Charity number: 1098913
THE IVY CHILD CHARITABLE TRUST
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2022
THE IVY CHILD CHARITABLE TRUST
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 - 13 |
THE IVY CHILD CHARITABLE TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2022
Trustees
C Mackie D Mackie I Mackie
Charity registered number
1098913
Principal office
Hansells Solicitors Cambridge House 26 Tombland Norwich Norfolk NR3 1RE
Accountants
MA Partners LLP Chartered Accountants 7 The Close Norwich Norfolk NR1 4DJ
Solicitors
Hansells Solicitors Cambridge House 26 Tombland Norwich Norfolk NR3 1RE
Page 1
THE IVY CHILD CHARITABLE TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2022
The Trustees present their annual report together with the financial statements of the Charity for the 6 April 2021 to 5 April 2022.
Objectives and activities
a. Policies and objectives
The principal object of the charity is to provide general charitable services which are at the discretion of the Trustees.
Achievements and performance
a. Main achievements of the Charity
Donations totalling £25,295 (2021 - £7,000) were made during the year which included £10,000 to Walled Garden, as detailed in note 3 to the accounts.
b. Review of activities
The Trust was formed on 11 August 2003 and received a gift of shares and cash from the estate of Mrs Ivy Child. The value of the investment portfolio stood at £529,828 (2021 - £500,319) at 5 April 2022.
c. Investment Policy and Performance
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 are in place to mitigate our exposure to the major risks.
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.
b. Reserves policy
The Trustees are conscious of the need to maintain unrestricted reserves sufficient to meet planned and unforeseen fluctuations in income and expenditure for the foreseeable future. Actual free resources as at 5 April 2022 were £601,769 (2021 - £577,116) , which the Trustees consider sufficient.
Page 2
THE IVY CHILD CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022
Structure, governance and management
a. Constitution
The Trust is constituted under a Charity Commission Scheme and is a registered charity number 1098913.
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.
Plans for future periods
The Trustees are empowered to consider general charitable objectives when deciding how best to manage funds forming part of the Charity. Guidance from the late Ivy Child, when considering objectives, was that projects and organisations operating in and around Cringleford and Eaton in Norwich should primarily be in mind. However, the late Ivy Child also wished to support activities at the Norfolk and Norwich University Hospital and also to provide support for those who were in some way disadvantaged and who might benefit from relatively modest and sustainable expenditure. The Trustees have in the past supported the creation and building of a rose garden of rest at the Norfolk and Norwich Hospital, provided support for local children wishing to attend Royal Norfolk Agricultural Association educational ‘Spring Fling’, funded a falls nurse at the Norfolk and Norwich University Hospital (a commitment it shared with another local charity with similar charitable objectives to its own) and made a considerable allocation of resources to the Scout movement and to the Intwood and Keswick Parochial Church Council. The trust has recently supported Nelson's Journey with a significant grant as well as funding a new Dementia Café; ‘The Ivy Room’, Roxley Hall and Thorpe St Andrew.
The Trust has matured and developed since its inception and has found considerable charitable scope in supporting three main areas, whilst remaining closely aligned to the original guiding principles. The three areas identified are:
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supporting educational opportunities and personal wellbeing of Norwich and Norfolk children;
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supporting disadvantaged families and the elderly in Norwich and Norfolk;
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supporting those who deliver care and respite services in Norwich and Norfolk.
Therefore, in the future, the Trustees will continue to support local projects and organisations, particularly in the NR4 postcode area, but will also aim to provide support for various projects where modest expenditure results in benefit being derived for those who would otherwise not receive financial support. There are no significant spending plans currently in mind although the Trustees are pleased to entertain applications for financial support, particularly where small amounts of monies applied locally result in benefit for a large number of people.
The Trustees very much hope that the Ivy Child Charitable Trust will continue to make a tangible difference for many years to come.
Page 3
THE IVY CHILD CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022
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 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 Charity Commission Scheme. 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.
Approved by order of the members of the board of Trustees on 8 December 2022 and signed on their behalf by:
I Mackie
Page 4
THE IVY CHILD CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2022
Independent examiner's report to the Trustees of The Ivy Child Charitable Trust ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 5 April 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
Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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.
Signed: Chris Dugdale FCA
Dated: 15 December 2022
MA Partners LLP
Chartered Accountants 7 The Close Norwich Norfolk NR1 4DJ
Page 5
THE IVY CHILD CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2022
| Note Income from: Investments 2 Total income Expenditure on: Charitable activities 3 Total expenditure Net income before net gains/(losses) on investments Net gains on investments 5 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2022 £ 29,755 29,755 32,944 32,944 (3,189) 27,842 24,653 577,116 24,653 601,769 |
Total funds 2022 £ 29,755 29,755 32,944 32,944 (3,189) 27,842 24,653 577,116 24,653 601,769 |
Total funds 2021 £ 18,287 |
|---|---|---|---|
| 18,287 14,762 |
|||
| 14,762 3,525 82,588 |
|||
| 86,113 491,003 86,113 |
|||
| 577,116 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 8 to 13 form part of these financial statements.
Page 6
THE IVY CHILD CHARITABLE TRUST
BALANCE SHEET AS AT 5 APRIL 2022
| Note Fixed assets Investments 5 Current assets Debtors 6 Cash at bank and in hand Creditors: amounts falling due within one year 7 Net current assets Total net assets Charity funds Unrestricted funds Total funds |
126 75,675 75,801 (3,860) |
2022 £ 529,828 71,941 601,769 601,769 601,769 |
117 79,456 79,573 (2,776) |
2021 £ 500,319 76,797 |
|---|---|---|---|---|
| 577,116 | ||||
| 577,116 | ||||
| 577,116 |
The financial statements were approved and authorised for issue by the Trustees on 08 December 2022 and signed on their behalf by:
I Mackie
The notes on pages 8 to 13 form part of these financial statements.
Page 7
THE IVY CHILD CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
1. Accounting policies
1.1 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 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2011.
The Ivy Child Charitable Trust 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.
1.2 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.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
1.3 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 on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
1.4 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
1.5 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.
1.6 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Page 8
THE IVY CHILD CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
1. Accounting policies (continued)
1.7 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.
1.8 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.
Investment income, gains and losses are allocated to the appropriate fund.
2. Investment income
| Unrestricted funds 2022 £ Income from listed investments 20,776 Income from treasury stock 2,600 Income from foreign investments 6,379 29,755 Unrestricted funds 2021 £ Income from listed investments 10,102 Income from treasury stock 2,428 Income from foreign investments 5,757 18,287 |
Total funds 2022 £ 20,776 2,600 6,379 |
|---|---|
| 29,755 | |
| Total funds 2021 £ 10,102 2,428 5,757 |
|
| 18,287 |
Page 9
THE IVY CHILD CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
3. Analysis of expenditure by activities
| Charitable activities Walled Garden Benjamin Foundation SYEP Thorpe St Andrew PCC Oak Grove Church Oak Grove Community 44th Norwich Scout Group Charitable activities Plumstead Community Shop Thorpe St Andrew PCC |
Grant funding of activities 2022 £ - 10,000 3,900 3,000 2,395 2,000 2,000 2,000 25,295 Grant funding of activities 2021 £ - 5,000 2,000 7,000 |
Support costs 2022 £ 7,649 - - - - - - - 7,649 Support costs 2021 £ 7,762 - - 7,762 |
Total funds 2022 £ 7,649 10,000 3,900 3,000 2,395 2,000 2,000 2,000 |
|---|---|---|---|
| 32,944 | |||
| Total funds 2021 £ 7,762 5,000 2,000 |
|||
| 14,762 |
Page 10
THE IVY CHILD CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
3. Analysis of expenditure by activities (continued)
Analysis of support costs
| Accountancy fees Legal and professional fees Investment management fees Trustees expenses Accountancy fees Legal and professional fees Investment management fees Trustees expenses |
Charitable activities 2022 £ 1,860 480 4,803 506 7,649 Charitable activities 2021 £ 1,776 780 4,206 1,000 7,762 |
Total funds 2022 £ 1,860 480 4,803 506 |
|---|---|---|
| 7,649 | ||
| Total funds 2021 £ 1,776 780 4,206 1,000 |
||
| 7,762 |
4. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2021 - £NIL) .
During the year ended 5 April 2022, expenses totalling £506 were reimbursed or paid to the Trustees (2021 - £1000).
Page 11
THE IVY CHILD CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
5. Fixed asset investments
| Cost or valuation At 6 April 2021 Additions Disposals Revaluations At 5 April 2022 Net book value At 5 April 2022 At 5 April 2021 6. Debtors Prepayments and accrued income 7. Creditors: Amounts falling due within one year Accruals and deferred income |
2022 £ 126 126 2022 £ 3,860 |
Listed investments £ 500,319 15,615 (13,947) 27,842 529,828 529,828 500,319 2021 £ 117 117 2021 £ 2,776 |
|---|---|---|
Page 12
THE IVY CHILD CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
8. Summary of funds
Summary of funds - current year
| Balance at 6 April 2021 £ General funds 577,116 Summary of funds - prior year Balance at 6 April 2020 £ General funds 491,003 |
Income £ 29,755 Income £ 18,287 |
Expenditure £ (32,944) Expenditure £ (14,762) |
Gains/ (Losses) £ Balance at 5 April 2022 £ 27,842 601,769 Gains/ (Losses) £ Balance at 5 April 2021 £ 82,588 577,116 |
|---|---|---|---|
9. Related party transactions
There have been no related party transactions during the year.
Page 13