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2020-12-31-accounts

Introduction
by the President Anne Dunford, OBE
Notice ofAnnual
Members'
Meeting
An Overview of2020 from Chair ofTrustees
Report from General
Manager
Financial
Review from Vice Chair and Treasurer		 10
Reference and Administration
Information		 12
Auditor's
Report		 15
Statement of Financial
Activities		 18
Balance Sheet 19
Notes forming to the Financial Statements 20

Refere nc e and Adminis trative
Information
Name ofthe charity Ipswich Institute
Reading		 Room &Library
Charity Number 304772
Principal Office 15Tavern Street, Ipswich IP1 3AA
Telephone: 01473253992
Website www. ipswichinstitute. org. uk
President Nlrs A C Dunford OBE
Vice President Mr M Spettigue
Trustees Chair: Mr C Budd (re-elected April 2019)
Vice Chair &Treasurer: Nlrs C Wall (re-elected April 2019)
MrJ Field
Ilr KFletcher
Mr G Smith (co-opted September 2019)
Ms A Stewart MBE(elected April 2019)
Mr P D Whiley (rewlected April 2019)
Mrs G Whitbread
Mr KWindsor
General Manager Nlr H Pierce (till April); Ms JRooks (from April)
Auditors Scrutton Bland LLP Fitzroy House, Crown
Street, Ipswich, IP1 3LG
Bankers Co-operative
Bank 9 —11		 Queen Street Ipswich
IP1 1SW
Bank ofScotland The Mound, Edinburgh EH1
1YZ
Solicitors Birketts Solicitors 141-145Princes Street
Ipswich IP1 1QJ
Investment Advisers Charles Stanley &Co Ltd 33Lower Brook
Street Ipswich IP4 1AQ
Property Advisers EWS 31 Lower Brook Street, Ipswich IP4 1AQ

Year ende d 31 Decembe r 2020
INCOME 2020 2019
6
Income from charitable
activities
Subscriptions
and joining fees		 67,334 107,039
Fees, members' education study groups & lectures 44,627 130,407
Educational
trips		 and events 2,650 21,263
114,611 258,709
Income from other trading activities
Catering
income		 42,371 143,128
Sales ofbooks and periodicals 1,321 1,443
Sale ofbook bags, fines, reservations 773 701
Government
grants		 received 90,862 0
135,327 145,272
Income from investments
Property
income		 42,910 45,594
Quoted investments 40,272 53,479
Interest receivable 69 175
83,251 99,248
TOTAL INCOME 333,189 503,229
EXPENDITURE
Expenditure on charitable activities
Wages and salaries - library (Note 5) 59,7'l4 64,293
Direct costs (Note 2) 40,802 132,521
Premises costs (Note 3) 34,818 46,600
Support costs (Note 4) 76,695 78,194
Educational
grants		 (Note 14) 0 1,450
Depreciation 2,084 511
Audit fee (Note 6) 4,430 4,430
Trustees expenses (Note 6) 249 206
Members
meetings		 0 0
218,792 328,205
Expenditure on raising funds
Wages and salaries - catering (Note 5) 82,898 80,381
Direct costs (Note 2} 27,555 75,793
Premises costs (Note 3) 16,792 27,479
Support costs (Note 4) 10,710 12,631
Depreciation 7,343 1,798
145,298 198,082
TOTAL EXPENDITURE 364,090 526,287
Net (losses) Igains on investments
Realised
Unrealised		 (Note 8)
(Note 8)		 (34,690)
~58,245		 1,519
141,614
92,935 143,133
NET (EXPENDITURE)/INCOME
FOR THE YEAR		 (123,836) 120,075
Balances brought
forward at		 1 January 2020 1,821,790 1,701,715
Balances carried forward
at		 31 December 2020 1,697,954 1,821,790

2020 2019
Notes E
FIXEDASSETS
Tangible Fixed Assets 487,038 448,154
Quoted investments 1,197,650 1,351,048
1,684,688 1,799,202
CURRENT ASSETS
Restaurant
stock		 4,057 5,271
Debtors 4,690 16,515
Bank balances 35,031 69,893
COIF Chadties
Deposit Account		 1,470 25,401
Charles Stanley Capital Account 23,962 51,052
Cash
in hand		 320 320
69,530 169,452
CURRENT LIABILITIES
Creditors: amounts falling due within 1 year 10 56,264 146,864
NET CURRENT ASSETS 13,266 22,588
NET ASSETS 1,697,954 1,821,790
FUNDS
Unrestricted
Designated 12 1,684,688 1,698,154
Other general 13 13,266 123,636
1,697,954 1,821,790

Direct cost s
2020 2019
E E
Expenditure on charitable activities
Books bought 3,469 6,368
Miscellaneous
library		 purchases 160 173
Music tapes and CDs bought 312 87
Newspapers and periodicals 6,614 11,721
Tutors for members' education, study groups 8 lectures 27,135 92,209
Educational trips and events 3112 21,963
40,802 132,521
Expenditure on raising funds
Catering cost ofsales 15,630 57,908
Kitchen sundries 1,912 5,184
Stockbroker fees 10,013 12,703
2T,555 75,793
Total direct costs 68,357 208314
Charitable Generating Total Total
activities funds 2020 2019
Catering
&
Managing
investments
E E E F
Rates & water 1,602 1,160 2,T62 5,808
Light, heat & power 5,012 6,495 11,507 16,670
Insurance 9,929 3,028 12,957 12,104
Furnishings &equipment 2,268 1,947 4,215 10,170
Repairs & redecoration 14,018 1,925 15,943 21,711
Cleaning materials 1,988 2,238 4,226 7,616
34,818 16,792 51,610 74,079

Support costs
Charitable Generating Total Total
activities funds 2020 2019
Catering &
Managing
investments
f 6
Wages and salaries (Note 5) 60,387 6,266 66,653 62,863
Printing, stationery &postage 2,540 2,540 7,056
Telephone 762 742 1,504 2,053
Advertising
and promotions		 989 989 790
Miscellaneous 12,017 3,702 15,719 18,043
76,695 10,710 87,405 90,825
Support costs are allocated specifically to charitable activities, generating funds and
managing investments where possible. Those which relate to all or some headings
are
allocated based on the percentage offloor space occupied by each heading.
Staff Costs
2020 2019
Wages and Salaries 199,110 197,935
Social secudity costs 5,940 5,677
Pension 4,215 3,945
209,265 207,557
Attributed to charitable activities -direct 59,714 64,293
-support costs (Note 4) 60,367 56,630
120,101 120,923
Attributed to generating funds - direct 82,898 80,381
-support costs (Note 4) 6,266 6,253
89,164 86,634
209,265 207,557
2020 2019
Number ofemployees who earned 560,000pa or more Nil Nil
Total amount ofsalaries paid to key personnel 78,692 68,711
Average number of employees 19 22
Average number of full time equivalent employees 7 8
Average number of tutors (all part time) 4 4

Total Total
2D20f 2019
f
Auditors'
remuneration		 for cost of audits 4,430 4,430
Managing
Trustees'		 Expenses 249 206
Managing
trustees'		 expenses relate to indemnity insurance for trustees.
Tangible Fixed Assets
15 Property
Tavern 13Tower 15Tower Boiler Improve
St St St Equip Replace ments Total 2020 Total 2019
Cost
At 1 January 2020 1,000 260,189 180,000 65,963 22,275 10,420 539,847 538,951
Additions 3,236 45,076 48,312 896
At 31 December 2020 1,000 260,189 180,000 69,199 22,275 55,496 588,159 539,847
Depreciation
At 1 January 2020 1,000 65,292 22,275 3,126 91,693 89,384
Charge for year 838 8,590 9,428 2,309
At 31 December 2020 1,000 66,130 22,275 11,716 101,121 91,693
Net Book Value
At 31 December 2020 260,189 180,000 3,069 43,780 487,038 448,154
At 31 December 2019 260,189 180,000 671 7,294 448,154 443,530

Total 2D20 Total 2019
f f
Market Value 1 January 2019 1,351,048 1,160,868
Additions 326,467 375,519
Disposals (385,740) (327,778)
Capital equalisations (1,190) (694)
Realised (losses) / gains on disposals (58,245) 1,519
Unrealised (losses) / gains (34,690) 141,614
Market Value at 31 December 2020 1,197,650 1,351,048

9 Debtors
Total 2020 Total 2019
f f
Prepayments and accrued income 4,690 16,515
10 Creditors
2020f 2019
f
Amounts falling due within one year:
VAT 5,680 15,847
Deferred income (Note 11) 35,503 101,788
Other creditors 3,589 16,789
Accruals 11,492 12,440
56,264 146,864
11 Deferred income
2020f 2019
Brought forward amount 101,788 94,756
Released in year (101,788) (94,756)
Provided for 35,503 101,788
Carried forward amount 35,503 101,788

Designated
Funds
Balance Balance
1 Jan 20 Incoming Transfers
f		 Outgoing 31-Dec-20
Capital 1,698,154 (4,038) (9,428) 1,684,688
1,698,154 (4,038) (9,428) 1,684,688

Analysis of Net Asse ts between
Fun		 ds
Tangible Net current
fixed assets I
assets Investments liabilities Total
6 5 9 6
Designated Funds
Capital 487,038 1,197,650 1,684,688
487,038 1,197,650 1,684,688
General Unrestricted Funds 13,266 13,266
Total Funds 487,038 1,197,650 13,266 1,697,954

projects (No gran ts were made in 2020):
2020 2019
Got to Read 250
Ipwich Symphony 250
Geo Suffolk 300
PCC St Mary Le Tower 250
Ipswich Chamber Music Sodety 200
Orwell Panthers 200
1,450