##
|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**||
##