Charity registration number 01095032 (England and Wales)
IPSWICH SCHOOL FOUNDATION
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
IPSWICH SCHOOL FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Mr E Mulholland |
|---|---|
| Mrs E Harsant | |
| Mr R Wilson | |
| Ms E Williams | |
| Mr N Barber | |
| Charity number | 01095032 |
| Principal address | Henley Road |
| Ipswich | |
| IP1 3SG | |
| Independent examiner | Helen Rumsey FCA |
| Ensors | |
| Connexions | |
| 159 Princes Street | |
| Ipswich | |
| IP1 1QJ | |
| Bankers | Lloyds Bank plc |
| 13 Cornhill | |
| Ipswich | |
| IP1 1DG |
IPSWICH SCHOOL FOUNDATION
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Statement of cash flows | 6 |
| Notes to the financial statements | 7 - 12 |
IPSWICH SCHOOL FOUNDATION
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 AUGUST 2025
The trustees present their annual report and financial statements for the year ended 31 August 2025.
The accounts have been prepared in accordance with the accounting policies, as set out in note 1 to the accounts 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 objects are the advancement of education, by paying, or applying the whole or part of the annual income and the capital of the trust fund, for the benefit of Ipswich School.
In the furtherance of these objectives the Ipswich School Foundation trustees, have complied with the duty in section 4 of the Charities Act 2011 to have due regard to the Charity Commission's published general and relevant sub-sector guidance concerning the operation of the Public Benefit requirement under that Act.
Achievements and performance
The charity has built funds in fulfilment of its objectives and used these in support of Ipswich School. Donations of £559,391 (2024: £11,652) have been received in the year of which £549,667 (2024: £500) was unrestricted. The vast majority of income in the current year relates to a significant one-off legacy donation.
Reserves policy
The Foundation receives donations for the advancement of education for immediate and short-term application.
The trustees have decided that all reserves should be transferred to Ipswich School and that the work of the Foundation will be largely undertaken within Ipswich School. Any income received in the charity will be donated to Ipswich School in the year received.
The charity has uncommitted funds of £Nil (2024: £Nil) and restricted reserves of £Nil (2024: £Nil).
Risk
The trustees have considered the major risks to which the Charity is exposed, and systems have been established to mitigate those risks. The implementation of these procedures minimises those risks. These procedures are regularly reviewed to ensure that they still meet the needs of the Charity.
Plans for the future
The charity plans to continue collecting donations and passing these to Ipswich School.
Structure, governance and management
The Trust was registered as a Charity on 12 December 2002, number 1095032. The Governing document is the declaration of trust executed on 28 January 1970 as amended by Deed/Resolutions dated 25 November 2002, 16 May 2006, 10 November 2006, 28 February 2012, 27 September 2012 and 8 April 2025.
The trustees who served during the year were:
Mr E Mulholland Mrs E Harsant Mr R Wilson Ms E Williams Mr N Barber
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IPSWICH SCHOOL FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025
The Committee is elected at the meeting following their nomination. No subsequent re-election is made.
The trustees will regularly review the make up of the Trustee Body to determine whether additional skills, knowledge, experience or diversity might be beneficial to the carrying out of the Trust's aims and objectives. Upon identification of such a need the Trustee Body will carry out appropriate research to ensure that any prospective Trustees are both eligible and suitable to join the Trustee Body.
The trustees' report was approved by the Board of Trustees.
.............................. Mr R Wilson Trustee Dated: .........................
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IPSWICH SCHOOL FOUNDATION
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF IPSWICH SCHOOL FOUNDATION
I report to the trustees on my examination of the financial statements of Ipswich School Foundation (the charity) for the year ended 31 August 2025.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
Independent examiner's statement
Since the charity’s gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
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:
-
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.
Helen Rumsey Ensors
Connexions 159 Princes Street Ipswich IP1 1QJ
Dated: .........................
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IPSWICH SCHOOL FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2025
| Unrestricted Restricted funds funds 2025 2025 Notes £ £ Income from: Donations and legacies 3 549,667 9,724 Expenditure on: Charitable activities 4 549,667 9,724 Net income and movement in funds - - Reconciliation of funds: Fund balances at 1 September 2024 - - Fund balances at 31 August 2025 - - |
Total Unrestricted Restricted funds funds 2025 2024 2024 £ £ £ 559,391 500 11,152 559,391 500 11,152 - - - - - - - - - |
Total 2024 £ 11,652 |
|---|---|---|
| 11,652 | ||
| - - |
||
| - |
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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IPSWICH SCHOOL FOUNDATION
BALANCE SHEET
AS AT 31 AUGUST 2025
| 2025 Notes £ Current assets Debtors 8 108,743 Cash at bank and in hand 10,648 119,391 Creditors: amounts falling due within one year 9 (119,391) Net current assets The funds of the charity The financial statements were approved by the trustees on 19/05/2026 .............................. .............................. Mr E Mulholland Mr R Wilson Trustee Trustee |
£ - - |
2024 £ - 5,356 5,356 (5,356) |
£ - |
|---|---|---|---|
| - | |||
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IPSWICH SCHOOL FOUNDATION
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2025
| 2025 Notes £ Cash flows from operating activities Cash generated from/(absorbed by) operations 13 Net cash generated from investing activities Net cash generated from financing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year |
2024 £ £ £ 5,292 (58,164) - - - - 5,292 (58,164) 5,356 63,520 10,648 5,356 |
|---|---|
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IPSWICH SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
1 Accounting policies
Charity information
Ipswich School Foundation is a registered charity governed by a declaration of trust.
1.1 Accounting convention
The accounts have been prepared in accordance 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)” (as amended for accounting periods commencing from 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
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 financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
1.2 Going concern
The Charity operates on the basis that all income received is donated to Ipswich School. The Trustees are satisfied that the charity remains a going concern.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions imposed by donors 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 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacy income is recognised when it is probable that the legacy will be received by the charity, the value can be reliably measured and all conditions attached to the legacy have been fulfilled.
1.5 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.
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IPSWICH SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025
1 Accounting policies
(Continued)
Expenditure to meet the Charity's aims and objectives, relates to grants to Ipswich School during the year. Grants payable are accounted for when a firm commitment is entered into.
1.6 Cash and cash equivalents
Cash and cash equivalents include cash in hand and deposits held at call with banks.
1.7 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans 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 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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IPSWICH SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025
3 Donations and legacies
| Unrestricted Restricted funds funds 2025 2025 £ £ Donations and gifts 924 9,724 Legacies 548,743 - 549,667 9,724 |
Total Unrestricted Restricted funds funds 2025 2024 2024 £ £ £ 10,648 500 11,152 548,743 - - 559,391 500 11,152 |
Total 2024 £ 11,652 - |
|---|---|---|
| 11,652 |
4 Grants payable
| Unrestricted funds Restricted funds |
2025 £ 549,667 9,724 559,391 |
2024 £ 500 11,152 |
|---|---|---|
| 11,652 |
5 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during either year.
No donations were received from trustees in the current or prior year.
6 Employees
The average monthly number of employees was:
| 2025 | 2024 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
There were no employees whose annual remuneration was more than £60,000.
7 Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
8 Debtors
| Debtors | ||
|---|---|---|
| 2025 | 2024 | |
| Amounts falling due within one year: | £ | £ |
| Accrued income | 108,743 | - |
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IPSWICH SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
| 9 Creditors: amounts falling due within one year Amount due to Ipswich School 10 Grants payable Grants payable brought forward Commitments made in the year Grants paid during the year Grants payable carried forward |
2025 £ 119,391 2025 £ 5,356 559,391 (445,356) 119,391 |
2024 £ 5,356 2024 £ 63,520 11,652 (69,816) 5,356 |
|---|---|---|
All grants in the current and prior year were made to Ipswich School.
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IPSWICH SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025
11 Restricted funds
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
| Movement | in funds | ||||
|---|---|---|---|---|---|
| Balance at 1 | Incoming | Resources | Balance at 31 | ||
| September | Resources | Expended | August 2025 | ||
| 2024 | |||||
| £ | £ | £ | £ | ||
| Scholarship and bursaries | - | 9,349 | (9,349) | - | |
| Music School | - | 375 | (375) | - | |
| - | 9,724 | (9,724) | - | ||
| Balance at | Incoming | Resources | Balance at 31 | ||
| 31 August | Resources | Expended | August 2024 | ||
| 2023 | |||||
| £ | £ | £ | £ | ||
| Scholarships and bursaries | - | 10,511 | (10,511) | - | |
| Music School | - | 641 | (641) | - | |
| - | 11,152 | (11,152) | - |
Scholarships & Bursaries fund
Ipswich School Foundation Bursaries are awarded from this fund.
Music School
This fund includes various donations towards the Ipswich School Music School.
12 Related party transactions
Two trustees of the charity are also Directors of Ipswich School Corporate Trustee Limited, which is the sole corporate trustee of Ipswich School. Payments made to Ipswich School in the year are noted in note 4.
At the year-end the charity owes £119,391 (2024: £5,356) to Ipswich School.
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IPSWICH SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025
| 13 Cash generated from/(absorbed by) operations 2025 £ Surplus for the year - Movements in working capital: (Increase) in debtors (108,743) Increase/(decrease) in creditors 114,035 Cash generated from/(absorbed by) operations 5,292 |
2024 £ - - (58,164) (58,164) |
|---|---|
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