Charity number: 1098913
THE IVY CHILD CHARITABLE TRUST
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
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 2024
Trustees
C Mackie D Mackie (passing 17 May 2024) 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 2024
The Trustees present their annual report together with the financial statements of the The Ivy Child Charitable Trust for the 6 April 2023 to 5 April 2024.
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 £18,300 (2023 - £11,995) were made during the year which included £10,000 to PCC Weston Longville, 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 £476,173 (2023 - £456,663) at 5 April 2024.
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 2024 were £581,193 (2023 - £570,515 ), which the Trustees consider sufficient.
Page 2
THE IVY CHILD CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
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 2024
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 25 October 2024 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 2024
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 2024.
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:
Dated: 25 October 2024
Chris Dugdale FCA
MA Partners LLP 7 The Close Norwich Norfolk NR1 4DJ
Page 5
THE IVY CHILD CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024
| Note Income from: Investments 2 Total income Expenditure on: Charitable activities 3 Total expenditure Net income before net (losses)/gains on investments Net gains/(losses) on investments 8 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2024 £ 25,216 25,216 25,838 25,838 (622) 11,300 10,678 570,515 10,678 581,193 |
Total funds 2024 £ 25,216 25,216 25,838 25,838 (622) 11,300 10,678 570,515 10,678 581,193 |
Total funds 2023 £ 27,111 27,111 20,343 20,343 6,768 (38,022) (31,254) 601,769 (31,254) 570,515 |
|---|---|---|---|
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 2024
| 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 |
153 106,901 107,054 (2,034) |
2024 £ 476,173 105,020 581,193 581,193 581,193 |
144 116,042 116,186 (2,334) |
2023 £ 456,663 113,852 |
|---|---|---|---|---|
| 570,515 | ||||
| 570,515 | ||||
| 570,515 |
The financial statements were approved and authorised for issue by the Trustees on 25 October 2024 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 2024
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 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities 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 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
1.5 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.
1.6 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.
Page 8
THE IVY CHILD CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
1. Accounting policies (continued)
1.7 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.
1.8 Financial instruments
The Settlement 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.
1.9 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.
Page 9
THE IVY CHILD CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
2. Investment income
| Unrestricted funds 2024 £ Income from listed investments 8,828 Income from treasury stock 2,502 Income from foreign investments 13,247 Interest received 639 25,216 Unrestricted funds 2023 £ Income from listed investments 12,552 Income from treasury stock 2,727 Income from foreign investments 11,710 Interest received 122 27,111 |
Total funds 2024 £ 8,828 2,502 13,247 639 |
|---|---|
| 25,216 | |
| Total funds 2023 £ 12,552 2,727 11,710 122 |
|
| 27,111 |
3. Analysis of expenditure by activities
| Charitable activities Oak Grove Community Thorpe St Andrew PCC - Flint Appeal Benjamin Foundation PCC Weston Longville Keeping Abreast Oak Grove Community Church |
Grant funding of activities 2024 £ - 2,500 1,000 500 10,000 300 4,000 18,300 |
Support costs 2024 £ 7,538 - - - - - - 7,538 |
Total funds 2024 £ 7,538 2,500 1,000 500 10,000 300 4,000 |
|---|---|---|---|
| 25,838 |
Page 10
THE IVY CHILD CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
3. Analysis of expenditure by activities (continued)
| Charitable activities Walsingham Pilgrimage Walled Garden Benjamin Foundation Girlguiding Thorpe District Thorpe St Andrew Football Club Friends of Gressenhall |
Grant funding of activities 2023 £ - 445 5,000 5,000 250 300 1,000 11,995 |
Support costs 2023 £ 8,348 - - - - - - 8,348 |
Total funds 2023 £ 8,348 445 5,000 5,000 250 300 1,000 |
|---|---|---|---|
| 20,343 |
Analysis of support costs
| Accountancy fees Legal and professional fees Investment management fees Trustees expenses |
Charitable activities 2024 £ 2,034 540 4,361 603 7,538 |
Total funds 2024 £ 2,034 540 4,361 603 |
|---|---|---|
| 7,538 |
Page 11
THE IVY CHILD CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
3. Analysis of expenditure by activities (continued)
Analysis of support costs (continued)
| Accountancy fees Legal and professional fees Investment management fees Trustees expenses |
Charitable activities 2023 £ 1,944 1,416 4,498 490 8,348 |
Total funds 2023 £ 1,944 1,416 4,498 490 8,348 |
|---|---|---|
4. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2023 - £NIL) .
During the year ended 5 April 2024, expenses totalling £ 603 were reimbursed or paid directly to the Trustees (2023 - £490) .
5. Fixed asset investments
| Cost or valuation At 6 April 2023 Additions Disposals Revaluations At 5 April 2024 Net book value At 5 April 2024 At 5 April 2023 |
Listed investments £ 456,663 43,938 (35,728) 11,300 |
|---|---|
| 476,173 | |
| 476,173 | |
| 456,663 |
Page 12
THE IVY CHILD CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
6. Debtors
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Prepayments and accrued income | 153 | 144 |
7. Creditors: Amounts falling due within one year
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Accruals and deferred income | 2,034 | 2,334 |
8. Summary of funds
Summary of funds - current year
| General funds | Balance at 6 April 2023 £ 570,515 Balance at 6 April 2021 £ 601,769 |
Income £ 25,216 Income £ 27,111 |
Expenditure £ (25,838) Expenditure £ (20,343) |
Gains/ (Losses) £ 11,300 Gains/ (Losses) £ (38,022) |
Balance at 5 April 2024 £ 581,193 |
|---|---|---|---|---|---|
| Balance at 5 April 2023 £ 570,515 |
|||||
| Summary of funds - prior year | |||||
| General funds |
9. Related party transactions
There have been no related party transactions during the year.
Page 13