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← The Thermosafe Foundation

2022-07-31-accounts

REGISTERED CHARITY NUMBER 1147639

THE THERMOSAFE FOUNDATION

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

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 - 2
Statement of financial activities 3
Balance sheet 4
Notes to the financial statements 5 - 7
External examiner's report 8

THE THERMOSAFE FOUNDATION TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JULY 2022

The Trustees present their annual report together with the financial statements of the Thermosafe Foundation for the year ended 31 July 2022. 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 face to face activities to be curtailed. We sought to support all those in receipt of our regular grants as many individuals and groups saw a significant reduction in charitable donations from others. As the world slowly emerged from lockdowns and restrictions, the Foundation met its objectives during the year as follows:

Continuation of ongoing Grants and Donations

All recipients send regular news letters to their donors. These are reviewed and discussed with email feedback where appropriate. We have used more video conferencing by zoom or equivalent to communicate where travel has not been possible. Where possible one or more of the Trustees have met with recipients face to face.

Working in East Asia

The Trustees were unable to travel to Asia throughout the year, but have kept in close contact with our partners via zoom and other electronic means, including “pro bono” through an interpreter working in the region at a trading company controlled by Mark & Jan Newton.

In particular, we have continued to build our support of a small team developing a coffee trading and roasting business in a mountainous region where income levels are very low and employment opportunities limited. They are working with farmers to improve crop quality and to market the beans globally. One of these partners also provides medical and humanitarian support facility in a geographic area of significant need.

We continued our support of an individual working with an anti-human trafficking group in the region and that person has now been able to return to the location after a covid enforced relocation.

Other Overseas Support

No major new grants to unconnected new groups or individuals were made throughout the year, but the Trustees made further donations to prior recipients of grants where their charitable work was ongoing and the financial need was clear.

1

THE THERMOSAFE FOUNDATION TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JULY 2022

Working in the UK

The Foundation publicised its work around the UK through its website, via face to face meetings by the Trustees, and via electronic means to donors and other interested parties.

We receive requests for financial support from individuals and organisations and when the projects are in line with our aims & objectives they are reviewed and discussed by the Trustees. In partnership with the Clarion Trust we support leadership training and local Church development. We continued our donations to a range of UK charities and increased our local support of Christian Youth Work and Church Development in Linton and the surrounding villages.

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 East Asia 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 2[nd] May 2023 and signed on their behalf by:

M W Newton Chairman

2

THE THERMOSAFE FOUNDATION REGISTERED CHARITY NUMBER 1147639 YEAR ENDED 31 JULY 2022

STATEMENT OF FINANCIAL ACTIVITIES

Note
Restricted
Unrestricted
Total
Funds
Funds
Funds
2022
2022
2022
£
£
£
INCOME
Bank interest
-
407
407
Donations
-
207,719
207,719
TOTAL INCOME
-
208,126
208,126
EXPENDITURE
Charitable activities
2
-
80,102
80,102
TOTAL EXPENDITURE
-
80,102
80,102
(DEFICIT)/SURPLUS FOR YEAR
-
128,024
128,024
TRANSFER BETWEEN FUNDS
(9,513)
9,513
-
FUNDS AT BEGINNING OF YEAR
9,513
311,803
321,316
FUNDS AT END OF YEAR
-
449,340
449,340		 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

The notes on pages 5 to 7 form part of these financial statements.

All results relate to continuing operations.

3

THE THERMOSAFE FOUNDATION REGISTERED CHARITY NUMBER 1147639 YEAR ENDED 31 JULY 2022

BALANCE SHEET

Note
CURRENT ASSETS
Debtors
4
Cash at bank
CREDITORS: amounts falling due within one ye
5
NET CURRENT ASSETS
NET ASSETS
RESERVES
6		 Restricted Unrestricted
Funds
Funds
-
20,000
-
429,340
-
449,340
-
-		 31 July 2022
£
20,000
429,340
449,340
-
449,340
449,340
449,340		 Restricted Unrestricted
Funds
Funds
-
20,244
9,513
291,559
9,513
311,803
-
-
9,513
311,803
9,513
311,803
9,513
311,803		 31 July 2021
£
20,244
301,072
321,316
-
-
449,340
-
449,340
-
449,340		 321,316
321,316
321,316

The notes on pages 5 to 7 form part of these financial statements.

The financial statements were approved by the Trustees on the 2nd May 2023 and signed on their behalf by

M W Newton

4

THE THERMOSAFE FOUNDATION REGISTERED CHARITY NUMBER 1147639 YEAR ENDED 31 JULY 2022

NOTES TO THE FINANCIAL STATEMENTS

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.

5

THE THERMOSAFE FOUNDATION REGISTERED CHARITY NUMBER 1147639 YEAR ENDED 31 JULY 2022

NOTES TO THE FINANCIAL STATEMENTS

RestrictedUnrestricted RestrictedUnrestricted Total Restricted Unrestricted Total
Funds Funds Funds Funds Funds Funds
2022 2022 2022 2021 2021 2021
£ £ £ £ £ £
Foreign exchange loss/(gain) - 848 848 - (4,265) (4,265)
Governance (Independent Examiner) - - - - - -
Grants awarded Note 3 - 78,763 78,763 - 104,979 104,979
Software - 370 370 - 424 424
Travel and subsistence - 104 104 - - -
Bank charges - 72 72
Other costs - 16 16 - - -
- 80,102 80,086 - 101,209 101,209

3 Grants awarded

RestrictedUnrestricted RestrictedUnrestricted Total Restricted Unrestricted Total
Funds Funds Funds Funds Funds Funds
2022 2022 2022 2021 2021 2021
£ £ £ £ £ £
Grants Awarded to Charities
Anglian International Development - - - - 2,210 2,210
Beacon Youth Trust - 12,000 12,000 - - -
Clarion Trust International - 22,000 22,000 - 22,000 22,000
Friends International - 5,500 5,500 - 5,500 5,500
Lamberth Partnership 5,000 5,000 - - -
Linton Free Church - 2,699 2,699 - 5,240 5,240
Overseas Mission Fellowship (OMF) - 4,000 4,000 - 4,000 4,000
Navigators - 3,571 3,571 - - -
REACH Haverhill - 15,000 15,000 - 19,000 19,000
Grants Awarded to Individuals
M Maloney
(USA)		 - - - - 8,500 8,500
K & J Marshall (USA) - - - - 8,215 8,215
J & V Wright
USA)		 - 2,143 2,143 - - -
J Hardwick
(UK)		 - 1,850 1,850 - - -
D & C West
(UK)		 - 5,000 5,000 - 5,000 5,000
M Hol
(Holland)		 - - - - 13,600 13,600
H & J Jones
(Morocco)		 - - - - 6,000 -
A & L Telles
(Morocco)		 - - - - 5,714 -
- 78,763 78,763 - 79,665 79,665

4 Debtors

Debtors
Prepayments and accrued income
Other debtors		 2022
2021
£
£
-
244
20,000
20,000
20,000
20,244

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.

5 Creditors

Accruals
Taxation and social security		 2022
2021
£
£
-
-
-
-
-
-

6

THE THERMOSAFE FOUNDATION REGISTERED CHARITY NUMBER 1147639 YEAR ENDED 31 JULY 2022

NOTES TO THE FINANCIAL STATEMENTS

Unrestricted Fund
General Fund
Restricted fund
GB4A
Unrestricted Fund
General Fund
Restricted fund
GB4A		 Brought
Income in
Expenditure
Transfer
Carried
forward
the year
in the year
between
forward
at 1 August
ended 31
ended 31
funds
at 31 July
2020
July 2021
July 2021
2021
£
£
£
£
£
264,118
148,894
(101,209)
-
311,803
7,854
1,659
-
-
9,513
271,972
150,553
(101,209)
-
321,315
Brought
Income in
Expenditure
Transfer
Carried
forward
the year
in the year
between
forward
at 1 August
ended 31
ended 31
funds
at 31 July
2021
July 2022
July 2022
2022
£
£
£
£
£
311,803
208,126
(80,102)
9,513
449,340
9,513
-
-
(9,513)
-
321,315
208,126
(80,102)
-
449,340

The GB4A (Good Books for Asia) fund is money given directly for books and training materials.

It has been agreed with the Donors that the remaining balance in the Restircted Fund can transferred and used in the Unrestricted Fund at Trustees' discretion

7 Related party transactions

During the year the charity received donations totalling £200,474 (2020 - £141,737) 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.

7

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 2022.

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:

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

3rd May 2023

8