THE FRIENDS OF THE IPSWICH MUSEUMS
Registered Charity No 1184000
ACCOUNTS FOR THE PERIOD 1st JANUARY TO
31[ST] DECEMBER 2020
The Friends of the Ipswich Museums
Trustees Report for the period 1st January to 31[st] December 2020
Reference and administrative information
President:
Lady Deben
Trustees:
P Bruce, Vice President
R Wilson, Chair of Trustees
D Fiennes, Vice Chair
A Sewell, Treasurer
C Strang, Secretary
E Burrows
S Brooks
J Attenborrow
Address:
Ipswich Museum
High Street
Ipswich
IP1 3QH
Charitable Incorporated Organisation (CIO) Number: 1184000
Registered: 20[th] June 2019
Bankers:
The Co-operative Bank, 11 Princes Street, Ipswich, IP1 1PH
Royal Bank of Scotland, C/O Natwest Bank, 2 Tavern Street, Ipswich, IP1 3BD Ipswich Building Society, PO Box 547, Ipswich IP3 9WZ
Nationwide Building Society, 48 Tavern Street, Ipswich, IP1 3DL
Report of the Trustees for the period 1st January to 31[st] December 2020
The Friends of the Ipswich Museums changed from an Unincorporated Charity to a Charitable Incorporated Organisation (CIO) with effect from 20[th] June 2019.
The Trustees present their report and financial statements of the Charitable Incorporated Organisation (CIO) for the period 1st January to 31[st] December 2020. The financial statements have been prepared in accordance with the Charities Act 2011.
Structure, governance and management
The Friends is a Charitable Incorporated Organisation (CIO) Number: 1184000. The structure is defined in the Constitution.
Trustees are elected annually by the members at the Annual General Meeting. Any member of the committee shall be eligible for re-election except that a chairman who has been Chairman continuously for five years shall not be re-elected as Chairman until after an interval of one year. The committee shall consist of four officers and a maximum of nine ordinary members.
There shall be a President and up to three Vice Presidents who will hold office on the recommendation of the committee. There will be no term placed on the President who will have no voting rights. The Vice President shall have a term of five years, and full voting rights. Both the President and Vice President may attend any meetings as they see fit.
At the quarterly trustee’s meetings, the trustees agree the broad strategy and areas of activity for the charity, including consideration of grant making, reserves, fund raising and risk management policies.
All trustees give of their time freely, and no trustee remuneration was paid in the year.
Risk management
The charity has responsibility for the safekeeping and allocation of funds.
The committee relies on the expertise of the Colchester and Ipswich Museum service when making decisions on the allocation of funds to purchase new acquisitions.
The committee endeavours to manage exposure to the financial markets by following a conservative approach to banking and relying on the Financial Services Compensation Scheme.
Objectives and activities for the public benefit
The objectives of the association are to promote and encourage the preservation, presentation and development of the collections of the Ipswich Museums and Galleries, and to stimulate interest in the Ipswich museums and galleries within the community.
The association attains these objectives by:
Promoting the formation and development of the Friends of the Ipswich Museums; raising money and inviting contributions.
Engaging in, supporting and coordinating research, publishing, education, advertising and other charitable work for the furtherance of the above.
Organising and running meetings, lectures, guided tours, trips and other forms of publicity.
Generally furthering the purposes of the Museums and Galleries and encouraging the development of the facilities.
Appointing delegates and representatives to any other bodies with whom the Friends of the Ipswich Museums may be connected.
Taking any other lawful action to achieve the objects of the society.
The trustees confirm 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 and setting the policy for the year.
Trustees’ responsibilities in relation to the financial statement
The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards. The law applicable to charities in England and Wales requires the trustee(s) to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements the trustees are required to:
Select suitable accounting policies and apply them consistently.
Observe the methods and principles of the Charities SORP.
Make judgements that are reasonable and prudent.
State whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the financial statements; and
Prepare the financial statements on the going concern basis unless it is inappropriate to presume the charity will continue in business.
The trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and enable them to ensure the financial statements comply with the Charities Act 2011 and the Charity (Accounts and Reports) Regulations 2008. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website.
The trustees declare that they have approved the trustees’ report above. Signed on behalf of the charity’s trustees
Richard Wilson Chairman
Andrew Sewell Treasurer
THE FRIENDS OF THE IPSWICH MUSEUMS
ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2020
Receipts and Payments
| Receipts Subscriptions- ordinary - corporate Donations Wolsey's Angels Costume Appeal Zinkeisen "Ballgowns" Painting Purchase Gift Aid Bank Account Switching Reward Tours and Talks Fund raising events Less expenses Interest Less bank charges Publications Less print costs Payments General Administration Web-site design and maint. Subscriptions Newsletters Unrecognised Direct Debits referred to Bank Less Direct Debit Indemnity Scheme Refunds Surplus (before appropriations) Appropriations 2020 "Waterside Works" Leonard Squirrel Painting "Chestnut Tree" Purchase of Guy Eves Painting Zinkeisen "Ballgowns" Painting Purchase Contribution to purchase of the Mason Family Album Balance for year after appropriations Note: Accruals- Listed Debtors Co-op Bank refunds under Direct Debit Indemnity Scheme |
£ 3,492 1,000 |
£ 4,492 3,938 1,928 2,000 1,323 1,500 40 18 705 55 2020 |
£ 15,999 2,687 - |
|---|---|---|---|
| 18 - |
|||
| 705 - |
|||
| 55 - |
|||
| 497 699 387 1,104 |
|||
| 4,596 4,596 |
|||
| 4,000 2,000 1,096 5,132 |
|||
| 13,312 12,228 |
|||
| 1,085 | |||
| 100 | |||
| 100 |
Note to Accounts
During the year The Friends of the Ipswich Museums pledged a donation of upto £10,000 to assist with the purchase, conservation and display of The Mason Family Album, 1794-1862. This was conditional upon the Museum Service successfully acquiring the Album at auction.
THE FRIENDS OF THE IPSWICH MUSEUMS
ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2020
Balance Sheet as at 31st December 2020
| Assets The Co-op Bank Current A/C RBS Deposit A/C Ipswich Building Society Nationwide Total cash at bank Assets Listed Debtors Liabilities Listed Creditors Net Assets Funds Balance brought forward Surplus for the year |
2020 £ 37,983 1,790 86,885 3 |
|---|---|
| 126,660 100 - |
|
| 126,760 | |
| 125,675 1,085 |
|
| 126,760 |