REGISTERED CHARITY NUMBER 1147639
THE THERMOSAFE FOUNDATION
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
THE THERMOSAFE FOUNDATION TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JULY 2021
The Trustees present their annual report together with the financial statements of the Thermosafe Foundation for the year ended 31 July 2021. The Trustees confirm that the annual report and financial statements comply with the current statutory requirements, the requirements of the Foundation's governing document and the provisions of the Statement of Recommended Practice – Accounting and Reporting by Charities (FRS 102).
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Foundation was formed by a Trust Deed dated 24 February 2012 and amended on 17 May 2012. It was registered with the Charity Commission on 11 June 2012.
New trustees are appointed by existing Trustees.
The Trustees keep up-to-date with Charity Commission recommendations and changes in legislation through reading official guidance notes, plus commentary available from their advisors and service providers.
OBJECTIVES AND ACTIVITIES, ACHIEVEMENTS AND PERFORMANCE
The objectives of the Foundation are:
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Advancement of Christianity by providing higher level theological training and discipleship for pastors and lay leaders active in Christian evangelical organisations across the world, and funding groups assisting Christian education in schools and colleges.
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The relief of financial need and suffering, particularly unemployment, including the provision of grants to establish small businesses, and providing assistance to local churches where there have been natural disasters.
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The promotion of charitable purposes for the public benefit, as the Trustees see fit.
The Covid19 Pandemic caused many of our activities to be curtailed, but the Foundation met its objectives during the year as follows:
Working in East Asia
The Foundation worked through its connections in the region to provide books and training materials in rural low income locations, to provide leadership development programs and to support appropriate projects generating employment or for the relief of financial need and suffering.
Working in the UK
The Foundation publicised its work around the UK through its website, face to face meetings by the Trustees, (when permitted due to Covid19 regulations) and via electronic means to donors and other interested parties. In partnership with the Clarion Trust we supported leadership training and local Church development.
Public benefit
The Trustees have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission. The Foundation has provided a benefit to the public through fund raising for, and the direct funding of social projects in China and elsewhere. These projects support economic development and relieve financial need and suffering.
FINANCIAL REVIEW
The Trustees are satisfied that the level of free reserves, as shown on the balance sheet, are adequate to meet the Foundation's objects. The results for the year are set out in the attached financial statements.
This report was approved by the Trustees on 18[th] February 2022 and signed on their behalf by:
M W Newton Chairman
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THE THERMOSAFE FOUNDATION REGISTERED CHARITY NUMBER 1147639
TRUSTEES
Mr M W Newton Mrs J A Newton Rev A J Jacob
REGISTERED OFFICE
Units 9-10 Moonhall Business Park Haverhill CB9 7AA
INDEPENDENT EXAMINER
Mr Christopher Walling CPFA FMAAT MCMI Cedar Court Barton Road Bury St Edmunds Suffolk IP32 7BE
THE THERMOSAFE FOUNDATION REGISTERED CHARITY NUMBER 1147639
CONTENTS
| PAGE | |
|---|---|
| Trustees' report | 1 |
| Statement of financial activities | 2 |
| Balance sheet | 3 |
| Notes to the financial statements | 4 - 6 |
THE THERMOSAFE FOUNDATION REGISTERED CHARITY NUMBER 1147639 YEAR ENDED 31 JULY 2021
STATEMENT OF FINANCIAL ACTIVITIES
| Note INCOME Bank interest Donations TOTAL INCOME EXPENDITURE Charitable activities 2 TOTAL EXPENDITURE (DEFICIT)/SURPLUS FOR YEAR FUNDS AT BEGINNING OF YEAR FUNDS AT END OF YEAR |
Restricted Unrestricted Total Funds Funds Funds 2021 2021 2021 £ £ £ - 404 404 1,659 148,490 150,149 1,659 148,894 150,553 - 101,209 101,209 - 101,209 101,209 1,659 47,685 49,344 7,854 264,118 271,972 9,513 311,803 321,316 |
Restricted Unrestricted Total Funds Funds Funds 2020 2020 2020 £ £ £ - 586 586 18,565 139,747 158,312 Restated |
|---|---|---|
| 18,565 140,333 158,898 |
||
| 10,711 16,477 27,188 |
||
| 10,711 16,477 27,188 |
||
| 7,854 123,856 131,710 - 140,262 140,262 |
||
| 7,854 264,118 271,972 |
The notes on pages 4 to 6 form part of these financial statements.
All results relate to continuing operations.
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THE THERMOSAFE FOUNDATION REGISTERED CHARITY NUMBER 1147639 YEAR ENDED 31 JULY 2021
BALANCE SHEET
| Note CURRENT ASSETS Debtors 5 Cash at bank CREDITORS: amounts falling due within one year 6 NET CURRENT ASSETS NET ASSETS RESERVES |
Restricted Unrestricted Funds Funds - 20,244 9,513 291,559 9,513 311,803 - - |
31 July 2021 £ 20,244 301,072 321,316 - 321,316 321,316 321,316 |
Restricted Unrestricted Funds Funds - 20,209 7,854 245,900 7,854 266,109 - (1,991) 7,854 264,118 7,854 264,118 7,854 264,118 Restated |
31 July 2020 £ 20,209 253,754 |
|---|---|---|---|---|
| 273,963 (1,991) |
||||
| 9,513 311,803 9,513 311,803 9,513 311,803 |
271,972 | |||
| 271,972 | ||||
| 271,972 |
The notes on pages 4 to 7 form part of these financial statements.
The financial statements were approved by the Trustees on the …............. and signed on their behalf by
M W Newton
Chair of Trustess
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THE THERMOSAFE FOUNDATION REGISTERED CHARITY NUMBER 1147639 YEAR ENDED 31 JULY 2021
NOTES TO THE FINANCIAL STATEMENTS
1 Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities Act 2011, the Statement of Recommended Practice – Accounting and Reporting by Charities (FRS 102) issued in July 2014 and with applicable accounting standards.
The trustees are confident that the charity has adequate resources to continue in operational existence for the foreseeable future. They continue to adopt the going concern basis of accounting in preparing these financial statements.
1.2 Fund accounting
Donations and contributions received, including donations for training resources and books, and travel contributions for trips to China, are allocated to restricted funds according to the limitations specified on their use by the donors. All other donations received are unrestricted.
1.3 Incoming resources
Income is accounted for on the accruals basis.
1.4 Resources expended
Expenditure is accounted for on the accruals basis.
The Charity is not VAT registered and consequently irrecoverable VAT is included within expenditure in the Statement of Financial Activities.
Foreign currency transactions are translated at the exchange rate ruling at the time.
1.5 Corporation tax
All of the charity's income is applied for charitable purposes and therefore the charity is exempt from corporation tax.
THE THERMOSAFE FOUNDATION REGISTERED CHARITY NUMBER 1147639 YEAR ENDED 31 JULY 2021
NOTES TO THE FINANCIAL STATEMENTS
2 Expenditure on charitable activities
| Restricted Unrestricted Total Funds Funds Funds 2021 2021 2021 £ £ £ Books for distribution - - - Conferences - - - Delegate travel costs - - - Foreign exchange loss/(gain) - (4,265) (4,265) Governance (Independent Examiner) - - - Grants awarded Note 3 - 104,979 104,979 Motor expenses - - - Printing and stationery - - - Software - 424 424 Staff costs Note 4 - - - Bank Charges - 71 71 Travel and subsistence - - - - 101,209 101,209 |
Restricted Unrestricted Total Funds Funds Funds 2020 2020 2020 £ £ £ 10,711 - 10,711 - 10 10 - 122 122 - 121 121 - 125 125 - 8,300 8,300 - 670 670 - 11 11 - - - - 7,118 7,118 - - - - - - Restated |
|---|---|
| 10,711 16,477 27,188 |
3 Grants awarded
| Restricted Unrestricted Total Funds Funds Funds 2021 2021 2021 £ £ £ Grants Awarded to Charities ACT UK - - - Anglian International Development - 2,210 2,210 Clarion Trust International - 22,000 22,000 Friends International - 5,500 5,500 Linton Free Church - 5,240 5,240 Overseas Mission Fellowship (OMF) - 4,000 4,000 REACH Haverhill - 19,000 19,000 YWAM - - - Grants Awarded to Individuals M Maloney (USA) - 8,500 8,500 K & J Marshall (USA) - 8,215 8,215 J Hardwick (UK) - - - D & C West (UK) - 5,000 5,000 M Hol (Holland) - 13,600 13,600 H & J Jones (Morocco) - 6,000 6,000 A & L Telles (Morocco) - 5,714 5,714 - 104,979 104,979 |
Restricted Unrestricted Total Funds Funds Funds 2020 2020 2020 £ £ £ - 1,000 1,000 - - - - - - - - - - - - - - - - - - - 1,000 1,000 - 4,800 4,800 - - - - 1,500 1,500 - - - - - - - - - - - - |
|---|---|
| - 8,300 8,300 |
4 Staff costs
| Staff costs | ||
|---|---|---|
| Restricted Unrestricted Total Funds Funds Funds 2021 2021 2021 £ £ £ Gross salaries - - - Employer's pension contributions - - - - - - 2021 Average number of full time employees in the year - No employee earned over £60,000 per annum (2020 - none). |
Restricted Unrestricted Total Funds Funds Funds 2020 2020 2020 £ £ £ - 6,821 6,821 - 297 297 Restated |
|
| - 7,118 |
7,118 | |
| 2020 1 |
||
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THE THERMOSAFE FOUNDATION REGISTERED CHARITY NUMBER 1147639 YEAR ENDED 31 JULY 2021
NOTES TO THE FINANCIAL STATEMENTS
5 Debtors
| Prepayments and accrued income Other debtors |
2021 £ 244 20,000 20,244 |
2020 £ 209 20,000 |
|---|---|---|
| 20,209 |
Other debtors includes £20,000 (2020 - £20,000) which is an amount due after more than one year from the balance sheet date. The loan to a charitable housing trust is an equity loan and represents 3.4188% of the purchase price of the property. The loan is repayable if the property is sold or by giving 12 months notice by the Lendor after 28 June 2022
6 Creditors
| Creditors | |||||||
|---|---|---|---|---|---|---|---|
| 2021 | 2020 | ||||||
| £ | £ | ||||||
| Accruals | - | 125 | |||||
| Taxation and social security | - | 1,866 | |||||
| - | 1,991 | ||||||
| Statement of funds | |||||||
| Brought | **Income in ** | Expenditure | Carried | Income in | Expenditure | Carried | |
| forward | the year | in the year | forward | the year | in the year | forward | |
| at 1 August | ended 31 | ended 31 | at 31 July | ended 31 | ended 31 | at 31 July | |
| 2019 | July 2020 | July 2020 | 2020 | July 2021 | July 2021 | 2021 | |
| £ | £ | £ | £ | £ | £ | £ | |
| Unrestricted fund | |||||||
| General Fund | 140,262 | 140,333 | (16,477) | 264,118 | 148,894 | (101,209) | 311,803 |
| Restricted fund | |||||||
| GB4A | - | 18,565 | (10,711) | 7,854 | 1,659 | - | 9,513 |
| Total Funds | 140,262 | 158,898 | (27,188) | 271,972 | 150,553 | (101,209) | 321,316 |
7 Statement of funds
The GB4A (Good Books for Asia) fund is money given directly for books and training materials.
8 Related party transactions
During the year the charity received donations totalling £141,738 (2020 - £145,922) from Mark and Janet Newton (trustees) and companies under their control.
No trustees were paid any expenses by the charity. Any travel expenses for the trustees were paid by LMK Thermosafe Limited, a company under the control of Mark and Janet Newton.
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THE THERMOSAFE FOUNDATION REGISTERED CHARITY NUMBER 1147639
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE THERMOSAFE FOUNDATION
I report to the trustees on my examination of the accounts of The Thermosafe Foundation for the year ended 31 July 2021.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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2 the accounts do not accord with those records; or
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3 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.
Christopher Walling CPFA FMAAT MCMI Cedar Court Barton Road Bury St Edmunds Suffolk IP32 7BE
12 April 2022