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2023-05-31-accounts

FONNEREAU ROAD HEALTH FOUNDATION

(Charity Registration No. 210098)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023

ENSORS ACCOUNTANTS LLP

Connexions 159 Princes Street IPSWICH IP1 1QJ

FONNEREAU ROAD HEALTH FOUNDATION

INDEX
Page No:
1 LEGAL AND ADMINISTRATIVE INFORMATION
2 CHAIRMAN’S REPORT
3 – 4 TRUSTEES’ REPORT
5 INDEPENDENT EXAMINER’S REPORT
6 – 7 STATEMENT OF FINANCIAL ACTIVITIES
8 BALANCE SHEET
9 – 14 NOTES TO THE ACCOUNTS

FONNEREAU ROAD HEALTH FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

NAME:

Fonnereau Road Health Foundation

LEGAL STRUCTURE:

The Foundation is administered in accordance with a Charity Commission Scheme dated 11 October 2000.

CHARITY REGISTRATION NUMBER: TRUSTEES:

210098

C J Billingham T Boon P T Crossman D J Elliott (retired 07 May 2023) A N Lang (retired 24 July 2022) D C McNab R Chester N Farthing (appointed 21 June 2022)

INDEPENDENT EXAMINER:

H Rumsey FCA, Dch A Ensors Accountants LLP Connexions 159 Princes Street IPSWICH IP1 1QJ

PRINCIPAL ADDRESS:

The Old Vicarage 8 Fonnereau Road IPSWICH IP1 3JP

BANKERS (principal):

Barclays Bank plc Princes Street IPSWICH IP1 1PB

SOLICITORS: Birketts Providence House 141-145 Princes Street IPSWICH IP1 1QJ

INVESTMENT MANAGERS:

Charles Stanley & Co Ltd 33 Lower Brook Street IPSWICH IP4 1AQ

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FONNEREAU ROAD HEALTH FOUNDATION

CHAIRMAN’S REPORT FOR THE YEAR ENDED 31 MAY 2023

The capital of the Foundation came originally from the remaining funds of Christchurch Park Hospital Ltd when it was wound up in 1999. The Foundation makes charitable donations from the income generated by the capital.

In 2014 and 2018 the Foundation made substantial gifts to the Suffolk Community Foundation (SCF) seeking to reach smaller charitable needs. These gifts are ring fenced within SCF and subject to the same protections as the Main Fund with all grants from the SCF Fund subject to Trustees’ agreement and approval. As at 30 June 2023 the SCF Fund was valued at £983,234.

The Foundation’s grant policy has traditionally focused on assisting with the purchase of equipment. This remains the core policy of the Main Fund. The operation of the SCF Fund has broadened this policy to include supporting running costs of small charities. This activity is tightly controlled to avoid any long term commitment to a particular charity. On occasion, where the income from the SCF Fund is insufficient to meet all applications and particular cases are considered by the Trustees to be worthy, the Trustees have agreed to make grants from the Main Fund as detailed in note 3 to the accounts.

For the sake of completeness, we made grants from the SCF Fund as follows:

Orwell Mencap £1,380
Hive £5,000
Inspire Suffolk £2,996
Lowestoft & Waveney Breastfeeding Support £4,827

Our investment portfolio at Suffolk Community Foundation maintained its value over the financial year. Whereas the capital value of the Main Fund saw a reduction of 8.5%, this should be seen against general market reductions of 10-15%. With the lower risk bounds of the investment strategy this was expected. The Foundation’s income remained broadly flat on the prior year although in excess of the grants made. As the year progressed income yields saw improvement. Our continued thanks to our investment managers for their skill in managing this uncertain time.

As reported last year, Alistair Lang, a Trustee and the Foundation’s Chair, stepped down on 24 July 2022 following the end of his tenure in accordance with the Foundation’s Scheme Rules. As incoming Chair, and on behalf of all the Trustees, I would like to thank Alistair for his careful stewardship of the Foundation over the last nine years.

Don Elliott, a Trustee, stepped down on 7 May 2023 following the end of his tenure in accordance with the Foundation’s Scheme Rules. On behalf of all the Trustees, I would like to thank Don for his commitment and wise counsel over the last nine years.

I also extend my thanks to all our Trustees – particularly those in the front line of the NHS – and to our professional advisors for their ongoing support and commitment to the Foundation.

Nigel Farthing Chairman

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FONNEREAU ROAD HEALTH FOUNDATION

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MAY 2023

The Trustees have pleasure in presenting their report and the financial statements for the year ended 31 May 2023.

OBJECTS AND ACTIVITIES FOR THE PUBLIC BENEFIT

In setting objectives, developing strategies and undertaking activities, the Trustees have given careful consideration to the Charity Commission’s general guidance on public benefit.

PRINCIPAL ACTIVITY

The Fonnereau Road Health Foundation was founded in 1874 and is now administered in accordance with a Charity Commission Scheme dated 11 October 2000.

The object of the Foundation is to provide benefit to the public through the relief of sickness and the protection of health by promoting and assisting in the provision of general medical health services in the area of benefit.

Full details of the activities and achievements for the year can be found in the chairman’s statement on page 2. Further details of direct grants made can be found in note 3 to the accounts.

TRUSTEES

The Trustees for the year are disclosed on page 1.

Trustees are appointed following a selection process designed to enhance the skills and experience of the Foundation as a whole. New Trustees are provided with a detailed induction programme covering all aspects of the organisation.

POLICIES

Investments

The Trustees have continued to take professional advice and the policy remains of investing the majority of the Foundation’s funds in a mixture of government stocks, fixed interest investments and equities. The investments are under continuous review and the Trustees receive a report every six months on the progress of the portfolio.

Reserves

The Trustees take the view that the funds are better applied to appropriate projects than remaining in their ownership.

With this in mind they have the policy of approving support for projects to the extent of the available funds.

At 31 May 2023 the Foundation held unrestricted reserves of £91,740, with a further £1,552,012 held as permanent endowment generating income for future grant making.

Risk management

The Trustees have considered the risks to the funds, principally cash and liquid investments, and are confident that the procedures in place are adequate for the protection of those assets.

As regards any risk which could come from a donation, it is made plain to the recipients that the Foundation will not accept any responsibility for the equipment purchased with any donated money.

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FONNEREAU ROAD HEALTH FOUNDATION

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MAY 2023 (continued)

POLICIES (continued)

Grants

The Foundation has established its grant making policy to achieve its objects for the public benefit to provide benefit to the public through the relief of sickness and the protection of health by promoting and assisting in the provision of general medical health services in the area of benefit.

The Foundation makes grants which tend to the improvement of the physical and mental health and well-being of people in Suffolk. It prefers to fund one-off, rather than ongoing, projects, and to fund all, or an identifiable major part, of a project.

Going concern

At the time of approving the accounts, the Trustees have a reasonable expectation that the Foundation has adequate resources to continue in operational existence for the foreseeable future. Thus, the Trustees continue to adopt the going concern basis of accounting in preparing the accounts.

FINANCIAL REVIEW

The total income to 31 May 2023 was £71,522 compared to £71,590 for the year to 31 May 2022.

Total expenditure amounted to £43,879 compared to £127,678 for the year to 31 May 2022. After losses on investments of £130,755 (2022: Gains £11,147) the Foundation has produced an overall deficit for the year of £103,112 compared to the deficit of £44,941 for the previous year.

The overall deficit of £103,112 principally results from unrealised losses on investments for the year following turbulent times in Q4 of 2022.

TRUSTEES’ RESPONSIBILITIES

The Trustees are required to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the Foundation and of the surplus or deficit of the Foundation for that period. In preparing those financial statements the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Foundation. They are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

By order of the board on

N Farthing Chairman

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INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF

FONNEREAU ROAD HEALTH FOUNDATION

I report to the Trustees on my examination of the accounts of the Fonnereau Road Health Foundation (the Foundation) for the year ended 31 May 2023.

Responsibilities and basis of report

As the charity Trustees of the Foundation 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 Foundation’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 Foundation 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.

H Rumsey FCA, Dch A

ENSORS ACCOUNTANTS LLP IPSWICH

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FONNEREAU ROAD HEALTH FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES

YEAR ENDED 31 MAY 2023


NotesUnrestricted
INCOME
£
Investment income:
Bank interest
542
Dividends and interest received
70,980
TOTAL INCOME
71,522
EXPENDTURE
Costs of raising funds
Investment management costs
-
Expenditure on charitable activities:
Grants
3
28,832
Accountants’ fees
2,274
Insurance
1,032
TOTAL EXPENDITURE
32,138
OTHER RECOGNISED GAINS AND
LOSSES
Net (losses)/gains on disposal of
investments
-
Unrealised (losses)/gains on
investments
4
-
NET MOVEMENT IN FUNDS FOR
THE YEAR
39,384
FUND BALANCE BROUGHT
FORWARD
52,356
FUND BALANCE CARRIED
FORWARD
91,740
All activities are continuing
Permanent
endowment
£
-
-
-
11,741
-
-
-
11,741
(8,498)
(122,257)
(142,496)
1,694,508
1,552,012		 2023

£

542
70,980
71,522

11,741

28,832

2,274
1,032
43,879

(8,498)
(122,257)
(103,112)
1,746,864
1,643,752
2022

£

16
71,574
71,590



14,284

110,440

2,002
952
127,678


5,721

5,426



(44,941)
1,791,805
1,746,864

The notes on pages 9 to 14 form part of these financial statements.

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FONNEREAU ROAD HEALTH FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES

YEAR ENDED 31 MAY 2022


NotesUnrestricted
INCOME
£
Investment income:
Bank interest
16
Dividends and interest received
71,574
TOTAL INCOME
71,590
EXPENDTURE
Costs of raising funds
Investment management costs
-
Expenditure on charitable activities:
Grants
3
110,440
Accountants’ fees
2,002
Insurance
952
TOTAL EXPENDITURE
113,394
OTHER RECOGNISED GAINS AND
LOSSES
Net gains on disposal of investments
-
Unrealised gains on investments
4
-
NET MOVEMENT IN FUNDS FOR
THE YEAR
(41,804)
FUND BALANCE BROUGHT
FORWARD
94,160

FUND BALANCE CARRIED
FORWARD
52,356

All activities are continuing		 Permanent
endowment
£
-
-
-
14,284
-
-
-
14,284
5,721
5,426
(3,137)
1,697,645
1,694,508		 2022

£

16
71,574
71,590

14,284

110,440

2,002
952
127,678

5,721
5,426

(44,941)
1,791,805
1,746,864

The notes on pages 9 to 14 form part of these financial statements.

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FONNEREAU ROAD HEALTH FOUNDATION

BALANCE SHEET

AS AT 31 MAY 2023

Notes
FIXED ASSETS
Investments
4
CURRENT ASSETS
Debtors – accrued income
Cash at bank
CREDITORS:amounts falling due within one year
5
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
TRUST FUNDS- unrestricted
6
- permanent endowment
6
6		 2023
£
1,536,128
270
157,240
157,510
49,886
107,624
1,643,752
91,740
1,552,012
1,643,752		 2022
£
1,677,867
-
125,864
125,864
56,867
68,997
1,746,864
52,356
1,694,508
1,746,864

The only movements in funds are those shown in the statement of financial activities on page 6.

Approved on

N FARTHING

R CHESTER

) ) ) Trustees ) )

The notes on pages 9 to 14 form part of these financial statements.

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FONNEREAU ROAD HEALTH FOUNDATION

NOTES TO THE ACCOUNTS

YEAR ENDED 31 MAY 2023

1. ACCOUNTING POLICIES

Basis of accounting

The accounts 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 (FRS 102) – (Charities SORP (FRS 102) effective 1 January 2019) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Fonnereau Road Health Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

The accounts have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair’ view. This departure has involved following 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 (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The accounts have been prepared in sterling, which is the functional currency of the Foundation, and rounded to the nearest pound.

Going concern

At the time of approving the accounts, the Trustees have a reasonable expectation that the Foundation has adequate resources to continue in operational existence for the foreseeable future. Thus, the Trustees continue to adopt the going concern basis of accounting in preparing the accounts.

Fund accounting

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the Foundation.

The permanent endowment came from the remaining funds in Christchurch Park Hospital Ltd after it had ceased to trade, sold all its assets and settled all liabilities. The income generated may be used for the objects of the Foundation without further specified purposes and is available as general funds.

The costs of raising and administering such funds will be charged against the specific fund.

Income

All income is included in the Statement of Financial Activities when the Foundation is legally entitled to the income, the amounts can be measured reliably, and it is probable that the income will be received.

The following specific policy is applied:

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FONNEREAU ROAD HEALTH FOUNDATION

NOTES TO THE ACCOUNTS

YEAR ENDED 31 MAY 2023

1. ACCOUNTING POLICIES (continued)

Expenditure

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes VAT which cannot be recovered, and is reported as part of the expenditure to which it relates:

Investments

Investments are stated at their current market value at the year end. Unrealised gains or losses are accounted for on revaluation at the year end. Realised gains or losses are recognised when an investment is sold.

Gains and losses on investments

Unrealised gains and losses represent the difference between market value at the previous balance sheet date, or cost if acquired in the year, and market value at the current balance sheet date.

Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments

Financial instruments are recognised in the Balance Sheet when the Foundation becomes party to the contractual provision of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legal enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets include trade and other receivables and cash and bank balances. These are initially measured at transaction price, including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the transaction constitutes a financing transaction, where the transaction is measured at the present value of the future receipts.

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FONNEREAU ROAD HEALTH FOUNDATION

NOTES TO THE ACCOUNTS

YEAR ENDED 31 MAY 2023

1. ACCOUNTING POLICIES (continued)

Financial instruments (continued)

Impairment of financial assets

Financial assets are assessed for indicators of impairment each year. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. This impairment is recognised in the SOFA.

De-recognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when the Foundation transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

Classification of financial liabilities

Financial liabilities are classified according to the substance of the contractual arrangements entered into.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of operations from suppliers. Accounts payable are classified as a current liability if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

De-recognition of financial liabilities

Financial liabilities are derecognised when, and only when, the Foundation’s obligations are discharged, cancelled, or they expire.

Judgements and key sources of estimation uncertainty

In application of the Foundation’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both the current and future periods.

2. TAXATION

Due to the charitable status of the Foundation, no taxation arises on the results for the year.

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FONNEREAU ROAD HEALTH FOUNDATION

NOTES TO THE ACCOUNTS

YEAR ENDED 31 MAY 2023

3.
GRANTS
Grants unpaid at 1 June 2022:
East Suffolk and North Essex Foundation Trust:
-
CADD pumps
-
unweighing system
-
gait trainer
-
various physio equipment
-
CO monitors
-
senobright injector arm
Grants paid in the year:
East Suffolk and North Essex Foundation Trust:
-
lejrelet pressure relief cushions
-
CO monitors
-
senobright injector arm
St Elizabeth Hospice – mattresses for inpatient unit
Suffolk Community Foundation – income grants
-
Orwell Mencap
-
Pathways Care Farm
-
Raedwald Trust
-
Warren Association Trust
-
Waveney Domestic Violence and Abuse Forum
-
Headway Suffolk
-
Ipswich Housing Action Group (IHAG)
-
Lowestoft & Waveney Breastfeeding Support
-
Riding for the Disabled
-
Second Chance Stroke Group
-
St Nicholas Hospice
-
The Pear Tree Fund
-
Waveney Gymnastics Club
-
grant fees for the year
Grants unpaid at 31 May 2023:
East Suffolk and North Essex Foundation Trust:
-
unweighing system
-
gait trainer
-
various physio equipment
-
CO monitors
-
senobright injector arm
-
portable ultrasound
St Elizabeth Hospice - baths		 2023
£
-
(11,000)
(25,000)
(450)
(3,737)
(13,000)
-
3,737
13,000
-
-
-
-
-
-
-
-
135
1,300
3,840
3,050
5,000
4,168
1,749
-
-
450
-
-
19,905
25,685

28,832		 2022
£
(6,000)
-
-
-
-
-
475
-
-
27,600
4,320
2,715
4,052
5,000
3,800
3,093
9,000
-
-
-
-
-
-
3,198
11,000
25,000
450
3,737
13,000
-
-
110,440

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FONNEREAU ROAD HEALTH FOUNDATION

NOTES TO THE ACCOUNTS

YEAR ENDED 31 MAY 2023

4.
INVESTMENTS
Movement in market value:
Market value at 1 June 2022
Additions at cost
Disposals at opening market value/cost
Net (losses)/gains on revaluations in the year
Market value at 31 May 2023
Historical cost at 31 May 2023		 2023
£
1,677,867
222,404
(241,886)
(122,257)
1,536,128
1,369,643		 2022
£
1,663,863
373,952
(365,374)
5,426
1,677,867
1,381,884

All of the above are listed on a recognised investment exchange in Great Britain and are valued at the market value at the balance sheet date. All investments are held primarily to provide an investment return.

Included within the above are the following representing 5% or more of the total valuation:

Henderson Intl Inc
73,100
77,400
JP Morgan Fund ICVC
74,135
79,465
As at 25 October 2023 the Foundation’s investments had fallen by c. 5.1% or £79k. This non
adjusting post balance sheet event has arisen as a result of the ongoing geopolitical issues
across the world.
5.
CREDITORS: amounts falling due within one year
Grants payable
Accruals		 46,040
3,846
49,886		 53,187
3,680
56,867

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FONNEREAU ROAD HEALTH FOUNDATION

NOTES TO THE ACCOUNTS

YEAR ENDED 31 MAY 2023

6. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted
Permanent
Endowment
Unrestricted
Permanent
Endowment		 Fixed
assets
£
-
1,536,128
1,536,128

Fixed
assets
£
-
1,677,867
1,677,867		 Current
assets
£
139,676
17,834
157,510

Current
assets
£
107,223
18,641
125,864		 Current
liabilities
£
(47,936)
(1,950)
(49,886)

Current
liabilities
£
(54,867)
(2,000)
(56,867)		 2023
£
91,740
1,552,012
1,643,752

2022
£
52,356
1,694,508
1,746,864

The permanent endowment came from the remaining funds in Christchurch Park Hospital Limited after it had ceased to trade, sold all its assets and settled all liabilities. The sum is now invested and the Foundation makes charitable donations from the income earned by that capital.

7. TRUSTEES

During the year the Foundation purchased indemnity insurance for its Trustees at a cost of £1,032 (2022: £952).

The Trustees received no remuneration or expenses during either year.

8. RELATED PARTY TRANSACTIONS

There were no related party transactions during either year that require disclosure.

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