REGISTERED CHARITY NUMBER: 211732
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
FOR
IPSWICH FOUNDATION STREET CHARITY
IPSWICH FOUNDATION STREET CHARITY
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
| Page | |
|---|---|
| Report of the Trustees | 1 to 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Statement of Financial Position | 5 |
| Notes to the Financial Statements | 6 to 11 |
| Detailed Statement of Financial Activities | 12 |
IPSWICH FOUNDATION STREET CHARITY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020
The trustees present their report with the financial statements of the charity for the year ended 31 December 2020. The trustees have adopted the provisions of 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) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The main object of the charity is to provide independent and sheltered accommodation for retired people.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The Charity's detailed statement of financial activities, page 12, shows a gross income of £247,520 (2019 £252,896) and gross expenditure of £242,393 (2019 £276,869), resulting in a surplus of £5,127 compared with a deficit of £23,973 in 2019.
The charity's investments showed an increase in value from the previous year of £89,221 compared with an increase in the value of £314,495 in 2019.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
211732
Principal address
Tooley's Court Foundation Street Ipswich Suffolk IP4 1BE
Trustees
N Haines C A R Dodds D W Ringrose A R Grant Mrs R Dodds Mrs D Pearce D Knights T Pound Mrs J Banthorpe Mrs A C Tenwick Mrs M Young
Page 1
IPSWICH FOUNDATION STREET CHARITY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020
REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner
Mrs S L Fayers FCA ICAEW Ballams Chartered Accountants Crane Court 302 London Road Ipswich Suffolk IP2 0AJ
Approved by order of the board of trustees on 28 May 2021 and signed on its behalf by:
A R Grant - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF IPSWICH FOUNDATION STREET CHARITY
Independent examiner's report to the trustees of Ipswich Foundation Street Charity
I report to the charity trustees on my examination of the accounts of Ipswich Foundation Street Charity (the Trust) for the year ended 31 December 2020.
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 Act and in carrying out my examination I have followed all 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:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
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.
Mrs S L Fayers FCA ICAEW Ballams Chartered Accountants Crane Court 302 London Road Ipswich Suffolk IP2 0AJ
7 June 2021
Page 3
IPSWICH FOUNDATION STREET CHARITY
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities Contributions from residents Hire of visitors room Investment income 2 Total EXPENDITURE ON Charitable activities Costs of Running Sheltered Housing Net gains on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2020 Unrestricted funds £ 10 234,860 165 12,485 247,520 242,393 89,220 94,347 1,924,602 2,018,949 |
2019 Total funds £ 115 239,552 700 12,529 |
|---|---|---|
| 252,896 276,869 314,495 |
||
| 290,522 1,634,080 |
||
| 1,924,602 |
The notes form part of these financial statements
Page 4
IPSWICH FOUNDATION STREET CHARITY
STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2020
| Notes FIXED ASSETS Investments 6 CURRENT ASSETS Debtors 7 Cash at bank CREDITORS Amounts falling due within one year 8 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 9 Unrestricted funds TOTAL FUNDS |
2020 Unrestricted funds £ 1,968,570 216 55,661 55,877 (5,498) 50,379 2,018,949 2,018,949 2,018,949 2,018,949 |
2019 Total funds £ 1,879,349 190 53,061 53,251 (7,998) 45,253 1,924,602 1,924,602 1,924,602 1,924,602 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 28 May 2021 and were signed on its behalf by:
A R Grant - Trustee
N Haines - Trustee
The notes form part of these financial statements
Page 5
IPSWICH FOUNDATION STREET CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
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continued...
IPSWICH FOUNDATION STREET CHARITY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
2. INVESTMENT INCOME
| Interest received Income from Investments |
2020 £ 32 12,453 12,485 |
2019 £ 115 12,414 |
|---|---|---|
| 12,529 |
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2020 nor for the year ended 31 December 2019.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2020 nor for the year ended 31 December 2019.
4. STAFF COSTS
The average monthly number of employees during the year was as follows:
5.
| 2020 Administrator 1 Repairs and Maintenance 1 Warden 1 Catering 1 4 No employees received emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities Contributions from residents Hire of visitors room Investment income Total |
2019 1 1 1 - 3 Unrestricted funds £ 115 239,552 700 12,529 252,896 |
|---|---|
EXPENDITURE ON
continued...
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IPSWICH FOUNDATION STREET CHARITY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| Charitable activities Costs of Running Sheltered Housing Net gains on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 6. FIXED ASSET INVESTMENTS MARKET VALUE At 1 January 2020 Revaluations At 31 December 2020 NET BOOK VALUE At 31 December 2020 At 31 December 2019 |
Unrestricted funds £ 276,869 314,495 290,522 1,634,080 1,924,602 Listed investments £ 1,879,349 89,221 1,968,570 1,968,570 1,879,349 |
|
|---|---|---|
There were no investment assets outside the UK.
continued...
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IPSWICH FOUNDATION STREET CHARITY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other debtors 8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 9. MOVEMENT IN FUNDS At 1.1.20 £ Unrestricted funds General fund 1,060,001 Cyclical Repair Fund 272,322 Extraordinary Repair Fund 592,279 1,924,602 TOTAL FUNDS 1,924,602 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 247,520 (242,393) Cyclical Repair Fund - - Extraordinary Repair Fund - - 247,520 (242,393) TOTAL FUNDS 247,520 (242,393) |
2020 £ 216 2020 £ 5,498 Net movement in funds £ 97,855 15,340 (18,848) 94,347 94,347 Gains and losses £ 92,728 15,340 (18,848) 89,220 89,220 |
2019 £ 190 2019 £ 7,998 At 31.12.20 £ 1,157,856 287,662 573,431 2,018,949 2,018,949 Movement in funds £ 97,855 15,340 (18,848) 94,347 94,347 |
|
|---|---|---|---|
continued...
Page 9
IPSWICH FOUNDATION STREET CHARITY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
9. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund Cyclical Repair Fund Extraordinary Repair Fund TOTAL FUNDS |
At 1.1.19 £ 897,091 236,068 500,921 1,634,080 1,634,080 |
Net movement in funds £ 162,909 36,254 91,359 290,522 290,522 |
At 31.12.19 £ 1,060,000 272,322 592,280 |
|---|---|---|---|
| 1,924,602 | |||
| 1,924,602 |
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Cyclical Repair Fund Extraordinary Repair Fund TOTAL FUNDS |
Incoming resources £ 252,895 - 1 252,896 252,896 |
Resources expended £ (276,869) - - (276,869) (276,869) |
Gains and Movement losses in funds £ £ 186,883 162,909 36,254 36,254 91,358 91,359 314,495 290,522 314,495 290,522 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Cyclical Repair Fund Extraordinary Repair Fund TOTAL FUNDS |
At 1.1.19 £ 897,091 236,068 500,921 1,634,080 1,634,080 |
Net movement in funds £ 260,764 51,594 72,511 384,869 384,869 |
At 31.12.20 £ 1,157,855 287,662 573,432 |
|---|---|---|---|
| 2,018,949 | |||
| 2,018,949 |
continued...
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IPSWICH FOUNDATION STREET CHARITY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
9. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Cyclical Repair Fund Extraordinary Repair Fund TOTAL FUNDS |
Incoming resources £ 500,415 - 1 500,416 500,416 |
Resources expended £ (519,262) - - (519,262) (519,262) |
Gains and Movement losses in funds £ £ 279,611 260,764 51,594 51,594 72,510 72,511 403,715 384,869 403,715 384,869 |
|---|---|---|---|
10. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2020.
11. FREEHOLD PROPERTY
The freehold property was gifted to the Charity when founded, and is currently insured for £6,055,696
Page 11
IPSWICH FOUNDATION STREET CHARITY
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020
| INCOME AND ENDOWMENTS Donations and legacies Donations Investment income Interest received Income from Investments Charitable activities Rents Received Hire of visitors room Residents Contributions toward Electricity Total incoming resources EXPENDITURE Charitable activities Wages Rates and water Insurance Light and heat Telephone Postage and stationery Alarm System Chaplain Honorarium Cleaning Garden & Miscellaneous Repairs and renewals Total resources expended Net income/(expenditure) |
2020 £ 10 32 12,453 12,485 229,831 165 5,029 235,025 247,520 85,726 4,255 10,429 31,831 1,220 378 5,096 - 8,028 5,592 89,838 242,393 242,393 5,127 |
2019 £ 115 115 12,414 12,529 234,605 700 4,947 240,252 252,896 88,796 3,569 10,526 30,683 1,153 417 3,932 157 3,366 2,095 132,175 276,869 276,869 (23,973) |
|---|---|---|
This page does not form part of the statutory financial statements
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