REGISTERED CHARITY NUMBER: 211732
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
FOR
IPSWICH FOUNDATION STREET CHARITY
IPSWICH FOUNDATION STREET CHARITY
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
| 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 2021
The trustees present their report with the financial statements of the charity for the year ended 31 December 2021. 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 £253,621 (2020 £247,520) and gross expenditure of £254,736 (2020 £242,393), resulting in a deficit of £1,115 compared with a surplus of £5,127 in 2020.
The charity's investments showed an increase in value from the previous year of £305,372 compared with an increase in the value of £89,220 in 2020.
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 (resigned 26/11/21) D W Ringrose (resigned 30/7/21) 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 2021
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 27 May 2022 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 2021.
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
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of ICAEW which is one of the listed bodies.
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
29 June 2022
Page 3
IPSWICH FOUNDATION STREET CHARITY
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021
| 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 |
2021 Unrestricted funds £ 1,008 239,436 405 12,772 253,621 254,736 305,372 304,257 2,018,949 2,323,206 |
2020 Total funds £ 10 234,860 165 12,485 |
|---|---|---|
| 247,520 242,393 89,220 |
||
| 94,347 1,924,602 |
||
| 2,018,949 |
The notes form part of these financial statements
Page 4
IPSWICH FOUNDATION STREET CHARITY
STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2021
| 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 |
2021 Unrestricted funds £ 2,273,940 - 61,429 61,429 (12,163) 49,266 2,323,206 2,323,206 2,323,206 2,323,206 |
2020 Total 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 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 27 May 2022 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 2021
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 2021
2. INVESTMENT INCOME
| Interest received Income from Investments |
2021 £ 3 12,769 12,772 |
2020 £ 32 12,453 |
|---|---|---|
| 12,485 |
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2021 nor for the year ended 31 December 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2021 nor for the year ended 31 December 2020.
4. STAFF COSTS
The average monthly number of employees during the year was as follows:
| Administrator Repairs and Maintenance Warden Catering |
2021 1 1 1 1 4 |
2020 1 1 1 1 |
|---|---|---|
| 4 |
No employees received emoluments in excess of £60,000.
5. 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 |
Unrestricted funds £ 10 234,860 165 12,485 247,520 |
|---|---|
EXPENDITURE ON
continued...
Page 7
IPSWICH FOUNDATION STREET CHARITY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
| 5. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued |
|---|---|---|
| Unrestricted | ||
| funds | ||
| £ | ||
| Charitable activities | ||
| Costs of Running Sheltered Housing | 242,393 | |
| Net gains on investments | 89,220 | |
| NET INCOME | 94,347 | |
| RECONCILIATION OF FUNDS | ||
| Total funds brought forward | 1,924,602 | |
| TOTAL FUNDS CARRIED | ||
| FORWARD | 2,018,949 | |
| 6. | FIXED ASSET INVESTMENTS | |
| Listed | ||
| investments | ||
| £ | ||
| MARKET VALUE | ||
| At 1 January 2021 | 1,968,570 | |
| Revaluations | 305,370 | |
| At 31 December 2021 | 2,273,940 | |
| NET BOOK VALUE | ||
| At 31 December 2021 | 2,273,940 | |
| At 31 December 2020 | 1,968,570 | |
| 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 2021
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 1.1.21 £ Unrestricted funds General fund 1,157,856 Cyclical Repair Fund 287,662 Extraordinary Repair Fund 573,431 2,018,949 TOTAL FUNDS 2,018,949 |
2021 £ - 2021 £ 12,163 Net movement in funds £ 192,507 36,207 75,543 304,257 304,257 |
2020 £ 216 2020 £ 5,498 At 31.12.21 £ 1,350,363 323,869 648,974 |
2020 £ 216 |
|
|---|---|---|---|---|
| 2020 £ 5,498 |
||||
| 2,323,206 | ||||
| 2,323,206 |
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 £ 253,621 - - 253,621 253,621 |
Resources expended £ (254,736) - - (254,736) (254,736) |
Gains and Movement losses in funds £ £ 193,622 192,507 36,207 36,207 75,543 75,543 305,372 304,257 305,372 304,257 |
|---|---|---|---|
continued...
Page 9
IPSWICH FOUNDATION STREET CHARITY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
9. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund Cyclical Repair Fund Extraordinary Repair Fund TOTAL FUNDS |
At 1.1.20 £ 1,060,001 272,322 592,279 1,924,602 1,924,602 |
Net movement in funds £ 97,855 15,340 (18,848) 94,347 94,347 |
At 31.12.20 £ 1,157,856 287,662 573,431 |
|---|---|---|---|
| 2,018,949 | |||
| 2,018,949 |
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 £ 247,520 - - 247,520 247,520 |
Resources expended £ (242,393) - - (242,393) (242,393) |
Gains and Movement losses in funds £ £ 92,728 97,855 15,340 15,340 (18,848) (18,848) 89,220 94,347 89,220 94,347 |
|---|---|---|---|
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 1.1.20 £ 1,060,001 272,322 592,279 1,924,602 1,924,602 |
Net movement in funds £ 290,362 51,547 56,695 398,604 398,604 |
At 31.12.21 £ 1,350,363 323,869 648,974 |
|---|---|---|---|
| 2,323,206 | |||
| 2,323,206 |
continued...
Page 10
IPSWICH FOUNDATION STREET CHARITY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
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 £ 501,141 - - 501,141 501,141 |
Resources expended £ (497,129) - - (497,129) (497,129) |
Gains and Movement losses in funds £ £ 286,350 290,362 51,547 51,547 56,695 56,695 394,592 398,604 394,592 398,604 |
|---|---|---|---|
10. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2021.
11. FREEHOLD PROPERTY
The charity owns the property which it uses to provide independent and sheltered accommodation for retired people. The property was donated to the charity by Henry Tooley in the sixteenth century and due to the difficulty in establishing the value of the asset at that time, the property is not included in the balance sheet. The trustees believe that the value of the donation at the time of receipt would not be material and would have no significant impact on the financial position of the charity at the year end.
The freehold property is currently insured for £6,750,000.
Page 11
IPSWICH FOUNDATION STREET CHARITY
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021
| 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 Sundries Alarm System Cleaning Garden & Miscellaneous Repairs and renewals Total resources expended Net (expenditure)/income |
2021 £ 1,008 3 12,769 12,772 234,234 405 5,202 239,841 253,621 88,119 4,168 7,211 32,210 1,099 1,072 125 4,884 8,073 2,487 105,288 254,736 254,736 (1,115) |
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 |
This page does not form part of the statutory financial statements
Page 12