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2022-12-31-accounts

Annual Report for 2022 Annual Report for 2022
Trust Name: MENDLESHAM EDUCATIONAL FOUNDATION
Charity Commission
No.		 271762
Clerk to the Trustees Mr. Mike Favager,
2 The Old Orchard,
Front Street,
Mendlesham,
STOWMARKET, Suffolk. IP14 5TY
Trustees for 2022 Mr. D. Nunn
(Chairman)		 Nominative
appointed by
Mendlesham Parish
Council
Rev. P. T. Gray (V.Chairman) Ex Officio
Mr. R. M. Fenning Nominative appointed
by Mendlesham Parish
Council
Mrs. A. Fox Co-optative
Mrs H. Orton Nominative appointed
by Mendlesham Parish
Council. Commencing
March 2022
Mrs L Daniels Co-optative.
Commencing March
2022
Mr. A. Stringer Nominative appointed
by Suffolk County
Council

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The Trust is administered by the appointed Trustees.
The Trustees give their time voluntarily; the clerk is
paid an annual allowance. Dr Paul Head retired June
2022, the trustees thanked Dr Head for his support
over the years.
Terms of Office The terms of office for our Trustees is set out in the
Charity Commission Scheme dated
26thSeptember, 1983.
Assets The Trust owns 37.448 acres of land which is rented
to Messrs H. E. Knock and Son, Juby Bros. and J. W.
Davey & Sons.
Old School House – Tenants Mr. & Mrs. R. Lambert.
The Old School Room – Hired out as a meeting room.
The number of hirings throughout 2022 compared with
the previous 2 years has increased and almost at pre
pandemic numbers. The trustees wish to thank Mrs.
Daphne Lambert for her continued care of the building
until November, when the care of the building was
passed to Mrs Favager. Mrs Lambert continues to
manage the booking for the Old School Room.
Performance in 2022 During the year educational grants totalling
£17,035.00 have been distributed to 29 students. A
further £2400.00 in grants were made to village youth
organisations. £140.00 was granted to one other
recipient to support specialist reading lenses.
Mendlesham Primary School was awarded £8408.70
to support the School Forest Project and the purchase
of new iPads. The trust maintains a pledge of £6000
towards the new Scout Headquarters to be built at
Mendlesham Green.
Four meetings were held during the year in the Old
School Room with meeting times moved from mid
morning to evening to accommodate, working
trustees.
The trust maintains its registration for Data Protection
with the ICO.

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Investments The Foundation continues to have its portfolio
managed by Kingsfleet Wealth. The portfolio of
investments remains with 7IM. Part of the portfolio is
invested for growth and the dividends on the
remainder are paid monthly as income to support the
grants made for education and village youth
organisations. There has been a downturn in the
portfolio valuation at the end of 2022.
Maintenance of Assets Minor maintenance work has been required in the Old
School Room, Electrical repairs for heating and
lighting, fence repairs and plumbing repairs in the
kitchen. Several reviews of modernisation
requirements to the Old School House have been
conducted, however, no physical work has been
undertaken to date.
Financial Reviews The financial advisor, Mr. Colin Low of Kingsfleet
Wealth Management, delivered two updates during
the period using a live video link. Trustees were able
to interact with the update and ask questions.

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Mendlesham Educational Foundation Mendlesham Educational Foundation Mendlesham Educational Foundation Mendlesham Educational Foundation Mendlesham Educational Foundation Mendlesham Educational Foundation Mendlesham Educational Foundation Mendlesham Educational Foundation
General Account for year ended 31st December, 2022
2022 Income For 2022 Record £ 2022 Expense Record £ £
Jan Student Grants - Winter 837-860 5,425.00
Jan 7IM Distribution Direct Credit
3,184.27		 Apr Student Grants - Summer 869-893 5,425.00
Feb 7IM Distribution Direct Credit
1,051.14		 Oct Student Grants - Autumn 897-928 6,185.00
Mar 7IM Distribution Direct Credit
4,537.98		 Jan BT - Broadband and line rental DD 22.74
Apr 7IM Distribution Direct Credit
149.94		 Feb BT - Broadband and line rental DD 22.74
May 7IM Distribution Direct Credit
783.95		 Mar BT - Broadband and line rental DD 22.74
Jun 7IM Distribution Direct Credit
5,284.21		 Apr BT - Broadband and line rental DD 22.74
Jul 7IM Distribution Direct Credit
341.79		 May BT - Broadband and line rental DD 26.65
Aug 7IM Distribution Direct Credit
1,400.39		 Jun BT - Broadband and line rental DD 26.65
Sep 7IM Distribution Direct Credit
6,570.79		 Jul BT - Broadband and line rental DD 26.65
Oct 7IM Distribution Direct Credit
226.61		 Aug BT - Broadband and line rental DD 26.65
Nov 7IM Distribution Direct Credit
834.48		 Sep BT - Broadband and line rental DD 26.65
Dec 7IM Distribution Direct Credit
2,886.53		 Oct BT - Broadband and line rental DD 26.65
Jan TSB Interest Credit Interest
0.14		 Nov BT - Broadband and line rental DD 26.65
Feb TSB Interest Credit Interest
0.16		 Dec BT - Broadband and line rental DD 26.65
Mar TSB Interest Credit Interest
1.26		 Feb Anglia Water Busi 501161150013 DD 101.95
Apr TSB Interest Credit Interest
1.41		 Aug Anglia Water Busi 501161150013 DD 38.39
May TSB Interest Credit Interest
1.60		 Mar npower - electricity DD 295.46
Jun TSB Interest Credit Interest
1.78		 Jun npower - electricity DD 608.36
Jul TSB Interest Credit Interest
2.51		 Sep npower - electricity DD 387.99
Aug TSB Interest Credit Interest
3.82		 Dec npower - electricity DD 540.81
Sep TSB Interest Credit Interest
4.44		 Mar I.C.O. Fee DD 35.00
Oct TSB Interest Credit Interest
4.31		 Apr Lovewell Blake 2020 Accounts 868 810.00
Nov TSB Interest Credit Interest
5.27		 Apr Flameskill - fire extinguisher mtnce. 894 73.68
Dec TSB Interest Credit Interest
7.24		 Feb A Stevens OSR Tap Repair 864 30.00
Mar 11 Old School House rent(incl under payment for 202
500021
835.39		 Feb Clerk(Fence repair OSR and ink cartridge) 865 91.25
Aug8 Old School House rent 500031
819.32		 Mar OSR Mugs 866 7.00
Oct 10 Old School House rent 500033
819.32		 Mar Owl Electrical(heater relays) 867 264.00
Dec. 31st Old School House rent 500037
819.32		 May John Milton AcademyTrust 895 340.00
Apr 11 Old School Room Hire 500022
234.00		 Jun OSR Fence repairs 896 250.00
May5 Old School Room Hire 500023
91.00		 Sep NFU Mutual 902 1,632.56
May5 Old School Room Hire 500024
304.00		 Sep PPL PRS renewal 901 132.00
Jun 6 Old School Room Hire 500025
155.00		 Oct IRLENS 928 140.00
Jun 6 Old School Room Hire 500026
26.00		 Nov OSR CleaningMaterial 929 96.44
Jul 4 Old School Room Hire 500028
130.00		 Nov A Stevens Plumber(OSR Tap replace) 930 100.00
Aug8 Old School Room Hire 500029
367.00		 Nov Mendlesham School Forest Project and iPads 932 8,408.70
Aug8 Old School Room Hire 500030
117.00		 Nov Mendlesham PPC(JAM Rem Sunday) 933 306.00
Oct 25 Old School Room Hire 500033
91.00		 Nov Amazon Vacuum Cleaner 934 67.79
Oct 25 Old School Room Hire 500034
182.00		 Dec Guides and Brownies £300 Each 935 600.00
Dec 31 Old School Room Hire 500036
290.00		 Dec Beavers, Cubs, Scouts, Explorers £300 each 936 1,200.00

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Dec 31 Old School Room Hire 500037
160.00		 Dec Rainbows 937 300.00
Oct 11th Land Rent JubyBrother Direct Credit
950.00		 Dec Mendlesham Football Club 938 300.00
July1st Land Rent: J. W. Davey& Sons 500027
875.00		 Dec Clerks Allowance 939 1,769.50
Nov 1st Land Rent: H. E. Knock & Sons 500032
1,660.00		 Dec OSR Cleaning& materials 940 79.25
Nov 15 Nat. Grid Wayleaves 500035
2.17		 Dec Owl Electrical OSR Light Replace 941 162.00
Aug8 Mendlesham CommunityCharityOSR Hire BACS
117.00		 Dec OSR Cleaning 942 55.00
Nov Old School Room Hire PC BACS
91.00		 Feb 15th 22 BookingClerk Allowance 2022 974 110.00
Nov 28 Mid Suffolk VotingOSR BACS
200.00		 Feb 15th 22 Caretaker Allowance 2022 974 548.00
May6 Old School Room Hire PC BACS
78.00
Aug12 Old School Room Hire PC BACS
65.00		 Total Expense 2022 £
37,220.29
Oct Old School Room Hire MCC BACS
91.00
Oct Old School Room Hire MCC BACS
13.00		 31 Dec 22 TSB Business Instant Access Acc. Balance £
13,591.17
Oct Old School Room Hire MCC BACS
13.00		 31 Dec 22 TSB Club, Charityand Trust Account £
2,517.06
Apr 07 Old School Room Hire Comp Club BACS
130.00		 Cash paid into bank after 31st Dec 2022
Jul 8 Old School Room Hire Comp Club BACS
117.00		 9 Jan 23 Mid Suffolk DC(Warm spacegrant) BACS 600.00
Nov 4 Old School Room Hire Comp Club BACS
117.00		 13 Jan 23 Old School Room Hire PC BACS 100.00
Jul 10 S Lyons CookingClub OSR BACS
26.00		 19 Jan 23 Mendlesham Computer Club BACS 160.00
Oct 15 S Lyons CookingClub OSR BACS
39.00		 19 Jan 23 Mendlesham CommunityCafe BACS 240.00
Dec 14 SCCAPORS OSR BACS
72.00		 18 Jan 23 Mendlesham CommunityCharity (Mon Coffee) BACS 360.00
9 Jan 23 Mid Suffolk DC(Warm spacegrant) BACS
600.00		 18 Jan 23 Mendlesham CommunityCharity (JP) BACS 20.00
13 Jan 23 Old School Room Hire PC BACS
100.00		 18 Jan 23 Mendlesham CommunityCharity BACS 80.00
19 Jan 23 Mendlesham Computer Club BACS
160.00		 30 Jan 23 OSR rent Cash 500036 290.00
19 Jan 23 Mendlesham CommunityCafe BACS
240.00		 30 Jan 23 OSH 819.32 and OSR 160 .00 500037 979.32
18 Jan 23 Mendlesham CommunityCharity (Mon Coffee) BACS
360.00		 15 Feb 23
OSR Hire(June 22)
BACS		 23.00
18 Jan 23 Mendlesham CommunityCharity (JP) BACS
20.00		 31 Dec 22 Unpresented Cheques 2022
18 Jan 23 Mendlesham CommunityCharity BACS
80.00		 Student Grant 923 -160.00
15 Feb 23 Mendlesham CommunityCharity BACS
23.00		 Guides and Brownies 935 -600.00
Owl Electrical 941 -162.00
Student Grant 915 -160.00
OSR CleaningDec 22 942 -55.00
BookingClerk and Caretaker 2022 974 -658.00 -1795.00
Total Income 2022 £
38,965.54
Total Cash in Bank £
17,165.55
Jan. 1st TSB Cash Balance Brought Forward From 2021 £
15,420.30
**Total ** £ 54,385.84 Total £ 54,385.84
Accessible Funds
COIF Charities Deposit Account 2022 COIF Charities Fixed Interest Fund 2022
Jan. 1st Brought forward 17,470.73 Accumulation Units: Total holding3609.60
March 31st Deposited 5.83 Jan. 1st 2022 Valuation Brought Forward £
33,737.85
June 30th Deposited 25.16 Dec 31st 2022 Valuation Carried Forward £
30,324.25
Sept. 30th Deposited 47.55 Net Decrease in Value for 2022 -£3,413.60
Dec. 31st Deposited 91.92
£
17,641.19

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Total Income 2022 from COIF
Investments
Kingsfleet Wealth
1 Jan 22 7IM Portfolio Valuation: £ 910,744.68
31 Dec 22 7IM Portfolio Valuation: £ 794,979.65
Net loss on investments for 2022 -£ 115,765.03

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CHARITY REGISTRATION NUMBER: 207592

Mendlesham Welfare Foundation Unaudited financial statements

31 December 2022

Mendlesham Welfare Foundation

Financial statements

Year ended 31 December 2022

Page
Trustee's annual report 1
Independent examiner's report to the trustee 5
Statement of financial activities 6
Balance sheet 7
Notes to the financial statements 8

Mendlesham Welfare Foundation

Trustee's annual report

Year ended 31 December 2022

The trustee presents his report and the unaudited financial statements of the charity for the year ended 31 December 2022.

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and 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 published in October 2019.

- 1 -

Mendlesham Welfare Foundation

Trustee's annual report (continued)

Year ended 31 December 2022

Reference and administrative details

Registered charity name Mendlesham Welfare Foundation Charity registration number 207592 Principal office 2 The Old Orchard Front Street Mendlesham Stowmarket Suffolk IP14 5TY

The trustee

The trustees who served during the year and at the date of approval were as follows:

Nominative appointed by P Allen (Chair)
Mendlesham Parish Council C Lambert
Co-Optative E Bauly
R Fenning
S Fenning
Ex Officio Rev P Gray (Vice Chair)
Clerk to the Trust M Favager
Financial advisor Kingfleet Wealth Management
Claydon Court
Old Ipswich Road
Claydon
Ipswich
IP6 0AE
Independent examiner L Thurston FCCA
Lovewell Blake LLP
Chartered accountants
First Floor Suite
2 Hillside Business Park
Bury St Edmunds
IP32 7EA
Bankers TSB
7 Market Street
Stowmarket
IP14 1DY

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Trustee's annual report (continued)

Mendlesham Welfare Foundation

Year ended 31 December 2022

Objectives and activities

After running expenses have been paid, the remainder of any income is equally divided between the Welfare Account for charitable purposes to Mendlesham residents and to the Church Trust Account to be help towards the repair, insurance and upkeep of the fabric of the Parish Church of St. Mary’s and the maintenance of the services therein as set out in the Charity Commission Trust scheme. The Trustees endeavour to maintain funds to enable the work of the Trust to continue in perpetuity.

Public benefit reporting

The Trustees are aware of the Charity Commission’s guidance in relation to delivering public benefit. The Trustees consider that they are fulfilling the requirements to deliver a public benefit.

Achievements and performance

Charitable donations totalling £2,900 (2021: £3,400) were distributed to 19 (2021: 21) individuals and a grant made to the St Mary's P.C.C. towards expenses incurred in visiting the sick. The Charities income after running costs and expenses is divided equally between the Charity and St Marys Church. St. Mary’s Church received £3,974 for 2022 (2021: £3,737). Three meetings were held during the year with attendance of 5 trustees at each.

Trustees continue to work on proposals to better identify and help Mendlesham people in need; the aim being to use the small available funds to support where it is needed and make the trust relevant going forward. The working name of the Charity was changed during the year to “Mendlesham Welfare Foundation”. The change was made to help clarify the aims of the foundation to the Mendlesham Parishioners.

Investments policy

Our financial advisor, C Low of Kingsfleet Wealth Management, presented 2 updates (2021: 1) during the period via video link to update Trustees on the performance of the portfolio, to make recommendations and answer questions.

Kingsfleet Wealth continue to advise on the investment portfolio. Part of the portfolio is invested for growth and the dividends on some are paid monthly as income through 7IM.

Financial review

The charity has income this year of £8,778 (2021: £9,101) and expenditure of £11,490 (2021: £9,537). Loss on investments amounted to £18,110 (2020: gain of £8,257) and closing funds of the charity have decreased to a balance of £139,859 compared to £160,681 in the previous year.

Reserves policy

The Trustees have established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets ("the free reserves") held by the charity should be 3-4 months of the resources expended which would equate to £3,830 (2021: £3,179) based on current levels of activity. At this level, the Trustees feel that it would be able to continue activities of the charity in the event of a significant drop in income. Additionally, a level of investment is maintained to generate income to to safeguard grant making in future periods. At present the total reserves less investments are £15,379 (2021: £7,460). The Trustees plan to expense the excess funds in due course.

Plans for future periods

Work is still ongoing to update the Charity Commission scheme of 1983 to make it more pertinent for today. The charity will look to appoint new trustees during 2023.

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Mendlesham Welfare Foundation

Trustee's annual report (continued)

Year ended 31 December 2022

Structure, governance and management

Mendlesham Welfare Foundation was established by the will of Robert Cake in 1473. The Governing document is a Scheme of the 15th June 1983. The terms of office for Trustees are set out in the Charity Commission Scheme. The Trustees are responsible for making decisions on all matters of general concern and importance, including deciding on how the funds are to be spent. The Board met 3 (2021: 2) times during the year with an average attendance of 83% (2021: 63%). The Trustees who served during the year are listed on the information and officers page of the financial statements.

Following a consultation process, Mendlesham Welfare Foundation formerly known as Town Estate Charity filed a resolution to change the charities name on 9 November 2022. The Trustees feel this new name more accurately reflects the aims and objectives of the charity moving forward.

Recruitment and appointment of Trustees

New Trustees are appointed from a recruitment and selection process to enhance the skills and experience of the board as a whole. Once appointed, Trustees are provided with all the information required to assist them in performing their role as Trustees covering all aspects of the organisation.

Trustee induction and training

Following an induction by the charity and on request Lovewell Blake LLP provides Trustees with training regarding the responsibilities of being a charity Trustee. If Trustees request or require further input then the charity would arrange for them to attend external training as appropriate.

Risk management

The Trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

True and fair override

The financial statements 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 the Accounting and Reporting by Charities: Statement of Recommended Practice applicable in the UK and Republic of Ireland issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice from 1 April 2005 which has since been withdrawn.

Independent examiner reappointment

A resolution to appoint L Thurston FCCA of Lovewell Blake LLP as independent examiner will be proposed at the next Annual General Meeting.

The trustee's annual report was approved on .............................. and signed on behalf of the board of trustees by:

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Mendlesham Welfare Foundation

Independent examiner's report to the trustee of Mendlesham Welfare Foundation

Year ended 31 December 2022

I report to the charity trustee on my examination of the financial statements of the charity for the year ended 31 December 2022 which comprise the statement of financial activities, balance sheet and the related notes.

Responsibilities and basis of report

As the charity's trustee you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity's financial statements carried out under section 145 of the 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 charity as required by section 130 of the Act; or

  2. the financial statements do not accord with those records; or

  3. the financial statements 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.

Your attention is drawn to the fact that the Charity has prepared the accounts (financial statements) 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has since been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

L Thurston FCCA Independent Examiner

Lovewell Blake LLP Chartered accountants First Floor Suite 2 Hillside Business Park Bury St Edmunds IP32 7EA

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Mendlesham Welfare Foundation

Statement of financial activities

Year ended 31 December 2022

2022 2022 2021
Unrestricted
funds Total funds Total funds
Note £ £ £
Income and endowments
Charitable activities 4 4,455 4,455 5,455
Investment income 5 4,323 4,323 3,646
  
Total income 8,778 8,778 9,101
  
Expenditure
Charitable activities 6 11,490 11,490 9,537
  
Total expenditure 11,490 11,490 9,537
  
Net (expenditure)/income and net movements in funds
before gains and losses on investments (2,712) (2,712) (436)
Net (losses)/gains on investments 7 (18,110) (18,110) 8,257
  
Net (expenditure)/income and net movement in funds (20,822) (20,822) 7,821
  
Reconciliation of funds
Total funds brought forward 160,681 160,681 152,860
  
Total funds carried forward 139,859 139,859 160,681
  

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 8 to 12 form part of these financial statements.

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Mendlesham Welfare Foundation

Balance sheet

31 December 2022

2022 2021
Note £ £ £ £
Fixed assets
Investments 11 124,480 153,221
Current assets
Cash at bank and in hand 16,273 8,240
Creditors: Amounts falling due within
one year 12 (894) (780)
 
Net current assets 15,379 7,460
 
Total assets less current liabilities 139,859 160,681
 
Net assets 139,859 160,681
 
Funds of the charity
Unrestricted funds 139,859 160,681
 
Total charity funds 13 139,859
		 160,681


These financial statements were approved by the board of trustees and authorised for issue on ........................, and are signed on behalf of the board by:

The notes on pages 8 to 12 form part of these financial statements.

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Mendlesham Welfare Foundation

Notes to the financial statements

Year ended 31 December 2022

1. General information

The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 2 The Old Orchard, Front Street, Mendlesham, Stowmarket, Suffolk, IP14 5TY.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS102. 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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)), and the Charities Act 2011. The charity has applied Updated Bulletin 1 as published on February 2016.

The charity constitutes a public benefit entity as defined by FRS 102.

The financial statements 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 the Accounting and Reporting by Charities: Statement of Recommended Practice applicable in the UK and Republic of Ireland issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice from 1 April 2005 which has since been withdrawn.

3. Accounting policies

Tangible fixed assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The accounts have been prepared on the going concern basis and the Council believe that no material uncertainties exist. The Council have considered the level of funds held and the expected income and expenditure for the next 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

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Mendlesham Welfare Foundation

Notes to the financial statements (continued)

Year ended 31 December 2022

3. Accounting policies (continued)

Income tax

As a registered unincorporated charity, the activities are exempt from United Kingdom Income and Corporation taxation, provided that the income is applied to charitable purposes.

Fund accounting

Unrestricted funds are maintained by the charity as a general fund which represents funds which are expended at the discretion of the Trustees in furtherance of the objects of the Charity.

Income

All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

Expenditure

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apprortioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Investments

Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.

Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.

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Mendlesham Welfare Foundation

Notes to the financial statements (continued)

Year ended 31 December 2022

3. Accounting policies (continued)

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or paable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

4. Charitable activities

Unrestricted Total Funds Unrestricted Total Funds
Funds 2022 Funds 2021
£ £ £ £
Rents received 4,455 4,455 5,455 5,455
   
5. Investment income
Unrestricted Total Funds Unrestricted Total Funds
Funds 2022 Funds 2021
£ £ £ £
Income from listed investments 4,286 4,286 3,633 3,633
Bank interest receivable 37 37 13 13
   
4,323 4,323 3,646 3,646
   
6. Expenditure on charitable activities
Unrestricted Total Funds Unrestricted Total Funds
Funds 2022 Funds 2021
£ £ £ £
Grants 9,611 9,611 7,834 7,834
Support costs 955 955 893 893
Independent examination fees 924 924 810 810
   
11,490 11,490 9,537 9,537
   
7. Net (losses)/gains on investments
Unrestricted Total Funds Unrestricted Total Funds
Funds 2022 Funds 2021
£ £ £ £
(Losses)/gains on investments (18,110)
		 (18,110)
		 8,257
		 8,257


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Mendlesham Welfare Foundation

Notes to the financial statements (continued)

Year ended 31 December 2022

8. Staff costs

The average number of employees during the year was Nil (2021: Nil).

No employee received employee benefits of more than £60,000 during the year (2021: £Nil).

9. Trustee remuneration and expenses

No Trustee received remuneration in the current or prior year, directly or indirectly from the charity. No expenses were reimbursed to the Trustees during the year (2021: £Nil).

10. Tangible fixed assets

The following freehold properties are owned which were willed to the Trust:

11. Investments

Listed
investments
£
Cost or valuation
At 1 January 2022 153,221
Fair value movements (18,081)
Disposals (10,660)

At 31 December 2022 124,480


At 31 December 2021 153,221


All investments shown above are held at valuation.

The fair value of listed securities is determined by reference to the quoted price for these assets in an active market at the balance sheet date. Investments are shown at the fair value market rate.

12. Creditors: Amounts falling due within one year

2022 2021
£ £
Accruals and deferred income 894 780
 

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Mendlesham Welfare Foundation

Notes to the financial statements (continued)

Year ended 31 December 2022

13. Analysis of charitable funds

Unrestricted funds

Gains and At 31 Dec
At 1 Jan 2022 Income Expenditure (losses) 2022
£ £ £ £ £
General funds 160,681 8,778 (11,490) (18,110) 139,859
    
Gains and At 31 Dec
At 1 Jan 2021 Income Expenditure (losses) 2021
£ £ £ £ £
General funds 152,860 9,101 (9,537) 8,257 160,681
    

14. Analysis of net assets between funds

Year ended 31 December 2022

Net current
Investments assets Total
£ £ £
General funds 124,480 15,379 139,859
  
Year ended 31 December 2021
Net current
Investments assets Total
£ £ £
General funds 153,221 7,460 160,681
  

15. Related parties

There were no transactions with related parties during this or the prior year.

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