning costs - 2,448 Legal and professional fees 1,200 - Accountancy fees 480 - Insurance - 575 Marketing and exhibition costs 8,336 3,182 Motor, travel and entertaining - 350 Maintenance expenses - 370 Sundry expenses 1,275 72 Light & Heat (163) 7,247 Rates (1,867) 1,146 Bad Debts - (3,746) Bank charges 77 431 9,338 81,564 9,338 81,564 |
Charitable Expenditure Charitable Expenditure 2025 2024 £ £ Rent payable - 69,171 Media expenses - 318 Cleaning costs - 2,448 Legal and professional fees 1,200 - Accountancy fees 480 - Insurance - 575 Marketing and exhibition costs 8,336 3,182 Motor, travel and entertaining - 350 Maintenance expenses - 370 Sundry expenses 1,275 72 Light & Heat (163) 7,247 Rates (1,867) 1,146 Bad Debts - (3,746) Bank charges 77 431 9,338 81,564 9,338 81,564 |
Charitable Expenditure Charitable Expenditure 2025 2024 £ £ Rent payable - 69,171 Media expenses - 318 Cleaning costs - 2,448 Legal and professional fees 1,200 - Accountancy fees 480 - Insurance - 575 Marketing and exhibition costs 8,336 3,182 Motor, travel and entertaining - 350 Maintenance expenses - 370 Sundry expenses 1,275 72 Light & Heat (163) 7,247 Rates (1,867) 1,146 Bad Debts - (3,746) Bank charges 77 431 9,338 81,564 9,338 81,564 |
|---|---|---|
| 2025 £ - - - 1,200 480 - 8,336 - - 1,275 (163) (1,867) - 77 9,338 9,338 |
2024 £ 69,171 318 2,448 - - 575 3,182 350 370 72 7,247 1,146 (3,746) 431 |
|
| 81,564 | ||
| 81,564 |
Accountancy fees were paid by Baylight Properties Limited.
6 Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year.
7 Employees
There were no employees during the year.
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THE IPSWICH CERAMIC FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
8 Stocks
| Stock Stock is stated after provisions for impairment of £nil (2024: nil) 9 Debtors Amounts falling due within one year: Trade debtors Other debtors |
2025 £ 153,855 |
2024 £ - |
|---|---|---|
| 2025 £ 743 360 1,103 |
2024 £ - 360 |
|
| 360 |
Trade debtors disclosed above are classified as loans and receivables and are therefore measured at amortised cost.
Trade debtors are stated after provisions for impairment of £nil (2024: £nil)
10 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| Trade creditors Other creditors |
2025 £ 200 1,000 1,200 |
2024 £ 2,715 1,000 |
| 3,715 |
11 Related party transactions
Transactions with related parties
During the year the Charity entered into the following transactions with related parties:
| Donations receivable 2025 2024 £ £ Other related parties 165,855 75,000 165,855 75,000 |
Rent payable 2025 £ - - |
2024 £ 69,171 |
|---|---|---|
| 69,171 |
Donations payable include £nil (2024: £nil) made to charities where a trustee of this charity is also a trustee or chair of the receiving charity.
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