2021-12-31-accounts

Introduction by the President Anne Dunford, OBE	1
Notice of Annual General Meeting	2
An Overview of 2021 from Chair of Trustees	3
Report from General Manager	6
Financial Review from Treasurer	9
Reference and Administration Information	11
Auditor’s Report	14
Statement of Financial Activities	17
Balance Sheet	18
Notes forming to the Financial Statements	19

Joining Fee	£5
Single Member	£64
Combined Household Membership	£105
Members 90 years of age and over, with five year’s	membership nil
Student membership	£26

Reference and Administrative Information	Reference and Administrative Information
Name of the charity	Ipswich Institute Reading Room & Library
Charity Number	304772
Principal Office	15 Tavern Street, Ipswich IP1 3AA
Telephone:	01473 253992
Website	www.ipswichinstitute.org.uk
President	Mrs. A C Dunford OBE
Vice President	Mr. M Spettigue
Trustees Chair:	Mr. C Budd (re-elected April 2022)
Vice Chair:	Mrs. A Stewart MBE (re-elected April 2022)
Treasurer:	Mrs. C Wall (re-elected April 2022)
	Mr. P Edwards
	Mr. J Field
	Ms. M Harvey
	Mr. G Smith
	Mr. P D Whiley (re-elected April 2022)
	Mrs. G Whitbread
	Mr. K Windsor
General Manager	Ms. J Rooks
Auditor	Scrutton Bland LLP Fitzroy House, Crown
	Street, Ipswich, IP1 3LG
Bankers	Co-operative Bank 9-11 Queen Street Ipswich
	IP1 1SW
	Bank of Scotland The Mound, Edinburgh EH1
	1YZ
Solicitors	Birketts Solicitors 141-145 Princes Street
	Ipswich IP1 1QJ
Investment Advisers	Charles Stanley & Co Ltd 33 Lower Brook
	Street Ipswich IP4 1AQ
Property Advisers	EWS 31 Lower Brook Street, Ipswich IP4 1AQ

INCOME		2021	2020
			£
Income from charitable activities
Subscriptions andjoining fees		79,791	67,334
Fees, members' education study groups & lectures		30,725	44,627
Educational trips and events		3,962	2,650
		114,478	114,611
Incomefrom other trading activities
Catering income		45,229	42,371
Sales of books and periodicals		684	1,321
Sale of book bags, fines, reservations		111	773
Government grants received		62,954	90,862
		108,978	135,327
Income from investments
Property income		39,975	42,910
Quoted investments		41,115	40,272
Interest receivable		-	69
		81,090	83,251
TOTAL INCOME		304,546	333,189
EXPENDITURE
Expenditure on charitable activities
Wages and salaries - library	(Note 5)	61,201	59,714
Direct costs	(Note 2)	36,372	40,802
Premises costs	(Note 3)	23,144	34,818
Support costs	(Note 4)	81,851	76,695
Depreciation		2,783	2,084
Auditor's remuneration	(Note 6)	4,430	4,430
Trustees expenses	(Note 6)	210	249
		209,991	218,792
Expenditure on raising funds
Wages and salaries - catering	(Note 5)	79,982	82,898
Direct costs	(Note 2)	33,049	27,555
Premises costs	(Note 3)	24,369	16,792
Support costs	(Note 4)	12,397	10,710
Depreciation		9,805	7,343
		159,602	145,298
TOTAL EXPENDITURE		369,593	364,090
Net gains / (losses) on investments
Realised	(Note 8)	(10,486)	(58,245)
Unrealised	(Note 8)	120,063	(34,690)
		109,577	(92,935)
NET INCOME/(EXPENDITURE) FOR THE YEAR		44,530	(123,836)
Balances brought forward at 1 January		1,697,954	1,821,790
Balances carried forward at 31 December		1,742,484	1,697,954

		2021		2020
	Notes	£	£		£
FIXED ASSETS
Tangible Fixed Assets	7		475,790		487,038
Quoted investments	8		1,268,656		1,197,650
			1,744,446		1,684,688
CURRENT ASSETS
Restaurant stock		3,791		4,057
Debtors	9	24,522		4,690
Bank balances		81,862		35,031
COIF Charities Deposit Account		1,470		1,470
Charles Stanley CapitalAccount		1,947		23,962
Cash in hand		320		320
		113,912		69,530
CURRENT LIABILITIES
Creditors: amounts falling due within 1 year	10	115,874		56,264
NET CURRENT (LIABILITIES)/ASSETS			(1,962)		13,266
NET ASSETS			1,742,484		1,697,954
FUNDS
Unrestricted
Designated	12, 13		1,725,790		1,684,688
Other general	13		16,694		13,266
			1,742,484		1,697,954

Direct costs
	2021	2020
	£	£
Expenditure on charitable activities
Books bought	3,838	3,469
Miscellaneous library purchases	456	160
Music tapes and CDs bought	97	312
Newspapers and periodicals	5,979	6,614
Tutors for members' education, study groups & lectures	19,567	27,135
Educational trips and events	6,435	3,112
	36,372	40,802
Expenditure on raising funds
Catering cost ofsales	18,836	15,630
Kitchen sundries	1,907	1,912
Stockbrokerfees	12,306	10,013
	33,049	27,555
Total direct costs	69,421	68,357

	Charitable	Generating	Total	Total
	activities	funds	2021	2020
		Catering &
		Managing
		investments
	£	£	£	£
Rates & water	325	401	726	2,762
Light, heat & power	6,110	7,181	13,291	11,507
Insurance	9,103	2,775	11,878	12,957
Furnishings & equipment	3,455	6,780	10,235	4,215
Repairs & redecoration	1,365	2,985	4,350	15,943
Cleaning materials	2,786	4,247	7,033	4,226
	23,144	24,369	47,513	51,610

Support costs
	Charitable	Generating	Total	Total
	activities	funds	2021	2020
		Catering &
		Managing
		investments
	£	£	£	£
Wages and salaries (Note 5)	65,067	6,213	71,280	66,653
Printing, stationery & postage	3,540	-	3,540	2,540
Telephone	691	826	1,517	1,504
Advertising and promotions	-	-	-	989
Miscellaneous	12,553	5,358	17,911	15,719
	81,851	12,397	94,248	87,405

		2021		2020
		£	£	£	£
Wages and Salaries			201,029		199,110
Social security costs			6,681		5,940
Pension			4,753		4,215
			212,463		209,265
Attributed to charitable activities	- direct	61,201		59,714
	- support costs (Note 4)	65,067		60,387
			126,268		120,101
Attributed to generating funds	- direct	79,982		82,898
	- support costs (Note 4)	6,213		6,266
			86,195		89,164
			212,463		209,265

	2021	2020
Number of employees who earned £60,000 pa or more	Nil	Nil
Total amount of salaries paid to key personnel	79,430	78,692
Average numberof employees	15	19
Average numberof full time equivalent employees	6	7
Average numberof tutors (all part time)	1	4

Professional charges
	Total	Total
	2021	2020
	£	£
Auditor's remuneration in relation ro the audit of the finanical statements	4,430	4,430
Managing Trustees'expenses	210	249
Managing Trustees' expenses relate to indemnityinsurance for trustees.

	15					Property
	Tavern	13 Tower	15 Tower		Boiler	Improve
	St	St	St	Equip	Replace	ments	Total 2021	Total 2020
	£	£	£	£	£	£	£	£
Cost
At 1 January 2021	1,000	260,189	180,000	69,199	22,275	55,496	588,159	539,847
Additions	-	-	-	1,340	-	-	1,340	48,312
At 31 December 2021	1,000	260,189	180,000	70,539	22,275	55,496	589,499	588,159
Depreciation
At 1 January 2021	1,000	-	-	66,130	22,275	11,716	101,121	91,693
Charge for year	-	-	-	1,489	-	11,099	12,588	9,428
At 31 December 2021	1,000	-	-	67,619	22,275	22,815	113,709	101,121
Net Book Value
At 31 December2021	-	260,189	180,000	2,920	-	32,681	475,790	487,038
At 31 December2020	-	260,189	180,000	3,069	-	43,780	487,038	448,154

	Total 2021	Total 2020
	£	£
Market value 1 January	1,197,650	1,351,048
Additions	316,031	326,467
Disposals	(353,099)	(385,740)
Capital equalisations	(1,503)	(1,190)
Realised (losses) on disposals	(10,486)	(58,245)
Unrealised gains / (losses)	120,063	(34,690)
Market value at 31 December	1,268,656	1,197,650

**9 **	Debtors
			2021	2020
			£	£
	Trade debtors		5,163
	Prepayments and accrued income		19,359	4,690
			24,522	4,690
**10 **	Creditors
			2021	2020
			£	£
	Amounts falling due within one year:
	VAT		10,869	5,680
	Deferred income	(Note 11)	69,404	35,503
	Other creditors		23,432	3,589
	Accruals		12,169	11,492
			115,874	56,264
**11 **	Deferred income
			2021	2020
			£	£
	Brought forward amount		35,503	101,788
	Released in year		(35,503)	(101,788)
	Provided for		69,404	35,503
	Carried forward amount		69,404	35,503

Designated Funds
	Balance				Balance
	1 Jan 21	Incoming	Transfers	Outgoing	31-Dec-21
	£	£	£	£	£
Capital	1,684,688	-	53,690	(12,588)	1,725,790
	1,684,688	-	53,690	(12,588)	1,725,790

	Tangible		Net
	fixed		current
31 December 2021	assets	Investments	liabilities	Net assets
	£	£	£	£
Designated Funds
Capital	475,790	1,250,000		1,725,790
	475,790	1,250,000	-	1,725,790
General Unrestricted Funds	-	18,656	(1,962)	16,694
Total Funds	475,790	1,268,656	(1,962)	1,742,484
	Tangible		Net
	fixed		current
31 December 2020	assets	Investments	liabilities	Net assets
	£	£	£	£
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