**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: 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. 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. Page 6 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... Page 7 **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... Page 8 **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... Page 10 **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 Page 12