2022 Report and Accounts
Registered Company No: 04881803 Registered Charity No: 1101519
INTRODUCTION 03
Introduction
The Trustees submit their annual report and accounts for the year ended 31 December 2022. The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102).
Since the Charitable Company qualifes as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director’s Report) Regulations 2013 is not required.
The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities.
Objectives, activities, achievements, performance and public benefit
The Charity’s core objectives, as set out in the governing document, are currently to:
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Promote and assist in advancing education
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Promote, or assist in promoting, community participation in healthy recreation
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Provide, or assist in the provision of, recreational facilities for other organisations, in the interests of social welfare and with the objective of improving the condition of life for those for whom the facilities are provided
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Relieve sickness and disability and to preserve and protect health; and
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Promote any other purpose that is charitable in English law.
Executive Management Team Terry Baxter, Chief Executive Andrew Crump, Deputy Chief Executive Rachel Reddington Karina Scrivener
External Auditor
Board of Trustees
Jenna Ackerley (appointed 05/07/2023) Derek Bowden Liz Brownsell (resigned 24/01/2022) James Buckle (appointed 05/07/2023) Nymone Da Costa Jones (appointed 01/09/2022) Patrons Julian Herbert Terry Hunt Harriet Johnson Julie Shurrock (appointed 30/03/2022) Nigel Smith Steve Flory Christine Walters Sally Westwood (appointed 05/07/2023) Simon Jay Alan Whittaker Pat Lewis
SB Audit LLP Fitzroy House Crown Street Ipswich IP1 3LG
Bankers Barclays Bank Plc 1 Princes Street Ipswich IP1 1PB
Julian Herbert Cassie Bendall Terry Hunt Peter Dawes Harriet Johnson Alicia Garrad Julie Shurrock (appointed 30/03/2022) Adrian Dodds Nigel Smith Steve Flory Christine Walters Matt Holland Sally Westwood (appointed 05/07/2023) Simon Jay Alan Whittaker Pat Lewis Tom McGarry Board Sub-Committees Include Neil Miles Finance and Employment Andy Perrin Programme and Outcomes Neil Prentice Nomination Committee Dave Ward, OBE Richard Wood
Lawyers
Birketts LLP 141 - 145 Prince’s Street Ipswich IP1 1QJ
Contents
| INTRODUCTION | 02 |
|---|---|
| Chair’s Statement - Terry Hunt Chief Executive’s Statement - Terry Baxter |
04 05 |
| TRUSTEES’ REPORT | 06 |
| Our aims | 07 |
| 2022: Achievements and performance | 08 |
| Helping young people realise their potential | 10 |
| Snapshot of 2022 | 14 |
| Our plans for 2023 | 16 |
| Financial review | 18 |
| Governance and administration | 20 |
| Trustees’ responsibilities statement | 21 |
| ACCOUNTS | 22 |
| Independent Auditor’s report to the member of Inspire Suffolk Ltd | 23 |
| Accounts for the year ended 31st December 2022 | 25 |
04 INTRODUCTION
INTRODUCTION 05
Chair’s Statement
Despite some challenges caused by the legacy of the Covid pandemic, I am very pleased to report that 2022 was another successful year for Inspire. Thanks to the hard work and dedication of the remarkable Inspire team, the organisation continued to deliver vital support for large numbers of young people. In many cases, Inspire transforms lives, which I find absolutely awe-inspiring.
As chair, I would personally like to offer my thanks to all the Inspire staff, whose commitment and skills are at the very heart of our organisation. I would also like to thank our Board of Trustees, who provide such invaluable support and guidance to our Chief Executive and senior team. I am very grateful for their time and wisdom, which they give very generously. During the year, we were very pleased to welcome Nymone Da Costa-Jones and Jules Shorrock as Trustees to the Board.
I would also like to recognise the valuable contribution of our Patrons, who are listed below:
Cassie Bendall - Cheddar Creative
Peter Dawes - Carter Dawes Financial Planning Ltd. Alicia Garrad - formerly of EADT Adrian Dodds - former managing director of S. Sacker (Ipswich) Ltd. Steve Flory - Hudson Group Matt Holland - former ITFC captain Simon Jay - Seckford Golf Club Pat Lewis - Source One Consulting Tom McGarry - Sizewell C (EDF) Neil Miles - Inawisdom Andy Perrin - Hemisphere Freight Services Ltd. Neil Prentice - Managing Partner, Marketing, Jacob Bailey Dave Ward, OBE - Transport infrastructure consultant Richard Wood - Cheddar Creative
Our Patrons offer their time and wisdom very generously, and provide tremendous support in inspiring our young adults, which is greatly appreciated.
Inspire’s focus remains the support of young people who experience severe disadvantage and social instability, and our team works to help their reintegration into society.
We are extremely grateful, as ever, to our funding partners, and in particular the support of East Coast College and Suffolk New College.
We continue to build strong partnerships, including EDF Sizewell C; East Suffolk Council; Suffolk County Council; Ipswich Borough Council; Suffolk Police and Crime Commissioner; Suffolk New College; and the University of Suffolk.
In 2023, Inspire marks its 10th anniversary, with a number of celebratory events planned. Excitingly, the organisation continues to develop and grow, most notably recently with the takeover of the highly respected Porch Project.
Terry Hunt, Chair
“Thanks to the hard work of the Inspire team, the organisation continued to deliver vital support.”
Chief Executive’s Statement
Charity re-established its annual fundraising ball in
The early part of 2022 proved to be a tricky period to navigate for our Charity, as a result of the national post-lockdown trend in staff looking to make changes in their career progression and work-life balance. This negatively affected us, with a higher-than-average staff turnover during the year. Although our organisation invariably replaces those who choose to leave us with excellent candidates, the period of changeover impacted our ability to provide seamless services in the early part of ‘22. However, as the year went on, new colleagues settled in well, enabling the organisation to continue to provide its invaluable and much-needed services to young people in Suffolk, North Essex, and South Norfolk.
October and, once again achieved its best total to date. However, it’s the increase in general, often unsolicited support, particularly from families and businesses, that has been most pleasing and has been reflected in the success of our fundraising team.
So, despite of the slightly disappointing financial outcome of 2022, the charity remains in good shape, both structurally and financially and ready to continue to change the lives of the young people we engage with each year.
Finally, as I write this overview in May 2023, the charity has taken over a small but respected local charity, the ‘Porch Project’, bringing its ‘youth outreach work’ into the Inspire portfolio of services. We are excited by this development which we believe will enable us to expand these services across the entire area supported by our Charity.
Core programmes, including ‘Team’ and the ‘National Citizen Service’ (NCS) continued to perform well, with NCS continuing to reach more young people year on year. At the end of 2022, the NCS Trust announced changes to the way it works with partners. Despite these changes, I am delighted to say that we will continue to work in this important pre-16 sector across Suffolk.
The Wellbeing service that the Charity piloted in 2020 continues to grow as need drives demand. We have big ambitions for this vital service and are looking to more than double our provision. Funding is a constant issue relating to this service and we are working with potential funders and partner organisations to find a more sustainable model. However, in 2022, we worked with more young people with this service than ever before and into ’23 have expanded our workforce to help meet the ever-expanding need.
Terry Baxter, CEO
“The charity continues to change the lives of the young people we engage with year on year.”
We have worked hard to engage with the communities that are close to our centres and in Ipswich piloted a ‘Safer Spaces’ program to provide young people with just that, an area where they can socialise, with youth workers on hand to provide informal support as and when needed. The lack of obvious formality has proved popular, and we will expand this provision in Ipswich and Lowestoft in the next year.
Our internal fundraising team has worked incredibly hard, in the post-pandemic world, to ensure continued success in attracting support for the work that we do. In 2022, the
TRUSTEES’ REPORT 07
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06 TRUSTEES’ REPORT
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Our aims
We believe in youth.
We are on a mission to ensure that all young people have timely access to services that support Education, Personal Development and Wellbeing.
Each day, we work at the forefront of helping young people to overcome challenges and make positive next steps forward, back into employment or further training. We offer life changing personal development programmes, motivational education courses and engaging sport activities that local young people may not otherwise have access to.
Our services transform young lives, tackling a range of issues that they are facing. Students learn new skills and qualities to enable them to work as a team, build selfesteem, manage mental health issues and gain key skills, that they can employ not just in work, but in life. As a charity, we believe sustainable outcomes are paramount to ensuring our students can not only start the next chapter of their lives with confidence, but continue to move forward in the world.
This year has seen us build greater financial independence to enable us to better respond to the needs of our young people and their communities.
“We want to see generations of young people empowered to raise their ambitions and realise their potential.”
TRUSTEES’ REPORT 09
2022: Achievements and performance
“Inspire has an amazing team and genuinely care about changing young people’s lives - why wouldn’t we want to be a part of this when the results are so amazing?” STRATEGIQ, INSPIRE + MEMBER
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TRUSTEES’ REPORT 11
Helping young people realise their potential
Creating a streamlined service
Following the pandemic, we have consolidated our package of support to enable us to drive delivery in key areas of need.
Traditionally, young people may have been passed between agencies, but this approach to youth development has allowed us to better serve young people by minimisiing idle time when being passed between local services, and leaving room for more innovative collaboration.
Each young person we work with is unique. Their journey could have many phases through several workshops, courses, work experience and psychotherapy, or it may be a one-off intervention. This is led by the participants own needs, skills gaps and aspirations which shape our package of support.
This year, we have successfully run several one-off projects that have tapped into the interests of young people and allowed for partnership with local organisations, such us our Fred. Olsen Cruise Lines overnight career experience. These initiatives are not only
valuable for our youth but also strengthened our connections within the local community, enhancing our outreach and impact. They have also allowed us to ‘test-drive’ new approaches to engagement.
We remain as committed as ever to nurturing the wellbeing of individuals and exploring new approaches to empower young people, while continuing to build mutually beneficial relationships with local organisations.
Education and Development
Our education programmes have all performed in line with targets, with our Prince’s Trust Team Programme supporting 83% of participants on to next steps.
Since introducing our Youth Employment Service, we have been able to create a seamless, more integrated journey through our services to maximise the potential for a positive outcome. While Team remains a core activity, our other services have been designed to complement and support this 12-week course with supplementary skills. By taking this approach, we can address the specific needs of young people who require additional, targeted support.
We have observed a significant increase in the distance many of our participants are from work when they enlist our help, which has required an even more intensive approach to ensure their success.
Wellbeing
At the start of the pandemic, we quickly mobilised to introduce our wellbeing service, which focuses on improving the mental health of children and young people.
Since its inception, we have seen fantastic results, and in
2022 296 individuals were referred and nearly 600 hours of counseling were delivered.
Our expert team of counsellors has been instrumental in facilitating positive transformations. In fact, 97% of our clients have made progress in managing their feelings and emotions, which is testament to the effectiveness of and need for our service. As we move into 2023, we continue to develop services that provide these safe environments where young people can gain the support they need from trusted professionals.
Outreach
This year we expanded into outreach work and drop-ins, recognising the vital role these services play in establishing trust with young people.
One of the key initiatives we launched was Summer Safe, a trial programme which was designed to offer a safe environment during summer evenings, prompted by a distressing incident of violent crime in our community.
Through Summer Safe and subsequent outreach initiatives, we hope to meet young people on their level and be a beacon of safety and support in challenging times. Our hope is that by fostering this perception of an ‘open door’ we can work with young people earlier to help them navigate obstacles as they arise, rather than when they become barriers to achievemnt.
“Inspire gave me the confidence to go out and get what I wanted. Before, I’d always lacked confidence. The service is something that everybody should be able to use if they need it.”
Our feedback has shown us that: 71% strongly agree that their child has a good time Parents rated our staff 9.5 out of 10 96% agree or strongly agree that their child looks forward to our clubs
Sports and Clubs
Our sports and holiday clubs support children’s development beyond the classroom. We kow just how important it is to have access to enrichment opportunities outside of school, which is why our clubs offer a wide range of activities to keep children engaged and active.
100% of service users have made progress in three or more outcome areas
We are passionate about making our provision accessible to all and strive to keep it affordable. In cases where grant funding is available, we even offer free access to our clubs, scuch as Turn Up and Play. Our holiday clubs also provide government-funded HAF places, which include a complimentary lunch, ensuring all children can enjoy school holiday activities, regardless of income.
“The holiday club is amazing and my children always enjoy it. The price is excellent and a very affordable option, compared with other clubs that are very expensive.”
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TRUSTEES’ REPORT 13
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“Always a pleasure taking my son to Inspire. He loves it so much he gets upset when he has to go back to school or if I ever pick him up early from a day at holiday club.”
14 TRUSTEES REPORT TRUSTEES. REPORT 15 What do we do? In the last 9 years. we have Time spent providing young people with the skills they need to achieve their ambitions and reach their potential supported over 4000 young people and 19.000 children hours 94% of our Team students would recommend Inspire Over 419 509 young people supported by ourlbuth Employment Coaches one-twe sessions and -wooo- spent supporting local causes and people on community projects Posittve outcomes recorded for students who have left Inspire and progressed on to positive next Steps hours O of our Team Programme In 2022 steps, such as work or training 105 2028 6000 qualifications achieved on our youth employment service sessions oFlering ad¥e and guidance 4470 19,/, hours OF social action For causes including preventing period poverty and preventing knife crime ofyoung people we worked with had been unemployed for 30 months of more holiday club places made available to local children 255 school leaver5 took part in our NCS piogramme 589 hours rA free cnSellIng provided with a registered FByctxtherdPiSt 97,/0 Skills. Connections and Aspirations of the young people who used our wellbeing service made progress with their self-esteem 290 young people referred to ourwellbeing Service 500 most common areas where students made progress hours of arts and craFt at our holiday clubs in Ipswich and Lowesioft
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TRUSTEES’ REPORT 19
Our plans for 2023
2023 will see Inspire reach a milestone in its history, reaching its 10th Anniversary operating under the Inspire banner. During that time, the extensive work of our Charity has seen it support thousands of young people needing support, care, guidance, and a positive sense of direction.
In 2023 the Charity will build on the work from the previous year and look to target a 15% increase in turnover, and by association, the work we do with the young people we engage with.
A significant contribution to this will be made by the merger of the Suffolk based charity The Porch Project, into the Inspire family. This modest, but well-respected charity works predominately around the Suffolk market towns of Hadleigh and Sudbury. At time of writing this report, this merger has taken place. Consequently, the outreach youth work, which is the area of expertise the Porch Project charity brings to us, is being filtered into the wider work of Inspire. This work will be expanded into the head office facility in Ipswich and the North East Suffolk base in Lowestoft where drop in or safer space areas will be developed.
Our Wellbeing Service has never been needed more, and so we have taken steps to expand the reach of this vital component of our services and in 2023 we have increased the consultation hours available to young people reaching out for or being referred into our services. We have big ambitions for significant growth in this vital area.
In 2023 we will aim to develop the community site where our head office is located. This will be facilitated in several ways. In the case of developing the outdoor sports facilities on site in Ipswich, the charity is expecting to enter into an agreement with the University of Suffolk to install an ‘All Weather Football Pitch’ with floodlights. This will allow greater use of the sports facilities on site and for a longer period of the year, where previously the outdoor space is unusable, in the evenings, between October to April. Improvements to grass sports pitches will also be developed to higher standards. All of this, through the agreed use arrangement with the University will provide much better facilities for the local community and beyond.
It is also our intention (subject to a successful grant) to develop the Sports Dome at our Ipswich site. This would see replacement of the dome flooring (currently over 45 years old), complete upgrading of changing facilities and access (which is not currently DDA compliant). In addition, and in line with our expansion of the Wellbeing service and outreach work mentioned above, we aim to create therapy consultation space and youth focused drop in space within the existing buildings. This will dramatically improve our ability to work with the local community on site.
Our Youth Employment Service continues to provide one-to-one target support to young people looking for support and advice on their journey into education or employment. This important service will enable us to introduce young people to our other services, if appropriate to their needs, or provide pathways to other trusted providers. As well as East Suffolk, this service will be expanded into Mid and West Suffolk during 2023.
Once again, in the coming summer holiday period, we will expand the range and capacity of our children’s holiday activities. This will provide over 3500 free places funded by HM Government’s Holidays, Activity and Food Programme, targeting children in receipt of free school meals. Activities including sport, dance and crafts will be provided along with a packed lunch.
Our charity, like many, continues to work tirelessly to provide vital services. We will continue to identify new trends, needs and challenges and rise to the challenge to meet them in 2023 and beyond.
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TRUSTEES’ REPORT 19
Financial review
2022 remained a challenging financial year, as the organisation continued to adapt to the changes in both the delivery and funding environment following the global pandemic. Income began to grow back to its pre-pandemic levels reaching £1.3m, which was an increase of 12% from 2021. Expenditure also increased as the full range of services resumed and additional effort was put in to reaching young people who found it more challenging to re-engage in our services. This resulted in an increase in expenditure of 19% to £1.3m (exacerbated by increase in cost of living) and an overall organisational deficit of £10k. Having navigated through the pandemic with a secure reserves base, the Trustees were committed to driving these services forward to provide the much-needed support to young people.
Particular areas of growth included our Wellbeing Programme which secured income of £90k during the year to deliver free counselling to young people across the region. This programme was started during the pandemic and, due to the evidence gathered of its early impact, we have been able to secure additional funding as its importance across the area becomes well recognised.
Other areas of success included the NCS Programme delivered to young people primarily in Ipswich and Lowestoft with funding of £150k, the Youth Employment Service which continued to provide employment-related support services, and Holiday Clubs for children in multiple venues.
The largest programme of delivery, the Princes Trust Team Programme, had some challenges during the year as we strived to engage with young people who had been significantly affected by the pandemic. Income for this area decreased to £230k in the year compared to previous years where income had reached over £400k in 2019.
strong level of reserves, and with the determination of trustees and employees to bring the Charity back to its full delivery model, the charity was able to draw on the reserves in a planned way to ensure Inspire could fully deliver its strategic aims.
Reserves policy
Reserves are held in order to provide for continuity of service in the event of the loss of a major funder or project, or a dramatic change in the Charity’s operating environment. The Charity reviewed its reserves policy during the year and agreed on three key areas for which it would hold reserves:
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Operational Reserves
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Capital Replacement Reserves
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Project Development Reserves
The board of Trustees considered the value of our reserves in the context of the current external climate, our size and activities, and agreed that the level of reserves required to meet the requirements of the policy totals £300k.
The actual level of unrestricted reserves at the year-end (excluding fixed assets) was £283k. This level has been carefully managed during the year and the reserves have been used to ensure the Charity could maximum its support and delivery of services to young people during the year.
The board remain committed to reaching the targeted reserves levels.
Investment policy
The Charity does not have significant resources to invest, cash balances are held in current and deposit bank accounts with the Charity’s main banker. This policy is reviewed annually.
The renewed support for our fundraising events culminated in our headline event, the annual ball, which raised £50k with support from local businesses and supporters of the Charity.
Through the careful financial management over the last two turbulent years, the Charity was able to begin 2022 with a
TRUSTEES’ REPORT 21
20 TRUSTEES’ REPORT
Governance and administration
Trustee induction, recruitment and training
The persons who were Trustees as at the date of the approval of these accounts and those who have served as Trustees during the year are detailed on the Introduction page. For the purpose of this report the Directors/Trustees are referred to as Trustees. The Trustees’ Report incorporates the requirement of the Directors’ Report under company law.
Recommendations for Trustees are put before the Nominations Committee for approval. Once the recommendation has been approved, it is then agreed by the Board.
The Charity continues to develop its procedure to ensure that the Trustee is aware of his or her responsibilities, has a good understanding of the Charity, understands its future strategy, is provided with relevant information from the Charity Commission and is offered ongoing training and information to ensure they are brought up to date with developments in law. Trustees are invited and encouraged to attend presentations and events which include the young people we work with.
Inspire Suffolk Ltd (the “Charity” or the “Charitable Company”) is a sole member company that has been registered as a charity (1101519). The Charity’s governing documents are the Memorandum and Articles of Association dated 17th January 2013. The member is the Trustee Terry Hunt.
Under the terms of these Articles of Association, the member may appoint a representative as a Director, who is also a Trustee. Further Trustees are appointed by the board. No other person or external body is entitled to appoint one or more of the Charity’s Trustees. The Trustees are responsible for the actions and activities of the Charity. All Trustees are appointed for a fixed term, and can then be re-appointed.
Trustees‘ terms of office last for three years, and they can serve up to three consecutive three-year terms, after which they may be invited to serve additional years at the invitation of the board, before standing down.
Operational Management
The Chief Executive Officer oversees a senior management team that includes, Deputy Chief Executive; Chief Finance Officer; Two Education Programme Managers; Grants & Development Manager; Centre Operational Manager, Senior Marketing Executive and HR Lead / Executive Assistant to CEO. The Senior Management Team meets monthly to ensure that the organisation is meeting its strategic objectives, working to budget, assessing charitable impact and identifying opportunities. It also has responsibility to identify and manage risk.
Trustee Board
The board of Trustees has ultimate legal responsibility for our organisation and works to ensure good governance with the help of its sub-committees (Finance and Employment Committee and Programmes and Outcomes Committee). The board agrees the overall strategic direction and is our highest decision-making body. Its members are volunteers. They work alongside the CEO and the senior management team, who are responsible for the implementation of policy and for the management of the day-to-day running of the organisation.
Risk
The senior management team review of the risk register takes place at their monthly meetings. In addition, this document is considered by the Trustees in detail at least once every year, and is tabled at every Trustee Board Meeting. Any major risks to which the Charity is exposed, which include a loss of a major funder, and the effects of an unpredictable financial climate, as identified by the Trustees and management team, have been reviewed by the management team, and systems or procedures have been established to manage those risks.
A sub committee of the Board exists to determine the remuneration of the Chief Executive through a review of performance and consideration of market data. The remuneration of the senior management team is set by the Chief Executive.
During the year the Charity paid for Trustee Indemnity Insurance amounting to £372 (2021: £374) on behalf of the Trustees.
Trustees’ responsibilities statement
of the Companies Act 2006) of which the Charitable Company’s auditor is unaware. They have taken all the steps that they ought to have taken as Trustees in order to make themselves aware of any relevant audit information and to establish that the Charitable Company’s auditor is aware of that information.
The Trustees (who are also the Directors for the purpose of company law) are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees must prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charitable Company and of the incoming resources and application of resources, including the income and expenditure, of the Charitable Company for that period.
Our auditor, Scrutton Bland LLP, transferred part of their business to a newly incorporated limited liability partnership, SB Audit LLP. Accordingly, Scrutton Bland LLP formally resigned as the Charity’s auditor and the Trustees duly appointed SB Audit LLP to fill the vacancy arising.
The auditor, SB Audit LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the Trustees on 5 July 2023 and signed on its behalf by:
In preparing these financial statements, the Trustees are required to:
a) select suitable accounting policies and then apply them consistently;
b) observe the methods and principles in the Charities SORP;
c) make judgments and accounting estimates that are Terry Hunt, Trustee reasonable and prudent;
d) state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and e) prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charitable Company will continue to operate. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charitable Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Charitable Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charitable Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the Charitable Company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The Trustees confirm that so far as they are aware, there is no relevant audit information (as defined by section 418(3)
ACCOUNTS 23
22 ACCOUNTS
Independent Auditor’s report to the members of Inspire Suffolk Ltd
Accounts
Opinion
We have audited the financial statements of Inspire Suffolk Ltd (the ‘Charitable Company’) for the year ended 31 December 2022 which comprise of the Statement of Financial Activities incorporating Income and Expenditure Account, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the Charitable Company’s affairs as at 31 December 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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• have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charitable Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to ongoing concern
In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charitable Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor’s Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Trustees’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the Trustees’ Report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the Charitable Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of Trustees’ remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the Trustees were not entitled to take advantage of the small companies’ exemption from the requirement to prepare a Strategic Report.
24 ACCOUNTS
Responsibilities of the Trustees
As explained more fully in the Trustees’ responsibilities statement, the Trustees (who are also the directors of the Charitable Company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the Charitable Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charitable Company or to cease operations, or have no realistic alternative but to do so.
Auditor responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor’s Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience and through discussions and enquiries of Trustees and management. During the engagement team briefing, the outcomes of these discussions were shared with the team, as well as consideration as to where and how fraud may occur in the Charitable Company.
The following laws and regulations were identified as being of significance to the Charitable Company:
-
Those laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards, taxation regulations and the Charities Act 2011;
-
The company is subject to many other laws and regulations where the consequences of noncompliance could have a material effect on amounts or disclosures
in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: health and safety, safeguarding, human rights and employment law and GDPR compliance.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and noncompliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the Charitable Company complies with such regulations; enquiries of management and those charged with governance concerning any actual or potential litigation or claims, inspection of relevant legal documentation, review of board minutes, testing the appropriateness of entries in the nominal ledger, including journal entries and the performance of analytical procedures to identify any unexpected movements in account balances which may be indicative of fraud.
The likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/ auditorsresponsibilities. This description forms part of our Auditor’s Report.
Use of our report
This report is made solely to the Charitable Company’s member, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charitable Company’s member those matters we are required to state to the member in an Auditors’ Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charitable Company and it’s member as a body, for our audit work, for this report, or for the opinions we have formed.
Adam Smith (Senior Statutory Auditor)
For and on behalf of SB Audit LLP, Statutory Auditor Fitzroy House, Crown Street, Ipswich, IP1 3LG 25 July 2023
Accounts for the year ended 31[st] December 2022
We are dedicated to helping young people in Suffolk achieve brighter futures. In 2022, we held our first Field Funday event to open our doors to the local community.
26 ACCOUNTS
ACCOUNTS 27
Statement of financial activities
(Incorporating an income and expenditure account) For the year ended 31st December 2022
| Notes | 31/12/2022 Unrestricted funds (£) |
31/12/2022 Restricted funds (£) |
31/12/2022 Total funds (£) |
31/12/2021 Total funds (£) |
|
|---|---|---|---|---|---|
| Income Grants and donations Charitable activities Other trading activities (fundraising) Investments |
2 2 2 2 |
88,396 960,896 89,091 211 |
165,052 1,754 - - |
253,448 962,650 89,091 211 |
154,052 927,089 79,764 53 |
| TOTAL INCOME | 1,138,594 | 166,806 | 1,305,400 | 1,160,958 | |
| Expenditure on: Raising funds Charitable activities |
3 3 |
(70,255) (1,121,676) |
- (123,838) |
(70,255) (1,245,514) |
(37,265) (1,067,450) |
| TOTAL EXPENDITURE | (1,191,931) | (123,838) | (1,315,769) | (1,104,715) | |
| Net income and expenditure and net movement in funds Reconciliation of funds Total funds brought forward Transfers between funds |
11 | (53,337) 534,170 49,650 |
42,968 88,838 (49,650) |
(10,369) 623,008 - |
56,243 566,765 - |
| TOTAL FUNDS CARRIED FORWARD 530,483 82,156 612,639 623,008 |
-
The above results arose wholly from continuing operations.
-
There were no gains or losses in either year other than the deficit for the year and accordingly, no statement of total recognised gains or losses is presented.
-
The notes on pages 28 to 38 form part of these financial statements.
Balance sheet
As at 31st December 2022
| Balance sheet As at 31st December 2022 |
|||
|---|---|---|---|
| Notes | 31/12/2022 Total funds (£) |
31/12/2021 Total funds (£) |
|
| Fixed assets Tangible Assets Investments |
6 7 |
247,501 1 |
212,563 1 |
| NET FIXED ASSETS | 247,502 | 212,564 | |
| Current assets Debtors Cash at bank and in hand |
8 | 182,723 405,942 |
84,506 624,924 |
| TOTAL CURRENT ASSETS | 588,665 | 709,430 | |
| Liabilities Creditors: amounts falling due within one year |
9 | (143,949) | (192,169) |
| NET CURRENT ASSETS | 444,716 | 517,261 | |
| Creditors: amounts falling due after more than one year | 10 | (79,579) | (106,817) |
| NET ASSETS | 612,639 | 623,008 | |
| The funds of the Charity Restricted income funds Unrestricted income funds |
11 11 |
82,156 530,483 |
88,838 534,170 |
| TOTAL CHARITY FUNDS 612,639 623,008 |
These financial statements are prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and were approved by the board of Trustees and authorised for issue on 5 July 2023 and were signed on its behalf by:
Julian Herbert Trustee
Terry Hunt Trustee
Company registration No. 04881803. The notes on pages 28 to 38 form part of these financial statements.
28 ACCOUNTS
ACCOUNTS 29
Statement of cash flows
For the year ending 31st December 2022
| Notes | 31/12/2022 (£) |
31/12/2021 (£) |
|
|---|---|---|---|
| Cash flows from operating activities Net cash (used in) / generated from operating activities Cash flows from investing activities Interest received Receipt from sale of fixed assets Purchase of tangible fixed assets |
18 | (127,373) 211 - (60,362) |
187,964 53 4,000 (18,357) |
| Net cash (used in) investing activities | (60,151) | (14,304) | |
| Cash flows from financing activites Interest paid Proceeds from borrowing Repayment of borrowings |
(4,220) - (27,238) |
(267) - (15,910) |
|
| Net cash (used in) financing activities Change in cash and cash equivalents in the year |
(31,458) (218,982) |
(16,177) 157,483 |
|
| Cash and cash equivalents at 1 January | 624,924 | 467,441 | |
| Cash and cash equivalents at 31 December 19 405,942 624,924 |
Notes
(Forming part of the financial statements)
1. Accounting Policies
and Republic of Ireland (FRS102) and the Companies Act 2006.
Basis of accounting
Inspire Suffolk Limited is an incorporated charity domiciled and registered in England, which constitutes a public benefit entity as defined by FRS102. Assets and liabilities are initially assigned at cost or transaction value unless otherwise stated in the relevant accounting policy notes. The accounts have been reported in Sterling and rounded to the nearest £1 in both the current and previous accounting periods.
The annual report and accounts for the year ended 31 December 2022 have been prepared 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 (FRS102)(effective 1 January 2019) – (Charities SORP (FRS102)) Financial Reporting Standard applicable in the UK
Significant judgements in applying accounting policies and key sources of estimation uncertainty.
The preparation of financial information in conformity with FRS 102 requires the director to make critical accounting estimates and judgements that affect the application of policies and reported amounts of assets and liabilities, income and expenses.
The key judgement areas impacting the financial statements are as follows:
Depreciation rates and useful economic lives - The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.
Funds
Restricted funds are funds that have restrictions imposed by donors and can only be applied for the particular purposes specified by donors. Designated reserves are those that, although not restricted, have been reserved by the Charity for a specific project alone. Unrestricted funds are funds that have no restriction as to how they are to be applied. There are no Endowment funds.
Going Concern
The Trustees have a reasonable expectation that the Charity has adequate resources to meet its liabilities as they fall due and continue its activities for the foreseeable future, being a period of at least 12 months from the date of the approval of these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements as outlined in the Trustees’ Responsibilities Statement.
Financial Instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as a basic financial instrument. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
The following accounting policies have been applied consistently in dealing with items that are considered material in relation to the Charity’s financial statements.
Tangible Fixed Assets and Depreciation
Tangible Fixed Assets costing more than £500 are capitalised at cost including any incidental costs of acquisition. Depreciation is calculated on the cost of the fixed asset on a straight line basis over the following expected useful life:
Leasehold Propety Improvements - between 10 and 25 years Plant and Machinery - Computer Equipment - 3 years Plant and Machinery - Equipment - 10 years Plant and Machinery – Vehicles - 5 Years
Income
All incoming resources are included in the Statement of Financial Activities (SOFA) when the Charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Income is generally recognised on a receivable basis and is reported gross of related expenditure. The specific bases for recognition are:
-
Voluntary income includes donations, gifts and general funding and is recognised when receipt is probable.
-
Gifts in kind are treated as donations in the period the gift is received.
-
Charitable activity includes subscriptions raised on the activity and is accounted for when earned. Activity income earned in advance is deferred until entitlement to the income has arisen, at which time it is credited to the Statement of Financial Activities (‘SOFA’).
-
All fees and other services receivable in respect of courses taking place in subsequent financial years are deferred to the year in question.
Government grants
Government grants relating to tangible fixed assets are treated as deferred income and released to
the Statement of Financial Activities over the expected useful lives of the assets concerned. Other grants are credited to the Statement of Financial Activities as the related expenditure is incurred.
Expenditure
All expenditure is accounted for on an accruals basis as a liability is incurred. Expenditure includes any VAT that cannot be recovered and is reported as part of the expenditure to which it relates. Expenditure is recognised when it is incurred and is reported gross of related income on the following bases:
-
Costs of raising funds comprise the costs associated with attracting voluntary income.
-
Charitable expenditure comprises direct expenditure including direct staff costs attributable to the Charity’s activities. Where costs cannot be directly attributed, they have been allocated to activities on a basis consistent with the use of the resource as described below.
-
Support costs and governance costs have been allocated to activity cost categories on a basis consistent with the use of the resources, e.g. allocating staff costs by the time spent on a project/activity and other costs by usage.
Operating leases
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term.
Pensions
Contributions to defined contribution pension schemes are charged to the income and expenditure account when payable.
31 ACCOUNTS
ACCOUNTS 30
Taxation
The Charity is exempt from corporation tax on its charitable activities.
Group accounts
The Charity owns 100% of the share capital of a dormant company and has therefore taken advantage of the exemption to not prepare group accounts.
Finance costs
Finance costs are charged to the Statement of Financial Activities over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Borrowing costs
All borrowing costs are recognised in the Statement of Financial Activities in the year in which they are incurred.
| 2. Analysis of Income | Unrestricted Funds |
Restricted Funds |
31/12/2022 Total (£) |
31/12/2021 Total (£) |
|---|---|---|---|---|
| Grants and donations Fundraising Interest receivable Charitable activities - Education programmes - Other activities and events - Coronavirus Job Retention Scheme |
88,396 89,091 211 917,473 43,423 - |
165,052 - - 1,754 - - |
253,448 89,091 211 919,227 43,423 - |
154,052 79,764 53 869,149 42,611 15,329 |
| 1,138,594 166,806 1,305,400 1,160,958 |
||||
| 31st December 2021 1,099,528 61,430 1,160,958 |
||||
| Other Fundraising (£) Charitable Activities (£) 31/12/2022 Total (£) 3. Analysis of Expenditure 31/12/2021 Total (£) |
||||
| Staff costs Direct costs Support costs (see note 4) |
29,312 35,489 5,454 |
910,822 140,850 193,842 |
940,134 176,339 199,296 |
835,275 102,705 166,735 |
| 70,255 | 1,245,514 1,315,769 1,104,715 |
|||
| 31st December 2021 37,265 1,067,450 1,104,715 |
4. Analysis of Support Costs
The Charity identifies its support costs which can’t be directly attributed to an activity. These are then apportioned on an appropriate basis between the main activities of the Charity.
| 31/12/2022 Total (£) 31/12/2021 Total (£) |
31/12/2022 Total (£) 31/12/2021 Total (£) |
31/12/2022 Total (£) 31/12/2021 Total (£) |
Basis of apportionment |
|---|---|---|---|
| Depreciation Subscriptions and licences Premises costs Finance and professional Governance costs Office and other costs |
25,424 19,223 77,270 5,643 17,000 54,736 |
28,062 23,896 58,794 5,718 13,182 37,083 |
% of staff costs % of staff costs % of staff costs % of staff costs |
| 199,296 | 166,735 | ||
The governance costs shown above include auditor’s remuneration for the audit of the financial statements of the Charity of £6,360 (31 December 2021: £6,360).
ACCOUNTS 32
33 ACCOUNTS
5. Staff Numbers and Costs
| 5. Staff Numbers and Costs | ||
|---|---|---|
| 31/12/2022 Total (£) |
31/12/2021 Total (£) |
|
| Wages and salaries Social security costs Other pension costs |
848,305 69,243 22,586 |
756,843 57,275 21,157 |
| 940,134 | 835,275 |
No members of staff received emoluments between £60,000 - £70,000 in the year (2021: Nil).
The total emplyment costs of the Senior Management Team, which is comprised of the Chief Executive and 12 other staff members was £415,568 (2021 - Chief Executive and 8 other staff members £312,020). No Trustees received any remuneration or reimbursement of any expenses from the Charity. During the year £372 (2021: £374) was paid for Trustee Indemnity insurance.
The average head count and full time equivalent staff of the Charity is split across the following roles:
| FTE Headcount |
FTE Headcount |
FTE Headcount |
FTE Headcount |
|---|---|---|---|
| 31/12/2022 | 31/12/2021 | 31/12/2022 | 31/12/2021 |
| Governance 1 Management 9 Admin 4 Delivery 22 |
1 7 3 23 |
1 11 6 29 |
1 8 4 27 |
| 36 34 47 40 |
6. Tangible Assets
| 6. Tangible Assets | ||||
|---|---|---|---|---|
| Leasehold Property Improvements (£) |
Computer Equipment (£) |
Equipment (£) |
Vehicles (£) |
Total (£) |
| Cost As at 1 January 2022 167,605 Additions 52,742 Disposals - As at 31 December 2022 220,347 Depreciation As at 1 January 2022 18,153 Charge for the year 7,466 On disposals - As at 31 December 2022 25,619 Net Book Value |
91,490 1,453 - 92,943 82,092 8,469 - 90,561 |
110,716 6,167 - 116,883 57,003 9,489 - 66,492 |
- - - - - - - - |
369,811 60,362 - 430,173 157,248 25,424 - 182,672 |
| As at 31 December 2021 149,452 As at 31 December 2022 194,728 |
9,398 2,382 |
53,713 50,391 |
- - |
212,563 247,501 |
7. Investments
In 2014 the Charity acquired 100% of the £1 ordinary share capital of a limited company called Healthy Ambitions Trading Limited (07810625), a company registered in England and Wales. The company is dormant and the investment is recorded at cost.
| 8. Debtors | 31/12/2022 Total (£) |
31/12/2021 Total (£) |
|---|---|---|
| Trade debtors Prepayments and accrued income |
32,718 150,005 |
24,287 60,219 |
| 182,723 | 84,506 |
| 9. Creditors: Amounts Falling Due within One Year | 31/12/2022 Total (£) |
31/12/2021 Total (£) |
|---|---|---|
| Bank loan Trade creditors Other tax and social security Other creditors Accruals and deferred income |
27,273 17,254 14,500 13,529 71,393 |
27,273 43,267 39,411 10,931 71,287 |
| 143,949 192,169 |
||
| Deferred income brought forward 52,430 18,390 Deferred income released in the year (52,430) (18,390) Deferred income arising in the year 13,922 52,430 |
||
| Deferred income carried forward 13,922 52,430 |
10. Creditors: Amounts Falling Due after more than One Year
| 10. Creditors: Amounts Falling Due after more than One Year | 31/12/2022 Total (£) |
31/12/2021 Total (£) |
| Bank loan | 79,579 | 106,817 |
| 79,579 | 106,817 | |
| Bank loan is repayable as follows: Within one year Between one to two years Between two to five years |
27,273 27,273 52,306 |
27,273 27,273 79,544 |
| 106,852 134,090 |
ACCOUNTS 34
35 ACCOUNTS
In 2020 the Charity took out a Coronavirus Business Interruption Loan with Barclays Bank Plc. The Government provides Barclays with a guarantee for 80% of the loan, however, the Charity is responsible for repaying 100% of the facility. The loan can be repayed early in full or in part, without incurring prepayment fees. The loan is repayable over the period until November 2026. The interest rate on the loan is 2.99% above base rate per annum.
11. Movement in Funds
| 11. Movement in Funds a) Unrestricted funds – movement in year. |
Balance 01/01/2022 (£) |
Income (£) |
Expended (£) |
Transferred (£) |
Balance 31/12/2022 (£) |
|---|---|---|---|---|---|
| General Unrestricted funds Unrestricted Fixed Assets |
321,606 212,564 |
1,138,594 - |
(1,191,931) - |
14,712 34,938 |
282,981 247,502 |
| Total Unrestricted Funds | 534,170 | 1,138,594 | (1,191,931) | 49,650 | 530,483 |
b) Restricted funds – movement in period.
| Balance 01/01/2022 (£) |
Income (£) |
Expended (£) |
Transferred (£) |
Balance 31/12/2022 (£) |
|
|---|---|---|---|---|---|
| Turn Up and Play Our free sport sessions designed to provide young children with after-school enrichment. East Suffolk Council Sport England Suffolk Community Foundation through RJB Fund through Suffolk Sport Fund Stay and Play Free sessions for children and parents focused on physical activity. AquiGen Chancerygate Social Space Project Youth drop-in sessions giving young people a place to go ourside of school hours. IBC - Racecourse Fund Youth Justice Sports Fund (Street Games) Education Programmes Throughout the year we offer a range of one-off experiences and short run projects for young people. Luminous (Siren Calling) Fred Olsen SCF - Suffolk Policea and Crime Commision EDF |
1,217 5,873 637 2,000 1,000 1,000 - - - - - 23,709 |
- - - 1,985 - - 4,632 13,105 1,754 2,570 19,196 - |
(1,217) (5,873) (637) (2,755) (1,000) (1,000) (3,384) - - (2,570) - (23,709) |
- - - - - - (1,248) - - - - - |
- - - 1,230 - - - 13,105 1,754 - 19,196 - |
| Balance 01/01/2022 (£) |
Income (£) |
Expended (£) |
Transferred (£) |
Balance 31/12/2021 (£) |
|
|---|---|---|---|---|---|
| Our Team Programme residential trips focus on team building, independence and skills-building. Suffolk Community Foundation through Port Community Fund YES, our Youth Employment Service, provides advice and guidance for out of work young people. EDF Suffolk Community Foundation through Frank Jackson Foundation through Denbury Charitable Trust through Fonnereau Road Lowestoft Venue Active Suffolk and EDF contributed towards the refurbishment and provision of youth spaces in our Colville House venue. EDF Wellbeing Service Our free wellbeing services provides youth mental health counselling in Suffolk and Essex. Annie Tranmer Mrs LD Rope National Lottery Community Fund IBC Sanctuary Group EDF Geoffrey Watling Lord Belstead Charitable Trust Charities Aid Foundation East Suffolk Council Lesley Carter Foundation Suffolk Community Foundation through Co-op Foundation through High Sheriff Fund IBC - Community Grant Tesco Groundwork Garfield Weston Norfolk Community Foundation Equity in Mind |
- - - - - 30,486 - 1,516 9,722 2,500 1.962 - - 2,000 - - - - - - - - - - |
2,000 2,670 5,000 5,000 2,996 - 2,000 - - - - 17,000 4,000 - - 2,500 4,000 2,500 2,000 3,000 1,125 10,000 17,150 25,000 |
(2,000) (2,670) (833) (833) (2,996) - (100) (1,516) (9,722) (2,500) (1,962) (17,000) (4,000) (2,000) - (125) (4,000) (2,500) (333) (450) (75) (10,000) (12,322) (833) |
- - - - - (30,486 - - - - - - - - - - - - - - - - - - |
- - 4,167 4,167 - - 1,900 - - - - - - - - 2,375 - - 1,667 2,550 1,050 - 4,828 24,167 |
ACCOUNTS 36
37 ACCOUNTS
| Balance 01/01/2022 (£) |
Income (£) |
Expended (£) |
Transferred (£) |
Balance 31/12/2022 (£) |
|
|---|---|---|---|---|---|
| Ipswich Venue Improvements to our Ipswich venue. Suffolk Community Fund through West Fund Grant through RJB Fund Capital Grants Capital grants covering tech, CRM, and venue signage. Vinci UK Foundation IBC - Suffolk Community Restart Grant EDF New Anglia LEP Fundraising Event Support Council support for a community event at our Ipswich site. Racecourse Fund |
1,000 1,000 3,216 - - - - |
- - - - 5,330 8,793 1,500 |
(180) (222) (1,021) - - - (1,500) |
(820) (778) (2,195) - (5,330) (8,793) - |
- - - - - - - |
| 88,838 166,806 (123,838) (49,650) 82,156 |
The funds are as follows:
During the year grants and donations were received that were restricted to certain projects as set out above. The balances unspent at year end are expected to be spent during 2023. The transfer between funds relate to capital spend.
| 12. Analysis of Net Assets between funds | Unrestricted funds (£) |
Restricted funds (£) |
Total funds 31 Dec 2022 (£) |
Funds 31 Dec 2021 (£) |
|---|---|---|---|---|
| Fund balances at 31 December 2022 are represented by: Tangible fixed assets Investments Current assets Current liabilities Long term liabilities |
247,501 1 506,509 (143,949) (79,579) |
- - 82,156 - - |
247,501 1 588,665 (143,949) (79,579) |
212,563 1 709,430 (192,169) (106,817) |
| Total net assets 530,483 82,156 612,639 623,008 |
14. Operating Lease Commitments
In 2013 the Charity entered into a 10 year lease agreement with a peppercorn rent for the Ipswich site. In 2018 the Charity entered into a 99 year lease agreement with a peppercorn rent for the Lowestoft site.
15. Capital Commitments
The Charity had no capital commitments at 31 December 2022 (2021: £Nil)
16. Contingent Liabilities
In the opinion of the Trustees there were no contingent liabilities at 31 December 2022 (2021: £Nil)
17. Related Party Disclosures
Birketts LLP is treated as a related party, as a Trustee until 24/01/2022, Liz Brownsell, is a Partner. The following balances as therefore disclosed:
Income and Expenditure Account Finance and professional costs Legal and professional fees £Nil (2021: £6,913) Balance at 31 December 2022 £Nil (2021: £Nil)
18. Reconciliation of Net (expenditure) / income to Net cash flow from operating activities
| 2022 | 2021 | |
|---|---|---|
| Net (expenditure) / income for the year (as per the statement of financial activities) Adjustments for: Depreciation charge Interest receivable Interest payable Profit on sale of tangible fixed asset (Increase) / decrease in debtors (Decrease) / increase in creditors |
(10,369) 25,424 (211) 4,220 - (98,217) (48,220) |
56,243 28,062 (53) 267 (4,000) 74,119 33,326 |
| Net cash (used in) / generated from operating activities (127,373) 187,964 |
13. Member’s Guarantee
The Company has no share capital but is limited by guarantee. The member of the Company is a Guarantor and undertakes to contribute to the assets of the Company in the event of it being wound up, such amount as may be required. The member’s liability is limited to £1.
38 ACCOUNTS
| 19. Analysis of cash and cash equivalents | 2022 | 2021 |
|---|---|---|
| Cash in hand | 405,942 | 624,924 |
| Total cash and cash equivalents | 405,942 | 624,924 |
| 20. Analysis of changes in net debt | Balance 01/01/2022 |
Arising from cash flows |
Balance 31/12/2022 |
|---|---|---|---|
| Cash at bank Loans falling due within one year Loans falling due after more than one year |
624,924 (27,273) (106,817) |
(218,982) - 27,238 |
405,942 (27,273) (79,579) |
| Total cash and cash equivalents 490,834 (191,744) 299,090 |
21. Prior period SOFA
| 21. Prior period SOFA | 31/12/2021 Unrestricted funds (£) |
31/12/2021 Restricted funds (£) |
31/12/2021 Total funds (£) |
|
| Income Donations and legacies Charitable activities Other trading activities (fundraising) Investments |
92,622 927,089 79,764 53 |
61,430 - - - |
154,052 927,089 79,764 53 |
|
| Total income | 1,099,528 | 61,430 | 1,160,958 | |
| Expenditure Fundraising activity Charitable activities |
(37,265) (976,666) |
- (90,784) |
(37,265) (1,067,450) |
|
| Total expenditure | (1,013,931) | (90,784) | (1,104,715) | |
| Net income and expenditure and net movement in funds Reconciliation of funds Total funds brought forward Transfers between funds |
85,597 447,574 999 |
(29,354) 119,191 (999) |
56,243 566,765 - |
|
| Total funds carried forward 534,170 88,838 623,008 |
Inspire Suffolk - Ipswich Lindbergh Road Ipswich Suffolk IP3 9QX
Inspire Suffolk - Lowestoft Colville House, School Road Lowestoft Suffolk NR33 9NB
Tel: 01473 353194 inspiresuffolk.org.uk
Published 2023