2022-12-31-accounts

Introduction by the President, Martin Spettigue	1
Notice of Annual General Meeting	2
An Overview of 2022 from Chair of Trustees	3
Report from General Manager	6
Financial Review from Treasurer	9
Administration Information	11
Reference Information	14
Auditor’s Report	15
Statement of Financial Activities	18
Balance Sheet	19
Notes forming to the Financial Statements	20

	2022	2021	2019
	£	£	£
Subscriptions and joining fees	83,989	79,791	107,039
Fees, study groups and lectures	93,329	30,725	130,407
Educational trips and events	12,561	3,962	21,263
Catering income	108,770	45,229	143,128

The following is a summary	extracted from the	financial statements:
	2022	2021
Gross income for the year	£385,903	£304,546
Total expenditure incurred	£480,908	£369,593
Surplus achieved	-£95,005	-£65,047

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	Mr. M Spettigue
Vice President	Mr. K Fletcher
Trustees Chair:	Mrs. A Stewart MBE
Vice Chair:	Mr. C Budd
Treasurer:	Mr. P Edwards (from 22nd April 2022)
	Mr. J Field (re-election April 2023)
	Ms. M Harvey
	Mr. G Smith
	Mrs. C Wall
	Mr. P D Whiley
	Mrs. G Whitbread (re-election April 2023)
	Mr. K Windsor (re-election April 2023)
General Manager	Ms. J Rooks
Auditor	SB Audit 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
	Fenn Wright, 1 Buttermarket, Ipswich, IP1 1BA

INCOME		2022	2021
		£	£
Income from charitable activities
Subscriptions and joining fees		83,989	79,791
Fees, members' education study groups & lectures		93,329	30,725
Educational trips and events		12,561	3,962
		189,879	114,478
Income from othertrading activities
Catering income		108,770	45,229
Sales ofbooks and periodicals		978	684
Sale of book bags, fines, reservations		542	111
Government grants received		-	62,954
		110,290	108,978
Income from investments
Property income		41,256	39,975
Quoted investments		44,464	41,115
Interest receivable		14	-
		85,734	81,090
TOTAL INCOME		385,903	304,546
EXPENDITURE
Expenditure on charitable activities
Wages and salaries - library	(Note 5)	53,691	61,201
Direct costs	(Note 2)	101,839	36,372
Premises costs	(Note 3)	31,620	23,144
Support costs	(Note 4)	83,869	81,851
Educational grants	(Note 14)	400	-
Depreciation		2,857	2,783
Auditor's remuneration	(Note 6)	5,250	4,430
Trustees expenses	(Note 6)	4	210
		279,530	209,991
Expenditure on raising funds
Wages and salaries - catering	(Note 5)	93,884	79,982
Direct costs	(Note 2)	58,736	33,049
Premises costs	(Note 3)	31,695	24,369
Support costs	(Note 4)	6,997	12,397
Depreciation		10,066	9,805
		201,378	159,602
TOTAL EXPENDITURE		480,908	369,593
Net (losses)/gains on investments
Realised	(Note 8)	(27,035)	(10,486)
Unrealised	(Note 8)	(81,956)	120,063
		(108,991)	109,577
NET (EXPENDITURE)/INCOME FOR THE YEAR		(203,996)	44,530
Balances brought forward at 1 January		1,742,484	1,697,954
Balances carried forward at 31 December		1,538,488	1,742,484

			2022	2021
	Notes	£	£	£
FIXED ASSETS
Tangiblefixed assets	7		461,867	475,790
Quoted investments	8		1,100,688	1,268,656
			1,562,555	1,744,446
CURRENT ASSETS
Restaurant stock		4,222		3,791
Debtors	9	23,805		24,522
Bank balances		50,835		81,862
COIF Charities Deposit Account		1,485		1,470
Charles Stanley Capital Account			969	1,947
Cash in hand			158	320
		81,474		113,912
CURRENT LIABILITIES
Creditors: amounts falling duewithin 1 year	10	-106,541		-115,874
NET CURRENT (LIABILITIES)			(25,067)	(1,962)
NET ASSETS			1,537,488	1,742,484
FUNDS
Unrestricted
Designated	12,13		1,562,555	1,725,790
Othergeneral	13		(25,067)	16,694
			1,537,488	1,742,484

Direct costs
	2022	2021
	£	£
Expenditure on charitable activities
Books bought	5,694	3,838
Miscellaneous library purchases	910	456
Music tapes and CDs bought	118	97
Newspapers and periodicals	9,259	5,979
Tutors for members' education, study groups & lectures	71,118	19,567
Educational trips and events	14,740	6,435
	101,839	36,372
Expenditure on raising funds
Catering cost ofsales	45,550	18,836
Kitchen sundries	3,325	1,907
Stockbroker fees	9,861	12,306
	58,736	33,049
Total direct costs	160,575	69,421

	Charitable	Generating	Total	Total
	activities	funds	2022	2021
		Catering &
		Managing
		investments
	£	£	£	£
Rates & water	2,733	1,739	4,472	726
Light, heat & power	7,350	8,478	15,828	13,291
Insurance	9,054	2,760	11,814	11,878
Furnishings & equipment	2,748	2,984	5,732	10,235
Repairs & redecoration	5,214	9,136	14,350	4,350
Cleaning materials	4,521	6,598	11,119	7,033
	31,620	31,695	63,315	47,513

Support costs
	Charitable	Generating	Total	Total
	activities	funds	2022	2021
		Catering &
		Managing
		investments
	£	£	£	£
Wages and salaries (See note 5)	70,310	5,921	76,231	71,280
Printing, stationery & postage	5,101	-	5,101	3,540
Telephone	758	955	1,713	1,517
Advertising and promotions	-	-	-	-
Miscellaneous	7,700	121	7,821	17,911
	83,869	6,997	90,866	94,248

	2022	2021
	£ £	£ £
Wages and salaries	210,906	201,029
Social security costs	8,940	6,681
Pension	3,960	4,753
	223,806	212,463
Attributed to charitable activities - direct	53,691	61,201
- support costs (See note 4)	70,310	65,067
	124,001	126,268
Attributed to generating funds -direct	93,884	79,982
- support costs (See note 4)	5,921	6,213
	99,805	86,195
	223,806	212,463
	2022	2021
Number of employees who earned £60,000 p.a. or more
Total amount of salaries paid to key personnel	67,678	79,430
Average number of employees	15	15
Average number of full time equivalent employees	6	6
Average number of tutors (all part time)	1	1

Professional charges
	Total	Total
	2022	2021
	£	£
Auditor's remuneration in relation to the audit of the finanical statements	5,250	4,430
Trustees'expenses and indemnity insurance	4	210

	15					Property
	Tavern	13 Tower	15 Tower		Boiler	Improve	Total	Total
	St	St	St	Equip	Replace	ments	2022	2021
	£	£	£	£	£	£	£	£
Cost
At 1 January 2022	1,000	260,189	180,000	70,539	22,275	55,496	589,499	588,159
Additions	-	-	-	-	-	-	-	1,340
At 31 December 2022		260,189	180,000	70,539	22,275	55,496	589,499	589,499
Depreciation
At 1 January 2022	1,000	-	-	67,619	22,275	22,815	113,709	101,121
Chargefor year	-	-	-	1,824	-	11,099	12,923	12,588
At 31 December2022	1,000	-	-	69,443	22,275	33,914	126,632	113,709
Net book balue
At 31 December2022	(1,000)	260,189	180,000	1,096	-	21,582	461,867	475,790
At 31 December2021	-	260,189	180,000	2,920	-	32,681	475,790	487,038

Quoted investments
	Total	Total
	2022	2021
	£	£
Marketvalue at 1 January	1,268,656	1,197,650
Additions	189,162	316,031
Disposals	(247,988)	(353,099)
Capital equalisations	(150)	(1,503)
Realised losses on disposals	(27,035)	(10,486)
Unrealised (losses)/gains	(81,956)	120,063
Market value at 31 December	1,100,688	1,268,656

Debtors
		2022	2021
		£	£
Trade debtors		5,248	5,163
Prepayments and accrued income		18,557	19,359
		23,805	24,522
Creditors
		2022	2021
		£	£
Amounts falling due	within one year:
VAT		2,022	10,869
Deferred income	(See note 11)	77,482	69,404
Othercreditors		13,103	23,432
Accruals		13,934	12,169
		106,541	115,874
Deferred income
		2022	2021
		£	£
As at 1 January		69,404	35,503
Released in year		(69,404)	(35,503)
Provided for		77,482	69,404
As at 31 December		77,482	69,404

Designated funds
	At				At
	1 Jan 22	Incoming	Transfers	Outgoing	31 Dec 22
	£	£	£	£	£
Capital	1,725,790	-	(149,312)	(12,923)	1,563,555
	1,725,790_-______ (149,312)			(12,923)	1,563,555

	Tangible		Net
	fixed		current
31 December2022	assets	Investments	liabilities	Netassets
	£	£	£	£
Designated funds
Capital	461,867	1,100,688	-	1,562,555
	461,867	1,100,688	-	1,562,555
General unrestricted funds	-	-	(25,067)	(25,067)
Total funds	461,867	1,100,688	(25,067)	1,537,488
	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

literacy, arts and educational projects;
	2022	2021
	£	£
River Gipping Trust	100
Ipswich Hospital Band	50
C Grover- Music for B/S	100
Ipswich Museum	150
	400