## **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:
1. 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.
2. 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.
3. 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
1
## **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.
2
## **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
3
**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|
||||
5
**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.
6
**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:
- 1 accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
- 2 the accounts do not accord with those records; or
- 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